Most Highly Regarded Firms: California 2009 - Capital Markets
In a market reeling from the collapses of Lehman Brothers, Bear Stearns and other household names, our sources confirm that discretionary capital markets deals have slowed as issuers and underwriters await an upturn in the financial markets' fortunes.
Despite a downturn in traditional initial public offerings, our interviewees point to an uptick in debt restructuring and middle market M&A while the credit markets are illiquid. The 25 lawyers listed in this edition have proven that they possess the flexibility to cope with testing times.
Latham & Watkins LLP's capital markets practice has completed 110 US IPOs since 2002, as well as offerings around the world for issuers and underwriters. The firm's international connections were much admired by contributors to the survey, who pointed to deals such as the firm's advising of Sterlite on its US$2 billion IPO in 2007, the largest for an Indian company to date. Christopher Kaufman in Silicon Valley is highly recommended for his advice to technology companies. This "smart, analytical lawyer" represented Chartered Semiconductor Manufacturing in the largest-ever IPO associated with the industry as well as the first simultaneous listing of a company on the Singapore Stock Exchange and NASDAQ. At the Los Angeles office, CiCi Rotell is "really top notch". Her experience includes representing issuers and underwriters on the IPOs of American Pharmaceutical Partners, Genencor International and Oplink Communications. She also works on private equity and debt offerings, tender offers, restructuring and spin-offs, among others.
Orange County-based Charles Ruck has a diverse practice, which includes public and private debt and equity securities offerings, as well as transactions for Harrah's Entertainment and Amgen. Mark Stegemoeller's clients in public and private offerings include Goldman Sachs, Credit Suisse and Cowen and Company.
Sidley Austin LLP is "a high calibre international player", according to competitors. Eric Haueter has worked on IPOs for companies such as Arbor Realty, Dolby Laboratories and Zumiez. Other transactions include offerings of convertible debt for Edwards Lifesciences and add-on common stock offerings for Performance Foods, to name but a few. Paul Pringle's work includes transactions involving REITs such as Bedford Property Investors and KKR Financial. He has also advised underwriters such as Hilton Hotels, Southern California Gas and Walt Disney.
Dale Lum has "an impressive international practice" and high profiled deals in which he has taken part include leading the Citigroup team in connection with the providing of a $10 billion committed funding facility provided in connection with Cerberus's acquisition of a majority interest in General Motors Acceptance Corporation (GMAC). Interviewees also praised his "great links with the Asian markets".
Skadden Arps Slate Meagher & Flom LLP's capital markets team "consistently provides top-quality work that is very thorough", according to one impressed contributor to the survey. Gregg Noel is a "fabulous capital markets lawyer", who represents investment banks and issuers in transactions such as private placements and public offerings. He is noted as "a specialist in the SPACs (special purpose acquisition companies) area," which includes the IPOs of Heckmann Corporation and Sapphire Industrials. He also has extensive experience in the representation of REITs such as Douglas Emmett. The "very bright" Kenton King also figures highly in interviewees' estimations. He is partner in charge of the firm's Palo Alto and San Francisco offices and leader of the firm's Bay Area corporate group. He is praised as "first rate for technology transactions" such as Microsoft's $750 million zero coupon convertible note offering. Nick Saggese is another "heavy hitter", who has acted on the IPOs of DreamWorks Animation SKG, National CineMedia and Herbalife International.
O'Melveny & Myers LLP "possesses a hugely strong West Coast practice" and has recently participated in deals such as World Heart Corporation's $30 million private placement transaction and recapitalisation financing. Richard Boehmer's work includes public debt and equity offerings, private placements and global offerings. Co-chair of the firm's corporate finance and capital markets practice Peter Healy is "an impressive operator". Daniel Passage's work on transactions in the US, Europe and Asia was noted as "very impressive."
Davis Polk & Wardwell's capital markets practice is "professional, well-coordinated and imaginative", according to sources. The firm recently assisted in Visa's $19.65 billion IPO, the largest ever in the US. Bruce Dallas is a "top-drawer lawyer," whose practice emphasises representing high technology and biotechnology companies on IPOs, high-yield and innovative capital markets transactions. His clients include Comcast, E*Trade and underwriters such as Morgan Stanley. Alan Denenberg's practice includes a broad sweep of high-yield equity and debt, investment-grade and convertible offerings in sectors such as technology, cleantech and life sciences for companies such as Cisco, VeriFone and Wet Seal. Daniel Kelly is founder of the firm's Menlo Park office and advises issuers and underwriters on equity and debt offerings, representing companies such as Silicon Graphics, Ventro Corporation and BlueKite in debt tender offers, repurchases and other restructuring transactions.
Larry Sonsini, "one of the godfathers" at Wilson Sonsini Goodrich & Rosati, is a "seminal figure in California's corporate world", known for his work on Google's IPO and myriad other transactions within and beyond Silicon Valley. John Fore is "great for complex work." One peer said, "he has real derivatives credibility" and he has represented clients from the technology, retail, financial and manufacturing industries.
Simpson Thacher & Bartlett LLP "is a highly sophisticated operation", and its California lawyers come highly recommended. Kevin Kennedy is "very thoughtful and capable". He was noted for his representation of Goldman Sachs in particular. His IPO practice is "excellent and very active" and he represented Goldman Sachs in connection with Lululemon Athletica's $376 million IPO among other deals. William Hinman's significant work includes advising Morgan Stanley and CSFB on Google's IPO and follow-on offerings. He has also represented Agilent Technologies regarding matters such as its $2.5 billion self tender.
Gibson Dunn & Crutcher LLP's "terrific" Jennifer Bellah Maguire is a "high quality practitioner". She and Douglas Smith make up the firm's California capital markets contingent, described as "a respected group within the community". The firm has represented issuers such as La Jolla Pharmaceutical and Salem Communications as well as underwriters including Morgan Stanley and CSFB.
Competitors consider Shearman & Sterling LLP's representative, John Wilson, "top notch," citing transactions such as his representation of STMicroelectronics in connection with its IPO in the US and Fort Howard in its securities offerings. Cooley Godward Kronish LLP's John Geschke is "great to work with." According to one contributor, "he is thorough, thoughtful and does not grandstand."