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Shearman & Sterling LLP

599 LEXINGTON AVENUE, NEW YORK, NY 10022-6069, USA
Tel:
Work +1 212 848 4000
Fax:
Fax +1 212 848 7179
Web:
www.shearman.com

United States: Antitrust

Cartel
Cartel - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP is experienced in US and EU antitrust law, handling cartel investigations, conspiracy and monopolization cases, matters related to predatory pricing, as well as bundling and tying cases. The firm is known for its representation of several financial institutions in global LIBOR and TIBOR related investigations. Beau Buffier and the key litigators Adam Hakki and Richard Schwed lead the practice, which recently acted for Japanese autoparts manufacturer JTEKT in follow-on class actions. Other key clients include United Airlines and Credit Suisse. Lawyers are based in New York unless stated otherwise.

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Civil litigation/class actions
Civil litigation/class actions - ranked: tier 3

Shearman & Sterling LLP

Shearman & Sterling LLP provides ‘a high level of service’ across a broad range of industries, but it is particularly strong in financial services related cases, where it leverages the firm’s contacts in the area. Adam Hakki and Richard Schwed (‘quick on his feet, a commanding presence’) are defending Bank of America in the ISDAFIX class action, which alleges that 15 financial institutions (including Nomura Securities International, which the firm is also representing in this case) conspired to fix the benchmark for interest rate derivative transactions. James Tallon is another name to note in the team and he recently advised Barclays Bank and Barclays Bank Delaware on an appeal, filed by plaintiffs, against the settlement reached between retailers and credit and debit card issuers regarding the interchange fees and merchant discount antitrust litigation. Heather Lamberg Kafele is a key contact in Washington DC.

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Merger control
Merger control - ranked: tier 3

Shearman & Sterling LLP

Clients are ‘happy with the antitrust services provided’ at Shearman & Sterling LLP. Department head Beau Buffier and Washington DC-based Heather Kafele successfully represented online real estate company Zillow Group before the FTC in relation to its $3.5bn acquisition of competitor Trulia. Jessica Delbaum is recommended for her ‘flexibility and depth of knowledge’. Albemarle and Sun Pharmaceuticals are other notable clients. All named lawyers are based in New York unless noted otherwise.

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United States: Dispute resolution

General commercial disputes
General commercial disputes - ranked: tier 2

Shearman & Sterling LLP

Operating primarily from the New York office, Shearman & Sterling LLP’s broad litigation practice represents clients in high-stakes litigation and arbitration across the US. Among its recent successes was its representation of Daimler in a purported age discrimination class action; a team including Jaculin Aaron, Alan Goudiss and Daniel Lewis secured dismissal in the Eastern District of Michigan; the case is pending appeal. In the financial services space, Jeffrey Resetarits, Richard Schwed and global litigation head Adam Hakki acted for Bank of America in antitrust class actions alleging conspiracy in the foreign exchange market. Stuart Baskin is also recommended.

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International arbitration
International arbitration - ranked: tier 3

Shearman & Sterling LLP

Shearman & Sterling LLP’s US international arbitration group might be relatively small in size, but the three-partner team has a strong reputation and works closely with the firm’s market-leading overseas offices. New York-based Henry Weisburg heads the US group, which also includes Jonathan Greenblatt, Christopher Ryan and counsel Katia Yannaca-Small, all of whom are based in Washington DC. The team handles arbitrations in industries such as energy, construction, pharmaceuticals, infrastructure and telecoms. Weisburg and Paris-based global group head Emmanuel Gaillard represented 13 investment companies and two individuals in a $15bn ICC claim brought against a major European telecoms company. In another highlight, Greenblatt, Ryan and two of the group’s 15 associates represented a state-owned Latin American oil and gas company as respondent in a $60m ICC arbitration against a contractor regarding the expansion of a refinery.

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International litigation
International litigation - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP represents multinational corporations and financial institutions and excels with respect to Asia-related cases, particularly securities matters involving China. Indeed, the firm has represented parties in more than 50 disputes involving lawsuits filed by shareholders of Chinese companies listed in the US. Among the group’s many clients involved in such suits are China-Biotics, China Electric Motor, China Green Agriculture, China Integrated Energy, China Natural Gas, China XD Plastics and JinkoSolar. The firm represents many of these companies in shareholder derivative actions related to securities class actions. On a different tack, New York-based global litigation head Adam Hakki is representing Japanese bank Mizuho in a putative class action related to alleged manipulation of yen LIBOR and ‘euroyen’ TIBOR rates.

