California

Akin Gump Strauss Hauer & Feld, or Akin Gump, was founded in 1945 in Dallas. Since then the firm has expanded to 20 locations across three continents. In the US, the firm has 11 offices across six states.

Focusses / specialisms

Firm wide, Akin Gump is best known for its work with hedge funds, private equity funds, power project development and restructuring and insolvency.

The firm’s DC and Texas branches are arguably its best known. Its strongest M&A and restructuring and insolvency teams are based in DC and Texas.

The banking practice represents borrowers and lenders in credit facility agreements, loan facility agreements, DIP financing and refinancing.

Its active in capital markets and represents issuers in debt and equity transactions including bond offerings, high yield bond offerings, IPOs, recapitalizations, private share placements, public share offerings and tender offers. 

The M&A team represents private equity and strategic buyers and sellers in public and private acquisition and merger transactions. It also advises clients in strategic investments.

The project development team represents developers and financial sponsors in project development, acquisition and financing transactions across the energy and oil and gas industries. 

Real estate is also a big industry for the firm, so much so that it has its own practice. The real estate team represents commercial and residential developers and private equity investors in matters relating to acquiring and selling land and properties and development.

While the firm is active in numerous industries, it is particularly so in the oil and gas and power sectors.

Key clients

Key clients for the firm include FirstEnergy, Alliance Data Systems, Diamondbank Energy, East West Bank, Apollo Global Management, Shell Midstream Partners, BlackRock Realty Advisors, Pacific Investment Management Company, PNC Energy Capital and Royal Bank of Canada.

Research period review: 30th edition (2019/2020)

During the research period, teams across the board worked largely in the oil and gas and power industries.

The banking team advised largely borrowers in financing transactions such as credit facility agreement and loan facility agreements. Along with the restructuring and insolvency team, it also represented a fair amount of debtors and creditors in DIP loan financing, Chapter 11 cases and financial restructurings.

The capital markets team advised issuers on largely bond issuances, private share placements and public share offerings. Many of the transactions were a part of a larger public M&A deal.

The M&A team continued to represent a mix of private equity and strategic buyers and sellers in acquisition and merger transactions. 

The project development team represented a mix of developers and financial sponsors in project development, acquisition and financing transactions. Renewable energy was a big industry for the team, especially concerning solar plants.

The real estate team represented a large amount of developers and investors in real estate acquisitions and dispositions. Many of the transactions related to the hotel industry and disposition of data centers.

In lateral hires the banking team recruited partners Lucas Charleston and Rizwan Kanji from Stroock & Stroock & Lavan and King & Spalding respectively. Lucas Charleston is also an addition to the M&A team which partner Elazar Guttman also joined from Kirkland & Ellis. Partner Michael Gustafson joined the firm from an in-house position at a private equity firm. The project development team hired Sam Kamyans and Matthew Kapinos from Baker McKenzie and McGuireWoods respectively.

Partners Phyllis Young, David Simonds and Charles Gibbs left the firm for McGuireWoods, Hogan Lovells and Katten Muchin Rosenman respectively. In M&A partners Patrick Rice and Edward Zaelke left for Greenberg Traurig and McDermott Will & Emery respectively. Edward Zaelke was also part of the project development team, which also lost partner Carl Fleming to McDermott Will & Emery. 

Deal highlights: 30th edition (2019/2020)

Diamondbank Energy $9.2 billion acquisition of Energen

Lāwa’i 28MW solar photovoltaic power plant and 100MWh power storage facility

Majestic Resorts hotel development

Rattler Midstream Nasdaq IPO

RegionalCare Hospital Partners / LifePoint Health $1.425 billion 9.75% bond issue

Sears restructuring 

WildHorse Resource Development $2 billion RBL credit agreement

The history of Davis Polk & Wardwell dates back to 1849 with its founding in New York. Over 170 years later, the firm has grown to 10 total offices spanning four continents. In the United States, Davis Polk has offices in New York, Washington DC and the Silicon Valley.

Focusses / specialisms

The firm has standout practices in banking, capital markets, regulatory financial services, M&A and restructuring and insolvency.

In addition to its standout work nationwide in banking, capital markets, M&A and restructuring and insolvency, the firm does notable work in project finance, hedge funds, registered funds and private equity.

Notably the New York office is one of the best in the region for financial and corporate practice areas.

In regulatory financial services the firm provides advice to banks, trade associations and financial institutions regarding M&A acquisitions, capital markets trading and US monetary legislation such as Dodd-Frank, the Volcker Rule and Basel III. It also advises clients on fintech, blockchain and cryptocurrency matters.

The firm represents issuers and underwriters in all areas of capital markets.

On the debt capital markets side, the team advises clients in high value convertible, investment grade and high yield bond offerings.

On the equity capital markets side the firm advises on IPOs, private placements, follow on offerings, secondary offerings, direct listings and common share offerings.

In derivatives and structured products, the team represents clients in the banking and financial institution industry on structured products issuance programs, forwards, options, swaps and margin loan facilities.

The registered funds practice advises banks and financial institutions regarding compliance, structuring and implementation of ETFs, hedge funds, mutual funds, private equity funds and other types of funds.

The M&A team represents strategic acquirers and sellers in high value acquisitions, mergers, privatizations and joint ventures across a wide array of industries. The firm also has a separate private equity practice dedicated to advising private equity firms in acquisitions, sales, investments and portfolio restructurings.

In restructuring and insolvency, the team represents debtors, creditors and trustees in out of court financial restructurings and Chapter 11 bankruptcy and restructuring cases.

Key clients

Key clients for the firm include HSBC, BNP Paribas, BBVA, Comcast, Texas Instruments, Tyson Foods, Credit Suisse, Natixis, Goldman Sachs, PIMCO, General Electric, Heineken, Purdue Pharma and Citibank.

