The Legal 500

While this section gives consideration to all equipment financing, including shipping companies, rail, industrial machinery and office equipment, particular weight is apportioned to practices with the capability to handle big-ticket financings within the aviation industry.

Global economic turmoil has engendered difficulties for firms engaged in any kind of banking and finance activity. Financing within the transportation industry is no different. With the capital markets heavily impacted, there has been a dearth of the kind of heavily structured deals that had become increasingly common within the aviation industry in particular. Therefore, firms have had to be nimble in order to react to the changing conditions and, to some extent, it is those that have been most flexible and diverse that have emerged with most success in these turbulent times.

Practices at the top of the rankings have capacity across most asset classes, and have the strength and depth to advise on the highest value deals in the market. As the financial center of the nation, New York is the hub of the vast majority of the activity in the market, although many of the firms also have a considerable presence in Boston, Chicago, Los Angeles, San Francisco and Washington DC.

Milbank, Tweed, Hadley & McCloy LLP

PRACTICE: ‘The number one for transportation financing’, Milbank, Tweed, Hadley & McCloy LLP advises a cross-section of significant players involved in asset financings, including investment banks, manufacturers, export agencies, borrowers, lessors and lessees. Best known for its work within the aviation industry, and frequently working in harness with its corporate, tax and capital markets groups, the firm provides ‘an excellent service’ and excels at complex, big-ticket structured financings for a slew of major financial institutions.

Despite an overall slowdown in the kinds of complex structured transactions that, until recently, defined the market, in those deals that have gone through, Milbank, Tweed, Hadley & McCloy LLP has featured as one of the advising parties. For example, the practice advised Morgan Stanley and Credit Suisse in connection with Continental Airlines’ 2007-1 $1.146bn enhanced equipment trust certificate (EETC) financing.

Similarly, in what was the one of the only aircraft securitization to close in 2008, the group represented AerVenture on the $1bn ALS II securitization for 30 aircraft leased to a portfolio of lessees.

The department is also regularly involved in straight debt financings, on behalf of the likes of Aircastle, which it advised on both the $780m Calyon and $206m DVB-led financings of aircraft on lease to various airlines.

Able to leverage off an international network that encompasses offices in Europe and Asia, Milbank, Tweed, Hadley & McCloy LLP is a regular presence on both foreign and domestic power projects and infrastructure financing.

‘Availability is around the clock and without compromise regarding quality’, enthused one client.

CLIENTS: Milbank, Tweed, Hadley & McCloy LLP advises a raft of financial institutions, airlines, manufacturers, export agencies, lessors and lessees, among others, including Morgan Stanley, Credit Suisse, Citigroup, JPMorgan, Aircastle, AerCap, Virgin America, BNDES and AeroTurbine.

INDIVIDUALS: Chair of the firm’s global transportation finance group, Elliot Gewirtz provides a wealth of expertise, particularly in relation to aircraft securitizations and cross-border tax leases. Praised by clients for ‘his ability to take part in difficult negotiations, and reach compromises and good solutions’, he recently led the representation of Morgan Stanley and Credit Suisse in connection with Continental Airlines’ aforementioned EETC financing.

‘Patient and calm during negotiations’, German-speaking partner Helfried Schwarz is appreciated by a loyal client base that includes a number of German banks, such as Bayerische Landesbank and Landesbank Baden-Wurttemberg, which he recently advised as lenders to two German closed-end funds in the acquisition of several Airbus A320 aircraft. ‘He brings to the table a wealth of profound knowledge and experience, combined with some of the best negotiating skills in the aviation industry’, notes one client.

‘Responsive, practical and results-orientated’, Drew Fine is without peer in the market for advising issuers on structured finance deals.

All of the above partners are based in New York.

Vedder Price

PRACTICE: ‘One of the most highly talented equipment finance groups in practice anywhere in the world today’, Vedder Price’s 50-attorney team offers impressive strength and depth to an eclectic mix of clients, including lessees and lessors, borrowers and lenders, private and public companies, underwriters and governmental agencies. Deeply entrenched in the industry, aviation finance remains the firm’s strongest calling card and despite a slowdown in the market as a whole, it continues to inform the work handled by the group. Headquartered in Chicago, but with lawyers situated in New York and most recently Washington DC, the department’s cost-effective approach is appreciated by clients who point to ‘reasonable rates and sensible staffing’. This cost-effectiveness has been even more attractive given the recent economic slowdown, with middle-market deals increasingly the flavor of the day. Indeed, while the firm still lacks the structured finance prowess of some of its rivals, due to the decimation of the capital markets this weakness has had minimal impact on the work handled by the group. Recent highlights include advising Macquarie on a $1bn revolving debt facility for aircraft and Ex-Im Bank on a $940m Yen denominated facility covering aircraft leased to a Canadian carrier.

Lauded by clients for its ‘high quality and timely advice’, Vedder Price’s practice extends beyond aviation financing and the firm has recently witnessed an upswing in both rail and shipping finance mandates. Notable representations include advising a leasing company in relation to a $1bn joint venture to create a manufacturer-managed railcar leasing entity.

‘They combine high-quality representation of their clients and commercial knowledge of the industry, and benefit from an approach that emphasizes finding solutions’, say clients.

CLIENTS: Vedder Price is instructed by a diverse array of financiers, lessors, manufacturers and airlines including Export-Import Bank of the United States, United Airlines, DVB Bank, Macquarie, Export Development Canada, Bank of America, HSH Nordbank, KfW, CIT and Credit Suisse.

INDIVIDUALS: Head of the equipment finance group, ‘the very easygoing’ Dean Gerber is one of the best-known figures in the aviation finance market. Instructed by both airlines and lenders, Chicago-based partner Gerber has a longstanding relationship with Ex-Im Bank and recently advised them on the financing of a B777 aircraft in excess of $600m for an Australian carrier. ‘Very experienced, he is a been there, done that, created it kind of guy’, enthuses one client.

‘Very knowledgeable across a broad spectrum of finance matters’, New York-based partner Jeffrey Veber is a regular presence on many of the equipment finance group’s most significant matters. Active across a range of asset classes, including aviation, shipping and rail, clients appreciate his knack ‘of winning points without ticking off the other side’.

Particularly strong on the debt side, New York-based partner Ronald Scheinberg offers ‘a faultless service’ to an impressive array of lender clients. Particularly accomplished at structured asset finance techniques, in addition to aviation financing, he is also instructed by lenders in the financing of railcars and satellites.

‘Hard working and conscientious’, Chicago-based partner John Bycraft is regularly involved in cross-border and domestic lease financings involving rolling stock and aircraft. ‘He is a thorough attorney who knows the subject matter very well and does a great job of building a team of people around him that are all smart and diligent’, say clients.

White & Case LLP

PRACTICE: Driven out of its New York headquarters and aided by lawyers in its Los Angeles and Miami offices, White & Case LLP’s 11-partner asset finance practice is ‘knowledgeable, very thorough and hard-working’, say clients. Conversant with transactions across all equipment financings, clients appreciate the firm’s full-service approach, which means that it ‘has the resources to provide clients with advice on all aspects of a transaction including tax and bankruptcy’.

‘With access to legal professionals in almost all jurisdictions’, clients also appreciate its ability to provide seamless advice on transactions requiring cross-border input. For example, the department recently advised Avianca on its first export credit supported financing for two A319 and A320 aircraft, a matter involving documents governed by a combination of US, UK and Panama law. Led out of New York and aided by lawyers in London, the transaction was structured to allow Avianca to obtain US registration for the aircraft.

Indeed, the firm’s international reach and diverse client base have to some extent insulated it from the vagaries of the market. Clients include banks, lessors, lessees, aircraft and engine manufacturers. Financial institutions, however, still account for a significant proportion of the practice’s asset finance work. For example, it has advised BNP Paribas on a variety of matters, including a French tax lease supported by US Ex-Im Bank for multiple aircraft for operation by a Brazilian low-cost carrier.

Clients praise an array of ‘bright, hard-working, personable and seasoned attorneys’, whose asset financing capability also includes shipping and rail transactions - for example, it recently advised MTR on its merger with Kowloon-Canton Railway.

CLIENTS: Clients include ABN AMRO, Babcock & Brown, BNP Paribas, Calyon Bank, Citibank, Deutsche Bank, KfW, Nordea Bank of Finland, SK Shipping, Essent, Boeing Capital, Varde Partners and Verbund.

INDIVIDUALS: ‘Intelligent and articulate’, New York-based partner Lawrence Gannon is head of the firm’s worldwide asset finance practice group. Gannon’s broad-based practice encompasses asset and project finance work for lessees, lenders, credit support providers, underwriters and sponsors. ‘He has a wealth of experience working on complex transactions and is able to quickly identify issues, as well as provide workable solutions’, summarizes one client.

‘Truly impressive and seemingly without ego’, New York-based partner James Hayden specializes in advising on the tax implications of asset finance transactions, including portfolio sales and financings, equipment leases and aircraft finance.

‘Exceptionally attentive and responsive’, New York-based partner Michael Smith is ‘an extremely knowledgeable and experienced aircraft finance attorney’, say clients.

Based in New York, Someera Khokhar ‘inspires immediate confidence’ to financial institutions and lessors in the aviation industry. ‘Her understanding of the subtleties of the documentation and her negotiating skills were invaluable’, states one client.

Other honorable mentions include New York-based partner Ray Simon commended for his ‘ability to explain complex tax issues in plain English’, and Los Angeles-based James Cairns, ‘who works tirelessly for his clients’.

Clifford Chance

PRACTICE: Bolstered by the recent relocation of Rod Howell from Hong Kong to the firm’s New York office, Clifford Chance’s ‘excellent’ four-partner asset finance practice has established a foothold in the aviation finance market. However, clients express doubts about the strength of the team below partner level, with one noting that ‘associate support in the aircraft finance area of the New York office has been inconsistent’, albeit there are ‘signs of improvement’.

‘A formidable presence for the more structured deal in the market’, despite the recent dip in the securitization market, notably, the practice has been involved in the majority of transactions that have closed. Handled right in the teeth of the initial sub-prime induced economic downturn, the group advised Credit Suisse and Morgan Stanley on Babcock and Brown Air Limited’s $1.5bn offering of Class G-1 floating rate notes and SEC-registered public offering of shares. Also of note was the team’s recent representation of Calyon, as structuring agent in connection with Aircraft Lease Securitization II Limited’s $1bn aircraft securitization. Involving an innovative amalgam of a bank loan and capital markets structure, the transaction underscores the firm’s ‘creative and reasoned’ approach to deals.

Clifford Chance has handled an increasing volume of work for clients in the regular operating leasing and commercial loan markets. For example, it recently advised the Royal Bank of Scotland on a $170m loan to JetBlue Airways.

Although the firm’s primary focus remains on aircraft financing, it has been involved in other transportation financings, including its work for Appollo Management on the $465m first lien financing of the acquisition of three luxury cruise vessels.

CLIENTS: Clients include AerCap, Alliance & Leicester, Calyon Securities, Export Development Canada, GATX, HSBC, ING Capital, Macquarie Air Finance Group, Pioneer Aviation, Royal Bank of Scotland, Standard Chartered Bank, UBS Securities and West LB.

INDIVIDUALS: ‘Intelligent, experienced and hands-on’, say clients, New York-based partner John Howitt co-heads the firm’s asset finance practice. Active across a range of aircraft financings, including leveraged lease transactions, operating leases and aircraft purchases and sales, Howitt recently advised the Royal Bank of Scotland on its aforementioned $170m loan to JetBlue Airways. ‘He’s very hard-working, and when we call him he is either available or gets back to us promptly’, say clients.

‘A significant player in the aircraft portfolio securitization market’, New York-based partner Zarrar Sehgal recently advised Calyon as underwriter on Aircraft Lease Securitization II Limited’s $1bn aircraft securitization.

Dewey & LeBoeuf LLP

PRACTICE: With approximately 20 lawyers regularly engaged in asset finance and leasing work, and now also benefiting from a wider global footprint as a result of the merger between Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae at the tail-end of 2007, Dewey & LeBoeuf LLP is well positioned to advise clients across a range of big-ticket financings.

While its aviation capability remains relatively small compared to some of its peers in our rankings, nevertheless, the firm continues to handle an impressive volume of transactions on behalf of lessors, financiers and equity investors.

‘Always outstanding in quality, methodical and with the highest degree of integrity’, recent highlights include advising the seller of five B737 aircraft to a Russian carrier and related unwinding of US leveraged leases. Also very active on the private side, the firm has been involved in a plethora of corporate jet transactions, including the representation of an energy company based in Kazakhastan on the purchase and bank financing of a new G200 aircraft.

Dewey & LeBoeuf LLP also continues to thrive in the lease financing space, and is particularly accomplished at work sitting at the intersection between project and asset finance. Leveraging off its impressive tax capability, the firm has been instructed by equity investors on both the $1.3bn financing of the Horizon Wind power project portfolio and the $1bn Coso geothermal power project leveraged lease financing.

‘As well as understanding the deadlines and what it takes to get the transaction completed, they also have excellent rapport with all parties involved’, report clients.

CLIENTS: Clients include GECAS, Mitsubishi, PK AirFinance, Sumitomo, US Bank, Verizon Capital, JPMorgan Capital, Blackstone, Citibank, MetLife and Wells Fargo.

INDIVIDUALS: ‘Exceedingly knowledgeable and a pleasure to deal with’, New York-based partner Frederic Bass ‘has the capacity to deliver and always does’, say clients. A constant presence on the firm’s most significant aviation finance transactions, he was the lead partner on the recent sale of five B737 aircraft to a Russian air carrier. Clients are appreciative of both his ‘integrity’ and ability ‘to grasp very complicated situations and figure out how to solve issues as simply as possible’.

Holland & Knight LLP

PRACTICE: Holland & Knight LLP’s 12-partner equipment financing and leasing practice provides ‘results-orientated and technical expertise’ to a multifarious selection of clients, from lessees and lessors, to sellers/buyers and lenders. ‘Responsive and practical’, say clients, the practice is seen with less regularity in the market’s big-ticket mandates but it is ‘very competitive on price’ and benefits from ‘a superb depth of knowledge’ across many transportation asset classes.

With the peerless John Pritchard at the helm, it is perhaps unsurprising that the department’s core area of strength lies in relation to aviation finance matters. On this front, recent significant mandates have included representing lenders in the provision of a $340m loan to a major international airline company for two new B777 aircraft and five new B737 aircraft.

More deeply embedded in the transportation industry than many of its competitors, the firm’s expertise to the full spectrum of transportation assets, including shipping, where it is without doubt one of the most prominent practices in the market.

Notably, the firm has been increasingly active in relation to equipment financing in Mexico, through its flourishing office in Mexico City. For example, the group recently advised US and non-US based lenders in several transactions involving financing of Mexican flag vessels through Mexican guaranty trusts.

CLIENTS: Clients include GECAS, Babcock & Brown Rail Management, Air Canada, Citibank, Renewable Energy, Singapore Airlines, CSX, Nordea, DnB NOR, CIT Group and K-Sea Transportation.

INDIVIDUALS: ‘Very strong and experienced’, New York-based partner John Pritchard is one of the country’s foremost finance lawyers in the transportation industry. Particularly adept at handling complex aircraft financings, he is ‘highly regarded in relation to heavily structured deals’.

‘Responsive and practical’, San Francisco-based partner William Piels is recommended in the aviation industry for his operating lease expertise.

Based in New York, Nancy Hengen brings ‘a strong level of professionalism’ to matters involving in major ship financing transactions.

Clients are ‘very satisfied with the service provided’ by San Francisco-based partner Thomas Zimmer, who has more than 20 years’ experience on domestic and cross-border equipment leasing and asset-based financing transactions.

Pillsbury Winthrop Shaw Pittman LLP

PRACTICE: Pillsbury Winthrop Shaw Pittman LLP handles an impressive volume of transactions for clients across the full array of transportation asset classes, as well as fixed assets, such as coal mines and electric power plants. Driven out of its New York office and aided by a significant national footprint, encompassing offices in Washington DC and San Francisco, the firm is able to handle significant transactions irrespective of their location.

Best known for its prowess within the aviation finance market, much of its work in this area involves the financing of new and used aircraft, engines and parts. Acting for a range of clients including, leasing companies, trading companies and financiers, the practice has developed a particular niche in relation to Ex-Im Bank financings and in recent years has documented financings for equipment valued at over $2bn.

To some extent insulated by the travails affecting the market due to the diversity of work it handles, recent highlights include advising airlines and lenders in pre-delivery financing and acquisition of multiple new Boeing and Airbus aircraft, including cross-border sale and leaseback transactions.

Outside of the aviation industry, the department recently advised a strategic bidder for the assets of a major railcar leasing company.

CLIENTS: Instructed by a mix of banks, leasing companies, manufacturers and airlines, clients include Citibank, ABN AMRO, Macquarie Bank, UBS, Willis Lease Finance, Virgin America, Varig Brazilian Airlines and El Al Airlines.

INDIVIDUALS: Head of the firm’s equipment finance practice, New York-based partner Payson Coleman is regularly involved in domestic and cross-border leasing, restructuring and securitization transactions.

In the same office, William Bowers has a strong reputation for his work advising bank lenders in aviation finance transactions, while Michael Schumaecker, as national leader of the firm’s finance practice, is regularly engaged in aviation finance mandates, in addition to other engagements.

Simpson Thacher & Bartlett LLP

PRACTICE: Instructed by clients across the full spectrum of transportation assets, Simpson Thacher & Bartlett LLP’s New York-based five-partner lease and transportation finance group is a ‘significant player within the market’, say clients. Specializing at the more sophisticated, less commoditized transactions in the market, ‘its lawyers exhibit a great deal of creativity’, note clients. Sitting at the vanguard of the lease finance market, the practice has advised clients on numerous double dip and QTE transactions. Indeed, in the past few years it has closed approximately 100-cross-border lease transactions.

On the aviation side, its noted ‘excellence within the structured finance market’, has undoubtedly affected the practice because of the recent parlous state of the capital markets. Nevertheless, there has been plenty of other work that has kept this ‘exceptional’ team busy.

Perhaps best known as counsel for Airbus, in recent years Simpson Thacher & Bartlett LLP has also handled work for Virgin America and Northwest Airlines, advising the latter on its recent high-profile $17.7bn merger with Delta Air Lines.

‘All of the firm’s attorneys in the securitization area also have a very good business sense which enables them to arrive at solutions that work’, note clients.

CLIENTS: Clients include the Brazilian Bank for Economic and Social Development, JPMorgan, Airbus, Virgin America and Royal Bank of Scotland.

INDIVIDUALS: Instructed by clients in structured aircraft and other equipment financings, New York-based partner Martin Jacobson is very well regarded in the industry.

New York-based partner Laura Palma ‘does exceptional work’ for clients in structured finance transactions spanning a range of assets, including aircraft portfolio securitizations and rental car financings. ‘You want her to be working on your hardest most complicated transactions because that is where she is most effective’, enthuse clients.

Fulbright & Jaworski LLP

PRACTICE: ‘Consistently producing work of the highest quality’, Fulbright & Jaworski LLP’s 12-attorney equipment finance practice has a deep-rooted presence in the aviation industry.

Representing an eclectic array of clients including airlines, manufacturers, lessors and financiers the department has been relatively well insulated against the general downturn in the economy and the knock-on effect that this has had within the industry. Clients say its attorneys are ‘are extremely reliable about timing issues and delivering the deal’. Additionally, ‘they are extremely knowledgeable and responsive, and have an excellent business sense about what they are trying to accomplish in each transaction’.

Although it still lacks the global reach of some of its rivals, the firm is increasing its flow of work in the Middle East, where it has a small presence. For example, the team is increasingly active on behalf of major international carrier, Emirates.

On the domestic front, the practice has been particularly active on behalf of regional airline, Republic Airways, which as a result of a particularly robust balance sheet has been increasingly active making loans to support customers affected by the economic malaise. The team has also handled work on behalf of longstanding client, Sky Holding Company, in relation to setting up a new aircraft leasing company, with an initial funding structure of in excess of $1bn.

CLIENTS: Clients include Sky Holding Company, Orix, Focus Air, Republic Airways Holdings and Mizuho Corporate Bank.

INDIVIDUALS: ‘Experienced, smart and commercially orientated’, New York-based partner James Tussing heads the equipment finance group. Steeped in the nuances of the industry, professional affiliations include membership of the advisory board of the Cape Town International Aircraft Registry. ‘He really listens to what the client wants and makes excellent suggestions, because he truly thinks about the deal and “owns” it’, said one client.

Sidley Austin LLP

PRACTICE: While it lacks the critical mass to handle the volume of transactions undertaken by some of its competitors, Sidley Austin LLP’s ‘highly competent and reliable’ two-partner equipment finance practice has a strong track record in the asset finance market. Although it remains best known for its representation of major manufacturers like Bombardier and UT Finance, there are definite signs that the parameters of the practice are expanding. For example, it recently represented Ambac Assurance, as bond insurer on a major aircraft lease securitization for Babcock & Brown.

Praised by clients for its ability ‘to call on resources as needed’, the firm’s full-service approach enables it to handle big-ticket mandates such as its involvement for lenders in ongoing matters relating to the bankruptcy of Delta Air Lines and FLYi. The practice has also undertaken work for both equity and loan participants in relation to a raft of US aircraft debt financing transactions.

Although its focus lies on matters in the aviation sector, the group has also represented a number of clients in connection with a variety of rail-asset-related transactions, including advising the vendor of a portfolio of rolling stock.

CLIENTS: Instructed by a mix of lessors, lessees, lenders, borrowers, manufacturers and insurers, clients include the likes of Aircastle Advisor, Ambac Assurance, Bombardier, Dubai Aerospace Enterprise and UT Finance.

INDIVIDUALS: Best known for his excellent track record serving manufacturers like Bombardier, Rory Kelleher is well regarded by clients. He has recently handled work for lenders in the recent bankruptcies of Delta Air Lines and FLYi.

As part of a broad-ranging practice that also includes securities and projects expertise, New York-based partner Paul Risko regularly handles aircraft finance matters for debt and equity investors, liquidity providers, guarantors and lessees.

Senior counsel of the firm’s New York office, Dennis Bekemeyer is vastly experienced across all aspects of aircraft and aerospace finance.

Cadwalader, Wickersham & Taft LLP

PRACTICE: Conversant across all areas of aviation finance, Cadwalader, Wickersham & Taft LLP’s ‘skilful’ team represents an eclectic mix of participants in the industry, from major air carriers to equity investors and financiers. However, with only one partner devoted exclusively to aviation financing, it lacks depth. Sterling work for Northwest Airlines has ensured a subsequent flow of ‘high-caliber’ engagements. However, given the airline’s recent merger with Delta, it remains to be seen how this affects the practice.

CLIENTS: Clients include Northwest Airlines, Delta Air Lines and JetBlue Airways.

INDIVIDUALS: New York-based head of the aviation finance group, Richard Aborn, has an excellent reputation in the industry, due in no small part to ‘his excellent work’ for Northwest Airlines in its recent bankruptcy. The lynchpin of the practice, he has participated in aircraft financing transactions aggregating more than $25bn.

Debevoise & Plimpton

PRACTICE: While it lacks the critical mass necessary to resource the volume and diversity of deals handled by many of its higher-rated rivals, Debevoise & Plimpton’s New York-based three-attorney practice advises an enviable portfolio of major airline clients across a range of financings, including fleet restructurings and refinancings and operating leases.

Able to leverage off the capabilities of a significant capital markets practice, the team excels at cutting-edge, innovative transactions and has in recent years been involved in both debt and capital raisings for airline clients. Although this work has dried up over the past 12 months, in line with the market in general, the team is well-placed to exploit the inevitable re-emergence of the capital markets.

In recent years, restructuring work has also accounted for a significant share of the work handled within the aviation industry. Notably, as special counsel to Delta, the firm advised the airline and its regional subsidiary, Comair, in relation to the refinancing of more than 275 aircraft.

CLIENTS: Clients include Aeroflot, American Airlines, Delta Air Lines, Roll-Royce and SWISS.

INDIVIDUALS: Head of the firm’s aircraft finance group and a member of the securities department, New York-based partner John Curry has participated in the leasing, financing and refinancing of hundreds of commercial jet aircraft during his career. He remains best known for his work on behalf of Delta Air Lines and American Airlines in their respective aircraft financing restructuring programs.

Hughes Hubbard & Reed LLP

PRACTICE: Deeply entrenched in the aviation industry, Hughes Hubbard & Reed LLP handles a wide variety of transactions, including operating leases, EETC mandates, cross-border transactions and export credit agency-supported loans, for major participants in the sector. Narrower in its client base than some of its competitors, it is undoubtedly best known for its airline representation. As well as advising Continental Airlines on its $1.146bn EETC financing, the practice also represented it on its $129m loan facility to finance pre-delivery payments due to Boeing under its aircraft purchase agreement with the airline.

Although Continental mandates account for a significant proportion of the group’s workload, it also handles work for the likes of Republic Airline, which it recently advised in connection with Banco Nacional de Desenvolvimento Econômico e Social’s financing of 12 new Embraer aircraft.

Outside the aviation sector, the five-partner equipment finance group also handles work in relation to deals involving the financing of railcar leasing companies and satellite transponders.

CLIENTS: Airline clients include Continental Airlines, Republic Airline and Azul Linhas Aereas Brasileiras.

INDIVIDUALS: The lynchpin of the team, New York-based partner John Hoyns is particularly well known in the aviation industry in relation to his work for Continental Airlines.

Latham & Watkins LLP

PRACTICE: Sitting within its wider structured finance and securitization practice, Latham & Watkins LLP’s two-partner aviation finance group ‘really understand the structures and underlying assets’. ‘I get a fully considered view of the risks I’m taking’, states one client. Lacking the diversity of many of the practices in this section, its pre-eminent role as firm of choice for the monoline insurers has meant a virtual total drying up of work in the arena as a result of the recent downgrading of the bond insurers.

CLIENTS: Clients include leading monoline insurers such as FGIC and MBIA, as well as Goldman Sachs, Royal Jordan Airlines, British Airways and Etihad Airlines.

INDIVIDUALS: Co-chair of the structured finance group, New York-based partner Kevin Fingeret’s expertise lies at the interface between structured and aviation finance. ‘He’s great, he really rolls up his sleeves and gets the work done’, say clients.

Shearman & Sterling LLP

PRACTICE: Although it lacks the diversity and volume of work to pose a credible threat to top-rated practices, Shearman & Sterling LLP has an ‘excellent reputation’ in structured finance aviation transactions. Leveraging off its blue-chip portfolio of financial institution clients, the practice sits at the vanguard of the EETC securitization market. Although this work has all but ceased over recent months, the practice notably closed a deal at the end of 2007 for underwriters on Delta Air Lines’ $1.4bn EETC.

Indeed, in a difficult market, the team has had to be nimble in order to structure deals. For example, it advised Calyon as administrative agent in relation to the $786m senior secured term loan financing enabling the acquisition of two aircraft portfolios by two Aircastle special purpose entities. This challenging transaction involved the incorporation of aircraft lease portfolio securitization techniques into a term-loan credit facility.

CLIENTS: Financial institutions form the spine of a client base which includes Calyon, Citigroup and Morgan Stanley.

INDIVIDUALS: Well-versed in relation to heavily structured aviation financings, New York-based of-counsel Ji Hoon Hong had a leading role in the aforementioned aircraft portfolio acquisition by two Aircastle special purpose entities.

Triggered by the subprime crisis, banks saddled with highly toxic mortgage securities have been forced into massive writedowns. Confidence was shattered and inter-bank lending ground to a halt, as banks were overcome with paranoia over each other’s exposure to these assets. With financial institutions rationing capital as they set to shore up their own debilitated balance sheets, liquidity dried up, making it difficult for even fundamentally sound businesses to secure funding, let alone ones with a more precarious credit history.

The mega-sized leveraged buyouts (LBOs) that until as recently as the middle of 2007 were
flooding the market, disappeared almost overnight.
Consequently, law firms that derived a high proportion of instructions from private equity sponsors have taken quite a hit. Indeed, in general, the practices that have coped best with the turbulent market conditions have been those with a diverse client base and also a degree of flexibility and ability to adapt to the conditions. Therefore, while senior secured syndicated transactions, investment grade and the like will still be considered, more so perhaps than in other years, the editorial will also look at asset-based lending, mezzanine financing and bankruptcy-related financing.

The tables have been divided into a national ranking and several regional rankings. The national rankings are reflective of those firms that compete on the big-ticket deals across the country, and who are often capable of handling cross-border mandates. The majority of the practices in this table will have a strong New York presence. While many of the firms in the regional rankings do have ancillary offices, and at times compete on some of the major national mandates, they are more defined by their geography, as indicated.

Cahill Gordon & Reindel

PRACTICE: A consistently strong performer in the high-yield market for many years, Cahill Gordon & Reindel can now justifiably lay claim to having an almost equally impressive bank lending practice. ‘A dominant player’, the combination of the firm’s capital markets expertise and straight loan prowess gives it the edge over many of its peers. Overarching and increasingly entrenched relationships with the majority of the bulge-bracket banks - including the likes of UBS, Bank of America and Deutsche Bank - has ensured that it has also been relatively well insulated from the recent consolidation in the market.

Praised by clients for its ‘very good business judgement’, the New York-based practice of over 20 leveraged-finance partners has convincingly adapted to the changed market conditions and is increasingly engaged in restructuring transactions and amending existing credit facilities. For example, it advised a syndicate of banks including Credit Suisse on the $5bn bridge facilities provided to Serafina Holdings to facilitate its acquisition of Intelsat. In connection with the acquisition, indirect subsidiaries of Intelsat amended their existing credit agreements.

Despite a paucity of mega-LBOs in the market, the group still managed to be involved in a few of the major deals completed in 2008, including advising debt financing sources in the acquisition of The Weather Channel. It also represented Barclays Capital and GE Capital Market, as joint lead arrangers, in relation to the funding of Hellman & Friedman’s $2.4bn acquisition of Getty Images.

CLIENTS: Instructed by an impressive list of financial institutions, clients include JPMorgan, Bank of America, Credit Suisse, Deutsche Bank, Citigroup, GE Capital, Goldman Sachs and BNP Paribas.

INDIVIDUALS: While he is perhaps best known as ‘a great high-yield guy’, John Tripodoro is also an accomplished lawyer in relation to loan financing. Often involved in many of the group’s most significant transactions, Tripodoro was one of the lead partners involved in the aforementioned Intelsat deal.

Well respected by clients, James Clark is adept at both high-yield and bank financing.

Co-administrative partner of the firm and a member of the corporate practice group, Jonathan Schaffzin is a consistent presence on the financing side of many of the market’s biggest ticket LBOs.

All of the partners recommended are based in New York.

Cravath, Swaine & Moore LLP

PRACTICE: Leveraging off its portfolio of major banking clients, Cravath, Swaine & Moore LLP is regularly instructed on many of the highest-profile transactions in the market. The practice is ‘first choice on everything we do’, according to one leading banking client, and ‘routinely provides an exceptional service’ across the waterfront of syndicated and leveraged finance mandates.

Less affected by banking industry consolidation than many of the firms in this section, two of its core clients, JPMorgan and Credit Suisse, have remained operational while others have fallen. Indeed, the practice advised the former on the provision of $12bn of credit facilities to finance Mars’ acquisition of Wrigley’s.

Its attorneys are praised for their ‘ability to think outside the box’ and their ‘business-orientated approach’, skills that have helped Cravath, Swaine & Moore LLP to adapt successfully to the parlous economic conditions, regularly by adopting more unusual financing techniques to facilitate the closing of deals. For example, it represented Credit Suisse on a $810m senior secured credit facility and a $550m senior unsecured mezzanine facility to finance Carlyle’s $2.54bn acquisition of the government contracting business of Booz Allen Hamilton.

CLIENTS: Cravath, Swaine & Moore LLP is instructed by high-caliber banking clients including JPMorgan Securities, JPMorgan Chase, Citigroup and Credit Suisse.

INDIVIDUALS: A legend in the banking industry, department head B Robbins Kiessling has an exemplary track record advising on syndicated and leveraged finance transactions.

Michael Goldman is ‘very highly thought of’ by banking clients who routinely instruct him on the most sophisticated transactions, including Credit Suisse’s deal for Booz Allen Hamilton.

Vastly experienced, clients recommend C Allen Parker because he ‘has been doing this work for such a long time and at such a high level’. He heads up the firm’s relationship with JPMorgan.

All of the above lawyers are based in New York.

Simpson Thacher
& Bartlett LLP

PRACTICE: ‘A terrific firm with very strong attorneys’, Simpson Thacher & Bartlett LLP continues to head the pack in the syndicated lending market. Supremely assured in financings across all levels of the capital structure, this ‘very commercial firm’ is best known for its work on behalf of many of the major private equity firms in the market, including KKR and Blackstone. Although the value and volume of the deals in this sector of the market has diminished, the group has still snared some big-ticket deals. For example, it advised Hellman & Friedman on the $2.4bn acquisition of Getty Images, as well as Blackstone and Graham Packaging Holdings on a $3.2bn deal by which Graham Packaging will go public through a transaction with Hicks Acquisition Company, a special purpose acquisition company.

Other significant borrower-side work includes advising Mars in connection with the financing for its acquisition of Wrigley’s.

‘Truly a class act’, while the firm is without peer in relation to its representation of private equity sponsors in leveraged buyouts, this should not detract from its significant foothold on Wall Street. Its longstanding and deeply entrenched relationship with JPMorgan has helped the department maneuver into the vanguard of the market, and as a consequence of its ambidextrous approach is able to provide clients with a uniquely commercial perspective on transactions. The practice recently advised JPMorgan on the extension and issuance of secured loans, letters of credit and swingline loans in excess of $1.75bn to facilitate Ospraie’s acquisition of ConAgra Foods’ trade unit.

‘ Simpson Thacher & Bartlett LLP is the best you can get, both from a knowledge and service point of view’, notes one client.

CLIENTS: Instructed by some of the biggest banks and private equity firms in the market, clients include KKR, Blackstone, JPMorgan, JC Flowers, Stone Point Capital, Goldman Sachs and Hellman & Friedman.

INDIVIDUALS: ‘Absolutely world-class’, Francis Huck commands respect for his broad-ranging practice, wherein he is active on the financing of acquisitions for private equity firms, public companies and banks.

James Cross is instructed by an august client base that includes both sponsors and banks. He garnered praise for his recent work on behalf of KKR and Texas Pacific during the acquisition of TXU.

Involved in many of the firm’s most significant leveraged acquisition financings, Jennifer Hobbs recently advised Mars on its acquisition of Wrigley’s.

Jay Ptashek has ‘very strong market knowledge and provides sage, pragmatic advice’ in the leveraged acquisition finance arena to sponsors, corporates and banks. ‘He is relentless in his pursuit of excellence’, say clients.

All of the recommended partners are based in New York.

Davis Polk & Wardwell

PRACTICE: Benefiting from a balanced coterie of relationships with leading banks and Fortune 500 corporates, ‘the first-rate’ Davis Polk & Wardwell has one of the most complete banking practices. This client diversity and the sheer breadth of the practice’s expertise which extends from traditional acquisition and leveraged finance to project and structured finance has enabled it to cope admirably with the challenging market conditions.

The attorneys ‘provide high-quality work with attention to detail and a real business understanding’, say clients. Additionally, ‘the quality of their people and client relationships is quite extraordinary’.

Recent highlights include advising a syndicate of banks, led by Banco Santander and JPMorgan, on the provision of a $45bn credit facility for InBev, in order to acquire the outstanding stock of Anheuser Busch.

Aided by a strong bank regulatory and corporate restructuring capability, allied to the firm’s excellent financing capability, the practice has been the natural choice for financial institution clients embroiled in the current credit crisis. For example, it acted for the Treasury Department and the Federal Reserve Bank of New York in the $85bn financing package and related equity ownership rights with respect to AIG. This was the largest credit facility ever provided to a private sector borrower, and yet the loan facility was closed in six days. This sort of performance is why clients say, ‘the level of expertise, professionalism and attention to detail will not be exceeded by any other firm’.

CLIENTS: Clients include a balanced mix of corporates and banks, including Bank of America, Citigroup, Aetna, Burger King, CVS Caremark, Credit Suisse, Oracle, Morgan Stanley, Royalty Pharma and WP Carey.

INDIVIDUALS: ‘An outstanding lawyer’, Bradley Smith is widely revered as one of the leading practitioners in the market. ‘Fantastic’, he has been a principal adviser to JPMorgan for many years.

Praised by clients for his ‘legal knowledge and high level of business judgement’, James Florack is regularly involved in many of the practice’s most complex deals for lenders and borrowers.

Joseph Hadley ‘is steady, calm, thoughtful and practical’, say clients. ‘He focuses only on the important issues, and is able to condense a difficult issue to its essential core’.

All of the recommended partners are based in New York.

Latham & Watkins LLP

PRACTICE: With more than 240 lawyers dispersed across its US and international offices, Latham & Watkins LLP boasts one of the largest banking groups servicing the global financial markets. Praised by clients for its ‘all-encompassing expertise’, ‘great quality’ and ‘practical and relevant advice’, the team is accomplished at all aspects of loan transactions, from LBOs to debtor-in-possession loans and asset-based lending. While undoubtedly it has the critical mass to advise on a huge volume of transactions there is, however, a general feeling in the market that it appears with less regularity on the market-defining matters.

The practice has been at the vanguard of the high-yield finance market for decades and this is now matched by a complementary presence in relation to bank-lending transactions.

Highlights include advising Morgan Stanley, as lead arranger and underwriter of the $1.25bn senior secured facilities provided to First Reserve on its acquisition of CHC Helicopter. Leveraging off its impressive international network, the practice is conversant with multi-jurisdictional and multi-currency finance transactions, as exemplified by its recent representation of Goldman Sachs Credit Partners on its $4.85bn financing of Mars’ acquisition of Wrigley’s.

Additionally, clients say, ‘ Latham & Watkins LLP is cost-effective, it does not over work files and as a result our costs are always reasonable’.

CLIENTS: Clients include Goldman Sachs, Credit Suisse, Deutsche Bank, Clorox Company, Village Roadshow Entertainment Group USA, Barclays Capital, Bank of America and JP Morgan.

INDIVIDUALS: Co-chair of the firm’s banking group, ‘business-savvy’ New York-based partner Marc Hanrahan is particularly well known for his lender-side expertise. ‘He has a very calming demeanour and not only understands the legal issues but also sees the bigger picture’, enthuses one client.

Chicago-based co-chair of the firm’s finance department, Bradley Kotler had a key involvement for Goldman Sachs on the aforementioned financing of Mars’ acquisition of Wrigleys.

Daniel Seale chairs the finance department in New York. His star is rising as a result of some impressive work for financial institutions on acquisition finance mandates.

Head of the West Coast banking group, Los Angeles-based John Mendez enjoys great acclaim for his domestic and cross-border financing prowess for a diverse client base, including corporates, banks and sponsors. ‘He is a lawyer of the highest skill who understands his clients’ needs’.

Shearman & Sterling LLP

PRACTICE: Shearman & Sterling LLP has been at the forefront of the leveraged finance market for a long time and provides ‘top-notch’ advice to major players on Wall Street. A small group in comparison with some of the practices in our rankings, this ten-partner finance team offers ‘world-class expertise’ across the full spectrum of leveraged lending and investment grade financing. Clients praise it for ‘extraordinary service’, but express doubts as to the consistency of the quality within the group, with one observing that ‘the people at the top are superb but it lacks the bench strength of some of its peers’.

Benefiting from an impressive international network of offices that includes finance lawyers in all the major financial centers of the world, Shearman & Sterling LLP is particularly accomplished at cross-border transactions. Indeed, it recently utilized these resources in representing RBS Business Capital as administrative agent on a $550m asset-based revolving credit facility for Evraz and a Canadian subsidiary.

While the practice is best known for its lender-side credentials, a significant M&A business ensures that it also handles a significant portion of work on behalf of borrowers. For example, in a transaction that involved significant collaboration with the firm’s M&A group, it recently represented Dow Chemical as borrower under a $13bn term loan facility relating to Dow Chemical’s acquisition of Rohm & Haas.

CLIENTS: Clients include Citigroup, Credit Suisse, Morgan Stanley, Cadbury Schweppes, Dr Pepper Snapple Group, RBS Business Capital and Dow Chemical.

INDIVIDUALS: Newly appointed leader of the finance group, New York-based partner Maura O’Sullivan provides ‘high-quality legal advice’ to an array of lenders and borrowers.

One of the elder statesmen of the team and former practice head of the finance group, William Hirschberg ‘has seen it all’, say clients. He is active across the full spectrum of bank financing transactions, including leveraged buyouts, restructurings, structured financing and intercreditor issues.

‘One of our go-to-people’, according to one client, New York-based partner Ronald Bayer is commended for his advice to financial institutions across a range of leveraged transactions. ‘He has a tenacity that you don’t always see in the market’, comments another.

Skadden, Arps, Slate,
Meagher & Flom LLP

PRACTICE: ‘Responsive, creative and professional’, say clients, Skadden, Arps, Slate, Meagher & Flom LLP ‘produces not only high-quality work, but also provides good counsel, judgement and perspective’. Led out of its New York headquarters but aided by a significant presence in Chicago and Los Angeles, as well as an all-encompassing international network, this ‘accessible and personable’ team is known for its ability to resource big-ticket corporate finance transactions, often with a significant cross-border component.

Leveraging off a blue-ribbon array of corporates as a result of the firm’s world-class M&A department, the practice is best known for its borrower practice, where it is instructed in significant acquisition finance transactions, in addition to working capital financings and asset-based loans.

‘Best of class’, it recently represented CME Group on a $2.7bn financing to facilitate its acquisition of NYMEX and advised VeraSun Energy in relation to a $125m asset-based loan.

Displaying ‘the ability to tap into a broad skill set’, the team has been closely involved in Chapter 11 exit financings and distressed M&A transactions. For example, it recently advised Citigroup in its $2bn exit financing package for Solutia.

CLIENTS: Clients include National Hockey League, Rite Aid, Credit Suisse, Devon Energy, Foot Locker, ArcelorMittal, ING Capital, Residential Capital, JPMorgan and NASDAQ.

INDIVIDUALS: ‘Hard-working and smart’, say clients, Sal Guerrera ‘really knows his stuff’, and advises a formidable blend of corporates and banks.

Peter Neckles impresses clients with both his ‘integrity and judgement’ and is instructed by corporates and institutional lenders on bank loan transactions.

Instructed by both lenders and borrowers across a raft of leveraged transactions, Robert Copen and Stephanie Teicher ‘are among the top lawyers I have worked with on Wall Street’, recognizes one client.

All of the recommended partners are based in New York.

Weil, Gotshal & Manges LLP

PRACTICE: ‘A major league player’, Weil, Gotshal & Manges LLP advises a high-caliber list of clients across a range of acquisition, investment grade and bankruptcy-related financing. The firm has strong private equity sponsor ties with the likes of Thomas H Lee Partners and Goldman Sachs and the size and volume of LBO financings are markedly down on recent years. However, the team has handled a number of significant acquisition finance deals on behalf of corporate clients. For example, it recently advised NBC Universal in obtaining a $1.226bn loan to finance the acquisition of The Weather Channel and for other general corporate purposes.

While the department is perhaps traditionally better-known for its sponsor and corporate-side work, over recent years it has successfully managed to strengthen its ties with some of Wall Street’s foremost lenders and has picked up some high-profile banking mandates. Notably, it represented JPMorgan and Bank of America, among others, in the $4.4bn financing for the demerger of Dr Pepper Snapple Group from its parent, Cadbury Schweppes Bottling Group.

As befits a full-service firm, the practice is able to offer a fully integrated approach to transactions, notably working closely with its corporate restructuring team, which in the current economic climate is tremendously beneficial to clients. Frequently the first port of call for debtors seeking financing in a bankruptcy context, Weil, Gotshal & Manges LLP recently assisted Land Source Communities Development in obtaining a $135m DIP loan during the pendency of its Chapter 11.

CLIENTS: Weil, Gotshal & Manges LLP represents a diverse collection of private equity sponsors, financial institutions and blue-chip corporates, including the likes of Citigroup Global Markets, Goldman Sachs, Credit Suisse First Boston, Morgan Stanley, Thomas H Lee Partners, General Motors and Providence Equity Partners.

INDIVIDUALS: New York-based partner, Daniel Dokos chairs the firm’s banking and finance practice and regularly advises Citi on many of its transactions.

Conversant with a plethora of transactions, including investment grade lending and mezzanine financing, Dallas-based partner Angela Fontana is perhaps best known in the industry for her representation of private equity sponsors.

Debevoise & Plimpton

PRACTICE: Less versatile than many of the firms in the rankings, Debevoise & Plimpton’s streamlined finance group advises an almost exclusively borrower-side client base, consisting of notable private equity sponsors, including Clayton, Dubilier & Rice.

With a business model more akin to a high-end financing boutique, the team favors high-end sophisticated transactions over a high volume of less complex deals.

While in the recent bull market the firm was flooded with major LBO financing mandates, now that the credit markets have dried up the practice has undoubtedly suffered a downturn in mandates.

Benefiting from a robust M&A practice, however, the practice is also frequently instructed by the firm’s blue-chip roster of corporate clients, for acquisition finance and general capital-raising purposes. For example, it advised Verizon Wireless on its $28.1bn acquisition of Alltel.

CLIENTS: Clients include Clayton, Dubilier & Rice, Verizon Wireless, Ripplewood, American Airlines and Carlyle.

