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TOP tier recommendations
United States: Finance > Bank lending (including other sources of financing)
United States: Finance > Capital markets: debt offerings
United States: Finance > Capital markets: equity offerings
United States: Finance > Capital markets: global offerings
United States: Finance > Capital markets: high-yield debt offerings
United States: Finance > Corporate restructuring (including bankruptcy)
United States: Finance > Financial services: regulatory
United States: Finance > Project finance
United States: Finance > Structured finance
United States: Investment fund formation and management > Mutual/registered funds
United States: Investment fund formation and management > Private equity funds
United States: Litigation > Securities: shareholder litigation
United States: Litigation > White-collar criminal defense
United States: Media, technology and telecoms > Telecoms and broadcast: transactional
United States: Mergers, acquisitions and buyouts > M&A: litigation
United States: Mergers, acquisitions and buyouts > M&A: mega-deals ($5bn+)
United States: Mergers, acquisitions and buyouts > Private equity buyouts
United States: Finance
Within Asset finance and leasing, Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP has a multi-faceted transportation and equipment finance group that has a string of quality partners and counsel. Transportation finance head Jonathan Goldstein has a very good reputation for aviation finance, and finance partners William Yaro and Joshua Thompson also come highly recommended. Of counsel Ji Hoon Hong is widely considered a market leader for issues relating to EETCs as well as other aspects of aviation finance. The firm acts for an impressive array of lenders and lessors, and is increasingly acting for hedge funds investing in the aviation sector. Recently, it advised a fund on its $300m acquisition of the 100% equity interest in the GECAS rotor securitization vehicle involving 30 spare aircraft engines. The firm has been involved in several major EETCs, and represented the underwriters, including Deutsche Bank Securities on a $479m EETC by Delta Airlines. The firm also represented the underwriters, Morgan Stanley and Deutsche Bank, on the $1.4bn EETC by American Airlines, which was impressive as it was achieved while the airline was in chapter 11. In addition, the firm acts for several lessors, including Crane Aircraft Partners and Automatic.
Within Bank lending (including other sources of financing), Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP’s ‘timely and precise’ bank lending team primarily acts for lenders. 2012 saw an uptick in acquisition finance work, particularly on the borrower side. A notable example was its advice to Canada Pension Plan Investment Board (CPPIB) on the financing of its $1.1bn acquisition of the Air Distribution division of Tomkins. This was the CPPIB’s first LBO as lead equity investor. Another highlight was representing Credit Suisse Securities on the complex $465m refinancing for DS Waters of America. The firm also represented the lenders, including Bank of America and Merrill Lynch on a $1.8bn term loan financing for Watson Pharmaceuticals and its acquisition of Actavis. Clients are ‘happy to put trust and faith’ with the ‘excellent’ team head, and global deputy head, Joshua Thompson, who alongside Maura O’Sullivan and Monica Holland receives very strong feedback from clients. The firm has suffered some significant departures and retirements in recent years, but it has moved to replace them, and recently recruited former Dewey & LeBoeuf LLP finance partner Jonathan DeSantis
Within Capital markets: debt offerings , Shearman & Sterling LLP is a second tier firm,
Highly recommended by peers and clients, Shearman & Sterling LLP has solid experience in the debt capital markets, with an excellent reputation in the US and Latin America. The 16-partner team acts for both issuers and financial institutions. David Beveridge was appointed as global managing partner at the firm in May 2012. Lisa Jacobs acted for Bank of America Merrill Lynch, Citigroup and Wells Fargo Securities as joint bookrunning managers in the $3bn senior notes offering by Precision Castparts, in order to fund its acquisition of Titanium Metals Corporation. In San Francisco, John Wilson represented JPMorgan, Citigroup, Credit Suisse and Deutsche Bank Securities as underwriters in the registered public offering of $3bn aggregate principal amount of investment-grade notes by eBay. The team also acted for the joint bookrunning managers in a multi-tranche notes offering by Eaton Corporation (merged with Turlock Corporation), including a private placement of $600m 0.950% senior notes due 2015. Among issuer mandates, leading rainmaker and head of the Americas practice group Antonia Stolper acted for Peruvian mining company Volcan Compañia Minera on a first-time issuance of $600m 5.375% senior notes due 2022, pursuant to Rule 144A/Reg. S. Jacobs and Stephen Giove also advised Viacom on two investment-grade debt offerings of senior notes and senior debentures totaling $1.6bn. Stuart Fleischmann and Robert Evans are recommended.
