Editorial: Banking

01 May 2008

Research for the fifth edition of The International Who's Who of Banking Lawyers has uncovered a wealth of talent. A total of 367 lawyers from 53 separate countries make the grade. The 55 extra entries this year reflect the growing levels of specialisation on offer to clients in countries where lawyers might traditionally have been regarded as generalists.

North America and Europe continue to dominate the research both in terms of numbers and nominations. There are several firms covering the global market, to which we shall turn first.

Clifford Chance has been the "Who's Who Legal: Banking Firm of the Year" ever since the award's inception in 2005. The firm continues to impress both clients and peers with its "deep bench and consistent quality". The firm has an unrivalled 20 individuals on the following pages, up three from our previous edition. Clifford Chance's geographical spread has also increased this year, with 13 offices from its international network represented in the publication. Lawyers from the firm work on the full spectrum of banking and finance matters, advising corporate, investment and commercial banks as well as regulators and governments. Mark Campbell, global head of finance, leads a group of six lawyers featured from the London office making it the best-represented firm in the UK. Campbell comes recommended for leveraged finance with respondents to our survey also praising his work on corporate restructurings. Malcolm Sweeting is another leading name in the City and forms part of what one rival labelled a "fantastic group". Clifford Chance is also strong in Russia where it is the only outfit to provide two entries for our list. William Knowles tops the country's research and comes recommended as "quite outstanding for finance and general corporate" work. Logan Wright heads the banking and finance practice from Moscow and advises a number of leading western financial institutions on loans to Russian corporates and banks. Recent highlights include advising BNP Paribas on a US$2 billion secured financing for Taneco for the construction of an oil refinery in Tatarstan. With further high-profile entries across Europe and Asia, Clifford Chance remains the go-to firm for matters relating to banking and finance.

Clifford Chance's magic circle counterpart Allen & Overy LLP also has considerable expertise in the field. Clients and peers recommended a total of 14 lawyers from nine jurisdictions. London-based Michael Duncan is chairman of the firm's global banking practice and the most nominated of five A&O entries in the City. Duncan advises banks and borrowers on a wide range of matters; recent highlights include advising Rexam on its acquisition of O-I Plastics for US$1.8 billion. Stephen Kensell is another prominent name in the London market and, among other matters, he represented the lead arrangers on Enel's €35 billion financing for Endesa. Kensell's performance in the research is all the more impressive given that he is a new entry into the publication this year. Brian Harrison heads the firm's Asian practice and received more nominations than any other individual in Hong Kong. Kayal Sachi in Singapore "really knows her stuff", according to sources. She advised the lenders on the World Bank-guaranteed Haripur power project financing in Bangladesh. A&O is also one of only two firms with multiple nominees in the Netherlands. Victor De Serière performed particularly well in our findings and was part of the team advising on the financing of the acquisition of Endemol, the Dutch television company. Further high-profile entries in Belgium, Germany, Hungary, Poland and Russia ensure yet another good performance for what one rival called a "first-rate firm with talent across the board".

Banking forms a key component of the practice at White & Case LLP, with the firm said to represent more than 90 banks around the world. The firm's prominence in the sector is reflected by its showing on the following pages, with nine White & Case practitioners making the grade. The largest contingent is from the New York office, led in the voting by ex-managing partner Duane Wall. Now back in full-time practice, he comes recommended as "excellent" and "extremely knowledgeable". Wall has recently been advising clients on how to structure their derivatives activities as well as their US and non-US securities and capital markets activities. Kevin Barnard and Eric Berg also feature prominently in our New York research. Alberto Sepúlveda Cosío and Thomas Heather provide the firm with a strong presence in the Mexican market. Sepúlveda Cosío serves as outside counsel to a number of major banks and financial institutions while Heather remains one of Mexico's leading names, receiving recommendations from many of the practice area's most prominent figures. His reputation in the market also sees him listed in our corporate governance and merger & acquisition publications. White & Case is also the only firm with more than one entry in the Hungarian section; Gergely Horváth and Károly Fóti are praised for doing "excellent work". Further listings in Italy and Poland complete the picture.

