Baker Botts L.L.P. is best known for its work in the energy sector, frequently representing issuers and underwriters. It has maintained a solid pipeline of equity offering engagements from the energy sector and is at the forefront of Master Limited Partnership (MLP) IPOs and structured equity products. It has also continued to work on several headline SPAC transactions, while at-the-market offerings have been prevalent for the team. Houston based Joshua Davidson and Douglas Getten co-head the capital markets team and are prominent names in energy sector offerings.

Bracewell LLP is active in representing energy companies and financial institutions in equity offerings. It handles a range of IPOs and follow-on equity offerings for energy businesses, MLPs and community banking institutions. SPAC and at-the-market deals are also a forte. In addition, the firm frequently lands underwriter-side engagements. Will Anderson and Troy Harder are key partners in Houston, along with Catherine Hood in New York.

Cooley LLP has achieved many accolades in recent years on the strength of its prominence in equity offerings, including IPOs, direct listings and follow-on offerings. The firm’s commitment to the technology, healthcare and life sciences industries has provided it with a pipeline of deals, especially where it acts on the issuer side, though it is also a major force in underwriter engagements. With its multi office strategy, which has given spawned new offices in Chicago and Miami, it has developed close connections to issuers across the country. San Francisco partner David Peinsipp co-heads the global capital markets team alongside Charlie Kim in San Diego. Div Gupta is one of the most prolific advisers in US IPOs, particularly in healthcare and life sciences deals, and has close connections to many investment banks. Palo Alto’s Eric Jensen and Jon Avina are also key figures, along with Eric Blanchard. Richard Segal has a growing reputation. Washington DC associate Darah Protas is a rising star. All named individuals are based in New York unless stated otherwise.

Cravath, Swaine & Moore LLP‘s large capital markets team and its experienced bench of partners brings it a steady stream of big-ticket engagements, both for issuers and underwriters. Along with its outstanding record in high-yield and investment grade debt transactions, its domestic and global reputation consistently puts it in the frame for the most sought after equity offerings. Despite dampened deal activity in 2o23, it advised on Kenvue’s $4.37bn IPO as part of its $41bn spin-off from Johnson & Johnson. Michael Mariani has carved out a burgeoning reputation. Daniel Haaren is another emerging name, along with Nicholas Dorsey . William Fogg, Andrew Pitts and Scott Bennett are the senior names in the team. All are based in New York.

Debevoise & Plimpton LLP is known for representing private equity houses and their portfolio companies in equity offerings; private equity giant Clayton, Dubilier & Rice is a regular client, along with Providence Equity Partners and other major financial sponsors. It also has a strong reputation for deals in the healthcare, insurance, and media and entertainment sectors. Morgan Hayes is noted for deals involving private equity-backed issuers. Paul Rodel is co-chair of the capital markets group alongside Steven Slutzky . Eric Juergens and Ben Pedersen are also key members of the team. All are based in New York.

Dechert LLP‘s capital markets practice is driven in large part by the life sciences and permanent capital vehicle clients, including business development companies (BDCs). The firm has worked on a series of notable equity deals including at-the-market offerings. Washington DC-based Harry Pangas heads the US capital markets group and is noted for his work in the BDC sector, as is Boston’s Thomas Friedmann, who co-heads the permanent capital practice. New York's David Rosenthal co-leads the life sciences team and has extensive experience in capital markets transactions.

DLA Piper LLP (US) has an impressive mix of issuer and underwriter engagements in deals ranging from IPOs to follow-on offerings and at-the-market offerings, and is best known for mid-cap transactions. The team’s industry experience includes technology, healthcare and life sciences, consumer and retail, and industrials. Its broad national and international coverage brings it a wealth of domestic and global clients, including many Latin American issuers. New York’s Christopher Paci, who has strong connections to major underwriters, co-leads the US capital markets practice alongside Era Anagnosti in Washington DC. New York-based Stephen Alicanti has an impressive record, including in SPAC deals, while Seattle associate Bianca LaCaille is a team member on many of the firm’s key capital markets engagements.

Freshfields Bruckhaus Deringer LLP has experienced and strong teams in both New York and Silicon Valley. It has close links to both issuers and underwriters, including growth companies, mid-cap and global businesses. With the slow market for IPOs, the team has remained active in direct offerings, PIPEs, block trades, SPAC transactions, and at-the-market offerings. Valerie Ford Jacob is hugely experienced in major equity offerings with Silicon Valley partner Sarah Solum also having an outstanding reputation, especially for tech clients. Michael Levitt is another key name and Pamela Marcogliese, based in New York and Silicon Valley, is head of US transactions with a strong reputation in capital markets and corporate governance. Silicon Valley’s Scott Blumenkranz was promoted to partner in 2023 and rising star Taryn Zucker is another key member of the team. Named individuals are based in New York unless stated otherwise.

