Paul Hastings Named ‘Fintech Group of the Year’ by Law360
New York – Paul Hastings LLP, a leading global law firm, has been named to Law360’s prestigious list of “Practice Groups of the Year” in the Fintech category.
"Historically, our practice has been heavily weighted toward nonbank institutions who were disrupting and innovating in the financial services space because they saw an opportunity," said Chris Daniel, global chair of the firm’s Fintech and Payments group. "What the pandemic did was finally convince all financial services providers that they're going to have to become a fintech to survive."
The profile notes the firm’s role advising Payoneer in its $3.3 billion business combination with FTAC Olympus Acquisition Corp., a publicly traded special purpose acquisition company (SPAC).
"There's a real tension between the way SPACs operate in terms of the short shelf life they have for getting a deal done [versus] investment in a regulated entity like Payoneer that has any number of state licenses," said Sara Weed. "We got it done as we do all day, every day," she added. "But I do think the SPAC craze presents interesting opportunities and challenges for that reason."
Law360 also noted the firm’s role in advising Paysafe Group in its $9 billion business combination with Foley Trasimene Acquisition Corp. II.
"SPACs are a really attractive vehicle for a lot of fintech companies in particular, because a lot of them are creating new and more disruptive business models but also highly regulated financial business models," said Eric Sibbitt. "They fall out of the ... mold of the traditional IPO in many cases."
Chris Daniel added, "The writing's on the wall: there will be no banks that aren't technologically centric 20 years from now."
The profile notes that firm's Fintech and Payments group has grown, spanning dozens of countries and jurisdictions, including the U.S., Europe, Hong Kong, Tokyo, Shanghai and Sao Paulo. Over the last two years, the practice has grown with the lateral moves of Eric Sibbitt, Kenneth Herzinger, Allyson Baker, Meredith Boylan, Laurel Loomis Rimon, and Chris DeCresce.
Dedicated to helping the world’s leading Wall Street and global investment banks, asset managers and corporations achieve their business and legal goals, Paul Hastings is a premier global finance law firm with elite teams in finance, mergers and acquisitions, private equity and litigation. We are one of only a handful of law firms ranked across multiple core finance areas including: structured credit, leveraged finance, private credit, capital markets and real estate finance.
Our unmatched client service has helped us become one of the legal profession’s most admired firms, known for a diverse and highly collaborative culture that delivers innovative solutions.