Legal Business

Sidley expands with double high-yield hire from Latham

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Strategic recruitment Sidley Austin

Sidley Austin has bolstered its London office by hiring high-yield partners Scott Colwell and Patrick Kwak from Latham & Watkins.

This move is the latest in a series of departures from Latham to Sidley, following the August exit of five sponsor-side leveraged finance partners, including Jayanthi Sadanandan and Sam Hamilton, who joined Sidley earlier this month. 

Colwell and Kwak bring with them experience advising clients on international capital markets, corporate finance, and securities regulation, with a focus on high-yield debt securities offerings. Their client base includes issuers and investment banks across Europe, particularly in relation to debt securities offerings and leveraged transactions. 

Both partners are individually recognised for high-yield finance in the Legal 500, Colwell as a leading partner and Kwak as a next-generation partner.

Earlier this month, Sidley management chair Yvette Ostolaza told LB that the firm plans to expand its London office with hires in capital markets, high yield, and disputes and investigations, along with further growth in private equity. 

In June of last year, the firm hired Ramy Wahbeh as co-leader of its global private equity practice and co-head of the London corporate group, alongside M&A partner Kaisa Kuusk, both of whom joined from Paul Weiss. 

The recent departures from Latham come after the introduction of a ‘super points’ rank, approved in July, designed to more effectively reward top performers by enabling them to earn nearly double the profit share of those at the top of the firm’s core lockstep. Last week, LB revealed that 22 partners worldwide are now in the ‘super points’ tier, including two based in London. 

This summer, Latham also lost collateralised loan obligation (CLO) partner Alex Martin, who moved to Milbank with a team of six finance lawyers. This followed the departures of litigation and trial partners Oliver Browne and Stuart Alford KC, who joined Paul Hastings in February. 

Sidley Austin and Latham did not respond to a request for comment.

elisha.juttla@legalease.co.uk 

Legal Business

‘We have a remit to build’ – ex-Latham team open up on Sidley’s bold City lev-fin play

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Strategic recruitment Sidley Austin

In their first interview since leaving Latham & Watkins, Jayanthi Sadanandan and Sam Hamilton discuss their new roles as global co-heads of Sidley Austin’s leveraged finance practice

‘Sidley wants to provide a best-in-class financial sponsor legal service – Sam and I have built out a practice before and we know how to do this,’ says Sadanandan as she and Hamilton sit down to talk to LB on their first day at Sidley. 

‘This is  an exciting opportunity for us – we have a remit to build and Sidley has been very clear in its commitment to this area.’  

Legal 500 Hall of Famer Hamilton and leading partner Sadanandan, who have worked together for 20 years, joined Sidley this week (1 October) having quit Latham in August after nearly 15 years at the firm.

The pair have joined alongside fellow Latham alumni Fergus O’Domhnaill, Joseph Kimberling and Ben Wright – with all five partners now sitting within Sidley’s global finance practice, and Sadanandan and Hamilton taking up newly created roles leading the leveraged finance offering worldwide. 

The team will focus primarily on building a borrower-side practice for private equity sponsors, corporates and private credit funds, although it may extend to lender work at clients’ request.

 ‘Our focus is on the private equity finance side to better support the private equity platform,’ confirms Sadanandan. ‘As a transactional lawyer my goal is always just to get the deal done but, particularly in challenging market conditions, I think the interests between borrower side and lender side can diverge so it can be more challenging trying to manage both sides.’

Sadanandan, who featured as a deal star in LB’s ‘Alphas Revisited’ feature last year, has worked with clients including Permira, Blackstone, and CVC, while Hamilton’s key clients include Nordic Capital, Advanz Pharma, and Soho House. 

Sidley’s regular PE clients include Apollo Global Management, KKR and Carlyle.

Hamilton says there were two main reasons for choosing to join Sidley.  ‘We know everyone in the market who does our type of law and we felt that Sidley was a firm that has a lot of momentum and we liked the management mindset of wanting to grow in London, which we can help with. Secondly, when we began talks with Sidley, we enjoyed meeting the people and there was a cultural match in terms of how we all think about the world.’  