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M&A: litigation: defense
M&A: litigation: defense - ranked: tier 3

Shearman & Sterling LLP

In Adam Hakki’s New York team at ‘formidable litigation shopShearman & Sterling LLP, Alan Goudiss won dismissal of an aiding and abetting claim against financial adviser Merrill Lynch in the Delaware Court of Chancery arising from the $1.46bn merger of Zale Corp and Signet Jewelers. Goudiss and San Francisco-based Stephen Hibbard defended Zillow in four class actions filed in Delaware and California that claimed the company aided and abetted breach of fiduciary duty by the board of Trulia in its $3.5bn merger with Zillow. A team including Goudiss and Paula Anderson advised Liberty Global on shareholder actions arising from its $23bn acquisition of Virgin Media.

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Securities litigation - defense
Securities litigation - defense - ranked: tier 1

Shearman & Sterling LLP

High-quality firmShearman & Sterling LLP has a strong financial institution client base and New York-based head of litigation Adam Hakki is ‘a rising star in all kinds of securities litigation’. With Stephen Hibbard in San Francisco, he represented the underwriters of the $25bn Alibaba IPO, including Credit Suisse and Morgan Stanley, in a securities class action, and he played a key role in the defense of class actions for Bank of America, which faced allegations of manipulating forex benchmark rates. Joseph Frank and Brian Polovoy were involved in similar matters for Nomura Securities, which plaintiffs accused of manipulating the ISDAFIX benchmark used for interest rate swaps. Stuart Baskin is described as ‘one of the strongest lawyers in the field, very client-friendly and exceptionally strong in court’. His highlights included the defense of Mizuho Securities against allegations of manipulating the price of Treasury securities, which he worked on with Jerome Fortinsky. In RMBS matters, the firm is still acting for Countrywide Financial, Barclays and Nomura. Daniel Lewis and Jaculin Aaron are among the key lawyers for such matters.

Leading lawyers

Adam Hakki - Shearman & Sterling LLP

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White-collar criminal defense
White-collar criminal defense - ranked: tier 4

Shearman & Sterling LLP

Recent successes for Shearman & Sterling LLP include convincing the Second Circuit to overturn an insider trading conviction against former Diamondback Capital Management employee Todd Newman. Practice co-leader Stephen Fishbein and John Nathanson were responsible for this matter. Fishbein and Jeffrey Resetarits were among those who helped secure a pre-trial settlement for a Bank of New York Mellon executive accused of mail and wire fraud. The firm is especially active in representing major financial institutions in investigations, and since 2008 has been advising several such institutions on LIBOR and TIBOR-related investigations. Resetarits was promoted to the partnership in December 2014 along with Christopher LaVigne and Mark Lanpher. Lanpher is based in the Washington DC office along with Philip Urofsky, practice co-leader Patrick Robbins is based in San Francisco, and the rest of the team works out of New York. Three partners joined the firm from Kenyon & Kenyon LLP in November 2015.

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United States: Finance

Asset finance and leasing
Asset finance and leasing - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP’s well-established asset finance practice covers advice on the whole spectrum of securitizations and structured finance across multiple asset classes, ranging from solar equipment and real estate to automobiles and aircraft. Based out of New York, the 11-partner Americas structured finance group is jointly headed by Joshua Thompson and Bjorn Bjerke, and recently welcomed counsel Charles Thompson from Cleary Gottlieb Steen & Hamilton LLP, who brings additional capital markets expertise to the table. In a major 2015 highlight, the team assisted OneMain Financial as sponsor with a $3bn warehouse variable funding note securitization of consumer loans. Other key clients include Citigroup, General Electric and Société Générale.

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Capital markets: debt offerings
Capital markets: debt offerings - advice to issuers - ranked: tier 3

Shearman & Sterling LLP

Capital markets: debt offerings - advice to managers - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP has capital markets lawyers based in its New York, Washington DC, Palo Alto and San Francisco offices, as well outside the US in Toronto and Sao Paulo. Led by David Beveridge, the ‘deep bench’ operates ‘at the highest level’, providing ‘significant strength in business acumen and appropriateness of advice and value’. Investment grade debt is a core strength and the firm regularly acts for issuers and underwriters. Highlights included advising Bank of America Merrill Lynch, Barclays, JPMorgan and Goldman Sachs on Qualcomm’s launch of a $4bn commercial paper program and CVS Health on a registered shelf takedown offering of $15bn of senior notes. Stephen Giove led on the latter while Lisa Jacobs led on the former. Other key names are Jonathan DeSantis, Michael Benjamin and former department head and Latin America specialist Antonia Stolper. Newly promoted partner Merritt Johnson is described as ‘very hard working’ with ‘great client coverage’.

