PRESS RELEASE
McDermott Announces Largest Partner Class in Firm History
November 2, 2021
Read time: 4 min
International law firm McDermott Will & Emery announced the promotion of 41 lawyers to partner and 10 to counsel, effective January 1, 2022. This announcement follows three consecutive years of double-digit growth across all key metrics and industry-leading talent acquisition.
“We are so proud of this outstanding group of diverse, talented professionals,” Ira Coleman, Chairman of McDermott, said. “They represent the best and brightest, and they exemplify our motto of #AlwaysBetter. This is also such a special moment in our profession: we’re at an incredible inflection point where we have the opportunity to chart a fresh path forward, and we are so excited for how this cohort of future leaders will help guide us.”
The 2022 promotion class includes lawyers across 14 global offices, including Chicago, Dallas, Düsseldorf, Frankfurt, London, Los Angeles, Miami, Munich, New York, Paris, San Francisco, Silicon Valley, Washington and Wilmington.
Employment
Julie McConnell, Washington, DC
Health
Stacey Callaghan, Chicago
Gregory Fosheim, Chicago
Brian Hall, Washington, DC
Caroline Reigart, Washington, DC
Chelsea Rogers, Miami
Steven Schnelle, New York
Deniz Tschammler, Munich
Patrick Zanayed, Chicago
Intellectual Property
Richard Gräbener, Munich
Litigation
Harrison Carpenter, Wilmington
Matthias Distler, Düsseldorf
Greer Griffith, New York
Sarah Hogarth, Washington, DC
Massimiliano Moruzzi, Milan*
Richard Nicholson, New York
Ludwig von Rigal, New York*
Stefanie Soltwedel, Düsseldorf
John Song, New York
Private Client
Max Biedermann, New York
Katie Gose, Los Angeles
Chris Nason, San Francisco
Regulatory
Carina Kant, Düsseldorf*
Tax
Eric Carstens, Washington, DC
Keith Hagan, Miami
Elizabeth Lu, Chicago
Oleg Polyatskiy, Chicago
Côme de Saint-Vincent, Paris*
Florian Schiefer, Frankfurt
Transactions
Arvin Abraham, London
Nathan Barnett, Wilmington
Marie-Muriel Barthelet, Paris*
Giorgio Bobba, Milan*
Sebastian Bonk, Düsseldorf
David Brigleb, Washington, DC
Thaddeus Chase, Dallas
Cristina Delgado, Miami
Shirin Deyhim, Paris*
Griffin Doty, New York
Diana Douglas, Silicon Valley
Maxime Fradet, Paris*
Herschel Guez, Paris*
Théophile Jomier, Paris*
Maria Navarro, Miami
Eyal Peled, New York
Eric Preston, Chicago
Renate Prinz, Düsseldorf
Benedikt Schulz, Düsseldorf
Calum Thom, London
Bernardo Vaz, Chicago
Daniel Woodard, Washington, DC
*Counsel
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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Schulte Advises American Water on Sale of Homeowner Services Group
PRESS RELEASE
Schulte Advises American Water on Sale of Homeowner Services Group
November 2021
Read time: 3 min
Schulte advised American Water Works Company Inc., the largest publicly traded U.S. water and wastewater utility company, in connection to the sale of its Homeowner Services Group to Apax Partners LLP, a leading global private equity advisory firm, in a deal valued at $1.275 billion. Homeowner Services Group provides various warranty protection programs and other home services to residential customers across the country. This business currently has nearly 3 million customer contracts across 43 states and Washington, DC.
The Schulte team advising American Water was led by M&A and Securities partner Brian Miner. The team also included M&A and Securities partner Ian Levin, special counsel Adam Gartner and Gregory Kinzelman, associate Jamie Freedman and law clerk Vera Lee; tax associates Hannah Hollingsworth and Joseph Reich; insurance special counsel Theodore Keyes; and former Schulte lawyers Jennifer Gordon and Edward Sadtler.
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McDermott Advises Chicago Pacific Founders in BayPine’s Acquisition of Pinnacle Dermatology
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises Chicago Pacific Founders in BayPine’s Acquisition of Pinnacle Dermatology
October 29, 2021
Read time: 3 min
International law firm McDermott Will & Emery represented Chicago Pacific Founders (CPF), a strategic private equity firm with a focus exclusively on healthcare services, in connection with the recapitalization of its portfolio company Pinnacle Dermatology Management by Boston-based private investment firm BayPine LP. Pinnacle is the largest multi-state female-founded dermatology management services organization in the U.S. with 87 clinical locations across 11 states. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to be completed during the fourth quarter of 2021.
