Highly Regarded Firms: Capital Markets 2010

• September 2010

• Capital Markets

This year, we identify 508 capital markets lawyers in 52 jurisdictions who can be considered as leaders in the field. One firm stands alone at the top of our international research.

Global Leaders

Linklaters has an “incredible pedigree” in this sector, and advised on HSBC’s £12.5 billion rights issue, the largest rights issue in history, as well as InBev on its E6.36 billion rights issue and Rio Tinto Finance (USA) on its $5 billion offering of notes. The firm sees 32 of its partners listed from 13 offices across the globe, a huge contingent unmatched in size or geographical breadth by any other firm. Eight are selected from London, including Jim Rice. A “structured finance and securitisation guru”, he is joined by the “first class” Lachlan Burn, who was picked out for his work on debt securities and derivatives, as well as Keith Thomson, who stood out for his debt and equity work, for both domestic and overseas issuers, and he is particularly highly rated for his knowledge of emerging markets.

Five more Linklaters partners are selected in Germany. Berthold Kusserow is of counsel to the Frankfurt office and “one of the deans of the practice area worldwide”. His knowledge of debt issuance, structured products and bond issues is “unrivalled”, according to his peers. Peter Waltz was praised for his counsel to issuers and underwriters in relation to debt issues, while Herbert Harrer is held in similarly high esteem for his IPO work. The firm is similarly strong across the continent, with further partners picked out as leaders in the research in France, Spain, Luxembourg, Italy and Portugal. In the latter, Jorge Bleck was repeatedly singled out as “one of the finest lawyers in the country.”

Further afield, Linklaters is very strong in Asia, with ten nominees from its offices in Japan, Hong Kong and Singapore. Andrew Malcolm heads the capital markets practice in Asia and is “totally well versed in all aspects of international securities law”. Mary Matson is head of securitisation in Hong Kong and a “worldwide authority”, and she has acted for arrangers, originators and trustees in the securitisation of various regional assets. In Singapore, Dean Lockhart earns international recognition for his work on Reliance Communications’ $1 billion convertible bond. With further appearances in the Russia and UAE research, Linklaters is the world’s leading firm in this sector.

Clifford Chance sees 18 of its partners selected, with the majority picked from its European offices. Its profile extends worldwide: lawyers from the firm have worked on sovereign debt issues in more than 25 countries. The London office is particularly strong. David Dunnigan is universally revered as a “phenomenal lawyer” for all aspects of debt and equity capital markets, and his international profile and knowledge of emerging markets were reflected in the votes he received from our sources across the globe. Habib Motani is “one of the premier derivatives lawyers in England”, while Chris Oakley is rated as “absolutely top tier for all types of structured finance transactions”. Kevin Ingram also impressed our sources on all facets of structured finance work, and is among the leading practitioners in the country. Four further nominees appear from the Frankfurt office. The “outstanding” Michael Weller was fêted for his work on behalf of financial institutions on a wide range of structured financings, and Markus Pfüller has advised on more than 60 capital market transactions since 1994, including the IPO of Deutsche Telekom. Elsewhere, the “excellent” Yves Herinckx is selected in Brussels and further partners appear from Italy, the Netherlands and Spain. Clifford Chance is also home to some of the leading practitioners in Asia ,with inclusions from Japan and Singapore, and the firm is also strong in the UAE thanks to the selection of the “market leading” Christopher Walsh and Debashis Dey.

First-Class Firms

Allen & Overy LLP is widely regarded as a “powerhouse” in this sector. The firm was involved with the first eurobond issue in the 1960s, and advises over 800 corporate and financial institution participants in the financial markets. A&O acted as US counsel to the international underwriters in the global offering of ‘H’ shares by Agricultural Bank of China, consisting of an international offering and a public offering in Hong Kong and an ‘A’ share offering in China with an aggregate value of approximately US$19.2 billion. David Johnson in Hong Kong was widely recommended for his work on this transaction, and he appears alongside Andrew Harrow, head of the firm’s international capital markets practice in Asia Pacific and “one of the best lawyers in the region” in the eyes of our sources. Kenneth Aboud heads the international financing capital markets practice in Singapore, and his experience includes global Islamic securities issues and the IPO of Bank Central Asia and LMA. The London office is very strong, with seven partners selected. Boyan Wells is a “major player”, recognised for his work on regulatory capital raising issues and complex structured finance transactions throughout Europe. Angela Clist is a “market leading securitisation lawyer” who worked on the first UK covered bonds transaction for HBOS Treasury Services and is generally viewed as “one of the finest legal minds in the business”. Geoff Fuller is well regarded for all types of capital markets transactions, and Stephen Miller is similarly well known in the international market. The firm sees two further nominees from its Italian and Dutch offices, as well as earning a presence in Germany, Belgium, Luxembourg and Saudi Arabia, and with 18 nominees in nine countries it is among the leading capital markets law firms