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Capital markets: equity offerings
Capital markets: equity offerings - advice to issuers - ranked: tier 2

Shearman & Sterling LLP

Capital markets: equity offerings - advice to managers - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP handles deals across a wide range of sectors, including technology, healthcare, financial services and media, and is highly active in cross-border transactions, particularly involving Latin America. Merritt Johnson recently acted as underwriters’ counsel to Morgan Stanley and JPMorgan on an $804m secondary offering of common stock by Catalent. Other highlights included advising Goldman Sachs, Barclays and Morgan Stanley on a $600m follow-on offering of Zayo Group Holdings shares, and assisting Merrill Lynch and Piper Jaffray on Entellus Medical’s $95m IPO; counsel James Scott handled the latter transaction. Other key individuals include Robert Evans, Menlo Park-based Christopher Forrester and David Beveridge, who heads the practice. All named attorneys are based in New York except where otherwise stated.

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Capital markets: global offerings
Capital markets: global offerings - advice to corporates - ranked: tier 2

Shearman & Sterling LLP

Capital markets: global offerings - advice to financial institutions - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP has longstanding experience in acting for underwriters and issuers, and its broad client base in Latin America in particular stands out. Stuart Fleischmann advised Deutsche Bank Securities and JPMorgan as underwriters on a century bond by Petrobras, the first issued to date by a Brazilian entity. Antonia Stolper acted for Citigroup and JPMorgan as lead underwriters in a $1.25bn senior global bond offering by the Republic of Peru, and also advised different lead underwriters on a $1.2bn registered shelf takedown offering of investment grade senior bonds by the Republic of Uruguay. Additionally, Jason Lehner, who splits his time between Toronto and New York, handled the province of Ontario’s $2bn registered shelf takedown of fixed-rate investment grade bonds. All attorneys mentioned are based in New York unless otherwise stated.

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Capital markets: high-yield debt offerings
Capital markets: high-yield debt offerings - advice to issuers - ranked: tier 2

Shearman & Sterling LLP

Capital markets: high-yield debt offerings - advice to underwriters - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP provides ‘excellent service’, handling ‘all level of transactions from the smallest to the largest with expertise’. Key partners in the high-yield space include Michael Benjamin and Jonathan DeSantis in New York and Jason Lehner, who splits his time between New York and Toronto. Among the high-yield deals the ‘absolutely top-notch’ Benjamin acted on in 2015 were Rule 144A/Regulation S offerings by Air Medical ($370m) and also Dean Foods ($700m); in both cases Benjamin represented the underwriters. On the issuer side, Lehner, at the back end of 2014, advised KLX on a Rule 144A/Regulation S offering related to its spin-off from B/E Aerospace. Lehner also served as underwriters’ counsel in offerings by Dana Holding Corporation, Cott Beverages and Peabody Energy. Elsewhere, DeSantis assisted sole book-running manager Wells Fargo Securities with a $350m Rule 144A/Regulation S offering of floating rate notes by FTS International.

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Commercial lending
Commercial lending: advice to borrowers - ranked: tier 3

Shearman & Sterling LLP

Commercial lending: advice to lenders - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP’s team ‘has a superior understanding of market precedents and delivers competitive, value-added service’. The largely bank-side practice ‘works with a broad range of lenders and can provide valuable insights into new trends and alternative solutions’; key clients include Barclays and JPMorgan. The firm is often sought out to advise on sponsor-backed M&A, and in 2015 Joshua Thompson led a cross-office team advising the administrative agent, as well as the joint lead arrangers and joint book-runners, on a $5.8bn and €3.5bn 364-day senior loan to finance GTECH’s acquisition of International Game Technology. In the second half of 2015, Maura O’Sullivan advised JPMorgan Chase as administrative agent on the high-profile spin-off transaction of Madison Square Gardens’ sports business. Pure play borrower practitioner Gus Atiyah, who splits his time between the firm’s New York and Washington DC offices, led advice to CVS Health on a $13bn bridge facility to finance its acquisition of Omnicare and, separately, a revolving credit facility. Jason White is recommended for high-grade acquisition financing and Michael Steinberg and Jonathan DeSantis are also noted names. The firm bolstered its structured finance practice with the hire of counsel Charles Thompson from Cleary Gottlieb Steen & Hamilton LLP in May 2015.