Within Capital markets: equity offerings , Shearman & Sterling LLP is a second tier firm,
Shearman & Sterling LLP combines a number of star individuals and a strong supporting cast of junior lawyers. While the team has a formidable depth of experience across the equity market, it has a particular strength in manager-side transactions. A team led by Robert Evans represented BMO Capital Markets and CIBC as co-lead underwriters in connection with the IPO of Milestone Apartments Real Estate Investment Trust raising gross proceeds of $200m. Evans and Robert Treuhold represented Credit Suisse Securities as underwriter in connection with The Carlyle Group’s block trade secondary public offering of 4,666,116 shares of Triumph Group’s common stock, initially priced at $58.82 per share. Also recommended is team leader David Beveridge.
Within Capital markets: global offerings , Shearman & Sterling LLP is a second tier firm,
Shearman & Sterling LLP has a longstanding reputation for global offerings, with offices in the UK, France and Germany as well as strong capabilities in Canada, a respected Asian practice, and one of the strongest practices in Latin America. Highly-rated capital markets practitioner Robert Evans recently represented the underwriters, led by Morgan Stanley, Deutsche Bank, Goldman Sachs, Credit Suisse and Citigroup, in a public offering of $725.7m enhanced pass-through certificates (Series 2011-2A) by American Airlines. Stuart Fleischmann represented joint bookrunners Banco Bradesco and JPMorgan Securities in conncetion with Brazil’s Banco do Estado do Rio Grande do Sul’s debt offering of $275m 7.375% Subordinated Notes due 2022. The London and New York offices also represented the underwriters (led by RBS Securities) in connection with a global offering by The Royal Bank of Scotland Group of $2.25bn of 6.125% subordinated tier 2 notes due 2022.
Within Capital markets: high-yield debt offerings , Shearman & Sterling LLP is a second tier firm,
Shearman & Sterling LLP has broad strength in the debt capital markets, and the firm’s high-yield experience is valued by issuers and managers alike. The team features key individuals David Beveridge and Michael Benjamin, and the arrival of Jonathan DeSantis from Dewey & LeBoeuf LLP in 2012 also strengthened the team’s high-yield capabilities. Recent mandates include Beveridge and DeSantis acting for Bank of America Merrill Lynch and Goldman Sachs in a $750m Rule 144A/Reg. S rights offering of high-yield senior notes by Steel Dynamics, and Benjamin advising Morgan Stanley, Bank of America Merrill Lynch and RBC Capital Markets as joint bookrunning managers on Hub International Limited’s $740m Rule 144A/Reg. S high-yield notes offering. The team also represented Morgan Stanley, Barclays Capital, JPMorgan Securities and Merrill Lynch, Pierce, Fenner & Smith Incorporated in the $14.7bn Rule 144A offering of senior notes in six tranches by AbbVie. Elsewhere, Robert Evans acted for Bank of America Merrill Lynch as lead bookrunning manager regarding Sprint Nextel Corporation’s $2.28bn registered offering of high-yield notes. Issuer work included DeSantis advising NGPL PipeCo on its $550m Rule 144A/Reg. S offering of high-yield senior secured notes. The firm’s Canadian practice remains very active, and Jason Lehner, who splits his time between Toronto and New York, acted for Inmet Mining Corporation in its $1.5bn offering of 8.75% senior notes due 2020. In New York, Stuart Fleischmann is recommended.
Within Corporate restructuring (including bankruptcy), tier 5
The ‘strongly responsive, knowledgeable and experienced’ group at Shearman & Sterling LLP is a top choice with clients for its ability to work ‘extremely well as part of a global team’. Despite its small size - the New York-based team fields three partners nationally - it has an active practice that shines on the creditor side. Fredric Sosnick heads the group and led the restructuring aspects of the firm’s advice to Citigroup Global Markets, as lead arranger and bookrunner, in a $500m DIP and exit financing for Houghton Mifflin Harcourt Publishers. Douglas Bartner and counsel Jill Frizzley are ‘both very responsive’ and provide ‘clear and concise advice’, together they represented Media General in financing agreements with Berkshire Hathaway including a $400m term loan agreement and a $45m revolving credit agreement as well as advising on Berkshire Hathaway’s $142m acquisition of nearly all of Media General’s newspapers. Andrew Tenzer is also recommended and advised Deutsche Bank Securities and Morgan Stanley on a $1.5bn financing for American Airlines, which will be used to repay three secured debt capital markets transactions that American entered into prior to its chapter 11 filing.
