THE FIRM Allen & Overy's global reach and capabilities see its capital markets team becoming involved in major international mandates and in transactions with complex cross-border issues. The group handles an array of equity, debt and convertible debt issuances, and has a prominent caseload on behalf of non-US issuers entering the US market. Recent highlights include advising Novartis on its $5 billion SEC-registered debt offering to finance its acquisition of Alcon, and representing the international underwriters on the $22.1 billion global offering of H shares by Agricultural Bank of China.

Commercial Awareness “They were positive and responsive, and provide practical business advice as well as legal expertise.”

KEY INDIVIDUALS Peter Harwich and Cathleen McLaughlin are two of the group's key players.

THE FIRM This firm has a leading New York-based group in leveraged finance and high-yield transactions, and focuses on representing major investment banks and financial institutions. Its highlights include its role on behalf of Citibank, Citigroup, Banc of America Securities, Barclays Capital and RBC Capital Markets in connection with $2.3 billion of credit facilities to partially finance the acquisition of global engineering company Tomkins.

KEY INDIVIDUALS William Hartnett is an attorney with "vast experience in leveraged finance and high-yield transactions.” In addition to his formidable legal knowledge, he performs well on deals and is “able to cut through the issues,” say sources. The "knowledgeable and extremely respected" John Tripodoro is frequently seen working alongside Hartnett in some of the group's most significant highlights. These include representing Citigroup and Deutsche Bank Securities as joint book-running managers in the Rule 144A/Regulation S offering of $250 million of senior notes by Graham Packaging and GPC Capital, to partially fund the acquisition of Liquid Container. James Clark made recent headlines with his lead on behalf of Citibank, Citigroup, Banc of America Securities, Barclays Capital and RBC Capital Markets in the leveraged buyout of Tomkins. Sources describe him as "unerringly dependable, hard-working, knowledgeable and commercial." Jonathan Schaffzin is a highly respected expert in both debt and equity transactions. He recently acted for the underwriters, including Piper Jaffray & Co, Jefferies & Co and Wells Fargo Securities, in the $140.6 million IPO by DynaVox. Sources remark that "his drive to achieve a constructive solution makes him excellent to have on complicated transactions." The up-and-coming partner Douglas Horowitz enters the rankings this year. He handles debt and equity work for a number of financial institutions, and has a particular focus on leveraged finance transactions. His recent highlights include acting for the arranger and administrative agent, as well as the initial purchasers, in relation to the $5.2 billion buyout of IMS Health.

THE FIRM Cleary is an indomitable force in this sector, and leads in a range of securities transactions, compliance and disclosure issues. The group receives recognition for its depth, market insight and for its attorneys' SEC experience, as well as for its international capabilities and reach. The firm also wins plaudits for its expertise in a variety of issuer and underwriter representations in public equity, Rule 144A private placements, and debt and convertible debt offerings.

KEY INDIVIDUALS Alan Beller is an iconic figure in the sector who, as a former SEC division director, demonstrates "unparalleled knowledge and experience" across a range of securities work. As such, he plays an integral part in advising Citi on its recovery, including on the structuring and offering in connection with the sale by the US Treasury of $2.25 billion of securities issued as part of Citi's relief program. The eminently experienced Leslie Silverman is also lauded for his "great experience and senior presence" in the sector. He is particularly admired for his expertise with cross-border offerings and with the development of new financial products. "He really does ride the wave of cutting-edge issues," say sources. Craig Brod is famed for his practice covering a variety of equity and debt matters. His recent cases include advising The Hartford in connection with a $3.3 billion capital raise used to repurchase stock issued to the US Treasury under its Capital Purchase Program. Nicolas Grabar focuses on capital markets and securities regulation and is most renowned for his expertise with international and cross-border matters, particularly involving Latin American companies. He recently advised Petrobras on its $67 billion SEC-registered global equity offering. The "immensely smart, knowledgeable and constructive" Jeffrey Karpf's highlights include undertaking a number of issues relating to Citi's recovery. He also recently advised underwriters, led by Citigroup Global Markets, in a $340 million SEC-registered carve-out IPO of Primerica. David Lopez is recommended for the "extremely thoughtful and stabilizing effect he has on transactions," say sources; "he serves as a good bridge to getting the right answer for everyone while serving his client very carefully, efficiently and effectively."

