The Legal 500

Within Banking and finance, Allen & Overy LLP is a first tier firm,

Allen & Overy’s broad and strong practice has had notable success in representing major PRC banks on outbound transactions, including major LNG deals in Australia, and mining deals in Indonesia and Mongolia. The firm has done well in ‘cracking China’ with much credit going to Joseph Tse, who ‘thinks outside the box’ and is regarded as a ‘finance guru’ and the ‘go-to person’ for PRC outbound and structured deals. Clients commend the team’s ‘industry knowledge’, ‘quality of advice’ and ‘international capabilities’. Other key members are Vicki Liu (‘very commercial’, ‘responsive’, ‘good at focusing on the key issues’), and Asia managing partner Thomas Brown. The loss of Ashley Young to Kirkland & Ellis International LLP is a blow to its leveraged finance credentials.

Within Capital markets (debt), Allen & Overy LLP is a first tier firm,

Allen & Overy is one of ‘the best law firms in Asia for finance and capital markets products’. The firm worked on a significant share of the RMB bonds that have come to market, with Walter Son very much to the fore. The firm also leads the way in hybrid capital and MTN programmes, and with a potent US securities team, it also has a blossoming high-yield debt practice. The firm worked on the first corporate hybrid issued out of the Philippines and the headline Alliance Global $500m high-yield bond. Andrew Harrow heads the department.

Within Capital markets (equity), Allen & Overy LLP is a third tier firm,

Allen & Overy has suffered from a lack of volume in recent years, but still has a hand in landmark deals such as the giant $22.1bn dual listing of Agricultural Bank of China in 2010; David Johnson and Mark Roppel were the lead partners. With the return of Chris Swift to the Hong Kong office, much more is expected from this department.

Within Corporate (including M&A), Allen & Overy LLP is a second tier firm,

Allen & Overy has taken great strides forward since the loss of a large team to Latham & Watkins LLP in 2008. Former Beijing partner Mark Roppel (‘high-level and professional’, ‘provides a comprehensive legal service’) has played an integral role in developing the firm’s PRC client base, including acting for Sinopec on its first acquisition of overseas upstream assets, in Angola. The firm also retains a fervent PRC inbound practice. The Hong Kong practice was also further buoyed by the return of ‘good operator’ Chris Swift from Tokyo.

Within Dispute resolution, Allen & Overy LLP is a second tier firm,

Allen & Overy is a major player in the financial institutions litigation space and provides a ‘Rolls-Royce’ service with ‘responsive and bright lawyers supplying focused commercial legal advice’. It is a market leader in white-collar crime thanks to the presence of Simon Clarke (‘very knowledgeable’, ‘commercial’ and ‘personable to work with’). Fai Hung Cheung has also worked hard to develop the anti-bribery practice in Greater China. For contentious regulatory and investigations, Angus Ross (‘very responsive’, ‘cares about the client relationship’) is making headway.

Within Dispute resolution International arbitration, Allen & Overy LLP is a first tier firm,

The ‘preeminent’ practice in Hong Kong, Allen & Overy has genuine arbitration credibility, with the immensely experienced Matthew Gearing (‘the best arbitration lawyer in Hong Kong’) leading the charge on investor-state, corporate and banking disputes around Asia. The team recently acted for an international bank in bringing a claim under the Germany-Sri Lanka Bilateral Investment Treaty (BIT) against Sri Lanka. Consultant Frances van Eupen provides further senior firepower.

Within Investment funds, Allen & Overy LLP is a third tier firm,

Allen & Overy is active in retail fund authorisation work, private equity funds and hedge funds, and is currently advising an asset manager regarding the establishment of an RMB-denominated bond fund. Alan Ewins leads the team, and recently acted for ING Investment Management on various matters, including the authorisation of a UCITS fund domiciled in Luxembourg.

Within Legal market overview,

In August 2011, Kirkland & Ellis International LLP made the biggest splash by hiring seven partners from Skadden, Arps, Slate, Meagher & Flom LLP, Allen & Overy and Latham & Watkins LLP. These include leading M&A partner Nicholas Norris and eminent capital markets partner Dominic Tsun.

