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Sullivan & Cromwell LLP

125 BROAD STREET, NEW YORK 10004-2498, USA
Tel:
Work +1 212 558 4000
Fax:
Fax +1 212 558 3588
Email:
Web:
www.sullcrom.com

Top-tier Firm rankings

Firm Rankings

Top-tier Firm rankings

Firm Rankings


United States

Real estate
Real estate - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s practice delivers an ‘extremely high quality of service’ and the team continued to feature prominently in major corporate deals involving real estate entities. In one highlight, Joseph Shenker and ‘very effective negotiatorArthur Adler acted for Vornado Realty Trust in connection with the tax-free spin-off of its Washington DC business and the $8.4bn merger of that business with JBG Companies. In another key transaction, Robert Downes assisted NorthStar Asset Management Group in its merger with Colony Capital and NorthStar Realty Finance. The practice also handles a sizable volume of equity deals for clients such as Goldman Sachs; recent examples include Anthony Colletta acting for Broad Street Principal Investments in the acquisition of both the Santa Monica Proper Hotel and the Austin Proper Hotel, and Benjamin Weber advising Delaware Life Insurance Company on a proposed preferred equity investment in a high-rise residential development project in San Francisco. Practice head Robert Schlein advises across the full spectrum of real estate matters and acted for KKR in its leasing of office space at 30 Hudson Yards. All named attorneys are based in New York, although the practice also has presence in Los Angeles.

Leading lawyers

Anthony Colletta - Sullivan & Cromwell LLP

Joseph Shenker - Sullivan & Cromwell LLP

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United States: Antitrust

Civil litigation/class actions
Civil litigation/class actions - ranked: tier 4

Sullivan & Cromwell LLP

Steven Holley and Yvonne Quinn (both in New York) and Daryl Libow jointly head the practice at Sullivan & Cromwell LLP, which handles follow-on actions arising from criminal antitrust investigations, standalone class actions (where no government investigation is involved) and private inter-competitor litigation. The firm is particularly successful in handling cutting-edge mandates for financial institutions. In a recent highlight, Libow and Amanda Flug Davidoff defended JPMorgan Chase & Co against three silver futures rigging lawsuits brought by silver futures traders. New York-based Richard Pepperman successfully represented Goldman Sachs as a defendant in a class action involving an alleged zinc price-fixing conspiracy. Recently promoted partner Joseph Matelis as well Robert Sacks and Adam Paris in Los Angeles are other key individuals in the team. Unless stated otherwise, named lawyers are based in Washington DC.

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Merger control
Merger control - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s Steven Holley, Daryl Libow and Yvonne Quinn jointly head the firm’s antitrust team, which handles every stage of the merger process for clients from a multitude of sectors. Holley is assisting Bayer with the merger clearance aspects of its $66bn acquisition of Monsanto. In another matter, recently promoted partner Joseph Matelis, based in New York, acted as antitrust counsel to Columbia Pipeline Group in its $13bn acquisition by TransCanada. Los Angeles-based Adam Paris is experienced in handling DOJ and FTC merger investigations. Holley and Quinn are based in New York, while Libow is based in Washington DC.

Next generation lawyers

Joseph Matelis - Sullivan & Cromwell LLP

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United States: Dispute resolution

Appellate: Supreme Court (federal and state)
Appellate: Supreme Court (federal and state) - ranked: tier 2

Sullivan & Cromwell LLP

Appellate: courts of appeals - ranked: tier 3

Sullivan & Cromwell LLP

Largely based out of New York, Sullivan & Cromwell LLP’s team stands out in the financial services sector and has numerous patent and antitrust appeals under its belt. Richard Pepperman acted for Goldman Sachs in a Second Circuit case challenging the limits of commercial and consumer end users plaintiffs’ standing in In Re Aluminum Warehousing Antitrust Litigation. He also dismissed seven actions deriving from the ‘London Whale’ trading losses for JPMorgan Chase, including an appeal to the Second Circuit pursuant to ERISA and filed by the class of participants in the company’s 401(k) savings plan. Garrard Beeney and Robert Giuffra successfully represented Stryker Corporation in the US Supreme Court case that affected the award of enhanced damages in patent infringement cases, widening the discretion of district court judges and amending the applicable standard of evidence; Washington DC’s Jeffrey Wall delivered the oral argument. Beeney argued for Cuozzo Speed Technologies in a challenge to the US Patent and Trademark Office’s approach to the America Invents Act’s post-grant proceedings. Joseph Neuhaus and Palo Alto’s Brendan Cullen are also noted.

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Corporate investigations and white-collar criminal defense
Corporate investigations and white-collar criminal defense - ranked: tier 1

Sullivan & Cromwell LLP

Steven Peikin is the managing partner of Sullivan & Cromwell LLP’s criminal defense and investigations group and Nicolas Bourtin is its deputy managing partner. Peikin worked alongside Karen Patton Seymour and Alexander Willscher in representing Barclays in global forex investigations. Daryl Libow helped BP to reach a settlement with the DOJ and other entities following the Deepwater Horizon oil spill. Peikin and Patton Seymour also represented Michael Coscia in the first anti-‘spoofing’ criminal trial. Richard Klapper helped Goldman Sachs to reach a settlement to resolve claims that concern its structuring, underwriting and sales of residential mortgage-backed securities (RMBS). Other key members of the team include Samuel Seymour. Libow and Christopher Viapiano are based in Washington DC and all others named are based in New York.

