Thomas Bell and Jason Glover of Simpson Thacher & Bartlett explore the impact of regulatory changes, notably the European Union’s Directive on Alternative Investment Fund Managers and the Dodd-Frank Act, on private fund managers.
"Going forward private fund managers will continue to seek solutions to streamline their compliance operations to meet regulatory obligations more efficiently and cost-effectively."
The International Who’s Who of Private Funds Lawyers has brought together Fazil Hossenkhan of BLC Chambers, Brian McDermott of A&L Goodbody and Paul Scrivener of Solomon Harris to discuss types and levels of activity, the impact of regulatory changes and the current economic climate on this area, and key trends for the legal market for the year ahead.
With the investment funds world now coming to grips with the prospect of greater regulations, more challenging fundraising and increased investor scrutiny, Iain McMurdo and David Marshall of Maples and Calder take a look at recent trends and developments in the offshore investment funds sphere as exemplified by the Cayman Islands; and take stock of certain legislative developments due to be passed into law.
This year, we identify 397 practitioners from 152 firms and 43 countries who are considered leading lawyers in the field of private funds.
Seven firms stand out in research due to the high volume of practitioners they have recognised in this edition. Maples and Calder is once again the best-performing firm in our research with 14 listings across six different jurisdictions, followed closely behind by Walkers with 13 inclusions. SJ Berwin, newly combined with King & Wood Mallesons, also fields 13 individuals, with its London office being especially well represented with six lawyers garnering recognition. Debevoise & Plimpton and Sidley Austin prove themselves to be key players in the market with 12 listings each. Kirkland & Ellis and Simpson Thacher & Bartlett have 10 of their practitioners recognised, with the latter's contingent including three of our most highly regarded individuals.
We also single out the 10 most highly regarded onshore and offshore lawyers in the world.
The private funds sector was undoubtedly a major casualty of the global financial crisis and in the difficult years since it has been unclear if activity would return to the levels seen pre-crisis. The market continues to be “dysfunctional”, as lawyers and general partners adapt their roles to dramatically increased regulation in the sector. Lawyers have found that their advice to clients now requires a higher degree of specialisation, with compliance and regulatory guidance occupying a larger proportion of their practice.
In this section we analyse the findings of our research in greater depth to identify the firms and practitioners who stand out worldwide. The investment and hedge funds powerhouse, Maples and Calder tops the tables with an impressive 15 listings, followed by Debevoise & Plimpton and SJ Berwin LLP with 14 inclusions each.
With the benefit of over 15 years of research and tens of thousands of voted from clients and private practitioners, Who’s Who Legal takes a closer look at shifts in the legal marketplace and developing trends and activity, worldwide.
With the benefit of over 14 years of research and tens of thousands of votes from clients and private practitioners, Who’s Who Legal takes a closer look at developing trends in the private funds legal marketplace worldwide.
In this section we analyse the findings of our research in greater depth to identify the firms and practitioners who stand out worldwide.
Who’s Who Legal interviewed hundreds of lawyers active in this practice area during the research for this publication and the vast majority were in agreement over the continuing harsh climate for the funds industry.
Over the course of our independent research, we have identified 328 leading private funds lawyers in 38 countries. The most highly regarded individuals and firms are outlined here and recent high-profile moves within the community are also shown.
We identify 57 of the leading banking and finance lawyers in nine jurisdictions in the following chapter, with Russia, Belarus and Ukraine the best-represented nations.
We identify the leading firms and individuals in the field of private funds law.
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Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.