Research period review: 30th edition (2019/2020)

During the research period the regulatory financial team continued to advise clients in the banking and financial services industry on acquisitions, capital markets trading and monetary policy compliance. It increasingly advised clients in fintech, cryptocurrency and blockchain matters.

The debt capital markets team continued representing high profile clients in convertible, investment grade and high yield bond issuances. The equity markets team saw a lot of IPOs during the period.

The derivatives and structured products group worked on a lot of margin loan facilities, forward agreements and structured products programs, where it represented major banks and financial institutions.

The registered funds team represented banks and financial institutions regarding the compliance, implementation and structuring of funds, especially ETFs, hedge funds and mutual funds.

The M&A team continued to represent largely strategic acquirers in multimillion and billion dollar acquisitions and mergers. The private equity team saw mostly acquisitions and investments, advising private equity firms on both buy and sell side.

The restructuring and insolvency team advised mostly debtors and creditors in some of the largest Chapter 11 bankruptcy and restructuring cases in the nation. 

The M&A team saw partner John H. Butler leave for Sidley Austin in 2019. 

Deal highlights: 30th edition (2019/2020)

Charles Schwab $26 billion acquisition of TD Ameritrade

Energy Transfer $5.1 billion acquisition of SemGroup

IBM $20 billion 2.8%, 2.85%, 3%, 3.3%, 3.5%, 4.15%, 4.25% bond issue

Purdue Pharma Chapter 11 restructuring

PG&E Chapter 11 restructuring 

Uber NYSE IPO

Full-service firm Duane Morris got its start in Philadelphia but has since expanded to 29 offices over three continents. In the United States, the firm has 22 offices spread through the country. Though the firm is headquartered in Philadelphia, the New York offices are among the firm’s largest.

Focusses / specialisms

With 22 offices spread out across the country, it is safe to say that each of Duane Morris’ locations have different expertise. Throughout the firm, there are teams in the banking, capital markets, M&A and restructuring and insolvency practices. 

The banking practice has teams of note in Florida, Illinois and Pennsylvania. It represents borrowers and lenders in credit facilities and term loan agreements for general working capital financing, acquisition financing, construction financing and real estate financing. The Florida offices specializes in real estate financing.

The restructuring and insolvency practice has teams in New York, Los Angeles, Chicago, Philadelphia, San Diego, San Francisco, Boston, Atlanta, Miami, Pittsburgh, Newark and Wilmington. The teams represent debtors, trustees, receivers and creditors in Chapter 11 bankruptcy and restructuring proceedings. 

The firm’s capital markets teams represents issuers in share offerings, tender offers, SPAC formations and bond issuances. The teams also represent private equity firms and companies with debt and equity investment financing. Many of these capital markets transactions support larger M&A and/or financing transactions. 

In M&A, teams represent strategic and private equity clients in acquisitions on both the buy and sell side. It also advises clients in privatizations, joint ventures and mergers. Given its geographic reach, the firm has experience in all industries. Some of these acquisitions are public M&A transaction and have an associated capital markets transaction.

Key clients

Key clients for the firm include CIBC, Wells Fargo, Pennsylvania Turnpike Commission, Centennial Bank, Synovus Bank, JP Morgan Chase Bank, Quality Carriers, Altman Specialty Plants, New England Compounding Pharmacy, the Government Employees’ Retirement System of the Virgin Islands, Pipeline Health, Nueva Generacion Manufacturas, Clock Spring Company, Pipeline Health, Camden Partners, iAnthus Capital Holdings, Intermarket Communications, JDP Therapeutics, Catalent, National Gas & Electric and AT&T. 

Research period review: 30th edition (2019/2020)

Over the research period, the banking teams represented borrowers and lenders in credit facilities and term loan agreements. The Illinois office worked on more acquisition and construction financing transactions while the Pennsylvania offices worked on more general working capital financing.

The California offices largely represented receivers. The capital markets team conducted a variety of work on both the debt and equity side. Most of the capital markets work was done as part of a larger acquisition transaction. In M&A, the teams represented private equity and strategic firms across a wide assortment of industries.

The Florida offices represented financial sponsors and property owners in commercial real estate financing. The restructuring and insolvency teams worked on numerous Chapter 11 and 7 proceedings, representing mostly creditors and debtors.

The Maryland and Pennsylvania offices specifically worked with numerous private equity firms. The New York office worked with several firms in the cannabis industry. 

In February 2020, Duane Morris merged with Satterlee Stephens. This gave the firm three additional offices in New York and New Jersey. 

Deal highlights: 30th edition (2019/2020)

Altman Specialty Plants Chapter 11 restructuring

Catalent $40 million acquisition of Juniper Pharmaceuticals

Clock Spring Company / Neptune Research merger

CSL Flagstaff $80 million acquisition and construction loan 

iAnthus Capital Holdings / MPX Bioceutial merger

Client feedback: 30th edition (2019/2020)

M&A

“The firm has a deep bench of highly skilled counsel across a broad array of subjects. The firm also acts as a fierce advocate for the client and because of the expertise of its counsel the firm is able to foresee issues before they become problems.”

“Efficiently uses resources to get client objectives done. Does not waste client money with busywork.”

“Very reachable/available when needed. Easy to work with – and to translate M&A issues into simpler language and concepts for non-M&A attorneys.”

Founded in Los Angeles in 1890, Gibson Dunn & Crutcher has over 1,300 lawyers in 20 offices across the United States, the Middle East, Asia and South America. The firm’s London office has been in the market for over 30 years.

Focusses / specialisms  

The firm has a focus on private equity, M&A and capital markets. The firm has US and UK capabilities in these areas, focusing on mid-market work. The firm also works on the buy and sell side of leading private equity funds for financial sponsors.

In the banking space, the firm’s focus is on advising borrowers and sponsors on acquisition financings.

