The Legal 500

Within Asset finance and leasing, tier 4

Sidley Austin LLP advises on a variety of transactions relating to equipment including aircraft, rolling stock, containers, ships and satellites, while its clients include manufacturers, lenders, borrowers, underwriters and insurers. The group has impressive global reach via an established network of local counsel. Past work includes advising an aviation corporation on aircraft purchase agreements with Airbus SAS, while Bombardier remains a major client of the practice. Rory Kelleher in New York focuses on US capital markets work and is well known for his advice on structured finance. In the same office, Paul Risko is a corporate and finance lawyers whose practice encompasses securities, aircraft and other transportation-related finance.

Within Bank lending (including other sources of financing), tier 5

The team at Sidley Austin LLP provides a ‘very high-level service’ and ‘deep market knowledge’ at ‘very competitive’ rates, and benefits from the firm’s strong bankruptcy practice. The majority of attorneys in the leveraged finance practice are based in Chicago, but the firm also has bases in Los Angeles, home to recommended practice co-head Jennifer Hagle, and New York. The group’s roster of high-profile clients includes Bank of America, BNP Paribas, Citigroup, General Electric Capital Corporation, and JPMorgan Chase Bank. Recent transactions include acting for U.S. Bank, as administrative agent, on a $400m credit facility to United Launch Alliance, led by the recommended James Clark in Chicago; and for JPMorgan Chase Bank as administrative agent, on a $2.7bn amendment and extension of credit facilities to Dean Foods Company. The firm also advised JPMorgan Chase Bank on a $1bn credit facility to General Dynamics Corporation. Partners of note include Zulfigar Bokhari in Chicago, whose ‘proactive’ and ‘exceptional’ legal advice is highly valued by clients. Pamela Martinson joined the firm’s Palo Alto office and strengthens that office’s leveraged finance capabilities.

Within Capital markets: debt offerings, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP delivers ‘much-valued counsel’ in a range of debt issues, and acts for both manager and issuer side clients. With a ‘significant focus’ on investment-grade debt work, the team is particularly noted for its long standing experience advising manager clients. The team advised the underwriters of Coca-Cola’s $1bn notes issuance to fund an acquisition deal in September 2010, and Craig Chapman in New York led a team advising Goldman Sachs, JPMorgan Securities and Banc of America Securities as managers of manufacturer Alberto-Culver’s $150bn SEC-registered senior notes offering in May 2010. It also acted as underwriter counsel to Deutsche Bank Securities, Goldman Sachs, JPMorgan Securities and Morgan Stanley in a $2bn surplus notes offering by the Teachers Insurance and Annuity Association of America (TIAA). Wells Fargo Securities is another key client, which the group advised in 25 separate offerings of $181m of index-linked structured notes in 2010. The team also has experience advising underwriters in note offerings made by REITs. New York-based partner Edward Petrosky advised the underwriters in a $2.25bn and subsequent $900m issuance of notes by Simon Property Group in 2010. On the issuer side, the firm advised Aon Corporation on an issuance of $1.5bn notes. James O’Connor and Jonathan Miller assisted Caterpillar Financial Services in the issuance of notes totalling $900m throughout 2010, and continue to represent the client in debt programs in jurisdictions around the world. Lisa Reátegui in the firm’s flagship Chicago office advised TD Ameritrade and its subsidiaries in a $150m private placement of fixed rate senior notes to institutional investors. Also highly recommended is New York senior counsel Norman Slonaker, who has almost 40 years’ experience in the arena. One client describes the firm as a ‘prized and appreciated partner in all transactions’.

Within Capital markets: equity offerings, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP has a ‘formidable legacy for capital markets work’, and its equity practice is renowned among peers and clients for its strength and experience; it is particularly noted for its ‘very strong underwriter practice’. The firm continues to have a strong REIT component to its equity practice, advising clients including Starwood Property Trust, Realty Income, and Kimco Realty Corporation on both the issuer and underwriter side in stock offerings. The team advised the managers regarding Campus Crest’s $354.2m IPO in October 2010, and also acted as manager counsel in United Natural Foods’ $146m issuance of common stock. Among the firm’s New York-based partners, Edward Petrosky offers ‘great underwriter counsel’ and Samir Ghandi is also singled out, with the latter recently acting for the underwriters in UDR’s $325.6m issuance of common stock. Eric Haueter in the San Francisco office advised the underwriters in Ruby Tuesday’s $78m offering of common stock. The firm is also developing its issuer-side work, and in July 2010 advised SMART Technologies on its $660m cross-border IPO. Robert Mandell in New York advised General Electric Capital regarding its $2.5bn exchange offer of trust-preferred securities, and the firm also advised Corsair Components in its proposed IPO.

Within Corporate restructuring, tier 4

Based out of the firm’s Chicago headquarters and aided by strong capabilities on the East and West Coast, Sidley Austin LLP’s 20-partner team provides ‘great expertise and sound judgment’ to a nice balance of creditors and debtors. The practice is co-chaired from Chicago by ‘very prominent debtor-side lawyer’ James Conlan who is noted for his ‘creativity and strong negotiating skills’ and the ‘very strong’ Larry Nyhan. Both Conlan and Nyhan regularly spearhead some of the team’s most significant mandates and are leading on three major Chapter 11 cases for Neenah Enterprises, Pliant and Smurfit-Stone. The latter case is particularly complex as it involves dual bankruptcy proceedings in both the US and Canada. Cross-border work is indeed a staple of the work handled by the group, illustrated also by the firm’s current involvement – with assistance from its London office – for the senior secured lenders on the restructuring of $700m credit facilities issued by TI Automotive and its affiliates through a UK scheme of arrangement. The firm also continues to act for media and entertainment company Tribune on its $13bn restructuring. Matthew Clemente and Dennis Twomey are recommended. Other clients of the group include Merisant Company, Owens Corning, Federal-Mogul, The Flintkote Company and Bank of America.

Within Financial services: regulatory, tier 4

Sidley Austin LLP’s ‘very broad and deep’ 16-partner financial services group has expertise in the majority of areas affecting the industry, including broker-dealer issues and more esoteric areas such as the privacy and information matters affecting the financial services industry. Consumer finance is a core area of strength and lawyers within the team have been particularly active of late advising clients including JPMorgan, HSBC and GE Capital on extensive rule making before the Federal Reserve Board regarding the re-regulation of the credit card industry. MasterCard is a core client of the group and instructs the firm on public policy, regulatory and compliance issues affecting payment systems and banks and other financial institutions. As well as advising domestic entities, the team has also established an ‘excellent reputation’ for aiding foreign banks on their expansion into the US. Praised for her ‘unprecedented amount of experience, and knowledge with regard to laws, rules, and regulations applicable to the international banking community’, Connie Friesen is particularly skilled in this area, and recently advised both the Agricultural Bank of China and the China Merchants Bank on the establishment of a New York branch. The ‘exceptionally intelligent’ David Teitelbaum has particular expertise advising on the regulatory aspects of credit card, debit card and other e-payment systems and represents the National Automated Clearing House Association across the gamut of the regulation and ongoing development of the automated clearinghouse payment system. Department head William Eckland has tremendous experience across a range of matters and has recently handled a significant volume of financial services M&A for GE Asset Management including in connection with an investment in newly formed banks, Grandpoint Bank and Carlile Bank.

