The Legal 500

Within Corporate restructuring, Kramer Levin Naftalis & Frankel LLP is a third tier firm,

‘Among the top for creditors work’, Kramer Levin Naftalis & Frankel LLP’s 14-partner New York-based team specializes in ‘very high-impact, high-value work’ and is praised for its ability to achieve a ‘balance between technical/academic knowledge of bankruptcy law and creativity and tenacity’. ‘At the top of the list for creditors’ committee work’, the firm has recently handled matters for the official creditors’ committees of Capmark Financial Group, Smurfit-Stone Container, Magna Entertainment, and the official equity committee in WR Grace. ‘Appropriately inclusive of experts from within the firm when special knowledge and experience is required’, this manifests itself particularly starkly in relation to the firm’s involvement for clients seeking to make distressed investments. Working alongside the firm’s M&A team, the practice is regularly involved in sales and purchases pursuant to Section 363 of the Bankruptcy Act. Led by Thomas Janover, the firm also has a sub-group specializing in claims trading that is widely regarded as one of the best in the market. Instructed by investment banks, commercial banks and hedge funds, this sub-group handles on aggregate more than 2,500 transactions and in excess of a billion dollars of distressed transactions each year. ‘Very intellectual in his approach, tenacious and vastly experienced’, co-head Kenneth Eckstein has been involved for either creditor or debtor interests in many of the largest restructurings over the past 30 years. Praised for his ‘ability to apply the law and develop practical solutions that allow the team to build consensus with other constituencies’, Eckstein is currently representing Saint Vincent Catholic Medical Centers as Chapter 11 debtors in a high-profile, complex hospital and healthcare restructuring. The ‘creative and forceful’ Adam Rogoff and ‘technically strong’ co-head Thomas Moers Mayer are also recommended, while on the contentious side, the ‘high-quality’ Jeffrey Trachtman is an integral part of a cadre of bankruptcy litigators that also includes Philip Kaufman.

Within Structured finance , tier 4

Kramer Levin Naftalis & Frankel LLP acquired an expert, ready-made asset-backed team when Gilbert Liu, Laurence Pettit and Richard Rudder joined the firm from Baker & McKenzie in September 2010. Previously commended for ‘handling themselves with ease under tight deadlines and difficult negotiations, while understanding the business perspective’, the team seems set to establish a clear market position very quickly. Challenging instructions already concluded under the new banner include the representation of John Hancock Life Insurance, as investor, in connection with a securitization of government receivables from task orders issued pursuant to federal energy savings performance contracts, and Credit Suisse, Wells Fargo, Branch Banking & Trust, and Guggenheim Partners in connection with a warehouse facility of timeshare loans originated by Diamond Resorts.

Within Mutual/registered funds, Kramer Levin Naftalis & Frankel LLP is a second tier firm,

Kramer Levin Naftalis & Frankel LLP’s high-end investment management practice ‘has deep knowledge of the mutual funds industry and provides its services comprehensively and promptly’. Based in New York, the team draws sophisticated representations from market-leading fund complexes and independent directors, including four of the 20 largest fund complexes in the industry. Its client base includes independent directors of JPMorgan, Invesco, Morgan Stanley, OppenheimerFunds, First Eagle and ProFunds/ProShares’ fund complexes; it also advises a number of these same clients on money-market fund issues. Highlights for 2010 included advising the independent trustees of Invesco Funds with respect to Invesco’s acquisition of controlling interests in some of the Morgan Stanley and Van Kampen funds, which aggregated approximately $120bn of assets. The team also represented the independent trustees of Morgan Stanley Funds on restructuring its retail funds and their subsequent transfer to Invesco. ‘All the attorneys provide great depth of knowledge and exhibit good judgment’, with co-chair Carl Frischling singled out for his ‘grounded ability to understand business-based analysis and apply it to the legal and regulatory framework without being blinkered by the statute-driven nature of the business’. Susan Penry Williams is also highlighted as giving ‘unfailing good service; she has very good industry knowledge and gives good advice’. Jay Baris recently left the practice to join Morrison & Foerster LLP.

