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Paul Hastings Wins "Managing Complexity and Scale" Award and Ranked #3 in Europe for Legal Expertise by the Financial Times

September 13, 2019
FT 2019 awardLondon – Paul Hastings LLP, a leading global law firm, has won the award for "Managing Complexity and Scale" at the Financial Times Innovative Lawyers Awards 2019, held in London last night. In the accompanying report, the firm was ranked third among European law firms for Legal Expertise, and recognised as a "Standout" in two categories, "Highly Commended" in two more, and "Commended" in a fifth category.

Managing Complexity and Scale
Winner/Standout: Assisted telecommunications company Altice in the creation of an independent, regional company in the US by combining two separate debt holding groups with a combined value of $20bn. The structure enables the two sets of investors to each possess a single corporate note. The consolidation was simultaneous despite a lack of investor overlap, and the assets lost less than 0.4 per cent of their market value.

Accessing New Markets and Capital
Standout: Advised Bank of New York Mellon subsidiary Alcentra on the creation of a new investment fund structure, Viaduct, which acts both as an investment fund and as an originator and sponsor of collateralised loan obligations within the same vehicle. By structuring the vehicle as a limited partnership in which investors can invest and become partners, it complies with risk-retention requirements and permits Alcentra to market the CLOs to eligible investors in Europe and the US.

Creating a New Standard
Highly Commended: Advised clothing retailer New Look and its owner Brait on a successful company voluntary arrangement against a backdrop of numerous industry failures with the model to enable operational improvements to stabilise the company. Lawyers designed and executed a CVA, unusually, outside of insolvency to rescue the company and triggered a wave of similar rescues for the UK retail market.

Dispute Resolution
Highly Commended: Representing a group of Italian industrial companies that rely on an internal, private electricity grid, the firm successfully challenged the imposition of electricity dispatching fees levied by the Italian grid operator. The firm convinced the Court of Justice of the European Union that private electricity grids in Italy should not be subject to the same obligations as those connected to the public grid.

Managing and Developing Talent
Commended: The firm set up a nimble, 50 associate-strong committee of tech-savvy volunteers who look for better ways to use tech to save time and money for clients. Successes include developing matter-management dashboards and piloting new products such as a “contract companion” tool that monitors quality control.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.