In response to current market volatility and the COVID-19 pandemic, law firm Schulte Roth & Zabel reconstituted its market conditions working group from the global financial crisis.
“Watching the market volatility and economic impact of COVID-19, we are preparing clients now to deal with potential liquidity problems and valuation challenges that seem likely to arise as we approach the end of the month,” David Nissenbaum, co-head of the investment management group at Schulte Roth & Zabel, said. “We have dusted off the playbook.”
The working group consists of a core group of Schulte Roth & Zabel partners from several specialties and more than 100 lawyers overall. The working group coordinates with regulators and trade groups on the latest governmental and regulatory actions, and shares market information in real time about the issues and opportunities fund managers are experiencing.
“Our working group was incredibly effective during the 2008 global financial crisis,” Marc Elovitz, co-managing partner of Schulte Roth & Zabel, said. “We were able to empower, in real time, over 100 of our lawyers and our entire client base with good information about how alternative investment managers could handle changes in law and current business challenges.”
The firm also opened a COVID-19 resource center and published more than 20 client alerts this week on a range of crisis-related topics.
“Equally, we are helping clients accelerate their efforts to take advantage of fundraising opportunities that the credit dislocations and market reset are presenting,” Stephanie Breslow, co-head of the investment management group at Schulte Roth & Zabel, said. “Our clients are incredibly nimble investors, and we have the resources ready to help them move quickly.”
Schulte Roth & Zabel serves alternative investment managers. Alternative investment management encompasses credit and direct lending funds, hedge funds, private equity and real estate funds, activist investing, CLOs and specialty finance.
“One of our biggest advantages historically is that our entire firm serves the alternative investment management industry, and we are highly integrated,” David Efron, co-managing partner of Schulte Roth & Zabel, said. “Clients trust us for the depth of our bench and advice that is viewed as market-setting.”