Sidley Austin has hired a co-head of Cravath Swaine & Moore’s private equity practice, as the firm continues to build a bench of top dealmakers in New York. 

Dave Perkins has made the move after almost 20 years at Cravath, which used to be immune to partner departures but has seen rainmakers exit in recent years amid intense competition for talent among leading law firms. 

At Cravath, Perkins worked with clients including American Securities, BDT & MSD, Brookfield and ECN Capital. He works across all aspects of private equity investments and multiple asset classes, advising on M&A, investment funds, joint ventures, minority and other structured investments, restructurings and large-scale real estate acquisitions and dispositions.

“Dave is a versatile lawyer with a strong client following,” said Yvette Ostolaza, Sidley’s management committee chair. “Bringing him in helps us to continue to accelerate our growth in the PE market, particularly with premier middle market clients.”

At Sidley, Perkins will work as part of the firm’s 650-lawyer M&A and PE practice, which has recently been boosted with talent in New York including the head of Jones Day’s M&A group, David Grubman, who joined in January as co-leader of Sidley’s M&A team. This month the firm has also recruited private equity and M&A partner Andrew Fadale from Milbank and Jones Day M&A partner George Hunter. 

Perkins also advises asset managers on the structuring and formation of investment funds and other investment vehicles across a variety of asset classes, including private equity, private credit and real estate. 

Brian Fahrney, chair-elect of Sidley’s executive committee, said Perkins would be expected to work closely with the firm’s other partners to bring its leveraged finance and fund formation capabilities to PE sponsors.

“The breadth of our offerings, including our insurance and asset management groups and regulatory capabilities, will also benefit Dave’s clients as well as other PE sponsors across industries,” Fahrney added. 

A Cravath spokesperson commented: “We wish David well in his future endeavours.”

Cravath has seen a steady trickle of departures in recent years despite efforts to retain its top dealmakers by removing its pure lockstep model in late 2021 and introducing a salaried partner tier in 2023. 

Perkins’ move follows at least four partners defecting from Cravath last year; M&A lawyers Keith Hallam and Sanjay Murti moved to White & Case and Freshfields respectively, both in New York, while Kirkland & Ellis recruited antitrust lawyer Daniel Zach. Litigator Rory Leraris also moved over to Davis Polk & Wardwell, becoming the fourth partner to defect to the firm from Cravath since 2021. 

Cravath, meanwhile, has made two partner hires in New York this year. In February, antitrust partner Andrew Finch, a former principal deputy assistant attorney general in the Department of Justice’s (DOJ’s) Antitrust Division joined from Paul Weiss Rifkind Wharton & Garrison. And a month later Nicole M. Argentieri joined from the DOJ’s Criminal Division, where she was acting assistant attorney general.