- The transaction was announced on October 29, 2021.
- McDermott Will & Emery served as legal counsel to CPF and Pinnacle throughout the life cycle of CPF’s investment in Pinnacle.
- CPF is Pinnacle’s current financial sponsor and will roll over a portion of its ownership in Pinnacle post-closing.
- The McDermott team was led by Kristian Werling, William Hutchens and Nora Klein, along with Monica Wallace, Ahn Lee and Jordan Wampler.
- Read the full press release.
McDermott’s private equity practice is among the top four most active PE law firms globally and in the US with more than 160 dedicated private equity lawyers in 21 offices around the world. In addition to being Pitchbook’s top Healthcare PE firm for a fourth consecutive year and fifth in both IT and financial services private equity, we were named Energy & Industrials Law Firm of the Year (Large Cap) by The Deal, Top 10 in PE Buyouts by MergerMarket and Top 10 in US Mid-Market by Bloomberg. Learn more about our PE practice.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Comment | Climate Change Discussion Reaches New Depths at 26th Annual Conference of Parties (COP26)
PRESS RELEASE
McDermott Comment | Climate Change Discussion Reaches New Depths at 26th Annual Conference of Parties (COP26)
October 29, 2021
Read time: 4 min
Carl Fleming, partner at law firm McDermott Will & Emery, said:
“Financing the transition to a low carbon world will take center stage at COP26. These discussions will focus heavily on sustainable investing. The three practical outcomes I see emerging from COP26 are: (i) a tidal wave of green bond issuances, both private and government; (ii) a surge in the supply of sustainability-themed debt issuances; and (iii) an even further heightened focus on climate-related ESG disclosures. I say this since we covered each of these items when McDermott was asked by the US government to bring private sector private equity firms and investment banks to meet the US and UK delegations at the London embassy last month in preparation of each government’s attendance of COP26.
Bonds: On the bond side, I expect to see a tidal wave of green bond issuances, both private and government, following COP26 as sustainable finance will be front and center at the event. The green bond market has been explosive heading into COP26, and this growth has spurred private companies, as well as the public sector, to take a closer look at the manner in which they access and raise their capital. This is due to the fact that green bonds assist investors in aligning their financial objectives to achieve ESG targets since such the proceeds of such issuances are exclusively applied to projects with a focus on environmentally sustainable activities. In the U.S. for instance, over the past two years we have seen Clearway Energy Inc. issue its green bonds and implement its green bond framework with great success and we are working with several other developers on potential green bond issuances. Such green bond issuance proceeds can be used to finance new project or refinance existing projects.
Debt: On the debt side, I expect to see a surge in the supply of sustainability-themed debt issuances following COP26. We are already seeing this going into COP26. In July, DWS announced the launch of its new institutional ESG Infrastructure Debt Fund, targeting all European sustainability themed infrastructure sectors which contribute towards making society and economies more sustainable. And today, Global Infrastructure Partners announced that it is planning to launch a credit fund focused on the green energy transition. Others are sure to follow. Each of these will deliver more depth and liquidity to the market and allow investors a greater ability to assess deals and structures.
ESG: On the ESG side, I expect to see an even further heightened focus on climate-related ESG disclosures following COP26. Such ESG initiatives are a key component of sustainable finance and such climate-related disclosure will be required to both promote informed decisions at the hands of stakeholders in the financial sector as well as to better understand the exposures to climate-related risks. Going forward, issuers will likely face great pressure to disclose more detailed sustainability information, set validated third-party decarbonization targets, and also articulate credible pathways for their transition. So much so that McDermott Will and Emery has doubled-down on its ESG group which is headed by one of the pioneers in the ESG field and current Harvard fellow leading the industry’s evolution on corporate sustainability and environmental, social and governance issues.”
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Innovating on Next-Generation Client Service Models, McDermott Invests $10 Million in The LegalTech Fund
PRESS RELEASE
Innovating on Next-Generation Client Service Models, McDermott Invests $10 Million in The LegalTech Fund
October 27, 2021
Read time: 4 min
International law firm McDermott Will & Emery announced a USD $10 Million anchor investment with The LegalTech Fund, a venture capital fund that invests in, and helps entrepreneurs build, legal technology companies. McDermott joins as an Anchor Partner in the Fund, a move the Firm made to advance its commitment to propelling client success through innovation and creative counsel.
