The Legal 500

Within Bank lending (including other sources of financing), Cravath, Swaine & Moore LLP is a first tier firm,

Cravath, Swaine & Moore LLP saw an upturn in activity in 2010 in line with much of the market, and continued its work with its notable roster of longstanding clients, which include JPMorgan Chase, Credit Suisse, Goldman Sachs and Citigroup. The team is smaller in terms of partner numbers than some competitors, with individuals working across several practice areas, but clients praise the group’s ‘excellent knowledge and experience’ and ‘top-of-the-class expertise’. The practice represented Credit Suisse, as agent and arranger of $1.16bn and €330m senior secured credit facilities made available to Reynolds Group Holdings, partly for its acquisition of Closure Systems International and Reynolds Consumer Products. It handled several other linked transactions for Credit Suisse, involving borrowers and guarantors in over 20 different jurisdictions, and also advised it on the amendment and restatement of the senior secured credit facilities for Travelport; the transaction extended the maturity of approximately $1.7bn and €310m of its credit facilities. Up-and-coming partner Tatiana Lapushchik acted for Goldman Sachs and Wells Fargo on $525m credit facilities made available to AutoTrader.com for a recapitalization transaction. The practice also assisted JPMorgan, Barclays Capital, and RBC Capital Markets, as lenders, on $730m credit facilities made to an acquisition entity formed by Silver Lake Partners and others to finance, in part, the purchase of a 65% equity stake in Skype from eBay. Clients praise practice leader Michael Goldman for his ‘wide range of deal experience’ and ‘excellent market knowledge’. C Allen Parker and B Robbins Kiessling are also recommended.

Within Capital markets: debt offerings, Cravath, Swaine & Moore LLP is a first tier firm,

Cravath, Swaine & Moore LLP’s renowned securities practice is driven by a ‘really terrific’ team, from associate through to partner level. The New York firm draws on the strength of a large corporate team, and while it is already widely known as a top underwriter counsel, it is also steadily increasing its advice to issuers. In this regard, Eric Schiele led in representing Time Warner in two financing deals, advising on a $2bn registered debt offering in March 2010 and in a further $3bn registered debt offering in July 2010. The ‘really quick’ Andrew Pitts, who delivers ‘excellent quality of service’, advised Burlington Northern Santa Fe as the issuer of a $750m registered debt offering, together with the ‘excellent’ William Fogg. Kris Heinzelman acts as designated underwriter counsel to Hewlett-Packard, and recently represented Barclays Capital, Citi and JPMorgan in a $3bn registered debt offering. Craig Arcella advised Citi, Goldman Sachs, Bank of America Merrill Lynch, RBS, Deutsche Bank Securities and JPMorgan on the $1.1bn registered debt offering of Johnson & Johnson. John White is an ‘expert at everything’ and a ‘great resource’ to the team as a former director at the SEC. William Whelan and William Rogers are also highly recommended, and clients say ‘no task is too much’ for the team.

Within Capital markets: equity offerings, Cravath, Swaine & Moore LLP is a second tier firm,

‘Excellent in dealing with difficult issues and working collaboratively to give the best advice’, Cravath, Swaine & Moore LLP receives top praise all round for its equity markets capabilities. ‘At the top of the legal world’, the team ‘always delivers 110 per cent and represents clients completely’. The practice spans IPOs and follow-on and structured equity deals, and acts for both issuer and manager clients. William Rogers represented marine transportation provider Safe Bulkers in its $72m offering and private placement of common stock. William Whelan assisted in one of the largest equity transactions of the first quarter of 2010, advising life insurance company Symetra Financial Corporation in its $420m IPO listed on the NYSE. Whelan also advised media company CBS Corporation in a $344m secondary offering. William Fogg and Erik Tavzel represented a group of underwriters led by Deutsche Bank Securities in the $950m secondary offering by the US Department of the Treasury of warrants to purchase JPMorgan Chase common stock. Fogg also provided advice to JPMorgan and Morgan Stanley on Green Dot Corporation’s $189m IPO on the NYSE. Also recommended is Andrew Pitts, who is ‘great at securities work’.