Leading lawyers

Karen Patton Seymour - Sullivan & Cromwell LLP

Samuel Seymour - Sullivan & Cromwell LLP

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Financial services: litigation
Financial services: litigation - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has a multi-disciplinary approach to work within the financial services sector and represents an impressive list of European and US banks across numerous forums, including government investigations and enforcement actions and private litigation. The ‘excellent’ Robert Giuffra continues to handle a range of contentious work for UBS, including successfully defending it - by arguing that the New York state court was not the correct forum - in a $30m fraud case instigated by Korea-based Hanwha Life Insurance concerning the alleged misrepresentation of two complex investment vehicles it purchased from UBS in Hong Kong. Richard Klapper has been pivotal to the firm’s ongoing defense of Goldman Sachs in RMBS-related investigations and private litigation, which recently culminated in a negotiated almost $5.1bn settlement with the DOJ. Jeffrey Scott has secured a string of notable victories for Barclays, including as a defendant in a ‘Flash Boys’-inspired claim relating to its internal trading venue. Although the firm is largely focused on the wholesale banking sector, Nicolas Bourtin and Washington DC-based Christopher Viapiano are currently acting for retail bank Wells Fargo in a high-profile dispute concerning employee sales incentives and practices. Sharon Nelles is also recommended, as is Elizabeth Davy, who specializes in AML, OFAC sanctions compliance and enforcement, and internal investigations.

Leading lawyers

Richard Klapper - Sullivan & Cromwell LLP

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General commercial disputes
General commercial disputes - ranked: tier 1

Sullivan & Cromwell LLP

With a strong track record in ‘bet-the-company’ litigation, Sullivan & Cromwell LLP is a popular choice for major European and US companies and financial institutions involved in complex and delicate disputes. Keeping the team busy in 2016 was its representation of Volkswagen in its $14.7bn settlement with customers and multiple regulators following the emissions scandal; Robert Giuffra led the team, which also included Sharon Nelles, Suhana Han and William Monahan. In a significant case concerning the correct standard for enhanced patent infringement damages awards, Jeffrey Wall in Washington DC successfully represented Fortune 500 company Stryker Corporation in the Supreme Court. Partners are based in New York unless otherwise stated.

Leading lawyers

Richard Pepperman II - Sullivan & Cromwell LLP

Next generation lawyers

Jeffrey Wall - Sullivan & Cromwell LLP

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International arbitration
Leading lawyers

Joseph Neuhaus - Sullivan & Cromwell LLP

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International litigation
International litigation - ranked: tier 3

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP advises a range of US and non-US companies on critical international disputes spanning investigations, regulatory matters and trials. In New York, Joseph Neuhaus advises on international commercial disputes and Nicolas Bourtin focuses on white-collar criminal defense and internal investigations, regulatory enforcement, and securities and complex civil litigation. Also based in New York, Darrell Cafasso advises multinational clients on regulatory and criminal investigations as well as securities law, bank regulation, consumer financial products and employment disputes. Theodore Edelman operates across the firm’s London and New York offices and his expertise spans antitrust, commercial contracts, banking, securities, insurance, IP, and M&A disputes.

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International trade
International trade - ranked: tier 4

Sullivan & Cromwell LLP

Drawing from practitioners in the firm’s top-notch white-collar and financial services regulatory groups, Sullivan & Cromwell LLP’s multi-disciplinary international trade group excels at providing economic sanctions, AML and FCPA advice to the firm’s impressive roster of domestic and international financial institutions. As well as advising on compliance issues, the team, which includes seven former federal and state prosecutors, is an excellent choice in global investigations and has been involved in most of the significant OFAC settlements for banks in recent years. Outside of the financial services sector, New York-based Nicolas Bourtin and Karen Patton Seymour represent a major European energy company in three high-profile FCPA investigations related to its oil and gas businesses in North Africa. Led by the ‘excellent’ Eric Kadel from Washington DC, the team is also regularly called upon to provide regulatory transactional support, including CFIUS advice, to clients engaged in M&A mandates in sensitive industries, such as semiconductors.

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M&A: litigation: defense
M&A: litigation: defense - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s litigation and transactional teams have become one of the dominant forces in the M&A market. John Hardiman, who won a $1.5bn victory for a European telecoms company in a multi-jurisdictional ICC arbitration concerning an international acquisition, and Brian Frawley are leading lights in New York. Frawley’s highlights included representing Columbia Pipeline Group in a challenge to its $13bn acquisition by TransCanada, in which he defeated a request to expedite litigation. Robert Sacks in Los Angeles, who has built a strong reputation in appraisal litigation, achieved a favorable settlement for ACE Ltd in a consolidated class action arising from the $28bn acquisition through merger with Chubb Corporation. Frawley and Sacks represented Valeant Pharmaceuticals in a securities class action filed in California that alleged the company provided inside information to Pershing Square Capital Management about its $55bn attempted takeover of Allergan. The firm’s client list includes AT&T, Onyx Pharmaceuticals and Everbank.

