William G. Phalen

Billy Phalen is a partner in Kirkland’s International Trade & National Security Practice Group, where he advises a diverse portfolio of clients on the interplay of global investment, trade and national security regulations. With a deep understanding of complex cross-border transactions, Billy is a trusted advisor to private equity funds, portfolio companies, multinational corporations, venture capital firms and financial institutions navigating the evolving regulatory environment. His practice focuses on strategic counseling related to the trade and national security aspects of mergers & acquisitions (M&A), fund formation and debt finance, including navigation of U.S. national security reviews.

Billy’s experience spans a broad spectrum of critical regulatory areas, including:

• Committee on Foreign Investment in the United States (CFIUS): Providing clients strategic CFIUS advice, including by assessing CFIUS risk in the early stages of a transaction, guiding clients through the preparation and submission of CFIUS filings, advising on ongoing compliance with mitigation agreements or conditions and helping clients respond to non-notified inquiries from CFIUS.
• Outbound Investment Security Program: Counseling private equity sponsors and limited partners on emerging regulations and policies governing U.S. investments in sensitive foreign technologies and industries.
• International Traffic in Arms Regulations (ITAR): Guiding clients through the complexities of U.S. export controls on defense articles and services, including licensing, compliance and enforcement matters.
• Sanctions: Providing strategic advice on compliance with U.S. and international sanctions programs administered by the Office of Foreign Assets Control (OFAC) and other global authorities, including transactional due diligence and enforcement defense.
• Export/Import Controls: Counseling on the full range of export administration regulations (EAR) and import restrictions, helping clients manage compliance risks related to dual-use technologies, controlled items and sanctioned parties.
• Anti-Bribery & Anti-Money Laundering (AML) Laws and Regulations: Developing and advising on compliance programs related to the Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and global anti-money laundering frameworks.
• Defense Counterintelligence and Security Agency (DCSA): Advising on national industrial security regulations, including Foreign Ownership, Control, or Influence (FOCI) mitigation strategies for sponsors and their portfolio companies.

Clients rely on Billy's pragmatic approach, honed through extensive experience in high-stakes transactions and complex regulatory investigations. He is adept at anticipating regulatory challenges, structuring deals to minimize risk and effectively advocating before U.S. government agencies, including the Departments of Treasury, Defense, Commerce and State.