Most Highly Regarded Firms: Capital Markets 2009

• May 2009

• Capital Markets

One firm stands pre-eminent in our research. Linklaters sees 28 of its partners selected for inclusion, and its presence in 13 of the 54 countries we cover is also market-leading by a significant distance.

The firm's full-service practice received praise from our sources worldwide - "they are the best of the best" was how one contact summed up the general feeling. Linklaters advises on all types of international securities transactions including equity, debt, regulatory capital and equity-linked bond issues, structured transactions and the full range of derivative and securitised products. The firm's deal pedigree is "second to none", and recent transactions include advising the Caixa Geral de Depósitos - Portugal's largest bank - on its issue of €1.25 billion 3.875 percent guaranteed notes due 2011. The firm is well known for its innovative and successful techniques, and advised on the first mandatorily convertible Sukuk bond to be issued, as well as the Nakheel Development, Tamweel Funding and DanaGas convertible Sukuk transactions. Other high-profile transactions in recent times include the largest French IPO of 2007 and advising RBS on its €71.1 billion takeover of ABN AMRO.

The London office is home to nine featured lawyers, more than any other firm in the English research. Co-head of equity group, Stephen Edlmann is an "expert" in debt, equity and equity-related issues and his track record includes the flotation of Media Capital Group on Euronext, as well as Lisbon and Admiral Group on the London Stock Exchange. Former global head of the capital markets department Nick Eastwell is a previous winner of our award for leading lawyer in this field worldwide, and is extremely highly thought of. Jim Rice was picked out as a "securitisation guru" and the "very wise" Lachlan Burn also picked up a large number of votes. Former head of the equity and debt markets group Keith Thomson is very well known for his emerging markets work, while the current head Carson Welsh is "absolutely fantastic". Elsewhere in Europe, the Frankfurt office provides four nominees with Herbert Harrer in particular known for his "significant" IPO work.

Linklaters' unrivalled international capability is demonstrated by further listings in Belgium, Portugal, Luxembourg, Spain, Italy, Russia and Sweden. It also has an impressive presence in Asia. Andrew Malcolm in Hong Kong heads the practice in the region and is a "pre-eminent practitioner" with experience in both the Asian and Euro capital markets. He is joined by other partners in Hong Kong, and in Japan and China. In Singapore Arun Balasubramanian has provided general advice on securities law matters for clients such as Citigroup, Deutsche Bank and Goldman Sachs. He is joined by the similarly well respected Dean Lockhart and Kevin Wong.

US and North America

Sidley Austin LLP's 10 listed lawyers in the United States form a larger contingent than any other firm. Joseph McLaughlin is "one of the most revered practitioners in New York", and is joined by five further lawyers from the New York office. Norman Slonaker is highly regarded, and Cathy Kaplan, co-head of the New York structured finance and securitisation practice, received recommendations from sources across the globe. The four listed individuals from the Chicago office include the "stellar" Thomas Albrecht, co-head of Sidley's global securitisation and structured finance practice group, who has been engaged in the creation or restructuring of nearly 20 US domestic and international, multi-seller commercial paper and medium-term note conduits since 1983. The firm also appears in the California and London research and should be considered "one of the leading players in this field".

Simpson Thacher & Bartlett LLP recently represented HCA, one of the leading health-care services companies in the US, in an issuance of $1.5 billion of senior secured notes, reportedly the largest single high-yield offering since 2007. The firm earns seven listings here, including four from New York. Glenn Reiter is particularly admired, and Walter Looney's "exceptional international practice" was also commended to researchers. Simpson Thacher lawyers also appear in California and Tokyo, where two partners underline its "impressive capability". In a similar fashion, Skadden Arps Slate Meagher & Flom LLP is strongly represented in New York with four partners listed, with further featured lawyers in Hong Kong and one of the most highly nominated individuals in France in the "brilliant" Pierre Servan-Schreiber. Mayer Brown LLP deserves a mention for its six US representatives, including "statesman" Jason Kravitt.

In Canada, Stikeman Elliott LLP stands out with six partners. Former chair of the firm Edward Waitzer is particularly well regarded, and both he and head of the corporate group William Braithwaite are among the most highly nominated individuals in the country. Braithwaite is a past chairman of the advisory committee of the Ontario Securities Commission and was appointed as counsel to the Investment Dealers' Association task force to examine the modernisation of the country's securities legislation. Jonathan Drance leads the research in British Columbia, and Jean Marc Huot numbers among Quebec's top practitioners.