Key clients

The firm regularly work with IPI Partners, Liberty Hall Capital Partners, Fremont Realty Capital, Bruin Sports Capital, Deutsche Bank, Oaktree Capital Management, Morgan Stanley, Welltower, Elliot and Centerbridge Partners, Apollo Global Management, Blackstone, Brookfield, Centerbridge, Investcorp, CITIC Capital, Lone Star and Platinum Equity.

Founded in 1909 in Chicago, Kirkland & Ellis is a leading US and international firm with a network of 15 offices spanning three continents.

The firm has its largest concentration of offices in its native jurisdiction with branches in Boston, Chicago, Dallas, Houston, Los Angeles, New York, Palo Alto, San Francisco, and Washington DC. 

Focusses/specialisms

In transactional work the firm is renowned – both domestically and abroad – for its expertise in advising financial sponsors on leveraged finance borrowing, high yield debt issues and acquisitions and exits. Financial restructuring expertise in general is another specialism. The firm practices and client base in the US are, however, more diversified than this.

The banking team represents borrowers in acquisition financing, project financing, liability management, financial restructuring, DIP lending, working capital financing, revolver loan agreements and term loan agreements.

In project finance and project development, the team has expertise in the oil and gas and energy industries, where it often advises developers.

In capital markets work the firm advises both issuers and underwriters in corporate bond offerings, high yield bond offerings, IPOs, share offerings and follow on offerings.

The M&A team represents strategic and private equity buyers and sellers in billion dollar transactions across all industries. In fact, the firm has one of the largest private equity practice areas in the country, where the team represents private equity clients in acquisitions and investments.

The restructuring and insolvency group advises debtors in financial restructurings and Chpter 11 cases.

Private equity is a core sector of activity and expertise for the firm and it has notable clients in the oil and gas and banking industries.

Geographically, at a state level, the firm’s offices in California, Illinois, New York and Texas are comparably strong and each has teams at, or close to, the top of the markets in their areas. 

Key clients

Key clients for the firm include AbbVie, Bain Capital Private Equity, Indigo Natural Resources, Citigroup Global Markets, Boeing, Grubhub, Goldman Sachs, Bristol-Myers Squibb Company, GlaxoSmithKline, KKR, Blackstone, Forever 21 and iHeartMedia.

Research period review: 30th edition (2019/2020)

Over the research period the firm was active across banking and finance, capital markets, M&A and private equity and restructuring. 

The banking team worked on a high amount of acquisition finance transactions across numerous industries including pharmaceuticals, banking and financial services and technology. It mostly represented borrowers in these matters.

The capital markets team represented mostly issuers in corporate bond offerings, high yield bond offerings, IPOs and share offerings across a diverse number of industries.

The M&A team represented strategic and private equity buyers and sellers in billion-dollar acquisition and merger related matters. It also continued to represent private equity clients in investments.

The project finance team concentrated on renewable energy projects, especially solar energy, and natural gas projects. Similarly the project development team was active in the oil and gas industry, advising clients primarily in midstream infrastructure and development on acquisitions.

The restructuring and insolvency team worked on some of the nation’s largest restructuring and Chapter 11 cases.

The firm made a number of new hires during the research period. The capital markets team added partners Pippa Bond and Monica Shilling from Proskauer Rose. Shilling is also experienced in private equity.

The project finance team brought in partners Ginger Collier from Norton Rose, Rustin Brown from Simpson Thacher & Bartlett, Nathan Santamaria from Linklaters, Brooksany Barrowes from Baker Botts and of counsel Nicholas Gladd from the Federal Energy Regulatory Commission. 

The project development team hired partner Debbie Yee from Latham & Watkins. Partners Michael Woronoff, Jonathan Benloulou and Chris Wu joined the firm from Proskauer Rose and partner David Klein joined from Paul Weiss. All four partners specialize in private equity and M&A. 

Another recent new joiner for the M&A team is partner Rajab Abbassi from Willkie Farr & Gallagher. M&A partner William Sorabella left the firm and joined Gibson Dunn.

Deal highlights: 30th edition (2019/2020)

AbbVie $83 billion acquisition of Allergan

BC Partners C$5.2 billion acquisition of Rhône Group’s equity interest in Garda World Security

Bristol-Myers Squibb $74 billion acquisition of Celgene

Chewy NYSE IPO

DTE Midstream $2.65 billion acquisition of Indigo Natural Resource’s gathering system and gathering pipeline in the Haynesville shale formation

iHeartMedia Chapter 11 restructuring

Staples $3 billion double tranche 7.5% and 10.75% high yield bond offering

Toys R Us Chapter 11 bankruptcy

Client feedback: 30th edition (2019/2020)

M&A

"Very responsive and practical, with good handle on commercial issues."

Private equity

"By far Kirkland's strongest qualities are its subject matter expertise and its willingness to work as hard as is required to get the job done as quickly as possible. They will work around the clock if necessary and generally will do it without being prodded to do so. They have a very strong pulse on the market and are able to provide very specific and accurate feedback when presented with questions."

Project finance

"K&E is best in class. Highly commercial and also detail-oriented. They are a tremendous asset."

Restructuring and insolvency

"The firm is excellent at marketing and has some excellent attorneys."

Bill Benitez

"Very accommodating, practical and responsive."

Jordan Murray

"Very knowledgeable on subject matter."

Rohit Chaudhry

"Best in the business."

McDermott Will & Emery is an international firm founded and headquartered in Chicago. It has offices in 13 locations in the United States, and seven offices across five European countries.   

Focusses / specialisms

The firm does notable work across many financial and corporate practice areas including banking, M&A, private equity, project finance and restructuring and insolvency.

In banking work the firm represents borrowers and lenders in term loans, secured and unsecured credit facilities, subordinated debt facility and refinancings.

The M&A team represents private equity and strategic buyers and sellers in acquisition, mergers and corporate reorganization related matters.

In real estate, the team represents lenders in mortgage loans, mezzanine loans, acquisition financing, joint ventures and acquisitions. 

