LAW FIRM OF THE YEAR | The Shortlist day six
THOUGH pipeline deals that spurred record law firm profits last decade are yet to return, an influx of regulation and demand for innovative ways to raise capital means law firms are more in demand than ever. Whether running multi-billion pound IPOs or reforming how their businesses are run, our shortlisted firms are at the top of their game.
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BAKER & MCKENZIE
The largest law firm in the world by revenue, Baker & McKenzie has distinguished itself as a rapid climber in the stagant world of UK law firms – growing both its client roster and reputation despite tricky global markets. Having had no FTSE 100 listings as recently as 2003, the firm now counts itself as primary adviser to ten of the UK’s top-listed firms, including British American Tobacco and engineering firm Smiths Group.
It’s also the only law firm to have appointed a head from an emerging market, with Brazilian Eduardo Leite appointed chairman in November 2011. Bakers also secured a mandate earlier this year as primary legal adviser to brewing giant Carlsberg, a role that should reap plenty of work as it continues to grow its business around the world.
DLA PIPER
Since the DLA merger with US firms Piper Rudnick and Gray Cary in 2005, DLA Piper has positioned itself at the forefront of aggressive expansion. The firm’s plans came to a head in January this year when its merger with Oz affiliate DLA Phillips Fox was agreed, creating the world’s largest law firm by headcount with 4,200 lawyers in 75 offices.
Since then DLA Piper has reported a 15 per cent rise in profits per equity partner, acted for the senior lenders on the Betfred bid for the Tote, helped FTSE 100 listed Intertek buy Moody International for £450m, and secured its place on the Kraft panel of UK advisers after helping the US firm establish its business after the Cadbury takeover last year.
FRESHFIELDS BRUCKHAUS DERINGER
The past year has seen Freshfields break Linklaters’ and Slaughter and May’s stranglehold on the FTSE 100, taking second spot in the adviser rankings with 23 of the UK’s top listed companies among its clients, compared to Linklaters’ 22. As well as M&A roles advising Avis Europe on its takeover by Avis Budget, and Betfred on its bid for the Tote, Freshfields also flexed its capital markets muscles last year on AIA’s Hong Kong IPO, and helped Betfair come to the London market.
The firm recently won a sought-after mandate advising UKFI on the government’s sale of its stake in Northern Rock, and with its role as official legal adviser to the London 2012 Olympic Games well underway, the firm’s flame is bound to keep burning bright for some time.
LINKLATERS
Linklaters has marked itself out from its rivals this year through its continues innovation in capital markets work crucial to its clients at a time when banks are under increasing pressure to boost capital and increase lending.
After developing the first ever contingent convertible bond for Lloyds in 2009, Links built on its expertise this year with a Basel-III compliant co-co for Credit Suisse, and a tier-one eligible hybrid for Rabobank. The firm’s structured finance team was also at the forefront of innovation, pioneering the imaginatively named accelerated structured bond offering (Asbo) used to finance the High Speed 1 UK rail project.
All this on top of a steady stream of corporate work – including its ongoing relationship with BP and, of course, the lead role advising Glencore on its landmark £11bn London IPO in May.
SLAUGHTER AND MAY
Still the City’s favourite law firm, Slaughters continues to impress with its roster of listed clients – 115 at last count including 29 of the FTSE 100, more than any of its magic circle rivals. In the past year the firm’s relationships with acquisitive clients such as Diageo, Charter International and Cable & Wireless Communications has kept it busy, both at home and through its ‘best friends’ network of partner firms across the world.
Currently helping Aviva dispose of its stake in the RAC in a £1bn deal announced last week, 2011 has also seen Slaughters help Chi-X and its shareholders negotiate its sale to BATS Global Markets to create the largest pan-European trading centre.
Add the firm’s role advising Henderson on its takeover of Gartmore, and it’s easy to see why Slaughters’ reputation just keeps on growing.