Texas

National firm Akerman was founded in Orlando in 1920. It has now has 25 offices across 15 states but Florida remains core to the firm and is the state where it has the largest number of offices.

Focusses / specialisms

The firm is best known for mid-market M&A and real estate work in Florida and is active in capital markets and restructuring.

The firm has a national capital markets practice of note that represents issuers in bond issuances, IPOs and share offerings.

Its M&A team, bolstered by the Florida offices, represents strategic and private equity buyers and sellers in acquisition related matters, including acquisition financing.

It also has a restructuring and insolvency practice in Texas.

Key clients

Key clients for the firm include HIG Capital, AE Industrial Partners, AutoNation, Carrols Holdco, RumbleOn and Green Growth Brands.

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

The capital markets team represented issuers in mostly share offerings. Many of these offerings were tied to public M&A deals. It also worked on an IPO and bond offering.

Throughout the research period the M&A team represented a large amount of private equity clients on both the buyer and seller side in acquisitions across a wide variety of industries including automotive, consumer goods and services, cannabis and manufacturing.

In lateral movements, partners Otavio Carneiro joined the Florida corporate practice from Veirano Advogados; Amanda Leech and Roy Ide joined the Georgia corporate practice from Dentons; Paul Foley joined the North Carolina investment management practice from Kilpatrick Townsend; and, Ricardo Hollingsworth joined the New York investment management practice from Katten Muchin Rosenman. 

In 2019, Akerman opened two offices in Winston-Salem, North Carolina and Atlanta, Georgia. 

Deal highlights: 30th edition (2019/2020)

Ceres Acquisition NEO Exchange IPO

Ferguson Enterprises acquisition of James Martin Signature Vanities 

Pentair $120 million acquisition of Pelican Water Systems

Client feedback: 30th edition (2019/2020)

Private Equity

“Smart and responsive and modestly priced.”

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

Bracewell got its start in Houston, Texas in 1945. Since then, it has become a market leader in Texas in financial and corporate law. The firm has also opened an additional nine offices in three countries.

In the United States, the firm has locations in Austin, Hartford, Dallas, Houston, New York, San Antonio, Seattle and Washington DC. Bracewell has expanded its reach internationally with offices in Dubai and London.

Focusses / specialisms

The firm is best known in Texas, where it has the most offices and a reputation as a top tier financial and corporate practice. However, it also has a notable New York practice. Oil and gas is a big industry for the firm across all practice areas.

The banking practice firm wide represents borrowers and lenders in DIP loans, credit facility agreements, term loan agreements, rescue financing, refinancing, trade receivable securitization facilities and project finance.

The capital markets team represents issuers and underwriters in corporate bond issuances, mortgage bond issuances, green bond issuances private share placements and public share offerings.

In M&A, the firm advised strategic acquirers and sellers in joint ventures, mergers and acquisitions. It also represents private equity firms in acquisition and investment matters.

The restructuring and insolvency team advises administrative agents and debtors in Chapter 11 bankruptcy and restructuring cases. It also advises clients in out of court restructuring settlements.

Key clients

Key clients for the firm include Kinder Morgan, Wells Fargo, MUFG Union Bank, Apache, Altus Midstream, Evercore, Prosperity Bancshares, Western Gas Partners, Global Infrastructure Partners, Crédit Agricole, Energy & Exploration Partners and ENI Petroleum.

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

During the research period, the banking team represented a mix of borrowers and lenders in revolving credit facilities mainly.

The capital markets team represented mostly issuers in corporate bond issuances, but also dealt with other types of bond issuances. On the equity side, the team advised clients in public and private share offerings.

In M&A, the team represented a mix of strategic buyers and sellers in mergers and acquisitions. It also represented a fair amount of private equity firms in acquisitions and investments.

The restructuring and insolvency team largely represented debtors in Chapter 11 bankruptcy and restructuring cases, although it did also advise in out of court restructurings. Most of the matters the firm worked on across all practice areas were in the in oil and gas industry.

In terms of lateral moves, the capital markets team brought on partners Catherine Hood, Todd Eckland and of counsel J Anthony Terrell from Pillsbury Winthrop Shaw Pittman. All three are based in the New York office. The restructuring and insolvency team lost partners Kurt Mayr, Jennifer Feldsher and of counsel David Lawton to Morgan Lewis. All three were based in the New York office. In Texas, the real estate team lost Alfred Kyle who left for Reed Smith. 