In restructuring and insolvency work the firm represents creditors, debtors and trustees in insolvency, financial restructuring, Chapter 11 and Chapter 9 bankruptcy cases.

Key clients

Key clients for the firm include Natixis Real Estate Capital, Apollo Global Management, Fireman Capital Partners, Rhône Group, Goldman Sachs Asset Management, US Bank, HIG Capital, Peak Rock Capital, Dogfish Head Brewery, Sierra Nevada Brewing, Premier and Wells Fargo Capital Finance.

Research period review: 30th edition (2019/2020)

Over the research period the banking team worked on numerous loans and credit facilities.

In M&A, the team worked on mostly acquisition related matters, representing both buyers and sellers across a wide variety of industries. The team represented a large amount of private equity acquirers.

The restructuring and insolvency team represented largely indenture trustee and debtors in financial restructuring and Chapter 11 cases.

The New York real estate team hired partners Pejman Razavilar, Stacie Trott and Todd Eisner in 2019. 

Deal highlights: 30th edition (2019/2020)

Boston Beer Company / Dogfish Head Brewery merger 

Commonwealth of Puerto Rico restructuring

Fireman Capital Partners initial investment in Garden Remedies Holdings

HIG Capital acquisition of Lipari Foods

Maefield Development $1.9 billion acquisition of 20 Times Square

PG&E Chapter 11 restructuring

Premier $1.35 billion credit facility

Since its founding in 1873, Morgan Lewis & Bockius has massively expanded from one office in Philadelphia to 31 offices across three continents. In the United States, there are 17 offices across 11 states.

Focusses / specialisms

The firm has market leading teams in Massachusetts and Pennsylvania. Firm wide, it is particularly well known for its work in the structured finance and securitization, hedge funds, oil and gas projects and power project practices. 

The banking team acts for lenders and borrowers in refinancing, acquisition financing, DIP financing and general working capital financing.

In capital markets, the firm works on the debt, equity and derivatives sides, representing issuers. In debt capital markets, the firm advises clients on investment grade, convertible and high yield bond issuances.

On the equity side, Morgan Lewis acts on common share offerings, at-the-market offerings, private placements, IPOs and secondary offerings. Forward transactions are regularly seen in the derivatives market.

In investment funds, the firm advises investment firms, pension groups, governments and private equity firms in the formation of real estate funds, sovereign wealth funds, hedge funds, ETFs, mutual funds and other types of closed and open-ended funds.

The M&A practice acts on the buy and sell side for strategic acquisitions and joint ventures. The firm also has a private equity practice that handles acquisitions and sale related to private equity clients.

In the projects finance and infrastructure practice, the firm advises project developers and financial sponsors in projects in the energy, power and oil and gas industries. Many of these projects have associated acquisition components.

The restructuring and insolvency practice advises creditors and debtors in out of court financial restructurings and Chapter 11 and 15 proceedings.

Key clients

Key clients for the firm include Wells Fargo, JP Morgan Chase Bank, Bank of America, Descartes Systems Group, Frontage Laboratories, American Water Works, Pioneer Investment Management, California Public Employees’ Retirement Systems, Nuveen, Park Lawn Corp, Broadway Technology, Sabre, National Grid, Prudential Capital Group, Korea Electric Power, QTCB Noteholder Group, Argentine sovereign bondholders and BNY Mellon.

Research period review: 30th edition (2019/2020)

During the research period, the banking practice acted mostly on the lender side in refinancing and general financing. It represents several borrowers in acquisition finance matters.

While the debt capital markets worked mostly on investment grade corporate bond issuances, the equity capital markets primarily guided issuers on public offerings. The team also worked on a forward transaction in the derivatives practice.

The investment fund practice advised a significant amount of pension groups in fund formations. 

The M&A team acted on the buy and sell side in majority strategic acquisitions. Many of these transactions were related to transactions in project development.

The private equity team handled acquisitions related to private equity firms on both the buy and sell side.

The projects team saw a lot of projects in the renewable energy and power industries, especially regarding natural gas, solar and wind infrastructure projects.

In restructuring and insolvency, the firm dealt with largely creditors in out of court financial restructurings. It did also assist in several Chapter 11 proceedings. 

In terms of lateral moves, banking and restructuring partner Kristen Campana joined the New York office from Proskauer Rose. Pennsylvania based capital markets partner David Schwartz joined the firm from DLA Piper.

The investment management and private equity funds team had a large amount of hires in 2019. Partners Gregg Buksbaum, William Nash III, Courtney Nowell and Alishia Sullivan joined from Squire Patton Boggs while Joel Seow, who further specialized in hedge funds, joined from Sidley Austin. In the same practice, partners Josh Sterling, Paul McCoy and Georgette Schaefer left, with Sterling joining the CFTC and McCoy and Schaefer retiring.

In the corporate practice, partners Mark Gilligan and Jay Gladis joined also from Squire Patton Boggs. The New York office brought over M&A, project finance and infrastructure partners John Klauberg, Michael Espinoza and Charles Vandenburgh from Bracewell. M&A partner Russell Franklin also joined the New York office from Paul Hastings. Also in the M&A practice, Pennsylvania based partner Aaron Suh joined from Dechert. Texas based M&A partner Janice Davis joined the firm from Bracewell.

The project finance and infrastructure practice saw the addition of three partners in 2019: Ayesha Waheed from Latham & Watkins, Chadi Salloum from Akin Gump and Jennifer Josefson from King & Spalding. Project finance and infrastructure partner Marc Reardon retired during this time as well. 

Finally, in restructuring and insolvency, partners Kurt Mayr and Jennifer Feldsher moved to Morgan Lewis from Bracewell.

