In the modern practice of legal representation, an interesting trend called “designation” has increasingly come to light. This practice involves the participation of lawyers from opposition counsel to help decide which lawyers a potential client should employ. This has led to a concentration of influence within a small clique of lawyers.
Those familiar with the system can readily name five law firms widely recognised as controlling this market: Kirkland & Ellis; Paul, Weiss, Rifkind, Wharton & Garrison; Weil, Gotshal & Manges; Latham & Watkins; and Simpson Thacher & Bartlett.
Law.com carried out discussions with top finance partners in the City, their rivals and recruiters, among other commentators, to identify the most frequently named lawyers exerting influence during the designation of private equity mandates.
For the complete story, see the original article “Kingmakers: The Lawyers that Designate the Most Private Equity Mandates“.