Peers recognise the banking practice of Ropes & Gray as being amongst the most experienced in the country. The firm's growing regulatory group benefits from its top-notch investment funds practice and includes former SEC attorneys and federal prosecutors who have relationships with federal and state regulators....
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Peers recognise the banking practice of Ropes & Gray as being amongst the most experienced in the country. The firm's growing regulatory group benefits from its top-notch investment funds practice and includes former SEC attorneys and federal prosecutors who have relationships with federal and state regulators. "Ropes is very sophisticated," says one rival of the firm's bank lending practice. "They do a very good job for one of their big clients, who is a tough sponsor." Peers also acknowledge the firm's "high quality" regulatory work and attention to detail. "They have sort of a boutique presence," says another competitor.
In particular, peers identify Tom Draper, co-chair of the firm's finance practice, as "one of the top people" in the industry. "Tom Draper has been around for a long time," says one competitor. "Good guy, good lawyer." In October 2010, regulatory lawyer Zach Brez, formerly of Kirkland & Ellis, joined Ropes & Gray as a partner.
In March 2010, the firm achieved a significant victory for client Harris Associates, which manages the Oakmark family of mutual funds, when the US Supreme Court determined how 'excessive fee' claims against mutual fund advisers will be litigated under the Investment Company Act of 1940. The court reaffirmed existing standards, endorsed the practice of independent fund directors setting fees, and rebuffed attempts by plaintiffs' lawyers to encourage increased judicial scrutiny of fees.
Ropes & Gray is also involved in the ongoing representation of TPG Capital, in connection with shareholder litigation challenging its proposed $3 billion acquisition of J Crew Group. After the proposed transaction was announced in November 2010, at least 15 lawsuits were filed against J Crew, its board of directions, TPG and co-acquirer Leonard Green & Partners. The suits all allege that the J Crew board breached its fiduciary duties to shareholders by agreeing to the proposed transaction at an allegedly inadequate price, using an allegedly inadequate sales process.
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Ropes & Gray is a fresh entry to the M&A rankings this year, following favourable feedback from peers. Competitors say the firm "definitely belongs someplace on the list" thanks to the leadership of the "well-respected" Al Rose....
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Ropes & Gray is a fresh entry to the M&A rankings this year, following favourable feedback from peers. Competitors say the firm "definitely belongs someplace on the list" thanks to the leadership of the "well-respected" Al Rose.
The firm recently represented biotechnology company Genzyme, in its $20.1 billion sale to sanofi-aventis. The deal closed in April 2011.
In a transaction which made international headlines, Ropes & Gray advised TPG Capital and Leonard Green & Partners in the $3 billion acquisition of clothing retailer J Crew Group. The deal, which closed in March 2011, involved complicated issues including TPG's pre-existing relationship with J Crew, the presence of TPG founding partner James Coulter on J Crew's board, and the issue of retaining the services of J Crew's chairman and chief executive Millard "Mickey" Drexler after the deal.
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Ropes & Gray advises what competitors describe as "a good, broad stable" of clients in private equity, including 13 of the 35 largest global funds and over 30 mid-market firms routinely doing $100 million to $1 billion transactions. The firm has over 175 lawyers devoting most of their practice to private equity, and has a growing international scope; since 2007, it has opened offices in London and Chicago and has expanded its offices in Tokyo, Hong Kong, and San Francisco....
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Ropes & Gray advises what competitors describe as "a good, broad stable" of clients in private equity, including 13 of the 35 largest global funds and over 30 mid-market firms routinely doing $100 million to $1 billion transactions. The firm has over 175 lawyers devoting most of their practice to private equity, and has a growing international scope; since 2007, it has opened offices in London and Chicago and has expanded its offices in Tokyo, Hong Kong, and San Francisco.
One competitor says the firm would be his first choice to recommend to a client if he was conflicted out of a deal. "I think they would be able to effectively and economically represent my client," he adds.
Ropes & Gray's private equity transactions group is led by Al Rose, described by peers as "a leading lawyer". Rose, along with partner Julie Jones, led a team representing TPG Capital and Leonard Green & Partners in the $3 billion acquisition of apparel chain J Crew. The widely-publicised deal involved several complicated issues. These included the fact that TPG had once held a majority stake in the clothing retailer and took it public, the presence of TPG founding partner James Coulter on J Crew's board, and the issue of retaining J Crew's chairman and chief executive Millard Drexler after the deal.
In a deal which closed in December 2010, the firm also represented Welsh, Carson, Anderson & Stowe in its $2.1 billion sale of the US's largest cancer care provider, US Oncology. The health care company was sold to McKesson, the largest distributor of drugs in the US.
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