The Legal 500

Within Banking and finance, Herbert Smith LLP is a third tier firm,

Herbert Smith is focused on project finance and secured structured lending (including pre-IPO financings). China, India and Mongolia are core markets, with steady work coming from institutions such as Standard Chartered, RBS, Deutsche Bank, China Development Bank and China Exim Bank. The firm recently worked on the first commercial RMB loan to a non-PRC corporate. Alexander Aitken heads the team.

Within Capital markets (debt), Herbert Smith LLP is a third tier firm,

Herbert Smith is strong on convertible bonds, equity-linked deals and high-yield debt. Response times are quick and the advice is ‘commercially slanted’. US partner Kevin Roy ‘knows the area well’ and is a ‘very good lawyer’. The firm recently advised the joint underwriters on the huge $1.84bn convertible bond offering by a subsidiary of China Unicom (Hong Kong).

Within Capital markets (equity), Herbert Smith LLP is a first tier firm,

Herbert Smith retains an intense focus on ECM with a major share of landmark deals. In 2010, it advised the banks on the $19.21bn IPO by Agricultural Bank of China. The firm suffered the loss of key US securities partner and Hong Kong-qualified John Moore to Morrison & Foerster in 2011, yet much is expected of US partner and ‘rising star’ Melody Chen. ‘Outstanding’ Hong Kong partner Matt Emsley is recommended for his ‘knowledge’, ‘willingness to help’ and ‘access to senior regulators’. Tommy Tong is also recommended.

Within Corporate (including M&A), Herbert Smith LLP is a first tier firm,

The departure of the highly valued Ashley Alder to become CEO of the Securities and Futures Commission, leaves Herbert Smith without one of Hong Kong’s premier public M&A experts. Even so, the firm is still recognised for its M&A expertise and it has made the best of its focus on Hong Kong IPOs, which have led to flourishing relationships with major Chinese corporates, including the large state-owned enterprises (SOEs). On the corporate and M&A front, the firm is singled out by clients for its expertise in the energy and resources sector. It is ‘very professional’, with Tommy Tong and Matt Emsley commended for being ‘very experienced’ and ‘hands on’. Managing partner of Greater China Andrew Tortoishell is also recommended.

Within Dispute resolution, Herbert Smith LLP is a first tier firm,

Herbert Smith has an immensely ‘strong civil litigation and contentious regulatory practice’, and with seven partners in Hong Kong it certainly has the resources to throw at big cases. The firm’s investigations and anti-corruption practice has made significant headway under specialist Kyle Wombolt. Yet it is the contentious regulatory environment where it has committed significant efforts in recent years with Mark Johnson (‘great’), Gavin Lewis and Tim Mak to the fore. On the commercial litigation front, Gareth Thomas is one of Hong Kong’s elite practitioners.

Within Dispute resolution International arbitration, Herbert Smith LLP is a first tier firm,

Herbert Smith is commended for its ‘mastering of the documentation’ and ‘preparation for a case’, to the extent that is often enables clients to ‘settle advantageously’. Much credit should go to lead partner Justin D’Agostino, who is ‘splendid’, ‘clear’, ‘completely on top of matters’ and noted in particular for energy and infrastructure disputes. Clients also commend him for being able to ‘graft on to the management team’ and ‘not be afraid to say what the best course of action should be’. D’Agostino is also credited with assembling a high-quality department.

Within Employment, Herbert Smith LLP is a third tier firm,

At Herbert Smith, Gareth Thomas and senior consultant Michael Withington are recommended for employment disputes. The team is advising a multinational company on a large-scale redundancy programme, and acting for a private equity firm in a dispute relating to the termination of a senior employee.

Within Insurance, Herbert Smith LLP is a second tier firm,

Herbert Smith acts primarily in contentious insurance cases, calling on its ‘fantastic’ disputes practice. ‘Excellent litigator’ Gareth Thomas leads the commercial litigation and insurance teams, and advises on professional lines liability and complex claims of property covers, as well as D&O claims. Senior consultant Michael Withington advises on professional indemnity.

Within Private equity, Herbert Smith LLP is a second tier firm,

Herbert Smith has an impressive record in the private equity arena, particularly in relation to PRC or Hong Kong-based funds, including SAIF Partners and CCB International Asset Management. In this regard, Gary Lock and Tommy Tong are highly regarded.

Within Projects and energy, Herbert Smith LLP is a second tier firm,

Herbert Smith fields a ‘strong offering’ in the oil and gas arena, and has handled projects for major clients. Anna Howell leads on the energy side, and Alexander Aitken is in charge of the team’s project capabilities. The group advised CNOOC on sales and purchase agreements to acquire Tullow’s interest in three exploration areas in Uganda for $1.47bn. It also represented PTTEP on its $2.28bn acquisition of a 40% state in the Kai Kos Dehseh Oil Sands Project in Canada. Other clients include Kangean Energy and Sinopec.

Within Regulatory, Herbert Smith LLP is a first tier firm,

Herbert Smith’s ‘fantastic’ practice is particularly noted for its contentious expertise, which is rated as being ‘at the top’. Featured among the ‘very good line-up’ are the ‘very good’ Mark Johnson, and the highly recommended Gavin Lewis and Tim Mak. The team advises global financial institutions on regulatory and compliance inquiries, and also assists former directors in SFC investigations. On the non-contentious side, Ashley Alder is advising clients on issues related to listings by introduction on the Hong Kong Stock Exchange.

Within TMT, Herbert Smith LLP is a second tier firm,

Herbert Smith’s TMT offering was recently strengthened, through two relocations to Hong Kong and two lateral hires, notably disputes partner Robert Hunt moved from the London office, bringing expertise in media and sports-related matters. The group is particularly strong in the telecoms sector, and in 2010, it advised the bookrunners on a $1.84bn convertible bond sale by China Unicom. ‘Very few people are as committed to excellence’ as Michelle Chan, who leads the Asia TMT practice and is described as ‘thorough and innovative with her solutions’.