INDIVIDUALS: Chair of the leveraged finance group, David Brittenham is a pivotal figure on many of the firm’s highest-profile mandates, including the aforementioned Verizon Wireless acquisition of Alltel.

Well respected by both clients and peers, senior partner William Beekman is experienced across a raft of complex financings, including acquisition financing.

Both partners are based in New York.

Milbank, Tweed,
Hadley & McCloy LLP

PRACTICE: Perhaps most acclaimed for its world-class project and asset finance expertise, Milbank, Tweed, Hadley & McCloy LLP also has a ‘significant reputation for straight bank lending’. The practice is instructed by clients on leveraged finance transactions across all levels of the capital structure, and while the eight-partner team is less visible on the biggest-ticket deals in the market its robust ties to lenders ensure that it picks up a significant volume of mandates.

Pooling its high-yield bond and bank loan capabilities into a designated acquisition finance group, the group recently represented Credit Suisse and HSBC on the $2.235bn senior secured credit facility used to finance Petersen Energia’s acquisition of a 14.9% of the capital stock of YPF Sociedad Anonima. Other highlights include advising Deutsche Bank on a $8bn bridge acquisition facility for Hewlett-Packard to finance a takeover.

CLIENTS: Clients include Deutsche Bank, JP Morgan, Citibank, Bank of America, Credit Suisse, HSBC and Morgan Stanley.

INDIVIDUALS: Head of the firm’s leveraged finance practice, Jonathan Green has a substantial following among banks and corporates, particularly in the energy and infrastructure sectors.

Arnold Peinado is recognized as a ‘good guy on the leveraged finance stuff’. Chair of the firm’s global transportation finance practice, Elliot Gewirtz is recognized for his ‘seniority and ability to take part in difficult negotiations and reach compromises and good solutions’.

All the recommended partners are based in New York.

White & Case LLP

PRACTICE: Benefiting from a huge international footprint and the ability to provide integrated bank and bond advice on leveraged transactions, New York headquartered heavyweight, White & Case LLP, offers ‘excellent’ advice to a largely lender focused client base across the full range of leveraged transactions. While the firm can no longer boast the same deeply entrenched ties with all of the major US banks that it once had, it has ‘superb relationships with many foreign banks’, where Deutsche Bank remains a core client.

Clients call the attorneys, ‘extremely knowledgeable’, and note that the practice’s sweet-spot lies in its ability to advise on complex, cutting-edge deals, often involving cross-border issues. For example, it recently advised Deutsche Bank, Credit Suisse and JPMorgan, as arrangers with a $1.3bn bridge facility and $2.45bn senior facility to Fresenius. In a deal that was originally sourced out of London, the matter was taken over by the New York office when the client determined it should be governed by US law.

Other highlights include representing a group of underwriters and arrangers, including Citigroup and Merrill Lynch, in a commitment to provide up to $13bn of senior unsecured term loan financing to Dow Chemical.

CLIENTS: Clients include Deutsche Bank, Goldman Sachs, Citibank, Bank of America, Jefferies Co, DNB NOR, Morgan Stanley and Credit Lyonnais.

INDIVIDUALS: New York-based department head Eric Berg is ‘extremely talented’, say clients, and has an excellent reputation among lenders.

Head of the Los Angeles office’s corporate and financial services department, Neil Rust is ‘an outstanding and user-friendly counsel’, say clients.

Executive partner of the firm’s New York office, David Koschik maintains an active lender-side practice in acquisition and highly leveraged financings, and is regularly instructed by cornerstone client, Deutsche Bank.

Kirkland & Ellis LLP

PRACTICE: ‘Knowledgeable, practical, resourceful and very responsive’, enthuse clients in describing the close to 90 lawyers active in Kirkland & Ellis LLP’s finance and secured transactions group. This ‘outstanding’ practice has the critical mass to handle an impressive volume of leveraged transactions, on behalf of a predominantly borrower-focussed client base. With a heavy reliance on deeply entrenched ties with some of the major private equity sponsors in the market, such as Bain Capital and Madison Dearborn Partners, the team has been heavily impacted by the drying up of the LBO market.

Indeed, much of its work in the past 12 months has been in collaboration with Kirkland & Ellis LLP’s pre-eminent bankruptcy group, where it has been involved in a significant amount of refinancing and DIP financing for troubled corporates. For example, it represented Airva in obtaining a $150m debtor-in-possession secured credit facility and $365m in exit financing from JP Morgan Chase.

The practice handled a few LBO deals towards the tail-end of 2007, such as its representation of Madison Dearborn Partners in connection with its $5.7bn acquisition of Nuveen Investments.

CLIENTS: Instructed by an impressive spread of private equity sponsors and corporates, clients include Bain Capital, Bally Total Fitness, Madison Dearborn Partners, Solutia, Sun Capital Partners and United Airlines.

INDIVIDUALS: ‘Creative and business-savvy’, Chicago-based partner Linda Myers leads the firm’s financing and secured transactions group. Regularly active in the debt financing on behalf of the firm’s stable of private equity clients, she represented Madison Dearborn Partners on its $5.7bn acquisition of Nuveen Investments.

Ropes & Gray LLP

PRACTICE: While it lacks the kind of extensive relationships with Wall Street’s finest that is the hallmark of practices in the upper echelons of our rankings, Ropes & Gray LLP handles a regular flow of debt financing on behalf of its portfolio of loyal private equity sponsors. Driven out of its Boston headquarters but aided by a significant presence in New York, the firm is involved in transactions across the capital structure and different industry sectors. Indeed, the practice’s versatility has to some extent insulated it from the vagaries of the market.

Although it has witnessed a slowdown in bread-and-butter LBO private equity transactions, it has been increasingly busy advising clients on asset-based, mezzanine and bankruptcy-related financings. For example, it recently represented a financial sponsor-backed apparel company in obtaining a $50m asset-based credit facility from a finance company.

CLIENTS: Clients include Bain Capital, Sankaty Advisers, Berkshire Partners and Silver Lake Partners.

INDIVIDUALS: Boston-based chair of the firm’s debt financing group, Thomas Draper has an excellent reputation for bank and high-yield finance transactions.

Cadwalader, Wickersham
& Taft LLP

PRACTICE: Although it lacks visibility in the market’s marquee deals, Cadwalader, Wickersham & Taft LLP has a strong all-round finance capability that encompasses a wide spread of leveraged transactions, from acquisition financings to asset-based loans and loans for working capital purposes. Its structured finance prowess has been significantly affected by the drying up of that market, but a concerted effort to build up a significant private equity capability is starting to pay dividends to its bank finance practice. The addition of the ‘impressive’ Stewart Kagan, formerly of Akin Gump Strauss Hauer & Feld LLP, further bolsters a significant borrower-side practice.

Often working closely with the firm’s pre-eminent corporate restructuring group, the practice is regularly involved in DIP and Chapter 11 exit financings and distressed M&A transactions. In this regard, it earned plaudits for its involvement in Northwest Airlines’ recent emergence from Chapter 11.

CLIENTS: Clients include Bank of America and Morgan Stanley.

INDIVIDUALS: New York-based partner Stewart Kagan is ‘a substantial presence’ on the private equity landscape.

Splitting his time between New York and Charlotte, Steven Cohen offers vast experience to financial institutions across an eclectic mix of financing transactions.

Cleary Gottlieb
Steen & Hamilton LLP

PRACTICE: More limited in scope and lacking the market share of many of its higher-rated competitors, nevertheless New York-based Cleary Gottlieb Steen & Hamilton LLP’s 13-partner bank lending practice ‘does a very good job for sponsors’ on some significant acquisition finance transactions. Although the tightening of liquidity in the market has slowed many sponsors’ acquisitive tendencies, the firm’s relationship as principal LBO adviser for Texas Pacific Group on its LBOs has still seen it pick up some notable mandates. For example, alongside Goldman Sachs Capital Partners, the team recently advised Texas Pacific on the financing of its $27.5bn acquisition of Alltel and in the subsequent $28.1bn sale of Alltel to Verizon Wireless.

It has a stable of ‘very smart, creative and very reasonable people’, and the firm is also able to utilise a network that includes lawyers on the ground in key financial centers of London, Paris and Frankfurt.

CLIENTS: Clients include Texas Pacific Group, Goldman Sachs, Citigroup, Warburg Pincus, Hellman & Friedman, Deutsche Bank and Lafarge.

INDIVIDUALS: Based out of its New York headquarters, Laurent Alpert and Meme Peponis ‘both do a very good job for the sponsors’ on acquisition finance transactions.

Fried, Frank, Harris,
Shriver & Jacobson LLP

PRACTICE: While it is less regularly visible in the highest-profile acquisition finance mandates, New York-based Fried, Frank, Harris, Shriver & Jacobson LLP attracts uniformly strong feedback from clients who are appreciative of its ‘great knowledge of the market trends’ and ‘consistently strong advice’. Although the practice is small in comparison with some of its rivals, the sheer diversity of its client base and the work handled has meant that it has coped better than some in the economic downturn.

Scoring high marks with clients for its ‘very good business judgement’, the team is a market leader in mezzanine financing and its attorneys ‘are the best in the business and provide us with the highest level of service’. As well as continued regular mandates for core client, GS Mezzanine Partners, it has also been busy on behalf of new client, Highbridge Principal Strategies, which it recently advised in connection with its mezzanine investment in Hudson Products and ConvaTec.

Despite an overall retrenchment in the senior credit work in the market, the firm has picked up a notable new client in Goldman Sachs Credit Partners.

CLIENTS: Clients include Bank of America, Goldman Sachs Credit Partners, AEA Investors, Highbridge Capital and Onex.

INDIVIDUALS: ‘Outstanding on debt financing transactions’, say clients, New York-based partner F William Reindel advises a diverse range of private equity sponsors, hedge funds, banks and corporates. Vastly experienced and benefiting from ‘terrific technical legal skills’, clients appreciate his ‘excellent market knowledge’.

‘Very client-friendly and blessed with outstanding business judgement’, New York-based co-head and founding member of the firm’s financing group, Arthur Kaufman is one of the stars of the team. Conversant with a spread of financing transactions, clients include Bank of America, GE Capital, Goldman Sachs and the New York Yankees.

Gibson, Dunn & Crutcher LLP

PRACTICE: Focused on Los Angeles and New York, Gibson, Dunn & Crutcher LLP’s 60-attorney finance group offers ‘high-quality advice’ to a predominantly borrower-side client base across the full suite of debt finance transactions. The attorneys ‘understand my company’s needs and try to anticipate our next questions’, enthuses one client.

Although it lacks substantial banking relationships, the firm’s ‘adaptability’ means it has coped well with the recent economic downturn. Engaged in deals using non-conventional methods of financing, the practice recently advised TerreStar Networks in a $100m purchase money loan agreement funded by EchoStar and Harbinger Capital Partners.

While acquisition finance deals have been less frequent, the group ‘does a good job advising its sponsor clients’, including the Carlyle Group, who it recently represented in a $170m senior secured credit facility to finance the acquisition of ITS Technologies & Logistics.

CLIENTS: The practice’s clients include Charter Communications Operating, Tyco International Group, Celanese, Health Care Property Investors, Alliant Techsystems, Wells Fargo, Carlyle Group and TerreStar Networks.

INDIVIDUALS: New York-based co-chair of the firm’s global finance group, Joerg Esdorn advises borrowers and lenders across a range of leveraged finance transactions, both in straight bank and high-yield debt.

Fellow co-chair New York-based partner Robert Cunningham has a remarkably diverse finance practice that encompasses secured and unsecured, multi-borrower and leveraged lease financings, among others.

Mayer Brown

PRACTICE: Bolstered by a number of hires, Mayer Brown’s flourishing banking and finance practice ‘does outstanding work’ for numerous leading financial institutions. Although it still lacks the market penetration of many of its higher-rated competitors, the team is praised for its ‘very high-quality service levels’. The practice is led from Chicago and New York and aided by a presence in the world’s international finance centers, including London, Paris and Hong Kong and clients appreciate the ‘solid coverage’ that enables it to handle both purely domestic and cross-border leveraged transactions when they arise.

A Chicago team, aided by lawyers in London and Frankfurt, represented GMAC and its wholly owned subsidiary, ResCap, in a $60bn global refinancing. Involving a series of inter-related and complex transactions, the deal not only highlights the firm’s cross-border capacity but also its ability to provide clients with broad-ranging and integrated financial expertise including senior secured facilities, as well as securitization and derivatives.

CLIENTS: Clients include Bank of America, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and Wells Fargo.

INDIVIDUALS: ‘An exceptional partner’, New York-based co-chair of the firm’s banking and finance group, Marshall Stoddard is ‘very hands-on, works to ensure both parties understand the legal issues and is proactive regarding upcoming rulings’, say clients.

New York-based partner Ron Franklin and recently promoted Charlotte partner Greg Ruback ‘both have proven themselves reliable, and provide good practical comprehensive advice’.

Moore & Van Allen, PLLC

PRACTICE: Although the firm will undoubtedly have been affected to some extent by former core client, Wachovia’s merger with Wells Fargo, Moore & Van Allen, PLLC, can still rely on its deeply entrenched relationship with Bank of America, whose headquarters are also based in Charlotte. Particularly ‘strong in relation to the regional and mid-market deals for Bank of America’, the practice receives a regular flow of syndicated, mezzanine, LBOs and asset-based lending, yet is rarely visible in the major, headline-grabbing deals that typify the work of higher- ranked groups.

CLIENTS: The firm’s relationship with Bank of America forms the cornerstone of its banking client roster, which also includes a significant raft of local financial institutions.

INDIVIDUALS: Instructed by lenders and borrowers across an eclectic spread of industries, including healthcare, technology and telecom, energy and retail, Charlotte-based partner Thomas O’Bannon is regularly involved in sophisticated leveraged financing transactions.

Managing member of the firm’s Charlotte office and head of its financial services section, James Hovis frequently represents financial institutions in complex financing transactions, including syndicated financings and subordinated debt facilities.

O’Melveny & Myers LLP

PRACTICE: Rooted in California but increasingly branching out as a truly international offering, O’Melveny & Myers LLP advises lenders and borrowers engaged in leveraged finance, acquisition finance and syndicated transactions, largely in the middle to upper market.

In one of many deals representing Apollo in the past few years, the practice recently advised on the $17.3bn acquisition financing for the LBO of Harrah’s Entertainment.

While its burgeoning New York office continues to impress in the private equity market, the firm’s reputation on the West Coast remains. As well as all-round prominent financing capability, it can also boast a thriving entertainment finance practice through its Century City office, for example regularly playing a pivotal role in the financing of motion picture and television production and distribution. Other highlights include representing Western Digital Technologies on its $750m senior facility, used to refinance an earlier $1.25bn bridge facility that the firm also advised on.

CLIENTS: Clients include Avenue Capital, Apollo Management, Bank of America, Citibank, Credit Suisse, Deutsche Bank, Wells Fargo and Western Digital Technologies.

INDIVIDUALS: Los Angeles-based Matt Kirby is regularly instructed by major banks such as CSFB, BNP Paribas and Wells Fargo.

Based in Century City, Stephen Scharf is well regarded by clients for his entertainment finance expertise.

Dechert LLP

PRACTICE: ‘Highly service-orientated and very responsive’, say clients, Dechert LLP advises an eclectic mix of borrowers and lenders across all layers of the capital structure. Driven out of its New York office but supported by finance lawyers round the globe, including nascent offices in Asia, the practice has the capacity to resource big-ticket cross-border mandates in addition to national instructions, although it is most regularly found on middle-market matters.

‘Very thorough and with an excellent grasp of both the legal and business issues of the transaction’, the attorneys are often instructed by clients on deals that require a high degree of structural complexity. For example, it advised Universal American in the $500m acquisition financing of Member Health, utilizing a unique delayed-draw-term loan.

The firm has a niche area of strength advising non-traditional providers of finance, including hedge and mezzanine finds. In this respect, the group recently advised Golub Capital, a private investment firm, as lender in the $61m financing to fund Lynx Capital Partners’ acquisition of McBride Electric.

Other highlights include advising Wachovia, as agent, on a $1.25bn secured revolving credit facility for CapitalSource.

CLIENTS: Clients include Centre Partners Management, Court Square Capital Partners, One Equity Partners, TCW/Crescent Mezzanine Partners, GarMark Partners, Monster Worldwide and Wachovia.

INDIVIDUALS: New York-based head of the firm’s leveraged finance practice, Scott Zimmerman ‘has a deep knowledge of the inter-workings of the layers of the capital structure and is well-versed in the market conventions for these transactions’. ‘He is an experienced, thoughtful business and legal advisor with a wonderful facility to balance strong business judgment with the appropriate legal structure’, say clients.

Recently promoted New York-based partner Jay Alicandri is a very facile leveraged finance lawyer who is appreciated by clients for his ‘outstanding work ethic and strong command of legal as well as business facts’.

Based in New York, Jeffrey Katz advises a range of lender and borrower clients in a myriad financings, including cross-border, asset-based lending and syndicated loans.

Morgan Lewis

PRACTICE: Spearheaded by the New York office but aided by several lawyers on the West Coast, Morgan Lewis’ 14-partner bank lending group offers ‘highly responsive’ advice to financial institutions across a range of leveraged transactions. Clients perceive that ‘the lawyers at the firm are an extension of our team’.

Demonstrating industry-specific expertise across a range of sectors, including telecommunications, healthcare and hotels, the group is particularly accomplished advising lenders on entertainment-related finance transactions. Longstanding primary bank counsel to JPMorgan on its financings in this field, the team recently advised it as agent in a new three-year, $295m syndicated secured credit facility for MRC II Distribution, a leading independent producer of motion picture programming.

Clients are complementary of the team’s ‘depth of expertise, problem-solving capabilities and positive approach to getting deals closed’.

CLIENTS: Banking clients include JPMorgan Chase, Citi and Merrill Lynch.

INDIVIDUALS: New York-based practice leader Michael Chapnick ‘is brilliant and can manage a significant workload’, say clients. ‘Experienced and with a strong work ethic’, he is regularly involved in the firm’s entertainment-related finance transactions.

Based in New York, Richard Petretti ‘is experienced, fun to work with and has good business acumen’, say clients that include a number of prominent banks.

Proskauer Rose LLP

PRACTICE: Led from Boston and New York, Proskauer Rose LLP’s ‘top-notch’ leveraged finance expertise comprehensively covers the disciplines, including acquisition financings, working capital loans and asset-based facilities. Described by clients as ‘the best-in-class for junior capital and restructuring advice in the middle market’, Proskauer Rose LLP excels at advising non-traditional lenders at all levels of the balance sheet.

Servicing a client base of more than 50 private equity and debt providers, the team has a strong foothold in the market and is able to add value for clients as a result of its ‘practical approach to the theoretical process of documentation’.

‘Responsive, reliable and accurate’, the department has handled a raft of complex multi-tranche deals, which as a result of the market conditions have been increasingly necessary. In one such transaction, the group advised Sankaty Advisors, as one of the mezzanine lenders on the acquisition of The Weather Channel by a consortium including NBC Universal, Blackstone Group and Bain Capital.

With industry expertise across an array of industry sectors, the firm’s pre-eminent reputation in the sports arena recently manifested itself with regard to its representation of the New York Jets in the $1.6bn stadium financing due for completion in 2010.

‘They do a great job, and attorneys across the table notice it as well and respect their knowledge and fair approach’, endorses one client.

CLIENTS: Instructed by a redoubtable collection of lenders, sponsors and corporates, clients include Banco de Credito del Peru, Wells Fargo Foothill, New York Jets and Ares Management.

INDIVIDUALS: Based in the firm’s Boston office, Steven Ellis, Stephen Boyko and Peter Antoszyk ‘all have tremendous understanding of inter-creditor agreements and market provisions, and understand the essential economic and inter-creditor terms’, say clients.

In New York, corporate finance co-head Vincenzo Paparo is also recommended, as is Joseph Leccese, for sports finance.

Sullivan & Cromwell LLP

PRACTICE: ‘Business-orientated and highly professional’, say clients, Sullivan & Cromwell LLP’s ten-partner banking practice provides expertise in syndicated transactions, bridge financings and asset-backed loans.

Leveraging off its pre-eminent banking regulatory prowess, and working closely with members of complementary tax and M&A practices, this New York-based group has been found at the center of many of the significant issues emanating out of the credit crisis.

As well as advising AIG on its Federal Reserve facilitated $85bn emergency financing plan, the team also represented Barclays on its acquisition of Lehman Brothers’ North American investment banking and capital market businesses.

Best known for borrower-related financing work, its portfolio of heavyweight clients provides a regular flow of corporate finance mandates. Recent highlights include the team’s role as US finance counsel for InBev in relation to its $54.8bn acquisition of Anheuser Busch.

CLIENTS: Clients include AIG, InBev, Eisai, Newsday, JP Morgan, Goldman Sachs, Total, StatoilHydro, Collective Brands, Barclays Capital and CEMEX.

INDIVIDUALS: A legend in the industry for his bank regulatory prowess in particular, New York-based managing partner of the firm, Rodgin Cohen has been a ubiquitous presence on many of the major transactions involving the beleagured financial services industry. ‘The guy you turn to when there’s a crisis’, he recently advised Barclays on its acquisition of Lehman Brothers’ US investment banking and capital markets operations.

New York-based partner Erik Lindauer offers expertise across a range of financings, including secured lending, acquisition financing and restructurings. As well as being involved in the aforementioned Barclays transaction, he also played a pivotal role advising InBev on the financing of its acquisition of Anheuser Busch.

Chadbourne & Parke LLP

PRACTICE: Chadbourne & Parke LLP’s ‘excellent’ finance practice represents an eclectic selection of domestic and foreign commercial and investment banks, investment funds, venture capital funds and multinational corporates, as lenders and borrowers.

Having successfully diversified from its core strength in asset finance, the practice has become a significant player in the syndicated loan market, servicing banks like Citigroup. Clients appreciate its ability to provide a one-stop shop on deals that require the input of lawyers in complementary areas, including bankruptcy, tax and capital markets.

Knowledgeable across numerous industry sectors, including consumer products and energy, the group recently advised Citibank as administrative agent for JPMorgan and Sun Trust on a $200m financing for energy investment fund, Solar Capital.

Praised for its availability at all times, ‘they cheerfully take on assignments no matter how short the timeframe or over holidays’, say clients.

CLIENTS: Clients include ArvinMeritor, Banc of America Securities, Citigroup Global Markets, Citibank, Dexia Credit Local and GLG Partners.

INDIVIDUALS: Based in the firm’s New York office, Andrew Coronios, Vincent Dunn and Lawrence Rosenberg ‘are very intelligent, adept at spotting issues and bend over backwards to give us the best possible service’, comments one institutional client.

Paul, Hastings, Janofsky & Walker LLP

PRACTICE: ‘A truly excellent firm made up of excellent and committed professionals’, Paul, Hastings, Janofsky & Walker LLP advises a largely lender-biased client base on financings at all levels of the capital structure, including senior and mezzanine financing.

With 13 partners active in leveraged finance transactions out of the firm’s New York headquarters, the East Coast accounts for a large proportion of the group’s mandates, although with a significant West Coast presence, as well as an international network, many of its instructions are handled utilizing a multi-office approach.

Although less active on the borrower-side, it recently represented a major public company in relation to the restructuring of its complex capital structure, including several billion dollars of private and public debt, and equity instrument amendments and exchanges.

CLIENTS: Clients include Wells Fargo, Citibank, Cerberus, Goldman Sachs, Morgan Stanley, GE Capital and Wells Fargo Foothill.

INDIVIDUALS: New York-based partner William Schwitter ‘has a great balance between technical proficiency and business practicality, which is a rare and excellent trait in an outside advisor’, say clients.

Schulte Roth & Zabel LLP

PRACTICE: With ten partners in its New York-based finance group, Schulte Roth & Zabel LLP has more than enough firepower to handle a diverse range of transactions across the capital structure. Regularly instructed by both mezzanine funds and specialist debt funds, the firm’s position at the forefront of the investment fund industry is brought in to even starker focus in the current economic climate where non-bank lenders are increasingly being sought out to fund LBOs. Frequently instructed by Ableco Finance, the team recently advised the specialist finance company as co-arranger, along with Goldman Sachs Canada Credit Partners, on a $362m senior secured facility to Allen-Vanguard.

For more traditional debt finance work, the department regularly represents lenders providing secured financing for middle-market companies. For example, it represented Wells Fargo Foothill on a $140m senior secured revolving credit facility provided to Take-Two Interactive Software and its subsidiaries.

CLIENTS: Instructed by a coterie of banks and non-traditional lenders, clients include Ableco Finance, Wells Fargo Foothill and Silver Point Finance.

INDIVIDUALS: Practice head Frederic Ragucci is recommended by lenders and borrowers on acquisition, DIP and subordinated debt financings.

Sidley Austin LLP

PRACTICE: Driven out of its Chicago headquarters, although by no means limited to advising clients solely on regional deals, Sidley Austin LLP’s ‘top-notch’ syndicated and leveraged finance group offers all-encompassing expertise to a client roster that includes a number of significant banking clients.

Boasting a depth of expertise that is the envy of its Midwest competitors, clients appreciate not only the excellence at partner level but also comment on ‘the very high quality of the associates at the firm’. Such an impressive pool of talent enables it to seamlessly resource a tremendous volume of transactions across the full spectrum of commercial lending activities, including working capital and leveraged acquisitions, as well as DIP financings and restructurings.

Unlike many of its competitors in the market, the practice is regularly instructed on large cap transactions such as its representation of Tribune Company, a longstanding client, on its $10.1bn senior secured credit facility and $1.6bn bridge loan credit facility to fund its going-private transaction.

On the lender side, the department recently advised Citibank, as administrative agent, on a $2.3bn multicurrency credit facility provided to Caterpillar and various subsidiaries for general corporate purposes.

CLIENTS: Clients include Tribune Company, Kraft Foods, Federal Mogul, JPMorgan Chase, Morgan Stanley, Colgate-Palmolive, Canyon Capital Partners, Fortress Credit and Commonwealth Edison.

INDIVIDUALS: Based in Chicago, James Clark ‘has an outstanding reputation that is richly deserved’. Regularly involved in the firm’s most significant financing transactions, clients include JPMorgan Chase, who he recently advised as administrative agent on a $1.9bn multicurrency revolving credit facility to Harley-Davidson.

Based in the firm’s Chicago office, Zulfiqar Bokhari ‘provides top-notch counsel, deep knowledge of trends, tremendous negotiating skills and is highly responsive to our needs’, enthuse clients.

Katten Muchin Rosenman LLP

PRACTICE: ‘One of the top firms in the country concentrating on middle-market private equity backed transactions’, Katten Muchin Rosenman LLP’s 11-partner team advises financial institutions and investment funds on senior and mezzanine credit facilities. ‘Their work product is beyond reproach’, recognize clients, who also commend ‘their exceptional level of service’.

In a difficult market, notably the practice has successfully been able to secure instructions from a number of new clients including the CIT Group and Fifth Third Bank. The team recently advised the former as administrative agent and lead arranger on a $110m senior secured credit facility to a provider of used tire recycling services.

Other highlights include advising GE Capital as administrative agent and lead arranger on a $230m senior secured credit facility to a provider of route laundry services.

CLIENTS: A strong performer in the middle-market, Katten Muchin Rosenman LLP’s lender-side client portfolio includes Ableco Finance, Madison Capital Funding, Ares Capital, Fifth Third Bank, Golub Capital, Midwest Mezzanine, Caltius Mezzanine, CIT Group and GE Capital.

INDIVIDUALS: Chair of the firm’s commercial finance team, Chicago-based partner Stuart Shulruff is ‘hard-working, smart, experienced and principled’, say clients. He handles a steady stream of middle-market leveraged finance work on behalf of lender-side clients such as Ableco Finance and Ares Capital.

‘Principled and fair, but compromising where appropriate’, Chicago-based partner Michael Jacobson advises clients across a wide range of commercial finance transactions.

McDermott Will & Emery LLP

PRACTICE: Providing ‘great overall service’ to clients across a diverse array of industry sectors, McDermott Will & Emery LLP’s finance group is well regarded by both lenders and borrowers. While the firm’s Chicago office is the engine room of the practice, with 14 offices strategically positioned across the US and Europe, it is less parochial than many of its rivals.

‘Detailed, prompt and proficient’, the team handles work across the waterfront of financial transactions, predominantly in the middle-market, including leveraged and asset-based financings, syndicated and bilateral lending.

Typical of recent work handled by the group is its representation of a major retailer-owned hardware cooperative, in connection with the restructuring of its existing debt and the establishment of replacement financing, including a $300m syndicated asset-based revolving loan facility with Bank of America.

CLIENTS: Clients include Actuant, GE Capital, Merrill Lynch Capital Services, Union Bank of California and Wells Fargo Foothill.

INDIVIDUALS: Chicago-based department head Michael Boykins has an excellent reputation in the market for his ‘stellar’ work on behalf of lenders and borrowers across a broad range of corporate finance transactions.

Also based in Chicago, partner Jeffrey Jung has a strong track record advising borrowers in acquisition facilities and under mezzanine, and subordinated structures.

Vedder Price

PRACTICE: Vedder Price provides a ‘faultless service’, to a robust collection of borrowers, lenders and mezzanine financiers.

‘One of the most highly talented equipment finance groups in practice today anywhere in the world’, it is the firm’s pre-eminent aviation finance practice, however, that is undoubtedly its strongest calling card. Clients attest that it is ‘incredibly strong on the debt side’, and it represents an impressive list of investment banks and private equity firms; the team’s deeply entrenched relationship with export credit agency, Ex-Im Bank of the US informs a good deal of its workload. For example, it advised it in relation to a $940m Yen denominated facility, covering aircraft leased to a Canadian carrier.

Clients also appreciate the ‘quality and responsiveness’ of the attorneys which means they ‘are able to rely on them heavily for support and they are an integral part of our internal legal function’.

CLIENTS: Instructed by an eclectic mix of banks, export financiers and private equity firms, clients include Bank of America, Ex-Im Bank of the US, CIT, United Airlines, Credit Suisse and Macquarie.

INDIVIDUALS: President of the firm and chair of the finance and transactions practice, Michael Nemeroff is a media-savvy lawyer who, in addition to a significant M&A practice, also regularly advises funds and financiers in relation to leveraged transactions. Clients say he is ‘responsive and knowledgeable’.

‘A fine lawyer and a fine man’, John McEnroe provides a superlative service to a client base that includes traditional banks, finance companies and hedge funds.

Chair of the firm’s equipment finance group, Dean Gerber is very well known in the market for his aviation financing expertise. Instructed by an array of lenders, including core client Ex-Im Bank US, Gerber is at the vanguard of the industry and is described by clients as a ‘been there, done that, created it kind of guy’.

Winston & Strawn LLP

PRACTICE: With a core team of over 40 partners active in the corporate lending arena, Winston & Strawn LLP has the strength and depth to provide a ‘thorough and confident service’ to a slew of financial institutions, institutional investors, private equity firms and corporates. Instructed on transactions in the middle market, the leveraged syndicated market and the investment grade market, recent highlights include advising Lear Corporation in the recent extension of its original $2.7bn credit facility.

Although Chicago is undoubtedly the driving force behind the practice, it is aided by a significant domestic footprint which includes a recently opened Charlotte office, as well as offices internationally in London, Paris and Moscow.

CLIENTS: Clients include McDonnell Loan Opportunity Fund, Lear Corporation, Bank of America, JPMorgan Chase and Merrill Lynch.

INDIVIDUALS: Well known in the market for his representation of senior lenders in syndicated mandates, Gregory Murray is regularly involved in many of the firm’s highest-profile transactions. Representative clients include JPMorgan Chase and Bank of America.

Recommended by clients, Ronald Jacobson is instructed by private equity firms and investment banks on leveraged finance transactions at all levels of the capital structure.

Baker & McKenzie

PRACTICE: ‘User-friendly’, say clients, Baker & McKenzie advises a largely lender side client base on a range of predominantly mid-market transactions, including trade financing, syndicated loans and acquisition finance. ‘I am completely confident in their counsel and never feel I have to second guess their work’, enthuses one client.

Recent practice highlights include representing Sims Group on a $200m senior unsecured credit facility agented by Bank of America, while on the lender side it advised Wells Fargo Bank on the provision of a $250m syndicated secured revolving loan credit facility for a steel processing company and its subsidiaries.

Although it lacks visibility in the most significant domestic mandates, the Chicago office is regularly the driving force behind transactions that involve input from multiple international offices.

CLIENTS: Clients include Bank of America, Charter One Bank, Dura Automotive Systems, JPMorgan Chase and Wells Fargo Bank.

INDIVIDUALS: ‘Very impressive’, Creighton Meland offers a wealth of practical experience to both corporates and financial institutions. He was lead partner on the aforementioned Sims Group financing.

‘Thorough and professional’, Lawrence Haas is recommended by lenders and borrowers for his expertise on domestic and cross-border acquisition finance transactions. He is also knowledgeable on bank regulatory issues.

Both recommended lawyers are based in Chicago.

Thompson & Knight LLP

PRACTICE: ‘Very responsive across the board’, Thompson & Knight LLP’s bank lending practice advises a broad spectrum of lenders and borrowers, including corporates, banks, insurance companies and pension fund managers. With 12 partners housed in its Dallas and Houston offices, the practice boasts ‘a seasoned and experienced group of lawyers’ able to handle a high volume of syndicated and leveraged loans.

While the firm’s industry knowledge spans many sectors, including real estate, it is its expertise within the oil and gas arena that is without doubt its sweet spot. ‘Active in the energy business for generations and generations’, the department handles a voluminous catolog of syndicated financings for a predominantly lender-side client base. It recently advised Bank of America and Wells Fargo Bank on $448m and $1.5bn syndicated loans provided to Ferrelgas and Berry Petroleum, respectively.

CLIENTS: Clients include Petrohawk Energy, Bank of America, Goldman Sachs Energy Capital, Virginia Resource Partners, Wells Fargo, Commercia Bank and Jeffries & Co.

INDIVIDUALS: Particularly active on oil and gas financings, Dallas-based partner James McKellar provides ‘faultless execution’ to lenders and corporates.

Based in the firm’s Houston office, Andrew Flint ‘is a driving force behind many of our transactions’, enthuses one energy sector client. His primary focus is on syndicated senior and subordinated energy credit facilities, as well as drilling rig and rig fleet financings. ‘He is responsive and able to use his experience to offer us a practical and workable solution’, say clients.

Vinson & Elkins L.L.P.

PRACTICE: Based in Texas but able to tap into the resources of an increasingly expansive network of offices, Vinson & Elkins L.L.P. ‘performs the highest quality work’ for a robust portfolio of borrowers and lenders. ‘Although not inexpensive, they perform the work in a very cost-effective manner and do an excellent job of keeping me informed as necessary’, say clients.

Spearheaded out of its Houston office, a significant percentage of banking work the practice handles is in energy-related financings, where it remains one of the nation’s outstanding performers.
‘Consistently excellent’, the department represented the arrangers in a $500m revolving credit and acquisition facility for a master limited partnership (MLP). The practice also recently acted for the administrative agent on combined $4bn syndicated loan facilities to a major energy company.

‘Knowledgeable and thoughtful’, the team is also regularly instructed on the financing of transactions carried out by the firm’s flourishing portfolio of fund clients.

CLIENTS: Vinson & Elkins L.L.P.’s clients include BNP Paribas, Group 1 Automotive, Duke Energy, UBS and Citigroup.

INDIVIDUALS: Chair of the firm’s syndicated finance group, Houston-based partner Kenneth Anderson advises both corporates and lenders in acquisition, MLP, energy and multi-currency financings.

Also in Houston, Robert Rabalais is admired for his commercial and capital markets financing acumen. Regularly instructed by BNP Paribas, he recently advised the bank on a $1.9bn acquisition bridge commitment for Petrohawk to acquire KCS.

Baker Botts, L.L.P.

PRACTICE: With 15 partners dispersed across its Dallas, Houston and Austin offices, Baker Botts, L.L.P.’s bank lending group ‘has a very deep bench from which to draw’ and is a mainstay of the southeastern legal market. With a less balanced client portfolio than its higher-rated competitors, its primary focus lies in relation to the ‘very efficient and cost-effective service’ it provides to borrowers, particularly those operating in the energy sector.

Active across the range of financing activities, from syndicated credit facilities and asset-based loans to mezzanine and high-yield transactions, the team recently advised Encore Acquisition on two separate $1.25bn syndicated revolving credit facilties. Other recent highlights include advising independent oil and gas company, Mariner Energy,
on two $1bn syndicated revolving credit facilities.


CLIENTS: Clients include Transocean, Exterran Holdings, Hercules Offshore, Encore Acquisition, Mariner Energy, Halliburton, Valero Energy and Dell.

INDIVIDUALS: ‘Responsive, professional and knowledgeable’, say clients, Houston-based partner Bill Hart is particularly strong in relation to energy financings, where his clients include both lenders and borrowers.

Austin-based partner William Stutts is ‘excellent for both structured finance and traditional finance’, say clients. Also recommended is ‘the outstanding’ Dallas-based Roderick Goyne, who serves as the head of the finance section of the firm’s corporate department.

Bracewell & Giuliani LLP

PRACTICE: ‘First-rate’, say clients, Bracewell & Giuliani LLP’s Texas-based bank lending group provides a ‘great service’ to clients for financing mandates, from traditional corporate finance deals to more complex structured financings.

Steeped in the nuances of the energy industry, it is often sought out by banks and borrowers for ‘the business-orientated’ advice it is able to provide in the sector. For example, it recently advised several banks, including Fortis Bank and Natixis, as lead arrangers in a $400m senior secured revolving and term loan facilities to Vantage Drilling Company.

CLIENTS: The firm advises an impressive stable of banking clients including Wells Fargo Bank, BNP Paribas, Fortis Bank, Natixis, Citigroup, Union Bank of California, JPMorgan Chase and Bank of America.

INDIVIDUALS: Houston-based managing partner, Mark Evans ‘is one of the most commercial lawyers in the energy finance business and one of the best client managers’, according to clients.

Houston-based Catherine Ozdogan, Dewey Gonsoulin and Alan Rafte ‘are some of the smartest legal minds that I have come across in 25 years of banking’, exclaimed one client. ‘They not only know the law, but also know how to work with other attorneys to get deals done’.

Haynes and Boone, L.L.P.

PRACTICE: A reassuring presence to both corporates and lenders located in the southeast region, Texas-based firm Haynes and Boone, L.L.P. has extensive experience handling syndicated senior loans, bridge loans, mezzanine, second-lien and subordinated financings.

Best known for its lender-side prowess, the team receives a steady flow of significant syndicated loan mandates in national and regional transactions, predominantly in the middle market. For example, it recently represented a national bank on a $350m secured multi-year revolving credit facility to a vending machine provider.

Aided by a significant presence in Mexico City, the firm’s dedicated Latin American practice group regularly handles significant financing transactions.

CLIENTS: Clients include Bank of America, Citibank, Deutsche Bank, Texas Capital Bank and Mizuho Corporate Bank.

INDIVIDUALS: Based in Houston, Joseph Vilardo has a superb reputation for energy-related financings on behalf of lenders and corporates.

McGuireWoods LLP

PRACTICE: Following its merger with Helms Mullis & Wicker, Virginia-based McGuireWoods LLP now has a highly credible banking and finance presence in North Carolina. Active across a variety of lending activities, the firm is particularly accomplished advising lead arrangers in the syndicated loan market, both in relation to acquisition finance and commercial lending purposes. Recent highlights include advising Bank of America on two syndicated transactions used to finance Republic Services’ $4.5bn acquisition of Allied Waste Industries.

Utilizing its significant national presence, the firm also regularly employs a multi-office approach to transactions, as evidenced by its recent representation of a financial institution on a $350m senior syndicated credit facility provided to Bosie-Cascade and its subsidiaries. Led from Los Angeles, the mandate also included input from Charlotte and Chicago.

CLIENTS: Instructed by both national and regional banks and corporates, clients include Bank of America and Dominion.

INDIVIDUALS: Co-chair of the firm’s capital markets department, Charlotte-based partner Robert Cramer has vast experience in complex syndicated lending transactions, often involving multi-currency facilities. He has recently been involved in multiple senior debt leveraged transactions in the consumer products and telecoms industries.

With over ten years of experience representing entities in corporate finance and real estate transactions, Charlotte-based partner Christian Brose is an essential part of the practice. Particularly active in the beverages industry, he has handled financings to more than 20 beer wholesalers in recent years.

Akin Gump Strauss
Hauer & Feld LLP

PRACTICE: Driven out of its Texas headquarters but by no means limited to deals indigenous to the region as a result of its national and international footprint, Akin Gump Strauss Hauer & Feld LLP provides an ‘all-encompassing’ service to a significant pool of major banks, corporates and private equity sponsors.

Offering pragmatic and practical advice to clients across many industries, including healthcare, retail, telecommunications, the practice’s primary talent lies in its ability to resource significant energy transactions, often as counsel to lead arrangers in major syndicated credit facilities.

Regularly working in concert with the firm’s ‘high-quality’ restructuring group, the practice is able to provide extraordinary depth and experience assisting holders and issuers of distressed debt securities.

CLIENTS: Clients include Deutsche Bank, Wyndham International, AIG and Liberty Mutual.

INDIVIDUALS: Based in Austin, Alan Laves co-heads the debt finance practice. Instructed by both borrowers and lenders, Laves’ expertise extends to many industries, including healthcare, technology, retail and energy. He recently advised a leading international motion picture exhibitor on a $1.3bn secured credit facility to fund the acquisition of a competitor.

Fulbright & Jaworski LLP

PRACTICE: Driven out of its Texas headquarters but also benefiting from a wider network that includes offices in New York and in major international centers such as Hong Kong, London and Munich, Fulbright & Jaworski LLP’s bank lending group is well-positioned to advise on national and cross-border financing transactions. Offering a service that ‘compares very favorably with New York outfits’, clients say it is ‘excellent on the highly structured transactions’, and are also appreciative of the attorneys’ ‘attention to detail and transactional analysis’.

In common with many of the practices in the region, its forte lies in its financing work within the oil and gas industry. In this area, the firm recently advised Delek Energy Systems in connection with its acquisition of Elk Resources and subsidiaries.

CLIENTS: Clients include JPMorgan Chase, Orix Finance, Bank of America, Carlyle Mezzanine Partners, Pioneer Drilling, YRC Worldwide and Delek Energy Systems.

INDIVIDUALS: Benefiting from a wealth of practical experience both in relation to acquisition financing and energy-related transactions, Dallas-based partner Gary Clark ‘has great deal skills and understanding of the market and the legal issues’, say clients.

Akerman Senterfitt

PRACTICE: While it lacks the regional scope and the critical mass of many of the firms in our rankings, with a strong presence in Miami and Orlando, Akerman Senterfitt can justifiably lay claim to being one of the pre-eminent finance practices in the southeast. Active across a broad range of banking work, from traditional activities including real estate and corporate finance, to more specialized areas, such asset-based and health care, the practice provides a significant scope of expertise to both lenders and borrowers.

As the firm’s position as general counsel to the Florida Bankers Association demonstrates, Akerman Senterfitt occupies an elevated position in the region and is regularly instructed by local, as well as national banks.

The team recently represented Bank of America, as agent, and other participating banks in the renewal and modification of a $300m loan facility to a Florida homebuilder.

CLIENTS: Clients include a slew of local and national lenders, including American Bank, Bank of New York, Deutsche Bank, First Charter Bank, Great Florida Bank, SouthTrust Bank of Florida, SunTrust Bank, Union Planters Bank and Wells Fargo.

INDIVIDUALS: Based in the firm’s Orlando headquarters, Russell Hale has a strong reputation for banking and taxation transactions. As well as his continued involvement for the Florida Bankers Association in relation to tax and trust matters, he also handles work on behalf of corporates like Colorvision, who he recently represented in the renegotiation of an agreement with Universal Studios.

Morrison & Foerster

PRACTICE: Driven out of the its San Francisco head office and leveraging off deeply entrenched ties with many of the region’s leading banks and corporates, Morrison & Foerster’s 12-partner bank lending team offers ‘very responsive and astute advice’, say clients.

In addition, the group has diverse industry and work-product experience and knowledge of traditional lending products such as syndicated lines of credit. Expertise across a number of niche areas has ensured that the bank lending practice has been relatively well insulated against the recent vagaries of the market.

At the vanguard of financing in the renewable energy industry, the bank lending group is an integral component of the cleantech practice group. In this capacity, its lawyers advised a client in relation to a $18m term loan facility, which utilized a unique structure that provides a royalty return to the lender based upon the gross revenues for the developed wind projects.

Given Morrison & Foerster’s location in the heart of Silicon Valley, the banking group is frequently called upon to advise borrower and lender clients engaged in entertainment-related financing. For example, it recently represented First Bank as a syndicate member in a $78m financing for Echo Bridge Entertainment, in order to facilitate the financing of the acquisition of film libraries.

‘We are very happy with the firm’s overall service and have developed a very efficient working relationship with them’, say clients.

CLIENTS: Clients include the Campbell Group, International Commercial Bank, Bank of America, Textainer Group, Bank of Taiwan, Lloyds TSB, Bank of the West, Integrated Healthcare Holdings and Cadence Design Systems.

INDIVIDUALS: ‘Very thorough’, say clients,
San Francisco-based chair of the firm’s
financial transactions group William Veatch is regularly involved in transactions with a
significant overlap between credit and structured finance.

