Cravath Swaine takes top underwriters' counsel spots for year, month; issuers stay in-house for advice

By Stephanie N. Rotondo

Phoenix, Dec. 4 - Yet again, Cravath Swaine & Moore LLP took the top spot as preferred stock underwriters' counsel, according to data compiled by Prospect News.

Year to date through November, the law firm has advised on nine preferred stock transactions that raised proceeds of $3.39 billion, or 11.21% of market share. The firm also took first place for the month of November, advising on one $50 million preferred stock sale.

Cleary Gottlieb Steen & Hamilton LLP meantime held on to the second place position, advising underwriters on seven offerings that brought in $2.71 billion, or 8.98% of market share.

Preferred stock issuers continued to seek advice from in-house counsel. Issuers stayed in-house for 13 deals so far this year. Those deals raised proceeds of $3.39 billion, or 11.24% of market share.

Simpson Thacher & Bartlett LLP maintained the number two spot, giving issuers counsel on four deals that brought in $2.84 billion, or 9.38% of market share.

For the month, top issuers' counsel were three firms that tied, counseling on one $17 million deal. The firms were Farris Vaughan Wills & Murphy LLP, Perkins Coie LLP and Reeder & Simpson PC.

Underwriter's counsel, U.S. market, year to date

2012 Comparables

	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cravath Swaine & Moore LLP	3.389	9	11.21%	5	2.638	4	6.68%
2	Cleary Gottlieb Steen & Hamilton LLP	2.714	7	8.98%	6	2.602	6	6.60%
3	Davis Polk & Wardwell LLP	2.194	5	7.26%	1	4.065	3	10.30%
4	Skadden Arps Slate Meagher & Flom LLP	1.920	9	6.35%	2	3.688	23	9.35%
5	Sidley Austin LLP	1.527	7	5.05%	3	3.480	34	8.82%
6	Gibson Dunn & Crutcher LLP	1.502	2	4.97%	9	1.275	2	3.23%
7	Morrison & Foerster LLP	1.000	1	3.31%	12	0.875	1	2.22%
8	Simpson Thacher & Bartlett LLP	0.940	7	3.11%	7	1.926	9	4.88%
9	Mayer Brown LLP	0.887	3	2.94%
10	Sullivan & Cromwell LLP	0.735	5	2.43%	8	1.396	6	3.54%
	Total	30.233	244	39.456	240
Underwriter's counsel, U.S. market, November
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cravath Swaine & Moore LLP	0.050	1	36.81%	15.50%
	Total	0.136	14	1.720	29	1.78%
Issuer's counsel, U.S. market, year to date
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	In house	3.399	13	11.24%	1	7.164	18	18.16%
2	Simpson Thacher & Bartlett LLP	2.836	4	9.38%	6	1.458	2	3.69%
3	Richards Layton & Finger PA	1.700	2	5.62%	7	1.350	2	3.42%
4	Skadden Arps Slate Meagher & Flom LLP	1.301	3	4.30%	4	1.765	3	4.47%
5	McGuireWoods LLP	1.000	1	3.31%
6	Davis Polk & Wardwell LLP	0.875	2	2.89%
7	Hogan Lovells US LLP	0.855	4	2.83%	3	2.240	12	5.68%
8	Willkie Farr & Gallagher LLP	0.731	4	2.42%	28	0.185	2	0.47%
9	Hunton & Williams LLP	0.647	8	2.14%	14	0.581	8	1.47%
10	Sullivan & Cromwell LLP	0.591	6	1.96%	5	1.482	8	3.76%
	Total	30.233	244	39.456	240
Issuer's counsel, U.S. market, November
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Farris Vaughan Wills & Murphy LLP	0.017	1	12.27%
1	Perkins Coie LLP	0.017	1	12.27%
1	Reeder & Simpson PC	0.017	1	12.27%
	Total	0.136	14	1.720	29
Prospect News Preferred Stock 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.

• 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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