Editorial: Banking

01 October 2006

Most Highly Regarded Individuals - Global
LawyerFirm
Rodgin CohenSullivan & Cromwell LLP, New York
Andrew BalfourSlaughter and May, London
Robert TortorielloCleary Gottlieb Steen & Hamilton LLP, New York
B Robbins KiesslingCravath Swaine & Moore LLP, New York
Mark CampbellClifford Chance LLP, London
James CooperCravath Swaine & Moore LLP, New York
John WalkerSimpson Thacher & Bartlett LLP, New York
Hendrik HaagHengeler Mueller, Frankfurt
James RileyGoodmans LLP, Toronto
Randall GuynnDavis Polk & Wardwell, New York
Lee BuchheitCleary Gottlieb Steen & Hamilton LLP, New York

In this chapter we identify the leading practitioners across a range of disciplines within this industry. These outstanding lawyers are all experts at representing financial institutions and corporate clients in banking transactions. Furthermore, the chapter includes lawyers from all parts of the banking spectrum, with experts in regulatory and transactional matters.

NEW YORK CAPITAL

The United States provides more lawyers for our list than any other country, and New York is the single best-represented state. Seven lawyers in this global financial centre make our list of the elite (see table).

Sullivan & Cromwell LLP has strong claim to be the best banking firm in New York. The firm represents banks domestically and internationally on a range of matters, and is praised for its “indepth experience of working with banking regulators”, which allows the firm to give “unbeatable advice across the spectrum of finance issues”. Sullivan & Cromwell has more lawyers in our New York list than any other firm – five. The firm can also rely on the services of the most highly nominated practitioner in the entire research: Rodgin Cohen. Well-known for his representation of the Clearing House – an association of 11 major banks – the firm’s chairman was described as an “awesome talent” and a “fabulous lawyer”.

Cohen was praised for he “phenomenal range of skills” in the areas of regulation, acquisitions and securities. In regulatory matters he has worked on matters such as bank product and geographic powers, the Bank Secrecy Act and money laundering and restrictions on bank operations for financial institutions both in the US and abroad, as well as with the four banking regulators and other governmental agencies. In addition, he has worked on US bank acquisitions including Wachovia/ SouthTrust, Chase/Bank One, and Wells Fargo/Norwest, whereas his cross-border and foreign acquisition work has included Goldman Sachs/Sumitomo, Allianz/ Dresdner and Société Générale/ Paribas, among many others. Cohen is also “the pre-eminent authority on securities matters”, having worked on Barclays’ public offering, the first in the United States by a non-US bank, as well as other public offerings by institutions including Citicorp, Chase, First Interstate and The Bank of New York. Cohen is joined in the following pages by four colleagues from the New York office – “They have one hell of a team over there,” said one local rival. Michael Wiseman, “he is aptly named,” remarked one source, was repeatedly singled out for praise in regulatory work in particular, and can count UBS, ABN AMRO, the Bank of New York and Delta Bank among his clients. On the transactional side, he represented UBS in its merger with Swiss Bank Corporation, as well as UBS and AIG in a number of acquisitions and investments. Erik Lindauer was described as “extremely good across a range of complex financings”, and was noted for his project finance expertise in particular, whereas Donald Toumey is “spectacular for banking related M&A”, and recently represented Mitsubishi Tokyo Financial Group in its merger with UFJ Holdings. Completing the firm’s New York quintet is the “very good” Mark Welshimer, the coordinator of the firm’s asset based finance group. Further afield, Sullivan & Cromwell’s Stanley Farrar is known for his M&A work in this sector for clients such as Citigroup, as well as for his work on domestic and foreign securities offerings. Based in Tokyo, he has worked on the IPOs of Bank of China Hong Kong and Bank of Communications in Shanghai and numerous Tier 1 and Tier 2 offerings by major Japanese financial institutions.

