Most Highly Regarded Firms: California 2009 - Mergers & Acquisitions
In these increasingly difficult economic times, the number and size of corporate deals in California may not match those of recent years, but there remains a steady flow of work and a residual - and extremely elevated - level of corporate legal expertise in the state's leading firms. Twenty-six practitioners emerge from the research as leaders in the field.
Skadden Arps Slate Meagher & Flom LLP won Who's Who Legal's "M&A Law Firm of the Year" award in 2007 and retained it the following year, so it is no surprise to see the firm well represented in this chapter. Ranked as the top deal adviser on M&A transactions for 2007 by Thomson Financial, based on value of worldwide transactions, Skadden has four partners in this chapter. Kenton King is partner in charge of the San Francisco and Palo Alto offices. Recognised for his cross-border practice - particularly in relation to Japan - his work for IT, biotech and telecommunications clients including Yahoo, Compaq and Hewlett-Packard is "second to none". He was also commended for his representation of investment banks, private equity funds and buyout groups.
Three Skadden partners appear from the Los Angeles office. Brian McCarthy is "unquestionably one of the leaders in the state, if not the US overall". A former chief operating officer and general counsel at Pacific Capital, he has represented clients such as Activision, Walt Disney, Credit Suisse First Boston and MGM Grand in friendly and hostile matters. Nicholas Saggese co-heads the private equity practice and is a "guru for acquisition finance". His track record includes the multibillion-dollar acquisition of Metro-Goldwyn-Mayer and acting as special counsel in the consortium of Colony Capital, Whitehall Street Global Real Estate Fund and Providence Equity Partners in the acquisition of Kerzner International. Joseph Giunta completes this "formidable team", his representation of purchasers, sellers and financial advisers earning him repeated plaudits.
2007 saw lawyers from Latham & Watkins LLP handle over $415 billion in announced mergers and acquisitions transactions worldwide, representing principals or financial advisers in 375 transactions. The "very wonderful" Christopher Kaufman stands out for his work on behalf of high-tech clients, and he was repeatedly recommended for his "in-depth understanding" of hostile takeovers, both on behalf of targets and unsolicited acquirers. Former chair of the global M&A group, Paul Tosetti is "first class for leveraged buyouts" with a track record of representing clients such as Oracle, Amgen and Hilton Hotels. Peter Kerman is global chair of the firm's corporate department and was described to researchers as "technically brilliant, with great judgment". He has represented various buyers and sellers in public and private deals. Charles Ruck once again stood out in Orange County as a "flat-out brilliant M&A guy". His background includes a range of multibillion-dollar
deals such as Amgen's $19 billion acquisition of Immunex and Morgan Stanley's $8.1 billion sale of Pacificare to United Health.
Wilson Sonsini Goodrich & Rosati is close behind Skadden and Latham & Watkins with three of its partners featured. The firm is well known in this field; in 2006 it completed more than 160 M&A transactions. Larry Sonsini is an "all-time great" whose reputation extends across the US and beyond. Chairman of the firm, he is a leader in multiple fields and appears in three chapters in this publication. The "fantastic" Martin Korman leads the firm's practice in this area and is known for his work on behalf of Autodesk, Hewlett-Packard and Sun Microsystems in their ongoing acquisition programmes. Michael Ringler is based in San Francisco and boasts a track record that encompasses transactions valued from less than $100 million to more than $1 billion; "he is a real asset to his clients and his firm," in the eyes of our sources.
Over the past five years, Cooley Godward Kronish LLP has handled more than 300 M&A transactions, of all sizes. Described as "technically astute", Richard Climan heads the firm's practice in this field and earned high levels of recognition for his role leading the team that represented Brocade Communications in the recent $3 billion acquisition of Foundry Networks. The former chair of the Committee on Negotiated Acquisitions, which is affiliated to the American Bar Association, he was picked out as an "awesome lawyer" and an "absolute dean of the Bar". Keith Flaum is "held in high regard" and worked alongside Climan on the Brocade deal. He was commended by our sources internationally for his work in IT, life sciences and a range of other industries.
Over the past seven years, Fenwick & West LLP has completed more than $200 billion worth of transactions and once again earns two nominees in the final listing. Chairman of the firm Gordon Davidson is regarded as an "exceptionally strong lawyer". His personal track record in this field encompasses over 100 mergers and acquisitions valued at more than $50 billion. Alongside him is Douglas Cogen, co-chair of the practice group and renowned for his work on behalf of Cisco Systems, on whose behalf he has worked on over 50 acquisitions. Repeatedly recommended to researchers, he "really knows his stuff".
Shearman & Sterling LLP appears for the first time in this chapter, courtesy of the lateral hires of Michael Kennedy and Steve Camahort from O'Melveny & Myers LLP in October 2008. Both partners are "nationally renowned" for their knowledge and profile in the technology industry, and are similarly well known for their work with private equity houses.
Another lawyer to have recently moved firm is Timothy Hoxie. Now at Jones Day, he previously practised at Heller Ehrman. Recognised for his work across a range of different types of transaction, he was praised for his work on stock and asset acquisitions, tender offers, spin-offs, exchange offers and "going private" transactions.
William Kelly of Davis Polk & Wardwell "absolutely belongs on any list of the best" and is "fantastic to work with", according to his peers. He is well known for his work on behalf of Oracle, and represented the client in its successful unsolicited offer for PeopleSoft, in addition to numerous other deals.
Jonathan Layne co-chairs the M&A group at Gibson Dunn & Crutcher LLP from the Century City office and was fêted for his transactional, public offering and corporate finance work. He remains an "acknowledged leader" in this field in the eyes of his peers.
Richard Capelouto of Simpson Thacher & Bartlett LLP is regarded as a "quite wonderful lawyer". The firm has a "formidable reputation in this field" and he is similarly highly rated; his IT related work such as advising Electronic Arts in its offer for Take-Two Interactive and Google in its acquisition of YouTube earning plaudits from around the US.
At Sullivan & Cromwell LLP, Alison Ressler is "extremely well known in the market". Her "high-profile work" includes the pending acquisition of Clear Channel Communications by a private equity group, and her knowledge in the field of private equity was also much respected: she co-heads the firm's practice in this area.
Diane Holt Frankle chairs the M&A practice at DLA Piper US LLP and is regarded by our sources as "the best at the firm". Her work on mergers, acquisitions and leveraged buyouts in the US and abroad was much praised. Her work in the IT sector includes JDA Software's $461 million acquisition of i2 Technologies and ON Semiconductor's $915 million acquisition of AMI Semiconductor.
Bruce Deming of Covington & Burling LLP is viewed as "one of the foremost lawyers in the state for life sciences related corporate work", and counts Arriva Pharmaceuticals, CalPERS, Visa International and Wells Fargo Bank among his clients.
James Walther is the California practice leader of Mayer Brown LLP's corporate and securities practice, and a new entry in this year's edition. His cross-border work in particular was highly recommended, and he received votes from respondents across the globe.
Robert Townsend chairs the corporate practice at Morrison & Foerster LLP and once again earns inclusion. He has experience of transactions in the US, Europe, Asia and Latin America and "is well worth his place on a list of the best around".