The Legal 500

Within Asset finance and leasing, tier 5

Shearman & Sterling LLP’s asset finance and leasing practice operates predominantly out of New York and pools together a number of partners from the finance and capital markets departments. William Yaro works primarily with issuers, borrowers and financial institutions and is well known for creating innovative financing structures and solutions. He led a team that advised a major airline on structuring the $214m capitalized lease financing for seven Boeing aircraft; the transaction included a US Ex-Im Bank guarantee of certain bank notes with a novel option for the notes to be exchanged for public notes. Ji Hoon Hong is also recommended for his work on behalf of the firm’s major financial institution clients. In 2010, Hong advised Goldman Sachs and Credit Suisse as underwriters on Delta Air Lines’ $450m offering of enhanced pass-through certificates. Practice head Maura O’Sullivan has extensive experience acting for financial advisers, lenders and borrowers, including recently acting for Citigroup Global Markets as joint lead arranger on the amendment of two credit facilities for ILFC to provide for the extension and collateralization of a $2.5bn facility.

Within Bank lending (including other sources of financing), Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP ‘stands above the rest’ of its competitors in its ability to deliver high-quality advice and services. The team is led by Maura O’Sullivan, who leads a group with particular expertise in structuring matters. It handles a mix of lender and sponsor transactions, with a notable slant towards the former. The renowned William Hirschberg recently led the advice to BNP Paribas Securities and others as joint lead arrangers and book managers of a $5bn, 364-day credit facility for Toyota Motor Credit Corporation and certain affiliates. The firm also advised Citigroup Global Markets, as joint lead arranger, on a $2.5bn deal involving the amendment of two credit facilities for International Lease Finance Corporation (ILFC), one maturing in 2010 and the other in 2011 – the facility is guaranteed by various special purpose, and newly formed, ILFC subsidiaries. On the sponsor side, the firm acted for Boston Scientific Corporation in a $3bn multi-currency financing, which involved a three-year term loan and a three-year revolving credit facility, arranged by Banc of America Securities and JPMorgan Securities. Other active clients of the group include Royal Bank of Canada, Morgan Stanley and Bank of America Merrill Lynch. Robert Freedman was elected to the partnership in 2010 and joins established names such as Michael Baker, who is adept at advising lead arrangers on secured lending, and Monica Holland, who has a strong practice in debt restructuring and leveraged buyouts.

Within Capital markets: debt offerings, Shearman & Sterling LLP is a second tier firm,

Rendering ‘excellent client service’, Shearman & Sterling LLP has a steady debt offerings practice, and provides ‘prompt answers’ to both issuer and manager clients. Calling on the firm’s resources worldwide, the team has an established reputation domestically and beyond. Illustrative of the practice’s growing practice advising underwriters, the ‘knowledgeable’ Stuart Fleischmann represented Barclays Capital and HSBC Securities (USA) as joint bookrunners and representatives of the initial purchasers regarding Banco Nacional de Desenvolvimento Economico (BNDES)’s $1bn Rule 144A/Reg. S offering of investment-grade notes. With a focus on convertible bonds, Robert Evans represented JPMorgan Securities and Credit Suisse Securities (USA) as lead joint bookrunning managers regarding the $570m registered public offering of senior subordinated convertible notes by Navistar International Corporation. Head of the firm’s Latin America practice, New York-based Antonia Stolper handled a notable restructuring case in May 2010, advising Mastellone Hermanos in the restructuring of its outstanding notes and loans pursuant to an exchange offer, a transaction worth $210.7m. The team is well known for its breadth of experience and expertise, and advises clients from a range of industries and sectors. The highly recommended David Beveridge leads the firm’s capital markets practice in the Americas, and Lisa Jacobs is also singled out, for her knowledge in the investment-grade debt arena.

