Securities: Nationwide

THE FIRM Arnold & Porter is well regarded in the securities regulatory and enforcement space. Clients praise both the group's depth of experience and breadth of expertise. The team has been particularly involved in cases in the hi-tech and medical sectors, as well as defending accounting firms in major investigations. It also has a strong Foreign Corrupt Practices Act (FCPA) practice, acting in several matters this year involving EU and UK regulatory authorities, in addition to the SEC.

Client Service "The lawyers are extremely thorough and uniquely client-conscious."

Commercial Awareness "The team has an ability to construct winning arguments on the briefs even when there are complex facts."

KEY INDIVIDUALS Michael Trager is praised as a "highly collaborative lawyer who gets on well with other lawyers, and with the client." He represents a wide range of public company and financial institutional clients in investigations by the SEC, DOJ and various other regulatory bodies.

THE FIRM This Texas firm has a superb reputation for handling high-stakes securities matters in the energy sector. The team has recently defeated class action certification for Halliburton in a case alleging multiyear securities fraud. It is also commended for its handling of major litigation for life sciences companies and financial institutions.

KEY INDIVIDUALS David Sterling is cochair of the securities litigation practice and a key contact at the firm. 

THE FIRM The group at Bingham is noted for its thriving broker-dealer practice. It is a strong advisory team, and has recently been advising Morgan Stanley Smith Barney on the process of going self-clearing. It is also praised for its experience in SEC investigations and enforcement actions, recently representing a major financial institution in an investigation into subprime loans.

Client Service "The lawyers are extremely responsive and user-friendly. I get e-mail replies at 6 am if necessary."

KEY INDIVIDUALS Herb Janick is seen as "a real force at the Bar." He recently represented Morgan Stanley in an investigation conducted by the Massachusetts Attorney General into the firm's dealing with New Century, a mortgage originator. David Boch maintains an excellent reputation for advisory and enforcement matters. He acts as regulatory counsel to TIAA CREF and Fidelity. Neal Sullivan is the head of the broker-dealer practice group. Clients see him as an effective leader, with one source commenting that "he's excellent at managing competing interests." He was recently retained by an international financial institution in an investigation concerning credit default swaps. Michael Wolk is representing several major institutions in SEC and Financial Industry Regulatory Authority (FINRA) investigations regarding structure, trading and Anti-Money Laundering (AML) rules compliance. Elizabeth Baird was praised as an adept strategist. She acts for a number of financial institutions in securities lending and bond markup investigations. Timothy Burke has represented Merrill Lynch, Morgan Stanley and Charles Schwab in securities litigations and arbitrations. The "extremely polished" Jeffrey Smith is a highly regarded litigator based in New York. He has represented Credit Suisse in major multidistrict litigation relating to the failure of ABS.

Since publication, Herbert F Janick III has joined Sidley Austin LLP

Since publication, Neal E Sullivan has joined Sidley Austin LLP

Since publication, Michael D Wolk has joined Sidley Austin LLP

THE FIRM The team at Cleary is often at the cutting edge of legal developments in the securities area. It is seen as highly competent in its regulatory advice, corporate governance advice and ability to handle complex investigations and enforcement actions. The team represented Bank of America in the recent settlement of an SEC investigation into its merger with Merrill Lynch and Merrill Lynch’s payment of employee bonuses. The team also enjoys a strong reputation in securities litigation, where it is handling some major cases. The team acts for HSBC in connection with matters arising from the Madoff fraud, including investigations by the DOJ and the SEC and related litigation in European jurisdictions.

Commercial Awareness "I find the lawyers to be pragmatic, extremely responsive and deeply experienced in SEC matters."

KEY INDIVIDUALS Alan Beller is an eminent corporate adviser, who is "adroit at dealing with board members and management, and practical in finding solutions to problems." He continues to act as counsel to Citi, including advising on its $20 billion Troubled Asset Relief Program (TARP) repayment. Giovanni Prezioso is also nationally recognized in the securities field. He is assisting several high-frequency trading firms in government investigations surrounding the 'flash crash'. Mitchell Lowenthal is praised for his problem-solving capability: "He perfectly combines aggression with risk identification." He recently represented JPMorgan and ABN AMRO in securities class actions arising out of their underwriting of MBS.