‘In terms of size and the number of people, we don’t have a specific target in mind. It’s client-driven – if you do a great job, clients give you more work, and other clients will hear about it, creating a snowball effect. We expect that will happen.’

Sadanandan adds: ‘After we were approached, we realised there were a lot of synergies. Sidley is a longstanding law firm with a heritage that goes back 158 years, and we liked how it is a full-service law firm already in London. It already has the pieces in play and what Sidley is looking to do now is deepen the breadth of the bench and the breadth of the offering for their private equity clients.’  

Sidley has been making a concerted push in the lucrative PE space as part of its broader expansion plans, bringing in Ramy Wahbeh as co-leader of the firm’s global private equity practice and co-head of the London corporate group, along with M&A partner Kaisa Kuusk, both of whom joined from Paul Weiss in June of last year.  

Commenting on the hires Sidley management committee chair Yvette Ostolaza says:  ‘I think if you’ve got the right team, then you will be delivering the type of service clients are expecting. And that’s what we’re going to be focused on, a very team-oriented approach that will deliver results for the client; with clients very much at the front and centre of our practice.’

The latest hires take Sidley to more than 200 lawyers in London, including more than 50 partners – meaning the office has grown by nearly a third over the last seven years.

And the expansion is far from over, with Ostolaza highlighting capital markets, high yield, and disputes and investigations as areas for further expansion in London, as well as additional growth in private equity.

There will also be an emphasis on building cross-border teams that serve clients in APAC, the Middle East, and London. ‘We’re speaking to a number of laterals in these areas,’ she comments.  

The plans come after Sidley reported another strong financial performance, with the firm’s total revenues reaching the $3bn mark in 2023, a 6.1% increase from the previous year.

The firm has enjoyed a long streak of revenue increases after making a strategic decision in the mid-2010s, to increase its focus on the private capital sector and Ostolaza says it is on track for another good year.  

‘Our first half of 2024 is off to a roaring start. Transactional activity has increased, disputes has also risen, so we’re expecting to have surpassed all metrics. We’re excited about this team because it’s part of our growth strategy,’ she adds.

In the US, the firm is aiming to strengthen its offices in San Diego, which launched in August, and South Florida and Miami offices, which opened in 2022. Alongside its emphasis on private equity, Ostolaza pointed out that there will also be a strong focus on key industry sectors, including life sciences, healthcare, energy, transportation, technology, media, sports, and entertainment. 

She concludes: ‘We are still in a growth mindset, although we’re established. There’s disruption going on in the legal industry – we’re seeing more and more mergers, and we want to be one of the beneficiaries of this disruption on behalf of our clients. I think we’re going to have another banner year.’

Sadanandan and Hamilton were part of a four-partner team that moved to Latham from White & Case in 2010 in a move that planted the seeds for the Los Angeles-bred firm’s dominance in Europe’s leveraged finance market. 

elisha.juttla@legalease.co.uk

Legal Business

Sidley snaps up five-partner Latham team as US firms continue battle for London talent

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Strategic recruitment Sidley Austin

Sidley Austin has hired five sponsor-side leveraged finance partners from Latham & Watkins in London, led by Jayanthi Sadanandan and Sam Hamilton.

Hall of Famer Hamilton and Legal 500 acquisition finance leading individual Sadanandan are set to leave Latham after nearly 15 years.

The three other partners joining them are Fergus O’Domhnaill, Joseph Kimberling and Ben Wright.

Sadanandan (pictured), who featured as a deal star in LB’s ‘Alphas Revisited’ feature last year, advises sponsors and corporates, with clients including Permira, Blackstone, and CVC, while Hamilton’s key clients are Nordic Capital, Advanz Pharma, and Soho House.

Sadanandan has held a number of management roles at Latham including serving as managing partner of the London office from 2015 to 2020, succeeding M&A partner Nick Cline after the end of his five-year term.  