Within Project finance, tier 4

Sidley Austin LLP’s practice is headed by Irving Rotter in New York, but the group also has key individuals based in Washington DC. It is strongly characterized by energy deals, with solar and wind energy prominent sectors for the firm, and also handles some transport and infrastructure work. It acted for HSH Nordbank on the $535m project financing of a 202MW wind energy generating facility in the State of Washington; and also on a 262MW wind energy generating facility in the State of Washington, which involved a prepay arrangement for power with Southern California Public Power Authority. The firm also represented Barclays Capital as agent and co-underwriter on a $220m term loan to Great Point Power for the acquisition of five power and transmission projects from Energy Investors Fund. David Hill, in Washington DC, has been assisting Clean Line Energy Partners, an independent developer of high-voltage, long-haul electric transmission lines which is working to develop lines that will bring renewable energy resources to load centers. The team also represented WestLB on a sale of collateral under section 363 of the US Bankruptcy Code, involving a biodiesel refinery and associated intellectual property. Other recommended partners include Anne Falvey in New York. Former partner Alan Epstein left the firm to become president of a solar development company in 2010.

Within Structured finance , Sidley Austin LLP is a second tier firm,

Sidley Austin LLP ‘impresses with expertise in first-time products’. The firm has one of the largest structured finance departments in the world, with some 125 lawyers worldwide. The global structured finance and securitization practice is co-chaired by four partners; Renwick Martin, a near four decade veteran in mortgage-backed securitization, and George Petrow with a quarter of a century in CMBS, are based in New York; Thomas Albrecht is located in Hong Kong but frequently found in the Chicago office; and Graham Penn is in London. Recent work has included high-profile assignments for leading banks in the Federal Reserve Bank of New York’s Term Asset-Backed Securities Loan Facility (TALF) program, the Treasury Department’s TARP legislation, and the Federal Reserve Bank of New York’s Reverse Repurchase Program. The recovering market has brought in an increasing number of instructions for new issuances; a team which included Michael Durrer, US-qualified and based in London, recently acted as the international counsel for Standard Chartered Bank and BNP Paribas as joint lead managers in connection with the issue of $500m covered bonds by Korea Housing Finance Corporation, a Korean state-owned entity. The firm’s impressive depth of experience in asset-backed finance was enhanced in January 2011 when CMBS expert Kevin Blauch and a group joined from Latham & Watkins LLP; all are based in New York. Jeffrey Weinstein in Chicago is also highly recommended, and in San Francisco, Dale Lum represented Banc of America Securities, JPMorgan Securities and Wells Fargo Securities, as lead underwriters, in connection with the issue of a series of CarMax Auto Owner Trust’s auto-loan backed notes with an aggregate value of $2.6bn. Elsewhere, several lawyers have niche expertise. In Chicago, Gary Stern includes film financing and intellectual property receivables with his area of specialization, Mark Greenberg is expert in insurance-linked securities and other structures connected with the insurance sector, and Ellen Pesch is recommended for derivatives and alternative risk transfer transactions. The firm’s client list includes Citigroup, Guggenheim Capital, Merrill Lynch, Deutsche Bank, Credit Suisse and Nomura.

Within Energy: litigation, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP’s ‘experienced and knowledgeable’ group is ‘great value for money’ and it is ‘one of the leaders in the energy field’. The firm has a long-standing reputation for representing clients in the oil and gas industries and is also known in the electric utility space. It has experience in electric utility rate litigation at FERC, including numerous trials at FERC on transmission rate matters. The team represents longstanding client Exelon and its subsidiary ComEd on FERC transmission issues and related rate matters. This has included ongoing representation with respect to ComEd’s formula transmission rate, and FERC applications for incentive rates for new transmission facilities being added to the ComEd system. Recently, it represented ComEd in various interconnection disputes, and in FERC contractual disputes against the Midwest ISO and several dozen transmission owners in the Midwest ISO relating to $30m in transmission credits owed to ComEd by the Midwest ISO. The firm has also continued its work for the Alaska Pipeline Project, a joint undertaking of ExxonMobil and TransCanada, to design, construct and operate a 1,700 mile pipeline to bring natural gas from Alaska’s North Slope to North American markets, in which the firm is providing a broad range of advice including commercial, regulatory, environmental and litigation. Washington DC-based global practice coordinator Eugene Elrod is ‘hard working and able to manage a complex docket with a number of moving parts’. William Williams is ‘practical, imaginative and thorough’ and clients also say that he ‘brings a great sense of humour to the file’. Yabo Lin recently joined the group in Palo Alto, California, and brings corporate, acquisition, securities, joint venture and compliance expertise with him.

Within Energy: transaction and regulatory, Sidley Austin LLP is a third tier firm,

Sidley Austin LLP’s energy practice is centered on regulatory matters, in which the firm gives ‘experienced, knowledgeable and appropriate’ advice. Historically, the firm has focused on oil and natural gas, however it has expanded its offering and represents various clients in the electric utility space as well as in other industries. Highlights included advising Pareto Energy, a microgrid design and project development company, on project finance and general corporate matters including on a cogeneration facility for the South Jersey Transportation Authority and the Federal Aviation Administration. It provided additional advice on multi-offtake energy services agreements, equity finance, municipal finance, renewable energy tax, and municipal leasing and energy regulatory matters. The firm also represented HSH Nordbank on a $535m project financing of a 202MW wind energy generating facility in Washington State. It was also involved in the negotiation and documentation of the project documents including the turbine supply agreements, balance of plant contracts and subcontracts, power purchase contracts, transmission and interconnection agreements, operations and maintenance agreement and real estate arrangements, as well as ensuring receipt of all necessary permits and authorizations. Washington DC-based Eugene Elrod and David Hill co-head the group, which includes Yabo Lin, who recently joined the firm and is experienced in energy transactional matters.