THE FIRM This firm's capital markets practice has a leading national reputation emanating from its office in New York. The group wins particular praise for its preeminent debt and high-yield expertise, evidenced by its recent representation of Frontier Communications in connection with the $3.2 billion high-yield senior debt offering of New Communications Holdings. Housing some of the most respected and experienced practitioners in the industry, the team is especially renowned as an excellent first choice for undertaking sophisticated, complex and novel types of transaction.

Commercial Awareness "The partners have superb strategic business sense and all have heads for their clients' businesses."

KEY INDIVIDUALS Chairing the firm's securities practice is the "extraordinarily constructive, incisive and knowledgeable" Kris Heinzelman. He is a leading specialist in corporate finance transactions, including public and private offerings of debt and equity securities, and is particularly well versed in advising investment banking firms. He recently represented underwriters in connection with the $3 billion registered debt offering of Hewlett-Packard. John White has quickly reestablished himself as a leading player in the sector following his return to the firm in 2009, after serving for three years as a division director at the SEC. "One of the best, smartest and most knowledgeable attorneys around," he has a sterling practice handling capital markets transactions and SEC issues. Andrew Pitts is a widely respected practitioner whose "efficient and economical approach makes accomplishing transactions so much easier," say sources. He is an expert in representing underwriters and issuers on private placements and public offerings. He recently represented Credit Suisse, the initial purchaser, in connection with the $1.38 billion high-yield senior secured debt offering of Freescale Semiconductor. Clients are especially appreciative of the "bright, mild-mannered, friendly and easy to work with" approach of William Rogers. A respected debt and equity expert, he recently represented Shell International Finance in connection with its $2.75 billion registered debt offering, guaranteed by Royal Dutch Shell. Stephen Burns demonstrates "fantastic technical competence and business sense," say sources, many of whom find him "extremely capable, practical and thoughtful to work with." He has a solid practice representing issuers and investment banks in a range of securities transactions and disclosure assignments. William Fogg represents issuers and underwriters in a variety of debt and equity securities offerings, and recently acted for Cincinnati Bell in connection with its $625 million registered high-yield senior subordinated debt offering. Sources recommend his ability to see the big picture in complex transactions and his "superb business head on issues." Erik Tavzel maintains excellent relations with major investment banks, such as Lazard, which he recently represented in relation to its $224 million offering of Class A common stock. The "immensely creative" and seasoned William Whelan leads the firm's securities practice. His highlights include representing the initial purchasers, including Credit Suisse, Merrill Lynch and Goldman Sachs, in connection with the $1.145 billion Rule 144A/Regulation S high-yield senior debt offering of RBS Global and Rexnord.

THE FIRM Davis Polk maintains an unparalleled practice in the equity arena and in equity-related and convertible securities. The group is praised for its leading capacity for representing issuers and underwriters, and for its increasingly prominent debt practice and high-yield caseload. The team recently advised the underwriters on the $23.1 billion IPO of GM. It also advised the Agricultural Bank of China on its global offering of H shares, a transaction involving one of the largest IPOs in recent history.

KEY INDIVIDUALS Richard Sandler is co-head of the firm's global capital markets group and leader of its corporate governance practice. With his "extremely thoughtful and experienced approach," sources praise him for providing "the highest level of advice." His highlights include advising the lead managers on concurrent SEC-registered offerings by The Hartford, totaling $3.3 billion. Fellow group co-head Richard Truesdell is "a phenomenal lawyer and one of the top capital markets lawyers around." Sources are particularly impressed by his "unflappable and even-keeled demeanor" in especially complex transactions. Michael Kaplan is increasingly recognized for providing "careful, reliable and practical advice" to his clients, and wins further plaudits for his hard-working and meticulous approach. He recently took the spotlight with his representation of the joint lead book-running managers in connection with the $3.63 billion SEC-registered offerings of PPL Corporation, one of the largest ever registered equity offerings by a US utility company. Sarah Beshar is highlighted for her key role in advising the underwriters on the $23.1 billion IPO of GM. Bruce Dallas is a founding partner of the firm's office in Menlo Park, California. He comes recommended for his "superb technical abilities" and his "easy to work with and affable style." Deanna Kirkpatrick has a varied practice covering public equity, equity-linked, debt and other securities offerings. Sources describe her as "a solid attorney: extremely client-focused, responsive and detail-oriented." Clients praise Joseph Hall's "great specialization and unique experience." Formerly the managing executive for policy at the SEC, he excels in advising SEC-regulated entities, and in advising issuers and underwriters on capital markets transactions. He has recently worked for PepsiCo and Comcast.