Within Capital markets: equity offerings, Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP has great expertise for both issuers and managers, with strength across a wide range of sectors. Practice head David Beveridge advised Credit Suisse Securities (USA), Goldman Sachs and JPMorgan Securities as representatives of the underwriters in the $1bn IPO of Cobalt International Energy, the largest IPO of the past decade of a US-based oil and gas company. Also acting for the managers, Lisa Jacobs advised Deutsche Bank Securities as sole bookrunner, together with the underwriters, regarding the $1.8bn public offering of Ford Motor Company. The firm also excels in issuer-side work, and Joel Klaperman recently advised utility company and longstanding client Consolidated Edison on a $305m registered public offering of shares pursuant to an underwriting agreement with lead underwriter Morgan Stanley. The firm reports a boost in equity transactions in the Latin American market, and acts as designated underwriter counsel to Petróleo Brasileiro S.A.- Petrobras. In September 2010, New-York based Stuart Fleischmann advised the underwriters, including Merrill Lynch, Fenner & Smith Incorporated, Itaú USA Securities and Santander Investment Securities, on Petrobras’ $69bn offering. Head of the Latin American practice Antonia Stolper is also recommended.

Within Capital markets: global offerings, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP has particular expertise in the Latin American and Canadian regions. With a team of ‘excellent experts for any kind of transaction’, the firm is well equipped to deal with both debt and equity offerings domestically and abroad. On the debt side, head of the Latin American practice Antonia Stolper in New York, represented Banco Internacional del Perú – Interbank on a $200m Rule 144A/Reg. S global offering of non-cumulative fixed and floating rate step-up junior subordinated notes. The practice also reports an increase in equity offerings in Latin America. Stuart Fleischmann in New York represented Merrill Lynch and other underwriters of the $69bn offering of Petrobras; this transaction is one of the largest-ever global equity offerings, and was listed as US depositary shares and as stock on the São Paulo Stock Exchange. The firm lost Andrew Jánszky to Milbank, Tweed, Hadley & McCloy LLP in 2010.

Within Capital markets: high-yield debt offerings, Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP’s high-yield practice continues to go from strength to strength. The team handles a substantial amount of work for underwriters, and has a depth of expertise in the Latin American high-yield debt market. Among its highlights of 2010, Robert Evans and Michael Benjamin represented the bookrunning and representative managers JPMorgan Securities, Banc of America Securities, Barclays Capital, Citigroup Global Markets, Credit Suisse Securities, Goldman Sachs, RBS Securities and UBS Securities in the $1.25bn SEC-registered public offering of high-yield senior notes by Cablevision Systems. Andrew Schleider, together with Lona Nallengara, also advised lead managers and solicitation agents Citigroup Global Markets and Goldman Sachs regarding the exchange offering of $2.18bn high-yield senior secured notes by Energy Future Holdings Corporation. Working from the firm’s New York and Toronto offices, Jason Lehner advised Banc of America Securities and Wells Fargo Securities as joint bookrunners and representatives of the initial purchasers in relation to the $400m Rule 144A/Reg. S offering of high-yield senior subordinated notes of American Seafoods Group. Acting as issuer counsel, Benjamin and Lisa Jacobs advised American Axle & Manufacturing on a $425m Rule 144A/Reg. S high-yield senior secure notes offering.

Within Corporate restructuring, tier 4

Shearman & Sterling LLP’s six-partner New York-based team provides a ‘responsive, reliable and excellent value-for-money service’ to a broad range of clients including debtors, creditor committees, banks, DIP lenders and buyers and sellers of distressed assets. Able to tap into the firm’s considerable expertise in a number of complementary practice areas including M&A, banking, capital markets and tax, the team excels at handling complex mandates that involve a multi-disciplinary approach. Praised for its ‘attention to detail, great fighting spirit and honesty’, it is perhaps best-known for its representation of senior secured lenders, where it is able to leverage off the firm’s deeply entrenched ties with a number of major lenders. Recent highlights include advising Citibank in its capacity as agent under a $1.5bn senior secured facility for Capmark on its restructuring. The matter also involves the defense of Citibank in relation to a threatened fraudulent conveyance suit. The team’s ‘excellent litigation’ capability was also brought to the fore on its representation of Daimler in the Chapter 11 cases of Old Carco. Following on from the department’s representation of Daimler on its sale of the majority interests in the Chrysler business, the unsecured creditors’ committee in the Old Carco cases alleged that certain of the transactions that were part of Daimler’s divestiture of its majority interest in Old Carco should be avoided as fraudulent conveyances. Aided by the firm’s ‘superb’ M&A platform, the team is also regularly involved in handling distressed M&A transactions for a range of entities including hedge funds and private equity firms. Headed by Frederic Sosnick, the team provides ‘excellent risk evaluation’ and includes recommended partners Douglas Bartner and James Garrity.