Within Environment: litigation, Sidley Austin LLP is a first tier firm,

Sidley Austin LLP’s ‘level of service is outstanding’ and the practice is ‘great value for money’. It is recommended on its integrated approach and can ‘connect clients to other lawyers in the firm when requiring commercial or appellate level litigation lawyers – all of whom also prove to be excellent additions to the team – at the drop of a hat’. The firm has clients from a broad spectrum of economic and industrial activities including transportation, conventional and alternative energy generation and distribution, petroleum exploration, development and refining, chemical manufacturing, electronics manufacturing, telecommunication services, consumer products, pharmaceuticals, banking and finance and agribusiness. It also represents federal, state and local governments. Clients include American Electric Power, Duke Power Company, NCR Corporation, General Electric Company, Southwestern Electric Power Company and Exelon. The firm is advising an Ohio-based iron foundry with respect to a federal grand jury subpoena arising from a US EPA criminal investigation of the foundry’s compliance with the CAA, and related Ohio EPA civil enforcement actions. It represents longstanding client TransCanada with respect to its Keystone crude oil pipeline that will extend from the western Canada oil sands to oil refineries in the US. It has advised on the permitting and environmental review of the project, and successfully defended two federal court cases in which the sufficiency of the US State Department’s environmental review was challenged. The firm also represents the American Chemistry Council, the National Association of Manufacturers, the American Petroleum Institute and other trade associations in several DC Circuit Court of Appeals challenges that are related to EPA’s regulation of greenhouse gases. Chicago-based Robert Olian, Washington DC-based Davis Buente and Los Angeles-based Judith Praitis, who has represented operating entities in defending claims under California’s Proposition 65, lead the team. Washington DC-based Samuel Gutter is a ‘tremendous resource to any client lucky enough to have his representation’. Roger Martella is also recommended.

Within Environment: transaction and regulatory, Sidley Austin LLP is a first tier firm,

Sidley Austin LLP’s clients find the firm ‘knowledgeable, practical and efficient – its advice never sounds like a law school legal memo’. The practice ‘bills at a fairly high rate, however the lawyers’ efficiency creates outstanding value for clients’. The firm advises a broad range of clients, from ski resorts to power plants, on transactional and regulatory matters. It recently represented Marathon Petroleum, negotiating a settlement agreement with the Sierra Club, which along with several other environmental groups had opposed the client’s $1.9bn expansion of its Detroit refinery. The environmental groups stated their intent to challenge the construction permit issued by the Michigan Department of Environmental Quality (MDEQ), however, the firm successfully negotiated the settlement agreement on terms beneficial to its client, allowing the expansion project to proceed uninterrupted. The firm also advised Marathon regarding permitting strategy and negotiations with the MDEQ over the terms of the permit. Other highlights included advising a major Chinese entity in connection with the possible acquisition of petroleum infrastructure assets in California and Texas, and overseeing environmental due diligence and risk identification and management. ExxonMobil and TransCanada have retained the firm to represent the Alaska Pipeline Project (APP) in the US, which is proposing to license and construct a natural gas pipeline from the North Slope of Alaska into Western Canada. In addition to commercial and FERC regulatory issues, it is advising the APP with respect to FERC’s environmental review of the proposed project and the other environmental approvals and permits necessary to construct and operate the pipeline in Alaska. The firm is also advising on Clean Air Act (CAA) regulatory matters and has been retained by leading trade associations and companies to comment on significant EPA national rulemakings including the Renewable Fuel Standard (RFS) program, and further represents the National Association of Manufacturers and the American Chemistry Counsel and other groups and companies including ExxonMobil and Chevron on other CAA rulemakings. Washington DC-based David Buente, Chicago-based Robert Olian and Judith Praitis in Los Angeles, lead the team. Chicaco-based Laura Leonard ‘excels in her knowledge but also in her ability to balance and judge the business needs of the operation against the environmental risk’.

Within Healthcare and life sciences, Sidley Austin LLP is a first tier firm,

Sidley Austin LLP provides corporate, finance and dispute advice to life sciences companies, and has built a substantial body of product liability cases. The practice’s scope encompasses government enforcement, FDA regulatory work, Medicare and Medicaid reimbursement advice, Foreign Corrupt Practices Act cases and a ‘solid understanding of fraud and abuse laws’. GE Healthcare is a major client, for which it acted on the acquisitions of Mepha AG and MedPlexus Inc plus a series of strategic investments. It also advised Ardent Health Services and Eli Lilly on due diligence for transactions and represented Eli Lilly on reimbursement and FDA regulatory issues concerning new product launches. The team advised Actelion on launching Tracleer, including advising on HIPAA and Health Information Technology for Economic and Clinical Health Act (HITECH) laws associated with a patient support program. In Alley v Department of HHS, the firm acted for the American Medical Association as intervener to persuade the Eleventh Circuit to vacate a ruling by an Alabama federal district court that had required disclosure of records identifying Medicare reimbursements paid to individual physicians across five states. The firm is also a significant player in litigation regarding average wholesale prices, representing AstraZeneca and Bayer Corporation, and in Massachusetts has been defending Johnson & Johnson in a False Claims Act case pertaining to market share rebates and contracting practices. Healthcare law specialist William Sarraille demonstrates ‘excellent knowledge of the industry and laws; and is precise, diligent and determined’. Sarraille, Paul Kalb and Coleen Klasmeier continue to represent major clients in FTC and FDA investigations over pricing, discounting, alleged off-label promotion and other issues. Securities litigation and SEC enforcement chair Paul Gerlach has a ‘very sharp, analytical mind, and very good knowledge of enforcement authority practice’. Chicago-based corporate partner Pran Jha is recommended for deal-side representation.

Within Insurance: advice to insurers, Sidley Austin LLP is a second tier firm,

In 2010 Sidley Austin LLP saw Susan Stone appointed as co-chair of the firm’s global insurance and financial service practice following the retirement of James Stinson. Historically a predominantly reinsurance focused practice, the firm is growing its direct coverage matters. It is currently representing several Safeco companies (which insured the Society of Jesus, Oregon Province (SJOP)) in defending SJOP’s contention that the insurers owe a duty to defend and indemnify it for sexual abuse claims dating back to the 1960s, 1970s and 1980s. The firm is also acting for Continental Insurance and Columbia Casualty (both part of CNA) in an allocation-related matter, in a challenge to a ‘multiple waste sites as a single occurrence’ presentation by the cedent. In another highlight, the team saw a favorable appellate court ruling for client MONY Life Insurance. Chicago-based William Sneed is recommended.

