Kirkland & Ellis LLP’s dominant offerings in private equity and large-scale M&A positions it as a first port of call for many corporate clients seeking cross-border investment clearance. With a ‘unique ability to communicate effectively with financial professionals’, the team’s experience spans the full scope of issues before the Committee on Foreign Investment in the United States (CFIUS)—from regulatory counselling and the preparation of filings, through to the negotiation of mitigation agreements. Department co-head Ivan Schlager is widely recognized as a foremost authority on CFIUS matters and his broad industry expertise encompasses the defense, TMT, energy, and private equity spheres. Schlager recently advised Blackstone Infrastructure Partners (BIP) on CFIUS matters connected to the acquisition by IRG Acquisition Holdings (a joint venture between Invenergy Renewables, Caisse de dépôt et placement du Québec, and funds managed by BIP) of a renewables portfolio from American Electric Power. Fellow group co-head Mario Mancuso is also highly regarded for his comprehensive national security practice, which takes in CFIUS, economic sanctions, export controls, and other international risk issues. Mancuso recently teamed up with Lucille Hague, ‘a technical expert on the CFIUS rules’, to lead the CFIUS process for Brookfield Infrastructure’s 49% investment in expanding Intel’s semiconductor operations in Arizona. The Washington DC-based group also draws on government, regulatory and internal investigations partners Daniel Gerkin and Michelle Weinbaum.

Housing a formidable CFIUS practice, Latham & Watkins LLP secured key roles on a host of high-profile reviews over the past year. The group’s success is due in no small part to its strong combination of standalone national security expertise together with its ability to service clients from top-tier offerings across the firm, including M&A, energy, life sciences and TMT. Widely acknowledged to rank among the market leaders for CFIUS matters, Damara Chambers co-heads the CFIUS and US national security department; she recently represented Consolidated Edison in obtaining clearance for the sale of its interest in its wholly owned subsidiary, Con Edison Clean Energy Businesses and its subsidiaries, to RWE Renewables Americas. Les P. Carnegie co-leads the Washington-based CFIUS and US national security practice and represents a broad range of companies, financial institutions and private equity funds on security reviews. Rounding out the senior partners is global chair of the connectivity industry group, James Barker, who has extensive experience in CFIUS and Team Telecom matters. The practice additionally draws on a strong second line of non-partners, including new counsel Catherine Hein, who joined in May 2023 from the USDT; counsel Ruchi Gill, who formerly served as Deputy Chief Counsel for the US Senate Committee on Foreign Relations; and Zachary Eddington, who was promoted to counsel in early 2024.

A destination practice for acquisitional private equity clients, Simpson Thacher & Bartlett LLP represents some of the world’s largest asset managers in CFIUS matters such as Blackstone, KKR and Carlyle. The group, which scores highly for its ‘understanding of not only CFIUS but FDI regimes around the world’, also acts for multinational corporations, investors and sovereign wealth funds on high-stakes reviews. Its breadth of industry expertise is equally comprehensive and spans some of the market’s most sensitive business segments, including technology, energy, infrastructure, defense and aerospace. Highlighted as ‘one of the CFIUS bar’s senior leaders’, Malcolm (Mick) Tuesley heads the national security regulatory practice; he recently obtained CFIUS approval for Australia-headquartered IFM Investors in connection with its $11bn take-private, together with DigitalBridge Group, of US data center company, Switch. Promoted to partner in early 2023, Mark Skerry is already noted for his ‘dynamic understanding of the subject matter’. Among his recent highlights, Skerry led the national security advice to a consortium of investors—led by Blackstone and including sovereign wealth funds, Abu Dhabi Investment Authority and GIC—in the $14bn acquisition of a majority stake in the Climate Technologies business of Emerson Electric. The Washington DC-based team also includes talented associate Jennifer Ho.

The CFIUS practice at Skadden, Arps, Slate, Meagher & Flom LLP is part of an integrated CFIUS and corporate offering that addresses regulatory concerns from the initial stages of transaction planning. With experience in representing corporate, private equity and sovereign wealth fund clients on reviews before CFIUS, the Defense Counterintelligence and Security Agency (DCSA) and Team Telecom, the group is equipped to advise on all key transactional compliance issues. It additionally assists clients with non-US national security reviews involving foreign direct investments, including—but not limited to—regimes in Canada, the EU and Japan. Michael Leiter heads the CFIUS and national security practices and stands out for his unique in-house and government-side experience: he was formerly President of Leidos Defense and also served in several senior national security positions, including as Director of the National Counterterrorism Center. Brian Egan, a former senior lawyer at both the National Security Council and the Department of State, is also highly regarded for CFIUS work. Other key contacts include counsels Brooks Allen, who is lead coordinator of the international trade department, and Tatiana Sullivan. Named attorneys are based in Washington DC.

