Firms To Watch: Capital markets: equity offerings

McGuireWoods LLP has built a significant presence in mid-cap IPOs and follow-on offerings. With capital markets lawyers across multiple offices, it has landed an impressive client base, particularly on the issuer side. Stephen Older co-chairs the capital markets group from New York.
Nelson Mullins Riley & Scarborough LLP has impressed with a steady pipeline of SPAC IPOs and de-SPAC transactions. Jonathan Talcott is co-chair of the securities group and Andrew Tucker also impresses clients in the SPAC field. Both are based in Washington DC.

Capital markets: equity offerings in United States

Baker Botts L.L.P.

Baker Botts L.L.P. has outstanding credentials in the energy sector, which provides it with a steady pipeline of equity offering engagements. The firm is regular counsel to both issuers and underwriters. It has a particularly strong record in MLPs, structured equity products and has made a further impression in SPAC IPOs. Joshua Davidson is chair of the capital markets group and Doug Getten is another key partner. Both are based in Houston.

Practice head(s):

Mike Bengtson; Samantha Hale Crispin; Joshua Davidson

Other key lawyers:

Doug Getten; Jamie Yarbrough


‘The Baker Botts team was knowledgeable and collaborative, working to resolve issues practically. The team was thoughtful in their approach to resolve issues and the work product was outstanding.’

‘Joshua Davidson brought a wealth of experience, institutional knowledge and easy to understand advice to the transaction.’

‘Jamie Yarbrough was outstanding in navigating sophisticated transactions. He managed the expectations and concerns of multiple parties, resulting in a successful deal.’

‘Excellent partners, good industry knowledge and expertise.’

‘Creative thinking and collaborative process.’

Key clients

BofA Securities, Inc.

CenterPoint Energy, Inc.

Citigroup Global Markets, Inc.

Clearway Energy Operating LLC

Coterra Energy Inc. (formerly Cabot Oil & Gas Corporation)

Credit Suisse Securities (USA) LLC

Dream Finders Homes, Inc.

DZS, Inc.

EnLink Midstream, LLC

Haliburton Company

Helix Energy Solutions

J.P. Morgan Securities LLC

Liberty Media Corporation

Morgan Stanley & Co. LLC

NRG Energy, Inc.

RBC Capital Markets, LLC

Seaport Global Securities LLC


Stephens, Inc.

Summit Midstream Partners, LP

Sunnova Energy International Inc.

Transocean Inc.

Underwriters for Calumet Specialty Products Partners

Underwriters for Crestwood Midstream Partners L.P.

Underwriters for Magnolia Oil and Gas Corporation

Valero Energy Corporation

Westlake Corporation

Work highlights

  • Represented Sunnova Energy International in a $500m convertible senior notes offering.
  • Represented DNB Markets in a $250m offering of common shares of Borr Drilling.
  • Represented the underwriters in the $230m IPO ivy Clean Earth Acquisitions Corp, a SPAC.

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP’s outstanding reputation in the capital markets sphere, particularly in high-yield debt, and its strong connections to underwriters, brings it a steady pipeline of equity offering engagements. It is also noted for sponsor-backed IPOs and has maintained its presence in at-the-market (ATM) programs. It has notable record in tech and gaming company offerings. William Miller is a key partner in New York. Corey Wright and Marc Lashbrook have left the firm.

Other key lawyers:

William Miller

Key clients

Citigroup Global Markets Inc. / Citigroup Global Markets Limited

Credit Suisse Securities (USA) LLC

Deutsche Bank Securities Inc. / Deutsche Bank AG, London Branch

Morgan Stanley & Co. LLC

Mizuho Securities USA LLC

J.P. Morgan Securities LLC / J.P. Morgan Securities plc

Wells Fargo Securities, LLC

BNP Paribas Securities Corp.

SMBC Nikko Securities America, Inc.

Work highlights

  • Represented the underwriters in a $396m equity offering by Gaming & Leisure Properties.
  • Represented the banks in connection with a public secondary offering of Consensus Cloud Solutions.
  • Represented Citigroup Global Markets in connection with an at-the-market offering program for the public offering of up to $100m of common stock by Danimer Scientific.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has an established record in equity offerings by both domestic and international issuers, especially Latin American issuers. It continues to be noted for carve-outs and IPOs in the technology sector. Despite a plunge in volume of deals in 2022, the firm achieved a series of impressive engagements, including representing GlobalFoundaries in its $2.59bn IPO and American Tower Corporation in its $2.4bn SEC-registered common stock offering. The firm’s impressive capital markets team features senior figures such as Jeffrey Karpf, Craig Brod, David Lopez, Adam Fleisher and Latin America specialists Nicolas Grabar and Francesca Odell.

Other key lawyers:

Jeffrey Karpf; Craig Brod; David Lopez; Adam Fleisher; Nicolas Grabar; Francesca Odell; Elizabeth Chan


‘The team represents the ideal combination of good, senior know-how and efficient allocation of resources.’

‘Elizabeth Chang stands out as always available, helpful and knowledgeable. She goes above and beyond, picking up on potential future issues as well as keeping track of the current deal issues. She deftly manages representing the underwriters vigilantly, but also looking out for the issuer, a true and rare “win-win”!’

Key clients

GlobalFoundries, Inc.

American Tower Corporation

MercadoLibre, Inc.

The underwriters to The Bank of New York Mellon Corporation

Vale S.A.

The underwriters to Edison International

The underwriters to Equatorial Energia S.A.

Eneva S.A.

LivaNova PLC

The underwriters for Tuya Inc.

The underwriters to Enact Holdings

MELI Kaszek Pioneer Corp. (MEKA) (MercadoLibre, Inc. and Kaszek)

dMY Technology Group, Inc.

TLGY Acquisition Corporation (Longhua Innovation Capital Ltd.)

CI&T Inc.

The Lion Electric Company, Inc.

The underwriters to Corebridge Financial & AIG

TPG and PAG Asia Capital as selling shareholders of Cushman & Wakefield

Post Holdings, Inc.

The underwriters to DRS

Work highlights

  • Represented GlobalFoundries in its $2.59bn IPO.
  • Represented American Tower Corporation in its $2.4bn SEC-registered common stock offering.
  • Acted as counsel to MercadoLibre in its $1.55bn public common stock offering.

Cooley LLP

Cooley LLP is perennially dominant in equity offerings, especially IPOs. Despite the slowdown in IPOs during 2022, the firm maintained a significant pipeline of follow-on offering engagements. It remains especially well known in new economy businesses, notably the life sciences and tech sectors. With its start-up and emerging company history, the firm has expanded its list of later-stage private company clients that are looking to tap the capital markets, along with a stellar list of underwriter clients. It too has expanded its ECM capabilities in key offices such as Chicago and Los Angeles. San Diego partner Charlie Kim and San Francisco’s David Peinsipp lead the capital markets team, which includes emerging talent Richard Segal. New York’s Div Gupta has an outstanding record in IPOs, including those in the healthcare and life sciences sectors, and is also a regular counsel to underwriters. Palo Alto partners Eric Jensen and Jon Avina are also key figures, along with Eric Blanchard in New York. Nicole Brookshire has left the firm.

Practice head(s):

Charlie Kim; David Peinsipp

Other key lawyers:

Eric Jensen; Jon Avina; Eric Blanchard; Div Gupta; Richard Segal; Christina Roupas; John-Paul Motley


‘This team is very practical, responsive, and mindful of dynamics.’

‘Very plugged into the IPO market, know the companies very well, deep bench of experienced and commercial partners, able to look at both sides of a transaction and work towards the right outcome for the company and the banks.’

Key clients

Allbirds, Inc.

CinCor Pharma, Inc.

AN2 Therapeutics Inc

SiTime Corporation

Sweetgreen, Inc.

Mirati Therapeutics


Braze, Inc.


Legend Biotech



BofA Securities, Inc.


