Securities: Nationwide

THE FIRM Arnold & Porter's long-established securities enforcement group continues to be recognized for its broad practice representing public companies, financial institutions, accounting firms and senior officers and directors in investigations by a range of bodies including the SEC, Financial Industry Regulatory Authority (FINRA), Public Company Accounting Oversight Board (PCAOB) and DOJ. The firm's global reach lends the team a head-start in dealing with matters pertaining to the Foreign Corrupt Practices Act (FCPA), while a broad geographic spread in the USA includes strong footholds in Washington, DC, New York and California.

Sources say: "It is the best firm I have ever worked with. If I were in the hotel trade I would give it five stars!"

KEY INDIVIDUALS The highly experienced Michael Trager chairs the firm's enforcement practice group. Clients attest that he provides "a very high level of service and is very experienced in SEC and regulatory matters."

THE FIRM The Bingham McCutchen team is particularly noted for its regulatory and enforcement capabilities in the broker-dealer space. The group has represented some of the world's most recognizable financial institutions including Goldman Sachs, JPMorgan and Merrill Lynch, while a talented bench boasts senior experience at FINRA, the Commodity Futures Trading Commission (CFTC) and the SEC Division of Enforcement.

Client Service "They are very responsive, they provide a high level of service and they are very nice people to work with."

KEY INDIVIDUALS  David Boch is a respected regulatory and enforcement attorney in the broker-dealer and investment advisory space. Clients include National Financial Services and TIAA-CREF. 

Timothy Burke is praised for the depth of his substantive knowledge, with one client saying that "he knows the details of a matter better than most lawyers I have worked with." His securities enforcement and litigation practice is largely focused on broker-dealer matters.  

Jeffrey Smith cochairs the firm's securities and financial institutions litigation group. He has handled much of the firm's highest-profile litigation in the securities space, notably representing Credit Suisse Securities in multidistrict litigation arising from the National Century Financial Enterprises fraud.  

THE FIRM This blue-chip firm enjoys a fine reputation in the securities arena, combining an enviable level of expertise in regulatory and enforcement matters with a formidable litigation presence. As one might expect of a firm so well established in the financial services sector, a large number of the team's representations in the enforcement and litigation areas are for the likes of HSBC, Citi and The Bank of New York Mellon, with cutting-edge issues such as the Madoff fallout often at the fore. On the advisory side, the firm provides ongoing securities compliance advice as well as advice relating to transactions and internal investigations. Nonfinancial clients include Dell and GlaxoSmithKline.

Commercial Awareness "The firm has a real strength in banking from the securities side."

KEY INDIVIDUALS Alan Beller has a stellar reputation in the advisory field, counseling clients on SEC filings and company disclosures. One source says that "he knows more about this than anyone I have ever met," while another adds that he is "one of Cleary's great lawyers."

Giovanni Prezioso handles advisory and enforcement matters for financial institution clients. According to sources, he has "excellent judgment about governance questions and can provide a rich perspective on how bodies such as the SEC might view the facts."

David Becker rejoined the firm in 2011 after serving as general counsel at the SEC. His practice focuses on securities enforcement and internal investigations, and he is described by sources as a man of "impeccable judgment and integrity."

Mitchell Lowenthal is regarded as one of the country's leading securities litigators. He has recently represented Bank of America regarding the sale of RMBS and in continuing litigation arising from its merger with Merrill Lynch. One admiring source says that "I always have confidence in him to be creative and think outside the box."

THE FIRM Covington & Burling continues to win plaudits from clients, who point to a stable of former government officials and the proximity of its Washington, DC power base to the country's major regulatory agencies. The team combines enforcement expertise with a proven track record in advisory and compliance matters. On the enforcement side, the firm has represented clients in SEC investigations relating to matters such as revenue recognition practices and mortgage loan repurchase reserves. On the advisory side, the team supports its public company clients in SEC filings and compliance with other aspects of the Dodd-Frank reform bill. Clients include Hanesbrands, Microsoft and Procter & Gamble.

Client Service "They are very mindful of client service and being available to work on short notice."

KEY INDIVIDUALS David Martin is considered by many market observers to be one of the deans of the securities advisory Bar. One admiring source says that "he has a wealth of accumulated knowledge and judgment, and at the same time he can be practical and apply that knowledge to the real world." 

Bruce Baird is the firm's senior enforcement attorney in the Washington, DC office, and cochair of the white-collar defense and investigations practice group. Representative clients include JPMorgan Chase and Jefferies & Company.

David Kornblau impressed many in this space during his stint as chief litigation counsel at the SEC Division of Enforcement, and has drawn wide praise since his return to private practice. Sources attest that he is "a superb lawyer."

The highly rated Keir Gumbs is building a fine reputation in the advisory field. Sources suggest that he is "exceptionally talented" and point to him as representing the next generation of elite securities lawyers.

THE FIRM The Cravath securities practice remains strong on a broad variety of fronts. The litigation side of the practice group is seen as one of the truly outstanding teams in the country, and has a long history of involvement in the most high-profile engagements. The firm is particularly renowned for its representation of financial institutions and their officers and directors in class actions and individual actions, but its work also includes a steady stream of M&A litigation, representing both target companies and acquirers. The firm's excellence in this space is demonstrated by its being chosen as nationwide coordinating counsel for Credit Suisse in all of its RMBS litigation. On the regulatory side, the team is particularly noted for its compliance advice, counseling clients such as Bank of America and Disney on reporting and compliance obligations.

