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GLOBAL CAPITAL MARKETS REVIEWREUTERS / Tony Gentile
GLOBAL CAPITAL MARKETS REVIEWLEGAL ADVISORS
First Half 2015
-
11
11
11
Canada All Debt (CAL1) - Manager
Canada Equity & Equity-related (CAL4) - Issuer
Canada Equity & Equity-related (CAL4) - Manager
Japan Capital Markets
Japan Common Stock (JL1) - Issuer
Japan Common Stock (JL2) - Manager
Samurai Bonds (JL5) - Issuer
Samurai Bonds (JL6) - Manager
11
Canada Capital Markets
6
6
6
6
Canada All Debt (CAL1) - Issuer
EMEA Capital Markets
7
7
All International Bonds (AV1) - Issuer
All International Bonds (AV2) - Manager
10
10
Australia International Bonds (BW1) - Issuer
Australia International Bonds (BW2) - Manager
1
Global Debt, Equity & Equity-related Excluding FCA (G01) - Manager
Quarterly Global Legal Advisor Debt, Equity and Equity-related Chart
First Half 2015 | Global Capital Markets | Legal Advisors
US CAPITAL MARKETS REVIEW
Table of Contents
Global Capital Markets
Global Deals Intelligence
Global Debt, Equity & Equity-related Excluding FCA (G01) - Issuer
1
1
Global Straight Debt Including ABS & MBS (G02) - Issuer
Global Straight Debt Including ABS & MBS (G02) - Manager
2
2
2
1
Global Straight Debt Excluding ABS & MBS (G03) - Issuer
https://www.thomsonone.com
Criteria Summary
Ranking Criteria Summary 12
EMEA Equity & Equity-related (AX2) - Manager
9
Asia Pacific G3 Bonds (BV1) - Issuer
Asia Pacific (Ex Japan) Capital Markets
8
8
Asia Equity & Equity-related (BX1) - Issuer
Asia Equity & Equity-related (BX2) - Manager
Asia Pacific G3 Bonds (BV2) - Manager
Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) - Issuer
Thomson Reuters Contact
8
8
7EMEA Equity & Equity-related (AX1) - Issuer
Australia Equity & Equity-related (BY2) - Manager
9
10
10
Asia Pac G3 Bonds ex Australasia, Central Asia (BV4) - Manager
Australia Equity & Equity-related (BY1) - IssuerUS Straight Debt Including ABS & MBS (AB6) - Manager
US Straight Debt Including ABS & MBS (AB6) - Issuer
US Straight Debt Excluding ABS & MBS (AB7) - Issuer
US Straight Debt Excluding ABS & MBS (AB7) - Manager
5
5
5
5
12
Thomson Reuters Solutions For the Deal Making Community
13
Global Equity & Equity-related (G08) - Issuer
3
4
7
Global Equity & Equity-related (G08) - Manager
US Debt, Equity & Equity Related (AB1) - Issuer
3
2
US Equity & Equity Related (AB2) - Issuer
US Equity & Equity Related (AB2) - Manager
4
4
US Debt, Equity & Equity Related (AB1) - Manager 4
Global Straight Debt Excluding ABS & MBS (G03) - Manager
US Capital Markets
-
19*Freshfields Bruckhaus Deringer 19*Cravath, Swaine & Moore
18
22 895 361,822.9
59
19
48*
13
1115*
7
14 22
15*36
Skadden
Simpson Thacher & Bartlett
+0.76
7 +1.0
8*
5 -0.1-0.8
1.912 1.4
-
+1.0 0.8 1.9
3.0
0.8-2.2
+0.249,407.2
-0.51.60.7 0.7
957,553.0-52
-25 -2
48,375.81.4
14 +0.211
+0.21.935,380.4 1.065,809.6 7 +8
-18
64
0.2+0.1
+0.1
+24
3532,870.9
5,923.2
+9
0.2
0.55353 11,026.3
+250.90.3
15
-27
616,469.7
-0.1
-0.16,273.6 0.2
-0.3 8 1.8
-0 30 7+0.6
19 -2016
13 73
-26
-25
10
0.70.8
0Latham & Watkins
2014 Rank
5
2 5
Cleary Gottlieb Steen & Hamilton
Sidley Austin LLP 3
-0.3
Market
117 3Sh (%)
4Proceeds
+5 85,852.7
2015 Rank Deals
2.4
# of
1.2
First Half 2015 | Global Capital Markets | Legal Advisors
GLOBAL CAPITAL MARKETS REVIEW
Global Debt & Equity Proceeds Down 9.8% from 2014 | Equity Proceeds up 9.5% | Allen & Overy Top Advisor
Share Ch.Market
Jan 1 - Jun 30
Market# of Deals per Advisor Proceeds per Advisor (US$m)
Issuer Legal Advisor
69 67,929.63
11.0
0.7 -569
4
-590.7
Linklaters 8*
Allen & Overy
Davis Polk & Wardwell
Clifford Chance82
7072
8
6
Global Debt, Equity & Equity-related Ex FCA (G01)
+0.1
Rank# of DealsShare
99 1.6
1
Change in
10
-977
13
1
2
55,333.1
+6
0
-53
-
2.4
667,542.542,326.9
108,989.24
106,378.4
3.184,752.0
1.2
420.5
0.6
0 4
54Anderson Mori & Tomotsune
Kirkland & EllisGrandall Law Firm
26
17Conyers Dill & Pearman 12Zhong Lun Law Firm
White & Case LLP11 14
90.6
King & Wood Mallesons 0.6Sullivan & Cromwell
Mayer Brown LLP67
0.712
210
0.445
0.5
645855
36-10.436
Total combined debt and equity capital markets activity totaled over US$3.5 trillion for the first half of2015, a decrease of 9.8% in comparison to the capital raised during the same period last year.
