The Legal 500

Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho has everything it needs to continue to dominate this space: a strong relationship with JBIC, comprehensive finance law capabilities and an international network. ‘Such is our confidence in the abilities of their experts, that we would consider them and no-one else for the most large-scale and challenging projects’, say clients. Aled Davies and Adam Moncrieff have ‘very deep experience of all kinds of different products and financing techniques’ and ‘are able to drive deals that might trouble lesser lawyers’. In 2008, the team advised a group of commercial banks on financing Lion Power’s acquisition of Senoko, including a major bridge loan facility and refinancing various facets.

‘Commercially astute and very accomplished’, Ashurst has three projects partners and receives regular instructions from JBIC, Mitsubishi UFJ and many of the leading Japanese investors. Recently the group, led by the ‘organised and insightful’ John McClenahan, advised Mitsubishi, Mitsui and MODEC on the $428m financing of Petrobras’ offshore gas project. Matthias Schemuth has also had a strong year, notably advising JBIC on the $300m financing for Mitsui in relation to an oil project in Western Australia. Rupert Burrows is also recommended for his deep experience of both upstream and downstream energy industry transactions.

The most prominent name in the oil and gas sphere, Herbert Smith’s energy team is ‘the diamond pick as far as upstream projects are concerned’. The group regularly advises Sumitomo, Marubeni and Sojitz on a range of cross-border financing and M&A mandates, with a particular focus on the Middle East. David Clinch is ‘one of a kind in the Japanese market’, while James Watson is ‘very highly recommended’ and ‘an innovative thinker’. The pair led a team that added five associates in 2008, and continues to broaden its scope to handling an array of chemicals, mining and infrastructure projects. The group advised Mitsubishi and Mitsui on the development of an LNG project in Venezuela, as well as advising INPEX in relation to the acquisition by TOTAL of an interest in the Ichthys gas project.

Milbank, Tweed, Hadley & McCloy had an exceptional flow of major project financing mandates in 2008/09. One particular highlight was the Tanjung Jati B expansion project, in which the group advised senior lenders, including JBIC, on the $2.5bn financing of a project for the expansion of two power plants in Indonesia. Gary Wigmore heads an Asia projects practice and is ‘truly in touch with clients and the difficulties they face in the market’. Meanwhile, the ‘highly recommended’ Mark Plenderleith heads the Tokyo acquisition and project finance team, and has useful relationships with major Japanese lenders.

Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office has a potent blend of Japanese and foreign lawyers in its Tokyo projects team, and is ‘able to cope with anything’. While the resources available to this 14-strong group through its international network are a notable advantage, the talents of the ‘outstanding’ Anne Hung and her co-practice head Paul Davis are still key to its reputation. In 2008, the team advised the Egyptian Offshore Drilling Company on its development of drilling rigs in Egypt, a deal financed by JBIC. Thomas Dreves left the practice in 2009 to set up his own law offices.

Dale Caldwell at Morrison & Foerster Ito & Mitomi has a practice that covers advice to lenders and borrowers in large-scale project financing and ‘strikes a useful balance between on-the-ground experience and legal prudence’. The projects team had several large developer mandates in 2008, one standout being the work with Woodside Petroleum in the $1.5bn financing for the Pluto LNG project in Australia.

Paul Hastings Janofsky & Walker’s Tokyo projects group has been active on an impressive array of lender and sponsor-side work for clients such as EDC, JPMorgan Chase and First Gas Power. LNG work continues to be an area of strength; in 2008 the team advised JBIC and Bank of Tokyo-Mitsubishi UFJ as lenders in the $1.5bn financing for Woodside’s Pluto LNG project. On the sponsor side, the team acted for Reliance Power in its $3.9bn 3960 MW coal-fired power project in India. David Vance is highly recommended in this area.

Genuine international scope and a wealth of ‘extremely trustworthy and knowledgeable advisors’ has seen the White & Case LLP- White & Case Law Offices (Registered Association) projects practice pick up choice mandates in 2008/09, particularly in the energy space. Group head Hendrik Gordenker is well known for his ‘excellence in all matters LNG-related’, and in 2008 he represented key client JBIC as lender’s counsel on the $20bn financing of the Sakhalin 2 LNG project in Russia. Robert Grondine is recommended for his ‘market-leading finance practice’, while Toshio Dokei had a strong year advising on a selection of leading power projects.

DLA Piper Tokyo Partnership saw Paul Fredrick leave in 2008, but also appointed finance veteran David Robbins to counsel. Partner Lance Miller is ‘thorough and perceptive’, while counsel Stanley Boots has had a busy year advising on numerous energy projects, including acting for the Government of Vietnam on the Mong Duong power project, the largest to date in the country.

Latham & Watkins Gaikokuho Jimu Bengoshi Jimusho has a prominent Asia projects offering, of which Tokyo, in particular Michael Yoshii is a big factor. In addition to a flow of work from key client Mitsubishi Materials, the team was also instructed by Lion Power Holdings on a syndicated loan for the acquisition of Senoko Power.

The addition of Anthony Raven from Herbert Smith has augmented Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo projects capabilities. ‘Sharp and responsive’, the team also includes Tony Marshall, who divides his time between Tokyo and London. The practice regularly advises sponsors on Japanese construction projects and, increasingly, energy transactions.

Highly regarded for its expertise in renewables and clean energy projects, Orrick, Herrington & Sutcliffe LLP’s Toyko group is ‘reliable’ and has ‘several genuine specialists’. Group head Yoichi Katayama is a leader in wind industry deals, while Sergey Milanov’s Russian practice gives the practice an advantage in that area.

Etienne Gelencser leads Shearman & Sterling LLP’s projects offering and leverages off close ties to JBIC and domestic banks to act on a range of overseas developments.

Vinson & Elkins L.L.P. has a sharp focus on energy across its Asia network and a strong track record of advising Japanese developers involved in oil and gas in a number of jurisdictions.