The Legal 500

Within Banking and finance, tier 4

With a strong focus on real estate, project and structured finance, Orrick, Herrington & Sutcliffe LLP is a slightly more borrower-oriented practice, with notable expertise in infrastructure and energy (including coal, gas and clean technology). The firm has worked on a series of project finance deals in Vietnam. On the structured finance side, the firm frequently advises banks such as Citibank, HSBC, Standard Chartered and BNP Paribas. Christopher Stephens is the key project finance name, with Michelle Taylor on the structured finance side.

Within Capital markets (debt), tier 4

Orrick, Herrington & Sutcliffe LLP may be recognised principally for structured finance deals, but it too has a notable DCM practice with some success in the RMB bond market. Michelle Taylor is recommended.

Within Capital markets (equity), Orrick, Herrington & Sutcliffe LLP is a third tier firm,

With an immense volume of IPO instructions, Orrick, Herrington & Sutcliffe LLP has a ‘good team’ consisting of ‘solid associates’ that are ‘very familiar with the requirements of PRC clients coming to market’, enabling the firm to ‘significantly increase its market share over the last couple of years’. The ‘very commercial’ Edwin Luk is an eminent figure, while the recent arrival of William Woo from Latham & Watkins LLP gives the firm additional credibility with underwriters. In March 2011, the firm advised China Hongqiao Group on its HK$6.37bn ($822m) IPO on HKSE, including a Rule 144A/Regulation S placement.

Within Corporate (including M&A), tier 5

Orrick, Herrington & Sutcliffe LLP’s practice is principally focused on inbound deals into China, but has experienced an upswing in PRC clients investing offshore. The firm has exploited its Silicon Valley heritage to great effect with a noticeable emphasis on the technology, clean technology and entrepreneurial environments. GCL-Poly Energy Holdings is one such example of its formidable clean technology client base.

Within Dispute resolution, tier 4

Orrick, Herrington & Sutcliffe LLP is commended for its ‘great’ service, its straightforward and direct advice, and for keeping the client ‘constantly’ informed. The ‘senior’ and ‘experienced’ Robert Pé and Andrew Dale work well as a team and have developed a strong record in regulatory investigations.

Within Dispute resolution International arbitration, Orrick, Herrington & Sutcliffe LLP is a second tier firm,

Orrick, Herrington & Sutcliffe LLP’s Robert Pé (‘someone I rate’) has become a major figure in Asia-based arbitrations and the firm has made significant headway under his leadership. Amongst a number of notable cases in which he has demonstrated solid advocacy skills, Pé has represented a number of private equity funds in connection with disputes relating to real estate investments.

Within Investment funds, Orrick, Herrington & Sutcliffe LLP is a third tier firm,

Fielding a broad funds practice, Orrick, Herrington & Sutcliffe LLP has recent experience advising on large private equity funds in China, and acts for investors, sponsors and issuers in relation to fund formation, investment management and regulatory issues. The highly recommended Sook Young Yeu is currently involved in the establishment of a Mongolia-focused private equity fund, and is also advising a client with regard to closed-end investment funds. The team provides fund management advice to Headland Capital Partners, Overlook Investments and Vegasoul Capital Management.

Within Private equity, Orrick, Herrington & Sutcliffe LLP is a third tier firm,

Since the arrival of Maurice Hoo (‘technically very solid’, ‘easily able to drill down to the issues in question’) in early 2010, Orrick, Herrington & Sutcliffe LLP’s private equity practice has experienced dramatic progress with clients such as Warburg Pincus and PineBridge Capital. Traditional growth capital deals remain prominent, but the firm has done a series of take private deals.

Within Projects and energy, Orrick, Herrington & Sutcliffe LLP is a third tier firm,

Christopher Stephens leads Orrick, Herrington & Sutcliffe LLP’s team, which has cross-border experience and handles projects from conception and structuring through to the financing stage. Highlights included advising Thang Long Thermoelectric as investor and developer of a coal-fired thermal power project with Wuhan Kaidi Electric Power. In May 2011, Stephens advised Florens (a subsidiary of COSCO Pacific) on a $200m leveraged sale-leaseback financing transaction. The group is currently advising JAKS Resources Berhad of Malaysia on the development of a $2bn thermal power project in Vietnam, and also advising Taekwang Group and others as sponsors of a BOT coal-fired power project, also in Vietnam.

Within Real estate, Orrick, Herrington & Sutcliffe LLP is a second tier firm,

Orrick, Herrington & Sutcliffe LLP’s real estate group handles various developments, acquisitions and financing transactions, often involving aspects of debt, equity and multiple jurisdictions. Michelle Taylor specialises in finance and recently advised Standard Chartered Bank on the acquisition, by Ascendas China Commercial Fund, of Cross Tower, a major commercial real estate asset in Shanghai. Another noteworthy practitioner is Michael Haworth, who represents foreign investors on property acquisitions, loan portfolio acquisitions and secured lending transactions throughout Asia.

Within Structured finance and securitisation, Orrick, Herrington & Sutcliffe LLP is a second tier firm,

Orrick, Herrington & Sutcliffe LLP is rated for its securitisation experience, and has one of the most active Korean practices in the region. In April 2011, the team advised Korea Development Bank regarding the securitisation of ¥40bn of future flow airline cargo receivables originated by Korean Air Lines. The team is also active in the PRC and Taiwan. It also advised Standard Chartered Bank on two structured finance transactions of derivatives and structured products. Michelle Taylor is widely known for her longstanding experience and knowledge.