Within Insurance: non-contentious, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP’s insurance industry group, based predominantly out of the firm’s New York and Chicago offices, is impressive; the firm has ‘assembled a broad and deep team’, and can ‘offer a unique insight into the regulators and other important players in any given jurisdiction’. The team, headed by Michael Goldman, had a robust 2010, representing a number of big-ticket clients (such as UBS, Credit Suisse, Lincoln National and Swiss Re) in complex structured letters of credit matters with a total value over $1.5bn; the highly regarded Jeff Liebmann had a leading role in many of these matters. In the wake of the subprime mortgage crisis, the firm has also advised a number of institutional investors on their rights with regard to monoline financial and mortgage guarantee insurance companies. Elsewhere, highlights for the team included representing the initial purchasers in a $2bn surplus note offering by Teachers Insurance and Annuity Association of America (TIAA), led by Jonathan Freedman. The team has also been very active in insurance-linked securities and alternative risk transfer products, especially in the property and casualty space; representative matters include acting for GC Securities as underwriter for a Cayman Island SPV, which allowed Travelers to transfer $500m of its hurricane risks to the capital markets. The firm also represented USAA in its formation and $405m catastrophe bond financing of Residential Reinsurance. New York-based Nancy Corbett is ‘outstanding’, and clients are ‘tremendously impressed’ with the ‘up-and-coming’ Amanda Todd. Perry Shwachman is ‘a tremendous transactional lawyer’ and has a ‘refreshingly practical perspective’.

Within Patent litigation: full coverage, Sidley Austin LLP is a third tier firm,

Sidley Austin LLP’s team has ‘incredible intellectual competence, impressive knowledge of the law and underlying trustworthiness and tenacity, coupled with phenomenal trial skills’. It represented Research In Motion and Microsoft in ITC cases against Motorola, and advised Microsoft in a case regarding its Xbox product. Practice head David Pritkin and Richard Cederoth are recommended, as is the newly recruited Brian Nester from Fish & Richardson P.C., who focuses particularly on disputes before the ITC, and former chair of the Intellectual Property Section of the State Bar of California Patricia Thayer, who is a ‘brilliant lawyer and great communicator, great at understanding clients’ needs’. Edward Poplawski and ‘brilliant mind and highly effective litigator’ Bryan Anderson are ‘incredibly bright, knowledgeable, talented and articulate, and produce phenomenal results’. Both partners represented Cornell University in litigation against Hewlett-Packard. James Bradley ‘does an excellent job of leading teams in complex litigation matters’. Life sciences clients include Genentech, Merck, Johnson & Johnson and St Jude Medical.

Within Patent litigation: International Trade Commission, Sidley Austin LLP is a third tier firm,

Sidley Austin LLP continues to develop its ITC practice, with existing expertise boosted by the lateral hire of Brian Nester from Fish & Richardson P.C. in late 2009, who provides strong hi-tech sector experience, and the opening of a new office in Silicon Valley. Nester, David Pritkin and Richard Cederoth represented Microsoft in litigation brought against Motorola, as well as in design patent infringement claims related to its Xbox gamepads. The practice also obtained a settlement for Research In Motion in a case filed by Motorola. Other clients include Taiwanese companies Chimei-Innolux and Realtek. Edward Anderson remains a key figure in the team, and recently acted for semiconductor company ST Microelectronics in a multi-defendant case brought by Tessera.

Within Alternative/hedge funds, Sidley Austin LLP is a first tier firm,

Sidley Austin LLP’s investment management practice fields more than 100 corporate, securities and derivatives lawyers globally, covering the full scope of funds work, including mutual, hedge and private equity funds, as well as REITs. Clients comment that this ‘huge bench of talented lawyers has an in-depth understanding of the law and gives sophisticated legal advice’. In 2010, the team expanded significantly as David Tang and Mark Whatley joined the San Francisco office from Howard, Rice, Nemerovski, Canady, Falk & Rabkin, PC to enhance its emerging technologies and VC capability, while emerging markets expert Alyssa Grikscheit joined the New York office from Goodwin Procter LLP. The US team has ‘one of the best practices in the country in the regulatory arena’, and supplements its domestic capability with a formidable global footprint. It has been advising European and US clients on the implications of the Dodd-Frank Act and related SEC, CFTC and state regulations, as well as acting as outside counsel to the Managed Funds Association on OTC derivatives matters. Other highlights included advising Soroban on launching its $200m hedge fund and, in a reflection of the continuing trend of hybridization, advising Garrison Investment Group on forming a series of hybrid funds specializing in distressed investments in real estate, corporate and other financial assets. In addition to the extensive experience of David Sawyier (‘one of the first lawyers specializing in this field and therefore knows how and why it developed the way it did’) and William Kerr (‘extremely smart and knows the hedge fund market inside out’), Chicago-based Bradley Howard is ‘akin to a junior Bill Kerr, a great technical lawyer with an exhaustive knowledge of relevant rules and regulations’, while Michele Ruiz is ‘conscientious and hardworking’.

Within Mutual/registered funds, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP has ‘a premier capital markets and broker-dealer advisory practice’, quality which infuses the investment management practice, which has five partners specializing in registered and mutual funds. The mutual fund expertise exhibited by this ‘small but high-class’ team is highly valued, and it acts as counsel to BlackRock Advisers on its fund formation matters, including 11 new mutual funds since 2009. It also advised Mirae Asset Global Investments on the expansion of its US investment management business through the organization, registration and launch of Mirae Asset Financial Group. Commodities and ETFs were two key trends in 2010, and the team capitalized on that by filing registration statement for new commodity futures-based ETFs: two for Jefferies Commodity Investment Services, five for Factor Capital Management and one on behalf of BNP Paribas. The team pioneered this niche area with its work on the launch of the first commodity futures-based ETF for Deutsche Bank. In addition to its mutual fund client base, the team also has a core strength advising underwriters such as UBS, Bank Of America Merrill Lynch, Citigroup, Morgan Stanley and Wells Fargo on equity offerings of registered funds, including most recently the $500m IPO by Kayne Anderson Midstream/Energy Fund. John Mackinnon and Frank Bruno are both highly recommended.

Within Real estate investment trusts (REITs), Sidley Austin LLP is a first tier firm,

Sidley Austin LLP is a ‘top-tier firm with exceptional service and a very deep bench of professionals with strong industry expertise’. Its traditional strengths in capital markets work makes it a natural choice for underwriter representations and, while the year was relatively fallow compared with 2009’s re-equitization boom, in 2010 the practice acted on 21 equity offerings collectively worth $4.7bn and 12 debt offerings totaling $6.1bn; it also worked on nine ATM offerings totaling $1bn. Viewed as ‘a go-to choice for any real estate or REIT work’, the practice’s recent highlights include acting as underwriters’ counsel on Campus Crest Communities’ $354m IPO, as well as on a $350m offering of common stock by Developers Diversified Realty Corporation. REIT M&A is another area of focus, and in 2010 the practice advised Brookfield Asset Management on the formation of a co-investment vehicle to invest $2.6bn into General Growth Properties. Edward Petrosky, global coordinator of the securities group, and Bartholomew Sheehan, co-head of the capital markets practice, ‘understand REIT and real estate issues better than anyone out there’.