“We are always working to peer over the horizon for our client—this time through a very crowded legal technology landscape,” said McDermott Chairman Ira Coleman. “We want to fund the best ideas and leverage the exceptional experience of the team behind The LegalTech Fund to shape the legal technology market moving forward. Our phenomenal growth over the last few years has put us in the position to make this happen, and we are doubling down on that success as we look to the future.”
The LegalTech Fund covers the full legal technology ecosystem – from enterprise software solutions for global law firms to the software that clients are using to manage and structure data from their agreements to consumer-facing applications. The Fund invests in early-stage companies (from inception to series B) typically ranging from $250,000 to $1 million.
“The last year and a half has shown very clearly how the next wave of entrepreneurs are building technology that will transform the world of law. Automation, artificial intelligence and data analytics platforms will soon become table stakes for everyone from corporate legal teams to consumers of legal services,” said Zach Posner, Managing Partner and Co-Founder at The LegalTech Fund. “Since we started the Fund, we’ve been investigating hundreds of new technology opportunities each month and that will continue to scale as we move forward. This partnership enables us to work closely with McDermott to uncover the next generation of legal tech innovation and accelerate disruption across the legal tech ecosystem.”
“Not only will this fuel our clients’ success, it will help our people be more effective, creating new efficiencies that enable them to focus on providing highly informed, creative counsel across industries,” Ira added. “We know that this is what the best lawyers want from their firms, and we will continue to position McDermott as the premiere career accelerant in the legal industry.”
The LegalTech Fund has most recently focused on technology innovation that reimagines agreements, access and legal spend. Initial fund investments include Josef, an Australia-based no-code software platform that enables legal professionals to automate common tasks, as well as SoloSuit, automated software that helps low- and moderate-income individuals respond to debt collection lawsuits.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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Schulte Roth & Zabel Bolsters M&A and Securities Practice with Addition of Partner Michael R. Flynn
PRESS RELEASE
Schulte Roth & Zabel Bolsters M&A and Securities Practice with Addition of Partner Michael R. Flynn
Read time: 4 min
Schulte Roth & Zabel today announced that Michael R. Flynn, a seasoned lawyer within the private capital industry, has joined the firm as a partner in the M&A and Securities Group, based in the firm’s New York office.
Mike brings to SRZ more than 27 years of experience serving venture and growth equity investors across the fintech, energy tech, life sciences, telecommunications, software, consumer and general IT sectors. At SRZ, Mr. Flynn will serve investment funds, strategic investors and other investor-side clients, both in the US and globally, on their portfolio investments, exit transactions and restructurings. In particular, he will focus on the emerging trend of hedge fund managers pursuing growth investment opportunities across the private markets.
Mr. Flynn said, “I am excited to join SRZ. The firm’s comprehensive, industry-leading platform is perfectly aligned with my practice. I share the firm’s conviction that our clients’ activities in the venture and growth equity sectors will continue into 2022 and beyond and I look forward to helping our clients capitalize on the many opportunities in this exciting space.”
“Mike joins us at a pivotal point, as investment firms’ activity in the private markets is reaching record levels,” said Schulte Roth & Zabel co-managing partner Marc Elovitz. “SRZ is at the forefront of this public-to-private investment phenomenon, advising our clients daily on complex situations, crossover and hybrid opportunities. Mike’s insights across the private capital market will be an invaluable resource as we continue to deliver a comprehensive suite of services to meet the rapidly evolving needs of our clients.”
SRZ continues to add substantial talent in strategic practice areas to enhance how it meets emerging client needs in both the public and private markets, particularly in M&A. In addition to Mr. Flynn, strategic hires include Jeffrey Symons and Brian C. Miner in the M&A and Securities Group, Gayle Klein in the Litigation Group, Gregory Ruback in the Finance and Derivatives Group, and Douglas S. Mintz in the Business Reorganization Group.
Schulte Roth & Zabel co-managing partner David Efron continued, “We are thrilled to welcome Mike to the firm. His deep private investment industry expertise is a critical component in the strategic expansion of our Investment Management and M&A and Securities practices, as we continue to partner with our clients in the growth of their businesses.”
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McDermott Represents Wellspring Capital Management in its Acquisition of Caring Brands International
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Represents Wellspring Capital Management in its Acquisition of Caring Brands International
October 25, 2021
Read time: 4 min
International law firm McDermott Will & Emery represented Wellspring Capital Management LLC, a leading private equity firm headquartered in New York, in connection with its acquisition of Caring Brands International, Inc. (CBI), the leading franchisor of home healthcare services under three global brands—US-based Interim HealthCare, UK-based Bluebird Care and Australia-based Just Better Care. The CBI brands represent 550 locations operated by more than 250 franchise owners and operators that produce over $1.3 billion in sales annually.