Davis Polk & Wardwell is close behind Sullivan & Cromwell in terms of lawyers featured on our list. Described as a “major player in town”, the firm has been involved in some of the largest domestic deals in the sector, including representing the St Paul Companies in their US$26 billion merger with Travelers Property Casualty Corp, JPMorgan in its US$38.6 billion merger with Chase Manhattan and Morgan Stanley in its US$10.6 billion merger with Dean Witter Discover. The firm is led in the voting by Randall Guynn, head of the financial institutions group. Described as “one of the best in the world” for M&A and capital markets transactions related to financial organisations, he counts all three of the United States’ largest banking organisations among his clients. His recent M&A transactions in the sector include the representation of the Industrial and Commercial Bank of China on its sale of a US$3.8 billion minority interest to Goldman Sachs, Allianz and American Express, and on the capital markets side he is known for his representation of the underwriters in the US$9.2 billion IPO by China Construction Bank.

Also from the New York office, the “fantastic” Bradley Smith is well-known to his peers for his work on behalf of JPMorgan in a range of financing transactions restructurings and recapitalisations at home and abroad. Peter Levin is a “firstrate lawyer” who has represented JPMorgan Chase Bank, Bank of America and Morgan Stanley Senior Funding in acquisition financings and restructurings, as well as AT&T Corporation, Marsh & McLennan as borrowers. James florack was described as a “leading authority on Latin American matters”.

Cravath Swaine & Moore LLP also “sits at the top table of US banking law.” Lawyers from the firm serve as one of the primary outside counsel for clients such as JPMorgan Chase and Credit Suisse, and four Cravath partners are featured in the following pages. James Cooper was described as a “great lawyer and great to work with”, and specialises in M&A financings, recapitalisations, and other capital financings domestically and internationally. He was recommended for his work for JPMorgan Chase Bank and JPMorgan Securities in connection with a US$10.75 billion and ¥80 billion of credit facilities for Morgan Stanley and Morgan Stanley Japan Securities Co. His colleague Allen Parker’s practice was described as “thorough and immaculate” by our sources, and he is known for his work on behalf of the same clients in connection with US$3.15 billion of senior secured credit facilities used by Texas Pacific Group to acquire Smurfit-Stone Container Enterprises and all the common stock of Field Container Company LP, as well as his work for the same clients in the recapitalisation of Burger King Corporation four months earlier.

Robbins Kiessling again stood out as a “giant in the field”. His representation of Citicorp North America and Citicorp Global Markets in connection with a US$1.75 billion amended and restated credit agreement for Rite Aid Corporation was highlighted to researchers, as was his work for lenders in acquisition and other financings for professional sports franchises. His colleague James Vardell was feted for his “phenomenal deal flow”, including his July 2006 representation of Credit Suisse and Credit Suisse Securities (USA) LLC in connection with a US$175 million asset-based revolving credit facility and a US$325 million term loan facility provided to TFS Acquisition Corporation.

Still focusing on New York, Shearman & Sterling LLP has an impressive quartet featured in this publication. Reade Ryan is of counsel to the firm and “in the pantheon of all time greats”, according to respondents. Ryan is well regarded, particulary for his structured financing work on behalf of Citibank in the film, car rental and aircraft sectors. Jonathan Weld, also of counsel, was strongly recommended to us for his expertise in strategic planning, regulatory counselling, examinations and investigations. Bradley Sabel was praised for his “encyclopaedic knowledge of the sector”, gained in part from the 18 years he spent at the Federal Reserve Bank of New York. Said to be “one of the best lawyers around”, he worked on Citicorp’s merger with the Travelers Group and Morgan Stanley’s merger with Dean Witter Discover. William Hirschberg, head of the firm’s banking practice for the Americas, was also highly praised, especially for his cross-border related transactions such as his representation of Bank of America Securities as financial adviser to IPSCO in the Canadian steelmaker’s agreement to acquire NS Group.