Deal highlights: 30th edition (2019/2020)

Apache double tranche $1 billion 4.25% and 5.35% bond offering

Energy & Exploration Partners Chapter 11 restructuring

Kinder Morgan $4.5 billion revolving credit facility

McDermott International Chapter 11 restructuring 

Pembina Pipeline $1.546 billion acquisition of the US portion of the Cochin Pipeline

Prosperity Bank / LegacyTexas Financial Group merger

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.”

Gibson Dunn & Crutcher was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington DC. Its greatest presence is in California, where it has five offices throughout the state. 

Focusses / specialisms

The firm maintains a strong presence in California, where it is has top tier M&A practices in Southern California. Additionally, its Denver, DC, Dallas and Houston offices are standouts in their respective states in corporate practice areas.

The banking team acts on the borrower side of financing transactions such as multicurrency credit agreements, term credit facilities, ABLs and construction loan facilities. These transactions are part of larger acquisition finance, project finance, construction finance or refinancing matters. 

In financial services regulatory the team represents banks and financial institutions in regulatory advice regarding Federal Reserve policy compliance, derivatives and corporate governance matters. 

The firm also has a depth of experience in capital markets on all sides. In debt capital markets, the firm acts for issuers and underwriters in investment grade, high yield, convertible, fixed rate and floating rate bond issuances.

On the equity capital markets side the firm also represents issuers and underwriters in IPOs, common share offerings, convertible preferred stock offerings and at-the-market equity programs. The capital markets team also frequently advises clients in the banking and financial services industry about derivatives issuances, specifically swaps and futures. These transactions also usually have a regulatory component with which the regulatory financial services team will assist. 

The majority of the investment funds team is based in New York, where it assists private equity and asset management firms in fund formations. There is frequent crossover between the investment funds and private equity practices due to the clientele. The private equity practice is based in California, New York, Washington and Dallas. It advises private equity firms on both the buy and sell side in high value acquisitions and joint ventures, ranging from $100 million to $5 billion. The M&A practice deals with public and private strategic acquisitions and joint ventures on the buy and sell side. It has large pockets of partners in the practice in the New York, Los Angeles, Washington DC, Dallas, Houston, San Francisco, Palo Alto and Denver offices, who frequently involve each other in cross border matters.

The project development team is highly skilled in the infrastructure industry, where it represents sponsors and developers in project acquisitions, financing, bidding and construction. Additionally, the team has a lot of experience working on PPP projects. 

In restructuring and insolvency, the firm advises creditors and debtors in out of court financial restructurings, Chapter 11 and 15 proceedings.

Key clients

Key clients for the firm include Marriott International, Berkshire Hathaway Energy, Fox, Wells Fargo Securities, Goldman Sachs, Bank of America, US Chamber of Commerce, Capital One, Leonard Green & Partners, JP Morgan Asset Management, WndrCo, RedBird Capital Partners, The Williams Companies, PepsiCo, NTE Mobility Partners Segments 3, Denver Great Hall, AIG and Aetna.

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

Throughout the research period the banking team acted for borrowers in a credit facility and loan agreements. A large portion of the agreements went towards refinancing or acquisition financing.

In capital markets the team represented a combination of issuers and underwriters mostly on debt related transactions such as investment grade and high yield bond issuances. It did also work on a couple of IPOs as well as swap and futures regulatory matters.

The investment funds team represented private equity, banks and financial institutions in high value fund formations. Many of these funds were related to the real estate industry.

In M&A, the practice acted on both the buy and sell side for high value strategic acquisitions. It had a high number of transactions in the oil and gas and technology industries.

The private equity practice advised private equity firms in multimillion and billion-dollar acquisitions both on the buy and sell side.

The project development team continued to act for developers and sponsors in the infrastructure industry.

The restructuring and insolvency team represented mostly creditors in Chapter 11 proceedings. It did also represent a fair number of debtors and worked on out of court financial restructurings. 