San Francisco-based partner Jill Feldman ‘is excellent’, rave clients. ‘She is a reliable and responsible attorney’ who is regularly instructed by financial institutions on single lender and syndicated credit transactions.

Orrick, Herrington
& Sutcliffe LLP

PRACTICE: Deeply ingrained in the very fabric of the West Coast legal landscape, Orrick, Herrington & Sutcliffe LLP provides ‘superior’ advice to both banks and corporates engaged in middle-market transactions across a diverse collection of industry sectors.

Praised by clients for its ‘high quality and responsiveness’, the banking and finance group is effortlessly able to negotiate a myriad secured and unsecured financings, including syndicated facilities, acquisition loans, asset-based financings and bankruptcy-related financings.

CLIENTS: Instructed by financial institutions and corporates, clients include Bank of America, Deutsche Bank, Wells Fargo, JPMorgan Chase, WestLB, Gap, Knight-Ridder, Renault and Vivendi.

INDIVIDUALS: Los Angeles-based partner Alan Benjamin heads the firm’s banking and commercial finance practice group worldwide. A real client favorite, Benjamin is well-versed in the nuances of a multifarious collection of leveraged transactions, and has a niche expertise in lending to the gaming industry.

Irell & Manella LLP

PRACTICE: A stalwart of the southern Californian legal market, Irell & Manella LLP’s ten-lawyer debt finance practice advises lenders and borrowers across a raft of secured and unsecured finance transactions. Praised by clients for its ability to handle ‘virtually any legal area relevant to corporations in the US’, the group often works in concert with other complementary practices to provide a true one-stop shop service. ‘They are experts in their field and are understanding of my business needs’, enthuses another client.

Instructed across all levels of the capital structure, the team has represented First Hawaiian Bank in the refinancing or restructuring of secured automobile dealership loans, totaling in excess of $166m. Other highlights include advising American Metal & Iron in an amendment and expansion of its $18m revolving credit line from US Bank National Association.

CLIENTS: Clients include US Renewables Group, First Hawaiian Bank, Chartwell Diversified Services, American Metal & Iron and Lake at Las Vegas Joint Venture.

INDIVIDUALS: Head of the firm’s debt finance group, Meredith Jackson, is ‘very responsive and has a superior intellect’, say clients.

Instructed by lenders and borrowers across a myriad major debt financings and restructurings, Eric Webber’s ‘legal talent is second to none’.

Richard Wirthlin ‘is responsive and easy to work with’, say clients.

All of the above are based in Los Angeles.

The following sections identify and describe those firms with bankruptcy practices of a regional character and those medium and smaller practices which while extremely competent, do not have the capacity for the more demanding roles in major insolvencies. Many of these practices have strong affinities with the economy of their region and attorneys who have considerable expertise in particular regional industries. Most practices are not confined to their headquarter regions as bankruptcy and insolvency administration and litigation may take place in other states, and instructions may originate nationwide.

The Chapters of the US Bankruptcy Code most commonly encountered are Chapter 7, which provides for the liquidation of the debtors non-exempt property and distribution of the proceeds to creditors, Chapter 11 which provides for the reorganization of the debtor, usually in accordance with a plan agreed with creditors and approved by the court, and Chapter 9 which provides for the reorganization of municipalities of all types. The most recent Chapter to be added to the Code is Chapter 15, which covers the complications of international insolvencies and assists in identifying the primary jurisdiction of bankruptcy.

Arnold & Porter LLP

PRACTICE: Arnold & Porter LLP’s Washington DC office houses the majority of the firm’s 14-strong bankruptcy and corporate reorganization practice. There is a smaller, three-partner team in New York. The practice advises and represents a broad client base including corporate debtors, creditors of all types, equity investors, asset purchasers and the officers and directors of distressed companies. Several bankruptcy partners are expert litigators. Transactional advisory work in the bankruptcy practice has access to the wide resources of the firm in corporate and securities law, tax, real estate and finance.

In a 2008 instruction which is ongoing, the practice is representing Quebecor World a global printing company with 52 affiliated debtors, in a challenging multi-billion-dollar Chapter 11 reorganization pending in the US Bankruptcy Court in New York. In a representation which draws on the firm’s environmental law experts, the practice acted as special counsel to the debtor in the case of G-I Holdings Chapter 11 case in the district of New Jersey - the litigation involved multi-million-dollar claims asserted by the government against the company.

CLIENTS: The practice represented interested parties in the CRIIMI MAE Chapter 11 case and advised Perseus Books Group in the acquisition of Publishers Group West from the AMS Chapter 11 work-out.

INDIVIDUALS: Practice chair Michael Bernstein, who is ‘exceptionally knowledgeable and committed to solutions’, boasts a blue-chip client following and has been involved in many of the nation’s largest bankruptcy cases. He led in the CRIIMI MAE instruction. Justin Antonipillai, who has represented clients in trials and appeals in state and federal courts, is recommended as a robust advocate. Both are based in Washington DC.

Orrick, Herrington
& Sutcliffe LLP

PRACTICE: Orrick, Herrington & Sutcliffe LLP’s north-east restructuring practice centers around eight fee-earners, based in the Washington DC office. A partner has recently been appointed to the New York office. The practice is commended by clients for its ‘outstanding work - I have already recommended them to others and continue to do so’. Clients include a large number of major banks and corporations. The practice has wide industry experience and a particularly strong component of its work is its capacity to represent the holders of derivatives and other complex financial instruments in distress. It frequently acts in cases where there are issues of great complexity, such as future asbestos claims - in the Congeleum filing, lawyers are acting for the court-appointed future claimants’ representative.

In the Combustion Engineering Chapter 11 reorganization, the practice acted for the court-appointed future claimants which resulted in the establishment of the trust in excess of $1bn to meet asbestos-related personal injury claims. In a comparatively rare Chapter 9 filing, it is representing the City of Vallejo, the largest city in California ever to file for bankruptcy protection.

CLIENTS: Clients include Citizens Bank, Fuji Bank, Intel Corporation, Sterling Healthcare, Philippine Airlines and Bank of Nova Scotia.

INDIVIDUALS: Roger Frankel chairs the practice and ‘brings knowledge and experience’, he is expert in mass-tort litigation. Richard Wyron ‘has excellent judgment’ and has acted in insolvencies ranging from an international satellite operator to a power generation company, but is best known for his real estate expertise. Jonathan Guy, a litigation partner in the restructuring practice has ‘an impressive work ethic and perseverance’. All are housed in the Washington DC office.

Covington & Burling LLP

PRACTICE: Covington & Burling LLP’s Washington DC bankruptcy practice, with two partners and three other fee-earners, is fairly small, but the expertise on offer is considerable. In an ongoing instruction the practice is representing Wilmington Trust Company both as indentured trustee for $48bn of bonds issued by Lehman Brothers and as co-chair of the official creditors’ committee in the Lehman Brothers Holdings bankruptcy. The firm is also representing several debtors in possession as special counsel, including Delphi, Owens Corning and LTV Steel.

CLIENTS: Clients include Southaven, Pathnet Telecommunications and Microsoft.

INDIVIDUALS: Michael St Patrick Baxter has an excellent restructuring practice and, on a pro bono basis, is co-chair of the ABA Business Bankruptcy Committee for the Hurricane Katrina Task Force. William Skinner is an expert in insurance disputes and litigation. Both are based in Washington DC.

Dickstein Shapiro

PRACTICE: Dickstein Shapiro’s five-partner Washington DC bankruptcy practice represents a large number of creditors’ and bondholders’ committees in some of the largest nationwide bankruptcies. Members of the practice also represent debtors and trustees in bankruptcy and have negotiated or litigated numerous plans of reorganization.

Recent instructions include the representation of the creditors’ committee in a consensual workout plan for a major real estate developer. The plan was agreed without resort to the
bankruptcy court. In the Eastern Airline bankruptcy, the practice represented the court-appointed examiner. The instruction required investigation of allegations by labor unions that over $1bn of the airline’s assets had been diverted to associated companies prior to the bankruptcy.

CLIENTS: Clients include General Electric, Resolution Trust and the Federal Deposit Insurance Corporation.

INDIVIDUALS: Daniel Litt chairs the bankruptcy and creditors’ rights practice in Washington DC. He is an accomplished bankruptcy and restructuring lawyer of immense experience and standing.

Arent Fox LLP

PRACTICE: Arent Fox LLP’s bankruptcy and restructuring practice includes seven partners, most of whom also practice in associated areas, including litigation and ERISA. Although members undertake the representation of debtors, the larger part of the practice comprises instructions from creditors’ committees, bondholders and other lenders to the distressed business. The practice also advises the potential purchasers and investors in troubled and bankrupt companies. Within a wide-ranging offering, members have particular expertise in pensions matters and in the transportation sector.

Committees of unsecured creditors have been represented in bankruptcies such as Earthshell, Lantis Eyewear and North Bay General Hospital. Infinia, a nursing facilities provider, was successfully organized in a Chapter 11 case.

CLIENTS: Clients include Wilmington Trust Company, Wells Fargo and New York Medical Group.

INDIVIDUALS: Christopher Giaimo is recommended to both creditor and debtor representation. Mary Joanne Dowd brings useful expertise in intellectual property and the airline industry to her bankruptcy practice. Both are in Washington DC.

Crowell & Moring LLP

PRACTICE: Crowell & Moring LLP’s Washington DC office houses just two partners, but the small practice is particularly expert in the crossover between insurance and bankruptcy, in particular mass tort, asbestos and product liability bankruptcies.

Asbestos bankruptcy cases in which the practice has advised include Federal-Mogul, Combustion Engineering, Thorpe Regulation and JT Thorpe.

CLIENTS: Clients include Worldspan and General Electric Capital,

INDIVIDUALS: Mark Plevin in Washington DC specializes in bankruptcy and insurance. He is currently counseling a consortium of leading US insurance companies on issues relating to bankruptcies arising from mass tort claims.

White & Case LLP

PRACTICE: White & Case LLP’s Washington DC office houses two bankruptcy and reconstruction partners, both of whom are members of the global practice. The core expertise in Washington DC is in cross-border bankruptcy and reorganization. The partners have acted in numerous complex cases involving multi-jurisdictional issues.

Representations include a Russian company that is the largest creditor in related bankruptcy cases pending in both the US and Switzerland, and several European space agencies in connection with a satellite company subject to bankruptcy proceedings in Washington DC.

CLIENTS: Clients include the International Finance Corporation, Discovery Communications and SunGard Data Systems.

INDIVIDUALS: Sam Alberts leads the Washington DC practice. He has broad experience in international bankruptcy and is representing several creditors in various Lehman Brothers cases pending in the US and Europe.

Wiley Rein LLP

PRACTICE: Wiley Rein LLP’s Washington DC bankruptcy and restructuring practice includes five partners, although two of these have wider related practices. This is a practice whose size belies its strength and, within a comprehensive offering, particular expertise has been developed in the aviation industry, franchisee insolvency and healthcare.

In a long-running case, members successfully obtained bankruptcy court approval to a full and final settlement of all litigation in the bankrupt estates of Dornier Aviation (North America) in February 2009. During the course of litigation, prior to settlement being reached, the practice won a civil judgment for over $14m against China’s Hainan Airlines and had obtained garnishee orders over several of its bank accounts.

CLIENTS: Clients include Rowe Corporation and Computer Learning Centers. The practice also serves as special Bankruptcy Counsel to the Commonwealth of Virginia and its departments and agencies.

INDIVIDUALS: Jason Gold in Washington DC is an experienced heavyweight bankruptcy expert who led in the Dornier representation.

Baker Hostetler

PRACTICE: Baker Hostetler’s Midwest bankruptcy practice is centered in Cleveland, the firm’s first office, which was opened in 1916. The practice is instructed in numerous industrial Chapter 11 bankruptcies and restructurings from the Ohio rustbelt. Bankruptcy advice for both debtors and creditors is also available in the Cincinnati and Columbus offices.

Ongoing instructions include representation of the creditors committee in the Chapter 11 bankruptcy of Commercial Alloys, a large Ohio-based scrap metal processor.T

he practice has also represented directors and officers in the bankruptcy of a major commodity brokerage - the company collapsed into bankruptcy in 2005 amid allegations of massive fraud perpetrated by insiders. A key issue in the representation is to obtain payment for innocent parties under the directors and officers insurance policy.

CLIENTS: Clients include LTV, Creative Engineered Polymer Products and OEM.

INDIVIDUALS: Joseph Hutchinson, national chair of the firm’s bankruptcy practice, ‘keeps his client’s goals in mind and has the knack of finding win-win solutions when dealing with diverse groups’. Matthew Goldman ‘skillfully negotiated a nine-figure settlement on behalf of a company - one of the largest settlements in the region that year’. Both are based in Cleveland.

Squire, Sanders & Dempsey L.L.P.

PRACTICE: Squire, Sanders & Dempsey L.L.P.’s ‘practical and clear thinking’ Midwest bankruptcy and restructuring practice is substantially based in Cleveland, where six partners are housed, although the practice chair divides his time between Cincinnati and New York. The practice is increasingly targeting national and international markets with representation in the southern states, Europe, South America and China. It has expertise assisting in out-of-court and Chapter 11 reorganizations in the industrial sector, particularly in manufacturing, although increasingly representations have involved the service sector, with healthcare and financial services providing a good many recent instructions.

Both debtor and creditor-side instructions are taken. Lawyers counseled a major creditor in the Frontier Airlines bankruptcy, successfully prosecuting an action involving breach of the merger agreement; and have represented unsecured creditors in the Enron bankruptcy. Practice members also advised a major Ohio truck manufacturer through a successful $1bn reorganization.

CLIENTS: Clients include Citibank, WorldCom, National Airlines and Cargill Financial.

INDIVIDUALS: Stephen Lerner, practice chair, divides his time between Cincinnati and New York and is commended by clients as ‘persistent when there is the possibility of agreement-he’s inexhaustible in negotiation’. In Cleveland, Christopher Meyer has a strong restructuring practice with considerable expertise in real estate and commercial lending.

Winston & Strawn LLP

PRACTICE: Winston & Strawn LLP’s Chicago-based restructuring and insolvency group has assisted clients in every conceivable aspect of insolvency, including the Chapter 11 reorganizations, creditor committee and equity-holder representation, and assistance with the sale and purchase of assets and business units in distressed corporations.

Examples of significant instructions include advice to a major diversified financial institution in the $300m restructuring of American Restaurant Group, assistance to the debtors in the sale of the assets and the Canadian subsidiary of Archibald Candy. Lawyers also represented the private equity firm that purchased the bearings business unit out of Delphi Automotive.

The practice also represented law firm Altheimer & Gray in connection with its wind-down and dissolution following the finding of an involuntary petition by creditors. This was successfully converted to a Chapter 11 with the subsequent agreement of the creditors’ committee to a contribution in excess of $15m by the firm’s former partners.

CLIENTS: Clients include American Passenger Rail Car, Citibank, Columbia Management Group, Crystal Capital, Al Paso Electric, Fruehauf Trailer Corporation, Maxtor and MP3.com.

INDIVIDUALS: Ronald Jacobson is expert in advising where debt has become distressed and has a following of major banks and financial institutions. Daniel McGuire has a broad Chapter 11 practice and has handled many reorganization plans. Michelle Speller-Thurman is recommended for sales and acquisitions of distressed business units where time is of the essence. All are based in Chicago.

Frost Brown Todd LLC

PRACTICE: Frost Brown Todd LLC’s Midwest bankruptcy and restructuring practice is centered in Cincinnati were eight partners are housed. There is also representation in Indianapolis and the firm’s reach extends into Kentucky. The firm’s merger with Indianapolis-based Locke Reynolds in December 2008 brought a further partner to the practice. Several partners advise in more than one discipline, frequently specializing in the industry-targeted groups into which the firm divides. This gives the bankruptcy practice strength in such industries as distribution and logistics, energy, healthcare, real estate development and manufacturing.

The practice represented Horizon Natural Resources and 78 of its affiliates as principal bankruptcy and restructuring counsel in a long-running and complex Chapter 11 case.

CLIENTS: The firm’s clients include Cincinnati Bell, Johnson & Johnson and ThyssenKrupp Elevator.

INDIVIDUALS: Ronald Gold in Cincinnati, co-chair of the practice, has acted in many complex insolvency situations and represented interested parties in large automotive-linked bankruptcies.

McDonald Hopkins Co

PRACTICE: McDonald Hopkins Co’s bankruptcy and business restructuring practice fields 15 attorneys who are housed in the firm’s Cleveland headquarters, with a significant representation in Detroit. The dominant industry in the region, automotive assembly and supply, is the major source of instructions and the practice has established a reputation for being proactive in the sector, providing workshops and a constant supply of intelligence.

The practice is strong in mid-market Chapter 11 cases and has crafted satisfactory outcomes for many automotive component manufacturers, including Mayco Plastics and Engineered Plastic Products.

CLIENTS: Clients include Dana, RMA Management Services, Imperial Home Decor Group and DeVlieg-Bullard.

INDIVIDUALS: Co-chair Stephen Gross, in Detroit, is the practice specialist in the automotive industry, frequently leading in complex instructions. Fellow co-chair Shawn Riley, based in Cleveland, has a wide-ranging practice and considerable experience assisting in the sale and purchase of business units in time-critical negotiations.

Thompson Hine LLP

PRACTICE: Thompson Hine LLP’s restructuring and bankruptcy practice divides between Cleveland, where there are six attorneys and Dayton, where there are four. The practice is a broad one and members have good experience of debtor, creditor and lender representations. Members of the practice have advised in numerous Chapter 11 reorganizations, many involving manufacturing concerns and retail chains. Lawyers have also advised the senior lenders, including major banks, floor plan financiers and equipment lessors, in many major bankruptcies.

CLIENTS: Clients include Fairfield Recycled Papers Amcast Industrial and ProCare Automotive service solutions.

INDIVIDUALS: In Cleveland, Alan Lepene chairs the practice. In addition to wide-ranging experience in numerous insolvencies, he regularly represents the group insurance department of a major insurer in Chapter 11 cases.

Vorys, Sater, Seymour and Pease LLP

PRACTICE: Vorys, Sater, Seymour and Pease LLP’s 20-partner Midwest bankruptcy and creditors’ rights practice is housed in the firm’s Cincinnati, Cleveland and Columbus offices. Members tend to practice in other disciplines as well as bankruptcy. The firm has excellent experience in representing all interested parties in bankruptcy and insolvency and industry expertise, particularly in retail, real estate, manufacturing, healthcare and the hospitality sector.

In litigation before the US Bankruptcy Court for the District of Delaware in March 2008, attorneys successfully rebutted the presumption of insolvency at trial in a multi-million-dollar preference action on behalf of bank defendants.

CLIENTS: Clients include National City Bank and Fifth Third Bank.

INDIVIDUALS: Robert Sidman, who previously served as a Bankruptcy Court judge, and Tiffany Strelow Cobb represented the bank in the Bankruptcy Court representation. Both are based in Columbus.

Dinsmore & Shohl LLP

PRACTICE: Dinsmore & Shohl LLP’s ten-partner business restructuring practice is distributed through the firm’s offices in Columbus, Cincinnati, Dayton and Pittsburgh, with a further partner based in West Virginia. Lawyers are strong on mid-tier debtor representation in Chapter 11 proceedings and have extensive experience of creditor representation, including Fortune 500 clients.

Recent instructions include the successful restructuring of Huffy, an importer of bicycles and golf equipment, which included submission and agreement of the reorganization plan and the arrangement of $75m of emergency financing.

CLIENTS: Clients include Three Cities Research and related parties, and Finn Corporation.

INDIVIDUALS: in Cincinnati, Kim Martin Lewis is a strong insolvency practitioner who led in the Huffy instruction.

Goldberg Kohn

PRACTICE: Goldberg Kohn is a Chicago firm with its roots in the city and a philosophy which eschews the dash for growth which has afflicted some larger firms. The bankruptcy and restructuring practice has a complement of some 12 lawyers, all specialist in the field, who have acted on behalf of debtors, creditors and equity holders.

Representative instructions include the successful resolution of the complex Chapter 11 reorganization of Met-Coil Systems. Challenging issues included the resolution of significant mass tort liabilities and regulatory penalties as a result of alleged groundwater contamination.

CLIENTS: Senior secured lenders were represented in both Carlisle Engineered Products and Robotic Vision Systems Chapter 11 reorganizations.

INDIVIDUALS: Randall Klein chairs the practice in Chicago. He is highly experienced and has contributed numerous papers on developments in the discipline.

Hahn Loeser & Parks

PRACTICE: Hahn Loeser & Parks’s ten-attorney creditors’ rights practice is based in the Cleveland office and offers services across the range, from bankruptcy reorganization to representation of creditors’ committees and assistance to purchasers of insolvent businesses.

Recent instructions include representation of the publicly traded Corrpro companies in a workout of financial obligations.

CLIENTS: Clients include Allegheny Health, Education & Research Foundation, one of the largest non-profit healthcare bankruptcies filed.

INDIVIDUALS: In Cleveland, Lawrence Oscar, the firm’s chief executive officer, is also co-chair of the practice and has considerable expertise across the field.

Cooley Godward Kronish LLP

PRACTICE: Cooley Godward Kronish LLP’s New York bankruptcy and restructuring practice ‘provides excellent service, not only from the partners. The work of the more junior lawyers is also of a consistently high quality’. The practice is wide-ranging, and offers advice to debtors, creditors, investors, employees and retired employees in all types of distressed situation. Lawyers advise clients purchasing assets from bankruptcies and troubled or insolvent companies. Clients note that the practice has ‘extensive experience in bankruptcy generally and more specifically in the retail sector’. That retail expertise generates instructions across the US.

In a recent instruction the practice acted as counsel for the official committee of unsecured creditors in the Chapter 11 reorganization of Steve & Barry’s, a clothing retailer with several brand names which operated 276 stores in 39 states at the time of filing in July 2008. A going concern sale was achieved. Satisfactory resolutions have been structured in many similar instances including the Lillian Vernon direct-mail and online retailer; and Mervyn’s Holdings, the South West-based store chain.

CLIENTS: Creditors’ committees have been represented in Athlete’s Foot, Long John Silver’s Restaurants and Levitz Home Furnishings. Employee and retiree committees advised include United Airlines ESOP Committee and Enron Employees Related Issues Committee.

INDIVIDUALS: Larry Gottlieb, the practice chair, is ‘very knowledgeable and knows when to be tough and when to be conciliatory when dealing with other parties’. Jay Indyke ‘knows the legal and business aspects of the deals and is an aggressive negotiator and advocate’. Both practice from the New York office.

Dechert LLP

PRACTICE: Dechert LLP’s bankruptcy practice of some 30 lawyers is represented in the New York, Philadelphia and Hartford offices. The practice has expanded recently with several lateral hires, including Shmuel Vasser from Skadden, Arps, Slate, Meagher & Flom LLP in June 2008, and Michael Sage, formerly a partner at O’Melveny & Myers LLP, in December 2008. Both joined the New York office. The practice has a broad range of experience with particular strength in the New York banking and financial services industry and a strong following of bondholders and investors.

Current assignments include representation of the outside directors of Lehman Brothers, in connection with Lehman’s Chapter 11 series of bankruptcies. The practice is also advising various hedge funds and other financial institutions in connection with exposure to various Lehman entities’ unsettled trades, prime broker agreements and other matters.

The Senior Lender Group of APW Limited is being represented in respect of secured debt of approximately $100m. The complex assignment requires an analysis of the insolvency legislation in six jurisdictions prior to a selection of the appropriate manner of resolution. The practice also negotiated the successful restructuring of NCS Healthcare, an insolvent public company, paying creditors in full and preserving value for the equity holders.

CLIENTS: Clients include Plainfield Specialty Holdings, Merrill Lynch, Green Bull Loan Acquisition, ProRhythm and Verse Capital Management.

INDIVIDUALS: Jeffrey Schwartz, co-chair of the practice, is a veteran of numerous major bankruptcies. Shmuel Vasser ‘has the intelligent persuasion, cool-head and business savvy that has made him indispensable to us’. Both are based in New York.

Reed Smith LLP

PRACTICE: Reed Smith LLP expanded its East Coast commercial restructuring and bankruptcy practice in early 2008 when several lawyers from Anderson Kill & Olick, P.C. joined the New York office. It now comprises 12 partners in New York, six in Philadelphia and two in Wilmington, Delaware. The practice attracts a high volume of instructions and, revealing its roots in Pittsburgh, is known for expertise in the steel industry, as well as in wider business sectors such as healthcare, transportation, retail and telecoms. The creditor-side-biased practice represents a large number of institutional clients including banks and secured lenders, creditor committees and private equity and hedge funds. The New York practice has developed expertise in complex financial instruments, as demonstrated by a recent instruction on behalf of the European bank in connection with a substantial claim arising from an investment in a Collateralized Debt Obligation (CDO). The proceedings were settled before the court hearing.

CLIENTS: The practice represented senior creditors in the restructuring of KKR Atlantic & Pacific and is advising the Cayman Islands liquidators of the Bear Stearns sub-prime CDO hedge funds. Other clients include Coho Energy, Beckett Healthcare and Alamo Rent-A-Car.

INDIVIDUALS: Jeffrey Glatzer is an experienced litigator with considerable expertise in the financial sector; his clients include numerous banks and financial institutions. Andrew Rahl, practice co-leader, specializes in instructions involving derivatives and other complex financial instruments. Both practice out of the New York office.

Schulte Roth & Zabel LLP

PRACTICE: Schulte Roth & Zabel LLP’s 18-strong bankruptcy and business reorganization practice is commended for providing ‘superb work, responsive client service and, for New York, reasonable billing’. It represents investment funds, banks and other creditors, as well as working with the purchasers of troubled companies’ assets. One client notes ‘ Schulte Roth & Zabel LLP ranks at the very top of the major law firms in the US and Europe, and I have worked with almost all of them’.

In March 2009, the practice represented Clarion Capital Partners and a group of other secured lenders in the bankruptcy auction acquisition of all the assets of dinnerware company Lenox Group, a deal valued at $100m. In a high-profile and long-running asbestos reorganization case, the practice represented Quigley, the debtor company in a Chapter 11 protection, and succeeded in having the claim of one of the major asbestos liability insurers reduced to nothing, thereby precluding its participation in any distribution to creditors. The Bankruptcy Court ruled in July 2008.

CLIENTS: Committee representations include Carolina Steel and Rockefeller Centre Properties. The practice has also represented debtor companies such as Audio Visual Services and Unipix Entertainment.

INDIVIDUALS: Michael Cook is ‘one of the true academics in the field - encyclopedic knowledge, and always current on new thinking’; while Adam Harris is ‘a good lawyer and a great businessman - an invaluable resource and our partner in decision-making’. Lawrence Gelber is also rated extremely highly by clients and is ‘a pleasure to work with’. All practice in New York.

Stroock & Stroock & Lavan LLP

PRACTICE: Stroock & Stroock & Lavan LLP’s restructuring practice is based in New York and has established a strong reputation for the representation of bondholders groups. It has played a major role in numerous debt-for-equity exchanges which allow bondholders to take control of distressed debtors. This niche work should not conceal a very broad and expert practice in which clients note that ‘the quality of work from the team was excellent’. It has dealt with complex insolvency in most industries, generally from the creditor side but also in assisting purchasers acquiring assets from financially distressed companies. The practice continues to build its strength through lateral hires. In March 2009, former White & Case LLP partner Andrew DeNatale joined the New York office to head the Special Situations Lending Group.

Practice members also have substantial experience in restructuring companies faced with asbestos-related and product liability litigation. Representations have included the official committees of unsecured creditors in both the WR Grace and Co and United States Gypsum Chapter 11 bankruptcies.

CLIENTS: Clients include AIG, Alliance Capital, and Goldman Sachs, Merrill Lynch and Seneca Capital Investments.

INDIVIDUALS: Lawrence Handelsman ‘managed an extremely complicated and often contentious bankruptcy very well and creditors got an excellent recovery’. Kenneth Pasquale is ‘smart, pragmatic and even-keeled - he came late into a case that was going south and got the ship righted’. Lewis Kruger is ‘a deeply experienced éminence grise and a great counselor’. All are based in New York.

Goodwin Procter LLP

PRACTICE: Goodwin Procter LLP’s financial restructuring practice saw two promotions to partner in the New York office in October 2008, taking the total to six partners, a little larger than the four-partner Boston offering. The practice is particularly expert in the representation of distressed investors; the litigation side of the practice is also well developed. Members of the practice have acted as lead counsel to the bondholders committees in some major restructurings including Northwest Airlines. In Chapter 11 cases, the practice has served as lead counsel to GT Brands and Chilton-Globe.

CLIENTS: Practice members have served as lead counsel in Chapter 11 plans for GT Brands, General Cinema and MHI Shipbuilding.

INDIVIDUALS: In New York, practice co-chair Allan Brilliant is particularly expert in the representation of bank groups and creditors committees. In Boston, Daniel Glosband has acted as an adviser to the US State Department on international insolvency.

Kelley Drye & Warren LLP

PRACTICE: Kelley Drye & Warren LLP’s three-partner practice, with the same number of counsel and nine associates, acts for a large number of top financial institutions and major corporations. Deals handled by the practice include multi-billion-dollar mandates every year. Clients comment that service quality is ‘thorough and rigorous’.

The practice is representing BP’s North American companies in the Delaware Chapter 11 of SemCrude. The ongoing assignment involves complex financial instruments including swap agreements and other derivative contracts to an estimated value of $300m. In an unsecured creditor representation, which concluded in May 2008 after four years challenging work, a plan of liquidation in the Verestar bankruptcy was confirmed which provided for a distribution of almost 50% on the dollar.

CLIENTS: Clients include Verestar, US Bank Bombardier Aerospace, Readers Digest and Toray Industries.

INDIVIDUALS: James Carr, the practice chair, has a particular expertise in creditor representations for companies in the energy, chemical, retail and airline sectors, and is leading the BP instruction mentioned. Eric Wilson ‘goes the extra mile to provide insights beyond simply answering the questions asked’ and has considerable experience representing insurers, banks and other financial institutions.

Kasowitz, Benson, Torres & Friedman LLP

PRACTICE: Kasowitz, Benson, Torres & Friedman LLP’s creditors rights and bankruptcy group, as well as representing the major interested parties in some of the largest national bankruptcies and restructurings, also represents hedge funds and other investors seeking to invest in distressed assets. The eight-partner practice has a reputation for determined litigation.

The practice represented the Ad Hoc Committee of Equity Security Holders in the high-profile Northwest Airlines bankruptcy.

CLIENTS: The practice has advised creditors in numerous restructurings and Chapter 11 proceedings including Enron, WorldCom, Parmalat and FoxMeyer.

INDIVIDUALS: David Friedman heads the practice. He is admitted to the US Supreme Court and has a deserved reputation as an expert litigator on behalf of creditors and investors. Michael Harwood is recommended for litigation in bankruptcy, particularly where there are elements of fraud or breach of fiduciary duty. Both are based in New York.

Kaye Scholer LLP

PRACTICE: Kaye Scholer LLP’s New York-based practice has 12 partners whose skills range from creditor representation to cross-border insolvency. It has established a reputation for competence which attracts large and complex instructions. During 2008, the practice represented JHT Holdings and its affiliates in a Chapter 11 filing. The company, the leading transporter of commercial trucks in North America, was successfully restructured in October 2008, only four months after declaring for protection, following complex and sometimes contentious negotiations with all interested parties.

CLIENTS: Debtor corporations represented in Chapter 11 cases include Insight Imaging, Spinnaker Industries and Nutritional Sourcing Corporation.

INDIVIDUALS: Scott Talmadge in New York is recommended for complex instructions including those with a cross-border element.

Hughes Hubbard & Reed LLP

PRACTICE: Hughes Hubbard & Reed LLP’s corporate reorganization and bankruptcy practice grew to six New York partners and two Washington DC partners following the acquisition of boutique creditors rights firm Luskin Stern & Eisler in September 2008.

In a key appointment the co-chair of the practice, James Giddens, was appointed as counsel to the trustee of Lehman Brothers in one of the largest most complex securities broker-dealer liquidations in history.

CLIENTS: The practice has represented creditors in the proceedings for Enron, Calpine, PG&E National Energy Group, Mirant, Delta Airlines and New Century Capita.

INDIVIDUALS: James Giddens in New York, the practice co-chair, is recommended for instructions of the highest complexity; he was nominated by the Securities Investor Protection Corporation to act in the Lehman Brothers instruction.

Otterbourg, Steindler, Houston & Rosen, P.C.

PRACTICE: Otterbourg, Steindler, Houston & Rosen, P.C.’s practice is a small one but has an established reputation for creditor support. Despite maintaining a fairly low profile, the practice attracts a steady flow of high-value Chapter 11 and Chapter 7 instructions.

The practice was appointed to represent the committee of unsecured creditors in the Journal Register Chapter 11 in early 2009. The regional newspaper publisher’s reorganization is being opposed by the creditors who perceive the scheduled exit from bankruptcy as aggressive.

CLIENTS: The practice has represented interested parties in bankruptcies including US Airways, Kmart and Northwest Airlines.

INDIVIDUALS: Scott Hazan is recommended for his robust pursuit of creditors’ interests.

Sheppard, Mullin, Richter & Hampton LLP

PRACTICE: Sheppard, Mullin, Richter & Hampton LLP’s East Coast bankruptcy practice partner complement doubled to four during 2008 when two Heller Ehrman partners joined the New York office. Members have acted in numerous multi-billion-dollar bankruptcies and have particular expertise in default administration for corporate trustees.

The practice is representing the Bank of New York Mellon Trust and Norton Gold Fields in Lehman Brothers’ Chapter 11 bankruptcy.

CLIENTS: Clients include Goldman Sachs, Marathon Oil and Singapore Airlines.

INDIVIDUALS: Dividing his time between New York and Shanghai, Edward Tillinghast is recommended for cross-border restructuring.

Day Pitney LLP

PRACTICE: Day Pitney LLP’s bankruptcy practice added a partner in February 2009, bringing the total number to 13, supported by the same number of associates and counsel. Members are based in several of the eastern corridor offices and have a strong coverage of the region for debtor, creditor and investor representation. With the launch of a national distressed assets team in the summer of 2008, the practice’s reach has been extended still further. Although the firm does not have an office in Wilmington, its bankruptcy lawyers handle a high number of Delaware Chancery Court and Bankruptcy Court registered cases in collaboration with smaller Delaware law firms. The economy of the region is complex and varied, but judging by the instructions received the practice is clearly capable of fully meeting market expectations.

In a complex but confidential instruction, the practice represented the receiver in the auction of all the assets of a major, high-tech manufacturer. The sale followed lengthy court processes leading to the appointment of a receiver and stabilization of the business under the supervision of the Delaware Chancery Court. The successful sale satisfied all creditors and recovered significant equity for the owners.

CLIENTS: Clients include Capstone Advisory, Massachusetts Mutual, United Technology and Pratt & Whitney.

INDIVIDUALS: James Tancredi in Hartford has wide experience of the most complex bankruptcies, and co-chairs the practice with Scott Zuber in New Jersey, who has particular expertise in the healthcare sector. In New York, Daniel Flores is frequently instructed by banks and other lenders.

Lowenstein Sandler PC

PRACTICE: Lowenstein Sandler PC’s bankruptcy creditors’ rights practice is substantially based in Roseland, New Jersey with a smaller representation in New York. It has an impressive record of representing creditors’ interests through numerous, complex high-value bankruptcies. Practice members are commended by clients for ‘accessibility and focusing on the most important issues’.

The practice represented Summit Global Logistics when it filed for Chapter 11 protection. An agreement was reached with secured lenders, and bankruptcy court approval obtained from the sale of the business as a going concern within two months of the bankruptcy filing in January 2008.

CLIENTS: Clients include Creative Group, Advanced Marketing, Interstate Bakeries and Foamex.

INDIVIDUALS: Widely experienced Kenneth Rosen heads the practice, and led in the Summit Global Logistics bankruptcy. He is commended by clients as ‘very creative, very good on business issues, he isn’t simply a lawyer - terrific service’. Bruce Buechler ‘is an extremely good lawyer’ and recommended for his litigation skills.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

PRACTICE: Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.’s bankruptcy practice has represented all parties and interests involved in distressed business relationships. The bankruptcy practice works closely with other departments of the commercially-oriented firm to produce creative and cost-effective solutions in insolvency. When necessary, commercial litigators are brought into assignments. Within a wide-ranging expertise, the practice has particular experience of healthcare, aviation, utilities, hospitality, transportation, manufacturing and public authorities. In December 2008, Stuart Hirschfield, previously a partner at Ropes & Gray LLP, joined the New York office.

In February 2009, the practice was appointed as bankruptcy counsel to Dynogen Pharmaceuticals, a Boston-based company which had raised venture capital and $67m since 2003 but, at the date of Chapter 7 filing, showed a deficiency in the region of $10m.

CLIENTS: Clients in Chapter 11 proceedings include Filene’s Basement and Great Northern Paper.

INDIVIDUALS: Richard Mikels, in Boston, chairs the practice and is known for his heavyweight, comprehensive experience in Chapter 11 reorganizations. Daniel Bleck, also in Boston, has a broad practice in which he is expert in troubled debt matters.

WilmerHale

PRACTICE: WilmerHale’s East Coast bankruptcy practice is fairly evenly spread, with six partners in Boston, four in Washington DC and three in New York. Clients comment on ‘the highest quality of service in highly complex, multi-year bankruptcy litigation’. It handles a broad variety of work advising debtors and boards of directors as well as individual creditors and creditor committees across most industries. The international offices of the firm in Europe and Asia have encouraged the development of a cross-border practice which has experience of financial restructuring worldwide.

In December 2008, the Boston practice was instructed to advise the debtor company in Chapter 11 protection, KB Toys - a retail chain with 461 stores in 41 states owned by hedge fund Prentice Capital Management. The practice has been retained as national bankruptcy counsel to Hartford Insurance, and during 2008 acted in a number of bankruptcies including Quigley, Federal Mogul and Skinner Engine.

CLIENTS: Clients include America Online, Tamapias, Zazove and Banc of America Securities.

INDIVIDUALS: In Boston, John Sigel ‘is unusually responsive and very thorough with top level written and verbal communication skills - a pragmatic and reasonable negotiator’. In Washington DC, Craig Goldblatt ‘is brilliant, responsive, efficiently turns round work and is a truly strategic thinker’.

Blank Rome LLP

PRACTICE: Blank Rome LLP’s East Coast bankruptcy and restructuring practice is substantially housed in the Philadelphia office with representation in New York and Wilmington. The practice represents both debtors and creditors in insolvency and distressed business situations affecting all types of industries and financial institutions. Sub-prime crisis instructions have included counseling parties in mortgage industry bankruptcies including American Home Financial and New Century Financial.

Representative instructions include advising the liquidator in Reliance Insurance, the largest property and casualty insurance insolvency in the US, with an estimated $9bn at stake. In March 2009, the practice was appointed to represent Nova Biosource Fuels when the company and certain subsidiaries filed for relief under Chapter 11 in Delaware.

CLIENTS: The practice has represented secured creditors in States Cooperative and Adelphia Communications, and assisted purchasers of assets from Chapter 11 and Chapter 7 debtors in Comdisco and Norstan Apparel Shops.

INDIVIDUALS: In Philadelphia, John Lucian is recommended for litigation in bankruptcy, particularly where financial services are involved, while Bonnie Glantz Fatell is leading in the mortgage industry representations.

Cole, Schotz, Meisel, Forman & Leonard

PRACTICE: Cole, Schotz, Meisel, Forman & Leonard’s bankruptcy and corporate restructuring practice’s 15 partners are based in offices in Hackensack, New Jersey, Wilmington, Delaware and Baltimore, Maryland; and also accept instructions through the New York office. Members represent both debtors and creditors assets in a wide variety of instructions. In a wide-ranging practice, considerable expertise has been developed in healthcare bankruptcy. Several large hospitals and medical centers have been represented in Chapter 11 proceedings.

In the late 2007 Maywood Capital Chapter 11 case, the practice represented parties who had purchased real estate from Maywood before the bankruptcy filing while unaware that the principals of the company were involved in fraud - an attempt by the trustee to void the sales and take possession of the property was defeated at trial.

CLIENTS: The practice has acted for the debtor in Chapter 11 filings including Anaconda Opportunity Fund, Cedar Chemical and Mount Laurel Nursing Home.

INDIVIDUALS: The practice is co-chaired by Michael Sirota in New Jersey and Norman Pernick in Wilmington; both have served as lead counsel in major Chapter 11 cases.

Duane Morris LLP

PRACTICE: Duane Morris LLP’s East Coast bankruptcy practice is represented in Newark, New Jersey; Philadelphia; Boston; and Wilmington. Expertise can be drawn from the West Coast and Midwest offices if required. The practice ranks highly for bankruptcy due to the number of instructions it has received, and offers a comprehensive service in the discipline, from debtor representation and reconstruction to creditor and equity owner support.

CLIENTS: Debtor representations include Bricolage Capital Home Life Medical, Kiwi International Airlines, Masters Vineyard Hospital and Olympus Healthcare Group. Creditors were represented in the Enron and Napster cases.

INDIVIDUALS: In Philadelphia, Lawrence Kotler is a strong practitioner currently acting as trustee’s counsel the Bricolage Chapter 11 case. In Boston, Paul Moore is an experienced expert in reorganization and Chapter 11.

Hangley Aronchick
Segal & Pudlin

PRACTICE: Hangley Aronchick Segal & Pudlin’s bankruptcy practice is instructed by debtors, creditors and equity owners, and the firm has a reputation for competence in the more litigious cases. Within a wide-ranging practice, niche expertise in insurance company and healthcare insolvency has been developed. The small but expert practice is based in the firm’s Philadelphia offices and is supported by both the litigation and corporate departments.

CLIENTS: Debtor representation was provided in the Chapter 11 reorganizations of St Joseph’s Hospital, Lutheran Retirement Homes, Delaware Family Medical and Harriman Coal Company.

INDIVIDUALS: All partners are based in the Philadelphia office. Myron Bloom is one of the few lawyers in the North East to have been instructed in the rehabilitation of an insolvent insurer. Ashely Chan brings tax expertise to her reorganization instructions. Joseph Dworetsky is an experienced trial counsel in insolvency cases.

Pepper Hamilton LLP

PRACTICE: Pepper Hamilton LLP’s northeastern corporate restructuring and bankruptcy practice partners are concentrated in the Philadelphia office, with additional representation in Wilmington and New York. The experienced group of 35 lawyers represents all classes of interest in insolvency and restructuring assignments, and attracts instructions across the US, including numerous debtor-side representations in Chapter 11 proceedings. Practice industry niches include retail, healthcare services and natural resources.

CLIENTS: The practice has represented Chapter 11 debtors including WG Property Investments, Midland Food Services and Skip’s Clothing Company.

INDIVIDUALS: In Philadelphia, Francis Lawall is widely experienced and has handled company reorganizations where toxic tort liabilities have been a significant issue. Leon Barson focuses on corporate reorganizations and advice to purchasers of financially distressed assets. In Wilmington, practice co-chair David Stratton has served as lead counsel in numerous debtor-side Chapter 11 proceedings including several retail chains.

Whiteford, Taylor
& Preston, LLP

PRACTICE: Whiteford, Taylor & Preston, LLP’s Baltimore-headquartered bankruptcy practice has expanded and now houses four attorneys in Wilmington. Two experienced lawyers joined the Falls Church, Virginia office in March 2009, one as partner and one as counsel.

In February 2009, the practice succeeded in claims against the former directors and certain officers of the Rowe Companies and its subsidiaries, which resulted in a $6.6m settlement in favor of the Chapter 7 bankruptcy trustee.

CLIENTS: The practice has acted as debtors’ counsel in Chapter 11 reorganizations for Sunterra Corporation and Carpet Fair, and for creditors’ committees in Valu Food and Parks Sausages.

INDIVIDUALS: Baltimore-based Paul Nussbaum, the practice chair, is ‘a consummate strategist and negotiator with an excellent grasp of the law’. Also in Baltimore, Kevin Hroblak, who led in the Rowe instruction, has considerable expertise in the investigation and pursuit of malpractice and professional liability claims. He is ‘an excellent negotiator, and always extremely well-prepared’.

Archer & Greiner, a
Professional Corporation

PRACTICE: Archer & Greiner, a Professional Corporation’s Haddonfield, New Jersey-based bankruptcy practice represents interested parties in Chapter 11 reorganizations and Chapter 7 liquidations throughout the northeastern states.

In April 2009, the practice was appointed to represent the official committee of unsecured creditors in the Chapter 11 voluntary petition by Autobacs Strauss Stores, an auto-parts chain retailer.

CLIENTS: Clients include Waste Management and Automotive Rentals.

INDIVIDUALS: John Fiorella in Haddonfield is an experienced negotiator and advocate of wide experience who has established a niche in creditor representation of motor vehicle fleet lessors.

Eckert Seamans
Cherin & Mellott, LLC

PRACTICE: Eckert Seamans Cherin & Mellott, LLC houses members of the bankruptcy and restructuring practice in the northeastern offices of Wilmington, Philadelphia, Boston, and Washington DC. The practice has a broad scope, working on debtor, creditor and equity interest instructions including pre-packaged Chapter 11 cases. Niche strengths in a strong offering include healthcare.

Members represented Home Health Corporation of America and 34 related companies, providers of home health care services, in successful Chapter 11 proceedings.

