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“DLA Piper Recruits Three Latham & Watkins Lawyers to Accelerate Private Credit Expansion The law firm’s latest hires signal a growing push to capture business from private lenders, investment funds and companies seeking alternative financing.” 🚨🚨🚨

October 12, 2026

DLA Piper Strengthens Its Position in the Private Credit Market

DLA Piper is expanding its private credit capabilities by recruiting three senior lawyers from rival law firm Latham & Watkins, adding experienced legal talent as competition intensifies across the rapidly evolving private financing industry.

The group will be led by Jesse Sheff, a former Latham partner who spent 16 years at the firm. Seung-Ju Paik and Preeta Paragash, both formerly counsel at Latham, are also joining DLA Piper, according to a Bloomberg Law report published October 12. Sheff has advised major asset managers, including Apollo Global Management and BlackRock.

The hires are part of DLA Piper’s broader effort to build its capital solutions business and deepen its relationships with investors and lenders operating outside traditional banking channels.

The move comes as law firms compete to advise private credit funds, asset managers, private equity sponsors and borrowers on increasingly sophisticated financing arrangements. For DLA Piper, recruiting a team with established experience and industry relationships could help accelerate growth in a business where specialized knowledge and client trust are critical.

Why Private Credit Is Attracting Attention

Private credit refers broadly to loans and other debt financing provided by nonbank lenders, including private investment funds and alternative asset managers. Rather than relying exclusively on traditional bank loans or public bond markets, companies can negotiate financing directly with private lenders.

These arrangements can offer borrowers greater flexibility in structuring transactions, negotiating repayment terms and securing funding for acquisitions, business expansion or refinancing. In exchange, borrowers may face higher borrowing costs, tighter financial restrictions or less liquidity than they might find in some public markets.

Private credit also gives institutional investors an opportunity to earn income from loans and other privately negotiated debt investments. The sector has developed into an important part of the alternative-investment industry, attracting capital from pension funds, insurers, endowments and other large investors.

DLA Piper describes its private credit practice as covering direct lending, fund-level financing, asset-backed transactions, joint ventures, co-investments and other complex capital structures. Its legal work spans middle-market borrowers through larger companies and transactions.

As the market expands, the legal work becomes more demanding. Lawyers must understand not only loan agreements, but also collateral arrangements, lender priorities, fund structures, regulatory requirements and what happens when a borrower encounters financial distress.

Why the Three Hires Matter

The recruitment of Sheff, Paik and Paragash gives DLA Piper a team with experience from one of the major firms serving the financial sector.

Sheff’s lengthy tenure at Latham and work with prominent asset managers could bring valuable institutional knowledge and client relationships. Paik and Paragash add further legal capacity, allowing the group to pursue a broader range of assignments and support clients through transactions that may involve multiple lenders, investors and jurisdictions.

For DLA Piper, the opportunity is not simply to add three names to its roster. It is to develop a deeper platform capable of competing for sophisticated private financing mandates.

Private credit transactions can generate legal work at several stages: structuring a fund, arranging financing, negotiating loan terms, managing a portfolio investment, refinancing debt or restructuring a troubled borrower. A firm that can support clients throughout that process has more opportunities to build long-term relationships and secure repeat business.

The hires also reflect a wider competitive dynamic among large law firms. Experienced finance lawyers are valuable because their expertise can be difficult to replicate quickly, and established relationships often influence which firms are selected to handle major transactions.

Part of a Broader Capital Solutions Strategy

The latest appointments build on DLA Piper’s wider investment in financing-related legal services.

In March 2026, the firm launched its Global Capital Solutions Practice with the addition of partners Ranesh Ramanathan, Alex Cushman and Daniel Wayte. The initiative was designed to help clients navigate debt, equity and hybrid funding strategies across markets.

The firm also announced additional appointments to its global private markets and finance teams in July, including professionals focused on capital solutions and restructuring.

Together, these moves suggest DLA Piper is seeking to provide a more comprehensive service to the private markets industry. Investors increasingly need advisers who can coordinate financing, fund formation, restructuring and other legal work across borders and asset classes.

That strategy could become particularly important when market conditions change. When financing is readily available, lawyers help lenders and borrowers execute transactions. When credit tightens, the same clients may need advice on amendments, refinancing, distressed investments or restructuring.

Opportunities—and Risks—in a Competitive Market

The private credit industry offers law firms a substantial opportunity, but its continued growth is not guaranteed to be smooth.

Competition among lenders can put pressure on pricing and underwriting standards. If borrowers struggle to meet repayment obligations, investors may face losses, delayed recoveries or difficult negotiations over collateral and loan terms. Less transparent private-market valuations can also make it harder for outsiders to assess the extent of stress across portfolios.

These risks create demand for experienced legal counsel, particularly in complex transactions and workouts. However, they can also slow deal activity if lenders become more cautious, financing costs rise or investors reduce their commitments to private funds.

For DLA Piper, the business case therefore depends on more than the overall size of the private credit market. Success will also depend on whether the firm can convert the new team’s experience into new mandates, retain clients and compete effectively against established finance practices.

The recruitment itself does not establish how much additional revenue the lawyers will generate, nor does it guarantee a larger share of the market. Those results will depend on client demand and the firm’s ability to integrate the team into its broader platform.

What This Means for the Financial Industry

The hires offer another indication of how the growth of private capital is reshaping the professional-services industry around finance.

As nonbank lenders become increasingly important sources of corporate funding, law firms are investing in specialists who understand the details of private lending and the needs of institutional investors. The competition is extending beyond banks and asset managers to the advisers that structure, negotiate and manage their transactions.

For borrowers, a larger pool of experienced legal advisers may help facilitate more customized financing options. For lenders and investors, it can mean access to specialized expertise on complex loans, fund-level leverage and cross-border transactions.

The larger takeaway is that private credit is no longer a niche financing activity. It has become a major area of competition for financial institutions, investment managers and the professional firms supporting them.

The Bottom Line

DLA Piper’s recruitment of Jesse Sheff, Seung-Ju Paik and Preeta Paragash from Latham & Watkins strengthens its effort to expand in private credit and capital solutions. The move builds on a series of investments in finance and private markets expertise, positioning the firm to compete for more work involving private lenders, investment funds and corporate borrowers.

The key question now is whether the new team can translate its experience and relationships into sustained deal flow. As private credit continues to evolve, firms that combine specialized knowledge with a broad financing platform may be better positioned to win business across both strong and difficult market cycles.