Linklaters LLP boasts an internationally renowned banking practice, advising sponsors, borrowers, lenders, credit enhancers and arranging banks on a wide variety of issues. High-profile matters include advising on the £3.6 billion financing for Tata Steel's bid for Corus Group and the £2 billion refinancing of Sainsbury's. David Ereira joined the firm from Freshfields Bruckhaus Deringer in April 2007, bringing with him an excellent reputation for private equity, acquisition and real estate finance. Ereira's restructuring practice was also noted by sources. Among his recent work, he acted for the debtor in the successful scheme of arrangement for Telewest. John Tucker heads the firm's finance and projects practice from London and also performs well in our findings. Berthold Franz Kusserow and Eva Reudelhuber feature prominently in the Germany section. Reudelhuber recently led the team advising the Frankfurt branch of RBS on the structuring and acquisition financing of Casa Reha by HgCapital. Linklaters also performs well in our Japan research, with both Paul Kruger and Akihiro Wani consistently recommended. Wani was praised as "an outstanding derivatives lawyer" and acts as counsel for the International Swaps and Derivatives Association in Japan. Clients include major Japanese banks as well as large international financial institutions, which he advises on the Japanese aspects of deals.

Freshfields Bruckhaus Deringer's banking lawyers also feature prominently in the publication. Maurice Allen recently joined the firm's London office from White & Case bringing with him 25 years' experience in the sector. Sources rate him as "a class operator" who "will bring a great deal to the Freshfields practice". Allen previously led the White & Case team advising the lead arrangers on the Mittal/Arcelor financing. Sean Pierce is another prominent name in the London market with a strong reputation for acquisition and leveraged financing. Pierce draws the majority of his clients from the commercial and investment banking sectors. Freshfields is also prominent in the German market and three highly rated individuals make the publication - Andreas König, Yorck Jetter and Ernst Thomas Emde. Jetter, a new entry this year, leads the German banking practice and represents companies, private equity houses and banks on all facets of debt financing. Further entries in Belgium and Spain add weight to what is an increasingly respected banking practice.

Cleary Gottlieb Steen & Hamilton LLP is another international player, with eight nominees in four offices. Recent highlights for the group include representing affiliates of TPG Capital in the US$7 billion WaMu recapitalisation. At the end of 2007 the firm also represented Citigroup in its US$7.5 billion equity sale to the Abu Dhabi Investment Authority. Robert Tortoriello leads a contingent of four New York-based partners in the publication. Seen as "first-rate" and "in the very highest tier" by competitors, he appears in our breakdown of the practice area's leading lights. Lee Buchheit is another notable performer from the New York office. John Murphy Jr in Washington, DC is rated as "one of the finest bank regulatory lawyers in the country". Milan-based Roberto Casati features at the top of our Italian research. Among other matters, Casati assisted ABN AMRO in its €8.2 billion tender offer for the outstanding shares in Banca Antonveneta, the leading Italian-listed banking group. Further nominations in Russia (Scott Senecal) and Germany (Christof von Dryander) add weight to Cleary's international reputation.

NEW YORK
The New York market is dominated by a number of the legal profession's most recognisable names. Sullivan & Cromwell LLP has not only the largest contingent in the New York section (five) but also some of the publication's most nominated individuals. Firm chairman Rodgin Cohen is a case in point. Sources note that they would turn to Cohen "for any type of banking issue" and his "first-tier" practice encompasses bank regulation, acquisitions and securities matters. He has also helped to resolve a number of prominent bank failures such as Continental, Franklin National and Bank of New England. Cohen is rated by sources as "one of the very best in the business". "Clients think the world of" Michael Wiseman according to one high-profile source; over the years Wiseman has represented prominent names such as UBS, ABN AMRO and The Bank of New York. Stanley Farrar gives Sullivan & Cromwell a presence in the Japan section. His reputation as "the finest US regulatory lawyer in the country" sets him ahead of his counterparts in the region.

Cravath Swaine & Moore LLP provides four highly rated individuals for the New York section, perhaps none more so well thought of than the "quite outstanding" Rob Kiessling. Kiessling leads the firm's banking practice and concentrates on a wide variety of matters encompassing mergers and acquisitions, capital markets, structured finance and syndicated bank financings. Recent highlights include representing JPMorgan Chase in its acquisition of Texas Commerce Bankshares. James Cooper is another notable performer, polling recommendations from many of the practice area's top names. The "stand-out" James Vardell and syndicated loan expert Allen Parker also feature prominently.