Within Financial services: regulatory, tier 4

The ‘top notch’ team at Shearman & Sterling LLP provides ‘sound judgment’ to a broad array of financial institutions including banks, broker-dealers, exchanges and fund groups players. Particularly accomplished on the general compliance and M&A side, the firm’s commitment to the area was recently underscored by the creation of a nascent cross-disciplinary financial recovery and reform advisory group which has already made numerous presentations to US and foreign banks on the developments and legislative changes in the US and Europe. Employing a cross-border team, the firm has handled a raft of work for IntercontinentalExchange (ICE) including advising on its acquisition of The Clearing Corporation, as well as representing ICE Clear Europe on the establishment of its credit default swap clearing service. Other transactional highlights included acting for Landesbank Baden-Wurttemberg on the sale of its US broker-dealer, LBBW Securities, to Links Holdings, a subsidiary of Guggenheim Partners. Bradley Sabel spearheads a group that gained increased credibility following the recent arrival of former bank regulator Donald Lamson.

Within Project finance, Shearman & Sterling LLP is a first tier firm,

The ‘experienced, knowledgeable, efficient and responsive’ team at Shearman & Sterling LLP has a wide-ranging and very highly regarded project finance practice in New York. The group straddles the full range of sectors, with mining, oil and petroleum, energy, and transport infrastructure all covered, and this contributed to a stable and successful 2010, as did its focus on emerging jurisdictions relatively unaffected by the downturn (such as Latin America). It acts for a good mix of sponsors and lenders. On the sponsor side, it represented Pueblo Viejo Dominicana Corporation, a joint venture between Barrick Gold and Goldcorp, on the $1.04bn financing for the development of its brownfield gold/copper resource in the Dominican Republic; the lenders in this deal included Export Development Canada, and Export-Import Bank of the United States, and the addition of the acquisition of power facilities and related commercial transactions brings the total deal value to $3.2bn. The team also acted for Abengoa México, Abener Energía, and GE Energy Financial Services, on a 300MW gas-fired co-generation project at the new refinery of Mexican state-owned petroleum company Pemex, with a total value of $639m; and acted for JBIC (Japan Bank for International Cooperation) and the Nexi-covered commercial banks on the proposed project financing of the South Texas Units 3 & 4 Nuclear Project sponsored by Nuclear Innovation North America, with an estimated value of $4.9bn. Several of the leading firms have been involved with the US Department of Energy as it raises its prominence in the project finance sector, and Shearman & Sterling LLP is no exception; it advised the DoE on the conditional commitment of a $350m loan guarantee to Great Basin Transmission to develop the One Nevada Transmission Line, to transmit energy from diverse renewable sources. Cynthia Urda Kassis is well respected throughout the market, and has ‘exceptional intellectual abilities’. Gregory Tan is recommended as an ‘excellent all-round project finance lawyer’ who ‘proactively takes the lead in the negotiation process’. Howard Steinberg and Robert Freedman are also singled out for praise by clients.

Within Structured finance , Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP’s derivatives offering is impressive, with comprehensive expertise in all underlying asset classes and a healthy client following of both dealers and hedge funds. The New York practice works closely within the global group and is commended for seamless coverage of the US and European markets. Geoffrey Goldman, ‘extremely talented’ in complex derivatives, represented a group of market participants in the first-ever external review of a determination by the ISDA Credit Derivatives Determinations Committee over a potential restructuring credit event by Cemex. Donna Parisi, head of asset management, ‘has set up an outstanding group’: Parisi led the groundbreaking advisory work for Intercontinental Exchange on establishing and developing the ICE Trust US and ICE Clear Europe clearinghouses for credit default swap transactions. Also recommended is Azam Aziz, who is ‘always in tune with market practice’. Constance Fratianni has advised Citigroup in connection with numerous distressed structured financing transactions, including motion picture and student loan receivables. Stuart Fleischmann is long-experienced in novel securitization transactions including toll road and franchise receivables. David Bleich, of counsel, was on the team which represented CAN Receivables, a bankruptcy-remote special purpose vehicle wholly owned by Capital Access Network, in an amended and restated $172.5m securitization facility with Wells Fargo Capital Finance. All lawyers named work out of the New York office. The firm also acts for Bank of America Merrill Lynch, Wells Fargo, Maverick Capital and IKB.

