April 3, 2016 3:02 pm ET. You will be charged Delaware No Swiping! If you dont like people, you wont like recruiting. Customer Service. From The Wall Street Journal:The moveraises questions about the ability of law firms that tie partner compensation to seniority to retain top talent during an M&A boom., FromThe American Lawyer:The move casts new doubts on the viability of Cravaths pure lock-step model of compensation, an outlier in a market where rivals have a freer hand to invest in top talent., As Yogi Berra said, Its deja vu all over again., Six years ago, I wrote about three young partners featured prominently in The Wall Street Journal. We will never sell or share your information without your consent. 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You may cancel your subscription at anytime by calling Paul, Weiss is shortlisted in three categories in Law.com Internationals Asia Legal Awards 2023, which recognize the most important transactions and cases with the most complex and outstanding legal work in Asia. Notable representations have included: Scott is a trusted advisor to many of the largest public companies and their boards of directors defending against hedge fund activism. Rosen said that the deal came together fairly quickly as partner moves go, in about two months. After a rocky start to 2020 that eventually gave way to a record-breaking 2021, M&A activity slowed to more historical norms in 2022. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Shaw; General Electric in the $21.4 billion sale of its biopharma business to Danaher, in the more than $30 billion combination of its jet leasing unit, GE Capital Aviation Services (GECAS), with AerCap Holdings and in its reorganization through spin-offs into three separately traded public companies; the independent directors of Harris Corporation in its $37 billion merger of equals with L3 Technologies; Honeywell International in its unsolicited $90 billion offer to acquire United Technologies and in the activist campaign by Third Point; IBM in its $34 billion acquisition of Red Hat; Intel Corporation in the activist investment by Third Point; Kraft Heinz in its proposed $143 billion acquisition of Unilever; McDonalds in its successful proxy contest against Carl Icahn; Mylan in its successful defense against a $40 billion hostile takeover offer from Teva and in its $35 billion hostile offer to acquire Perrigo; Nuance Communications in its $19.7 billion sale to Microsoft; Qualcomm in its successful defense against a $142 billion hostile takeover offer from Broadcom, its proposed $47 billion acquisition of NXP Semiconductors, and in the activist campaign by JANA Partners; Rocket Companies (the parent company of Quicken Loans) in its initial public offering, resulting in a first day $43 billion market capitalization; Starwood Hotels in its $13.6 billion sale to Marriott International and in Anbangs competing offers to acquire Starwood; Teladoc Health in its $18.5 billion acquisition of Livongo Health; Trane Technologies in the $15 billion Reverse Morris Trust spin-off and merger of its industrial business with Gardner Denver Holdings; United Airlines in its merger of equals with Continental Airlines; and 3G Capital and H.J. Has anyone tried putting Florida in a bag of rice for a couple days? Sponsor deals drove the declinein U.S. total deal value,falling 52% by deal value and a more modest 3% by deal. With Scotts new photograph at Paul Weiss, its bound to put the pair in the running for BuzzFeeds next 20 Hottest Set of Famous Brothers ranking. cookies His practice focuses on advising clients and their boards on mergers and acquisitions, activist defense and other significant corporate matters. U.S. M&A activity rose in October, though global activity generally declined. And you have to know the business. Three Paul, Weiss transactions have been named 2022 Deals of the Year by the China Business Law Journal. Scott Barshay, CPBA. People who are responsible for bringing in huge business should be treated differently than people who arent. Larrys? Already a member? Scott Barshay was selected to Super Lawyers for 2006 - 2022. Without exception, such events generate predictions that the firms lockstep compensation structure is doomed. Scott R Barshay, age 45, Thousand Oaks, CA Search Report. Mr. Barshay is Of Counsel to the firm specializing in affordable housing, real estate and tax matters, syndications, and nonprofit law. But at some point, does the answer to how much is enough always have to be more? Learn more about a Bloomberg Law subscription. Paul, Weiss was named a Law360 M&A Group of the Year for its many transactional achievements in 2022. Well, now theres a record: no sea change yet. See Also, Thomson Reuters Practical Law The Journal: Transactions & Business, The State Of Todays Corporate Law Departments, MyCase Continues To Simplify Law Firm Accounting, Right Where You Manage Your Practice, Meet LINK: The Easy Way To Handle All Your Document Workflows On Your Mobile Device In A Single