Regarding lateral moves, the capital markets team in New York recruited partner Boris Dolgonos from Jones Day. In M&A, partner Charles “Chuck” Walker joined the Houston team from Orrick Herrington & Sutcliffe. The Denver M&A team brought over partner Gerald Farano from Jones Day. Partner William Sorabella joined the New York M&A and private equity practices from Kirkland & Ellis. The California offices recruited M&A and private equity partners Chris Harding and Abtin Jalali from Kirkland & Ellis and partner David Lee from Latham & Watkins. Partner Ed Batts also joined Palo Alto’s M&A practice from Orrick Herrington & Sutcliffe. Around the same time, partner Russell Hansen retired. Former co-lead of Debevoise & Plimpton’s banking industry practice Matthew Biben joined the New York office to serve as the co-chair of the financial institutions practice. His practice focuses on regulatory financial services. Partner Edward Nelson left the investment funds practice to join Latham & Watkins. In restructuring and insolvency, Los Angeles partner Samuel Newman left to join Sidley Austin. In the New York office, restructuring and insolvency partners Scott Greenberg, Steven Domanowski and Michael Cohen were brought over from Jones Day, with Greenberg serving as the co-chair of the restructuring practice.

Deal highlights: 30th edition (2019/2020)

Fox Corporation $6.8 billion 3.666%, 4.03%, 4.709%, 5.476% and 5.576% bond issue

Green Equity Investors VIII

Marriott International $4 billion revolving credit refinancing 

Newark Liberty International Airport consolidated rent-a-car center and public parking facility

Parsons Corporation NYSE IPO

PG&E Chapter 11 restructuring

Platinum Equity $2.74 billion acquisition of Cision

VMWare $2.7 billion acquisition of PivotalSoftware

Targa Resources Partners dual tranche 6.5% and 6.875% high yield bond issue

Client feedback: 30th edition (2019/2020)

Investment funds

“Skilled in all areas of investment management.”

“They know the market and are very thoughtful and responsive.”

Since its founding 135 years ago in 1885, King & Spalding has grown to 22 offices across three continents. In the United States, the firm has 11 offices, with its first office in Atlanta serving as the firm’s headquarters.

Focusses / specialisms

The firm is a market leader in corporate law in Georgia, but also has a strong presence in North Carolina. Firm wide, it has an especially strong oil and gas project development practice.

In banking work the firm represents borrowers and lenders in credit facilities and term loans for refinancing, acquisition financing and general corporate financing.

The capital markets team has experience on the debt side representing both issuers and underwriters in investment grade, convertible and high yield bond issuances.

The team also has experience in structured finance and securitizations, where it advises underwriters and lenders.

The investment funds team is concentrated globally but within the US, has offices in Chicago, Houston, Los Angeles, New York, Palo Alto, San Francisco and Washington DC.

In M&A the firm advises clients in strategic acquisitions, mergers and joint ventures. The team acts on both the buy and sell side. In conjunction with the M&A team, the private equity practice advises private equity firms in buy and sell side acquisitions.

The private equity team is highly regarded with their work in the energy, oil and gas, infrastructure, healthcare and life sciences industries, especially regarding acquisitions.

With the help of the private equity team, it advises REITs, private equity and financial services firms in fund formations.

The restructuring and insolvency practice maintains US teams in New York, Atlanta, Chicago and Houston. It represents government entities, debtors and creditors in distressed M&A transactions and Chapter 11 proceedings. In the projects practice, members advise financial sponsors and developers in projects in the oil and gas, infrastructure and energy industries. This includes construction, financing and acquisition.

Key clients

Key clients for the firm include Crédit Agricole, Citizens Bank, GSO Capital Partners, SunTrust Banks, Total System Services, Carter’s, Barclays Capital, Credit Suisse Securities, RBC Capital Markets, TSYS, Americold Realty Trust, BlueMountain Capital Management, Greystar Real Estate Partners, Prologis, Asana Partners, Government Development Bank of Puerto Rico Debt Recovery Authority, Monitronics, Jack Cooper Investments, Anadarko Petroleum, Bayport Polymers and NextDecade.

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

Over the research period, the banking team represented mostly lenders in refinancing, acquisition financing and general corporate financing.

In debt capital markets, the team was mostly on the issuer side for a fairly equal mix of investment grade, convertible and high yield bond issuances.

The investment funds practice, with the assistance of the private equity practice, advised private equity firms, REITs and asset management firms in fund formations.

The M&A and private equity teams worked together to advise private equity and strategic acquisitions and mergers. Energy, oil and gas, infrastructure were big industries for the practice. 

