‘Trusted Partner’ Leaves Skadden

The aggressive – and expensive – recruitment by Paul Weiss has seen David Hepp, the co-head of Skadden’s financial institutions group, leave the firm to join the rival firm in New York.

Hepp specialized in advising asset managers and served as the lead lawyer for BlackRock on many deals, including its $12.5 billion acquisition of Global Infrastructure Partners announced in January.

These types of complex transactions between large asset managers and private capital firms have become increasingly common.

Hepp’s exit represents another major loss to Skadden’s financial institutions team.

It is believed the Hepp transfer to Paul Weiss will also involve a guarantee of multiple millions given his reputation and ability to handle the big money deals that these firms focus upon.

And also given Paul Weiss’s aggressive growth plans across its smaller, focused network.

Hepp has been described in the Skadden website as a “trusted partner”. And he joins others who have departed Skadden recently.

Earlier this year, a group of five senior lawyers led by Sven Mickisch, the other co-head, departed for Simpson Thacher. Their clients included major financial firms like American Express, JPMorgan Chase, and Wells Fargo.

And in recent days Skadden lost two prominent technology practice advisers, Mike Ringler and Peter Jones, who joined Sullivan & Cromwell in Palo Alto, California.

Paul Weiss Expansion

Paul Weiss have been aggressively expanding their practice, particularly in London, where they have attracted leading legal talent from Kirkland & Ellis, the major hire being Neel Sachdev’s recruitment for huge money.

But the firm has also been recruiting top dealmakers in Los Angeles and New York, and guaranteeing annual compensation up to $20 million, which is undoubtedly the sort of deal Hepp would have landed on the transfer.

The firm’s revenues and profits per equity partner rose last year to over $2 billion and $6.5 million, according to The American Lawyer. This compares to Skadden’s $3.27 billion in revenue and $5.4 million profits per equity partner over the same period, so Skadden are hardly suffering although losing major legal talent presents ongoing issues as the competition for them increases.

Paul Weiss have recently picked up the biggest M&A deal in recent times with the €3.5B Siemens Deal involving the purchase by KPS Capital Partners’ of Siemens’ electric motors company.

Paul Weiss’s London operation is also working on the financing aspects of a potential £3.5 billion takeover of Royal Mail’s parent company, International Distributions Services (IDS) by Czech billionaire Daniel Kretinsky. 

Hepp has been with Skaddens for 24 years and acted on major deals involving clients like Blackrock, such as its $12.5 billion acquisition of Global Infrastructure Partners.

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