Within Financial services: regulatory, tier 6
Benefiting from longstanding financial services regulatory expertise, Shearman & Sterling LLP is seen as a go-to firm for those with bespoke regulatory concerns across the patchwork of issues currently affecting the industry. This standalone expertise is perhaps best exemplified by the firm’s ‘deeply entrenched’ broker-dealer practice which sees it providing a true advisory service rather than one which is merely an adjunct to the litigation or M&A functions. Russell Sacks spearheads the firm’s work in this area and is acknowledged by those in the industry as a ‘very safe pair of hands’, a strength that has been recognized by the securities trade group SIFMA, which has retained his services in 2011 and 2012 to provide advice on important new broker-dealer rules affecting the industry. ‘Vastly experienced’ of counsel Charles Gittleman has a particular expertise advising on the formation and continued counselling of US brokers who are affiliated with foreign financial institutions; he recently advised Banco Pine on the formation of PINE Securities to enable it to become a US-registered broker-dealer and subsidiary of the Brazil-based bank. Able to leverage off a wide international network, the firm excels at providing clients with a seamless global perspective of the regulatory challenges affecting their business including advice on the capital adequacy requirements being mapped out in accordance with Basel III. Co-head Bradley Sabel handles the more traditional bank regulatory matters, both from a purely advisory viewpoint and also as it relates to M&A activity within the industry, and Washington DC-based Don Lamson has ‘excellent contacts’ as a result of his long tenure at the Office of the Comptroller of the Currency. Clients include Bank of America, Barclays and Mizuho Corporate Bank.
Within Project finance, Shearman & Sterling LLP is a second tier firm,
Shearman & Sterling LLP fields ‘a solid team of knowledgeable partners’ based in New York that represents a balanced portfolio of sponsors and lenders. The firm is a first-class outfit for Latin American projects, and also attracts plaudits for its US domestic practice. Robert Freedman is advising Borealis Infrastructure on its $230m acquisition of a 49% equity shareholding in a portfolio of four US wind farms from Renováveis, and teamed with Howard Steinberg to advise joint venture Aurora Solar Corporation on its purchase of nine photovoltaic facilities in Canada. Freedman and Patricia Hammes represented Credit Suisse as joint lead arranger and joint book runner on the $750m senior secured financing for LSP Madison Funding, collaterized by a portfolio of seven power plants owned by LS Power. Hammes also advised Goldman Sachs, Morgan Stanley and Merrill Lynch as joint lead arrangers, bookrunners and syndication agents on the $455m refinancing of Astoria Generating Company Acquisitions, which owns three electric power generation facilities in New York City. It is also heavily active on the mining and minerals front; deputy group leader Gregory Tan is acting for Carlos Slim’s Minera Frisco in the $1.1bn financing of its acquisition of mining assets in Mexico from AuRico Gold, and Cynthia Urda Kassis is advising General Moly in relation to the proposed financing by a Chinese bank for its $1.2bn Mount Hope molybdenum project in Nevada.
Within Structured finance , Shearman & Sterling LLP is a second tier firm,
Shearman & Sterling LLP’s New York concentrated practice group has three partners specializing in derivatives, and six in structured finance and securitization. The first group houses Donna Parisi, co-chair of asset management, who has ‘a very able team, and delegates appropriately’. The derivatives team, which works closely with colleagues in the London office, is frequently awarded key advisory roles. Parisi, alongside Geoffrey Goldman, advises Bank of America Merrill Lynch and other US and non-US financial institutions, including Deutsche Bank, on regulatory reform and implementation raised by the Dodd-Frank Act. The group also assisted Intercontinental Exchange in the ongoing development of its ICE Clear Credit and ICE Clear Europe swap clearing houses. Another partner on the derivatives side, Azam Aziz, ‘always in tune with the market’, is known for designing complex, over-the-counter (OTC) derivative products for dealers, hedge funds and end-users. The second securitization group, which represents long-term client John Deere in connection with public and private-market securitizations of financed equipment receivables, includes Stuart Fleischmann, who is highly experienced in novel securitization transactions. William Yaro’s recent transactions include the representation of American Sugar Refining in connection with a trade receivables securitization facility arranged and administered by Rabobank. Other clients include FedEx and Delta.
