Gibson Dunn was honored with four awards at the 13th annual LMG Life Sciences Americas Awards, presented in New York City on September 4.
Our firm received the following honors:
- Licensing & Collaboration Attorney of the Year – Karen Spindler
- Hatch-Waxman Litigator of the Year (Branded) – Charlotte Jacobsen
- Impact Deal of the Year – Arrowhead Pharmaceuticals Global License & Collaboration with Sarepta Therapeutics
- Impact Case of the Year – LEQSELVI (Deuruxolitinib) Litigation
In addition, Gibson Dunn was shortlisted in the following categories:
- Licensing & Collaboration Attorney of the Year – Ryan Murr
- Licensing & Collaboration Firm of the Year
- Firm of the Year – Intellectual Property
- General Patent Litigation Firm of the Year
- General Patent Litigator of the Year – New York – Jane Love
- Antitrust Firm of the Year
- Antitrust Practitioner of the Year – Eric Stock
- Government Investigations Attorney of the Year – John Partridge
- Government Investigations Firm of the Year
The only legal directory dedicated to recognizing top law firms and practitioners in the life sciences sector, LMG Life Sciences celebrates excellence across litigation, transactions, and individual achievement.
The Securities and Exchange Commission’s enforcement division has long protected US markets by rooting out fraud and other misconduct. But despite many changes in the enforcement function, the Wells process—the mechanism through which prospective respondents are given notice of potential charges and allowed to explain why action is unwarranted—remains largely the same.
Since the 1970s, the commission has created specialized units, flattened the organizational chart, and embraced new theories in response to high‑profile scandals and market events. Enhanced remedies have developed through the Insider Trading Sanctions Act of 1984, the Remedies Act of 1990, the Sarbanes–Oxley Act in 2002, and Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010.
Revisiting the Wells process periodically makes sense for the staff, the agency, and respondents, and wouldn’t weaken enforcement. Instead, it would enhance the consistency and reliability of charging decisions, improve perceptions of fairness, and reduce the risk that the agency’s extraordinary but necessary powers are misused.
Need for Reform
The SEC’s growing reach has amplified the stakes of every enforcement action. The scope of data involved for collection and production in an investigation likely looks far different compared with the 1970s. Penalties can seem to bear little relation to the statutory framework and relevant legislative histories, and negligence claims under statutes not intended to be punitive are increasingly common. Respondents face lifetime bars, multimillion‑dollar fines, and follow‑on civil litigation.
At the same time, the division’s discretion can seem opaque and inconsistent. Certain practices foster uncertainty and undermine the process’s core purpose: to ensure that both staff and commissioners consider all relevant material before imposing sanctions.
Process Criticisms
Wells submissions come in a wide variety. Chairman Paul Atkins referenced some submissions that may shade facts or advance bad arguments, some that nudge the commission in a different direction, and some that may be truly exceptional. Regardless of the substance, improvements could be made to the process.
Lack of uniformity and predictability. Investigations with similar facts can result in entirely different procedures. Some regional offices and groups routinely send notices and allow for meaningful advocacy; others don’t. Even within a single investigation, the enforcement manual affords the staff broad discretion to deny access to non‑privileged documents or to bypass the notice altogether when they deem time is of the essence.
Limited transparency. Many Wells notices identify only the statutes and remedies the staff intends to recommend. Without a factual proffer, counsel must piece together the case from testimony and subpoenaed documents, often with only a few weeks to respond. Reverse proffers and “open jacket” reviews, where the staff shares the core evidence and legal theory, remain inconsistent. The commission doesn’t publish statistics on how often notices are issued, how frequently submissions change outcomes, or whether certain offices are more receptive than others. This opacity makes it difficult to advise clients and undermines public confidence.
Fairness concerns. The Wells process was created when the SEC primarily sought injunctions and disgorgement. Today, a submission may be used by the staff in subsequent litigation and shared with other regulators. Courts have held that submissions are discoverable by private litigants and not protected by settlement‑privilege rules.
Expressing remorse or offering remediation carries downside risk. Further, the time afforded to prepare a submission is often too short. Respondents may have spent years cooperating with an investigation only to be given 14 to 21 days to rebut complex allegations and propose appropriate remedies. Meetings with senior enforcement officials are limited, and guidance on what makes an effective submission is minimal.
Enhancing Wells
Improving the Wells process doesn’t require diminishing enforcement or taking away all discretion; it requires codifying practices that promote fairness, consistency, and transparency.
