Legal Teams Have to Work Harder to Beat the Squeeze

In the past year, borrower-focused debt finance teams have emerged in the legal market, replacing the traditional model in which banking lawyers divided their time between advising sponsors and their lenders.

Stephen Gillespie, a partner in the London office of Kirkland & Ellis, said his team had no plans to diversify and would continue to act for private equity funds, not senior lenders.

 "Our job is to negotiate and secure the best terms for our clients, and that means trying to get banks to honor their commitments and fund deals, even where they might be reluctant to do so."

This article appeared in its entirety in the September 17, 2007 edition of Financial News.