It’s got to take something really special to tempt you out of retirement. And for ex-Latham & Watkins partner Daniel Friel, that something was King & Spalding, which he joined at the start of last year.
Friel retired from Latham at the end of 2014, having joined the US firm in 2006 and becoming vice-chair of its European tax and benefits practice shortly after. During that time he handled a range of large cross-border merger-related inversions, which Friel describes as “new, challenging structures” for the time, as well as some major restructurings.
“I acted on the Punch Taverns restructuring right before I left Latham, which was a complex, high-profile and long deal,” Friel recollects. “We acted for the senior creditor group so were in the driving seat and determined how the restructuring could be achieved on the creditors’ side. It was very satisfying that a settlement was reached.”
Friel’s decision to leave Latham came after a career in which he had also spent 17 years at legacy Lovells following his conversion to law from Coopers & Lybrand (now PwC).
At Coopers, Friel spent a few months working in the audit department, but worked for a much longer period of time in the tax team – a practice area he continued to advise in after qualifying into the law.
“When I announced that I was leaving Latham I had anticipated retiring from work altogether,” remembers Friel, who adds that he then had a change of heart, believing himself to be “giving up too soon”.
In the end, it was an offer from US firm King & Spalding that “tempted” Friel back into practice, with the firm making big name hires in the City last year. These include Allen & Overy finance partner Thomas Jones, Fried Frank Harris Shriver & Jacobson international disputes head Nick Cherryman and Berwin Leighton Paisner advocacy head Stuart Isaacs QC.
“King & Spalding is similar to Latham, so it lured me out of retirement,” explains Friel. “It’s been expanding progressively over the past few years and there’s an understanding that law firms need to be global. This is similar to what Latham wanted to do and did. King & Spalding is just at a different period of its growth right now.”
An impressive client list
At King & Spalding Friel works alongside the firm’s other two tax partners in London, namely Kevin Conway and US tax lawyer John Taylor. His clients in the past have included Barclays, Carlyle and the Qatar Investment Authority, and he also works with drinks giant SABMiller on
tax issues.
In addition to tax, Friel is leading the firm’s focus on state aid and legal aid issues, as a raft of companies including Starbucks and Apple face investigations from the European Commission (EC) on whether they have received aid.
“I’ve acted for companies on the receiving end of investigations as well as those that might be preparing for them,” says Friel. “Clients are aware we have the relevant skills for any EU challenge coming forward and companies have to be prepared and defensive. They have to make sure they’re on firm ground.”
Friel says US companies will continue to be affected by EC investigations into state and legal aid, which could result in thousands of cases. However, he notes that few US firms are actually involved in this brand new area of law. Instead, other firms muscling into the state aid workspace include the magic circle, with Friel claiming his competitors are Linklaters, Slaughter and May and Freshfields Bruckhaus Deringer.
“I realised that state aid work was one of those areas you can’t ignore and that there was an opportunity of growth in this area,” he explains. “Auditors will ask all sorts of questions – for instance, asking companies if they’re aware of any circumstances why they might be a subject of an investigation.
“Now there’s more investment out there and more firms will be calling their clients to see if they need any help.”
While Friel sees many similarities between his position at King & Spalding and Latham, he does recognise that the state aid work in which he is now involved is one area in which his role has developed.§
“It was an area I’d not really thought about when I was at Latham and I didn’t join King & Spalding with that in mind,” he says. “But once I joined this firm I realised I could develop it from this platform.”
Daniel Friel
Sometimes, having been an accountant helps. Friel trained at Coopers & Lybrand before converting to law, and moved to Latham & Watkins, where he quickly made waves. Now vice-chair of Latham’s European tax and -benefits practice, Friel has garnered fans -inside the firm and out with his innovative and hands-on approach for private equity clients and sovereign wealth funds.
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