Allen & Overy was the top overall advisor to issuers across debt and equity in the first half of 2015;advising issuers on 117 deals totaling US$85.9 billion. Allen & Overy was also the top overall advisor tomanagers across debt and equity in the first half of 2015; advising managers on 355 transactionstotaling US$210.4 billion.
Global Straight Debt excluding securitizations totaled US$2.5 trillion in the first half of 2015,representing a 14.2% decrease compared to the same period in 2014. The total number of dealsexecuted in the first half of 2015 (5,933) decreased by 19.6% relative to 2014's total.
Global equity capital markets activity totaled US$525.4 billion in the first half of 2015, representing a9.5% increase from last year. The total number of deals executed in the first half of 2015 (2,684)increased by 8.3% relative to 2014s first half total. Latham & Watkins took first place amoung issuer advisors in global equity capital markets in the firsthalf of 2015, with 53 issues totaling over US$21.4 billion. Latham & Watkins was also the leading global equity and equity-related legal advisor to managers, having advised on a total of 107 transactions witha total value of almost US$33.4 billion in proceeds raised.
Global High Yield corporate debt volume reached US$241.6 billion during the first half of 2015, a 12%decrease compared to the first half of 2014 and the slowest first half for global high yield issuance int S d t 2015 hi h i ld i d d 27% d t th d b ki
hare
18,228.0 23 0.5 +0.119* 20* 36
0.1
+1.42
+0.7
3.0
8
Sh (%)210,414.7
Market
6.0 -1.0-1.8
Proceeds per Advisor (US$m)Market
Linklaters 2.4
Deals
-17.3%
3
# of DealsChange in
Share Ch.
Jan 1 - Jun 30
2.0
1
1.9193,344.0
1.1 92,636.1
86,052.8
0.9
+0.6
+0.1
-
0
100.0
* tie
1011
13
Morgan Lewis & Bockius
Skadden
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12
Freshfields Bruckhaus Deringer
White & Case LLP 9Cleary Gottlieb Steen & Hamilton
19
% Change from Same Period Last Year
6
10
Goodwin Procter LLP
Cravath, Swaine & MooreMayer Brown LLP
Global Debt, Equity & Equity-related Ex FCA (G01)
RankProceeds
Stikeman Elliott15*
Shearman & Sterling LLP
Simpson Thacher & Bartlett 90
2
2015 Rank
2014 Rank
184
9,761
Manager Legal Advisor
22,895.3
# of Deals per Advisor
Vinson & Elkins LLP
0.3
3,517,385.3
0.7
100.0
19
-11.6%
100.0
-9.8%
0.4 -10
5 7
20
355
-1,285
16
192
# of
8
236 5.0
1.2
-6
-136
175,029.95.52.59
-1.9115,174.7 3.3
-0.7 123
8
1.3
2.63.5
104,064.5 6
7 -22-16
Cahill Gordon & Reindel
13
5
14*
+13
Clifford Chance111
0.881+0.34124,109.5
+0.81.91268,401.0
82,657.2 10 2.4
141611
+1.0
0.82.3
1658 34,224.8 -0.1
+0.1
0.92.9
+0.1
3015 1.0
13 -0.11.717
25*
-0.1
41
117
0.7
18,477.0
76
0.5
23,232.94,245.8
0.4 60,761.40
33,110.5101,163.4
+0.2
7
4025*18 44
12
-210.6
+5
17
68 0.7
78
+20.8 -7
79,305.0 11
-13.2%
0.4
Allen & Overy
Industry Total
3
Latham & Watkins 4
Market
36
1 3.6
Sidley Austin LLP
Davis Polk & Wardwell
6
4
1
3 52
-43
% Change from Last Quarter
66
-157
38
100.0
-1-27
-1541
0.40.4
+4
+8
-
-90.7 +5
0.4
9,761Industry Total -1,285
2217
% Change from Same Period Last Year
https://www.thomsonone.com
Sullivan & Cromwell
3,517,385.3
-9.8%
-11.6%
Excludes Federal Credit Agency Issuance
-17.3%
% Change from Last Quarter -13.2%
+0.1
two years. Second quarter 2015 high yield issuance decreased 27% compared to the record-breakingsecond quarter of last year (US$163.0 billion).
Initial public offering activity during the first half of 2015 totaled US$100.2 billion, a decrease of 16%from last year and the slowest first half for global IPOs in two years. Issuers in China, Spain, the U.S.and U.K. accounted for 64% of all activity during the first half of 2015.