Leading lawyers

Brian Frawley - Sullivan & Cromwell LLP

Robert Sacks - Sullivan & Cromwell LLP

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

Sullivan & Cromwell LLP

In recent years, Sullivan & Cromwell LLP’s New York office has established itself as one of the powerhouses of financial crisis-related securities litigation and its list of significant victories for clients continues in the financial services sector and beyond. Robert Giuffra (who is ‘deservedly seen as a leading light’) obtained the dismissal with prejudice of an investor lawsuit against Goldman Sachs claiming that the bank overpaid its board by $2bn in the run up to the financial crisis. Jeffrey Scott successfully defended Barclays in a case brought by investors in the LX dark pool. Richard Klapper defended both Barclays and Goldman Sachs in cases alleging securities fraud and convinced the Second Circuit to grant separate petitions for class certification. The cases raise important issues about evidentiary standards for rebutting the fraud-on-the-market presumption. Richard Pepperman and Washington DC-based Daryl Libow scored a victory for BP at the Fifth Circuit in shareholder litigation arising from the Deepwater Horizon oil spill by securing a summary judgment in four matters on the basis that the plaintiffs had failed to show loss causation or damages. The firm also handled high-value matters for Volkswagen, BHP Billiton and Fiat Chrysler.

Leading lawyers

Robert Giuffra - Sullivan & Cromwell LLP

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United States: Finance

Capital markets: debt offerings
Capital markets: debt offerings - advice to issuers - ranked: tier 1

Sullivan & Cromwell LLP

Capital markets: debt offerings - advice to underwriters - ranked: tier 1

Sullivan & Cromwell LLP

The ‘top-notch’ group at Sullivan & Cromwell LLP is ‘excellent in every respect’, exhibiting a ‘business-friendly approach’, and ‘very deep bench’. The firm sits comfortably at the top of the market globally, which also ensures it is regularly involved in some of the most prominent cross-border matters. Most notably, the New York office teamed up with the London office to advise Anheuser-Busch InBev Finance on its $46bn offering of notes as well as on its subsequent $1.4bn offering of notes; the initial transaction was notable for being the second-largest corporate bond sale on record and the US side of the deal was led by Frank Aquila. Among its work for underwriters, Robert Risoleo assisted Citigroup Global Markets and UBS Securities with Aetna’s $13bn notes offering, while Los Angeles-based Patrick Brown advised the underwriters on two offerings of notes by AT&T totaling $10bn. Robert Downes and Catherine Clarkin are also highly regarded. Named partners are based in New York unless otherwise stated.

Leading lawyers

Robert Downes - Sullivan & Cromwell LLP

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

Sullivan & Cromwell LLP

Capital markets: equity offerings - advice to underwriters - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s New York-headquartered group acted on a steady flow of equity matters through 2016, and significantly its issuer-side practice set the pace for the department - historically it has been stronger on the manager side. Among the group’s recent highlights, deputy capital markets head Catherine Clarkin and Mitchell Eitel advised First Hawaiian Bank on its $557.7m IPO and spinoff from BNP Paribas, and John Evangelakos assisted Intercontinental exchange with its $1.3bn follow-on offering. In the Palo Alto office, John Savva and Sarah Payne advised SoftBank on the $10bn monetization of a portion of its Alibaba stake, including a $3.4bn private placement. On the underwriter side, Robert Downes acted for Bank of America Merrill Lynch and Wells Fargo Securities in Regency Centers’ $406.4m follow-on offering. The highly regarded Robert Buckholz coordinates the firm’s corporate and finance department.

Leading lawyers

Robert Buckholz - Sullivan & Cromwell LLP

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Capital markets: global offerings
Capital markets: global offerings - advice to issuers - ranked: tier 1

Sullivan & Cromwell LLP

Capital markets: global offerings - advice to underwriters - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s highly rated US practice, which has experienced partners in New York and Palo Alto, benefits greatly from close cooperation with colleagues in key centres such as London, Hong Kong, Beijing, Tokyo and Sydney. The firm’s global outlook is reflected in the fact that New York-based Robert Downes jointly heads the team with Carsten Berrar in Frankfurt. Most of the group’s largest mandates, be they debt or equity, or for issuer or underwriter, involve partners working across several offices. Recent examples include advising Anheuser-Busch on its $46bn bond offering, the second-largest corporate bond sale on record, and acting for Ferrari during its €500m debut bond offering on the Irish Stock Exchange. The firm also advised Japan Post on its $12bn triple IPO of shares in Japan Post Holdings, Japan Post Bank and Japan Post Insurance on the Tokyo Stock Exchange, which involved partners in Tokyo and New York. On the underwriter side, the team advised Bank of America Merrill Lynch and Goldman Sachs, among others, on Visa’s debut $16bn SEC-registered offering of notes. Ari Blaut is recommended as an up-and-coming partner.