Commercial Awareness "When we came to the current matter, I did not assume we would use Cravath. We interviewed several firms but their deep understanding of this industry and our organization made up our mind."

KEY INDIVIDUALS John White has a huge reputation in the advisory field, counseling clients such as Bank of America and The Bank of New York Mellon in relation to reporting, disclosure and other compliance matters. According to one source, "he is very self-effacing and has a very nice manner. He is sharp as can be and a terrific communicator but he is very down to earth - he is terrific to work with."

Marc Rosenberg is leading name at the securities advisory Bar, with one source saying that "he always balances the practical and the legal," before adding that he "is really very impressive." Clients include IBM and GE.

Susan Webster frequently works closely with White on advisory matters, although she is a highly respected figure in her own right. She is focused on counseling senior management on public reporting and compliance issues.

Richard Clary is widely acknowledged to be one of the deans of the securities litigation Bar, and has played a central role in the firm's representation of clients such as Credit Suisse and the outside directors of Citi. Sources name him as "one of the smartest and most talented securities litigators in the country." 

Robert Baron is "an excellent litigator" and scored a notable dismissal on behalf of Casey's General Stores in a putative class action and related derivative litigation.

Antony Ryan was pinpointed by several sources as a young partner with a big future in securities litigation, and has carved a reputation defending accounting firms such as PwC. In the words of one individual, "Antony is incredibly intellectually gifted - he's the guy the other Cravath partners describe as smart!"

THE FIRM This firm's fine reputation in the financial services industry feeds a securities practice that encompasses litigation, enforcement and advisory expertise. On the litigation front, the team has been particularly active in the MBS space, acting as principal outside counsel for Morgan Stanley in the continuing fallout from the financial crisis. On the regulatory side, the team boasts some significant firepower, with senior alumni of the SEC prominent on both the enforcement and advisory fronts. Work for prominent financial services clients includes investigations relating to insider trading and other market regulation violations; notably, it represented the individual directors of MF Global in investigations by the SEC, DOJ and CFTC. The firm's advisory strength is perhaps most evident in the broker-dealer space, with clients such as Bank of America and Morgan Stanley receiving counseling on a range of compliance matters.

Sources say: "It has got a really strong bench and provides a great overview of Dodd-Frank to the world."

KEY INDIVIDUALS Lawrence Portnoy is one of the leading figures in the firm's securities litigation group. He has been particularly active in representing current and past directors of Bank of America in shareholder derivative suits relating to the bank's acquisition of Merrill Lynch.

Annette Nazareth, former director of the SEC's Division of Trading, is one of the most illustrious legal figures in the financial services space. Her particular area of excellence is in the broker-dealer space, providing advice on trading and market regulation to many of the most recognizable names on Wall Street.

Linda Chatman Thomsen returned to the firm in 2009 after serving as Director of Enforcement at the SEC. Notably, she recently represented the board of Direct Edge in investigations into alleged insider trading. "She is really practical, efficient and she can tailor an undertaking to what is really at stake," said a source. 

THE FIRM This firm has a strong reputation in the securities arena, with a sizable presence in both New York and Washington, DC. Most prominent is the enforcement practice, personified by the hugely impressive Mary Jo White. Clients include some of the most prominent financial institutions and public companies in the USA, with the firm advising on investigations relating to matters such as mortgage servicing and auction rate securities. The litigation side of the practice, meanwhile, has scored notable successes for clients of the caliber of Manulife Financial and Syncora Holdings in shareholder class actions and derivative suits.

Sources say: "They never drop the ball or miss a deadline. Their work product is excellent. They are very responsive. Their associates are great. It is a very high-quality firm."

KEY INDIVIDUALS Mary Jo White is named by many observers as the preeminent attorney in the regulatory space, with one peer describing her as "a powerhouse" and another calling her "one of the most well-recognized enforcement lawyers in the country." It has recently been confirmed that she will take on the high-profile role of chairing the SEC.

Andrew Ceresney moves up in the rankings having received strong feedback from the market for his white-collar criminal defense and securities enforcement practice. He has been particularly active in representing systemically important financial institutions in SEC investigations arising from the 2008 financial collapse.

Paul Berger is another highly respected enforcement attorney with particular experience in FCPA matters and SEC investigations. He recently represented a former senior employee of JPMorgan Securities in an SEC inquiry into CDOs.

THE FIRM This firm's white-collar and securities litigation group is particularly strong in the investment management space, representing institutional investors, their directors and senior officers in investigations by regulatory bodies such as the SEC, FINRA and CFTC. Of note has been the representation of the former outside directors of Lehman Brothers in all investigations and litigation arising from the bank's 2008 bankruptcy. The team has also represented Ezra Merkin, a former hedge fund manager at Gabriel Capital, in highly publicized regulatory inquiries arising from his investments in Bernard L. Madoff Investment Securities.

