Patrick has extensive transactional experience representing hedge funds, banks and brokers-dealers involved in the purchase and sale of secured, administrative expense, general unsecured and customer claims against bankrupt companies, the purchase and sale of bank loans under the Loan Syndication & Trading Association (LSTA) and the Loan Market Association (LMA) standards, and the transfer of post-reorganization equities and restricted securities in both foreign and domestic jurisdictions. Patrick also advises clients who purchase and sell the debt of distressed and insolvent companies across emerging markets in Europe, Asia, South America and Australia. With respect to risk management, Patrick counsels clients on the establishment of information barriers, confidentiality agreements and limitation of counterparty credit risk exposure.
What are some key issues that you help your clients manage?
Counterparty and liquidity risk. The clients I represent invest across all types of industries in all parts of the world; with experience and by asking the right questions, it becomes easier to detect potential counterparty risks and create contingency plans. With regard to liquidity risk, any fund can spend money on an asset but the true test comes when the fund looks to sell an asset. To keep an asset liquid in the secondary market, one needs to have a clear understanding of standard market practice.
“We get straight to the heart of the issue and give the client the right advice in a straightforward manner.”
How do you maintain your client relationships?
By providing efficient, cost-effective counsel and staying focused on bringing projects to completion, regardless of the obstacles that may arise. As a transactional lawyer, I know that deals need to close; in order for that to happen, sometimes one person needs to drive the process forward. This is a role in which I am comfortable. What separates me from other attorneys is that I spot the issues that truly matter on any given deal and do not let the process be slowed down by non-substantive issues that will not trigger client liability.
What makes Farrell Fritz different from other law firms?
There is a firm culture of cooperation that is becoming less common in the legal industry. Attorneys from different practice areas frequently work together to achieve favorable results for all firm clients. There is a focus on achieving long term results and cultivating long-term client relationships. I would say it is this culture of teamwork and placing value on the long term that distinguishes Farrell Fritz from a number of other firms.
What are some ways you give back to the community?
When I am not representing hedge funds or institutional broker/dealers, I spend time at the New York City Bar Consumer Bankruptcy Project, where I assist individuals in financial trouble determine how to manage their financial situation and whether or not to declare bankruptcy. In all cases I have handled, people are relieved to have someone who listens without making judgments and who can remind them that everyone in life deserves a second chance.