23 31 0.3 -8 13,171.8
15*
+0.5
Quarterly Global Legal-Advisor Debt, Equity and Equity-related
McCarthy Tetrault 19* 23 0.440,952.3 1.214
Morrison & Foerster 19* 29* 31 0.3
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
500
1,000
1,500
2,000
2,500
1Q11 2Q 3Q 4Q
1Q12 2Q 3Q 4Q
1Q13 2Q 3Q 4Q
1Q14 2Q 3Q 4Q
1Q15 2Q
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$b) # of Issues
1
-
8
-1,4576,831
0.81.8
14
2,954,964.9
-70 +3
0.3
+0.6
2711,628.8
Industry Total 100.0
0.1
+0.2
+0.1
2,483.8
0.4-0.1
24,370.31116
4740,338.5
1.4
46
0.3Sullivan & Cromwell 16 18 27 0.4
17 31*
1722,481.915 16 33 0.514 19 35 0.5
1.647,386.6
Skadden
0.7
-0.2+0.154,428.6
13 0.8
10
-17
-0.1-1
-2
+0.1
0.8
3.5 +0.2
-6-0.2
2.9-14 +0.886,583.0 7
5
52,480.867,709.9
-
2.6
+0.81.8
103,030.3
5 3
768
1.1
Simpson Thacher & Bartlett 9
6-26Latham & Watkins 7 6*
-90.9
-23
Shearman & Sterling LLP 0.80.8
1213
86
Cleary Gottlieb Steen & Hamilton
Mayer Brown LLP 10 14 55
Cahill Gordon & Reindel
Cravath, Swaine & Moore
15,405.9
22,446.525,306.5
11
4
6
0.8
1.91.7
11
15
Osler Hoskin & Harcourt LLP
18
22
97Cravath, Swaine & Moore
23 -19
49,454.50.60.6 +7Sullivan & Cromwell 13
Simpson Thacher & Bartlett 14 6 40
Kirkland & Ellis 12 14 44 0.656,342.418
-341
Davis Polk & Wardwell 11 11*
2.4 +0.9-8-7
Latham & Watkins
0 -
69,459.3 4
2.5 +0.5 1.21310 9 46 0.7
Skadden 9 11* 47 0.7White & Case LLP 7* 1 54 0.8
Mayer Brown LLP 6 7Anderson Mori & Tomotsune 7* 15 54 0.8
Sidley Austin LLP
Linklaters 4* 3* 58 0.9Clifford Chance 4*Cleary Gottlieb Steen & Hamilton
2
0
2.3
0
0 -15
2.11.0
9
-
30,422.7
-0.8
61,977.9
876,746.312
29,930.0
-56
+9
33,848.4-5
-25
-2.2
MarketMarket
374
8 +4-2
Proceeds
60 0.9
+12 -0.95.0
Sh (%) Share Ch.
40,749.1
2 1.15
Allen & Gledhill
86,668.7 Linklaters
Davis Polk & Wardwell23
-0.212
-36
+0.7
2.7
1 2.9
1 344
58
0.9 -43 5
+0.1 -1.9
24-11
190.425
+10
-17.6%
+0.20.5
0.4
-0.3-29
King & Wood Mallesons+0.40.7
7,339.021
-12.7%
100.0
-1,457
2120
25*
2,954,964.9 20McCarthy Tetrault
1819,278.6
0-
+0.4-
+0.2-
White & Case LLP0
20
Morrison & Foerster0.9
15
1.8Morgan Lewis & Bockius
-218*0.3
22* 23 0.3100.0
King & Wood Mallesons 17 1018*
% Change from Same Period Last Year
Industry Total
Freshfields Bruckhaus Deringer 16
6,831
17-2
56 0.8
1.0
28 0.4
5,923.21.5
42,622.1
1043,134.8
11
Shearman & Sterling LLP 16
47
1.48 -38 51,900.2 1.8
-0.80.2
-0.1
-0.1
Market# of DealsDeals
314 0
5
57,194.4 -2.2
2
Market
108Allen & Overy 1 3* 80,414.6Rank
1.9
1.4
Global Straight Debt Including ABS & MBS (G02)
Change in Manager Legal Advisor
Jan 1 - Jun 30
GLOBAL DEBT CAPITAL MARKETS
Proceeds per Advisor (US$m)# of
1.6Issuer Legal Advisor Share
2014 Rank
2015 Rank
# of Deals per AdvisorMarket
# of Deals per Advisor
Share
First Half 2015 | Global Capital Markets | Legal Advisors
Global Straight Debt Including ABS & MBS (G02)
Rank# of Deals Sh (%)
Jan 1 - Jun 30
53,489.0
73,999.2
7.03
1.3
-12
0.3+4
1017
27* 1919
0.3
5.1+999,230.4
149,367.8
3.5
2+5
1.4 4
45 0.7 13 54
103,052.7-126Clifford Chance+0.1
11Allen & Overy
107
9
4 6
1.6
Market2014 Rank
+5
2015 Rank
Sidley Austin LLP 6*98
Change in
-1212.921.7
+1.05
199
3.4
148,068.3
# ofDeals
5.0Share Ch.
205,593.9Proceeds
Proceeds per Advisor (US$m)
+1.7
100.0
113
63
0.3
52
23
67 1.0
2
% Change from Same Period Last Year
Allen & Overy
0.8
17
13
-0.2
80,448.1 1
Change in
-24.8%
-0.2
0.9
-0.1
Sh (%)
-0.7
% Change from Last Quarter
-22.0%
Proceeds per Advisor (US$m)
-12.7%
Share Ch.
-2.2
61,292.7 2.4
1.6
+2.0
Jan 1 - Jun 30
Industry Total
-14.2%-27.2%
100.05,933
% Change from Last Quarter -27.2%
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% Change from Last Quarter -25.5% -25.5%
2.1
-89
40,115.0
3.0
White & Case LLP
90.811
Latham & WatkinsDavis Polk & Wardwell
161*
49 54,849.8-48
58
0.8
51,900.2-36 - 2
Market
1.7101Rank Sh (%)
0.20
3 10
74,960.3
Market
354
4
5,923.2
DealsMarket2015
RankMarket
Share Ch.