Goldman Sachs & Co. LLC

J.P. Morgan Securities

Morgan Stanley & Co. LLC

SVB Securities

Citigroup Global Markets

Cowen & Company

Work highlights

  • Advised Sweetgreen on its $418m IPO on the NYSE.
  • Advised Allbirds on its $348m IPO.
  • Advised the underwriters on Expensify’s $302m million IPO.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has an outstanding record in big-ticket equity offerings for domestic and international issuers. The firm is rated for both issuer and underwriter engagements and has a wealth of senior talent that operates across the debt and equity offering spheres. It is especially well known for industrial IPOs and has further strength in financial services and insurance offerings. With fewer IPOs in the market, the capital markets team has worked more intensively with M&A colleagues, particularly in relation to corporate separations and spin-offs. It represented the underwriters in two registered offerings of depositary shares representing preferred stock of The PNC Financial Services Group, totalling $2.25bn. William Fogg and Andrew Pitts have outstanding reputations, along with Nicholas Dorsey and Scott Bennett. Michael Mariani and Daniel Haaren are also increasingly prominent. Douglas Dolan has been promoted to partner.

Practice head(s):

Craig Arcella; William Fogg; Andrew Pitts

Other key lawyers:

Nicholas Dorsey; Scott Bennett; Michael Mariani; Daniel Haaren; Douglas Dolan

Key clients


Burford Capital

Hain Celestial


Robotic Research



White Mountains

Various financial institutions

Work highlights

  • Represented the underwriters in two registered offerings of depositary shares representing preferred stock of PNC, totalling $2.25bn.
  • Represented the underwriter in the $1.3bn registered secondary common stock offering of The Mosaic Company.
  • Represented ADT in its $1.2bn equity tender offer to be funded by the proceeds from State Farm’s equity investment.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP is a global leader in capital markets, including equity offerings. The firm has an exceptional record in representing underwriters and issuers, including growth in tech offerings. Healthcare and life sciences are also areas of strength, along with offerings by overseas issuers, including those from Latin America. During 2022, the firm continued to work on a series of IPOs, ATM offerings and block trades. It advised Equinix on two SEC-registered at-the-market offerings with aggregate value of $3m. Michael Kaplan and Richard Truesdell are big names in the market and Byron Rooney has earned many accolades in recent years. Derek Dostal, John Meade, Deanna Kirkpatrick and Nicole Brookshire are also prominent names and Alan Denenberg is a key figure in Northern California.

Other key lawyers:

Michael Kaplan; Richard Truesdell; Byron Rooney; Derek Dostal; John Meade; Mark Mendez; Deanna Kirkpatrick; Nicole Brookshire; Alan Denenberg

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP remains noted for its expertise in financial services, healthcare, media and entertainment. It advised Corebridge Financial and American International Group on Corebridge’s $1.7bn IPO. It has also maintained a steady flow of deals thanks to its connections to top private equity houses and has achieved further recognition for its work in SPAC and PIPE deals. Paul Rodel and Steven Slutzky lead the team, which includes senior names Matthew Kaplan, Eric Juergens, Morgan Hayes and Peter Loughran.

Practice head(s):

Paul Rodel; Steven Slutzky

Other key lawyers:

Peter Loughran; Morgan Hayes; Matthew Kaplan


‘Debevoise handled our IPO in 2016, and we have continued to rely on them for guidance on possible equity offerings. Though we haven’t yet pulled the trigger on a supplemental offering, they have positioned us with a shelf registration and remain ready to initiate an offering if we decide we need it. In short, they have maintained the company’s flexibility to raise money through an equity offering.’

‘Excellent, thought partners and always focused on efficiency.’

Key clients

Access Industries, Inc.

agilon health

American International Group

Ambac Assurance Corporation

Antares Holdings LP

BofA Securities, Inc.


Booz Allen Hamilton

Carlyle Group

Wm Morrison Supermarkets Limited

Clayton Dubilier & Rice, LLC

Core & Main Inc.


Prudential Plc

Cornerstone Building Brands, Inc.

DoubleVerify Inc.

National Life Group

Fifth Wall Ventures Management, LLC

Gogo Inc.


Jackson National Life

Goldman Sachs Group

International Paper Company

JetBlue Airways Corporation


Pacific Life Insurance Company

Multi-Color Corporation (MCC)

Principal Financial Group

Spirit Airlines

The Teachers Insurance and Annuity Association (TIAA)

United Insurance Holdings Corporation

Warner Bros. Discovery, Inc.

Warner Music Group

Westpac Banking Corporation

Work highlights

  • Advised Corebridge Financial and American International Group on the $1.7bn IPO of Corebridge.
  • Represented Core & Main in its $802m IPO.
  • Represented agilon health in its $1.2bn IPO.

Dechert LLP

Dechert LLP’s capital markets practice remains closely associated with life sciences and permanent capital vehicles, including business development companies. It is also noted for cross-border offerings, including those from Latin America. Thomas Friedmann, Boston managing partner and co-chair of the capital markets group, is noted for permanent capital vehicle transactions. New York partner David S Rosenthal co-heads the capital markets group and has a long track record in life sciences transactions.

Practice head(s):

Thomas Friedmann; David Rosenthal

Key clients

Aquestive Therapeutics

B&G Foods

Bain Capital Specialty Finance

BC Partners



Business Development Company of America

Diffusion Therapeutics

EaglePoint Credit Company

FS Investment Corporation

Golub Capital BDC, Inc.

Griffon Corporation

Hercules Capital

Horizon Technology Finance

Main Street Capital Corporation

PennantPark Investment Corporation/PennantPark Floating Rate Capital

Piper Sandler

Raymond James


TriplePoint Capital

Via Optronics

WhiteHorse Finance

Work highlights

  • Advised Cerus Endovascular on its negotiated sale to Stryker Corporation by way of a scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006 (as amended).
  • Represented Golub Capital BDC 4 in the organisation and launch of a business development company, including private placement of shares of common stock.
  • Advised the special committee of the board of directors of SLR Senior Investment Corp in connection with its merger with SLR Investment Corp.

DLA Piper LLP (US)

DLA Piper LLP (US) has maintained strong activity levels, advising on a range of IPOs before that market shut down, and then moving on to a steady pipeline of follow-on offerings. The firm worked on an impressive number of SPAC IPOs and during 2022 advised on a series of de-SPAC transactions. It is best known for mid-cap deals, equally strong for issuer and underwriter engagements. Life sciences, technology, REITs, aerospace and defense are key sectors. New York partner Christopher Paci leads the capital markets group, which includes chair of the SPAC transactional practice Jeffrey Selman in San Francisco and New York-based emerging talent Stephen Alicanti, who is also noted for SPAC transactions. Seattle-based Bianca LaCaille impresses at associate level.

Practice head(s):

Christopher Paci

Other key lawyers:

Jeffrey Selman; Stephen Alicanti; Bianca LaCaille; Andrew Ledbetter; Anna Spence; Sanjay Shirodkar; Patrick O’Malley


‘We have used DLA Piper’s capital markets team to prepare for and execute our IPO as well as support SEC filings and related matters thereafter. The partners and associates are friendly and efficient. They collaborate as most helpful for us.’

‘Bianca LaCaille and Andrew Ledbetter have been a pleasure to work with and are clear experts in their field. They work efficiently and always make themselves available for both big projects and one-off questions. We view them as trusted partners.’

‘DLA has a truly global platform that can provide capital markets advice on US, UK and EU offerings simultaneously, in an integrated, efficient manner.’

‘Sanjay Shirodkar and Anna Spence are the two securities law partners that have led the DLA capital markets team. Both are highly knowledgeable, approachable and efficient in responding to our questions or meeting our tight timetables. We value their advice on achieving practical solutions and successful offerings.’

‘The team is made of highly skilled attorneys that are effective communicators and are always able to find an answer or solution no matter how unique the question. They are always available and truly put their clients first.’

‘I have worked closely with Patrick O’Malley and Bianca LaCaille over the past year and they both have gone above and beyond in their representation. I know that if an issue comes up they will be able to get me an answer at the drop of a hat. They are always going the extra mile and I know that the work product will always be the highest quality.’

