Most Highly Regarded Firms: Mergers & Acquisitions 2011

• March 2011

• Mergers and Acquisitions

In this section we analyse the findings of our research in greater depth to identify the firms and practitioners who stand out worldwide.

Leading Firms

Skadden Arps Slate Meagher & Flom LLP distinguishes itself as the leading firm in our research with the most lawyers featured. Out of the 13 lawyers selected nine are based in the United States, two are based in England, and the offices of France and Hong Kong list one lawyer each. The firm maintains an impressive reputation and client list by constantly being innovative, delegating work to local experts and leading the way in unprecedented M&A deals.

New York is home to five of the firm’s nine state-side inclusions. Roger Aaron advises many leading investment institutions and private equity firms. He is a “respected” corporate and securities lawyer. He is joined by Peter Allan Atkins who is extensively experienced in advising and representing well known multinational corporations in a range of industries on corporate restructurings and directors’ duties, among other areas. As “one of the best in the US” Lou Kling is known for his work in the media industry as well as for one of the largest IPOs in US history, DuPont’s divestiture of Conoco.

Eileen Nugent is “outstanding”. As the joint head of the firm’s private equity group she has an impressive client list, which includes big name retailers such as Donna Karan and Saks Fifth Avenue.

Paul Schnell is “highly experienced”. He has been involved in more than 90 major public M&A transactions, including 25 valued at over $1 billion. He has worked with Pfizer in its collaborative partnership with Private Access, and Grupo México SAB de CV in its proposed $30 billion combination of the operations of Southern Copper Corporation and Asarco, and the resulting listing on the NYSE.

The Chicago office boasts William Kunkel and Charles Mulaney Jr Kunkel has represented Wm Wrigley Jr Company in its merger with Mars and its acquisitions of a number of leading confectionery brands from Kraft Foods. He is well recognised in the industry. Mulaney is “one of the best in Chicago, without question” according to his peers. His practice centres on corporate financing, securities and governance matters within the M&A deal context.

In Los Angeles the “very talented” Brian McCarthy advises on securities, corporate governance and restructurings. He has significant experience in the private equity field having acted as general counsel at Pacific Capital Group. Kenton King “definitely belongs on the list” and has received many nominations from highly ranked peers for his expertise. He is “very, very good”.

In Hong Kong Nicholas Norris jointly heads the firm’s Asian corporate practice. He is renowned for his broad knowledge in private equity funds and M&A, and is lauded for his work on high profile cases such as China Unicom’s merger with China Netcom Corporation, worth US$84.1 billion.

The managing partner of the Paris office and head of the M&A practice in France Pierre Servan-Schreiber is an international “leading” lawyer. He is highly praised for his advice and litigation expertise in major deals involving French-owned enterprises, including Société Générale, Renault and Air France.

In England, Scott Simpson is lauded for his business insights and experience with financing, reorganisation and asset disposal of foreign entities in the Channel Isles. Alongside him is Michael Hatchard who was part of the team that represented BSkyB in a recent proposed merger and a complex multiparty takeover in Bermuda.

Freshfields Bruckhaus Deringer LLP finds 11 of its lawyers in the edition. Willibald Plesser is well known for his work in the energy and telecommunications sectors, particularly with Austrian and eastern European entities. In Brussels, Vincent Macq is “Mr M&A”. He specialises in resulting and crisis M&As. He also works on private equity and restructuring deals, with an emphasis on the natural resources sector in Belgium. He is joined by Chris Sunt, a deputy judge in the Court of Appeals in Brussels. He is “very experienced” in corporate M&A, banking and financing matters. In Germany, former joint head of the firm’s M&A practice Axel Epe divides his time between Düsseldorf and Munich and possesses “pre-eminent” expertise on corporate compliance. “Top-notch” Andreas Fabritius is well thought of for his “practical, strategic mind”. Arend von Riegen comes “highly recommended” by lawyers and clients.

As well as representatives in mainland Europe, Freshfields has five talented lawyers listed in England and Hong Kong. Edward Braham is a “serious M&A expert” known for his representation of ICI in its notable multi-jurisdictional purchase of Unilever’s chemical division. Senior partner William Lawes is a “definite for inclusion”. He has acted for major corporations in IPOs on the London Stock Exchange and assisted banks during the financial crisis.

Barry O’Brien has an exceptional client list: he has counselled Eurotunnel, Mars, Tesco, Linde, HSBC and Merrill Lynch, among others. His specialities are securities, acquisitions and governance matters. Mark Rawlinson is head of the corporate department in London and “one of the best” for competitive or contested public takeovers. He has led transactions in the natural resources industry, such as Gulf Canada’s hostile bid for Clyde Petroleum, and in the financial sector, advising on Morgan Stanley’s offer for Acorn.

