As more U.S. companies seek to lower their tax rates by reincorporating overseas through so-called inversions, at least three dozen U.S. firms have capitalized on the trend. Skadden, Arps, Slate, Meagher & Flom leads the way, advising on the most number of inversions since 2010—at least 13, worth a collective $234.8 billion. Nonetheless, these deals have faced considerable pushback from lawmakers and the Obama administration, leaving their future unclear.
Top Tax Lawyers Mum on Inversion Debate
More than a decade ago, when corporate inversions came under scrutiny, a group of leading New York tax lawyers—headed by a Paul Weiss partner and including partners from Skadden, Sullivan & Cromwell and Cravath—took a principled stand and called for urgent action to stop these deals. Twelve years later, a new wave of inversions has sparked controversy and calls for reform. This time the corporate tax bar’s lawyers are silent.