Paul Weiss, Winston & Strawn Bolster M&A Groups Amid Deals Surge

Paul, Weiss, Rifkind, Wharton & Garrison has hired two M&A partners in New York while Winston & Strawn has added a deal-making partner in Chicago as Big Law’s marquis corporate transactions practice continues to run red hot.

Paul Weiss hired two partners from Akin Gump: Gerald Brant and Jeffrey Kochian, who have advised on major public and private mergers in addition to shareholder activism and other corporate governance matters.

Winston & Strawn plucked corporate partner Matthew Schlosser from Kirkland & Ellis, where he made partner in 2018. Sclosser worked on deals including a bevy of giant private equity giants including Bain Capital, ClearLight Partners, and GTCR, according to his bio.

The hires come during a record run for Big Law’s transactional practices, which have seen surging demand in the wake of Covid-19 lockdowns. Corporate deals are flowing as the economy rebounds and after companies raised record levels of cash expecting a prolonged downturn.

Private equity firms are also driving the action, making up roughly 40% of all transactions through the third quarter, according to data compiled by Bloomberg. Private equity accounted for 29% of deals in 2019 and 34% last year, the data show.

Global mergers and acquisitions activity reached $3.8 trillion by the end of September, building on a potentially record-breaking year. Twenty law firms, including Paul Weiss, have worked on more than $2.7 trillion worth of deals so far, according to Bloomberg’s M&A advisory league tables.

On the back of that deal flow, Paul Weiss chair Brad Karp told Bloomberg Law last month his firm expects to cross the $6 million profits per equity partner threshold this year. The firm is paying out discretionary bonuses to associates during the intense workflow.

“Gerald and Jeff have advised on the most complex deals for leading public companies and private equity firms and their portfolio companies,” Karp said in a statement. “They will be an enormous asset to our clients and our firm.”

In addition to private equity work, Schlosser has advised on the formation of special purpose acquisition companies and on their transactions known as de-SPACs.

“Matthew brings invaluable expertise in large and complex mergers, representing some of the most sophisticated global investors, sponsors, and funds,” Cardelle Spangler, managing partner for Winston’s Chicago office, said in a statement. “Chicago continues to grow as a focal point for these transactions, and Matthew will be a welcome addition to an outstanding team.”