Deal highlights: 30th edition (2019/2020)

American Water Works $1.1 billion dual tranche 3.45% and 4.15% bond issue

CalPERES / Global Infrastructure Partners CalPERS GIP SMA infrastructure fund

ENMAX $959 million acquisition of Emera Maine

Frontage Laboratories Hong Kong Stock Exchange IPO

ION Investment Group $560 million acquisition of Broadway Technology

Insight Enterprises $1.22 billion financing

Walter Energy Chapter 11 proceedings

Client feedback: 30th edition (2019/2020)

Banking

“They are subject matter experts in ABL financing, UCC matters, as well as restructuring, workouts, bankruptcy, etc.  In addition to their expertise, they are able to bridge between business, credit, and legal considerations in supporting us to serve our customers’ needs.  They are integral to the new loan/customer as well as existing customer management process.”

“Easily accessible, practical solutions based on current market conditions as well as workarounds for unique challenges.”

“Attention to detail, amazing customer service and constantly providing added value.”

“Fully understands ABL issues and downside risks in a bankruptcy. Very thorough, knowledgeable and non-confrontational in overall approach.”

Investment funds

“Very experienced group. If the person we are dealing with does not know the answer to a question, they immediately find the right person. Very professional.”

“Very responsive and reasonable on budgets. ETF team understands all aspects of business and regulatory matters pertaining to ETFs – from all sides of the ecosystem – regulators, exchanges, intermediaries, indexes, and business issues.”

“MLB is extremely commercial and responsive. They understand the client and that allows them to address issues impacting the entire firm.”

“They are comprehensive in approach.”

“Business-minded legal advice.”

M&A

“The attorneys at Morgan Lewis were always available, responded very quickly, very attentive to our issues, worked very well with all team members, and very skilled in their respective practices. We felt very confident in their work.   In particular, their Partner, Jeff Dinerstein went above and beyond to ensure we resolved all issues and met all intended timelines. He is an invaluable member of our M&A team.”

Private equity

“Lawyers are very knowledgeable, prompt and personable.” 

Project finance

“The project finance group is excellent with prompt service and strong legal advice in a commercial manner focused on getting things completed and resolved in an efficient manner.”

Restructuring and insolvency

“Global footprint and experienced restructuring professionals. Very good value for money, compared to other large international US law firms. Partner led.”

International firm Morrison & Foerster was founded in San Francisco in 1883. Over 135 years later, the firm has expanded to 17 offices across the US, Europe and Asia. In the United States, the firm has offices in Boston, Denver, Los Angeles, New York, Northern Virginia, Palo Alto, San Diego, San Francisco and Washington DC. 

Focusses / specialisms

The firm is active across all financial and corporate practice areas as well as project development, but is best known for its outstanding work in restructuring and insolvency. 

In financial services regulatory the firm acts for companies on compliance matters related to investments and acquisitions. It also is active in fintech and payment related matters.

In derivatives the team advises banks and other companies in financial services on margin loans, options, swaps, futures, forwards and cryptocurrency related transactions. Many of these transactions had a related regulatory component.

The investment funds team represents investment and private equity firms in fund formations. The restructuring and insolvency practice advises creditors in Chapter 11 bankruptcy and restructuring proceedings. 

The firm has taken great strides in diversity. In addition to being Mansfield Plus certified, it has won numerous awards for their diversity initiatives.

Key clients

Key clients for the firm include the Puerto Rico Public Buildings Authority Funds, official committee of unsecure creditors of The NORDAM Group, ad hoc group of holders of debt issued or guaranteed by the Commonwealth of Puerto Rico, Visa, Walmart, Cathay Bank, Oxygen, Adara, GoldPoint Partners, GSSG Solar Partners and CGI Merchant Group.

Research period review: 30th edition (2019/2020)

Within the research period the financial services regulatory team advised clients on compliance issues stemming from acquisitions and financial investments. It was also very active in matters relating to payment agreements and fintech matters.

The derivatives practice advised clients in the banking and financial services industry on OTC products as well as cryptocurrency matters.

The investment funds group continued to act for private equity and investment management clients in fund formations, investing in different industries.

The restructuring and insolvency team represented groups of creditors across numerous ongoing Chapter 11 proceedings. Energy, especially oil, gas and coal, was a heavily hit industry. Additionally, the team did a lot of work across many of the separate and related proceedings associated with the Commonwealth of Puerto Rico’s bankruptcy.

The corporate finance and capital markets brought over New York based partner Ann Becchina, who specializes in derivatives, from Davis Polk. The Boston office brought over private funds partner Todd Boudreau from Foley & Lardner. In the restructuring and insolvency department, partner Jonathan Levine left for Arnold & Porter.

The year 2019 marked the opening of Morrison & Foerster’s Boston office.

Deal highlights: 30th edition (2019/2020)

Commonwealth of Puerto Rico Title III restructuring

Windstream Holdings Chapter 11 restructuring

Orrick Herrington & Sutcliffe was founded in 1863 in San Francisco. Since then it has expanded to 26 offices across three continents. In the United States the firm has 14 offices. 

Focusses / specialisms

The firm is best known for its work in structured finance and securitization. Its industry specialities include technology, energy, infrastructure and financial services.

The banking practice advises borrowers, lenders, arrangers and investors in complex financing transactions related to acquisitions, refinancing, project financing and general working capital financing. It also works on the capital markets side with sovereign and corporate debt offerings and hybrid securitizations. 

Key clients

Key clients for the firm include Applied Materials, Kingdom of Morocco, Poarch Band of Creek Indians, Equinix, Wells Fargo, RREEF America REIT II, Juniper Networks, Convoy, Cap Vert Energy and Greenlight Planet. 

Research period review: 30th edition (2019/2020)

Throughout the research period, the banking team was mostly on the borrower side in complex and novel financing transactions. Most of them were related to general working capital financings, but there were several related to acquisition and project financings. 

Deal highlights: 30th edition (2019/2020)

Kingdom of Morocco €1 billion sovereign bond issue

Poarch Band of Creek Indians acquisition of Sands Casino Resort

Ropes & Gray was founded in 1865 in Boston. It has since expanded globally to 11 offices in three continents. In the United States the firm has offices in Boston, Chicago, New York, San Francisco, Silicon Valley and Washington DC. 