THE FIRM This team has an established presence, with sources viewing the firm's DC roots as placing it well for regulatory work. It has made several strategic hires from the DOJ, the Commodity Futures Trading Commission and the Options Clearing Corporation this year, significantly bolstering its financial regulatory capacity. The group has recently advised several large entities that provide support services to financial institutions on the impact of regulatory and legislative development.

Sources say: "A small but highly effective group."

KEY INDIVIDUALS David Martin has an excellent reputation as a corporate governance lawyer, described by clients as indispensable. He has been advising UBS on numerous securities issues. Bruce Baird is widely recognized as a leading white-collar and enforcement lawyer. He has represented a major Wall Street analyst firm in a matter concerning allegations of window dressing.

THE FIRM Cravath handles some of the most high-profile, high-stakes litigation in the USA and has a world-class reputation for bet-the-company securities actions. The team filed the amicus brief for the British government in the Morrison case, and it represents Huron in a major multidistrict litigation. The team has also been instructed in securities litigation pending in Delaware pertaining to three separate high-profile hostile takeovers. On the regulatory side, the team has a market-leading reputation for high-end corporate governance and advisory work. It represents Bank of America in disclosure matters, and maintains links with major nonfinancial issuers such as IBM, which it advises on similar disclosure and reporting matters. Clients also praise the team's handling of SEC investigatory work.

Commercial Awareness "The lawyers have shown a great grasp of detail and displayed great acumen."

KEY INDIVIDUALS John White is described by sources as "an extraordinarily seasoned and accomplished attorney, with an unmatched pedigree." He has extensive practical experience in regulatory matters, as a former head of the division of corporation finance at the SEC. Recent work highlights include representing a special committee of the board of directors of The Band of New York Mellon in connection with a shareholder demand letter relating to executive compensation issues. Marc Rosenberg is another highly regarded corporate adviser who "can accomplish in ten minutes what can take other lawyers hours." He has advised the audit committee of GE in connection with a variety of significant governance matters, including an SEC investigation into aspects of its accounting and several shareholder demands. Susan Webster is a "smart, responsive and dedicated" corporate adviser. She has advised Huron Consulting Group in connection with the restatement of certain of its historical financial statements, and a related SEC investigation. Richard Clary is an outstanding litigator, who is praised for his "zealous representation of clients in high-stakes litigation." He represents the independent directors of Citi in connection with litigation, fiduciary duty and corporate governance. Robert Baron "argues cases that aren't easy to argue." He represented BNSF Railway in litigation relating to its $44 billion acquisition by Berkshire Hathaway.

THE FIRM The team at Davis Polk consists of some of the best-known names in the securities industry. It has added considerable strength to its enforcement practice, with the recent arrival of Linda Thomsen, former director of the Division of Enforcement at the SEC. The team has been involved in some of the highest-profile policy-making initiatives as Dodd-Frank made its way through Congress, representing the Securities Industry and Financial Markets Association (SIFMA), ISDA and major international banks. It is also at the forefront of advice on the related rulemakings, with its regulatory tracking tool seen as market-leading.

On the enforcement side, the team is particularly commended for its handling of complex cross-border matters. It has represented major companies such as BHP Billiton and BAE Systems in FCPA investigations, and has acted for ABN AMRO and Intesa Sanpaolo in matters relating to the Office of Foreign Assets Control (OFAC).

The team also has a strong record for success in high-stakes litigation. It represents Morgan Stanley in RMBS and CDO litigation, as well as cases relating to short selling. The firm also represents PwC in all Madoff-related litigation.

Sources say: "The lawyers have tremendous expertise and excellent advocacy skills."

KEY INDIVIDUALS Annette Nazareth receives extensive praise for her depth of experience in the sector, as a former SEC commissioner: "She really understands regulatory structure from her representation of the USA at international forums." She has represented several exchanges, including NYSE Euronext, the Chicago Board Options Exchange and ratings agency Standard & Poor's in regulatory matters. The "smart, able and experienced" Linda Chatman Thomsen has recently returned to the firm after a period as director of the SEC's Division of Enforcement. She has represented Bank of America and Freddie Mac in SEC and DOJ investigations. Daniel Kolb is a superb litigator, who typically represents major accounting firms, and financial and industrial corporations. Lawrence Portnoy is praised for his powerful presence in securities litigation: "When he speaks, people really listen. He brings an interesting perspective to problems." He is representing Bank of America Specialists in a class action challenging certain alleged practices of specialists working on the floor of the NYSE.

