Most Highly Regarded Firms: Banking 2010
This is the largest edition of our banking book to date, with 442 experts selected from 63 countries. Several firms stand out for the large number of leading practitioners they field, as well as the geographical breadth of their international expertise.
Clifford Chance is the leading firm in this edition, with 18 partners listed. The only firm ever to win Who’s Who Legal’s banking award, it once again has more lawyers featured than any other firm. It is recognised across the full range of banking and finance-related matters, with a client list that includes corporates, all types of banks, regulators and governments, and is viewed as “a real global player”. The London office is a “powerhouse” with five partners selected. Mark Campbell has been global head of finance since 2002 and is regarded as “one of the elite”. Malcolm Sweeting received recommendations from across Europe, the US and elsewhere and made quite an impression on our sources, he is “simply awesome – if there is anything he doesn’t know about banking law I have yet to find it”. The firm’s European presence encompasses entries in Belgium, France and Poland as well as two listings apiece in Russia, Germany and Romania. Michael Weller in Frankfurt stood out for his structured finance work, Logan Wright in Moscow is widely recognised for his work on behalf of banks and borrowers on cross-border financings into Russia and the CIS and Daniel Badea in Bucharest is an “expert” in international finance transactions. The firm can offer clients “reliable and effective counsel” in the Middle East from its two featured partners in Dubai, as well as two of the leading figures from our Japanese and Hong Kong research.
The banking and finance practice at Linklaters is “hugely respected worldwide”. In recent months the firm has advised the arranging banks on the US$4.1 billion bid by Nordic Capital for ConvaTec – the largest European leveraged buyout since the start of the credit crunch. The 12 listed lawyers include four from the London office, led by John Tucker, the “highly skilled” global head of finance and projects. David Ereira’s restructuring and insolvency experience is widely admired, and he recently acted for PwC as administrators of Lehman Brothers International Europe. The German list sees the inclusion of the well regarded Berthold Kusserow and Eva Reudelhuber, and the research also recognises market leading partners from the firm’s offices in Russia, Poland and Belgium. The firm is strong in Asia, with two partners included from Japan, and co-head of the Asia Pacific banking and restructuring group Trevor Clark is regarded as one of the “foremost authorities” in Hong Kong.
Allen & Overy is “immensely strong in this sector”. The firm can call on over 1,000 banking lawyers worldwide, and advises over 800 corporate and financial institutions and participants in the financial markets. Twelve partners are selected for inclusion in this edition, and once again the London office provides the backbone of the practice. Michael Duncan is chairman of the global banking practice and “pre-eminent in England and worldwide”. Stephen Kensell is joint managing partner of A&O’s global practice in this area, and was commended for his knowledge of investment grade and leveraged event-driven finance. The firm’s “formidable European presence” extends to listings in Belgium, the Czech Republic, Germany, Poland and Russia, as well as having “the outstanding banking lawyer in Dubai” in Bimal Desai, recognised for his banking and Islamic finance expertise. Kayal Sachi is one of the most highly regarded lawyers in Singapore.
White & Case represents more than 90 banks around the world and sees nine of its partners selected. Over half of these are based in the US, led in the voting by Eric Berg, head of the global practice group in this area and a “terrific lawyer with a very strong reputation”. Ernest Patrikis is a “regulatory guru”, who offers clients the benefit of experience gleaned from his tenures as general counsel and later chief operating officer of Federal Reserve Bank of New York. The firm is widely known throughout Latin America for its “outstanding” practice, and has two highly rated individuals selected in Mexico. Thomas Heather is “extremely well connected, hugely respected and very well liked”, while Alberto Sepúlveda Cosío is a “great lawyer”. The firm’s European presence includes one of the most highly regarded individuals in the Hungarian research, and a further listing in Poland.
Transatlantic expertise
Several firms performed strongly in both the United States and in Europe. Chief among these is Cleary Gottlieb Steen & Hamilton LLP, with eight partners listed, including five from the US. The firm’s profile is extremely high, “Cleary are involved in everything at the moment” in the words of one respondent. Robert Tortoriello is “simply exceptional”, with his knowledge of cross-border transactions repeatedly drawn to our attention. Lee Buchheit is “absolutely terrific”, while John Murphy in DC is praised for his “encyclopaedic regulatory knowledge” and work in relation to financial sector restructurings, privatisations and troubled institutions. Elsewhere, Scott Senecal is a “big name” in the Russian market and Roberto Casati is “one of the top lawyers in Italy”, renowned for his securities, finance and corporate practice. Christof von Dryander in Germany impressed our sources with his securities offering, transactional and governance knowledge.