United States: Investment fund formation and management
Within Alternative/hedge funds, tier 4
Shearman & Sterling LLP’s private funds practice draws strong praise for its ‘excellent depth of team’, ‘business-savvy advice and industry intelligence’. Four US-based partners and 17 other attorneys provide advice to both sponsors and investors on formation and regulatory matters, as well transactional matters. It is also particularly adept at handling regulatory inspections, investigations, litigation and regulatory defense, with a track record representing Galleon Management in the high-profile government inspection into charges of insider trading, which has resulted in its representation of the former fund manager of Diamondback Capital Management in his defense against charges of insider trading and conspiracy to commit insider trading. It is also noted for its strong Latin America focus, where it benefits from a significant number of Brazilian hedge fund managers for which it advises on their strategies to access US investors. The firm also has key expertise in the commodity arena through John Finley, whose knowledge of commodity pool operator and commodity trading advisor regulation is a particular asset given the CFTC’s increasing regulatory oversight over investment funds. Other highlights included representing Permal Asset Management in its organization of several new funds, and its provision of alternative-investments subadvisory services to two US-registered funds. Practice head Nathan Greene provides ‘technical and business-oriented advice that is second to none’, and is ably supported by of counsel Paul Schreiber, who ‘uses his deep experience wisely’, and counsel Jesse Kanach, whose ‘calm delivery of wise counsel in tough situations is remarkable’. Azam Aziz is also recommended.
Within Mutual/registered funds, Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP’s registered funds practice is comprised of three US-based partners who collectively provide ‘superb levels of service’, ‘a partner-driven approach, and industry intelligence that guides client’s actions’. Alongside its US capability, the firm can call on its global footprint to advise its US clients in overseas investments, as well as informing client relationships such as InterContinental Exchange. Despite the challenging market conditions, the practice succeeded in attracting new fund formation instructions in 2012, including representing the independent directors of Blackstone Alternative Alpha Fund on its new fund launch. It also represented Cantor Fitzgerald in its entry into the registered funds arena, and acts as fund counsel to Cantor Opportunistic Alternatives Fund LLC, an SEC-registered fund of hedge funds. It has also continued to be active in the transactional and restructuring space, and represented the independent trustees of The Victory Funds on the winding of its $5bn money-market business, and represented Deutsche Bank in the aborted sale of a large portion of its global investment funds business, which would have been among the largest recent mutual fund industry consolidations. Nathan Greene has ‘technical and business knowledge that is second to none’, Paul Schreiber ‘uses his deep experience wisely’, and Jesse Kanach is praised for his ‘remarkably calm delivery of wise counsel in tough situations’.
Within Private equity funds, tier 5
Shearman & Sterling LLP’s fund formation practice draws praise for its ‘technical competence, broad experience in the field and responsiveness’. It handles all forms of products, including LBO funds, funds of funds, infrastructure funds, real estate funds and distressed asset funds for a client base that includes major institutional investors and fund sponsors. Highlights included representing Citi Private Bank in the formation of several feeder funds, and representing GTIS Partners LP in the formation of a real estate fund to invest in a diverse portfolio of US residential real estate assets. Practice head Laura Friedrich and her team ‘achieve successful and cost-effective outcomes’.
United States: Labor and employment
Within Employee benefits and executive compensation, Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP’s EBEC group has an enviable reputation for designing and implementing compensation programs and advises on transactions including acquisitions, bankruptcies and financings. It also collaborates with the firm’s corporate and tax specialists, designing financial products for funds and institutional investors, and advises clients on ERISA issues affecting the participation by employee benefit plans in investment funds and asset securitizations. Having global reach, the group has a strong platform from which to advise on international matters. It represented Citigroup in all US executive and employee related matters in its sale of EMI’s Recorded Music Business to Vivendi and Published Music Business to Sony, and structured and negotiated the senior executive termination arrangements and employment agreements. Other clients include Deutsche Bank, the management team of Cunningham Lindsey Group and the Vanguard Group. In New York, John Cannon leads the team that includes recommended partners Kenneth Laverriere, Doreen Lilienfeld and Linda Rappaport.
