Paul Hastings Hires Davis Polk Capital Markets Partner in London
Paul Hastings has hired Dan Hirschovits, a former Davis Polk & Wardwell capital markets partner in London, as the US-based firm continues its growth push across the pond.
Hirschovits advises on UK and international equity capital markets transactions, including IPOs, secondary offers, private placements, and other securities offerings.
He was part of a Davis Polk team that in March represented the underwriters in a $3.1 billion secondary share offering by British consumer healthcare company Haleon. Last year, he was on Davis Polk’s team advising representatives of the underwriters in a $4.87 billion IPO and Nasdaq listing for UK-based semiconductor company
Paul Hastings has been on an aggressive lateral partner hiring spree, including in London. Its UK office headcount has expanded by 60% from the start of 2022 and is expected to reach more than 200 lawyers by the end of the year.
That growth, coupled with investments Paul Hastings has made in the capital markets practice in New York, were attractive, Hirschovits said in an interview.
“They’re very committed to the London market,” Hirschovits said.
Dan Hirschovits
Credit: Paul Hastings handout
Paul Hastings has been investing in its public company advisory and capital markets practices.
The firm in February hired New York-based Colin Diamond, the former chair of White & Case’s public company advisory group, who’s now co-chair of global capital markets. Paul Hastings late last year added Seo Salimi from Goodwin Procter, who is now co-head of equity capital markets at Paul Hastings.
“Dan further strengthens our robust London platform, increasing our ability to represent clients on the full spectrum of complex finance and capital markets matters,” firm chair Frank Lopez said in a statement.
The London market has become fiercely competitive. Lateral partner hires in the first half of the year were on a record-setting pace, a report from a UK recruiter said in July. Paul Weiss has rapidly built its UK office, largely by raiding rival Kirkland & Ellis, which itself has been one of the busier firms on the lateral front.
While equity capital markets have been subdued in recent years and companies rely on private financing markets longer, Hirschovits said there’s momentum for more public financing activity.
That’s in part driven by reforms to the UK’s public listing rules designed to make the London Stock Exchange more competitive with major markets like New York. Cuts in interest rates could also lead to more public listings, he said.
“There’s great momentum for the potential for future activity,” he said.
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