Focusses / specialisms

The firm is best known for its work in the United States for financial services regulatory, private equity and registered funds’ work.

The firm’s Boston office is market leader in the region in banking, capital markets and M&A. 

In banking the firm represents borrowers and lenders in acquisition financing, refinancing and general corporate financing.

The capital markets practice has experience on both the issuer and underwriter side in debt, equity, derivatives and structured finance and securitizations matters. In the debt capital markets, the firm works on investment grade and high yield bond offerings. On the equity capital markets side, the team has experience in IPOs, share offerings, share buybacks and follow on offerings. In derivatives, the team works on hedges and regulatory CFTC compliance. Structured finance and securitizations work includes ABS’, CLOs and whole business securitizations.

In the investment funds practice the firm primarily works with private equity funds, hedge funds and registered funds in fund formation, investments and fund raising.

The private equity and M&A practices advise clients on the buy and sell side in acquisitions, mergers and joint ventures.

The restructuring and insolvency team represents creditors, debtors and trustees in out of court restructurings and Chapter 11 proceedings.

Key clients

Key clients for the firm include Bain Capital, Golden Gate Capital, Genstar Capital, IQVIA, Surgery Partners, Michaels Stores, Morgan Stanley, Goldman Sachs, Beam Therapeutics, Wright Medical Group, Domino’s Pizza, Planet Fitness, Dunkin’ Brands Group, BlackRock, Paine Schwartz & Partners, CCMP Capital, Ashmore Investment Advisors, Athyrium Capital Management, PIMCO, Baring Private Equity Asia, TPG Capital, Audax Group, Deutsche Bank Securities, PJT Partners, Veeam Software, the Baupost Group, Elliott Management and Marathon Asset Management. 

Research period review: 30th edition (2019/2020)

In the most recent research period, the banking team largely represented private equity firms on the borrower side in acquisition finance matters.

The debt capital markets team worked on a mix of investment grade and high yield bond offerings, many of which were connected to acquisition financing.

The equity capital markets team worked on a lot of IPOs and follow on offerings, especially in the life sciences industry.

Most of the derivatives work was related to regulatory CFTC compliance.

In structured finance and securitizations, most of the work was related to ABS’ and whole business securitizations.

In investment funds the firm continued assisting with fund formations and investments for leading private equity, hedge and registered funds. 

In M&A and private equity, the teams acted on both the buy and sell side in high value acquisitions. 

The restructuring and insolvency team acted for many creditors in Chapter 11 proceedings and out of court restructurings. Firm wide, technology, healthcare and life sciences were big industries.

Regarding lateral moves the banking team brought over partners Andrea Hwang and Leonard Klingbaum from Willkie Farr & Gallagher. Partner Sunil Savkar left to join Debevoise & Plimpton. In private equity, the firm brought over partners Martin Ruhaak, Scott Abramowitz and Carolyn Vardi from Katten Muchin, Kramer Levin and White & Case, respectively. New York partner Cristine Pirro Schwarzman moved to Ropes & Gray from Kirkland & Ellis.

Deal highlights: 30th edition (2019/2020)

ArcLight Capital Partners Fund VII

Avantor NYSE IPO

Bain Capital financing for acquisition of US Renal Care

Clarivate Analytics $4.2 billion acquisition of Churchill Capital

Dunkin’ $1.7 billion ABS

IQVIA €720 million 4.875% bond issueLine Corp / Yahoo Japan merger

PG&E Chapter 11 restructuring

Simpson Thacher & Bartlett was founded in 1884 in New York, where it still maintains its headquarters. The New York office is also the firm’s largest, but it has since expanded to 10 offices across three continents. In the United States, it also has offices in Houston, Los Angeles, Palo Alto and Washington DC. 

Focusses / specialisms

The firm is best known for its top tier work in banking, debt and equity capital markets, M&A and private equity.

The firm’s New York office is a market leader in financial and corporate practices and the California offices are market leaders in capital markets. 

In financial services regulatory work the team advises banks and financial institutions in compliance related to acquisitions and equity investments.

The banking practice represents borrowers and lenders in acquisition financing, refinancing, project financing and general corporate financing. The project financing practice is very active in the oil and gas, infrastructure and energy industries.

The capital markets team advises both issuer and underwriters on matters in the debt, equity, derivatives and securitizations practices. In debt capital markets, the team has expertise in investment grade and high yield bond offerings, as well as green bonds, Eurobonds and convertible bonds. The equity capital markets side often works on IPOs, follow on offerings, share offerings, at-the-market programs, secondary offerings, share buybacks and convertible preferred stock offerings. In derivatives, the team is experienced in margin loans, forwards, options, swaps and concurrent bond hedge and warrants. The structured finance and securitization team works on ABS’ and CLOs.

The firm also has a robust investment funds practice that advises clients in fund acquisitions, fund formations, fund financing and investments.

The firm’s M&A practice contains a private equity practice that represents private equity firms in buy and sell side acquisitions, mergers and joint ventures in addition to equity investments. The M&A practice also advises non private equity firms in high value buy and sell side acquisitions, mergers and joint ventures.

Key clients

Key clients for the firm include Morgan Stanley, Goldman Sachs, JPMorgan Chase, Twenty-First Century Fox, Mars, Credit Suisse, FedEx, HSBC, RBS, Citigroup, BMO Capital Markets, KKR, Alibaba, Barclays, Softbank, Ares Management, Blackstone, Toronto Dominion Bank, Platinum Equity Capital Partners, CVC Capital Partners, First Reserve, PG&E, Microsoft, Dell, AIG Global Investments, MUFG and Energy Capital Partners.

Research period review: 30th edition (2019/2020)

Within the research period the financial services regulatory group acts for banks and financial institutions in acquisition and investment regulatory compliance. 