Within Healthcare and life sciences, Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP’s healthcare practice primarily represents life sciences manufacturers and distributors in government investigations, M&A and capital markets work, as well as litigation – where it is ‘excellent on all fronts’ – on matters such as antitrust and false advertising. It also has some work with insurers and healthcare service providers. San Francisco-based litigator and practice co-chair James Donato joined from Cooley LLP in July 2009. Having brought with him his relationship with Covidien, Donato defended the client in an antitrust class action brought by hospitals and distributors to challenge the use of purchase agreements with other customers; the case was settled favorably in 2010. The firm also represented LMA International in a Lanham Act deceptive trade case, and Sun Pharmaceutical in its protracted battle to acquire Taro Pharmaceuticals. On the capital markets front, it acted for WebMD on its $242m share repurchase program, and advised Boston Scientific on a $2bn notes issue and its $489m sale of Advanced Bionics Corporation to Sonova Holding.

Within Mutual/registered funds, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP’s asset management practice fields three US-based partners and six associates specializing in registered funds, who are supported by 30 partners worldwide. Although modest in size, this dedicated team has a broad range of expertise and experience representing clients ranging from blue-chip independent fund families to some of the largest financial services companies worldwide. It has a sophisticated regulatory capability, with the team acting on a groundbreaking SEC no-action letter for Fortis Investment Management that allowed Fortis to continue to serve as investment adviser to its US mutual fund clients, notwithstanding the nationalization of Fortis. More recently, the team has been negotiating on behalf of a derivatives clearing house to expand access to its registered funds users. Transactional highlights from 2010 included representing First Eagle Funds on organizing a special purpose subsidiary to engage in gold bullion investing, and advising CAI Multi-Adviser Hedge Funds Portfolios, one of the largest registered fund-of-hedge funds on its transition to Skybridge Capital after its purchase of the Citigroup business line. It also provides advice to the independent trustees of JPMorgan Alternative Asset Management, Rochdale Funds and Victory Funds. New York-based Nathan Greene and Paul Schreiber co-chair the practice, with newly promoted partner Russell Sacks providing regulatory and formation advice to broker-dealers.

Within International arbitration, Shearman & Sterling LLP is a second tier firm,

Deemed ‘outstanding’ by clients, Shearman & Sterling LLP’s core competence is in high-level commercial work, though the firm is developing its investor-state expertise. The firm’s US practice had a particularly strong year in joint venture and construction disputes, while geographically the firm experienced continued strong growth in Africa, the Middle East and Eastern Europe. The practice is acting for a North American industrial company as claimant in an ICC arbitration in London against a Middle Eastern State enterprise arising out of the failure by the respondent to close a petrochemical joint venture. The case is valued at $4.6bn. The firm is also representing three European chemical companies in an ICC arbitration in Geneva against the European subsidiaries of a large North American chemical concern. The dispute arose from a joint venture agreement formed to manufacture a product used for the production of nylon; over $1bn is at stake in the case which is governed by French law. On the investor-state side, the practice was retained by the Republic of Benin to represent it in a dispute with a consortium of contractors in relation to the development and expansion of port facilities in Benin. The port project is being funded by a grant issued to the state by the Millenium Challenge Corporation, a United States government agency created to provide aid to developing countries. Jonathan Greenblatt, Henry Weisburg and Christopher Ryan are the key contacts.

