Gibson Dunn of counsel Yair Galil and associate Victoria Jones Yilmaz are the authors of a Practice Note for Practical Law [PDF] that explains the importance of achieving fungibility of incremental term loans and highlights an important yet sometimes-overlooked aspect of incremental loan structuring that must be considered in order to attain true fungibility of the incremental term loans with existing initial term loans: calibrating amortization terms.

“Careful review of the current effective amortization rate of the initial term loans (as opposed to the facial amortization rate in the credit agreement), as well as due regard to the impact of prior prepayment events,” write the authors, “can help avoid inadvertent misalignment of amortization schedules that could interfere with full fungibility.”

Gibson Dunn advised Meridiam, a leading global investment and asset management firm specializing in public-private partnership (PPP) projects and infrastructure investments, on the formation of Meridiam Infrastructure North America Fund IV, a North American-focused infrastructure fund with $1.8 billion of capital commitments.

Our investment funds team was led by partner Shukie Grossman and included associates Curtis Vella and Fiona Xin. Partner Daniel Zygielbaum and of counsel Kate Long advised on tax, and partner Michael Collins advised on benefits.

First up are litigators at Davis Polk & Wardwell, Simpson Thacher & Bartlett, Gibson, Dunn & Crutcher, Cahill Gordon & Reindel, King & Spalding and Milbank, who represented the last defendants standing after nearly a decade and a half of litigation over allegations that banks conspired during the financial crisis to manipulate the U.S. Dollar London Interbank Offered Rate, or LIBOR. In a case that went up to the Second Circuit on appeal four times, U.S. District Senior Judge Naomi Reice Buchwald last week granted summary judgment to the defendants and decertified a class of plaintiffs that had been led by named plaintiffs that included Yale University, Vistra Energy Corp. and the mayor and city council of Baltimore. The judge wrote in a 273-page opinion that the alleged conspiracy was “simply so vague that it would have been impossible to enforce and, hence, economically senseless.”

The Gibson Dunn team representing UBS included partners Eric Stock and Jefferson Bell and associates Katie Salvaggio and Amir Heidari.

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Reprinted with permission from the October 3, 2025 edition of “The AmLaw Litigation Daily” © 2025 ALM Global Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or asset-and-logo-licensing@alm.com.

Gibson Dunn earned 31 practice area rankings and 25 individual rankings in the 2026 edition of The Legal 500 UK. Five partners were named to The Legal 500 Hall of Fame, recognizing individuals who receive consistent feedback from the market for continued excellence, and 13 partners were named Leading Lawyers in their respective practices.

The firm was recognized in the following categories:

Our Legal 500 Hall of Fame practitioners for 2026 are:  Sandy Bhogal – Corporate and Commercial: Corporate Tax; Steve Thierbach – Corporate and Commercial: Equity Capital Markets; Ali Nikpay – Corporate and Commercial: EU and Competition; Philip Rocher – Dispute Resolution: Commercial Litigation; and Christopher Howard – Finance: Corporate Restructuring & Insolvency.

The partners named as Leading Lawyers are: Chris Haynes – Corporate and Commercial: Equity Capital Markets: Mid-Large Cap; Michelle Kirschner – Corporate and Commercial: Financial Services: Non-Contentious/Regulatory; Ali Nikpay – Dispute Resolution: Competition Litigation; Penny Madden – Dispute Resolution: International Arbitration; Federico Fruhbeck – Projects, Energy and Natural Resources: Infrastructure: M&A and Acquisition Financing; Patrick Doris – Public Sector: Administrative and Public Law; Sean Tierney – Real Estate: Commercial Property: Investment; Robert Carr – Real Estate: Property Finance; Mark Manson-Bahr – Real Estate: Property Finance; Sacha Harber-Kelly – Risk Advisory: Regulatory Investigations and Corporate Crime (advice to corporates); Joel Harrison – TMT (technology, media and telecoms): IT and telecoms; Ben Fryer – Corporate and Commercial: Tax; and James Cameron – Finance: Transport Finance and Leasing .

In addition, Alice Brogi was named a Next Generation Partner for Corporate and Commercial: Private Equity Transactions – High-Value Deals (£500M+) and Projects, Energy and Natural Resources: Infrastructure: M&A and Acquisition Financing; Claibourne Harrison was named a Next Generation Partner for Real Estate: Commercial Property – Investment; Freya Church was named a Leading Associate for Real Estate – Commercial Property: Investment; Ceyda Knoebel was named a Leading Associate in Dispute Resolution: International Arbitration; Mark Leverkus was named a Leading Associate for Finance: Transport Finance and Leasing; and Tom Jackson was named a Leading Associate for Finance: Transport Finance and Leasing.