Three of Simpson Thacher & Bartlett LLP’s four lawyers we feature are based in its New York office, and the firm counts JPMorgan, Lehman Brothers and UBS/Warburg as clients. Here, John Walker led in the voting. A “formidably impressive practitioner”, he is said to be the “go-to guy for consolidation related work” in particular. Lee Meyerson heads the firm’s financial institutions practice and is “one of the best banking M&A guys I’ve ever come across,” according to one interviewee. Meyerson represented JPMorgan Chase in its US$58 billion merger with Bank One Corporation – the third-largest US bank merger ever announced. Francis Huck was repeatedly recommended for his acquisition finance work; he has recently represented the arranging bank in financings for Lucent Technologies, GE Capital, AT&T/Comcast, AOL Time Warner and Graphic Packaging.

Simpson Thacher & Bartlett’s London banking practice was given a significant boost with the hire of Anthony Keal from Allen & Overy LLP in 2005. Keal’s “outstanding” leveraged finance practice was often remarked upon in our research, and he has advised clients including Credit Suisse First Boston, Deutsche Bank, Goldman Sachs and UBS as well as a number of private equity firms on leveraged lending matters.

USA AND BEYOND

Another firm with a presence in both the US and European research is Cleary Gottlieb Steen & Hamilton LLP. The firm’s four featured New York-based lawyers include two of the most highly nominated practitioners overall, Robert Tortoriello and Lee Buchheit. The former “bears comparison with any other name in the field”, and was highlighted for the quality of his work across a range of specialities, including regulatory and compliance issues and financial institution mergers, acquisitions, joint ventures and restructurings, and his clients include Bank of America, Credit Suisse First Boston and Deutsche Bank. The “very well-known” Buchheit was similarly well regarded, both locally and overseas – his reputation has been enhanced by his high-profile sovereign-debt restructuring work on behalf of the Iraqi government. Paul Glotzer was recommended as “a wonderful regulatory lawyer”, and has experience representing clients in front of the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and various state banking regulators. The final partner from the NY office is Seth Grosshandler, a “very reliable source of counsel” on the risks to counterparties in the insolvencies of financial institutions. John Murphy gives the firm a presence in DC – “in my opinion he’s just about the finest regulatory lawyer in the whole United States”, said one interviewee.

Cleary Gottlieb has a “valuable network of experts in overseas offices”, and lawyers in three further countries make it into our book. In Germany, Christof von Dryander in the Frankfurt office was highly rated, and his colleague in the Milan office Roberto Casati was praised for the “seemingly endless breadth” of his knowledge, which encompasses EU and international business law. The final inclusion from the firm is Scott Senecal, a partner in the Moscow office. A “very useful guy to have on your side”, Senecal has represented Russian borrowers such as Gazprom, Sberbank and Tatneft in over US$7 billion of financings, and was also consistently recommended for his syndicated loans work.

White & Case provides an impressive 10 lawyers from seven countries for this publication. The firm represents more than 90 banks around the world, and has a client list that includes Bank of America, Citibank, Credit Lyonnais and UBS. Eric Berg is co-head of bank finance from New York and is “phenomenally skilled” at representing lead agents and underwriters in leveraged finance transactions. The firm is recognised for its “outstanding” advisory work, and is wellknown in New York for its work as legal counsel for the Bond Market Association, advising on the establishment of a new bank that could be activated following a catastrophe, such as a major terrorist incident. Global managing partner of the firm Duane Wall stands out, and is highly rated by both domestic and international respondents. Hugh Verrier currently serves as Chairman of the firm and recently re-located to New York following a stint managing the Moscow office. Elsewhere, we identify two White & Case representatives from Mexico City. Alberto Sepúlveda Cosío is “one of the deans of the Mexican bar” and a wellknown outside counsel for a number of major banks, financial institutions, domestic companies and local subsidiaries of foreign companies in a wide variety of industries. His colleague Thomas Heather is equally highly rated, and helped to obtain Wal-Mart’s banking licence in Mexico, as well as acting as Mexican counsel in regard to the joint venture formed by HSBC and Financiera Independencia to service the most under-banked sectors of the Mexican market. He has also represented clients such as HSBC, ScotiaBank, Bank of America and JPMorgan Chase in structuring loans to Mexican corporations.