Sadanandan and Hamilton were part of a four-partner team that moved to Latham from White & Case in 2010 in a move that planted the seeds for the Los Angeles-bred firm’s dominance in Europe’s leveraged finance market. The team also included finance veteran and standout performer Chris Kandel, who later moved to Morrison Foerster in 2019 and joined McDermott this May, as well as Brian Conway, who moved to Jones Day in 2013.

Earlier this week, it was also revealed that a Latham team of six alternative investments lawyers joined Milbank, led by finance partner Alex Martin. Among them is Kristine Kozicki, joining Milbank as special counsel, along with four associates. 

The team fills the void at Milbank left by John Goldfinch, who joined pre-merger Allen & Overy in April as a partner in its global structured finance practice. Goldfinch made the move with four senior associates from Milbank: Adrian Kwok, Peter West, Eleanor Cripps, and Alexandra Wells.

Latham strengthened its banking and finance practice in May by hiring partners Jonathan Brownson, Joydeep Choudhuri, and Prue Criddle from Cahill Gordon & Reindel in London. Brownson, a Legal 500 Hall of Famer for acquisition finance, spent the majority of his career at pre-merger Allen & Overy before leaving for Cahill in 2020 with fellow finance partner and Legal 500 high yield leading individual Jake Keaveny, in a move that was crucial in developing Cahill’s then-nascent London finance practice.

Sidley’s recent hires follow its recruitment of Ramy Wahbeh as co-leader of the firm’s global private equity practice and co-head of the London corporate group, along with M&A partner Kaisa Kuusk, both of whom joined from Paul Weiss in June of last year. This followed the March hires of James MacArthur and Ed Freeman from Weil, with MacArthur now overseeing Sidley’s European energy, transportation, and infrastructure practice.

However, Sidley’s London team experienced the departure of private equity partner Fatema Orjela—also recognised as a deal star in LB’s ‘Alphas Revisited’ feature—who moved to McDermott in April, joining alongside Kandel. More recently, partners Lyndsey Laverack and Jade Williams-Adedeji left Sidley last month to join Covington & Burling’s EMEA PE practice.

While these departures have understandably raised questions about Sidley’s plans for London, London managing partner Tom Thesing told LB in an interview earlier this year that the firm remains committed to recruiting talent. ‘We’ll continue to look for talent in the market and grow our business,’ he said.

Sidley Austin and Latham & Wakins have been approached for comment.

elisha.juttla@legalease.co.uk

Legal Business

‘We’ll continue to look for talent’: Sidley’s London growth streak continues with double-digit revenue hike

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Financial results 2023/24 Sidley Austin

Sidley Austin has continued its decade-long streak of growth in London, posting a 12.4% hike to reach $209.7m, with firmwide revenues reaching the $3bn mark.

While global revenues grew 6.1% on last year, with profit per equity partner (PEP) up 10.3% to $4.6m, the Chicago-headquartered firm’s London office stood out with another year of double-digit growth.

Sidley has enjoyed a long streak of revenue increases after making a strategic decision in the mid-2010s, to increase its focus on the private capital sector, a move which has continued to pay dividends.

London managing partner Tom Thesing said: ‘We’ve now exceeded 10 consecutive years in revenue growth for the London office, which is encouraging because it shows our steady and sustainable track of serving the firm’s clients on a repeat basis.’ 

Despite a turbulent transactional market in London, Thesing emphasised the firm’s strong performance across various areas including M&A, private equity, restructuring, disputes, litigation, investigations, regulatory and competition. ‘It’s a good sign: the breadth of our diversified platform enabled us to hit double-digit growth in London.’ 

Earlier this year, London-based PE partners Paul Dunbar and Jonathon Hamill advised alternative investment firm Stonepeak on its agreement with UK roadside assistance service AA, along with AA’s majority shareholders, TowerBrook Capital Partners and Warburg Pincus. 

Meanwhile, London restructuring co-head Mark Knight led a team advising global retailer Coupang on its $500m rescue acquisition of luxury retailer Farfetch, facilitated through an English pre-pack administration process, alongside US colleagues.

Sidley’s City office now has 209 lawyers, a slight dip from last year when it stood at 219 lawyers. Thesing pointed to notable recent hires including former Paul Weiss corporate duo Ramy Wahbeh and Kaisa Kuusk in June. In March of last year, James MacArthur and Ed Freeman moved from Weil, with MacArthur now leading Sidley’s European energy, transportation, and infrastructure practice. 