THE FIRM This firm integrates its experienced securities and leveraged finance practices to offer broad global expertise on national and cross-border deals. The group has a wide-ranging practice on behalf of issuers and underwriters, as well as private equity sponsors and their portfolio companies, in public and private securities offerings, leveraged financings and high-yield transactions. Case highlights include acting for AIA, the Asian arm of AIG, in its $20.5 billion IPO and listing on the Hong Kong stock exchange.

KEY INDIVIDUALS David Brittenham, chair of the firm's leveraged finance group, wins significant acclaim for his role on behalf of car rental company Hertz in its offerings of $700 million of senior notes. Sources recommend his "tremendously knowledgeable and sophisticated practice." Peter Loughran is cochair of the firm's securities group. He is billed as “a superb expert in securities offerings and related transactions.” His highlights include guiding AIA through its $20.5 billion IPO and listing on the Hong Kong stock exchange. Steven Slutzky is a corporate law and securities expert with experience representing issuers and underwriters in a range of securities transactions, IPOs, debt offerings and high-yield deals.

THE FIRM This firm has a balanced practice covering a mix of debt, equity and high-yield work, frequently including high-value instructions. Its client base includes a variety of major financial institutions, investment banks and marquee issuers across a range of sectors. Significant instructions include representing Johnson & Johnson on two public offerings of $550 million notes each. High-yield mandates include assisting Barclays Capital and Goldman Sachs in a Rule 144A/Regulation S offering of $825 million in senior notes. On the equity side, the firm acted for UBS and JPMorgan as underwriters in a $342 million registered public offering of senior notes. 

KEY INDIVIDUALS Frank Adams, Donald Murray, and John Schwolsky co-head the practice.

THE FIRM This firm has a diverse and balanced practice handling both debt and equity transactions on behalf of issuers and underwriters. The team is highly experienced in the high-yield space, advising on offerings for the likes of B/E Aerospace and Virgin Media. The group's highlights include representing Credit Suisse as underwriter in relation to the public offerings by Annaly Capital Management, a REIT, of $500 million.

KEY INDIVIDUALS Valerie Ford Jacob is the firm's chairperson and head of the capital markets practice group. She is one of the sector's strongest experts in high-yield deals and in investment-grade and equity securities matters. Sources recommend her as a “street-smart, practical lawyer who can maintain client focus and prove helpful and constructive in complex transactions.” She recently represented Merrill Lynch in the $250 million high-yield offering by American Tire Distributors. Stuart Gelfond is "a practical and results-oriented" lawyer who acts for a host of investment banks in corporate finance transactions. He recently assisted in representing JPMorgan Securities as representative of several initial purchasers for Sinclair Television's private placement of $250 million senior notes. Michael Levitt is skilled in a range of public and private debt and equity security offerings on behalf of issuers and underwriters. He recently represented CVR Energy in relation to offerings of $500 million of senior secured notes. Special counsel Bonnie Barsamian joined the firm from her position as cochair of Dechert's corporate finance practice in January 2011. Sources are especially impressed by her "extensive experience in securities law and REIT work." Corporate finance and securities expert Daniel Bursky is a “tremendously knowledgeable attorney" who wins particular acclaim for his "excellent people skills." Paul Tropp's highlights include representing the underwriters in several securities offerings of Chimera Investment, a REIT.

THE FIRM This firm has a widely respected practice undertaking a large amount of securities transactions and regulatory issues on behalf of issuers and underwriters. Key mandates include representing Kraft on the issuance of $9.5 billion in notes. Underwriter deals include several instructions by Wells Fargo, Morgan Stanley, and JPMorgan Securities, among others.

Client Service “The team is extremely responsive and provides practical advice on challenging issues while remaining exceptionally easy to work with."

KEY INDIVIDUALS Andrew Fabens acts for underwriters and issuers in public and private corporate finance transactions. His practice includes a wide range of offerings and securities issues. “He is so amazingly even-keeled that nothing throws him," remark sources, many of whom also praise his ability to "readily adapt to his client's style, understand what they need and deliver it.”

THE FIRM Kirkland & Ellis is increasingly famed for its practice focusing on issuer representations, having raised its visibility in key transactions over recent years, especially in high-yield deals. The group has been instructed on several of the market's largest IPOs over the past year, as well as on a variety of other debt and equity transactions. Highlights include its representation of Clearwire Communications on offerings of $2.7 billion of senior secured notes.

