Ropes & Gray

Ropes & Gray knows its clients well. For the firm generally - and the London office in particular - that means private equity sponsors. More so than perhaps any other firm that operates in the space, Ropes eschews one-off transactional work. Rather, it tends to operate by becoming very close to specific sponsors, and becoming a trusted advisor for all parts of the private capital lifecycle. This sort of symbiosis means the firm benefits from a great diversity of work (and very loyal clientele!) Ropes & Gray couples this exceptional private capital offering with something not always seen at this pointy end of legal practice: a genuinely encouraging, humane culture, with strong emphasis on pro bono. These dual aspects of the firm represent a distinctive and attractive combination. Let’s take a look at each in more detail. To expand, first, on the distinctive approach to its private capital practice, it is safe to say that the firm is known for its strength across every aspect of the private equity investment lifecycle. That expertise starts with a stellar private funds team (led by the well-regarded Tom Alabaster) which helps its clients raise money to fund their investments. Once the funds are in place, Ropes is ready to assist in deploying that capital. Its M&A team is particularly known for its private equity buy-out work, and is notable for the rising star that is Elizabeth Todd. After acquisition, the job is not done, and Ropes & Gray is well aware of this. Rather, it offers strong regulatory and white-collar disputes practices, with a particular focus on financial services and bio-tech. Lastly, those same stellar M&A partners are once again on hand to facilitate smooth exits. Consider, for instance, the firm’s recent handling of the £1.2 billion sale of Zellis (an HR software) for one of its private equity clients. As can be seen, the firm seeks to be by the side of sponsors throughout the entire lifecycle of their fundraising and investment. This has the advantage of building a high level of trust and integration with the sponsors it serves, often becoming a primary, trusted advisor. Ropes become the go-to call for any and all issues the client faces. Some clients which are served in this way for the firm include Bain Capital, TPG Capital, and EQT. And the firm is not resting on its laurels in terms of searching for new sponsors to serve in this comprehensive fashion. Consider the open courting of European private equity house Permira - over the past six months the firm has acquired six European partners (and opened two new offices!) primarily to service this new relationship. This means it is of little surprise when the firm wins the most complex and high-value mandates for those clients. For instance, last year the M&A team advised EQT on its $14.5 billion dollar mega-acquisition of Nord Anglia Education, the largest deal value in the City in 2024. Ropes combines this very specific, whole-lifecycle approach to client development, with another winning formula: a genuinely respectful culture with a strong embedded value system. This starts with respecting boundaries. Whilst the firm’s staff undoubtedly work hard, the reports from juniors are that hard commitments (especially on weekends) are generally taken seriously by superiors. At a more senior level, culture is perhaps improved by the more traditional lockstep pay structure, which may result in a more charitable approach towards attribution and work sharing. The tone of the London office is also no doubt buoyed by a robust, personal commitment to pro bono. In addition to annual targets for trainees and fee earners alike, the firm encourages creative and proactive design of initiatives, increasing the likelihood that individuals are working on matters meaningful to them. This is certainly working, with an average of 10,000 pro bono hours logged per year in the London office alone. For those seeking top-of-the-market private equity work alongside a respectful culture, Ropes & Gray may be the place.