Client Service "I have found the client service level to be superb. They return phone calls quickly and are very responsive to our concerns."

KEY INDIVIDUALS Andrew Levander has a stellar reputation in the areas of white-collar criminal defense, securities enforcement and related litigation. He has played a central role in the representation of Mr. Merkin and the Lehman directors. One source says that "he is patient, flexible, he thinks ahead and he doesn't panic," while another refers to him as "one of the handful of go-to lawyers for senior executives of large banks."

THE FIRM The Fried Frank securities enforcement and regulation team has a long history of involvement in this arena, making it one of the shops of choice for financial institutions, public companies and individuals involved in civil and regulatory investigations. The team has been particularly active in FCPA and insider trading matters, while in the broker-dealer space it has represented David Lerner Associates in connection with a FINRA enforcement action concerning public, nontraded REITs.

Sources say: "Fried Frank was very professional. The investigation was very intense and very stressful but with the help of the firm we were able to navigate our way through."

KEY INDIVIDUALS Karl Groskaufmanis has a broad securities regulation practice encompassing both enforcement and advisory work, for which he continues to receive strong feedback from sources. According to one, he is "very helpful, knowledgeable and responsive on the advisory side."

Dixie Johnson is co-head of the securities enforcement and regulation team, and focuses on the representation of companies and individuals in investigations by the SEC and other bodies.  

Carmen Lawrence co-heads the team alongside Johnson, and also represents clients in government securities investigations. She played a central role in the firm's aforementioned representation of David Lerner Associates.  

THE FIRM Gibson Dunn is widely considered to be one of the true leaders in the securities space, with a formidable enforcement and advisory bench and a comprehensive litigation capacity. The firm represents entities of all types, including technology companies, financial institutions, hedge funds and accounting firms in enforcement actions by bodies such as the SEC, DOJ and PCAOB. On the litigation side, the firm has achieved significant results in high-profile matters, including an MBS class action on behalf of UBS, and Madoff-related litigation on behalf of Ernst & Young and UBS. The practice is reinforced by its impressive geographic footprint, with a fine presence in its historic California home and strong offices in Washington, DC and New York.

Client Service "The firm was very responsive. The matter was very tumultuous for my organization, but the client service was great. They handled a number of inquiries and offered advice on how we could deal with the press."

Commercial Awareness "The team has extensive experience with the SEC and with US Attorney investigations."

KEY INDIVIDUALS Barry Goldsmith co-heads the firm's securities enforcement practice, focusing on the representation of investment banks, broker-dealers and public companies in actions by the SEC, FINRA and other agencies. He is respected by peers and appreciated by clients, with one naming him as "a very good choice on regulatory matters." 

Brian Lane advises clients on accounting and disclosure issues, often relating to M&A. Sources speak highly of his abilities, with one person referring to him as "a fine lawyer."

John Olson is an expert on public company finance, and is cited by sources as "a senior member of the securities Bar."

Amy Goodman, cochair of the securities regulation and corporate governance practice, is a "fantastic lawyer" whose practice focuses on securities regulation and disclosure.

John Sturc is co-head of the securities enforcement team alongside Goldsmith, and has a highly active enforcement practice. He has recently handled SEC investigations into potential violations of the FCPA and accounting firm audits. One source says that he "always does a fabulous job."

Joseph Warin is a enforcement and litigation expert whose broad securities practice is particularly noted for his preeminence in FCPA matters, which he handles for clients such as Siemens and Statoil.

Lawrence Zweifach enters the securities enforcement table for the first time having received strong feedback from observers. He played a key role in persuading the SEC and DOJ to close their investigations into former AIG executive Joseph Cassano.

Dean Kitchens is a "smart, strategic and practical" securities litigator based in the firm's Los Angeles office. He scored a huge success recently in his successful defense of 15 of the world's largest financial institutions in their capacity as underwriters to the now defunct Washington Mutual.

Mark Kirsch is another respected partner in the securities litigation team. He recently defended TCW Asset Management in a major lawsuit arising from mortgage-backed CDOs in which TCW acted as investment adviser.

THE FIRM This firm continues to be involved in some of the most high-profile securities litigation in the country. Most impressively, the firm has defended Countrywide Financial in a class action brought by a group of large institutional investors relating to the alleged misrepresentation of $360 billion of MBS. The securities litigation practice group has a sizable presence in the firm's San Francisco, Boston and New York offices.

Client Service "They are very customer service-oriented, from the staff and associates to the people who do the billing. We are very attuned to that aspect of things and they are very, very good."

KEY INDIVIDUALS Mark Holland is an experienced litigator who handles securities class actions and shareholder derivatives. He has represented Morgan Stanley, Citi, Merrill Lynch and Wells Fargo as underwriters in class actions brought by shareholders of Constellation Energy Group.

Brian Pastuszenski enters the rankings after receiving strong plaudits for his role in the Countrywide litigation. According to one source, he is "one of the finest securities lawyers I have ever seen; he is a very humble, open guy and I have always felt that he was a star."

THE FIRM The Hogan Lovells securities regulatory team has a fine reputation for both enforcement and advisory work. On the advisory side, the group houses considerable regulatory experience, and advises companies such as McDonald's and Office Depot on compliance with disclosure obligations. The enforcement team is also highly regarded, and has handled matters for clients such as Intrepid Potash and American Commercial Lines.