Key clients

J.P. Morgan Securities LLC

W. P. Carey Inc.

Citigroup Global Markets Inc.

Cantor Fitzgerald & Co.

Globant S.A.

Cowen and Company, LLC


Empresa de Energia del Cono Sur S.A. (Edelcos)

Work highlights

  • Represented WP Carey in its $1bn at-the-market (ATM) common stock offering.
  • Represented the joint book-running managers in Concord Acquisition Corp III’s upsized IPO.
  • Represented JP Morgan Securities in a follow-on underwritten public offering of $115m of common stock of Grid Dynamics Holdings.

Fenwick & West LLP

Fenwick & West LLP has an outstanding record in IPOs, follow-on equity offerings, PIPEs and venture capital investments. The firm is a market leader in technology and life sciences transactions. It has made a further impression in direct listings and advised ZipRecruiter on its direct listing on the New York Stock Exchange (NYSE). San Francisco partner Robert Freedman leads the team; Santa Monica’s Ran Ben-Tzur, Mountain View partner Gordon Davidson, and Seattle partners Amanda Rose and Effie Toshav are also rated.

Practice head(s):

Robert Freedman

Other key lawyers:

Michael Brown; Amanda Rose; Ran Ben-Tzur; Gordon Davidson; Alan Smith; Effie Toshav; Michael Pilo; Aman Singh; Jennifer Hitchcock; Katherine Duncan


‘Responsive and focused on the best outcome for the company.’

‘What makes Fenwick unique is the deepness of their bench. Fenwick uses a team to service a particular client and as such, get the benefit of the right level of support as well as having someone always available.’

‘The individuals I work with routinely go above and beyond. They are all very client focused and get excellent legal services. Although I know how incredibly busy and sought out they each are, I am often made to feel as if I were their only client. In particular, I would like to give a shout-out to Michael Brown, Amanda Rose, Jennifer Hitchcock and Katherine Duncan.’

Key clients



Basis Global Technologies, Inc.

Castlight Health

Chinook Therapeutics, Inc.


Coinbase Global, Inc.

Day One Biopharmaceuticals, Inc.

DICE Therapeutics, Inc.

Elevation Oncology


GitLab, Inc.

Jam City, Inc.

Nextdoor Holdings, Inc.

Nurix Therapeutics, Inc.

Remitly Global, Inc.



Third Harmonic Bio


UserTesting, Inc.


Vocera Communications

Workday, Inc.


zSpace, Inc.

Zuora, Inc.

Work highlights

  • Advised GitLab on its IPO of 10,400,000 shares of its Class A common stock to the public.
  • Represented the underwriters in Informatica’s IPO.
  • Advised ZipRecruiter on its direct listing on the New York Stock Exchange.

Freshfields Bruckhaus Deringer LLP

Freshfields Bruckhaus Deringer LLP has a women-led and women-dominated capital markets group. It continues to make a strong impression on both sides of the Atlantic and is noted for its connections to start-ups right through to established public companies. It has a particularly strong record with issuers, though has strong relationships with all the major underwriters. In addition, through Silicon Valley partner Pamela Marcogliese the team has extensive expertise in corporate governance and has made an impression in the creation of public benefit corporations. It has continued to be prominent in SPAC IPOs and de-SPAC transactions. New York’s Valerie Ford Jacob is co-head of the global capital markets group and remains active in large-cap and mid-cap equity offerings. In Silicon Valley, Sarah Solum remains a prominent practitioner in tech and SPAC deals. New York partner Michael Levitt is another key member of the group, including in SPAC deals.

Practice head(s):

Valerie Ford Jacob; Sarah Solum

Other key lawyers:

Michael Levitt; Pamela Marcogliese; Scott Blumenkranz; Taryn Zucker


‘Freshfields has a unique offering in that they can service fast-growing Silicon Valley startups while also providing the deep, global bench of a firm that is not native to Silicon Valley – it’s the ability to “speak startup” and while also understanding what drives and motivates the largest organizations in the world outside the Silicon Valley ecosystem.’

‘The team at Freshfields has exceptional interpersonal skills. Scott Blumenkranz and Sarah Solum are amongst the most personable, business-minded legal practitioners in the space.’

Key clients

Samsara (Underwriters)


Universal Music Group


Ares Capital


3D Systems


PepperLime Health Acquisition Corporation


Capella Space

TRM Labs

PROOF Acquisition Corp I (underwriters)

Southport Acquisition Corp (underwriters)

True Potential

Spire Global

Work highlights

  • Advised the underwriters on Samsara’s $805m IPO on the New York Stock Exchange.
  • Advised TriNet on its modified “Dutch auction” tender offer to purchase for cash shares of its common stock.
  • Advised Bleuacacia on its $276m IPO and listing on NASDAQ.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP has a lean but powerful team, led by a number of hugely experienced and highly-reputable partners. The senior group is noted for its expertise across the equity and debt spectrum and strong links to issuers, underwriters and private equity houses. The firm has impressed in a growing number of underwriter-side engagements during the research period. Capital markets head Daniel Bursky has an outstanding reputation and deserves a huge amount of credit for the department’s standing in the market. He, along with Andrew BarkanMark Hayek and Joshua Wechsler, now lead many of the major engagements.

Practice head(s):

Daniel Bursky

Other key lawyers:

Andrew Barkan; Mark Hayek; Joshua Coleman; Joshua Wechsler


‘Hard-working, smart and practical.’

Key clients

JELD-WEN Holdings

Broadstone Net Lease

Sterling Check Corporation

Under Armour

Grindrod Shipping Holdings

B. Riley Securities


BMO Capital Markets


Goldman Sachs



Clarkson Platou Securities

Credit Suisse

DNB Markets

Fearnley Securities


JP Morgan

Kepler Cheuvreux

Morgan Stanley

Nomura Securities International

RBC Capital Markets

Raymond James & Associates


Work highlights

  • Advised Stepstone Group’s underwriters on a $235m secondary public offering by certain selling stockholders of StepStone Group.
  • Advised New Mountain Finance Corporation’s underwriters on the launch of its At-The-Market program.
  • Advised Blue Owl Capital’s underwriters in connection a $445m secondary offering by a selling stockholder.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP is widely known for its issuer-side engagements, though it does have strong connections to major underwriters. The capital markets team has a notable record in retail and consumer products, pharmaceuticals and life sciences, construction and infrastructure, and technology and software. New York’s Andrew Fabens and Texas based Hillary Holmes have fine reputations and advised Excelerate Energy on its IPO in 2022.

Practice head(s):

Andrew Fabens; Hillary Holmes; Stewart McDowell; Peter Wardle

Key clients, Inc.

General Electric Company

HP Inc.

Mondelēz International, Inc.

Marriott International, Inc.

Excelerate Energy, Inc.

Aris Water Solutions, Inc.

Consensus Cloud Solutions, Inc.

The Williams Companies, Inc.

Jabil Inc.

BofA Securities, Inc.

Wells Fargo Securities

Deutsche Bank Securities

Celanese Corporation

Atmos Energy Corporation

Cogent Biosciences, Inc.

Piedmont Lithium Inc.

89bio, Inc.

Welltower Inc.

Tenet Healthcare Corporation


Goodwin has achieved high levels of activity in recent years, including in large-cap and mid-cap equity offerings. The capital markets team is known for its expertise in biotechnology and life sciences, especially buoyant sectors from a volume of offerings perspective. Healthcare, real estate and tech are also key sectors. Even with a slowdown in IPOs in the second half of 2022, the capital markets team was able to turn its sights to PIPEs, private placements and ATM offerings. Along with its extensive issuer client base, the firm has strong links to underwriters. In New York, Edwin O’Connor is co-chair of the capital markets team and is a member of the life sciences group, while Siavosh Salimi is noted for both life sciences and tech deals. Silicon Valley partner Bradley Weber is co-chair of the group and is a key figure in tech IPOs and other equity offerings. Boston’s Joseph Theis is also rated.

