By Rebecca Melvin
New York, Feb. 3 - International law firm Davis Polk & Wardell LLP was legal counsel to the underwriters of the larger of two January deals in the convertible bond market, pulling it to the No. 1 slot for the year so far with 62.5% of total volume of issuance under its guidance, according to data compiled by Prospect News.
Davis Polk's $250 million of issuance under its bailiwick last month was still well below its tally for January 2011, during which it was legal counsel to the underwriters of two deals, or $517 million in issuance.
Global law firm Latham & Watkins LLP, accounting for $150 million, or 37.5%, of new issuance volume, was the No. 2 legal counsel to underwriters. Latham & Watkins total was less than 25% of its $620 million of issuance under its counsel to underwriters in January 2011.
DLA Piper LLP and Skadden Arps Slate Meagher & Flom LLP were tied for the No. 1 legal counsel to issuers last month.
Both firms represented $125 million of new issuance, or 31.25% of the total amount.
Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for January was $400 million, in two deals, which was down from $2.35 billion in eight deals for January 2011.
U.S. market, year to date
2011 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share |
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| 1 | Davis Polk & Wardwell LLP | 0.250 | 1 | 62.50% | 2 | 0.517 | 2 | 21.08%
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| 2 | Latham & Watkins LLP | 0.150 | 1 | 37.50% | 1 | 0.620 | 1 | 25.25%
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| Total | 0.400 | 2 | 2.455 | 8 |
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| U.S. market, year to date |
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| | | | | 2011 Comparables |
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| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share |
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| 1 | DLA Piper LLP | 0.125 | 1 | 31.25% |
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| 1 | Skadden Arps Slate Meagher & Flom LLP | 0.125 | 1 | 31.25% |
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| 3 | Arthur Cox | 0.050 | 1 | 12.50% |
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| 3 | Goodwin Procter LLP | 0.050 | 1 | 12.50% |
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| 3 | K&L Gates LLP | 0.050 | 1 | 12.50% |
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| Total | 0.400 | 2 | 2.455 | 8 |
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| Prospect News Convertibles Counsel Rankings
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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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