Linklaters, Clifford Chance sense US growth

Linklaters, Clifford Chance sense US growth

In Washington, Linklaters develops financial regulatory team while CC enhances its New York funds bench

To raise their North American coverage, Linklaters and Clifford Chance, Magic Circle UK firms have both hired senior lateral from US rivals.

Donald Waack was appointed by Linklaters as regulatory partner in Washington DC from Morgan Lewis & Bockius, while Clifford Chance has secured Paul Hastings funds Counsel Vadim Avdeychik in New York. Waack connects Linklaters' US financial regulation group and Avdeychik links Clifford Chance's funds and investment management team as a partner.

Waack's practice emphases on advising US and non-US financial institutions based on regulatory, transactional and enforcement matters including regulatory control determinations, investment authority issues and governance, among others.

Head of Linklaters' financial regulation group, Peter Bevan mentioned: "Don's bank regulatory skill will be precious as we guide international clients through a progressively complex US regulatory setting. His detailed knowledge of US financial regulations and influence on both domestic and non-US financial services firms will balance our present global financial regulatory, derivatives and funds practices."

Being partner in 2016, Waack was at Mayer Brown more than 11 years, later reaches at Linklaters after two-and-a-half years at Morgan Lewis & Bockius.

Linklaters' US global practice head, Tom McGrath mentioned that Waack's arrival improve their capability to offer multidisciplinary solutions to their clients in a fast paced regulatory environment. "His profound experience, strong relationships and market know-how will incorporate seamlessly with our US platform," he further added.

In the meantime, Avdeychik, concentrates his practice on registered funds, business development companies (BDCs) and other specialty finance and regulatory mandates.

"We keep observing the asset management space evolution: traditional ideas of the types of strategies and funds a private equity, evade fund or alternative asset manager may organize have been reimagined and redefined and the speed of creativity around the use of registered funds, particularly closed-end, interval structures and BDCs, has enhanced," mentioned Cliff Cone, co-head of the US funds and investment management practice at Clifford Chance.

Avdeychik's vast experience in directing on these products and other regulatory reflections, along with ESG was a key reason for hiring him, noted Cone.

Having worked in-house at US asset manager PIMCO, Avdeychik later connects Paul Hastings as counsel after more than six years.

Ildefonso Alier, Spanish funds lawyer was appointed as a partner by Clifford Chance in its Madrid office. He joins the funds and investment management team after more than 14 years at King & Wood Mallesons in Spain.

To build their presence in the States, the US hires come as UK Magic Circle firms with a concerted effort. Freshfields Bruckhaus Deringer inaugurated a Silicon Valley office in 2020 after hiring five partners from four US rivals and has also notably hired two M&A partners in New York from Wall Street leader Cravath Swaine & Moore in 2021.

Since beginning of 2021, Allen & Overy has opened offices in Los Angeles, San Francisco, Silicon Valley and most recently in Boston, followed by a highly rated five-partner life sciences IP litigation team hire from Goodwin Procter.