Practice head(s):

Edwin O’Connor; Bradley Weber; James Barri

Other key lawyers:

Siavosh Salimi; Joseph Theis; Maggie Wong


‘Goodwin is a great firm and has provided excellent advice over the years. They have advised us on important transactions and are able to work through complicated issues with a focus on getting deals over the finish line.’

‘Maggie Wong has been our main point of contact and she is an excellent attorney. She has a great breadth of knowledge not only about securities laws but also about market practice and is a reliable source of clear and actionable legal advice.’

Key clients


Amylyx Pharmaceuticals

Entrada Therapeutics

MeridianLink, Inc.


Olink Holding

PNMAC Capital Management LLC


ThredUp, Inc.


Work highlights

  • Advised Amylyx Pharmaceuticals on its $190m IPO.
  • Advised Entrada Therapeutics on its $181m IPO.

Hogan Lovells US LLP

Hogan Lovells US LLP has a burgeoning presence in equity offerings, despite the tough recent climate. It has achieved a number of impressive IPO engagements, along with convertible equity and other equity offerings. It has maintained its standing in life sciences and healthcare, real estate and TMT. The capital markets team continues to benefit from the firm’s outstanding regulatory expertise. It is also noted for international offerings, including those originating from Europe and Latin America. New York partner Richard Aftanas is a senior figure with an outstanding reputation in equity and debt, though he has taken responsibility for building the firm’s equity practice. Philadelphia partner Steve Abrams is another key figure in life sciences offerings and Washington DC’s David Bonser is a leading figure in REIT transactions. Newly elected Philadelphia partner Stephen Nicolai also impresses.

Practice head(s):

Richard Aftanas

Other key lawyers:

Steve Abrams; David Bonser; Sina Hekmat; Stephen Nicolai


‘Stephen Nicolai is a stand-out partner in capital market transactions, public company reporting and general corporate matters. Stephen’s extensive legal expertise, coupled with his deep understanding of current market dynamics and practical business-minded advise, make him an invaluable asset to me.’

‘Very creative and pragmatic, always available, excellent service; very experienced.’

Key clients

American Public Education Inc.

Arbutus Biopharma Inc.

AxonPrime Infrastructure Acquisition Corp.

BTG Pactual

CNB Financial Corp.

DigitalBridge Group Inc.

EF Hutton, division of Benchmark Investments, LLC

EyePoint Pharmaceuticals Inc.

Gilead Sciences Inc.

Hut 8 Mining Corp. (Hut 8)

JBG SMITH Properties


Madrigal Pharmaceuticals Inc.

Marinus Pharmaceuticals Inc.

McEwen Mining Corp.


OptiNose Inc.

Public Storage

Sesen Bio Inc.

VICI Properties Inc.

Work highlights

  • Advised Hut 8 Mining Corp on its equity offerings, totalling $438m.
  • Advised EyePoint Pharmaceuticals on multiple equity offerings totalling $165m.
  • Advised EF Hutton as underwriter in multiple IPOs and equity offerings with an aggregate amount of approximately $394m.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP is highly specialised with its focus on REITs, power, energy, utilities, and consumer products and retail. It has a fine record in representing issuers and underwriters. With the slow IPO markets in 2022, the firm secured a number of at-the-market offering engagements. New York partners Peter O’Brien and Michael Fitzpatrick are noted for power and utilities offerings, and Richmond’s David Wright, Washington DC partner Robert Smith and Houston’s James Davidson are rated for REIT transactions.

Practice head(s):

Courtney Cochran Butler; Susan Failla; Peter O’Brien; Robert Smith; David Wright

Other key lawyers:

Phil Haines; James Davidson; Michael Fitzpatrick


‘The culture of the firm retains talent of a certain calm character. This provides long term continuity of service and consistency. Following that the members of the firm feel like part of your team, an ally even, rather than another hurdle to get over.’

‘Phil Haines has broad knowledge and deal experience, and is an all round great person.’

‘The Hunton AK equity offerings team has a deep and broad knowledge of the markets, transactions, and structures that ensure a practical solution that is the best fit for our organization. The Hunton AK team is nimble and goes toe to toe with underwriter’s counsel to advocate for the best outcome of our company.’

‘James Davidson leads our counsel on our equity offerings transaction. Jim’s knowledge and expertise in matters of SEC and equity transactions is second to none.’

Key clients

Annaly Capital Management, Inc.

Chimera Investment Corporation

CoBank, ACB

NewLake Capital Partners Inc.

Pacific Gas & Electric Company

Pebblebrook Hotel Trust

Sun Communities, Inc.

Underwriters’ Counsel For Agree Realty Corp.

Underwriters’ Counsel for Arbor Realty Trust, Inc.

Underwriters’ Counsel for ACRES Commercial Realty Corp.

Underwriters’ Counsel For CenterPoint Energy, Inc.

Underwriters’ Counsel for Energy Transfer, LP

Underwriters’ Counsel for NextEra Energy, Inc.

Underwriters’ Counsel for NexPoint Real Estate Finance, Inc.

Underwriters’ Counsel For NorthWestern Corporation

Underwriters’ Counsel For Rexford Industrial Realty, Inc.

Underwriters’ Counsel for The Southern Company

Underwriters’ Counsel for Xcel Energy Inc.

Underwriters’ Counsel for W&T Offshore, Inc.

Work highlights

  • Advised Annaly Capital Management on its $1.5bn at-the-market and shelf offering of common stock.
  • Represented the sales agents in connection with three SEC-registered at-the-market offerings, including NextEra Energy Partners’s offering to sell up to $300m of common units.
  • Represented the underwriters in connection with Rexford’s $1bn at-the-market offering of common stock.

King & Spalding LLP

King & Spalding LLP’s multi-office strategy brings it a spread of work across the energy, financial institutions, life sciences and healthcare, industrials, real estate and telecommunications industries. Its expertise continues to bring it engagements from Fortune 500 companies through to pre-IPO businesses. Atlanta partner Keith Townsend has an established record in IPOs, shelf offerings and at-the-market offerings. New York’s Elizabeth Morgan and Kevin Manz are key figures in New York, along with Laura Bushnell in Silicon Valley.

Practice head(s):

Keith Townsend

Other key lawyers:

Spencer Johnson; Elizabeth Morgan; Laura Bushnell; Kevin Manz

Key clients

Raymond James & Associates

Riverview Acquisition Corp.

Piedmont Office Realty Trust, Inc.

NexTier Oilfield Solutions Inc.

Cantor Fitzgerald & Co.

HCM Acquisition Corp.

BOA Acquisition Corp.

PROG Holdings, Inc. (NYSE: PRG)

Whitestone REIT


F45 Training Holdings, Inc.

Global Clean Energy Holdings

EVO Payments

Cohen & Company Capital Markets

Work highlights

  • Advised EVO Payments on its acquisition by Global Payments’ of all its outstanding shares of common stock.
  • Advised HCM Acquisition Corp on its $287m IPO.
  • Advised Piedmont Office Realty Trust on its $250m ATM program.

Kirkland & Ellis LLP

Kirkland & Ellis LLP remains known for its advice to private equity houses and their portfolio companies on their equity offerings. It advised Thomas H Lee Partners on its portfolio company AutoStore’s IPO on the Oslo Stock Exchange. The firm has also been active in SPAC IPOs and direct investments by private equity sponsors in public companies. It continues to impress in liability management matters, including advice to Norwegian Cruise Line on its $1.1bn registered direct offering of common equity. Los Angeles partner Philippa Bond and New York’s Sophia Hudson and Joshua Korff are key figures in the team, along with Robert Hayward in Chicago.

Other key lawyers:

Joshua Korff; Christian Nagler; Sophia Hudson; Robert Hayward; Philippa Bond

Key clients

Advent International Corporation


Bain Capital

Black Rifle Coffee Company

Blue Owl Capital


Envision Healthcare

Evotec SE

Hellman & Friedman

Instructure Holdings Inc.

John Deere Capital Corporation

Kellogg Co.

Macy’s, Inc.

