The candidates for this year’s top firm award are drawn from very different sections of the market. Reed Smith, in a year in which the firm secured a tie-up with Richards Butler, took another step in its low-key progress from scarcely-noticed US national to international commercial player. Reed Smith may not be the most glamorous of the emerging international practices but it has taken itself to a position where it can be considered a credible choice for international companies seeking counsel outside the top end of securities and M&A work.
A more predictable choice is Simpson Thacher & Bartlett which, not surprisingly, excelled in a year in which record-breaking private equity deals dominated the headlines. From a US perspective, the firm would have been a shoo-in but, internationally, the market still waits to see where the firm is to take its heavyweight European leveraged finance practice.
