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The American Lawyer Corporate Scorecard
Top Corporate Practices in 2003
Corporate Scorecard data comes from top financial-information suppliers, such as BankruptcyData.com, Corporate Control Alert, Dealogic, Lipper/Reuters and Thomson Financial. These charts reflect data from 2003 transactions, current in each of their databases as of Jan. 30, 2004. Any transaction added to the databases after this date is not reflected in our charts. A complete listing of inclusion criteria for each practice area can be found on the information providers' Web sites.
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|
| Mergers and Acquisitions |
| COUNSEL TO PRINCIPALS |
RANK BY VALUE OF DEALS |
VALUE (MILLIONS) |
NUMBER OF DEALS |
COUNSEL TO INVESTMENT ADVISERS |
RANK BY NUMBER OF DEALS |
NUMBER OF DEALS |
VALUE (MILLIONS) |
| Simpson Thacher & Bartlett |
1 |
$99,162 |
41 |
Dewey Ballantine |
1 |
47 |
$100,621 |
| Skadden, Arps, Slate, Meagher & Flom |
2 |
87,698 |
74 |
Sullivan & Cromwell |
2 |
28 |
59,991 |
| Wachtell, Lipton, Rosen & Katz |
3 |
85,726 |
32 |
Latham & Watkins |
3 |
22 |
74,764 |
| Cleary, Gottlieb, Steen & Hamilton |
4 |
81,905 |
17 |
Shearman & Sterling |
3 |
22 |
33,030 |
| Weil, Gotshal & Manges |
5 |
78,869 |
46 |
Simpson Thacher & Bartlett |
5 |
18 |
24,237 |
| Davis Polk & Wardwell |
6 |
46,553 |
24 |
Debevoise & Plimpton |
6 |
16 |
37,023 |
| Sullivan & Cromwell |
7 |
44,051 |
18 |
Fried, Frank, Harris, Shriver & Jacobson |
6 |
16 |
61,956 |
| Clifford Chance |
8 |
43,927 |
16 |
Skadden, Arps, Slate, Meagher & Flom |
8 |
15 |
24,892 |
| Shearman & Sterling |
9 |
38,023 |
27 |
Cravath, Swaine & Moore |
9 |
11 |
22,468 |
| Latham & Watkins |
10 |
37,235 |
41 |
Davis Polk & Wardwell |
9 |
11 |
29,052 |
| Includes changes in corporate control valued in excess of $100 million involving at least one U.S.-based company announced in 2003. Source: Corporate Control Alert. |
| |
| Equities By U.S. Corporations |
| ISSUER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| Sidley Austin Brown & Wood |
1 |
31 |
$3,944 |
Davis Polk & Wardwell |
1 |
75 |
$32,920 |
| Simpson Thacher & Bartlett |
2 |
29 |
9,831 |
Shearman & Sterling |
2 |
65 |
14,958 |
| Skadden, Arps, Slate, Meagher & Flom |
3 |
28 |
8,133 |
Sidley Austin Brown & Wood |
3 |
43 |
9,181 |
| Cleary, Gottlieb, Steen & Hamilton |
4 |
23 |
4,695 |
Cleary, Gottlieb, Steen & Hamilton |
4 |
42 |
7,925 |
| Latham & Watkins |
4 |
23 |
4,533 |
Simpson Thacher & Bartlett |
5 |
41 |
12,429 |
| Includes secondaries, convertible bonds, convertible and non-convertible preferred stock, and firmly underwritten rule 144a transactions offered in 2003. Source: Thomson Financial. |
| |
| IPOs |
| ISSUER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| Latham & Watkins |
1 |
6 |
$1,600 |
Simpson Thacher & Bartlett |
1 |
7 |
$1,562 |
| Cooley Godward |
2 |
4 |
334 |
Skadden, Arps, Slate, Meagher & Flom |
2 |
6 |
2,265 |
| Hale and Dorr |
2 |
4 |
417 |
Cravath, Swaine & Moore |
3 |
5 |
1,787 |