The restructuring and insolvency team worked largely on Chapter 11 proceedings, representing lenders. The project practice advised sponsors largely in oil and gas projects, specifically regarding LNGs. 

In terms of lateral moves, partners Justin Riess, Chris Molan and Jessica Standera left the banking practice. Partner Jonathan Arkins joined the structured finance and securitization team from Arnold & Porter. The investment funds practice recruited partner Conrad Axelrod from Schulte Roth & Zabel and private equity partners Christopher Chan and Christopher Gandia from Willkie Farr, Kate Luarasi from Proskauer Rose, Bryan McGee and Jeff Wolf Schatz from Simpson Thacher and Townshine Wu from Wachtell Lipton. The corporate and M&A practice brought over partners Erik Belenky from Jones Day and Larry Yanowitch, Tom Knox, Charles Katz and Jeremy Schropp from Morrison & Foerster. In projects, the firm brought over partners Ingrid Myers from Morgan Lewis, David Lang from Baker McKenzie, Alan Noskow from Manatt Phelps & Phillips and William Gordon who moved from an in-house position. The team also saw the retirement of partner Ken Culotta and departure of partners Vera de Gyarfas who moved to Mayer Brown and Dan Rogers who moved in-house. The restructuring and insolvency team recruited partners Matthew Warren and Roger Schwartz from Latham & Watkins, Andrew Brereton from Clifford Chance and Peter Montoni who came from in-house. Partners Jeffrey Pawlitz and Bradley Giordano left the firm. 

Deal highlights: 30th edition (2019/2020)

Americold Realty Trust $1.24 billion acquisition of Cloverleaf Cold Storage

Atmos Energy $1.5 billion refinancing

BB&T / SunTrust Banks merger

Bayport Polymers $1.2 billion acquisition of Borstar polyethylene plant

Dine Brands Global $225 million and $1.3 billion bond issue

Government Development Bank of Puerto Rico Title VI restructuring

Greystar Real Estate Partners X

UPS $1.5 billion 2.2%, 2.5%, 3.4% triple tranche bond issue

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."

Mayer Brown is a large international firm that entered into its current form through three cross-border mergers in the first decade of the twenty-first century. Firstly, in 2002, US firm Mayer Brown & Platt (established in Illinois in 1881) merged with UK firm Rowe & Maw (formed in 1895 in London), then the combined entity merged with Johnson Stokes & Master (opened in 1863 in Hong Kong) in 2007.

Today the firm’s network covers 27 offices spanning three continents. In the US, where the firm has several of its largest branches, it has a presence in six states and teams based in Charlotte, Chicago, Houston, Los Angeles, New York, Palo Alto, San Francisco, and Washington DC.

Focusses/specialisms

Broadly for work across the US the firm is known for its outstanding work in structured financing and securitisation and in power sector project development but it is active and strong in other areas of financial and corporate transactional work.

In the capital markets area, in addition to the firm’s high quality work in structured finance and securitization and derivatives areas, it also has expertise in investment grade and high yield debt and equity issues. It represents both issuers and underwriters in corporate, green and high yield bonds, CFTC advice, structured bond issuances, index launches, follow on offerings, IPOs, share offerings and ATM offerings.

In M&A the team has experience with reverse mergers, joint ventures, asset sales, as well as public and private acquisitions. It advises private equity and strategic buyers and sellers.

In project the projects space the firm represents developers, project sponsors, borrowers and lenders in project financing and development, and does outstanding work in the energy industry.

The restructuring and insolvency team represents administrative agents, debtors, creditors and trustees in Chapter 11, Chapter 7 bankruptcy cases, financial restructurings and insolvencies. 

Key clients

Key clients for the firm include HSBC, Bank of Nova Scotia, International Swaps and Derivatives Association, CIBC, BMO Capital Markets, Bank of America Merrill Lynch, Nestlé, Prologis, John Hancock Life Insurance, Berkshire Hathaway, Barclays Bank and Deutsche Bank.

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

During the research period was most active in the areas of capital markets, M&A, projects and restructuring and insolvency.

The debt capital markets team increased their representation in Canada. Many of their transactions had a Canadian aspect to them and because of this, worked on numerous bail-in note issuances. The team also dealt with a high amount of REIT related senior note offerings.