Within Securities: shareholder litigation, Shearman & Sterling LLP is a second tier firm,

Herbert Washer and Adam Hakki jointly head the quality securities litigation team at Shearman & Sterling LLP. The firm has a particularly strong practice representing financial institutions, a fact that is reflected in its current ongoing matters. The firm has been retained by Galleon Management in connection with all matters arising from the major insider trading case filed against its founder, including representing the company in all regulatory investigations and SEC litigation. Countrywide Financial is another major client, which the firm is representing in securities litigation filed in New York, Chicago, San Francisco, Los Angeles and Indianapolis by Federal Home Loan Banks and hedge funds related to the purchase of billions of dollars in mortgage-backed securities. The group has also achieved significant results for clients such as Boston Scientific, which was granted summary judgment in a securities class action brought against it by Mississippi Public Employees Retirement Systems. The plaintiffs alleged that the client withheld material information and made misleading statements about some of its coronary stent systems, which after they were recalled led to a 10.3% drop in the stock value. The firm’s West Coast practice has also been involved in a number of matters for the firm’s significant Asian client base. Among the partners, Stuart Baskin has an excellent market reputation.

Within White-collar criminal defense , tier 8

Shearman & Sterling LLP’s ‘outstanding’ six-partner New York-based white-collar group represents clients across the full range of matters in defense and enforcement capacities. Particularly strong within the financial services industry, the team provides a truly multidisciplinary approach to matters, regularly drawing on the substantive expertise of lawyers within the capital markets, corporate and banking groups. Led by Adam Hakki, the practice is representing the management of the Galleon hedge fund in relation to the civil and criminal investigations being undertaken regarding alleged insider trading activity. The firm is also representing another hedge fund in a “pay-to-play” investigation being conducted by the New York State Attorney General. Able to leverage off its significant international network, FCPA work is another core area of strength and as well as representing domestic and foreign corporates from numerous industries in investigations, the firm was recently appointed by the government to act as Independent Monitor to oversee post-settlement compliance in the high-profile investigation involving Baker Hughes. Stephen Fishbein was involved in the aforementioned matter and is recommended, as is San Francisco-based Patrick Robbins, who displays ‘intelligence, common sense, integrity, diligence and wisdom’.

Within Technology: transactions, Shearman & Sterling LLP is a third tier firm,

Clients describe Shearman & Sterling LLP’s technology group as ‘excellent – a great resource’. Comprising more than 30 attorneys on the East and West Coast, it covers most technology sectors. Clients include technology and software companies, venture-backed and privately held companies, investment banks and private equity funds. The group handles M&A and IP-related transactions and global project financing, technology joint ventures and cleantech in the US and internationally. The firm leverages its global reach, putting together international teams to handle significant cross-jurisdictional deals. In 2010, it advised Sybase on its $5.8bn sale to SAP America and its acquisition of assets from Aleri, and represented Vector Capital in its $125m acquisition of Trafficmaster. Clients recommend Tina Patel in Menlo Park for her ‘good understanding of industry, technology and intellectual property issues’, and for providing ‘high-quality and timely service and good value for money’. Along with Sam Waxman in New York, who represents new client Sony Corporation of America, she handles transactions that require IP and technology skills, while Michael Dorf in San Francisco advises on mid-market Bay Area transactions and technology-focused private equity funds. Key clients include Nokia, Sungard Data Systems, STMicroelectronics, and tech-focused private equity firms Francisco Partners and Symphony Technology Group.

Within Telecoms and broadcast: transactional, Shearman & Sterling LLP is a third tier firm,

According to clients, Shearman & Sterling LLP’s global media, entertainment and telecom group ‘is an outstanding asset during a big, fast-moving deal’. Led by Christa D’Alimonte, it handles transactional work for institutional clients, offering ‘a tremendous knowledge of business and M&A’. Highlights of 2010 included representing longstanding client McGraw-Hill as borrower under a $1.2bn three year credit facility arranged by JPMorgan Securities and Bank of America Securities and advising it on the sale of Businessweek to Bloomberg. The group assisted new client Mitel Networks on its $147m IPO, while Sony Corporation is another new client gain. The group, which is recommended for its ‘top-tier cross-border deals expertise’, benefits from the firm’s breadth of expertise and geographical spread – including a particularly strong London office – and its ties to investment banks, notably Merrill Lynch, Bank of America, Credit Suisse and Citigroup. Sam Waxman is recommended for his ‘unparalleled combination of M&A and IP depth’, and Scott Petepiece, for his ‘deep understanding of business and how clients think’. Other active clients include Viacom, Nokia and National Amusements.