United States: Litigation
Within International arbitration, Shearman & Sterling LLP is a third tier firm,
Lauded by clients as a ‘premier firm’ with ‘extraordinarily talented lawyers’, albeit at ‘the upper end of the price scale’, Shearman & Sterling LLP has a ‘very strong reputation in international arbitration’. ‘It’s the best US firm we’ve worked with because of the quality of satellite offices; it has done the best job at globalizing its service’, say clients. The practice has strong experience in the construction, chemicals and mining sectors, in particular, and has developed an affinity for handling politically freighted cases, such as its successful representation of Dow Chemical in a $2.5bn case against Petrochemicals Industries Company (PIC), an entity wholly-owned by the Kuwaiti state. In other work, the team is representing: Venezuela in three investor-state cases at ICSID; a Middle Eastern contractor against an African mining company in a case seated in Toronto; and is challenging a number of ICC arbitration awards on behalf of Abengoa. ‘A very practical person who is always looking at how best to obtain a result’, the ‘hugely experienced and very impressive’ Henry Weisburg ‘always has his strategy clearly defined’. Jonathan Greenblatt has ‘notable construction sector dispute experience’, Christopher Ryan brings treaty-side expertise, and counsel Katia Yannaca-Small, who was formerly at the OECD, the perspective of a multilateral and considerable knowledge of public international law.
Within Securities: shareholder litigation, Shearman & Sterling LLP is a second tier firm,
Shearman & Sterling LLP’s securities litigation group, is ‘a very strong team which delivers top-quality advice’. Led from New York by Adam Hakki, ‘a great lawyer with a practical bent that is somewhat rare‘, the group represents both banks and corporations in the defense of securities claims. The firm currently acts as national counsel to Countrywide Financial in numerous cases with a total docket value of $19bn being pursued nationwide by institutional purchasers of private-label residential mortgage-backed securities. The firm’s well developed international network, has stimulated a flow of instructions from defendant Chinese companies, which the ‘astute and highly commercial’ Jerome Fortinsky, leader of the Chinese litigation practice has developed. Representative Chinese corporate clients include China Electric Motor, JinkoSolar Holding and China Media Express. The niche has developed, to a lesser extent, into a wider practice where Chinese companies are involved; Adam Hakki is representing Credit Suisse and Merrill Lynch as underwriters in a securities class action involving Sino-Forest, a Chinese issuer that has filed for bankruptcy.
Within White-collar criminal defense , tier 6
Shearman & Sterling LLP is best known for its FCPA investigations and compliance work, which is ‘really, really great’. It has vast experience in private securities class actions, corruption, money laundering and antitrust, for a client base compiled mainly of financial institutions and high-level executives. On the West Coast, key attorneys include Patrick Robbins (San Francisco), who recently led advice to the president of Taiwanese LCD manufacturer AU Optronics in a criminal case concerning the alleged price fixing of flat screen computer monitors, notebooks and televisions; the client was acquitted upon trial. The group serves as national counsel to Countrywide Financial and several of its affiliates in dozens of disputes with institutional purchasers of private-label RMBS. It also represented Galleon Management in its high-profile insider trading case - successfully negotiating a global settlement with the SEC - and continues to deal with investor and employee issues resulting from the outcome, and from the wind-down of its funds. In New York, Adam Hakki heads the litigation group, with Stephen Fishbein and John Nathanson leading the white-collar arm. Philip Urofsky heads the global anti-corruption practice from Washington DC.
United States: Media, technology and telecoms
Within Technology: transactions, Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP’s technology group includes more than 30 partners on the East and West Coast. 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, guiding clients through all phases of growth through strategic and IP counseling. In New York, Samuel Waxman assisted a consortium of 12 of the world’s largest technology companies, organized by Intellectual Ventures and RPX Corporation, with the acquisition and licensing of Eastman Kodak Company’s digital imaging patent portfolio. Steve Camahort in San Francisco advised First Advantage Corporation’s acquisition of the employment and resident screening business of LexisNexis Risk Solutions. Together with Dana Kromm, Camahort represented SafeNet on the sale of its government solutions business. Michael Kennedy represented Francisco Partners in the acquisition of Plex Systems. Together with Michael Dorf, Kennedy advised Quadramed on the sale of Quantim, its health information management business, to Nuance Communications.