"Excellent" Randall Guynn heads the financial institutions group at Davis Polk & Wardwell. He counts the three largest US banking organisations among his clients and led the US bank regulatory team advising ABN AMRO on its US$91 billion merger with Barclays. He also led the firm's representation of ABN on the US$21 billion sale of La Salle Bank Corporation to Bank of America. Sources noted Bradley Smith's extensive work on behalf of JP Morgan, which he has represented in a number of US and international financing transactions, restructurings and recapitalisations. James Florack comes recommended as "an outstanding lawyer who is great to deal with" while Peter Levin completes what is an excellent quartet of nominations in New York.

Simpson Thacher & Bartlett LLP features on both sides of the Atlantic. Anthony Keal in London is considered a "leveraged finance guru" and has advised the likes of Barclays, Credit Suisse First Boston, Deutsche Bank and Goldman Sachs as well as private equity firms such as Kohlberg Kravis Roberts & Co. Sources note that it is "a great experience working with" John Walker in New York. Walker was part of the team representing RBS in the formation of a commodities trading joint venture with Sempra Energy. Lee Mayerson is said to be at the "top of the game" while Francis Huck was also consistently recommended to researchers. Huck was part of the team advising the banks on US$3.8 billion of bridge financing for the acquisition of Home Depot Supply by Clayton, Dubilier & Rice; the Carlyle Group; and Bain Capital Partners.

Before joining Shearman & Sterling LLP Bradley Sabel spent 18 years at the Federal Reserve Bank of New York, and he brings his regulatory knowledge to bear in private practice. Sabel was recently part of the team representing Mizuho Corporate Bank on its purchase of 12,000 shares of preferred stock from Merrill Lynch. Jonathan Weld's work on securities offerings on behalf of banks was noted and, among other matters, he represented Bank of China (Hong Kong), and its parent group, in its restructuring and global IPO. William Hirschberg, head of the firm's banking practice for the Americas, and Reade Ryan also fared well in our findings. Anthony Ward was recently appointed managing partner of the London office and his acquisition finance practice was noted by a number of sources. Highlights include advising Barclays Capital, Merrill Lynch and Morgan Stanley in relation to the approximately US$9 billion financing for Ineos Group's acquisition of Innovene from BP. Ward is another new entry this year.

CANADA
The Canadian market also provides a number of leading names for the following pages. In terms of numbers Blake Cassels & Graydon LLP tops the bill, with six partners making the cut (up one from the previous edition). The "very capable" Michael Harquail is considered a "go-to guy" while John Teolis's bank regulation practice was marked out as "first-rate". Firm chairman Jim Christie, who has served as senior counsel to the CIBC group for a number of years, once again put in a strong performance.

Jim Riley at Goodmans LLP is another Canadian heavyweight whose asset-based lending practice was noted on more than one occasion. Jacques Demers, senior partner at Ogilvy Renault LLP, is another leading light in the Canadian market and comes recommended for corporate finance, particularly in the projects arena. McCarthy Tétrault LLP also has a strong banking and finance practice; Barry Ryan's performance in our findings is noteworthy. Ryan leads the firm's national financial services group and maintains a "very established" and "first-rate" practice.

EUROPEAN HIGHLIGHTS
A number of the major players on the European scene have already been profiled. There remain, however, a number of independent outfits that performed exceptionally well in our findings. The French market is well provided with top-tier banking firms. Charles-Henri de Pardieu, senior partner at De Pardieu Brocas Maffei, emerges as the country's most nominated practitioner. Sources value his "sound advice" on matters of banking and finance, acquisitions and restructurings. Antoine Maffei is similarly well regarded, particularly for his structured and project finance expertise. His regulatory advice is also said to be "second to none". Pierre Minor comes recommended for his knowledge of structured products and asset and acquisition financings.

