Monday, October 18, 2021

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    Freshfields Poaches Top Deal Lawyer from Cravath

    Freshfields Bruckhaus Deringer

    LLP is poaching a top deal maker from

    Cravath, Swaine & Moore

    LLP, the latest offensive in a talent war among big law firms seeking to cash in on a boom in mergers and other transactions.

    Damien Zoubek,

    who has been at Cravath since 1999, will join Freshfields as its co-head of corporate and mergers and acquisitions alongside

    Ethan Klingsberg,

    the firm said.

    Mr. Zoubek is the latest big hire from a U.S. law firm by Freshfields, one of the U.K.’s “Magic Circle” firms. Mr. Klingsberg himself joined along with a handful of other partners after leaving Cleary Gottlieb Steen & Hamilton LLP in 2019.

    Freshfields has been making a push to grow in the U.S., installing Alan Mason as global managing partner based in the U.S. in January and opening a practice in Silicon Valley last year.

    Mr. Zoubek has been a partner at Cravath since 2007. Recent deals he has worked on include

    Afterpay Ltd.

    APT -1.78%

    ’s $29 billion sale to Square Inc.,

    Canadian National Railway Co.

    CNI -1.24%

    ’s roughly $30 billion failed bid for

    Kansas City Southern


    AmerisourceBergen Corp.’s

    $6.5 billion acquisition of

    Walgreens Boots Alliance Inc.’s

    pharmacy wholesale unit.

    Mr. Zoubek said he was drawn to Freshfields’s global presence and established practices in areas such as antitrust and foreign investment rules. “Deals are getting done on a multinational scale, so looking at the lens through one country doesn’t make sense anymore,” he said.

    The firm has recently landed roles on deals including the $5 billion sale of


    media assets to

    Apollo Global Management Inc.,

    Universal Music Group NV’s separation from

    Vivendi SE

    and the $4.5 billion take-private of poultry producer Sanderson Farms Inc.

    While M&A bankers often move around during their careers, it used to be rare for deal lawyers to do the same. That has changed in the past several years, underscoring the value the world’s biggest law firms are putting on deal making fees amid a global M&A boom.

    Kirkland & Ellis LLP has also been aggressive poaching partners from other firms including Cravath, and last year hired Edward Lee from Wachtell, Lipton, Rosen & Katz. Earlier this year, Paul, Weiss, Rifkind, Wharton & Garrison LLP hired

    Krishna Veeraraghavan

    from Sullivan & Cromwell LLP.

    Scott Barshay

    made waves in 2016 when the star deal maker left Cravath to head the mergers and acquisitions practice at Paul Weiss.

    Those moves have brought to center stage a debate over whether the “lockstep” pay system based on seniority employed by some top firms can compete as others increasingly tie compensation more closely to performance.

    Cravath is one of a handful of firms that employ a lockstep system. Firms like Freshfields, Kirkland and Paul Weiss have built in more flexibility to more heavily reward top performers.

    Write to Cara Lombardo at

    Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

    Appeared in the September 29, 2021, print edition as ‘Freshfields Lures Top Deal Lawyer Away From Cravath.’

    Freshfields Poaches Top Deal Lawyer from Cravath Source link Freshfields Poaches Top Deal Lawyer from Cravath

    The post Freshfields Poaches Top Deal Lawyer from Cravath appeared first on Eminetra.

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