The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Ryan Dzierniejko serves as Global Head of Skadden’s capital markets practice. He has extensive experience guiding clients through initial public offerings (IPOs), late-stage venture financings, and complex equity and debt offerings, including some of the largest and most notable transactions in recent years. Ryan has been repeatedly recognized in Chambers Global, IFLR1000, and The Legal 500; has been named a Capital Markets MVP by Law360 and a FinTech Dealmaker of the Year by The Deal; and is listed as one of Lawdragon’s 500 Leading Dealmakers in America. In addition to his client work, Ryan has taught Tech and Venture Capital Law at Columbia Law School.
Laura Kaufmann is Co-head of Skadden’s U.S. financial sponsor capital markets practice, advising clients on a broad spectrum of capital markets matters, including public and private offerings, IPOs, and acquisition financings. She works closely with asset managers, private equity firms, and real estate investment trust clients on high-profile transactions. Laura has been recognized as a leading capital markets attorney in Chambers Global, Chambers USA, and IFLR, and has been named one of MergerLinks’ Top Financing Lawyers in North America as well as one of Lawdragon’s 500 Leading Dealmakers in America and 500 Leading Real Estate Lawyers.
Describe your practice area and what it entails.
Ryan: Capital markets fundamentally involves helping companies raise money, but the scope is much broader. We help position private companies for their next strategic inflection point, from updating their board and governance structure to preparing for an IPO. For public companies, our work involves navigating complex SEC and stock exchange rules. Essentially, we’re involved in helping companies navigate their day-to-day existence while preparing for major transitions, acting as an adviser on a wide range of legal- and business-related questions.
Laura: I focus on capital markets with an emphasis on private equity. My work covers all types of transactions that touch a security: IPOs, debt offerings, and investments by third parties into public or private companies. I’m often involved in transactions for both capital raising and strategic purposes, especially where financial sponsors or private equity firms are making or monetizing investments. Working in private equity, my practice touches the many industries that my clients invest in, which keeps things interesting and dynamic.
What types of clients do you represent?
Laura: My clients are primarily issuers: companies and their sponsors or private equity owners. I also work with investment banks that help companies raise money; asset managers, like BlackRock and Affiliated Managers Group; and consumer and hospitality companies, such as Keurig Dr Pepper, Royal Caribbean, and Krispy Kreme. For instance, I led one of the largest debt-for-debt exchanges in history as part of FedEx’s notable spin-off of its freight unit. This variety allows me to see a broad spectrum of market activity and client needs.
Ryan: I represent companies at various stages of their life cycle, including later-stage private companies (sometimes called “unicorns”) that are approaching a significant growth milestone, like an IPO. Often, these clients are high-profile, innovative businesses that have already made a substantial impact in their respective industries. I also represent a wide array of public companies. My client roster includes some of the most prominent names in sectors ranging from technology and natural resources to emerging areas like blockchain and crypto.
What types of cases/deals do you work on?
Laura: My focus is on facilitating deals such as IPOs, capital-raising initiatives, and debt financings. For example, I’ve assisted companies like Genesys in securing new strategic investors. I regularly advise clients on raising debt to support acquisitions, fund growth initiatives, or refinance existing obligations. I also help companies plan and finance significant capital expenditures, such as investments in new technology, infrastructure, or equipment. My work often involves structuring financings to support these large-scale investments, ensuring that companies have the resources they need to expand operations or improve efficiency.
Ryan: In 2025, our team advised on the IPO of Circle, a leading crypto and blockchain company, which has been recognized as one of the largest crypto listings to date. We also led a $30 billion debt offering by Meta, which was one of the largest bond offerings of all time; we represented the underwriters. These deals showcase our ability to guide clients through complex, market-defining transactions that are often industry benchmarks.
How did you choose this practice area?
Ryan: I was drawn to capital markets because it’s a very collaborative practice. Every financing involves multiple parties (companies, investors, and banks), and everyone is working toward a common goal: raising capital. Unlike zero-sum negotiations, capital markets deals are about teamwork and building relationships with clients, opposing counsel, and bankers. I enjoy the sense of collaboration and the opportunity to develop long-term relationships.
Laura: I was a science major and planned to practice intellectual property (IP) law. As a summer associate at Skadden, I worked on some transactional IP matters but decided to keep an open mind and explore additional areas. A capital markets attorney with a background similar to mine encouraged me to try a capital markets assignment, and I was hooked. The work was engaging, especially the biotech deals that allowed me to utilize my science background, and it was fascinating working across industries. I’ve never looked back.