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Financial services: regulatory
Financial services: regulatory - ranked: tier 4

Shearman & Sterling LLP

Based out of its New York office and also aided by a ‘strong global presence’, Shearman & Sterling LLP is ‘increasingly visible in the market’ and is a popular choice for clients engaged in bank regulatory matters with a distinct international complexion. Led by the ‘excellent’ Reena Agrawal Sahni, the firm has represented numerous international banks on global reviews of their operations and policies to ensure Volcker rule compliance. Sahni has also been active advising domestic and international banks on resolution planning issues and in helping them come to terms with the Federal Reserve’s enhanced prudential standards. The team has also played a key role in numerous M&A transactions in the sector and provides the regulatory overlay to several deals handled by Mizuho Bank, including advising on its acquisition of a non-controlling ownership interest in Matthews International Capital Management. An alumnus of the Federal Reserve Bank of New York, ‘very knowledgeable’ of counsel Bradley Sabel is ‘experienced and user friendly’, particularly on matters relating to Federal Reserve regulations. The firm also has significant capability handling regulatory assignments in the broker-dealer space, where the ‘practical and personableRussell Sacks and of counsel Charles Gittleman are ‘extremely well informed’ on SEC and FINRA issues.

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Project finance
Project finance: advice to lender - ranked: tier 2

Shearman & Sterling LLP

Project finance: advice to sponsor - ranked: tier 2

Shearman & Sterling LLP

The project finance team at Shearman & Sterling LLP, which is particularly strong in PPP and oil and gas projects, has nine partners spread across New York, San Francisco and Washington DC who focus on projects in the Americas. Gregory Tan acted for an 11-lender syndicate on a $2.2bn debt financing - part of the $5.7bn acquisition of ITR Concession Company, operator of a toll road in northern Indiana. Robert Freedman advised Allianz Global Investors on $700m of private placement bonds that financed part of the purchase. Also in the transportation infrastructure space, Cynthia Urda Kassis handled a $189m loan - provided under the Transportation Infrastructure Finance and Innovation Act - for the Department of Transport relating to the $632m I-77 HOT Lanes Project in North Carolina. On the energy side, Tan and Alexandro Padrés advised Citigroup Global Markets, Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation as the joint lead arrangers in the $230m financing of the 200-mile Roadrunner natural gas pipeline. Tan also acted for a six-lender syndicate as joint lead arrangers in the $300m financing of a 512MW electrical generating facility in Bayonne, New Jersey. On the sponsor side, Robert Nelson acted for Dow Chemical in the construction and development of the $4bn Dow Gulfstream petrochemicals project in Texas and Louisiana. Other clients include GE Energy Financial Services and Romarco Minerals. Regulatory expert Donna Bobbish joined as counsel from Chadbourne & Parke LLP in July 2015.

Leading lawyers

Gregory Tan - Shearman & Sterling LLP

Robert Freedman - Shearman & Sterling LLP

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Structured finance
Structured finance - ranked: tier 2

Shearman & Sterling LLP

Under the ‘savvy direction’ of Donna Parisi, Shearman & Sterling LLP’s structured finance team has earned a reputation for ‘deep knowledge of the sector and responsiveness to clients’ needs’. The 14-strong practice (including six partners) provides ‘sophisticated and broad derivatives advice’ to US and non-US financial bodies, especially in relation to Dodd-Frank and EMIR and the implications these have for business transactions. The spectrum of work includes major foreign exchange hedging transactions, deal-contingent swaps linked to M&A, committed repos, call spreads, accelerated share repurchase and margin lending, among other things. It acts for Intercontinental Exchange and its subsidiaries in the development of their swaps and futures clearinghouses and trading facilities and related business; Geoffrey Goldman leads on that. Credit Suisse, Deutsche Bank and Morgan Stanley are among its other clients.

Leading lawyers

Donna Parisi - Shearman & Sterling LLP

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United States: Industry focus

Energy: renewable/alternative
Energy: renewable/alternative - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP provides transactional and project finance advice to financial institutions, including banks and investment funds, and is often involved in projects in Central America. Team head Robert Freedman assisted Citigroup Global Markets as placement agent and counsel to the note purchasers with its private placement to finance Broken Bow II, a 75MW wind power project in Nebraska. New York-based Alexandro Padrés was elevated to the partnership, while counsel Donna Bobbish joined the Washington DC office from Chadbourne & Parke LLP.