Client Service "It was as close as you could imagine to perfect. They would respond at weekends and very late at night. The level of detail to cover every known aspect that was possibly going to arise was amazing."

KEY INDIVIDUALS Alan Dye is an advisory expert who is particularly noted for his knowledge of issues pertaining to the Securities Exchange Act of 1934. One admiring source said that "he is nationally renowned in his field. I think he has such a high degree of integrity."

Peter Romeo is also highly experienced in 1934 Act matters. According to one source, he is "a deep well of knowledge and has seen almost all scenarios."

Daniel Shea concentrates on securities enforcement and litigation, and has defended Office Depot and Intrepid Potash in class actions.

Michael Shepard handles securities enforcement, often with a focus on FCPA matters. He is lauded by clients, one of whom said that "his greatest strength is the level of preparation prior to the hearing: there was no area of concern that wasn't planned for, rehearsed and understood."

THE FIRM This firm enters the table for the first time, having impressed observers with a securities litigation practice focused largely on the representation of institutional plaintiffs. The absence of conflicts with the major investment banks on Wall Street has allowed it to land some notable work, with the firm having been involved in major actions against Credit Suisse Securities and AIG Financial Products on behalf of STMicroelectronics and Brookfield Asset Management respectively. The team's strength in the securities arena is further boosted by the presence of respected individuals in enforcement and advisory work.

Sources say: "They are fundamentally excellent litigators, and they have always been knowledgeable in securities litigation."

KEY INDIVIDUALS William Tolbert previously served as director of the Division of Corporation Finance at the SEC. He advises companies on compliance with disclosure obligations and other securities law matters.

Thomas Newkirk cochairs the firm's securities litigation and enforcement group, and is widely respected for his representation of companies and individuals in confidential investigations by the SEC and other bodies.

THE FIRM K&L Gates come highly recommended in the securities enforcement arena, where the firm's acknowledged primacy in the mortgage industry has seen it represent a number of the world's largest banks in regulatory investigations stemming from the 2008 crisis. The firm has one of the largest securities enforcement practice groups in the USA, with over 60 attorneys handling such matters on a full-time basis across its network of offices.

Client Service "All the people I dealt with were very accessible and got things done when they said they would. They were proactive and saw issues and alerted us accordingly."

KEY INDIVIDUALS Stephen Crimmins receives some strong praise from his peers, with one individual describing him as "awfully good" and another saying that "his knowledge of the law is amazing" and that he is "very highly regarded at the Bar." Crimmins focuses on securities enforcement, and is particularly noted for his knowledge of matters such as insider trading and market manipulation.

THE FIRM This firm's securities litigation group comprises around 80 lawyers in its Chicago, Los Angeles, New York and Washington, DC offices. The team enjoys a fine reputation and represents companies and individuals in securities class actions and related derivatives. The firm has been particularly active in matters pertaining to SEC Rule 10b-5, and has defended Tekelec, FCStone and certain of their officers in class actions arising from alleged violations of the rule.

Sources say: "It clearly has experience in this space and is a fine firm."

KEY INDIVIDUALS New York-based Bruce Vanyo chairs the securities litigation team.

THE FIRM Latham has one of the most impressive geographical coverages of any firm in the country. This scope, allied to a strong and experienced bench, has enabled the securities team to land some notable work in both the enforcement and litigation arenas. On the enforcement side, the team has advised clients such as ArthroCare, for which it handled an internal investigation relating to the company's multiyear financial restatement and which it represented in a related investigation by the SEC. The litigation team represents issuers, underwriters and accounting firms, while it continues to be involved in some of the most high-stakes litigation arising from the financial crisis, including representing Fannie Mae and its outside directors in 20 shareholder class action suits filed since 2008. 

Commercial Awareness "They have a lot of resources and tons of experience. They are a source of market intelligence."

KEY INDIVIDUALS William Baker is an enforcement specialist in the firm's Washington, DC office, and has played a key role in the firm's work for ArthroCare. Peers commend his work, with one saying that he "has done a great job."

Lawrence West also focuses on enforcement matters before the SEC and PCAOB. Sources describe him as "a great lawyer."

Miles Ruthberg is a securities litigation partner with an "excellent reputation." He has recently been central to the firm's aforementioned work for Fannie Mae.

Peter Wald is a securities litigator in the firm's San Francisco office. He has recently represented Sallie Mae and some of its executives in a securities class action stemming from the credit crisis.

THE FIRM This firm continues to impress in the securities litigation space, where it is noted by peers for its strength in matters relating to the Investment Company Act of 1940. The team represents issuers, underwriters, individuals and accounting firms in a range of class and derivative litigation.

Sources say: "A group of good securities litigators."

KEY INDIVIDUALS Scott Edelman is an experienced securities litigator and vice chair of the firm. Peers speak highly of his abilities, with one saying that he is "a first-rate lawyer."

James Benedict is head of the firm's securities litigation practice group. He is well respected for his handling of class and derivative suits in state and federal courts.