Leading lawyers

Robert Downes - Sullivan & Cromwell LLP

Next generation lawyers

Ari Blaut - Sullivan & Cromwell LLP

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

Sullivan & Cromwell LLP

Experienced, thoughtful and practical’, the team at Sullivan & Cromwell LLP is ‘exceptional on any measure’. The firm houses a diverse high-yield debt practice, with specialist industry expertise in telecoms, healthcare and energy as well an impressive cross-border capability. Lawyers attract praise for their ‘outstanding insight’ and ability to ‘take the right tone with business leaders’. The ‘experienced and commercialRobert Downes advised AMC Networks on its $1bn high-yield offering, and Building Materials Corporation of America on multiple high-yield transactions, including a $1.1bn notes offering. Neal McKnight paired up with Downes to advise United Rentals (North America) on two offerings of high-yield notes worth a combined $1.5bn. Scott Miller, who splits his time between New York and Palo Alto, acted for DISH DBS during its $2bn offering of senior notes. John Estes and Palo Alto-based John Savva are also recommended. Named attorneys are based in New York unless otherwise stated.

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

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s highly focused team has a good reputation for high-end borrower work for major public corporations such as Bayer, which it represented on its $57bn bridge loan to finance its acquisition of Monsanto; this was the third-largest acquisition bridge financing to date and the largest-ever acquisition of an American company by a foreign buyer. Another major highlight was advising AT&T on its $40bn bridge loan to finance its $85bn acquisition of Time Warner. The team, which is led by Robert Downes, John Estes and S Neal McKnight, has a very broad skillset and is equally comfortable in the high-yield space as it is for acquisition finance. This was demonstrated in its advice to Concordia, which used a combination of a $520m equity raising and a debt financing, including a $790m high-yield bond and a $1.87bn senior secured term loan to finance its acquisition of Amdipharm Mercury. Other highly rated partners include Ari Blaut and Erik Lindauer.

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Financial services regulation
Financial services regulation - ranked: tier 1

Sullivan & Cromwell LLP

Well attuned to the ‘key issues on the minds of the domestic regulators’, the ‘outstanding’ New York-based team at Sullivan & Cromwell LLP benefits from ‘unparalleled industry knowledge’ and ‘leaves no stone unturned in handling significant US bank regulatory issues’. At the vanguard of critical issues affecting the financial services industry, the firm continues to provide standalone advice across central issues such as resolution planning, regulatory capital requirements and the Volcker Rule. The firm is perhaps best known, however, for its prowess in financial services M&A, where it is able to execute deals in a strategic manner that is cognizant of the ‘issues from the client’s perspective’. The ‘legendaryRodgin Cohen represented Swiss insurer ACE on its $29.5bn acquisition of US insurance holding company Chubb, with the combined entity creating the largest publicly traded property and casualty insurer; the deal required filings and regulatory approval processes in more than 30 US states and more than 40 other countries around the world. The ‘extremely knowledgeableMitchell Eitel is praised by clients for his ‘willingness to discuss the risks and benefits of all potential issues’ and recently advised JPMorgan Chase on its spin-off / management sale of Highbridge Principal Strategies, an alternative investment management business, to the management team. Rebecca Simmons is the primary contact for resolution planning work and as well as acting for a raft of leading banks on their living will requirements, also represents major trade association, The Clearing House, on its discussions with the FDIC on the resolution planning process and the implementation of Title II of Dodd-Frank. Other recommended partners include Mark Welshimer, for capital issues; Whitney Chatterjee, who continues to be active advising those in the alternative investment space on Volcker Rule issues; expert in anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) sanctions compliance and enforcement Elizabeth Davy; the up-and-coming Jared Fishman, who excels at financial services M&A and on AML/OFAC compliance; and the ‘outstanding’ Donald Toumey, for financial services M&A as well as economic sanctions matters. The arrival in October 2016 from the Federal Reserve Bank of New York of both Thomas Baxter and Charles Gray affords the team even greater credibility before the regulators.

Leading lawyers

Mitchell Eitel - Sullivan & Cromwell LLP

Rodgin Cohen - Sullivan & Cromwell LLP

Next generation lawyers

Jared Fishman - Sullivan & Cromwell LLP

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Project finance
Project finance: advice to lender - ranked: tier 4

Sullivan & Cromwell LLP

Project finance: advice to sponsor - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s ‘very intuitive’ team of ‘truly outstanding’ ‘industry leaders’ attracts praise for its ‘very high level of service’ and for its ‘professionalism and expertise, which are second to none’. It is particularly strong on the sponsor side; highlights included assisting Cheniere Energy with a $1.25bn bond offering to help repay debts incurred by the financing of a Texas LNG facility and pipeline, and acting for Minera Centinela on the development and financing of a $2.3bn copper, gold and silver project in Chile. Christopher Mann (‘a world-class partner who can communicate effectively on all levels’) has experience in projects in Latin America and Africa; he acted alongside John Estes and the ‘constructive, professionalInosi Nyatta for Minera Escondida on various financings and refinancings in connection with the Escondida copper project in Chile. In addition to its sponsor-side credentials, the department also acts for lenders and investors; highlights for Mann and Neal McKnight included advising Borealis Infrastructure Management, CPPIB and OTTP on their $2.8bn acquisition of Skyway Concession Company, operator of the Chicago Skyway toll road, from affiliates of Cintra and Macquarie. Sergio Galvis advised Sumitomo Metal Mining on its $1bn acquisition of a 13% stake in Arizona’s Morenci copper mine from Freeport Morenci.