THE FIRM The group at Debevoise is an extremely accomplished enforcement team. It is particularly active in cross-border matters, including representing clients in FCPA-related investigations. The team also acts for a former senior Time Warner financial executive in civil litigation brought by the SEC, arising from an investigation into alleged financial fraud.

The team has a wide range of experience in securities litigation. In addition to SEC matters, it represents companies in shareholder litigation, recently acting for Hewitt Associates in a matter relating to its merger with Aon.

Sources say:  "An excellent choice for enforcement and litigation."

KEY INDIVIDUALS Mary Jo White is the "crème de la crème, who is called upon for the most high-stakes case." She is a white-collar crime and enforcement expert, regularly representing multinationals in FCPA investigations. Paul Berger is highly regarded for SEC enforcement work. He recently acted for an accounting firm in SEC and Public Company Accounting Oversight Board investigations. Andrew Ceresney is "Debevoise's young litigation star." He represents clients across a range of criminal, civil and SEC enforcement matters and litigation, including insider trading, accounting fraud and issues of nondisclosure.

THE FIRM Dechert has an established white-collar and securities litigation practice, and is particularly commended for its expertise in Investment Company Act matters. It maintains a broad base of clients, including public and private corporations, investment companies and advisers, private equity funds and hedge funds.

Sources say: "A great firm that is dedicated to class action defense."

KEY INDIVIDUALS Andrew Levander is singled out for his expertise in white-collar matters. He has a broad range of expertise, having tried dozens of cases for both companies and individuals.

THE FIRM This highly regarded team handles a wide variety of enforcement work, and has particularly impressed sources with its strategic approach. It is currently representing the State of New Jersey in the settlement of SEC charges relating to the fraudulent marketing of $26 billion in municipal bonds. The firm also has expertise in investigations relating to structured products, and acts for Pequot in connection with its settlement with the SEC regarding allegations of insider trading.

Sources say: "The team consistently delivers in high-profile matters."

KEY INDIVIDUALS Dixie Johnson is praised by clients for "her ability to craft workable solutions to problems." She represented Assurant in a multiyear investigation of the company’s accounting for earnings and expenses concerning loss mitigation insurance. Karl Groskaufmanis assists companies and institutional investors with regulatory compliance and SEC enforcement investigations. Carmen Lawrence is a former senior attorney at the SEC, who represents clients in investigations and litigation conducted by various federal and state regulators. She is working with Johnson on the Assurant matter, and played a major role in the State of New Jersey settlement.

THE FIRM Gibson Dunn maintains a reputation as one of the strongest securities practices in the USA, with breadth and depth of expertise across corporate advisory, enforcement and litigation. The team's clients repeatedly single out the firm for its top-to-bottom quality, attentiveness and understanding of industry and regulatory best practice. It advises the Business Roundtable in drafting and submitting various comment letters to the SEC addressing proposed rulemakings, and acted for Kraft in its unsolicited bid for Cadbury.

On the enforcement side, the team regularly handles high-profile representations, including acting for Dell and GE in major SEC investigations.

Sources also praise the firm's strength in securities litigation. The team takes on cases around the country, with bench strength on both coasts lending the firm a strong national footprint. It is representing several domestic and foreign banks in a variety of matters pending in California, many of which pertain to the recent mortgage crisis.

Client Service "We find the team highly responsive and dedicated from associate to partner level."

Commercial Awareness "The lawyers do an excellent job of maintaining relationships, and are responsive to input and client needs."

KEY INDIVIDUALS Barry Goldsmith is praised for his depth of knowledge of regulatory framework and processes: "He has a great history and breadth experience in the area." He acted for a former senior officer of Merrill Lynch in connection with SEC and New York State Attorney General investigations into various issues growing out of the subprime crisis. Sources describe him as "a calm, pragmatic and thoughtful counselor." Brian Lane is a "talented lawyer with great judgment." He advises clients such as Del Monte Foods, Qwest and BioCryst Pharmaceuticals in regulatory compliance and SEC investigations. John Olson has been one of the "deans of the securities Bar forever." He has served as the independent counsel to the audit committee of Coca-Cola for more than 25 years. Amy Goodman is "absolutely crackerjack!" She acts as counsel to Abercrombie & Fitch, Kraft and Johnson & Johnson in various securities matters. The "highly capable and impressive" John Sturc has advised the special committee of the board of trustees of American Century Mutual Funds in responding to a shareholder derivative demand for a lawsuit. Joseph Warin is praised for his big-picture and client-focused approach. He represented the former general counsel of UBS Investment Bank in connection with various regulatory investigations into auction rate securities. The California-based litigator Dean Kitchens is an "enormously well-known and respected lawyer, who has a very large book of business in the securities litigation area." He is working on behalf of numerous underwriters of MBS offered by large mortgage lenders in litigation around the country. Mark Kirsch is widely considered to be "a leader in securities litigation." He has been retained to represent The Bank of New York Mellon in connection with a series of suits consolidated in the Central District of California, relating to an alleged multibillion-dollar Ponzi scheme by Medical Capital Holdings. Mark Schonfeld is praised for his "invaluable current knowledge of agency practice, procedure and personalities active at the SEC."