Within Antitrust, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP offers a ‘world-class service’ and has an impressive track record in large-scale mergers, cartel investigations and cross-border litigation. The antitrust practice is consistently praised for putting together ‘appropriately sized, first-rank teams’, and being ‘frequently able to deliver better results when compared to firms with lower rates and less focused efforts’. New York-based Kenneth Prince applies ‘the highest level of experience and judgment to the most sophisticated legal issues’, and advised Cadbury on the US aspects of its $19.4bn acquisition by Kraft; he was also part of a team that represented new client Psychiatric Solutions before the FTC and state regulators regarding its auction and subsequent $3.1bn acquisition by Universal Health Services. Other new clients include Sybase, which the team has been advising on its $5.8bn sale to SAP, and which involves obtaining clearance from the DOJ, the European Commission and other national competition authorities. The practice has been involved in many significant DOJ cases in recent years and has ‘tremendous insight as to how the regulatory bodies work and on the individuals who work there’. It is representing Cargolux in parallel investigations into the alleged air cargo cartel by the DOJ, the European Commission and other regulators. The group is representing Barclays in one of the largest antitrust class actions in the US brought by a group purporting to represent merchants throughout the US alleging, among other things, a conspiracy to fix interchange fees.

Within M&A: mega-deals ($5bn+), Shearman & Sterling LLP is a third tier firm,

Fielding a 15-partner M&A team, Shearman & Sterling LLP stands out for the reach of its global footprint. Clients feel that the firm’s attorneys ‘perform superbly’ and that they offer ‘good value’. Headquartered in New York, the practice acted on Mubadala’s $8bn partnership with General Electric and represented Sybase, a company delivering enterprise and mobile software to manage, analyze and mobilize information, in its agreement to be acquired by SAP America, a subsidiary of Germany-based SAP, the world’s leading provider of business software. It also assisted Bunge in connection with the $3.8bn acquisition by Vale of its assets in Brazil relating to its fertilizer nutrients business, including its 42% interest in Fertilizantes Fosfatados. The Special Committee of the Board of Directors of Psychiatric Solutions was advised in the $3.1bn acquisition by Universal Health Services of Psychiatric Solutions, including the assumption of approximately $1.1bn in debt. The firm advised JBS USA Holdings, a wholly owned subsidiary of the Brazilian meatpacking company JBS, in its acquisition of a controlling stake in Pilgrim’s Pride Corporation (PPC) as part of PPC’s $2.8bn reorganization plan. The team also represented Anglo American in its $1.08bn sale of Moly-Cop and AltaSteel to OneSteel, the firm leading the auction process and complex carve-out of Anglo American’s assets in seven countries. Global M&A co-head George Casey and leading individual Peter Lyons are recommended.

Within Private equity buyouts, tier 4

Shearman & Sterling LLP has continued to develop its standing in the private equity sector, with a particularly strong record in cross-border and multi-jurisdictional transactions. The firm is ‘excellent on all fronts’ according to clients and has enabled it to build an immensely broad client list that includes Allianz Capital Partners, Avenue Capital, Bain Capital, Carlyle Infrastructure Partners, CVC Capital Partners, Francisco Partners, Investcorp, Ripplewood, TPG and Warburg Pincus. The firm has recently closed a series of transactions on behalf of BAML Capital Partners (the private equity arm of Bank of America), including its acquisition of Strategic Partners and its purchase of a majority stake in Provo Craft and Novelty Inc from Sorenson Capital. New York-centered Robert Katz was the lead partner on both deals. The firm is also making good progress on the West Coast, acting for Symphony Technology Group in its $300m sale of The Capital Markets Company to Fidelity National Information Services, and representing Vector Capital on its $125m bid for Trafficmaster. San Francisco’s Steve Camahort is commended by clients for his technical knowledge, while fellow San Francisco partner Michael Kennedy is ‘outstanding’, a ‘brilliant negotiator’, ‘problem solver’ and ‘trusted counsel’. New York’s Stephen Besen is highly regarded for cross-border deals.

