A Painful Period': Big Law's High-Yield Bond, Leveraged Finance Practices Take Hit

A Painful Period': Big Law's High-Yield Bond, Leveraged Finance Practices Take Hit

October 25, 2022, The American Lawyer

Peter Schwartz was quoted in The American Lawyer about the finance legal landscape saying, "leveraged finance work, on the whole, was down, but pockets such as life sciences, which the firm does a lot of work in, have remained active and thus helped keep the practice busy."

“Life sciences companies are voracious consumers of capital,” Peter said. “We noticed their valuations were way down, so even if debt financing is risky and expensive, given the drop in their equity value, they will still need to look at that route as a way to raise capital.”

Peter said that macroeconomic factors could of course turn things south, but for the time being there is no need for the firm to change how it is staffing matters.

As Peter added “We have a relatively flexible associate pool [the firm does not have first-year attorneys specialize right off the bat] so if we need to pivot, that isn’t hard for us."

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