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United States: Investment fund formation and management

Alternative/hedge funds
Alternative/hedge funds - ranked: tier 5

Shearman & Sterling LLP

Shearman & Sterling LLP draws praise for its ‘exceptional service’; ‘its work product is second to none’ and ‘its knowledge, thoughtfulness and diligence is unparalleled’. The firm provides a comprehensive service to sponsors and investors on matters ranging from fund formation and trading issues, to M&A and ancillary tax and ERISA issues. The practice has recently experienced a particular uptick in managed account work for clients such as TRG Management LP and CCTrack Solutions LLC. John Finley, who leads the team, is ‘able to analyse and dissect complex issues in an effective manner’. The group’s expertise in US and non-US regulatory matters, including the Volcker Rule and AIFMD, are other notable strengths of the practice, as is its experience in regulatory investigations and enforcement action. Another key individual, Paul Schreiber, ‘provides all the technical expertise and diligence necessary to get each job done efficiently’. Nathan Greene and Azam Aziz are also recommended.

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Mutual/registered funds
Mutual/registered funds - ranked: tier 3

Shearman & Sterling LLP

Clients value Shearman & Sterling LLP’s ‘thoughtful and creative analysis’ and ‘wealth of knowledge and experience’ in the registered funds arena. ‘Trusted partnerNathan Greene heads the group, which draws on its presence in New York, London and Hong Kong to advise fund managers, fund families and independent directors on issues involving US and offshore regulatory regimes. In a notable highlight illustrating the practice’s uptick in M&A mandates, Greene worked with Thomas Majewski, Paul Schreiber and tax expert Michael Shulman to advise First Eagle Funds on the acquisition of a controlling interest in First Eagle Investment Management by a consortium led by Corsair and Blackstone. The team is also particularly experienced in forming and structuring UCITS funds, as well as advising on the UCITS Directive.

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Private equity funds
Private equity funds - ranked: tier 4

Shearman & Sterling LLP

The global nature of Shearman & Sterling LLP’s practice means that its team is not only well placed to form cross-border funds spanning a wide range of investment styles, but also to deal with a wide range of US and non-US regulatory and compliance issues, including those arising from the Dodd Frank Act and AIFMD. Laura Friedrich is ‘exceptionally proficient in all phases of the fund lifecycle, from formation, capital raising, LP/GP issues, through to liquidation’. In 2015, Friedrich was lead adviser to International Finance Corporation on its successful close of IFC Financial Institutions Growth Fund. A particular strength of the practice is its ability to leverage the firm’s extensive resources in real estate and M&A to undertake transactional matters for funds. On the limited partner side, the group is experienced in acting for sovereign wealth funds, development finance banks and other institutional investors. ‘Guiding lightPaul Schreiberprovides all the technical expertise and diligence necessary to get each job done efficiently’. In 2015, John Reiss was promoted to counsel, while London-based John Adams was promoted to partner.

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United States: Labor and employment

Employee benefits and executive compensation
Employee benefits and executive compensation - ranked: tier 3

Shearman & Sterling LLP

Shearman & Sterling LLP’s employee benefits team combines work for corporates in international transactions with executive compensation, plan design and construction and ERISA advice for private equity funds. Kenneth Laverriere advises investment funds on plan asset regulation and fiduciaries on their responsibilities. John Cannon handles a range of issues such as bankruptcy and transaction-related matters, while Linda Rappaport’s expertise includes the design and negotiation of executive compensation programs. Doreen Lilienfeld leads the team and advised Dow Chemical Company on the sale of its stake in MEGlobal to EQUATE. The firm’s clients have included Vivendi and John Henry (the primary owner of the Boston Red Sox, Liverpool Football Club and the Boston Globe). All four partners mentioned are based in New York.

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United States: M&A/corporate and commercial

M&A: large deals ($1bn+)
M&A: large deals ($1bn+) - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP has a long history in the M&A space and, while best known for high-value domestic and cross-border transactions, it is also active in the middle market. Clients praise the ‘excellent level of service’ and the ‘exceptional combination of business understanding and to-the-point legal advice’. It also combines ‘first-class partner leadership with strong associates’ and ‘appropriate support from international offices’, and ‘staffs projects efficiently and appropriately’. In 2015, it advised long-term client Dow on the $5bn sale of its chlor-alkali businesses, centering on 52 facilities in 25 countries, which included a carve-out, an equity exchange offer, a debt exchange, and a public merger. In another high-value transaction, it advised Altice on its $17.7bn acquisition of Cablevision Systems, creating the fourth-largest cable operator in the US. This deal followed the firm’s representation of Altice in its ultimately unsuccessful bid for Time Warner Cable. Head of the global M&A group George Casey is a ‘valuable and trustworthy senior adviser’ and ‘a strong, no-nonsense dealmaker with a well-deserved reputation as one of the leading New York M&A lawyers’. Scott Petepiece, the head of the firm’s New York M&A group, is ‘without a doubt one the best M&A professionals’, according to a client, who regards him as an ‘exceptionally good negotiator’ and ‘a great lawyer with a strong business sense and an ability to get things done regardless of how challenging the situation is’. The firm further strengthened its M&A bench strength in New York by hiring Robert Masella from Clifford Chance. Masella is prominent in technology M&A. In addition, the firm hired Waajid Siddiqui, an experienced M&A lawyer, from Hogan Lovells US LLP. Since joining the firm, Siddiqui has advised GE Capital on the sale of certain finance platforms to Wells Fargo for $32bn. New York-based Robert Katz is another key name, as is the firm’s senior partner Creighton Condon. Steve Camahort and Michael Kennedy in San Francisco are often engaged in the headline deals that emanate from the West Coast.