Within Telecoms and broadcast: transactional, Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP’s global media, entertainment and telecom group handles big-ticket, fast moving transactions for institutional clients, and is recommended for providing ‘outstanding legal representation and deal execution on highly complex transactions’. The telecoms and broadcasting group, led by David Connolly and Kenneth Laverriere in New York, is supported by the firm’s global reach and breadth of expertise across IP, technology, media and sport. Recent highlights include George Casey advising Liberty Global in its pending $23.3bn acquisition of Virgin Media in a stock and cash merger transaction. New York capital markets partners Stephen Giove and Lisa Jacobs advised Viacom on the issuance of Senior Notes. In San Francisco, Steve Camahort and his team advised Twitter in its acquisition of internet security firm Dasient. Samuel Waxman advised Nokia Siemens Networks in its sale to a subsidiary of Acacia Research Corporation of a patent portfolio for wireless infrastructure and user equipment technology relating to second (2G), third (3G) and fourth (4G) generation wireless technologies and its license agreement with Acacia Research Corporation subsidiary ADAPTIX. Former practice head Christa D’Alimonte left the firm to join longstanding client Viacom.
United States: Mergers, acquisitions and buyouts
Within Antitrust, Shearman & Sterling LLP is a third tier firm,
Situated in New York, San Francisco and Washington DC, Shearman & Sterling LLP’s practice encompasses M&A-related assistance, compliance advice, private antitrust litigation, cartels and government investigations. The US group works closely with highly esteemed antitrust teams in Europe and is advising Ardagh Group on its $1.7bn agreement to buy Verallia North America, which not only comprises lawyers in New York, but also in London, Paris and Frankfurt. Beau Buffier is co-chair of the firm’s global antitrust practice. Wayne Dale Collins and James Donato are also recommended. For both M&A-related work and criminal antitrust defense, Kenneth Prince is a key contact, and for considerable trial, pre-trial and appellate experience in the antitrust arena, Richard Schwed is well respected. Other work highlights included advising Singapore Airlines on the sale of its 49% stake in Virgin Atlantic to Delta Air Lines; and acting for the IP and science business of longstanding client Thomson Reuters in its acquisition of MarkMonitor.
Within M&A: litigation, Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP represents corporations, investment banks, and other major players involved in high-stakes, transactional litigation. The practice acted for Synthes, and its board of directors, in the Delaware Chancery Court, in connection with the $19.7bn sale to Johnson & Johnson; advised FUJIFILM Holdings Corporation in connection with its $995m acquisition of SonoSite; represented Vector Capital in connection with its $138m acquisition of RAE Systems; and advised China Fire, and its board of directors, in lawsuits that were filed in Broward County and Palm Beach County, as well as in the US District Court for the Southern District of Florida, in connection with the $266m acquisition of China Fire by Bain Capital. Adam Hakki is litigation head.
Within M&A: mega-deals ($5bn+), tier 4
Shearman & Sterling LLP is ‘excellent. The capability of its lawyers and their availability are one of the things that you look for in a law firm’. The team represented Richard Schulze, the founder of Best Buy Co, in his potential proposal to the Best Buy Board of Directors to acquire the company; and advised Anglo American in its $5.39bn sale of a 24.5% interest in Anglo American Sur, comprising certain of Anglo American’s copper assets in Chile, to Mitsubishi Corporation, which transaction was conducted within a very tight time frame. Other significant deals included advising GrupoSura in its $3.6bn acquisition of ING’s Latin American pensions, life insurance and investment management operations, and its related co-investment transactions with General Atlantic Partners and the IFC, the transaction being the largest acquisition ever by a Colombian company. George Casey is co-head of the global M&A group; Stephen Besen, Robert Katz, Peter Lyons, John Marzulli Jr, Michael McGuinness, Clare O’Brien, Scott Petepiece and Samuel Waxman are key New York contacts. In San Francisco, Steve Camahort, Michael Dorf and Michael Kennedy are rated. Palo Alto-based Richard Hsu is also well regarded. In 2012, New York-based Creighton Condon was elected senior partner. Christa D’Alimonte left to join Viacom.
Within Private equity buyouts, Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP has private equity strength on both the West and East Coast as well as internationally. In San Francisco, the practice has a core focus on the tech space for private equity houses such as Francisco Partners and Symphony Technology Group. In New York, the firm has historically represented a number of the private equity arms of the investment banks, including those that have subsequently been spun-off from the banks such as North Cove Partners. At the end of 2011, it represented key client BAML Capital Partners on the $775m sale of NPC International, the largest Pizza Hut franchisee in the US, to Olympus Capital Partners. Infrastructure and financial services are also key industries for the practice. In 2012, the firm advised Pierpont Securities, a portfolio company of General Atlantic and Stone Point Capital, on its acquisition of Cortview Capital Holdings. On the West Coast, it represented Francisco Partners on the acquisition of Plex Systems from Apax Partners. Senior members of the department include prominent New York partners Scott Petepiece and Robert Katz, as well as San Francisco’s Steve Camahort, Michael Kennedy and Michael Dorf. The firm also has a fine sponsor side financing practice, covering both bank and bond products.
