Paul Weiss shows Los Angeles' mid-market private equity scene is a foundation for success

When veteran private equity attorney Eric J. Wedel first explored the Los Angeles legal market in 2023, it wasn't just to plant a flag for Paul Weiss--it was to tap an underutilized pool of legal talent for deal work flowing from New York. But as momentum built and the office took shape, Wedel and his colleagues quickly realized that L.A. wasn't just a recruiting outpost--it was fertile ground for a focused, middle-market private equity platform.
"The original reason for my exploring L.A. was just as an untapped source of legal talent," Wedel recalled. "But we realized quickly there was a real opportunity to build something here."
Wedel, who is head of the Los Angeles office and global co-chair of the firm's Finance and Capital Markets group, spent 18 years at Kirkland & Ellis LLP, most of them in New York. One of the nation's best debt finance partners, he was recruited in 2023 in a well-chronicled, cash-soaked effort by Paul Weiss Chairman Brad Karp to curate top talent to better compete with its rivals, particularly Kirkland.
Wedel, who was enlisted in Karp's effort to recruit top talent, said he saw L.A. as a promising, overlooked resource for top talent. And while he initially focused on staffing East Coast matters, he said his vision shifted as he considered the strategic potential of building a stand-alone platform tailored to the L.A. market.
Los Angeles, he noted, is a deep middle-market private equity town with historical roots dating back to Drexel Burnham and Michael Milken. That legacy, Wedel said, has given rise to a dense ecosystem of highly successful but often under-recognized private equity sponsors--including emerging firms like Diversis Capital and Kingswood Capital Management--that are growing quickly and seeking sophisticated legal counsel.
"LA probably has the largest proportion of funds that are starting up, funds that are getting bigger, funds that have a strategy to get bigger," he said.

The office grew quickly and deliberately. Early hires included litigator Kimberly Branscome, who defends product liability and mass torts cases. From there, Wedel focused on building a transactional infrastructure around middle-market PE: recruiting M&A specialists like Bianca Levin-Soler from Ropes & Gray and Michael Montgomery from Latham & Watkins LLP, along with funds expert Steve Y. Yoo and his team, which Wedel called "one of the best funds practices on the West Coast."
"We were really targeted," he said. "These weren't random hires--they were people I knew from Kirkland or from the market, and they aligned with the client base we want to grow with."
Branscome, who was the Los Angeles managing partner Deckert LLP but had been a partner at Kirkland, said in an interview said that she was interested in being a part of the Paul Weiss once she "heard through the grapevine" that the firm was opening a Los Angeles office. She said her practice "fits well" in the firm.
"There were a number of my clients that overlapped" with the firm's existing clients but also new clients that were introduced to her through other partners, she said. "It's been fantastic."
As the office matures, Wedel said the firm continues to be highly strategic with the lawyers and types of practices it is pursing. Expansion is not about size for its own sake, but rather building a nimble, fully integrated team that complements Paul Weiss' strengths in New York and elsewhere. "I frankly don't want the office to be 250 lawyers," he said.

While current market headwinds--including interest rates and a sluggish M&A climate--have slowed the pace of some lateral hiring, Wedel said L.A.'s middle-market focus has provided insulation. "Funds that are playing in the middle market can actually get deals done," he said. "They're just less dependent on floating-rate debt."
Another pleasant surprise: the collegiality. Wedel described the L.A. legal and private equity scene as "insular," but highly connected, with close-knit networks. That dynamic has made recruiting more nuanced, as the pool of high-end lateral candidates is limited, and firms must be precise.

"You have to hit on your targets," he said. "It's not like New York where there's options A through Z. There's not a Plan B."
Looking ahead, Wedel said he sees growth opportunities in entertainment, real estate and continued build-out of the core PE platform. But the firm won't chase headcount for optics.
"We're going to be very strategic and keep looking at practice groups that are LA or local," he said.
He pointed to his t-shirt with the logo for a local skateboard shop. "I thought I would demonstrate my commitment to the market," he laughed.
That ethos extends to the design of the firm's Century City space, which opened its first floor in May. Outfitted with mid-century California design and breakfast and lunch delivered daily from Erewon, the office is meant to entice rather than require attendance.
"One of the things I'm excited about in LA is trying to foster a sense of being in the office but not as a mandate," Wedel said. "It is find to all be together and here's a space that will help make that happen."