Leading lawyers

Inosi Nyatta Sullivan & Cromwell LLP

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Restructuring (including bankruptcy): corporate
Restructuring (including bankruptcy): corporate - ranked: tier 6

Sullivan & Cromwell LLP

The team at Sullivan & Cromwell LLP comprises ‘smart, strategic deep thinkers that are immediately responsive’. The New York-based team is particularly strong on the creditor side but has also secured company-side engagements in Chapter 11 cases and out-of-court restructurings. On the creditor side, the firm has been representing the official committee of unsecured creditors in the Energy Futures Holdings bankruptcy. In another creditor-side energy engagement, Michael Torkin has been advising the ad hoc committee of creditors in the Key Energy Services bankruptcy in a successful pre-packaged Chapter 11 case - the client was able to list on the NYSE the day after emerging from bankruptcy. On the company side, Torkin and Andrew Dietderich represent Terraform Power and Terraform Global in relation to the SunEdison Bankruptcy and represent Ascent Resources in its $1.2bn out-of-court restructuring. The firm has also assisted Pacific Drilling in its attempts to restructure the business outside of the courtroom. Dietderich heads the team and is a ‘brilliant strategic thinker with excellent communication skills’. Litigator Brian Glueckstein is another name to note.

Next generation lawyers

Brian Glueckstein - Sullivan & Cromwell LLP

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United States: Industry focus

Energy transactions: conventional power
Energy transactions: conventional power - ranked: tier 2

Sullivan & Cromwell LLP

M&A, capital markets work, project finance and restructuring are strengths of Sullivan & Cromwell LLP’s practice, which is led from New York by M&A specialist Joseph Frumkin and private equity expert George Sampas. Frumkin advised UIL Holdings on its purchase by Iberdrola in the $18bn merger that created Avangrid, and acted for Pepco Holdings in its $6.6bn acquisition by Exelon. The team acts for pipeline owners too, advising Columbia Pipeline Group on its $13bn purchase by TransCanada. Project finance clients include Morgan Stanley and Crédit Agricole.

Leading lawyers

Joseph Frumkin - Sullivan & Cromwell LLP

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Energy transactions: oil and gas
Energy transactions: oil and gas - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s practice covers M&A, project finance and capital markets, and does ‘very, very good structured finance work’. Its upstream and midstream work is especially impressive: Joseph Frumkin and George Sampas acted for Columbia Pipeline Group in its $13bn acquisition by TransCanada, while John Estes and Washington DC-based Dennis Sullivan advised lenders including Crédit Agricole on a $500m loan to KKR for the latter’s purchase and leaseback of certain Pemex upstream assets. Named attorneys are based in New York except where indicated otherwise.

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Environment: transactional
Environment: transactional - ranked: tier 3

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s New York-based group is led by Matthew Brennan and Mark Rosenberg, who advise on corporate and commercial transactions across a broad range of sectors. The group assists with risk analysis and reduction, compliance strategies for current and pending legislation, climate change issues and indemnity and insurance. Notable work included advising Sempra Energy on a $7.4bn financing agreement towards the $10bn cost of a gas liquefaction facility in Louisiana, and acting for ZF Friedrichshafen in its $12.4bn acquisition of TRW Automotive, a matter involving an English law acquisition financing arrangement.

Leading lawyers

Matthew Brennan - Sullivan & Cromwell LLP

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Insurance: non-contentious
Insurance: non-contentious - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s New York-based team has a fine reputation in the corporate insurance sphere. Insurers, brokers and reinsurers are all clients of the firm, which handles domestic and cross-border M&A, debt issuances and other transactions within the insurance space. Stephen Kotran, Robert DeLaMater and insurance practice head Marion Leydier are assisting China Oceanwide Holdings with its $2.7bn acquisition of Genworth Financial, including advising on the client’s $600m and $525m cash contributions to Genworth’s respective outstanding debt and company restructuring. Its global capital markets expertise was in evidence in its advice to AIG on two debt offerings: a €750m aggregate principal amount of 1.500% notes and a $1.5bn principal amount of 3.30% notes. Other clients include Allianz, Swiss Re and Tokio Marine Holdings. The global insurance practice is chaired by cross-border financing expert William Torchiana, who splits his time between New York and Paris, and ably supported by M&A counsel Andrew Rowen and reinsurance specialist Mark Rosenberg.

Leading lawyers

Stephen Kotran - Sullivan & Cromwell LLP

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United States: Investment fund formation and management

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

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has a particular focus on providing regulatory advice to its manager client base. Whitney Chatterjee heads the team and advised the merchant banking division of Goldman Sachs on fund formation and regulatory issues concerning its co-investments and separately managed accounts, as well as on fund restructuring and Volcker Rule compliance. Joseph Hearn, who made partner in January 2016, advises family offices on various projects and handles fund M&A matters. Other clients include Millennium Management, 40 North Management, Tudor Investment Corporation and York Capital Management. Palo Alto-based Gary Israel is now of counsel. Unless otherwise mentioned, named individuals are located in New York.