CLIENTS: Debtor representations include Oxford Finance and Family Forge Plaza Associates.

INDIVIDUALS: In Philadelphia, Lewis Gold has immense experience and brings gravitas to the practice. In Wilmington Ronald Gellert has established a reputation for robust negotiation in challenging Chapter 11 instructions.

Gibbons P.C.

PRACTICE: Gibbons P.C. continues to build a restructuring and creditors rights practice with the emphasis now on its New York office, where three lawyers were recruited in January 2009. The more established group continues to practice from Newark, New Jersey. The practice focus on pre-bankruptcy counseling and debt representation has led to its appointment as debtor or trustee representative in numerous high-profile Chapter 11 cases.

CLIENTS: Debtor or trustee representation includes Sands Hotel & Casino, Marvel Entertainment Group and Herman’s Sporting Goods.

INDIVIDUALS: In New Jersey, the highly experienced Karen Giannelli chairs the practice and Dale Barney takes the lead in a large number of creditor representations.

Hanify & King

PRACTICE: Hanify & King opened offices both in New York and Washington DC during 2008, thereby widening the scope of the versatile Boston-housed bankruptcy practice. Members have represented debtors, creditors’ committees and secured and unsecured creditors in
assignments ranging from Chapter 11 proceedings
to bankruptcies in which multi-million-dollar fraud is involved. Niche sectors of expertise include real estate, retail, hospitality and healthcare.

In March 2009 the practice was instructed to represent clothing manufacturer Chic in its Chapter 11 bankruptcy.

CLIENTS: Chapter 11 clients include Central Place Senior Living and Hub Technologies.

INDIVIDUALS: Harold Murphy is director of the bankruptcy practice and has lengthy experience representing the many diverse interests in insolvencies. Ethan Jeffrey is recommended across the practice and particularly for instances where there has been a breach of fiduciary duty by officers and directors. Both are based in Boston.

Riker, Danzig, Scherer,
Hyland & Perretti

PRACTICE: Riker, Danzig, Scherer, Hyland & Perretti’s five-partner New Jersey bankruptcy and reorganization practice is strong on creditor representation. It receives ongoing instructions from some major banks including Bank of New York and JPMorgan Chase. Niche expertise within a wide and expert practice includes telecoms, manufacturing and retail insolvency.

CLIENTS: The practice represents the debtor in G-I Holdings, the secured creditor in Kara Homes and the securitization committee in Oakwood Homes.

INDIVIDUALS: Alex Kress has a reputation for effective negotiation and successful litigation when representing creditors’ interests. Joseph Schwartz has established a niche representing insurance companies in asbestos-related
bankruptcy cases. Both partners work from
New Jersey.

Sills Cummis & Gross P.C.

PRACTICE: Sills Cummis & Gross P.C.’s Newark, New Jersey-based creditors’ rights and bankruptcy practice focuses on the representation of secured lenders and other parties in reorganizations. Members of the practice have good experience of valuation and fraudulent transfer issues, as well as preference disputes.

CLIENTS: The practice has represented creditors in major cases including Winstar, Enron, Teleglobe and WorldCom.

INDIVIDUALS: Newark-based practice chair Jack Zackin has long experience of creditor representation in major insolvencies, including Delta Airlines. His expertise in real estate lending is also noteworthy.

Greenberg Traurig LLP

PRACTICE: Greenberg Traurig LLP’s business reorganization and bankruptcy practice in the South East is led from Miami, where there are five partners, with a similar representation in Atlanta and a small presence in other offices in the region. Clients note that ‘the quality of service received from the Greenberg Traurig LLP was unparalleled’, and the practice has handled some extraordinarily complex and difficult instructions. The southeastern lawyers work closely with colleagues in other US cities on major assignments - Chicago and New York in particular house substantial complementary teams.

A large group of bankruptcy practice members from Greenberg Traurig LLP offices across the US is working on various aspects of the Lehman Brothers Chapter 11 case, from representing large bondholders and parties to structured financial products and derivatives. The practice continues to represent the trustee in Southeast Banking Corporation, a holding company for state and national banks which failed in 1991. The case was converted to a Chapter 11 in September 2007 after 16 years in Chapter 7 and negotiations continue with bondholders and equity holders towards the agreement of a reorganization plan.

CLIENTS: Clients include Gerald Stevens, Fine Air Services, Arrow Air, Xpedior, Burt Reynolds Productions, Sony Music, Bank of New York and BayView Financial.

INDIVIDUALS: ‘There are none smarter, better versed, more experienced or craftier than’ Mark Bloom in highly complex bankruptcies, according to a long-term client. Luis Salazar has ‘judgment and strategic understanding - he presents workable alternatives clearly’. Scott Grossman is acting in the Southeast Banking Corporation case and brings expertise in tax to his bankruptcy practice. All are based in Miami.

Kilpatrick Stockton LLP

PRACTICE: Kilpatrick Stockton LLP’s practice is focused on creditor and lender representation in complex insolvencies, although debtor and trustee instructions are also taken. With 14 attorneys based in its Atlanta office, the practice ranks as one of the largest offerings in the Southeast and also attracts instructions from further afield.

Recent representative instructions include advising the creditors’ committee in the Atlantis Plastics Chapter 11 case. The company is one of the largest US producers of plastic food wrap with over 1,200 employees and annual revenues in excess of $400m. In a healthcare case, the practice is representing the creditors’ committee in the Chapter 11 reorganization of a large hospital in Tampa, Florida. Other instructions have included the representation of a Chapter 11 trustee in a hedge-fund bankruptcy involving allegations of Ponzi fraud. Lawyers also advised a European motor manufacturer in the acquisition of patents from a Chapter 11 case in Texas.

CLIENTS: The practice has represented Friedman’s, acting as debtor’s counsel and advised creditors’ committees in Chapter 11 cases including NetBank and OneStar Long Distance.

INDIVIDUALS: Todd Meyers is chair of the practice. He has represented numerous creditors committee’s and plan trustees in complex and high-value bankruptcies. Paul Rosenblatt has a similar practice which also includes bankruptcy-related litigation. Both partners are in Atlanta.

King & Spalding

PRACTICE: King & Spalding’s 26-lawyer bankruptcy practice, although led from Atlanta and with approximately half its members housed there, also has strong representation out of state in Houston and New York. The Atlanta attorneys attract a significant proportion of regional debtor, trustee and creditor instructions and contribute to the firm’s domestic and international ambitions. Industrial niches in a strong offering include manufacturing, construction, healthcare, energy, insurance and telecoms.

Debtor engagements in Chapter 11 cases include Propex, the world’s largest manufacturer of carpet backing, Centennial Healthcare, a nursing facility operator in 16 states, and Titan Financial Group, a consumer finance company with over 100 branches. Out-of-court restructurings have been achieved for Foster Wheeler, a multi-national construction and engineering business, and Horizon Medical Products, a world leader in advanced medical devices. Creditor-side instructions are received from numerous banks, financial institutions and municipalities and trading corporations. The practice also undertakes litigation in such matters as allegation of fraudulent conveyance and preferential payment.

CLIENTS: Clients include Arcapita, Prudential Insurance, American Tower, SunTrust Bank and MBIA Insurance.

INDIVIDUALS: Atlanta-based Paul Ferdinands, who chairs the practice, ‘is truly impressive, I believe that he negotiated a deal that no other lawyer could have achieved’, and specializes in representing purchasers and sellers of assets in Chapter 11 cases. Mark Maloney, also in Atlanta, is known for his Chapter 11 bankruptcy litigation. He represented Imperial Tobacco Canada in its defense of a $525m fraudulent conveyance and alto ego claim brought by a Chapter 11 debtor.

Adams and Reese LLP

PRACTICE: Adams and Reese LLP’s bankruptcy and reconstruction practice fields 16 attorneys based in several of the firm’s southeastern offices, including New Orleans, Baton Rouge, Memphis and Nashville. Most members also practice in other disciplines, which gives the practice a breadth of expertise across industry sectors and provides experience in finance, tax and real estate matters.

Chapter 11 representations include several franchise bankruptcies, including restaurants and fast food chains, one of which achieved a 100% distribution to unsecured claims and secured debt. Creditor representations include advising the agent of the lender group on the sale of a textile manufacturing company.

CLIENTS: the practice has represented interested parties in Enron, Tri-Union Development and American International Refineries Chapter 11 cases.

INDIVIDUALS: In Memphis, Henry Shelton has advised on numerous organizations and brings particular expertise in labor and unemployment law to cases.

Alston & Bird LLP

PRACTICE: Alston & Bird LLP’s bankruptcy and reorganization practice in the Southeast comprises five attorneys based in Atlanta, although the firm’s reach is extended beyond the region by two attorneys in Dallas, two in New York and one in Charlotte. The comparatively small practice has captured some impressive instructions. The Bankruptcy Court approved the appointment of a member of the practice as examiner of the special purpose entities and off-balance-sheet partnerships utilized by Enron, an 18-month task which required coordination with several US departments and Congress.

The Korean court-appointed trustee of Daewoo retained the practice to seek recognition of the Korean case as the main proceeding under Chapter 15, an instruction which required three court hearings within 25 days. Current instructions include representation of several hedge funds as customers of Capital Markets, now a Chapter 7 bankruptcy.

CLIENTS: Clients include MAN Group and Aflac. Interested parties have been represented in Delta Air Lines, Refco, Zale Corporation and Winn-Dixie.

INDIVIDUALS: William Boone in Atlanta has counseled in many cases where there is an international element. Dennis Connolly, who heads the practice, has represented parties in many major Chapter 11 cases and achieved some spectacular results. He divides his practice between Atlanta and New York.

Bilzin Sumberg Baena Price & Axelrod LLP

PRACTICE: Bilzin Sumberg Baena Price & Axelrod LLP’s restructuring bankruptcy practice, based in Miami, includes members with accounting, finance and banking backgrounds. The practice has a reputation for robust litigation. In Florida, it has been involved in some of the most complex and significant cases and its reach extends into the wider region and even across the nation as a whole.

Representative instructions include advising the Official Committee of Asbestos Property Damage Creditors in both WR Grace and US Gypsum, and acting as special litigation counsel to the Chapter 7 trustee of sub-prime mortgage lender NLC Financial Services.

CLIENTS: The practice has counseled in bankruptcy proceedings including Crown Vantage, Finance Group, Southeast Banking, Beverage Canners and Zimmer.

INDIVIDUALS: Scott Baena is well known for his litigation skills in bankruptcy-related matters and has represented clients in numerous high-profile bankruptcies. Mindy Mora is expert in distressed property insolvency both from the debtor and creditor perspective, particularly where complex condominium developments are involved.

Morris, Manning & Martin LLP

PRACTICE: Morris, Manning & Martin LLP’s four-partner, six-lawyer bankruptcy practice is based in Atlanta. Clients appreciate the service of ‘smart lawyers who know their business and require little or no direction’. The practice is more usually instructed by creditors and has a strong following of regional banks.

Representative instructions include acting for the bondholder committee and liquidating agent in the Tom’s Foods bankruptcy. Practice members also represented the primary secured lender in Cornerstone Ministries Investments.

CLIENTS: The practice has represented interested parties in Southwest Recreational Industries, Stratus Group and Wellington Leisure Products.

INDIVIDUALS: Practice chair Frank DeBorde ‘is one of the top creditor’s rights lawyers in Atlanta’, while David Cranshaw ‘did an excellent job recently on a complex credit matter with significant documentation issues’.

Stichter Riedel Blain & Prosser

PRACTICE: Tampa-headquartered Stichter Riedel Blain & Prosser is a bankruptcy boutique which recruited a further experienced attorney to the practice in January 2009, bringing the total number to 13. Long-established and with offices just yards from Tampa’s Bankruptcy Court, the practice attracts numerous regional instructions and gains client plaudits for a constructive and determined approach to reorganizations and disputes. Current instructions include a large number of distressed construction companies, home builders and developers.

In a representative reorganization plan which received court approval in February 2009, the practice succeeded in preserving six operational steakhouses in the Sam Seltzer’s Steak Houses of America chain after a radical restructuring which included the surrender of property to the mortgagor, the restructuring of equipment lease obligations, and the closure of several unprofitable restaurants.

CLIENTS: Practice-crafted Chapter 11 reorganization plans have been approved for Argue Automotive Accessories, The Picture Factory and Blue Stone Real Estate.

INDIVIDUALS: Harley Riedel has over 30 years’ experience in bankruptcy law and has led the firm’s representation in numerous challenging cases. He was principal attorney in the Sam Seltzer’s instruction. Stephen Leslie, one of the younger partners in the practice, has built a strong following, particularly in real estate-linked insolvencies.

Berger Singerman

PRACTICE: Berger Singerman’s business reorganization practice, a 16-attorney group, offers good coverage in Florida with eight lawyers housed in Miami and the remainder working from offices in Fort Lauderdale, Boca Raton and Tallahassee. The practice levers the state offering to claim a wider regional and national presence and has a niche strength in claims against directors and officers, which extends to issues involving director and officer insurance policies. Members have acted as primary bankruptcy counsel or had significant involvement in many challenging Chapter 7 and Chapter 11 cases, including Maxim Enterprises and Commercial Financial Services.

CLIENTS: The practice has acted as debtor’s counsel in Aloha Airlines, Puig Development and Levitt & Sons.

INDIVIDUALS: Paul Singerman in Miami is recognized as a strong practitioner and has handled many large and complex restructurings and insolvencies. John Eaton in Fort Lauderdale handles many litigious cases and has extensive experience of breach of fiduciary duty claims.

Genovese Joblove & Battista

PRACTICE: Genovese Joblove & Battista’s bankruptcy practice in Miami and Fort Lauderdale attracts numerous complex instructions and a loyal following of blue-chip clients. The practice has been retained as national franchise counsel to Burger King Corporation. The firm’s geographic position has attracted cross-border insolvency work with a Latin American connection, including creditors’ committee representation in the Chapter 11 case of Epixtar and its subsidiaries, an international call centre business located in the US, the Philippines and South America.

CLIENTS: The practice has represented debtors in Chapter 11 proceedings including Betsy Ross Hotel and the liquidating trustee in Florida’s largest individual Chapter 7, the Abraham Gosman insolvency.

INDIVIDUALS: John Genovese is an experienced expert in bankruptcy and creditors’ rights issues. He served as co-counsel for the class action shareholders/note holders in the Enron Chapter 11 proceedings.

Heller, Draper Hayden, Patrick & Horn

PRACTICE: Heller, Draper Hayden, Patrick & Horn’s 18-attorney bankruptcy and reorganization practice is divided between the New Orleans and Baton Rouge offices. Practice members have acted as principal reorganization counsel for the debtor in numerous cases including Communications Corporation of America, a television broadcasting company with stations in several states.

CLIENTS: The practice has advised interested parties in Legends Gaming, Jazz Casino and Dow Corning.

INDIVIDUALS: William Patrick in New Orleans has acted in numerous bankruptcies including those with mass tort claims for asbestos injury and nuclear exposure.

Lemle & Kelleher

PRACTICE: Lemle & Kelleher’s eight-attorney bankruptcy and restructuring practice is based in New Orleans. It has a solid following of banks and is rather stronger on the creditor-side of Chapter 11 reorganizations, although some debtor and trustee instructions are also taken. Several of the practice group offer expertise in other areas of the law including transportation, toxic tort and insurance, which provides the team with useful niches of expertise.

Recent representations include advice as co-counsel to a large bank group with $400m in claims in the Chapter 11 case of an oil and gas company.

CLIENTS: Clients include Capital One, Den Norske Bank, Frost Bank, Elmwood Village Center and Pan-American Life Insurance.

INDIVIDUALS: Patrick Johnson is widely experienced in creditor and debtor rights and is frequently involved in litigation. He is admitted to practice before the US Supreme Court. David Waguespack has represented clients in numerous complex insolvencies including real estate and construction cases.

Kozyak Tropin & Throckmorton

PRACTICE: Kozyak Tropin & Throckmorton’s four-attorney, Miami-based bankruptcy practice appears small but every member is experienced; the youngest was called to the Florida Bar in 1994. The broad practice, which has a bias towards contentious matters and litigation, also boasts niches in real estate and hospitality-related bankruptcies.

Current representations include the largest equity holder in a major hospitality and development bankruptcy pending in Jacksonville, Florida. The practice is also advising the holders of mortgage-backed securitized notes in bankruptcies nationwide.

CLIENTS: Clients include Marriott International and Ritz-Carlton.

INDIVIDUALS: John Kozyak co-chairs the practice and is a familiar litigator in bankruptcy courts. For the last 18 years he has represented the Asbestos Property Damage Claimants Committee in the high-profile Celotex bankruptcy. Corali Lopez Castro has wide-ranging experience of complex bankruptcy reorganizations and liquidations. Both are based in Miami.

Baker Botts, L.L.P.

PRACTICE: Baker Botts, L.L.P.’s bankruptcy and restructuring practice numbers 13 partners, ten based in the Dallas office and three in Houston. It has acted in numerous high-value Chapter 11 assignments as well as tricky out-of-court reorganizations. The economic downturn has produced a large number of credit-side instructions from private equity investors and secured lenders.

In a long-running and high-profile assignment, the practice has represented ASARCO, the leading copper and non-ferrous metal producer, in Chapter 11 proceedings which commenced in April 2005. Among the many issues which have to be reconciled are over 74,000 asbestos-related personal injury claims, and allegations of fraudulent transfer of a majority interest in the company by its parent corporation. In September 2008 the US Bankruptcy Court tentatively approved two competing plans for the Chapter 11 reorganization.

CLIENTS: Clients include Pacific Lumber, SemGroup Energy Partners and Yorkville Advisors.

INDIVIDUALS: Jack Kinzie, the bankruptcy section chair, is based in Dallas and has led in the ASARCO bankruptcy since it was first filed.

Fulbright & Jaworski LLP

PRACTICE: Fulbright & Jaworski LLP’s bankruptcy practice is concentrated in the Houston and Dallas offices, with representation in Austin. The members have wide-ranging experience across the discipline which includes the Chapter 11 case of Yukos Oil Company which originally filed in 2005 and has recently closed. Practice lawyers successfully represented Yukos’ non-Russian subsidiaries in opposing Chapter 15 recognition of proceedings in Russia and the appointment of a Russian administrator.

Other high-value ongoing instructions include the restructuring of a major property developer’s credit facilities and, since 2003, representing the lessor of two power plants in the bankruptcy of the lessee power-producing company.

CLIENTS: clients include Bank of New York, Bank of America, International Air Transport Association and the unsecured creditors in the ASARCO bankruptcy.

INDIVIDUALS: In Houston, Evelyn Biery heads the practice, and is advising in the ASARCO bankruptcy. Also in Houston, Zack Clements has 30 years’ experience of businesses in difficulty, ‘presents cogent argument and backs down to no one’, and led in the Yukos matter. William Greendyke, who served as chief judge of the US Bankruptcy Court for Southern Texas before joining the practice, is described as ‘excellent, he brings order out of chaos’, and divides his time between Dallas and Houston. Berry Spears in Austin is ‘knowledgeable, practical and well organized’.

Haynes and Boone, L.L.P.

PRACTICE: Haynes and Boone, L.L.P.’s southwestern bankruptcy and business restructuring practice has some 25 partners, with the largest teams based in its Dallas and Houston offices. The practice has wide experience of negotiating and drafting reorganization plans, including pre-packaged Chapter 11 cases, as well as handling complex litigation involving bankruptcy or allegations of fraud. Niche expertise includes the energy sector, real estate, aviation and air transport, and retail distribution.

In recent instructions the practice has acted for NYSE-listed The Bombay Company, a retailer with over 400 outlets, and successfully designed a court-approved liquidation plan which included sale of the brand name for cash and a future royalty. Lawyers represented the creditors’ committee in the successful $2bn refinancing which closed the El Paso Electric hapter 11 case - this was only the second investor-owned public utility to file bankruptcy since the 1930s.

CLIENTS: Clients include Kevco, American Airlines, Bank of New York, MAIR Holdings, Calyon and WCI Communities.

INDIVIDUALS: In Dallas, Robert Albergotti has advised in many complex bankruptcies and reconstructions, representing Bank of America in connection with a $2.65bn credit facility in the WorldCom bankruptcy. Also in Dallas, Trey Monsour has considerable experience of the oil and gas sector. Charles Beckham in Houston is also an expert in insolvencies in the oil and gas and energy sector.

Vinson & Elkins L.L.P.

PRACTICE: Vinson & Elkins L.L.P.’s restructuring and reorganization practice is deeply embedded in the firm’s wider corporate and commercial practices, with most partners having expertise in another discipline, such as tax or structured finance. The southwestern team of 20 partners is divided between Dallas and Houston. Two Dallas partners spend part of their time in New York.

Lawyers recently represented a large private equity fund in connection with investments in a residential mortgage origination and servicing business, and represented the debtor through a pre-arranged Chapter 11 filing in the case of Integrated Electrical Services.

CLIENTS: Clients include JPMorgan Securities, Action Auto Rental, Gentek, Var-Tec Telecom and Daisytek International.

INDIVIDUALS: Josiah Daniel is a senior practitioner of immense experience in bankruptcies involving fraud and mass tort issues. James Lee’s practice extends to litigation in large and complex bankruptcies, including those where fraudulent transfer or breach of fiduciary trust are alleged. Both are based in Dallas.

Greenberg Traurig LLP

PRACTICE: The Greenberg Traurig LLP southwestern business reorganization and bankruptcy practice, with some 15 lawyers in the Dallas and Houston office, does not have such a high profile as the Miami-based southwestern offering, but nonetheless houses some experienced and expert attorneys. The practice includes representation of creditors, equity holders and debtors. Members have acted in numerous significant cases across the US.

CLIENTS: Clients include Sony Corporation and Bank of New York.

INDIVIDUALS: Clifton Jessup has wide-ranging experience. He was appointed as examiner in a multimillion-dollar oil and gas development company case, Tri-Union Development. Bruce White is also a strong practitioner. Both are based in Dallas.

Thompson & Knight LLP

PRACTICE: Thompson & Knight LLP’s nine-partner Texas bankruptcy practice is divided between the Dallas and Houston offices. It has clear strengths in litigious matters - several practice members combine a litigation practice with corporate reorganization and creditors’ rights expertise. The practice is also expert in the oil and gas sector. In a recent instruction, the practice represented hedge funds and private equity firms holding senior convertible notes in Integrated Electrical Services bankruptcy.

CLIENTS: Debtor clients include Gereke Chemicals and creditors’ committees have been represented in cases including Texas Commercial Energy and First Air Express.

INDIVIDUALS: David Bennett brings oil, gas and energy expertise to an expert reorganization practice. John Brannon is a highly experienced litigator in the field.

Akin Gump Strauss Hauer & Feld LLP

PRACTICE: Akin Gump Strauss Hauer & Feld LLP’s Texas financial restructuring practice is centered in Dallas. The practice is best known for creditor committee representation and also represents a range of distressed debtor companies in Chapter 11 proceedings and out-of-court restructurings.

CLIENTS: The practice has represented official creditors’ committees in the Delta Air Lines, WorldCom and Washington Mutual restructurings.

INDIVIDUALS: Dallas-based Charles Gibbs is expert in distressed real estate instructions and also has wide experience of securitized loans in bankruptcies.

Andrews Kurth LLP

PRACTICE: Andrews Kurth LLP’s bankruptcy and restructuring practice in Houston numbers 16 partners, although the majority of these also practice in several other areas including real estate, hospitality, hotels, franchise operations, energy and construction.

The practice continues to act for JPMorgan Chase as administrative agent in numerous syndicated and revolving credit facilities.

CLIENTS: Clients include Frontier Oil & Refining, General Electric Capital, Citicorp and the debtors in Crown Pacific Partners.

INDIVIDUALS: John Sparacino is frequently involved in representation of purchasers and sellers of assets in distressed situations.

Gardere Wynne Sewell

PRACTICE: Gardere Wynne Sewell’s bankruptcy and business reorganization practice divides between Dallas and Houston. Members have represented debtors including Senior Management Services of America in successful Chapter 11 proceedings as well as advising in cross-border insolvencies such as MuscleTech Research and Development.

CLIENTS: Clients include Physicians Specialty Hospital of El Paso East, American Pad & Paper and jobs.com.

INDIVIDUALS: Deidre Ruckman heads the practice and has particular expertise in financial restructuring and workouts.

Davis Wright Tremaine LLP

PRACTICE: The Davis Wright Tremaine LLP credit recovery and bankruptcy practice is geographically spread throughout the US network, from Seattle in the north to Los Angeles in the south. The practice is rooted in the firm’s broad industrial sector and corporate law expertise, with six of the partners active in the practice fully committed to bankruptcy, credit recovery and restructuring. Linking bankruptcy work to specialist industry practices gives the group niche expertise in industries such as agribusiness, foods and beverages, energy and telecoms. Active and very competent in mid-value casework, the practice handles numerous creditor-side instructions for commercial finance companies, equipment lessors and other finance providers.

In 2008, lawyers represented the Canadian receiver in Chapter 15 - main bankruptcy jurisdiction - proceedings in connection with the US business assets of Madill Equipment Canada. Debtor-side representation has resulted in numerous successful Chapter 11 reorganizations. The complex Kistler Aerospace case required $600m of pre-petition debt restructuring.

CLIENTS: Clients include Associated Grocers, Adelphia Communications and Brown & Cole.

INDIVIDUALS: Ragan Powers in Seattle has represented clients in numerous bankruptcies and insolvencies with great success. In San Francisco, Harvey Schochet, who is also licensed as a Certified Public Accountant, has considerable experience in distressed commercial real estate. Portland-based chair of the practice Joseph VanLeuven has a wide practice with particular strength in the representation of banks and asset-based lenders.

Holland & Hart LLP

PRACTICE: Holland & Hart LLP’s bankruptcy, restructuring and creditors’ rights practice is the largest in the Mountain West Region - which covers Colorado, Idaho, Montana, Utah and Wyoming. The practice represents many financial institutions, commercial lenders, landlords and equipment lessors as well as business owners of all types.

Lawyers represented a coal mining company in the Cajun Electric case, a major utility bankruptcy, and succeeded in preserving the client’s coal supply contract. The practice also assisted the largest bicycle manufacturer and distributor in the US in the successful purchase of the bicycle business unit and assets from the Schwinn bankruptcy.

CLIENTS: The practice represented parties in the Western Integrated Networks, Western Pacific Airlines, Kaiser Steel and Handy & Harman Refining bankruptcies.

INDIVIDUALS: Risa Wolf-Smith, the practice chair, has handled some of the largest bankruptcy sales in Colorado - she has niche expertise in technology-related bankruptcy. In Salt Lake City, Mona Burton has participated in the larger Utah bankruptcies and brings expertise in the health and retirement care sector to a wide-ranging practice.

Bush, Strout & Kornfeld

PRACTICE: Bush, Strout & Kornfeld is a seven partner, Seattle-based law firm which commits almost wholly to commercial debtor and creditor advice. The practice has established a reputation for constructively assisting businesses in difficulty.

Representative cases include the restructuring of Associated Grocers, a wholesaler with annual revenues of $1bn, an instruction which required the restructuring of obligations to 17 lenders. The practice has represented Christiana Bank in numerous matters involving the Alaska and commercial fishery industry, a complex niche which requires the interaction of bankruptcy and Admiralty law.

CLIENTS: Clients include Worldpoint Logistics, Alaska Power & Telephone, and Advanced Technology Video.

INDIVIDUALS: Gayle Bush specializes in out-of-court workout agreements, Chapter 11 reorganizations and liquidations across the business range. Armand ‘Jay’ Kornfeld is a veteran of financially troubled companies in diverse industries and ranks as the regional expert in commercial fisheries and the seafood processing sector.

Duane Morris LLP

PRACTICE: Duane Morris LLP’s West Coast offices in San Diego, Los Angeles and San Francisco house some eight members of the firm’s reorganization and bankruptcy practice. A strong local penetration has been established and the California-based lawyers also contribute to the nationwide and international offering.

Representative matters include acting as chief reorganization counsel in numerous confirmed plans including Palomar Mountain Spring Water, CinemaStar and Audre.

CLIENTS: Clients include Liberty International, CitiCapital and Wells Fargo.

INDIVIDUALS: In San Diego, Christopher Celentino has a wide-ranging insolvency practice and is expert in construction litigation. Mikel Bistrow, also in San Diego, has considerable expertise in credit and lending including securitization and construction finance-she is admitted to the US Supreme Court

Lane Powell PC

PRACTICE: Lane Powell PC’s bankruptcy and creditors’ rights practice comprises 12 attorneys practicing from the firm’s Seattle and Portland offices. It is well-established in the states of Washington, Oregon and Alaska and also takes instructions from California and other states. Key industry niches include agriculture, fisheries, shipping, healthcare, retail, real estate and construction. The practice has a blue-chip following of banks and other financial institutions which regularly instruct when loans become problematic.

CLIENTS: Clients include Transamerica Commercial Finance, Mutual Life Insurance, General Electric Capital, Wells Fargo Bank and Navisar Financial.

INDIVIDUALS: Charles Ekberg has wide experience of debtor representation in many industries. Mary Jo Heston has quickly built a strong practice which includes international insolvency. Both are based in Seattle.

The sub-prime crisis saw the world’s debt and equity markets freeze, leaving companies and financial institutions unable to borrow, lend or raise capital in the ways that they were used to.

Marking the seriousness of the situation, law firms and clients alike have seen the halt of the initial public offerings (IPO) market, as well as the closing of leading financial institutions such as Lehman Brothers and the rescue of banks such as Citibank.

Following the closing up of the debt and equity markets, both national and international corporate firms and financial institutions have experienced difficulty in raising capital and have therefore turned to law firms to assist them in finding alternative ways to raise money, such as creating special-purpose acquisition companies (SPAC) as well as seeking assistance for restructurings. This has been the case for clients across the spectrum of industries, although strong industry sectors such as the energy and technology arenas have been more robust have others.

Therefore, 2008-09 has been a true test of both Wall Street law firms and leading firms based outside the financial centre of the States. While these firms have seen a slowdown in varying areas of the market, it has been a time when the true expertise of lawyers and capital markets practices have been tested, taking transactions to an unresponsive market and assisting clients in urgent transactions that needed to be concluded yesterday.

The following rankings highlight the firms that have been able to carry out work for clients in the current market as well as those that have acted on the 2008 leading matters. Complexity of deals and prominence in the market are also factors.

Cleary Gottlieb
Steen & Hamilton LLP

PRACTICE: Cleary Gottlieb Steen & Hamilton LLP continues to act at the top of the market in terms of debt transactions for issuer and manager clients. The firm’s international capital markets practice offers a full service of products across the board, from complex restructuring to straight debt. Praised by clients for the ‘accuracy of their opinions and the quality of their work’, the practice’s New York and Washington DC-based lawyers saw a dip in terms of market share in the first half of 2008, particularly on the manager side, but still continue to command an impressive slice in terms of volume and deal size across the board.

Issuer representations have been extremely strong for the firm. In January 2008, the practice acted as counsel to Citigroup in the $12.5bn investment in Citi by a group including Capital Research Global Investors and Government of Singapore Investment Corporation. The investment was carried out through an offering of convertible preferred stock, involving six individually negotiated private placements. Overall, the team represented the client in ten concurrent offerings of the overall value of $19bn, including convertible and straight preferred stock to the public.

Illustrating its international prowess, the practice is experienced in Rule 144A/Regulation S transactions and has a strong base in Latin America, acting for American Tower in a Rule 144A/Reg S offering of $500m senior notes, due October 2017.

On the manager side, the team has an impressive roster of both financial and institution clients and non-financial institution clients. A leading matter included the representation of a group of underwriters led by JPMorgan, Citigroup, Greenwich Capital Markets, and Merrill Lynch, regarding an offering by American Express Company $2bn notes and $1bn notes issued under a shelf registration statement.

CLIENTS: Issuer clients of the firm include PNC Financial Services Group, and Alltel Corporation while noted manager clients include JPMorgan, Citigroup, and Greenwich Capital Markets.

INDIVIDUALS: Partner Carmen Corrales is regarded by clients as a’smart and hardworking’ lawyer who focuses her practice on sovereign and corporate transactions, including restructuring. Roger Thomas is singled out by clients as ‘persevering and resourceful’. Thomas has a particular practice focus in international and financial matters.

Davis Polk & Wardwell

PRACTICE: Described by clients as ‘the best underwriter’s counsel for convertible debt in the US’, Davis Polk & Wardwell reigns supreme in debt management representation, particularly taking into account the practice’s volume and size of matters, and the complexity of matters done. Advising a veritable who’s who of financial institutions, there is no ignoring the firm’s strength in this area. Its deep bench in terms of client service is also recognized by clients who note that ‘starting at the top and through the junior resources, they give us 100% focuses and attention’, as well as showing ‘a detailed knowledge throughout the process’.

Praised for its ability to ‘think out of the box and come up with solutions’, the practice has a reputation for being able to turn its hand to any debt matter, from simple offerings to complex hybrid securities. The New York office advised Citigroup, Banc of America and JPMorgan as joint structuring coordinators and book-running managers regarding a Rule 144A/Regulation S offering of $1.25bn junior subordinated notes by Liberty Mutual.

While issuer representation has not been as strong as manager representation in past years, the practice has had an impressive 2008/09 in terms of deal size and the clients that it has attracted. For Oracle Corporation, the largest enterprise software company in the world, the team advised the client regarding its SEC-registered debt offering of $5bn aggregate notes and $5bn in notes of varying percentages.

Industry-wise, the firm has the advantage of having strong New York and California offices, giving it an edge in the financial and technology
arenas and allowing the firm to see continued work in these areas, particularly on the issuer side. The Menlo Park office has had particular strength in the issuer area, and the New York team is advising Morgan Stanley as issuer regarding an aggregate of over $19bn of SEC-registered debt offerings.

CLIENTS: On the manager side, clients include Citigroup, Merrill Lynch, Pierce, Fenner & Smith, and Goldman Sachs, and on the issuer side, the practice represented Oracle and Riper Industries, as well as Comcast.

INDIVIDUALS: Bruce Dallas stands out to clients in the debt area due to his ‘high experience level and knowledge of the law’. The Menlo Park partner led the Comcast matter.

Menlo Park-based partner Alan Denenberg is singled out by clients for his ‘tremendous amount of experience in convertibles, with an ability to navigate the legal and business issues to get
the deal done’. Denenberg is a member of the firm’s corporate practice and acts for both issuers and managers.

Sidley Austin LLP

PRACTICE: Sidley Austin LLP has continued to act at the top level of the manager market, representing clients such as Merrill Lynch and Goldman Sachs. Clients note that the ‘general scope of their securities expertise was a heavy factor in selecting this firm to represent us externally’, which is illustrated by the impressive range of products that the firm can act on, from being the leading firm in investment grade corporate debt regarding markets share and deal size, to extendable note offerings and mortgage bonds, smashing the market perception that without a strong asset-backed securities market, the firm would falter. Clients note that ‘when I am able to select counsel, I go to Sidley Austin LLP They are top-notch securities lawyers and help us work out business-oriented solutions to issues.’

Illustrating its strength in the investment grade corporate debt arena, the practice acted for Citigroup as designated underwriters counsel regarding GlaxoSmithKline’s investment grade corporate bond/debenture valued at $9bn, which closed in May 2008. It also acted for Citigroup as underwriters counsel in five multilateral trade negotiation (MTN) offerings for McDonald’s totaling $3.8bn. Despite originating in Chicago, the firm rivals New York-based firms for relations with financial institutions.

Industry-wise, the practice has strong expertise in the energy, life sciences and real estate arenas. The practice acted for Bank of America Securities, Deutsche Bank, Citi and Goldman Sachs regarding the issuance by Simon Property Group, the nation’s largest REIT, of $1.5bn of two offerings of notes of varying percentages.

On the issuer side, the practice acted for Kraft Foods regarding its $3bn multi-tranche fixed and floating rate note offering and following this its $2bn multi-tranche fixed-rate note offering.

CLIENTS: On the underwriter side, clients include ING, Principle Life Income Findings, and JPMorgan while issuer clients include General Electric Capital and Caterpillar Financial Services.

INDIVIDUALS: New York-based senior partner Norman Slonaker ‘thinks ahead and anticipate issues that may come into play’. A partner for 35 years, Slonaker is adept at the most complex matters such as convertible and exchangeable securities and Rule 144A offerings.

Partner Edward Petrosky is the global coordinator of the securities group and co-head of the capital markets group, and is described by clients as being ‘very, very knowledgeable and very responsive’.

New York partner James O’Connor is singled out by clients for his ‘overall understanding of securities laws and policies’ and for his approach to dealing with securities matters being ‘both calming and calculated and he has helped us deal with a number of issues on an expedient and thorough basis’.

Sullivan & Cromwell LLP

PRACTICE: During a period in which many firms have struggled to recreate 2007’s success across the debt capital markets board, Sullivan & Cromwell LLP has continued to act on highly complex debt matters, particularly on the issuer side, while also enjoying a high level of success in terms of the number of and revenue accrued from manager representation in terms of volume and size of matters in the first half of 2008.

Clients praise the firm’s ‘highest quality of service, supreme responsiveness and dedication of team members’. The practice’s impressive list of large, international clients is understandable due to the complexity and size of deals that it is able to work upon with positive results. With the market that ‘for bank financings, people go to Sullivan & Cromwell LLP ’, the practice has an impressive cross section of clients from its New York and Washington DC East Coast offices, and its Palo Alto and Los Angeles office on the West Coast.

On the manager side, the practice advised the underwriters Credit Suisse, Citigroup, Lehman Brothers and Credit Suisse regarding the SEC-registered $6.6bn convertible notes offering in three tranches, the largest ever convertible notes offering.

The practice recently acted for Wells Fargo regarding two offerings of guaranteed hybrid securities, which included two offerings of entrenched trust preferred securities and two offerings of normal preferred purchase securities. The combined aggregate worth of the four transactions was $6.5bn.

In a joint debt and equity matter, it acted for American International Group regarding its capital raising, which produced over $20bn. The debt portion of the matter consisted of an offering of the equivalent of $6.9bn of junior subordinated debentures.

CLIENTS: Manager clients for the firm include Deutsche Bank, JPMorgan and UBS. On the issuer side, clients include the above mentioned American International Group and Wells Fargo.

INDIVIDUALS: New York-based partner Robert Downes is the coordinator of the firm’s high-yield financing group, but is held in high regard for his work and expertise in the debt arena. Clients note that he offers a ‘top notch service’ in the area.

Cahill Gordon & Reindel

PRACTICE: The majority of the leading debt work that ‘very skilled’ Cahill Gordon & Reindel has worked on in 2008/09 has been a combination of high-yield and debt work with many complex components, showcasing the firm’s high-yield expertise, as well as its flexibility and ease in the debt and high-yield arenas. Despite being less visible in the straight debt space, its elite client base and the spectrum of debt products that the practice acts on is not unrecognized.

In one dual matter, the practice represented the debt financing sources of a spinoff of IAC Companies. The practice represented JPMorgan, Merrill Lynch and Banc of America as representatives for the initial purchasers regarding an offering by Ticketmaster of $300m principle amount of its senior notes. In the same matter, it acted for JPMorgan Chase as administrative agent and collateral agent in the $650m credit facility for Ticketmaster which comprised of a $100m term A loan, a $350m term B loan and a $200m revolving credit facility. For Wachovia Bank, the team represented it in its role as administrative agent and collateral agent in the $200m credit facility for Interval Acquisition, comprised of a $150m term loan and a $50m revolving credit facility.

In a similar matter, the team acted for a group of leading financial institutions including Citibank, Deutsche Bank and Morgan Stanley in various capacities as arrangers and agents regarding Clear Channel Communications’s bank debt financing of $16.8bn. The financing consisted of $2bn cash flow revolving credit facility, a $1.33bn tranche A term loan, $10.7bn tranche B term loan, $696m tranche C term loan, a $1.25bn delayed draw term loans and $783m asset based revolving credit facility.

CLIENTS: The firm’s elite manager client base also includes Credit Suisse, Morgan Stanley, The Royal Bank of Scotland, Wachovia Capital Markets and Barclays.

INDIVIDUALS: ‘Great’ lawyer Micheal Michetti offers a very flexible and diverse practice in terms of the array of matters that he can undertake, including leveraged financings for acquisitions, going private transactions and recapitalizations, with a particular focus on representing financial institutions. Michetti is based in the firm’s New York office.

Cravath, Swaine & Moore LLP

PRACTICE: New York firm Cravath, Swaine & Moore LLP is a leader in both the issuer and manager arenas, with a long history in debt expertise. Clients note that they use the firm due to the ‘reputation of the firm’ in this area, which acts for an impressive array of leading investment banks on both the debt and high-yield debt arenas.

Yet despite counting Goldman Sachs, Credit Suisse and Deutsche Bank among its manager clients, the practice has not seen the same volume, size and complexity of deals on the manager side as other top tier firms, leaving it trailing slightly. Describing the singular New York-based firm as ‘more of a generalist firm’, client’s note that ‘ Cravath, Swaine & Moore LLP doesn’t have the same overall expertise levels.’

In opposition to this, when the LBO and sponsor influx of 2007 died away, the practice handled large senior debt offerings on the issuer side and senior and registered debt on the manager side. Clients praise the ‘strong knowledge of the product and the market, the excellent responsiveness, and level-headed negotiators’ of the practice. Drawing from its investment grade strength, the practice continues to act for an impressive roster of banks. In 2008, it acted for underwriters including Credit Suisse, Goldman Sachs, Morgan Stanley, Banc Of America, JPMorgan and RBS Greenwich Capital regarding the $2bn registered debt offering of E.I. du Pont de Nemours.

Illustrating the firm’s trusted position as underwriter counsel, it is the designated counsel for Johnson & Johnson; one matter for the client includes representing underwriters Citi, Deutsche Bank, JPMorgan and Goldman Sachs regarding a $1.6bn registered debt offering of Johnson & Johnson.

On the issuer side, the practice acted for IBM regarding its $4bn registered debt offering in 2008, and acted for the global biopharmaceutical and related healthcare products company Bristol-Myers Squibb regarding its $1.6bn registered debt offering.

CLIENTS: Manager clients include HSBC, while issuer clients include Xerox Corporation, Bottling Group and Unilever.

INDIVIDUALS: Partner Craig Arcella is described by clients as ‘an excellent capital markets attorney. Very intelligent, professional, attentive and easy to work with’.

The ‘great’ partner Erik Tavzel is widely respected by clients for the capital markets expertise that he brings to the table.

Both partners are based in the New York office.

Dewey & LeBoeuf LLP

PRACTICE: Just over a year after the Dewey Ballantine LLP and LeBoeuf, Lamb, Greene & MacRae LLP merger, Dewey & LeBoeuf LLP has created a reputation for supplying an ‘unparalleled’ service to clients in terms of quality from a firm of ‘brilliant lawyers, with excellent personalities who are extremely responsive, even at the very highest levels and among the most senior partners’. The strength in the insurance and energy sectors is evident on the issuer side of the practice, where clients entail a list of leading insurance companies. Coupled with the traditional financial strength, the practice has a winning combination with a focus that is a little different to its competitors. Clients note that ‘the quality of their work product is also consistently very high across every practice group I frequent’.

On the complex issuer side, the practice acted for Metropolitan Life in Rule 144A and Regulation S offerings of fixed rate, floating rate and extendible notes in an aggregate principle amount in excess of $7bn. In a market where many firms are struggling, Dewey & LeBoeuf LLP has attracted new client Johnson & Johnson, acting for the client regarding its $1.6bn offering of two varying notes.

On the managers side, the practice has acted for underwriters regarding Progress Energy Florida’s two offering of First Mortgage Bonds.

The practice also acted for a number of issuers and underwriters regarding several offerings of catastrophe bonds in an aggregate principle amount equivalent to $2.9bn.

CLIENTS: Issuer clients include Fannie Mae, The Walt Disney Company, New York Life Global Funding and Liberty Mutual. On the manager side, the practice counts Banc of America Securities, Deutsche Bank and Wachovia Capital Markets among its clients.

INDIVIDUALS: Michelle Rutta is heralded as being a ‘go-to’ corporate securities lawyer’. Praised for her ‘tireless, knowledgeable, creative’ approach to matters, she ‘gives 100% to their clients’.

High praise is reserved for partner Morton Pierce. A client notes that ‘I rely heavily on Mort Pierce, especially with respect to board level issues, our most significant transactions, high level governance and strategic advice, and securities matters’. As the chairman of the mergers and acquisitions group, Pierce is a member of the corporate practice and excels to the point that a client notes ‘I wouldn’t trade Mort for any other lawyer in New York’.

Global co-chair of the firm’s corporate finance group, Frank Adams focuses his practice on corporate finance, securities and M&A matters. Having ‘grown up under Morton’s tutelage’, clients note that ‘he serves as an extremely capable second chair to Mort Pierce. They are quite a pair’.

All three partners are based in New York.

Latham & Watkins LLP

PRACTICE: Latham & Watkins LLP’s eminence and reputation in the high-yield and complex convertible debt arenas is well deserved, but this product specific excellence explains why overall market share in the debt arena is lower.

This is by no means an indication that the team does not offer a reasonably strong debt service. Clients praise the team’s lawyers, who are ‘responsive and prepared to put in the energy, effort and thought to strike and then consequently execute a difficult transaction’. The firm also has a strong geographic, and industry-wise, expertise in the communications and technology arenas. It is also noted by clients, however, that the practices within the firm do not work as closely together as they do in other firms: ‘the different parts of the firm worked relatively well together, although some improvement in this respect is needed’.