| Morgan, Lewis & Bockius |
2 |
4 |
1,002 |
Davis Polk & Wardwell |
3 |
5 |
550 |
| Davis Polk & Wardwell |
5 |
3 |
856 |
Shearman & Sterling |
3 |
5 |
1,006 |
| Debevoise & Plimpton |
5 |
3 |
1,900 |
Sullivan & Cromwell |
3 |
5 |
1,297 |
| Foley & Lardner |
5 |
3 |
699 |
|
|
|
|
| Gray Cary Ware & Freidenrich |
5 |
3 |
274 |
|
|
|
|
| Skadden, Arps, Slate, Meagher & Flom |
5 |
3 |
632 |
|
|
|
|
| Wilson Sonsini Goodrich & Rosati |
5 |
3 |
299 |
|
|
|
|
| Includes publicly registered IPOs by U.S. and foreign corporations offered in the U.S. marketplace in 2003. Source: Thomson Financial. |
| |
| Investment-Grade Debt |
| ISSUER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| Sidley Austin Brown & Wood |
1 |
73 |
$44,944 |
Sidley Austin Brown & Wood |
1 |
156 |
$53,739 |
| Cadwalader, Wickersham & Taft |
2 |
62 |
10,197 |
Davis Polk & Wardwell |
2 |
119 |
85,263 |
| Sullivan & Cromwell |
3 |
59 |
38,135 |
Skadden, Arps, Slate, Meagher & Flom |
3 |
84 |
29,168 |
| Simpson Thacher & Bartlett |
4 |
58 |
27,092 |
Cleary, Gottlieb, Steen & Hamilton |
4 |
81 |
52,131 |
| Skadden, Arps, Slate, Meagher & Flom |
5 |
44 |
18,244 |
Simpson Thacher & Bartlett |
5 |
71 |
29,005 |
| Includes publicly registered underwritten long-term offerings by U.S. corporations in 2003. Source: Thomson Financial. |
| |
| High-Yield Debt |
| ISSUER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| Skadden, Arps, Slate, Meagher & Flom |
1 |
29 |
$7,790 |
Cahill Gordon & Reindel |
1 |
105 |
$33,306 |
| Latham & Watkins |
2 |
23 |
8,867 |
Latham & Watkins |
2 |
69 |
21,437 |
| Simpson Thacher & Bartlett |
3 |
18 |
9,153 |
Cravath, Swaine & Moore |
3 |
53 |
16,398 |
| Weil, Gotshal & Manges |
4 |
16 |
4,446 |
Simpson Thacher & Bartlett |
4 |
39 |
11,734 |
| Cleary, Gottlieb, Steen & Hamilton |
5 |
14 |
6,154 |
Shearman & Sterling |
5 |
35 |
9,983 |
| Includes publicly registered underwritten long-term offerings by U.S. corporations in 2003. Source: Thomson Financial. |
| |
| Asset-Backed Securities |
| ISSUER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| Thacher Proffitt & Wood |
1 |
214 |
$96,899 |
McKee Nelson |
1 |
303 |
$144,053 |
| McKee Nelson |
2 |
144 |
55,446 |
Sidley Austin Brown & Wood |
2 |
132 |
78,772 |
| Orrick, Herrington & Sutcliffe |
3 |
117 |
56,431 |
Thacher Proffitt & Wood |
3 |
106 |
33,901 |
| Sidley Austin Brown & Wood |
4 |
67 |
28,186 |
Skadden, Arps, Slate, Meagher & Flom |
4 |
69 |
40,287 |
| Cadwalader, Wickersham & Taft |
5 |
53 |
18,249 |
Cadwalader, Wickersham & Taft |
5 |
65 |
32,576 |
| Multiple classes of securities issued together with one legal adviser are counted as one. Separate legal advisers are credited with the separate securities they handled. Data based on offerings in 2003. Source: Thomson Financial. |
| |
| Mortgage-Backed Securities |
| ISSUER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| McKee Nelson |
1 |
118 |
$49,089 |
McKee Nelson |
1 |
421 |
$148,688 |
| Thacher Proffitt & Wood |
2 |
115 |
37,063 |
Cadwalader, Wickersham & Taft |
2 |
82 |