319
# ofShare
Linklaters 2
-17.6%
5.43.4
Anderson Mori & Tomotsune
14
5Clifford Chance 4
5
3
191,249.05.9148,068.3
2 5.9
7.6
149,367.8
1
MarketRank
-2.0
Proceeds
Global Straight Debt Excluding ABS & MBS (G03)
-
4 4.1
12 2.13.0 +0.87
0
100,980.4
102,181.8
4.0
1.6 -119
51,919.61.5 -23 76,746.3
0.9
-26
1.0 -8
1.3 +0.3
+1.2
5
8
20
0 -
27
86,583.00
-6
2.4
6-5 3.4
+1.061,400.0
-0.1
+0.8
-0.1
+0.3
2.4
1511
9
Manager Legal Advisor2014 Rank
0.5-13
# of Deals+8
-57+7
25
-12
0.113
0 14
0.37,339.0-70
19,395.7
40,338.50.4 +102,483.8
0.3
+9
0.8
0.91.0
% Change from Last Quarter -24.8%17.6%
Linklaters
2014 Rank
# ofDeals
1
7
Sullivan & Cromwell
2015 Rank
Market
454442
Clifford Chance
SkaddenCleary Gottlieb Steen & Hamilton
6
Allen & Overy
Global Straight Debt Excluding ABS & MBS (G03)
4 1*
Proceeds
Jan 1 - Jun 30
Proceeds per Advisor (US$m)
12.7%
% Change from Same Period Last Year
5
Issuer Legal Advisor
ShareChange in
# of Deals per Advisor
-22.0%
2
+22
7* 0.7
46
6 -12
68,662.7 2.7
-338
4
32,214.7
400.7
+0.2
-8
-0.1
-1.056,342.4 535,326.7
41
-17
3110.7
14,580.1
-1,449
73,799.2
% Change from Same Period Last Year
14
21
-4
1718
52,489.0
-19.6%
Freshfields Bruckhaus Deringer
-30.4
24
-13
0.4
15
Simpson Thacher & Bartlett12
510 0.7
-26 59,768.0
41
0.5
+6
1.6
2.254,428.6
-10
Kirkland & Ellis
+0.2
White & Case LLP
7* +4 +0.1Shearman & Sterling LLP
723
16
-0.2
22* 21Allen & Gledhill
Skadden 28
+0.714
-13
1.9
0.616 0.9
19,620.2
23
90.6
0.521,384.8
10
0.6
3.2
-0.11.4
+0.3
48,025.1
+1.1+0.6
1.32.9
+0.995
1.9113Davis Polk & Wardwell 3
86Latham & Watkins
0.8
Shearman & Sterling LLPCravath, Swaine & Moore
53
Morrison & Foerster
11
10
12
0.616
50
9
0.9
Sullivan & Cromwell
52
35
16
718Mayer Brown LLP
Cleary Gottlieb Steen & Hamilton
15 28
6
17
15
0.813
75
20
51
199458
0.4
10
1
3
1
6
+9
-26-118
# of Deals per Advisor
# of Deals
60
11
6
2.2Sidley Austin LLP
7
2.2
-2.54
+0.5
12
8
Simpson Thacher & Bartlett 8
Cahill Gordon & Reindel
13
0.4
0.3
-0.1
2.10.8 +0.1
Sidley Austin LLP 13 12Cravath, Swaine & Moore
17
+17
Mayer Brown LLPKing & Wood Mallesons
McGuireWoods LLP 15,127.9
113328
0.4
2024
24 -2818,971.6
-0.3
26
-0.122
13,911.4
25,306.5
0.6
0.319*
12 1.018 King & Wood Mallesons
-17 12,645.6-3
14
15*
1715* 19
1817
239,747.9 0.5
0.417
* tie Excludes Federal Credit Agency Issuance
-14.2%
100.0
15,021.5 21 0.6 +0.1 McCarthy Tetrault+12,523,349.1
https://www.thomsonone.com
2,523,349.1 100.0
0.6
% Change from Same Period Last Year -19.6%
0 200.3 -0.3
0.4
+0.2Milbank Tweed Hadley & McCloy
0.30.3
24*Willkie Farr & Gallagher 19* 24*19* 82*
2020
10,286.5+0.5
Industry Total 100.05,933
190.4
-1,449
-
2
-
+3 0 3 -1 0 Jingtian & Gongcheng 20* 35* 15 0 6 1 757 9 65
1.2
Sh (%)# of Deals
+17
2.0 4.1
Jan 1 - Jun 30
GLOBAL EQUITY CAPITAL MARKETS
2Rank
Change in
21,484.7 +0.4
2014 Rank
1Deals
Market
3 36
0.9
-122
24
2*
525,398.40.5
Linklaters 4
0.9
Industry Total +205100.0
+0.7
-0.6
Simpson Thacher & Bartlett
Goodwin Procter LLP1.3
24
White & Case LLPCooley LLP
6*
2,68416
2.9
6.4Rank
2015 Rank Share Ch.ShareIssuer Legal Advisor
Market MarketProceeds
2014 Rank
Proceeds per Advisor (US$m)# of Deals per Advisor
ShareDealsMarket
Davis Polk & WardwellLatham & Watkins
5 +72 -15
1.43 37
Latham & Watkins 1 +853
Global Equity & Equity-related (G08)
# of
First Half 2015 | Global Capital Markets | Legal Advisors
Proceeds
Proceeds per Advisor (US$m)MarketSh (%) Share Ch.# of Deals
2.9
100.0
-
1
79
# of Deals per Advisor2015 Rank
107 4.0Manager Legal Advisor
# of Change in
Jan 1 - Jun 30 Global Equity & Equity-related (G08)
39 1.5 0.9
6,136.4 19Conyers Dill & Pearman 3* 1 38 1.4 -12
2Zhong Lun Law Firm
King & Wood Mallesons
+25