THE FIRM This practice is praised for its depth of resources in securities litigation, particularly in class actions and shareholder derivative suits. The team is well known for its representation of Countrywide Financial in various class actions, involving allegations of fraud and misstatements.

KEY INDIVIDUALS Mark Holland "really understands where his client is coming from and gives terrific advice," says one interviewee. He acts for Independent Trustees of the Reserve Fund in a range of litigation pertaining to the fund that 'broke the buck'.

THE FIRM Hogan Lovells maintains a strong position in the marketplace, particularly for securities regulation. The team has focused on corporate governance, and particularly on executive compensation. It has also been active advising on new compliance procedures in the light of changes to the regulatory environments following the enactment of Dodd-Frank. Recent highlights including representing a pharmaceutical company in an FCPA investigation. Other clients include Antigua and Barbuda, Goldman Sachs and Intrepid Potash.

Client Service "The lawyers provide excellent customer service - they always go the extra mile."

KEY INDIVIDUALS Alan Dye "is a nationally recognized guru in securities law," say clients. Peter Romeo "has a very focused practice, working hard behind the scenes." Both are considered experts on Section 16 of the Securities Exchange Act. Dan Shea is based in Denver, and widely recognized as a securities enforcement and private litigation expert. "He has a strong sense of how the regulators will react to certain situations and maintains a strong rapport with the current enforcement staff," say sources. He is currently representing Intrepid Potash in a putative derivative class action. Michael Shepard "is a rising litigation star." He is currently representing a Fortune 150 company in an FCPA investigation into whether employees made payments to government officials to win a contract in China.

THE FIRM Regulatory resources at K&L Gates are centered in the DC office, though the firm has a broad base of expertise across the USA. The team has a high profile for SEC and FINRA enforcement work, and regularly handles matters for companies and individuals. It represented several executives from Dell in a large SEC investigation, and is acting for numerous institutional clients in SEC and FINRA investigations pertaining to auction rate securities.

Client Service "A team of securities experts, who provide excellent support to our business."

KEY INDIVIDUALS Stephen Crimmins represents clients in front of the DOJ, SEC and various other regulators. Sources consistently recommend his negotiation skills and technical capacity: "His knowledge of securities law afforded me an extremely favorable settlement." He acted for the president of a foreign broker-dealer in litigation with the SEC alleging market manipulation.

THE FIRM The firm has a broad, cross-industry public company practice. It has a deep bench, with 85 full-time lawyers working on securities cases. It is representing iStar in three large securities class actions and acted for HSBC in the successful dismissal of a subprime litigation case.

KEY INDIVIDUALS David Kistenbroker, based in Chicago, and Bruce Vanyo in New York are the firm's key contacts for securities litigation.

THE FIRM This firm was repeatedly praised for the consistent quality of its securities litigators. The practice is known for its collaborative culture, with offices routinely joining forces to provide a comprehensive service to clients. The team represents Deloitte & Touche in multidistrict litigation involving allegations of omissions and misrepresentations of material information in Washington Mutual's public disclosures. It also has a strong reputation on the issuer side, and is currently handling a major case for NaviStar.

On the regulatory side, the group has expertise in enforcement actions and corporate governance matters, where it often represents accounting firms.

Sources say: "The team has broad expertise and a lot of depth."

KEY INDIVIDUALS William Baker has an excellent reputation as an SEC enforcement specialist. He recently won a complete defense decision in a matter brought by the SEC against a partner at a global audit, tax and advisory services firm. Miles Ruthberg worked alongside him in this matter, and is described by sources as a "very cerebral attorney." He specializes in representing accounting firms in litigation. Peter Wald is a litigation partner in the San Francisco office. He is representing Ernst & Young, as independent auditor of Lehman Brothers, in securities class actions pertaining to Lehman's collapse. Lawrence West is a highly regarded enforcement specialist, and has recently represented a major issuer in an SEC investigation into accounting irregularities.