Gibson, Dunn & Crutcher LLP has steadily expanded its capital markets practice over recent years. Alongside a strong record in debt offerings, its sizeable issuer client base provides a wealth of repeat engagements, including equity issuances. At-the-market offerings were a particular feature of the practice in 2023. The firm is also growing its underwriter client base. With multiple offices across the country, it has strong links to multiple industries. New York-based Andrew Fabens is co-chair of the capital markets team and has an outstanding client base of major corporates. Denver partner Robyn Zolman is another key figure.

Goodwin‘s broad geographical coverage in the US captures deals from across regions and industries. It remains highly active in biotech and life sciences equity offerings, along with further strength in healthcare, real estate and technology. It also has an extensive client base of investment banks. Although the IPO markets were quiet in 2023, the firm remained active in follow-on offerings, PIPEs, private placements and at-the-market programs. It is best known for mid-cap deals, though does handle bulge-bracket transactions. New York-based Edwin O’Connor is a member of the life sciences group and co-chair of the capital markets practice alongside Silicon Valley's Bradley Weber. Boston-based Joseph Theis and Robert Puopolo are noted for technology, healthcare and life sciences sector deals.

Hogan Lovells US LLP has continued to grow its presence in equity offerings under the leadership of senior name Richard Aftanas, who heads the corporate and finance practice in New York. The firm is at the forefront of transactions in highly regulated sectors and the capital markets team has made its mark in life sciences and health care, real estate, and TMT. The capital markets team draws on expertise and client relationships from around its multiple US offices and its international presence brings it a spread of foreign issuers. Philadelphia Steve Abrams is another key member of the capital markets team, specializing in life sciences and healthcare offerings. Washington DC’s David Bonser is noted for REIT deals.

Hunton Andrews Kurth LLP is a major player in debt offerings, which has provided a platform for a growing equity offerings practice. The capital markets team is especially committed to REITs, energy, power and utilities, and consumer products and retail. It has close links to issuers and underwriters, gaining particular accolades for underwriter-side representation. Follow-on offerings and at-the-market programs have been a recent feature of the practice. Houston partner James Davidson is at the forefront of REIT IPOs, with New York’s Michael Fitzpatrick, Peter O’Brien and Steven Friend noted for energy, power and utilities deals. Washington DC-based Robert Smith is highly rated for REIT offerings.

King & Spalding LLP has a major focus on the energy, financial institutions, life sciences and healthcare, industrials, real estate and telecommunications industries. It has a solid record in IPOs, follow-on offerings and private placements. It has worked on a series of recent at-the-market transactions and has also made an impression in de-SPAC deals. Atlanta partner Keith Townsend has a strong record in mid-cap and large capital markets transactions, including de-SPAC deals.

Kirkland & Ellis LLP is at the forefront of US IPOs for issuers. Its deal pipeline is fuelled by its client base of private equity houses and their portfolio companies, along with a multitude of other major corporates.  Chicago partner Robert Hayward is a leader in equity offerings, particularly those involving issuers based in the Midwest. Christian Nagler is at the forefront of SPAC-related offerings, notably advising Ares Acquisition Corp II on its $500m upsized IPO in 2023. Joshua Korff and Sophia Hudson are also highly-rated partners that cover both debt and equity offerings. Named individuals are based in New York unless stated otherwise.

Latham & Watkins LLP stands out for its strength in both debt and equity offerings, and its balance between issuer and underwriter engagements. It has an outstanding presence in domestic transactions and offerings by non-US issuers. The firm is also unique as an international firm focused on start-ups, growth companies and large listed businesses. With its multi-office strategy, it has remained closely connected to key industries such as technology and life sciences, providing a steady stream of marquee deals. Ian Schuman is global chair of the capital markets practice and Richard Kline heads the technology industry group. Stelios Saffos and Los Angeles partner Greg Rodgers are also key figures, along with Marc Jaffe, Nathan Ajiashvili  and Alison Haggerty. All named individuals are based in New York unless stated otherwise.

Mayer Brown is a major name in capital markets with a dynamic mix of domestic and global equity offerings. Known for its investment grade debt offering practice, it has issuer and bank clients that frequently turn to it for equity engagements. The capital markets team, which is primarily located in New York and Chicago, has continued to work on a steady stream of at-the-market programs and is further noted for middle market IPOs. REITs, life sciences, energy, consumer products, financial services and business development companies (BDCs) are key sectors for the team. Offering extensive experience at the Securities and Exchange Commission (SEC), senior figure Michael Hyatte was hired as counsel to the firm’s Washington DC office in 2023. Anna Pinedo is a major force in equity offerings, along with Edward Best and John Ablan in Chicago. David Bakst and Brian Hirshberg are also key members of the team. Named individuals are based in New York unless stated otherwise.

