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Competing Against the Best in the US Law firm management Competing against the best in the US With consistent tier 1 status in The Legal 500 rankings within the areas of finance, REITs, and tax in the US guide, and banking, M&A, and projects in the Latin America guide, Helen Donegan, US editor (content) at The Legal 500, recently sat down with Evan Cohen to take a closer look at the strategy behind the growing success of Clifford Chance’s US team hen you're asked to lead a region identified as the top strategic priority for one of the world's largest globally integrated firms, you are faced with two distinct but intertwined challenges: supporting your firm's global ambitions while also developing a domestic strategy thatW addresses the challenges unique to your local market. It's no easy task. But Evan Cohen – who was elected Clifford Chance's managing partner for the Americas in 2013 – has likely exceeded the firm's expectations based on the increasingly impressive results his US team has produced in recent years. 6 fivehundred February 2020 February 2020 fivehundred 7 Law firm management “In my view, we’re not a Magic Circle firm in the US; we're a strong US firm comprised of US lawyers competing against US firms for domestic work” Initially, not many in the market support of the global management global firm had already established speak Spanish. There was one senior took notice. But that's beginning to committee. They have left us to get tier 1 status in other legal markets associate in our Washington, DC office change. on with it.’ around the world, but not in the US. who was Argentinian and who was His strategy hinged on attracting top the only one who spoke Spanish.’ That The five pillars and the right The right work tier talent to the team. Enter John associate, Fabricio Longhin, went market When asked what his US strategy Howitt from Paul Hastings and Zarrar on to make partner and helped build Clifford Chance’s global strategy entails, Cohen sums it up by saying: Sehgal from Milbank in 2006, and the what is now a market-leading practice. has five pillars: right markets, ‘It sounds simple, but you have to two went on to build a market-leading Shortly after Cohen became managing right work, right clients, best team, play where you can win – especially US asset finance practice. Both are partner, Longhin highlighted the need and best delivery. ‘Right markets’ in a legal market as fiercely now recognised in The Legal 500’s for more fluent Spanish partners is where Cohen places the US competitive as the US.’ And that's Hall of Fame. Emily Wicker later within the team. This led to the practice. exactly what he has done. joined the practice from Debevoise. recruitment of Gianluca Bacchiocchi The team went on to reach the highest from DLA Piper, as well as the ‘The firm’s overall vision is to After six years with Clifford Chance tier within The Legal 500 rankings for promotion of Guido Liniado to partner. grow the US and to grow Asia,’ he in Hong Kong, Cohen moved back US aviation and air travel finance. explains. With the aim of being ‘the to New York in 2004 and took over Today, projects is also a tier 1 practice global law firm of choice,’ Cohen the banking and finance group in ‘We also now have Patrick O'Reilly with its own leading lawyers. It has goes on to highlight the importance 2005. ‘At that point, we had already and Madalyn Miller as younger also sat atop the Latin America project of the US legal market. ‘To be a done the merger with Rogers & Wells partners within the team, and today finance league tables for three years global leader, we needed to be more and we were still integrating the two it is one of the leading asset finance running. ‘Although the results say significant in the US. We recently practices,’ he confirms. Cohen quickly practices in the country,’ Cohen LatAm,’ Cohen notes, ‘the legal work surpassed 300 lawyers, we've identified the challenges and decided proudly states. ‘It is a $35m practice, is done by US lawyers in New York developed several leading practices, that focusing on the right areas with two female partners out of a five- and DC, the transactions are largely and we like the trajectory we're on.’ of work – and selecting where he partner team, which I am also proud governed by US law, and the capital believed the firm could build market- of as diversity has been a real focus for the deals is mainly coming from But growth is just a small piece leading practices – was the best way of mine.’ US investment banks. The work of this story. Cohen and his team to address it. This would prove to be benefits countries in Latin America, developed a strategy that was rolled a winning strategy. Cohen replicated this success with the but it's a true US practice.’ Here too, out early in his tenure and it's projects team. ‘The projects practice Cohen proudly points to the diverse been paying huge dividends. ‘That Cohen selected asset finance and covered not only the US but also Latin makeup of the team – 80% of the strategy is run here locally, with the projects – two areas in which the America and was filled with people partners are diverse, and 40% are like me – Americans who did not women. 8 fivehundred February 2020 February 2020 fivehundred 9 Law firm management “Lockstep culture and the lockstep system makes it better for the client. And at the end of the day it is all about the client and we have to put clients first” lawyers competing against US firms representation of Chinese telecoms in the US was its wider LatAm for domestic work. In fact, of our giant ZTE, where the firm secured As a result of Cohen’s strategy and practice. It took what it had and built nearly $300m in revenues last year, a first-of-its-kind temporary general the work of its teams, banking and from there. 85% of it was self-generated, so we licence to allow the client to continue finance has grown to become an $80m don’t sit here waiting for the phone to operating during a multi-agency, multi- practice. Cohen points to several key ring from London or elsewhere.’ year US export control investigation. partner additions across different In 2013, Cohen became regional transactional practices: ‘We promoted One of the primary drivers of the firm’s managing partner for the Americas. Thais Garcia in corporate M&A. We The best team success in the US in recent years The asset finance team, and the Given the success of his approach brought in Hugo Triaca from Skadden has been its litigation and dispute projects team, effectively highlight with the banking and finance practice, to bolster our capital markets offering. resolution team, which is currently the importance of having the right the same focus was adopted for the And Ignacio Suarez Anzorena advising on one of the world's most people. The firm has very carefully Americas strategy in 2015. Along returned to the firm to give us more highly visible anti-money laundering selected lateral partner hires to ensure with his practice leaders, Cohen once heft in international arbitration. All of cases. The investigations practice, in a ‘cultural fit’ and have focused on again decided to focus on building these individuals have native fluency particular, operates at the top of the hires that aid in the execution of the those practice areas where Clifford in Spanish, and their associate, market, advising on headline-grabbing Americas strategy. Chance US could compete with the secretarial, and BD support are also matters, often opposite the US elite. ‘We have focused on building out Spanish speaking. Today we have Department of Justice. our partnership in those areas where one of the most robust international Culture and compensation Clifford Chance is still a lockstep firm we can have leading positions. For us, LatAm practices in the region.’ In addition to multiple representations within the US – a differentiating factor that meant identifying areas where, in the Mueller-Russia investigation, from many New York firms. Cohen with reasonable investment, we could Cohen’s regional strategy has resulted Clifford Chance's litigators have led says the firm does not wish to break develop leading practices, as we had in year-on-year growth for the firm in on several precedent-setting matters lockstep to attract lateral partners already done in asset finance, projects, the US and a growing abundance of in the US, including: a US court who may take their practices and REITs, and tax. We are a firm that domestic work. ‘When I came back ruling that set a new precedent for jump to the next firm that pays them wants to be known for quality, so we from Asia, we were thought of as deferred prosecution agreements; more money. ‘We've taken a different had to identify the areas in which we that British firm that merged with another ruling that produced a approach, and it's worked well for us,’ could compete with the best firms, and Rogers & Wells. Today I don’t hear significant setback to prosecutors he says. then begin to build those teams.’ that anymore. In my view, we’re not seeking expansive theories on which One area where Clifford Chance a Magic Circle firm in the US; we're to build an FCPA case against non- ‘What we have done is to focus already had elements of clear strength a strong US firm comprised of US US companies and individuals; and on talented, young, and ambitious 10 fivehundred February 2020 February 2020 fivehundred 11 Law firm management “I can’t change society – but at least within Clifford Chance I can make this a place where anyone can succeed based on merit” partners who want to build their from a lockstep firm because they offered her one of the best antitrust seemingly obvious choices, makes practices at Clifford Chance and bring colleagues and are willing to teams in the world, but I still think the wider legal market pay attention.
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