The  ‘very experienced and commercially savvy team’ at White & Case LLP sits as part of the overarching national security department, which specializes in CFIUS, FDI reviews, Foreign Ownership, Control, or Influence (FOCI) mitigation, and Team Telecom matters. Distinguished by its ability to lean into the wider firm’s extensive international network, the group brings its enviable cross-border firepower to bear in high-stakes, cross-border transaction reviews. The Washington DC-based practice is led by Farhad Jalinous, who ‘knows the US FDI regime inside out’. A go-to specialist for complex multi-jurisdictional matters, Jalinous is advising French aerospace and defense company, Safran, in CFIUS and security clearance matters connected to its anticipated $1.8bn acquisition of Raytheon Technologies’ flight controls and actuation business lines. Other CFIUS specialists include Karalyn Mildorf, whose experience cuts across a wide range of industries and investor countries; David Jividen, who is sought after for his government background, which includes a stint as Deputy Director for the Department of Defense’s Foreign Investment Review office; and counsel Ryan Brady, who is an ‘exceptionally bright young professional’. Keith Schomig has left the firm.

Providing ‘good commercial guidance on CFIUS processes and likely sensitivities’, WilmerHale’s formidable government-side experience ensures adept handling of complex filings, including mitigation negotiations. Alongside an existing strength in mid-market M&A, its premier CFIUS expertise makes the group a regular fixture on reviews for large-scale, cross-border transactions—across all key industries. Highly regarded department chair Benjamin Powell is a former associate counsel to the president and GC to the Office of the Director of National Intelligence. Among Powell’s recent cases, he represented chemical company Univar Solutions during the successful CFIUS review of its $8.1bn acquisition by Apollo Global Management and Abu Dhabi Investment Authority. A former senior counsel to the Deputy Attorney General, Jason Chipman also contributes extensive government-side experience and specializes in regulatory matters connected to cybersecurity, CFIUS and related export controls. In a highlight example of his practice sweet spot, Chipman is acting as CFIUS counsel to Intel regarding a $9bn transaction involving semiconductor memory technology. Other key contacts in the Washington DC-based team include Stephen Preston, who chairs the defense, national security and government contracts practice; and the ‘very strategic’ Robert Kimmitt, who previously served as Deputy Secretary of the US Department of the Treasury.

A corporate and M&A powerhouse, Davis Polk & Wardwell LLP’s involvement in major cross-border transactions provides a steady stream of sophisticated CFIUS-related work. Demonstrating strong recent involvement in reviews concerning heavily regulated industries—including the technology, agribusiness, telecoms, semiconductor, financial services and transport spheres—the team is active on behalf of both domestic and international clients. Washington DC-based Paul Marquardt fronts the wider national security practice, where he represents corporate, sovereign and state-owned entities on a range of CFIUS, sanctions, and export control matters. Among his recent CFIUS reviews, Marquardt successfully steered T Parker Host through the sale of marine port terminal operations in Florida and Maryland to Pangaea Logistics Solutions. Former department chair John Reynolds, also in Washington DC, stepped down to senior counsel in 2023 but remains a significant asset to the practice due to his deep experience in complex national security matters, including CFIUS reviews. Counsel Joseph Kniaz recently left to become Deputy Director at the Office of Investment Security (CFIUS).

The CFIUS group at Hogan Lovells US LLP combines ‘technical skill and experience with business and commercial awareness’. The team is routinely involved in sensitive transactions involving critical business areas, where it utilizes the wider firm’s strength in heavily regulated industries to particularly excel in CFIUS reviews concerning the TMT, nuclear, life sciences, and aerospace and defense spheres. Key specialists in the Washington DC-based practice include Anne Salladin, a former long-serving senior counsel at the USDT, where she was involved in developing laws and regulations related to CFIUS. Salladin recently represented NuScale and Fluor Enterprises, NuScale’s majority shareholder, before CFIUS regarding the sale of a portion of Fluor’s equity interest in NuScale to a Japanese state-owned financial institution. As a former intelligence officer at the Defense Intelligence Agency, Brian Curran also leverages significant government-side national security experience; he acted alongside colleagues in Shanghai to advise China-based Northern Light Venture Capital on CFIUS matters relating to a potential investment in a US company. Senior associate Zachary Alvarez provides capable support.