McDermott Will & Emery LLP has made its mark in SPAC IPOs and de-SPAC deals over recent years and has demonstrated further expertise in mainstream IPOs, follow-on offerings, private placements and at-the-market programs. Much of its equity offerings work has centred on the healthcare, fintech and technology industries of late; the firm is a market leader in the healthcare sector. Washington DC partner Thomas Conaghan co-heads the capital markets and public companies group alongside Eric Orsic in Chicago. Ari Edelman leads the SPAC group and has advised on a number of SPAC IPOs and de-SPAC transactions. The team was further reinforced by the recruitment of Howard Kleinman from Dechert LLP in 2023. Named individuals are based in New York unless stated otherwise.

Milbank has a strong record in capital markets,  frequently advising issuers and underwriters on equity offerings, including follow-on offerings, private placements, equity investments, exchange offers and at-the-market transactions. New York partner Jonathan Jackson leads the corporate finance and securities group and is an active adviser on equity transactions.

Morgan, Lewis & Bockius LLP‘s national reach and strong focus on technology, healthcare and life sciences, has brought it a vigorous flow of equity offerings engagements. Utilities, energy and financial services are also areas of strength. Representing a mix of issuers and underwriters, it has worked on a series of mid-cap transactions, including follow-on offerings, direct offerings, SPAC transactions and at-the-market programs. The team is well plugged into the emerging growth company and venture capital sectors. Philadelphia partner Joanne Soslow , New York-based David Schwartz and Albert Lung in Silicon Valley have notable pedigree in capital markets offerings.

Morrison Foerster has made a particular impact in mid-cap and large domestic and global equity offerings; it represented Arm Holdings in its headline $5.22bn IPO on Nasdaq, one of the largest equity offerings of 2023. The firm has made a further impression in follow-on offerings, PIPE offerings and de-SPAC transactions. It focuses on issuer-side representations with a particular affiliation for the technology sector, along with REITs, energy, financial services and life sciences. Justin Salon is chair of the global capital markets practice and leads many of the firm’s headline deals, including the Arm Holdings IPO. Andrew Campbell is noted for REIT offerings and Austin based John Hensley is another key member of the team. Named individuals are based in Washington DC unless stated otherwise.

Nelson Mullins Riley & Scarborough LLP is a major player in SPAC transactions and has a solid presence in IPOs, follow-on offerings and at-the-market programs. It represents a multitude of SPACs and SPAC targets. Andrew Tucker is at the forefront of SPAC deals having led the firm on a significant pipeline of transactions. Jonathan Talcott is co-chair of the securities group and Peter Strand is another key member of the team. All named individuals are based in Washington DC.

Orrick, Herrington & Sutcliffe LLP‘s focus on technology and life sciences has seen the firm work extensively in M&A, PIPE deals and SPAC deals. The firm has an excellent record in both issuer engagements and continues to represent a number of SPACs and companies involved in business combinations with SPACs. William Hughes leads the capital markets team from Silicon Valley and San Francisco with New York's Alice Hsu and Boston-based Albert Vanderlaan having strong reputations, while Seattle’s Jamie Evans is also a key member of the team.

Paul Hastings LLP has achieved considerable growth in its capital markets team in recent years, with some change in its Latin America-facing practice during 2023 with Michael Fitzgerald and a team leaving the firm and Grissel Mercado and a group joining from Shearman & Sterling LLP. The capital markets team has a fine record in life sciences, technology, real estate, consumer and other sectors, while remaining active in the SPAC market. Chair of the firm Frank Lopez has an outstanding record in equity offerings, while Seo Salimi joined as co-head of capital markets and co-chair of corporate life sciences in 2023 from Goodwin. All are based in New York.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has a solid record in equity offerings, representing a range of public companies, private equity firms and their portfolio companies, and has an issuer-oriented practice. In a notable IPO mandate in 2023, the firm advised Savers Value Village, an Ares Management Corporation portfolio company, on its $461m offering. It has also demonstrated expertise in at-the-market offerings and follow-on offerings. John Kennedy and the increasingly prominent Brian Janson are now amongst its most active equity offerings specialists with further support from Christodoulos Kaoutzanis. All are based in New York.

Pillsbury Winthrop Shaw Pittman LLP stands out for its record in the energy and utilities sectors, along with experience in the technology and life sciences industries. It is especially well known for representing underwriters, along with a range of technology issuers. The firm has established experience in IPOs, follow-on offerings and secondary common stock offerings, along with more recent activity in SPAC transactions. New York partners David Baxter and Jeffrey Delaney are particularly noted for advising underwriters, while Silicon Valley-based Davina Kaile and Gabriella Lombardi are experienced in technology sector deals, including IPOs and SPAC combinations.

