(Reuters) – The head of mergers and acquisitions practice at U.S. law firm Jones Day, which was the lead adviser on nearly $50 billion in global M&A transactions last year, is leaving with Davis, Polk & Wardwell.
James Dougherty, a Jones Day partner since 2008, will become a partner in Davis Polk’s New York office, according to an internal email seen by Reuters from Davis Polk’s office. and managing partner Neil Barr.
A Davis Polk spokeswoman confirmed the hiring but declined to comment further. Dougherty did not immediately respond to a request for comment.
A spokesman for Jones Day said that demand for the company’s services “continues” and that it is considering some changes in its general management “in connection with its transition to a new managing partner.”
Gregory Shumaker, formerly head of its Washington, DC office, and its global cultural practice, became managing partner of Jones Day on 1 it’s January. Shumaker’s predecessor, Stephen Brogan, led the company from 2002 to 2022.
Barr’s email said the company will “formally welcome” Dougherty to the company “in the coming weeks.” He cited Dougherty’s work advising Marathon Petroleum Corp on its $23 billion purchase of rival Andeavor in 2018.
The Andeavor deal made Marathon America’s first independent producer of its capacity.
Davis Polk was the lead advisor on 157 global M&A transactions worth $164 billion last year, according to Refinitiv. That performance placed Davis Polk in 14th place in Refinitiv’s legal advisory rankings.
In comparison, Jones Day worked out 361 costs of $49.9 billion, according to Refinitiv.
Last year, Davis Polk hire Paul Scrivanothe head of global mergers and acquisitions at Ropes & Gray, as a partner in its northern California office.
The leading law firms advising on M&A transactions in the world mostly maintain a share price fixed in 2022but was forced to share a smaller pie as the combined value of M&A fell by 37%, from $5.9 trillion in 2021 to $3.6 trillion in 2022.
Marathon Petroleum closes $23 billion acquisition of Andeavor
Marathon becomes America’s best with $23 billion Andeavor sales
(NOTE: This story was updated with a report from Jones Day.)
Our Terms: The Thomson Reuters Trust Principles.