Six representatives of Latham & Watkins LLP’s “excellent” banking group are included. Marc Hanrahan is global co-chair of the practice and “one of the best lawyers in New York”. He has handled major transactions for clients such as Barclays Bank, Credit Suisse, Goldman Sachs Credit Partners LP and HSBC. Three more highly rated US based practitioners are listed, as well as Uwe Eyles in Frankfurt and the “extremely well regarded” James Chesterman in London. Commended for his structured finance work, his representative clients include Deutsche Bank, JP Morgan, Bank of America and GE Capital.
Simpson Thacher & Bartlett LLP has handled transactions involving JPMorgan, Lehman Brothers, CIBC, Wachovia and UBS/Warburg, and has representatives in the major banking centres of London and New York. In the former, Anthony Keal is a “leading light for leveraged finance” both domestic and internationally, while the New York office contains “some of the brightest legal minds in this sector”. Francis Huck is a “top flight practitioner” whose syndicated commercial lending practice “cannot be commended too highly”. Lee Meyerson heads the financial institutions practice and specialises in M&A and capital markets transactions for these clients. His “incredible track record” includes advising JPMorgan Chase in its US$58 billion merger with Bank One Corporation, and acting for the US Treasury in connection with its US$250 billion programme for purchasing equity in US financial institutions, as well as its targeted investments in Citigroup and Bank of America. Gary Rice stands out for his banking regulation and M&A work, as well as his knowledge of securities offerings.
Shearman & Sterling LLP is another firm to gain representation on both sides of the Atlantic. Anthony Ward is managing partner of the London office and renowned for his “top drawer” acquisition finance and related restructuring work. The three highly regarded New York lawyers we feature are Bradley Sabel, a veteran of 18 years at the Federal Reserve Bank of New York, structured finance expert Reade Ryan and William Hirschberg, who attracted rave reviews of his work with Bank of America in connection with worldwide issues relating to Lehman Brothers.
Elsewhere in England, Slaughter and May received great recognition for its work on behalf of HM Treasury, and sees three of its partners selected for inclusion. Andrew Balfour is head of the finance practice and one of the most highly recommended individuals in the UK – “I can’t think of anyone better for financing transactions”. Stephen Powell is well known on both the finance and corporate sides, and the “excellent” Ruth Fox heads the financial regulation group.
New York
As one of the world’s most important banking markets, it is no surprise that New York is also home to some of its best law firms. The four featured partners from Cravath Swaine & Moore LLP are incredibly well known and command universal respect. Rob Kiessling leads the practice and is “quite brilliant”. His clients have included JPMorgan Chase, Citigroup, Bank of America, State Street Corporation and other commercial and investment banks, and he “belongs without question among the best of the best”. His colleague James Cooper is also featured in our list of the area’s most highly regarded individuals. Described as “virtually unparalleled”, he specialises in advising on domestic and international financing transactions, and is much in demand for his counsel to corporate borrowers negotiating financing arrangements with financial institutions. James Vardell has represented JPMorgan Chase Bank and Credit Suisse in connection with numerous financings and is also well known for his work on the borrower side, where he has represented DuPont, Pepsi Bottling Group and Vivendi. The “eminent” Allen Parker is the firm’s deputy presiding partner and head of the corporate group and his “unmatched experience” includes work on syndicated loan transactions, acquisition financings and leveraged recapitalisations. He has counselled clients including JPMorgan Chase, Citicorp and DreamWorks Animation.
Sullivan & Cromwell LLP has more partners featured in our NY research than any other firm, with five of its six nominees based in the city. The firm’s recent representations include the board of directors of The Bear Stearns Companies in its sale to JPMorgan Chase, Goldman Sachs in its conversion to a bank holding company and JPMorgan Chase in its acquisition of all deposits, assets and certain liabilities of Washington Mutual’s banking operations from the FDIC. Rodgin Cohen is probably the most high-profile banking lawyer in the world in recent years, and nominees were unanimous in their praise for him: “He really is spectacular. His ability to get things done and open doors is remarkable.” He and his team advised Fannie Mae, Lehman Brothers Holdings, Wachovia, Barclays, AIG, JPMorgan Chase and Goldman Sachs Group in a single five-week period in late 2008. His work was fêted from all quarters, and “no one knows more about bank acquisitions”. Managing partner of the financial institutions group, Michael Wiseman’s “reputation ascended to even greater heights” as a result of his work in the AIG bailout, while Stanley Farrar, who recently returned to the US after a spell in the firm’s Tokyo office, is now of counsel to the Los Angeles office and “extremely well versed in all facets of banking law”.
