• Simpson Thacher holds as number one pick for issuer's counsel
By Stephanie N. Rotondo
Phoenix, April 3 - Skadden Arps Slate Meagher & Flom LLP held on as the year's number one counsel for preferred stock underwriters, according to data compiled by Prospect News.
The law firm also took the top spot for March.
All told, the firm has advised underwriters on seven preferred stock transactions that raised $1.64 billion, or 21.85% of market share. Of those seven deals, three occurred in March, bringing in proceeds of $500 million, or 17% of market share.
Cravath Swaine & Moore LLP remained in second place for the year, having advised on two deals that brought in $994 million, or 13.28% of market share. Sidley Austin LLP was number two for the month, advising on three offerings that raised $350 million, or 11.9% of market share.
Issuers meanwhile have sought counsel from Simpson Thacher & Bartlett LLP in two deals that generated funds of $1.22 billion, or 16.35% of market share, making that firm the year's top choice for issuer counsel. Hogan Lovells US LLP came in second for the year, having advised on three deals that raised $750 million, or 10.02% of market share.
Hogan also took the top spot for March, advising issuers on two transactions that brought in $300 million, or 10.2% of market share.
Underwriter's counsel, U.S. market, year to date
2012 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Skadden Arps Slate Meagher & Flom LLP | 1.635 | 7 | 21.85% | 2 | 1.055 | 3 | 10.48%
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| 2 | Cravath Swaine & Moore LLP | 0.994 | 2 | 13.28% | 5 | 0.400 | 1 | 3.97%
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| 3 | Sidley Austin LLP | 0.407 | 4 | 5.43% | 1 | 1.790 | 12 | 17.79%
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| 4 | Simpson Thacher & Bartlett LLP | 0.400 | 3 | 5.34% | 4 | 0.459 | 2 | 4.56%
|
| 4 | Cleary Gottlieb Steen & Hamilton LLP | 0.400 | 1 | 5.34% | 3 | 0.483 | 3 | 4.80%
|
| 6 | Davis Polk & Wardwell LLP | 0.374 | 1 | 4.99% | 15 | 0.065 | 1 | 0.65%
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| 7 | Hogan Lovells US LLP | 0.295 | 3 | 3.94% | 16 | 0.058 | 1 | 0.58%
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| 8 | Mayer Brown LLP | 0.250 | 1 | 3.34% |
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| 9 | Sullivan & Cromwell LLP | 0.240 | 2 | 3.21% | 11 | 0.250 | 1 | 2.48%
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| 10 | Squire Sanders (US) LLP | 0.225 | 2 | 3.01% |
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| Total | 7.484 | 88 | 10.067 | 45 |
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| Underwriter's counsel, U.S. market, March |
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| | | | | 2012 Comparables |
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| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Skadden Arps Slate Meagher & Flom LLP | 0.500 | 3 | 17.00% | 2 | 0.425 | 1 | 8.13%
|
| 2 | Sidley Austin LLP | 0.350 | 3 | 11.90% | 1 | 0.809 | 7 | 15.48%
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| 3 | Hogan Lovells US LLP | 0.295 | 3 | 10.03% |
|
| 4 | Sullivan & Cromwell LLP | 0.240 | 2 | 8.16% |
|
| 5 | Simpson Thacher & Bartlett LLP | 0.150 | 1 | 5.10% | 8 | 0.059 | 1 | 1.12%
|
| 6 | Cravath Swaine & Moore LLP | 0.144 | 1 | 4.89% | 3 | 0.400 | 1 | 7.66%
|
| 7 | Gibson Dunn & Crutcher LLP | 0.002 | 1 | 0.07% |
|
| Total | 2.942 | 41 | 5.225 | 25 |
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| Issuer's counsel, U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Simpson Thacher & Bartlett LLP | 1.224 | 2 | 16.35% | 12 | 0.200 | 1 | 1.99%
|
| 2 | Hogan Lovells US LLP | 0.750 | 3 | 10.02% | 1 | 1.111 | 6 | 11.03%
|
| 3 | In house | 0.450 | 4 | 6.01% | 4 | 0.608 | 4 | 6.04%
|
| 4 | Sullivan & Cromwell LLP | 0.375 | 3 | 5.01% | 8 | 0.351 | 3 | 3.49%
|
| 5 | Jones Day | 0.350 | 2 | 4.68% |
|
| 6 | Hunton & Williams LLP | 0.346 | 5 | 4.62% | 27 | 0.029 | 1 | 0.29%
|
| 7 | Venable LLP | 0.300 | 1 | 4.01% | 5 | 0.568 | 6 | 5.64%
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| 8 | Richards Layton & Finger PA | 0.200 | 1 | 2.67% |
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| 9 | Goodwin Procter LLP | 0.200 | 1 | 2.67% |
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| 10 | Honigman Miller Schwartz and Cohn LLP | 0.150 | 1 | 2.00% |
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| Total | 7.484 | 88 | 10.067 | 45 |
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| Issuer's counsel, U.S. market, March |
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| | | | | 2012 Comparables |
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| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Hogan Lovells US LLP | 0.300 | 2 | 10.20% | 1 | 0.646 | 4 | 12.36%
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| 2 | Hunton & Williams LLP | 0.250 | 3 | 8.50% | 16 | 0.029 | 1 | 0.56%
|
| 3 | Goodwin Procter LLP | 0.200 | 1 | 6.80% |
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| 4 | Honigman Miller Schwartz and Cohn LLP | 0.150 | 1 | 5.10% |
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| 4 | Winstead PC | 0.150 | 1 | 5.10% |
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| 4 | Jones Day | 0.150 | 1 | 5.10% |
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| 7 | O'Melveny & Myers LLP | 0.144 | 1 | 4.89% |
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| 8 | Arnold & Porter LLP | 0.135 | 1 | 4.59% |
|
| 9 | Paul Hastings LLP | 0.110 | 1 | 3.74% |
|
| 10 | Squire Sanders (US) LLP | 0.090 | 1 | 3.06% |
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| Total | 2.942 | 41 | 5.225 | 25 |
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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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