Commercial Awareness "I appreciate their ability to distinguish between those which are earth-shattering issues and those that aren't.”

KEY INDIVIDUALS Joshua Korff is considered “one of those people that knows everything about everything, and isn't just around when things go wrong.” He focuses on leveraged acquisition transactions and public and private financings. He is especially renowned for his work with IPOs and high-yield transactions.

THE FIRM This capital markets practice group has an eminent national presence covering both the East and West Coasts. The group's established reputation for leveraged finance and high-yield debt advice attracts regular instructions from major financial institutions, such as Barclays, whom the firm recently advised on a $3.5 billion Rule 144A/Regulation S investment-grade bond offering by Williams Partners.

Commercial Awareness "The team is exceptionally commercial and provides fantastic legal advice and business solutions."

KEY INDIVIDUALS Group cochair Kirk Davenport is an "energetic and technically gifted" attorney highlighted by sources for his leading expertise in high-yield transactions. He recently represented Barclays Capital as initial purchaser in a $700 million Rule 144A/Regulation S high-yield bond offering and tack-on offering by car rental company Hertz. His colleague Marc Jaffe is a corporate law, finance and securities expert praised for his "informed and calm approach of focusing on issues as they surface." He recently represented Goldman Sachs as initial purchaser in the $935 million Rule 144A convertible offering by Liberty Global. Raymond Lin is co-head of the firm's US private equity practice. He focuses on representing private equity firms in M&A transactions and is a go-to specialist for matters involving REITs. Sources describe him as "practical, knowledgeable and excellent in facilitating solutions." Greg Rodgers has a broad-ranging corporate law and capital markets practice, with a particular focus on the convertible note market. The Los Angeles-based Mark Stegemoeller is an expert in capital markets and securities matters, and has a solid reputation for representing investment banks on public and private debt offerings. According to sources, he "really understands the commercial side of his clients' businesses."

THE FIRM This team has a substantial underwriter practice and remains a key player in securities compliance and IPO issues, among other areas. The group has recently seen an increase in high-yield matters, as well as a great deal of international financing work. It represented Macquarie Capital Funds in establishing CNL Macquarie Global Growth Trust with an IPO of $1.5 billion in common shares. Debt and equity instructions include representing Abbott Laboratories in the issuances of $750 million and $1.25 billion of notes.

KEY INDIVIDUALS Practice group co-leader Edward Best largely focuses on representing underwriters in a wide range of debt and equity offerings as well as in general corporate law and M&A transactions. According to sources, "his easygoing manner, knowledge and hands-on approach make his clients extremely comfortable." Philip Niehoff is a securities expert who largely represents issuers in public, private and Rule 144A offerings of equity and debt.

THE FIRM This team maintains a balanced debt and equity practice, and is equally comfortable representing issuers and underwriters. It has particular expertise in a number of industries, including technology, alternative energy, REITs, financial services, healthcare and life sciences. Clients also benefit from its strong global footprint and cross-border capabilities. Its client list includes Merrill Lynch, the resolution committees of both Glitnir Bank and Landsbanki, RBC Capital Markets and Capital One Financial.

KEY INDIVIDUALS Seasoned authority James Tanenbaum chairs the firm's global capital markets practice. Aided by his immense experience in the field, he "understands deals, understands personalities and understands business," clients remark.

THE FIRM Capital markets work represents an increasingly important focus for this international firm, which joins the rankings on the back of positive market feedback and integral roles in significant cases in the sector. The group acts for issuers and underwriters in a wide range of industries. Its highlights include its representation of the government of Singapore, together with other investors, in acquiring a 65% interest in Skype from eBay for approximately $1.9 billion.

KEY INDIVIDUALS David Johnson recently advised Barclays Capital, HSBC and UBS as joint book-running managers on the sale by Toyota of $1 billion of notes. He receives particular praise for his work involving offerings in the entertainment industry. Peter Healy is cochair of the firm's corporate finance and capital markets practice and head of its San Francisco transactions department. He is described as “extraordinarily thorough and thoughtful about approaching issues: a businessperson as well as a lawyer.” The "user-friendly and phenomenally even-keeled" Michael Schiavone, who recently joined the firm from Shearman & Sterling, acts on behalf of issuers and underwriters, and is particularly recognized for his strength with transactions in the financial services, retail and media sectors.

