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  1. Equity capital markets: US capability
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A ‘first-rate’ firm, Cleary Gottlieb Steen & Hamilton LLP is noted for its strength in emerging market transactions and particularly in Russian work, where it has the ‘number one’ practice. David Braverman, who is based between Moscow and London, advised social networking company Mail.ru Group on its $912m Rule 144A/Reg S IPO in November 2010. Pierre-Marie Boury acts for clients including Statoil Fuel & Retail, and Aluminium Bahrain. David Gottlieb is also recommended.

Davis Polk & Wardwell LLP has a superb reputation, handling securities transactions for banking clients. It advised the joint bookrunners, including Santander, Commerzbank and Merrill Lynch, on a €10.2bn rights offering by Deutsche Bank; and Resolution on its £2bn rights issue. Elsewhere, the team advised Danish jewellery designer Pandora on its $2.1bn IPO on the NASDAQ OMX Copenhagen. Jeffrey Oakes, Paul Etienne Kumleben and John Banes are all recommended.

The ‘impressively strong’ team at Linklaters LLP provides a fully integrated service to clients. In 2010, the ‘very good’ Tom Shropshire acted as US counsel to National Grid on its £3.3bn rights issue. The ‘exceptional’ Jason Manketo is considered ‘among the best US capital markets lawyers in London’; and Mike Bienenfeld combines ‘quick intelligence with a pragmatic approach’. Brigid Rentoul and Cecil Quillen are also recommended.

Sullivan & Cromwell LLP is noted for its ‘excellent’ advice. In 2010, John O’Connor acted as US counsel to Standard Chartered Bank in a $5.4bn rights offering, and also advised Enel Green Power in its €2.6bn IPO. Kathryn Campbell advised Wil. Wilhemsen on a NOK1.45bn IPO and listing on the Oslo Stock Exchange. William Plapinger and David Rockwell are recommended.

Freshfields Bruckhaus Deringer LLP’s integrated securities practice is ‘outstanding’. In 2010, Sarah Murphy represented Amadeus IT Holding on its €1.45bn IPO and listing on the Madrid Stock Exchange, and also led in advising Promethean World in its £185.7m global offering. Elsewhere, the team advised Deutsche Bank and Goldman Sachs on the £90m IPO and listing of AZ Electronic Materials.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP fields an integrated practice in London. A ‘great practitioner’, Richard Ely represented Credit Suisse and Goldman Sachs International as lead managers in the CHF200m share offering of gategroup Holding. Pranav Trivedi led in advising Morgan Stanley and Renaissance Securities (Cyprus) on a secondary offering of American depositary shares by Mechel OAO.

Allen & Overy LLP is praised as providing ‘excellent access to senior partners’, and ‘tailored advice’. Operating as an integrated team, the ‘very responsive’ group has a focus on emerging markets, and advised the Warsaw Stock Exchange on its privatisation through an IPO. The team is active in Greece, acting for Piraeus Bank and Alpha Bank. Max Aaron is ‘very strong’, and Daniel Epstein and Robert Williams have ‘extensive practical experience’.

John Connolly leads the US team at Clifford Chance, and recently assisted Koks Group in its proposed $500m IPO (now postponed). Christopher Walton was also active in representing JP Morgan Cazenove and Deutsche Bank as sponsors of the £1.1bn premium listing of Phoenix Group Holdings.

The ‘extremely good’ team at Herbert Smith LLP includes four US-qualified lawyers, who are ‘incredibly responsive’ and ‘extremely knowledgeable’. A ‘superstar on the US front’, Adam Wells delivers ‘practical insight on complex deals’, and acted for JP Morgan Cazenove and Oriel Securities in the £175m IPO of Metric Property Investments. Jim Wickenden led in advising NB Distressed Debt Investment Fund on its $440m IPO. Stephen Thierbach has ‘outstanding knowledge and experience’, and Alex Bafi provides ‘sound advice’.

Latham & Watkins LLP is active in the European capital markets arena, and has an outstanding reputation. A leading figure for Nordic matters, Olof Clausson represents clients in the technology and financial services sectors, and recently advised Swiss software company Esmertec in its IPO and listing on the Swiss Stock Exchange. He also represented the underwriters, led by Merrill Lynch and Credit Suisse, in Swedbank’s €1.5bn rights offering. Ian Clark is noted for his experience in regions including Turkey, Russia, Ukraine and India.

The US practice at Weil, Gotshal & Manges was greatly bolstered by the relocation of David Meredith to London from Hong Kong, and the appointment of Rob Ferguson from Shearman & Sterling LLP. Meredith recently advised gategroup Holding on a rights offering and global offering of shares on the Swiss Stock Exchange, and also acted for the underwriters in the IPO of the Warsaw Stock Exchange in its privatisation.

Cravath, Swaine & Moore LLP has a growing reputation in the market, and regularly acts on the US component of secondary offerings. Philip Boeckman ‘knows his stuff’, and advises both issuer and underwriter clients.

Dewey & LeBoeuf LLP is ‘going places’ in terms of its Middle East experience, with Camille Abousleiman representing several issuer clients in the region. The ‘highly recommended’ Joseph Ferraro led on the PZU IPO, and leads a largely dual-qualified team with strong US capabilities.

Paul, Weiss, Rifkind, Wharton & Garrison LLP’s specialist London US team is a ‘valuable outpost’, providing US advice to issuer clients including RIB Software and Metric Property Investments. ‘Top-notch operator’ Mark Bergman advised Sihuan Pharmaceutical Holdings on its $710m Rule 144A/Reg S IPO and listing on the Hong Kong Stock Exchange. David Lakhdir is recommended.

Shearman & Sterling LLP is rated for both underwriter and issuer matters, and has acted for the likes of Nokia and Goldman Sachs. Joint head of the corporate group Richard Price has an excellent reputation.

White & Case LLP has a depth of US securities law expertise. Joshua Kiernan is the key contact, and also heads up the firm’s Israel practice. He has experience advising clients on IPOs and listings on the Tel Aviv and Warsaw stock exchanges.

Ashurst LLP’s US practice suffered a blow in March 2011, when Daniel Bushner, Eric Stuart and Marie Elena Angulo, left the firm. It has since recruited Ray Fisher, former head of the capital markets group at Linklaters New York, and Jennifer Schneck, who left Linklaters LLP in London in 2009. Both joined the firm in May 2011.

Tom Philipp is the key contact on the US side at Baker & McKenzie LLP. In November 2010, he advised Egyptian real estate developer Amer Group Holdings on its $200m IPO listed on the Egyptian Stock Exchange.

Experienced in Rule 144A transactions, Robert Mollen at Fried, Frank, Harris, Shriver & Jacobson (London) LLP provided US counsel to Flybe on its £66m IPO and listing on the London Stock Exchange.

Hogan Lovells International LLP lost Katherine Mulhern to Kaye Scholer LLP in 2010. However, since the May 2010 merger, the firm’s US capabilities have broadened, and Peter Kohl and John Basnage are active in capital markets transactions, with recent work including the Flybe IPO.

Jones Day joins the ranking following its hire of Daniel Bushner and Marie Elena Angulo from Ashurst LLP.

Up and coming in the market, Norton Rose LLP’s US corporate finance group is led by Thomas Vita, who recently advised Jupiter Fund Management on its £755m IPO and London listing. The team has notable experience in Polish transactions. Mike Dunn is recommended.

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