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How do we measure? Very carefully. Our Corporate Scorecard issue each year is an effort to chart the success of transactional practices in the nation’s leading law firms. As with so many other endeavors, corporate finance is now a series of subspecialties gathered under one umbrella label. Reflecting that reality, we rank firms within each of those categories. But because we keep score, we total all the mentions to give a snapshot to see who’s ahead. Those results are this year’s leaders. CAVEATS Corporate Scorecard data comes from the world’s top financial-information suppliers, such as Thomson Financial and Lipper, which provide the best available data about counsel to corporate transactions [see source notes to each chart]. Still, there are limitations on that data. Many securities offerings are completed under the Securities and Exchange Commission’s Rule 144A, with no public registration. Though private offerings leave a paper trail that data companies use to capture industry information, those short forms rarely divulge counsel for transactions. In some areas — e.g., mutual funds — data companies do research to fill in gaps in SEC filings. In other areas — project finance, especially — information is gathered by surveying the parties involved, and soliciting necessary documentation from them. FACT-CHECKING THE DATA The process of capturing transactional data is ripe with opportunities for error. Therefore, we “overcheck” the data, for instance by asking data suppliers to provide the top 50 in a category, though we plan to publish only the top 25. We notify firms of the information supplied, ask them to review it before we go to print, and request that they confer with us and the data companies about errors and omissions. Surprisingly, some firms rely on Corporate Scorecard to find out how their corporate practice fared the previous year. But most have developed internal systems for tracking their own work. They respond to periodic surveys from the research departments of data suppliers to ensure that their own firm’s information is correct, and they review league tables published throughout the year for accuracy. We encourage all firms to do the same. DEFINITIONS OF CORPORATE SCORECARD PRACTICE AREAS Unless otherwise noted, data includes only the U.S. portion of public, registered, underwritten offerings transacted in 2000, and convertible, subordinated debentures, but not oversubscriptions. Asset-Backed Securities includes residential mortgage�backed securities, but not deals backed by conventional first-lien mortgages conforming to agency standards. Two classes of securities issued together with one managing underwriter are counted as one offering; different classes with separate lead managers are counted separately. Bankruptcy assets is the figure listed on the last 10K before filing Chapter 11. Commercial Mortgage-Backed Securities includes issues by Fannie Mae, but not residential mortgage�backed securities or unregistered offerings. Corporate Debt excludes convertible debt and issues with maturity dates of less than 12 months. Equities includes common and preferred stock and convertible subordinated debentures, but not IPOs, equities by foreign corporations, REITs, or mutual fund offerings. IPOs is a separate category of equities and includes IPOs by U.S. companies and foreign companies. LBOs includes private equity acquirer’s counsel only for acquisitions that fall within the parameters defined in M&A below. Mergers and Acquisitions, unless otherwise noted, includes only deals announced in 2000 valued at $150 million or more, involving at least one U.S.�based company, where there has been a change of corporate control. Data does not include asset sales, unless assets are an independent division. Municipal Bonds data is based on long-term bond issues only. Mutual Funds includes new funds and issues of new classes of shares. One or more classes added to an existing fund are counted as one new issue. Data is based on new issues that list funds’ counsel or listed counsel on the annual Statement of Additional Information forms or additional documentation provided by fund companies and firms. REITs is a separate category of equities offered by real estate investment trusts. U.S. Equities By Foreign Corporations is a separate category of equities that includes only the U.S. portion of offerings. Data does not include REITs or mutual fund offerings. Venture-Backed IPOs includes companies that received at least one round of financing from a U.S.�based venture capital firm, division of an investment bank, or firm dedicated to venture financing.

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