Within Immigration, Kramer Levin Naftalis & Frankel LLP is a second tier firm,

Kramer Levin Naftalis & Frankel LLP continue to impress both its clients and competitors with the quality and caliber of its work in the immigration field. ‘Between the attorneys’ knowledge, attention to detail, and strong customer service, clients can rest assured that their cases are being handled by the best immigration attorneys in the business’. Its ten lawyers regularly advise on the cross-border hiring and transfers of professionals, managers, executives, investors and persons of extraordinary ability. The team works seamlessly with its firm’s employment law, employee benefits, and tax law groups to provide a comprehensive solution to its clients’ cross-border needs. Of particular note, the firm actively represents high-net-worth foreign national investors in seeking immigration status based on their substantial investments in their own enterprises or in special pre-approved investment vehicles. The firm is also involved in the development of immigration law and policy, having proposed, analyzed, and commented on immigration reform measures to Congressional Committees, legal and business groups, and leading US and international universities. Clients include Time Inc, Time Warner Cable, Banco Santander, Euro RSCG New York, Nomura Holding Corporation and the Manhattan Theater Company. The firm is known for bringing leading artists into the country for both short and long-term engagements, most recently the cast of and technical staff for the theatrical productions of “Billy Elliot”, “Brief Encounter”, “Mrs Warren’s Profession” and “A Behanding in Spokane”. In addition, it recently represented a global insurance company in its compliance with immigration requirements when it acquired the life insurance unit of a leading competitor, and assisted a top ten global financial institution in its immigration matters, when it acquired a regional bank with approximately 10,000 employees. Theodore Ruthizer is ‘extremely knowledgeable about immigration law, frequently provides me with personalized information, updates, and advice, and is very responsive’. Mark Koestler and Matthew Dunn are also highly recommended.

Within Labor and employment litigation, Kramer Levin Naftalis & Frankel LLP is a third tier firm,

Kramer Levin Naftalis & Frankel LLP may not have offices across the country, but its New York-based team has a national reputation for its high-quality work, and in particular for its expertise in single plaintiff cases in the financial services sector. Recent highlight work undertaken includes advising Citibank, UBS and Marathon Asset Management on whistleblower and bonus claims that were dismissed in three separate actions before AAA, JAMS and FINRA. The firm also represented JPMorgan/Bear Sterns in a whistleblower case that was dismissed by an arbitration panel, and $600,000 was awarded to the firm’s client representing the return of certain compensation and attorneys fees. In another case, the firm represented Barclays Capital in a national origin discrimination case that was dismissed by FINRA. The firm also takes on class actions – it is currently advising Chemed (Roto Rooter) on a Nationwide Fair Labor Standards Act and state wage law collective and class action comprising thousands of potential class members. Group chair, and ‘terrific lawyer’ Kevin LeBlang provides ‘practical, business-oriented advice and is always available’. Robert Holtzman is ‘very pragmatic and business-focused’ and Jennifer Rochon is ‘fantastic’. ‘You could call at any point and they are ready at a moments notice to talk about the minutiae of our case. They understand our needs and genuinely care about the outcome of the case. Their knowledge is exactly what we need’.

Within Leading trial lawyers,

Gary Naftalis, Kramer Levin Naftalis & Frankel LLP: As head of the litigation department and firm co-chair, the extremely well regarded Gary Naftalis ‘brings a wealth of experience and perspective to matters’. With a career spanning over 30 years, Naftalis is particularly well known for his securities litigation and white-collar crime related work. One of his most major recent cases was the successful defense of United Rentals, the world’s largest equipment rental company, against a class action relating to a failed merger agreement with an affiliate of Cerberus Partners. Having had the claim dismissed in 2009, this dismissal was upheld by the Second Circuit Court of Appeals in August 2010. Other highlights included successfully dismissing all charges brought against Kenneth Langone, former chair of the New York Stock Exchange Compensation Committee, by the then Attorney General Eliot Spitzer. This was in relation to claims of breach of fiduciary duty. This follows several major cases throughout the course of the past decade, including the successful defense of Michael Eisner, the CEO of the Walt Disney Company, against a shareholders derivative lawsuit relating to the recruitment and subsequent firing of Michael Ovitz.

Within Securities: shareholder litigation, tier 4

‘One of the best of the best’, Kramer Levin Naftalis & Frankel LLP’s ‘excellent’ securities litigation group is extremely popular with clients and is ‘exceptionally responsive, knowledgeable, careful, thorough and cost-effective. Its approach to staffing avoids the needless overleveraging so often encountered at large firms.’ The ‘very knowledgeable, thorough, experienced and approachable’ Michael Dell is an ‘extremely effective litigator’, who is praised for his ‘excellent judgment’ and ‘combining excellent legal advice with a great deal of industry knowledge’. Alan Friedman is ‘knowledgeable, thoughtful and exceptionally diligent’. Stephen Sinaiko is praised for his ‘very fine appellate writing’, while name partner and group head Gary Naftalis ‘brings a wealth of experience and perspective to the matters we have worked on’. Recent highlights include defending United Rentals, the world’s largest equipment rental company, in a class action litigation relating to its failed merger agreement with an affiliate of Cerberus Partners. The lower court’s dismissal of the case was ultimately affirmed in the Second Circuit in August 2010. The firm is also representing Deloitte Touche Tohmatsu against a class action and other claims arising from the Parmalat Bankruptcy. So far, three of the cases against the client have been dismissed and another has been settled. The firm has also been representing Bear Sterns in parallel regulatory and civil proceedings focusing on the collapse of two of its investment funds following the subprime mortgage crisis. Since the bank’s takeover by JPMorgan Chase, the firm has continued to represent them in federal derivative lawsuits and in a multibillion-dollar lawsuit brought by Bank of America, the first major bank-to-bank litigation arising out of the financial meltdown.