Morrison Foerster ‘operates well as an integrated FDI/CFIUS team globally’; as is evidenced by recent national security mandates linking up the Washington DC-based practice with colleagues in China and Europe. Drawing on a deep pool of CFIUS-specialist attorneys and national security advisors, the group specializes in advising on technology-related matters, in line with the wider firm’s signature strength. The group also had strong showings in the defense, financial services and energy areas over the past year. Brandon Van Grack chairs the national security group and is recommended for his robust practical experience, earned during his former position as Chief of Foreign Agents Registration Act (FARA) Unit, as well as other government roles. Charles Capito divides his time between the national security and the government contracts practices and is recognized for his experience in the technology, defense, financial services and healthcare sectors, among others. Newly promoted partner James Brower is additionally noted for his ‘in-depth knowledge and experience with CFIUS’.

Noted for its ‘deep experience dealing with CFIUS’, Cleary Gottlieb Steen & Hamilton’s CFIUS offering sits within the broader global foreign direct investment practice. With experience across the full spread of related national security issues, the group guides clients through an array of filings and regulatory compliance matters, through to second-state investigations and the negotiation of mitigation agreements with CFIUS, the DCSA and the Directorate of Defense Trade Controls (DDTC). Up-and-coming partner Chase Kaniecki specializes in advising on international trade and national security issues, including CFIUS reviews; he is representing Best Assistant Education Online, a subsidiary of China’s NetDragon Websoft Holdings, on CFIUS matters connected to its planned merger with Gravitas Education Holdings. The Washington DC-based group also includes associates Samuel Chang and William Dawley. Associate Pete Young has left the firm.

Cooley LLP’s CFIUS practice is praised for its ‘deep experience practicing before CFIUS, including in difficult circumstances that call for mitigation’. Indeed, the group’s enforcement activity continues to grow and it was involved in a string of mitigation negotiations over the past year. Primarily recognized for its dominant offering in technology-related transactions, the team is also handling a growing share of reviews in connected industries, including aerospace, financial services and biotech. Christopher Kimball co-chairs the Washington-based practice and is sought after for his specialist expertise in security reviews concerning the technology and financial services spheres. Kevin King co-heads the export controls and sanctions practice as well as the CFIUS group, and brings to bear broad national security experience. Other key contacts include special counsel Dillon Martinson, who is a former senior policy advisor at the USDT; and associate Sarah Oliai, who is a ‘phenomenal support’.

Goodwin’s Washington DC-based group is praised by clients ‘adept at managing the overlap of CFIUS and export control considerations’. The firm’s premier offerings in the technology and life sciences spheres marks it as a key player in CFIUS reviews concerning those increasingly sensitive industries. The firm’s experience also spans financial services, telecoms and infrastructure, among other areas. Global trade co-chair Richard Matheny, who is ‘not afraid to challenge the government when needed’, maintains a broad national security practice, which spans CFIUS, export controls, economic sanctions, and FCPA-related matters. Elevated to department co-chair in early 2023, Jacob Osborn is noted for his focus on regulatory compliance concerning deals in the electronics, telecoms, software and encryption segments.

Paul Hastings LLP’s prominent financial services offering is to the fore of its CFIUS offering, with CDH Fund and SJL Partners among its representative clients. The group’s industry expertise extends beyond funds to encompasses the energy, technology, defense and infrastructure sectors. The team is additionally distinguished by its robust record in achieving CFIUS approval for increasingly sensitive China-related transactions. Washington DC office chair, Scott Flicker, spearheads the global trade controls practice and leverages extensive experience in clearing cross-border transactions on behalf of both US and international companies. Randall Johnston has left the firm.

The ‘well unified and collaborative’ team at Pillsbury Winthrop Shaw Pittman LLP is noted for its ability to leverage each lawyer’s unique skill sets to ‘demonstrate “big picture” understanding, as well as specialized advice within categories of issues’. Among those specialist categories of expertise, the group stands out for its ability to plug into the wider firm’s comprehensive China practice, which is a useful resource in complex China-related reviews. In terms of its industry strong suits, its extensive experience in the energy—particularly nuclear—as well as the technology and government contract spheres are significant drivers of work. Nancy Fischer heads the overall regulatory practice, which includes the international trade unit, and has an emphasis on foreign investment reviews under CFIUS and foreign ownership mitigation for DCSA-cleared facilities. Other key contacts in the Washington DC-based practice include international trade head Stephan Becker; next-generation partner Matthew Rabinowitz; and senior associate Zachary Rozen.