Adopt uniform rules. Through notice‑and‑comment rulemaking, the SEC could formalize when a Wells notice will be provided, the content it must contain, and the presumptive response period. Consistency should be the goal. Absent exigent circumstances, every respondent should receive a notice or similar process that identifies the conduct at issue, the applicable statutes, and the key facts on which the staff relies. A baseline 35‑day response window would give counsel time to review the record and prepare a meaningful submission.
Guarantee file access. Respondents should have a presumptive right to review non‑privileged portions of the investigative file. Denials should require approval by senior officials and a written explanation. A reverse proffer or charge conference should be standard to ensure respondents understand the evidence and theory they must address.
Protect advocacy. The commission should treat advocacy in a Wells submission as non‑admission settlement material that can’t be used as an admission of wrongdoing. Sharing with other agencies should be limited to instances where the submission contains false statements or where sharing is legally required. The SEC should seek a narrow FOIA exemption for closed‑investigation submissions to reduce the risk of discovery by private litigants.
Publish metrics. Regularly publishing anonymized statistics on the number of notices issued, the percentage of investigations closed after submissions, and the average response period would build confidence and help practitioners advise clients.
Resource fairness for individuals and small businesses. Large corporations may be able to afford extensive advocacy; individuals and small businesses often can’t. The commission should provide guidance templates and, where appropriate, pro bono resources for pro se respondents and small businesses. An independent advisory committee could assess whether the process remains fair and recommend improvements.
The enforcement division’s formidable authority is vital to market integrity. A strong enforcement program will always remain key to protecting investors and the integrity of our markets. But with great power comes the responsibility to afford those under investigation an opportunity to be heard. The Wells process was born out of a recognition that fairness enhances enforcement by ensuring the staff and commissioners see the complete picture.
By formalizing procedures, improving transparency, and respecting due process, the commission can restore balance, strengthen the legitimacy of its enforcement program, and better serve the investing public.
This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law, Bloomberg Tax, and Bloomberg Government, or its owners.
Author Information
David Woodcock and Osman Nawaz are partners at Gibson Dunn.
Reproduced with permission. Published September 4, 2025. Copyright 2025 Bloomberg Industry Group 800-372-1033. For further use please visit https://www.bloombergindustry.com/copyright-and-usage-guidelines-copyright/
Gibson Dunn is advising Arrowhead Pharmaceuticals on its global licensing and collaboration agreement with Novartis for ARO-SNCA, Arrowhead’s preclinical-stage siRNA therapy targeting alpha-synuclein for the treatment of synucleinopathies, as well as for additional collaboration targets utilizing Arrowhead’s proprietary Targeted RNAi Molecule (TRiM™) platform.
Arrowhead will receive $200 million as an upfront payment and is eligible to receive up to $2 billion in potential milestone payments, plus royalties on commercial sales.
Our Life Sciences team is led by partners Karen Spindler and Ryan Murr and includes partners Pamela Lawrence Endreny, Benjamin Fryer, and Sophia Hansell, along with associates Michael Dziuban, Ryan Rott, and Anna Searcey.
Gibson Dunn advised on Ford Motor Credit Company LLC’s public offering of £400 million aggregate principal amount of 6.184% Fixed Rate Notes due 2031. The offering closed on August 29, 2025.
The proceeds of the offering will be used for general corporate purposes, including for the purchase of receivables, for loans, and for use in connection with the retirement of debt. Barclays Bank PLC, HSBC Bank plc, ICBC Standard Bank Plc, Lloyds Bank Corporate Markets plc, and NatWest Markets Plc acted as agents for the offering.
Ford Motor Credit Company is the financial services arm of Ford Motor Company. It is headquartered in Dearborn, Michigan.
Our team was led by partners Andrew Fabens and Robert Giannattasio and included associates Sarah Ediger and Mariana Lozano.
Partner Dennis Friedman is the recipient of this year’s New York Law Journal Lifetime Achievement Award.
Dennis is a preeminent M&A lawyer who exemplifies the highest standards of legal excellence. Beyond his extraordinary practice, his mentorship has guided generations of lawyers, leaving an indelible mark on our profession. Dennis’s distinguished career and many accolades reflect this remarkable legacy — a legacy richly deserving of this honor.
Read more about Dennis and his exceptional career.
Partner Rosemary Spaziani recently spoke with IFLR about the impact of the implementation of the U.S. GENIUS Act, as well as new proposals on the Basel III global capital standards and bank supervisory reform, and how these developments will affect regulators, lawyers, and clients.
Ro explained that the GENIUS Act introduces a regulatory framework that many fintech clients are encountering for the first time: “Being supervised at a prudential level is just not something that most of these fintechs are accustomed to, but they really want to understand what that means.”