‘We’re very focused on continuing to build our private equity and corporate practice here in London. We’re pleased with the direction of travel for the firm following a number of senior lateral hires last year.’ 

In the most recent round of partner promotions in London, the firm promoted two partners: Sarah Lainchbury (disputes) and Jonathon Hammill (private equity).  

However, just last week, the firm saw private equity partner Fatema Orjela depart for to McDermott Will & Emery after eight years, while departures last year included investment funds head James Oussedik to Proskauer and fellow funds partner Mateja Maher to Latham & Watkins.

While those exits have inevitably raised some questions about Sidley’s plans for London, Thesing is bullish on future prospects, highlighting the firm’s robust growth and ongoing commitment to recruit talent. ‘We have demonstrated really strong growth in our business year after year. It reflects that we are executing on our strategy in a way that we’re very pleased with and how that’s coming together. We will continue to execute on that.’ 

‘As markets are disrupted and the London legal market has been to an extent, we’ll continue to look for talent in the market and grow our business,’ he continues. ‘Even in the choppier market, we had a disproportionate share of the private equity and M&A business, which also contributed to our growth. It reflects the ambition we have to continue to build our first-class London office around our global strategy.’ 

elisha.juttla@legalease.co.uk

Legal Business

‘I was scared that my ability to do my job would be questioned if I revealed any weakness’

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Interview Sidley Austin

Sidley Austin private equity partner Lyndsey Laverack on changing attitudes towards mental health in the legal profession and how women are making inroads into practice areas traditionally dominated by men

Why did you want to become a lawyer?

It actually wasn’t a long-term ambition of mine, at least not in any serious way. I come from a working-class background in Liverpool and studied History at Oxford. No one in my family had been to university or had any kind of professional career. I hadn’t really given much thought to what I was going to do beyond graduation. Shortly before I graduated, my mum told me very bluntly that I had better get myself an income because she couldn’t continue funding me! I scrambled to apply and somehow managed to secure a training contract with Slaughter and May. To be honest I didn’t love it at first – I trained during the global financial crisis and deal experience was thinner on the ground.

After I qualified, I had resolved to leave law and do something else, but needed to repay my (sizeable!) student debt. Working in Dubai for a couple of years tax-free seemed a good way to achieve this, and so I accepted a role there with Clifford Chance. I was privileged to work with some truly great partners there and began to love my job, private equity/M&A deals in particular.

Since you began your career, have there been any significant developments for female lawyers?

Views and attitudes as to what is deemed acceptable behaviour in the workplace have shifted tremendously over the last 20 years. There has also been a clear recognition that diversity in our ranks is not just ethically correct but makes business sense. As a result, there are various initiatives designed to increase diversity across lots of different measures, including gender diversity. However, the biggest change I’ve noticed, is that there are simply more women in senior positions, which is a really positive thing for junior women simply because there more role models and potential mentors in the industry.

Do you think women need to develop thicker skin or exert twice as much effort compared to men in the industry?

No, although I do understand why women may be tempted to do this. It’s hard to be the only person who looks or sounds like you in a room – human nature is often to fit in, or assimilate, and sometimes that results in mimicking the behaviour of others. In my view, it is a mistake for women to try to act like men. Having the confidence to be yourself is key. Your views are equally as valid as those of the men in the room. Do I think women are less confident than men? Based on my experiences and what I have observed, I probably do.

What practice areas are still male dominated?

That’s a hard question to answer and it will vary depending on the firm and the jurisdiction. Historically, transactional practices have been male dominated. The hours are long, it’s pretty gruelling and unpredictable. Balancing that alongside a family is incredibly challenging, especially because we still live in a society where women still very often take the lion’s share of the responsibility of childcare and running the home.

What advice do you have for aspiring young female lawyers who want to enter the profession?

