Page 107 - NYLJ Professional Excellence 2021

DEALMAKERS OF THE YEAR

area? Many of our partners were practic- What is your response? The experience
ing at the height of the financial crisis we bring to bear is unparalleled. Cahill
and this last year during the pandemic leads many of the most sophisticated
was magnitudes more challenging, giv- and complex matters in the market,
en that many companies that needed proving time and again that we can suc-
financing saw their revenue drop signifi- cessfully deploy that experience to help
cantly—sometimes to near zero. Situ- arrive at creative solutions to nuanced
ational exigency created unusual stress situations. That means we operate at the
on companies looking to raise capital cutting edge of deal terms, understand-
and that often resulted in extremely ing perhaps better than anyone what the
tight timelines. market will bear and where the market
is headed. The financial institutions and
A prospective client calls and asks why companies that work with us are the
you or your team should be retained. primary beneficiaries of those insights.
DOUGLAS HOROWITZ,

PARTNER AT CAHILL
GORDON & REINDEL

Q&A What were some of your
most satisfying successes
of the past year, and why? We were
given an opportunity to step forward
and serve at a treacherous moment.
Often when we raise funds they’re
labeled “for general corporate purpos-
es.” But during COVID-19, we were all
working to keep the lights on at these
companies, which in turn ensured that
people kept jobs. In some cases there
simply was no other source of cash flow. DEANNA KIRKPATRICK AND DEREK DOSTAL,
Even while we were in the trenches, it
was important to stop occasionally and PARTNERS AT DAVIS POLK & WARDWELL
remind our team to appreciate its incred-
ensure that these companies would Q&A What were some of your touch and highly responsive approach
ible role in helping people and helping
to clients given the fast-paced nature
most satisfying success-
remain alive to provide their goods and es of the past year, and why? The of deals today.
services to everyone once again when Silver Spike/Weedmaps transaction
things turn around. was definitely a highlight. That trans- What recent market factors have been
action combined all of the multidis- the most challenging in your practice
What qualities make a great dealmak- ciplinary complications of the SPAC area? The consequences of the change
er? A commercial focus and collegial structure with a highly regulated in warrant accounting. It impacted
approach are essential. Each company industry overlay, by virtue of the target new issuances, existing SPACs and de-
brings to the table its wants and needs, business operating in the cannabis SPACed companies with warrants still
and then those have to be matched with space. The transaction really allowed outstanding, requiring expertise and
the goals of the marketplace. Finding the us to showcase the depth of our firm’s patience to work through the many
common ground can be a challenge of areas ofexpertise. resulting issues.
immense proportions and it requires con-
sistent focus on finding the right balance. What qualities make a great dealmaker? A prospective client calls and asks
Experience, creativity and the ability why you or your team should be
What recent market factors have been to find common ground across the retained. What is your response?
the most challenging in your practice working group—together with a high- There’s no other firm, in our opinion,

Photos: Cahill Gordon; Davis Polk | October 2021 105