The Legal 500

Within Banking and finance, Linklaters LLP is a first tier firm,

In recent years, Linklaters has worked more intensively in the project and infrastructure finance segment. In this regard, it has achieved great success with the major PRC banks. Despite the slump in leveraged and acquisition finance, it continues to lead the way. In April 2011, it advised the lead arrangers on Project Halo, the first bank loan plus high-yield bond acquisition financing in Asia for some time. The team is ‘quick’, ‘responsive’, ‘knowledgeable’ and delivers ‘common sense advice’. David Irvine is commended for his leveraged expertise, while Trevor Clark is widely considered to be one of the outstanding finance practitioners in Asia.

Within Capital markets (debt), Linklaters LLP is a first tier firm,

Linklaters has led the way on the emergence of RMB or ‘Dim Sum’ bonds, with William Liu (‘primary force’, ‘unparalleled expertise’), Hwang Hwa Sim and Andrew Malcolm to the fore. The firm advised the lead manager on the landmark Hopewell Highway Infrastructure RMB bond. The firm remains particularly active in convertible bonds and equity derivatives, including hybrid deals with Jeremy Webb earning accolades. The team is ‘responsive’, ‘commercial’, ‘very knowledgeable’ and ‘confidence inspiring’. On the US securities front, Jon Gray is industrious, ‘client friendly’ and a ‘man of integrity’.

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

Though more selective in the IPO arena than some of its classic rivals, Linklaters has a ‘great team’, with the ‘best’ associates in town, and is still praised for its ‘experience’, ‘judgment’ and ‘responsiveness’. This includes a team led by Christopher Kelly advising the banks on the $21.9bn IPO of AIA in October 2010. The firm followed this up by advising Glencore on its dual-listing on the London and Hong Kong exchanges. It has suffered the departure of star partner Celia Lam to Simpson Thacher & Bartlett LLP, Paul Chow to Davis Polk & Wardwell LLP and the relocation of Teresa Ma to the firm’s Shanghai office.

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

Linklaters has a particularly strong reputation in the financial institutions sector, notably with its advice to RBS on the disposal of many of its assets across Asia. The firm also advised Lone Star on the politically charged sale of its 51% stake in Korea Exchange Bank to Hana Financial Group, and represented Shenzhen Development Bank in its merger with Ping An Bank. Keith Johnson, Christopher Kelly, Samantha Thompson and Betty Yap provide a powerful senior echelon that was recently enhanced by the arrival of senior figure Tien-yo Chao from Morrison & Foerster.

Within Dispute resolution, Linklaters LLP is a first tier firm,

Linklaters has a standout contentious regulatory and financial institutions litigation practice, acting for many of the leading investment banks in Hong Kong. The firm has been intensely involved in many of the disputes resulting from the collapse of Lehman Brothers. Professional negligence work or the Big Four accountants is another key part of the practice. In these two segments, global litigation head Marc Harvey is virtually unrivalled in Hong Kong. Melvin Sng continues to make considerable progress in relation to PRC disputes, with Tom Lidstrom actively engaged in white-collar crime cases, a global focus for the firm.

Within Dispute resolution International arbitration, Linklaters LLP is a third tier firm,

Linklaters is a little less specialised in international arbitration compared to its traditional rivals, but it has practitioners that are more than a match for many of their peers. Tom Lidstrom is becoming a recognised name in arbitration, recently acting for a defendant in a HKIAC arbitration involving alleged accounting fraud and representing an Asian conglomerate in an SIAC commodities arbitration.

Within Employment, Linklaters LLP is a second tier firm,

Linklaters represents large corporates and financial institutions across multiple jurisdictions. The three-partner team expertly advises on a range of employment issues, and also offers specialist advice on executive incentive arrangements. The group recently handled the employment aspects of the sale of RBS’ NV businesses in Asia to HSBC. Practice head Rowan Mckenzie is recommended.

