• Squire Sanders top issuer's counsel when in-house counsel not used
By Stephanie N. Rotondo
Phoenix, July 5 - The top preferred stock underwriter's counsel was again Sidley Austin LLP, according to data compiled by Prospect News.
The firm's market share was also regaining ground, having lost some territory in the previous couple of months. For the year, Sidley Austin has counseled underwriters on 26 deals that brought in a total of $2.32 billion.
Market share was 11.54%, up from 11.32% in May.
Davis Polk & Wardwell LLP was the runner-up, counseling underwriters on two transactions that totaled $2.31 billion, for market share of 11.51%.
In-house counsel took the top spot for issuer's counsel. Issuers have used their internal legal teams for eight deals that raised $3.62 billion.
That accounts for 17.97% of market share.
With in-house counsel taking the number-one spot, that pushed Squire Sanders & Dempsey (US) LLP into spot number two. The firm has counseled issuers on three deals for $2.44 billion, or 12.11% of market share.
Underwriter's counsel, year to date, U.S. market
| Underwriter's counsel | Amount | No. | Share |
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| 1 | Sidley Austin LLP | 2.321 | 26 | 11.54% |
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| 2 | Davis Polk & Wardwell LLP | 2.315 | 2 | 11.51% |
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| 3 | O'Melveny & Myers LLP | 1.585 | 2 | 7.88% |
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| 4 | Skadden Arps Slate Meagher & Flom LLP | 1.340 | 5 | 6.66% |
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| 5 | Simpson Thacher & Bartlett LLP | 1.161 | 6 | 5.77% |
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| 6 | Cleary Gottlieb Steen & Hamilton LLP | 1.102 | 5 | 5.48% |
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| 7 | Clifford Chance LLP | 0.569 | 5 | 2.83% |
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| 8 | Cravath Swaine & Moore LLP | 0.400 | 1 | 1.99% |
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| 9 | Willkie Farr & Gallagher LLP | 0.325 | 1 | 1.62% |
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| 10 | Calfee Halter & Griswold LLP | 0.287 | 1 | 1.43% |
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| Total | 20.119 | 103 |
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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 | In house | 3.614 | 8 | 17.97% |
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| 2 | Squire Sanders & Dempsey (US) LLP | 2.435 | 3 | 12.11% |
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| 3 | Hogan Lovells US LLP | 1.476 | 8 | 7.33% |
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| 4 | Latham & Watkins LLP | 0.868 | 7 | 4.31% |
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| 5 | Arnold & Porter LLP | 0.825 | 2 | 4.10% |
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| 6 | Venable LLP | 0.621 | 9 | 3.09% |
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| 7 | Sullivan & Cromwell LLP | 0.423 | 4 | 2.10% |
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| 8 | Conyers Dill & Pearman Ltd. | 0.362 | 2 | 1.80% |
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| 9 | Pillsbury Winthrop Shaw Pittman LLP | 0.287 | 1 | 1.43% |
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| 10 | Shumaker Loop & Kendrick LLP | 0.287 | 1 | 1.43% |
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| Total | 20.119 | 103 |
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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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