Don’t limit yourself with your own beliefs. It’s quite possible to progress in this career as a woman alongside having a family, whilst enjoying both. There’s a lot of fear that I see limiting female development and ambition, and changing that mindset has a dramatic impact on a person’s career.

Do you think the personality types attracted to the legal profession are predisposed to addiction issues than the general population?

From what I’ve seen, the legal profession often attracts perfectionists who drive themselves very hard. Our inclination is to say yes and deliver and we beat ourselves up if we fail to meet our own very high – sometimes unrealistic – expectations. These personality traits combined with the high pressure of the job often means people turn to coping mechanisms or crutches – that can be alcohol and drugs of course, but it can also be things like food, extreme exercise or shopping. Perhaps we are just a group of people dealing with a challenging set of circumstances in the ways we have learnt how to, which might not always be the most helpful or sustainable approach.

Is there still a stigma surrounding mental health issues in the legal sector?

Increasingly less so. I started suffering with anxiety when I was 27. I would have frequent, extreme panic attacks which would come from nowhere – I could be asleep and wake up unable to breathe. It was completely debilitating, but the idea of talking to people at work about it at the time was unthinkable to me. I was very scared that my ability to do my job would be questioned if I revealed any ‘weakness’ in my mind, and therefore I suffered in silence. Things are very different now. I started talking openly about my mental health challenges a number of years ago and found that when I did, colleagues were encouraged to be open about their own challenges. It turns out mental health difficulties are extremely common in the legal profession, and we had all been suffering alone, fearful about what others would think if we revealed that part of ourselves. That climate of fear only fuelled the difficulty of the experience, so it makes me very happy to see that the conversation has been normalised and the stigma has subsided.

 What initiatives does Sidley Austin have in place?

A few years ago, during Mental Health Week we decided to hold a panel discussion with five partners and talk to the whole London office about our own personal mental health struggles. The reception was fantastic, we were flooded with emails telling us how refreshing it was to see the leadership of an organisation speaking so openly about what has traditionally been a taboo subject.

Since then, that discussion has developed at Sidley’s London office into a two-part programme called Mind Gym. This is a series of talks and workshops which have the dual aims of ensuring  that the mental health of our partners and employees is as robust as it can be, to assist us all in weathering the demands of our jobs, and communicating clearly that we recognise this profession has a high prevalence of mental health difficulties, and that we have support systems in place to help during challenging periods and for individual circumstances. The first of these aims focuses on normalising the discussion around mental health and recognising that it is important for all of us to maintain good mental health. The overriding message under the second aim is that people should not suffer in silence – mental illness is an illness like any other, and we want to provide our people with the support they need to get better, and crucially an environment that does not stigmatise them as they are doing so. Both aspects of the programme aim to provide practical and accessible tools for people.

Sidley has also partnered with an in-house counselling service called The Carvalho Consultancy. We encourage our lawyers to speak to these in-house counsellors who are ex-lawyers and the firm funds these sessions. A lot of firms offer a general session with a psychiatrist, which is great, but having people who understand the type of work and the particular pressures of our job is particularly valuable.

elisha.juttla@legalease.co.uk

Legal Business

Rising stars: Zina Chatzidimitriadou – ‘It is the one legal area that affects every single one of us and is, above all, human-centred’

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Profile Sidley Austin

Zina Chatzidimitriadou, senior managing associate at Sidley, on why she picked a career in life sciences law

Why did you decide to specialise in life sciences law?

In 2009, in my previous life as a molecular biologist at the Cancer Research UK institute, I experienced the multiple issues and complexities facing researchers and people involved in the development of life-saving treatments and methods. Life sciences emerged as the natural field of law for me and, while I am biased, I believe it is the most exciting field of law.

Legal Business

Rising stars: Dr Chris Boyle – ‘AI is going to have a transformative impact on the life sciences industry’

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Profile Sidley Austin

Dr Chris Boyle, counsel at Sidley, on the risks and opportunities facing the industry

What do you most enjoy about being a life sciences lawyer?