Within Investment funds, Linklaters LLP is a third tier firm,

Linklaters has RMB-denominated funds expertise, and has recently advised on several private equity fund formations in China. Head of the investment management group Edward Smith is a ‘good solid lawyer’, and in February 2011, he advised Nalanda Capital on the formation of Nalanda India Equity Fund, worth $480m. Betty Yap is renowned for her substantial RMB expertise.

Within Private equity, Linklaters LLP is a first tier firm,

Linklaters has made significant headway over the last three years with deals for the likes of Carlyle and many of the special situations groups amongst the investment banks. Its China story is particularly impressive with Betty Yap and Peggy Wang (‘doing very well’), while Christopher Kelly heads the department and recently advised key client Carlyle, as major shareholder, in the “red-chip” restructuring and proposed IPO of Yashili Guangdong.

Within Projects and energy, Linklaters LLP is a first tier firm,

‘Fantastic firm’, Linklaters fields a very strong project finance capability in the region. The team is particularly noted for its ‘second to none mining practice’ where, ‘calm, thorough and imaginative’, Christopher Kelly and Robert Cleaver have ‘unparalleled knowledge of the mining sector’ and ‘work as a balanced and co-ordinated team’. In 2010, Stuart Salt advised a client on a solar energy joint venture, and Thomas Ng and Trevor Clark advised ICBC and ICBC (London) on a $2.5bn term loan agreement for Sonangol Finance. Clients rate the firm’s ‘great strength in managing multi-jurisdictional deals’.

Within Real estate, Linklaters LLP is a third tier firm,

Linklaters is well known for its real estate finance abilities, but also reports a number of corporate real estate transactions, IPOs and leasings among its recent work highlights. Promoted to counsel in 2011, Joyce Mok is recommended for her dedication to real estate and regularly assists investors on real estate interests in Asia.

Within Regulatory, Linklaters LLP is a first tier firm,

Linklaters has an ‘preeminent practice’ of ‘highly intelligent lawyers’ and handles contentious and non-contentious work. It is known for its ‘tailored advice’, and has the ‘distinct advantage of having two full-time regulatory partners: invaluable in Asia’. Its client base features investment and commercial banks, including Goldman Sachs and Credit Suisse, hedge funds, such as Soros, rating agencies, including Moody’s and private equity firm KKR. The team recently advised on licensing issues and Hong Kong regulatory reforms. It is advising the Hong Kong Stock Exchange on the setting-up of a clearing house for the OTC derivatives market. The ‘very knowledgeable’ Umesh Kumar, who leads the non-contentious practice, is ‘exceptional’ and ‘a pleasure to deal with’. Marc Harvey provides contentious regulatory advice, and Jian Fang assists in PRC regulatory matters. In 2011, Carl Fernandes relocated to the London office, and Stephen Fletcher returned to the Hong Kong office in July 2011 after five years with the firm in London.

Within Restructuring and insolvency, Linklaters LLP is a third tier firm,

Linklaters fields a multi-jurisdictional practice together with a cross-departmental team of ‘very experienced lawyers’. Melvin Sng and Trevor Clark are the key contacts. Recent highlights include advising RBS on the sale and winding down of retail, banking, commercial and wealth management businesses across nine countries in Asia. In 2011, Sng was involved in a litigation following the restructuring of Guangdon Enterprises in 2000.

Within Structured finance and securitisation, Linklaters LLP is a first tier firm,

‘A top firm for derivatives and structured finance work’, Linklaters is also known for its equal strength in securitisation. ‘One of the best derivatives lawyers in town’, Chin-Chong Liew has the ‘full admiration’ of peers and clients, and is ‘technically strong and responsive’ with excellent OTC derivatives expertise. Liew advised ISDA on the new 2011 Equity Derivatives Definitions, and is also advising the Hong Kong Stock Exchange on the establishment of a clearing house by 2012 to clear derivatives traded in the OTC market. The team also advises on offshore RMB financings. Andrew Malcolm has ‘in-depth knowledge of retail structured products’, and Victor Wan relocated to Hong Kong from Tokyo in 2010.

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