Law firm Akin adds private credit partner from Paul Hastings

U.S. law firm Akin Gump Strauss Hauer & Feld on Monday said it has hired Bill Brady in New York from rival Paul Hastings, where he headed the firm's alternative lender and private credit group.

Brady joins Akin as a partner in the firm's special situations and private credit practice, a key area for law firms hoping to attract and retain clients in the growing private credit market.

He advises direct lenders and private credit firms on finance transactions and credit arrangements, with a focus on financings that include multiple tranches of debt, Akin said.

Brady said he was drawn to Akin's "one-stop global shop for private credit across the board."

The Washington, D.C.-founded firm, which has more than 900 lawyers globally, says its special situations and private credit practice cuts across finance, securities, mergers and acquisitions and restructuring.

Brady has practiced at Paul Hastings since 2016. He was on a team that advised a group of lenders in connection with premium experiences company Legends' agreement to acquire ASM Global, which manages a portfolio of live event entertainment venues, according to a Paul Hastings announcement in November.

A Paul Hastings spokesperson did not immediately respond to a request for comment on his departure.

U.S. bond giant Pacific Investment Management Company (PIMCO) said in November it expects the next few years to provide the best opportunities for private credit investors since the global financial crisis.

Goldman Sachs Asset Management, a unit of Goldman Sachs Group, aims to expand its private credit portfolio to $300 billion in five years from the current $130 billion, Marc Nachmann, Goldman's global head of asset and wealth management, told Reuters last week.

Morgan Stanley's asset management division aims to double its private credit portfolio to $50 billion in the medium term as it gathers funds from large investors. David Miller, Morgan Stanley's global head of private credit and equity, estimated the private credit market has grown as large as $2 trillion.