Gide Loyrette Nouel also enjoys an elevated position in the market. Eric Cartier-Millon leads the trio of nominated partners on votes; his expertise on structured finance was often noted, as was that of managing partner Xavier de Kergommeaux. At the same firm, Jean-Guillaume de Tocqueville D'Herouville is an "outstanding bank regulatory lawyer", acting for international and domestic banks, financial institutions and investment and management firms. His highlights included advising the French government on banking and financial regulations.

Hengeler Mueller emerges as the premier banking firm in Germany with two highly rated lawyers appearing in the publication. Stefan Krauss recently led a team advising WestLB on the structuring and implementation of a risk shield, set up to protect against volatility risks arising from its structured credit portfolio. Hendrik Haag is a past chairman of the International Bar Association's committee on banking law and features prominently in our findings. Highlights include advising on the establishment of KfW IPEX-Bank. Hengeler enjoys a "best friends" relationship with Uría Menéndez, the dominant firm in our Spain research with four entries in the corresponding section. Rafael Sebastián leads the group in terms of nominations, with one source recommending him as "the best, based on both experience and results". A "first-rate lawyer from a great firm", managing partner Luis de Carlos also puts in a strong performance. His capital markets expertise was also brought to our attention. Francisco Sá Carneiro gives the firm a presence in Portugal, where he tops our research. Sá Carneiro's financial structuring and acquisition finance credentials come recommended. Slaughter and May, another member of the "best friends" network, provides two highly rated partners for the United Kingdom section. Andrew Balfour heads the firm's financing practice and emerges as the country's most nominated individual. Balfour advises corporates and banks on financing issues and recent highlights include advising BHP Billiton on the all share inter-conditional offers for Rio Tinto Limited and Rio Tinto plc. Ruth Fox also features prominently; towards the end of 2007 Fox advised consortium member Banco Santander on the acquisition of ABN AMRO.

The Swiss market is well represented in the publication with a total of 14 individuals making the grade. Lenz & Staehelin stands out in terms of numbers, with four high-profile entries. Patrick Hünerwadel was consistently endorsed by both corporate and private practice sources, who noted his "broad and well-respected practice". Shelby du Pasquier also features prominently. However, René Bösch of Homburger AG polled the most nominations of any Swiss practitioner. Bösch heads the firm's financial services group and was praised as an "excellent operator".

SOUTH AMERICA
Juan Cambiaso, who recently stepped down as chairman of Argentine firm Marval O'Farrell & Mairal, comes recommended as a "top-tier finance lawyer" with "vast experience" in the sector. Two further partners join Cambiaso in the publication - Roberto Silva and Santiago Carregal. Pinheiro Neto Advogados is similarly well regarded in the Brazilian market - Antonio Mendes received more nominations than any of his counterparts. Mendes is one of the country's leading banking and finance lawyers and is joined in the publication by Bruno Balduccini, whom one prominent source said they would "wholeheartedly recommend".

Cristóbal Eyzaguirre tops our research in Chile with one corporate source noting, "he is an excellent professional, analysing all the possible alternatives and supporting the client with personal and professional conviction". Eyzaguirre rejoined the firm in 2003, following six years with Citigroup. His partners Rodrigo Ochagavía and Matías de Marchena also feature in the publication. Leading Chilean firm Carey & Cia also performs well in our research. Diego Peralta, co-head of the banking and financial group, joined Carey & Cia in 1996 following a stint as general counsel for Citicorp and Citibank in Chile, and comes recommended as a "very good and experienced lawyer". Juan Guillermo Levine and Jaime Martinez continue the trend for quality at what one source called, "the main firm in Chile for me".

White & Case's credentials in Mexico have already been mentioned. However, when it comes to nominations, James Ritch of transactional and financial firm Ritch Mueller SC tops the pile. Partner Luis Nicolau also fared well in our findings, polling sufficient recommendations to appear second in the Mexican research.

AUSTRALIA
Allens Arthur Robinson leads our Australian research with four of the 12 featured lawyers in the section. Diccon Loxton heads the firm's finance practice and also leads the group on nominations. Phillip Cornwell is another of Australia's leading names with sources noting his expertise in the field of acquisition finance. Among other matters he led the team on the A$5 billion acquisition of Sydney Airport. Greg Hammond of Mallesons Stephen Jaques leads our Australian research based on nominations received with sources praising the "exceptional quality" of his work.

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