50,688 |
| Cadwalader, Wickersham & Taft |
3 |
111 |
73,530 |
Thacher Proffitt & Wood |
3 |
63 |
22,861 |
| Sidley Austin Brown & Wood |
4 |
105 |
48,421 |
Stroock & Stroock & Lavan |
4 |
51 |
27,388 |
| Orrick, Herrington & Sutcliffe |
5 |
52 |
36,710 |
Sidley Austin Brown & Wood |
5 |
48 |
26,432 |
| Includes commercial and residential mortgage-backed securities offered in 2003. Source: Thomson Financial. |
| |
| Project Finance |
| COUNSEL |
RANK BY NUMBER OF FINANCINGS |
NUMBER OF FINANCINGS |
TOTAL VALUE (MILLIONS) |
| Allen & Overy (U.K.) |
1 |
40 |
$8,572 |
| Clifford Chance (U.K.) |
2 |
35 |
8,162 |
| Linklaters (U.K.) |
3 |
26 |
3,832 |
| Latham & Watkins (U.S.) |
4 |
25 |
6,423 |
| Mallesons Stephen Jaques (Australia) |
5 |
24 |
2,435 |
| Norton Rose (U.K.) |
5 |
24 |
3,675 |
| Milbank, Tweed, Hadley & McCloy (U.S.) |
7 |
23 |
3,911 |
| Freehills (Australia) |
8 |
20 |
1,380 |
| Allens Arthur Robinson (Australia) |
9 |
19 |
2,549 |
| Freshfields Bruckhaus Deringer (U.K.) |
10 |
17 |
5,048 |
| Data is based on deals closed between January 1, 2003, and December 31, 2003. Includes only nonrecourse and limited-recourse project financings arranged through commercial banks. Legal advisers involved in projects that have reached financial close are included in the league tables. Financial close is defined as the date on which the loan agreement between the borrower and the top-tier banks has been signed and the funds are available for drawdown. Total value is based on equal apportionment of the total project cost between each institution. Source: Dealogic |
| |
| Municipal Bonds |
| BOND COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| Chapman and Cutler |
1 |
533 |
$9,218 |
Orrick, Herrington & Sutcliffe |
1 |
184 |
$14,285 |
| Orrick, Herrington & Sutcliffe |
2 |
486 |
38,649 |
Kutak Rock |
2 |
179 |
4,755 |
| Gilmore & Bell |
3 |
475 |
6,037 |
Fulbright & Jaworski |
3 |
145 |
5,408 |
| Quarles & Brady |
4 |
432 |
4,124 |
Hawkins Delafield & Wood |
4 |
144 |
20,034 |
| Dorsey & Whitney |
5 |
427 |
3,683 |
Eichner & Norris |
5 |
104 |
1,187 |
| Hawkins Delafield & Wood |
5 |
427 |
29,888 |
|
|
|
|
| Includes only long-term bond issues offered in 2003. Source: Thomson Financial. |
| |
| REIT |
| REIT EQUITY ISSUER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
REIT EQUITY UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| Latham & Watkins |
1 |
8 |
$1,736 |
Hunton & Williams |
1 |
15 |
$1,742 |
| Clifford Chance |
2 |
5 |
587 |
Sidley Austin Brown & Wood |
2 |
13 |
1,077 |
| Ballard Spahr Andrews & Ingersoll |
3 |
4 |
184 |
Clifford Chance |
3 |
11 |
2,142 |
| Hunton & Williams |
3 |
4 |
527 |
Skadden, Arps, Slate, Meagher & Flom |
4 |
7 |
1,066 |
| Morgan, Lewis & Bockius |
3 |
4 |
1,089 |
Sullivan & Cromwell |
5 |
6 |
631 |
| Morrison & Foerster |
3 |
4 |
267 |
|
|
|
|
| Shaw Pittman |
3 |
4 |
305 |
|
|
|
|
| Includes registered equity offerings in 2003 by real estate investment trusts, including IPOs and secondary offerings, within the U.S. marketplace. Source: Thomson Financial. |