16 38 1.4
27*
Cooley LLP -3Grandall Law Firm 3*
+0.1 26
4,468.15,119.8 1.0
31
5* 8* 33 1.2 +55* 4 33 1.2 3,820.1 36
0.7 -0.17
18,475.1 410,040.1
3.5 -0.8Simpson Thacher & Bartlett 7 5 29 1.1 -11.9 +0.7
1.8
9* 14* 25 0.9 +29,200.3 +0.19Venable LLP 8 6* 28 1.0 -1
1 6.6 +3.7 34,880.82.915,292.7 -0.4Skadden 9* 2* 25 0.9 -20
Davis Polk & Wardwell5
-0.2Goodwin Procter LLP 11* 22* 24 0.9 +9 3,682.1 38 Vinson & Elkins LLP 11* 10 24 0.9 12
0.7
0.7 +0.1
1.9 -1.8-3 8,445.9
10,217.4-100.3+1
1.6
-0.1 6
0.7
Ropes & Gray 15* 27* 18
17* 19Clifford Chance 13* 6* 19DLA Piper LLP 13*
2,419.2+4
51Baker & McKenzie 15* 8* 18 0.7
WilmerHale 1717 22* 0.61.05,320.9 25
+254*
+9
16
+7162,407.0Jun He Law Offices
Grandway Law Offices 18*0.6
+0.1 1.2
0
00.2
17*
Vinson & Elkins LLP-0.2
+4
-0.50.5
0 - 2,374.4 54946.5
522,047.0
-10
-0.1
+0.10.4 +0.2
+0.2
0.60.42,222.2 55
57
0.7
0.5
1,393.9 80
10018* 66*20* 42* 15 0.6
Burnet Duckworth & Palmer+4
20* 22* 15 0.6Appleby
43,976.2 13,749.6
-37
+7
29 0.7
+0.8124
-1.6
38
1.90
20,813.2 3
26,798.0 5.15
8 27 1.0 20,892.91.0274
5 1.3
9,854.5
+142,163.9
-7
13 346*
+0.3
+1.4
8 7 25 0.9 -3
0.4+2
Norton Rose Fulbright 9* 16*Cahill Gordon & Reindel 9* 9
0.60.6
Blake Cassels & Graydon
0.616
15
Cravath, Swaine & MooreSidley Austin LLP 15*
37*
+5
19 0.7
16
-10
0.6 4,834.1
1011,922.810,277.0
9
301,010.0
15
0.2
6,418.2
112.3
151,716.8
+4
-6
3.2
2114,580.3
+1.8
-0.4
-0.9
0
2.0
-
2.8
+0.4
4,687.0 23
0.9
20+0.1
16,856.6
-0.2
4.0
6 +0.5
4.0
8.4
Market
-0.9-2 -1.433,378.7 2
Clifford Chance
0.8 2021*
- 15,252.3 7
0.8 +6
4,907.5 0.9
+0.3
59+0.1
0.9
+0.8
0.344 +0.1
0.7
24*
+3-
+4
11
1714
0.60.6
53,732.432*Ropes & Gray 17* 15
17* 42* 0.6
Freshfields Bruckhaus Deringer
37*
13 6
2
Mintz Levin Cohn Ferris Glovsky & Pope
15*
17*
37*
11 10Stikeman ElliottShearman & Sterling LLP
Skadden
12
+3 0.3 1.0 Jingtian & Gongcheng 20 35 15 0.6Paul, Weiss 20* 11 15 0.6 -11
1,757.9 65
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* tie
9.5% 6,279.2 17 1.2 -0.9
https://www.thomsonone.com
% Change from Same Period Last Year
100.0Industry Total % Change from Last Quarter 19.3% 10.0%
8.3% 9.5%
100.0+205
525,398.42,684
% Change from Last Quarter 19.3% 10.0%
% Change from Same Period Last Year 8.3%
3
-
100.0 -222
-9.6% 2.3%
100.0
+0.9
+0.1
22
-0.9+169,756.4
+959
-0.4
First Half 2015 | Global Capital Markets | Legal Advisors
7
35.5
# of Deals Proceeds
Sullivan & Cromwell
Goodwin Procter LLP
10
Venable LLP
9
6*
6*
17 3515* 22
1.4
21 1.5
Maples & Calder
15*
Morgan Lewis & Bockius
1.1
Clifford Chance
White & Case LLP
Ropes & Gray
Vinson & Elkins LLPCravath, Swaine & Moore
11
Cooley LLP12*
Davis Polk & Wardwell
14*14 16* 31
183212*
13
10*
-27
2-19
- 35,804.8
2.6
3.260,852.6
Sh (%)
Mayer Brown LLP
Kirkland & Ellis
Sidley Austin LLP63
Skadden
Cleary Gottlieb Steen & Hamilton
3
5
67Simpson Thacher & Bartlett
2015 Rank
1
2014 Rank
21
Issuer Legal AdvisorLatham & Watkins 81
MarketDeals
4
3.6
2.5-14
82,777.141,548.3
5
2.0 -101.6
+928,295.5
2.2
43
1.16
77,897.010
15
42
28*19*
1.8
57,272.5
2.3%
2,080
32 1.5
22 1.1
19
1.5
251.2
+3
0
15,898.812 -0.5
0.6
1.0
-1
12Hogan Lovells
19
18
Industry Total
% Change from Same Period Last Year
19*-19
+1
1.2
34
24
-10
-4
+41.428+6
31
1.4
9,776.5
+0.4
23,848.2
-0.34,359.9
100.0
2554
59
-3.50.2 0
4.81.9
+0.1
0.3
-1.4
-
1,620,629.3
3,791.3
-0.5
Cleary Gottlieb Steen & Hamilton
+0.4 Cahill Gordon & Reindel
+0.1
Cravath, Swaine & Moore
Morgan Lewis & Bockius0
78
10*50
9
516
49
2.653
Change in
93.0
0
1+0.2
5.1
# of
US Debt, Equity & Equity Related (AB1) Jan 1 - Jun 30
Market
3.9 -8
US CAPITAL MARKETS REVIEW
Jan 1 - Jun 30
2015 Rank
2014 Rank
