Ethan Klingsberg

Paul Tiger, who left Freshfields in early 2025, has joined White & Case as a partner in its global M&A group, the firm said Tuesday. “Strengthening our U.S. capabilities is a key element of our strategy, and we continue to add talent to our M&A team,” White & Case chair Heather McDevitt said in a statement. “Paul is known for his collaborative approach, and his skill set will support our listed corporate clients and global organizations conducting transactions in the U.S.” Tiger was previously a partner at Cleary, Gottlieb, Steen & Hamilton before moving over to Freshfields in 2019 alongside Ethan Klingsberg, who remains with Freshfields. After leaving Freshfields in early 2025, Tiger had taken some time away to deal with a personal health matter. As for why he made the move now to White & Case, Tiger said the firm's global platform and subject-matter expertise in ancillary practices were a difference-maker for his practice. “In the past few years, we have seen that big-ticket M&A requires two to three elements to succeed,” Tiger said in an interview. “You need a domestic platform that is aided by subject matter experts in areas like tax, CFIUS and executive compensation. And because so many businesses have a global facet, it is important to have a global offering. White & Case has a good mix of those elements.” White & Case said Tiger handles domestic and cross-border mergers and acquisitions and private equity investments across industries, including manufacturing, automotive, building materials, chemicals, logistics and retail, while also leveraging his strong technology and energy transition experience for both TMT and industrial clients.” Tiger said the timing of his move is somewhat reflective of the market, as there has been a lot of movement by M&A attorneys. And Tiger believes this is due to a pending boom for M&A. "We’re seeing a lot of disruption in the markets right now," Tiger said. "A year ago, it was tax policy and the broader regulatory environment; now it’s tariffs, inflation and the Fed, the effects of AI, and potential foreign conflicts. That disruption is having pronounced effects on international trade, the data center bubble, software companies, and the defense industry. Historically, if you look back, after periods of disruption like this, winners and losers have emerged, and significant M&A has followed on the back of that."

Feb 24

2 min

Freshfields has landed another major U.S. M&A mandate advising eBay on its $1.2 billion acquisition of second-hand fashion tech company Depop from Etsy. The Freshfields team advising eBay is being led by New York-based partners Ethan Klingsberg and Zheng Zhou, and includes partners from multiple offices, including Silicon Valley, London, and Washington D.C. Meanwhile, U.S. tech law firm Fenwick & West is advising Etsy and Depop, with a team led by corporate partners Ken Myers and Bomi Lee, who are based in New York and San Francisco respectively. The transaction is expected to close in the second quarter of 2026, and eBay said it intends to fund the transaction with cash on hand. An eBay spokesperson added that Depop is expected to retain its name, brand, platform, and complementary culture. Peter Semple, Depop’s CEO, commented: “We're thrilled to begin this next chapter with eBay, whose experience in the C2C fashion space and shared belief in people, opportunity, and a more sustainable future positions us to meaningfully accelerate our marketplace in the U.S. and beyond.” Etsy acquired Depop in 2021 for $1.6 billion, with Weil Gotshal & Manges and A&O Shearman advising on the transaction at the time.