Within Real estate, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP’s New York office houses its four-partner real estate practice, which is headed by Chris Smith. The team represents all investor classes in financing and transactions – including those of a cross-border nature – and also has a particularly strong leasing practice. John Opar represented debt and equity investors Aabar Investments PJSC and Tasameem Real Estate Company on a major construction project as part of Carnegie 57, a mixed-use development in Manhattan. Malcolm Montgomery and of counsel Peter Strauss represented Deutsche Bank Trust Company Americas, as administrative agent, on restructuring the $640m construction loan secured by The Trump International Hotel & Tower in Chicago. Smith acted for HSBC on a $200m follow-on investment in, and expansion of, a joint venture with The Bank of New York Mellon; and 787 Holdings on the complex lease renewal of 355,000 sq ft at 787 Seventh Avenue. Other key clients include AIG Global Real Estate, Royal Bank of Canada and Shorenstein Properties.

Within Domestic tax: East Coast, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP’s tax practice ‘is getting better and better’, although clients would like to see stronger support for the excellent leading partners. New York-based Larry Bambino is global co-chair of the tax department, which provides essential support to the firm’s corporate, financial and transactional practices and, although better known for international tax expertise, frequently offers tax planning advice in complex domestic matters. Peter Blessing, who offers ‘an amazing encyclopedic knowledge of tax law and great response time’, provided the tax advice when Aditya Birla Group acquired Atlanta-based Columbian Chemicals Company from One Equity Partners in January 2011. Another member of the small New York team Douglas McFadyen, whose ‘advice is always practical and results-oriented’, advised RBS and UBS Investment Bank as dealer managers in connection with an offer to purchase a $700m aggregate tranche of Thomson Reuters’ loan 6.20% notes, due 2012. In Washington DC, Michael Shulman ‘has a great understanding of the securities industry’, and Craig Gibian is ‘a star of the future’. Clients of the practice include Corning, Deere, Dow Chemical, Quest Diagnostics, Citigroup and Morgan Stanley.

Within Employee benefits and executive compensation, tier 4

Shearman & Sterling LLP’s six executive compensation and employee benefits US partners are based in the New York office, where the pragmatic and experienced Linda Rappaport chairs the group. The bias of the firm is towards transactions. Jeffrey Crandall provided benefits and compensation advice when the firm represented Goldman Sachs, Deutsche Bank Securities and Morgan Stanley as underwriters in connection with American Airlines public offering of $500m face value of Pass Through Certificates. John Cannon advised Boston Scientific Corporation in its planned sale of its Neurovascular business to Stryker Corporation in a transaction valued at $1.5bn. The practice group has provided advice to clients including Dow Chemical, Sterlite Industries and Credit Suisse.

Within Financial products, Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP’s financial products tax practice divides seamlessly between Washington DC and New York. Washington DC group co-chair Michael Shulman has worked extensively in the development of new products, and Robert Rudnick has a broad practice in the area, including in many of the ground-breaking securitization structures. In New York, Bernie Pistillo is recommended for product development, represented Bakkavör in connection with a £350m high-yield bond offering and £380m senior credit facility required for refinancing purposes, and Douglas McFadyen advised the Dow Chemical Company in connection with a $2.5bn underwritten public offering of debt securities. Clients include Bank of Nova Scotia, Bank of America, Barclays, Caxton and Citigroup.

Within International, Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP’s tax lawyers in the New York and Washington DC offices work with strong teams in France, Germany, and the UK on numerous major cross-border instructions. Clients comment that the group is ‘more proactive than others in the market, and provides honest, comprehensive responses’. Peter Blessing is ‘up with any other tax attorney in the US’, and Douglas McFadyen is ‘able to quickly deconstruct the most complex transactions into their essential elements, identify the relevant tax issues they produce, and explain the important issues’. Larry Bambino advised Cadbury plc through the highly complex takeover by Kraft Foods having previously assisted with the demerger of Cadbury’s North American beverage operations. The tax practice group has also acted for Macquarie Bank, Daimler AG, Thomson Reuters and Vivendi.