THE FIRM This firm has a long-standing reputation in securities litigation and maintains strong relationships with major institutional clients. It represents Citi Global Markets in a case alleging misstatements pertaining to transatlantic cable capacity and continues to represent CRMC in the excessive fee class action litigation. The team's wider client base includes major banks and their broker-dealer arms, insurers and other issuers.

KEY INDIVIDUALS James Benedict is widely hailed as a leader in Investment Company Act matters. He recently represented Legg Mason in a putative class action involving allegations of a false and misleading registration statement and prospectus. Scott Edelman is described by sources as "tough as nails and a masterful litigator." He is representing former customers of Refco Capital Markets in three cases relating to the collapse of Refco.

THE FIRM Morgan Lewis has a highly regarded broker dealer practice with a heavy focus on enforcement actions. The team is regarded as having outstanding working relationships with high-level SEC staff, and is currently representing large financial institutions in SEC investigations relating to CDOs and MBS. It is also recommended for advisory matters, and counsels SIFMA as well as some major financial institutions on regulatory compliance.

Sources say: "It has a broad securities profile and a leading reputation on the broker-dealer side."

KEY INDIVIDUALS Anne Flannery is widely recognized as an expert in advisory matters. She acts for financial institutions, public companies and individuals in investigations and litigation with securities regulators and is experienced in conducting internal investigations. Ben Indek regularly represents broker-dealers in enforcement proceedings and is recognized for his experience in compliance counseling. Christian Mixter's "analytical sense is amazing, his judgment is exceptional," say sources. He is recognized for his strength in securities litigation, including SEC and state enforcement proceedings shareholder class actions. Robert Romano "is very skilled and experienced in SEC matters." He is noted for his experience in working with accounting firms and their directors and officers in both civil and white-collar criminal investigations.

THE FIRM This team handles an impressive range of work across the country, and is often involved in cutting-edge, precedent-setting cases. It has a strong national footprint, and is well known for handling cases for hi-tech companies in Silicon Valley, as well as for financial institutions in New England. The team represented Yahoo! in a derivative action concerning Yahoo!’s disclosure of Internet user information. 

Sources say: "A solution-focused firm with strong experience in cross-border actions."

KEY INDIVIDUALS The cochair of the securities litigation, enforcement and white-collar defense group Jordan Eth is "a highly sought-after leader in securities litigation." He is based in San Francisco, and acts for 11 of the 13 Countrywide Financial outside directors named in the class action complaint. Darryl Rains is another highly regarded securities litigator based in Palo Alto. He is known for his work with hi-tech companies and is currently representing several major financial institutions in securities litigation brought by the Federal Home Loan Bank of San Francisco. David Lynn is an enforcement specialist, who recently made the transition from the SEC to private practice.

THE FIRM This group is considered to be one of the strongest securities teams on the West Coast, and has considerable nationwide experience. It has a deep bench, with 25 partners dedicated to securities litigation. It has represented Wells Fargo in nationwide litigation involving an alleged Ponzi scheme by Medical Capital Holdings.

Sources say: "A leading securities practice in California."

KEY INDIVIDUALS John Spiegel is considered a "smart tactician, who is articulate, an excellent writer and a great advocate." He acted as lead trial counsel to Adelphia in a case against Motorola, recovering more than $68 million in a post-trial settlement against Motorola in a case alleging aiding and abetting fraudulent accounting practices.

THE FIRM This team has a strong reputation for both corporate advisory work and litigation. On the corporate advisory side, the practice is led by two former senior officials in the SEC’s Division of Corporation Finance. It regularly represents NYSE-listed companies on disclosure and reporting obligations, as well as providing high-level securities and derivatives advice.

In litigation, the team is noted for its strong footprint in DC, New York and California, and has recently represented a number of medical device and pharmaceutical companies. It also obtained a victory for Bank of America in the Countrywide Financial class action litigation.

Sources say: "A well-rounded group, with a comprehensive national scope."

