The practice of private equity firms choosing lenders’ legal counsel has attracted the attention of UK and European financial watchdogs and added fuel to an already heated argument.
February 28, 2023 at 05:45 AM
11 minute read
The original version of this story was published on Law.com International
Designation. The word doesn’t sound particularly interesting, let alone controversial. But utter the term in the presence of a private equity lawyer and you are bound to get a reaction.
The practice of designation—where private equity firms choose the legal counsel that lenders are allowed to use on deals—has divided opinion across the industry unlike anything else in recent memory.
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