Major Players

Cleary Gottlieb Steen & Hamilton LLP recently represented Samsung Life Insurance in its $4.4 billion IPO, the largest ever by a Korean company, and at the time of writing is representing the special committee of the board of directors of Interactive Data Corporation in the leveraged buyout of the company by a private equity consortium of Silver Lake and Warburg Pincus, which is valued at $3.4 billion and is the largest financial sponsor LBO of 2010. The firm sees 16 of its lawyers selected for inclusion, split for the most part between Europe and the US. In New York, Alan Beller is one of the most highly recommended individuals in our entire research, and the former director of the division of corporation finance of the US Securities and Exchange Commission is said to be “absolutely first class”. Edward Greene is a former general counsel of the SEC and also of Citigroup’s Institutional Clients Group, and is highly prized by his clients for his “encyclopedic knowledge”. In Germany, Christof von Dryander is lauded for his work on international securities offerings, while Thomas Kopp is “one of the finest lawyers in the country” and represented Deutsche Post and Deutsche Postbank in connection with the IPO of Deutsche Postbank. Daniel Braverman in London is extremely highly rated, particularly for his knowledge of the Russian market, and Jinduk Han gives the firm a valuable presence in the Hong Kong research.

Sidley Austin LLP is a “very strong firm in this sector” and clients and peers alike were impressed by the “breadth of expertise and consistent quality” of its lawyers. Nine are listed in the US research, giving the firm more representatives than any other in the country. Joseph McLaughlin in New York is “spectacularly good” according to our sources, while Norman Slonaker is recognised worldwide for the quality of his securities work. Further nominees were selected in California and Illinois, as well as the “tremendous” Thomas Albrecht in Hong Kong. Formerly of the Chicago office, Albrecht is now managing partner for the Asia-Pacific region as well as co-head of the global structured finance and securitisation practice and his presence alongside Matthew Sheridan “give the firm a leading presence in the Far East” according to local commentators. With four further nominees in London, Sidley is one of the most highly respected firms in our research overall.

Leading Lights

The 12 lawyers selected from Freshfields Bruckhaus Deringer LLP are predominantly based in Europe. The firm’s track record includes advising on the first residential mortgage securitisation in China, the first public refinancing of gas distribution networks and the development of a novel Ä15 billion single platform for covered bonds and RMBS. Stephen Revell in London is among the practice area’s leading experts, with an “incredibly in-depth knowledge” of privatisations, debt and equity securities offerings and market regulation. The Frankfurt office is particularly strong, with four partners selected. Andreas König was cited as “one of the finest equity capital markets lawyers in the country, if not the finest”. Freshfields gains further recognition in the Austria, Belgium and Spain research, as well as in Hong Kong, where Teresa Ko is “recognised across the region” for her work on complex global offerings, particularly the listings of Chinese enterprises.

Sullivan & Cromwell LLP sees 11 of its partners listed here, and “has a fine track record” in this sector, including the representation of the initial purchasers in two offerings of hybrid securities by MetLife worth a total of $1.45 billion in 2008. Bob Buckholz is co-coordinator of the firm’s corporate and finance group and a “wonderful lawyer”. His “stellar” client list includes American Water and Echo Global Investors for IPOs and he has handled debt and equity offerings for Bank of Nova Scotia and Transocean. John Bostelman is of counsel to the New York office and a “legend in the field”, and Bill Williams is similarly well regarded for his “incredible experience”. The firm is also strong in Europe, where Gauthier Blanluet is the most highly nominated lawyer in France and Wolfgang Feuring “in the very top tier” in Germany. Chun Wei is selected in Hong Kong while in Tokyo, Izumi Akai co-heads the Japan practice and acted as US counsel to the underwriters of the $2.8 billion global equity offering of Hitachi.