KEY INDIVIDUALS Martin Dunn has a superb reputation in securities advisory work. He counsels numerous NYSE-listed clients on public company reporting and disclosure obligations under the Securities Acts of 1933 and 1934. Seth Aronson is based in California and is praised for his sound judgment and practical approach. He has acted for American Apparel and several directors and officers in shareholder derivative litigation. Jeffrey Kilduff is based in DC, and is praised as "highly skilled and enjoyable to work with." He is representing Fannie Mae in securities class actions, individual securities actions, shareholder derivative actions and an ERISA class action, relating to alleged misstatement of accounts. Rob Plesnarski is a younger partner in the public companies advisory group. He came highly recommended by sources this year, with several stressing his strength of substantive knowledge and his excellent rapport with clients.

THE FIRM The securities litigation group at Paul Weiss is one of the most influential in the country, with major financial institutions turning to the team in times of crisis. One highlight among many landmark judgments was the successful defense of Citi in the case against Terra Firma concerning EMI. It has also acted for the bank in numerous class actions. 

The team is also recommend in SEC enforcement matters and is currently defending Merck in investigations relating to Vioxx and Vytorin.

Client Service "We are impressed with the client service and responsiveness first and foremost."

Commercial Awareness "The team is very hands-on, creative and knowledgeable about litigation procedure."

KEY INDIVIDUALS Chuck Davidow is a widely respected securities regulation expert who has "done a great job at bringing a real securities presence to the firm." Walter Ricciardi is an enforcement specialist who is valued for his practical experience as a former deputy director of the SEC’s division of enforcement. Both clients and peers are full of praise for Brad Karp, the managing partner of Paul Weiss. In addition to his managerial responsibilities, he maintains one of the strongest securities litigation practices in the USA. "He handles the client in such a way as to let them know that he is in command of the case," say sources. Daniel Kramer is an experienced securities litigator who "has earned the trust of a lot of high-profile clients." He recently represented AIG in its settlement of a securities fraud class action lawsuit and derivative litigation that had been pending since 2004. Richard Rosen "is one of the finest litigators in New York." He acted for Morgan Stanley and affiliates to win the dismissal of two class actions relating to disclosure of information of funds.

THE FIRM This team has an excellent reputation for expertise in enforcement matters and securities litigation. It was recently retained by the outside directors of Stone Energy in defense of federal and state shareholder derivative litigation.

Sources say: "The team is outstanding in its representation of individuals in high-stakes matters."

KEY INDIVIDUALS Michael Mann has an excellent reputation for his cross-border expertise in SEC enforcement matters. He is representing a prominent public company in connection with FCPA compliance, including the defense of DOJ and SEC investigations. Lee Richards was described as "a very able and reliable counsel." He is representing the former CFO of a public company in an SEC investigation into the company's accounting and disclosures relating to revenue recognition.

THE FIRM The securities litigation team at Ropes enters the rankings this year after receiving excellent client feedback. It is a compact but active litigation team, which is particularly impressive in the asset management and private equity spaces. This year it represented Carter's in a 10b-5 securities fraud class action, which ended in a non-prosecution agreement.

KEY INDIVIDUALS John Donovan excels in class actions and securities disputes relating to public offerings, M&A deals and complex business transactions. He recently had a significant Supreme Court victory for client Harris Associates, in a case that set the standard for determining how 'excessive fee' claims against mutual fund advisers under the Investment Company Act will be litigated. Randall Bodner heads the firm's securities litigation practice group and handles corporate governance, insolvency and securities enforcement matters, D&O insurance work and other complex commercial disputes. He led the team's representation of Carter's.

THE FIRM Schulte Roth has an excellent reputation representing private funds in securities litigation. The team has been representing a number of funds in securities class actions, SEC investigations and Congressional inquiries. It also has a thriving FCPA practice.

Sources say: "This team is market-leading in hedge fund matters."

KEY INDIVIDUALS Howard Schiffman receives praise for his work in securities litigation and arbitration.

THE FIRM Shearman & Sterling has a particularly strong international practice, representing major financial institutions in cross-border investigations. The securities team is well known for its high-quality FCPA advice, and it has recently been advising on the new UK Bribery Act and its effects for US companies. It has also had a lot of recent visibility as a result of its representation of Galleon, in the much-publicized insider trading case.

KEY INDIVIDUALS Stuart Baskin is a senior litigation partner at the firm. He is currently acting for a major issuer in securities and derivatives litigation.