| REIT DEBT ISSUER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
REIT DEBT UNDERWRITER'S COUNSEL |
RANK BY NUMBER OF ISSUES |
NUMBER OF ISSUES |
PROCEEDS (MILLIONS) |
| Latham & Watkins |
1 |
13 |
$1,350 |
Sidley Austin Brown & Wood |
1 |
27 |
$3,692 |
| Clifford Chance |
2 |
8 |
1,203 |
Clifford Chance |
2 |
9 |
986 |
| Hogan & Hartson |
3 |
7 |
1,288 |
Skadden, Arps, Slate, Meagher & Flom |
3 |
7 |
903 |
| Locke Liddell & Sapp |
3 |
7 |
390 |
Hunton & Williams |
4 |
5 |
468 |
| Mayer, Brown, Rowe & Maw |
5 |
6 |
3,248 |
Cahill Gordon & Reindel |
5 |
3 |
683 |
|
|
|
|
Calfee, Halter & Griswold |
5 |
3 |
454 |
|
|
|
|
Hogan & Hartson |
5 |
3 |
688 |
|
|
|
|
Paul, Hastings, Janofsky & Walker |
5 |
3 |
215 |
|
|
|
|
Shearman & Sterling |
5 |
3 |
519 |
| Includes registered debt offerings in 2003 by real estate investment trusts, including IPOs and secondary offerings, within the U.S. marketplace. Source: Thomson Financial. |
| |
| Mutual Funds |
| ISSUER'S COUNSEL |
RANK BY NUMBER OF NEW ISSUES |
NUMBER OF NEW ISSUES |
COUNSEL TO FUND CLIENTS |
RANK BY NET ASSETS OF FUND CLIENTS |
NET ASSETS OF FUND CLIENTS (MILLIONS) |
| Ropes & Gray |
1 |
70 |
Shearman & Sterling |
1 |
$997,494 |
| Bingham McCutchen |
2 |
39 |
Ropes & Gray |
2 |
575,336 |
| Dechert |
3 |
38 |
Dechert |
3 |
420,767 |
| Stradley Ronon Stevens & Young |
4 |
27 |
Paul, Hastings, Janofsky & Walker |
4 |
244,573 |
| Hale and Dorr |
5 |
26 |
O'Melveny & Myers |
5 |
228,305 |
| Based on new issues in 2003 that listed funds' counsel, or that listed funds' counsel on their Statement of Additional Information forms or on additional documentation. Includes issues by new funds and issues of new classes of shares by existing funds. One or more classes added to an existing fund are counted as one new issue. Source: Lipper/Reuters. |
| |
| Bankruptcy |
| COMPANY |
ASSETS (MILLIONS) |
DEBTOR'S COUNSEL |
CREDITORS COMMITTEE COUNSEL |
| Mirant Corporation |
$19,415 |
White & Case |
Andrews Kurth; Cadwalader, Wickersham & Taft; Simpson Thacher & Bartlett |
| NRG Energy, Inc. |
10,884 |
Kirkland & Ellis |
Bingham McCutchen |
| Trenwick Group Ltd. |
5,278 |
Dewey Ballantine |
Young Conaway Stargatt & Taylor |
| Petroleum Geo-Services ASA |
4,303 |
Willkie Farr & Gallagher |
Bingham McCutchen |
| AMERCO |
3,773 |
Squire, Sanders & Dempsey |
Milbank, Tweed, Hadley & McCloy |
| Fleming Companies, Inc. |
3,655 |
Kirkland & Ellis |
Milbank, Tweed, Hadley & McCloy; Pepper Hamilton |
| Solutia Inc. |
3,342 |
Gibson, Dunn & Crutcher |
Akin Gump Strauss Hauer & Feld |
| Touch America Holdings, Inc. |
3,059 |
Duane Morris |
Winston & Strawn |
| Loral Space & Communications Ltd. |
2,693 |
Weil, Gotshal & Manges |
Akin Gump Strauss Hauer & Feld |
| Northwestern Corporation |
2,673 |
Paul, Hastings, Janofsky & Walker |
Paul, Weiss, Rifkind, Wharton & Garrison |
| The asset figures are from the most recently filed annual reports prior to filing Chapter 11. |
| Source: BankruptcyData.com. |
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