She also underscored the significance of the implementation of the U.S. approach to the Basel III proposals, particularly in ensuring a level playing field for the large U.S. banks operating globally. “In the traditional banking world, that’s fairly critical,” she added.
Gibson Dunn topped Debtwire’s lead counsel (subscription required) ranking in July, securing six new engagements, and also remained well ahead in the year-to-date ranking, with 29 mandates. Restructuring mandate activity in the U.S. and Canada was up 36% compared to last year.
Debtwire’s Restructuring Advisory Mandates Report for the U.S. and Canada ranks advisors based on the total number of in-court and out-of-court representations. The lead counsel category tracks the main restructuring/bankruptcy counsel retained by a party.
Gibson Dunn announced today that Bradley P. Smith has joined the firm’s New York office as a partner in the Antitrust and Competition Practice Group. Brad counsels clients on a wide range of antitrust issues, including pre-merger notifications under the Hart-Scott-Rodino (HSR) Act.
“We are thrilled to welcome Brad to the Gibson Dunn team,” said Kristen Limarzi, Global Co-Chair of Gibson Dunn’s Antitrust and Competition Practice Group. “Brad is an in-demand, well-rounded antitrust lawyer whose experience guiding clients through successful merger clearances will be invaluable—particularly in today’s shifting regulatory landscape, where acquirers face significantly heightened demands under the new HSR rules.”
“Gibson Dunn has built a premier platform that spans all areas of antitrust law, offering an outstanding foundation to deepen my practice and begin the next chapter of my career at this pivotal moment in antitrust enforcement,” said Brad. “With the recent overhaul of the HSR filing requirements—the most significant change in over 45 years—clients are facing a more complex and demanding regulatory landscape. I’m excited to join such a talented and collegial team to help clients meet these new challenges and advise them across the full spectrum of antitrust issues.”
A global leader in antitrust law, Gibson Dunn advises clients across a wide range of industries, with world-class practitioners covering every major area of antitrust and competition law. The team includes more than 250 practitioners across the U.S., Europe, and Asia.
About Bradley P. Smith
Brad advises clients on a wide range of antitrust issues, providing substantive antitrust advice in both merger and non-merger cases. He is recognized for his experience counseling clients on pre-merger notifications under the HSR Act, having guided clients through hundreds of M&A transactions and represented technology, life sciences, financial services, transportation, and industrial entities in completed transactions collectively valued at more than $500 billion. His antitrust work includes some of the largest and most high-profile matters on record. Prior to joining Gibson Dunn, Brad served at another international law firm. He earned his law degree from Yale Law School in 1997.
Partner Matt Donnelly was interviewed recently by Tax Notes about President Trump’s executive order directing the Treasury Department to “strictly enforce the termination of the clean electricity production and investment tax credits under sections 45Y and 48E of the Internal Revenue Code for wind and solar facilities.”
“The guidance is much more tempered than what the executive order might have been contemplating,” Matt said.
Partner Trey Cox is the subject of The Texas Lawbook’s latest Asked & Answered [PDF] feature, which highlights the work of leading Texas lawyers and offers insight into their lives outside the courtroom.
In this wide-ranging interview, Trey discusses growing Gibson Dunn’s Texas presence, touches on some notable recent courtroom wins, shares how he developed his style of practice, comments on the firm’s commitment to pro bono work — and even talks about life with his three daughters and his wife, an equally accomplished lawyer.
Partner Krystyna Blakeslee has been featured in the New York Real Estate Journal’s spotlight on 2025 Women in Commercial Real Estate. Reflecting on the industry and her career, Krystyna cited resilience as a key to success: “It’s the ability to adapt well to adversity, stress, tragedy and so on … the tool that will help navigate life’s ups and downs, both in a professional and personal sense.”
Krystyna also advised women considering a career in commercial real estate to “Build a circle of people you trust and truly support — and be just as committed to their success as they are to yours. This network will help you with your ‘resilience’ and provide a safe space that will be there for you for the good times and the bad.”
Associate Alon Sugarman has spoken to the New York Law Journal [PDF] about his pro bono work representing a client who alleges his landlord has failed to make accommodations for a disability — an issue that resonates deeply with Alon, who faced similar challenges after losing a leg to childhood cancer.
Alon’s client, a 73-year-old former NYC corrections officer who can no longer access his fifth-floor walk-up due to declining health, has been requesting a ground-floor apartment or other accessible unit for more than a decade. The lawsuit claims the landlord has ignored his repeated requests. Alon is representing the client together with Gibson Dunn partner Christopher Belelieu, in partnership with Legal Services NYC.
