Linklaters has boosted its high yield capabilities with the hire of Cravath Swaine & Moore European counsel Mark Hageman as an equity partner in the City.
Hageman, who will join the magic circle firm after serving his notice period at Cravath, specialises in advising on European leveraged financings, cross-border M&A and SEC reporting and compliance by non-US companies.
Linklaters global head of banking Rob Elliott pointed to the increasingly important role of high yield as a motivating factor for the appointment.
“High yield is crucial in helping clients satisfy their funding requirements. [Hageman's] expertise in this increasingly important area of financing will bring added depth to Linklaters’ high yield practice,” he said.
“With his expertise and experience in this area, Mark will be a welcome addition to the team, and will play an important role servicing the needs of clients across Europe and the emerging markets, ” he added.
Global head of US securities Cecil Quillen added: “Covenant-intensive debt securities, particularly in relation to refinancings and restructurings in the high yield space, have been huge drivers of the European fixed income markets in 2009-10. Bank lending constraint is generally believed to be a major factor in this, especially in jurisdictions which have experienced particularly severe banking crises.”
The much-touted high yield debt market has traditionally been dominated by a select band of US law firms including Cahill Gordon & Reindel, Latham & Watkins and Milbank Tweed Hadley & McCloy, but a number of leading UK firms have recently made notable hires in the sector.
Last month, Freshfields Bruckhaus Deringer appointed Simpson Thacher & Bartlett counsel Gil Strauss, whose practice focuses on US corporate finance and securities, while last year Allen & Overy hired Milbank high yield specialist Kevin Muzilla as a partner.
Source : Legal Week
DWF has recruited Shoesmiths, asset finance chief to assist in the new Birmingham base. The Birmingham office will be DWF’s seventh UK office and will serve to expand the firm’s asset finance practice with the view to target Birmingham’s banking and finance markets.