Within Capital markets: global offerings, Cravath, Swaine & Moore LLP is a second tier firm,

With a wide-reaching and ‘wonderful’ reputation, Cravath, Swaine & Moore LLP’s international securities practice has substantial experience advising on global offerings. William Fogg advised the initial purchasers, led by JPMorgan and Goldman Sachs, on the $300m Rule 144A/Reg. S high-yield senior debt offering of syncreon Global (Ireland) and syncreon Global Finance (US). LizabethAnn Eisen is also active in European high-yield debt market offerings. Elsewhere, Fogg and Eric Schiele represented JPMorgan in a $200m Rule 144A/Reg. S high-yield senior secured debt offering by Air Canada, having previously advised initial purchasers JPMorgan and TD Securities on Air Canada’s $600m and C$300m Rule 144A/Reg. S high-yield senior secured debt offerings. Craig Arcella represented Bank of America Merrill Lynch as initial purchaser in the $500m Rule 144A/Reg. S debt offering of the Chilean-based Empresa Nacional del Petróleo. The firms also offers strong issuer-side counsel, and William Rogers recently advised European PVC producer Kerling in a €785m Rule 244A/Reg. S high-yield senior secure debt offering listed on the Luxembourg Stock Exchange. The firm also handles equity offerings, particularly for issuer clients. Rogers represented Costamare in its $160m IPO, and Erik Tavzel advised international financial advisory and asset management company Lazart in a $224m Class A common stock offering, with both offerings listed on the NYSE. Rogers also advised Marshall Islands corporation Safe Bulkers on a $72m offering and private placement of common stock listed on the NYSE. Such breadth of experience ensures the firm a prominent role on the global stage.

Within Capital markets: high-yield debt offerings, Cravath, Swaine & Moore LLP is a second tier firm,

The high-yield debt practice at Cravath, Swaine & Moore LLP has recently been active in leveraged buyouts and refinancing deals, and the team continues to be best known for its strength as underwriter counsel. ‘Wonderful securities lawyer’ Stephen Burns advised Deutsche Bank Securities, Barclays Capital and Morgan Stanley on the $900m registered high-yield senior debt offering of The Goodyear Tire & Rubber Company. LizabethAnn Eisen represented Credit Suisse as initial purchaser in the $1bn Rule 144A/Reg. S registered high-yield senior debt offering of Reynolds Group Issuer, and, following this, advised the initial purchasers, led by Credit Suisse and HSBC, in Reynolds Group Issuer’s $3bn Rule 144A/Reg. S high-yield senior subordinated debt offering. The team has advised a plethora of well-known investment banks, including JPMorgan, Bank of America Merrill Lynch and Goldman Sachs, in high-yield offerings. Key highlights on the issuer side include advising United Air Lines on $500m and $200m Rule 144A/Reg. S high-yield senior secure debt offerings, transactions led by the highly regarded William Fogg. Other issuer clients include Valeant Pharmaceuticals and data and voice communications provider Cincinnati Bell. William Whelan, Erik Tavzel and Andrew Pitts are singled out for their experience.

Within Corporate restructuring, tier 4

In existence for almost three years, Cravath, Swaine & Moore LLP’s ‘professional and thorough’ New York-based restructuring team has quickly made a significant impression on the market. Led by the ‘superb and vastly experienced’ Richard Levin, the small two-partner team excels in complex creditor mandates. Benefiting from the ethos of the firm as generalists, the team is, however, regularly aided by practitioners from within the banking, capital markets, corporate and litigation groups. It recently represented Credit Suisse on negotiating an out-of-court restructuring of approximately $265m of existing senior secured debt and mezzanine debt of Thomas Nelson, a publisher of religious books and promoter of religious events. The firm has also handled a plethora of distressed M&A mandates. While the firm is much less active on the debtor side, it has begun to pick up some Chapter 9 mandates from municipal bodies and is praised for its ‘deep knowledge in the area’. Led by Levin and Paul Zumbro, the firm is advising the City Council of Harrisburg, on a pro-bono basis, in connection with the city’s parlous financial situation. A particularly high-profile mandate, the work includes an analysis of the filing of a municipal bankruptcy under Chapter 9 and of proceeding as a distressed municipality status under Pennsylvania’s Financially Distressed Municipalities Act. The team is also representing New York City Off-Track Betting, the only Chapter 9 bankruptcy filed in New York State. Other clients include Westbrook Partners, JPMorgan, Time and Optimal Investment Services. One client commented: ‘The team is my favorite because of its depth and breadth of knowledge, its honest and fair assessment of every issue, excellent advice and balance of being aggressive when necessary but accommodating and willing to compromise when advisable’.