THE FIRM Clients rave about this capital markets practice, highlighting in particular its prowess on cross-border deals, especially on behalf of Canadian issuers. The group is traditionally known for representing companies rather than underwriters, covering the full spectrum of capital markets work on this side. Recent highlights including acting for the government of Canada as selling stockholder in GM's $23.4 billion IPO of common stock and convertible preferred stock.

Commercial Awareness "Tremendously pragmatic and up to date on the latest trends, regulatory developments and nuances in the practice area."

KEY INDIVIDUALS John Kennedy demonstrates "phenomenal judgment, expertise and responsiveness," say sources. He advises issuers and underwriters on a wide range of public and private securities offerings, and is noted in particular for his experience in IPOs and Rule 144A high-yield transactions. Partner Edwin Maynard co-leads the firm’s capital markets and securities group, and heads its Canadian practice group. As such, he is respected for his broad experience of acting for US, Canadian and other foreign issuers on securities offerings, public and private equity, and debt in cross-border acquisitions and restructurings. Interviewees appreciate his attentiveness, keen eye for detail and his “great ability to deal with delicate situations."

THE FIRM Proskauer has succeeded in developing a robust reputation in the capital markets space over recent years. The group represents a solid balance of issuers and underwriters, including a strong core of regional and global investment banks, in a range of equity, debt and high-yield offerings. Recent instructions include representing Icahn Enterprises in a $2 billion high-yield bond offering.

KEY INDIVIDUALS Capital markets practice co-head Frank Lopez represents investment banks and issuers in public and private debt and equity offerings. Clients value his “superb input in technically challenging transactions.” Fellow practice co-head Julie Allen handles general corporate and securities work, and represents underwriters and issuers in IPOs, follow-on equity and Rule 144A debt offerings. Clients appreciate Stuart Bressman's “common sense, business pragmatism and effective sense of humor in tense negotiations” as well as "his ability to not over-complicate matters or forget who his client is and what they want.” He represents underwriters and issuers in a variety of public and private offerings, including high-yield, investment-grade and Rule 144A offerings. Michael Woronoff is head of the firm's West Coast corporate and securities group. While most famed for his high-yield expertise, he has a wide-ranging practice handling public and private debt and equity financings on behalf of underwriters, issuers and investors. He is described as “very quick on the uptake, easy to work with and an attorney who really understands what you are trying to accomplish."

THE FIRM This firm is widely respected for advising major investment banks and a variety of issuers in sector-leading capital-raising transactions. The New York-based group comes most recommended for undertaking IPOs and a range of other equity and equity-linked offerings, including high-yield and investment-grade issuances. Highlights include representing Citigroup and Goldman Sachs in connection with a $2.18 billion exchange offering of high-yield senior secured notes by Energy Future Holdings. It also represented Deutsche Bank Securities as book-running manager in connection with the public offering of warrants, each of which represents the right to purchase one share of Ford's common stock, by UAW Retiree Medical Benefits Trust.

Client Service "The team has absolute commitment to the client and demonstrates excellent thoroughness in its work."

KEY INDIVIDUALS Sources describe Robert Evans as a “deliberate, measured, calm and knowledgeable attorney with the ability to process things quickly." His practice covers public offerings, and general corporate and securities law, on behalf of investment banks, underwriters and issuers. He is particularly noted for his expertise with convertible offerings. Rohan Weerasinghe is the firm's senior partner and one of its most experienced corporate and securities experts. He is most known for his expertise with LBOs, high-yield debt issuances, IPOs and cross-border offerings. Interviewees highlight his "extremely calm, experienced and constructive approach" to particularly complex transactions. Sources appreciate Stephen Giove for his "practical, well-rounded and experienced capital markets practice." His expertise covers a broad range of IPOs and offerings of securities, high-yield and investment-grade debt, and common and preferred stock. A new entry in this year's rankings, Antonia Stolper is praised as "a highly accomplished and practical lawyer." She is head of the firm's Latin America practice group and focuses on corporate finance transactions involving emerging markets.

Since publication, Rohan S Weerasinghe has moved in-house.

THE FIRM Representing financial institutions is at the core of this team's practice, while work involving other areas, such as life sciences, energy, real estate and insurance are additional strengths. Mandates relating to acquisition finance have formed a significant work-stream over the past year. The team has also sees a large amount of structured note work, acting as underwriters' counsel regarding numerous offerings by Wells Fargo. Equity matters include representing SMART Technologies on its $660 million cross-border IPO, coordinating work across a number of offices. The group is also highly held for its strength with high-yield transactions. 