In Hong Kong, Robert Ashworth heads the Asian corporate practice group and is a leading expert on intra-regional M&A.

Allen & Overy’s global presence is demonstrated in its nine inclusions across six countries. Managing partner of the Belgian offices Dirk Meeus specialises in traditional M&A and private fundraising in the Flemish market. The “excellent” Marc Feider heads the Luxembourg practice where he advises clients on private equity, securities and stock exchange-related work.

In the Netherlands, Jan Louis Burggraaf and Johan Dirk Kleyn are viewed as “experts”. Burggraaf is known for his work for ABN AMRO in its acquisition by Barclays and the RBS-led consortium worth €67 billion. Kleyn specialises in friendly and in less friendly takeovers, and counts Crucell NV among his clients.

In the UAE, Pervez Akhtar and Khalid Garousha provide local advice on cross-border acquisitions in the Middle East to sovereign wealth funds and private equity groups. Akhtar has recently been involved in advising the EU investment authority on its strategic stake in the Bank of Bahrain, among many other major deals. In Saudi Arabia, Allen & Overy have established an association with a leading local firm, Abdulaziz AlGasim Law Firm. Representing A&O, Julian Johansen offers experience in Islamic financing and corporate work. He counts the Saudi Electrical Company as one of his clients.

The most represented jurisdiction on the chart is England: from the top five firms 49 lawyers feature, of which 20 lawyers are based in England. This is a reflection on the established corporate prominence that England has in the M&A world. Outside of North America, England’s capital is home to the most lawyers in our entire research. As the chart illustrates, Slaughter and May is the leading English law firm in 2011, with nine of its lawyers receiving the most nominations in this country, two of whom feature among the most highly regarded individuals worldwide. Nigel Boardman is “the best lawyer I have ever worked with” according to one lawyer we interviewed. Boardman was praised by peers for his knowledge of corporate M&A and high profile cases, such as advising the Board of Liverpool FC on the sale to New England Sports Ventures. Stephen Cooke is a “top-drawer” lawyer, head of the firm’s M&A practice and with particular expertise in takeovers and stock exchange work. He was part of the team that advised Cadburys during its acquisition by Kraft Foods and assisted British Airways in its merger with Iberia.

Glen James has advised extensively on structuring, reconstruction, acquisition and disposal of assets for insurance and financial companies. He is “at the very top of his profession” according to his peers. Frances Murphy leads the firm’s corporate practice and has a very good reputation for the “highest levels of M&A legal advice”, according to one of her clients. Charles Randell covers public sector work including privatisations. He was been involved in advising HM Treasury on the nationalisation of Northern Rock, Bradford & Bingley, the Icelandic banks and the disposal of British Energy. “Senior, charismatic and hands-on” Christopher Saul comes recommended, as does Jeff Twentyman who heads the private equity group. William Underhill is an “expert” on takeovers in the technological and media sectors.

In Hong Kong Neil Hyman is an “absolute definite” for inclusion in the list, according to his fellow practitioners both in Asia and abroad.

Linklaters LLP has seven of its practitioners in guide from Europe and the Middle East. In the UAE Scott Campbell has worked on the Saudi Oger/Oger Telecom merger worth US$6.55 billion, the US$12 billion Emirates Bank/National Bank of Dubai merger, and many other regional deals.

Over in Europe Paul Van Hooghten works on both cross-border and domestic mergers. He assisted Belgian Option NV in its merger with the Chinese-owned Huawei, and Belgium Dexia Bank on its sale to Adinfo Belgium, among other large deals. The “elite” Ralph Wollburg specialises in public takeovers involving German acquisitions and German stock corporation law.

The firm fields four “impressive” lawyers in England. David Cheyne is the “main man” at the firm for M&A having accumulated 30 years of international experience. Richard Godden is “one of the big players”, alongside Charles Jacobs and Matthew Middleditch, who are “brilliant, sensible lawyers”.

A number of other firms also excelled in our research this year, with strong showings from the “superior” Victor Lewkow, Paul Shim and Daniel Steinberg at Cleary Gottlieb Steen & Hamilton LLP in New York. Lewkow acted as counsel to BHP Billion in its attempt to acquire Potash Corp. Shim and Steinberg were part of the team that acted for Dollar Thrifty Automotive Group in its US$1.43 billion acquisition by Hertz.