Despite not having the same relationships with investment banks as other firms, the practice attracts large matters such as advising Bank of America and other underwriters, regarding the Computer Science Corporation’s 144A offering of the $1.7bn senior notes.

In the convertible’s market, the Washington DC team advised issuer USEC regarding its offering of convertible senior notes. The deal is worth $575m. Also on the issuer side, the Los Angeles office advised Amgen regarding its 2008 offerings of $500m senior notes and $500m senior notes of senior notes, with an overall value of $1bn.

CLIENTS: Clients on the issuer side include TransAlta, USEC and Amgen. On the manager side, the practice has acted for Credit Suisse, Goldman Sachs and UBS Investment Bank.

INDIVIDUALS: Partner Dennis Lamont is a member of the firm’s corporate finance group and the co-chair of the private equity finance practice. Lamont is praised by clients for his ‘knowledge and awareness of market standards, clarity of explanation and constructive suggestions’.

‘Terrific’ partner Kirk Davenport is the chair of the corporate finance & capital markets practice group, and is praised by clients for his ‘hands on, practical’ approach to matters.

Both partners are based in the New York office.

Mayer Brown

PRACTICE: Mayer Brown are retained by clients who return to the practice due to a ‘long standing relationship built on trust and excellent results’. The team is noted as being an alternative to other firms due to ‘the quality of the work is enhanced by the relationships the partners build with their clients’, particularly on the underwriter side.

Headquartered in Chicago, the firm is slightly stronger in issuer representation than manager representation. The practice is designated underwriter to a number of household names, and has continuing relationships with some top investment banks, but has not enjoyed the same outstanding manager relationships or volume and size of work as rival firms.

While having expertise based in Chicago, New York, Houston, Charlotte, Washington DC and Palo Alto, the practice does not plug into the elite financial institution client base that other firms enjoys, but is highly accessible to clients. Clients note the closeness in which the lawyers of the firm work together: ‘The attorneys are always very responsive, and don’t hesitate to hand over specialized questions to other attorneys in the firm with the expertise necessary to provide top-notch advice’

The Chicago team represented issuer ProLogis regarding the issuance and sale of $500m aggregate principal amount of the Company’s convertible senior notes, with a $50m green shoe that was exercised. This matter was carried out concurrently with an offering of $600m ten-year notes.

In a matter that closed in August 2008, the practice acted for the issuer TransCanada PipeLines. regarding its $850m senior notes and $650m senior notes.

On the manager side, it represented Citigroup as lead underwriters regarding Dow Chemical’ $800m notes, which closed in May 2008.

CLIENTS: The firm has acted for issuers such as the Tenneco Automotive and ACE INA Holdings. On the manager side, the practice counts Citigroup and Bank of America as clients.

INDIVIDUALS: Chicago-based partner and co-leader of the capital markets and corporate law practice Edward Best is singled out by clients for being ‘very bright, solutions based and pragmatic.’

Also based in Chicago, partner Michael Hermsen is noted to ‘have provided excellent service’ to clients and is very personable in addition to being ‘very good at his work’.

Morrison & Foerster LLP

PRACTICE: Following a year of complex and industry leading manager transactions, Morrison & Foerster LLP sits in the upper echelons of the market in terms of the number of matters handled and the collective dollar amount of transactions done, attracting complex and large matters over the last year and offering clients ‘top priority client service’. This service is described by one client as an ‘unparalleled service’ with ‘great responsiveness’, with a ‘very good bank regulatory practice’.

While the practice is described as ‘not up there with Cleary Gottlieb Steen & Hamilton LLP or Davis Polk & Wardwell , not for the tough questions’ by clients, the range of products that the firm offers and has acted on tells another story. The practice recently acted for the underwriters regarding the largest issuance of US government guaranteed debt in 2008 which involved four tranches of fixed and floating rate senior notes. These were made under the new FDIC Temporary Liquidity Guarantee Program.

The practice also represented underwriters Citigroup, Barclays Capital, ABN AMRO, Deutsche Bank, JPMorgan, Greenwich Capital Market and RBC Dain Rauscher regarding the offering of $1.5bn of senior notes of Capital One Financial.

The team also advised Banc of America as the dealer and arranger regarding a $20bn covered bonds program for the Bank of America affiliate BA Covered Bond Issuer.

On the issuer side, the practice advised Morgan Crucible regarding the offering of $350m of its guaranteed senior unsecured notes. For client ADESA, it advised it regarding a $135.8m offering of senior subordinated notes, the matter involving a debt exchange and a consent solicitation.

CLIENTS: Clients on the manager side include Piper Jaffray and international banks Glitnir Banki and Landsbanki Islands. Issuer clients include Lee & Man Manufacturing and Belron.

INDIVIDUALS: With clients highlighting that her way of ‘developing viable solutions is noteworthy’, partner Anna Pinedo advises a range of manager and issuer clients regarding securities and derivatives matters, and stands out to clients for her particular ‘focus on service’.

Clients single out James Tanenbaum for his ‘sage advice’ and for having ‘always proven himself to be an extremely competent attorney’. Tanenbaum is the chair of the firm’s global capital markets practice.

Both partners are based in the New York office.

Shearman & Sterling LLP

PRACTICE: ‘Excellent’ firm Shearman & Sterling LLP cements it’s mid to upper-market presence with a year of complex and large matters for a range of corporate and financial clients. Sharing the East and West Coast presence that has proved the key to success for many firms in the capital markets arena, the practice acts for a number of high level manager clients, although does not share in the same depth of client roster as other firms. While other firms are often praised as having a deep bench in terms of lawyer expertise, this an area that clients suggest the firm could improve on, noting ‘the associate pool at Shearman & Sterling LLP is very weak and the quality of legal work suffers as a result’.

Offering clients a broad range of product expertise, the practice’s particular strength lies in the convertibles arena. In 2008, it acted for Morgan Stanley and Credit Suisse Securities regarding an offering of senior notes convertible to American depository shares by China Medical Technologies.

The New York-based practice acted for Citi, Deutsche Bank Securities, Goldman Sachs, and Mizuho Securities as joint book-running managers regarding Time Warner cable’s sale of $2bn of fixed rate notes in two tranches.

On the issuer side, the practice’s talent for large complex matters is evident with the representation of John Deere Capital in 2008 regarding its $2bn issuance of medium term notes which are guaranteed under the Federal Deposit Insurance’s Temporary Liquidity Guarantee Program.

CLIENTS: Manager clients include Banc of America Securities, Goldman Sachs and JPMorgan. Examples of issuer clients that the firm has acted for include CIT Group, Alliant Techsystems and Thomson.

INDIVIDUALS: New York-based partner Robert Evans is singled out by clients for being one of the ‘only certain lawyers that I like’. Evans has particular expertise in working with investment banks regarding a range of areas including debt securities.

Simpson Thacher
& Bartlett LLP

PRACTICE: In terms of practice strength,
Simpson Thacher & Bartlett LLP is a market
leader in terms of its high-yield and equity expertise, while its debt strength does not
quite make the same grade. The practice is praised by clients for the way in which the lawyers ‘continue to provide exceptional client service, both in timeliness of work, and quality of work’.

Recently, the practice has been working with impressive issuer clients such as Microsoft on large matters, suggesting that the firm’s issuer expertise is catching up with its manger strength. Despite a very consistent market share on the manager side throughout 2008, the practice does not match its competitors in terms of elite manager clients.

An illustration of the firm’s issuer success is its representation of technology giant Microsoft in the first debt financings in the company’s history. This matter included the establishment of a commercial paper program, under which it may issue and sell up to $2bn of commercial paper notes outstanding at any time, as well as entering into a $2bn senior unsecured revolving credit facility.

The practice acted for JPMorgan regarding a $6bn offering of perpetual non-cumulative preferred stock which is the largest offering of this type ever made by the client, and which closed in April 2008.

On the manager side, the practice has also acted for JPMorgan as initial purchaser, illustrating its ability to act for financial clients as issuer. In this matter, it represented the initial purchaser, the arrangers and the administrative agent regarding the financing of Bain Capital’s acquisition of Guitar Center which entailed a $750m Rule 144A and Regulation S offering of Senior Notes Senior PIK Notes and a $1.025bn Senior Secured Credit Facility, consisting of an asset-based revolving credit facility and term loan facility.

CLIENTS: Issuer clients include Sirius Satellite Radio, SunGard Data Systems and RH Donnelley, while manager clients include JPMorgan and Merrill Lynch.

INDIVIDUALS: New York-based partner Lee Meyerson is praised by clients as being a major player in the recapitalization financing arena. Focusing his practice on M&A and capital markets matters for financial institutions, Meyerson is regarded as giving ‘outstanding service’ and for having a ‘very good temperament’.

Skadden, Arps, Slate,
Meagher & Flom LLP

PRACTICE: Creating a balance between issuer and underwriter representation is highly difficult, but Skadden, Arps, Slate, Meagher & Flom LLP’s ‘incredibly diligent, thorough, responsive and knowledgeable’ corporate finance practice appears to have cracked the market in terms of high profile clients, attracting large mandates from both an impressive array of banks and from high-level issuer clients. While the debt side of the firm’s capital markets practice does not have as impressive a reputation or as impressive a market share, it does not mean that the firm cannot offer a range of complex products to clients.

The practice acted for Bank of America, JPMorgan, and Morgan Stanley as joint bookrunning managers, and Citigroup and Deutsche Bank as joint lead managers regarding a $748m Rule 144A offering of exchangeable senior notes by Boston Properties.

On the issuer side, the practice is slightly stronger in terms of the number of matters handled in a range of arenas, from energy and REIT clients to life science related clients, illustrating the diversity of the practice and allowing it to act in industries less affected by the financial climate. The practice acted for Endo Pharmaceuticals in its $378m offering of convertible senior subordinated notes.

For the issuer E.I. du Pont de Nemours, the practice acted in its concurrent offerings of notes, worth $750m offering of notes and $1.25bn notes.

CLIENTS: The firm’s impressive selection of issuer clients includes the MYR Group, SkyTerra Communications, and Mobile Satellite Ventures. Manager clients include Bank of America, Deutsche Bank, JPMorgan, Morgan Stanley, and Citigroup.

INDIVIDUALS: Partner David Goldschmidt is regarded as being ‘incredibly diligent, thorough, responsive and knowledgeable’ by clients.

White & Case LLP

PRACTICE: While White & Case LLP has not enjoyed as larger share of the market as a number of its competitors, it has acted on billion’s of debt transactions in 2007/08, and on some of the most complex and largest national and international matters for a large range of manager clients, including several matters for the Canada Housing Trust and Well Point on the issuer side.

On the manager side, the practice has acted for Citibank as administrative agent, and Citigroup and Banc of America as joint lead arrangers and joint book-runners, with respect to $1.6bn of senior unsecured credit facilities provided to Owens Corning in connection with its emergence from Chapter 11 bankruptcy.

The practice also represented Canada Housing Trust as issuer, and Canada Mortgage and Housing Corporation as guarantor regarding the offering and sale of CAD$11bn Canada mortgage bonds. The matter was part of the largest debt offering in Canadian history, as well as one of the largest AAA-rated bond offerings by a non-US government-related issuer.

CLIENTS: The practice’s impressive manager client list includes Banc of America, Goldman Sachs and UBS, while issuer clients include Canada Housing Trust, Canada Mortgage and Housing Corporation, and WellPoint.

INDIVIDUALS: New York-based partner Kevin Keogh has acted as lead partner on the majority of leading debt matters carried out by the firm.

Dechert LLP

PRACTICE: Dechert LLP has not weathered the storm as well as its more established competitors in the market, in terms of leading issuer and manager debt matters.

Offering expertise in the life sciences, consumer product, REITs and financial services arenas, as well as a range of complex product expertise, clients recognize the ‘very high quality’ of the service provided. In terms of in-depth knowledge, the lawyers are ‘unafraid to offer views on the business issues and on the relative importance of legal issues presented’.

On the issuer side, the practice represented CompuCom Systems regarding its $210m Rule 144A/Regulation S. offering of senior subordinated notes, which was carried out through Bear Stearns. The offering was made in connection with acquisition of CompuCom Systems by Court Square Capital Partners.

CLIENTS: The practice has acted for Carson Wagonlit, AmerisourceBergen and Altra Industrial Motion on the issuer side, and the manager side, it has acted for clients such as Credit Suisse and UBS.

INDIVIDUALS: Partner James Lebovitz is based in the Philadelphia office, and is praised by clients for offering a ‘unique combination of nuts and bolts wisdom, as well as experienced counsel in complicated matters’. Lebovitz acts for both issuer and manager clients, with a particular focus on the representation of investment banking firms and venture capital investors.

‘Terrific lawyer’ Thomas Friedmann is ‘highly though of’ by clients in the debt arena. The Washington-based partner acts for both issuers and managers in a range of securities transactions.

Philadelphia-based partner Christopher Karras is praised by clients for his ‘excellent responsiveness and quality of work’. The ‘flexible, creative, highly intelligent’ co-head of the finance practice is noted for his ‘great business sense’.

Fried, Frank, Harris, Shriver & Jacobson LLP

PRACTICE: Fried, Frank, Harris, Shriver & Jacobson LLP’s is praised by clients for the ‘great quality of service’ received from lawyers with ‘great communication skills’.

The practice has acted as underwriters counsel to Proctor & Gamble in debt offerings for a number of years. By advising a who’s who of manager clients, the practice illustrates its ability to act for international financial institutions regarding very complex matters, as well as the trust that large corporations have in the practice to handle such transactions. Matters for the corporation over the last year include acting as counsel to JPMorgan, HSBC Securities, and Morgan Stanley as the lead underwriters regarding Procter & Gamble’s offerings of $1.25bn of floating rate notes and $750m of floating notes, closing in early September 2008.

On the issuer side, the practice has acted as counsel to Humana regarding its public offering of $500m aggregate principle amount of senior notes, and $250m aggregate principle amount of senior notes.

CLIENTS: On the manager side, clients include Citigroup, Greenwich Capital Markets and Banc of America, while issuer clients include Proctor & Gamble and CVR Energy.

INDIVIDUALS: Valerie Ford Jacob and Daniel Bursky are both singled out by clients as being ‘brilliant’ partners in this area.

Both lawyers are based in the New York office and have acted on the majority of the firm’s leading debt matters from the last year.

Gibson, Dunn & Crutcher LLP

PRACTICE: Los Angeles-based firm Gibson, Dunn & Crutcher LLP has broken the view that law firms based outside New York struggle to engage the leading financial institution clients in lasting relationships. The practice has acted for clients such as Goldman Sachs, Merrill Lynch and Morgan Stanley in the manager arena. However, it is the complexity of work that keeps the firm from enjoying the same recognition as the leading firms.

The firm’s capital markets team has carried out an influx of investment graded debt offerings of a range of products from floating rate notes to enhanced trust preferred securities and senior notes, and has the ability to work on convertible matters.

The practice acted for Citi as underwriter regarding a $4.5bn public offering of floating rate notes and 4.375% notes issued by Wells Fargo.

On the issuer side, the practice acted for Tyco International regarding its $3.6bn consent solicitation and exchange offer covering seven series of notes to settles bondholder litigation.

CLIENTS: Issuer clients include Covidien, Computer Sciences and Interval Acquisition. On the manager side, the practice’s impressive client list includes Deutsche Bank Securities, ABN AMRO and Sovereign Bancorp.

INDIVIDUALS: New York-based partner Kevin Kelley stands out to clients as being ‘intelligent, hardworking and very hands on’. Clients also note that ‘transactions go much smoother when Kevin is hands on’

Paul, Weiss, Rifkind,
Wharton & Garrison LLP

PRACTICE: Paul, Weiss, Rifkind, Wharton & Garrison LLP places emphasis on cultivating long standing relationships with clients, which is evident in the repeat business from clients such as Time Warner Cable and Canadian Natural Resources. Offering services which will support clients from private ownership matters through to IPOs and beyond, the firm has focused on creating lasting relationships.

While the practice has the ability to act on large matters that entail multiple offerings, it has not attracted the same breadth of clients as other or achieved the same volume of matters worked on. Practising from a New York-based office, the firm’s capital markets and securities team is one of the smallest teams in the market.

The practice acted for Canadian Natural Resources regarding its offering of $1.2bn of debt securities, which consisted of 3 separate offerings of $400m of notes varying percentages.

It also acted for Time Warner Cable regarding a $2bn registered offering of debt securities which consisted of one tranche of $750m of notes, and a second tranche of $1.2bn of notes.

CLIENTS: Issuer clients that the firm has acted for include Husky Energy, EnCana, Time Warner Cable and Canadian Natural Resources.

INDIVIDUALS: Partner Andrew Foley works on transactions through the firm’s capital markets and securities practice and corporate governance practice. Foley also has expertise in Canada-related matters through the Canadian practice group.

Partner Raphael Russo focuses his practice on securities and capital markets transactions and acts for issuers and underwriters in a range of matters.

Both partners are based in New York.

Weil, Gotshal & Manges LLP

PRACTICE: At a time when manager and issuer clients alike struggle to raise capital and face the need to restructure their products, Weil, Gotshal & Manges LLP has placed itself well. With leading expertise in its business finance and restructuring and SEC disclosure/securities regulation practices, the practice is able to assist on a strong number of matters thrown up by the current market.

Regarded in the market as having a primary debt focus, the practice has represented some impressive clients on both the issuers and managers. On the manager side, it acted for Morgan Stanley and JP Morgan as agents/lenders regarding Microsoft’s $2bn commercial paper back-up facility. Illustrating the team’s strength in private equity, and supported by the firm’s private equity group, it acted for Providence Equity Partners regarding the $890m acquisition financing for Newport Television.

On the issuer side, the practice’s work includes representing DIRECTV Holdings and DIRCTV Financing regarding its offering of $1.35bn senior notes, and acting for Estée Lauder regarding a $300m offering of senior notes.

CLIENTS: Clients on the issuer side have included Genworth Financial and Starwood Hotels and Resorts, while manager clients include Morgan Stanley, Merrill Lynch and UBS.

INDIVIDUALS: David Lefkowitz is the head of the firm’s global capital markets practice, and has acted for financial institutions in a large range of capital markets matters predominantly for financial institutions and a range of issuers.

Cleary Gottlieb Steen & Hamilton LLP

PRACTICE: Cleary Gottlieb Steen & Hamilton LLP is one of New York’s leading firms in the equity arena, in terms of deal size and volume in equity related manager representations and US preferred stock matters, as well as carrying out 10 IPOs worth over $7bn in the first half of 2008. This market share illustrates the depth of expertise embodied in the practice of ‘exceptionally strong lawyers’ regarding manager representations. As well as commanding a large slice of the market, clients respond well to the firm, noting that ‘their service is excellent and they have by far the deepest bench for a law firm’.

Reputed for its ability to act on highly sophisticated transactions and a full gambit of product expertise, the practice illustrates its strength in the convertibles market, as well as its international strength, through acting as counsel to Citigroup regarding its sale of $7.5bn of mandatorily convertible trust preferred units to the Abu Dhabi Investment Authority.

Cleary Gottlieb Steen & Hamilton LLP has represented an impressive array of underwriters that very few firms can rival. For instance, the practice recently acted for the underwriters led by Morgan Stanley, Banc of America, Credit Suisse, Merrill Lynch and UBS, in MSCI’s $290m IPO of shares of Class A common stock.

While the capital markets practice lacks strength on the issuer side, it differentiates itself from its competitors by exhibiting a strong international capability, acting for both international and national issuers in some of the leading matters of 2008. For Sony, the practice acted as the selling shareholder in its international IPO of the common stock of Sony Financial Holdings, which raised $2.7bn for Sony in the secondary offering in addition to $270m of new capital for SFH. This IPO was the largest in Japan in 2007.

CLIENTS: In addition to the manager clients listed above, the firm has acted for JPMorgan, ABN AMRO and Deutsche Bank. On the issuer side clients include Bolsa Mexicana de Valores, Grupo Clarín and Vale (formerly CVRD).

INDIVIDUALS: Allen Beller is regarded as one of ‘the very best’ in the equity arena by clients. A former director of the Division of Corporation Finance of the US Securities and Exchange Commission, and Senior Counselor to the Commission, Beller focuses his practice on corporate, complex securities and corporate governance matters.

Described by clients as a ‘first-rate lawyer who provides the highest level of legal services and excellent judgement’, Jeffrey Karpf brings particular expertise in SEC-registered matters and complex equity transactions to the practice.

Both lawyers are based in New York.

Davis Polk & Wardwell

PRACTICE: In terms of complexity, volume, and size of deals over the first half of 2008, ‘go-to firm’ Davis Polk & Wardwell takes centre stage for manager representation. Client’s note that the lawyers possess the ‘greatest degree of knowledge in the equity execution area, greatest level trust, and they are constantly providing advice and answers to questions in the interim’, while the firm’s position is cemented by its continuing work with the cream of the underwriting community on ground breaking matters.

Geographically, the firm’s strength is in its New York and Menlo Park offices, allowing it to tap in to the finance and technology markets. Of the practice’s diverse service, clients note that: ‘relative to the general categories that I rate counsel on expertise, work ethic, responsiveness, and they are #1 in all three areas’.

The practice illustrates its ability to advise on innovative and complex matters, including advising the underwriters in the largest follow-on offering of common stock in US history from its New York office. The firm advised Goldman Sachs, Banc of America, Citigroup, Deutsche Bank, JPMorgan, and Morgan Stanley as book running lead managers regarding an SEC-registered offering of shares of common stock of General Electric Company, closing in October 2008.

Another important matter saw the practice advising the above named banks (barring Deutsche Bank and Morgan Stanley and adding Wachovia Capital Markets, HSBC Securities and Merrill Lynch) as joint bookrunners and representatives of the underwriters regarding the VISA IPO which closed in March 2008. This was the largest IPO in US history, in which VISA sold 446.6 million shares of class A common stock for gross proceeds of $19.65bn. Illustrating the firm’s global reach, the IPO was registered simultaneously in the US, Canada and Japan and private placements in more than 50 jurisdictions around the world.

While the firm’s strengths lean towards manager representation, the firm has picked up large issuer matters over the year, including acting as special product counsel for Bank of America in the largest ever public offering of convertible securities, which closed in January 2008. The offering involved $6.9bn SEC-registered offering of 7.25% non-cumulative perpetual convertible preferred stock, including $900m of securities sold pursuant to the exercise of an over allotment option.

CLIENTS: In addition to the manager clients noted above, the firm has represented Credit Suisse and UBS. Issuer clients include SLM Corporation, as well as Oracle, Comcast and Texas Instruments.

INDIVIDUALS: New York-based partner Richard Truesdell is co-head of the firm’s global capital markets group and is regarded by clients as ‘the best securities lawyer on Wall Street’ and praised for his ‘extensive knowledge and calm, unflappable demeanor’.

Menlo Park-based partner Alan Denenberg is regarded as ‘a very creative problem solver’ by clients and brings M&A and corporate finance expertise to capital markets matters. Singled out by clients for being ‘excellent when establishing protocols for working with or dealing with other companies’, Denenberg works in a number of areas of capital markets, including equity matters.

Also based in the California office, Bruce Dallas is a member of the firm’s corporate department and is noted by clients to be ‘an outstanding exemplar of all the firm stands for’, having ‘done it so many times before and seen it all’.

Latham & Watkins LLP

PRACTICE: While Latham & Watkins LLP’s star waned slightly in terms of market share in the first half of 2008, there is no denying that the firm is more than capable of taking on large quantities of work of differing levels of complexities. The market notes that historically ‘high-yield is their focus’, and while it has this premier debt focus in its corporate finance practice, it proves that it is also a leader in both issuer and underwriter in equity offerings in offerings of US common. It is also one of the leading firms in terms of issuer and manager IPOs, advising on 24 US IPOs worth over $3.3bn between September 2007 and September 2008. Illustrating this strength, the ‘responsive’ practice advised RHI Entertainment as issuer, and Kelso and Company as private equity sponsor, regarding RHI Entertainment’s IPO of $189m shares of common stock in June 2008.

Also on the issuer side, the practice demonstrates its expertise in the REIT arena, advising Kimco Realty regarding its offering of 11,500,000 shares of common stocklisted on the NYSE at the value of $426m in September 2008. The practice has also acted for Waste Connections regarding an offering of 12,650,999 shares of common stock listed on the NYSE at the value of $411m.

Despite not having the market share or the impressive client roster of other top-tier firms in manager representation, the firm has continued to practice through the market downturn. In June 2008, the practice advised Credit Suisse regarding Rockwood Holdings’ $421m offering of shares of shares of common stock listed on the NYSE.

The firm continues to grow the practice, welcoming partner Witold Balaban in June 2008 into its corporate department from Davis Polk & Wardwell. Balaban focuses his practice on equity derivatives and cross border capital markets transactions, making him a perfect addition to the practice.

CLIENTS: In addition to the clients mentioned above, clients on the underwriter’s side include Goldman Sachs, Morgan Stanley and UBS while issuer clients include Digital Realty Trust and Extra Space Storage.

INDIVIDUALS: Praised for his ‘extremely strong work ethic’, New York-based partner and vice-chairman of the firm’s global corporate department Marc Jaffe’s personal practice encompasses a vast range of capital markets expertise, including acting on public and private equity and debt matters.

Clients single out Washington DC partner Rachel Sheridan for her ‘extremely smart and reactive’ approach to matters. Sheridan regularly acts for investment banks regarding public equity offerings.

Simpson Thacher & Bartlett LLP

PRACTICE: Having seen the boom of last year’s IPO and private equity markets drop off, Wall Street firm Simpson Thacher & Bartlett LLP continues to represent a number of the top financial institutions and corporate clients on the issuer side. Illustrating the deep expertise of the ‘top-tier’ firm, it has successfully completed complex restructuring matters and offerings that have resulted from the current climate, building on a practice which is historically strong in acquisition finance and hybrids.

An example of such work includes advising German company ATU Auto-Teilie-Unger Handels and its controlling shareholder regarding a €140m equity recapitalization, with a restructuring of ATU’s outstanding credit facility.

While the firm does not hold the same diverse list of financial institution clients, it illustrates its ability to act for financial clients by advising both financial and corporate clients as issuers. The practice recently represented JPMorgan in its largest offering to date, in the form of a $6bn offering of its perpetual non-cumulative preferred stock, which was closed in April 2008.

CLIENTS: Clients on the manager’s side include UBS and JPMorgan, while on the issuer side, the firm has acted for JPMorgan, New Skies Satellite Holdings and Evercore Partners.

INDIVIDUALS: ‘Very highly respected’ New York-based partner Gary Horowitz is singled out by clients for his ‘knowledgeable and easy to work with’ demeanour. Concentrating his practice on corporate finance matters, as well as M&A and joint venture matters, Horowitz acts for both issuer and underwriter clients.

Skadden, Arps, Slate, Meagher & Flom LLP

PRACTICE: With a strong East Coast presence, Skadden, Arps, Slate, Meagher & Flom LLP retains its historic reputation as one of the go-to firms for issuers, as well as holding enviable relations with major investment banks with manager clients praising the firm’s ‘cutting edge, current expertise’. Despite market share and deals volume dipping at the start of 2008, the firm is praised for its depth of knowledge and the continued high level of service provided to clients, who note that in equity matters ‘ Skadden, Arps, Slate, Meagher & Flom LLP is on auto pilot which is good and saves us money’. Others note that ‘we also have relied upon the firm to represent us in high profile business and securities litigation, all of which have been resolved favorably’.

Regarded as being ‘very plugged in’ to real estate and healthcare work, the practice’s diverse cross section of industry concentration in the technology, REITS, and industry arenas continues to impress. Regarding its ability to represent both managers and issuers on matters such as IPOs, converts and primary and secondary offerings in 2008, the practice is praised as being ‘always fair’, regardless of the side they are representing.

Illustrating the practice’s strength in the REIT area, it represented the mortgage REIT American Capital Agency, in relation to its $200m IPO of common stock and listing on NASDAQ. On the issuer side, the practice has also recently acted for the SPAC Sapphire Industries, regarding its $800m IPO of units, consisting of one share of common stock and one warrant. In another large matter, the practice acted for HealthSouth in an offering of approximately $1.8bn of common stock.

The practice remains strong in advising underwriters in IPOs for REITs, for example the practice has acted for Banc of America, Citigroup Global Markets and Deutsche Bank as the lead underwriters in the proposed $300m IPO of CapitalSource Healthcare REIT.

On the manager side, the practice acted for Goldman Sachs, UBS and other underwriters regarding the $2.9bn public offering of ordinary shares and equity security units by XL Capital. The practice also acted for Credit Suisse as the sole bookrunning manager, and UBS Investment Bank and Merrill Lynch as joint lead managers in an approximately $2.3bn offering of common stock by MetLife.

CLIENTS: The firm’s impressive issuer client roster includes Digital Globe American Capital Agency, The Stanley Works, Dividend Capital Total Realty Trust, while manager clients include Credit Suisse, Morgan Stanley, UBS and Merrill Lynch.

INDIVIDUALS: Co-head of the firm’s corporate & finance group, Matthew Mallow focuses his practice on the representation of issuers and investment banks in financing matters. Praised by clients for his expertise in the capital markets arena, a client notes that ‘I cannot think of an area where he did not meet my expectations’.

The practice’s other co-head Stacy Kanter is praised by clients for being ‘very client service oriented and a pleasure to work with and provides sound legal advice and wise business counsel’.

New York partner David Goldschmidt is praised for his ‘vast array of knowledge’ as well as his presence on ‘a lot of REIT transactions’. The ‘very seasoned veteran’ has a clear reputation with clients, who note that ‘when David is on something, everything works’.

Sullivan & Cromwell LLP

PRACTICE: Sullivan & Cromwell LLP’s enviable relationship with financial institutions is evident in the long standing relationships that the firm possesses. Praised for the ‘highest quality of service, supreme responsiveness and dedication of team members’ supplied by lawyers who are ‘terrifically talented’, the practice is noted by some to have a slight bias towards its repeat client Goldman Sachs, noting that ‘they are too aligned with Goldman Sachs. Sometimes it’s hard to trust that they are working equally on behalf of all bookrunners on transactions’.

Despite this, the practice has enjoyed an extremely impressive and consistent market share in terms of volume and size of deals on the manger side, particularly in the preferred stock arena. In line with this, it has acted for a host of financial clients including Deutsche Bank and JPMorgan, illustrating that the above noted suggestion is not a widely supported notion.

A focus on equity raises has seen the practice work on a range of matters for issuers. One such example saw the team advise the issuer and underwriter Goldman Sachs regarding a $5.75bn offering of common stock and a $5bn placement of preferred stock (and warrants to purchase common stock with Berkshire Hathaway) in September 2008.

The practice shows its strength in the manager arena by acting for financial clients as both issuers and managers. On the issuer side, the practice represented JPMorgan regarding a huge offering of $10bn common stock in September 2008.

CLIENTS: The firm’s underwriter client base includes Merrill Lynch, Citigroup, Credit Suisse and UBS, while issuer clients include JPMorgan and Goldman Sachs.

INDIVIDUALS: Co-head of the firm’s corporate group, partner Robert Reeder is praised by clients for his ‘expertise and responsiveness’ and acted on the public offering by Goldman Sachs.

Co-ordinator of Sullivan & Cromwell LLP’s corporate & finance group, Robert Buckholz is highly praised by clients, who declare an ‘implicit trust of his judgement’, and note that they feel in ‘in good hands’ when working with the partner.

Cravath, Swaine & Moore LLP

PRACTICE: While Cravath, Swaine & Moore LLP is regarded as being a ‘very strong firm, extremely smart partners’, it is noted that the firm does not have the depth of expertise within its capital markets practice that rival firms enjoy. A client notes that ‘ Cravath, Swaine & Moore LLP doesn’t have the same overall expertise levels’, and while ‘the capital markets people are fantastic’, the overall firm is ‘more of a generalist firm’ rather than having specific, deep expertise in particular areas.

The New York-based firm continues to see work in the energy, technology and financial institution arenas, and acts for leading banks on the manager side, although not with the density of high level matters as competitor firms.

Matters for manager side clients have included representing the underwriters, led by Goldman Sachs and Morgan Stanley, regarding the $2.8bn offering of common stock of Sate Street in June 2008. In July 2008, the firm again represented the underwriters, led by Lehman Brothers, UBS, ABN AMRO, Banc of America and Wells Fargo Securities, regarding the $1.43bn registered offering of common stock of Chesapeake Energy.

On the issuer side, the practice has not seen the same high level issuer clients as competitors and the level of leading matters has lessened, but it continues to illustrate its ability to carry out complex convertible matters as well as IPOs. In November 2007, the team represented Mylan regarding its $2.14bn registered convertible preferred stock offering and its $776m offering of common stock. In April 2008, the practice acted for American Water Works regarding its $1.35bn IPO of common stock.

CLIENTS: Issuer clients have included Safe Bulkers, American Water Works and Genpact, while manager clients include JPMorgan, ABN AMRO, Credit Suisse and Goldman Sachs.

INDIVIDUALS: Partner Julie Spellman Sweet is described as being an ‘extremely business savvy’ lawyer, who ‘knows all legal aspects/cross border transactions’. Spellman Sweet has acted for clients such as Credit Suisse and Goldman Sachs.

Fried, Frank, Harris, Shriver & Jacobson LLP

PRACTICE: Clients regard Fried, Frank, Harris, Shriver & Jacobson LLP as a firm of ‘highly qualified and dedicated attorneys, with sophisticated expertise’. Long-standing relationships with issuer clients such as Proctor & Gamble and manager clients of the calibrer of Goldman Sachs have stood the test of time, yet it is specifically the firm’s expertise and client roster on the underwriter side that sets its capital markets practice in a position to rival top tier competitors. As well as this comparative, if slightly less impressive manager client list compared with other firms, the New York and Washington DC based practice can certainly compete in terms of client service, with clients noting that they are ‘constantly impressed by Fried, Frank, Harris, Shriver & Jacobson LLP ’s overall great quality of service’.

The practice has acted on several matters where it has advised underwriters regarding offerings of common stock by a single issuer and IPOs over the last year. For instance, the practice acted as counsel to Citigroup, Deutsche Bank, Merrill Lynch, Morgan Stanley, BB&T Capital Markets, Davenport & Company and Morgan Keegan, as underwriters in Allied Capital’s offering of $184.1m shares of common stock, closing in May 2008. The practice also acted as counsel to a group of underwriters led by Morgan Stanley regarding the sale of $1.114bn of Annaly Capital Management’s stock.

Providing a ‘great client service and knowledge base on complex issues’ the practice’s ability to work on large, high-end matters is appreciated by clients. Regarding convertible equity offerings, the practice was counsel to joint bookrunners Banc of America and Morgan Stanley relating to MF Global’s issuance and sale of $210m of convertible senior notes and $150m non-cumulative convertible preference shares.

CLIENTS: As well as the underwriter clients mentioned above, the firm also acts for JPMorgan, S Goldman Advisors, Cantor Fitzgerald, and DVB Capital Markets.

INDIVIDUALS: Partner Valerie Ford Jacob is the firm’s chairperson and head of the global capital markets group. Jacobs worked on the Morgan Stanley matter, and is praised by clients for being ‘brilliant, client focused.’

‘Brilliant’ partner Stuart Gelfond has been with the firm for 22 years and is praised for being ‘technically strong in SEC filings and market savvy’.

Partner Michael Levitt is described by clients as ‘exceptional’ and as a ‘go-to underwriter counsel’. Levitt focuses his practice on representing issuers and underwriters in capital markets matters as well as private equity and acquisition finance transactions. All three partners are based in the New York office.

Morrison & Foerster LLP

PRACTICE: Described by clients as a ‘solid mid-tier firm’, Morrison & Foerster LLP has been in fighting form in terms of IPOs, US equity and related equity matters and complex convertible and preferred stock matters, particularly in large matters on the manager side.

Despite the firm’s strong East and West Coast presence, its comparatively youthful capital markets practice is described as ‘not in the same stratosphere’ as rival firms in terms of matters worked on and the caliber of clients recently worked for. Despite not enjoying the same deep relationships with a spread of top financial institutions, the practices is noted to be ‘trying to deepen its depth of knowledge’ by clients.

Illustrating a strength in the representation of financial clients, the practice enjoys ongoing relationships with clients such as Bank of America and its affiliates, for whom Morrison & Foerster LLP has acted for as designated underwriters counsel regarding a number of equity and equity-linked offerings in 2007 and 2008.

Illustrating the firm’s ability to act on large and complex mandates, the practice acted for underwriters in tandem offerings of $6.9bn of non-cumulative perpetual preferred stock, Series L, of Bank of America, underwritten by Banc of America Securities, which to date is the largest convert offering in the world. The other matter is of depository shares, representing an interest in a share of fixed-to-floating rate non-cumulative preferred stock of Bank of America, underwritten by Banc of America Securities, Morgan Stanley and UBS Securities and which is the first of its kind.

In a similarly weighty matter, the practice acted for Natixis Financial Products regarding the establishment of its $2bn Warrant Programme.

On the issuer side the firm illustrates its industry strength in acting for REITs. The practice recently acted for Alexandria Real Estate Equities, regarding it offering of $220m of convertible preferred stock and an offering of $192m of shares of common stock.

CLIENTS: On the issuer side the firm has acted for UDR, Oceania Cruise Holdings and Sourcefire. On the manager side, clients include Sourcefire, Sandler O’Neill+Partners and Raymond James and Associates.

INDIVIDUALS: Partner Anna Pinedo is a member of the firm’s capital markets, corporate and life sciences practices, and is described by clients as having her ‘hand on the pulse of the marketplace’.

‘Responsive, knowledgeable, and insightful’ partner James Tanenbaum is praised by clients for his ability of ‘viewing legal matters from a business point of view’. Working on international and nation capital markets matters, Tanenbaum acts for companies in a broad range of areas, from technology to biotech clients.

Both partners are based in New York.

Shearman & Sterling LLP

PRACTICE: Shearman & Sterling LLP has impressed in terms of complex issuer mandates, in which area the firm is praised for having ‘the scope and depth of expertise that a public company needs in its outside counsel’. The firm has also seen a consistent market share in the manager arena, although a little below competitor firms.

Illustrating the strong overall practice that the firm provides, clients note that ‘while many firms may be able to match Shearman & Sterling LLP in overall quality, I have found few firms that place such emphasis on meeting the client’s overall needs’. Continuing to act on complex products, the practice represented issuer Fairfax Financial Holdings regarding its purchase of $100m convertible senior notes due 2018 of USG, closing December 2008.

The firm’s ability to act both for clients going public and in large matters is evident in the recent work carried out. The practice recently advised Cadbury regarding its spin off of its $6.5bn beverage business, Dr. Pepper/Snapple Group. The practice also advised the new spin off in relation to a $2.2bn credit facility and $1.7bn notes offering.

Unable to shake the grip that the top tier firms have on financial institution clients, the practice does not represent as diverse a cross section of the market as some competitors. Despite this, it illustrated the ability to act for large clients on difficult matters in a difficult market when it represented Merrill Lynch, UBS Securities and Lehman Brothers as joint running managers regarding the $388m IPO by Colfax Corporation and certain selling stockholders, closing in May 2008.

CLIENTS: As well as the above mentioned Cadbury and Dr. Pepper/Snapple Group, the firm has acted for clients such as Jet Blue Airways and Boston Scientific on the issuer side. Manager clients also include Deutsche Bank, Wachovia and Bank of America.

INDIVIDUALS: New York-based partner Danielle Carbone is singled out by clients for always being ‘available when needed and always had a relevant perspective on any issue that arose’ and ‘creative and proactive in developing solutions to issues’. Carbone is praised for being ‘always calm, no matter what emergency arose’.

Sidley Austin LLP

PRACTICE: Sidley Austin LLP receives high praise for its work on the underwriter side, particularly regarding REITs, and mortgage backed securities and IPOs on the issuer side, yet it is noted that for very complex matters, clients are more likely to go elsewhere. One client notes that ‘I would use Sidley Austin LLP for churning out cookie cutter deals, I tell the underwriter to use them as I insist on having them on the underwriter side when they’re doing a matter.’ Despite this, it does not dampen the reputation that the firm has among clients, who praise the practice for having a ‘deep bench of senior associates and partners that are well versed in complex securities issues and capital markets deals’.

The firm’s strength remains on the underwriter side despite having a strong 2008 for issuer representation. On the issuer side, a number of clients have themselves been financial institutions so the firm’s leaning is more than clear. For instance, the practice acted as counsel to the Government of Singapore Investment Corporation as part of the $12.5bn of capital raised by Citi through the sale of convertible preferred securities in a private offering, closing January 2008.

Industry wise, the practice has particular expertise in acting for underwriters in matters relating to special purpose acquisition companies (SPACs). A client notes, ‘I clearly think that my experience with Samir Ghandi and Sidley Austin LLP was the best while executing on the SPAC front’. In this area, the practice has acted for the underwriters in an IPO by Regian Acquisition, a SPAC which was announced in September 2008.

The practice has attracted manager clients on high end matters such as representing Goldman Sachs and Lehman Brothers as underwriters counsel in Freddie Mac’s $60bn preferred stock offering. Between October 2007 and September 2008, acted for the designated underwriters in connection with four follow-on issuances of common stock by HCP totaling $1.3bn.

CLIENTS: On the manager side, clients included Goldman Sachs, William Blair & Company, Friedman Billings Ramsey, UBS, Merrill Lynch and Morgan Stanley. On the issuer side, the firm has acted for NRDC Acquisition, Merrill Lynch and Tribune Company.

INDIVIDUALS: New York-based partner Edward Petrosky is the co-head of the firm’s capital markets group, global co-ordinator of the securities group, co-chair of the firm's accounting and finance committee, and is praised by clients for being ‘very, very knowledgeable and very responsive. He thinks ahead and anticipates issues that may come into play.’

Samir Ghandi is a New York-based partner and is singled out for his expertise in acting for SPACs: ‘I found Sam to be very responsive, up to speed on the latest issues with the SPAC product and very aggressive in representing his clients needs’.

Weil, Gotshal & Manges LLP

PRACTICE: New York-based Weil, Gotshal & Manges LLP has made a concerted effort to bring the quality of its equity expertise up to the same standard as its debt and high-yield practices. While the firm is historically viewed as having premier debt expertise, it has acted for some of the leading clients in the issuer and manager spaces recently in the equity area.

For leading financial institutions on the manager side, the practice represented JPMorgan and Jefferies & Company regarding the $243.1m common stock offering of Central European Distribution Corporation. In another large matter, the practice acted for JPMorgan in the $189m IPO of RHI Entertainment.

On the issuer side, the practice is regarded as having a hand on the ‘energy deal’ of the equity market. Illustrating this, it acted for General Electric regarding its $12.2bn public equity offering of common stock and in connection with its $3bn investment by Berkshire Hathaway in perpetual preferred stock and warrants of General Electric.

CLIENTS: Manager clients have included Citi, Deutsche Bank and JPMorgan, while EnergySolutions and General Electric have used the firm on the issuer side.

INDIVIDUALS: David Lefkowitz is the head of the firm’s capital markets practice and is regarded as ‘one of the best lawyers I’ve worked with’ in the equity arena.

Wilson Sonsini Goodrich & Rosati

PRACTICE: For both issuer and manager clients looking to go public, Wilson Sonsini Goodrich & Rosati has an unmistakable track record in this field. This is apparent following another successful 12 months for the firm, impressing clients with its ‘deep expertise, super fast response time, and thoughtful advice’. Clients also note that ‘it is hard to imagine any higher level of service than that provided’. Historically slightly stronger in representing issuers than managers, the firm is in the top five firms regarding number of IPOs worked on for issuer clients.

Continuing to grow the practice in the US, the Palo Alto-based firm welcomed partner Karen Dreyfus in September 2007 from the Menlo Park office of O’Melveny & Myers LLP, bringing corporate and M&A expertise to the practice.

The firm’s technology industry focus continues to attract clients, who note that the ‘tech company experience and unmatched IPO experience’ impresses them. Working from the firm’s main office in Palo Alto, the corporate practice taps into the technology client base emerging from Silicon Valley and the surrounding area, particularly venture-backed companies. For instance, the practice acted for Rackspace Hosting regarding its IPO, which raised $187.5m in August 2008, and for NetSuite in its IPO of $161.2m in December 2007.

On the manager side, the practice acted for UBS regarding the $94.8m follow-on offering of Rubicon Technology in May 2008, and in October 2007 represented Goldman Sachs and Lehman Brothers in the $192m follow-on offering of Starent Networks.

CLIENTS: Issuer clients include Intellon, 3PAR, ICx Technologies, BioForm Medical and Infinera, and manager clients include UBS, JPMorgan and Goldman Sachs.

INDIVIDUALS: Partner Brian Beard is based in the Austin office and has been with the firm for over ten years. Described by clients as giving ‘practical advice’, Beard has a ‘deep understanding of securities laws’.

‘Very responsive’ Palo Alto-based lawyer Steven Bochner has almost 27 years of experience in the corporate and securities arena, which is evident through clients who regard him as a ‘SEC expert, unmatched at IPO experience and disclosure issues’.

Cahill Gordon & Reindel

PRACTICE: Mainly based in New York with some Washington DC expertise, Cahill Gordon & Reindel is regarded within the market as having a historically strong practice in terms of high-yield matters while seeing ‘little on equity offerings work’. Having leveraged off the IPO boom in 2007, the firm, which has also had a deep impact in the leveraged buyout arena, acted on a number of large matters that have now dropped off, leaving it to act on a number of public offerings of common stock.

