The Legal 500

Within Independent local firms, NISHIMURA & ASAHI is a first tier firm,

Nishimura & Asahi is ‘one of the first names you think of for banking work’. The firm has made its name handling complex deals, with securitisations, real estate finance and asset finance being core areas of activity. Masaru Ono is ‘a, if not the, leader on structured finance in the Japanese market’, Masahiro Ueno specialises in acquisition finance, and Makoto Igarashi is recommended on the asset management side. Among the firm’s recent highlights, it was involved in the ANA Hotels portfolio debt restructuring

Within Independent local firms, NISHIMURA & ASAHI is a first tier firm,

Nishimura & Asahi capital markets practice has always been well-hedged between domestic and international clients, and this has paid off recently as the firm continues to secure roles on major cross-border mandates. Most notably, in 2010 the team advised Dai-ichi Insurance on its mammoth $11bn IPO (the largest in the Japanese market for nearly a decade) but it has also been active advising clients on offerings overseas. Both Mitsuhiro Yasuda Hideki Ebata are Japan and New York-qualified and attract praise as ‘among the most experienced partners in the market’. Yasutaka Nishikori is also recommended.

Within Independent local firms, NISHIMURA & ASAHI is a first tier firm,

Nishimura & Asahi is ‘a leading M&A powerhouse’, which is reflected by its prolific deal list. The firm advised on more M&A deals with a Japanese involvement than any other firm in both the first and second quarters of 2011. Among its recent cases, being part of the successful global opposition to the BHP Billiton/Rio Tinto joint venture stands out for size and profile. The firm’s corporate capability is impressive, around a quarter of the firm’s partners work exclusively on M&A matters but the main names to note include ‘market doyen’ Takashi Ejiri, the ‘very commercial’ Koichi Kusano and Masakazu Iwakura.

Within Independent local firms, NISHIMURA & ASAHI is a first tier firm,

Nishimura & Asahi’s practice is led by international trade specialist Hiroyuki Tezuka. The firm fields a notable niche in financial services-related litigation but has experience across the full gamut of civil and commercial litigation, including environmental law, tax litigation and shareholder disputes. In early 2011, Hiroshi Kimeda and Akihiro Hironaka successfully represented a Japanese trading company in a $423.5m civil litigation filed by an affiliate company of a US-headquartered investment bank. IP litigation is also a strong area, and Eiichi Fukushima and Hiroshi Suga recently won a patent infringement case in the IP High Court.

Within Independent local firms, NISHIMURA & ASAHI is a third tier firm,

In a landmark case, Nishimura & Asahi recently represented a well-known Japanese plumbing company at the Intellectual Property High Court in a challenge to the validity of a patent regarding a flush toilet. Eiichi Fukushima heads a strong group that also has expertise in IT and media matters.

Within Legal market overview,

With regard to local firms, ‘The Big Four’ - Anderson Mori & Tomotsune, Mori Hamada & Matsumoto, Nagashima Ohno & Tsunematsu and Nishimura & Asahi continue to dominate the market, but there can be no room for complacency, particularly this year as firms clamour to strengthen their practices. In a major coup, ambitious local firm Atsumi & Sakai hired an eight-lawyer team from local rival TMI Associates in October 2010. In particular, the arrival of structured finance specialist Yutaka Sakai was significant enough to warrant a new addition to the firm’s masthead, which saw the firm change it’s name from Atsumi & Partners. Then in early 2011 Davis & Takahashi, the only full service Canadian law firm in Japan, hired a seven strong team from Atsumi & Sakai.

Within Independent local firms, NISHIMURA & ASAHI is a first tier firm,

Nishimura & Asahi fields a ‘leading PFI and infrastructure lawyer’ in Hiroshi Maeda, but clients also single out Nagahide Sato for her ‘specialist knowledge’ in this area. The firm has experience in acting for both lenders and borrowers on project financings and PFI deals and scores points for its ability to ‘always see the transaction from the client’s point of view’. Energy, transport and infrastructure are all areas of expertise, and the firm recently advised JBIC on the financing of various infrastructure projects.

Within Independent local firms, NISHIMURA & ASAHI is a first tier firm,

Nishimura & Asahi is a ‘finance powerhouse’, and clients single out Norio Maeda as ‘excellent in structured real estate transactions’ and also praise his capability in funds. The firm is experienced in representing foreign investors into Japanese properties and clients include investment funds and financial institutions. Among its recent transactions, the team advised a high-profile private equity house on the acquisition of a portfolio of non-recourse loans. Group head Hideaki Ozawa is recommended as a ‘real estate specialist through and through.’’

Within Independent local firms, NISHIMURA & ASAHI is a first tier firm,

Nishimura & Asahi’s team wins plaudits for its ‘adroit handling of complex issues that other firms muddle over’, with team head Masaru Ono singled out as a ‘leading light for structured finance’. In addition to the firm’s strength across transactional issues in the trusts, funds and securities areas, the firm has an excellent record in groundbreaking contentious actions. In a landmark case, the firm is representing a major Japanese trust bank in litigation regarding the legality of tax assessment of securitisations, which will have a wide impact on the industry in Japan. Hajime Ueno is particularly recommended for real estate and international work.

Within Independent local firms, NISHIMURA & ASAHI is a second tier firm,

Nishimura & Asahi has particular strength on the contentious side and regularly advises on large tax litigations. In 2010, the firm represented Tokio Marine & Nichido Fire Insurance in a high-profile case contesting a tax assessment and succeeded in recovering ¥6.73bn. Corporate tax partners Masakazu Iwakura, Kazuhiro Takei and Yo Ota are ‘taxation experts’, and partner Akihiro Hironaka is a ‘rising-star tax litigator’.