In the derivatives market the team worked mostly on providing clients with regulatory advice. In equity capital markets the team advised largely underwriters in IPOs.

The structured products team worked mostly on structured notes issuances in the banking and financial services industry, as well as multi-asset index launches.

The M&A team worked on multimillion dollar and billion dollar asset and company acquisitions across a diverse array of industries.

The projects team worked mostly on renewable energy projects, especially wind and solar plants. It advised clients on project acquisition financing, loan and credit facility agreements and bond issuances.

The restructuring and insolvency team represented largely administrative agents and debtors in financial restructurings and Chapter 11 cases. 

The firm made a huge recruitment over the research period. Partner Marlon Paz joined from Seward & Kissel to head the firm’s broker-dealer regulatory and compliance practice area. In capital markets, partner Matthew Kluchenek, who specialises in derivatives, joined from Baker McKenzie. Around the same time, capital markets partner Kirk Tucker left to join Jackson Walker. In project finance, partners Frederick Lark and Elena Rubinov joined from Bracewell, Mark Williams joined from Morgan Lewis & Bockius and Vera de Brito de Gyarfas joined from King & Spalding. They are also partners in the firm’s corporate and M&A practice area, which also brought over partners Kara Baysinger, Stephanie Duchene and Matthew Gaul from Dentons, Paul Chen from DLA Piper, Marc Harrison from Greenberg Traurig, Philip Lau from Locke Lord, James Schell from Skadden and Dale Smith from Bracewell. The restructuring and insolvency practice area brought over partners Michael Fiddy and Amy Jacks from DLA Piper, Louis Chiappette from Skadden and Adam Paul from Kirkland & Ellis

Deal highlights: 30th edition (2019/2020)

Brookfield Asset Management $4.7 billion acquisition of Oaktree Capital Group

Celeo Redes $365 million private placement financing

GW Pharmaceuticals Nasdaq IPO

Northeastern University public parking facility concession

Starbucks double tranche $2 billion 3.55% and 4.45% bond issue

Weatherford International Chapter 11 bankruptcy

Client feedback: 30th edition (2019/2020)

Capital markets : Debt

"Easy to work with as underwriter counsel, responsive and thoughtful. Top lawyer on debt issuances with knowledge of market terms and conditions."

"Knowledge of the company and its business."

"They understand current trends and fully understand the applicable law."

"Very responsive to our requirements and unfailingly attentive to our interests."

"Deep bench of expertise on subject matter, the ability to execute transactions successfully on tight time frames and provide cost effective services."

"Our capital markets and USCP contacts are trusted advisors who are responsive, pragmatic and knowledgeable in the space."

"Very knowledgeable capital markets partners who are practical. They may also charge a little less than the leading NY capital markets law firms."

"They are extremely knowledgeable and have true expertise in debt capital market activities. They are very responsive and great to work with."

Capital markets : Derivatives

"Great subject matter expertise and very responsive."

"Subject matter expertise, responsiveness and professionalism."

"Experienced in all aspects of the business (tax, disclosure, regulatory, etc.), familiar with the market and competitors, appropriate pricing and good response time."

Capital markets : Equity

"Authoritative advice and willingness to take strong position vis-a-vis other law firms availability of US lawyers for client located in Israel."

"Does what it takes to get the job done. Strong knowledge of capital markets and transactions."

Capital markets : Structured finance and securitization

"Extremely knowledgeable about the legal and regulatory aspects of both private equity and 1940 Act Funds Reputation of both lawyer and law firm were valued by various partners to ALTI and led to stronger partnerships."

Investment funds

"Consistent high quality work for any topic in several jurisdictions."

Private equity

"Very thoughtful and responsive."

Anna Pinedo

"Anna is our key lawyer on our account. She is always available, especially in an emergencies. Her advice has been spot on and her team was especially helpful with a $100 million preferred stock capital raise that we did this year."

"Anna's market knowledge, responsiveness and practical advice are very important to my team, and make her one of our most trusted advisors."

"Diligent, highly intelligent, very knowledgeable and attentive."

"Excellent in all areas, always makes herself available."

"Extremely smart and intuitive."

"Has impressive subject matter expertise."

"One of the most innovative and expert thinkers on financial products and solutions that solve unique regulatory challenges. She explains very complex regulatory issues in understandable ways."

