The Legal 500

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.