Orrick has been a pioneer in the CDO and CLO market since its inception in the late 1980s and early 1990s, and our lawyers have been key players and innovators in the post-crisis "CLO 2.0" market. We regard our CLO practice as being among the top practices in the market. We represent arrangers and underwriters, issuers, collateral managers, and investors in broadly syndicated, middle-market, CRE, and synthetic CLOs. Our CLO team includes and is fully supported by experts in securities law, tax law, investment-management law, bankruptcy, insolvency law, ERISA, and derivatives work. The CLO team is an integrated component of the firm's Structured Finance Group and its broader Finance Business Unit. It is supported by the knowledge and expertise of all of the lawyers in those groups. The CLO team purposefully deploys a "partner-led" approach to our work. We believe this is something that we think distinguishes us from many of our competitors and that we believe is vitally important and beneficial to our clients.