Reader Poll Results: Paul Hastings Prevails
Paul Hastings M&A Co-Chair Eduardo Gallardo was crowned New York’s best dealmaker in our poll of New York Brief readers this week.
Gallardo scored over a third of the more than 600 votes.
“Few M&A lawyers with whom I’ve worked have Eduardo’s combination of technical brilliance and poise under pressure,” said Rahim Manji, a Gallardo voter and Paul Hastings’ business development director.
Lima-born Gallardo cut his teeth on M&A deals at Skadden. He was involved in Marriott’s $12 billion acquisition of Starwood Hotels and advised Pactiv Evergreen in its $6.7 billion acquisition by Apollo-backed Novolex, among other transactions.
Gallardo got 238 total votes — an athlete in both the deals space and the bare-knuckle world of newsletter polls. But the competition was fierce:
- Cravath Presiding Partner Faiza J. Saeed was the runner-up, with 176 votes.
- Olshan Co-Managing Partner Andrew Freedman took third, with 162 votes.
- Write-ins included Sullivan & Cromwell’s Melissa Sawyer and H. Rodgin Cohen; Willkie’s Russell Leaf; and Cleary Gottlieb’s Paul Shim.
So what makes a lawyer a good dealmaker? The candidates weighed in:
- Gallardo: “Great dealmakers recognize that the deal is about the client’s interests — not the dealmaker’s ego.”
- Freedman: “My approach is to help the parties find common ground and maintain focus on the issues that truly matter.”
- Gibson Dunn’s George Sampas said the key is “being able to aggressively listen while simultaneously advocating.”
- And Weil’s Michael Aiello said a good dealmaker “knows how to create momentum while staying focused on the client’s ultimate objective.”
See you here next month with a new question!
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NYC Bar to DOJ: Wish You Were Here
The New York City Bar Association invited the Trump administration to “reengage” in “constructive discussion” on law enforcement after several government officials last week abruptly withdrew from speaking at the group’s annual white-collar crime conference.
I’m Celine Castronuovo, a Bloomberg Law reporter who covers DOJ. Multiple officials, including the criminal division chiefs of the Manhattan and Brooklyn US attorneys’ offices, “were required to withdraw from this conference at the last minute,” James P. Loonam, Jones Day Partner and chair of the bar association’s white collar crime committee, said in opening remarks at the conference.
Loonam said the group wasn’t given a reason for the withdrawal but noted it followed the association’s statement condemning the DOJ’s latest indictment against former FBI Director James Comey.
Loonam said the government speakers they invited are “simply terrific,” adding “it’s a shame you were required to withdraw by the administration.”
“Constructive, substantive engagement on the law is helpful for both the government and the defense bar in promoting justice and respect for the law,” Loonam said.
Spokespeople for the DOJ and Manhattan and Brooklyn US attorneys’ offices didn’t respond to requests for comment.
NY Eyes Tax on City Homes Over $1M All-Cash
New York lawmakers are planning a new tax on New York City homes bought in cash for at least $1 million, according to people familiar with the state budget negotiations.
Lawmakers are also considering expanding the tax to all-cash purchases over $1 million in New York, including those in the suburbs and upstate, according to the people. They added that the proposed tax would be levied at 1% of the purchase price and would be paid by the buyer. The New York City levy alone is expected to raise $160 million to help fill the city’s budget hole, one of the people said.
Gov. Kathy Hochul “announced a general agreement with the State Legislature on many of the major elements of the FY 2027 Budget,” a spokesperson said. New York Assembly Speaker Carl Heastie said the tax would be included in the final budget. State Senator James Skoufis, who sits on the chamber’s finance committee, also said in an interview the new levy was discussed.
New York City Mayor Zohran Mamdani supports the new tax, a spokesperson said. Read more from Raga Justin, Danielle Muoio Dunn, Laura Nahmias and Nacha Cattan.
Leading the News
Justices Maintain Federal Courts’ Authority Post-Arbitration
A federal court that initially hears a case before staying it for arbitration keeps jurisdiction to later review the resulting arbitration award, the US Supreme Court unanimously ruled.
NY Transit Strike Threat Leaves State With Little Legal Recourse
A potential strike among Long Island Rail Road workers and the Metropolitan Transportation Authority leaves federal and local leaders with few legal options to combat a potentially crippling work stoppage in the nation’s largest city.
US Authorities Move to End Fraud Cases Against Gautam Adani
US authorities are moving to resolve the
NYC College Merger Brings $203 Million Gain for Northeastern
Iowa, Missouri Sue NY Over State Emissions Reporting Program
Missouri and Iowa sued New York officials Thursday to block the state’s greenhouse gas reporting program alleging New York’s policy goes outside of state bounds which will hurt fuel suppliers hundreds of miles away.
In the Courts
Fidelity National Loses Appeal for Lower NY Corporate Tax Rate
Oppenheimer Settles Suit Over Cash Sweep Rates for $70 Million
Oppenheimer & Co. agreed to pay $70 million to settle a customer class action alleging it improperly pocketed interest from its “cash sweep” account program.
Accenture Sued by Rastafarian Worker for Hairstyle-Based Bias
A former Accenture LLP consultant sued the company for racial and religious discrimination, claiming managers told him to hide his dreadlocks and that his Rastafarian hairstyle prevented career advancement at the firm.
Policy & Politics
Industry-Wide Surveillance Pricing Ban to Advance in NY Senate
New York Democrats are moving a nation-leading surveillance pricing ban meant to discourage companies from using consumer data to personalize prices.
Business & Practice
Anthropic Pushes Deeper Into Legal Work With Claude Updates
Anthropic PBC is angling to be a major direct provider of legal technology with its latest rollout of legal tools, extending beyond its original role as a maker of frontier large language models.
DOJ Makes Little Headway in Push to Revive Trump Law Firm Orders
The Justice Department gained little ground Thursday in its bid to broadly revive Donald Trump’s executive orders targeting law firms, which argued the president’s goal is to chill the legal profession.
Commentary & Opinion
For Cross-Border Defamation Claims, Germany Has Edge Over US
A comparison of the US’ and Germany’s legal processes shows that German courts may be the better forum for defamation claims between the two countries, say Alston & Bird’s Steven Penaro and Schalast’s Diana Grün.
Prediction Markets Can’t Go on Without Legal Enforcement in Place
Online prediction markets has exponentially increased the risks of government insider trading and corruption, leaving states and the federal government scrambling to stop it. The danger to public trust and national security could be devastating, and yet there are limited mechanisms to prevent insider trading on prediction markets, write Holtzman Vogel’s Mark Pinkert, Akiva Shapiro, and Brandon Smith.
Editor’s Picks
The Great Wealth Transfer Includes $570 Billion in Classic Cars
An estimated 12 million enthusiast vehicles will transfer to a new generation in the US over the next 15 years in estate plans or inheritances. That’s roughly $570 billion in cars, according to data provided to Bloomberg.
The Strength and Mobility Exercises You Need for Golf Dominance
Not many men or women play pickup basketball past 50 — and if they do, they’ve stopped trying to jump as high as they did in their teens. But with golf, players of all ages are chasing the same fitness goals to gain distance off the tee.
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