Simpson Thacher & Bartlett is launching in Dallas with the hire of a heavyweight restructuring partner from Kirkland & Ellis.
David Nemecek, who is highly regarded for his work for distressed companies, will head up a new capital structure solutions practice, which will combine the firm’s liability management team with its restructuring and special situations partners in a single global offering.
Alden Millard, chair of Simpson Thacher’s executive committee, said: ‘Dave is widely regarded as the preeminent architect of modern liability management and is one of the most influential advisers to distressed companies of his generation.’
He added: ‘Over the past decade, companies, sponsors, lenders and creditors have all turned to Dave for his expertise in solving their most difficult capital structure challenges. We are thrilled to welcome him to the firm and are excited about what lies ahead.’
Nemecek’s practice has made headlines in recent months, with the Financial Times last year describing him as ‘the single most powerful adviser to distressed companies.’
However, recent reports have suggested that his practice has come into conflict with the interests of Kirkland’s private capital clients, contributing to his departure after 15 years at the firm.
A spokesperson from Kirkland said in a statement: ‘We thank Dave for his contributions to Kirkland and wish him all the best in the future.’
Commenting on his move, Nemecek said: ‘Simpson Thacher has one of the world’s premier global legal advisory platforms grounded in excellence, unparalleled client service and deep, long-term relationships.’
He continued: ‘Helping launch its capital structure solutions practice, alongside partners who are both exceptional lawyers and true collaborators, is a rare opportunity, and I am honored to join the team as we focus on providing the best advice to our clients.’
Simpson Thacher is the latest firm to announce plans to open in Dallas since Dechert last month, while Latham & Watkins is widely rumoured to be on the cusp of a Dallas launch after it hired a pair of partners based in the city from Kirkland and Winston & Strawn last week.