An example of this work is the April 2008 representation of Citigroup Global Markets, Bank of America, JPMorgan, UBS, and Wachovia Capital Markets as underwriters regarding the public offering of 4,000,000 shares of common stock of homebuilder Meritage Homes Corporation.

In the practice’s only IPO for the year, Cahill Gordon & Reindel acted for JPMorgan, Wachovia Securities, Keybanc Capital Markets and TudorPickering as underwriters in November 2007 regarding the IPO of 7,666,667 common stock shares, priced at $12, for $92m by Approach Resources.

CLIENTS: The firm’s underwriter roster includes Deutsche Bank, Morgan Stanley, Johnson Rice & Company, Simmons & Company, Stanford Group and Merriman Curhan Ford.

INDIVIDUALS: New York-based James Clark is praised for his ‘great insight regarding legal matters’ as well as his ‘keen understanding of the underlying business issues’. Clark focuses his practice specifically on capital markets matters, representing both corporate and investment bank clients.

Clifford Chance

PRACTICE: While Clifford Chance does not hold the same market share in terms of issuer and manager representations as some of the leading firms, it does continues to act for a number of elite financial institutions. The firm’s financial institution focus is clear as the leading issuer and manager mandates from the last 12 months have all been for financial clients. Clients, who observe that the firm is ‘well connected in the industry’, have noted this, as well as declaring that the ‘quality of service has been excellent’. While such an approach may impinge on the number of matters that the practice has recently worked on and the scope of work it covers, it has given Clifford Chance a strong following among clients.

Illustrating the firm’s strong relationships between its practice groups, as well as its ability to attract large mandates, the practice represented Citigroup Capital Markets and UBS in December 2007 as lead underwriters regarding a $3bn common stock and mandatory convertible preferred stock offering for Sallie Mae. This transaction involved more than 30 partners and associates from the firm’s banking, corporate finance, financial products, litigation, M&A and tax departments,

In March 2008, the practice represented the underwriters JPMorgan, Citigroup and Merrill Lynch regarding the $220m offering of convertible preferred stock by Alexandria Real Estate Equities and in June 2008 acted for JPMorgan as underwriter regarding the $379m offering of common stock by CapitalSource.

As a global firm, its international spread is undeniable, with a Latin America focus that has led to a large number of matters in this area. On the issuer side for example, the practice advised Brazilian bank Bicbanco regarding its $477m Brazilian IPO and 144A/Reg S preferred share offering in October 2007.

CLIENTS: Manager clients include Morgan Stanley, Barclays Capital, UBS and Deutsche Bank, while issuer clients include NYSE Euronext, Cogdell Spencer and the Governor and Company of the Bank of England.

INDIVIDUALS: Corporate and securities lawyer Jay Bernstein is co-head of the firm’s Americas region as well as the Americas region of the firm’s real estate funds and investment banking group and is described as the ‘quintessential business man’s lawyer’ by clients. The ‘trusted business partner for our investment bankers’ co-led on the Sallie Mae matter.

New York based-partner Andrew Epstein is praised by clients for ‘ his skill in managing client requests and crafting language sufficient in answering SEC questions’, coupled with his ‘excellent customer service’. Epstein also led the Sallie Mae matter with Jay Bernstein and Tony Lopez.

Cooley Godward Kronish LLP

PRACTICE: Cooley Godward Kronish LLP continued to capitalise on the strength of its IPO cabilities during the end of 2007 and the beginning of 2008, and when the area slowed down, follow-on offerings and PIPEs transactions took the fore, illustrating that this firm is no one-trick-pony. Despite this, the complex, high end matters go to the more full-service firms as a matter of course.

On the issuer side, the practice acted for Rigel Pharmaceuticals regarding its follow-on offering of $127.9m in January 2008, and in June 2008, acted for Sequenom regarding an $85.3m offering. In July 2008, the firm acted for Jazz Pharmaceuticals in relation to its $26m PIPE.

In terms of industry focus, the Palo Alto-based firm received a boost in the life sciences arena with lawyers from now defunct Heller Ehrman joining in 2008. Illustrating the firm’s strength in the life sciences and IPO arenas, the practice acted for CardioNet in March 2008 regarding its $81m IPO. As noted, follow-on offerings were a good source of work for the practice throughout the end of 2007 and through to the summer of 2008.

While the firm is historically stronger on the issuer side, it does have the ability to act for managers, for instance, in October 2007, the practice represented Goldman Sachs, Lehman Brothers, Morgan Stanley, JPMorgan, Thomas Weisel Partners and Jefferies & Company regarding Infinera’s $220m follow-on offering.

CLIENTS: Issuer clients include Metropark, Epocrates, CyDex Pharmaceuticals, Entropic Communications, ARYx Therapeutics, Genoptix, Allos Therapeutics, and Cardica.

INDIVIDUALS: Fred Muto is a partner is the business department and a founding partner of the firm’s San Diego office, where he is based. A member of the firm’s management committee, Muto focuses his practice on acting for emerging and public growth and technology companies in securities and corporate matters.

Palo Alto-based partner Laura Berezin is co-head of the firm’s investment banking practice and specialises in corporate securities and finance transactions. With the life sciences arena an area of strength for the partner, Berezin has acted on a range of products for clients ranging from IPOs to complex convertibles and PIPEs.

Debevoise & Plimpton

PRACTICE: An area that Debevoise & Plimpton has excelled in is the representation of private equity clients regarding complex leveraged financing transactions. As the private equity market ground to a halt, the firm has not seen the same influx of work from the market that it had seen before. However, it has acted on IPOs and has seen the international side of the practice bring in clients, and is praised by clients as being ‘probably the best firm I have ever used in the states for capital markets’, while another client notes that ‘there is no one better to do-one offs with’.

Praised for its ability to ‘bring all the disciplines together, they’re good at pulling all the threads together and making it work’, it is clear that the firm can turn its hand to alternative arenas to raise money when some of the market is down.

Successfully raising capital in the market for issuer clients, the securities practice acted for MBIA regarding its $1.15bn public equity offering as well as its $500m investment by Warburg Pincus, and its $1bn surplus notes offering. The practice also acted for AMR Corporation regarding its $300m offering of common stock, both illustrating the firm’s ability to act on large mandates.

On the underwriter side, the practice acted for Goldman Sachs and Bank of America Securities regarding the $300m offering of senior notes by Cigna.

CLIENTS: The firm counts JPMorgan, Bank of America and Morgan Stanley among its manager clients, while issuer clients include MBIA and Westpac.

INDIVIDUALS: Corporate partner Alan Paley is the co-chair of the firm’s securities group and is a highly respected by clients for his work in the capital markets arena, who note that ‘he is really impressive’.

New York-based partner Matthew Kaplan is described as one of the ‘the best lawyers I have ever worked with’.

Dechert LLP

PRACTICE: Even with a large number of IPO matters pending, it is telling that while firms in the upper tiers have seen sizeable IPOs succeed recently, Dechert LLP does not seem to have enjoyed this luxury. Continuing to represent a number of strong issuer clients, the practice has not found it as easy to go to market as other firms.

Despite this, Dechert LLP is clearly a firm well-respected and liked by its clients. A client notes that, ‘James Lebovitz, and frankly his whole team provide, in my opinion, a unique combination of nuts and bolts wisdom, as well as experienced counsel in complicated matters. Their customer service is also top shelf’, while another client notes that they return to the firm because of the its ‘exceptional reputation as securities counsel. The lawyers are very strategic in the way they think, they don’t approach problems in conventional methods, they look for innovative solutions.’

On the issuer side, the practice represented Griffon in a registered rights offering of common stock with gross proceeds of $250m to fund the future growth of the company.

Illustrating the firm strength in handling REIT related matters, the practice has acted for JPMorgan, Morgan Stanley and RBS Capital Markets on the manager side as joint bookrunning managers regarding the $100m, primary offering of common stock by the REIT, Entertainment Properties Trust.

CLIENTS: Issuer clients include XO Holding and MTS Health Partners while manager clients include KeyBanc Capital Markets and Goldman Sachs.

INDIVIDUALS: Partner James Lebovitz is described as ‘The expert in this field’ regarding PIPEs and registered direct financing by clients. Based in the Philadelphia and Hong Kong offices, clients note that ‘he has seen it all and despite his seniority is the most available and responsive lawyer I can think of’.

Partner Thomas Friedman is praised for ‘going a little bit further’ for clients. The ‘terrific lawyer’ is based in the Washington DC office, and focuses his practice on the representation of public and private clients in an impressive range of industries.

Faegre & Benson LLP

PRACTICE: Based in the Midwest, Faegre & Benson LLP takes a place in the market that distinguishes it from other firms, giving the practice a unique client base and market perspective. With work focused mainly in the mid-market arena, it has handled a number of large matters and offers clients top-notch service; one client notes that ‘good service begets repeat business’ while another feels that the firm’s geographic positioning is well received by clients: ‘They offer a very cost efficient and quality service, the rates are a little lower than the East and West Coast firms’.

Regarding large mandates, the practice recently acted for the firm’s largest equity client Archer Daniels Midland (ADM) regarding its $1.75bn public offering of equity units. Also on the issuer side, the team represented ADM regarding its $1.75bn public offering of equity units, which consisted of a contract to purchase ADM common stock and an interest in a 4.70% debenture due 2041.

Enjoying a healthy, mid-tier slice of the US equity and equity-related matters on the manager side in terms of volume and size of deal, the practice is building its strength in this area. The practice recently acted for Craig-Hallum Capital and Robert W Baird as underwriters for Titan Machinery regarding its IPO and secondary public officering. The December 2007 IPO raised $50m, and the May 2008 secondary public offering of common stock raised $97m.

CLIENTS: As well as Archer Daniels Midland, issuer clients have included VeraSun Energy, Life Time Fitness and Capella Education.

INDIVIDUALS: Minneapolis-based partner Morgan Burns is singled out by clients for offering ‘common sense advice’ and for his assistance to find ‘real world solutions’ to issues.

Jonathan Zimmerman is also based in the Minneapolis office and is praised as being ‘very responsive’, ‘very knowledgeable’ and ‘easy to work with’ by clients.

Gibson, Dunn & Crutcher LLP

PRACTICE: Manned with ‘highly-responsive, experienced, and creative attorneys’ in the arena of manager representation, Gibson, Dunn & Crutcher LLP has shown its mettle with a number of mid-market matters for large manager clients. While it does not have the market share of the upper-tiers or the same caliber of clients, it has acted in matters during a time when many firms have found work hard to come by. Clients declare the firm to be ‘very good at identifying legal risks and quantifying the potential implications of various choices. Good at finding a way to a commercial outcome without undue legal risk’. With just under 70 lawyers in the capital markets arena spread via eight offices, four of which are in California, the firm reaches an impressive cross section of clients.

One such matter in August 2008 saw the practice act for Citi as underwriters regarding a $690m public offering of entranced trust preferred securities issued by Wells Fargo Capital XIV. In September 2008, the team acted for the underwriters Friedman, Billings, Ramsey, Oppenheimer, and Sandler O’Neil + Partners regarding a $160m offering of common stock of Signature Bank.

Illustrating the firm’s true expertise in financial institution representation, the practice acted for Capital One regarding its $789m equity offerings in September 2008, which was underwritten by Citi and JPMorgan.

CLIENTS: In addition to the above mentioned Citi, Sandler O’Neil + Partners, and Friedman, Billings, Ramsey, Oppenheimer, manger clients include Morgan Stanley, Citi, JPMorgan and Credit Suisse.

INDIVIDUALS: New York-based partner Steven Finley is co-chair of the capital markets practice group as well as led the above-mentioned Capital One matter. Finley is praised by clients for using ‘his vast experience to make the process more efficient’.

Goodwin Procter LLP

PRACTICE: Praised by clients for the ‘knowledge and depth of staff’, Goodwin Procter LLP takes a disciplined approach to the focus of the firm’s corporate finance practice with specific industry focuses, which include technology, real estate capital markets, financial services, private equity sponsors finance and life sciences.

Illustrating the firm’s commitment to the capital markets space, the practice has grown with the addition of New York partner Micheal Maline, who joined in May 2008 from Lowenstein Sandler PC. Maline brings with him life sciences, technology and PIPEs expertise, adding to the strength of the practice already seen in the Boston, Los Angeles and San Francisco offices. Noting the expertise coming into the office, clients commend the firm’s ‘excellent job of hiring and cultivating high quality, high performance lawyers’ and note that the firm’s ‘responsiveness, expertise, attitude, approach and billing’ are a plus.

The firm’s ability to refocus its energies after the IPO market dropped off has seen the practice act for a number of matters in the PIPEs arena. The practice acted on nine PIPEs transactions with a total dollar amount for agent representation of just over $964m.

The team acted for the issuer Evergreen Solar regarding the public offerings of both equity and debt for aggregate gross proceeds of $477m. In another large matter, the firm represented ESLR in an underwritten public offering of 16,000,000 shares of common stock for $152m. In July 2008, the practice acted for ESLR in an underwritten public offering of senior convertible notes due 2013, worth $374m.

CLIENTS: Issuer clients include Inverness Medical Innovations, Danvers Bancorp and athenahealth. On the manager side, the practice acted for Deutsche Bank and Jefferies & Co.

INDIVIDUALS: Chair of the securities and corporate finance practice Ettore Santucci is regard as being a partner that clients can turn to ‘with big picture questions and issues’.

Micheal Bison embodies the firm’s practice aim to focus on specific industry areas, with a client noting that he has ‘impressive judgment in his respective areas, broad knowledge of related areas, very valuable insight into industry practices and norms’. Bison is primarily a partner in the technology companies group, and is also a member of both of the firm’s securities and corporate finance practices and life sciences and practices. Both partners are based in Boston.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

PRACTICE: Paul, Weiss, Rifkind, Wharton & Garrison LLP’s focus on representing private equity funds and companies placed it in the top rungs of the equity market last year due to the private equity boom. The firm’s position, however, is regarded by some as the ‘result of an anomoly’. Recently, the practice has illustrated its ability to carry out large and complex work for manager clients, but the practice’s work on the issuer side over the last 12 months has continued to be of substantial weight.

The firm’s small capital markets and securities practice consists of six partners and one of counsel based in New York; regarded as ‘niche’, the practice focuses on the representation of the issuer, again limiting its market share. The practice represented Las Vegas Sands regarding a public offering of $1.1bn of common stock, approximately $1bn of units consisting of Series A cumulative perpetual stock, and warrants to purchase common stock.

Illustrating that the firm can act on large matters in the IPO space, the team acted for Trian Aquisition I regarding the $920m IPO of units, consisting of common stock and warrants.

CLIENTS: Clients include Chubb, Home Depot, Las Vegas Sands and Trian Acquisition I.

INDIVIDUALS: New York-based partner Edwin Maynard is the co-head of the firm’s capital markets and securities group, and focuses his practice mainly on M&A and corporate finance matters. The head of the firm’s Canadian practice group, Maynard is also adept to acting on cross border transactions.

Proskauer Rose LLP

PRACTICE: Proskauer Rose LLP’s reputation in the market as a relatively young practice is reflected in the firm’s small yet growing market share and lower profile client base than a number of its rivals, but the firm is praised by clients for its ‘solid team of capital markets’ attorneys that are able to structure and facilitate complex transactions with a focus on client service and responsiveness’. The capital markets group is reaping in the fruits of its labor in terms of complex manager and issuer matters, and client feedback. Representing clients in a diverse number of areas, such as IPOs, 144A offerings and alternative capital investments, clients note that ‘ Proskauer Rose LLP has demonstrated an impressive evolution in its capital markets practice over the last five years’.

The relatively small team of 13 lawyers are mainly based in New York and Los Angeles, with one resident in each of the Boston and Washington DC offices, allowing the firm to connect with the East and West Coast markets that have proved fruitful for the majority of the team mentioned here.

The practice’s true differentiating factor from its competitors is its concentration on alternative capital investments, particularly PIPEs and SPACs matters. The practice recently acted for Credit Suisse as placement agent in the $120m registered direct offering of shares of common stock and warrants to purchase shares of common stock of Rentech.

CLIENTS: Manager clients include Credit Suisse, Lazard Freres and Citigroup. Issuer clients include Ares Capital and Global Consumer Acquisition.

INDIVIDUALS: ‘One of the sharpest corporate lawyers on Wall Street’, New York-based partner Frank Lopez is a firm hit with clients, who describe him as ‘one the of the best capital markets attorneys in the nation with a wide ranging skill set in corporate finance, including initial public offerings, convertible bonds and high yield bonds’.

Los Angeles-based Michael Woronoff is the head of the corporate and securities practice, and is regarded as ‘literally one of the best attorneys with whom I have ever worked’. ‘His business acumen in unparalleled’ and he is praised for his ‘world class’ skills, judgment, work ethic and professionalism by clients.

Vinson & Elkins L.L.P.

PRACTICE: It is a fact that many firms based outside New York struggle in attracting leading capital markets work, particularly on the manager side, but Texas-based Vinson & Elkins L.L.P. forges on, attracting IPOs and a vast array of offerings of common shares, stocks and units in 2008 alone for issuers and managers alike with an ‘outstanding group of lawyers’. Clients especially praise the firm’s ‘leadership in the master limited partnerships industry’, with one client noting that ‘ Vinson & Elkins L.L.P. was chosen because of its expertise in Master Limited Partnerships and the quality of the lawyers’.

Despite this, the practice has not seen a flurry of complex work but volume and client feedback definitely make the firm a competitor in the equity arena. The practice, whose ‘service levels are excellent’ while the ‘levels and depth as well as breadth of industry knowledge are excellent’ has a slightly higher turnover of work on the issuer side, but does also attract large deals on the manager side.

Towards the end of 2007 and the start of 2008, the ‘very commercial and practical’ team, continued to tap into its strength in the energy arena, which has seen the firm pick up large mandates. The practice recently acted for Western Gas Partners regarding its $609m offering of common units. It also acted for Intrepid Potash, the largest producer of potassium chloride (potash) in the US, regarding its $1.1bn offering of common stock.

On the underwriter side, the practice acted for a group including Lehman Brothers, Goldman Sachs, JPMorgan, Banc of America Securities, Citi, Credit Suisse, Deutsche Bank, Jefferies & Co, Merrill Lynch, Morgan Stanley, UBS Investment Bank, Wachovia Securities regarding XTO Energy’s $1.4bn offering of common stock.

The practice also acted for underwriters including JPMorgan, Banc of America, BMO Capital Markets, BNP Parabis, Jefferies & Company, RBC Capital Markets, Tristone Capital and UBS Investment Bank regarding a $763m offering of common stock by Petrohawk Energy Corporation.

CLIENTS: The practice represents an impressive number of energy clients including Energy Transfer Partners, Plain All American Pipeline, and Range Resources Corporation. Non-energy clients include Continental Airlines. On the underwriter side, clients include Goldman Sachs, Banc of America Securities, Deutsche Bank, Morgan Stanley and UBS Investment Bank.

INDIVIDUALS: Houston-based partner and co-section head of the corporate finance and securities practice T Mark Kelly is praised by clients as being ‘number one, his ability to grasp the issue and suggest solutions is unequalled’ and is recognised for his ‘breadth of experience and in depth knowledge’.

Working primarily on both corporate finance and M&A matters, New York partner Mike Rosenwasser is praised by clients for his ‘quality service, industry knowledge and strength of client relationships’.

White & Case LLP

PRACTICE: Described by clients as being ‘simply the best in the business’, White & Case LLP has in 2008 taken on impressively large matters for issuer clients. For instance, the highlight of the year for the practice has to be its representation of Visa in the client’s $19.7bn IPO and its listing on the NYSE, the largest IPO in US history.

There is a view that the firm’s strong international links, particularly with Latin America, may hinder its national strength in the capital markets arena, with clients noting that they turn to the firm due to ‘past experience, reputation and fact that the firm is on our global approved list’. This is of course a huge compliment to the firm’s international capabilities, but looking at the practice’s work over the last year, it suggests that the national market may not be its main focus. Despite this, regarded as having ‘the knowledge, expertise and experience necessary to understand legal issues presented and to calculate workable business and legal solutions’, there is no doubt that the firm can handle both national and international work.

On the manager side, the practice acted for some large financial institutions, including representing Deutsche Bank as the backdrop purchaser and investor regarding the rights offering by Hayes Lemmerz International. The client exercised an option to purchase a large amount of shares in a private placement concurrently with the closing of the initial matters.

CLIENTS: Clients on the manager side include Merrill Lynch and UBS and Credit Suisse, while issuer clients include BNP Paribas and Banco Patagonia.

INDIVIDUALS: New York-based partner Colin Diamond is praised by clients for his experience and deep knowledge in M&A and securities matters, noting that ‘no matter what problem I present him with, he can find a solution. So for qualities I would list: accessible, knowledgeable, precise, efficient and business-savvy’.

Cleary Gottlieb Steen & Hamilton LLP

PRACTICE: Cleary Gottlieb Steen & Hamilton LLP’s international presence is supported by a strong network of offices in the UK, China, Italy, Germany, Belgium, Russia and France, while its particular strength lies in the Latin American arena. Clients praise the firm as being ‘generally regarded as the best firm with respect to Latin America and matters relating to the capital markets. Language capabilities are superb as is their knowledge of markets and precedent.’ With 30 US-based lawyers acting in its umbrella Latin America practice, 13 of whom as based in the capital markets arena, it is clear that this is a strong area of focus. With 45 capital markets lawyers in all, 37 based in New York and 8 based in Washington DC, the firm has one of the smaller practices in the market, but this does not impinge on the service provided of which clients note ‘the quality of their service, particularly their commitment to the time and business goals set for the transaction’.

Looking at the dollar amount of deals done in the first half of 2008, it is clear that the firm excels in the international debt area, raising $53.6bn, followed closely by equity matters. The firm also excels in corporate matters, and while it clearly has strength in the representation of financial institutions, it has not carried out matters as significant and market leading as on the corporate side in 2007/08.

On the corporate side, the firm acted for Grupo Clarín and a number of its shareholders, in the client’s IPO and listing of GDRs representing Clarín Class B common shares on the London Stock Exchange in October 2007, and raising approximately $462m for the client. This IPO stands out because it was the largest equity offering by an Argentine issuer in 2007 as well as being the first London Stock Exchange listing of GDRs representing shares of a Latin American issuer.

In a similarly impressive matter on the financial institution side, the firm represented the Bolsa Mexicana de Valores (the Mexican Stock Exchange) regarding its IPO, including a public offering in Mexico and an international private placement with institutional investors (including in the United States under Rule 144A), and the listing of its Series A shares on the Mexican Stock Exchange. The overall offering raised $385m in aggregate proceeds.

While these matters are not the largest of the year, they illustrate the firm’s ability to act on complex and leading matters for both corporate and financial intuition clients, as well as its prominence in Latin America.

CLIENTS: Recent corporate clients include Sony Financial Holding and Vale (Formerly CVRD). Financial institution clients include JPMorgan, ABN AMRO and Deutsche Bank.

INDIVIDUALS: Partner Leslie Silverman is held in high esteem by clients in the equity arena who describe him as being a lawyer who can ‘can take complicated situations and reverse the situation to become a workable situation’.

Davis Polk & Wardwell

PRACTICE: Internationally, very few firms can hold a candle to the expertise of Davis Polk & Wardwell’s ‘just outstanding’ New York practice of 21 partners and 58 other lawyers, supplemented by its Menlo Park office of 8 partners. The firm has particular expertise in international IPOs, with clients praising the firm as having the ‘greatest degree of knowledge in the equity execution area’, and in the Latin American arena. With expertise in listing offerings on stock exchanges such as the Luxembourg Stock Exchange, São Paulo Stock Exchange and NYSE Stock Exchange for clients, the practice has the scope to turn its hand to any type of capital markets matter in an international sense, from high-yield debt and straight debt to equity, mainly for financial institutions. While the practice boasts an enviable relationship with investment banks, it also has a diverse range of corporate clients that it has represented over the last year, when an undeniable market focus has been on acting for financial institutions.

Without question, the firm’s role in the VISA IPO, closing in March 2008, has been a highlight of its year. The firm acted for an impressive group of joint bookrunners and representatives of the underwriters including JPMorgan, Goldman, Sachs, UBS, Banc of America Securities, Wachovia Capital Markets, Citigroup, Merrill Lynch and HSBC. The matter concerned an IPO of common stock with gross proceeds of $19.65bn with stock is listed on the NYSE and Canadian and Japanese stock exchanges, as well as in private placements in more than 50 jurisdictions around the world.

Illustrating the firm’s trusted position on the manager side, it is designated underwriters counsel for both the Province of Ontario and for Export Development Canada. The practice advised the underwriters regarding an aggregate of $5.25bn of SEC-registered offerings by Export Development Canada, with offerings listed on the Luxembourg stock exchange.

The practice has shown particular aptitude in working on leading IPO matters for issuers, including advising Cosan in the largest SEC-registered IPO by Latin American issuers in 2007 or 2008. The matter regarded the client’s $1.2bn SEC-registered IPO of class A common stock and shares in the form of Brazilian Depositary receipts (BDRs). The class A common shares are listed on the NYSE, and the BDRs are listed on the São Paulo Stock Exchange.

In another matter, the team acted for Brazilian electricity generation company MPX Energia regarding the largest IPO ever of a start-up company in Latin America. The IPO of common shares totaled approximately $1.1bn, and the shares were traded on the São Paulo Stock Exchange

CLIENTS: Financial institution clients include JPMorgan, Citigroup Global Markets, Bradesco Securities, Merrill Lynch, Itaú Securities and Morgan Stanley. Issuer side clients include
Cosan, MPX Energia and Independência International.

INDIVIDUALS: New York partner Manuel Garciadiaz is regarded by clients as being a lawyer who ‘continues to exceed any benchmark you set up’. Garciadiaz stands out to clients due to his ‘knowledge about “everything”, his responsiveness, his attention in providing an opinion, even when he recognized that was not his responsibility’. The partner focuses his practice on acting on a range of capital markets matters for both national and international clients.

‘Excellent professional’ Maurice Blanco practices in the firm’s Latin America and Spain practice group, as well as being a member of the corporate department. The New York-based partner is praised by clients for his ‘excellent technical skills, always responsive and solution orientated’.

Skadden, Arps, Slate, Meagher & Flom LLP

PRACTICE: With just over 130 partners spread across the US in 8 offices, Skadden, Arps, Slate, Meagher & Flom LLP has a strong national footprint. The firm has particular strength in equity matters, which is mirrored in its Latin America expertise, while described as being ‘limited in Asia’. Praised by clients for its expertise in both corporate or M&A work, the practice continues to act for both corporate clients and financial institutions in arrange of debt and equity offerings.

While the firm is regarded as having a strong track record for representing corporate clients, a look at the team’s work over the last 12 months suggests a shift to representing financial intuitions as both issuer and
manager. Illustrating its strength in representing financial institutions, the firm recently acted for Goldman Sachs and Credit Suisse as lead underwriters regarding the $3.7bn Rule 144A/Regulation S IPO of shares of Bovespa Holding, the owner of the São Paulo Stock Exchange.

Similarly, the team acted for Banc of America Securities and Lehman Brothers as joint bookrunners and CIBC World Markets and Jefferies & Co as co-lead managers regarding an $89m combined primary/secondary follow-on offering of ordinary shares by Israeli Ceragon Networks. The ordinary shares trade on NASDAQ Global Market and the Tel Aviv Stock Exchange.

CLIENTS: Financial institution clients from the last year include CIBC World Markets, Cowen and Company, RBC Capital Markets, Thomas Weisel Partners and Oppenheimer. Recent issuer clients include Endurance Specialty Holdings and Macau Legend Development.

INDIVIDUAL: Phyliss Korpf is regarded as ‘exceptional’ for her work in both national and international matters. Korpf has led a number of the leading global offerings of the year, including the above mentioned for Banc of America, Lehman Brothers, CIBC World Markets and Jefferies & Co.

Cravath, Swaine & Moore LLP

PRACTICE: The global offerings highlights for Cravath, Swaine & Moore LLP lie predominantly in the equity arena on both the financial institution and corporate side, suggesting that the firm does not have as much depth of expertise enjoyed by competitors. Noted for being ‘strong in the Latin American and Asian financial institution and corporate areas’, the firm’s strength in these areas continue, albeit through smaller and less weighty matters on the corporate side.

The majority of the lawyers who practice in this area are based in the New York office and have the capacity to act on both national and international matters alike. In the financial institutions arena, the practice has acted for clients such as Merrill Lynch and Morgan Stanley, allowing it to continue acting at a high level despite the recent downturn of the market. Illustrating this strength, in August 2008, the team acted for the initial purchasers Goldman Sachs, Credit Suisse and JPMorgan regarding the $896m Rule 144A global offering of Class A shares of Apollo Global Management.

On the corporate side, the practice acted for GP Investments regarding its Brazilian Reais $367m 144A/Reg. S offering of common stock and Brazilian depository shares. The shares were listed on the Euro MTF market of the Luxembourg Stock Exchange and the São Paulo Exchange.

CLIENTS: Financial institution clients include JPMorgan, Credit Suisse, Merrill Lynch and Goldman Sachs, while corporate clients include GP Investments and HJ International.

INDIVIDUALS: New York partner David Mercado is a member of the firm’s corporate department and has been involved in a number of the firm’s leading matters as lead partner. Mercado has a particular practice focus on Latin America-related M&A and financings.

Morrison & Foerster LLP

PRACTICE: The fact that Morrison & Foerster LLP has five offices in Asia and two in Europe illustrates the firm’s concentration in the Asia arena, allowing the firm’s US based offices to tap into a rich sources of Asian expertise.

Also setting the firm’s ‘very pragmatic and smart’ capital markets practice apart from competitors in the market, the practice has a continued leaning towards financial institution representation, boasting a strong client list including BNP Paribas and Glitnit Banki. The firm has the ability to act for financial institutions as both manager and issuer, in which arena clients note that the firm is ‘the market leader’.

The practice illustrates this strength on the financial institution side through long running relationships, such as representing
Landsbanki Islands in all of its offerings and being designated underwriters’ counsel for Bank of America. The team recently acted for Landsbanki Islands regarding its $16bn update to structured notes supplement to offering circular for its Euro Medium-Term Note Programme. In another large matter for a financial
institution, the practice acted for Glitnir Banki regarding its $21bn medium term note program update.

The practice also recently represented Goldman Sachs, Daiwa Securities and Nikko Citigroup in connection with a $994m global public equity offering and a US Rule 144A offering of 170,000,000 shares of common stock of Chuo Mitsui Trust Holdings. On the advice to corporate side, the team acted for G4S, an international security solutions group, in a number of offerings of senior unsecured notes, specifically Series A, B, C, D, E and F, totalling $582.5m.

CLIENTS: Financial institution clients include BNP Paribas, ABN AMRO, Intermediate Capital Group and Banc of America. Corporate clients include Maoye International Holdings and Lee & Man Paper Manufacturing.

INDIVIDUALS: ‘Extremely accomplished professional’ New York-based partner Anna Pinedo focuses her practice on acting for both corporate and financial institution clients in securities and derivatives matters, and has worked closely with foreign issuers regarding offerings in both the US and Europe.

Sullivan & Cromwell LLP

PRACTICE: Sullivan & Cromwell LLP’s historical presence in Latin American and reputation as a leading firm for financial institution representation has not wavered this year. After a very strong 2007 leading in to 2008, the firm has continued to carry out top notch transactions for financial institutions.

An example of the firm’s strength in the financial institutions arena, it advised Credit Suisse, Merrill Lynch and Deutsche Bank regarding Petróleos Mexicanos’s (Pemex) $2bn debt offering pursuant to Rule 144A. The offering of the Mexican state-owned oil company consisted of a $1.5bn offering of notes and a $500m offering of notes and closed in October 2007. Despite a perception that ‘ Sullivan & Cromwell LLP is decent, but their Latin practice is deteriorating’, and having received the blow of the stepping down of recognized partner Carlos Spinelli-Noseda, the firm continue to carry out work in the Latin American arena through a tight and experienced group of practices. The firm has set itself apart through its umbrella practice groups for Latin America and other global areas which encapsulate expertise from different practices in the firm, such as mergers and acquisitions, capital markets and sovereign finance expertise. This allows the firm to offer a one-stop shop for financial institutions and national clients alike.

Illustrating that the firm’s expertise lies with the representation of financial institutions in the Latin American region, the team has also acted for issuers as well as underwriters. In another matter, the Washington DC-based practice acted for the Corporación Andina de Fomento (Andian Development Corporation) regarding two SEC-registered debt offerings.

CLIENTS: In addition to Credit Suisse, Merrill Lynch and Deutsche Bank, the firm has acted for Goldman Sachs and Merrill Lynch.

INDIVIDUALS: Partner Dennis Sullivan is based in the firm’s Washington DC office, and acted on the Corporación Andina de Fomento matter. Sullivan is a member of several of the firm’s practices including securities and private equity, illustrating the firm’s focus on cross-border expertise.

Baker Botts, L.L.P.

PRACTICE: Continuing to illustrate its strength in representing corporate clients in international capital markets matters, Baker Botts, L.L.P. has acted for clients such as Dell and CenterPoint Energy. While it has the capacity to act for financial institutions such as Citi and JPMorgan, corporate client representation is the rock of the practice.

Praised for its ‘very strong Houston office and international offices’ the Texas-based firm makes its international intentions clear through its global projects practice and expanding the firm’s global reach in the capital markets arena, the firm added partner Babul Parikh to its Riyadh office in January 2009. Illustrating the close relationships between the offices there has been recent movement between them with a Dallas-based David Emmons moving to the Dubai office and was named partner in charge of the Dubai and Riyadh offices, while Houston partner Joel Swanson moved to the London office and was named head of the firm’s international corporate practice.

Despite this, the firm does not have the breadth of global offices as other rival firms or the number of partners based in its US offices, impinging the amount and size of matters that the team can handle. Despite this, the practice has acted on some large deals in 2008. In a double pronged matter for the Cayman Island corporate client Transocean, the practice advised the client regarding the payment of a portion of debt for the finance of the acquisition of GlobalSantaFe. This included public offerings of series A, B and C convertible notes worth $6.6bn, and three offerings of senior notes work $2.5bn.

In another matter, the team acted for ConocoPhillips regarding a public offering of notes worth an aggregate of $1.5bn aggregate, closing in May 2008.

CLIENTS: As well as the above mentioned clients Transocean and ConocoPhillips, corporate clients include Dell and CenterPoint Energy Resources. Financial institution clients include Citi, Scotia Capital and JPMorgan.

INDIVIDUALS: Houston-based partner Tull Florey is regarded by clients as being ‘someone deserving’ of recognition for his work in the capital markets space. Boasting expertise across the board and in Rule 144A offerings among others, Florey recently worked on the ConocoPhillips matter.

Clifford Chance

PRACTICE: Wall Street stalwart Clifford Chance’s strength in global offerings is no surprise due to its international presence and its ‘excellent team’ in the US. The firm boasts 31 offices throughout the US, Europe and Asia, and is singled out by clients for its particular strength in Latin America; praised as a firm that ‘knows the Brazilian market and the cultural environment to implement deals’ illustrating a deep insight into international culture as well as legal knowledge is important to the firm’s clients.

2008 has seen a strong connection between the firm’s US and London offices. The practice advised NYSE Euronext regarding a debut Regulation S, €750m Eurobond issuance to be dual listed on the regulated market of the Luxembourg Stock Exchange and Eurolist.

The rise in its profile on the financial institutions side in 2008 is due to the level of clients and complexity of work carried out in the area. Illustrating the firm’s expertise on the financial institution side, the practice advised Morgan Stanley and Citi regarding the $1bn debt offering by Brazilian government owned development bank BNDES. This matter also shows the team’s strength in complex matters as it included Regulation S and Rule 144A elements, different stages the bond offering, and an extension of maturity and mandatory exchange.

On the corporate side, the practice advised steel producer Usinas Siderurgicas de Minas Gerais regarding the $400m debt offering of Usiminas Commercial, closing in January 2008.

CLIENTS: On the corporate side, clients include Usinas Siderurgicas de Minas Gerais. Despite the firm’s concentration being in the representation of financial institutions, it has acted for corporate clients such as MetroPCS Communication. Financial institution clients include Bicbanco, UBS, Credit Suisse and Deutsche Bank.

INDIVIDUALS: Corporate and securities partner Jay Bernstein is based in New York and is regarded by clients as being ‘very creative in structuring the deal and he brought a great deal of experience to bear in the project’. Bernstein is the co-head in the Americas region of the firm’s real estate funds and investment banking group, and acts for clients in both national and international markets.

Debevoise & Plimpton

PRACTICE: Praised for a practice where clients ‘receive excellent service from some of the firm’s most talented senior attorneys’, Debevoise & Plimpton demonstrates a definite leaning to the representation of corporate clients. While corporate matters overall are strength for the firm, it illustrates its capacity to work with financial institution clients though the representation of client such as Bain Capital and Citi.

Praised by clients as being ‘responsive’, and for the fact that ‘they understand our needs, and provide sound and trusted advice’, the securities practice boasts a significantly smaller number of lawyers than some of its rivals, with 31 lawyers in its New York and Washington DC offices, with only a handful concentrating on securities work full-time.

The practice has acted for Australian bank Westpac on a number of matters including its $1bn offering of stapled preferred securities in Australia. The matter included a perpetual subordinated note issued by the New York branch of the company and perpetual preferred shares issued by Westpac, and closed in July 2008.

The practice acted for Mexican corporate client Megacable Holdings regarding its 6.83bn pesos ($641m) IPO in Mexico of ordinary participation certificates and a simultaneous international offering pursuant to Rule 144A and Regulation S.

CLIENTS: As noted above, corporate clients include Megacable and Rexel, while financial institution clients include Westpac, Citigroup and private equity group Carlyle.

INDIVIDUALS: Corporate partner Steven Slutzky is described by clients as being one of the ‘best lawyers I have ever worked with’. Slutzky focuses his personal practice on securities offerings and transactions and is a member of the firm’s securities and insurance industry groups.

Latham & Watkins LLP

PRACTICE: Respected within the market for its strong equity and high-yield expertise, Latham & Watkins LLP boasts an impressive network of 28 offices, including seven national offices with the largest group of lawyers acting in the corporate finance and capital markets group in the US. Despite the firm’s far spread national reach, the US practice has not seen the market share of other competitor firms, with a number of leading matters being spearheaded from the firm’s Asia and London offices. In terms of international volume, the practice has acted on $178.6bn of debt offerings, $34.7bn in equity offerings and $26.6bn in high-yield matters since September 2007. While historically being regarded as a leader in international IPOs, particularly in the EMEA regions, this worked has slowed due to the closing of the US markets.

On the financial institution side, the practice advised Morgan Stanley on the July 2008 offering of Sirius Satellite Radio of $275m shares of common stock listed on the NASDAQ Global Select Market.

For a corporate client, the firm’s Washington DC team advised USEC regarding its $799m September 2007 offering of common stock on the NYSE and offering of 3% convertible senior notes due 2014.

CLIENTS: Part financial institution clients have included Citibank and Merrill Lynch while corporate clients have included MetroPCS Communications as well as USEC.

INDIVIDUALS: In his role as the vice-chairman of the firm’s global corporate department, New York-based partner Marc Jaffe is at the forefront of the firm’s global capital markets practice.

Milbank, Tweed, Hadley & McCloy LLP

PRACTICE: Regarded by clients as ‘one of the pre-eminent capital markets firms in Latin America’, New York firm Milbank, Tweed, Hadley & McCloy LLP is praised for its ‘significant expertise in debt capital markets transactions and significant experience with respect to Latin American transactions’. Singled out by clients for its partners ‘language capabilities’ and ‘knowledge of local markets’ in the global arena, the firm has offices in Tokyo, Beijing, Hong Kong and Singapore which cover Asia-based matters.

The firm’s concentration on representing financial institutions, particularly in Mexico, is undeniably strong. An example of the practice’s work in this area is the New York teams’s representation of financial institute Citigroup Global Markets and other underwriters, in negotiating and structuring the issuance by Mexico’s largest engineering, construction and procurement firm Empress ICSA. The matter involved a $535m public offering, and is offered as a SEC-registered offering in the US, closing in October 2007.

On the corporate side, the firm represented Compañia de Energia Mexicana, regarding its Mexican offering of $52.2m senior secured notes under Regulation S, closing in April 2008.

CLIENTS: Financial institution clients include Credit Suisse, UBS and BBVA, while issuer clients include Genomma Lab International and Compañia de Energia Mexicana.

INDIVIDUALS: Described as one of the ‘premier capital markets attorneys’ by clients, New York-based partner Michael Fitzgerald is the chairman of the firm’s global securities group and the Latin America practice group. Fitzgerald is singled out by clients for being ‘the leading lawyer in Mexico for international public equity and debt offerings’ who has ‘an amazing understanding of the Mexican corporate world and in-country relationships no other US lawyer has. Very few, if any, individuals have as much experience in Latin America’.

Shearman & Sterling LLP

PRACTICE: The opinion amongst clients is that the levels of service and expertise of New York law firm Shearman & Sterling LLP’s huge capital markets practice are strong but not outstanding. Boasting almost 200 lawyers, 64 of whom are based in New York, clients note that the practice offers ‘focused, practical advice based on experience with a broad base of clients in this particular area of expertise’. Noted for its ‘good experience in Brazil’, the firm is as present as top-tier firms in South America, particularly in terms of IPOs.

Seeing some movement between the offices in recent months, Partners Michael Benjamin and David Beveridge have moved from the London to the New York office, with Beveridge taking up the role of head of the firm’s capital market: Americas group.

An example of the firm’s South American strength is its representation of financial institutions Goldman Sachs and Credit Suisse as joint global front coordinators and international bookrunners regarding an IPO in Argentine and the UK, and a Rule 144A/Regulation S offering of Class B common shares and global depository shares of Argentina’s largest media company, Grupo Clarín.

On the corporate side, the practice advised new client Ecopetrol, Colombia’s state oil company, regarding its registration with the US Securities and Exchange Commission for the listing of its American Depository Shares represented by American Depository Receipts on the NYSE, closing in September 2008.

CLIENTS: Financial institution clients include HSBC Securities, BNP Paribas and Citigroup Global Markets. On the corporate side, clients include Ecopetrol as well as the Province of Ontario.

INDIVIDUALS: Partner Lisa Jacobs focuses her personal practice on international corporate finance, and is praised by clients as a ‘knowledgeable, competent, practical, responsive, accessible, and candid’ lawyer.

Simpson Thacher & Bartlett LLP

PRACTICE: Giving the firm a certain edge over the competition, Simpson Thacher & Bartlett LLP has a strong presence in Asia, with two offices in China and one in Japan, as well as a strong London office and a recognized strength in Latin America.

The firm is praised by clients for the ‘quality of the service’ and ‘attention to detail’ offered by its lawyers in its international capital markets practice, which has a focus on assisting non-US clients. In 2008, the practice has continued to see equity being raised by Chinese, Japanese and Latin American companies, and has the ability to represent clients in equity, investment grade debt, high-yield and complex convertibles matters.

While it continues to be a major leader in the Latin American stakes, the firm’s Asia work is very much handled by its Asia offices, for which the US based office’s played more of a supporting role. As noted, this is not the case in Latin America, where the team has acted on some of the leading matters of the year.

On the corporate side, the practice represented Diagnósticos da América regarding one of the first high-yield offerings of 2008 by a Latin American company. The offering was carried out through a finance subsidiary through which the client issued $50m senior notes in a Rule 44A/Regulation S offering, which closed in May 2008.

Regarding maters for financial institutions, the firm’s New York and Palo Alto offices represented Credit Suisse, Morgan Stanley and Goldman Sachs as underwriters regarding the IPO of 111,678,000 class A common shares of Cosan Limited for $1.2bn. The shares that were registered with the Brazilian Securities Commission and the US Securities and Exchange Commission were offered in the US, in Brazil as BDRs, and in a number of countries outside Brazil.

CLIENTS: The firm’s expertise can be seen from clients such as Virgin Mobile on the corporate side, and Bear Sterns and Merrill Lynch on the financial institutions side.

INDIVIDUALS: S Todd Crider is singled out as a leader in the global offerings arena by clients; the New York-based partner focuses a part of his practice on international corporate finance transactions, with a regional focus on Latin American and Spanish matters. Crider’s strength in speaking Spanish, Portuguese and French is of great assistance to clients.

White & Case LLP

PRACTICE: White & Case LLP’s strength in international equity matters for predominantly financial institution clients is undeniable. Singled out by clients for the ‘responsiveness of attorneys and the quality of the service provided’, the firm has illustrated the ability to handle international debt matters. Despite this, the equity arena is the area that the firm has focused on recently, while rival firms excel in both equity and debt matters alike. Similarly, the firm has acted for corporate clients such as WellPoint and Grupo Aeroportuario del Centro Norte in the past, but the firm’s leading matters throughout 2008 focused on the representation of financial institutions.

The firm’s geographic strength lies in Latin America, where the firm has two Mexico City offices and one in São Paulo. Clients note that they have been impressed by the firm’s ‘expertise in the Brazilian market and securities offerings in Brazil, and the language skills of team’.

Cementing its position as a leader in the equity arena, the firm’s US securities practice of 12 partners and 42 associates, has acted in a number of the years leading matters including representing VISA in connection with its $19.7bn IPO and listing on the NYSE. The offering was a registered public offering in Canada and Japan as well as in the US, and is the largest IPO in US history.