White & Case also has a strong presence in Poland, led by Jacek Czabanski, head of the banking practice in Warsaw. The firm counts banks such as Calyon Bank Polska, EFG Eurobank and Sygma Bank Polska among its clients. Károly Fóti gives the firm a presence in the Hungary list, and the Budapest office has, among others, the European Investment Bank, Deutsche Bank and ING Bank for clients. Elsewhere, Petri Haussila represents the firm in the Finnish research, and Sean Geary in the Milan office is said to be “outstanding for senior lending transactions acquisitions and highly leveraged financings”. Maurice Allen in England completes the White & Case contingent. Co-head of the banking and capital markets group in London and the firm’s global bank finance group, he is “one of the biggest names in one of the biggest markets”, and has recently acted for Goldman Sachs, Citibank, Société Générale and Lloyds TSB Bank, among others, as mandated lead arrangers, and Rabobank as issuing bank in the €10.8 billion financing for the cash portion of Mittal Steel’s €25.8 billion bid to acquire French rival Arcelor.

INTERNATIONAL STRENGTH

White & Case is not the only firm to make it into double figures. Clifford Chance’s 16 featured lawyers and presence in 11 countries is unmatched. The firm was recommended for its “sustained brilliance” across the range of banking and finance related legal disciplines, and represents all the world’s leading investment and commercial banks, as well as many corporates, regulatory authorities, supranational bodies, governments and agencies.

Mark Campbell heads the firm’s contingent in the London research as “one of the best and the brightest around”. He counts Barclays Capital, the LMA, HSBC Investment Bank, RBS and Dubai Ports World among his principal clients, and advised BNP Paribas on a e2 billion facility for Ahold and Dubai Ports World on the financing for its acquisition of P&O, which combined a US$6.5 billion syndicated loan and a US$3.5 billion sharia lawcompliant sukuk bond issue. Alongside him, Malcolm Sweeting was praised for his “international business perspective”, while Michael Bray was described as “the doyen of London banking law.” James Johnson is well-known for his leveraged and acquisition finance work.

Clifford Chance also supplies several lawyers for the Germany section. The firm’s key clients are a mixture of major banks including Dresdner Bank and Morgan Stanley, private equity firms and corporates. The firm has advised Volkswagen and WestLB, among others. Kersten von Schenck “really knows his stuff ” in the fields of financial regulatory law in particular, while Michael Weller “stands out”, and advised Goldman Sachs and Barclays on a second lien financing for a German limited company, involving the taking of security of several billion euros’ worth of assets. The firm’s thriving Russian office represents Western banks such as Citibank and BNP Paribas, local entities such as Russian Standard Bank and Russian corporates such as Gazprom and Sibur, and contributes two partners to our publication, William Knowles and Logan Wright – the “best lenders’ counsel in town”.

The firm finds its lawyers nominated across Europe: in the Poland, Spain, Hungary, France, Netherlands and Belgium sections. In both Holland and Belgium the firm can claim to house the top nominee. In Brussels, Yves Herinckx gathered more nominations than any other local practitioner; and Frank Graaf in Amsterdam was described as an “absolute authority on securities matters.” With the “phenomenally good” Huw Jenkins occupying an identical position at the head of the research in Hong Kong and Sam Bonifant performing well in the Singapore section, Clifford Chance has unrivalled geographical reach and bench strength.

