Life in New York has proved a frustrating, costly slog for the Magic Circle. Four of these elite U.K.-based firms—Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters—have now been present in the city for more than a quarter-century, yet have struggled to establish themselves in the world’s largest and arguably most competitive legal market. Despite some success in niche practices such as aviation finance, real estate funds and international arbitration, they remain peripheral players in big-ticket transactional work.
Freshfields is hoping to change all that. The London-based firm last month significantly bolstered its transactional capabilities in New York with a series of splashy hires. In early September, the firm announced the double hire of Mitchell Presser, a former Wachtell, Lipton, Rosen & Katz M&A partner, and James Douglas, formerly head of the banking practice at Skadden, Arps, Slater, Meagher & Flom, to lead its U.S. M&A and leveraged finance groups, respectively. It then brought in Shearman & Sterling partner Peter Lyons, who joined as cohead of Freshfields’ global M&A group. The firm rounded off its hiring spree by recruiting a three-partner capital markets team from Fried, Frank, Harris, Shriver & Jacobson, including practice head and former firm cochair Valerie Jacob.