In New York, Wachtell Lipton Rosen & Katz LLP boasts the most highly nominated lawyer in our research overall, David Katz. He is “quite brilliant” for his corporate M&A work, advisory practice on governance and firm management. Andrew Brownstein is “very clever”. Adam Emmerich has extensive experience in takeover defence and corporate governance issues. Daniel Neff is the co-chairman of the executive committee, along with the “famously smart” Edward Herlihy. Neff has assisted Kellogg Company in its acquisition of Keebler Foods Company and Western Wireless Corporation in its merger with ALLTEL Corporation. Martin Lipton is an “elder statesman” of the firm, with over 30 years of experience. He has represented dozens of major international clients, and has been influential in the development of M&A global techniques and practices.

At Shearman & Sterling LLP, Peter Lyons is one of the most highly regarded lawyers worldwide and receives enough votes to place him within the top ten of lawyers in our research. Steve Camahort and John Madden stand out as “business savvy, pragmatic and results-orientated” lawyers, according to a client of the firm. At Simpson Thacher & Bartlett LLP Robert Spatt is “first-rate”, and Alan Klein comes highly recommended as informed and “effective”.

Sullivan & Cromwell LLP features some of the most highly nominated lawyers in our research. Rodgin Cohen earns a place among the global elite for his “excellent” practice. Frank Aquila and James Morphy are “terrific cross-border transactional lawyers”.

In New York, Cravath Swaine & Moore LLP fields Richard Hall. He received a lot of nominations from top-ranking individuals for his “knowledgeable and responsive” approach.

In California, Richard Climan at Dewey & LeBoeuf LLP is “an excellent lawyer”, and earns a place among the most highly regarded in this edition. He is joined by the “great” Clay Horner at Osler Hoskin & Harcourt LLP in Toronto. He has a lot of experience working with media companies as well as within the mining industry.

At Mallesons Stephen Jaques in Sydney David Friedlander “has provided first-rate advice on complex matters. He is an excellent listener and exceeds expectations”, in the words of a client. In Wellington David Quigg is “active and impressive” at his own firm, which earns him an international reputation as one of the most highly regarded lawyers this year.

White & Case LLP features seven lawyers with a particularly strong presence in Europe. Marc Polonsky divides his time between London and Moscow. He stands out for his M&A work for mining and oil and gas companies. Alongside him is Andrei Dontsov who specialises in telecommunications and the automotive industry. In Prague, Ivo Bárta specialises in banking relating to M&A financing. In Stockholm Claes Zettermarck has earned an “impressive” reputation for taking on contentious M&A. Co-head of the Budapest office István Réczicza is an “expert” in inbound and domestic deals. He represented the UK’s leading airport operator in the US$2.2 billion privatisation of Budapest’s airport, the largest ever seen in Hungary. Alberto Sepúlveda Cosío is considered the “top guy” in Mexico, as is Barrye Wall in Hong Kong.

Outstanding Firms in the Leading Jurisdictions

Hong Kong achieved a good showing in this year’s research, with 10 lawyers listed in total. Norton Rose Hong Kong gained the most entries with two “top” lawyers, Freeman Chan and David Stannard. Ashley Alder of Herbert Smith LLP and Roger Denny of Clifford Chance LLP come “highly recommended”. Anthony Chan at Hammonds LLP is “very good”.

Our research finds a total of 16 leading M&A lawyers in China making it the most represented country in Asia Pacific. King & Wood stands above its competitors with five lawyers in this edition, including Handel Lee who received a number of top ranking international nominations. Alongside him in Beijing is Xu Ping who specialises in inbound M&A and technology transfers. In Shenzhen Wang Rongkang brings his experience as a deputy director in the Department of Foreign Affairs and the Ministry of Justice to his practice advising foreign investors in public utility deals. The firm also enjoys two listings in Hong Kong. Zhang Yi splits his time between Hong Kong and Shanghai where he has developed a practice in restructurings and acquisitions in the insurance industry.

Andrew Tan is “greatly experienced” in advising on private equity funds, debt restructuring and liquidations.

J Sagar Associates is the most represented firm in our research in India. Berjis Desai has extensive experience as a financial and securities lawyer, and combines his dispute resolution practice with his M&A focus. Jyoti Sagar is one of the most experienced lawyers in the region. He focuses on inbound M&A and has worked with the government of India and Chamber of Commerce. Dina Wadia specialises in debt transactions in relation to M&A financing.

In Brazil, Pinheiro Neto Advogados is home to the most nominated lawyers in Latin America. Fernando Alves Meira is a “very experienced” private equity adviser, with an emphasis in the natural resources and chemical industries. Alexandre Bertoldi is a “respected” name in the M&A and finance markets, and the “hard-working” Carlos Alberto Moreira Lima Jr is renowned for his corporate M&A work.

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