Dashefsky and Glantz Discuss New York Market in Legal Business UK

Lowell Dashefsky, co-head of each of the firm’s Private Equity and Life Sciences Transactions practices, and Alan Glantz, co-head of the firm’s Syndicated & Leveraged Finance practice, were recently featured in the Legal Business UK article, “The Legal 500 View - The word from Manhattan.” The article summarizes the perspectives of private equity and corporate partners on several topics involving the New York market — namely, the impact of the pandemic and rising interest rates and how firms are adapting to new market realities.

Dashefsky explained that rising interest rates — which has made private and public debt more expensive — coupled with a declining number of “attractive targets,” has resulted in an increase in prices that is “limiting the impact of financial engineering.”

Glantz, who discussed the growth of new direct lenders supporting transactions, explained that while they “traditionally have been an important source of financing in just middle market transactions,” the rapid growth of direct lending “has led to many direct lenders being able to provide commitments that are greater in size to support large-cap transactions as well.”

Discussing how firms should adapt to new market realities, Dashefsky told Legal Business UK that effectively managing evolving regulatory pressures is important. “The enhanced regulatory environment has resulted in the M&A market being more complex to navigate,” he said. “Firms with antitrust and regulated industry expertise, along with strong transactional practices, will be sought out by clients.”

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