Allen & Overy’s contingent runs to 12 featured partners, across nine countries. An acknowledged “giant” in this field, the firm advises over 800 corporate and financial institution participants in the markets and has over 1,000 banking and finance lawyers worldwide. The London office is seen as the “backbone” of A&O’s banking practice, and we feature three lawyers from there: a total unbettered by any other firm. Chairman of the firm’s global banking practice Michael Duncan leads his colleagues in the voting. A “quite superlative lawyer”, he impressed our sources across a range of disciplines, including syndicated loans, leveraged finance and the banking element of Islamic finance. David Morley is well-known for his management role, as well as for his wide transactional experience representing banks as well as borrowers. Anthony Humphrey relocated to the Moscow office in early 2007, and comes highly recommended for his project finance work in particular. He represented the Export-Import Bank of the United States in the US$100 million limited recourse financing of the design, construction and operation of the Public Telecomunications Company’s iDEN wireless telecommunications network project in Saudi Arabia. The fifth and final lawyer from the London office is the “very bright” Timothy Polglase. “One of the best LBO lawyers around”, he recently advised on the first ever leveraged buy-out in Greece, the acquisition of TIM Hellas Communications SA by Apax Partners and the Texas Pacific Group.

Allen & Overy is strong throughout Europe. Two partners make the Netherlands listing, led by Victor De Serière, “one of the towering figures in the local market”, and his advice to ABN AMRO Bank and NIB Capital Bank as joint lead managers of the first commercial mortgagebacked securitisation in the country drew admiration from his peers. Alongside him is Bart Meesters, recommended for his project, real estate and asset financing work. Peter Bienenstock in the Brussels office gives the firm a presence in the Belgium research. Highly commended for his work for both debt providers and financial sponsors, Bienenstock advised Macquarie Bank on the financing aspects of its acquisition of 70 per cent of the privatised Brussels International Airport.

A&O is represented in the burgeoning Eastern European markets through Mikuláš Touška in the Czech Republic and Arkadiusz Pedzich in Poland. Neil Weiand represents the firm in our Germany list. Based in Frankfurt, his previous experience working at a large German bank and the national and international dimensions to his lending, acquisition and real estate financing expertise make him one of the leading figures in the local market. With further representation in Spain and Hong Kong, Allen & Overy can truly be said to be one of the world’s leading firms for banking expertise.

Freshfields Bruckhaus Deringer offers “a high quality of work that is maintained across offices worldwide”, and the firm has advised clients including Goldman Sachs PIA, Crédit Lyonnais, CSFB and JPMorgan. Its eight featured lawyers are predominantly based in its twin heartlands of England and Germany, with three listed partners apiece. Ernst Thomas Emde in the Frankfurt office stands at the head of the voting, and he is “the first person I would call with a stock exchange listing query,” according to one source. From the same office, Andreas König is seen as a “debt-financing guru”, while in Munich Tobias Müller-Deku is also included. The London office is also home to three lawyers on our list. The “very fine” Simon Hall is co-head of the finance practice and worked alongside Müller-Deku on global pharmaceutical company Dr Reddy’s acquisition of betapharm, the fourth-largest generic pharmaceuticals company in Germany. Also in London, David Ereira drew rave reviews and was recently part of the team advising MFI on the financing and sale of Hygena Cuisines, while Sean Pierce is “building a fantastic reputation for leveraged and acquisition financing”. Completing the firm’s European presence, Fernando Bautista is “one of the best banking lawyers in Spain,” and Chris Sunt in Brussels is known for his banking and finance practice in addition to his “phenomenal” M&A work.

Linklaters is similarly well represented in the following pages. Seven of its lawyers are featured, fromfive offices. The firm is on major bank panels, including ABN Amro, Bank of America, Commerzbank, Lehman Brothers, Nomura and Wachovia. London-based global head of the banking practice John Tucker led in the voting, and he has been involved in deals such as the US$6billion financing of Xstrata’s unsuccessful bid for WMC Resources, the £1.2billion financing for the proposed bid by Deutsche Börse for the London Stock Exchange, the US$6.425billion syndicated facility for Glencore, the €9 billion financing for the bid by St Gobain for BCP, the US$7.5 billion financing for Rosneftgas and the £600 million facility for Standard Life in connection with its demutualisation and floatation. The firm's London banking capabilities were strengthened by the 2007 hire of David Ereira from freshfields.

