The Legal 500

In ‘pre-eminent finance partner’ Aled Davies and the ‘technically superb’ Adam Moncrieff, Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho has two of the market’s most respected figures. The team’s strong suit continues to be structured finance and, in particular, project finance, where the group is regularly instructed by JBIC. Elsewhere, it has taken advantage of close ties to domestic banks and sponsors to boost its volume of acquisition finance work. In 2008, the group advised Bank of Tokyo-Mitsubishi, Mizuho and Sumitomo Mitsui on a ¥75bn loan facility to Petroleo Brasileiro. Clients praise the team’s ‘expert management of time and resources to remove obstacles and give peace-of-mind’.

Following a strong first half to 2008, Linklaters reinforced its presence at the top of the market with several large refinancing mandates and various roles arising out of the financial crisis. For example, the team advised Hypo Real Estate Group in connection with a €50bn emergency liquidity financing provided by several German financial institutions. Christopher Bradley continued his record of acting on LBOs and is ‘fantastic to work with’, while Paul Kruger has had another exceptionally active year. Clients say ‘the bengoshi team at the firm is the best in the market, without question’ and indeed partner Akihiro Wani is recognised as being ‘a top, top legal
adviser’.

Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office complements its reputable bengoshi team and excellent domestic practice with an ‘excellent understanding of clients’ banking regulatory needs’. The ‘skilled and trustworthy’ Naoaki Eguchi heads the practice and recently led a mandate advising a number of domestic and foreign banks in regard to the $1.2bn syndicated financing of Goldman Sachs’ acquisition of Universal Studios. Jeremy Pitts remains a key partner, although the departure of David Deck to Jones Day is undoubtedly a blow for the
team.

Although it maintained a steady deal flow during challenging market conditions, Clifford Chance Law Office’s Tokyo banking and finance capabilities have been reduced by Tim Jeffares’ relocation to the Frankfurt office in 2008 and David Wilson’s departure from the firm in 2009. The remaining team includes regulatory expert Masayuki Okamoto and the ‘effective and experienced’ Tokyo managing partner Peter Kilner who ‘gives the right advice at the right time’ and is ‘ably assisted by a leading group of bengoshi’. As well as continuing to advise longstanding banking clients Citibank, UBS and Merrill Lynch across a range of mandates, the practice also recently represented JPMorgan as lead arrangers on a $1.8bn refinancing facility for Sony. Hidehiko Suzuki is also recommended.

White & Case LLP- White & Case Law Offices (Registered Association) has 13 partners ‘highly experienced in commercial and legal matters’, and draws upon an expansive international network. Project finance and asset finance have been at the fore of the group’s activity in 2008/09 and the recent appointment to the JBIC panel, as well as links to Bank of Tokyo Mitsubishi UFJ, Sumitomo Mitsui and Shinsei Bank, have given the team an edge in the market. Robert Grondine has a valuable mix of international and domestic clients and ‘is one of the most reliable people in Tokyo’, while Christopher Wells has a reputable regulatory practice.

Projects work continues to be Ashurst’s core strength but the increased focus of its four finance partners on asset finance and export credit finance has aided the group’s development. Shoji Ushijima is very active for key client JBIC, while managing partner John McClenahan has ‘genuine legal acumen and a commendable approach’. Matthias Schemuth has also had a strong year, notably acting for JBIC on the $300m oil and gas financing for Mitsui.

‘A commercial lawyer of the highest calibre’, James Lawden heads Freshfields Bruckhaus Deringer’ banking and finance team. Although at three partners it is smaller than its Magic Circle competitors, the group has picked up some high-profile mandates for both domestic and international lenders. The ‘responsive and supportive’ Naoki Kinami advised on the Japanese aspects of the transfer of $38.7bn of UBS’ illiquid loans to a vehicle of the Swiss National Bank.

Jones Day has been galvanised by the addition of former associate general counsel at JPMorgan Japan, Kaoru Umino, to its practice, as well as structured finance and leasing expert David Deck from Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office. Increasingly ‘the go-to firm for critical situations’ for international and domestic financial services clients, the group acted for Mizuho Bank on two multibillion-yen shipping finance deals. Asia practice head John Roebuck is highly recommended, while Eric Sedlak is ‘consistent and incisive’.

Benefiting from ‘tremendous resources and astute lawyers’, Latham & Watkins Gaikokuho Jimu Bengoshi Jimusho is best known for outstanding asset - and in particular aircraft - financing capabilities. In 2008, the ‘greatly knowledgeable’ Hisao Hirose and of counsel Robert Melson acted for Sumitomo Mitsui on British Airways’ $1.7bn debt financing for the leasing of Airbus A321-200 aircraft. It also regularly acts for major Japanese and foreign banks on an array of structured and project finance deals.

Real estate finance remains an area where Skadden, Arps, Slate, Meagher & Flom LLP has a true edge over competitors, indeed the firm’s ties to international investors such as Morgan Stanley has meant that it has coped better than most in challenging market conditions. Audrey Sokoloff transferred to the Tokyo office in 2008, where she joins the ‘very accomplished’ Paul Huff and the ‘intelligent and helpful’ Nobuhisa Ishizuka.

Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo added project finance partner Anthony Raven from Herbert Smith and has seen finance partner Philip Hyde acting on key roles for Bank of New York Mellon and Barclays in relation to the restructuring following the Lehman Brothers collapse.

‘Exceptionally well-resourced and consistent’, Milbank, Tweed, Hadley & McCloy’s practice encompasses structured, acquisition and, in particular, project finance expertise. Mark Plenderleith and Gary Wigmore add ‘significant value to every transaction’, and recently advised a group of commercial banks as lenders in the financing of the Tanjung Jati B expansion project.

‘Very client-focused’, Morrison & Foerster Ito & Mitomi’s Dale Caldwell has had a strong year representing a variety of sponsors and banks, including a series of mandates for Mizuho Bank, for example working on a $200m syndicated financing for a manufacturing facility in Mexico. Theodore Seltzer has particular expertise in real estate finance, while new arrival, from Linklaters, Tony Grundy is ‘top of the class in structured finance’.

O’Melveny & Myers Gaikokuho Kyodojigyo Horitsujimusho handles a raft of financing work - including acquisition finance and real estate finance - for lenders, borrowers and private equity sponsors. Often working in unison with its international offices, clients include Bain Capital, Capmark, Deutsche Bank, Hitachi, Marriott International and Shinsei Bank.

Orrick, Herrington & Sutcliffe LLP provides ‘a deep understanding of the legal landscape and the financial pitfalls’, while also offering a raft of project finance and structured finance capabilities. Eugene Chang acts on a range of financial transactions for Korean clients, while Toshihiko Tsuchiya is a ‘proactive and smart’ real estate finance specialist.

Paul Hastings Janofsky & Walker acted for key finance client JBIC on several high-profile deals in 2008, including in its capacity as lead arranger on the $1.5bn financing of Woodside’s development of the Pluto LNG project. A range of domestic banks, including Mizuho, Mitsui and Bank of Tokyo Mitsubishi instruct the team for project finance, acquisition finance and real estate finance needs. Joseph Kim is ‘a clear and confident lawyer’.

A leading option for Japanese financial institutions looking for advice on US regulatory law, Davis Polk & Wardwell has considerable experience of cross-border syndicated loan transactions.

Tomoo Nishikawa is head of Sidley Austin Nishikawa Foreign Law Joint Enterprise’s Japan practice and is recognised for his wide-ranging banking and securities capabilities.