Alon told the publication that witnessing a family friend advocate for his return to school after his cancer treatment inspired him to study law, and that his personal experience gives him a unique perspective on the case: “Everyone has different barriers in their lives, and part of overcoming those obstacles is what gives you insight.”
Partner Russell Balikian has been named by Attorney Intel as one of the Top 25 Telecommunications Attorneys of 2025. The list recognizes lawyers who “have argued precedent-setting cases, counseled on the launch of next-generation products, and negotiated with regulators in high-stakes matters that influence the direction of telecom policy.”
Gibson Dunn advised Carlyle, a global investment firm, on its acquisition of cloud-based practice management software provider intelliflo from global asset management firm Invesco. The transaction included intelliflo’s U.S.-based subsidiaries and was valued at up to $200 million.
Our London corporate team was led by partner Will Summers and included of counsel Michael Skouras and associates Lucy Carr, Charlotte Deans, Lena Tarrin, and Willem van Hootegem. Our New York corporate team included partners Brian Scrivani and Ekaterina Napalkova. Partner Alison Beal and associates Chris Puttock, Libby Pica, and Ioana Burtea advised on IP/Tech; partner Sandy Bhogal, senior tax adviser Rohit Karamchandani, and associates James Chandler and Cheryl Yip advised on tax; partner James Cox and associate Georgia Derbyshire advised on employment; and partners Michelle Kirschner and Kevin Bettsteller advised on regulatory aspects.
Gibson Dunn recently advised Xerox Holdings Corporation (NASDAQ: XRX) in connection with the financing of its acquisition of Lexmark International, Inc. from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre as part of a transaction valued at $1.5 billion. Our firm led the negotiation and resolution of financing arrangements related to the company’s 13.00% Senior Notes due 2030 and related warrants.
The Gibson Dunn corporate team was led by partner Michael D. Saliba and associate James Sullivan. Our litigation team was led by partners Orin Snyder, Mary Beth Maloney, Brian Lutz, and Gabriel Herrmann, along with associates Brian Richman, Adam Jantzi, and Nicholas Canelos.
Gibson Dunn is advising XOMA Royalty Corporation on its acquisition of Mural Oncology plc.
XOMA Royalty is a publicly traded biotech royalty aggregator. Mural Oncology is a biopharmaceutical company focused on discovering and developing immunotherapies for patients with cancer.
Our corporate team is led by partners Ryan Murr and Branden Berns and includes associates Evan Shepherd, Maggie Zhang, and Cody Wong. Partner Pamela Lawrence Endreny and associate Elizabeth Johnson are advising on tax. Partner Cassandra Gaedt-Sheckter and associate Michael Roberts are advising on privacy.
The Best Lawyers in America® 2026 Ones to Watch recognized 117 lawyers in 41 practice areas. Ones to Watch “recognizes associates and other lawyers who are earlier in their careers for their outstanding professional excellence in private practice in the United States.”
The Best Lawyers in America® 2026 has recognized 221 lawyers in 66 practice areas.
Gibson Dunn advised affiliated lenders and noteholders of a special situations fund in connection with the comprehensive recapitalization of Mavenir Systems, Inc., a cloud-native network infrastructure provider.
The transaction reduced Mavenir’s existing indebtedness by more than $1.3 billion while providing Mavenir with $300 million of new senior secured financing by a third-party lender and a new secured, subordinated debt facility provided by Siris Capital Group and certain existing lenders. Siris, Mavenir’s pre-transaction equity sponsor, remains the company’s controlling shareholder.
Our team was led by partner Michael Saliba and associates James Sullivan and Kaylin Chavez Ervin.
Of counsel Marie Kwon advised on equity-linked matters; of counsel Ruben Almaraz and associates Lily Paulson Stephens and Emily Harvey advised on debt finance; partners Stephenie Gosnell Handler and Attila Borsos and associates Chris Mullen, Christian Liborius, and Loretta Soffe advised on regulatory matters; partner Jennifer Sabin and associates Ryan Rott and Bree Gong advised on tax; and partners Mary Beth Maloney and Keith Martorana and associates Brian Richman and Michael Farag advised on other matters.
Gibson Dunn represented the underwriters in Carlisle Companies Incorporated’s $1 billion offering of notes, comprising $500 million 5.250% Notes due 2035 and $500 million 5.550% Notes due 2040. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Truist Securities, Inc. acted as joint book-running managers.
Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy-efficient buildings.
Our team was led by partners Andrew Fabens and Robert Giannattasio and included associates Nneka Chukwumah and Kevin Mills. Partner Jennifer Sabin advised on tax.