Dechert LLP is a prominent adviser to fund managers on derivatives, though it also acts for investment banks, commercial banks, private equity funds and credit funds on transactional matters, brokerage and regulatory matters. Gus Black, co-chair of the firm's global financial services group and a fund formation specialist, oversees the derivatives group in London, in which John McGrath and Karen Stretch are the standout partners. Stretch, whose work encompasses transactional derivatives and advice on regulatory compliance, 'has a unique capability to synthesise complex issues into salient solutions'. McGrath, whose work spans both transactional matters and advice on disputes concerning derivatives, continues to advise Fondazione Enasarco on the closeout of derivatives positions following the collapse of Lehman Brothers. Senior associate Richard Chapman, who joined from AB Derivatives Advisors Limited, handles prime brokerage, derivatives, trading documentation and associated regulatory issues.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

'Dechert has always been a collaborative firm which is quite refreshing. Partners in London seek input from their colleagues in New York, Washington, DC and Singapore as needed to respond to the complex set of questions posed to them to answer. This is an invaluable service that provides a comprehensive set of legal responses that assist the client in executing their complex business models.'
'Karen Stretch is by far the best attorney I have worked with in my career. She is efficient with you use of time and understands specifically what her client needs. She has a unique capability to synthesise complex issues into salient solutions for her clients. Her ability to think broadly around concepts her clients have not considered is highly valued. Karen is a delight to work with and has delivered high-quality analysis and work product over many years. She exceeds the level of service of her peers with an extraordinary emotional intelligence that connects deeply with her clients. I am very happy with her service and will continue to use her for all our derivatives work.'
‘Dechert's derivatives team provide the perfect balance of current legal and regulatory knowledge combined with understanding of commercial impact on asset management business. This combination makes Dechert a go-to firm for us on all aspects of derivatives and related regulation, from day-to-day queries, to periodic regulatory updates and project work.’
‘The individuals we work with are knowledgeable, approachable, explain complex concepts well and deliver timely advice.’
'Richard Chapman is one of London's most talented derivatives lawyers.'
‘Karen Stretch is our go-to person when we face difficulties in reviewing/negotiating derivatives and structured products terms. Karen is always helpful in addressing our concerns (both legal and commercial sometimes) in these areas, she and the Dechert team can always help us spot the most crucial terms and assist us to get more favorable positions in our negotiations in the terms of the financial products.’

Key clients

Cheyne Capital Management (UK) LLP

Work highlights

Continue to advise Fondazione Enasarco on its long-running dispute with Lehman Brothers Finance SA concerning the close out of a derivative transaction within one of the most complex structured products to be considered by the English courts.