By Stephanie N. Rotondo
Portland, Ore., March 5 - Sidley Austin LLP held on to its position as the No. 1 underwriter's counsel for preferred stocks, according to data compiled by Prospect News.
Sidley Austin advised underwriters on five deals totaling $933 million, or 19.46% of market share, year to date. That compares with its 22.93% market share in January.
Sidley Austin was again followed by Skadden Arps Slate Meagher & Flom LLP and Simpson Thacher & Bartlett LLP.
For issuers, top counsel was again Squire Sanders Dempsey (US) LLP, followed by in-house counsel and Hogan Lovells US LLP.
Underwriter's counsel, year to date, U.S. market
| Underwriter's counsel | Amount | No. | Share |
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| 1 | Sidley Austin LLP | 0.933 | 5 | 19.46% |
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| 2 | Skadden Arps Slate Meagher & Flom LLP | 0.630 | 2 | 13.14% |
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| 3 | Simpson Thacher & Bartlett LLP | 0.400 | 1 | 8.35% |
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| 4 | Cleary Gottlieb Steen & Hamilton LLP | 0.483 | 3 | 10.08% |
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| 5 | K&L Gates LLP | 0.287 | 1 | 6.00% |
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| 6 | Calfee Halter & Griswold LLP | 0.287 | 1 | 6.00% |
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| 7 | Sullivan & Cromwell LLP | 0.250 | 1 | 5.22% |
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| 8 | Prieto & Carrizosa SA | 0.133 | 1 | 2.78% |
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| 9 | Clifford Chance LLP | 0.092 | 1 | 1.92% |
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| 10 | Davis Polk & Wardwell LLP | 0.065 | 1 | 1.36% |
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| Total | 4.793 | 20 |
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| Issuer's counsel, year to date, U.S. market |
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| Issuer's counsel | Amount | No. | Share |
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| 1 | Squire Sanders & Dempsey (US) LLP | 1.100 | 1 | 22.95% |
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| 2 | In house | 0.580 | 3 | 12.10% |
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| 3 | Hogan Lovells US LLP | 0.465 | 2 | 9.70% |
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| 4 | Arnold & Porter LLP | 0.400 | 1 | 8.35% |
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| 5 | Sullivan & Cromwell LLP | 0.333 | 2 | 6.95% |
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| 6 | Latham & Watkins LLP | 0.312 | 3 | 6.52% |
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| 7 | Venable LLP | 0.307 | 2 | 6.42% |
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| 8 | Pillsbury Winthrop Shaw Pittman LLP | 0.287 | 1 | 6.00% |
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| 9 | Shumaker Loop & Kendrick LLP | 0.287 | 1 | 6.00% |
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| 10 | Foley & Lardner LLP | 0.250 | 1 | 5.22% |
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| Total | 4.793 | 20 |
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| Prospect News Preferred Stock 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.
• Convertibles are excluded.
• 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. For multiple firms, the total value is divided equally.
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