The practice also acted for lead manager and global coordinator Credit Suisse Securities in the $12.17bn public offering by the Brazilian mining company Companhia Vale de Rio Doce, which was largest equity offering ever by a Latin American issuer.

CLIENTS: Financial institution clients of the firm include BNP Paribas, Citigroup Global Markets, Credit Suisse, JPMorgan, Deutsche Bank, Banco Patagonia and Bancolombia.

INDIVIDUALS: New York-based partner John Vetterli is singled out by clients for his ability to speak Portuguese, which naturally ‘important to do a deal in Brazil’. Clients have the confidence in Vetterli to say that ‘we rely on him, what he says will probably be the best opportunity we have’. Vetterli is a member of the capital markets and securities group and focuses his practice on both domestic and international-related matters.

Also based in New York, partner Howard Kleinman focuses his practice on financial and capital markets transactions in Latin America. Kleinman is praised for his ability to ‘explain a situation to New York people in a way that the lawyers can understand’ when communicating with US lawyers working on a Brazilian deal.

Cahill Gordon & Reindel

PRACTICE: Regarded as having the lion’s share of the manager related high-yield work, New York-based Cahill Gordon & Reindel excels in this arena with a wealth of strong financial institution clients including Credit Suisse and Banc of America Securities, and a particular focus on acting as initial purchaser over the last year. The firm’s lack of presence on the issuer side shows a conscious decision by the firm to focus its practice towards manager representation.

Cementing its position as a go-to-firm, it has impressed clients with its work in a difficult market. Clients note that ‘we faced many difficult situations in 2008 and always bring our most difficult matters to Cahill Gordon & Reindel and will continue to do so’. This high praise is in response to the fact that ‘ Cahill Gordon & Reindel is always up to speed with the latest developments and has great bench strength both from the standpoint that they are well rounded (tax advice, litigation, etc) and they have a number of very good lawyers, not just one or two’.

Cahill Gordon & Reindel’s relationship with underwriter clients is among the most impressive in the market and is described as being elite regarding the volume of work. The practice’s model of working on high-end matters for clients who are the cream of the crop of their industry is continuing to keep it flying high, not surprising considering the undeniably strong corporate practice which offers clients the full range of high-yield products, from Rule 144A matters and revolving credit facilities to senior note offerings.

The practice acts on both singular high-yield matters and high-yield matters in conjunction with straight debt deals, illustrating its flexibility in the area. In June 2008, the practice represented a group of initial purchasers including Deutsche Bank, Morgan Stanley, Citigroup, and among others regarding offerings by Clear Channel Communications of $980m in aggregate principle amount of its Senior Cash Pay Notes and $1.3bn of aggregate principle amount of its senior toggle notes. This was carried out along with a bank deal, and raised capital for the acquisition of Clear Channel Communications by Thomas H Lee Partners and Bain Capital Partners.

Illustrating its strength in large matters and in the Rule 144A offerings arena, the practice represented JPMorgan, Credit Suisse, Banc of America Securities and Morgan Stanley as initial purchasers regarding DIRECTV Holdings and DIRECTV Financing Co. Rule 144A offerings of $1.5bn senior secured notes.

The firm also recently represented Bank of America, Citi, Barclays, Deutsche Bank and the now dissolved Lehman Brothers as dealer managers in the largest debt exchange offer to date. The matter included 14 series of outstanding bonds that were part of a comprehensive series of global transactions involving GMAC Financial Services, and its wholly owned subsidiary, Residential Capital. The matter regarded Residential Capital’s execution of private bond exchange offers and cash tender offers for the equivalent of $14bn.

CLIENTS: The practice’s impressive client roster includes Merrill Lynch, Pierce, Fenner & Smith, Goldman Sachs, Royal Bank of Scotland Group, Barclays, Citigroup, Greenwich Capital Markets and Deutsche Bank Securities.

INDIVIDUALS: Partner James Clark is regarded by clients to be a ‘key contact’ for high-yield debt matters. Clients ‘seek his advice on a regular basis at every stage of a deal and always find our discussions with him very rewarding’.

Partner Daniel Zubkoff is co-administrative partner of the firm and has acted on a number of the firm’s leading high-yield matters of the year. Zubkoff is regarded as an ‘outstanding lawyer’ in the area by clients, as is ‘go-to-lawyer’ partner Jonathan Schaffzin. All three lawyers are based in the New York office. Chris Cox and Penny Windle are also co-administrative partners.

Cravath, Swaine & Moore LLP

PRACTICE: Wall Street firm Cravath, Swaine & Moore LLP leverages from its historically strong relationship with investment banks to continue working on complex matters for leading financial institutions, which is recognised by clients who note that the firm has ‘strong knowledge of the product and the market’. This expertise more than passes over onto the issuer side, but issuer representation is still an area of growth for the firm, and has not yet seen the same level of leading clients or market share as some of its competitors.

Described by clients as a firm which has ‘literally never let us down’, and whose ‘extremely professional and knowledgeable’ partners offer a ‘first rate service’, the practice offers a strong range of products including 144A/Regulation S, convertible and high-yield senior debt offerings, illustrating that a range of complexity in matters is well within the firm’s expertise. The practice’s generalist model of product concentration across the board also appears to allow its lawyers to offer a broader range of service than those firms who choose to specialise.

On the manager side, the practice continues to see large mandates, such as acting for a group of underwriters led by Banc of America, Credit Suisse, Barclays Capital, UBS Investment Bank and Goldman Sachs regarding Chesapeake Energy Corporation’s $1.2bn high-yield convertible senior debt offering. It also represented Banc of America, Credit Suisse, Deutsche Bank, RBS Greenwich Capital and Lehman Brothers regarding the $800m high-yield debt offering by the same issuer.

The practice also represented Citi, Credit Suisse and UBS Investment Bank as underwriters regarding the $800m registered high-yield senior debt offering of Texas Corporation.

Illustrating the firms burgeoning issuer strength, the corporate practice acted for Airgas (the largest US distributor of industrial, medical, and specialty gases), as issuer in June 2008, regarding its $400m, 144A/Reg. S high-yield senior subordinated debt offering. The team also acted for the issuer IKON Office Solutions. regarding its $150m 144A/Reg. S high-yield senior debt offering.

CLIENTS: On the underwriter side, clients include Credit Suisse, Goldman Sachs, UBS, JPMorgan and CIBC World Markets. In addition to Airgas on the issuer side, the practice has acted for Crown Castle International.

INDIVIDUALS: New York-based partner Craig Arcella is a member of the firm’s corporate department and is described by clients as an ‘excellent capital markets attorney’, and as a ‘very intelligent, professional, attentive’ lawyer who ‘finds solutions rather than raises issues’.

Latham & Watkins LLP

PRACTICE: Viewed as a leader in the high-yield field by clients, Latham & Watkins LLP continues its dominance of the market despite the current financial climate. The practice justifies its position as ‘top’ in this arena, by having advised on 30 high-yield deals worth over $2.8bn since September 2007, and as being one of the leaders in issuer representation regarding volume and size of deals on this side.

With corporate finance strength on both the East and West Coast, the firm’s Washington DC and New York offices lead the way. Industry wise, the practice has deep expertise in the technology arena, supported by the Californian offices, and continues to advise a number of the premier underwriters on ‘the managers side particularly’ in transactions.

In the issuer arena, the practice acted for Intelsat regarding its June 2008 offering of $2.2bn of senior notes and $2.2bn senior PIK election notes, with an overall deal value of $5bn.

The Washington DC-based practice was involved in the advising of Allison Transmission regarding its October 2007 offering of $550m senior notes and an offering of $550m senior toggle notes. On the manager side, the New York-based practice advised Goldman Sachs and other underwriters regarding Laureate Education’s offering of $260m senior notes, $435m senior toggle notes, and $310m senior subordinated notes.

CLIENTS: Among the firm’s premier underwriter client list it has acted for JPMorgan, Credit Suisse and Deutsche Bank, while on the issuer side clients include Cricket Communications and Sequa.

INDIVIDUALS: Partner Dennis Lamont is the co-chair of the firm’s private equity finance practice and specialises in the high-yield arena. Lamont is singled out by clients for his ‘knowledge and awareness of market’ standards’ as well as his ‘clarity of explanation and constructive suggestions’.

Partner Joshua Tinkelman focuses his personal practice on mezzanine financings and private equity finance, and has impressive expertise in the high-yield arena. Tinkelman’s strength in the area is supported by clients who note that he offers ‘constructive suggestions but is accepting of ultimate decision and works within that framework going forward’.

Shearman & Sterling LLP

PRACTICE: ‘Excellent firm’ Shearman & Sterling LLP’s high-yield strength is combined with its strength in acquisition financings. On the non-acquisition finance side, the practice has expertise in refinancing debt in the high-yield market.

With 21 partners, mainly based in New York, the ‘very responsive’ team enjoys a large share of the market on the manager side, as well being greatly respected for the highly complex and weighty matters that it carries out. An example of this is the capital market practice’s role in the world’s largest leveraged buy-out. Closing in October 2008, the practice advised the lead arrangers, agents and bookrunners regarding a portion of financing of publicly-held energy holding company TXU. After the closing of the acquisition of the shares of TXU, it advised Goldman Sachs and Morgan Stanley in relation to a $4.5bn high-yield offering of senior notes and senior toggle notes by Energy Future Holdings, and a $3bn high-yield offering of senior notes and a $3.75bn high-yield offerings of notes and senior toggle notes by a subsidiary of Energy Future Holding.

Showing the firm’s growing strength on the issue side, it has attracted new client Honeywell recently. On the issuer side, the practice represented SABIC Innovative Plastics Holdings and SABIC regarding their acquisition of the plastics business of General Electric. Working closely alongside the firm’s finance group, the capital markets group represented SABIC Innovative Plastics regarding a $1.5bn Rule 144A/Regulation S offering of its high-yield senior notes.

CLIENTS: The firm has acted for Banc of America, Goldman Sachs and Morgan Stanley, while issuer clients include The Trizetto Group and AES.

INDIVIDUALS: New York-based partner Andrew Schleider has been involved in a number of leading matters in the high-yield space for the firm including the TXU leveraged buy-out matter.

Simpson Thacher & Bartlett LLP

PRACTICE: Having historically strong relationships with private equity firms as well as corporate clients, Simpson Thacher & Bartlett LLP has continued to see leading matters on the issuer side, and is regarded as ‘definitely’ being at the top of this market, despite having seen a dip on the manager side.

Leveraging off its Rule 144A expertise, the practice has picked up a number of leading matters this year, such as acting for long-term client Hovnanian Enterprises, regarding a series of major capital restructuring and capital raising transactions that were completed during May 2008. The transactions included a cross-conditioned high-yield debt and bank restructuring transactions, which included a Rule 144A/Regulation S offering of $600m senior secured notes, due in 2013.

On the issuer side, the practice illustrates flexibility by acting for a broad cross-section of corporate clients. Industry-wise, the practice excels in the life sciences, technology and energy arenas, with the support of the practice’s energy and infrastructure practice.

Illustrating its life sciences strength, the practice acted for the Brazilian medical diagnostics company Diagnósticos da América regarding one of the first high-yield offerings of 2008 by a Latin American company. The client issued $250m of senior notes in a Rule 144A/Regulation S offering through a finance subsidiary. The firm’s Latin America focus enables it to attract clients from further afield.

Mainly driven from the New York office, the capital markets practice also has expertise in Palo Alto and Los Angeles, allowing it to tap into the country’s central financial and technology markets. While the firm’s leading transactions have landed on the issuer side rather than the manager side, Simpson Thacher & Bartlett LLP can leverage off its cultivated manager client base in the high-yield debt arena, having acted for clients such as Citigroup and Bank of America.

CLIENTS: As well as Diagnósticos da América and Hovnanian Enterprises, issuer clients have included Pegasus Solution and Pinnacle Foods. On the manger side, clients include Bank of America, Citigroup, UBS and Thomas Weisel Partners.

INDIVIDUALS: Singled out by clients for his ‘hard work on our account’, Vincent Pagano is the head of the firm’s capital markets practice group and focuses his personal practice on a range of matters, including high-yield debt securities for both underwriter and corporate clients.

Skadden, Arps, Slate, Meagher & Flom LLP

PRACTICE: Praised for its ‘cutting edge, current expertise’ in the high-yield arena, Wall Street stalwart Skadden, Arps, Slate, Meagher & Flom LLP is very strong on the issuer side in the debt and equity, allowing the firm to continue to represent a cast of issuer clients of varying sizes. While the private equity area has slowed and related clients are therefore less visible, past representations illustrate the firm’s strength.

On the issuer side, the practice acted for the retail drugstores chain Rite Aid regarding its $158m offering of convertible notes and $470m high-yield offering of notes.

Illustrating the firm’s aptitude for acting for issuer clients in complex transactions, the practice represented Marisco Capital Management and related entities regarding the management buyback of the client from an affiliate of Bank of America. This matter was done via a series of concurrent financing transactions including a senior secured credit facility, offerings of senior PIK notes, PIK preferred interests, senior subordinated notes and an offering of options to purchase non-voting membership interests in the client by Marsico Superholdco SPV.

Having built a strong corporate finance practice based on its relations with investment banks and private equity firms, the firm does carry out manager-related matters, despite the success that the firm enjoys on the issuer side not quite translating onto the manager side in this sector of the market. The practice
recently advised UBS Investment Bank as sole bookrunner in two parallel offerings. The first was a $136m offering of common stock by the REIT Medical Properties Trust and the second was a $75m Rule 144A high-yield offering of exchangeable senior notes by MPT Operating Partnership with the notes guaranteed by Medical Properties Trust.

CLIENTS: The firm’s roster of high-profile clients includes SkyTerra Communications, Mobile Satellite Ventures, KAR Holdings, Marisco Capital Management and Rite Aid.

INDIVIDUALS: Partner Phyllis Korff is praised by clients for her ‘commitment, knowledge, and experience’. Regarded for her work in all areas of capital markets, Korff focuses her practice on a range of debt and equity transactions including high-yield debt.

New York-based partner Matthew Mallow is praised by clients for his ‘superior client attention’. Mallow is the co-head of the corporate finance group, and focuses his practice on representing client’s issuers and investment banks.

Cleary Gottlieb Steen & Hamilton LLP

PRACTICE: In terms of market share Cleary Gottlieb Steen & Hamilton LLP had an impressive 2007/08, raising over $9bn in the first half of 2008 in high-yield matters
world-wide. Praised by high-yield debt clients for the strength of the practice, the firm is described as being ‘outstanding with respect to capital markets transactions, securities laws, execution of debt transactions. They are also very helpful in structuring complex transactions’. Across the capital markets board, the firm has strong manager expertise and has also excelled this year on the issuer side.

The main strength of the practice is in the ‘highly responsive’ New York office. The practice overall is praised for the way in which its partners ‘take an active interest in all transactions’. Despite having a smaller geographical reach than a number of other firms, the practice’s placing in the centre of the financial community makes it ideal for cultivating manager relationships.

The practice was involved in the largest-ever leveraged buyout in the media and entertainment industry, acting as counsel to an investment consortium of Apollo and TPG regarding the leveraged buyout of Harrah’s. The matter involved a $6.025bn of high-yield notes and bridge facilities. Regarding the November 2007 largest-ever buyout in the US telecommunications industry, the practice acted as counsel to TPG and Goldman Sachs Capital Partners in their $27.5bn acquisition of Alltel. The matter involved $7.7bn in high-yield bonds and bridge facilities.

The firm is well known for its ‘very strong international offices’ and has respected expertise in Latin America, which has assisted the firm in attracting an expanded clients base. The practice acted as counsel to Petróleo Brasileiro regarding its $1bn SEC-registered high-yield notes offering by its financing subsidiary, PifCo.

On the manager side, the practice acted as counsel to the underwriters Goldman Sachs and UBS in June 2008 regarding a $206m Rule 144A/Regulation S high-yield debt offering by Visteon, and for the same clients as deal managers in Visteon’s tender offer to purchase its high-yield notes. In another matter, the practice acted as counsel to Coca-Cola regarding a €300m debt offering in November 2007.

CLIENTS: The firm’s impressive manager client base includes Citigroup, Goldman Sachs and Credit Suisse, while issuer clients include Claymont Steel, Petrobras International Finance and Warburg Pincus.

INDIVIDUALS: Partner Jeffrey Karpf is regarded by clients for his ‘extremely responsive’ nature to all matters, however large or small. Karpf focuses his practice on SEC-registered and private debt.

Davis Polk & Wardwell

PRACTICE: Supporting Davis Polk & Wardwell’s reputation for having a deep bench across the capital markets spectrum, clients note that ‘what stands out about Davis Polk & Wardwell ’s service is the quality of the lawyers, particularly the depth of knowledge within the associate rank.’ Particularly strong in manager representation, the firm staffs transactions from both its New York and Menlo Park offices, the base of the firm’s global technology group, allowing it to plug into the financial and technology centres of the country, supplementing the firm’s expertise in the energy and life sciences arenas.

Noted for its strength in both the debt and equity arenas, Davis Polk & Wardwell is not perceived to be as strong in high-yield matters, in terms of the size of matters or in terms of market share. While attracting impressive manager clients, the smaller and less complex of matters handled sets it apart from top tier firms.

A certain draw for clients to the firm, though, is its expertise in Rule 144A/Regulation S matters. On the managers side in 2008, the New York practice acted for the initial purchasers Credit Suisse, JPMorgan, Banc of America and Wachovia Capital Markets regarding the residential construction company K. Hovnanian Enterprises’ $600m Rule 144A/Regulation S offering of high-yield senior secured notes.

The practice also advised JPMorgan, Banc of Americas and Barclays Capital as joint bookrunning managers and representatives of the initial purchasers on a Rule 144A/Regulation S offering by SandRidge Energy of $750m aggregate principle amount of senior notes.

On the issuer side, the Menlo Park-based practice acted for E*Trade Financial Corporation regarding its private placement of $1.9bn of Springing Lien Notes. Also on the issuer side, the practice acted for Independência International regarding its $300m Rule 144A/Regulation S offering of high-yield notes.

CLIENTS: Manager clients include HSBC, Deutsche Bank, and Morgan Stanley. On the issuer side, the firm has acted for Symbion, Independência International, Ardagh Glass Finance and Aventine Renewable Energy Holdings.

INDIVIDUALS: Richard Truesdell, co-head of the firm’s global capital markets group, is regarded by clients as being ‘great in a crisis - a calming influence. He appears to have nerves of steel’. The New York-based partner acts for both manager and issuer clients in international capital markets transactions and is seen to be ‘highly knowledgeable, thoughtful, responsive and highly accessible’ to clients.

‘Highly responsive’ New York-based partner Michael Kaplan represents clients in a range of leveraged finance and capital markets transactions. Clients note that ‘for a relatively young partner, his depth of knowledge of the securities laws and the current positions of the SEC are impressive.’

Fried, Frank, Harris, Shriver & Jacobson LLP

PRACTICE: Continuing to carry out work for long-term clients such as Goldman Sachs, Fried, Frank, Harris, Shriver & Jacobson LLP has seen high-yield corporate debt matters handled by its capital markets practice rise in the first half of 2008. Despite this, it does not quite have the expertise retained by its top-tier competitors on the manager side. Fried Frank has occupied a slightly unusual position in the market during the first half of 2008, having seen its international profile rise in terms of the volume of internationally high-yield matters acted on over the last year, while the firm’s overall national high-yield footprint has risen but is not up there with the big hitters.

Despite this, the firm is attractive to clients due to its lawyers’ ‘technical knowledge of SEC rules’ and ‘their professional approach in dealing with clients’. Clients also note that they are ‘constantly impressed by Fried, Frank, Harris, Shriver & Jacobson LLP ’s overall great quality of service’.

On the manager side, the capital markets team of 20 partners, mainly based in New York, acted for Barclays Capital, Bank of America and Wachovia Bank regarding a $175m ABL facility and a $1bn senior secured high-yield debt offering in order to finance an acquisition of Apria Healthcare by Blackstone.

In July 2008, the practice acted as counsel to the co-managers and joint bookrunners regarding the high-yield offering by BE Aerospace of $600m aggregate principle notes, due 2018. The joint bookrunners were JPMorgan, Credit Suisse and UBS Securities, and the co-managers were Greenwich Capital Markets, Wells Fargo, SunTrust Robinson Humphrey and Mizuho Securities USA, illustrating the range of clients that the practice acts for.

On the issuer side, the practice acted as counsel to Terex Corporation regarding its high-yield offering of $800m senior subordinated notes.

CLIENTS: Manager clients include Merrill Lynch and Goldman Sachs Mezzanine partners (GSMP). Issuer clients include SPX Corporation.

INDIVIDUALS: Valerie Ford Jacob is a New York-based partner and the chairperson of the firm’s corporate practice. Jacob is singled out by clients for her ‘client focus, technical strength in SEC filings’ and for her ‘market savvy’.

Partner Stuart Gelfond, also based in New York, focuses his practice on the representation of both issuer and manager clients in international high-yield matters, as well as other corporate finance transactions. Gelfond is regarded by clients as an ‘excellent legal mind, very experienced and a pleasure to work with’.

Weil, Gotshal & Manges LLP

PRACTICE: Leveraging from the firm’s established debt and private equity expertise, New York-based Weil, Gotshal & Manges LLP continues to make in-roads into the high-yield market, particularly in the healthcare arena, while it also continues to develop its capital markets expertise, particularly on the equity side. With particular strength on the manager side, the practice continues to act for a number of the leading financial clients in the market, for instance working with JPMorgan, Banc of America and Goldman Sachs regarding the issuance by Dr. Pepper/Snapple of $1.7bn aggregate amount of senior notes.

Despite acting for a number of impressive financial institutions, the firm is regarded to have a weaker depth of expertise in comparison to its competitors, with a client noting that, ‘We did not feel that they have the same depth of securities law knowledge as other firms’. On the issuer side, the practice acted for Sotheby’s regarding an offering of $150m aggregate principal amount of senior notes.

CLIENTS: Manager clients include Banc of America, JPMorgan, Goldman Sachs, UBS and Morgan Stanley.

INDIVIDUALS: New York-based partner Rod Miller is a member of the firm’s capital markets corporate department. Miller dedicates a portion of his practice to representing clients in a range of offerings including high-yield, debt and equity offerings, alongside counselling in the acquisition finance area, which is one of his main focuses.

Baker Botts, L.L.P.

PRACTICE: Texas-based Baker Botts, L.L.P.’s focus is uniquely strong in the region, and focuses on the representation of manager clients in the high-yield arena. The departure of four lawyers in 2008, leaving the team with 13 partners, two associates and one special counsel, has not diminished the Houston-led practice’s abilities in the area, with one client noting that the firm ‘clearly has experience in these types of matters’.

Praised for the added strength that it has in its international offices, the practice has particular expertise in Rule 144A offerings, recently acting for Banc of America Securities as lead underwriter in a Rule 144A offerings of notes and senior unsecured zero coupon notes issued by Enbridge Energy Partners with a value of $1bn.

In a public offering of $600m senior subordinated notes issued by Newfield Exploration Company, the firm acted for JPMorgan as lead arranger, closing in May 2008.

CLIENTS: The practice has advised manager clients such as Deutsche Bank, RBS Greenwich Capital, HSBC Securities and Credit Suisse.

INDIVIDUALS: Partner Stephen Massad is singled out by clients for his ‘very strong legal skills’ and his ‘absolute ability to understand issuers and translate for client’ as well as working on ‘very complex’ high-yield matters.

Bill Hart focuses his practice on high-yield debt and corporate finance matters. Praised by clients for his ‘very responsive and very calm’ approach to matters, he has the ability to act on ‘very impressive strategic issues’. Both partners are based in Houston.

Clifford Chance

PRACTICE: Regarded in this market as a mid-tier firm, Clifford Chance has seen a downturn in terms of the number of significant high-yield matters that it has produced over the last year.

Despite this, the firm has illustrated its continuing ability to act on complex high-yield matters in the representation of the placement agent and financial advisors, UBS and FBR, regarding Thornburg Mortgage’s issuance of $1.5bn of senior subordinated secured notes in March 2008. The transaction included warrants to purchase common stock, a participation in certain mortgage-related assets and a $200m escrow for future notes and warrant issuances to fund preferred stock tender offers.

Keeping the practice busy over the past year, the firm has turned its attention to solving the current problematic situations that corporate clients have found themselves in since the crashing of the high-yield market. The practice focuses on recapitalisation, restructuring and advising specific issues and investments. The practice takes advantage of the partner’s bank and bond expertise as well as the expertise, of other practices supplementing the knowledge and expertise of the practice’s five partners and 15 associates.

CLIENTS: Issuer clients that the firm has acted for in the past include Waterford Westwood, Thomson Directories and TM Group. Manager clients that the firm has acted for on the issuer side include UBS and FBR.

INDIVIDUALS: Jay Bernstein is regarded by clients to be a ‘highly responsive’ partner, and is praised by clients for providing ‘leadership in solving problems and getting deals done’. Bernstein is based in New York and is the co-head of the Americas region’s financial institutions group and real estate funds group.

Gibson, Dunn & Crutcher LLP

PRACTICE: Los Angeles-based Gibson, Dunn & Crutcher LLP leads the way for West Coast-centric firms with a group of ‘great attorneys’, and has seen continued strength on the issuers side in particular.

Industry-wise, telecommunications continues to be an area of strength for the firm, which is illustrated by the issuer work that the firm has attracted.

In February 2008, the practice acted for TerreStar Networks regarding a $150m Rule 144A offering of senior exchangeable PIK notes in a PIPE investment by EchoStar Corporation and Harbinger Capital Partners. In March 2008, the practice also acted for Charter Communications Operating regarding a $546m Rule 144A offering of senior second lien notes.

CLIENTS: The firm has acted for Charter Communications Operating, TerreStar Networks and Qwest Corporation on the issuer side, and for Citigroup Global Markets, UBS and BNP Paribas on the manager’s side.

INDIVIDUALS: New York-based partner Joerg Esdorn is the co-chair of the firm’s global finance group, and focuses his practice on the representation of both issuers and managers on a range of capital markets matters.

Kirkland & Ellis LLP

PRACTICE: Noted in the market as working for a ‘good number of private equity clients’, Kirkland & Ellis LLP’s practice differentiates itself from its competitors by focusing only on issuer representations.

The firm’s strength in representing private equity clients precedes them with clients noting that, ‘ Kirkland & Ellis LLP is one of the few firms in the US that has deep expertise across the areas of law affecting private equity firms.’ Yet the firm’s reliance on private equity clients has hampered the amount of work carried out in 2007/08 due to the lack of activity in this area.

The practice has leveraged from its strong expertise in the technology and life sciences arenas, acting for telephone communications company Windstream Regatta regarding its offerings of senior subordinated notes worth $210.5m. In June 2008, the practice acted for issuer Vision Corporation on an issue of $206m made up of senior notes.

CLIENTS: Clients include CHS/Community Health Systems, Universal Hospital Services, Belden CDT and Innophos Holdings.

INDIVIDUALS: Chicago-based partner Dennis Myers is regarded by clients as ‘the leading capital markets lawyer at Kirkland & Ellis LLP . He is unparalleled in his understanding of the issues and in his practical judgment as to how to address them in the context of business objectives.’ Myers focuses his practice on representing private equity funds and their portfolio companies regarding multiple types of corporate financing transactions, and is also regarded as being ‘second to none when it comes to understanding both the law and market practices when it comes to capital market transactions.’

Proskauer Rose LLP

PRACTICE: Proskauer Rose LLP has seen the level of high-yield matters that it has attracted reduce with the slow down of the market, and has not acted on the volume or complexity of matters as firms in the upper tiers. Despite this, the relatively youthful group is held in high esteem by clients, who note that ‘ Proskauer Rose LLP has demonstrated itself as one of the top capital markets firms in the country, with a particular expertise in complex financings, including high-yield bond, convertible bond and other capital raising transactions’.

The practice continues to make inroads into the market, particularly on the issuer side, as a comparatively new team when placed alongside the big hitters in the market. Over the last four to five years, the firm has added significant lawyers to the practice to give it East and West Coast strength, which is praised by clients who note: ‘ Proskauer Rose LLP has demonstrated an impressive evolution in its capital markets practice over the last five years’.

In terms of matters handled, the practice’s strength in 144A offerings is highly evident on both the issuer and underwriter side, acting for General Nutrition Centers regarding a 144A offer of $300m principle amount of senior floating toggle noted, and an offering of $110m principal amount of senior subordinated notes.

The practice also represented the underwriter in a 144A offering of $132m principal amount of senior secured notes of Perkins & Marie Callender.

CLIENTS: On the underwriter side, clients include Citigroup, Merrill Lynch, Jefferies & Co and Global Hunters Securities. On the issuer side, the practice has acted for Quelez Securities, Blaze Recycling & Metals and General Nutrition Centers.

On the manager side, the practice recently acted for Jefferies as initial purchaser in a number of 144A offerings for issuers such as Altra Industrial Motion and Mastro’s Restaurants among others.

INDIVIDUALS: Described as ‘a rising star in corporate legal community’, New York-based partner Frank Lopez focuses his practice on high-yield and Rule 144A transactions in the capital markets area. Clients hold Lopez in the highest regard, noting that ‘Frank is one of the best capital markets attorneys in the nation with a wide ranging skill set in corporate finance, including initial public offerings, convertible bonds and high-yield bonds’, and ‘he encompasses what investment banks look for in their lawyer - solid legal advice with a strong business acumen’.

Sullivan & Cromwell LLP

PRACTICE: Sullivan & Cromwell LLP regularly wins plaudits for its role in equity and debt transactions, and is regarded as having ‘always offered top notch service’ in the high-yield debt arena. Despite this, with five lawyers carrying out high-yield matters as a part of a larger corporate finance concentration, the firm does not boast the strength of expertise evident in the practices of other firms.

The practice has illustrated its strength in issuer representation with two large matters carried out in the area. In May 2008, it acted for EchoStar regarding its offering of $750m senior notes, and in June 2008, the practice acted for CSC Holdings regarding its offering of $500m senior notes.

The firm’s high-yield lawyers’ personal practices are structured in such a way that lawyers have expertise in several practices rather than having a direct focus on one area. Multifaceted personal practices may keep a larger practice active and productive and in
this case could also indicate through its lack of direct focus on high-yield matters that work in this area is not at a premium, causing the practice to turn its attentions to other areas of expertise.

CLIENTS: Clients include issuers such as Cablevision and The Rouse Company, while manager clients include Goldman Sachs and UBS.

INDIVIDUALS: ‘Smart and talented lawyer’ Robert Downes is co-ordinator of the high-yield financing group in the firm’s New York office and is regarded by clients as having ‘excellent legal knowledge’.

White & Case LLP

PRACTICE: Since adding high-yield strength in February 2007 in the shape of five high-yield partners from Mayer Brown, White & Case LLP’s practice has gone from strength to strength. Regarded by clients as being ‘responsive, creative, and up on the latest, greatest changes and technology’, the practice has impressive clients, including Morgan Stanley and Credit Suisse.

Focusing on manager representation of a less complex and weighty nature in terms of dollar amount than some of its competitors, the practice excels in acting for manager clients as initial purchasers, and has leveraged from its strong roots in the energy and telecoms sectors. The team recently acted for Jefferies & Co as initial purchaser regarding a $425m notes offering by Indianapolis Downs and Indiana Downs Capital, consisting of $375m of senior secured notes and $50m of senior subordinated secured pay-in-kind notes.

In the energy sector, the practice represented Morgan Stanley as lead underwriter regarding an offering of $450m of senior notes by W&T Offshore, an oil and natural gas-related company.

CLIENTS: The practice’s impressive client list includes Credit Suisse, Merrill Lynch, Jefferies & Co, Goldman Sachs and Morgan Stanley.

INDIVIDUALS: Partner Ronald Brody is singled out by clients for his ‘responsive’ demeanour and for his ability to be ‘creative at figuring out solutions’. Brody is the co-head of the firm’s leveraged finance group.

Given the counter-cyclical nature of corporate restructuring work, the recent credit crunch has led to an increase in the volume of work handled by lawyers in this area of law. Although Chapter 11 filings are now occurring with increased regularity and across almost all industries, the expected glut of bankruptcies was, however, a considerable time in coming. Indeed, the tail-end of 2007 and the first few months of 2008 were relatively quiet for corporate restructuring lawyers. While the sub-prime induced credit crunch had already taken hold of the economy, this took time to filter through to corporate balance sheets. Apart from a continuation of instructions on ongoing bankruptcies, a good deal of work handled by firms in this period related to counseling and advisory work about the potential trouble that lay ahead.

Ultimately, however, all this changed and corporates from all industries are either seeking out-of-court restructuring or under Chapter 11 protection. Of course, it was the financial services industry that was the first major casualty of the tightening of credit in the market. Wall Street has been decimated, investment banks saddled with exposure to risky mortgage backed securities, had billions wiped of their value. Paranoia was rife, with banks uncertain as to how much exposure their competitors had to the toxic securities, inter-bank lending dried up. Therefore, what began as a seemingly containable problem in one part of the mortgage market threatened the integrity of the US financial system.

One by one banks sought help, Lehman Brothers became the first major financial institution to collapse since the credit crisis, when after failed attempts to find a buyer, it filed for Chapter 11 bankruptcy protection on September 15 2008. Presiding over asset sales of over $639bn and with more than 100,000 creditors seeking recompense, the bankruptcy was unprecedented in both its scale and complexity.

Our rankings assess a firm’s overarching bankruptcy and restructuring capability on both the debtor and creditor side, whether it is in relation to court-assisted or out-of-court restructurings. To top the rankings, firms must be involved in the most high-profile national cases, as well as cross-border matters that are commonplace in an increasingly globalized market. In many bankruptcy scenarios, clients will need to tap into complementary legal services, whether it be in the form of employment, tax, banking and finance or corporate advice. Weight is therefore given to practices that are able to offer a fully integrated service.

In addition to the traditional restructuring and turnaround work, the changing nature of the market and the multifarious portfolio of potential stakeholders, from traditional creditors like banks, to newcomers like hedge funds and private equity firms, have led to a number of bankruptcy-related transactions. Therefore, the rankings also assess a practice’s involvement in the distressed debt and M&A market, as well as its ability to provide finance to companies in and out of bankruptcy. Given the longevity of many bankruptcies, some cases that were referred to in last year’s editorial are ongoing, and therefore still relevant.

The rankings reflect practices that compete on a national level, and most of the leading players have strong offerings in New York.

Kirkland & Ellis LLP

PRACTICE: Benefiting from a full-service approach that routinely utilizes resources from the corporate, tax and litigation groups, Kirkland & Ellis LLP’s mammoth 80-lawyer restructuring department has the critical mass and ‘the experience needed to get a large, complex restructuring done’. Leveraging off ‘an impressive corporate and private equity client base’, this Chicago-headquartered powerhouse continues to operate at the very pinnacle of the market for debtor instructions.

Active across a range of industry sectors, including manufacturing, transportation and energy, it currently represents two homebuilders, TOUSA and Kimball Hill, in their respective Chapter 11 cases. In another major mandate, the team advises Tropicana Entertainment and 33 of its affiliates in Chapter 11 cases filed in Delaware.

Well known in the market for its ‘creative and innovative’ approach to debtor cases, in addition to the aforementioned ongoing cases, the department has recently successfully guided both Calpine and Solutia out of Chapter 11 protection.

With lawyers in situ in several of the key global financial centers, including Munich and a recently expanded London office, the firm is also able to handle cross-border matters when they arise, as evidenced by its ongoing representation of Sea Containers.

While Kirkland & Ellis LLP’s primary expertise lies in its representation of corporates in distress, it also picks up its fair share of creditor-side work, including ad hoc committee mandates on behalf of creditors in Mirant and Adelphia’s recent bankruptcies.

CLIENTS: Kirkland & Ellis LLP enjoys a regular diet of market-leading debtor cases, both for existing and standalone corporates, including Calpine, TOUSA, Dura Automotive Systems, Movie Gallery, Wellman, Pierre Foods, Solutia, Hines Horticulture, Tropicana Entertainment and Sea Containers.

INDIVIDUALS: ‘Technically proficient and business-savvy’, New York-based partner Richard Cieri commands a great deal of respect in the market as a result of his impressive pedigree representing financially distressed companies, debtors and boards of directors. ‘He truly understands the value of being constructive and diplomatic’, say clients.

New York-based partner Paul Basta has an excellent reputation for his representation of debtors, creditors and investors in distressed companies. He represents TOUSA and Kimball Hill.

Benefiting from a unique experience in investment banking and turnaround consulting, Chicago-based partner David Eaton is a favorite with clients who are appreciative of his ‘technical expertise and responsiveness’. Active on both domestic and international creditor and debtor mandates, he represents Sea Containers on its cross-border restructuring.

Skadden, Arps, Slate, Meagher & Flom LLP

PRACTICE: Leveraging the excellent client roster of its ‘first-class’ M&A department, as well as regularly advising standalone corporates experiencing financial adversity, Skadden, Arps, Slate, Meagher & Flom LLP is deservedly widely acknowledged as ‘one of the pre-eminent debtor-side practices in the country’.

With 23 partners sitting in its corporate restructuring group and aided by top-quality lawyers in other complementary areas, including tax, banking, M&A and litigation, this ‘outstanding’ firm has the firepower to advise clients on some of the largest and most sophisticated restructurings, in both the domestic and international market.

While it is the practice’s position as debtor’s counsel on prime Chapter 11 mandates such as Delphi and Interstate Bakeries that understandably grabs the headlines, its work for healthy and financially distressed clients in out-of-court restructuring is just as noteworthy. For example, the department advises Sprint Nextel in non-judicial restructuring activities, including work on the recent amendment of its $6bn revolving credit facility.

‘Commercially savvy and astute’, Skadden, Arps, Slate, Meagher & Flom LLP is also known for its work in relation to distressed M&A transactions, where it is instructed by buyers, sellers, investors and financial advisors. In this regard, it recently advised BlackRock on its $1.7bn acquisition of the fund-of-funds business of Quellos.

Although its debtor practice steals the limelight, a steady flow of creditor instructions ensures a comprehensive offering. As well as advising financial institutions in their capacity as debtor-in-possession (DIP) lenders in troubled scenarios, the department is currently advising Credit Suisse as administrative agent under a $440m senior credit facility in connection with the Tropicana Entertainment Chapter 11. It has also represented Calyon as the largest creditor in connection with the multibillion-dollar restructuring of monoline insurer, FGIC.

The practice did suffer a blow at the beginning of 2009, with the loss of co-head of the team, Timothy Pohl, to become managing director at financial services firm Lazard.

CLIENTS: Instructed by corporates across a wide range of industries, clients include Delphi, Sprint Nextel, Interstate Bakeries, Enesco Group, Calyon, BlackRock, Credit Suisse, Centro Group, the Carlyle Group, Herbst Gaming, Young Broadcasting, Refco and Tweeter Home Entertainment.

INDIVIDUALS: ‘First-rate’, say clients, Chicago-based partner Jack Butler is co-chair of the firm’s worldwide corporate restructuring group. ‘Understandable and not overly technical’, he provides value-added solutions to clients in distressed M&A, financing and restructuring scenarios.

Based in New York, corporate partner Gregory Milmoe co-leads the corporate restructuring group and is also recommended.

Weil, Gotshal & Manges LLP

PRACTICE: Weil, Gotshal & Manges LLP’s 21-partner US practice ‘has real depth and the senior attorneys are among the best in the country’, according to clients, despite a number of high-profile partner defections over recent years. Confounding rumors that its reputation as a debtor practice par-excellence was slipping, Weil, Gotshal & Manges LLP surged back to prominence in 2008. Most notably, the practice won the highly prized representation of Lehman Brothers during its bankruptcy. Presiding over asset sales of approximately $639bn, as much as six times as large as any other Chapter 11 case, the bankruptcy also includes in excess of 100,000 creditors. Other prime mandates within the troubled financial services industry include Chapter 11 representation of Washington Mutual, as well as a broad range of restructuring work and analysis for beleaguered insurer, AIG.

While it has now been dwarfed by the Lehman Brothers blow-up, a few months earlier Weil, Gotshal & Manges LLP picked up the role as debtors’ counsel to Semgroup and its affiliates. One of the largest Chapter 11 filings of 2008, the firm has already secured interim approval of $150m in DIP financing in the face of opposition from vendors and suppliers.

Clients are also appreciative of the
department’s all-round expertise in complementary areas of law, such as litigation and M&A, with one observer noting, ‘these strengths add to the overall excellence of the restructuring group’. The attorneys are praised for their ‘terrific client service’, and ‘innovative approach to problems’. The practice recently represented Vertis and its affiliates on what was the first double-merger prepack. Other major debtor representations include retailer Steve & Barry’s, as well as infrastructure company, Charys.

In addition to reasserting itself at the pinnacle of the debtors’ bar, the practice continues to pick up significant creditor-side mandates, such as its continued involvement for General Motors in the Delphi Chapter 11 cases.

‘They are known to most of the restructuring community and command their respect, which is very important to getting things done’, say clients.

CLIENTS: A terrific roster of debtor and creditor clients includes Semgroup, Landsource, Washington Mutual, Vertis, Lehman Brothers, Citigroup, Credit Suisse, GMAC, Sliver Point Capital, New York Racing Association and Charys.

INDIVIDUALS: New York-based head of the practice, Marcia Goldstein, ‘commands respect’ as a result of her impressive track record as debtor’s counsel on some of largest bankruptcies in the market, including Washington Mutual. Clients appreciate her ‘coolness under fire’.

‘Among the best in the business’, New York-based partner Harvey Miller’s pre-eminent reputation is acknowledged by clients and peers alike. Currently leading the firm’s representation of Lehman Brothers on its high-profile Chapter 11 bankruptcy, his recent return to the practice, following a stint at merchant banking firm Greenhill & Co, has been regarded by many commentators as central to Weil, Gotshal & Manges LLP’s resurgence in the market.

‘Totally competent and an excellent negotiator’, say clients, New York-based partner Lori Fife’s practice encompasses representation of all of the major constituencies in restructuring, including companies, banks, funds, acquirors and unsecured creditors.

Based in New York, Gary Holtzer offers expertise in all areas of domestic and international restructurings. Holtzer led the representation of AIG.

Davis Polk & Wardwell

PRACTICE: Leveraging its pre-eminent reputation in the banking community, Davis Polk & Wardwell’s 12-partner insolvency and restructuring group is best known for its lender-side practice. It is regularly instructed by the likes of JP Morgan, Citibank and Bank of America, and the practice has been at the very forefront of the multifarious issues arising out of the recent financial services meltdown.

‘Our go-to firm when we have particularly complex and sophisticated matters to be dealt with’, says one client, the practice acted as lead counsel to the US Treasury and Federal Reserve Bank of New York on the $85bn financing package and related equity ownership rights with respect to troubled insurer, AIG. In another pioneering transaction, the department represented Freddie Mac in what was the first genuine conservatorship of a financial institution. Government intervention also included a commitment to provide it with $100bn of direct financial aid, the largest government-assisted transaction in US history.

‘Sophisticated, experienced and professional in all their dealings’, there is also much more to this ‘creative’ practice than creditor-side mandates. Indeed, building off its high-profile representation of Delta Air Lines, the group has picked up a steady flow of significant debtor mandates, both in and out of court. In another restructuring affecting the airline industry, the practice is lead bankruptcy counsel to Frontier Airlines on its Chapter 11 case.

‘When involved in one of our deals, they are an integral part of the process, the solution and the ultimate success’, enthuse clients.

CLIENTS: Davis Polk & Wardwell’s client roster includes an impressive number of major banks, including Bank of America, Citibank, Credit Suisse and JP Morgan Chase. Increasingly active on the debtor side, other clients include Frontier Airlines, Star Tribune and Tekni-Plex.

INDIVIDUALS: ‘He is one of the most outstanding lawyers I have worked with’, states one client of New York-based co-chair of the restructuring group, Marshall Huebner. ‘Smart, strategic in his thinking and business-orientated’, Huebner’s debtor-focused practice currently sees him instructed by Frontier Airlines, Star Tribune and Tekni-Plex on their respective restructurings. ‘He is tireless in his efforts and savvy in crafting deals to keep the restructuring moving forward’, say clients.

‘Brilliant and experienced’, New York-based co-chair of the practice Donald Bernstein is one of the best-known figures in the bankruptcy community. Particularly active advising banks as senior secured creditors, he has been representing Citi in matters pertaining to Lehman’s bankruptcy.

Active across a fairly balanced mix of creditor and debtor mandates, New York-based partner John Fouhey ‘is constructive and not divisive - in negotiations with either clients or other lenders’, according to one client.

‘Extremely well regarded in the banking and legal community’, New York-based partner Karen Wagner is a leading bankruptcy litigator and an expert in cross-border insolvencies.

Akin Gump Strauss Hauer & Feld LLP

PRACTICE: ‘A high-quality creditor-focused restructuring team’, Akin Gump Strauss Hauer & Feld LLP’s 16-partner group is regularly involved in many of the largest bankruptcies in the US. Although it lacks the versatility of some
of its competitors, it is acknowledged as ‘one of the pre-eminent bondholder groups in the country’.