Within Structured finance , Cravath, Swaine & Moore LLP is a third tier firm,

Cravath, Swaine & Moore LLP’s structured finance practice offers ‘levels of service is second to none; the lawyers are always available, they are detail-oriented, they make a point of understanding their clients’ needs, and they do very high-quality work’. Practice group chair Joel Herold is ‘excellent, available, prompt and courteous’. Small and sophisticated, the team is well supported by other practice groups and offers considerable expertise in cutting edge deals. Recent instructions include the representation of wireless infrastructure and tower network operator Crown Castle Towers in connection with a $1.9bn asset-backed debt offering, and advice to Banco Santander on the acquisition of loan portfolios and securitization residuals as the bank expanded its US auto-loan lending business. Active clients of the practice group include Citigroup, CSX Corporation, Cummins, DRI Capital and Morgan Stanley.

Within Environment: transaction and regulatory, Cravath, Swaine & Moore LLP is a third tier firm,

Cravath, Swaine & Moore LLP’s environmental group handles financings, underwritings and mergers and acquisitions nationally and internationally across all industries. The firm also provides day-to-day counseling on environmental management and corporate governance issues, environmental issues of interest to the US Securities and Exchange Commission, shareholder relations involving environmental matters and environmental litigation. It represented World Fuel Services, a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of marine, aviation and land fuel products and related services on a world-wide basis, in connection with its $200m registered offering of common stock. It is also representing Universal Health Services on its agreement to acquire Psychiatric Solutions Inc (PSI) for approximately $2bn plus the assumption of $1.1bn in PSI debt. Other highlights included representing IBM on several transactions including its agreement to acquire Netezza, a publicly held company based in Marlborough, Massachusetts, in a cash transaction at a price of $27 per share (a net price of approximately $1.7bn, after adjusting for cash). The firm also represented Bristol-Myers Squibb in connection with its $2.4bn acquisition of Medarex. Jeffrey Smith leads the team which also includes associates Matthew Morreale and Annmarie Terraciano.

Within Healthcare and life sciences, Cravath, Swaine & Moore LLP is a first tier firm,

Cravath, Swaine & Moore LLP is highly rated for representing life sciences manufacturers in M&A, and antitrust litigation. In January 2011, it persuaded the US District Court for the Southern District of Ohio to dismiss putative antitrust class actions alleging restraint-of-trade Sherman Act violations pertaining to the Plavix patent agreement between Bristol-Myers Squibb and Sanofi-Aventis. New York-based Richard Stark argued for both defendants. On the transactional front, the firm represented major client Bristol-Myers Squibb on the $7.4bn spin-off of Mead Johnson. It also acted for Alcon Inc on its $12.9bn merger agreement with Novartis, announced in November 2010, and represented Novartis in its January 2011 agreement to acquire Genoptix Inc for $470m.

Within Patent litigation: full coverage, tier 4

Although New York-based Cravath, Swaine & Moore LLP’s patent litigation practice handles a lower volume of cases and includes fewer attorneys than other practices, it has nonetheless been involved in significant disputes across a range of technologies and is developing a more in-depth focus on IP. Evan Chesler, who has broad trial and appellate experience, and commercial litigator David Greenwald both represented DuPont in settling a case filed by 3M Co regarding a patent method used in Teflon products. They also represent Bristol-Myers Squibb and Sanofi-Aventis, recently obtaining a multimillion-dollar damages award for both clients regarding one of the world’s biggest-selling prescription drugs. Keith Hummel acts for medical devices company Medinol and is defending Qualcomm in a GPS technology-related case, while Richard Stark advised Xerox Corporation in its lawsuit against Google and Yahoo! regarding patents related to internet search technology.

Within Leading trial lawyers,

Evan Chesler, Cravath, Swaine & Moore LLP: Described by one satisfied client as ‘the best trial lawyer I have ever seen,’ Evan Chesler has established himself as one of the foremost and best respected litigators in the country. Most of the clients who rely on his skills require little introduction. Most recently these have included American Express, Alcoa, Bristol-Myers Squibb, Sanofi-Aventis, Morgan Stanley and Novartis Pharmaceuticals. With Novartis, Chesler successfully represented his client in a patent enforcement claim against Teva Pharmaceuticals relating to the drug Famvir. Following a six-day trial, the jury returned a verdict in favour of Novartis. The ‘exceptional’ Chesler also successfully led two cases for Morgan Stanley, one relating to a multimillion-dollar claim it brought against Discover Financial Services, which ultimately agreed to pay Morgan Stanley $775m, almost the entire amount in dispute. More recently Chesler’s team successfully defended Morgan Stanley against a shareholder derivative action, which was ultimately dismissed in December 2010. Another major highlight was representing Bristol-Myers Squibb and Sanofi-Aventis as plaintiffs in a patent infringement action against Apotex, involving its anti-platelet drug, Plavix, the world’s second-largest selling prescription drug with annual sales of $8bn. The claimants were ultimately awarded $550m in damages (currently on appeal), including prejudgment interest.