My passion for science led me to qualify and practice as a veterinary surgeon before I discovered that scientists and clinicians are uniquely placed to make a big impact in law, and I requalified as a life sciences lawyer. The best thing about being a life sciences lawyer is that I can harness my scientific interest and knowledge to serve clients on a far greater scale than I could in veterinary practice, to help them develop the health technologies and services of tomorrow. It is particularly helpful to ‘speak the same language’ when I am advising on matters that require interactions with healthcare professionals and regulators – for example it has proven key in assisting clients with NICE health technology assessments.

Legal Business

‘The busiest two months I’ve had for a long time’ – interview with Sidley London team following recent private equity push

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Global London Sidley Austin

Following Sidley’s hire of private equity specialists Ramy Wahbeh and Kaisa Kuusk from Paul Weiss in June, Legal Business caught up with Wahbeh along with London managing partner Tom Thesing, and partner and management committee chair Yvette Ostolaza, to discuss the recent expansion in the City.

So far this year, the firm has made a push to hire in the private equity space, recruiting seven partners in London including Wahbeh and Kuusk who both brought with them experience acting for large private equity sponsors and their portfolio companies on European and global deals. 

Wahbeh, the former deputy head of Paul Weiss’ London office who spent over 18 years at his previous firm, told LB: ‘I joined Sidley two months ago and these have been the busiest two months I’ve had for a long time, and it’s been fantastic.’

Talking about his new role, he said: ‘The move to Sidley helps me serve our clients better, including in much broader practice areas and be able to continue working with them on cross-border work across Europe. And also, to focus on the more complex aspects of the deal, not on the details that every other firm can do.’

Among Wahbeh’s key clients is Apollo Global Management, which he advised on its partnership with Sofinnova Partners last year. He has also advised funds managed by affiliates of Apollo across various matters.

‘I’ve known many people at Sidley for many years,’ he continued. ‘We worked a lot alongside each other and on certain matters, we worked opposite each other. I started looking into the Sidley platform and its trajectory of building up the London office. I thought it would be a good fit for my practice and serving my clients.’

Freddie Lawson, head of partner search at Montresor Legal said: ‘Ramy is an excellent lawyer. Sidley is an ambitious firm with a young dynamic partnership and having someone like Ramy who has established client relationships, is exactly the person they need.’

Since launching its London practice in the mid-1990s, Sidley now has 219 lawyers in the City, marking a 38% increase from July 2017 where its London headcount stood at 159.

It hasn’t always been plain sailing for the firm though, particularly in the private equity space. In 2016, Sidley appointed Erik Dahl and Christian Iwasko from Kirkland & Ellis in 2016 as co-leaders of the firm’s private equity practice and co-heads of the European corporate and private equity group respectively. However, in a surprising turn of events, the duo departed for Goodwin in 2020.

Sidley has enjoyed an eleven-year streak of revenue increases between 2012 and 2022 after making a strategic decision, in the mid-2010s, to place a greater focus on the private capital sector. Its London financial results for 2022 saw revenue grow 26% from 2021 to $186.6m.

Ostolaza said: ‘We are coming off a strong financial year in 2022 where we generated the highest-ever revenue in Sidley’s 157-year history, showcasing that the firm continued to thrive in uncertain economic times because of our global platform, premier talent, collaborative culture, and financial stability.’

Commenting on Sidley’s recent growth, Thesing said: ‘If I look at where our biggest sources of growth have been in the last six to 12 months, London would be at or near the top of the list. We will continue to be looking to grow in London and more generally across our global platform. London will remain a focal point – among other key cities – for growth in the near and mid-term.’

On the firm’s strategy for growth, he continued: ‘It’s built around client relationships. We look to be involved in the highest-value end of this business – whether that’s in the transactional space or in disputes or in high-end regulatory investigations, crisis management – these are areas where clients need support at the highest levels with the best experience that your teams can deliver. Those are the areas where we’ll continue to look to invest and grow.’

Several other partners have also been added to Sidley’s London office in 2023 across a range of teams.