Within White-collar criminal defense , tier 4

Kramer Levin Naftalis & Frankel LLP’s 12-partner New York-based group provides a ‘very balanced’ and ‘responsive’ service to clients and has ‘great depth in its organization to cover a number of areas’ including securities fraud, healthcare fraud, public corruption and environmental crimes. Particularly active within the financial services sector, the group has considerable trial experience where its joint heads Barry Berke and Gary Naftalis frequently feature prominently. ‘One of the most high-profile and sought after white-collar attorneys in New York’, Berke continues to represent Bear Stearns in various government inquiries, federal derivative lawsuits, and in a multibillion-dollar lawsuit brought by Bank of America. Naftalis is ‘at the top of his profession’ and represented Raymond Harding, former chairman of the New York State Liberal Party, against charges arising out of the New York State Attorney General’s inquiry into the awarding of investments by the New York State pension funds. He also represents senior officers of a number of financial services companies including Citigroup, AIG Structured Products, Lehman Brothers and Neuberger Berman in inquiries relating to their investments in structured products. Formerly a high-ranking government official, the ‘fiercely bright’ Paul Schoeman is ‘able to see the bigger picture’ and is highly accomplished at handling a raft of white-collar matters including insider-trading issues, market manipulation and FCPA abuses.

Within Marketing and advertising, Kramer Levin Naftalis & Frankel LLP is a first tier firm,

Kramer Levin Naftalis & Frankel LLP’s eight New York partners provide ‘pragmatic advice, coupled with deep knowledge of advertising law,’ to leading pharmaceutical and consumer products companies, retailers and software firms on claim substantiation and advertising clearance, and handle high-profile litigation. Practice head Harold Weinberger, an ‘extremely intelligent and responsive’ litigator, is respected for upholding the ‘highest ethical standards’ and ‘quickly penetrating technical detail’. His team won a landmark victory for PBM Products in a rare jury trial of a Lanham Act false advertising case. The court found Mead Johnson liable for falsely claiming that store brand infant formula manufactured by PBM Products was nutritionally inferior to Mead Johnson’s products. PBM was awarded $13.5m in damages, and Mead Johnson’s $40m counterclaim was completely dismissed (the case has since gone to appeal). It represented Neutrogena in a litigation battle against Schering-Plough, maker of Coppertone, regarding the ingredients of Neutrogena’s sunscreen products. Donald Rhoads and Christopher Colvin won a major false advertising victory for Bracco Diagnostics against GE Healthcare regarding the purported superior safety of GE’s x-ray contrast agent Visipaque over Bracco’s competing Isovue product. The practice successfully defended Procter & Gamble’s Tampax Pearl tampons against ongoing advertising challenges by Playtex Products. Weinberger and Norman Simon successfully represented advertisers, notably McNeil-PPC and The Dannon Company, in challenges before the NAD and the National Advertising Review Board (NARB). Other key clients include Johnson & Johnson, and AstraZeneca. Jennifer Rochon and Kerri Ann Law are also recommended.

Within M&A: middle-market (sub-$500m), Kramer Levin Naftalis & Frankel LLP is a first tier firm,

Offering ‘high levels of service’, Kramer Levin Naftalis & Frankel LLP’s corporate department works on a broad range of M&A transactions, with a focus on the middle-market. Clients praise the ‘good value for money but without quality being sacrificed’. The practice recently expanded its private equity practice with the addition of James Moriarty and Russell Pinilis from O’Melveny & Myers LLP, and has been especially active in the financial services, transportation and garment sectors. With participation from the firm’s litigation, financial services, employee benefits, tax, and IP departments, the practice handled a number of complex M&A transactions, with many of its representations either involving clients seeking to capitalize on strategic opportunities or distressed companies. Recent strategic M&A deals include representing RiskMetrics Group in its acquisition by MSCI, advising Genco Shipping & Trading in its acquisition of assets of Bourbon-Setaf, and assisting HiTouchBusiness Services in its acquisition of MyOfficeProducts. In private equity, the practice acted for Alloy, originators of Gossip Girl and The Vampire Diaries, in its acquisition by an investor group led by Zelnick Media. The team also represented Altitude Capital Partners in connection with the sale to RPX Corporation of a large patent portfolio by its portfolio company, Saxon Innovations. On the distressed side, the practice assisted Deloitte in the successful acquisition, as stalking horse, of the North American Public Services business of BearingPoint, and was counsel to the Official Unsecured Creditors Committee in the Chrysler bankruptcy, including M&A transactional work related to this representation. The practice also sees its fair share of mandates in the upper mid-market space. The ‘first-rate corporate transactional lawyer’ Howard Spilko is ‘singled out for his ability to provide top-notch legal advice in many areas but at comparably reasonable rates’. Thomas Molner is also highly regarded.