The firm is represented in the Germany research by Berthold Kusserow and Eva Reudelhuber, who advised Dresdner Kleinwort and Deutsche Bank within the scope of a syndicate loan for the Krüger Group, and in Japan by Akihiro Wani and Paul Kruger, who advised Standard Chartered Bank (Hong Kong) and others on a US$650 million cross-border securitisation of mortgage loan assets originated by Standard Chartered First Bank Korea. With additional representation in Poland and Russia, the firm has the “international scope and depth of quality to be a serious player in this field”.

LOCAL LEADERS

Around the world, the research identified other firms which stand out. London is one of the major international centres for banking and finance, contributing £70 billion to the UK’s national output – 6.8 per cent of GDP – according to the British Banking Association. Although Slaughter and May’s total of three featured lawyers does not match the five of Clifford Chance and A&O, it can boast a number of the most highly nominated individuals in the country.

Head of the firm’s financial practice, Andrew Balfour, is “the man” according to our sources. Praised as “outstanding in every way”, he is seen as “unparalleled” for transactional advice, including general corporate loans, acquisition and bid financing and structured financing. Alongside him is Ruth Fox: “She is quite excellent, one of the best in the city.” Fox was feted for her regulatory knowledge in particular, including advising clients on the regulatory aspects of disposals and acquisitions and on the application of the FSA regime, and she advises Euroclear on the UK regulatory aspects of its business. In addition, Fox was also singled out for her transactional work, and was recently involved in American Express Corporation’s acquisition of the Threadneedle Group and the bid for Abbey National by Banco Santander. Christopher Saunders also stands out for his project finance related knowledge.

Two of Slaughter and May’s ‘best friends’ perform similarly well in their local jurisdictions. Hengeler Mueller can count Allianz, Munich Re and DaimlerChrysler among its banking clients, and has two of its partners featured at the very top of the German research. Hendrik Haag leads the voting, is among the area’s elite lawyers, and was described as “one of the pillars of local banking law”. Stefan Krauss is the firm’s third featured lawyer, and is said to be “terrific” for securitisation work in particular.

Uría Menéndez performs similarly well in Spain, with clients including banks such as BBVA, Calyon and Caja Madrid, and sponsors such as Endesa and Elcogas. Joint managing partner Luis de Carlos Bertran led in the local voting. Uría Menéndez has advised on a range of loan, project and asset finance deals, and has four partners in the Spanish section – more than any other firm – including the “very strong” Carlos de Cárdenas Smith, known among other things for his debt refinancing work on behalf of Prisa. His colleague Emilio Díaz Ruiz was described as “absolutely top-notch”, and sources spoke well of his work on the refinancing of the Hagemeyer group and work for the European Investment Bank. The final inclusion from the Madrid office is Rafael Sebastian, a “fantastic lawyer” who represented Goldman, Sachs and Morgan Stanley in the issue by Banco Santander Central Hispano, of floating Libor senior notes. The firm underlines its “spectacular and deserved reputation” in this field with the inclusion of the “very skilful” Francisco Sá Carneiro in Portugal. Carneiro was praised for his work on the refinancing of existing debt of subsidiaries and financing of the acquisition of Imodesenvolvimento, the largest transaction of this kind to achieve financial closure in Portugal. Two firms stand out from the French research. Gide Loyrette Nouel boasts three high-profile entries. Xavier de Kergommeaux is among the “leading lights”, and Jean-Guillaume de Tocqueville D’herouville’s “encyclopaedic regulatory knowledge” across a range of sectors was also admired. Eric Cartier-Millon also features prominently. But the two most highly nominated French lawyers hail from De Pardieu Brocas Maffei.