The guide was published on October 1, 2025.

Gibson Dunn was honored with Texas Lawyer’s award for Litigation Department of the Year, General Litigation [PDF] at the 2025 Texas Legal Awards.

The award was presented in Dallas on September 25, 2025.

Gibson Dunn advised leading global investment firm KKR in its acquisition of a minority stake in Abu Dhabi National Oil Company (ADNOC) Gas Pipeline Assets LLC.

The transaction follows KKR and ADNOC’s landmark 2019 oil pipeline deal, a first for the region that continues to serve as a template for further transactions across the Middle East. The strategic partnership with ADNOC highlights KKR’s commitment to the broader Middle East, expanding on KKR’s 16-year local presence and its investments in key sectors that support regional growth. Gibson Dunn also recently advised KKR on its investment in Gulf Data Hub, a leading data center platform in the UAE and Saudi Arabia.

Our team was led by partners Federico Fruhbeck and Alice Brogi and of counsel Luca Bernini in London and partner Renad Younes in Abu Dhabi, with the additional support of associates Magdalena Auge and Freddie Wright and staff attorney Carmen Heredia in London and associate Andrea Callá in Abu Dhabi.

In the high profile litigation over alleged manipulation of major interest rate benchmarks, Gibson Dunn has secured the dismissal of three major antitrust class actions for client UBS. The three decisions, all issued within a two-week period, are a resounding victory for UBS and continue a strong trend in the Second Circuit Court of Appeals of requiring class action plaintiffs to adequately plead harm and standing to sue in antitrust cases. 

Class action plaintiffs in all three cases claimed that UBS and other U.S. and international banks had conspired to manipulate various forms of the LIBOR interest rate benchmark, and that plaintiffs were injured as a result. UBS argued that the plaintiffs had not adequately pled or proven their claims.

The most recent win for UBS was September 29, 2025, when U.S. District Judge Sidney Stein granted in full Gibson Dunn’s motion to dismiss an antitrust class action alleging collusion with respect to Swiss Franc LIBOR. Judge Stein found that the class plaintiffs had failed to adequately plead that they had standing to sue UBS.   This win came only a few days after UBS and several of its co-defendants achieved a decisive victory in a similar litigation on September 25, 2025, when U.S. District Judge Naomi Buchwald awarded summary judgment in full and dismissed all remaining claims asserted against the defendants in the U.S. Dollar LIBOR multidistrict litigation. Judge Buchwald found that the plaintiffs in that case had failed to present adequate evidence of conspiratorial conduct or impact. And these two decisions, in turn, followed yet a third win for UBS, when the Second Circuit Court of Appeals on September 15, 2025 affirmed the complete dismissal of the Sterling LIBOR antitrust litigation against UBS and its co-defendants, similarly finding that the class plaintiffs had failed to adequately plead their case. 

Gibson Dunn’s New York-based antitrust litigation team handling these matters for UBS is led by partners Eric Stock and Jefferson Bell and includes associates Katie Salvaggio and Amir Heidari.

Gibson Dunn is advising Catchment Capital on its majority investment in Fidus Systems, a leading provider of advanced electronic and embedded system design services.

Our corporate team is led by partner Alexander Fine and includes associates Jonathan Abrams and Tiffany Mickel. Partner Darius Mehraban and of counsel Jason Durschlag are advising on debt financing. Partner Matt Donnelly is advising on tax aspects. Partner Michael Collins is advising on benefits. Partner Lindsay Paulin is advising on government contracts.

Partner Prerna Soni recently spoke with Law.com [PDF] about her path to partnership, the importance of staying authentic, and how embracing individuality can be a source of strength and value.

Reflecting on what she thinks made her a strong candidate for partnership, Prerna emphasized the combination of consistently delivering high-quality work and being appreciated by the firm for her authenticity. “I bring an energy and perspective that’s different from a lot of law firm partners. And instead of being told to tone it down, I felt like that difference was seen as an asset — that meant a lot to me, and was a huge reason why I thought partnership could be a good fit for me.”