The banking practice represented slightly more borrowers than lenders. Most of the matters were related to acquisition financing.

In project finance specifically, there was a lot of work in the oil and gas industry.

The debt capital markets practice worked on both high yield and investment grade bond issuances. It notably dealt with several green bonds and Eurobonds.

The equity capital markets saw a lot of IPOs, convertible preferred stock offerings and common stock offerings. The derivatives practice saw a large amount of concurrent bond hedge and warrant transactions and margin loans. Many of these transactions were related to larger acquisitions. The structured and finance and securitization team represented mostly initial purchasers in ABS matters.

The investment funds practice worked on a lot of fund financing and acquisitions.

The M&A practice worked on many multibillion dollar strategic and private equity acquisitions, acting on the buy and sell side.

New York capital markets partner Maripat Alpuche retired during the research period. In the M&A practice, Los Angeles based partners Gregory Klein and Michael Kaplan joined from Irell & Manella. M&A partners William Curbow, Rich Capelouto and Wilson Neely retired. 

Deal highlights: 30th edition (2019/2020)

10X Genomics Nasdaq IPO

Alibaba SEHK IPO

Apple €2 billion dual tranche 0% and 0.5% green bond issue

Blackstone $18.7 billion acquisition of US logistics assets

Charles Schwab $26 billion acquisition of TD Ameritrade 

London Stock Exchange Group $27 billion acquisition of Refinitiv

Refinitiv $6.5 billion term loan B facility

Client feedback: 30th edition (2019/2020)

Banking

“Extraordinary expertise and work ethic.”

Capital markets: debt

“Depth and breadth of knowledge in high stakes areas. Client service.”

“Substantial experience ensures up-to-date on current market practices and concessions.”

Capital markets: derivatives

“Able to explain difficult concepts in a manageable way.”

Capital markets: equity

“Unmatched subject matter/challenge knowledge and expertise, combined with practical business acumen – all delivered in a professional and supportive manner.”

Capital markets: structured finance and securitization

“Very responsive and thorough in understanding out issuance, the securitization market and investor needs/wants.”

Investment funds

“Creative, innovative and experts in the 1940 Act.”

“STB has one of the best private fund practice groups. They have great insight into the broader market.”

M&A

“Premier work product. Responsive and sophisticated representation.”

Private equity

“The firm dependably provides intelligent, efficient and practical legal counsel on extremely complex issues. Their private funds practice particularly has an outstanding sense of how best to incorporate business considerations when providing legal guidance.”

Full-service international firm Skadden Arps Slate Meagher & Flom was founded in New York in 1948 and this branch remains its headquarters and largest office. It has since expanded to 22 offices across three continents. In the United States, the firm has offices in Boston, Chicago, Houston, Los Angeles, Palo Alto, Washington DC and Wilmington.

Focusses / specialisms

The firm’s New York, Washington DC, California, Illinois and Massachusetts offices are market leaders in their regions across financial and corporate practices. It also has standout offices in Texas and Delaware.

The banking team acts on the lender and borrower side in acquisition finance, multicurrency finance, DIP finance, project finance and refinancing.

In financial services regulatory work the team advises banking and financial institutions in compliance matters related to investments and acquisitions.

The capital markets practice works on debt, equity and securitization matters on both the issuer and underwriter side. In debt capital markets work the firm acts on investment grade and high yield bond offerings. The equity capital markets side works on IPOs, tender offers, common and preferred share offerings, follow on offerings and recapitalizations. In securitizations the team works on commercial paper programs, receivables backed securitizations, ABS’, CLOs and mortgage backed securitizations.

The investment funds practice works with asset management and private equity firms in fund formations, fund IPOs, and fund investments.

The M&A team acts on the buy and sell side in high value private equity and strategic acquisitions, mergers and joint ventures.

The firm also has a private equity practice that assists with private equity buyout related acquisitions.

The project development team represents developers and financiers in projects in the oil and gas, infrastructure and energy industries.

The restructuring and insolvency team acts on behalf of debtors and creditors in out of court restructurings and Chapter 11 and 15 proceedings.

Though the firm is active across all industries, it is particularly active in technology, real estate, banking and financial services and pharmaceuticals.

Key clients

Key clients for the firm include First BanCorp, Crédit Agricole, Banco Azteca, Centene, Zillow, Bank of America, Scotia Capital, Citigroup, CEMEX, Pfizer, Morgan Stanley, PayPal, Barclays, Eaton Vance, Fair Oaks Capital, AES, BlackRock, Tennenbaum Capital Partners, Caesars Entertainment Corporation, NextEra Energy Partners, Exact Sciences, Array BioPharma, DowDuPont, The Blackstone Group, Aflac, Irish Bank Resolution Corporation, UBS, Synergy Pharmaceuticals and Stearns Holdings.

Research period review: 30th edition (2019/2020)

Over the research period the financial services regulatory team advised banks and financial institutions in compliance matters stemming from high value acquisitions and investments. Much of the work that the banking team participated in was related to acquisition financing on the borrower side. It also did a significant amount of lender side work in DIP financing.

The investment funds team largely worked on fund formations, but also advised clients on fund maintenance matters including investments and regulatory compliance.

The M&A team acted on the buy and sell side in many of the country’s largest strategic acquisitions and mergers. It also worked on a significant number of important private equity acquisitions, with the assistance of the private equity practice.

The project development team was particularly active in the renewable energy and transportation infrastructure industries.

The restructuring and insolvency team largely represented debtors in out of court restructurings and Chapter 11 proceedings.

Firm wide, banking and financial services, pharmaceuticals, real estate and technology were big industries of deal acticity.

In 2019, New York based investment funds partner Lawrence Frishman retired. The Palo Alto office added M&A partner Michael Ringler, who came from Wilson Sonsini.

