The Legal 500

Within Structured finance: derivatives and structured products: National,

Freshfields Bruckhaus Deringer LLP

PRACTICE: Freshfields Bruckhaus Deringer LLP’s structured finance group ‘does not have the size and depth of its London office in New York but we have found the US team to be on a par with that of the major US law firms’. Integration with the 200-strong worldwide practice adds depth to the three-partner US team which ‘benefits from Freshfields Bruckhaus Deringer LLP ’s international network - the co-operation between New York and the other offices is always impeccable and smooth’.

Freshfields Bruckhaus Deringer LLP works the complex end of the practice area with commendations for the high-quality technical and tax advice proffered. The current focus of the practice’s work is in ‘planning for the new
world of lower leverage’, with a steady stream of instructions emerging from the market disruption. The practice notes that entrepreneurial merchant banking is moving away from the traditional institutions into hedge funds and private equity firms.

Recent instructions included advice to Morgan Stanley in connection with the provision of credit facilities to two new SIVs, which will purchase $2.5bn of debt facilities previously made available to Clear Channel Communications. Brian Rance, who handled the deal, is also assisting Chicago Fundamental Investment Partners in connection with a newly formed SPV which will invest in a $400m portfolio of syndicated bank loans with financing provided by Goldman Sachs through a credit default swap.

CLIENTS: Freshfields Bruckhaus Deringer LLP’s clients include Man Group, Citigroup, International Finance, Credit Suisse, Merrill Lynch, Citigroup, RBS Greenwich Capital, UBS and Calyon.

INDIVIDUALS: Brian Rance, with extensive experience in structured credit products, ‘has superior judgement and adds the most value in complex and risky situations’. Ellen Hayes, usually involved in highly complex and custom-made structures, is commended for her work in insolvency and enforceability of security provisions; she ‘has always impressed with her knowledge, hard work, attention to detail, responsiveness and professionalism’. Jerome Ranawake is nominated as ‘a notable talent’. All the named partners are based in New York.

Within International arbitration: National,

Freshfields Bruckhaus Deringer LLP

PRACTICE: Labeled ‘extraordinary’ and ‘absolutely top notch’, lawyers at Freshfields Bruckhaus Deringer LLP are ‘simply the best in the areas of international arbitration and litigation’. Split between international commercial arbitrations and international investment treaty arbitrations, the practice is noted for its experience in the energy, financial and telecoms sectors.

While previous perceptions suggested that the practice lacked a US presence, the team now boasts four US-based international arbitration partners and more lawyers operating out of US offices than any others found within its extensive global network. Nigel Blackaby is one such partner, who, having moved from Paris to Washington DC in October 2008, brought with him three associates and a wealth of expertise in investor-state arbitrations. Regarded as a ‘bona fide arbitration expert’, this is seen as a positive move for the firm’s US network.

This 25-attorney group consistently delivers ‘high quality work’ and a ‘practical approach to advising on complex matters’. Recently, the team represented ConocoPhilips and several Dutch subsidiaries in an ICSID arbitration against Venezuela, a dispute relating to Venezuela’s expropriation of three major oil investments valued in excess of $30bn. The team also acted for the Republic of Turkey in defense of a $4.6bn claim presented under the Energy Charter Treaty by a Polish company; this long-running dispute concerns allegations over the expropriation of an investment claimed to have been made in Turkey’s power sector.

Although clients point out the team’s ‘relatively high fees’, they are easily justified, because ‘one gets what one pays for’; helpfully, lawyers are ‘willing to work with the client to minimize costs’. According to one client, ‘we use the very best law firms in the US and Europe, and none exceed the quality and efficiency of the representation that the team provides’. This is seconded by another, who says, ‘I deal with many of the premier firms in the world, and this firm has far more than its share of the best lawyers currently available’.

CLIENTS: The team boasts a highly respectable offering of clients, including sovereigns, such as the Governments of Canada, the Caribbean State and Grenada. Noteworthy corporate clients include ConocoPhilips, Korean Deposit Insurance, National Grid and Petrobras Energia.

INDIVIDUALS: Lucy Reed, now co-leading the firm’s global practice, is ‘simply excellent’. Based out of New York, her expertise lies within international commercial arbitrations and investor-state disputes. Under her direction, the team has developed a reputation for its ‘responsiveness, efficiency and loyalty to the client’, and she is unanimously praised as being ‘exceptionally bright’ and ‘a fantastic leader’.

Synonymous with the team’s growing reputation in the US, is the recognition each of its individual members is receiving. In New York, Alex Yanos, recently appointed to partnership, is ‘an outstanding lawyer - intelligent, effective and articulate’.

Meanwhile, Brian King, also in New York, is ‘an outstanding lawyer’ with ‘tremendous insight’ and the mind of a ‘natural strategist’.

Within Antitrust - District of Columbia,

Freshfields Bruckhaus Deringer LLP

PRACTICE: Though one of the newer names in the Washington DC antitrust community, Freshfields Bruckhaus Deringer LLP is without doubt one of the world’s leading competition practices. Building its East Coast practice to complement unrivalled expertise in Europe and elsewhere in the world, it now fields nearly 250
specialist antitrust lawyers. As one of the top corporate practices, Freshfields Bruckhaus Deringer LLP is a leader for merger control work, and also handles class actions, private antitrust actions, price fixing, and DoJ and FTC investigations.

CLIENTS: Cengage Learning on the DOJ Second Request review of its acquisition of Houghton Mifflin College.

INDIVIDUALS: Paul Yde is ‘very polished’ and a ‘great representative of the Freshfields Bruckhaus Deringer LLP brand’. He is well-known for his activity in Department of Justice investigations and merger control advice.

Within International firms: National,

Freshfields Bruckhaus Deringer LLP

PRACTICE: Freshfields Bruckhaus Deringer LLP’s three-partner US tax practice is small but constantly engaged in supporting the global firm’s numerous complex cross-border instructions. Always offering a bespoke product, until recently transactional work and structured product issues were the main seam of practice work. As the financial crisis has developed, the emphasis has moved to restructuring, both distressed asset vehicle rescue and advisory work for international groups seeking to improve tax efficiency.

The practice is advising a major investment bank in connection with the restructuring of a multiple assets structured investment vehicle. Several other ongoing instructions for investment banks concern the unwinding of failed joint venture and consortium investments in Europe and Asia.

The Washington DC practice advised on US tax matters relating to the worldwide group restructuring of Porsche. In transactional work, the practice counseled Paine & Partners, the private equity manager, on US tax and ERISA issues related to its $800m acquisition of Stabilus, a German manufacturer of gas and hydraulic springs.

CLIENTS: Clients include Calyon, Citigroup, ING Bank, Goldman Sachs, ArcLight Capital Partners, Linde, Rank, Farallon Capital Partners, and Deutsche Bank.

INDIVIDUALS: In Washington DC, Gregory May is an expert in capital markets and derivatives taxation. Also in Washington DC, Claude Stansbury leads in many of the major structured finance linked assignments - he is commended for ‘extensive tax knowledge applied with great precision’. Robert Scarborough, in New York, is ‘a great choice for complex international tax instructions, and a joy to work with’.