When asked what advice she would give to young associates aspiring to partnership, Prerna was equally candid: “Don’t trade authenticity for acceptance. The goal isn’t just getting a seat at the table — it’s finding the right table, where you don’t have to check your personality or values at the door.”

Gibson Dunn lawyers were honored by The Legal Aid Society at its annual Pro Bono Publico Awards for their work as co-counsel with the Housing Unit on two New York State appeals advancing tenants’ rights.

In Gomez v. Yang, argued by associate Vanessa Ajagu, the Appellate Term reversed a lower court’s order and concluded that, consistent with longstanding precedent, courts must award attorneys’ fees to nonprofit organizations at prevailing market rates. In Union Street Houses LLC v. Levinson, also argued by Vanessa before the Appellate Term, we advocated for low-income tenants seeking reasonable accommodation for their son’s disability.

Our New York pro bono teams included partner Christopher Joralemon and associates Vanessa Ajagu, Sanjay Nevrekar, Amanda Bello, Melissa Murphy, Molly Teague, and Jake Sherman. We are proud to partner with The Legal Aid Society in protecting housing rights for vulnerable New Yorkers.

Gibson Dunn advised an ad hoc group of lenders and noteholders to Zayo, a leading communications infrastructure provider, on its Amend and Extend transaction, extending Zayo’s corporate debt maturities to 2030 with over 99.8% of existing creditor participation. As part of the transaction, Gibson Dunn also advised certain members of the ad hoc group who provided a structured financing commitment to help fund Zayo’s planned Crown Castle acquisition.

Our New York restructuring team was led by partners Scott Greenberg, Jason Zachary Goldstein, and Steven Domanowski and included associates Jonathan Dunworth, Alex Xiao, Josh Berland, and Patrice Oseni. 

Partners Caith Kushner, Madalyn Miller, and Toren Murphy, of counsel Christopher Dickson, and associates Eric Hwang, Yunpeng Zhang, Maria Fernanda Ojeda Hamui, Kaylin Chavez Ervin, and Enrique Okhuysen advised on financing. Partner Robert Little and associate Steve Wright advised on corporate aspects. Partners Cynthia Mabry and Atma Kabad and associate Caroline Bakewell advised on capital markets. Partner Edward Wei and associate Eugene Wei-En Woo advised on tax aspects.

Gibson Dunn is among the top Pro Bono firms and Social Impact Leaders ranked by Law360 Pulse.

The Pro Bono rankings, where we placed #6 in 2024, up from #11 the previous year, rank firms by the percentage of lawyers meeting the American Bar Association’s recommended annual minimum of 50 pro bono hours per lawyer.

Among Social Impact Leaders, our firm ranked #9, a significant jump from #41 in 2023. The Social Impact Leaders ranking, which recognizes the 100 firms making the greatest strides in social responsibility in 2024, is built on five pillars: racial and ethnic diversity, gender equality, employee engagement, pro bono service, and responsible business.

A Gibson Dunn team advised Horace Mann Educators Corporation on its offering of $300 million aggregate principal amount of 4.700% Senior Notes.

Led by partner Doug Rayburn, our corporate team included associates Alexis Levine, Lauren Guzman, and Riley Gesling. Partner Michael Cannon and associate Blake Hoerster advised on tax aspects.

Kahn Scolnick and Candice Choh, Co-Partners in Charge of our Los Angeles and Century City offices, recently spoke to Law360 [PDF] about their management dynamics and the strategic and historical significance of Los Angeles to our firm following our move to a new Century City location.

Kahn told the publication, “The Century City office had sort of outgrown the ‘80s roots,” adding that the new location offers more space for lawyers and clients, as well as a larger, modernized area for events.

Candice stressed the importance of maintaining and expanding our strong presence across both sides of the city: “It was the right time for us to upsize, but do it in a thoughtful way and do it in a way that also plans for the future.”

She continued: “Century City is important for the history of Los Angeles and the culture we have here, and the closeness of the people here in the office. It’s been a part of our Los Angeles story for a really long time.”

Gibson Dunn advised Tower Arch Capital on the recapitalization of Documotion Research, Inc., the company behind StickyPOS, a market-leading linerless labeling solution for the restaurant and hospitality industries.

The team was led by partner Abtin Jalali and included associates Michael Andrews and Chris Ayers. Of counsel Tom Brower and associate Nicole Kim advised on financing. Partner Michael Cannon and associate Josiah Bethards advised on tax aspects. Partner Sean Feller and associate Lucy Hong advised on benefits. Partner Daniel Angel and associate Nate Hancock advised on IP aspects. Partner Michael Murphy and associate Taylor Cathleen Amato advised on environmental aspects.