Deal highlights: 30th edition (2019/2020)

BA Credit Card Trust $1.25 billion Class A 2019-1 ABS

Centene $7 billion triple tranche 4.750%, 4.250% and 4.625% bond issue

Fidelity National Information Services / WorldPay merger

Further Global Capital Management / Stone Point Capital $4.2 billion acquisition of Duff & Phelps

Irish Bank Resolution Corporation Chapter 15 bankruptcy 

Newark Liberty International Airport ConRAC facility

Pinterest NYSE IPO

Zillow $1.5 billion financing

Since its founding in 1931, Weil Gotshal & Manges has grown to become one of the country’s leading firms in M&A, private equity and restructuring and insolvency. It has also physically grown to 15 offices across three continents. There are eight offices in the United States: Boston, Dallas, Houston, Miami, New York, Princeton, Silicon Valley and Washington DC. The New York office serves as the firm’s headquarters and is also its largest. 

Focusses / specialisms

The firm is a market leader in M&A, private equity and restructuring and insolvency, but it is also well known for its work in the banking, structured finance and securitization and private equity funds practices. Overall it is a strong firm across all financial and corporate practices. 

In regulatory financial services, the firm advises banking and financial institutions in matters related to acquisition and corporate compliance and governance. It also advises clients in monetary policies such the Volcker Rule, Dodd-Frank Act, National Bank Act and International Banking Act. 

In banking, the firm acts on both the borrower and lender side in bridge loans, term loans, working capital facilities and credit facilities regarding acquisition financing, refinancing and DIP financing. 

In capital markets, the firm advises issuers and underwriters alike in debt, equity and securitization related matters. In debt capital markets, the capital markets tea advises clients in investment grade and high yield bond offerings. On the equity side, the firm works on transactions related to tender offers, share offerings, secondary offerings and IPOs.

In structured finance and securitizations, the team advises clients in ABS offerings and CLOs. Many of these transactions on all sides of capital markets were used as a form of acquisition financing. 

The M&A practice acts on the buy and sell side in high value strategic and private equity acquisitions.

The firm has a strong private equity practice that advises private equity firms in fund formations and acquisitions. 

Additionally, the New York office has so much experience in the real estate industry that it has its own practice dedicated to advising clients related to development, financing and REITs in any matter regarding real estate. This includes acquisitions, management agreements, financing, development and related aspects of Chapter 11 proceedings. 

Weil prides itself on its commitment to gender diversity, talent management and innovation. Most notably, it has an incredibly strong work-life balance as recognized through numerous accolades.

Key clients

Key clients for the firm include Citi, JP Morgan, Johnson & Johnson, Campbell Soup, Morgan Stanley, Brookfield Property REIT, Eli Lilly, Advent International, Ceridian HCM Holding, Guggenheim Securities, Atalaya Capital Management, Hertz, Genstar Capital, Brookfield Asset Management, Atlas Partners, Softbank, Willis Towers Watson and Total.

Research period review: 30th edition (2019/2020)

Over the research period, the banking team advised a mix of borrowers and lenders in high value acquisition financing and refinancing matters. It also worked on a couple of DIP financing matters related to larger Chapter 11 proceedings. 

The debt capital markets saw a lot of investment grade bond issuances used for acquisition financing. 

In equity capital markets, the team worked on mostly IPOs and secondary offerings.

The structured finance and securitization practice saw more ABS’, but also dealt with CLOs.

In M&A, the team continued to represent clients in high value acquisitions, mergers and joint ventures. 

The private equity practice advised private equity firms in billion dollar fund formations as well as buy and sell side acquisitions.

In terms of lateral moves, the Houston office brought over private equity partner Jeff Malonson from King & Spalding. The New York office brought over real estate partner Evan Levy from Skadden.

Deal highlights: 30th edition (2019/2020)

Brookfield $13.2 billion acquisition of Johnson Controls’ Power Solutions

Brookfield Infrastructure Fund IV $20 billion fund formation

Capital One $9 billion acquisition of Walmart’s credit card portfolio

Ford Motor Company $16 billion financing

Hasbro $1 billion common share offering

Jack in the Box $1.3 billion ABS

Occidental Petroleum $13 billion fixed and floating rate bond offering

Client feedback: 30th edition (2019/2020)

Capital markets: structured finance and securitization

“High partner involvement. Well integrated across global offices. Strong associates.”

Investment funds

“Weil consistently demonstrates a deep and sincere commitment to client service. They treat our problems as their problems and work together with us as a team to solve them.”

M&A

“Excellent work ethic, efficient, great advice and execution.”

“I appreciate the small, consistent, dedicated core team. Very responsive and engaged.”

“The firm is collaborative, accessible and best in class. Single points of contact provide comprehensive advice in connection with issues that are practical and business efficient and thoughtful – facilitation is the focus.”

“Highly qualified legal professions who bring deep relevant experience in practice areas. Teams assigned are strong and appropriate for projects.”

“Very prompt turnaround, strong commercial acumen.”

“The Team at Weil are coordinated, available, practical and focused on delivering an end to end solution when issues arrive.  We primarily deal with one key advisor in connection with an issue who coordinates with the Weil Team to provide coordinated and complete advice in connection with issues.  They are best in class attorneys that make it a priority to learn and understand the business and its priorities to work effectively to help us achieve our goals.”

“Weil (particularly Craig Adas) makes a huge effort to know us well, to know what issues are most important to us when we acquire a company or engage in JV discussions, etc. Craig does an excellent job helping us focus on the issues that really matter and not wasting time on things that don't (he is not into winning deal points just to win). Weil's position in the market and deal volume also help us ensure we don't poison a deal by taking off market positions--they know the tech M&A market very well.”

Private equity

“Market leaders. Industry knowledge. Efficient team and service structure. Good at planning and strategy and making process efficient including working on tight deadlines.”

“Subject matter expertise, responsiveness, practical advice.”

Restructuring and insolvency

“Completeness of advice, legal actions, setting up negotiations and new financing.”