Footprint
London Office’s English Law Offering Finds Footing in Cross-Border Financings
Open since 1973, Cravath’s London office didn’t hire its first English law‑qualified lawyers until 50 years later. Corporate partners Korey Fevzi and Philip Stopford discuss how the strategic move has been meeting clients’ demand for cross‑border legal guidance and the many ways the Firm’s network is stronger for it.
When Korey Fevzi and Philip Stopford joined Cravath as its first English law‑qualified partners in March 2023, they regarded their arrival as just the latest step in a long history of commitment to meet client demand exactly where it is needed.
The European leveraged finance market had changed such that the Firm decided having both U.S. and English law elements in‑house seemed necessary components for effective client service on a deal. In response, Cravath — as it has often done over its more than 200‑year-old history — opted to find a solution by evolving.
A thorough consideration of market conditions and plenty of careful planning played into the decision to hire Korey and Philip, who brought with them a team of English law‑qualified counsel and associates to CityPoint. They’ve since hit the ground running.
“This was a targeted step in expanding Cravath’s capabilities in a very particular area,” Korey, the Firm’s Head of Banking and Credit Practice for EMEA, says. “One of the drivers was listening to our clients — leading global investment banks and other finance providers — that they really wanted a firm that could handle both New York and English law elements because it makes for a more complete offering.”
“Cravath’s culture allows us to provide all the pieces of a financing transaction,” Philip adds. “It is easier and more productive to work together as a single, unified group of people. You have more commonality in terms of the solutions you’re providing.”
While the addition of English law‑qualified attorneys to the London office hasn’t yet reached its second anniversary, Cravath’s presence in Europe stretches back much longer.
Its first Paris office opened in 1927 and closed during the Great Depression, with the Firm returning to the City of Lights in 1963. A second European office opened in London in 1973, and Cravath consolidated its presence on the continent to that office when the Paris office closed in 1981.
The capabilities of the English law‑qualified team are an enhancement to the Firm’s European finance offering, especially for clients looking for a one‑stop shop in this practice area, and the London office is positioned to handle both the bank and bond aspects of cross‑border financing matters.
“Our focus here is very specific to our leveraged finance practice, where U.K. finance expertise is necessary in order to handle the type of European financings that have been our focus for decades."
– Korey Fevzi
“Our focus here is very specific to our leveraged finance practice, where U.K. finance expertise is necessary in order to handle the type of European financings that have been our focus for decades,” Korey explains.
European financings are typically made up of loans and bonds. With this English law‑qualified team, Cravath now also covers the bank side of a transaction in-house, better supporting those clients at the same level as in the United States.
“The growth in this area of finance is a small but critical change for our clients pursuing European financings given how intertwined the bank and bond aspects are to a deal,” Philip says. “It is consistent with our investment in Cravath’s core practices.”
Korey and Philip both have extensive banking and finance experience, advising primarily on cross-border leveraged and acquisition financings, direct lending, subordinated financings and complex restructuring transactions.
And while the London office works to adjust and adapt to best serve client needs, outside of this particular area of finance, Cravath still partners with its network of foreign firms on matters across other practice areas and jurisdictions.
“Our leveraged finance practice is set up to address the need for English law on those deals, and to help support the success of the London office,” Philip says. “A stronger presence here is a positive for our foreign firm friends, too.”
Korey adds: “Our foreign firm network remains a way for Cravath to both provide our expertise globally and provide our clients the highest quality service in cross‑border matters.”
As Cravath enters a third century, adaptability will remain key to its priorities: a commitment to excellence in lawyering and client service. The English law offering in London is just one piece of many toward ensuring the Firm’s continued longevity and success.