Norwegian Cruise Line

Paycor HCM

Permira Advisers LLC

Ryan Specialty Group


TPG Capital

Vista Equity Partners

Whirlpool Corp.

Latham & Watkins LLP

Latham & Watkins LLP has a market leading reputation across the debt and equity capital markets fields. It has invested in significantly expanding its department over the last decade and successfully focused on growth markets such as tech and life sciences; it has developed substantial teams in Silicon Valley, Boston and other emerging company centers. Silicon Valley partner Richard Kline, chair of the firm’s technology industry group, who was hired in 2020, is one figure who has made a big contribution to the expansion of the practice. Gregory Rodgers is another key figure in Los Angeles and remains noted for direct listings. Nathan Ajiashvili is rated for life sciences offerings, while Ian Schuman is global head of capital markets. Vice chair Stelios Saffos, Marc Jaffe and Michael Benjamin are also prominent members of the team. All named lawyers are based in New York unless stated otherwise.

Practice head(s):

Ian Schuman; Jeffrey Lawlis; Stelios Saffos

Other key lawyers:

Richard Kline; Alison Haggerty; Marc Jaffe; Michael Benjamin; Gregory Rodgers; Nathan Ajiashvili;  Jenna Cooper; Keith Halverstam;


‘This team is in my opinion the best in the market. Given its leadership position, they are the most up to speed on market dynamics, terms, and climate. They are able to transport innovative ideas from current deals and utilize them in other situations immediately. They also have the most functional relationships with investment banks. They think creatively and innovatively as well.’

‘Stelios Saffos and Ian Schuman are my primary contacts at Latham. They are both hard-working and well thought of. They have great reputations in the industry as professionals and people.’

Mayer Brown

Mayer Brown has a rich and varied equity offerings practice. Along with a steady pipeline of IPOs, the firm frequently advises on follow-on offerings, at-the-market offerings, private placements and PIPE transactions. New York-based co-leader of the global capital markets practice Anna Pinedo was at the forefront of the evolution of at-the-market offerings and has a fine reputation in PIPEs. The team continues to advise a number of business development companies (BDCs), REITs and life sciences businesses on their equity offerings. The firm launched a Salt Lake City office in 2022, focused on early-stage growth companies, but with significant capital markets expertise. Brian Hirshberg is an active member of the practice, having become a partner in 2021.

Practice head(s):

Eddie Best; Anna Pinedo

Other key lawyers:

Brian Hirshberg


‘Very capable and diverse team with great response times and knowledgeable of complex sophisticated issues.’

‘Responsible, sophisticated and yet practical.’

‘Mayer Brown’s capital markets offering is a cut above others, all while being understated in their approach and excellence. The team is informed, has a pulse on market developments and is a pleasure to work with.’

‘The team is responsive, and provides commercial advice.’

McDermott Will & Emery LLP

McDermott Will & Emery LLP has made a significant impact on the market, landing a number of clients and major engagements in company IPOs, SPAC IPOs and de-SPACs. It represented Travis Boersma, the Founder of Dutch Bros. Coffee, in the company’s $500m IPO. New York partner Ari Edelman is a key figure for SPAC IPOs and de-SPAC transactions. Washington DC’s Thomas Conaghan co-heads the capital markets group and has an established record in equity offerings. Anand Saha joined the New York office from Clifford Chance in 2022.

Practice head(s):

Eric Orsic; Thomas Conaghan 

Other key lawyers:

Ari Edelman; Anand Saha; Robert Cohen; Richard Bass; Brandon Sloane


‘Very strong, experienced team, who helped navigate a difficult environment.’

‘I would recommend Robert Cohen, Richard Bass, and great associate Brandon Sloane.’

Key clients

Travis Boersma

Vesey Street Capital Partners

AirSculpt Technologies, Inc

AdTheorent Holdings, Inc

Indaptus Therapeutics, Inc.

SaverOne 2014 Ltd.

INX Limited

Globis Acquisition Corp.

Athena Technology Acquisition Corp II

CHW Acquisition Corporation

Zura Bio Limited

Pasithea Therapeutics Corporation

EF Hutton

Work highlights

  • Represented Travis Boersma, the Founder of Dutch Bros. Coffee, in the company’s $500m IPO.
  • Represented Athena Technology Acquisition Corp II, a newly incorporated blank check company, in its $250m IPO.
  • Represented Vesey Street Capital Partners and AirSculpt Technologies in connection with AirSculpt’s $90m IPO.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.’s equity offerings practice has been buoyed by the surge in life sciences IPOs in recent years, though this subsided for poor market reasons in 2022; healthcare, energy and sustainability, and technology are also key sectors. The firm has made a further impression in SPAC and de-SPAC transactions; it advised ProKidney on its $2.6bn business combination with the Social Capital Suvretta Holdings Corp, a SPAC. It has a solid record in both issuer and underwriter engagements. Jonathan Kravetz is chair of the securities and capital markets practice group and co-chair of the life sciences practice group. William Hicks is also a co-chair of the securities and capital markets practice group. All are based in Boston. Megan Gates has left the firm.

Practice head(s):

Jonathan Kravetz; William Hicks; Michael Fantozzi

Key clients


ProKidney LP

Intra-Cellular Therapies, Inc.

Goldman Sachs

J.P. Morgan

Morgan Stanley

BofA Merrill Lynch


SVB Securities

Albireo Pharma, Inc.

Wave Life Sciences

NexImmune, Inc.

Quanterix Corporation

Myriad Genetics, Inc.

Pieris Pharmaceuticals, Inc.

G1 Therapeutics, Inc.

NuCana plc

Molecular Templates

DermTech, Inc.

Evofem Biosciences, Inc.

Dare Biosciences

Fulgent Genetics, Inc.

Exagen, Inc.

Inhibrx, Inc.

EcoR1 Capital

Cowen and Company

Cantor Fitzgerald

Matrix Capital Management

Work highlights

  • Represented ProKidney in its $2.6bn business combination with the SPAC, Social Capital Suvretta Holdings Corp. III.
  • Represented Intra-cellular Therapies in its $460m public offering.
  • Represented EcoR1 Capital in the $225m PIPE of SpringWorks Therapeutics.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP’s capital markets team is spread across multiple offices, including Pittsburgh, Philadelphia, Silicon Valley and New York. It has a particularly strong record in utilities and energy, financial services, technology, and life sciences. The firm advises an impressive mix of issuers and underwriters. Building on its background in IPOs, the team has continued to advise on follow-on offerings, at-the-market offerings. Justin Chairman and Joanne Soslow are key figures in Philadelphia, along with Albert Lung in Silicon Valley.

Practice head(s):

Joanne Soslow; Celia Soehner; Edwin Luk

Other key lawyers:

Justin Chairman; Albert Lung

Key clients

NextEra Energy Capital

Florida Power & Light Co.

Entergy Louisiana

American Water Works Company, Inc.

Ameren Corporation

Cantor Fitzgerald, L.P.

Tucson Electric Power Company

Entergy Corporation

Northwest Natural Gas Company

Nevakar Inc.

New Science Ventures


American Eagle




AmerisourceBergen Corporation

Cross Country Healthcare

Antares Pharma

Onconova Therapeutics


Work highlights

  • Advised Amerisourcebergen on its $2bn common stock public offering.

Morrison Foerster

Morrison Foerster has an established equity offerings practice, noted for its expertise in REITs, along with financial institutions, consumer products, energy and cleantech, life sciences and biotech, retail, and technology. Dave Lynn is co-chair of the capital markets group and is former chief counsel of the Division of Corporation Finance at the US Securities and Exchange Commission (SEC). Co-chair Scott Lesmes is experienced in tech, life sciences, and financial institutions. Justin Salon and David Slotkin are leaders in REIT offerings. All are based in Washington DC.

Practice head(s):

Dave Lynn; Scott Lesmes; Gavin Grover

Other key lawyers:

David Slotkin; Justin Salon

Key clients

Alexandria Real Estate Equities, Inc.

Armada Hoffler Properties, Inc.

Aspire Capital Partners, LLC

Bank of America Merrill Lynch

Barclays Capital Inc.