- This transaction was announced on October 25, 2021.
- McDermott Will & Emery acted as legal counsel to Wellspring Capital Management.
- McDermott’s representation also included acquisition financing in the form of term loan and revolving commitments, with Adams Street Credit Advisors LP and Madison Capital Funding LLC serving as Joint Lead Arrangers and Joint Bookrunners. Adams Street also serves as Agent.
- CBI is the twelfth investment from Wellspring Capital Partners Fund V, L.P.
- The McDermott corporate team was led by Frank Steinherr, James Parry, Cristy Delgado, Nate Barnett and Graciany Miranda and included Daniel Zucker, Todd Solomon, Debra Harrison, RayJacobsen, Gary Karch, Sharon Lamb, Jennifer Mikulina, Michelle Strowhiro, Arvin Abraham, Vanessa Barmack, Sarah Kitchell, Paul McGrath, Scott Regan, Carol Spink, Daphne Trotter, Gregory Weigland, Eleanor Atkins, Deepali Doddi, Noah Feldman Greene, Sanjeet Johal, Leon Jun, Nicolas Jupp, Marissa Krumm, Simon Margesson, Bella North, Jennifer Saperstein, Sarah Schanz, David Stage, Rick Stepanovic, Justine Wadhera and Sophie Wood. The McDermott finance team was led by Anh Lee and Jared Bryant and included Andrea Ruiz, David Stage and Atoosa Nowrouzi.
- McDermott has previously represented Wellspring in several transactions including most recently the acquisition of Pentec Health; acquisition of HealthPRO Heritage; acquisition of Cadence Petroleum Group; sale of its portfolio company Help At Home LLC to Centerbridge Partners; acquisitions by its portfolio company Center For Diagnostic Imaging (dba RAYus, Inc.) of Diagnostic Centers of America, Sand Lake Imaging, U.S. MRI, and Smart Choice MRI, respectively; acquisition of Paragon Films; acquisition of Lucky Strike Entertainment LLC; and acquisition of Center For Diagnostic Imaging (dba RAYus, Inc.).
McDermott’s private equity practice is among the top four most active PE law firms globally and in the US with more than 160 dedicated private equity lawyers in 21 locations globally. In addition to being Pitchbook’s top Healthcare PE firm for a fourth consecutive year and fifth in both IT and financial services private equity, we are named Energy & Industrials Law Firm of the Year (Large Cap) by The Deal, Top 10 in PE Buyouts by MergerMarket and Top 10 in US Mid-Market by Bloomberg. Learn more about our PE practice by visiting mwe.com/pe.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Secures Dismissal of Class Action Claim Against Trustpilot, Inc.
PRESS RELEASE
McDermott Secures Dismissal of Class Action Claim Against Trustpilot, Inc.
October 25, 2021
Read time: 4 min
International law firm McDermott Will & Emery obtained dismissal with prejudice of a class action complaint filed against its client Trustpilot, Inc. (Trustpilot), absolving Trustpilot of all deceptive business practice and related claims brought against them.
“Trustpilot is a highly regarded company and we are delighted the court dismissed all claims against our client,” Andrew Kratenstein, lead McDermott partner in the case, said. “The Court properly recognized the claims brought against Trustpilot were meritless.”
Trustpilot is a digital platform that brings businesses and consumers together to foster trust and inspire collaboration, allowing users to post reviews of businesses on its website. Businesses are able to contract with Trustpilot to collect and manage information concerning the reviews, providing subscriptions that allow businesses to access consumer insight data and obtain consulting services on how reviews of the business are displayed online. Trustpilot automatically renews these subscriptions unless the subscriber notifies Trustpilot of its desire to cancel at least 30 days before the end of the subscription’s term.
Plaintiffs sued on behalf of a putative nationwide class of Trustpilot subscribers, asserting claims for deceptive business practices under New York law and other states’ unfair business practices statutes, as well as claims for breach of contract, breach of the implied covenant of good faith and fair dealing and unjust enrichment.
On June 29, 2021, Judge Jed Rakoff of the US District Court for the Southern District of New York agreed with the McDermott team’s arguments, including that plaintiffs failed to allege that under New York Law the conduct was consumer-oriented, deceptive or related to personal property. In addition, the Court agreed that, because New York law applies, the claims under other state consumer protection laws failed. Further, the Court held that plaintiffs’ claim for breach of contract failed because the parties’ valid and enforceable subscription agreements clearly disclosed Trustpilot’s auto-renewal policies and did not require Trustpilot to send renewal reminder emails.
