Sidley Austin LLP

Clients appreciate the ‘extremely nuanced’ advice from the team at Sidley Austin LLP, which handles the gamut of shareholder activism matters for board members. One client dubs leadership duo Kai Liekefett and Derek Zaba ‘two of the best lawyers in America’, lauded for ‘their ability to see around all dangerous corners and guide corporate strategy to the most successful outcome’. Liekefett is based in New York and focuses exclusively on shareholder activism and takeover defense. In two decades of practice, he has worked in the UK, Germany, Hong Kong, and Japan, and is one of the most prolific advisors on proxy contests, including a high percentage of the market’s late-stage contests. Zaba, who is based at the Palo Alto office, also fully dedicates his practice to shareholder activism and has quickly established himself as one of the go-to lawyers in the field. Beth Berg (Chicago) is a senior figure with broad corporate law expertise, younger partners Leonard Wood (Houston) and Jessica Wood (New York) are also active in the shareholder activism space, and the New York office was further bolstered in January 2024 by the promotion to partner of Reuben Zaramian, who focuses on shareholder activism and corporate governance.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

‘Kai Liekefett and Derek Zaba are two of the best lawyers in America. Not only because of their knowledge of the law as it relates to shareholder activism, but also because their ability to see around all dangerous corners and guide corporate strategy to the most successful outcome is second to none.’
‘The advice from the Sidley team in managing shareholder activism issues is extremely nuanced, and their communications with me, other executive officers, and directors are top-notch: very responsive, at the appropriate level of detail, and delivered always with an eye toward the specific business issues we are facing and how that impacts both the advice and the timing of actions.’
‘Derek Zaba and Leonard Wood are very responsive and also helpful in creating a record of board action in case the activists take us down a different path than the one we're trying to follow. They always have an eye toward anticipating litigation and a potential full-on proxy fight, while trying to avoid those outcomes.’
'High-quality, tailored advice. Always available. They are part of the team, not only outside advisors.'
'The team stand out for their skill, experience and practicality.'

Key clients

The New York Times Company
Nordstrom, Inc.
Emerson Electric Co.
Alkermes plc
Freshpet, Inc.
LivePerson, Inc.
Splunk, Inc.
Rogers Corporation
Texas Pacific Land Corporation
Pitney Bowes, Inc.
Purple Innovation, Inc.
Cutera, Inc.
Avantax, Inc.
Enhabit, Inc.
Global Net Lease, Inc./The Necessity Retail REIT
Warner Music Group Corp.
Fidelity National Information Services, Inc.
UBS Puerto Rico Family of Funds
On24, Inc.

Work highlights

Represented The New York Times Company in its defense against an activist campaign by celebrity activist hedge fund ValueAct Capital Partners.
Advised Freshpet in defense of a proxy contest launched by JANA Partners and related litigation.
Represented biopharmaceutical company Alkermes against activist hedge fund Sarissa Capital.