Boyd Gaming Corporation


Deutsche Bank Securities Inc.

Equity Residential

Ekso Bionics Holdings

Exantas Capital Corporation

Hines Global Income Trust, Inc.

Krystal Biotech, Inc.

McKesson Corporation

Novartis Capital Corporation

ON Semiconductor Corp.

Piper Sandler & Co.

Pivotal Investment Corporation II



Shell International Finance B.V.

Southwest Gas Corporation

The Andrew W. Mellon Foundation

The Chemours Company

UDR, Inc.

Veeco Instruments Inc.

Vonage Holdings Corp.

Vontier Corp.

Washington Gas Holdings

Work highlights

  • Advised Alexandria Real Estate Equities, a REIT, on its $1.7bn billion underwritten public and $1bn at-the-market offering.
  • Advised Unity Software on a $1bn PIPE investment by Silver Lake and Sequoia.
  • Advised Southwest Gas Holdings on its upsized, underwritten public offering of $6.35m shares of common stock to secure the equity portion of the financing for its acquisition of Questar Pipelines.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP has maintained its presence in public offerings, de-SPAC and PIPE transactions. It is best known for its work in the technology and life sciences sectors. Traditionally stronger on the West coast, the practice has achieved impressive growth on the East coast, where the firm has been expanding its New York capital markets team. William Hughes leads the group from San Francisco/Silicon Valley, while Alice Hsu, Marsha Mogilevich and Mark Mushkin are key names in New York, along with Albert Vanderlaan in Boston. Jamie Evans joined the firm's Seattle office from Fenwick & West LLP in early 2023.

Practice head(s):

William Hughes

Other key lawyers:

Alice Hsu; Marsha Mogilevich; Mark Mushkin; Albert Vanderlaan; Jamie Evans

Key clients



Weave Communications

Local Bounti

Clover Health Investments

Luminar Technologies


Keyarch Acquisition Corporation

890 5th Avenue Partners

Equinor Ventures

Twist Bioscience

Genesis Growth Tech Acquisition Corporation

Volta Industries

VNV Services

Ally Financial

Work highlights

  • Advised Dave, a banking and personal finance app, on its business combination with VPC Impact Acquisition Holdings III.
  • Advised Getaround on its definitive agreement to become publicly traded via a merger with InterPrivate II Acquisition Corp.
  • Advised Weave Communications on its $120m IPO.

Paul Hastings LLP

Paul Hastings LLP has achieved significant growth in equity offerings over the last five years, despite slower market activity in 2022. It continues to work on a steady flow of IPOs, follow-on offerings, at-the-market offerings, PIPE transactions and SPAC-related deals. Fintech, life sciences, real estate and the consumer sector are at the core of the practice. Frank Lopez is an immensely experienced capital markets specialist and is now chair of the firm. Chris DeCresce is another knowledgeable practitioner with a fine record in financial services and fintech. Washington DC’s Brandon Bortner is noted for IPOs and SPAC transactions. In New York, Marc Lashbrook joined the firm from Cahill Gordon & Reindel LLP in May 2023.

Practice head(s):

Frank Lopez; Chris DeCresce

Other key lawyers:

Brandon Bortner; Yariv Katz; Jeff Hartlin; Jonathan Ko; Will Burns; Yiren Shen; Max Roberts; Marc Lashbrook


‘Paul Hastings has a constructive approach in working with attorneys on the other side of the transaction and employs excellent legal judgment.’

‘Professional, and plan-spoken presenting issues and solutions.’

‘Incredible client support, accuracy and commitment to closing. Unique, always available and always turned on.’

Key clients

Aterian, Inc.


BMO Capital Markets

BofA Securities, Inc.

CareDx, Inc.

Citigroup Global Markets Inc.

Coastal Financial Corporation

Credit Suisse Securities

Goldman, Sachs & Co.

J.P. Morgan Securities LLC

Jasper Therapeutics, Inc.

Jefferies LLC

Mitek Systems, Inc.

Morgan Stanley

Orchestra Biomed, Inc.

RBC Capital Markets

Romeo Power, Inc.

Scilex Holding Company

Sorrento Therapeutics Inc.

Wells Fargo Securities

Work highlights

  • Advised Sorrento Therapeutics on establishing its $5bn ATM offering program.
  • Advised the underwriters in connection with American Homes 4 Rent’s public offering of common shares.
  • Advised SilverBox Engaged Merger Corp I in the completion of its $1.7bn business combination with Authentic Brands.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP has a lean team focused primarily on representing issuers. Much of the practice is driven by private equity clients and their portfolio companies, along with an impressive array of public company clients. The firm has a fine record in SPAC IPOs and de-SPAC transactions. John Kennedy is the most senior equity offerings specialist in the team, while Brian Janson also handles a high volume of deals and Raphael Russo is noted for SPAC IPOs and de-SPAC transactions. Gregory Ezring leads the finance and capital markets practice.

Practice head(s):

Gregory Ezring; John Kennedy; Brian Janson

Other key lawyers:

David Huntington; Raphael Russo


‘Very commercial and hard-working.’

Ropes & Gray LLP

Ropes & Gray LLP has earned a significant market share of the SPAC IPO segment and frequently advises private equity houses and their portfolio companies on their equity offerings. It is also particularly known for its representation of underwriters. With the slowdown in IPO activity, the firm has remained active in follow-on offerings, at-the-market offerings and PIPE financings. New York partner Paul Tropp co-heads the capital markets team alongside Craig Marcus, who splits his time between Boston and New York. New York’s Rachel Phillips, Christopher Capuzzi and Faiza Rahman are all emerging talents.

Practice head(s):

Craig Marcus; Paul Tropp

Other key lawyers:

Rachel Phillips; Christopher Capuzzi; Faiza Rahman

Key clients

BrightSphere Investment Group

CCMP Capital Advisors

Foghorn Therapeutics

Hayward Holdings

Hillman Solutions Corp.


LSB Industries

Provention Bio

Surgery Partners

The Duckhorn Portfolio

TSG Consumer Partners

Work highlights

  • Represented the underwriters in the $1.1bn IPO by TPG.
  • Represented BrightSphere Investment Group in its $1.05bn self-tender offer.
  • Represented Surgery Partners in its $320m and $575m follow-on equity offerings.

Shearman & Sterling LLP

Shearman & Sterling LLP maintained impressive levels of activity in IPOs, secondary offerings and convertible securities. Automotive, biotechnology, energy and power, financial services and asset management, healthcare, infrastructure and pharmaceuticals are key sectors. The firm has achieved recent prominence in underwriter engagements for equity offerings in the healthcare SPAC markets. The capital markets team is also noted for its SEC reporting and corporate governance expertise. Ilir Mujalovic heads the capital markets practice and is an expert in healthcare and SPAC transactions. Menlo Park partner Christopher Forrester is the lead figure on the West coast.

Practice head(s):

Ilir Mujalovic

Other key lawyers:

Christopher Forrester


‘Top-notch team that always puts the client first, very responsive and focused on delivering high quality product in a timely manner.’

‘Ilir Mujalovic is an outstanding lawyer, who I have had the chance to work in multiple transactions over the last decade. He’s extremely thoughtful, thorough and hands on and has great business judgment. Ilir is always very focused on delivering the best outcome for clients and is fully on top of every single work stream in a project. He’s extremely experience and seasoned, but still willing to work very hard and get involved in all important aspects of the deal.’

‘They act as a true partner to me in my equity transactions. I have a wide array of questions, and they are quick to offer time to hop on the phone and discuss the issue, provide a sound board for my ideas, and quickly generate solutions for myself and my firm.’

‘Ilir is by far one of the best lawyers I have and continue to work with. Spent many hours on the phone and zoom with him on a wide variety of equity topics, and especially through the covid era where SPACs were pricing, and we worked on various PIPEs, Ilir was there to help throughout the course of the process and provide guidance on the more complicated issues.’

Key clients

AEye, Inc

Baird, Blaylock Van, LLC


BofA Securities


Canaccord Genuity


Evercore Group L.L.C.