Within ERISA litigation , Sidley Austin LLP is a second tier firm,

Sidley Austin LLP’s ERISA litigation group, led by Anne Rea, has more than 40 lawyers who devote a substantial amount of time to ERISA litigation, with a special focus on class action and other multi-party cases. The group represents employers, pension plans, board members, trustees, administrators, broker-dealers and other clients in trial and appellate courts throughout the country, including the Supreme Court. Of particular note, the firm won significant victories in an ERISA case for Exelon Corporation in the Northern District of Illinois and the Seventh Circuit and prevailed before the Ninth Circuit in a high-profile challenge to a cash balance plan adopted by the Southern California Gas Company, a subsidiary of Sempra Energy. The firm has also handled three lawsuits that challenged the design of various pension plans sponsored by Bank of America or its predecessors, and the team is representing AT&T and its Management Pension Plan in a class action raising multiple challenges under ERISA and the Age Discrimination in Employment Act to a cash balance plan conversion, including claims for age discrimination, backloading, § 204(h) notice and summary plan description disclosures, and disparate impact based on the Supreme Court’s decision in Smith v City of Jackson. Other key clients include PepsiCo, Duke Energy Corporation, Owens Corning and Tribune Company. From a talented group of partners that specialize in this area, Priscilla Ryan is singled out by her competitors for being ‘a superstar’ who has ‘great technical ability’.

Within International arbitration, Sidley Austin LLP is a second tier firm,

A leading player in international trade matters, Sidley Austin LLP’s arbitration practice is heavily weighted towards large investor-state matters. The firm’s lawyers advise companies and governments in disputes arising under international trade agreements and investment treaties under, among others, the International Centre for Settlement of Investment Disputes (ICSID) and United Nations Commission on International Trade Law (UNCITRAL) rules. The practice also represents parties in state-to-state disputes under NAFTA and the WTO agreements. Clients are impressed with the firm’s ‘extensive and unmatched knowledge of international trade rules and investment treaties’. The firm has acted for the Republic of Costa Rica on a number of matters, including a case brought by 135 Canadians who had invested in what turned out to be a Ponzi scheme. The arbitral tribunal dismissed the case in May 2010 on jurisdictional grounds, holding that the Canadians’ investments were not made in accordance with Costa Rican law because the scheme itself was illegal. The firm is also representing the Republic of Turkey defending against the claims of a Dutch company under the Energy Charter Treaty and the Netherlands-Turkey BIT in connection with a power plant that was never constructed. The practice represents the investor in HICEE B.V. v Slovak Republic, an UNCITRAL case filed by a Dutch investor in the Slovak health insurance market in December 2008 under the Netherlands-Slovakia bilateral investment treaty. The dispute centers on changes in Slovak laws that now prevent health insurance companies from operating on a for-profit basis. On the commercial side, the practice acted for a Russian company in an ICC arbitration against a German company for a breach of an engineering contract to build a chemical plant. Daniel Price is ‘enormously talented’ and impresses clients with ‘strategic, cutting-edge thinking’. Stanimir Alexandrov provides ‘excellent, thoughtful analysis’, while Jennifer Haworth McCandless is ‘extremely astute and detail-oriented’.

Within International trade, Sidley Austin LLP is a first tier firm,

With a practice encompassing all the major facets of international trade work, Sidley Austin LLP’s clients praise the firm’s ‘outstanding level of service in terms of knowledge, innovation and approachability’. The trade team’s expertise extends to export controls, embargoes and economic sanctions compliance; trade and investment policy issues before key government officials, including DG Trade (EU), MOFCOM (China), METI (Japan) and USTR (US); international trade and investment negotiations under the World Trade Organization (WTO) rules, Free Trade Agreements (FTAs), and bilateral investment treaties (BITs); export control and countervailing duty matters as well as FCPA work. The practice fields a strong team with ‘some of the best international lawyers in practice in the US’. On the trade policy side, the firm’s clients include multinational companies, financial institutions, trade associations and governments. The practice acted as counsel to the Embassy of Korea on legal issues under US and international trade law regarding the proposed US-Korea Free Trade Agreement, as well as assisting First Solar, a leading manufacturer of photovoltaic modules, to address local content legislation adopted by the Province of Ontario in Canada. It is advising General Electric Company on G20 issues as well as providing continuing advice to the Hong Kong Trade Development Council on US trade policy and compliance with regulation. The firm has a strong WTO disputes practice and is currently acting for the governments of both China and Japan while on the WTO negotiation side The Pharmaceutical Research and Manufacturers of America and Securities Industry and Financial Markets Association are important clients. On the customs front, the firm successfully defended the Hartford insurance companies in an unprecedented $1bn class action lawsuit for the collection under defendants’ customs bonds of antidumping duties allegedly underpaid by defendants’ insured. The firm is well known for its FCPA work; the firm has successfully acted for multinational manufacturers and pharmaceutical companies on investigations brought by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). Andrew Shoyer heads up the firm’s international trade group and is ‘an excellent practice leader’. Lisa Crosby brings ‘clarity and precision to difficult issues’, while Richard Belanger ‘knows the trade landscape very well and provides great advice and insight’.

Within Product liability and mass tort defense: aerospace/aviation, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP’s aviation practice is part of the firm’s wider product liability practice. It has recently been acting on three cases against General Electric, Boeing and others relating to a Kenya Airways airplane crash in Cameroon that claimed 114 lives in 2007; plaintiffs have alleged negligent design and/or manufacture of the aircraft and its components. The cases were removed from the Northern District of Illinois by a forum non conveniens motion. Other clients include GE Commercial Aviation Services (GECAS) and American Airlines. Washington DC-based Lory Barsdate Eaton is recommended. In 2010, Sheila Sundvall left the Chicago office to join Paul, Hastings, Janofsky & Walker LLP.

Within Product liability and mass tort defense: consumer products (including tobacco), Sidley Austin LLP is a third tier firm,

Sidley Austin LLP’s large product liability practice has long enjoyed an excellent reputation for advising major clients across a range of industry sectors. Its attorneys’ expertise is such that the firm is well versed in trials, appeals, multi-district litigation proceedings and class actions in personal injury and consumer fraud litigation. The practice has recently received new mandates from American Electric Power (AEP), Duke Power and others. It has also been defending KFC in class actions challenging its Grilled Chicken promotion and acting for Kimberly-Clark as national coordinating counsel to defend it against claims that its children’s bath products were contaminated. The firm is representing Costco in defending a putative class action filed in the US District Court for the Southern District of New York challenging the labeling and marketing of the client’s shrimp trays. The plaintiffs’ application for a preliminary injunction was denied and the district court dismissed the complaint with prejudice. Chicago-based practice chair Michael Davis holds enormous respect across the market.