Within Private equity, Allen & Overy LLP is a third tier firm,

Allen & Overy has made significant inroads into the Asia private equity arena with deals for Blackstone, Carlyle and Goldman Sachs Private Equity. Recently the firm advised Carlyle on its disposal of China Pacific Insurance by way of two block trades. Jeremy Hunt is the lead partner.

Within Projects and energy, Allen & Overy LLP is a first tier firm,

Allen & Overy has a superb reputation for its finance-focused projects practice, and advises banks, ECAs, sponsors and project companies. The team has recent experience in renewables work, and in 2010 Roger Lui represented the International Finance Corporation on the project financing for the development of the Gansu Guazhou wind power project. The group also advises on oil and gas and petrochemicals projects, and infrastructure developments. Thomas Brown is recommended for his experience, and Joseph Tse is also praised for inbound and outbound PRC financings, and advises a host of Chinese banks.

Within Real estate, Allen & Overy LLP is a second tier firm,

The ‘professional’ six-partner team at Allen & Overy acts for investors, lenders and occupiers on conveyancing, leasing and real estate M&A transactions. The group recently asssisted HSBC NF on property aspects of the sale of Metropolis Holding China, the owner of Metropolis Tower in Beijing. Well-respected practice head Simon Reid-Kay advised on the real estate issues relating to the proposed purchase of the holding company of the PCCW Tower in Quarry Bay.

Within Regulatory, Allen & Overy LLP is a second tier firm,

Allen & Overy fields an impressive team, advising on contentious and non-contentious regulatory work. It has multi-jurisdictional expertise, and advises on compliance, regulatory investigations, dispute and risk management. Alan Ewins leads in non-contentious matters, and advised an international bank on the new Hong Kong suitability regime, and also assisted several PRC asset management companies on licensing and establishment arrangements. On the contentious side, Simon Clarke, Angus Ross and Fai Hung Cheung are particularly noted for investigation work.

Within Restructuring and insolvency, Allen & Overy LLP is a first tier firm,

Allen & Overy fields an experienced multi-jurisdictional practice, with the ‘premier lawyer in Asia Pacific for distressed investments and restructuring work’, David Kidd, at the helm of the practice. Kidd is advising all of the separate creditors’ committees on the restructuring of Dubai World, Nakheel and Dry Docks World, with debt totalling $28.5bn. The team also advised PwC as receivers, and HSBC Bank USA, National Association as trustee of the Lehman Brothers minibonds, with a value of $1.4bn and affecting 40,000 retail investors; settlement was reached in June 2011. Senior partner Joseph Tse is also active in the arena. Tse recently represented a Chinese investor with debt investment in Hungarian chemicals manufacturer BorsodChem following the distressed acquisition of BorsodChem by Wanhua Industrial Group. Associate Richard Woodworth is recommended.

Within Structured finance and securitisation, Allen & Overy LLP is a first tier firm,

Providing ‘practical legal advice’ and ‘facilitating the speedy closure of transactions’, Allen & Overy has a superb OTC derivatives and structured finance practice. The team regularly advises the International Swaps and Derivatives Association (ISDA), and has been appointed by ISDA to advise on the credit derivatives market in India, opening up in October 2011. The ‘very good’ Matthew Hebburn led in advising Deutsche Bank on the $40m issuance of synthetically-linked notes to China Petroleum and Chemical Corporation CNY convertible corporate bonds with detachable warrants. Catherine Husted is ‘clever, responsive and knowledgeable’ and has regulatory and OTC derivatives expertise. Yvonne Siew is ‘at the top of the tree’.

Within TMT, Allen & Overy LLP is a second tier firm,

Allen & Overy ‘consistently provides an outstanding level of service’, attributed to its Asia head of communications, media and technology Will McAuliffe. McAuliffe is ‘a trusted adviser, who repeatedly demonstrates avid interest and commitment to his clients, making them feel as if nothing is too much trouble’. The group is recognised for its corporate and M&A abilities in the TMT sector, and recently advised longstanding technology client SunGard Data Systems on several proposed acquisitions of IT companies in the region. Jeremy Hunt is also recommended.