Lawyers from Shearman & Sterling LLP represented the underwriters in the $8 billion SEC-registered global offering of shares by Santander Brazil. The firm sees 11 nominees appear in this edition from seven countries. In the US, David Beveridge is head of the capital markets–Americas group and well known for a wide range of work for both issuers and underwriters, while Robert Evans is highly praised for his IPO and corporate finance practice. In Frankfurt, Stephan Hutter is “one of the very best capital markets experts in Germany”. He is managing partner of the capital markets practice in Europe and Asia, and the firm is well represented in those regions through further inclusions in Italy, England - head of the UK derivatives group Patrick Clancy is a “stand out” –Japan and Hong Kong as well as in Canada.

Davis Polk & Wardwell LLP “has long been considered a pre-eminent firm in this area”, and once again this is reflected in our research with nine leading practitioners listed in four countries. The firm advised the underwriters of the $19.65 billion initial public offering of Visa, the largest US IPO in history, and has also recently advised Citigroup on its offering of new equity capital and tangible equity units in connection with the repayment of $20 billion of its TARP trust preferred securities. Richard Sandler represented the banks in the aforementioned Visa IPO, and is co-head of the global practice group. A “shining star of the New York bar”, according to our sources. He has represented clients such as Aetna, Citigroup, Goldman Sachs and Morgan Stanley. His fellow co-head Richard Truesdell has the largest convertible offering in history on his CV, the $6.9 billion offering of perpetual convertible stock by Bank of America Corporation. In London, Paul Etienne Kumleben is “one of the best around” and has advised on transactions for companies or governments in over 25 countries. Theodore Paradise is based in Tokyo and is a “real authority” on cross-border transactions involving Japanese parties, and the “exemplary” William Barron in Hong Kong counts China Investment Corporation among his clients.

International Expertise

Skadden Arps Slate Meagher & Flom LLP is well regarded worldwide for its representation of underwriters, issuers, investors and credit enhancers, and sees nine of its partners selected in five countries. Three partners are listed in New York, including the “quite brilliant” Phyllis Korff who advised the underwriters in the IPOs of Blackstone and Virgin Mobile. Three are also selected in Hong Kong, with Jonathan Stone, co-head of Skadden’s corporate practice in Asia (excluding Japan) particularly highly recommended by our sources. Elsewhere, we list Skadden lawyers in Brazil, France and Canada.

Mallesons Stephen Jaques is the leading firm in the Australian research with five featured partners, and also scores highly elsewhere in Asia and in the UK. Greg Hammond leads the debt capital markets practice and the Australian research overall, while David Friedlander is “the absolute first choice” of several clients we canvassed. In London, Adrienne Showering is a “premier league lawyer”, and David Olsson gives the firm a valuable presence in Beijing.

The six inclusions from Cravath Swaine & Moore LLP are split equally between New York and London. In the former, Kris Heinzelman chairs the securities practice and his work for underwriters in IPOs such as those of North American Energy Partners, Lazard and Weight Watchers earn him a place among the leading lights worldwide. The “excellent” William Rogers recently represented Safe Bulkers and Tetragon Financial Group in their IPOs. In England, Philip Boeckman is managing partner of the London office and has represented Citigroup, Credit Suisse and JPMorgan, as well as acting as designated underwriters’ counsel for Prudential and the Republic of Poland.

Several firms stood out in their local jurisdictions. Chief among these is Hengeler Mueller, which sees five of its partners listed in Frankfurt and one in our table of the leading practitioners worldwide. Hendrik Haag is “second to none” in the eyes of our sources, while Stefan Krauss also received very high levels of recommendation from respondents around the world. In Switzerland, Homburger has three partners included and all were the subject of much praise. René Bösch heads the financial services practice group and led our international research overall – “I cannot recommend him highly enough”. Daniel Daeniker and Benedikt Maurenbrecher complete this “market leading” trio. In Singapore, Allen & Gledhill LLP once again leads the local research and is the only firm to earn four places. Tan Tze Gay is head of the equity capital markets group and her work on matters such as CapitaMalls Asia Limited’s IPO and listing that raised S$2.8 billion earns her a place in the highest echelon of our international research.

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