Within Product liability and mass tort defense: pharmaceuticals and medical devices, Sidley Austin LLP is a first tier firm,

Sidley Austin LLP’s wide-ranging product liability practice enjoys an outstanding reputation in a number of areas and has a strong body of work in the life sciences sector, leveraging the ‘deep knowledge of the pharmaceuticals industry’ within the wider healthcare practice group. The team provides ‘very business-focused advice’ and is based predominantly in Chicago but also has attorneys in New York, Washington DC and Los Angeles, providing good geographical coverage, and can also call on its international resources where necessary, such as when dealing with multinational clients. The firm’s healthcare practice group usually takes a national counsel role on complex litigation or acts in a risk management capacity. It has been representing AstraZeneca in litigation in which more than 20,000 plaintiffs have alleged that they developed diabetes and other diseases as a result of taking Seroquel, an atypical antipsychotic that has been used to treat millions of patients worldwide. The federal cases have been coordinated in an MDL in the Middle District of Florida with state court actions in several other states. The group also acts for AstraZeneca on the Crestor litigation, in which it recently secured a voluntary dismissal with prejudice prior to the deposition of the plaintiff’s prescribing physician. For Bayer, it played a co-lead counsel role in the Trasylol heart medication litigation, which has a 1,000-plaintiff MDL in Florida, along with personal injury actions in various state courts. The group also represents Bayer in litigation concerning Yaz/Yasmin contraceptive. GE Healthcare and Schering-Plough are also clients. Michael Davis chairs the products liability and mass torts group, and is recommended for his ‘strategic vision’. Sara Gourley is highly regarded for her ‘simple, efficient and excellent approach’ and Los Angeles-based Debra Pole is regarded as an excellent trial attorney. Rebecca Wood in Washington DC is an emerging talent with commendable brief-writing skills, and John Treece is a ‘shrewd and practical lawyer’. Eugene Schoon, Maja Eaton, Susan Weber and David Barlow are also recommended. All partners mentioned here are based in Chicago except where stated otherwise.

Within Product liability and mass tort defense: toxic tort, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP regularly plays a leading role in toxic torts, including climate change litigation. It is representing several private utility companies, including American Electric power (AEP) and Duke Power Company, in a number of cases including litigation brought by a number of states concerning the defendants’ carbon dioxide emissions. The team’s other recent work includes a class action in which residents allege that greenhouse gas emissions contributed to climate change, thus intensifying the strength of Hurricane Katrina and increasing damage to their properties. The firm recently represented Bayer in three consolidated lawsuits filed by over 1,500 coal miners in Alabama alleging injury as a result of exposure to isocyanate-containing products used to secure coal mine roofs and facilitate ventilation. Other highlights included obtaining the dismissal of a complaint filed by Brazilian citizens in Indiana who claimed to have suffered injury as a result of environmental pollution and contamination emanating from manufacturing sites in Brazil. The ‘excellent’ David Buente in Washington DC heads the environmental group. Product liability practice head Michael Davis and James Mizgala, both based in Chicago, are also recommended.

Within Securities: shareholder litigation, Sidley Austin LLP is a third tier firm,

Sidley Austin LLP’s already strong practice was given a significant boost by the recruitment of the former co-chair of Howrey LLP’s litigation group Gary Bendinger, plus two more partners: Gregory Ballard and Kevin Burke. Bendinger is particularly well known for his track record in advising accountancy firms on securities-related actions, and therefore adds weight to a group which already has a good track record advising issuers and underwriters. Bendinger also helps beef up the New York team, which works closely with litigators in the Chicago, Washington DC and Los Angeles offices. Overall, the lawyers ‘provide top-notch work,’ and are ‘very good at coming up with creative legal theories’. Securities litigation co-chair Bob Pietrzak is singled out for being ‘good on the papers and in oral advocacy. Bob has excellent contacts within the securities industry and at law firms on both sides, which are helpful in multi-party disputes’. Recent highlights include representing JPMorgan Chase & Co and various affiliated entities and individuals in three securities actions brought by investors in mortgage and asset-backed pass-through certificates issued by the defendants. The firm also successfully represented a major telecoms company against a multimillion-dollar class action alleging securities fraud, common law fraud and breaches of fiduciary duty in connection with its dealings with an internet company. The accountancy side of the practice has also been involved in several major disputes, including one related to the Madoff fraud.

Within Supreme Court and appellate, Sidley Austin LLP is a first tier firm,

Sidley Austin LLP’s litigators are ‘top shelf’, and ‘their strategic advice on US Supreme Court practice is worth its weight in gold’. According to one impressed client, ‘they deliver extraordinarily valuable legal advice and assistance. Their writing is so good that it makes me envious that I’m not that smart’. The firm’s partners are highly respected, most notably Carter Phillips, ‘one of the top US Supreme Court advocates in the country’ who ‘does not need recommendation. The weight of his experience and reputation before the Court is his calling card’. Another client favorite is Virginia Seitz, who is ‘brilliant and perceptive, and so warm and personable. She turns briefs around faster than anyone I have ever worked with’. The practice, which includes 15 former Supreme Court clerks, had four cases on the docket for the 2010 term. One of these was Kasten v Saint-Gobain Performance Plastics Corp, where Phillips argued for Saint-Gobain that an oral complaint of a violation of the Fair Labor Standards Act does not trigger the statute’s anti-retaliation provision. In the 2009 term, the group earned a significant victory for Duke Energy Carolinas and the Catawba River Water Supply Project in South Carolina v North Carolina. In this case, the Court held that the clients are entitled to intervene in a major dispute between the two states over apportionment of the waters of the Catawba River. This is the first time the Court has allowed a private party to intervene in an equitable apportionment action in an original jurisdiction case. On the appellate side, the firm won a key victory for Cinergy Corporation at the Seventh Circuit in United States v Cinergy Corp, which ended the country’s long-running enforcement suit against the client and will have a significant impact on the enforcement of the Clean Air Act.

Within White-collar criminal defense , tier 5

With a strong presence on both coasts, as well as out of its Chicago heartland, Sidley Austin LLP’s white-collar practice is well-positioned to advise clients regardless of geography and provides an ‘extremely high level of service’ to corporates and executives across the waterfront of white-collar matters including securities fraud, FCPA violations, tax and healthcare fraud, among others. Benefiting from a plethora of former federal prosecutors, including former first assistant US attorney in the Northern District of California David Anderson – who now heads the firm’s North California white-collar practice – the team has tremendous credibility before the regulators. Also a former federal prosecutor, global co-chair of the firm’s white-collar group Karen Popp ‘has an excellent knowledge of the Justice Department’ and is regularly involved in many of the most significant matters handled by the group including representing a national food distribution company in government investigations regarding alleged false claims and related violations. Also very accomplished at handling congressional hearings and public corruption matters – particularly out of its Washington DC office – the team represents a major defense contractor in a Senate Armed Services Committee investigation into the use of private subcontractors in Iraq and Afghanistan. The firm has an overarching strength across a range of highly regulated industries including healthcare/pharma where head of the firm’s food, drug and medical device compliance and enforcement practice Raymond Bonner provides ‘practical and balanced advice’ including representing employees of the Philippine office of a global pharmaceutical company against FCPA allegations. Clients include AT&T, Aventis, Bayer, Freddie Mac, Kraft, StatoilHydro and Tyson Foods.