Davis Polk & Wardwell LLP is another firm to have been involved with high-profile work arising from the recent crisis, and earns five places in this edition. Randall Guynn heads the financial institutions group and is an “elite practitioner”, renowned throughout the US for his advice to the Federal Reserve Bank of New York on the US Treasury’s US$250 billion bank capital purchase programme, as well as Citigroup on all of its major financial crisis-related matters. Bradley Smith stands out for his acquisition finance knowledge, as well as his work on a broad range of secured credit transactions including the representation of Federal Reserve Bank of New York in connection with the US$85 billion secured lending facility established for AIG. James Florack has represented JPMorgan Chase, Morgan Stanley, Bank of America, Credit Suisse and Goldman Sachs, while Peter Levin has represented Morgan Stanley Senior Funding and HSBC in relation to acquisition financings and restructurings secured by collateral located in North America, South America, Europe and Asia. John Douglas joined the firm in 2009 and brings “unrivalled regulatory expertise” as a former general counsel of the FDIC.
Europe & Worldwide
Freshfields Bruckhaus Deringer LLP stands out as one of the top banking firms in Europe, with seven nominees selected from four countries. The firm has recently advised clients such as Credit Suisse First Boston, Goldman Sachs, JPMorgan and BNP Paribas. It is particularly strong in Germany, where three partners are listed. Thomas Emde’s regulatory practice was repeatedly highlighted, especially in relation to stock exchange listings and in relation to the asset management sector. In London, Sean Pierce co-heads the global financial services sector group and is regarded as a “big name in the London market”, while the firm sees further partners selected in Belgium and Austria.
Switzerland continues to be a major European banking centre, and the leading local firm in terms of featured partners is Lenz & Staehelin. Four individuals were selected and each was the recipient of multiple recommendations. Patrick Hünerwadel leads the banking and finance group and is regarded as “pre-eminent” for structured and lease finance, securitisation and derivatives. Shelby du Pasquier co-heads the group in Geneva and is highly sought after for his advice to Swiss and international financial institutions, private equity, hedge funds and fund managers. At Homburger, René Bösch once again performed extremely well and leads our Swiss research. Head of the practice group, he has also co-chaired of the securities law committee of the International Bar Association and is an “absolute authority on all types of Swiss banking law”.
Hengeler Mueller “remains at the forefront of German banking law” and sees three of its partners selected, including the “widely respected” Hendrik Haag, former chairman of the IBA’s committee on banking law. Hengeler’s Spanish “best friend’, Uría Menéndez, garners five listings. Managing partner Luis de Carlos is “one of the pillars of the banking law community”, while Emilio Díaz Ruiz is widely recognised for his role in the drafting of securities regulations. High profile lateral hire Jaime de San Román “strengthens an already impressive group”.
In Italy, Chiomenti Studio Legale performs strongly with four of its partners cited as leaders, more than any other firm in the country, and the French market is dominated by two firms; Gide Loyrette Nouel AARPI and De Pardieu Brocas Maffei with three nominees apiece.
Allens Arthur Robinson leads the research in Australia with more featured partners than any other firm, and Philip Cornwell is an “absolutely brilliant banking lawyer”. His acquisition finance work in particular drew admiring comment. Mallesons Stephen Jaques is another firm to prosper, and Greg Hammond’s expertise in local bank supervision and regulation has been repeatedly called upon in recent months.
Canada and Latin America
The Canadian research is led by Blake Cassels & Graydon LLP, with an impressive contingent of seven featured lawyers. Former chairman of the firm Jim Christie is recognised for his “phenomenal practice” in all types of banking law, while John Teolis is a “trailblazer” and one of the first three Canadian lawyers elected to the American College of Commercial Finance Lawyers. Martin Fingerhut stood out for his securitisation and structured finance work, and leader of the financial services group Michael Harquail is “definitely in the top tier of Canadian banking lawyers”. Jim Riley of Goodmans LLP is another lawyer in that category; indeed he received sufficient nominations to earn a place in our table of the top practitioners worldwide. Described as “tremendously skilled in all that he does”, he is a leading authority on banking reform and regulation.
The achievement of Marval O’Farrell & Mairal in Argentina deserves mention; five partners were selected for inclusion. Gabriel Matarasso impressed clients, who deemed him “hard-working, clear and concise”, while Roberto Silva is “great to have on your side”. Santiago Carregal is a former vice president and assistant general counsel of JPMorgan’s Buenos Aires branch and renowned throughout the region, while Juan Antonio Gallo is renowned for the quality of his advice to local and foreign financial entities. Patricia López Aufranc completes the quintet, and received votes from sources throughout Latin America. In Chile, Claro y Cia stands out and in Cristóbal Eyzaguirre B it has “the leading lawyer in the country”. Former general counsel of Citigroup, he is “the go-to guy in the region” as far as many of our sources are concerned.