Within Private equity buyouts, tier 5

With a distinct focus on the middle-market, New York’s Kramer Levin Naftalis & Frankel LLP has also become well known for its work in the distressed environment. Clients include Altitude Capital Partners, Fortress Investment Group, Perella Weinberg Partners, Stone Point Capital and York Capital. The firm also advised Stone Point Capital on its co-investment, alongside General Atlantic, in Pierpont Securities. Howard Spilko is the firm’s most high-profile private equity name, while Thomas Molner is recommended for distressed deals.

Within Land use/zoning , Kramer Levin Naftalis & Frankel LLP is a first tier firm,

Kramer Levin Naftalis & Frankel LLP has 20 attorneys based in its New York office, and is praised for its ‘real-world advice and technical legal guidance’. The lawyers have broad experience in land use negotiation, condemnation and litigation, and their expertise is ‘second to none’. The firm is a market leader in New York, currently working on a number of mega-projects across the state. A key client for the firm is Extell Development Company, which instructed the group on a number of high-profile land use matters, including the development of Riverside Center, a 3 million sq ft mixed-use project in Manhattan. Michael Sillerman and Paul Selver co-chair the practice and are well regarded by peers. Jeffrey Braun is also recommended, with a strong background in land use and environmental litigation.

Within Real estate, Kramer Levin Naftalis & Frankel LLP is a third tier firm,

Jay Neveloff and Michael Korotkin co-chair Kramer Levin Naftalis & Frankel LLP’s five-partner team, which handles a wide range of real estate and land use and zoning matters. It is ‘one of the most efficient and effective teams’ and ‘extremely well versed in the intricacies of real estate law from the technical to the practical’. Among recent highlights for the team was its representation of Forest City Ratner Companies in all the litigation arising from the project at Atlantic Yards in Brooklyn. Neveloff, a ‘very seasoned real estate lawyer who is able to resolve issues innovatively’, represented the owner of The New Frontier Hotel and Casino in Las Vegas on its $1bn sale; and Starwood Hotels on its $117m sale of the retail portion of St Regis Hotel in New York. Korotkin, who exhibits ‘legal knowledge, business acumen, intelligence and strategic skills’, represented Muss Development and Onex Realty on developing the $1bn SkyView complex in Flushing, New York, which includes 800,000 sq ft of retail space and 1,100 apartments. Korotkin also represented the Alexico Group on financing, refinancing, acquisition and development transactions for various sites in Manhattan. On the workout and restructuring front, the ‘thoughtful, creative and detail-oriented’ James Godman represented Hypo Real Estate Capital on several transactions including a $435m restructuring involving a mixed-use project in Brooklyn; a $405m mortgage loan; and a $50m mezzanine loan involving a mixed-use project in Manhattan. Neil Tucker and Jonathan Canter are also recommended.

Within Domestic tax: East Coast, tier 5

Kramer Levin Naftalis & Frankel LLP’s tax practice group’s ‘level of service is excellent, with particular strengths being proactive advice and value for money’. The firm’s tax practice, with members in Paris as well as the main New York offering, has particular expertise in private equity and finance, and cross-border transactions, as well as providing support to the firm’s key bankruptcy, entertainment and sports groups. New York-based department chair Howard Rothman has a reputation for expertise in the entertainment sector which goes well beyond tax matters; he regularly handles the sale of ‘showbiz’ management companies, the formation of recording joint ventures, state and local tax planning for musicians, and celebrity branding and merchandising. Philip Weingold is ‘a strong client advocate and brilliant adviser with strengths in corporate tax structuring’, and Barry Herzog has ‘tremendous knowledge of tax laws, business sense, intelligence and skill’. SALT expert Maria Jones ‘will not allow anyone working with her on a case, neither the client nor her staff, to be led off track for any reason’. The group’s clients include First Investors Consolidated, Ossen Innovation, Alloy Inc and General Maritime.

Within International, tier 5

Kramer Levin Naftalis & Frankel LLP’s tax group, led by New York-based Howard Rothman, is recommended for partnership, private corporation, and individual international tax planning and structuring. Barry Herzog represented Scientific Games Corporation in connection with structuring a large, complex international joint venture, and John Novogrod advised a US citizen resident in Europe on the tax-efficient divestiture of business interests involving the creation of grantor retained annuity trusts (GRATs) and other entities.