New York, NY – Sidley Austin has announced the addition of Greg Featherman to its New York office as a partner in its tax practice. The move strengthens the firm’s capabilities in advising on complex cross-border tax planning and transactions, a crucial area for multinational corporations and investment funds navigating an increasingly intricate global financial landscape. Featherman’s arrival signals a continued strategic expansion for Sidley in the New York market, building on recent additions across several key practice areas.
Featherman brings a wealth of experience to Sidley, having previously served as a tax partner at Weil, Gotshal &. Manges. Prior to his role at Weil, he spent ten years at KPMG, where he honed his expertise in advising clients on a broad spectrum of tax and transactional issues. This combination of law firm and accounting firm experience provides him with a unique perspective on the challenges faced by businesses operating across international borders. His expertise is particularly valuable as companies grapple with evolving tax regulations and the complexities of global supply chains.
Focus on Complex Transactions and International Funds
At Sidley, Featherman will concentrate on providing U.S. Tax advice related to intricate domestic and cross-border transactions. His function will encompass a wide range of corporate and financial matters, including mergers and acquisitions (M&A), spin-offs, internal restructurings, financings, joint ventures and the formation of new strategic businesses. He will represent a diverse client base, including public and private companies, private equity sponsors, sovereign wealth funds, foreign pension funds, and financial institutions. A significant portion of his practice will focus on advising foreign funds – including sovereign wealth funds and pension funds – on their investments within the United States. This expertise is particularly relevant given the continued flow of capital from international investors into the U.S. Market.
The increasing complexity of international tax law, driven by initiatives like the OECD’s Base Erosion and Profit Shifting (BEPS) project, has created a growing demand for specialized legal counsel. The OECD’s BEPS project aims to address tax avoidance strategies used by multinational enterprises, leading to significant changes in tax rules worldwide. Featherman’s experience in navigating these complexities will be a valuable asset to Sidley’s clients.
Sidley’s Expanding New York Presence
Featherman’s addition is part of a broader strategic initiative by Sidley Austin to expand its New York office and enhance its service offerings. The firm has recently welcomed several new partners specializing in areas such as antitrust and competition law, global finance, and investment funds. This expansion reflects Sidley’s commitment to providing comprehensive legal solutions to its clients in key financial centers. The firm’s growth in New York underscores the city’s continued importance as a global hub for business and finance.
Sidley Austin boasts a substantial tax practice, comprising more than 60 tax lawyers strategically located across the United States and Europe. This extensive network allows the firm to provide clients with comprehensive guidance on tax issues spanning multiple jurisdictions, helping them navigate the evolving global business and regulatory environment. The firm’s global reach is a key differentiator in a world where businesses increasingly operate across borders.
Leadership Perspectives on the New Partnership
Yvette Ostolaza, Management Committee Chair at Sidley, highlighted Featherman’s strong relationships with both domestic and international clients and his proficiency in managing the tax implications of cross-border transactions. “Greg has strong relationships with both domestic and foreign-fund clients and is particularly adept at managing tax considerations in cross-border work. This continues our strategy of bringing on new partners that have previously worked with our partners and clients and have a strong cultural fit with Sidley,” Ostolaza stated.
Nancy Chung, Managing Partner of the New York Office and a member of Sidley’s Management Committee and Executive Committee, emphasized Featherman’s deep cross-border tax experience and his background at a prominent global accounting firm. “With deep cross-border tax experience and drawing on his early career at a prominent global accounting firm, Greg is a strong addition to our New York office. Working closely with partners across practices, Greg will help clients navigate business across jurisdictions,” Chung explained. This collaborative approach, leveraging expertise across different practice areas, is a hallmark of Sidley’s client service model.
The Growing Demand for Cross-Border Tax Expertise
The demand for legal professionals specializing in cross-border tax issues is steadily increasing, driven by several factors. Globalization, the rise of multinational corporations, and the increasing complexity of international tax laws all contribute to this trend. Increased scrutiny from tax authorities worldwide is prompting companies to seek expert advice to ensure compliance and minimize tax risks. The U.S., with its complex tax code and significant role in the global economy, remains a particularly important jurisdiction for cross-border tax planning.
The work of tax partners like Featherman often involves navigating intricate regulations related to transfer pricing, withholding taxes, and the taxation of foreign income. The Internal Revenue Service (IRS) provides detailed guidance on international tax matters, but interpreting and applying these rules requires specialized knowledge and experience.
Sovereign wealth funds, in particular, are significant players in the global investment landscape and often require specialized tax advice when investing in U.S. Companies. These funds, typically state-owned investment funds, manage large portfolios of assets and play a crucial role in shaping global financial markets. Their investments are subject to specific tax rules and regulations, making expert guidance essential.
Key Takeaways
- Greg Featherman has joined Sidley Austin as a partner in its New York tax practice, bolstering the firm’s cross-border tax capabilities.
- Featherman brings extensive experience from Weil, Gotshal & Manges and KPMG, providing a unique blend of legal and accounting expertise.
- Sidley Austin is strategically expanding its New York office with additions across multiple practice areas to meet growing client demand.
- The demand for cross-border tax expertise is increasing due to globalization, complex tax laws, and heightened regulatory scrutiny.
Looking ahead, Sidley Austin is well-positioned to advise clients on the evolving challenges and opportunities in the global tax landscape. The addition of Greg Featherman reinforces the firm’s commitment to providing top-tier legal services to businesses operating in an increasingly interconnected world. The firm will continue to monitor developments in international tax law and adapt its strategies to meet the changing needs of its clients.
The next significant development to watch will be the ongoing implementation of the OECD’s BEPS project and its impact on multinational tax planning. Further updates on Sidley Austin’s expansion and client advisory work can be found on the firm’s official website. We encourage readers to share their thoughts and insights on this important development in the comments below.
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