McCarthy Tétrault LLP recently advised Toronto-Dominion Bank on a C$275 million preferred share issue, and sees five of its partners listed. Garth Girvan is well known, and Rene Sorell is "pre-eminent" for the representation of clients in proceedings before securities regulators. Goodmans LLP is home to three of Canada's top lawyers in this field. Jonathan Lampe co-chairs the corporate securities group and is "formidably skilled" with, as former general counsel to the Ontario Securities Commission, "unrivalled experience in this sector". Fellow co-chair Stephen Halperin led the firm's representation of Gluskin Sheff & Associates in its initial public offering of subordinate voting shares, while Stephen Pincus is renowned for his work on Canada's largest equity offering in the past decade, its largest-ever income securities IPO and the first high-dividend common-share IPO of a US business. The stature of Osler Hoskin & Harcourt LLP in this field should also be acknowledged: the "first-rate" Jean Fraser and "world-class" Clay Horner standing out alongside two further highly rated colleagues from the Toronto office.

Other Leading Players

The presence of three Cleary Gottlieb Steen & Hamilton LLP partners in our table of the most highly regarded individuals worldwide testifies to the firm's "first class practice". Recent high-profile deals include representing Citigroup in its exchange offer of common stock for up to $27.5 billion of its existing preferred securities and trust preferred securities, as well as representing the underwriters in the $2.93 billion Reliance Power IPO, the largest in Indian history.

Twelve partners appear from five offices, with the New York office home to four including the most highly nominated individual in our research overall: Alan Beller. Former director of the division of corporation finance of the US Securities and Exchange Commission, he is "profoundly eminent" and respected across the globe. His track record includes the demutualisation and IPO of Prudential Insurance Company, the IPOs of Goldman Sachs, Instinet and Singapore Telecom, the initial US offering of Samsung and the privatisation and IPO of Pohang Iron and Steel (Korea). Alongside him, Leslie Silverman is a "stand out lawyer" and Nicolas Grabar and Jorge Juantorena are part of a "formidable team", which is further strengthened by the inclusion of the "excellent" Mitchell Dupler in DC.

This strength is matched by Cleary Gottlieb's London office. Sebastian Sperber specialises in US law and attracted numerous admiring comments, while Ashar Qureshi is a "phenomenon" in the eyes of his peers. Daniel Braverman is also well known, especially for his experience of working in Russia. In Frankfurt, Christof von Dryander is a "leading authority", while the firm has a dual presence in Brussels and a further listing in Paris, underlining its European presence.

Allen & Overy's contingent of 15 featured lawyers is second only to Linklaters, and is based on a contingent of eight partners from its "hugely impressive" London office. US qualified Jeffrey Golden is "one of the big names", while Stephen Miller is well known for the quality of his work, and is part of the team advising Barclays Capital on a structured note issuance linked to guaranteed contingent value rights instruments, which forms part of Électricité de France's recommended takeover of British Energy Group. Boyan Wells is regarded as "one of the leading authorities worldwide", while Roger Wedderburn-Day's Middle East experience was repeatedly highlighted to researchers. The firm's presence in this book extends to five other European countries, as well as Asia, where the "superb" Andrew Harrow leads the practice group in the region from the Hong Kong office. Managing partner of the Singapore office Kenneth Aboud is also well regarded.

Clifford Chance is similarly well represented, with 14 featured partners from eight countries, anchored once again by an exceptionally strong London office. Kevin Ingram is a "first-class debt securitisation lawyer" and stands out in our research, while Peter Voisey is equally well respected. Consultant Chris Oakley is "hugely knowledgeable", while David Dunnigan is a "big name" in the market. The firm's European offices are similarly impressive. Richard Parolai in Paris is one of France's most highly nominated figures, and the Frankfurt office sees two of its partners featured. Further lawyers from Italy, the Netherlands and Spain earn sufficient votes to appear, as does Rahul Guptan in Singapore. The "brilliant" Debashis Dey gives the firm an entry from the lucrative Dubai marketplace.

Freshfields Bruckhaus Deringer earns 13 listings across seven jurisdictions in the following pages. The firm's historic bases in London and Germany provide four featured partners apiece. In the former, Stephen Revell was feted as "absolutely excellent" and a "certainty for inclusion". His expertise in relation to the US and CEE/CIS region was repeatedly commended: he advised INA, the Croatian oil and gas enterprise, on its privatisation plans

and on its IPO. In Frankfurt, Andreas König is a "master of equity capital markets". The "renowned" Chris Sunt in Brussels appears alongside further listings in France, the Netherlands and Spain, and the "well known and highly respected" Teresa Ko is the most highly nominated individual in our Hong Kong research. The firm's China managing partner, she is well known for advising on the listings of local enterprises, including China Mobile, China Unicom, China Telecom, China Construction Bank, ICBC and China CITIC Bank.