Leading lawyers

George Casey - Shearman & Sterling LLP

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Private equity buyouts
Private equity buyouts - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP is well known for middle-market deals in the technology sector, but this only tells half the story, as the firm has two complementary arms to its practice. The West Coast offices focus on technology, healthcare and life sciences transactions, but in New York, typical clientele are the private equity arms of investment banks. Steve Camahort in San Francisco represented SafeNet in its sale by Vector Capital to Gemalto, and he and Michael Kennedy continued advising technology fund Francisco Partners on various deals. Scott Petepiece in New York counts Merrill Lynch and CPP Investment Board among his key clients. Also in New York, Robert Masella joined from Clifford Chance, and Waajid Siddiqui joined from Hogan Lovells US LLP.

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United States: Media, technology and telecoms

Technology: transactions
Technology: transactions - ranked: tier 3

Shearman & Sterling LLP

The sizeable team at Shearman & Sterling LLP regularly advise clients in the telecoms and technology sectors on M&A, finance, tax and regulatory matters. The US IP and technology transactions group is headed from Menlo Park by Richard Hsu, who is experienced in technology transactions, including licensing matters. New York’s Maura O’Sullivan advised Citigroup Global Markets and HSBC Securities on their $750m 364-day credit facility to Yahoo!, while Michael Kennedy and Dana Kromm, both in San Francisco, advised Healthland Holding on its acquisition by Computer Programs and Systems. San Francisco’s Steve Camahort was the lead partner advising Trend Micro International on its $300m acquisition of Hewlett-Packard’s TippingPoint business. Other clients include Twitter, Sony and Western Digital. In the New York office, Jordan Altman was made partner, and Samuel Waxman moved to Paul Hastings LLP.

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United States: Real estate and construction

Real estate
Real estate - ranked: tier 3

Shearman & Sterling LLP

Chris Smith, who leads the practice at Shearman & Sterling LLP, was busy on a number of high-profile leases, including assisting SportsNet New York with a 15-year headquarters lease at 4 World Trade Center. On the corporate transactional side, Smith advised AIG Global Real Estate on the sale of 100% of its interests in the joint venture management company formerly known as AIG/Lincoln to White Star Real Estate. The well-regarded Malcolm Montgomery handles debt finance matters and, as well as undertaking key mandates for Deutsche Bank and Citibank, also represented Citigroup Global Markets as lead arranger and administrative agent in connection with the $1.19bn bridge financing for Washington Prime Group’s acquisition of Glimcher Realty Trust. John Opar specializes in shari’ah-compliant investment structures and is recommended in relation to his work for sovereign wealth funds. All named lawyers are based in New York.

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United States: Tax

Financial products
Financial products - ranked: tier 1

Shearman & Sterling LLP

Laurence Bambino in New York and Michael Shulman in Washington DC lead Shearman & Sterling LLP’s tax group. The team handles the tax aspects of a variety of complex, often cross-border transactions, including M&A, debt offerings, securitizations, debt/equity swaps, REITs and hedge fund transactions, and other financial products. It represents large US and non-US financial institutions and is praised for its expertise in developing innovative products from a tax-efficient perspective. The group advised Liberty Global on the creation of the first ever stock under English law for its operations in Latin America and the Caribbean. In an ongoing matter, Shulman and Robert Rudnick act for Freddie Mac in all matters connected to the development and implementation of Structured Agency Credit Risk (STACR) notes, aimed at reducing its exposure to single-family mortgage credit risks. Kristen Garry is also noted. Other clients include Bank of America, Barclays, Citi, Credit Suisse, Deutsche Bank and General Electric.