Partner Ted Boutrous is profiled in a Daily Journal article that describes several of his most prominent cases, including Dukes v. Walmart, where he persuaded the Supreme Court to strike down the largest employee class action in U.S. history in a case that transformed class action law.

While noting that Ted combines “meticulous preparation with strategic thinking designed to achieve not just victories, but precedential rulings that reshape entire areas of law,” the Daily Journal also highlights Ted’s guiding principle of maintaining civility no matter how heated the courtroom battle. “Don’t take the bait,” he says, “stay above the fray, be aggressive, be tough, fight for your client,” but always remain courteous and respectful.

Ted was recently honored by the Daily Journal with its inaugural Distinguished Counsel award. He has represented clients across the U.S. in a wide spectrum of cases and has argued hundreds of appeals, including before the U.S. Supreme Court, 12 different federal circuit courts of appeals, and 11 different state supreme courts.

In an article for Bloomberg Law [PDF], partner Michele Maryott describes what it takes to successfully lead a trial team: “a blend of trust, collaboration, and the ability to bring out the best in each team member.”

Among the tenets that Michele follows when trying a case are:  embracing a “believe” mentality, playing to team members’ strengths, leaving egos at the door, remembering we’re all human, knowing your audiences — and having fun.

As she sums up, “Leading a trial team is about fostering trust, collaboration, and a shared commitment to excellence — and that means embracing the value that everyone, especially our clients, brings to the team.”

Michele was a recipient of Bloomberg Law’s inaugural Unrivaled award, celebrating litigators who lead the legal industry in high-stakes trials and settlements on impactful matters for clients.

Gibson Dunn has been shortlisted for multiple honors at the ALB Middle East Law Awards 2025.

Our firm is a finalist for Arbitration Law Firm of the Year, Banking and Financial Services Law Firm of the Year, and Deal Firm of the Year.

Three of our standout deals from the past year also earned nominations:

  • Debt Market Deal of the Year – ADNOC Murban Global Medium Term Note Program
  • M&A Deal of the Year – KKR / Gulf Data Hub
  • Equity Market Deal of the Year – talabat IPO

The awards will be presented in Dubai on October 16, 2025.

The Daily Journal profile [PDF] of partner Theane Evangelis, recently recognized as one of the Top 100 Lawyers in California, notes that she thrives on last-minute emergency calls to jump into high-stakes cases — like the call she got in May from Los Angeles officials just days before a critical evidentiary hearing over claims the city wasn’t keeping its promises on homelessness fixes. The L.A. Alliance for Human Rights wanted a federal judge to place the program in the hands of a receiver.

“I live for cases like this,” Theane told the Daily Journal. “There’s nothing like the adrenaline rush of getting that call and jumping right in.”

She and her Gibson Dunn team had just days to prepare for a week-long courtroom showdown, doing the work of months in a couple of weeks. Theane made opening and closing arguments and also argued the relevant motions, including her successful opposition to compelling the mayor and other officials to testify. “And the court agreed with us and declined to impose a receiver,” she said. “It was a whirlwind and a roller coaster. I’m very proud of our work.”

Theane is Co-Chair of our global Litigation Practice Group and one of the country’s leading litigators. She represents clients in federal and state courts in a wide spectrum of cases and has argued and won high-profile, groundbreaking appeals across the country, including in the U.S. Supreme Court.

Partners Matt Axelrod and Christopher Timura recently spoke to Global Investigations Review (GIR) about the Commerce Department’s use of revenue-sharing agreements in export licensing — a break with traditional national security policy that raises both legal and procedural questions.

Export controls have historically been used to safeguard sensitive technologies, Matt explained. By monetizing this tool, the Commerce Department is injecting commercial incentives into a process typically governed by national security imperatives. Calling this “a sharp departure from what’s happened in the past,” Matt said: “Either an item is going to be dangerous for our national security if it goes abroad or it’s not, and the government taking a percentage of revenue from it shouldn’t change that calculus.”

Christopher added that many companies are wondering if there is now a pay-to-play model. “There are many, many, many companies that can’t afford to lose any margin on their products and still remain profitable, so the idea of somehow conditioning the approval of a licence on some sort of revenue-sharing model is not one that’s sustainable for the broad swath of American exporters,” he said.