App, Four Tips For Solo Attorneys To Build Their Marketing And Media Relations Skills, First Impressions Are Worth Millions For Summers. Yes, Barshay has a brother: Lawrence N. Barshay , a corporate partner at the law firm Fried, Frank, Harris Shriver & Jacobson. Rosen, 62, operates in a niche, but influential world of headhunting for the nations top law firms. "Scott is incredibly knowledgeable, not only about the law but also the marketplace." See our privacy policy. Rosen: I think the best advice I would give other recruiters is to always be honest. The likes of H.J. Her father, an architect, is a partner in Geddes Brecher Qualls Cunningham in Philadelphia. If you have advance word of a major move, please email us or text us (646-820-8477). If the time comes where theyre not happy where they are, and they need to do something, its good to have someone to help them that is knowledgeable of the industry they are in and give them the right advice and provide them with the right opportunity. Scott was similarly recognized by the Wall Street Journal in 2018 for advisingon more than $300 billion in M&A that year, including IBM/Red Hat and Harris/L3 Technologies; and in 2015 for advising on many of that years biggest deals, including AB InBev/SABMiller, Kraft/Heinz, Marriott/Starwood and Schlumberger/Cameron, and for his defense of clients Qualcomm, Xerox, Avon and Cheniere Energy against activist hedge funds. One of Wall Street's top law firms is losing one of its biggest deal makers. When Scott Barshay , a top M&A partner at Cravath, Swaine & Moore, announced he would join Paul, Weiss, Rifkind, Wharton & Garrison, the important question that nobody seemed to be asking was: How did his brother feel about it? Big Law Business: Theres a lot of buzz about Scotts compensation at Paul Weiss. As Mark Rosen told Bloomberg, Barshay felt it was a great opportunity. Corporate partner Laura Turano will participate in a panel, Advising the Board in M&A Transactions, as part of the Practising Law Institutes Mergers & Acquisitions 2023: Advanced Trends and Developments program. Biglaw, Headhunters / Recruiters, Lateral Moves, Partner Issues Anatomy Of A Deal: The Backstory Behind Scott Barshay's Move From Cravath To Paul Weiss. but we now have it on good authority that Barshays deal, while very generous, isnt quite so lavish. It was the right time, and coming up as the global head of M&A at Paul Weiss was very exciting.. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Paul Weiss's chairman fueled those rumors by describing his firm's system as modified lockstep that provides "flexibility at the upper end for star performers.". There has been a fair amount of curiosity about how the deal for this dealmaker went down. Rosen: I think in todays world, I dont agree with (lockstep). Mr. Barshay will earn $10 million in 2018 to lead Paul Weiss's global mergers and acquisitions practice, according to people familiar with the arrangement. In 2014, according to the 2015 Am Law 100 rankings, CSM enjoyed profits per partner of $3.4 million (lower than the $3.8 million at Paul, Weiss, actually). 1w. M&A activity was down by deal value in January compared to December, but up by deal count. Here's how. This web site contains attorney advertising. Tel: +1-212-373-3040Fax: +1-212-492-0040emailsbarshay@paulweiss.com, 1285 Avenue of the Americas Some Cravath lawyers might be sad to lose Scott Barshay as a colleague hes fun to talk to, the kind of person who will argue during an interview about whether the Iliad is better literature than the Bible (as Matt Levine of Bloomberg View recently recounted) but theres no doubt that CSMs M&A practice remains robust. U.S. total deal value and deal count were up 11% and 15% over September levels, respectively. Scott Barshay, one of Wall Street's most prolific dealmakers, is leaving Cravath, Swaine & Moore to join rival law firm Paul, Weiss, Rifkind, Wharton & Garrison as its new global . Sung Pak has joined as a partner in the Finance Group and head of the Special Situations Practice. There were a few who were disappointed, one Cravath lawyer told us, but definitely not devastated especially because, well, Barshay is a complex individual. Registration or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Big Law Business: Questions have surfaced in the legal community about what this move means for Cravaths lockstep system. Rosen called the Barshay move the largest placement of his career, in terms of industry significance: hardly any partners leave Cravath, which has remained financially sound with low turnover because of its lockstep structure, and Barshay was one of its top performers. Scott Barshay of Paul Weiss Rifkind Wharton & Garrison LLP's corporate practice helped represent Alexion Pharmaceuticals in its $1.4 billion deal for Portola without meeting his clients or . This was such an amazing opportunity for me and for our clients that I couldnt say no, Mr. Barshay told The New York Times. 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