Goldman Sachs & Co. LLC

Investcorp Europe Acquisition Corp I

Janney Montgomery Scott, Ramirez & Co., Inc


JMP Securities

LatAm Growth SPAC

LifeSci Capital

Morgan Stanley

Needham & Company

Piper Sandler

Raymond James


SVB Leerink

Wells Fargo Securities

Work highlights

  • Advised the underwriters of Sonendo’s IPO.
  • Advised the underwriters of Tidewater’s follow-on public offering
  • Advised AEye on a $125m equity line common stock purchase agreement with Tumim Stone Capital.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP is at the pinnacle of capital markets, representing issuers and underwriters on many of the headline deals in the sector. It has capitalised on its connections to private equity houses, corporate issuers and investment banks. This has earned a sizeable share of the SPAC market and continues to make progress in tech sector offerings. It advised Dell Technologies on its spin-off its 81% equity ownership interest in VMware, which included an $11.5bn to $12bn special cash dividend to all VMware stockholders immediately prior to the spin-off. It also represented the underwriters on Braze’s $572m IPO. The firm has multiple senior practitioners in the team, including outstanding lawyers Kenneth Wallach, Joshua Ford Bonnie, Joseph Kaufman and Roxane ReardonRyan Bekkerus and Hui Lin are also key names, along with William Brentani in Palo Alto. All named partners are based in New York unless stated otherwise.

Practice head(s):

Joshua Ford Bonnie; Roxane Reardon; Kenneth Wallach

Other key lawyers:

Ryan Bekkerus; William Brentani; Hui Lin; Joseph Kaufman

Key clients

Academy Sports & Outdoors

Alibaba Group Holding Limited

American Electric Power Company, Inc.


Ashton Woods

Aston Martin Capital Holdings Limited

Avantor, Inc.

Bank of America Merrill Lynch

Bentley Systems, Incorporated

The Blackstone Group

Blackstone Mortgage Trust, Inc.

BMO Capital Markets Corp.

BofA Securities

BrightView Holdings, Inc.

Bright Health Group

Bumble Inc.

The Carlyle Group




Change Healthcare Inc.

Cigna Corporation


Cooper-Standard Automotive

Credit Suisse Securities (USA) LLC

Dell Inc.

Dropbox, Inc.

EQT Corporation

Essential Utilities, Inc.

FedEx Corporation

First Advantage Corporation

First Data Corporation

Garda World Security Corporation

Gates Industrial Corporation plc

GFL Environmental

Goldman, Sachs & Co.

The Hershey Company

Hilton Worldwide Holdings Inc.

ITC Holdings


J.P. Morgan Securities


KKR Financial Holdings




Microsoft Corporation

Morgan Stanley & Co.

National Vision Holdings, Inc.


PPD, Inc.

Progress Software Corporation

RBC Capital Markets


Sirius XM Radio Inc.

Summit Materials

The Travelers Companies, Inc.

UnitedHealth Group

Weight Watchers International, Inc.

Wells Fargo Securities

ZoomInfo Technologies

Work highlights

  • Advised Blackstone Real Estate Income Trust on its $60bn follow-on public offering in shares of common stock.
  • Advised Dell Technologies on its spin-off its 81% equity ownership interest in VMware, which included an $11.5bn to $12bn special cash dividend to all VMware stockholders immediately prior to the spin-off.
  • Advised the underwriters in Braze’s $572m IPO.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has impressive industry and geographic coverage, with an extensive record in multiple sectors and with senior partners in New York, California and other key centres. The firm has remained active in follow-on offerings, at-the-market offerings and convertible securities. It has also impressed in SPAC transactions and direct listings in recent times. Michael Zeidel heads the capital markets department and David Goldschmidt leads the global group. Ryan Dzierniejko, Gregory Fernicola and Dwight Yoo are also impressive capital markets practitioners, along with Los Angeles and Palo-Alto-based Gregg Noel, who spearheads the West coast capital markets practice. All other named lawyers are based in New York.

Practice head(s):

Michael Zeidel; David Goldschmidt

Other key lawyers:

Ryan Dzierniejko; Gregory Fernicola; Dwight Yoo; Gregg Noel

Vinson & Elkins LLP

Vinson & Elkins LLP remains best known for its work in the energy and infrastructure sectors, along with shipping, financial services, manufacturing, real estate and REITs, telecoms, transportation and technology. It routinely advises on IPOs, equity and at-the-market offerings. Its close links to private equity houses and their portfolio companies has brought it an even stronger deal flow in recent years. It has also experienced a notable uptick in renewable energy-related transactions and SPAC IPOs in recent times. Douglas McWilliams, Sarah Morgan, David Oelman and Ramey Layne are amongst the key names in Houston, along with Brenda Lenahan in New York.

Practice head(s):

Sarah Morgan; Steve Gill; John Grand

Other key lawyers:

Douglas McWilliams; David Oelman; Ramey Layne; Brenda Lenahan; Zach Swartz


‘The team from VE is the best firm that we have come across when it comes to capital markets work in the oil and gas industry. Their deep industry expertise, combined with their knowledge of the underlying securities laws, makes them second to none.’

‘Doug McWilliams has seen everything, is very hard-working and a strategic thinker. He has a large team that provides support as necessary. New partner Zach Swartz has also performed admirably for us.’

‘The V&E team is exceptional in understanding of the market, the industry and collective experience in these transactions. The team has worked on the vast majority of notable IPOs in this space for decades. Importantly, they also train associates well, so there is great value in their services.’

Key clients

Antero Midstream Corporation / Antero Resource Corporation

Continental Resources, Inc.

DIRTT Environmental Solutions Ltd.

Earthstone Energy, Inc.

Ellington Financial Inc.

Enviva Inc.

Focus Financial Partners, Inc.

Global Medical REIT

Group 1 Automotive, Inc.

Holly Energy Partners, L.P.

LSP Generation IV, LLC / Rev Renewables

MoneyGram International, Inc.

MN8 Energy, Inc. (f/k/a Goldman Sachs Renewable Power)

New Fortress Energy Inc.

New York Mortgage Trust, Inc.

Oasis Petroleum Inc. / Oasis Midstream Partners LP

ProFrac Holding Corp.

Southwest Airlines Co.

Stronghold Digital Mining, Inc.

Targa Resources Corp.

TPG RE Finance Trust, Inc.

Bank of America Corporation / Bank of America Securities LLC / BofA Securities, Inc. / Merrill Lynch & Co.

Barclays Capital Inc.


Citigroup Global Markets, Inc.

Cowen and Company, LLC

Credit Suisse Securities (USA) LLC

Deutsche Bank Securities, Inc.

Goldman Sachs & Company / Goldman Sachs International


JMP Securities LLC

J.P. Morgan Securities LLC

KeyBanc Capital Markets

Lazard Freres & Co.

Morgan Stanley / Morgan Stanley & Co. LLC / Morgan Stanley Capital Group, Inc.

MUFG Bank, Ltd.

Raymond James

RBC Capital Markets, LLC

Stifel, Nicolaus & Company, Incorporated

UBS Securities LLC

Wells Fargo Securities, LLC

Work highlights

  • Advised REV Renewables on its proposed IPO.
  • Advised MN8 Energy on its IPO.
  • Advised Stronghold Digital Mining on its $146m IPO.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP remained active in IPOs, secondary and follow-on equity offerings, and SPAC IPOs and de-SPAC transactions in 2022. It remains a wide variety of corporates and financial institutions on equity offerings, along with private equity houses and their portfolio companies, and top investment banks as underwriters. Alexander Lynch leads the capital markets group, has an outstanding record in equity offerings, and has impressed in a series of SPAC IPOs and de-SPACs in recent times. Corey Chivers is an experienced figure in debt and equity offerings, and Michael Hickey continues to build the firm’s standing amongst underwriters; he also advised TPG, the private equity firm, on its $1.1bn IPO. Heather Emmel and Merritt Johnson are other key partners. Faiza Rahman has left the firm.

