Chicago-based law firm Winston & Strawn has recently announced the addition of two structured finance partners, Chris Gavin and Taylor Speers, to its offices in New York and Dallas, respectively. The duo, formerly from Cadwalader, Wickersham & Taft, represents some of the largest mortgage companies in the US, including Rocket Companies Inc’s Rocket Mortgage, PennyMac Financial Services Inc, and Two Harbors Investment Corp.
Gavin and Speers were the lead capital markets partners at Cadwalader, where they advised Two Harbors on its acquisition of RoundPoint Mortgage Servicing Corp. Despite their success at Cadwalader, Gavin stated that Winston & Strawn offered a more extensive set of practices compared to the New York-based firm, which is relatively focused on capital markets.
Describing Winston & Strawn as a “Goldilocks firm,” Gavin praised the firm’s size and range of services. With over 900 lawyers, the firm is large enough to provide comprehensive legal services but not so large as to be impersonal. Gavin stated that he expects nearly all their clients, including Rocket, PennyMac, and Two Harbors, to join them at Winston.
According to Gavin, their practice was busy when interest rates were low and have remained so as rates rose. With the Federal Reserve has raised interest rates by a quarter of a percentage point last week, their expertise in structured finance will likely be in high demand. Speers commented that their practice was constantly evolving and they pride themselves on adapting quickly. A spokesperson for Cadwalader expressed good wishes for Gavin and Speers in their new positions.
Overall, Winston & Strawn’s addition of Gavin and Speers is a significant win for the firm, as it expands its expertise in structured finance and adds major mortgage companies to its client roster. Meanwhile, Cadwalader loses two top partners in capital markets, potentially leading to a shift in focus for the firm.