Within Securities: shareholder litigation, Cravath, Swaine & Moore LLP is a first tier firm,

Cravath, Swaine & Moore LLP’s broad-based practice excels advising clients from all corners of the market, including issuers, underwriters and auditors. ‘Its expertise in litigation matters is deep and it is remarkably adept at wrapping its mind around highly technical problems. The firm is where I go with the most challenging questions and complex situations’. ‘Even though there is a general perception it is expensive, that’s true only if you evaluate the billing rates. But as it has an ability to get the job done efficiently and correctly, it is money well spent’. Clients comment that ‘one can count on solid and often exceptional work from most partners and senior associates’. Among the partners, the esteemed Evan Chesler is singled out as ‘the best trial lawyer I have ever seen’. The ‘excellent’ Antony Ryan is ‘knowledgeable, experienced, hard working and responsive’. Sandra Goldstein and Kevin Orsini are praised for their ‘responsiveness, knowledge and efficiency. They are also problem solvers. They are able to deliver this service because they have taken time to understand our company and what is important to us’. On the audit side, the firm is representing PricewaterhouseCoopers (PwC) in litigation concerning its role as outside auditor of American International Group (AIG). The dispute is one of the largest class actions filed in recent years. In terms of financial institutions, one of its largest matters is its defence of Credit Suisse against several litigations filed throughout the US relating to mortgage-backed securities and mortgage-related debt. The firm has also been representing Vivendi, since 2002, in a major class action litigation that recently culminated in a four-month trial, one of the few securities class actions to reach the trial stage. The jury found in favour of the former CEO Jean-Marie Messier, and CFO, Guillaume Hannezo, but against the company, a finding that Vivendi intends to appeal.

Within Supreme Court and appellate, Cravath, Swaine & Moore LLP is a third tier firm,

Cravath, Swaine & Moore LLP’s ‘expertise in litigation matters is deep and the lawyers are remarkably adept at wrapping their minds around highly technical problems. Response is quick, thoughtful and polished’. The firm’s appellate capability forms part of its ‘excellent’ litigation department, whose lawyers have very impressive track records in the appellate courts. These include Evan Chesler, Richard Clary, Rowan Wilson, the ‘experienced, hardworking and responsive’ Antony Ryan, and Robert Baron. Highlights for 2010 included representing Shell at the Second Circuit in its defense against a putative class action suit brought by former residents of the Ogoni region of Nigeria, who argue the company aided and abetted the Nigerian government’s alleged suppression of the Ogoni resistance movement. The Second Circuit panel ruled in favor of Shell, holding that all of the plaintiffs’ claims must be dismissed for lack of subject matter jurisdiction, since corporations cannot be held liable under the Alien Tort Statute for alleged violations of customary international law.

Within Trade secrets, Cravath, Swaine & Moore LLP is a third tier firm,

Six IP litigation partners at Cravath, Swaine & Moore LLP in New York feature in the complex, high-value trade secret-protection litigation which the firm conducts on behalf of blue-chip clients in the insurance, technology, and financial services sectors. Stuart Gold has particular experience with business model theft in the insurance field, recently achieving a settlement on behalf of client Liberty Mutual Group against Aspen Insurance Holding Group. Roger Brooks continues to provide ongoing support with enforcement of the settlement reached on behalf of client Renaissance Technologies relating to use of proprietary and trade secret statistical algorithms by former employees to create a system of “statistical arbitrage” for a rival hedge fund, and has received instructions from a new client in this sector. Stephen Madsen is currently representing Quantlab in separate actions in New York, relating to the hiring by Tower Research of a Quantlab employee, and in Texas, regarding the appropriation of Quantlab trade secrets by an individual.

Within Technology: transactions, Cravath, Swaine & Moore LLP is a third tier firm,

Supported by strong corporate, tax, finance, labor and litigation practices, Cravath, Swaine & Moore LLP’s 18-partner technology group, led by Scott Barshay, George Zobitz and George Schoen, represents some of the world’s best known names. Highlights included assisting IBM with its $1.7bn acquisition of Netezza and its $1.4bn acquisition of Sterling Commerce from AT&T. An impressive client list includes Freescale Semiconductor, Qualcomm and Xerox.