Ropes & Gray LLP has an experienced and established team, which has a strong record across both issuer and underwriter representation. In a slow market, the firm has continued to demonstrate its excellence in IPOs, follow-on offerings, SPAC IPOs and de-SPAC transactions, and at-the-market offerings. It stands out for its expertise in representing private equity firms and their portfolio companies, along with biotech and pharmaceutical companies. New York partners Rachel Phillips, Faiza Rahman, Christopher Capuzzi and Paul Tropp are key names, along with Craig Marcus in Boston.

Simpson Thacher & Bartlett LLP has rich pedigree in issuer-side engagements, along with a formidable record in underwriter mandates. It has worked on some of the largest IPOs and direct listings of recent years, while maintaining an active practice in other equity offerings. Among a number of headline deals in 2023, it advised CAVA Group on it $340m IPO and represented the underwriters in Atmus Filtration Technologies’ $316m IPO. Along with major public companies and investment banks, the firm has close connections to top private equity firms and their portfolio businesses. Joshua Ford Bonnie and Joseph Kaufman have outstanding reputations in the equity offerings field, with Kenneth Wallach, Roxane Reardon, Ryan Bekkerus, Hui Lin, Richard Fenyes and Jonathan Ozner also being prominent in this area. All are based in New York.

Skadden, Arps, Slate, Meagher & Flom LLP has an outstanding reputation in equity offerings, including both domestic and cross-border deals; it remains at the forefront of equity offerings by Canadian issuers. The firm is noted for issuer and underwriter-side engagements across an array of industries. It has maintained solid levels of activity in a range of equity offerings, including IPOs, secondary offerings and at-the-market programs. The firm has a deep bench of top practitioners with David Goldschmidt leading the global capital markets team and frequently advising issuers and underwriters on headline deals. Ryan Dzierniejko has emerged as a top practitioner in recent years, notably for deals involving US and Canadian issuers; he is co-head of the US and Canada capital markets practice. Gregory Fernicola is another key figure and Gregg Noel is a prominent name in Palo Alto and Los Angeles. Named lawyers are based in New York unless stated otherwise.

Vinson & Elkins LLP is a leader in oil and gas equity offerings, along with issuances stemming from the broader energy sector, including energy transition. It has further expertise in financial services, manufacturing, real estate and REITS, telecoms, transport and technology, among other sectors. Along with a large portfolio of issuer clients, it frequently advises major investment banks as underwriters. It is also noted for representing private equity clients and their portfolio companies. It continues to see further growth in energy transition and renewables sector offerings. Douglas McWilliams and Sarah Morgan lead the capital markets team, which includes Ramey Layne , David Oelman and Mark Kelly. All named individuals are based in Houston.

Weil, Gotshal & Manges LLP remains best known for representing private equity sponsors and private equity-backed companies in equity offerings. It is further recognised for M&A-related equity financings. It continues to make further headway in representing large corporates and financial institutions in equity offerings. The firm has also achieved further growth in advising bulge-bracket banks as underwriters. Alexander Lynch leads the highly rated team and is a major figure in high-value equity offerings, including IPOs, especially for private equity sponsors and their portfolio companies. The team also includes Corey Chivers , Heather Emmel and younger partner Barbra Broudy. Michael Hickey and Merritt Johnson have continued to develop the team’s connections to investment banks. All are based in New York.

White & Case LLP has a major presence in equity offerings, including domestic and international transactions; it has a thriving practice in Latin America issuances. It is known for conventional IPOs, SPAC IPOs and de-SPACs, the SPAC area being a significant market for the firm. The capital markets team has an even mix of issuer and underwriter engagements, having boosted its standing amongst issuers in recent years. The firm also has a dedicated public company advisory practice, which has cemented issuer relationships. Joel Rubinstein is a leading name in SPAC IPOs, along with Jonathan Rochwarger and Elliott Smith. Jessica Chen is another key name in the team and John Vetterli  is a leader in international offerings, particularly for Latin American issuers. All named individuals are based in New York. Colin Diamond has left the firm.

WilmerHale has a notable record in representing growth companies in IPOs and other equity offerings, particularly those in the life sciences and technology sectors. In 2023, it continued to advise issuers in mid-market public offerings and follow-on offerings, especially those by life sciences issuers. Boston partners Stuart Falber and Cynthia Mazareas are noted for life sciences sector offerings with Lisa Firenze and Brian Johnson being key figures in New York. Caroline Dotolo is another ‘go to‘ partner in Boston.

Winston & Strawn LLP has continued its prominence in SPAC IPOs and business combinations, advising a huge client base of SPACs and also advising on equity offerings for corporate issuers. New York-based David Sakowitz  leads the capital markets team, which includes Houston-based SPAC specialist Mike Blankenship. Jason Osborn is another key partner in New York. Carol Anne Huff has left the firm.