Next generation lawyers

Joseph Hearn - Sullivan & Cromwell LLP

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United States: Labor and employment

Employee benefits and executive compensation (transactions)
Employee benefits and executive compensation (transactions) - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP centers its practice on high-profile corporate transactions. The team, which is spearheaded by acquisitions and divestitures expert Matthew Friestedt and Marc Trevino, was strengthened by the promotion to partner of Heather Coleman, who represented AIG in its joint venture with subsidiaries of Hamilton and Two Sigma to create Attune. Friestedt advised ACE on its $29.5bn acquisition of Chubb, and assisted Cablevision with its sale to Altice. The group also advised on FirstMerit’s merger with Huntington and assisted with First Niagara Financial Group’s $4.1bn acquisition by KeyCorp; Trevino and special counsel Rebecca Coccaro in Washington DC led on these matters. Named attorneys are based in New York except where noted otherwise.

Leading lawyers

Marc Trevino - Sullivan & Cromwell LLP

Matthew Friestedt - Sullivan & Cromwell LLP

Next generation lawyers

Heather Coleman - Sullivan & Cromwell LLP

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United States: M&A/corporate and commercial

Corporate governance
Corporate governance - ranked: tier 1

Sullivan & Cromwell LLP

Highlights for Sullivan & Cromwell LLP included acting for Bayer in its bid to acquire Monsanto and advising Suncor Energy on proxy contests. The firm represented the special committee of Solera Holdings in connection with its merger agreement with Vista Equity Partners. It also advised Wells Fargo on issues connected with its sales practices and Volkswagen on matters arising from its emissions controversy. It served as counsel to UBS Securities, Morgan Stanley, Goldman Sachs, Credit Suisse Securities and others acting as financial advisers to companies involved in M&A transactions. Marc Treviño and Glen Schleyer lead the practice, which is headquartered in New York. Other key figures include Rodgin Cohen and Stephen Kotran.

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

Sullivan & Cromwell LLP

Consistently engaged in substantial M&A transactions, Sullivan & Cromwell LLP is ‘appropriately commercial’, has ‘no comparison’ in the market, according to one client, and provides ‘best-in-class service and quality of legal advice’. The attorneys’ generalist training makes them ‘more rounded lawyers and individuals’ and enables them to ‘think on their feet and to look outside the box to come up with alternative solutions’. Clients also praise the ‘partner time and investment’ applied to transactions. The firm has built an enviable client base and is frequently selected by one-off or occasional clients for their most complex and challenging deals. Healthcare, life sciences, pharmaceuticals, energy and telecoms have been key sectors for the firm in recent years and it maintains an unrivaled reputation in financial institutions deals. Key clients include Anheuser-Busch InBev, Bayer, Cablevision Systems, Columbia Pipeline and AT&T, the last of which it advised on the proposed $108.7bn acquisition of Time Warner. The firm also represented Bayer in its $66bn acquisition of Monsanto, the largest all-cash takeover in history and the largest-ever acquisition of an American company by a foreign entity, and it acted for Cablevision Systems during its $17.7bn acquisition by Altice. Managing partner of the M&A group Joseph Frumkin has an outstanding reputation and has ‘seen it all’; he ‘brings a unique perspective to things’ and has led on many of the firm’s headline deals of recent years. Francis Aquila is of similarly high repute, with Matthew Hurd and Keith Pagnani having made an impression in a range of deals, especially in the healthcare and life sciences sectors; Hurd was lead partner on the Bayer transaction. Seasoned figure Rodgin Cohen remains at the forefront of the financial institutions sector and Los Angeles partner and ‘great lawyerAlison Ressler is one of the leading M&A specialists on the West Coast, as is Eric Krautheimer, who was one of the lead partners advising AT&T in the Time Warner deal and Bayer on its acquisition of Monsanto. George Sampas is a ‘wise head’, ‘proactive’ and ‘goes the extra mile to understand the economics of the client’s business’. Melissa Sawyer is ‘intelligent’, ‘technically very bright’, ‘commercial and interested in getting the deal done’ and a ‘superb M&A lawyer’. All named partners are based in New York unless stated otherwise.

Leading lawyers

Alison Ressler - Sullivan & Cromwell LLP

Frank Aquila - Sullivan & Cromwell LLP

Joseph Frumkin - Sullivan & Cromwell LLP

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Private equity buyouts
Private equity buyouts - ranked: tier 4

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s market-leading M&A practice may overshadow its activities in the private equity sector, but it has quietly assembled an impressive client list that includes names such as Apollo, Ares, Carlyle, CPPIB, Energy and Minerals Group, Goldman Sachs Capital Partners, Lion Capital, Ontario Teachers’ Pension Plan Board, Qatar Investment Authority and Versa Capital. The firm’s wider expertise and resources, including strong corporate governance and distressed investment expertise, are routinely deployed in complex and esoteric deals. In 2016, the firm advised the ad hoc committee of Key Energy’s senior notes, led by Platinum Equity, on Key Energy’s $750m deleveraging and recapitalization pre-packaged Chapter 11. In another major deal, the firm advised Ares, as the largest shareholder in Nortek, on Nortek’s $2.8bn acquisition by Melrose Industries. Los Angeles-based Alison Ressler has a stellar record in private equity deals for funds such as Ontario Teachers’ and Ares. In New York, George Sampas has worked on a series of deals for Energy and Minerals Group, Rhône Capital and CPPIB. New York’s Richard Pollack is another key team member.