Within Telecoms and broadcast: transactional, Cravath, Swaine & Moore LLP is a third tier firm,

Cravath, Swaine & Moore LLP’s ‘excellent’ integrated telecoms transactional team is considered ‘excellent for mergers and acquisitions’. Robert Townsend, George Schoen and Craig Arcella represented Frontier Communications in connection its $8.6bn acquisition of 4.8m access lines from Verizon Communications in a transaction which positions Frontier as the largest pure rural telecommunications carrier in the United States. A group including top litigator Katherine Forrest represented privately held CLEC NuVox in connection with its $643m acquisition by Windstream. Other work included representing Cincinnati Bell in its $525m acquisition of Texan data center operator CyrusOne and the related $970m bank financing. The group’s international strength is highlighted by its representation of Telefónica, as US counsel, in its €7.5bn acquisition of a 50% stake in Brasilcel from Portugal Telecom, and its involvement in international capital markets work included representing the underwriters (led by Deutsche Bank and Morgan Stanley) in the €759m 144A/Reg. S initial public offering of Kabel Deutschland Holding, the largest cable television operator in Germany. Other key clients include Crown Castle, Naspers, Rogers Communications, Time Warner and Qualcomm.

Within Antitrust, Cravath, Swaine & Moore LLP is a third tier firm,

Cravath, Swaine & Moore LLP’s New York-centered antitrust practice handles litigation, advisory work and investigations, and its traditional strength in litigation has been supplemented by a substantial increase in merger-related work. The firm has experience of working in most industry sectors but has a particularly strong focus in cable, media, pharmaceuticals, healthcare, airlines, consumer products, high-tech hardware and software, and financial services. Recent work includes defeating a motion by plaintiffs seeking a preliminary injunction to block United Airlines’ merger with Continental Airlines, after which the group advised United Airlines on the $3bn merger to create the world’s largest airline. The group also acted for Burlington Northern Santa Fe (BNSF) in connection with its $44bn acquisition by Berkshire Hathaway. Additionally, the group’s trusted litigators are representing American Express in several pending class actions and in a civil antitrust lawsuit brought by the DOJ and seven state attorneys general and engineered several victories for Bristol-Myers Squibb including the dismissal of a complaint by a secondary wholesaler alleging exclusionary practices. The firm is also assisting longstanding client Qualcomm in connection with competition proceedings in Japan and Korea, as well as with a new European antitrust investigation.

Within M&A: mega-deals ($5bn+), Cravath, Swaine & Moore LLP is a first tier firm,

New York-based Cravath, Swaine & Moore LLP offers ‘excellent service and responsiveness. Its superlative advice and performance impresses not only our legal team, but also the senior management and board of directors’. The practice has remained at the forefront of innovative transactions, maintaining its significant presence amongst the elite law firms. Recent highlights included advising Air Products and Chemicals in connection with its approximate $7bn offer to acquire Airgas, which would make the combined company the largest industrial gas company in North America, and representing Barnes & Noble in the unsolicited proposal by Ronald Burkle and his investment vehicle The Yucaipa Companies to weaken the Barnes & Noble’s shareholder rights plan and to nominate himself and two other hand-picked board nominees. The team also represented UAL Corporation in connection with its $3.47bn merger of equals with Continental Airlines, and assisted Casey’s General Stores in connection with the $1.9bn unsolicited proposal by Alimentation Couche-Tard to acquire Casey’s and the related proxy fight to replace Casey’s board. Also of interest, the practice acted for Unilever in connection with its definitive agreement to acquire US-based Alberto-Culver Company for $3.7bn in cash, and represented Johnson & Johnson in connection with its $1.75bn agreement to acquire, through an affiliate, the outstanding equity of Crucell that it does not already own. Recently, the practice also represented the Special Committee of J Crew Group, which has entered into a definitive agreement to be acquired by funds affiliated with TPG Capital and Leonard Green & Partners for $3bn, and advised Qualcomm in connection with its pending $3.1bn acquisition of Atheros Communications. M&A practice leader Richard Hall is recommended. Robert Townsend and international practice leader Mark Greene are also key figures. Corporate managing partner Scott Barshay is ‘an excellent business partner and negotiator’, and James Woolery’s ‘client dedication, focus and passion are unparalleled’.