Commercial Awareness “They see the big picture and weigh all the risks and rewards from both a legal and business perspective, producing an extremely high-quality product.”

KEY INDIVIDUALS Edward Petrosky is highly recommended for his securities and REIT expertise. “He works well with clients to find solutions to unique problems,” say sources. Interviewees also praise Samir Gandhi for his "tremendously practical approach in cutting through the chaff and getting to what's important," as well as for his excellent availability and responsiveness. He recently served as underwriters' counsel in a range of matters, and assisted with First Republic Bank's $322.5 million IPO. Eric Haueter is recommended as “extremely responsive, with a broad base of industry-specific knowledge.” He recently acted as issuer's counsel to DaVita in connection with its issuance of $1.55 billion of notes. James O'Connor is “extremely business-friendly, and provides practical support and counsel," report sources. His key mandates include acting as underwriters' counsel in connection with Coca-Cola's issuance of $1 billion of notes. Senior counsel Norman Slonaker is described as a “securities guru.” He inspires the confidence of clients as “a Renaissance lawyer whose deep knowledge, experience and judgment cover a wide range of areas."

THE FIRM Simpson Thacher's capital markets and securities practice group is considered a preeminent team for the representation of private equity groups and portfolio companies. It also maintains an impressive client roster of investment banks. Its expertise with structured equity products receives particularly high praise, as does its debt-side and acquisition finance caseload. The group's highlights include advising the initial purchasers, led by Merrill Lynch, BNP Paribas and JPMorgan, in Oracle’s $3.25 billion debt offering.

Commercial Awareness "The team demonstrates extremely strong knowledge of the market and excellent commercial judgment."

KEY INDIVIDUALS The "responsive, smart and knowledgeable" John Lobrano has a solid practice advising on securities offerings, both domestic and international in scope. He is especially well versed in offerings of convertible notes and equity-linked securities, as well as in high-yield debt financings. Glenn Reiter comes highly recommended for his expertise with cross-border securities offerings, particularly those involving Latin American companies. His recent highlights have included representing Microsoft in its $1.25 billion convertible note offering. Practice group leader Vincent Pagano is an experienced securities practitioner who "you bring in when you have a particularly thorny and complex issue for his extremely practical and thoughtful advice," say sources. He recently represented Xerox in its $2 billion debt offering. William Hinman works out of the firm's office in Palo Alto. Considered "a real pleasure to work with" by interviewees, he wins particular renown this year for his lead in Oracle's $3.25 billion debt offering. Arthur Robinson is the group's go-to specialist for high-yield and large-scale IPO matters. He led in the group's representation of the initial purchasers in a sale of $4 billion of senior notes by NBC Universal. As a young up-and-coming name, Joshua Ford Bonnie is considered one of the sector's future stars. Numerous sources refer to his "tremendously knowledgeable and calm demeanor" as well as his "practical sense and deep understanding of his client's issues." Edward Tolley is a respected practitioner known for his expertise representing issuers, and private equity sponsors and their portfolio companies, in high-yield financings and IPOs. Kenneth Wallach enters the rankings this year. He is recommended as one of the firm's next generation of leading specialists and an attorney who "can easily take on extremely complicated deals."

Since publication, Vincent Pagano Jr has retired from this practice.

THE FIRM This firm serves clients on the full range of public and private capital financings and its broad global franchise attracts a variety of international businesses. These include investment banks, such as Credit Suisse and Citi, private equity firms, government entities and a mixture of public and private companies. The group is particularly noted for its strength representing issuers, and for its expertise in the real estate, project finance, energy, municipal finance and regulatory arenas.

Client Service “The group has an army of extremely knowledgeable people at your disposal if need be. They will respond any time of day or night and explain things very well.”

KEY INDIVIDUALS The experienced market leader Phyllis Korff is "client service-focused, pragmatic, responsive and committed to achieving excellence and prudent outcomes,” according to sources. She recently advised NASDAQ OMX on its two-phased $1 billion offering of senior notes. Gregory Fernicola has a broad-ranging practice encompassing issuer, private equity investor and investment bank representations. He is particularly admired for his work involving new financial products, with sources recommending his "extremely helpful approach in thinking through and considering new structuring proposals." David Goldschmidt is described as a “practical attorney whose extensive experience helps immensely in facilitating solutions." His practice includes acting for investment banks and issuers in public offerings and private placements of debt and equity securities. Stacy Kanter is co-head of the firm's global corporate finance group. She is renowned as "an extremely talented professional who really knows her area of law." Her practice includes advising corporations and investment banks on complex securities offerings, exchange offers, restructurings and M&A matters. Gregg Noel is co-leader of the firm's REIT practice and one of the group's go-to experts in California. He is recommended as "an exceptionally capable and easy to work with" attorney with in-depth experience of IPOs.