THE FIRM Morgan Lewis has a historic presence in the securities enforcement arena, and is particularly strong in the investment fund and broker-dealer space. The firm has a client list that includes many of the largest financial institutions in the world. It has scored a notable result on behalf of UBS Securities, for which it negotiated a $12 million settlement with FINRA in relation to allegations the bank had violated short selling regulations. The firm is also primary counsel to NYSE Euronext with regard to obtaining SEC approval of rule changes governing its business. 

Sources say: "An excellent firm with a robust fund practice."

KEY INDIVIDUALS Anne Flannery was the primary counsel to UBS Securities in its negotiations with FINRA, and is warmly described by her peers as "a terrific attorney."

Ben Indek is cochair of the firm's securities litigation and enforcement practice group, and worked alongside Flannery on the UBS Securities matter.

Christian Mixter is noted for his "extremely intellectual" approach to securities law. He is a litigation and enforcement expert who has handled numerous SEC and state investigations.

Robert Romano is a talented securities regulatory litigation and enforcement lawyer. He is particularly noted for his representation of companies and individuals in investigations by the SEC and FINRA. 

THE FIRM This firm is noted for a strong securities litigation practice, and has continues to land impressive work in this space. The firm's long history in California makes it ideally placed to represent the technology companies of Silicon Valley, while its New York office also boasts significant talent. The team has represented 11 of the 13 outside directors of Countrywide in federal and state securities class actions arising from allegedly misleading SEC filings, while its abilities in the technology industry are shown by its representation of Yahoo! in an ongoing securities class action.

Sources say: "They provide very insightful, spot-on legal advice. They are insightful on the judges, insightful on the opposing counsel, and they give sound, practical advice."

KEY INDIVIDUALS David Lynn is highly regarded in the securities advisory space, and is described by one peer as having "a very significant practice." He counsels clients on SEC matters and corporate governance.

Jordan Eth is a prominent securities litigator who receives wide praise for his trial skills, and has led the team in the defense of the outside directors of Countrywide. One source says that he "is very good at taking complex things and breaking them down for the judge," while another maintains that "he is always the smartest guy in the room!"  

THE FIRM Munger Tolles is a prestigious California litigation firm with a securities law practice that is national in scope. The relevance of the firm's securities work is underlined by its position as primary counsel for both Bank of America and Wells Fargo in relation to the entirety of each bank's ongoing MBS strategy. The team also has significant experience in defending individual directors and officers involved in securities litigation. It has notably been defending a former executive of CSK Auto in a 'clawback' claim filed by the SEC in the District Court of Arizona under Section 304 of Sarbanes-Oxley.  

Sources say: "The firm has real quality and great intellectual depth."

KEY INDIVIDUALS John Spiegel is a "bright, brilliant" litigator with a highly impressive track record in the securities space. He has taken the lead in the defense of Maynard Jenkins, former CEO of CSK Auto.

THE FIRM O'Melveny & Myers continues to impress as a securities shop with a truly national practice. The litigation team has strong ties with Bank of America, acting as national coordinating counsel on all of its auction-rate securities matters, and taking a lead role in numerous other cases, including litigation stemming from the bank's 2008 acquisition of Countrywide. The firm also boasts a strong public company advisory practice, with former senior members of the SEC and a Washington, DC base affording the team a superior level of regulatory access.

Sources say: "We are very pleased with the service they provide. We see them as partners and they treat us well."

KEY INDIVIDUALS Martin Dunn is a corporate advisory expert and a former director of the Division of Corporation Finance at the SEC. He advises on a range of compliance matters pertaining to Dodd-Frank and the 1933 and 1934 Acts.

Rob Plesnarski continues to build a fine reputation in the advisory world, frequently working closely with Dunn in advising public companies, institutional investors and financial institutions on securities law compliance. 

Seth Aronson is a securities litigation partner in the firm's Los Angeles office. He handles much of the firm's work for Bank of America, and is described by one peer as "a smart, aggressive litigator."

Jeffrey Kilduff chairs the firm's securities litigation group, and focuses on the mortgage industry. Sources confirm that he is "a very smart and able lawyer."

THE FIRM This firm enters the rankings for the first time with a securities litigation practice that represents public companies, financial institutions, accounting firms and individuals in increasingly high-stakes cases. Perhaps most prominently, the firm has represented Barclays Capital in a number of pieces of MBS litigation and has defended Ernst & Young in litigation arising from the Madoff Ponzi scheme.

Sources say: "I couldn't recommend them more highly. They have very relevant experience and were able to articulate the different potential outcomes and help me to understand the risk. I would recommend them to anyone."

KEY INDIVIDUALS Michael Torpey heads the securities litigation and regulatory enforcement practice group from the firm's San Francisco office.

THE FIRM This premier firm boasts an exceptional array of litigation talent in the securities space, and continues to impress observers in regulatory investigations and enforcement actions. The breadth and scope of the firm's work in securities litigations is often breathtaking. Particularly prominent - among a client list that reads like a who's who of the financial services and accounting worlds - is the firm's frequent work for Citi. On behalf of this client it has defeated a multibillion-dollar arbitral claim by Abu Dhabi Investment Authority arising from its 2007 investment in the company, and has achieved total victory in a similarly huge lawsuit brought by Terra Firma. On the enforcement side, the firm's preeminence as a white-collar defense shop, allied with its deep bench of securities law experts, ensures it continues to act for its high-profile roster of clients in internal investigations and in investigations and enforcements by the SEC.