Within Private equity buyouts, tier 5

Despite the departure of key name Ronald Cami to become TPG’s general counsel, Cravath, Swaine & Moore LLP still has a distinguished record in the private equity arena. Unlike many of its Wall Street peers, it entered the market a little later, but was immensely successful in acting for the private equity arms of investment banks and hedge funds. In recent years, it has represented DE Shaw & Co, KKR Private Equity Investors (Independent Directors), PAI Partners, Perry Capital, RHJ International SA and Trilantic Capital Partners. The firm has also made an impression in the creation of publicly listed funds. It helped transform RHJ International from a private equity fund into a public company, and worked on its $904m listing on the Eurolist by Euronext Brussels. None of the firm’s partners focus principally on private equity, but that does not detract from its capabilities in this area.

Within Real estate, tier 4

Cravath, Swaine & Moore LLP’s real estate group is part of the firm’s wider corporate department, and focuses on transactional and investment fund support. Key partners Roger Turner and Kevin Grehan represented Westbrook Partners on its acquisition of the Boston Ritz-Carlton Hotel, Miami Four Seasons Hotel and San Francisco Ritz-Carlton with joint venture partners Millennium Partners. Grehan advised Westbrook Partners on a high-value debt and equity recapitalization of 444 Madison Avenue, an office building in New York; Unilever on it $3.7bn acquisition of US-based Alberto-Culver Company; and Stanley, a premier business and information technology consulting firm, on its $1.07bn sale to CGI Group. The team has also worked on transactions involving debt acquisition, restructurings, property dispositions or acquisitions and development projects. Other key clients include Colonnade Properties, O’Connor Capital Partners and Tishman Speyer Properties.

Within Domestic tax: East Coast, Cravath, Swaine & Moore LLP is a first tier firm,

Cravath, Swaine & Moore LLP’s New York office provides ‘excellent service – the lawyers are highly knowledgeable about tax as well as business savvy’. The five-partner practice, though small, receives consistent accolades and is capable of advising on extraordinarily complex work including major transactions, structuring, spin-offs, and sophisticated private equity acquisitions and financing. Department head Stephen Gordon is ‘a very sharp tax attorney who has excellent business sense, and can communicate complex concepts in easily understood terms’. The experienced and influential Michael Schler, who is ‘in a class by himself; brilliant and very responsive’, represented The Stanley Works in connection with its $4.5bn all-stock acquisition of Black & Decker to create the global giant Stanley Black & Decker. Lauren Angelilli, ‘a terrific tax lawyer who gives great advice’, worked with Stephen Gordon to represent Bristol-Myers Squibb (BMS) when it exchanged its holdings in Mead Johnson Nutrition $7.4 bn of outstanding BMS stock. Andrew Needham, who led the tax work for IBM in connection with its $1.4bn acquisition of applications provider Sterling Commerce from AT&T, and associate Leonard Teti are ‘tremendous technicians who are quick to understand the business transaction and provide timely and appropriate advice’.

Within Employee benefits and executive compensation, Cravath, Swaine & Moore LLP is a second tier firm,

Cravath, Swaine & Moore LLP’s ‘lawyers are superlative; uniformly intelligent, incredibly responsive and very knowledgeable in their subject areas’. The group advises on all aspects of executive compensation and benefits at the highest level, and brings wider expertise in corporate governance, taxation, ERISA and securities law to the table. Eric Hilfers is leading ongoing work for Bank of America in connection with corporate governance matters, including proxy compensation disclosure advice and implementing the recent Dodd-Frank executive compensation provisions. Jennifer Conway, who ‘provides exemplary service’, represented UAL Corporation in its $3bn merger with Continental Airlines, advising on all compensation and benefits matters, including new executive compensation arrangements and modification of existing employment agreements. Other active clients of the practice group include Qualcomm, The Brink’s Company, Time Warner and Barnes & Noble.

Within International, Cravath, Swaine & Moore LLP is a second tier firm,

Cravath, Swaine & Moore LLP’s tax group ‘demonstrates great technical skills and an ability to deliver under pressure’. The four New York tax partners work at the highest levels of complexity across international and domestic business transactions of all types. Stephen Gordon advised Kraft Foods in connection with the S19.7bn stock-and-cash takeover of Cadbury plc. Michael Schler, ‘one of the smartest tax lawyers in the US, who provides very responsive service’, and Lauren Angelilli have represented Shell International Finance in connection with a series of registered debt offerings, guaranteed by Royal Dutch Shell, to a total value of $12bn. Andrew Needham has ‘great intellect, energy, judgment and a professional and warm personality’; Needham advised China-based WuXi PharmaTech (Cayman) in its agreement to combine with Charles River Laboratories International, in a cash and stock transaction valued at $1.6bn. Recent clients of the practice include Mangas Gaming, Nestlé, Santander Consumer USA and Ineos Group.