What is a “typical” day like and/or what are some common tasks you perform?
Laura: I spend a lot of time meeting with clients, virtually or in person, to discuss transactions, strategic imperatives, capital structure, and disclosure issues. My work involves both transactional and disclosure elements, so I’m constantly helping clients decide how to communicate with the market and plan for future transactions. In addition, I interact closely with sponsors, which adds another layer of strategic thinking to my day-to-day work.
Ryan: Each day offers something new, which is part of what I love about this practice. Clients, whether general counsel, CEOs, or board members, often call with a range of issues, some legal and some purely business matters that they want to talk through. Because capital markets are so central to a company’s life cycle, we’re involved in many pivotal moments, serving as both a legal adviser and a sounding board on broader business questions for clients.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Ryan: I recommend taking classes that genuinely interest you, as almost any subject can be relevant to capital markets. You need to understand the law and your clients’ businesses, which can span tech, healthcare, energy, and more. Courses like Securities Regulation and Corporate Enterprises are helpful, but so is staying up to date with business news and industry trends. Regularly reading publications like The Wall Street Journal and following market developments will offer a useful foundation.
Laura: Securities Regulation provides the legal foundation for what we do. I also recommend classes like Negotiations, Mergers and Acquisitions, and practical skills courses to help you understand how deals work. If your school offers Accounting courses, take advantage of them, or seek out other ways to build accounting skills, since much of the work involves analyzing companies’ financials. Skadden provides early training for new associates in reading financial statements because it is so essential to the practice. As Ryan noted, for capital markets work specifically, it’s important to stay informed about business news, industry trends, and the broader economic environment.
What do you like best about your practice area?
Laura: I love working across a wide range of industries and being at the forefront of market developments, like seeing new technologies emerge up close. You really get to know companies and industries in depth and view the world from a market-driven perspective. The variety of transactions keeps things fresh.
Ryan: I enjoy working with talented teams and seeing how quickly our associates develop in this field. At Skadden, our associates get meaningful experience and responsibility early on. The combination of technical skills and emotional intelligence—understanding both the law and the client’s business—means there’s no ceiling on how far you can go. Watching colleagues grow and succeed is incredibly rewarding.
What misconceptions exist about your practice area?
Ryan: People often don’t realize how deeply involved capital markets lawyers are with our clients. The real secret to success is building long-term partnerships, which we prioritize at Skadden. I talk to some clients almost daily and am proud to call many clients friends. Because of these strong relationships, clients often turn to us as trusted business advisers.
Laura: There’s a perception that capital markets is a highly technical practice. While there’s certainly a technical side, especially with securities laws, there’s also a lot of creativity and business insight involved. We get to learn about companies in a broad, strategic way, not just through a legal lens.
How do you see this practice area evolving in the future?
Ryan: A few decades ago, lawyers were the primary gatekeepers of information for companies raising capital or going public because information was not as publicly accessible. Today, with information widely available across the Internet and our clients using AI to answer many of their basic questions, the role of the capital markets attorney has shifted. Clients look to us more than ever for strategic advice that is tailored to their unique circumstances. Capital markets lawyers are valued for their ability to interpret complex rules, anticipate market trends, and deliver creative, practical solutions that help clients achieve their business goals in a rapidly changing environment.
Laura: While the fundamentals of raising capital and accessing markets remain constant, the regulatory environment and market priorities are always shifting. The SEC’s focus and the types of products available evolve with the economy and innovation cycles. Our work adapts to these changes, whether it’s helping companies refinance during downturns or raise new capital for expansion. The practice is cyclical, but the core principles endure.
What kinds of experiences can summer associates gain in this practice area at your firm?
Laura: Summer associates are part of the team from day one. They work on a variety of transactions and see how companies approach capital raising and disclosure. While you might not see an IPO from start to finish in one summer, you’ll get exposure to the key steps and strategic considerations involved. We also run a simulated IPO training program that gives you a comprehensive look at the process and helps you build practical skills that are directly relevant to the practice.
Ryan: As Laura mentioned, summer associates at Skadden are treated as true members of the team and can gain a lot of hands-on experience. You’ll be staffed on active transactions early and can add real value. We invest in training and mentorship, so you’ll leave with a strong sense of what the work entails and how to prepare for a successful career in capital markets.