Sources say: "They are as strong as anyone in town. They represent all the major institutions and represent them in their most important matters."

KEY INDIVIDUALS Charles Davidow is "really excellent" and "absolutely the real deal," say peers. He is a securities litigator who devotes a sizable portion of his practice to regulatory enforcement matters and internal investigations.  

Walter Ricciardi defends clients in investigations by the SEC and other bodies. He is particularly noted on matters concerning the FCPA and accounting fraud, with one source saying that "on accounting issues, he is top-notch."

Brad Karp is one of the undisputed stars of the litigation firmament, with a securities litigation practice that draws unbridled praise from all sectors of the market. He has handled much of the firm's work for Citi and Deloitte. One source refers to him as "an absolutely outstanding exemplar of his profession," while another calls him "a spectacular lawyer who really helps his clients deal with difficult situations."

Daniel Kramer is "a stellar securities litigator and enforcement lawyer," according to sources. He has notably handled work for AIG, for which he obtained a dismissal of a shareholder derivative action.

Richard Rosen inspires a huge level of respect in peers for his abilities as a securities litigator. Among his major clients is Morgan Stanley, for which he has obtained dismissal in a major piece of MBS litigation.

THE FIRM This firm draws plaudits for its works in the securities enforcement space. The team represents financial services companies, public and private companies and accounting firms in a range of investigations by the SEC, FINRA, the DOJ and state regulators.

Sources say: "It is as good as the biggest New York firms with the added benefit of being less expensive. What I really appreciate is that I have real-time access to the senior partners."

KEY INDIVIDUALS Michael Mann is an enforcement expert who frequently represents financial services clients in connection with SEC and DOJ investigations. "Mike is excellent," said a source.  

Lee Richards is an alumnus of the DOJ and receives strong praise for his enforcement practice. One admiring peer says that he is a "fantastic lawyer," while another source describes him as "very strong from an enforcement perspective."

THE FIRM The Ropes & Gray securities litigation practice continues to impress observers after entering the rankings last year. The firm has a solid roster of public company and investment fund clients. It has represented State Street Bank in multiple securities actions arising from the financial crisis and has defended Green Mountain Coffee Roasters in several securities class actions stemming from the company's public disclosure of an SEC inquiry.

Sources say: "I believe the strongest quality is the excellence of the lawyers. The firm brings to each engagement significant relevant experience, deep intellectual capital and strong client commitment."

KEY INDIVIDUALS John Donovan is a highly respected securities litigator who has recently handled work for Ameriprise Financial Services and State Street Bank. Sources say that he is "an excellent lawyer and a good guy."

Randall Bodner has been deeply involved in the firm's work for Green Mountain Coffee Roasters, and has a practice that incorporates both securities litigation and enforcement work.

THE FIRM The primary focus of this firm's securities enforcement and white-collar defense practice is hedge funds, an industry in which it has one of the premier reputations in the country. The team is noted for its representation of clients before the SEC, DOJ, CFTC and FINRA.

Sources say: "An excellent firm in the hedge fund space."

KEY INDIVIDUALS Martin Perschetz and Howard Schiffman are co-chairs of the firm's litigation group.

THE FIRM The Shearman & Sterling securities practice encompasses both regulatory enforcement work and securities litigation. On the regulatory side, the firm has carved out a thriving FCPA practice, while the securities litigation team has most notably represented Galleon Management in its highly publicized insider trading case. The firm's global footprint continues to benefit clients, and the team acts for a number of Chinese companies in securities law matters in the USA.

Sources say: "It is our first-choice firm for SEC matters. It came up with creative ways to handle the case and minimize our fees."

KEY INDIVIDUALS Stuart Baskin is described by respecting peers as "a fine lawyer." He is a securities litigator who recently won dismissal with prejudice in a securities fraud class action for a major automotive client.

THE FIRM Sidley has a strong focus on the securities regulatory arena. The firm's SEC enforcement practice group defends clients in investigations by the SEC, FINRA and CFTC, and is particularly strong in the firm's Washington, DC, New York and Los Angeles offices. On the advisory side, the securities and futures regulatory team assists financial institutions, investment funds and broker-dealers in navigating the regulatory landscape created by the Dodd-Frank Act. The firm also has a expanding securities litigation practice, boosted significantly by the acquisition of a team from Howrey.

Commercial Awareness "The group is patient and seeks to understand our business and specific concerns before offering advice. It is sensitive to the timeliness we must keep as well as the cost constraints that exist in today’s economy."

KEY INDIVIDUALS Dennis Hensley is a respected practitioner in the advisory field. One source reveals that he "has great insight on broker-dealer related issues and appreciates investment advisory concerns."

Joseph McLaughlin is a partner in the securities and futures regulatory group, and is highly regarded by peers for his knowledge of matters pertaining to the Securities Act of 1933.

Barry Rashkover focuses his securities enforcement practice on defending financial institution clients in investigations by the SEC and other regulatory bodies.