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United States: Tax

Financial products
Financial products - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s New York-based financial products practice is led by Ronald Creamer, who recently advised AB InBev regarding its agreement with SABMiller to acquire all of SABMiller’s outstanding share capital, worth $71bn. Jeffrey Hochberg assisted SoftBank Group Corporation with its monetization of $8.9bn of its shares in Alibaba Group Holding through the issuance of exchangeable trust securities. Together with David Hariton, Hochberg regularly acts for the Federal Tax Committee of the Securities Industry and Financial Markets Association (SIFMA) in discussions with the Treasury Department and Internal Revenue Service (IRS) concerning new regulations; most recently, the rules regarding the tax treatment of equity derivatives.

Leading lawyers

David Hariton - Sullivan & Cromwell LLP

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International tax
International tax - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s team is experienced in M&A transactions, restructurings and transfer pricing issues. Global head of tax Ronald Creamer advised on the $66bn acquisition of Monsanto by his client Bayer; a highlight deal that represented the largest all-cash takeover in history, the largest-ever acquisition of an American company by a foreign buyer, and the largest ever M&A transaction by a German company. Davis Wang advised Ferrari and Fiat Chrysler Automobiles on the spin-off of its ownership in Ferrari to Fiat Chrysler shareholders, while David Spitzer assisted Swiss insurer ACE Limited with its acquisition of The Chubb Corporation for a combined cash/stock consideration valued at approximately $29.5bn. All named attorneys are based in New York.

Leading lawyers

Andrew Solomon - Sullivan & Cromwell LLP

Davis Wang - Sullivan & Cromwell LLP

Ronald Creamer - Sullivan & Cromwell LLP

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

Sullivan & Cromwell LLP

The ‘very responsive’ group at Sullivan & Cromwell LLP houses ‘expert and experienced partners’ and also draws on the wider experience of its litigation group. The team is involved in all levels of dispute resolution, from the audit level and IRS appeals to court litigation, and is acting for Ferrari and Fiat Chrysler Automobiles in an ongoing EU state aid investigation. EFH Official Committee, Foundry Group and GS Group are also clients. The group is led by Washington DC-based of counsel Donald Korb, who has ‘longstanding experience’, and New York-based Ronald Creamer. James Gadwood recently joined Miller & Chevalier Chartered.

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US taxes: non-contentious
US taxes: non-contentious - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s tax practice is well known for providing sophisticated, client-oriented advice on complex, cross-border transactions. New York-based Ronald Creamer led advice to Advance/Newhouse Partnership on the merger of its subsidiary Bright House Networks with Charter Communications and Time Warner Cable, creating a company with an equity value in excess of $80bn. Creamer also acted alongside Eric Wang for AB InBev on the tax aspects of its £71bn acquisition of SABMiller. Other clients include ACE Limited, Bayer AG, SIFMA and Enbridge. David Hariton, Andrew Mason and Jeff Hochberg are all noted.

Leading lawyers

David Hariton - Sullivan & Cromwell LLP

Ronald Creamer - Sullivan & Cromwell LLP

Next generation lawyers

Eric Wang - Sullivan & Cromwell LLP

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Latin America: International firms

Banking and finance
Banking and finance - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s relatively lean Latin America team has a huge reputation. Partners in the group are less specialised than in other firms, but are multi-skilled and frequently engaged in many of the most complex and challenging deals in the market. The firm often advises sovereigns and quasi-sovereigns on their debt transactions, refinancings and restructurings. It also represents a number of banks in the region in M&A, regulatory and crisis management issues. In addition, the firm has a much-celebrated sponsor-led project finance practice, especially in the oil-and-gas, infrastructure, and mining sectors. Clients include Bancolombia, Banco Santander, Bankia, Citigroup, Credit Suisse, Ecopetrol, Goldman Sachs and JP Morgan Securities. In February 2016, the firm represented Fiduciaria Bancolombia, as trustee of Fideicomiso PA Pacífico Tres, in a $380m project bond to finance the construction and improvement of toll roads in the Valle del Cauca region of Colombia; the financing formed part of the government’s 4G transport infrastructure programme. In 2015, the firm advised majority state-owned Colombian oil company, Ecopetrol, on a $1.92bn unsecured loan agreement with eight international banks. This was one of the largest ever loans provided to a Colombian borrower. The firm also represented Minera Escondida in various financings and re-financings connected to its landmark Escondida copper project in Chile. New York partner and head of the Latin America practice Sergio Galvis is a hugely respected and multi-skilled practitioner who leads a team that includes Robert Risoleo, a frequent adviser on Latin America financings, and John Estes, the co-head of the credit and leveraged finance practice and managing partner of the corporate and finance group. New York’s Christopher Mann, Werner Ahlers and Washington DC-based structured finance and commercial lending specialist Dennis Sullivan are also recommended.

