Skadden has snagged a pair of partners across New York and Chicago from Paul Hastings to boost its private credit and restructuring bench.
Scott Heard has joined Skadden to lead its private credit practice from the firm’s New York headquarters, while Matthew Murphy has rejoined in Chicago as a member of the firm’s corporate restructuring group. The duo worked closely together at Paul Hastings and provided an integrated service across complex debt financing transactions.
Heard has spent nearly eight years at Paul Hastings; his practice covers complex financial arrangements, including acquisition financings, dividend recapitalisation financings, asset-backed loans, cash flow loans, liability management transactions and special situations loans. He also frequently advises on the finance aspects of debt restructurings and workouts.
Meanwhile Murphy, whose second stint at Skadden follows 15 years as a partner split between Paul Hastings and DLA Piper, advises distressed companies, creditors, lenders, hedge funds and asset managers on insolvency-related transactions and liability management exercises. He has experience in all aspects of capital structure management, including out-of-court and Chapter 11 restructurings, distressed asset acquisitions and investments and post-petition financing.
Skadden’s executive partner, Jeremy London, said the combination of Heard’s track record of advising lenders and alternative capital sources combined with Murphy’s experience handling high-profile restructurings would boost the firm’s ability to offer “full-scale solutions” to clients navigating complex financial challenges.
He added that the top five US firm was pursuing “strategic growth”, including last year opening its first office in the Middle East, in Abu Dhabi, with a senior corporate partner hired from Freshfields.
The firm has also been busily growing its London office, which over the past five years has had the second-largest increase in lawyer count among the top international firms in London, behind only rival Kirkland & Ellis, and now has 250 lawyers according to Non-Billable. Recent arrivals include Latham & Watkins’ former global arbitration co-chair, Sophie Lamb, and tax partner Katie Leah from Goodwin Procter.
Meanwhile, Heard and Murphy’s move comes as law firms hire aggressively across both private credit and corporate restructuring to capitalise on a $2trn private credit market and increased distressed asset activity.
Last month, Simpson Thacher & Bartlett hired distressed company specialist David Nemecek from Kirkland & Ellis to head up the firm’s newly created capital structure solutions practice, in a move that will also see the firm open an office in Dallas.
Last October, Latham & Watkins snagged the chair of Ropes & Gray’s business restructuring practice, Ryan Dahl, along with two other partners across New York and Chicago, while Akin has expanded its private credit and special situations team in New York with several high-profile hires, including Heather Waters Borthwick from DLA Piper last September.
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