Since publication, a respected quartet of securities attorneys has joined the firm from Bingham McCutchen. Herbert Janick is widely regarded as a leading light for enforcement defense in the broker-dealer space. He is an alumnus of the SEC Division of Enforcement and is hailed by one source as a "phenomenal attorney."

Neal Sullivan receives strong praise from peers and clients for his enforcement practice, and has wide experience in representing financial institutions before the SEC and FINRA. Sources say that he "hits all the high points."

Michael Wolk represents clients in investigations by a range of bodies including FINRA and the SEC. One client says that he "understands how broker-dealers work in the USA and can articulate our firm's position to the regulators."

Nader Salehi receives warm praise for his enforcement defense practice. Sources remark that his "level of professionalism and demeanor work well when dealing with enforcement matters."

THE FIRM Simpson Thacher's securities litigation practice remains one of the country's truly elite outfits, with muscular teams in the firm's New York, Washington, DC, Los Angeles and San Francisco offices. The practice has historically been anchored in the financial services sector, with the cream of the financial community regularly engaging the team for the most high-profile matters. The group has helped JPMorgan navigate all of its auction rate securities litigation since 2008, while it has won dismissal on behalf of the nonexecutive directors of Morgan Stanley in two derivative actions also stemming from the selling of auction rate securities.

Commercial Awareness "The team does very important work for us. They are commercial, knowledgeable about our business and have a sensible approach. We are big fans."

KEY INDIVIDUALS Bruce Angiolillo is regarded as one of the country's leading practitioners in the securities litigation arena. He took the lead in both of the aforementioned pieces of litigation for Morgan Stanley. According to one peer, he is "very active, very successful and a very effective guy."

The "top-notch" Paul Curnin is a highly respected securities and white-collar defense litigator. Sources say that he shows "extraordinarily good judgment." 

THE FIRM This top-tier firm has an astounding depth and breadth of talent in the securities litigation space. The team has been particularly prominent in litigation arising from the credit crisis, notably winning dismissal in two double-derivative actions against Bank of America and Merrill Lynch related to Merrill's investment in CDOs. The firm has also been involved in a vast range of M&A litigation on behalf of clients such as Express Scripts and Qwest. The securities enforcement and compliance group continues to operate at the sharp end of the market, representing companies and individuals in investigations before the SEC and other bodies, and providing compliance advice to clients of the caliber of BlackRock and Pfizer. The firm's impressive geographical footprint ensures that it is able to service the major business communities on both coasts.

Sources say: "They are extremely professional and for a big institutional case I would always turn to them for the best protection."

KEY INDIVIDUALS Colleen Mahoney has an outstanding reputation for securities enforcement work, and has recently been successful in her defense of a partner at a Big Four accounting firm in an investigation by the PCAOB. She wins a torrent of superlatives from her peers, with terms such as "wonderful," "outstanding" and "absolutely first-rate" used liberally.

Erich Schwartz often works closely with Mahoney in enforcement matters and wins strong praise in his own right. One source says that "he has a tremendous grasp of securities law and a very good understanding of how business works. He is a pleasure to work with."

David Zornow enters the securities enforcement table having hitherto been recognized for his preeminence in white-collar criminal defense. He has represented clients in a range of securities investigations, successfully persuading the SEC to drop a Wells notice against the former CFO of Freddie Mac.

Jay Kasner heads the firm's securities class action defense practice, and has handled work for Bank of America, Merrill Lynch and Anadarko. He is acknowledged to be one of the leading practitioners in the securities arena. One client says that "he is one of the best lawyers that I know. He is the most responsive person I have ever worked with, he is a perfectionist and he is a great, great lawyer."

Thomas Dougherty heads the firm's Boston litigation group. As one of the undisputed stars of the Massachusetts Bar he belongs on any nationwide list, and he has an impressive roster of clients that includes Northeast Utilities and Oracle.

Jonathan Lerner is an "extremely fine litigator" whose securities law practice has an emphasis on the representation of public company clients in federal court.

Scott Musoff has worked closely with Kasner on a number of matters, including the Bank of America and Merrill Lynch litigation, and has also won a summary judgment for The Bank of New York Mellon in a claim relating to synthetic CDOs.

THE FIRM S&C's stellar reputation in the financial services arena ensures its first-class securities litigation team continues to be involved in some of the most complex securities matters in the market. The firm has historic relationships with Goldman Sachs and Barclays, and has successfully handled a number of class actions and shareholder derivative suits for both institutions. Beyond Wall Street, the firm has a thriving practice representing public companies in a broad range of securities litigation. It has won dismissal for BP in a federal shareholder derivative litigation relating to the Deepwater Horizon disaster, and has successfully defended Porsche in high-value litigation stemming from its acquisition of a stake in Volkswagen.

Sources say: "They are methodical and careful and have an excellent understanding of the law and of client objectives."

KEY INDIVIDUALS Gandolfo DiBlasi is widely regarded as one of the deans of the securities litigation Bar, and is one of the most senior and experienced of S&C's attorneys. He has been actively involved in much of the firm's work for Goldman Sachs, successfully defending his client in an action arising from the EToys IPO.

