What's Happening?
International law firm Cleary Gottlieb Steen & Hamilton has announced the hiring of Sebastian Alsheimer to lead its shareholder activism defense practice. Alsheimer, previously a partner at Wilson Sonsini
Goodrich & Rosati, will join Cleary as a partner based in New York starting January. His role will involve advising corporate clients such as 3M, Honeywell, and BlackRock on engaging with activist investors. This move is part of a broader trend where law firms are enhancing their capabilities to protect clients from corporate agitators. Alsheimer brings extensive experience, having defended companies like Autodesk and BlackLine against activist investors such as Starboard Value. His expertise is expected to bolster Cleary's efforts in countering investor-driven changes, including board refreshment and company sales.
Why It's Important?
The hiring of Alsheimer by Cleary Gottlieb underscores the growing importance of shareholder activism defense in the legal industry. As activist investors increasingly push for changes in corporate governance, law firms are expanding their services to meet client demands for robust defense strategies. This trend reflects a significant shift in the legal landscape, where firms are now competing to attract top talent with specialized skills in activism defense. For companies, having access to experienced legal counsel like Alsheimer can be crucial in navigating complex investor relations and protecting their strategic interests. The move also highlights the competitive nature of the legal market, with firms like Sullivan & Cromwell and Paul, Weiss, Rifkind, Wharton & Garrison making similar hires to strengthen their positions.
