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  1. Equity capital markets: UK capability
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Praised as bringing ‘real firepower’ to transactions, Freshfields Bruckhaus Deringer LLP’s ‘fantastic team’ is ‘extremely helpful and professional’. Renowned for the strength of its underwriter practice, the team advised Deutsche Bank and JP Morgan Cazenove as joint bookrunners, and BNP Paribas, Nomura and Standard Chartered as co-managers in Essar Energy’s £2bn IPO. A notable issuer deal of 2010 was advising Betfair on its £1.3bn IPO. Stephen Revell is ‘among the best in the business’, and leads the team alongside the highly recommended Sarah Murphy.

A ‘real class act’, Linklaters LLP fields a ‘dedicated’ equity capital markets team noted for its ‘dogged determination and innovation in equal measure’. The ‘pre-eminent’ team is known for advising high-profile issuer and manager clients in cross-border transactions. In 2010 it assisted JP Morgan Cazenove and Deutsche Bank as the underwriters of Essar Energy’s £1.3bn IPO, and also advised Royal Bank of Canada and Barclays Bank regarding the £2bn rights issue of Resolution. Joint practice head John Lane is highly rated, and recently promoted partner Dan Schuster-Woldan is a ‘rising star’.

Providing ‘excellent advice’, Clifford Chance has ‘fabulous bank relationships’, and is well known for its underwriter advice. The team, led by Adrian Cartwright, advised the underwriters on the £11bn IPO of Glencore, while on the issuer side, it handled the £900m IPO of Luxembourg company AZ Electronic Materials. Iain Hunter and Simon Thomas are highly rated. The group is also known for its emerging markets work, and recently advised the underwriters on the IPO of Russian infrastructure company OJSC Mostotrest.

The ‘really committed’ team at Herbert Smith LLP provides an ‘incredibly hands-on’ service. The ‘invaluable’ Christopher Haynes recently led in advising Barclays Capital and Citi on the £900m IPO and London listing of Justice Holdings. Elsewhere, the team represented Citi and others on Bank of Ireland’s €1.9bn rights issue and €500m institutional placing; and Deutsche Bank and others on National Grid’s £3.3bn rights issue. Jim Wickenden now leads the capital markets group, which features the ‘commercially astute and pragmatic’ Will Pearce and ‘fabulously experienced’ Greg Mulley.

‘UK powerhouse’ Allen & Overy LLP has an excellent reputation on the underwriter side. It advised Goldman Sachs and a range of other institutions on the IPO of Ocado in 2010; and also advised Goldman Sachs and Morgan Stanley as sponsors and Barclays and Numis as managers of Betfair’s £1.3bn IPO. The ‘proactive’ Louise Wolfson has ‘good commercial judgement’, and David Broadley has ‘excellent knowledge’. The highly recommended Mark Dighero leads the team.

With ‘excellent knowledge, experience and responsiveness’, Ashurst LLP’s team recently advised the selling shareholders in the £660m IPO of Smart Technologies, and CPP Group on its £150m IPO. The team also represented HSBC and others as underwriters in Avis Europe’s £151m rights issue, and RBS Hoare Govett and Oriel Securities as joint bookrunners of NB Distressed Debt Investment Fund’s $440m IPO. Nicholas Holmes is ‘technically very capable’, with a ‘wealth of experience’ and an ‘excellent method of application’. Michael Robins offers ‘very good client service’.

Slaughter and May provides ‘second-to-none’ advice coupled with ‘deep industry knowledge’. In 2010, it advised Ocado on its £200m IPO, and also assisted Prudential in a $21bn rights issue. Nilufer von Bismarck is rated for ‘truly phenomenal dedication, technical knowledge and responsiveness’, and recently advised Standard Chartered on the first-ever Indian depository receipt offer and also with regard to its £3.26bn rights offer. Peter Brien leads the team, which includes the ‘very pragmatic and client-friendly’ Jeff Twentyman, and ‘excellent technician’ Kathy Hughes.

Richard Brown’s ‘excellent’ team at Hogan Lovells International LLP is highly regarded for its energy sector expertise, and recently advised Coal of Africa on a £55m placing of new shares. The team also acted for BoA Merrill Lynch and others on Flybe’s IPO in 2010; and advised key client JP Morgan Cazenove, together with Greenhill & Co, on Findel’s £80.5m rights issue and placing. Maegen Morrison is recommended.

Norton Rose LLP has an excellent reputation for equity capital markets work, and is one of the top players in the mid-cap space. Highlights for 2010 included advising on a privatisation in Poland, and the team also continues to develop its expertise in the mining and natural resources sectors. Recommended individuals include ‘excellent practitioner’ Richard Sheen, Raj Karia, Simon FT Cox and Julian Stanier.