United States: Real estate and construction
Within Real estate, Shearman & Sterling LLP is a second tier firm,
The real estate group at Shearman & Sterling LLP is headed by Chris Smith and has particular strength in hotel and leasing matters, and in cross-border transactions. On the leasing side, the ‘universally respected’ Smith led a team advising Viacom on a renewal and expansion at 1515 Broadway, New York, which was valued at over $1bn and closed in April 2012. Alongside Lisa Brill, Smith also advised the Brooklyn Bridge Park Corporation on two 97-year ground leases to a Toll Brothers City Living/Starwood Capital Group joint venture; the leases are to form the basis of a 550,000 sq ft development at Pier 1 in Brooklyn Bridge Park. Malcolm Montgomery was part of an international, cross-practice team advising Citicorp North America on a $2.25bn credit facility for Digital Realty Trust, and was also part of a New York team acting for a syndicate of lenders (led by Citibank) in relation to $750m of secured credit facilities for Four Seasons Holdings and its subsidiaries. Deputy head of the global real estate practice John Opar has significant experience in cross-border and shari’ah-compliant transactions. He recently completed work for the Kuwaiti fund Wafra Partners in respect of multi-family property acquisitions in East Village, New York, and Johns Creek, Georgia; and assisted the same client as co-sponsor in the formation of a private equity fund targeting retail and mixed-use properties.
United States: Tax
Within Domestic tax: East Coast, Shearman & Sterling LLP is a third tier firm,
Shearman & Sterling LLP’s East Coast tax group is co-chaired by Laurence Bambino in New York and Michael Shulman in Washington DC. The department’s focus is on the provision of tax planning advice to clients on complex transactions. The firm is particularly experienced representing multinational companies in cross-border M&A, and advising on financial offerings in multiple jurisdictions. In addition, the firm has considerable expertise advising multinationals on the minimization of overall tax costs in relation to their operations in multiple jurisdictions. The firm has an impressive client base, which includes a significant number of investment banking firms and other financial institutions. In addition to tax planning, the firm works with several clients on the development of financial products, and also represents clients in tax controversy matters. Douglas McFadyen is a key partner and represented ArcelorMittal in the sale of Skyline Steel LLC to Nucor Corporation. Skyline Steel is a disregarded entity for US tax purposes and, as a result, the transaction gave rise to a number of local tax issues.
Within Financial products, Shearman & Sterling LLP is a first tier firm,
Shearman & Sterling LLP’s tax group is co-headed by Laurence Bambino in New York and Michael Shulman in Washington DC. The group provides cross-border and domestic advice in M&A, bond and note offerings, securitization, debt-equity swaps, distressed loan transactions, hedge funds, real estate investment trusts (REIT) and other financial products. The group is consistently recognized for its cross-border reach and expertise in the development of groundbreaking new products from the tax perspective, in particular securitization structures. Craig Gibian, who is recommended for REMIC, development and implementation of a variety of financial products, recently represented the Ardagh Group, a global leader in rigid packaging solution for the food industry, in its $880m acquisition of Anchor Glass Container. Major active clients include Bank of America Merrill Lynch, Bank of Tokyo, Barclays, Citi, Credit Suisse, Deutsche Bank, General Electric, Morgan Stanley, Viacom and Wells Fargo.
Within International tax, Shearman & Sterling LLP is a second tier firm,
Shearman & Sterling LLP’s solid international tax practice advises on cross-border tax structuring and joint ventures for a broad client base. The New York and Washington DC offices are complemented by the firm’s international offices in France, Germany and the UK. Co-head of the firm’s tax practice Michael Shulman, based in Washington DC, is highly regarded and represented AmeriGas Partners in its acquisition of the propane operations of Energy Transfer Partners; a complex transaction that was structured as a tax-free leveraged partnership distribution. The firm also represented Deere & Company on the restructuring of its non-US operations, involving work in 24 countries. Global tax co-head Laurence Bambino in New York and Douglas McFadyen were the key lawyers involved. Peter Blessing left to join KPMG
Within Tax controversy, tier 5
Shearman & Sterling LLP’s tax controversy practice has developed a good position in the market since former trial attorney for the IRS, Lawrence Hill, joined in May 2012 from Dewey & LeBoeuf LLP, where he was chair of the tax controversy and litigation practice group. The firm has considerable strength in the representation of multinational companies in cross-border transactions and advises an impressive client base across the spectrum of tax matters. The controversy team was further strengthened with the arrival of counsel Richard Nessler, also from Dewey & LeBoeuf LLP, in 2012. Nessler is an experienced litigator and has represented clients in New York State tax controversy matters as well as in government and internal investigations and related tax and appellate matters. Thomas Johnston, in Washington DC, is also recommended.