Leading lawyers

Robert Rudnick - Shearman & Sterling LLP

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International tax
International tax - ranked: tier 2

Shearman & Sterling LLP

Jointly led by Laurence Bambino in New York and Michael Shulman in Washington DC, the team at Shearman & Sterling LLP focuses on cross-border structuring, joint ventures and strategic planning, and acts for a range of global corporate entities and financial institutions. The department advised Liberty Global on the creation of a tracking stock under English law for its operations in Latin America and the Caribbean. It is also advising Liberty Global in matters relating to its $23.3bn acquisition of Virgin Media in a stock and cash merger transaction through a new UK holding company. Douglas McFadyen in New York assisted Dow with the carve-out and transfer of its chlor-alkali business. Kristen Garry in Washington DC is also recommended.

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US taxes: contentious
US taxes: contentious - ranked: tier 5

Shearman & Sterling LLP

The tax controversy and litigation group at Shearman & Sterling LLP has a focus on litigation, IRS controversy and white-collar investigations. Laurence Bambino has spent his entire legal career with the tax group and serves at the co-head of the firm’s global tax practice. Washington DC-based Michael Shulman, co-head of the firm’s national tax group, and Robert Rudnick, who splits his practice between Washington DC and New York, are additional names to note. Since publication, Lawrence Hill has moved to Winston & Strawn LLP.

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US taxes: non-contentious
US taxes: non-contentious - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP assists in developing tax-efficient structures for acquisitions, dispositions, joint ventures, financings and hybrid securities. A notable highlight was advising Liberty Global on its acquisition of Virgin Media in a cash and stock transaction worth $23bn, resulting in the world’s largest broadband communications group; New York-based practice head Laurence Bambino led the tax advice along with Robert Rudnick and Ethan Harris in Washington DC. Bambino was also involved in the advice to Dow in a Reverse Morris Trust transaction that allowed it to separate a portion of its chlor-alkali and downstream derivatives businesses and merge these with Olin Corporation. Also advising on this matter was Douglas McFadyen.

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Latin America: International firms

Banking and finance
Banking and finance - ranked: tier 1

Shearman & Sterling LLP

Shearman & Sterling LLP is a Latin America heavyweight in banking and finance, covering the key product range from acquisition finance, bilateral syndicated financings, trade and commodities finance, and project finance. It also has an estimable record in Latin America restructurings. The firm has worked with pivotal lenders and Latin American borrowers and sponsors for decades. Lender-clients include Citibank, HSBC and Credit Agricole. It has had a hugely impressive record in Mexico of late, although the firm is genuinely active throughout Latin America. In the restructuring space, the firm continued to advise the bank steering committee in connection with the $4.5bn restructuring of Corporación GEO and 15 of its subsidiaries; GEO was one of the largest homebuilders in Mexico prior to its financial troubles. This deal was the first pre-packaged restructuring under new restructuring laws that formed part of Mexico’s recent financial reforms. In another landmark deal in Mexico, the firm advised the banks in connection with a $3.25bn revolving credit facility and a $2bn term loan to Pemex, the Mexican state-owned petroleum company. It also represented the banks in relation to the $300m senior unsecured financing for Nemak, the Mexico-based global automotive parts manufacturer. New York’s Jeanne Olivier is one of the most experienced banking and finance practitioners in the Latin American market with an especially impressive record in restructurings and project finance (especially in the renewables sector). Fellow New York partner Denise Grant is another big name in the industry, with an impressive track record in Mexico, Chile and Peru, and is noted for acquisition finance, corporate loans and project finance. Alexandro Padrés, who was elected partner in 2015, is a New York-based Mexican national who has a mix of project finance and classic banking and finance expertise, and is especially well positioned for financings related to Mexico’s energy reforms. Further project finance expertise comes in the form of Gregory Tan, the deputy practice group leader of the firm’s project development and finance group, and a genuine Latin America specialist. In addition, Cynthia Urda Kassis is a recognised Latin America project finance expert and Robert Freedman is noted for renewables project financings in the region.