Feb 20

1 min

Freshfields LLP is guiding eBay Inc. on its planned acquisition of Depop, a fast-growing mobile fashion resale marketplace, from Fenwick & West LLP-advised Etsy Inc. for about $1.2 billion in cash, as the online commerce giant seeks to expand its reach among younger consumers. The boards of both companies have unanimously approved the deal, which is expected to close in the second quarter of 2026, subject to regulatory approvals and other customary conditions, according to a joint deal announcement Wednesday from the companies. EBay plans to fund the acquisition with cash on hand, while Etsy intends to use proceeds for general corporate purposes, share repurchases, and investments in its core marketplace, the companies said. Depop, known for targeting Generation Z and millennial shoppers, generated roughly $1 billion in gross merchandise sales in 2025, with nearly 60% growth in the U.S., according to the announcement. The platform has about 7 million active buyers, almost 90% of them under 34, and more than 3 million active sellers, it said. "Depop has built a trusted, social-forward marketplace with strong momentum in the pre-loved fashion category, and we are confident that as part of eBay, Depop will be even more well-positioned for long-term growth," eBay CEO Jamie Iannone said in the announcement. Fashion represents more than $10 billion in annual gross merchandise volume for eBay and was one of its fastest-growing categories in 2025, the company said. Iannone said the acquisition would help eBay reach younger buyers while leveraging its global scale, shipping solutions, and services such as its Authenticity Guarantee. Etsy CEO Kruti Patel Goyal said the sale allows the company to focus on its core marketplace while providing "a positive next step for all involved." Depop will retain its brand, platform, and culture under eBay, according to the announcement. Depop CEO Peter Semple said joining eBay would accelerate growth in the U.S. and beyond, calling the deal "a testament to the significant growth we have delivered as we have evolved our product experience and strengthened our brand's place in the world." The Freshfields team advising eBay is led by partners Ethan Klingsberg and Zheng (Jonathan) Zhou. The Fenwick team advising Etsy is led by partners Ken Myers and Bomi Lee.

Feb 19

2 min

Global law firm Freshfields is representing the private equity consortium buyer, led by Mubadala Capital and TWG Global, on the $6.2 billion, leveraged take-private of NYSE-listed Clear Channel Outdoor announced this morning. Details can be found here. The Freshfields team is led by partners Ethan Klingsberg and Oliver Board, counsel Zizi Petkova and associates Amy Zhan and Charlie Carroll. Partner Andrea Basham and senior associate Arash Ardalan advised on mezzanine financing and consortium arrangements; partners Allison Liff, Michael Levitt and Haden Henderson, counsel Kelsey Avery, senior associate Elio Gaarthuis and associates Cates Saleeby, Nick Singer and Dax Zhang leveraged finance/capital markets matters; partner Nicole Foster, senior associate Jeff Anand and associate Emily Shaw advised on executive compensation & employee benefits matters; partner Joe Soltis and associate Ryan Sweeney advised on tax matters; partner Brock Dahl, senior associate Christine Chong and associate Ian Allen advised data privacy/security matters; partner Mena Kaplan, senior associate Danny Spencer and associate Rhea Khakria advised on IP/commercial matters; partners Justin Stewart-Teitelbaum and Marin Boney, senior associate Sam Fulliton and associate Sandra Makeen advised on antitrust matters; counsel Jeremiah Nelson and associates Matt Parsons and Kate Koudouna advised on real estate matters and partner John Rousakis advised on environmental matters.

Feb 9

1 min

Twenty-two Freshfields partners have been selected to Lawdragon’s 500 Leading Lawyers in America guide for 2026. Since 2005, this flagship guide has recognized seasoned lawyers for their exceptional skill in practice and their exhibition of strong leadership on cases, deals and other significant contributions throughout the most important legal matters of the previous year. This is the largest number of Freshfields partners ever featured in this guide. The partners recognized are: Andrea Merediz Basham, M&A, New York Eric B. Bruce, White Collar Investigations, Washington DC Ian N. Bushner, Private Capital, New York Timothy J. Clark, Private Funds & Secondaries, New York Mary Eaton, Securities & Shareholder Litigation, New York John Fisher, M&A, Silicon Valley Elliot Friedman, International Arbitration, New York Matthew Goulding, Private Capital, Boston Jenny Hochenberg, M&A, New York Paul Humphreys, M&A, New York Gayle Klein, Commercial Litigation, New York Ethan Klingsberg, M&A, New York Meredith Kotler, Securities & Shareholder Litigation, New York Allison Liff, Leveraged Finance, New York Eric Mahr, Antitrust Litigation, Washington DC Noiana Marigo , International Arbitration, New York Jennifer Mellott, Antitrust, Washington DC Sanjay Murti, M&A, New York Melissa Raciti-Knapp, Project Finance, New York Neal J. Reenan, Private Capital, New York Sarah K. Solum, Capital Markets, Silicon Valley Damien Zoubek, M&A, New York

Jan 9

1 min