The Court also held that there was no breach of the duty of good faith and fair dealing because the cause of action was duplicative of plaintiffs’ breach of contract claim, and the subscription agreement clearly disclosed Trustpilot’s auto-renewal procedure and how customers could avoid auto-renewal. The Court further held that plaintiffs’ unjust enrichment claim failed because the subscription agreement governed the subject matter of the claim.
Plaintiffs moved for reconsideration and, on October 14, 2021, Judge Rakoff denied the motion as a rehash of arguments were already made and rejected by the Court.
The McDermott team was led by Andrew Kratenstein and William Donovan, Jr. and included Caroline Incledon and Kierstin Fowler.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Obtains Blessing from California for Atomyze LLC to Launch Metal Asset Backed Tokens Platform
PRESS RELEASE
McDermott Obtains Blessing from California for Atomyze LLC to Launch Metal Asset Backed Tokens Platform
October 22, 2021
Read time: 4 min
International law firm McDermott Will & Emery assisted Atomyze LLC in obtaining a legal interpretive opinion from the State of California’s Department of Financial Protection and Innovation (DFPI) deciding that Atomyze can launch its blockchain business in California without obtaining a California money transmitter license.
DFPI concluded that Atomyze, a progressive digital asset company, does not need to obtain a money transmitter license under the California Money Transmission Act. Atomyze can now launch in the key jurisdiction of California.
Atomyze assists owners of large amounts of metal, primarily palladium and platinum, by creating groundbreaking digital assets—“Metal Asset Backed Tokens” or “Metal ABTs”—that represent interests in those metals. The metals backing the Metal ABTs are stored in secured vaults, and owners of Metal ABTs maintain the right to redeem those Metal ABTs for the actual physical delivery of the underlying metals. Atomyze facilitates the purchase and trading of Metal ABTs on its platform.
DPFI concluded that:
- Providing technical services to assist in the creation of a Metal ABT . . . and issuing a digital wallet holding the Metal ABT does not require licensure.
- The fiat currency-related services facilitating the sale of Metal ABTs . . . does not require licensure.
- The Department does not require licensure under the MTA for Atomyze to facilitate the sale of Metal ABTs.
McDermott Partner John T. Lutz said the following: “We are proud partners with Atomyze. Atomyze will revolutionize trading in precious metals.”
“It is a rarity in this industry to bridge the gap between the physical world, and blockchain and Atomyze present a real use case that could alter the way an entire asset class trades,” said McDermott Partner Joseph B. Evans.
The McDermott team’s primary task on behalf of Atomyze was to roll out Atomyze nationwide by obtaining state money transmitter licenses from each jurisdiction that required a license for Atomyze’s blockchain business activities. McDermott is seeking money transmitter licenses in all of the necessary jurisdictions, along with “no action” and similar relief in other jurisdictions where the money transmitter regulatory regime is unclear for blockchain and digital asset companies.
The McDermott team is led by John T. Lutz, Joseph B. Evans and Alexandra Scheibe with assistance from Leon Jun, Tony Koulotouros and Matthew Stern.
McDermott’s cross-disciplinary FinTech and Blockchain team understands the complex legal and business challenges that face industry participants. This team includes lawyers from across the Firm’s major practice areas, including corporate, finance, global privacy and cybersecurity, government and lobbying, intellectual property, litigation, technology and commercial transactions, and white-collar and securities defense. McDermott has been a leader in cryptocurrency and blockchain-related laws for years and has been regularly breaking new ground in decisions from regulators and in some of the industry’s most prominent litigations.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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Schulte Advised White Hat in Strategic Investment Deal With Comtech Telecommunications
PRESS RELEASE
Schulte Advised White Hat in Strategic Investment Deal With Comtech Telecommunications
October 2021
Read time: 3 min
Schulte advised White Hat Capital Partners LP in an agreement, along with Magnetar Capital, to purchase convertible preferred stock from Comtech Telecommunications Corp., a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies. The strategic investment deal has an initial value of $100 million. With the proceeds, Comtech expects to increase growth and profitability, across a range on initiatives, including industry-leading broadband satellite technology, next-generation 911 business wins and attractive M&A opportunities. Comtech, White Hat and Magnetar have also jointly agreed to appoint White Hat’s co-founder and managing partner to the company’s Board of Directors.
The Schulte team advising White Hat was led by partner, chair of the M&A and Securities Group and co-chair of the global Shareholder Activism Group Ele Klein. The team also included M&A and securities special counsel Clara Zylberg and associate Evan Berger