THE FIRM Sullivan & Cromwell remains a leading entity in representing financial institutions, often in sizable or novel transaction types. Its impressive caseload has included handling a variety of complex capital initiatives on behalf of clients such as Zions Bancorporation. The group is also known for its strong debt-side practice, including high-yield work, evidenced by its representation of Cablevision Systems in its SEC-registered offering of $1.25 billion of high-yield senior notes.

Client Service "The group makes an exceptionally positive impression; they aren't lawyers who want to grandstand, but focus entirely on making their clients happy. They are there when we want them, and are quick and efficient when we ask for help."

KEY INDIVIDUALS Robert Buckholz co-heads the firm's corporate and finance practice group. A seasoned and well-established authority in the field, he is "an attorney who is clearly a leading practitioner in the capital markets area; he enjoys it and knows everything there is to know about the sector," say sources. His recent highlights include representing the underwriters in the SEC-registered $339.3 million IPO and NASDAQ listing of unrestricted common shares by CBOE Holdings. Co-head of the firm's general practice group David Harms "provides superior securities advice." In addition to his securities expertise, he handles a range of IPO assignments and is a favorite attorney for a number of banks. Clients appreciate Jay Clayton for his "impressive familiarity with investment banks and processes," and for his "excellent ability to cut to the chase and analyze relevant points quickly." Sources are enthusiastic in their praise of partner Robert Downes, commending his “considerable experience, knowledge and activity” as well as his technical abilities. Andrew Soussloff handled an impressive number of high-profile capital markets transactions during 2010. These include acting for United Rentals on its SEC-registered offering of $750 million of senior subordinated notes. The eminent and extensively experienced John Bostelman recently became of counsel with the team. He is renowned for his ability to provide "a fantastic combination of cerebral advice and a collegial approach." The "great and senior adviser" William Williams is also of counsel with the group.

THE FIRM Backed by this Texas-based firm's prominent strength in the energy sector, this capital markets and securities practice is a solid choice for undertaking work on behalf of oil and gas companies. It also acts for clients in a range of other sectors, including in the airline, financial services, real estate, telecom and technology arenas. The group is especially active and renowned for undertaking IPO assignments. Leading energy sector clients include Chesapeake Midstream Partners, Oasis Petroleum and Niska Gas Storage.

Commercial Awareness “The team is extremely commercial, excellent in terms of variety, breadth and depth, and has deep knowledge of the energy sector.”

KEY INDIVIDUALS Clients applaud capital markets practice head Mark Kelly for his extensive knowledge and experience, useful contacts and responsiveness. He is also praised for his "affable personality and superb ability to defuse complex situations.”

THE FIRM This New York-based firm approaches capital markets with all-around strength in a range of related areas, supplying every piece of the puzzle from its debt, equity and mainstream M&A practices. Recent activity has included a significant amount of acquisition finance and high-yield and investment-grade debt transactions. Key highlights include representing NBC Universal and GE in NBC's offerings of senior unsecured notes totaling $9.1 billion, forming part of a $37.25 billion joint venture proposal with Comcast for ownership of NBC.

KEY INDIVIDUALS David Lefkowitz leads the firm's securities practice. He combines corporate and complex securities work, and recently received significant acclaim for his lead in the NBC transaction.

THE FIRM This New York-based group represents issuers and financial institutions, and is commended for its prowess on high-yield and cross-border matters. Its recent case highlights include a broad range of debt and equity matters, including high-yield transactions, on behalf of both issuers and underwriters.

KEY INDIVIDUALS Ronald Brody co-leads the firm’s US leveraged finance group. He has a wide practice, with a particular focus on representing investment banks in high-yield securities transactions. Sources describe Kevin Keogh as "tremendously easy to work with and extremely responsive," and as an attorney who "gives practical, concise advice via his seasoned judgment and pragmatic solutions.” His practice includes representing issuers, private investors and underwriters in global and domestic public offerings, Rule 144A offerings and private placements.

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