Cleary Gottlieb top preferred underwriter counsel for year, quarter

• Mayer Brown top underwriter in June

By Stephanie N. Rotondo

Phoenix, July 3 - Cleary Gottlieb Steen & Hamilton LLP held the number one spot as the top preferred stock underwriters' counsel for the year through June, according to data compiled by Prospect News.

The law firm has advised underwriters on six transactions that totaled $2.71 billion, or 13.14% of the market share.

In second place was Davis Polk & Wardwell LLP, with four deals under its belt that raised $2.07 billion, or a 10.06% market share.

Cleary also took the top spot for the second quarter, having counseled on five preferred offerings that raised $2.31 billion, or 17.62% of market share. Davis Polk came in second again, advising underwriters on three transactions that brought in $1.7 billion, or 12.97% of market share.

For June, Mayer Brown LLP was the number one underwriters' counsel. The firm helped underwriters on one $287 million deal.

Simpson Thacher & Bartlett LLP came in second, advising on one $115 million deal during the month.

As for issuers, the top counsel for the year continued to come from in-house. Issuers have sought in-house advice on 11 deals that raised $3.16 billion, or 15.32% of market share, so far this year. In the quarter, in-house counsel was consulted on seven sales that brought in over $2.7 billion, or 20.67% of market share.

In June, in-house advisors tied with Willkie Farr & Gallagher LLP, both of which advised on a $144 million deal.

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

2012 Comparables

	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cleary Gottlieb Steen & Hamilton LLP	2.709	6	13.14%	6	1.102	5	5.46%
2	Davis Polk & Wardwell LLP	2.074	4	10.06%	2	2.315	2	11.47%
3	Skadden Arps Slate Meagher & Flom LLP	1.910	9	9.26%	3	1.690	6	8.37%
4	Cravath Swaine & Moore LLP	1.789	6	8.68%	8	0.400	1	1.98%
5	Morrison & Foerster LLP	1.000	1	4.85%
6	Simpson Thacher & Bartlett LLP	0.940	7	4.56%	5	1.171	6	5.80%
7	Mayer Brown LLP	0.537	2	2.61%
8	Hunton & Williams LLP	0.494	4	2.40%	14	0.252	5	1.25%
9	O'Melveny & Myers LLP	0.450	1	2.18%	4	1.585	2	7.85%
10	Sullivan & Cromwell LLP	0.440	3	2.13%	15	0.250	1	1.24%
	Total	20.615	152	20.185	103
Underwriter's counsel, U.S. market, second quarter
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cleary Gottlieb Steen & Hamilton LLP	2.309	5	17.62%	5	0.619	2	6.12%
2	Davis Polk & Wardwell LLP	1.700	3	12.97%	1	2.250	1	22.24%
3	Morrison & Foerster LLP	1.000	1	7.63%
4	Cravath Swaine & Moore LLP	0.795	4	6.07%
5	Simpson Thacher & Bartlett LLP	0.540	4	4.12%	3	0.712	4	7.04%
6	O'Melveny & Myers LLP	0.450	1	3.43%	2	1.585	2	15.66%
7	Hunton & Williams LLP	0.369	3	2.82%	9	0.065	3	0.65%
8	Mayer Brown LLP	0.287	1	2.19%
9	Skadden Arps Slate Meagher & Flom LLP	0.275	2	2.10%	4	0.635	3	6.28%
10	Debevoise & Plimpton LLP	0.275	1	2.10%
	Total	13.106	64	10.118	58
Underwriter's counsel, U.S. market, June
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Mayer Brown LLP	0.287	1	41.34%
2	Simpson Thacher & Bartlett LLP	0.115	1	16.54%
3	Latham & Watkins LLP	0.063	1	9.06%
4	Hunton & Williams LLP	0.050	1	7.19%	5	0.006	1	0.18%
5	Cravath Swaine & Moore LLP	0.020	1	2.88%
6	Dentons US LLP	0.007	1	1.04%
	Total	0.695	18	3.403	24
Issuer's counsel, U.S. market, year to date
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	In house	3.159	11	15.32%	1	3.964	9	19.64%
2	Simpson Thacher & Bartlett LLP	1.336	3	6.48%	13	0.200	1	0.99%
3	Skadden Arps Slate Meagher & Flom LLP	1.301	3	6.31%	15	0.150	1	0.74%
4	McGuireWoods LLP	1.000	1	4.85%
5	Hogan Lovells US LLP	0.750	3	3.64%	3	1.476	8	7.31%
6	Hunton & Williams LLP	0.647	8	3.14%	26	0.079	2	0.39%
7	Sullivan & Cromwell LLP	0.589	5	2.85%	7	0.423	4	2.10%
8	Willkie Farr & Gallagher LLP	0.556	3	2.70%	24	0.080	1	0.40%
9	Venable LLP	0.516	3	2.50%	6	0.649	9	3.21%
10	Pillsbury Winthrop Shaw Pittman LLP	0.412	2	2.00%	9	0.287	1	1.42%
	Total	20.615	152	20.185	103
Issuer's counsel, U.S. market, second quarter
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	In house	2.709	7	20.67%	1	3.356	5	33.17%
2	Skadden Arps Slate Meagher & Flom LLP	1.266	2	9.66%
3	McGuireWoods LLP	1.000	1	7.63%
4	Willkie Farr & Gallagher LLP	0.556	3	4.24%	11	0.080	1	0.79%
5	Graydon Head & Ritchey LLP	0.300	1	2.29%
6	Hunton & Williams LLP	0.291	3	2.22%	18	0.050	1	0.49%
7	Pillsbury Winthrop Shaw Pittman LLP	0.287	1	2.19%
8	Latham & Watkins LLP	0.250	1	1.91%	28	0.018	1	0.17%
9	Conyers Dill & Pearman Ltd.	0.250	2	1.91%
10	Squire Sanders (US) LLP	0.225	1	1.72%
	Total	13.106	64	10.118	58
Issuer's counsel, U.S. market, June
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	In house	0.144	1	20.67%	1	2.281	2	67.04%
2	Willkie Farr & Gallagher LLP	0.144	1	20.67%
3	Sidley Austin LLP	0.115	1	16.54%
4	Vinson & Elkins LLP	0.063	1	9.06%
5	Beggs & Lane	0.050	1	7.19%
6	Kirkland & Ellis LLP	0.010	1	1.44%
7	Cozen O'Connor	0.010	1	1.44%
8	LeClairRyan	0.007	1	1.04%
	Total	0.695	18	3.403	24
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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