# of Deals per Advisor Proceeds per Advisor (US$m) # of Deals per Advisor
4Davis Polk & Wardwell 2 2
1
Sidley Austin LLP
Latham & Watkins 1 -27170 8.22.7 -0.2
Change in # ofRank
-2.64.7 Manager Legal Advisor
6Proceeds
3
Sh (%) Share Ch.RankSh (%)Market
DealsShare Ch.Market
Proceeds per Advisor (US$m)
US Debt, Equity & Equity Related (AB1)
150 7.2
# of DealsMarketMarket
Sh (%)
6*
0
11
% Change from Same Period Last Year
Shearman & Sterling LLP11
6*
21
-2
4.26.0
2.1
+0.4
5.6 +0.6
10 2.4
151.4
-
+0.1
1.7
22,929.7
3.40.3
+0.82.2
-17
-0.6
8
-16
4
1464,915.2
+0.7
-0.34.0
12
68,676.8 7
28,014.2
95,272.2 +1.25.9
-0.7
1.7
-32.2 -1.433,849.4
-18
382.1
1638 1.8
44
34
27,226.3
4,245.8
2,143.9 -0.1
955,460.5-0.4
35,868.8-0.1
-1-17
46
18
0.138,828.6
-1.113
0.921 0.7
2,0802.0
+0.11.020
23
1.41.3
29*17*
Linklaters 15Cooley LLP
14 2927
Morrison & Foerster +101.2 2516 21* +2
1.2
13
15 -191.1
1,620,629.3-29 32,959.8
100.0-222
22,418.1 13
0.6
0.7
Clifford Chance
White & Case LLP
-9.6%
-1316* 25
1933 -0.3
14,410.111,397.5
46
-7
-0.4
43,126.7
+7
+1
11
42.8
31,356.1
58,466.8
8
2.425
2.4
28
18,003.7
1.5 9,943.2
+8 11,708.8
4.3
10Mayer Brown LLP
2.23.8
4Simpson Thacher & Bartlett
5
-Goodwin Procter LLPSullivan & Cromwell 14
12*
11
Skadden46
Allen & Overy53 9
3
67
5.2109
5 76
59+0.6
8
3.7
6* 9 59 2.82.8
2.6
+1.9
76,491.4
11589,870.1
157,216.2
-132.8 -8
59
1 9.7 +1.86.1 +1.22
5-2396,761.6
-8
3
98,944.1
19
1.810
12* +120
34 1.6
18+7
Industry Total
Hunton & Williams17*
Excludes U.S. Federal Credit Agency Issuance
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10
100.0
4.0 +1.7
2680
+3.82,353.2 -0.68,009.4
1.4Cravath, Swaine & Moore
107*
1.2
604
7 1.21.2 -2
100.0
-0.1
Industry Total
Dorsey & Whitney LLP
-50 170,795.0
1.6 -3.11.6 +0.6
-13.6%
4.14.5
17*1.3
8 4.7
9.6%
Sullivan & Cromwell
2.5
-50
+34,775.33,732.4
4.9
+2 12
0 8,421.5+6
2.3%
-6.2%
-6.4%
-13.6%-6.4%
1.9
-7.6% 7.9% % Change from Last Quarter% Change from Same Period Last Year
Sullivan & Cromwell 15* 8+2
77
27*19*
19*
Hogan Lovells 15* 21*
39*Clifford Chance 19* 21*
8 1.32,646.3Kirkland & Ellis 15* 7 8
2,644.4
+1
2322
6,799.3-13
7,243.5 9
-1
4.2 -0.2+2 5,822.1 11
+4
Debevoise & Plimpton 15* 33* 8 1.3
3,756.5 17Davis Polk & Wardwell 14 18* 10 1.7 0 -
Wilson Sonsini Goodrich & Rosati 10* 6 12 2.0Akin, Gump, Strauss, Hauer & Feld 13 27* 11 1.8
-10 3,645.9 18+2
5,755.7 13+5
Baker Botts LLP 10*10* 18* 12DLA Piper LLP
27* 121,168.2 42
2.0
2.03.4
Ropes & Gray 9 13 15 2.5 4,066.7+1WilmerHale 8 10* 17 2.8 +2Skadden 7 2* 18 3.0 12,949.5-18Vinson & Elkins LLP 6 5 22 3.6Goodwin Procter LLP 5 10* 3.8Simpson Thacher & Bartlett 4 8 25 4.1 +6
16
2
15
1.37.6
27 -0.22.4
+1.1
5.4
+0.1+1.5
3.4
2 2* 32
Market
3,791.35.31
-6.2%
Goodwin Procter LLP3 4
US Equity & Equity Related (AB2)
# of Deals per Advisor
% Change from Last Quarter
2014 Rank
Cooley LLP4 6.4 Latham & Watkins
Proceeds per Advisor (US$m)
2.3%
9,200.3
41Share Ch.Sh (%)
6.8
-1 6-4 -0.2+2
2.2
716*Cravath, Swaine & Moore
2.14.8
28 3
Issuer Legal Advisor2015 Rank
1923
1
Market
Venable LLP 4.6 +0.1
-0.57
8.2
Latham & Watkins 1 10,879.3 -1.2
Skadden
-3
14,060.2+8
13,587.1
2,222.2
6 3.68,221.5+0.4
Cahill Gordon & Reindel 5+0.3
327
-+1255
37
6
6.14
22
-10.5%% Change from Same Period Last Year
# of MarketChange in
Sidley Austin LLP
0.7
2.2 +0.4
0
+1.4
Baker Botts LLP
Shearman & Sterling LLP
+1
21
17* 22* 9
15
9
14
12*
1.549*
15 16*
2
% Change from Same Period Last Year
Davis Polk & Wardwell
% Change from Last Quarter
2014 Rank
US Equity & Equity Related (AB2)
-10.5%
-0.1
9.6%
Jan 1 - Jun 30
-0.312 -3.8
Market
15.4Rank
Proceeds per Advisor (US$m)
# of Deals
+8
Sh (%)
-20
Market
-1.0+0.8
3,749.6 +0.9
Market
16.1Sh (%)
Change in Share Ch.