Within Technology: data protection and privacy, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP’s global inter-disciplinary team draws support from lawyers across the firm. In the US, it has particular strength in the telecoms, financial services and healthcare sectors. Supported by a strong technology practice, the group is recognized for its data security, data breach and e-discovery expertise. Practice head Alan Charles Raul in Washington DC undertakes litigation and regulatory work, notably representing companies responding to FTC and other investigations and advising on public policy matters. The group is representing several clients in a major FTC data security investigation involving peer-to-peer file sharing and advising on compliance and strategies to combat cybersecurity challenges. Clients recommend Edward McNicholas, who represents leading telecom entities in the National Security Agency Telecommunications Records multi-district litigation in federal court in numerous class-action lawsuits alleging the unlawful disclosure of communications content and records to government agencies. Prominent clients include AT&T and Eli Lily.

Within Technology: transactions, Sidley Austin LLP is a third tier firm,

Sidley Austin LLP’s 54-lawyer technology transactions group focuses on capital markets, M&A, regulatory compliance and investment fund services. Commended for ‘excellent service in all respects’, the group has particular depth in IT procurement and outsourcing, digital media and entertainment, and life sciences. Jeffrey Rothstein in Chicago handles high-profile IP transactions and IT mandates, notably acting as co-counsel advising eBay on its £2.75bn sale of Skype. Other deals involve life sciences and technology expertise. Rothstein led teams assisting Monsanto on its crop gene collaboration with BASF, and GE Healthcare on its alliance with Intel to develop and market innovative technologies. Clients appreciate Mark Kaufmann’s ‘expertise, relationship skills and ability to get the deal done’, notably representing clients in the financial sector. A prestigious client list includes Hexima, Monsanto and Iridium Satellite.

Within Telecoms and broadcast: regulatory, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP’s David Lawson in Washington DC has represented AT&T for over a decade, notably in regulatory proceedings before the FCC and the US Congress. The group’s activity in the US is largely focused on providing regulatory advice to its flagship client. With 15 partners divided between Chicago and Washington DC, where it has close ties to the communications bar, the team’s ‘level of service is excellent, with particular expertise in FCC matters’. Recent mandates for AT&T include advising on wireless regulation and roaming rights, acting on several inter-carrier compensation disputes, and advising on the auction of wireless spectrum for broadband services. Cybersecurity and location reporting are other key issues. Carter Phillips and Mark Schneider, a former FCC associate general counsel, are assisting News Corporation, Fox Television Stations, and Tribune Company with challenges to the FCC’s maintenance of rules governing the cross-ownership of newspapers and broadcast properties and multiple ownership of television stations. The firm has also represented News Corporation and Fox in a variety of challenges to FCC rulings concerning its ban on broadcast indecency. Other work included advising GE Capital on the regulatory implications of restructurings and reorganizations, notably the impact of attribution, multiple and cross-ownership, and foreign ownership rules. Schneider and Michael Nemeroff successfully represented United States Cellular (USCC) in responding before the DOJ and FCC to a complaint filed under the False Claims Act against an FCC applicant in which a USCC subsidiary is the significant limited partner. The DOJ declined to prosecute the complaint, and the FCC granted the related applications.

Within Antitrust, tier 5

Sidley Austin LLP’s well rounded, full-service global antitrust practice advises a diverse client base on M&A transactions from several offices across the US and utilizes strong resources in London and Brussels, as well as its expanding offering in Asia. In Washington DC, the highly recommended Lawrence Fullerton – a former chief of staff for the Antitrust Division at the DOJ – acted for Aon Corporation regarding its proposed $4.9bn acquisition of Hewitt Associates. He also advised Viterra on the antitrust aspects of its recent acquisitions of Dakota Growers and 21st Century Grain Processing. Chicago-based John Treece is ‘very strong technically’ and ‘extremely responsive’, and is well known for advising pharmaceutical clients; he recently advised Astellas Pharma US in commercial litigation concerning allegations relating to its business model for a particular product. The practice has been bolstered by two new partners who were previously assistant US attorneys in the Northern District of California: David Anderson in San Francisco and Douglas Axel in Los Angeles will focus on criminal antitrust matters. Joel Mitnick in New York is also recommended.

Within M&A: large deals ($1bn-5bn), Sidley Austin LLP is a first tier firm,

Sidley Austin LLP’s M&A lawyers provide in-depth experience in the structuring, negotiation and financing of a broad range of domestic and cross-border M&A transactions. Highlights included the representation of Aon Corporation in its $4.9bn acquisition of Hewitt Associates, advising Alberto Culver Company in its pending $3.7bn sale to Unilever, and assisting General Electric Company in its proposed acquisition of Dresser. The team also acted for GE Capital in its acquisition of Citigroup’s portfolio of consumer credit card receivables and certain Citicorp sales finance consumer credit program relationships and related accounts, and acted for Corn Products International in its acquisition of National Starch (an AkzoNobel unit). In the upper mid-market, the practice represented Discover Financial Services in its proposed $600m acquisition of Student Loan Corporation. A number of sub-$500m deals were also notched up, such as acting for Guggenheim Partners in the $400m acquisition of Security Benefit Corporation, a provider of life insurance and investment and retirement products and services, advising Morgan Stanley, as financial advisor to AerCap Holdings, in AerCap Holding’s £302m acquisition of Genesis Lease, assisting Genentech in its $290m acquisition of a biologics facility in Singapore, and representing FLIR Systems in its proposed $276m acquisition of ICx Technologies. Chicago-based Frederick Lowinger and New York Scott Freeman are key contacts.

Within Real estate, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP has a national practice focusing on capital markets and finance orientated elements of the real estate industry. During the economic downturn the firm utilized its strong bankruptcy practice to support the emergence of a complex workout practice. Overall, more than 80 attorneys provide an ‘outstanding service’ from seven offices across Illinois, New York, Texas, California and Washington DC. Marc Hayutin, Lee Smolen and Alan Weil co-chair the global real estate group. Mark Poole – ‘prompt, practical, efficient and reasonable’ – and Martin Gold represented Delta Air Lines in a PPP concerning the development of three terminals at John F Kennedy International Airport. The project is to be funded with $825m tax-exempt bonds issued by the Port Authority of New York & New Jersey; federal Transportation Security Administration funds; passenger facility charges; and funds from the company. Weil acted for the City of New York on the transfer of control of Brooklyn Bridge Park from an entity controlled by the State of New York and on the negotiation of long-term ground leases for the park. He also represented Canada Pension Plan Investment Board on forming a joint venture with SL Green Realty Corporation and on the acquisition of 600 Lexington Avenue. Smolen, John Rafkin, James Seery, Paul Walker, Bruce Fraser and Philip Spahn all represented Wells Fargo Bank on transactions during 2010, including restructurings and foreclosures. These included a successful $1.4bn restructuring transaction involving collateral consisting of a portfolio of Chicago office buildings; and a successful $1.5bn restructuring transaction secured by 25 hotel properties across the US. Smolen and Michael Gordon represented Starwood Capital on the $509m acquisition from Teachers Insurance and Annuity Association of America of a portfolio of mortgage loans and B-notes secured on retail shopping centers and office buildings in ten states. Other clients include RREEF America LLC, Credit Suisse and NorthStar Realty Finance.