Instructed by creditors - most often in connection with official or ad hoc committees - in excess of 140 major restructurings since 1999, it currently acts for the official creditors’ committee of Quebecor World. Until the Lehman Brothers matter, Quebecor World was the largest Chapter 11 filing in the US in 2008, and the matter involves the skilful co-ordination of a multi-disciplinary team comprising litigation, tax, corporate, banking, ERISA and environmental lawyers. The firm is also instructed by the official creditors’ committees of TOUSA and Propex, as well as the informal institutional investors’ committee for Mrs Fields and Wellman. Additionally, the department is advising the joint official liquidators of two Bear Stearns funds in Chapter 15 proceedings related to the sub-prime mortgage crisis.

CLIENTS: A steady diet of formal and informal creditor committee instructions continues to inform the practice including engagements in TOUSA, Quebecor World (USA), Propex, Mrs Fields Famous Brands and Solutia.

INDIVIDUALS: New York-based partner Fred Hodara heads the financial restructuring group. ‘A leading figure in the bankruptcy community in relation to creditor committee work’, he is regularly at the forefront of the firm’s most significant mandates in this area. Hodara also recently handled work on behalf of the official liquidators of two Bear Stearns sub-prime hedge funds.

Head of the financial restructuring group in New York, Daniel Golden has an excellent track record for his advice to creditors’ committees and bondholder committees. Recent highlights include his work on behalf of the official committee of unsecured creditors on the Solutia restructuring. ‘One of the best young lawyers out there’, New York-based partner Michael Stamer is advising an informal noteholder group in the Lehman Brothers bankruptcy cases.

Milbank, Tweed, Hadley & McCloy LLP

PRACTICE: Spearheaded out of its New York and Los Angeles offices, Milbank, Tweed, Hadley & McCloy LLP’s ‘top-notch’ nine-partner corporate restructuring department has had an extremely eventful past 12 months. Despite losing leading creditor-side lawyer Luc Despins to Paul, Hastings, Janofsky & Walker LLP, it also welcomed back Paul Aronzon in September 2008, following a brief stint in-house at Los Angeles-based investment banking firm, Imperial Capital.

Lauded by clients for its ‘thorough and effective advice’, creditor and bondholder committee instructions undoubtedly form the backbone of the firm’s practice. In what was one of the most significant mandates in the market in 2008, it picked up the creditors’ committee mandate on the Lehman Brothers bankruptcy. Other creditors’ committee instructions include its involvement in the Chapter 11 cases for Charys, and the Village Inn and Bakers Square restaurant chains. On the bondholder side, the department is involved in the restructuring of Quebecor World and Calpine.

‘They understand the need to be practical’, say clients, who include secured lenders such as JPMorgan, who it recently represented as agent on a secured facility to a mortgage lender. ‘They are totally responsive and willing to work at all hours to progress rapidly on open issues’, say clients.

CLIENTS: As well as acting for the creditors’ committee in a slew of matters, most notably in the Lehman Brothers bankruptcy, the firm also advises clients such as GMAC/ResCap, Intermet, JPMorgan Chase and ABN AMRO.

INDIVIDUALS: ‘Smart and well respected in the restructuring community’, New York-based partner Dennis Dunne is co-head of the financial restructuring group.

Dunne advises the creditors’ committee in the Lehman Brothers bankruptcy. ‘Very intelligent and responsive, he also has the ability to recall points and answers questions on the spot’, say clients.

‘Very strong’, Los Angeles-based partner Paul Aronzon co-heads the group following his recent return to the firm. He benefits from an impressive track record in the industry as a result of high-caliber instructions from debtors, financial institutions, lender syndicates, creditors’ committees, and troubled companies and their assets.

‘Excellent’, say clients, New York-based partner Matthew Barr’s star continues to rise off the back of some impressive mandates, including his involvement in the Calpine matter.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

PRACTICE: Although there is a feeling in the market that Paul, Weiss, Rifkind, Wharton & Garrison LLP’s eight-partner bankruptcy practice somewhat flies under the radar in terms of the biggest-ticket deals, the group nonetheless ‘continues to tick along nicely’, securing a steady diet of both debtor and creditor mandates. While it is small in comparison with some of its rivals, its ability to call upon the services of lawyers in the corporate, litigation and tax groups enables the practice to effectively resource deals of a significant scale and complexity.

Well known for its ‘excellent committee’ work, the group is regularly instructed by either the official or ad hoc committees of creditors or shareholders across a raft of significant mandates. For example, it is advising the ad hoc bondholder committee on the bankruptcy of multinational printing company, Quebecor. A complicated matter, the debtor is subject to proceedings both in Canada and the US. The practice also recently handled work on behalf of the majority noteholder group in the Wornick Chapter 11 and for the official creditors’ committee in Amtrol’s bankruptcy. Instructed by an impressive tranche of private equity and hedge fund clients, Paul, Weiss, Rifkind, Wharton & Garrison LLP also picks up its fair share of significant distressed M&A transactions, as evidenced by its recent representation of Angelo Gordon and Silver Point Capital’s going-private acquisition of Dominion Homes.

Contentious matters also make up a significant proportion of the workload, and the market points to a ‘nice bankruptcy litigation practice’.

CLIENTS: Paul, Weiss, Rifkind, Wharton & Garrison LLP is instructed by the likes of Angelo Gordon, Silver Point Capital, Caxton-Iseman Capital, Citigroup, New York Racing Association Oversight Board and Progressive Moulded Products.

INDIVIDUALS: Alan Kornberg is chair of the firm’s corporate reorganization department. ‘Able to see both sides of the equation’, his wisdom endears him to an impressively diverse cadre of clients, including debtors, creditors’ committees, equity holders and distressed investors.

Highly regarded by clients, Andrew Rosenberg advises a fairly balanced blend of debtors and creditors, including the ad hoc committee of bondholders of Quebecor.

Stephen Shimshak is recommended for his bankruptcy litigation expertise.

All of the partners recommended are based in New York.

Bingham McCutchen LLP

PRACTICE: While it lacks the diversity of some of the firms in this section, Bingham McCutchen LLP’s 35-attorney financial restructuring group is widely acknowledged as ‘one of the leading bondholder practices, not just in the US but also globally’. ‘Second-to-none’, say clients, the practice operates seamlessly, resourcing work with lawyers from both its East and West Coast offices. Underscoring a commitment to build up its flourishing New York office, the September 2008 addition of former Schulte Roth & Zabel LLP partner, Jeffrey Sabin, was a major coup for the firm, affording it deeper penetration in the market.

Busy on behalf of creditors across a multifarious array of industries, this ‘cutting-edge’ department has been particularly active of late in the construction sector, one of the first casualties of the sub-prime crisis and its fallout. For example, it is advising the ad hoc committee of noteholders on the restructuring of Woodside Group, the US homebuilding company.

Also recommended for its cross-border prowess, strong teams in both London and Tokyo enable the group to offer clients a one-stop shop service on some big-ticket mandates. For example, a multi-office team in New York and London continues to advise the official committee of unsecured creditors on the Sea Containers financial restructuring and subsequent Chapter 11.

CLIENTS: Bingham McCutchen LLP’s creditor-focused client base includes the ad hoc noteholder committees of Centro Properties Group, Woodside Home Builders and JBS. The practice also advises the official committee of unsecured creditors in Sea Containers and Tanner & Haley.

INDIVIDUALS: ‘Smart and consensus-driven’, New York-based practice group leader Michael Reilly is experienced at advising both official and ad hoc creditors’ committees, and lenders in domestic and cross-border transactions.

Co-leader of the group following his move in September 2008 from Schulte Roth & Zabel LLP, New York-based partner Jeffrey Sabin is recognized as an ‘excellent lawyer’. Sabin focuses on creditors’ rights, debt restructurings and financial transactions.

Edwin Smith divides his time between Boston and New York, and co-chairs the financial institutions team.

Cadwalader, Wickersham & Taft LLP

PRACTICE: Spearheaded from its New York headquarters, ‘the consistently excellent’ Cadwalader, Wickersham & Taft LLP’s ‘strong and experienced’ ten-partner financial restructuring department advises a diverse portfolio of clients on bankruptcy-related matters, both in and out of court. However, despite the recruitment over 18 months ago of a four-partner team from debtor-side heavyweights Weil, Gotshal & Manges LLP, the firm has failed to substantially build on its recent high-profile representation of Northwest Airlines and is conspicuous by its absence on the big-ticket debtor mandates.

On the creditor side, however, the group has picked up some notable instructions emanating out of the travails of the financial services industry. For example, it is currently engaged by Citigroup, one of the largest creditors in the Chapter 11 bankruptcy case of Lehman Brothers Holdings. The firm also represented Bear Stearns in relation to its government-supported purchase by JPMorgan for approximately $236m.

The practice has also been active in the real estate industry. In harness with the firm’s premier real estate finance group, it is advising Barclay’s Capital as agent for the $1.3bn first lien facility and the $1.185bn DIP financing for LandSource Communities Development.

‘ Cadwalader, Wickersham & Taft LLP helped devise our overall reorganization plan and then guided us through the court process to achieve our restructuring goals’, recounts one client.

CLIENTS: Clients include Citibank, Freddie Mac, Morgan Stanley, CIFG Holding, Royal Bank of Scotland, JPMorgan, Omnicare, XL Capital, Pfizer and Saint Vincents.

INDIVIDUALS: Co-chairman of Cadwalader, Wickersham & Taft LLP’s financial restructuring department, Bruce Zirinsky commands respect from clients for the work he has handled on high-profile matters including the representation of Northwest Airlines. ‘He exhibits excellent leadership skills and had a mastery of the intricacies of the bankruptcy process’, say clients.

Fellow co-chair of the group, Deryck Palmer is recommended for his bankruptcy-related expertise in the healthcare industry.

Recently promoted co-chair of the practice, John Rapisardi offers a wealth of experience to a plethora of high-profile creditors, debtors and investors, across a broad spread of industries, including telecommunications, satellite, finance and real estate. ‘Smart and practical’, say clients, Rapisardi is a key member of the team advising Citigroup on its exposure to Lehman Brothers.

George Davis ‘does a very good job at explaining where the risks are and what the potential gains are’, say clients.

All the recommended partners are based in New York.

Cleary Gottlieb Steen & Hamilton LLP

PRACTICE: With a core group of 11 partners active in the US and backed by a strong international footprint, Cleary Gottlieb Steen & Hamilton LLP’s ‘highly responsive’ corporate restructuring group is well positioned to advise debtor and creditor clients on both big-ticket domestic and cross-border mandates. ‘Their excellent, substantive knowledge is complemented by their good tactical judgement’, comment clients. While it lacks the critical mass of some of its higher-ranked practices, it has had a very strong year, standing at the forefront of issues relating to the current financial crisis.

Instructed by Bank of America in relation to the restructuring of a number of monoline insurers, including ACA and BluePoint Re, the group also recently advised Goldman Sachs on its acquisition of sub-prime mortgage servicing company, Litton Loan Servicing. Clients appreciate the ‘holistic approach’, which regularly involves input from other practice areas. For example, in a deal that included significant input from its corporate, tax, real estate and employment practices, the practice recently advised Barclays on its acquisition of Lehman Brothers’ North American investment and capital markets businesses. In another distressed M&A deal involving Lehman Brothers, the department represented Hellman & Friedman on its proposed joint acquisition with Bain Capital of several Lehman operations, including its asset management firm, Neuberger Berman.

CLIENTS: The firm is instructed by the likes of Morgan Stanley, Dexia, Barclays, Hellman & Friedman, Federal Reserve, Goldman Sachs and CSFB. Other clients include a number of foreign entities, such as Evraz, Rosetta Resources and Cordaflex.

INDIVIDUALS: ‘Cool under pressure’, New York-based partner James Bromley has been at the hub of the firm’s activity in the financial services industry. He led the representation of the Federal Reserve Bank of New York in relation to problems associated with the Lehman Brothers bankruptcy, and clients say Bromley possesses ‘excellent legal skills, making working together during very long days a positive experience’.

While a significant part of his practice encompasses derivatives, banking and capital markets transactional work, much of New York-based partner Seth Grosshandler’s recent mandates have centred on restructuring issues. A particular emphasis of his practice has been risks to counterparties of regulated financial institutions in the event of the insolvency of the financial institution and he has been instructed in this regard by creditors of various Lehman entities.

Fried, Frank, Harris, Shriver & Jacobson LLP

PRACTICE: ‘Terrific’, say clients, Fried, Frank, Harris, Shriver & Jacobson LLP’s New York-based six-partner bankruptcy and restructuring practice handles every aspect of formal bankruptcies and out of court restructurings, and acts for a wide client base featuring debtors, creditors’ committees bondholders, financial institutions, as well as buyers and sellers involved in distressed M&A. Less litigation-orientated than many of its competitors, it is well known in the market for often taking unconventional approaches to restructurings. Regularly acting in concert with other complementary practices within the firm, the practice is ‘very effective at using its resources to get us the best answer quickly’, say clients.

Recent highlights include advising the New York State Insurance Department in connection with the restructuring and recapitalization of troubled monoline insurers. Indeed, the recent turmoil afflicting the financial services industry has presented the group with a slew of mandates. For example, it is acting for 15 clients - ranging from hedge funds to prime brokers - with some form of exposure to beleaguered bank, Lehman Brothers.

The department has also been busy representing the official committees of equity security holders in both the Delphi and Calpine Chapter 11 cases.

CLIENTS: Instructed by an array of hedge funds, bondholders’ and equity committees, corporates and lenders, clients include Dana Holdings, Bank of New York, Third Avenue Management, AEA Investors and the New York State Insurance Department.

INDIVIDUALS: The marquee name within the group, New York-based practice head Brad Scheler advises creditors and debtors across all manner of in-court and out of court corporate restructurings. He is currently representing the Official Committee of Equity Security Holders in the Delphi Chapter 11. ‘He is a fine businessman and an excellent negotiator’, say clients.

A rising star in the bankruptcy community, New York-based partner Gary Kaplan is ‘great with strategic as well as legal advice’, enthuse clients. As well as being involved in the Delphi Chapter 11, Kaplan has also recently handled debtor work on behalf of both AAI Pharma and Family Golf Centers.

Jones Day

PRACTICE: Centered in New York but aided by a significant presence both nationally and globally, Jones Day’s ‘outstanding’ 17-partner restructuring practice has the scope and cross-border expertise to handle some of the largest debtor cases in the market. ‘From partner to associate, they are smart, hard-working and very client-focused’, say clients. Although it has perhaps fallen off the pace a little in recent years having failed to appear with regularity in market-defining cases, a steady stream of longstanding matters and a good volume of smaller mandates keep the team busy.

The department recently successfully concluded its debtor-in-possession representation of Dana, the culmination of nearly three years’ work, when the company emerged from bankruptcy with a fully committed $2bn exit facility and $790m in new equity investment. Other notable mandates include its representation of the third largest monoline insurer, FGIC, in relation to its restructuring efforts and attempts to mitigate losses triggered by the precipitous decline in the sub-prime mortgage market.

Praised by clients for its ability to ‘formulate creative solutions to broker deals’, the group has also shown itself to be adept at creditor-side mandates for a range of financiers, unsecured creditors’ committees and bondholder committees.

CLIENTS: Clients include Dana, FGIC, Black Diamond Mining Company, Boscov’s, FLYi, Bank of New York, HSBC, WL Ross & Co, Marubeni and Bayside Capital.

INDIVIDUALS: ‘World-class’, New York partner Paul Leake heads the firm’s business restructuring and reorganization practice. ‘One of the brightest restructuring attorneys practising today’, he handles work for all the major constituencies in restructuring, including debtors, bondholder committees and distressed investors.

Based in the firm’s Cleveland headquarters, David Heiman offers a wealth of experience to both debtors and creditors. Described by one client as ‘an articulate visionary’, he is often at the forefront of many of the firm’s most significant mandates, such as its recent representation of Boscov’s on its Chapter 11 cases.

New York-based partner Erica Ryland is ‘amazing on day-to-day aspects of deals’, comment clients, and ‘she always outthinks the other side by two or three steps. They are always reacting to her, not the other way around’.

Kramer Levin Naftalis & Frankel LLP

PRACTICE: Although the practice was weakened by the recent departure of three partners to Gibson, Dunn & Crutcher LLP, including former co-head of the distressed and special situations lending group David Feldman, Kramer Levin Naftalis & Frankel LLP still commands a great deal of respect in the market for its ‘consistent and agile’ advice to an eclectic mix of clients.

Particularly strong on the creditor side, the department recently concluded its long-running involvement for the official committee of unsecured creditors of both Dura Automotive Systems and Dana. Clients acknowledge the attorneys’ ability to ‘understand complex issues’, and, for example, it is currently advising a group of substantial creditors on the validity and priority of complicated cross-border inter-company claims.

By no means inactive on the debtor side, the department represents among others Bally Total Fitness on its bankruptcy and Ascendia Brands on its out-of-court and Chapter 11 restructuring.

Instructed across numerous industry sectors, including telecommunications, financial services, retail and manufacturing, the nine-partner practice also benefits from a subgroup of attorneys focused on distressed and special situations lending, and another devoted to claims trading in distressed enterprises.

‘Because it is a large multi-practice firm the lawyers are able to provide us with advice on the most complicated issues that we have had to deal with, which may bring in ERISA, tax, securities, corporate and bankruptcy expertise’, enthuses one client.

CLIENTS: Clients include CSFB, Harbinger Capital Partners, Ascendia Brands, Goldman Sachs, Berry-Hill Galleries, Trilogy Fund and Seneca Capital.

INDIVIDUALS: Chairman of the department, Kenneth Eckstein is equally adept at both litigation and restructuring. His diverse practice incorporates work for an eclectic mix of clients including corporates, banks and hedge funds. Described by clients as ‘a Pit Bull litigator and quite commercial’, he advised Ascendia Brands on its out-of-court and Chapter 11 restructuring.

Described by one client as ‘the best brain in the bankruptcy business’, co-chairman of the department Thomas Moers Mayers is regularly at the fulcrum of the firm’s most high-profile mandates. Notable recent highlights include advising the official committee of unsecured creditors of both Dura Automotive Systems and Dana.

Head of the firm’s claims trading and investing practice, Thomas Janover is ‘user-friendly, practical, responsive and thoughtful’, say clients.

All of the recommended partners are based in New York.

Latham & Watkins LLP

PRACTICE: With ‘strength and depth’ on both coasts and also benefiting from an impressive global platform, ‘top-notch’ Latham & Watkins LLP is a regular presence on some of the most significant national and cross-border mandates in the market. One of the more broad-ranging practices in the rankings, although it remains best known for its senior secured creditor work, its increasingly balanced workload now includes a sizeable amount of company side mandates, in addition to distressed M&A transactions and unsecured creditor committee matters. Clients note that the practice ‘demonstrates a strong sense of business acumen and commerciality’ and its lawyers provide ‘highly insightful and intelligent advice’.

Regularly instructed on cutting-edge matters, the group recently successfully litigated trial claims brought by American Home Mortgage against Lehman Brothers following its exercise of remedies on repurchase agreements. In what was a hugely important decision for the financial industry as a whole, the verdict validated the right of financial institutions to close out swap agreements.

CLIENTS: Instructed by creditors and debtors from various industries, clients include Pacificor, Credit Suisse, GECC, Bank of America, Goldman Sachs, Golden Tree Asset Management, EMI Records, Z Capital Partners and Residential Funding.

INDIVIDUALS: Recently appointed as the new global chair of the finance department, ‘the highly intelligent’ David Heller taps a deep well of experience acting for a predominantly creditor-focused client base. Heller continues to advise the senior secured lenders in Pierre Foods’ Chapter 11 cases.

‘Extremely bright and responsive’, New York-based partner Mitchell Seider is global co-chair of the insolvency practice. ‘In addition to being a great lawyer, he also has a tremendous business sense and great contacts in the investor community, which we find to be hugely beneficial’, remarks one client.

A rising star of the bankruptcy bar, Chicago-based partner Josef Athanas advises a balanced mix of debtor and senior secured lender clients. ‘He really understands our business objectives’, says one client.

‘Vastly experienced and respected’, New York-based partner Robert Rosenberg is also recommended, as is Los Angeles-based Peter Gilhuly.

Shearman & Sterling LLP

PRACTICE: ‘Nothing short of brilliant!’, Shearman & Sterling LLP’s 11-partner New York-based bankruptcy and reorganization team is described by one client as ‘the best prepared, smartest counsel I have ever employed’. Increasingly diverse in its approach, it maintains a strong track record advising senior secured lenders as creditors in significant bankruptcies, and is being instructed with greater regularity by debtors, purchasers of distressed assets and creditors’ committees.

As befits a practice at a major full-service firm, it is able to offer clients invaluable advice on the relevant corporate, tax, capital markets and employment issues that are often essential concomitant components of a corporate restructuring transaction. This comprehensive approach was recently successfully employed on the representation of Sterlite Industries, an Indian affiliate of Vedanta Resources, in relation to the $2.6bn planned acquisition of substantially all the operating assets of US mining company, ASARCO. Other recent highlights include advising Pope & Talbot, as debtor in a complex cross-border transaction that involved dual insolvency proceedings under US and Canadian laws.

‘Skilled and dedicated’, say clients, Shearman & Sterling LLP’s traditional creditor focus continues unabated as evidenced by its representation of Bank of America in the Lehman Brothers Chapter 11 proceedings.

CLIENTS: The corporate restructuring group is regularly instructed by the likes of Bank of America, Credit Suisse and Morgan Stanley. Other clients include Sterlite Industries, Remy International and Pope & Talbot.

INDIVIDUALS: Douglas Bartner heads the group. His broad-based practice includes creditor and debtor representations, as well as the purchasers of distressed assets. ‘He is a really fine bankruptcy practitioner and has a good bedside manner, in what is a truly emotional time for most companies’, says one client.

One of the lynchpins of the practice, Frederic Sosnick is regularly involved in many of the firm’s most significant representations, including its recent representation of Remy International on its pre-packaged Chapter 11.

Recently made partner, Michael Torkin’s enjoys a flourishing reputation in the market and is recognized by clients who describe his work as ‘incredibly competent’.

All of the recommended partners are based in New York.

Simpson Thacher & Bartlett LLP

PRACTICE: Leveraging deeply entrenched ties with some of the premier banks on Wall Street, Simpson Thacher & Bartlett LLP’s New York-based six-partner bankruptcy practice is a regular presence for senior creditors on some of the biggest restucturings in the market. While the practice is small in comparison with many of its rivals and lacks a significant geographical footprint or the scale to handle a tremendous volume of major mandates, it is widely acknowledged for its ability to provide sophisticated analysis of complex issues and ‘to produce good quality documents’. ‘Very high-quality and pragmatic’, clients also praise its ‘responsiveness’.

The team recently advised Lehman Brothers as first lien agent in relation to BHM Technologies’ pre-negotiated Chapter 11. Other notable senior secured creditor instructions include advising JPMorgan, as agent of the pre-petition senior secured lenders, in relation to Interstate Bakeries’ restructuring.

As well as advising the likes of Carlyle and Blackstone in relation to various distressed debt investments, the department is also increasingly called upon to advise portfolio companies owned by private equity clients of the firm that are experiencing difficulties triggered by the recent economic downturn. In an engagement that flowed from one of its private equity clients, the firm is currently acting for Motor Coach Industries on its Chapter 11 restructuring.

Praised by clients for their consensual approach, the attorneys are ‘very effective at getting lenders on the same page’.

CLIENTS: Clients include Wachovia, Matlin Patterson, WCI Communities, King Street, Motor Coach Industries, Masonite International, JPMorgan, Carlyle and Blackstone.

INDIVIDUALS: ‘Thoughtful and capable’, New York-based partner Peter Pantaleo is regularly instructed by creditors in big-ticket bankruptcies. ‘Talented and benefiting from a wealth of experience’, he also has a thriving out-of-court restructuring practice for financial institutions with stakes in multiple industries, including healthcare, energy and textiles.

‘Exceptionally smart, extremely capable and a pleasure to work with’, say clients, New York-based partner Mark Thompson recently advised King Street in the purchase of power plant assets from Calpine.

White & Case LLP

PRACTICE: With cohesive and integrated offices in New York, California, Florida and Washington DC, and also tapping into its expansive international footprint, White & Case LLP’s ‘outstanding’ 15-partner US team is a significant presence in both domestic and cross-border restructuring mandates. Benefiting from deeply entrenched relationships with many significant financial institutions, the firm is best known for its creditor-side practice.

Recent highlights include advising JPMorgan, as agent for a group of lenders in the winding-up of the insurance businesses of the Trenwick group of companies. Other notable mandates include its representation of Appaloosa Management and Harbinger Capital Partners in the high-profile Delphi bankruptcy case.

Clients appreciate the firm’s willingness and ability to provide a cross-disciplinary approach to problems, and ‘call upon many different areas of expertise to address the issues’. ‘I’d give them an A+ for their work’, enthuses one client.

CLIENTS: Clients include Bank of America, Bank of New York, BNP Paribas, Comnmerzbank, JPMorgan, Royal Bank of Canada and Deutsche Bank.

INDIVIDUALS: New York-based partner Gerard Uzzi frequently appears in nationwide corporate bankruptcy matters and workouts for troubled companies.

Dividing his time between Miami and New York, Thomas Lauria is chairman of the global financial restructuring and insolvency group. Instructed by clients at all stages of the capital structure, recent highlights include his involvement for Mirant on its successful Chapter 11 reorganization.

Wachtell, Lipton, Rosen & Katz

PRACTICE: ‘A compact but absolutely outstanding team’, Wachtell, Lipton, Rosen & Katz is rarely seen in major debtor mandates, but it excels at complex, cutting-edge creditor representations. Deeply entrenched in the financial services industry, the recent well-publicized blow-up in the market has sat well with the firm’s combined expertise for both bank-related M&A and distressed transactions.

Implementing cross-disciplinary teams, the firm has been heavily involved in much of the recent consolidation within the banking sector. For example, in a transaction that mobilized a team providing corporate, restructuring, antitrust, finance, employee benefits and tax advice, the firm recently advised Bank of America on its $50bn all-stock acquisition of Merrill Lynch. As well as its involvement in other major bank acquisitions, including JPMorgan’s $1.18bn acquisition of Bear Stearns, the restructuring group was an integral part of the team brought in to advise the US government in its take-over of beleaguered mortgage giants Fannie Mae and Freddie Mac.

Other more conventional highlights for the team include its representation of the largest bondholder and chair of the official creditors’ committee in the Delphi restructuring.

CLIENTS: Clients include banks, owners, bondholders, investors and creditors such as Man Financial, Cable & Wireless, Bank of America, Wells Fargo and Morgan Stanley.

INDIVIDUALS: ‘A dean of the bankruptcy bar’, Hal Novikoff chairs the firm’s restructuring and finance department. He is vastly experienced and frequently called upon to advise clients on cutting-edge matters. Along with veteran banking partner, Ed Herlihy, he led the representation of the US Treasury on its takeover of Fannie Mae and Freddie Mac. ‘He’s as good a lawyer as you’re like to find’, say clients.

Scott Charles has an excellent track record advising clients on bankruptcy-related M&A transactions.

An integral part of the firm’s involvement in the Delphi matter, Richard Mason has an excellent reputation in the market.

All of the recommended lawyers are based in New York.

Willkie Farr & Gallagher LLP

PRACTICE: Best known as a debtor shop ‘par excellence’, Willkie Farr & Gallagher LLP’s New York-based 14-partner practice has successfully managed to diversify the range of the work it handles to include more mandates on behalf of creditors, as well as investors in distressed M&A transactions.

Less active in the headline debtor representations than some of its higher-ranked rivals, there are continued murmurings from commentators in the marketplace indicating that its ‘star has somewhat waned over recent years’.

While it has undoubtedly lost ground on the big three debtor practices that sit at the top our rankings, the team is still regularly instructed by companies on significant mandates. For example, it recently successfully won court approval on behalf of bankrupt company Greatwide Logistics Services permitting it to borrow as much as $45m to continue operations while it arranges an auction for company assets.

On the creditor side, the practice is representing the official committee of unsecured creditors of Sea Containers Services in Sea Containers’ Chapter 11 case.

CLIENTS: Particularly accomplished at debtor cases, Willkie Farr & Gallagher LLP has recently handled mandates for Adelphia, Greatwide Logistics Services, ATX Communications and Werner. The firm also picks up a steady diet of distressed M&A work on behalf of private equity firms and hedge funds including Centerbridge, D.E. Shaw Laminar Portfolios and Colony Capital.

INDIVIDUALS: ‘Absolutely superb’, department head Marc Abrams has forged an enviable reputation off the back of significant debtor-side instructions for the likes of Adelphia and ATX Communications.

Along with Abrams, one of the mainstays of the practice, senior counsel Myron Treper is ‘extraordinarily talented’, say clients. He is one of the most well regarded figures in the bankruptcy community.

Best known for his debtor practice, New York-based partner Matthew Feldman is also increasingly active in relation to M&A-related bankruptcy transactions.

All recommended attorneys are based in New York.

Debevoise & Plimpton

PRACTICE: Debevoise & Plimpton’s five-partner corporate restructuring group advises a balanced mix of debtor and creditor clients on both Chapter 11 and out-of-court restructurings. While it lacks the critical mass necessary to handle the same volume and size of transactions handled by many of its higher-ranked competitors, it excels at sophisticated transactions which often involve novel points of law.

For example, in a matter that involves consideration of both the bankruptcy and gaming codes, the team advises the trustee and conservator of the Tropicana Atlantic City, in connection with the bankruptcy of Tropicana Entertainment and the sale of the Atlantic City casino.

Another area of strength is its representation of clients on cross-border matters. Regularly handling work in tandem with its sizeable presence in London, for example, the firm continues to advise the trustees of the 1983 Sea Containers Pension Scheme, the largest creditor in the Sea Containers Chapter 11.

Debevoise & Plimpton’s blue ribbon private equity client portfolio is also a regular source of work for the restructuring group. For example, the practice is currently advising a raft of such sponsors in restructurings of non-public portfolio companies.

CLIENTS: Clients include American Airlines, Clayton Dubilier & Rice, Delta Air Lines, John Hancock Life Insurance, Kelso & Company, Oaktree Capital Management, Prudential Insurance Company of America and Rothschild.

INDIVIDUALS: Co-chair of the bankruptcy and restructuring group, New York-based partner Richard Hahn advises both debtors and
creditors in workouts, pre-packaged bankruptcies and Chapter 11 proceedings. He is lead partner
in the aforementioned representation of the trustee and conservator of the Tropicana Atlantic City.

New York-based partner Steven Gross is co-chair of the restructuring group. Regularly instructed on high-profile cross-border mandates, he is currently involved in the Sea Containers matter.

Morgan Lewis

PRACTICE: Best known for its representation of financial institutions, Morgan Lewis’ ‘first-rate’ New York-based 11-partner group has a significant foothold in the market. While it lacks the market profile of some of its competitor firms, and is perhaps more creditor-focused than
many of them, there has been a markedly rapid increase in its debtor mandates. Particularly active in the retail sector, as well as advising Mervyn’s on its recent Chapter 11 case, the practice also snared a role as special financing counsel in relation to the bankruptcy of Linens ‘N Things, the largest filing by a retailer in several years.

The traditional creditor-side practice continues to thrive and has picked up a significant amount of work in relation to issues directly emanating from the sub-prime-induced credit crunch. For example, it represents its core banking client, JPMorgan, as agent for a
$350m lending syndicate to monoline insurer FGIC. ‘Able to decipher every arcane issue of insolvency law’, say clients, other notable mandates include advising BNP Paribas on its potential exposure to Bear Stearns, as a significant counterparty.

CLIENTS: Instructed by a slew of high-profile financial institutions, clients include Bank of New York, BNP Paribas and JPMorgan. Debtor-side representations include Linens ‘N Things and Mervyn’s.

INDIVIDUALS: Lead partner on restructuring representations on behalf of JPMorgan Chase, co-chair of the practice Richard Toder ‘has an ability to defuse difficult and heated situations and has an amazing rapport with the courts’, say clients.

Largely responsible for overseeing the firm’s growing stable of debtor clients, Howard Beltzer co-heads the restructuring practice.

Robert Scheibe ‘is a careful and precise corporate restructuring guru’, say clients.

All of the recommended partners are based in New York.

Gibson, Dunn & Crutcher LLP

PRACTICE: Spearheaded out of its New York and Los Angeles offices, Gibson, Dunn & Crutcher LLP’s ‘skilled and professional’ ten-partner practice provides ‘effective’ advice to a predominantly debtor-side client roster. The department was bolstered by the arrival of a three-partner bankruptcy and distressed debt group from Kramer Levin Naftalis & Frankel LLP at the end of October 2008. Although it appears with less regularity than many of its higher-ranked rivals on the big-ticket mandates, the group still picks up some notable engagements.

For example, it served as counsel to Scotia Pacific, one of the debtors in the jointly administered Pacific Lumber bankruptcy cases. In this hotly litigated and protracted Chapter 11 reorganization, Gibson, Dunn & Crutcher LLP led the trial and evidentiary hearing which included a multi-week confirmation trial over five competing plans.

On the creditor side, it represents all of the Lehman Brothers Private Equity Funds and various other large public companies in the Chapter 11 and related cases involving Lehman Brothers and its affiliates.

CLIENTS: Clients include Scotia Pacific, Solutia, Azuba Buildings, ResMAE Mortgage, Mariner Investment, Solutia and Investment Properties of America.

INDIVIDUALS: Michael Rosenthal co-chairs the firm’s business restructuring and reorganization practice. Active in matters arising out of the recent credit crisis, Rosenthal represents all of the Lehman Brothers Private Equity Funds and various other large, public companies in the Chapter 11 and related cases involving Lehman Brothers and its affiliates.

‘One of the most impressive restructuring lawyers out there’, David Feldman co-heads the team, following his recent arrival from Kramer Levin Naftalis & Frankel LLP. Particularly well-versed on distressed debt matters, ‘he really knows the marketplace, and has a good pulse on what is going on in this space’, say clients.

‘Highly skilled and effective’, according to clients, Kathryn Coleman has been particularly busy as the lead partner in the representation of Scotia Pacific, a debtor in the jointly administered Pacific Lumber bankruptcy cases.

All of the recommended lawyers are based in New York.

Mayer Brown

PRACTICE: Staffed mainly from Chicago and New York, Mayer Brown’s nine-partner bankruptcy and restructuring practice is lauded by clients for its ‘transaction-orientated approach’. Although it was undoubtedly weakened somewhat by the departure of Raniero D’Aversa, a ‘rising star’ and former co-chair of the restructuring group, who joined the New York office of Orrick, Herrington & Sutcliffe LLP at the tail end of 2008, it is expected that the stable of banking clients will remain at the firm.

Indeed, the practice’s longstanding commitment to the financial services industry is a key part of its drawing power. Acting almost exclusively on creditor mandates, in addition to its strong institutional lender client base, the firm also receives a regular flow of work from distressed investors and creditors’ committees.

Recent highlights include advising Harris as administrative agent with respect to the restructuring of a $500m pre-petition revolving credit facility with Kimball Hill, a national homebuilder. The practice is also involved in the Lehman Brothers bankruptcy, where it is instructed by over 50 creditors with significant exposure to the troubled financial institution.

CLIENTS: Mayer Brown advises a formidable array of secured lenders including Bank of America, Bank of Montreal, Bayersiche Landesbank, Canadian Imperial Bank of Commerce, Credit Suisse and Wachovia Capital.

INDIVIDUALS: Splitting his time between Chicago and New York, practice head J Robert Stoll is regularly involved in mandates on behalf of institutional creditors in Chapter 7 and Chapter 11 cases.

Frederick Hyman and Brian Trust are leading members of the team and are lauded by clients for their ‘knowledge of New York bankruptcy laws’.

Paul, Hastings, Janofsky & Walker LLP

PRACTICE: Bolstered by the recent high-profile recruitment of Luc Despins, formerly a senior partner at Milbank, Tweed, Hadley & McCloy LLP, Paul, Hastings, Janofsky & Walker LLP’s restructuring practice continues to make impressive headway in a competitive market.

While it still has yet to secure the real big-ticket instructions, the practice is picking up work for an increasingly diverse client base, including debtors, creditors’ committees and financiers.

Praised by clients for its ‘excellent and pragmatic advice’, the group is lead debtors’ counsel in HRP Myrtle Beach Partners’ $600m Chapter 11 case, involving the world’s first rock-music-themed amusement park.

Its traditional expertise on behalf of senior secured lenders remains undiminished, as evidenced by its involvement for UBS as agent for a syndicate of senior secured lenders in the $500m restructuring for Great Wide Logistics.

CLIENTS: Clients include Atrium, UBS, Wells Fargo Foothill, Barclays Capital, Texas Pacific Group, Rosewood Capital and Cequel.

INDIVIDUALS: Following his recent high-profile move from Milbank, Tweed, Hadley & McCloy LLP, Luc Despins currently heads the global restructuring practice. Based in New York, Despins is widely respected in the bankruptcy community for his work on behalf of debtors and for creditors’ committees.

Sidley Austin LLP

PRACTICE: Sidley Austin LLP’s 30-partner corporate restructuring team has both ‘the breadth and depth of legal talent’ to handle an impressive volume of mandates for a varied mix of clients, including debtors, secured and unsecured creditors, bank groups and creditors’ committees. Particularly strong out of its Midwest headquarters, the practice is still struggling to gain a foothold in the New York market, where the majority of the most significant instructions are filed.

‘Top-notch’, say clients, the department has the critical mass to resource some significant debtor mandates. For example, as well as being involved in the Flintkote chapter 11 cases, it recently successfully concluded its involvement in the long-running Federal-Mogul Chapter 11 transaction.

On the creditor side, Sidley Austin LLP has been heavily involved in financial services-related corporate restructurings. For example, the practice has advised a plethora of financial institutions, such as, Morgan Stanley and JPMorgan, in the Chapter 11 cases of many of the originators/services of mortgage-related services. In addition, the team has also picked up a raft of mandates on behalf of different interest holders in a myriad distressed structured financial vehicles.

‘It is a global outfit with the service culture of a small regional firm’, say clients. The lawyers ‘are responsive, cost-conscious and they treat us like the relationship matters to them’.

CLIENTS: Clients include Black Diamond Capital Management, GE Capital, Pliant, R2 Investments, JPMorgan Chase, Owens-Corning and Meridian Automotive.

INDIVIDUALS: ‘One of the best bankruptcy attorneys in the country’, Larry Nyhan is regularly at the forefront of many of the firm’s most significant matters, and is co-chair of its corporate restructuring and bankruptcy group. ‘He’s very smart, has bags of experience, is extremely responsive, tough but reasonable, and knows how to drive matters forward to get results’, notes one client.

Fellow co-chair James Conlan is involved in the Chapter 11 representation of Federal-Mogul and is described by clients as ‘a tough negotiator and skilful reorganization counsel’.

Both partners are based in Chicago.

Clifford Chance

PRACTICE: Leveraging off the firm’s impressive portfolio of blue-chip financial services clients and its network of foreign offices, Clifford Chance’s New York-based ten-partner team is well positioned to handle problems related to the credit crunch.

Working closely with its worldwide offices, it is active on behalf of a number of top European banks with exposure to Lehman Brothers’ recent bankruptcy. In another deal that involved input from the London and Hong Kong offices, the US team is representing JPMorgan as security agent to a lender syndicate in connection with the global restructuring of LG Philips.

Although it remains regarded as a support service to its European offering, the US office continues to pick up an increased level of representations where it leads the deal. For example, on behalf of Royal Bank of Scotland, the group led the steering committee for counterparties with exposure to the beleaguered monoline insurer, ACA Financial Guaranty.

CLIENTS: Instructed by numerous foreign and domestic financial institutions, clients include Calyon, JPMorgan, Bank of New York and Royal Bank of Scotland.

INDIVIDUALS: Head of the bankruptcy and restructuring practice, New York-based partner Andrew Brozman has an impressive track record advising financial institutions as creditors in significant bankruptcies. He is active for a number of banks in the Lehman Brothers Chapter 11, and he also led the US part of the work for JPMorgan in the global restructuring of LG Philips.

New York-based partner Jennifer DeMarco is the other key member of the team who, like Brozman, also has a strong financial services bent to her practice.

DLA Piper

PRACTICE: Bolstered by a number of lateral hires, including the timely arrival from Sidley Austin LLP of William Goldman, an expert on the impact of the Bankruptcy Code on complex financial products, DLA Piper’s 42-lawyer restructuring team offers ‘excellent and attentive’ advice to a mix of debtor and creditor clients. While the firm lacks visibility in the market’s cutting-edge transactions, it handles an impressive volume of matters for clients, who speak highly of its ‘professional and very intelligent approach’ to problem-solving.

With lawyers spread across the length and breadth of the country, DLA Piper has the critical mass to effortlessly handle Chapter 11 cases irrespective of their location. ‘For a very large firm, they provide a personalized service’, say clients.

Recent highlights include advising Wyoming Ethanol in relation to a reorganization plan that would turn over ownership to UK-based lender Standard Bank under a debt-for-equity swap. The department also recently advised the official committee of unsecured creditors for Sentinel Management Group.

CLIENTS: Clients include Wyoming Ethanol, InPhonic, Victory Memorial Hospital and Spryus.

INDIVIDUALS: ‘A smart, fast-on-his-feet lawyer’, New York-based co-chair of the restructuring practice group, Thomas Califano has an excellent reputation across all aspects of in and out-of-court restructurings. ‘If you are in court, you’d like him standing next to you’, enthuses one client.

Bracewell & Giuliani LLP

PRACTICE: ‘Superior lawyers at a superior firm’, Bracewell & Giuliani LLP provides ‘first-class, pro-active, direct and commercial advice’ to an eclectic mix of clients, including hedge funds, institutional investors, banks and corporates. Although it still rarely occupies a position at the top table in any of the biggest national and international insolvencies, the group receives a steady flow of middle-market instructions from both creditors and debtors. The firm has ‘is on the pulse on developments in the distressed markets’, and is instructed by second lien lenders in connection with TOUSA’s Chapter 11.

‘Respectful of the cultural differences across different jurisdictions’, it has worked on cross-border mandates involving Canadian and Australian companies, including its recent representation of a noteholder group in restructuring discussions with Centro Properties, the Australian-based shopping center owner. Clients appreciate the attorneys’ ability to combine ‘sound black letter knowledge of the law, with savvy commercial focus’.

CLIENTS: Clients include Blackstone Distressed Securities Group, D E Shaw & Co, HBK Capital Management, Deutsche Bank Securities, New York Life Insurance and JPMorgan Securities.

INDIVIDUALS: ‘One of the most impressive restructuring lawyers out there’, New York-based partner Evan Flaschen chairs the financial restructuring group. Clients appreciate his ‘knowledge of the marketplace and practical advice’.

New York-based partner Kurt Mayr is recognized as a ‘rising star in the distressed community’, while in Houston, Trey Wood impresses clients with his ‘excellent and assured advice’ to debtors and creditors.

Cravath, Swaine & Moore LLP

PRACTICE: In what was an extremely rare event for the firm, Cravath, Swaine & Moore LLP made a lateral hire when it recruited Richard Levin from Skadden, Arps, Slate, Meagher & Flom LLP in July 2007, a move that marked the formal creation of its restructuring practice. Complementing the firm’s existing litigation, banking, M&A and securities practices, the group has had an immediate impact in the market with its representation of Credit Suisse, as creditor, in connection with the Lehman Brothers bankruptcy. Clients say it is ‘outstanding’ and praise the team’s ‘good solid work’, as well as its ‘dedicated attention to transactions’.

The practice has secured work on behalf of Global Aero Logistics, as a shareholder and creditor in the Chapter 11 case of its wholly owned subsidiary of ATA Airlines.

While time will tell how successful the group is at generating its own mandates, at the moment it is performing a valuable advisory role for many of the firm’s impressive roster of blue-chip corporates and financial institutions in a highly turbulent economic market.

CLIENTS: Clients include Alcoa, Credit Suisse, Johnson & Johnson, JPMorgan, Perry Capital, Ripplewood Holdings and White Mountains Insurance.

INDIVIDUALS: Practice head of the firm’s nascent restructuring practice, Richard Levin has hit the ground running since his arrival in July 2007 from Skadden, Arps, Slate, Meagher & Flom LLP. ‘Very knowledgeable and experienced’, he has been active on behalf of Credit Suisse as a creditor in the Lehman Brothers bankruptcy. ‘He is a top-rate lawyer, who is very bright and brings a real business-savvy approach to solving problems’, opine clients.

Dewey & LeBoeuf LLP

PRACTICE: Headed by ‘doyen of the bankruptcy bar’, Martin Bienenstock, following his high-profile departure from bankruptcy powerhouse Weil, Gotshal & Manges LLP in November 2007, Dewey & LeBoeuf LLP’s nascent business solutions and governance team provides an interdisciplinary approach to restructuring, combining expertise in corporate law, governance, restructuring and litigation. Operating at the intersection between governance and restructuring, the practice provides business sensitive advice to corporates and directors and officers. For example, the group was able to secure increased returns for Adelphia bondholders, by deploying Sarbanes-Oxley principles.

While it remains too early to judge the extent of the group’s impact on the market, given Bienenstock’s standing and connections in the industry, the signs are good. Certainly one to watch.

CLIENTS: Instructed by a mix of corporates, officers and directors and bondholders, clients include Accredited Home Lenders and JPMorgan.

INDIVIDUALS: New York-based partner Martin Bienenstock chairs the practice. Responsible for a diverse caseload, he provides strategic advice to a wide array of directors, management, investors and creditors, as well as ‘being a brilliant courtroom advocate’, when things become litigious.