Robert Sacks is based in the firm's Los Angeles office and is described by sources as "a very fine lawyer" with a "hard-nosed style." He recently represented JPMorgan Chase in litigation connected to the failure of Washington Mutual.

Robert Giuffra is described by one source as "very impressive, very careful and strategic and very good across the spectrum of work in this space." He recently played a key role in the firm's representation of a group of leading financial institutions in two pieces of litigation stemming from MBIA's restructuring of its subsidiary, MBIA Insurance. 

THE FIRM The Wachtell securities litigation team continues to draw strong praise from commentators and has been involved in some truly cutting-edge work. Perhaps most eminent is the firm's US Supreme Court defense of National Australia Bank in Morrison v National Australia Bank, a case with wide implications for the extraterritorial effect of US securities law. The firm is also well reputed for its M&A litigation, with its representation of Penn National Gaming in litigation arising from Penn's proposed $8.9 billion acquisition by a private equity group standing out among an impressive range of cases. 

Sources say: "In terms of high-end lawyering, they impress me. They are smart and hard workers."

KEY INDIVIDUALS Theodore Mirvis is a "very well-known litigator" and is particularly noted for representation of clients in the Delaware Court of Chancery in matters pertaining to corporate governance issues.

Paul Vizcarrondo is renowned as "a very smart and effective litigator." He has recently won plaudits for his defense of Sears Holdings and its chairman in a securities fraud litigation.

THE FIRM This firm has a national reputation in both securities litigation and regulation. On the litigation side, the firm is able to deploy more than 60 attorneys who focus exclusively on securities and M&A litigation. The group serves as national lead counsel for AIG in extensive securities litigation arising from the financial crisis, and has scored notable successes for its client in significant shareholder class actions and derivative suits. The regulatory team handles enforcement matters before the SEC and other agencies, and has been particularly active in handling matters pertaining to the regulator's new whistle-blower rules. On the advisory side, the firm counsels clients such as GE and Prudential Financial on matters such as corporate governance and compliance with the securities law aspects of M&A.  

Commercial Awareness "One of the advantages they have is that they know our company very well. They are very good at preserving the institutional knowledge. This is an important quality."

KEY INDIVIDUALS Ellen Odoner heads the firm's public company advisory group and is praised for her negotiating abilities, with one source saying that she has "top-level legal acumen and skills."

Joseph Allerhand is one of the firm's leading securities litigators. He has been central to the firm's work for AIG and is described by one source as "very probing, very strategic and very competent legally." 

Jonathan Polkes is a talented litigator who has been representing Lehman Brothers in a spectacular array of litigation stemming from the 2008 bankruptcy.  

THE FIRM Williams & Connolly is a Washington, DC litigation firm with a national reputation. The team has handled high-stakes securities litigation for a range of public companies, financial institutions and audit firms. Clients include Boston Communications and the former CEO of BearingPoint.

KEY INDIVIDUALS John Villa is a highly experienced trial lawyer and enforcement specialist, and is one of the firm's most recognizable individuals.

THE FIRM The Willkie Farr securities litigation and enforcement practice group continues to impress observers. The team has defended AIG Risk Management in a range of investigations and securities litigations stemming from the government bailout of AIG in 2008, and has won dismissal in a $30 billion short-selling conspiracy suit for SAC Capital. The team is experienced in handling investigations and enforcement actions by a range of agencies including the SEC, PCAOB and FINRA.

Sources say: "The firm continually evaluated what we wanted to achieve and adjusted strategy to get to the desired result. That was so unlike many firms that get focused on one thing without adjusting over time and seem more intent on billing time than on getting the desired results."

KEY INDIVIDUALS Gregory Bruch leads the securities enforcement practice and has represented public companies, accounting firms and individuals in investigations and enforcements. Sources say that he has been doing a "terrific job" and that he "stands out" in the market. 

Elizabeth Gray works on enforcement matters alongside Bruch. Sources attest that she has "excellent client management and relationship-building skills" and describe her work as "efficient and effective."

The "very well-respected" Michael Young chairs the securities litigation and enforcement practice group. He has a huge reputation in the representation of accounting firms in securities litigation, with sources naming him as "top of the class" in that space.

THE FIRM WilmerHale maintains an impressive presence in the securities arena. The firm's exceptionally strong stable of enforcement attorneys represents individuals and public companies in the most high-stakes proceedings by the SEC, FINRA and DOJ. The securities litigation team also impresses observers, and has handled cases for clients including PwC and Credit Suisse Securities.

Sources say: "WilmerHale well deserves its reputation for having a high-caliber practice."

KEY INDIVIDUALS William McLucas is chair of the firm's securities department and is said to be "the best securities lawyer in the country." He is a former director of the SEC's Division of Enforcement and draws huge praise from all corners of the market, with another source saying that "he is as sharp as a tack and his connections are almost unparalleled." 

Harry Weiss is a "phenomenal attorney" who "brings a specific skill set you can't get from other people," according to sources. He is particularly experienced in investigations concerning insider trading, financial reporting and broker-dealer violations.

Jeffrey Rudman is a securities litigator with "a tremendous level of knowledge." He has recently defended State Street in a class action alleging ERISA violations.