Dewey & LeBoeuf top legal counsel to convertible issuers year to date

By Rebecca Melvin

New York, Sept. 6 - Global law firm Dewey & LeBoeuf LLP, based in New York, remained the top legal counsel to issuers of convertible bonds for the year to date through August, when for the first time since February 2009 there was no new issuance and volume totals remained unchanged from July.

Dewey & LeBoeuf accounted for $3.32 billion of the year's issuance through August, or 14% of total volume, which was unchanged from July, according to data compiled by Prospect News.

International law firm Jones Day took the No. 2 slot for legal counsel to issuers with $1.52 billion of issuance, or 6.6% of total volume, with three deals through August.

Simpson Thacher & Bartlett LLP was the third-busiest legal counsel to issuers for the year to date with two deals, totaling $1.06 billion, accounting for 4.6% of total volume.

Davis Polk & Wardwell LLP was the No. 4 ranking legal firm serving as counsel to convertibles issuers, with $780 million, in two deals, accounting for 2.4% of the total.

Davis Polk was also the top ranking legal counsel to the underwriters of convertible bonds for the year to date, serving as counsel on $4.85 billion, or 20 deals, for 21% of the total. Debevoise & Plimpton LLP was the No. 2 legal counsel to underwriters of convertible bonds, with $3.32 billion in one deal, accounting for 14% of total volume through August.

Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date through August is $22.77 billion in 72 deals, which is unchanged from July, and down from the same year-earlier period when issuance stood at $24.82 billion in 56 deals for the 2010 year through August.

Year to date, U.S. market

	Underwriter's counsel	Amount	Number	Share
1	Davis Polk & Wardwell LLP	4.853	20	21.31%
2	Debevoise & Plimpton LLP	3.315	1	14.56%
3	Simpson Thacher & Bartlett LLP	2.256	9	9.91%
4	Cleary Gottlieb Steen & Hamilton LLP	1.981	4	8.70%
5	Latham & Watkins LLP	1.570	3	6.89%
6	Fried Frank Harris Shriver & Jacobson LLP	0.762	3	3.35%
7	Locke Lord Bissell & Liddell LLP	0.550	1	2.42%
8	Sullivan & Cromwell LLP	0.350	1	1.54%
9	Gibson Dunn & Crutcher LLP	0.230	1	1.01%
10	Troutman Sanders LLP	0.172	1	0.76%
	Total	22.773	72
	Average size:	0.316
Year to date, U.S. market
					2010 comparables
	Issuer's counsel	Amount	Number	Share	Rank	Amount	Number	Share
1	Dewey & LeBoeuf LLP	3.315	1	14.56%
2	Jones Day	1.520	3	6.67%	4	1.365	3	5.50%
3	Simpson Thacher & Bartlett LLP	1.064	2	4.67%	2	1.550	2	6.24%
4	Davis Polk & Wardwell LLP	0.780	2	3.43%	16	0.323	2	1.30%
5	Wilson Sonsini Goodrich & Rosati	0.765	3	3.36%
6	Shumaker Loop & Kendrick LLP	0.719	1	3.16%
7	Sidley Austin LLP	0.670	2	2.94%
8	Shearman & Sterling LLP	0.632	1	2.78%
9	Sullivan & Cromwell LLP	0.613	2	2.69%
10	Skadden Arps Slate Meagher & Flom LLP	0.489	2	2.15%
	Total	22.773	72	24.821	56
	Average size:	0.316	0.443
Prospect News Convertibles Counsel Rankings

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the issuer's counsel or underwriter's counsel.

• Each tranche is counted as a separate deal.

• Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded.

• Structured products are excluded.

• Preferred issues are included using the same criteria as for bonds.

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