Further information on Shearman & Sterling LLP
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United Arab Emirates
Offices in Abu Dhabi
- Banking and finance : Banking and finance
- Corporate and M&A : Corporate and M&A
- Projects and energy : Projects and energy
Offices in Brussels
- Antitrust : Antitrust
- Banking and finance : Bank lending
- Capital markets : Capital markets
- Corporate and M&A : Corporate and M&A
- Dispute resolution : Dispute resolution
- Private equity : Private equity
- Tax : Tax
Offices in Paris
- Banking and finance : Banking and finance
- Capital markets : Capital markets
- Dispute resolution : International arbitration
- Environment : Environment
- Insolvency : Insolvency
- Mergers and acquisitions : Mergers and acquisitions
- Private equity : Private equity
- Project finance and energy : Energy
- Project finance and energy : Project finance
- Tax : Tax
Offices in Hong Kong
Latin America: International firms
Offices in Tokyo
Offices in London
- Corporate and commercial : Corporate tax
- Corporate and commercial : EU and competition
- Corporate and commercial : Equity capital markets: UK capability
- Corporate and commercial : Equity capital markets: US capability
- Corporate and commercial : Financial services
- Corporate and commercial : M&A: premium deals, £250m+
- Corporate and commercial : M&A: mid-market, £50m-£250m
- Corporate and commercial : M&A: smaller deals, up to £50m
- Crime, fraud and licensing : Fraud: civil
- Crime, fraud and licensing : Fraud: corporate crime
- Dispute resolution : Banking litigation: investment and retail
- Dispute resolution : Commercial litigation
- Dispute resolution : International arbitration
- Finance : Acquisition finance
- Finance : Bank lending: investment grade debt and syndicated loans
- Finance : Commodities: derivatives
- Finance : Corporate restructuring and insolvency
- Finance : Debt capital markets
- Finance : Derivatives and structured products
- Finance : High yield
- Finance : Investment funds
- Finance : Islamic finance
- Finance : Securitisation
- Human resources : Employee share schemes
- Insurance : Insurance: corporate and regulatory
- Projects, energy and natural resources : Infrastructure
- Projects, energy and natural resources : Mining and minerals
- Projects, energy and natural resources : Oil and gas
- Projects, energy and natural resources : Power (including electricity, nuclear and renewables)
- Projects, energy and natural resources : Water
- Real estate : Commercial property
- Real estate : Environment
- TMT (technology, media and telecoms) : Sport
Offices in Singapore
- Finance : Asset finance and leasing
- Finance : Bank lending (including other sources of financing)
- Finance : Capital markets: debt offerings
- Finance : Capital markets: equity offerings
- Finance : Capital markets: global offerings
- Finance : Capital markets: high-yield debt offerings
- Finance : Corporate restructuring (including bankruptcy)
- Finance : Financial services: regulatory
- Finance : Project finance
- Finance : Structured finance
- Investment fund formation and management : Alternative/hedge funds
- Investment fund formation and management : Mutual/registered funds
- Investment fund formation and management : Private equity funds
- Labor and employment : Employee benefits and executive compensation
- Litigation : International arbitration
- Litigation : Securities: shareholder litigation
- Litigation : White-collar criminal defense
- Media, technology and telecoms : Technology: transactions
- Media, technology and telecoms : Telecoms and broadcast: transactional
- Mergers, acquisitions and buyouts : Antitrust
- Mergers, acquisitions and buyouts : M&A: litigation
- Mergers, acquisitions and buyouts : M&A: mega-deals ($5bn+)
- Mergers, acquisitions and buyouts : Private equity buyouts
- Real estate and construction : Real estate
- Tax : Domestic tax: East Coast
- Tax : Financial products
- Tax : International tax
- Tax : Tax controversy