• Squire Sanders top counselor for issuers of preferred stock
By Stephanie N. Rotondo
Portland, Ore., May 3 - Sidley Austin LLP was once again the top underwriters counsel for preferred stock offerings for the year to date through April, according to data compiled by Prospect News.
Sidley Austin has counseled underwriters on 14 deals, which have brought in total proceeds of $1.89 billion, or 15.12% of market share.
Market share was down slightly from 17.35% the month before.
Trailing Sidley were O'Melveny & Myers LLP and Skadden Arps Slate Meagher & Flom LLP.
Top issuers counsel was Squire Sanders (US) LLP, advising three issuers for transactions that totaled $2.45 billion, or 19.46% of market share.
Behind Squire Sanders was Hogan Lovells (US) LLP and Latham & Watkins LLP. Hogan had taken the top spot the month before, with Squire Sanders coming in second. Latham has maintained its third place spot.
Underwriter's counsel, year to date, U.S. market
| Underwriter's counsel | Amount | No. | Share |
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| 1 | Sidley Austin LLP | 1.892 | 14 | 15.12% |
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| 2 | O'Melveny & Myers LLP | 1.585 | 2 | 12.67% |
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| 3 | Skadden Arps Slate Meagher & Flom LLP | 1.055 | 3 | 8.43% |
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| 4 | Simpson Thacher & Bartlett LLP | 0.586 | 4 | 4.68% |
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| 5 | Clifford Chance LLP | 0.397 | 4 | 3.17% |
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| 6 | Cleary Gottlieb Steen & Hamilton LLP | 0.350 | 2 | 2.80% |
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| 7 | Calfee Halter & Griswold LLP | 0.287 | 1 | 2.30% |
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| 7 | K&L Gates LLP | 0.287 | 1 | 2.30% |
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| 9 | Goodwin Procter LLP | 0.256 | 2 | 2.04% |
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| 10 | Sullivan & Cromwell LLP | 0.250 | 1 | 2.00% |
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| Total | 12.514 | 52 |
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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 (US) LLP | 2.435 | 3 | 19.46% |
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| 2 | Hogan Lovells US LLP | 1.226 | 7 | 9.79% |
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| 3 | Latham & Watkins LLP | 0.868 | 7 | 6.93% |
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| 4 | In house | 0.858 | 5 | 6.86% |
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| 5 | Venable LLP | 0.571 | 8 | 4.56% |
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| 6 | Arnold & Porter LLP | 0.400 | 1 | 3.20% |
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| 7 | Pillsbury Winthrop Shaw Pittman LLP | 0.287 | 1 | 2.30% |
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| 7 | Shumaker Loop & Kendrick LLP | 0.287 | 1 | 2.30% |
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| 9 | Foley & Lardner LLP | 0.250 | 1 | 2.00% |
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| 10 | Sullivan & Cromwell LLP | 0.218 | 2 | 1.74% |
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| Total | 12.514 | 52 |
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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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