Forming a key part of its wider, full-service international trade offering, Steptoe LLP’s CFIUS practice handles a steady stream of national security reviews, from traditional CFIUS filings, through to Team Telecom and FOCI-related issues. Among its key attributes, the Washington DC-based group is noted for its strong government-side experience, with three former government officials on its bench, as well as for its experience in handling matters involving the technology, manufacturing and financial services industries. A seasoned of counsel, Stewart Baker has held many government roles, including serving as Assistant Secretary for Policy at the Department of Homeland Security; he is particularly sought after for technology-related work. The team also includes Brian Fleming, whose practice focuses on matters at the intersection of national security and international trade; Alan Cohn, who also served in senior policy positions at the DHS; Meredith Rathbone, who fronts the overarching international trade and regulatory compliance group; and strong associate Evan Abrams.

Akin houses an active CFIUS practice, which is underpinned by the wider firm’s strengths in the government relations, energy, defense and infrastructure areas. The Washington-DC based group is led by Christian Davis, whose broad international trade focus spans CFIUS, customs laws, and export controls and economic sanctions. Sources also highlight senior counsel Laura Black for her background at the USDT, where she served as Director of Policy and International Relations for CFIUS. Counsel Katherine Padgett also brings to bear significant government-side experience gained during a former stint as an attorney for CFIUS at the State Department.

Lawyers in Baker McKenzie’s Washington DC-based CFUIS practice are praised by clients as ‘extraordinarily knowledgeable, experienced and responsive’. The team handles a steady stream of multi-jurisdictional national security filings, with its ability to partner up with international FDI specialists from across the global firm standing as a key asset for multinational clients. A former Special Assistant to the President on National Security Affairs, Rod Hunter has a strong record in coordinating foreign investment review assessments and filings across multiple jurisdictions. Sylwia Lis, who co-heads the team together with Hunter, advises on a wide scope of international trade matters, with a focus on CFIUS and export controls and economic sanctions.

Freshfields Bruckhaus Deringer LLP's team is under the leadership of high-profile national security heavyweight Aimen Mir, whose exhaustive list of government-side roles includes a stint as Deputy Assistant Secretary for Investment Security at the USDT. Under the leadership of Washington DC-based Mir, the CFIUS practice continues to gain traction in the market, where it is acting for major corporate and sovereign clients in the financial services, technology and energy spheres, among other sensitive industries. Special counsel Christine Laciak, also in Washington DC, fronts the global foreign investment review team; she advises on foreign investment review regimes worldwide, with a focus on CFIUS matters.

King & Spalding LLP’s CFIUS practice sits within its overarching international trade offering, providing clients with a holistic view of trade and national security issues. Experienced across the full chain of CFIUS matters, the Washington DC-based group is equipped to advise on compliance and risk minimization, mandatory and voluntary filings, and mitigation and divestment agreements. An increasingly prominent specialist in CFIUS matters, Alexis Early specializes in compliance and enforcement proceedings before all key state agencies. The group also benefits from the formidable government-side CFIUS expertise of Philip Ludvigson, who is a former Director for Monitoring and Enforcement at the USDT. National security head Christine Savage is also noted for CFIUS work.

Leveraging a long-standing reputation in the national security space, O'Melveny’s group draws on decades of experience in guiding transactions through CFIUS, DCSA and other federal and state agency approval processes. Greta Nightingale chairs the Washington DC-based department and advises on a comprehensive range of national security-related issues, including CFIUS and export controls and economic sanctions matters. A veteran in international trade and national security law, of counsel Theodore Kassinger is a former GC of the USDC and a key resource in navigating complex matters. Newly promoted partner David Ribner also handles a significant volume of CFIUS matters, with an emphasis on the technology and energy sectors.

According to one client, Reed Smith LLP’s CFIUS practice ‘knows what the government is looking for in compliance documentation’. The team is well versed in representing a broad scope of foreign and domestic acquirers and sellers on security review processes, including mitigation measures, with a focus on transactions involving retail, financial services, technology and life sciences. Department head Michael Lowell splits his time between Washington DC and Virginia and is ‘extremely capable, insightful, intelligent and collaborative’; he handles a mix of economic sanctions, export controls and CFIUS work. Senior associate Paula Salamoun is also recommended in Washington DC. Manasi Venkatesh recently left the firm for an in-house position.