Leading lawyers

Denise Grant - Shearman & Sterling LLP

Jeanne Olivier - Shearman & Sterling LLP

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Capital markets
Capital markets - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP provides a ‘remarkable’ service in Latin America and has both a historical and a recent record that few can match. The firm has impressed in key markets such as Mexico, Brazil, Chile and Peru, but it is genuinely active throughout Latin America. Through its headquarters in New York and its longstanding office in Sao Paulo it has achieved a significant market share of the headline and complex deals in the region. Clients include Banco BTG Pactual, BNDES, Banco Santander Brasil, Corpbanca, Ecopetrol, FIBRA Prologis, Pemex, Republic of Uruguay and Terrafina. In June 2015, the firm advised Santander on the $10bn Rule 144A/Reg. S MTN programme by Banco Santander. In addition, it advised Credit Agricole, Bank of America Merrill Lynch (BAML) and Daiwa Capital Markets on the Rule 144A/Reg. S issuance of fixed-rate, investment-grade senior notes by Nacional Financiera, Sociedad Nacional de Credito, Institucion de Banca Desarrollo (Nafin). In addition, the firm advised the banks in connection with the Rule 144A/Reg. S MTN takedown of two tranches of fixed rate investment grade notes by Pemex. Illustrating its expertise in high-yield debt and sovereign and quasi-sovereign issuances, it advised the banks on the Rule 144A/Reg. S offering of high-yield senior notes by the province of Buenos Aires. Latin America regional managing partner Antonia Stolper is a prolific adviser who is active ‘all over the place’ in terms of geographic and client coverage; she is known for her work in Mexico, Peru, Chile and Colombia, and for her experience with sovereign issuances. Fellow New York partner Stuart Fleischmann has an equally fine reputation with an excellent record in Brazil and Mexico, especially on behalf of underwriters. Robert Ellison is the key name in São Paulo.

Leading lawyers

Antonia Stolper - Shearman & Sterling LLP

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Corporate and M&A
Corporate and M&A - ranked: tier 3

Shearman & Sterling LLP

Shearman & Sterling LLP has an enormous reputation in Latin America and has demonstrated a strong commitment to the region over many decades. Its core Latin America team are more oriented towards other practice areas such as banking and finance, capital markets and projects and energy, but its standing in the region and its extensive M&A talent in New York has earned it a number of major mandates. In 2015, the firm advised Liberty Global on the creation of a tracking stock for its Latin America and Caribbean operations, giving investors the opportunity to invest directly into the Liberty Global businesses in the region; it is the first-ever tracking stock created under English law. In another headline deal, the firm represented Citibank in the sale of its consumer and commercial banking operations in Peru to The Bank of Nova Scotia. In one of the most significant inbound transactions into Argentina since the 2001 debt crisis, the firm advised PointState Capital on its acquisition of all class A common stock of the Argentine energy company Genneia. In another landmark deal the firm represented one of China’s largest banks, Bank of Communications (BoCom), on its acquisition of an 80% share in Brazil’s Banco BBM; it was BoCom’s first overseas acquisition. George Casey is head of global M&A and has extensive experience of Latin America transactions. Scott Petepiece is head of the New York M&A practice and is also well-acquainted with Latin America deals, as is senior figure Stephen Besen. The São Paulo office was recently reinforced by the arrival of respected M&A counsel Jonathan Kellner from Linklaters LLP.

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Projects and energy
Projects and energy - ranked: tier 1

Shearman & Sterling LLP

Shearman & Sterling LLP is ‘very strong’ and has a ‘very good bench’ in both the energy and infrastructure sectors. In 2015, the practice was more weighted towards energy, including oil and gas, and power. Midstream pipeline projects have been a core part of the practice’s caseload. Renewables projects are also a mainstay, and the firm has a fine record in wind developments and now a burgeoning number of solar projects in Chile, Mexico and Uruguay. Hydro projects in Central America and Peru are also worthy of note. The practice advised the lenders on the $4.12bn permanent financing of the Gasoducto Sur Peruano project, a more than 1000km natural gas and liquids transportation system/pipeline in Peru. It also represented Energy Transfer Partners, MasTec and Carso Energy, as sponsors, in the $1.61bn project financing of the development and construction of the Waha-San Elizario and Waha-Presidio natural gas pipeline projects. In addition, it advised FMO and PROPARCO on the $144m financing for the development of an 80MW portfolio of four wind projects located in Costa Rica. New York-based Cynthia Urda Kassis is ‘smart, reasonable and easy to get along with’, ‘constructive’ and ‘gets deals done in an efficient fashion’; a highly respected practitioner, she is noted for her work in energy, infrastructure and mining for both sponsor and lender clients. New York partner Gregory Tan is a market leader in project finance, especially for lenders. Alexandro Padrés is Mexico qualified and admitted in New York, with an established record in mining, transportation and energy, especially in Mexico, Chile and Central America; Padrés is a ‘great lawyer’, ‘very smart’ and has ‘risen to prominence within the group’.

Leading lawyers

Cynthia Urda Kassis - Shearman & Sterling LLP

Gregory Tan - Shearman & Sterling LLP

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