The firm is particularly active in this sector, and acted for real estate holding company Foncière des Régions in a €900 million acquisition financing and has represented Société Générale and Calyon in structured finance and derivatives matters. Clients found Charles-Henri de Pardieu to be “very sound”, Antoine Maffei accompanies him at the top of the France voting, with Pierre Minor completing the firm’s trio of listed partners. In Austria, Michael Kutschera of Binder Grösswang Rechtsanwälte stood out from the field as “unquestionably one of the finest corporate lawyers in the country” according to our sources, and the firm is counsel to Investkredit Bank, HSBC and JPMorgan among others.

In Canada, Goodmans LLP’s recent lateral hire of the “impeccable” James Riley gives them a presence among the elite practitioners in this field. McCarthy Tétrault LLP’s industry group leader of the financial services group, Barry Ryan, was very highly rated by his clients and peers, while Jay Swartz at Davies Ward Phillips & Vineberg LLP was described as “superb, a man for all seasons”. The top Canadian firm – in terms of numbers – is Blake Cassels & Graydon LLP with five featured lawyers. John teolis is well known for his expertise in financial regulation and foreign banks. Chairman of the firm, James Christie, is recognised for his work as senior counsel to the CIBC Group: “He is clearly pre-eminent in the field,” according to one source. Norm Saibil has been “very strong in banking for a number of years” and continues to be, while Michael Harquail is “known throughout Canada as an excellent practitioner”. The final inclusion from the country’s leading firm is Ric McIvor, known locally for his advice to the Newfoundland government on the financing aspects of its proposed hydro privatisation and Ontario Power Generation on its provincial and bank syndicate debt arrangements.

Our Australian research identifies 12 leading figures there. Allens Arthur Robinson represents the four major banks (Westpac, ANZ, CBA and NAB) and its lawyers occupy the two top positions in the voting. Philip Cornwell is “the stand out lawyer in the field”, particularly well known for project-related finance work such as the large Stanwell Magnesium Project, while Diccon Loxton can boast a resumé that includes an A$2,250 million financing for Telstra and A$300 million and A$200 million syndicated financings for Boral. AAR’s third representative, Jim Dunstan, was described as “great to work with”, and is well-known for leveraged buyout financings including the financing for Freedom Furniture and Pacific Brands.

Freehills can match AAR’s total. National practice group head for banking and finance, Patrick St John, was highly recommended, and stands out for his project finance expertise, where he has worked for ABN AMRO, and Babcock and Brown, and for his acquisition finance work, where he acted for the bank group that financed a consortium led by Macquarie Bank in its acquisition of the Dyno Nobel group of companies. Richard Gray’s corporate finance work for clients such as Myer and IBM was much admired, and the “excellent” John Schembri received rave reviews for his work on behalf of Commonwealth Bank of Australia in the A$750 million fully underwritten revolving operating lease facility for Leighton Holdings. Another “heavyweight in this area”, Mallesons Stephen Jaques acts for major financial institutions in Australia and the Asia-Pacific region, as well as for major regulators such as the Reserve Bank of Australia and Australian Clearing Payments Association. Greg Hammond was described as a “real pro” and counts ANZ Banking Group and Westpac Banking Corporation among his clients, while John Stumbles “stands out from the crowd”. Rowan Russell is partner in charge of the London office and affords the firma presence in this all important market. In 2006, Blake Dawson Waldron gained appointment to the panel of Commonwealth Bank, in addition to its long-standing role with ANZ bank. The firm represents financial institutions such as Macquarie Bank, corporates such as BHP Billiton, Qantas and Telstra, and local governments such as New South Wales and Victoria. BDW has two inclusions here; the “very fine” Richard Fawcett, who has acted for ANZ, UBS and HSBC, and John Field, a “real natural with an international reputation”.