It’s been an active start to the week for restructuring lateral moves in the City, as Sidley co-heads Mark Knight and Jifree Cader have joined Davis Polk, and Adam Plainer, co-chair of Dechert’s global restructuring group, has moved to DLA Piper.
These moves align with a rise in restructurings, with the latest data from the Insolvency Service showing a slight 2% increase in corporate insolvencies in September compared to the previous month.
LB’s most recent restructuring feature highlighted that both UK and US firms are placing an emphasis on strengthening their London practices to advise companies – including those impacted by recent market disruptions and geopolitical uncertainty – on restructuring and refinancing matters.
As part of this effort, Davis Polk has strengthened its London office by hiring Legal 500 leading individuals in corporate restructuring and insolvency, Cader and Knight, to kickstart its European restructuring offering.
Chair and managing partner Neil Barr described the hires in a statement as a ‘natural next step’. The moves follow the recruitment of Legal 500 leading individual for acquisition finance Luke McDougall, former global co-head of finance at Paul Hastings, and private equity partner Gordon Milne, who joined from A&O Shearman, in May and August, respectively.
The market appears optimistic and enthusiastic. Adil Lalani, partner at legal recruitment firm Macrae, described the hires as ‘very positive.’ He added, ‘Davis Polk is building a great team which perfectly aligns with their US offering.’
Freddie Lawson, head of partner search at Montresor Legal, commented: ‘Jifree and Mark are quality operators and are seriously impressive hires for Davis Polk. Alongside the hires Luke McDougall and Gordon Milne, this has been a game changing year for the firm in London.’
Cader and Knight joined Sidley Austin in 2016 and 2019, respectively, after leaving Kirkland & Ellis. Knight spent a brief period from 2017 to 2018 serving as general counsel at distress platform Pillarstone.
The pair will join Davis Polk’s restructuring practice as partners which currently has 13 partners worldwide, according to the firm’s website. The global restructuring practice is headed by Marshall Huebner and Damian Schaible, both based in New York.
The news comes after Paul Weiss launched its European restructuring practice in July with the hire of Legal 500 leading individual Liz Osborne from Akin Gump. A month later, the firm further expanded its restructuring bench with the hire of Kai Zeng from investment fund Blantyre Capital.
Cader and Knight, who represent private equity firms, hedge funds, and other distressed debt and par investors, boast an impressive list of mandates.
Last year, the duo won restructuring team of the year at the Legal Business Awards for their role advising China Fortune Land on restructuring $4.96bn in offshore debt through an English scheme of arrangement. They also advised Merced Capital on the restructuring and acquisition of Telford Offshore. This year, they advised the retailer Coupang on its acquisition of Farfetch via an English pre-pack rescue deal.
Losing its practice co-heads leaves Sidley with just two dedicated restructuring partners in London: Kieran Sharma and Gordon Davidson.
However, the Chicago-based firm has recently garnered attention with notable hires from Latham, including five sponsor-side leveraged finance partners led by Jayanthi Sadanandan and Sam Hamilton, who joined Sidley last month.
Elsewhere in the City, Legal 500 Hall of Famer Adam Plainer (pictured) is leaving Dechert to join DLA Piper as a partner in the firm’s global restructuring practice, starting in January. Plainer had been at Dechert for three years since 2021, following a ten-year tenure at Weil from 2011 to 2021 and eight years at Jones Day from 2003 to 2011.
‘Clients are demanding geographical reach allied with industry and sector specialisation and exceptional client service and the firm is preeminent in providing this,’ Plainer told LB. ‘I look forward to working with the teams to enhance and grow the links between the US and the international business.’
Bringing with him extensive experience assisting a variety of companies with their restructuring matters – such as credit and private equity funds, government agencies, and organisations in the construction and energy sectors, he will focus on shaping the firm’s global restructuring strategy.
In February, Plainer advised on the rescue of parcel delivery company Yodel, which was acquired by YDLGP with support from one of its competitors, the logistics platform Shift. Earlier in his career, he advised on the administration of British retailer BHS in 2016 and the high-profile collapse of Lehman Brothers in 2008.
Cader, Knight, Plainer and Osborne all featured in LB’s 2023 restructuring feature (‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024).
