White & Case Hires Two Freshfields M&A Partners in Tokyo as Japanese Cross-Border Dealmaking Hits Record Highs
White & Case has hired corporate mergers and acquisitions partners Noah Carr and Gordon Palmquist from Freshfields in Tokyo, bolstering its cross-border M&A practice in Japan at a moment when dealmaking in the market has reached unprecedented levels. The lateral move intensifies an already fierce competition among international law firms for senior transactional talent in Tokyo, where a limited pool of qualified cross-border M&A lawyers is being competed over by an expanding roster of US and UK firms. Japan has emerged as one of the most active M&A markets globally, driven by a combination of corporate governance reform pressure (pushing listed Japanese companies to unlock holding structures and improve returns on equity), yen weakness making Japanese assets attractive to foreign acquirers, and domestic conglomerate restructuring. These structural dynamics have made Tokyo one of the highest-priority growth markets for international law firms with transactional ambitions in Asia. The hire is the latest in a series of high-profile lateral moves in the Tokyo market, as firms including Kirkland & Ellis and Paul Hastings have also been active in the London and international lateral market. For Freshfields, the loss of two M&A partners in a single office represents a tangible competitive setback in a market it has long sought to lead.
Why this matters
The Tokyo talent battle reflects a structural shift in international M&A deal flow: Japan has become a tier-one market for cross-border transactions, and the firms that secure senior transactional partners there are best positioned to capture the advisory mandates that follow. For clients — both Japanese corporates executing outbound deals and foreign private equity and strategic buyers targeting Japanese assets — the choice of law firm is increasingly shaped by the depth of local senior partner relationships. The hire activates corporate M&A, tax, and regulatory clearance work across multiple jurisdictions. The competitive pressure on Freshfields is notable given its historic strength in Asia, and will likely prompt a lateral response.
On the Ground
A trainee on a cross-border Tokyo M&A matter would assist by coordinating cross-border legal opinion requests from Japanese local counsel, preparing choice-of-law summaries for transaction documents governed by multiple jurisdictions, and helping draft and index the completion bible for the transaction.
Interview prep
Soundbite
Japan's record M&A volumes are turning Tokyo into the most contested lateral hiring market in Asia for international firms.
Question you might get
“What structural factors have driven the surge in cross-border M&A activity in Japan, and what specific legal complexity does a foreign acquirer face when buying a stake in a listed Japanese company?”
Full answer
White & Case hired M&A partners Noah Carr and Gordon Palmquist from Freshfields in Tokyo, reflecting the intense competition for senior transactional talent as Japanese dealmaking hits record highs. Corporate governance reform, yen weakness, and domestic conglomerate restructuring have combined to make Japan one of the world's most active cross-border M&A markets, and international firms are competing aggressively for the limited pool of lawyers who can lead those deals. For Freshfields, losing two partners in a single office in a priority market is a meaningful competitive blow. This trend — elite US and UK firms deepening Tokyo presence through lateral hires — is reshaping the international M&A advisory landscape and will sustain high transactional volumes for Asia-focused practices through 2026 and beyond.
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