Davis Polk top legal counsel to convertible bond underwriters for 2011

By Rebecca Melvin

New York, Jan. 5 - Davis Polk & Wardell LLP, an international law firm based in New York, was the No. 1 legal counsel to convertibles underwriters for 2011, facilitating $5.68 billion in issuance in 24 deals, for a 22% share of the total, according to data compiled by Prospect News.

Debevoise & Plimpton LLC, another prominent international firm with New York headquarters, was the No. 2 legal counsel to convertibles underwriters, with $3.32 billion, or 13% of the total, for the year in one deal.

Simpson Thacher & Bartlett LLP ranked third for an 11% share of total issuance or $2.75 billion in 10 deals.

Latham & Watkins LLC and Cleary Gottleib Steen & Hamilton LLC rounded out the remaining top five legal firms providing counsel to convertibles underwriters, with $2.08 billion and $1.98 billion, respectively.

Among top legal counsel to the convertible issuers were Dewey & LeBoeuf LLC, Jones Day, Wilson Sonsini Goodrich & Rosati and Latham & Watkins.

Dewey & LeBoeuf was top ranked counsel to convertibles issuers for 2011, with $3.32 billion in issuance, accounting for 13% of total volume.

Jones Day moved to second-ranking counsel to convertibles issuers from the No. 3 slot, with $1.96 billion in issuance in five deals, accounting for 8% of the total for 2011, compared to $1.72 billion in issuance in four deals, accounting for a 4% share in 2010.

Details on the legal counsel of all new issues for the year weren't available to Prospect News. In all, there were 84 convertibles deals, totaling $25.93 billion of new issuance for 2011, compared to 91 deals totaling $42.75 billion for 2010.

Year to date, U.S. market

Underwriter's counsel Amount Number Share

1	Davis Polk & Wardwell LLP	5.683	24	21.92%
2	Debevoise & Plimpton LLP	3.315	1	12.79%
3	Simpson Thacher & Bartlett LLP	2.745	10	10.59%
4	Latham & Watkins LLP	2.077	7	8.01%
5	Cleary Gottlieb Steen & Hamilton LLP 1.981	4	7.64%
6	Fried Frank Harris Shriver & Jacobson LLP 0.859	5	3.31%
7	Locke Lord Bissell & Liddell LLP	0.550	1	2.12%
8	Ropes & Gray LLP	0.544	2	2.10%
9	Sullivan & Cromwell LLP	0.525	2	2.03%
10	Gibson Dunn & Crutcher LLP	0.230	1	0.89%
	Total	25.926	84
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	12.79%
2	Jones Day	1.957	5	7.55%	3	1.715	4	4.01%
3	Wilson Sonsini Goodrich & Rosati	1.455	4	5.61%
4	Latham & Watkins LLP	1.155	6	4.45%	8	0.825	2	1.93%
5	Simpson Thacher & Bartlett LLP	1.064	2	4.10%	5	1.550	2	3.63%
6	DLA Piper LLP	0.892	2	3.44%
7	Skadden Arps Slate Meagher & Flom LLP 0.889	3	3.43%	14	0.550	1	1.29%
8	Sidley Austin LLP	0.845	3	3.26%	30	0.230	1	0.54%
9	Davis Polk & Wardwell LLP	0.780	2	3.01%	25	0.323	2	0.75%
10	Shumaker Loop & Kendrick LLP	0.719	1	2.77%
	Total	25.926	84	42.750	100
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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