Partner Phillip Mills and associate Mutya Harsch published an article in the November 2, 2009, issue of The Deal magazine. The article, entitled "Risk, Reconsidered," discusses changes in risk allocation in M&A deals in the wake of the contraction in credit markets and the financial crisis. Among the authors' findings was that many financial sponsor deals omitted debt financing entirely while the use of the LBO model increased in leveraged acquisitions by strategic buyers. The article is accompanied by a Davis Polk-produced chart showing risk allocation in selected leveraged acquisitions by strategic purchasers since January 1, 2008.

"Risk, Reconsidered," The Deal (November 2, 2009)