Several other firms impressed with the international breadth of their featured lawyers. Shearman & Sterling LLP has recently advised on ProLogis's $1.1 billion common shares offering as well as Royal Bank of Scotland in relation to the offer to buy back $8.1 billion outstanding debt securities. The firm has nine listed lawyers from six countries, with Stephen Hutter in Frankfurt in particular viewed as a "leader in the field" and "always a good adviser to his clients". Matthew Bersani in Hong Kong garnered votes from sources worldwide, and David Beveridge, head of the capital markets - Americas group, leads an impressive contingent of four US-based individuals.

Davis Polk & Wardwell worked on the $20 billion offerings of common stock, equity units and hybrid securities by American International Group (AIG) as well as the $19.65 billion initial public offering of Visa - the largest US IPO in history at the time. Paul Etienne Kumleben in London has advised on financings or other transactions for companies or governments in 25 countries, including emerging European and African markets, and is a "first-class operator". Michael Kaplan in New York is regarded as "superb" and "an absolute pleasure to work with". From the same office co-head of the firm's global capital markets group Richard Sandler was repeatedly recommended and has represented Aetna, Citigroup, Credit Suisse, Goldman Sachs and JPMorgan Chase. William Barron is viewed as a "stand-out lawyer" in Hong Kong, and Theodore Paradise is one of the leading experts in Japan.

Half of Sullivan & Cromwell LLP's six featured partners are based in the US. John Bostelman in New York is "one of the premier capital markets lawyers in the States", and the firm can also call on the expertise of counsel William Williams. Managing partner of the Frankfurt office Wolfgang Feuring is highly regarded in Germany, and the firm's Asian presence encompasses leading figures in Hong Kong and Japan.

Cravath Swaine & Moore LLP sees four extremely highly rated partners listed, split evenly between New York and London. In the former, head of the corporate department Kris Heinzelman was described to researchers as "one of the best I've ever seen". Clients and peers were effusive in their praise for William Rogers, while David Mercado is one of the most highly regarded individuals in our London research. He appears alongside the "very strong" Gregory Shaw.

Local Leaders

Slaughter and May's three "market leading" individuals include the "pre-eminent" Sanjev Warna-kula-suriya in London and extends as far as Hong Kong with the listing of the "superb" Benita Yu.

Hengeler Mueller performs well in the German research with four partners listed, complemented by a further nominee in London. Hendrik Haag in Frankfurt is an "acknowledged leader" with a "superlative track record", and the "hugely effective" Stefan Krauss was also the subject of much praise. Niederer Kraft & Frey AG lead the Swiss research with four partners, including the "legendary" Peter Isler who is recognised as being "instrumental in international financing". Also in Zurich, Homburger is regarded as a "very important firm" in this area. René Bösch is head of its financial services practice group and "highly visible" - he received commendations from sources across Europe. Daniel Daeniker and Benedikt Maurenbrecher also form part of this "extremely strong, deal oriented team". Uría Menéndez dominates in Spain as the only firm with multiple listings, its four featured lawyers are led by managing partner Luis de Carlos. Wiersholm Mellbye & Bech advokatfirma AS are similarly impressive in Norway: its total of four partners, led by managing partner Erik Thyness, is unmatched by local rivals.

Further afield, Mallesons Stephen Jaques's six featured lawyers make it one of the leading players in Asia. Adrienne Showering is based in Hong Kong and is widely recognised for her securitisation expertise, while David Olsson gives the firm a valuable presence in China. Its four lawyers in the Australian list includes "equity expert" David Friedlander and "go-to guy" Greg Hammond. Allens Arthur Robinson matches this quartet and its track record includes advising Macquarie on the initial acquisition of Boart Longyear and the subsequent A$2.35 billion IPO; the largest in Australia since 1997. Mark Wormell's securitisation work is particularly admired by his peers. Allen & Gledhill LLP leads the way in Singapore as the only firm to gain four listings - managing partner Lucien Wong is widely acknowledged to be a "master" - and Hadiputranto Hadinoto & Partners is outstanding in Indonesia with four of the five listed partners.

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