Former Weil partner James MacArthur joined Sidley’s global energy, transportation and infrastructure practice in March, which was followed by his Weil colleague Ed Freeman joining the month after. Also, Phillip Cheveley, previously the head of of M&A for EMEA at Shearman & Sterling, joined the firm as a partner. Sidley also expanded its restructuring practice in London, bringing back partner Kieran Sharma in February, who previously spent three years at Sidley as a senior associate. He joined from global investment firm Strategic Value Partners.

elisha.juttla@legalease.co.uk

Legal Business

Global London case study: Sidley

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Global London Sidley Austin

London headcount: 212 lawyers, 44 partners

Lawyer headcount change since 2017: 24%

London managing partner: Tom Thesing

Office specialties: Private equity, M&A, life sciences, financial services, restructuring, antitrust, investment funds, privacy, insurance, litigation and global finance

Legal Business

Onward, Singapore: King & Spalding names new managing partner as Sidley backs laterals in the city state

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International Sidley Austin

As a growing number of international firms pivot their focus in Asia to Singapore, King & Spalding’s appointment of banking heavyweight Andrew Brereton as the office’s new managing partner could be viewed as a declaration of redoubled commitment to the city state.

The Atlanta-headquartered firm first brought the Clifford Chance veteran on board at the start of 2019 as part of an effort to build out its finance and restructuring capabilities in the wider region.

He will succeed project finance partner Kelly Malone in the manager partner role.

Brereton followed in the footsteps of fellow former Clifford Chance M&A partner Lee Taylor, who King & Spalding recruited in January 2018 to head up its corporate department.

Speaking to Legal Business from India, which he described as ‘a very hot market right now’, Brereton said that his appointment spoke to the firm’s commitment to implementing new ideas and – crucially – to broadening its reach: ‘The firm has its core strengths, and we aren’t resting on our laurels there [The Singapore office hired international arbitration partner Nils Eliasson from Shearman & Sterling’s Hong Kong office in April this year], but we want to widen our focus.’

Pointing to increasingly bullish markets in India, Vietnam, and the Philippines, Brereton insisted he wanted to ‘follow these trends’ and concentrate his office’s position across the Asian private equity and private credit markets.

‘Given the geopolitical situation, a lot of money that would have gone to China is now looking for another home,’ he said. ‘When they’re coming to Asia, more and more of the key London and New York players now want to deploy capital in Singapore.’

According to figures gathered by the Hong Kong Monetary Authority and the Monetary Authority of Singapore, Singapore has, for the first time in 19 years, overtaken Hong Kong as a host city for foreign banks. Commenting on this shift, Brereton noted that a concurrent ‘legal exodus’ has been gathering pace as lawyers followed the private equity firms, funds and banks moving down to Singapore over the past few months.

‘Hong Kong has obviously become more difficult in recent years for a number of reasons, but the Singapore government is quite entrepreneurial in its efforts to make the country a hub. We’ve seen this with arbitration and debt restructuring, and now a sensible regulatory environment is encouraging fund managers to set up shop here,’ he noted.

In line with that trend, Sidley has in recent weeks bolstered its showing in Singapore with major hires. Global finance and private equity partner Daniel Lindsey joined the firm from Goodwin’s Hong Kong office, while Yuet Ming Tham – who, along with a team of seven lawyers, rejoined the firm in Singapore following a five-month stint at McDermott Will & Emery – has become global co-chair of the white collar: government litigation and investigations practice.

Lindsey commented: ‘A number of funds have increased their presence in Singapore recently. The relocation presented a great opportunity to be in front of them. Singapore is already a major legal hub in the region. This is clearly driven by a need to service clients here and, with a growing PE presence in Singapore, I expect Singapore to continue to build its reputation as an attractive location for talented lawyers who want to work on PE transactions and financings.’

Tham told Legal Business: ‘Moving to Singapore doesn’t mean I give up practicing Hong Kong law. Far from it. I am qualified in four jurisdictions, and this is not about moving my practice from Hong Kong to Singapore. We will continue to have team members based in our Hong Kong office.’

Alluding to the restrictions posed by Hong Kong’s ongoing travel restrictions, Tham noted: ‘It is a priority to be close to where many of our client contacts are, and to be able to travel to see our clients (which are mostly US and European multinationals) is important.’

cameron.purse@legalease.co.uk