Practice head(s):

Alexander Lynch

Other key lawyers:

Michael Hickey; Merritt Johnson; Heather Emmel; Corey Chivers

Key clients

Advent International

Allego Holding B.V.

AltC Acquisition Corp.

AMC Entertainment Holdings, Inc.

Arrival Ltd.

ATI Physical Therapy Holdings, LLC

Austerlitz Acquisition Corporation

Avista Public Acquisition Corp.

Cannae Holdings

Ceridian HCM Holding Inc.

ChargePoint, Inc.

Churchill Capital

Credit Suisse

Deep Lake Capital Acquisition Corp.

Definitive Healthcare Corp.


First Light Acquisition Group, Inc.

First Watch Restaurants, Inc.

Foley Trasimene Acquisition Corp.

Fortress Value Acquisition Corp.

Fortress Capital Acquisition Corp.

Getty Images Inc.

Goldman Sachs

The Gores Group

J.P. Morgan

Jack Creek Investment Corp.

Leafly Holdings, Inc.

Marquee Raine Acquisition Corp.

Morgan Stanley

MSP Recovery, LLC

Portillo’s, Inc.

Providence Equity Partners

Skillsoft Corporation

Sovos Brands

Thomas H. Lee Partners


Work highlights

  • Advised TPG on its $1.1bn IPO.
  • Advised the underwriters on Fluence Energy’s $998m IPO.
  • Advised a SPAC sponsored by The Gores Group on its $525m IPO.

White & Case LLP

White & Case LLP’s impressive run in SPAC IPOs in recent times has resulted in a series of de-SPAC engagements. Along with its strong emphasis on developing its SPAC expertise, the team has grown its capability in handling SEC regulatory matters. The capital markets practice is also well integrated with other departments, as demonstrated by its advice to firm-wide client Hertz Global Holdings on its $1.3bn re-IPO on Nasdaq following its emergence from Chapter 11. The team remains evenly balanced between issuer and underwriter engagements. Stuart Bressman is noted for underwriter-side engagements and Joel Rubinstein for SPAC transactions. All named lawyers are based in New York, though senior capital markets specialists also sit in Washington DC, Houston and other offices across the US.

Practice head(s):

David Thatch

Other key lawyers:

Joel Rubinstein; Stuart Bressman


‘Expertise and experience as well as diversity and the use of technology.’

‘They are highly qualified and experienced in our sector.’

‘An extremely cohesive team which, from a client facing perspective, is egoless and totally focused on serving the client in an effective and efficient manner.’

Key clients

10X Capital Venture Acquisition Corp.

Ahren Acquisition Corp.

AMCI Acquisition Corp.

Artemis Strategic Investment Corporation

Ascendant Digital Acquisition Corp III

Arqit Quantum Inc.

Avangrid, Inc.


BofA Securities, Inc.

B. Riley FBR Inc.


Byte Acquisition Corp.

Cantor Fitzgerald & Co

Chenghe Acquisition Co.

Citigroup Global Capital Markets Inc.

Craig-Hallum Capital Group LLC

Credit Suisse Securities (USA) LLC

CVC Capital Partners

DA32 Life Science Tech Acquisition Corp.

EEW Eco Energy World

Evercore Group L.L.C

Eaton Corporation

Forum Merger IV Corp Group Limited

Goldman Sachs & Co. LLC

Graf Acquisition Corp.

Guggenheim Securities, LLC

Hertz Global Holdings, Inc

Hess Corporation

HighCape Partners, LP

Inflection Point Acquisition Corp.

Interprivate Acquisition Corp SPACs

Jefferies Group

J.P. Morgan Securities LLC

Kimbell Royalty Partners, LP

Kimbell Tiger Acquisition Corporation

Kornit Digital Ltd

LAMF Global Ventures Corp. I

Landcadia Holdings IV

Morgan Stanley & Co. LLC

Ormat Technologies, Inc

Pyrophyte Acquisition Corp.

Raymond James & Associates, Inc

RBC Capital Markets, LLC

RCF Acquisition Corp.

REE Automotive

Screaming Eagle Acquisition Corp.

SES Holdings Pte. Ltd.

Soaring Eagle Acquisition Corp.

Stifel, Nicolaus & Company

Summa Equity AB

SVB Leerink LLC

UBS Investment Bank

Valuence Merger Corp. I


WilmerHale is a major player in pharmaceuticals and life sciences, bringing it a steady flow of capital markets engagements. It represents both issuers and underwriters on a regular basis. While IPOs dropped in 2022, the firm remains active in follow-on offerings, PIPE financings, and at-the-market offerings. Boston’s Stuart Falber is chair of the life sciences group and is active in capital markets offerings, while New York’s Lisa Firenze and Brian Johnson, and Boston partner Cynthia Mazareas are also key figures.

Practice head(s):

Brian Johnson; Erika Robinson; David Westenberg

Other key lawyers:

Cynthia Mazareas; Stuart Falber; Glenn Pollner; Lisa Firenze; Molly Fox


‘The firm has a deep understanding of the biotechnology industry, particularly for companies of our size and stage, and a practical approach that permits ease of planning and implementation of recommendations scaled to our needs.’

‘They are not only experts in their field and have a depth of experience that permits them to give practical advice readily and efficiently but also have a good sense of humor and a supportive style. They feel like highly expert team members and are very enjoyable to work with.’

Key clients

Cue Health

Akouos, Inc.

Generation Bio Co.

Xilio Therapeutics

Epizyme, Inc.

Trevi Therapeutics

Verve Therapeutics

Apellis Pharmaceuticals

TechTarget, Inc

Fulcrum Therapeutics

S&P Global

Syros Pharmaceuticals

Blue Apron Holdings, Inc.

Work highlights

  • Represented the underwriters in two follow-on public offerings of common stock and series B preferred stock of Viridian Therapeutics.
  • Represented Cue Health in its $200m IPO.
  • Represented Syros Pharmaceuticals in its $130m PIPE financing.

Winston & Strawn LLP

Winston & Strawn LLP’s practice is founded on a variety of equity offerings, from IPOs to spin-offs, carve-outs and SPAC transactions. In recent years, the firm has landed a series of major SPAC deals, including IPOs and business combinations. In 2022, it advised the placement agents on Allwyn Entertainment’s business combination with Cohn Robbins Holdings Corp and represented the placement agents in ProKidney’s business combination with Social Capital Suvretta Holdings Corp. Chicago partner Carol Anne Huff co-heads the capital markets group alongside David Sakowitz in New York. Both are major figures in SPACs, as is the high-profile Mike Blankenship in Houston and New York partner Jason Osborn.

Practice head(s):

Carol Anne Huff; David Sakowitz

Other key lawyers:

Mike Blankenship; Jason Osborn

Key clients

Citigroup Global Markets Inc.

Rubicon Technologies, Inc.

Fathom Digital Manufacturing Corporation (NYSE: FATH)

Quantum FinTech Acquisition Corporation (NYSE: QFTA)

Terra Carta Partners, LLC

Nauticus Robotics, Inc.

Dune Acquisition Corporation (Nasdaq: DUNE)

Oppenheimer & Co. Inc.

Benson Hill, Inc.

Battery Future Acquisition Corp. (NYSE: BFAC)

BofA Securities

Project Energy Reimagined Acquisition Corp. (Nasdaq: PEGR)

TKB Critical Technologies 1 (Nasdaq: USCT)

Jefferies & Company, Inc.

U.S. Tiger Securities, Inc.

SAI.TECH Global Corporation

Wells Fargo Securities, LLC

Goldman Sachs & Co.

Investcorp India Acquisition Corp.

Healthwell Acquisition Corp. I (Nasdaq: HWEL)

Work highlights

  • Advised the placement agents on Allwyn Entertainment’s business combination with Cohn Robbins Holdings Corp.
  • Represented the placement agents in ProKidney’s business combination with Social Capital Suvretta Holdings Corp.
  • Represented Broadstone Acquisition Corp in its business combination with Vertical Aerospace.