The ‘very good’ practice at Skadden, Arps, Slate, Meagher & Flom (UK) LLP is renowned for its experience in Russian and other emerging markets deals. Recent highlights include advising Renaissance Securities and UBS as joint coordinators in the $400m Reg S IPO of Russian pharmaceuticals company OJSC Protek; and representing Russian food retailer O’Key Group in its $420m IPO. James Healy, Pranav Trivedi and Danny Tricot are recommended.

White & Case LLP’s equity team is led by Philip Broke and acts for underwriters including UBS and BoA Merrill Lynch. The firm has particular strength in Northern Europe and Western Europe, particularly Poland.

With an impressive roster of issuer clients, Baker & McKenzie LLP maintains a strong focus on emerging markets, and has notable expertise in cross-border transactions. In 2010 the team advised Unicredit on Fortuna Entertainment Group’s IPO and dual listing on the Prague and Warsaw Stock Exchanges. Head of the capital markets group Edward Bibko is highly recommended.

Cleary Gottlieb Steen & Hamilton LLP is very highly rated for its expertise in Russia and other emerging markets, and acts for both issuer and underwriter clients. Raj Panasar recently advised Russian real estate developer Etalon Goup in its $575m IPO, and also counts Rusal as a key client. Simon Ovenden is also recommended.

Known for its expertise in the insurance sector, in 2010 Dewey & LeBoeuf LLP’s ‘very good’ team advised the largest Polish insurance group, PZU, on its $2.6bn IPO on the Warsaw Stock Exchange. The firm also has experience in emerging markets work, particularly in Russia and the Middle East, with Camille Abousleiman highly regarded. Joseph Ferraro is practice head.

Simmons & Simmons represents banks including Investec, UBS, HSBC and Deutsche Bank. Highlights included advising RBS Hoare Govett on CQS Diversified Fund’s £75m IPO, and JP Morgan Cazenove and Panmure Gordon as joint bookrunners, managers and sponsors of RPC Group’s £88m rights issue. The ‘very good’ Chris Horton leads the international equity capital markets group, and Colin Bole, who joined from Allen & Overy LLP in 2010, is a ‘very safe pair of hands’.

At Sullivan & Cromwell LLP, Vanessa Blackmore advised Pershing Square as a founding shareholder in the £900m IPO and London listing of Justice Holdings, and also represented the underwriters, including Goldman Sachs, in Mail.ru Group’s IPO and London listing. With particular strength on the issuer side, the team also advised Kenmare Resources in a $270m rights offering.

‘Excellent in all respects’, Weil, Gotshal & Manges has a superb reputation for the quality of its advice to underwriters. Clients rate the ‘talent throughout the team at all levels’, with James Cole and Peter King singled out. The ‘dedicated, responsive and commercial’ group advised Credit Suisse, Deutsche Bank, Goldman Sachs and Morgan Stanley on the $2.6bn IPO of insurance group PZU; and also advised Chr. Hansen Holding on its IPO and listing on the NASDAQ OMX Copenhagen.

Akin Gump Strauss Hauer & Feld retains a depth of expertise in the energy sector, and is active in emerging markets, particularly Russia. Sebastian Rice recently advised Max Petroleum on a $75m cash placing.

Katherine Ashton and James Scoville are the key contacts at Debevoise & Plimpton LLP. The team has a strong track record in emerging markets transactions, and regularly advises Russian issuer clients. It advised KazakhGold Group in a $100m private placement to international investors in 2010.

Lene Malthasen is the key contact at Latham & Watkins LLP and has experience acting for issuers and underwriters in listings across Europe. Malthasen is also a member of the firm’s Scandinavian practice, and is very active is the region.

Monica McConville joined Shearman & Sterling LLP from Freshfields Bruckhaus Deringer in July 2011 to lead a dedicated ECM team at the firm. Laurence Levy recently advised African Barrick Gold and Tata Steel, and also acts for banks including Credit Suisse and Barclays.

Berwin Leighton Paisner LLP acts for issuer clients moving to the main market, and counts Raven Russia and GCP Infrastructure Fund as clients. In 2010, it represented financier Nathaniel Rothschild in the £707m IPO of his mining investment group Vallar. Alex Latner and Benjamin Lee are recommended.

Tim Jeveons and Andrew Caunt at Greenberg Traurig Maher LLP are recommended for their growing practice. Recent clients include Macquarie, Justice Holdings and Berggruen Holdings.

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