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Capital markets
Capital markets - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP is a market leader in SEC-registered offerings by Latin American issuers, especially sovereign and supranational issuers. Clients include BBVA, Bancolombia, BNP Paribas, Citigroup, Credit Suisse, Ecopetrol, Inversiones CMPC, Banco Popular and Republic of Paraguay. The firm is designated underwriters’ counsel for offerings by the Republic of Colombia and in 2015 advised on a series of SEC-registered global offerings by the sovereign state. In addition, the firm advised the underwriters on a sequence of high-value global offerings by Mexico. This included a $2.25bn global bond offering in January 2016 and followed a series of transactions that implemented newly drafted collective action and ranking clauses, which are expected to set a precedent for future SEC-registered offerings by Latin American sovereign issuers. In another substantial transaction, the firm represented Ecopetrol, Colombia’s majority state-owned oil company in its $1.5bn SEC-registered debt offering. In the project-bonds sector, the firm advised Fiduciaria Bancolombia, as trustee of Fideicomiso PA Pacífico Tres, on a $380m project bond issuance to finance the construction and improvement of toll roads in Colombia’s north-eastern Valle del Cauca region. The Latin America team features a small group of senior regional specialists led by the hugely experienced Sergio Galvis in New York. Christopher Mann is another pivotal member of the team with an exceptional record in sovereign issuances. Washington DC partner Robert Risoleo is also a senior practitioner with leading sovereign expertise and fine ability on other product areas such as project bonds.

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Corporate and M&A
Corporate and M&A - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP consistently advises on many of the largest M&A transactions in Latin America and frequently ranks highly in terms of its M&A caseload by value. The firm is a dominant global player in financial institutions’ M&A and has a strong track record in Latin America to support this status; it recently represented Israel Discount Bank of New York in the sale of its Uruguayan banking subsidiary, Discount Bank (Latin America) to Scotiabank Uruguay for an undisclosed purchase price. Besides financial institutions, the firm is noted for its experience and expertise in energy and natural resources transactions, including M&A transactions linked to substantial project financings. In addition, it is widely recognised for its capabilities in other highly-regulated industries such as telecoms, where the firm has advised AT&T on a series of high-value transactions in the region. In addition, it advised Canada Pension Plan Investment Board (CPPIB) on a number of deals including its acquisition of a substantial minority stake in Transportadora de Gas del Perú (TGP) and a joint venture with TGP’s operating company, Tecgas. This was a hugely complex and multi-faceted transaction, which involved the acquisition of a 10.4% stake in TGP from Graña y Montero (GyM), the acquisition of a further 23.6% stake from Tecpetrol International, and the sale of a 51% interest in both Tecgas and Compañía Operadora de Gas del Amazonas (COGA) to GyM, Peru’s largest engineering and construction company. In another headline deal, the firm advised Diageo on its $1.8bn agreement to acquire full global ownership and control of Tequila Don Julio and for the early termination of Casa Cuervo’s production and distribution agreement with Smirnoff in Mexico. Head of the Latin America practice Sergio Galvis has an exceptional reputation in Latin America and is noted for his senior experience and heavy involvement in transactions. Christopher Mann has a similarly esteemed standing in the market, while Werner Ahlers has become a pivotal member of the team. Other partners outside the Latin America group, such as Francis Aquila, are also recommended for Latin America deals.

Leading lawyers

Christopher Mann - Sullivan & Cromwell LLP

Sergio Galvis - Sullivan & Cromwell LLP

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International arbitration
International arbitration - ranked: tier 5

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP stands out for the diversity of its client base and caseload, which spans investment treaty and commercial arbitrations, including ICC and ICDR claims. The financial services sector is a regular source of work for the five-partner team, with recent clients including Standard Chartered Bank, Puerto Rican financial institution Banco Popular and the Central Bank of Argentina. The majority of the team are based in New York, where arbitration group coordinator Joseph Neuhaus, the experienced Sergio Galvis and regulatory expert Sharon Nelles are key contacts.

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Projects and energy
Projects and energy - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLPtends to work on the important deals’ and has been at the forefront of Latin America projects for decades, extending back at least to the Escondida copper project in Chile back in 1988. It maintains an illustrious reputation in this segment, especially in the natural resources sector, and has a huge market share of the large mining projects in Chile. Of late, it has a growing number of infrastructure mandates. The experience and multiple skills of the individual partners makes the Latin America practice especially well positioned for large-scale and complex project finance transactions, and the team as a whole has developed close connections to many of the biggest sponsors operating in the region, including Anglo American, Antofagasta, HudBay Minerals, Sumitomo Metal Mining, and Sierra Gorda SCM. In 2016, the firm represented Fiduciaria Bancolombia, as trustee of Fideicomiso PA Pacífico Tres, in a $380m project bond to finance the construction and improvement of toll roads in the Valle del Cauca region of Colombia, as part of the nation’s 4G transport infrastructure programme. In addition, the firm advised GBM Infraestructura and Goldman Sachs Infrastructure Partners on the acquisition of all Oak Creek’s equity interest in the Tres Mesas wind project under development in Mexico. The core members of the Latin America practice all have project development and project finance experience: Robert Risoleo led on the Pacífico Tres project bond, and head of the Latin America practice Sergio Galvis and experienced partner Christopher Mann both have an extensive record in Latin America projects, as does John Estes.

Leading lawyers

Sergio Galvis - Sullivan & Cromwell LLP

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Further information on Sullivan & Cromwell LLP

Please choose from this list to view details of what we say about Sullivan & Cromwell LLP in other jurisdictions.

Australia

Offices in Melbourne and Sydney

China

Offices in Beijing

Germany

Offices in Frankfurt

France

Offices in Paris

Hong Kong

Offices in Hong Kong

Latin America: International firms

Japan

Offices in Tokyo

London

Offices in London

Philippines

United States

Offices in Washington DC, New York, Los Angeles, and Palo Alto

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