15.91 97 -2
Manager Legal Advisor
9.8
9.3
2.2
Proceeds
1.3
26,257.9
1913
27,069.6
7
315,889.8 2,143.9
5
+2
9,595.5
4
5.60
11
2,492.8 18
10 13,423.2 4
-1
16 2.7+415+4
2.515
18*
Industry Total
11* 22*12
Andrews Kurth LLP
-7.6%
Vinson & Elkins LLP
* tie
604 100.0
1.5
% Change from Last Quarter
Hunton & Williams
2.5
11*
12* 14
0
1.3
1,680.42.314Covington & Burling14
14
1615
% Change from Same Period Last Year
2.02.3
+0.1
2.8 1.0
2.2 +0.4-0.5+0.3
-0.1+5.0
1,010.0 29
5,161.87.9
0.6
3.0
5,922.1
2.8+1.3
4,788.33.5
+0.39
-
-2.3
2.3
10*
12*+4
3,283.3-49
10 1.7 +7 +1.4+0.4
11*
Sh (%)
11*
Jan 1 - Jun 30
Deals Proceeds Rank
-
38 0.8 -4.3
2.1 -2.6
338.0
# of Deals
+6
8*
Simpson Thacher & Bartlett
Ropes & Gray
2015 Rank
Mintz Levin Cohn Ferris Glovsky & Pope 8*
Cooley LLP
8*
2 59
# of Deals per Advisor
1.5
100.0
# ofDeals
7.9%
0.5-5 613.8 35 0.4 0 807.7
+1.8
170,795.0
3,141.9 16 1.8 -0.8
8
19* 26* 8 1.3 +1Proskauer Rose LLP
-19* 10* 8 1.3 30
Morrison & Foerster
0.2 +0.2 Gibson Dunn & Crutcher 19* 14 7 1.2 -6 1,415.1 Morgan Lewis & Bockius 19* 10* 7 1.2 -8 1,387.3 39 -0.9 Mintz Levin Cohn Ferris Glovsky & Pope 19* 18* 7 1.2 -3 Morrison & Foerster 19* 33* 7 1.2
0.8
0.6 +0.1 374.6 76 0.2 -0.1
+1 1,073.8 46Paul Hastings LLP 19* 63* 7 1.2 +4 1,143.4 45 0.7 +0.3
4
-
-0.2001.5
White & Case LLP
2.7
49,263.111 1.8
-0.1
1.2-0.1 30
15
1.2
1714,693.0
0.6-0.7
-0.2
-5
-1.6
Market
-
+0.610,321.5
0.90.7
0Proceeds per Advisor (US$m)
+0.6
1.2
14-0.6
-1110,642.2 23
1.01.019,773.7
0.7Paul, WeissGibson Dunn & Crutcher 19* 17* 14
18 1.0 +225* 15
19Morgan Lewis & Bockius 17 13 17 24McGuireWoods LLP 15* 59* 18 13,567.4Maples & Calder 15* 21 18 - 9,129.61.2 0
+15
Shearman & Sterling LLP 13* 11 20 1.4 -11 16,807.3-
-0.5 13 1.5
21,495.0Allen & Overy 13* 16 20
12- 20,962.01.4 01.4 +6Clifford Chance 12 23 21
Cravath, Swaine & Moore 11 14 25 5 3.41.7 -1
4 3.6 26,368.02.4 -122.6 +8 51,667.4
Simpson Thacher & Bartlett 1 38
10 7 36
6 3.28*Sullivan & Cromwell 8* 12 38
2.6 -252.6 +1 4.9
-0.7+0.8
46,792.4270,653.5
32,247.4Skadden 5 4* 41
Davis Polk & Wardwell 7 9* 39 9 2.2
2.8 -9 3 3.9 56,807.0-10
Cleary Gottlieb Steen & Hamilton 3 9* 45Kirkland & Ellis
Latham & Watkins 6 4* 40
42
2.0
-13.1 +72.9 -1
3.3
10
Mayer Brown LLP2.4
39,762.96
4 8
62 0 -
2014 Rank Proceeds
2
2015 Rank
2
Change in # ofDeals
148
# of Deals Share Ch.Sh (%)Rank
# of Deals per Advisor
8 -0.434,643.3
7
+1.51-0.1
2.7
28,709.9
Change in # of Deals per Advisor
Sh (%) Deals
Jan 1 - Jun 30
Market
3.7
Issuer Legal Advisor # of Deals# of
5*
MarketSh (%)
1.0
Cahill Gordon & Reindel
Jan 1 - Jun 30
Sidley Austin LLP 4.2Manager Legal Advisor
Market
4.9-
White & Case LLP 15
Industry Total
Morrison & Foerster 17
1.0
71,593.1
2015 Rank
US Straight Debt Including ABS & MBS (AB6)
+4 1.4 +0.4
2014 Rank
18-15
+0.1
19+9
+0.9
13
-
12,463.2
2.3
0.6
Rank2 6.5
Sh (%)
50,233.5
32,733.9
8
22,381.9
94,155.8
38,828.6
9
1.3
-0.8
+0.5
0.7100.0
-0.7
17
3.6
22
52,318.6
0
+0.5
19 0.9 -0.5
-24 12,793.4
1.9
-21
21
-
Market
9
8
1.226
14 1.0
6.2
1.4
5
-1720.6
Hunton & Williams 8,904.7
1,449,834.3
1934*
100.0Andrews Kurth LLP
1,4769,877.4 20
Milbank Tweed Hadley & McCloy 18 17 15-15
11 2.4-0.9
18 0.9-11
13* 281.7 -2
Clifford Chance 16 13*
22,064.5 1.510-17 2.016
4 5.781,849.0
2.312 29 -0.5
3.2 7 3.91.9
59,673.3
-0.5
6 4.1
56,493.7
+0.8
1 9.0 +2.0
5.1573,980.3
101130,146.5
+9 23
6.8
84
8 47
14
Davis Polk & Wardwell
Skadden
Mayer Brown LLP
Cravath, Swaine & Moore
Linklaters
Sullivan & Cromwell
543.7
-1519 25
13
54
-2
-4
46
9* 51 3.5117
35,255.0
20
173 -25
6
-13-2
-18
4 91
2 5.05.7
+12-24
Hogan Lovells
1
19* 30* 14
4
Simpson Thacher & Bartlett7
109
Morgan Lewis & Bockius 11
Latham & WatkinsCleary Gottlieb Steen & Hamilton
Allen & OveryShearman & Sterling LLP
12
16
3.0
5*
44
3.5
87,166.1
3.1
3 6.0
12 2.3
02.7
+0.8 15 1.5
-1.0
-1.6
-0.1
+0.4
3
15
-3
Market
US Straight Debt Including ABS & MBS (AB6)
+1.3Share Ch.