David Goett

"Great expertise with respect to the taxation of financial products. Ability to understand the complicated math related to derivatives."

David Malinger

"Knowledge of our company."

Eddie Best

"Very responsive and practical; manages costs well

Iliana Kirova

"Very responsive and extremely knowledgeable."

Jen Carlson

"Jen is extremely knowledgeable and has great debt capital markets expertise. She is an excellent attorney and great to work with."

Juan Pablo Moreno

"Ability to understand and address client concerns in an efficient manner. Strong knowledge of subject area."

Lori Pines

"Smart. Thoughtful. Strategic. Responsive. Friendly."

Marla Matusic

"Responsive, problem solver."

Phyllis Korff

"Phyllis is amazing. She has a depth of experience that is unparalleled. She is thoughtful and responsive and easy to work with."

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.”

Full-service firm Norton Rose Fulbright is one of the largest firms in the world, spanning every continent in the world minus Antarctica. Globally the firm has 50 offices. In the United States it has 11 offices spanning seven states, with the largest concentrations in Texas and New York. 

Focusses / specialisms

Nationwide Norton Rose has a top project development practice and an exceptional project finance practice. Also of note is the restructuring and insolvency practice in Texas, which is a regional leader in the state. 

In projects, the firm advises developers and financial sponsors in construction and development projects in the energy, infrastructure and oil and gas industries. The projects team also handles project financing, where it represents lenders and borrowers in debt financing and acquisition financing related to projects in the same industries as project development.

The restructuring and insolvency practice is concentrated in New York, Houston, Austin, Dallas, San Antonio, Washington DC. and Los Angeles. The team advises trustees, creditors, monitors and debtors in Chapter 11 and 15 cases as well as foreign jurisdiction restructurings and insolvencies.

Key clients

Key clients for the firm include Copenhagen Infrastructure Partners, Clearway Energy Group, Energy Transfer Partners, Starwood Energy Group, Crédit Agricole, Bank of America, IFC, Nomura Securities, Investec, FTI Consulting Canada, Delaware Trust Company, JP Morgan Chase Bank, BNY Mellon and NextEra Energy. 

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

During the research period the project development team was highly active advising developers in renewable energy projects, especially wind and solar farms. Transactions that took place on the project finance side were in the same industries, with the team being largely on the lender side.

The restructuring and insolvency team represented mostly creditors and trustees in some of the largest bankruptcy proceedings both in the United States and globally. Many of these cases are ongoing.

In terms of lateral moves, in the project development and finance practice, partners Becky Diffen and David Burton joined the firm from McGuire Woods and Mayer Brown, respectively. Partner Michael Marsi left the firm for Orrick. In restructuring and insolvency partner Lawrence Larose left to join Winston & Strawn. 

Deal highlights: 30th edition (2019/2020)

iHeart Media restructuring 

Odebrecht restructuring

Sabine Pass LNG export terminal

Sears Holdings restructuring

Vineyard Wind 800MW offshore wind farm

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

Vinson & Elkins was founded in Houston in 1917. Over 100 years later, the firm has expanded to 11 offices in three continents. In the United States, the firm has offices in Austin, Dallas, Houston, New York, Richmond, San Francisco and Washington DC. 

Focusses / specialisms

Vinson & Elkins is a market leader in Texas across all practice areas. Though the firm works across a wide plethora of practice areas, it is particularly skilled in the energy and oil and gas industries and is a top tier firm nationwide in oil and gas project development..

In banking work the team acts on the borrower and lender side in acquisition financing, refinancing, project financing and general working capital financing. 

The capital markets practice advises issuers and underwriters in debt and equity matters. In debt capital markets, the firm is experienced in investment grade and high yield bond issuances. The equity capital markets practice sees work with IPOs, private placements, at-the-market programs, preferred and common share offerings and convertible equity offerings. 

The M&A practice acts on both the buy and sell side in strategic and private equity acquisitions, joint ventures and mergers. The private equity practice assists with private equity acquisitions, but also advises private equity firms in firm investments. 

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

In restructuring and insolvency, the team acts on behalf of debtors and creditors in out of court restructurings and Chapter 11 proceedings.