THE FIRM Sidley Austin has a well-regarded enforcement practice with a considerable depth of resources. The team has expanded its profile in the Asian market in recent years, representing numerous Chinese issuers and acting in cases relating to Japanese business operations. It has also been acting as counsel to a FINRA special committee looking at the authority's enforcement program as it relates to Ponzi schemes.

Source also point to the growing securities litigation practice at the firm, particularly due to recent hires from the US Attorney's office in California and the dissolved Howrey.

Sources say: "It is highly thought of for public company representations and advisory work."

KEY INDIVIDUALS Dennis Hensley is a highly recommended advisory lawyer. He was the lead lawyer of a team that served as counsel to a FINRA special committee examining the fallout of several Ponzi schemes. Joseph McLaughlin is also known for superb corporate securities advice. He served as counsel to both issuer and investment bank clients with respect to Regulation M and other rules relevant to 'at the market' offerings. Barry Rashkover is cochair of the SEC enforcement practice. He is currently representing several market participants, including a major investment bank, in several SEC and self-regulatory organization investigations into underwriting and trading in RMBS. Paul Gerlach cochairs the practice with Rashkover and is representing a major foreign medical device company in an FCPA investigation involving activities in multiple European countries.

THE FIRM The team at Simpson Thacher is one of the premier securities litigation groups in the USA. It has a truly national footprint, with highly regarded offices across the country. Recently, the team has acted in some huge cases for major financial institutions, including Washington Mutual, PXRE Group (now known as Argo Group International Holdings) and The Blackstone Group. It also represents a number of present and former directors and officers of Lehman Brothers in securities cases pursuant to the failure of that bank.

Sources say: "It is superior on all counts." 

KEY INDIVIDUALS Bruce Angiolillo is considered a "a real star" in securities litigation. He acts for the nonmanagement members of the board of directors of Morgan Stanley in two separate derivative actions relating to the banks marketing and selling of auction rate securities. Paul Curnin "is wonderful to watch in a trial." He acts for a number of underwriters in cases relating to securities issued by Fannie Mae.

THE FIRM The team at Skadden is repeatedly singled out as one of the powerhouses of securities litigation. The firm's outstanding corporate reputation leads to significant instructions in deal litigation, and the firm's Wilmingon office is fully equipped to handle some of the highest-stakes cases at the Delaware Court of Chancery. The team represented Coca-Cola in litigation arising out of a $12.4 billion transaction with its bottling company. In addition, it handles some of America's biggest class actions, including representing BlackRock in litigation pertaining to an issue of auction rate preferred securities. On the regulation side, Skadden also commands serious respect. The team has been advising Pfizer on proxy and disclosure matters, and counsels firms such as Daimler on FCPA issues.

Sources say: "The team makes strong representations, is responsive to client needs and is focused on positive results."

KEY INDIVIDUALS Colleen Mahoney was praised for her "ability to size up the big picture and effectively communicate and negotiate with the regulators." She is counseling various companies and audit committees that are the subject of government investigations for accounting, disclosure, antibribery and other issues. Erich Schwartz receives plaudits for his thoroughness in preparing witnesses for testimony, as well as his skill in "developing persuasive arguments to support the client's position." He advised Research In Motion in matters related to the granting of employee stock options. Jay Kasner is "at the top of his game." He is the head of the firm's securities class action defense practice and is representing Merrill Lynch in a case against Louisiana Stadium and Exposition District over alleged misstatements pertaining to an issuance of auction rate securities. Jonathan Lerner is recognized for his expertise and experience in appellate securities cases. He has recently assisted Heartland Industrial Partners to a resolution of two large federal securities class actions. Thomas Dougherty is an experienced securities litigator based in Massachusetts. Clients appreciate his application of technical theory to real-life situations. Scott Musoff "has a personable approach as well as being effective in the courtroom." He has played a leading role in securities litigation for Barclays. 

THE FIRM Sullivan & Cromwell is a force to be reckoned with in securities litigation. It has a wide geographical reach, and maintains outstanding relationships with leading financial institutions including Goldman Sachs and Morgan Stanley. The team regularly represents client in big-ticket securities class actions and in significant deal-related litigation. It recently represented Porsche in an action brought by 39 hedge funds relating to Porsche's acquisition of a stake in Volkswagen. 

Sources say: "This is who you turn to for bet-the-company litigation. It is the cream of the crop."