Within Domestic tax: Central, Sidley Austin LLP is a first tier firm,

Sidley Austin LLP’s Sharp Sorensen is head of the firm’s premier Chicago tax group and co-ordinator of the national tax practice. In addition to contributing a good deal of expertise to the firm-wide offering, the Chicago-based tax practice is respected in the region for its consistently high-quality tax advice, and has extremely good contacts with leading industrial and financial corporations. Clients commend effective team formation and appropriate staffing. The Chicago group has particular strengths in low income housing, railroads and state and in investment funds. Several partners practice widely in the insurance sector. Tracy Williams acts as federal and state tax counsel to the Property Casualty Insurers Association of America, and Suresh Advani led the team which represented insurance broker Aon Corporation through the merger of a subsidiary with human-resources firm Hewitt Associates; the aggregate equity of the deal, which closed in October 2010 was approximately $4.9bn. Lee Christie has represented various insurance companies and investment banks including Genworth, UBS, Nomura, Goldman Sachs and Credit Suisse in connection with insurance securitizations. Members of the group have also assisted in complex Chapter 11 reorganizations, including those for RH Donnelley Corporation, Smurfit-Stone Container and the Tribune Company.

Within Domestic tax: East Coast, tier 4

Sidley Austin LLP’s tax group provides ‘timely advice that is thorough, well thought out, and considers our business objectives’. The New York practice has an established reputation for expertise in financial products, structured finance and derivatives, and has more recently built strength in investment funds, M&A, insurance, capital markets, real estate, SALT, and municipal finance. David Miller is an expert in the real estate taxation practice; he counseled Brookfield Asset Management in connection with its acquisition of Crystal River Capital, a publicly held REIT. Paul Wysocki pays ‘great attention to detail but is also able to see the whole picture’, and is particularly expert in the hedge fund matters. Laura Barzilai, highly rated for insurance taxation, represented Guggenheim Partners in connection with its acquisition of Security Benefit Corporation. Clients of the practice include MI Developments, Aon Corporation, Brookfield Asset Management and Delta Air Lines.

Within Domestic tax: West Coast, Sidley Austin LLP is a third tier firm,

Sidley Austin LLP’s West Coast tax lawyers practice from the Los Angeles and San Francisco offices. In recent instructions, Edwin Norris, chair of the Los Angeles tax group, represented Warner Bros in connection with a high-value joint venture involving the production and distribution of numerous video games, and Ivy Jones provided tax advice to Fortress Investment Group in connection with a structural recapitalization of Legendary Pictures, the co-producer of films including ‘The Dark Knight’, ‘Superman Returns’ and ‘Inception’. Clifford Gerber, in San Francisco, is expert in the tax aspects of public finance. Clients include Catholic Healthcare West, City of Los Angeles and San Francisco Public Utilities.

Within Employee benefits and executive compensation, tier 5

Sidley Austin LLP’s nine-partner employee benefits and executive compensation group is lightly leveraged with the same number of other fee-earners in the Chicago-based department. The group’s services are ‘extremely valuable and highly productive as a result of excellent responses times, business acumen, and the appropriateness of advice’. Recommended lawyers include Robert Ferencz, Matthew Johnson, Stewart Shepherd and Beth Dickstein, ‘a particularly productive, efficient and well-thought of lawyer in this area’. Clients of the practice group include Booz Allen Hamilton, CDW Corporation, Corn Products International, Exelon and Hub International.

Within Financial products, Sidley Austin LLP is a second tier firm,

Sidley Austin LLP’s New York-based financial products tax experts ‘know the law very well, give good practical advice, and provide excellent service in a timely manner’. Robert Kreitman and Laura Barzilai are ‘never overly fixated on technical issues and are able to keep things in perspective; they devote to each issue exactly as much time as it deserves’. Recommended in New York, Nicholas Brown, best known for his work in equity, debt and hybrid financial instruments, equity, fixed-income and other types of derivatives, also works with insurance-linked products. Also expert in the tax issues of the insurance sector, Chicago-based R Lee Christie and Tracy Williams have represented insurers and banks including Genworth, UBS, Nomura, JPMorgan, Goldman Sachs and Credit Suisse in connection with insurance securitizations involving life insurance reserve financing, and have advised major insurers and reinsurers in connection with the purchase of reinsurance covering hurricane, windstorm and earthquake risk. Other challenging instructions of 2010 included advice to Cohen & Company Securities in connection with a private placement of asset-backed securities for subprime auto lender Consumer Portfolio Services; the novel transaction was a hybrid between warehouse financing and a traditional ABS financing.

Within International, tier 5

Sidley Austin LLP has built on a solid domestic tax offering to develop a cross-border practice capable of handling complex transactions with a European element. The global tax group is led by Chicago-based Sharp Sorensen, who, working with partners in the US and London, led the tax work on the eBay’s sale of Skype. Laura Barzilai and Paul Wysocki in the New York office are also highly experienced in international transactions.

Within Tax controversy, Sidley Austin LLP is a third tier firm,

Sidley Austin LLP’s tax controversy practice is co-chaired by Laura M Barzilai in New York, and Jay Zimbler in Chicago, and the group is also represented in San Francisco and Washington DC. Zimbler, the firm’s lead tax litigator, has represented Tyson Foods in a series of disputes, the latest being over the availability of research credit for items including the genetic testing of poultry. The firm’s SALT group increased to seven partners in April 2010 when Richard Leavy, previously a partner with Mayer Brown joined the New York office. Other recommended SALT lawyers include Chicago-based Scott Heyman and Tracy Williams, a specialist in the state taxation of insurance companies, who litigated for AIG in several states in cases involving the state taxation of premium and retaliatory taxes. Clifford Gerber in San Francisco is an expert in tax-exempt-financing. Most members of the controversy practice also handle advisory and transactional matters; a combination which clients confirm gives a valuable breadth of approach to IRS audits and administrative appeals. Practice clients include public and private companies, high-net-worth individuals and not-for-profit organizations such as PDV America, PepsiCo, Sprint Corporate and Sears, Roebuck & Co.