Debevoise Revamps Finance Leadership Amid Fierce War for Talent

NEW YORK, NY – March 09, 2026 – Debevoise & Plimpton LLP today unveiled a significant overhaul of its global finance practice, appointing new leadership across key divisions and announcing a high-profile partner hire in a move signaling a strategic push to dominate the increasingly complex private capital landscape. The restructuring, however, comes as the elite law firm navigates the turbulent waters of a legal market defined by an intense competition for top-tier talent.

The firm announced that partners Ryan Rafferty and Scott Selinger will now serve as Co-Chairs of the Leveraged and Corporate Finance practice. Thomas Smith and Ramya Tiller have been named Co-Chairs of the Fund Finance practice, while Pierre Maugüé will take the helm as Chair of the Structured Finance practice. Simultaneously, Debevoise has bolstered its ranks with the addition of Mayer Steinman, who joins as a partner in the Leveraged and Corporate Finance practice from rival firm Davis Polk.

A Strategic Response to Evolving Markets

The newly defined leadership structure is a direct response to a rapidly evolving financial market. After a period of relative slowdown, industry analysts anticipate a resurgence in dealmaking throughout 2026, fueled by record levels of private equity dry powder and a more stable interest rate environment. This new landscape demands a higher degree of specialization from legal advisors, a need Debevoise aims to meet head-on.

"Clients are turning to us for distinct capabilities and global coverage across leveraged finance and fund and structured finance," said Presiding Partner Peter Furci in a statement. "We have organized our platform to match that demand. These appointments recognize the leaders who have built strong, differentiated practices and position us for continued growth."

The appointments reflect a deep understanding of current market trends. The elevation of Scott Selinger, whose remit includes leadership of Liability Management and Special Situations, underscores the growing need for sophisticated advice on complex restructurings and distressed scenarios. Similarly, the appointment of Pierre Maugüé to lead the Structured Finance practice highlights the firm's investment in complex financing solutions. Maugüé has been a pioneer in the collateralized fund obligations (CFOs) market since 2019, a niche but increasingly important area as sponsors seek innovative liquidity solutions. The firm's focus on fund finance, now co-led by Thomas Smith and Ramya Tiller, taps into the explosive growth of private credit and the demand for alternative liquidity options like NAV financing and GP-led secondary transactions.

Bolstering the Bench with a Key Hire

The recruitment of Mayer Steinman is a significant tactical victory for Debevoise. Steinman arrives with a formidable reputation for advising private equity sponsors and corporate borrowers on complex U.S. and cross-border leveraged financing transactions. His experience spans acquisition financings, second-lien and asset-based loans, and critical debt restructuring and liability management transactions—skills that are in high demand and directly complement the firm’s core private equity focus.

Matthew Kaplan, Chair of the firm’s Corporate Department, emphasized the strategic value of the hire. "Mayer is a strong addition to our finance bench," Kaplan stated. "His experience across acquisition and other leveraged financings strengthens a practice that plays a critical role in our corporate, private equity and asset management work."

Steinman himself noted the allure of the firm's platform. "Debevoise has a well-established global finance platform and a leading private capital client base," he said. His move is indicative of a broader trend where top-tier lawyers are drawn to firms that can provide the most robust platform for serving an elite clientele navigating increasingly intricate capital structures.

Navigating a Hyper-Competitive Landscape

While Debevoise’s announcement projects strength and strategic foresight, it occurs within the context of an exceptionally competitive legal market. The "war for talent" among elite law firms has never been more intense, particularly in high-margin practices like private equity and leveraged finance. On the very same day as Debevoise's announcement, it was reported that Jeffrey Ross, a veteran finance partner who had spent over two decades at the firm and was instrumental in building its finance practice, had departed for Sidley Austin.

This high-profile departure underscores the challenges even the most prestigious firms face in retaining top talent. Firms like Sidley Austin, Kirkland & Ellis, and Paul, Weiss have been aggressively expanding their private equity and finance benches, often leveraging more flexible compensation structures to lure established stars. While Debevoise has historically prided itself on a traditional lockstep compensation model that promotes a collaborative culture, the modern legal market has seen a surge in lateral moves driven by significant financial packages. The firm's strategic appointments and the hiring of Steinman can therefore be seen not only as a move for growth but also as a necessary reinforcement of its ranks amidst these competitive pressures.

Aligning for Future Growth

Ultimately, the restructuring is designed to create a more agile and client-focused finance practice. By establishing distinct leadership for its Leveraged, Fund, and Structured Finance groups, the firm aims to deepen its expertise in each vertical while ensuring seamless collaboration. This integrated approach is crucial for servicing its core client base of private equity sponsors and asset managers who increasingly require holistic advice that spans the entire capital stack, from fund formation and NAV loans to portfolio company acquisitions and liability management.

Deputy Presiding Partner Nicole Mesard highlighted this dual objective. "This structure gives each team focused leadership while maintaining close coordination across the capital structure," she explained. The move recognizes that while the practices operate in distinct markets with unique products, the firm's most valuable clients often need advice that connects them all. By aligning its structure with the sophisticated, multi-faceted needs of the modern private capital industry, Debevoise is positioning itself to not only defend its market share but to capture new opportunities in the complex world of global finance.