Key clients

Key clients for the firm include Anadarko Petroleum, Vantage Energy, Earthstone Energy, Tyr Energy, Babson Capital, Gulf Coast Ammonia, Targa Resource Partners, Goldman Sachs, BBVA, Bank of America Merrill Lynch, Reata Pharmaceuticals, Alpine Income Property Trust, WildHorse Resource Development, TPG Capital Management, Oryx Midstream Services II, Blackstone Infrastructure Fund, Apollo Global Management, Morgan Stanley Infrastructure Partners, Tellurian, New Fortress Energy, Noble Energy, PennEnergy Resources, Harvey Gulf International Marine and Cloud Peak Energy.

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

Within the research period the firm continued its outstanding work in the oil and gas industries. 

The banking team acted mostly on the borrower side in acquisition financing, refinancing and project financing transactions.

In debt capital markets, the firm worked on more high yield bond offerings than investment grade offerings. The equity capital markets saw several IPOs, in addition to a significant amount of ATM programs and share offerings. In addition to its work in the energy industry, the capital markets team was also particularly active with REITs. 

The M&A team continued its top tier representation of strategic and private equity firms in acquisitions and sales. 

The project development team primarily advised developers in projects in the oil and gas and energy industries, especially concerning LNG infrastructure.

The restructuring and insolvency team represented mostly debtors in the oil and gas industry on out of court restructurings and Chapter 11 proceedings. It also worked on some distressed M&A matters. 

In 2019 the banking team saw partner Trevor Wommack leave for Latham & Watkins. Project finance partner Eamon Nolan joined the firm from Linklaters.

Deal highlights: 30th edition (2019/2020)

Alpine Income Property Trust NYSE IPO

Anadarko Petroleum $3 billion loan

Chesapeake Energy $3.977 billion acquisition of WildHorse Resource Development 

Harvey Gulf International Marine Chapter 11 restructuring

Targa Resource Partners $1 billion high yield bond issue

Tellurian Driftwood LNG Terminal 

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.”

Founded in 1888 in New York, Willkie Farr & Gallagher is best known for its work in private equity and investment funds, especially regarding M&A. The firm has also since expanded to 12 offices across the United States and Europe, with six of those offices being in the United States. The New York office remains the hub for the firm’s operations and is its largest office. 

Focusses / specialisms

In addition to its strengths in private equity, registered funds and hedge funds, the firm also does notable work in banking and restructuring and insolvency. 

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

In M&A, the practice acts on both the buy and sell side in private equity and strategic acquisitions, mergers, privatizations and joint ventures. The team most often acts for private equity firms in acquisition matters. The firm also has a private equity team that works on acquisitions, privatizations, recapitalizations and financial investments. 

In the restructuring and insolvency practice, the firm represents creditors and debtors in out of court financial restructurings, Chapter 11 proceedings and distressed M&A matters.

Key clients

Many, but not all, of Willkie Farr & Gallagher’s clients are private equity firms. Key clients for the firm include FIS, Insight Partners, CenturyLink, Genstar Capital, HealthEquity, Centerview Partners, Colony Capital, AIG, Aquiline Capital Partners, Aegerion Pharmaceuticals, Aralez Pharmaceuticals, Glansaol Holdings and Brookfield Business Partners. 

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

Over the research period, the banking practice acted largely on the borrower side in acquisition finance related transactions. In M&A, the team worked on numerous high value acquisitions on the buy and sell side. 

In both banking and M&A, many of the clients the firm represented were private equity firms. The private equity team assisted the M&A on matters regarding private equity acquisitions. It also worked on some financial transactions including privatizations and recapitalizations. 

The restructuring and insolvency team advised a mix of creditors and debtors in Chapter 11 proceedings and out of court restructurings. 

Regarding lateral hires and departures, banking partners Leonardo Klingbaum and Andrea Hwang left for Ropes & Gray. Additionally, partner Michael Zinder retired. In the M&A practice, partner Claire James was recruited from Kirkland & Ellis. Partner Craig Menden, who specializes in private equity, joined the firm from Cooley. The restructuring and insolvency practice brought over partner Jeffrey Pawlitz from King & Spalding. 

The year 2019 also saw the opening of the firm’s San Francisco office. 

Deal highlights: 30th edition (2019/2020)

FIS / Worldpay merger

Hudson’s Bay Company $1.4 billion privatization

Mylan $12 billion merger with Upjohn

PG&E Chapter 11 proceedings