Allen & Overy today announces the appointment of Lawrence Berkovich as a partner in the firm’s securitization and structured finance practice in New York.
Larry has over 20 years of experience, 15 years of which have been dedicated to collateralized loan obligation (CLO) transactions and other structured products. His practice places emphasis on broadly syndicated, middle-market and commercial real estate CLOs, rated and unrated leveraged loan and commercial real estate loan warehouse facilities, risk retention financings, as well as CLO refinancings, upsizing and restructurings. Larry represents investment banks acting as underwriters, issuers, investment managers and debt and equity investors. He joins from Ashurst with a team of four associates.
Larry’s arrival bolsters Allen & Overy’s international legal practice and the firm’s already established U.S. securitization and structured finance offering. Larry and his team will expand the firm’s existing market-leading European CLO practice by increasing its transactional capacity in the U.S. CLO space. The synergies between Larry’s practice and the firm’s U.S. high yield and leveraged finance practices will enhance Allen & Overy’s position as one of the few globally elite law firms that can seamlessly serve clients across multiple major global financial markets with a robust “one-stop shop” for complex U.S. and English law finance transactions.
With Larry’s arrival, Allen & Overy’s New York finance practice comprises 22 partners. Larry further strengthens the practice following the recent hiring of eight high yield and leveraged finance partners.
Tim House, Allen & Overy’s U.S. Senior Partner, said: “Larry is an excellent addition to our team. His extensive top level experience and impressive technical knowledge will be an asset to our clients. This is another significant step in our commitment to grow our U.S. practice.”
Larry’s arrival coincides with the pivotal moment for the CLO market as it has become one of the most active corners of the U.S. structured finance markets. Recent data from Thomson Reuters LPC Collateral shows that CLO issuance in the first half of 2017 exceeded USD52 billion, doubling the volume recorded over the same time last year. Assets under management now stand at USD458 billion for U.S. CLOs.
John Hwang, Head of the U.S. Securitization practice, added: “Larry’s reputation as one of the leading U.S. securitization and structured finance lawyers will enhance our position as a go-to advisor for both U.S. and cross-border transactions across all sectors. We’re very pleased to have him on board.”
Franz Ranero, Head of the European CLO practice, commented: “Larry’s appointment enhances our ability to support our clients globally. For the CLO market in particular, we can cover all bases with a deep bench of highly experienced lawyers advising on and executing deals on both sides of the Atlantic.”
In addition to expanding the U.S. finance practice, Allen & Overy announced three senior U.S. litigation and investigations partner hires this year, namely Gregory Mocek and Anthony Mansfield in Washington, D.C. and Gene Ingoglia in New York. With today’s announcement, Allen & Overy has added twelve new partners in the U.S. in a little over a year.
For further information in the U.S. please contact Aleka Bhutiani at or +1 212 279 3115 (x 502) or in the UK Rebecca Hooper at or +44 (0)20 3088 2152.
Source: www.allenovery.com