KEY INDIVIDUALS Robert Giuffra has a wealth of experience in high-stakes litigation. He has played a lead role in the representation of a group of 18 financial institutions in litigation against MBIA. Vince DiBlasi is praised for his "down-to-earth, real-world perspective." He maintains strong links with Goldman Sachs, recently representing it in the defense of an action arising out of the eToys IPO. Robert Sacks is based in Los Angeles, and widely recognized as an expert litigator. He has represented Amylin Pharmaceuticals and its directors in an action brought in Delaware Chancery Court.

THE FIRM This New York giant has an excellent reputation for handling major cases, specializing in deal litigation. In this capacity, the firm has attracted numerous sophisticated clients, including PNC, Schering-Plough, National Australia Bank and Ambac in securities litigation.

Sources say: "Wachtell is a first choice for deal-related litigation."

KEY INDIVIDUALS Paul Vizcarrondo is "one of the greats. You go to him if you have a serious issue." Theodore Mirvis "is one of the deans of the corporate governance Bar." He is considered an expert on corporate defense and regularly litigates cases relating to corporate governance, stockholder rights and similar matters.

THE FIRM Weil Gotshal's preeminence as a bankruptcy firm ensures a steady stream of securities-related work. The firm fields a strong litigation team and has an excellent reputation for corporate securities advice. It has advised entities such as Lehman Brothers, the Man Group, GM and GE. On the litigation side, the team is representing Lehman Brothers in litigation arising out of its bankruptcy, and recently won a significant victory for NYMEX Holdings in the Delaware Chancery Court.

Client Service "The lawyers are very dedicated and build an excellent rapport with clients."

KEY INDIVIDUALS Ellen Odoner is considered a "quality adviser" by sources. She advised sanofi-aventis in its $18.5 billion cross-border hostile takeover offer for Genzyme. Sources describe Joseph Allerhand as "very strategic, creative and just simply superb." He recently represented AIG in a major shareholder derivative action. Jonathan Polkes "is tough, knows the rules and is great in depositions," according to sources. He has been handling major pieces of derivatives litigation for Lehman Brothers in US Bankruptcy Court.

THE FIRM Williams & Connolly is a nationally renowned litigation firm that has a strong reputation for securities litigation. It continues to represent HealthSouth in various putative class actions, and recently the executives of both Fannie Mae and Freddie Mac have retained the group for securities matters.

KEY INDIVIDUALS John Villa is an enforcement specialist who focuses on the representation of directors and officers. He is a key contact at the firm.

THE FIRM The compact team at Willkie Farr has a strong reputation for the representation of accounting firms, hedge funds, private equity houses and mutual funds. It has recently seen an uptick in FCPA work, including assisting Daimler in a settlement with the SEC and DOJ for FCPA violations. The team also represents the CFO of IndyMac Bank in all matters resulting from the bank's failure and takeover by the FDIC.

Commercial Awareness "The team really understands where we are coming from, and what we are hoping to achieve."

KEY INDIVIDUALS Gregory Bruch is an enforcement specialist, who often works on cross-border matters. Sources praise his depth of experience and the breadth and balance of his practice. He recently acted for a former Ernst & Young partner, in administrative litigation with the SEC's Division of Enforcement. Elizabeth Gray has impressed clients with her "knowledge, experience and ability to handle sensitive issues." Work highlights include the representation of a foreign member of a global accounting firm network in an SEC enforcement investigation relating to independence matters, auditing issues and financial fraud. Michael Young is singled out as "a deeply experienced and knowledgeable securities lawyer." He is best known for his representation of accountancy firms and other professionals.

THE FIRM WilmerHale is consistently described as one of the leading enforcement practices in the USA. The team has an enviable reputation in this area, and is often regarded as the benchmark for enforcement expertise. It has recently been retained by an accounting firm in cases pertaining to fraud and company failures, as well as by a major US financial institution for an investigation into auction rate securities offerings.

Commercial Awareness "The team's commercial insight is outstanding: there is nothing these attorneys haven't seen before."

KEY INDIVIDUALS William McLucas has "extremely sound judgment and is a privilege to work with," according to sources, who repeatedly single him out as "the go-to for crises in the enforcement space." He has recently been hired by multinational accountancy firms in major investigations. Harry Weiss is an enforcement expert, who has been retained by various hedge funds regarding inquiries and compliance procedures relating to use of expert consultants. Jeffrey Rudman is "a force at the securities Bar." He recently represented State Street in an ERISA class action.