Proceeds per Advisor (US$m)
First Half 2015 | Global Capital Markets | Legal Advisors
US CAPITAL MARKETS REVIEW
ProceedsSidley Austin LLP
34
+4
-2.4
27,697.7
33,849.4
14
+0.4
10,070.8 25 0.7 -0.2 Willkie Farr & Gallagher 19* 22 14 1.0
Excludes Federal Credit Agency IssuanceVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
Proceeds
4,785.5 25 0.4Andrews Kurth LLP 919 29* 0.9 +4
-0.4
-10.6%
+0.517 0.8
1.5%
Paul Hastings LLP 20 20 7 0.7 -6
9,877.4
RankSh (%)Change in
Industry Total
US Straight Debt Excluding ABS & MBS (AB7)
100.0 -172
Market
Jan 1 - Jun 30
Proceeds per Advisor (US$m)
100.0
2014 Rank Sh (%)
# of
1,476
Milbank Tweed Hadley & McCloy
2015 Rank Manager Legal Advisor
1713
15
-4.6%
Market
0.9
# of Deals
% Change from Last Quarter
Change in
16 1.51.4
2529
MarketIssuer Legal Advisor
1,206,125.6-146100.0
-12.1%
1723 2.2
Deals
-9
-16
100.0
13
1,063
37 3.5
15
10
-0.7+0.2
14 1.3
10
161.2
-20
7,577.5
-9
-0.7-5
+9-0.5
RankProceeds
-1.02.6
4.3
+1.1
-0.6
0.70.5
1.0
5,521.8
-0.2 1922
11,758.2 8,711.4
0.6
35,255.0 2.9
2016
31,863.1 12
1411
17,089.9
81,849.0
-16
1.4
-11
-3
-2
7.1
3
8
6.8
9
54.6
85,116.256,744.9
3.2
+1.3
51,731.3
49,672.2
55,808.6
-3.0
2.44.3
52,318.6 +0.6
Sh (%)
4.1
6
28,887.3
221212
+1.5
+1.0
710-17 38,828.6
8
5.8
1615
1014
14 111.6
2.72.4
# of Deals per Advisor
Deals
LinklatersSullivan & CromwellSkadden
0
11
Allen & Overy
5*
18Hunton & Williams 17
Shearman & Sterling LLP
Clifford ChanceMorrison & Foerster
White & Case LLP
9
US Straight Debt Excluding ABS & MBS (AB7)
13
-10.2%
Mayer Brown LLP
% Change from Same Period Last Year
Jan 1 - Jun 30
73,980.3
Market
6.14
Proceeds per Advisor (US$m)
-10.2%
+0.6
Sh (%)
-10.4%
-1.6
# of Deals
# of Deals per Advisor
+2.41
4.39-2 -0.67 4.3
4.8 -12 -1.14
4.7+4
13
4.12
12 1.5 -2.1
Cravath, Swaine & Moore
6
1.7
Cleary Gottlieb Steen & Hamilton4.0
3.8 -0.8-0.4
+0.6-
2.524 4.3 -0.1
4 Latham & Watkins
3.7
6.8
Sidley Austin LLP 46
87
Simpson Thacher & Bartlett
5*
3
5 -124446
6
1 7.97251
39
Cahill Gordon & Reindel
1
-24-25
+1.7
32+0.8
Davis Polk & Wardwell
# of2014 Rank
2015 Rank
9184
Share Ch.8.6
Market
130,146.5+12 10.8 +0.7Share Ch.
% Change from Last Quarter
1,449,834.3
70,453.5
2* 43 4.6
Market
1
7-14
38-63.7
3.656,010.3
30,613.751,667.4
-+8
Skadden 1 3 39Davis Polk & Wardwell
3.44* 2 36 3.4
Sullivan & Cromwell 2* 7* 38 3.6
6 31
Latham & WatkinsSimpson Thacher & Bartlett 4* 1 36
5.4 02Cleary Gottlieb Steen & Hamilton 6* 9* 31Kirkland & Ellis 2.96*-3
+4 65,372.5
5 20,164.7
Cravath, Swaine & Moore 8 11 239
48,263.12.9 -12.2
White & Case LLP 9 5 22Allen & Overy 10 12 20 1.9 0 - 20,962.0
18,559.92.1 -13
1.7 +15McGuireWoods LLP 11* 56* 181.41.1
13,567.4-0.2 8 1.7
17 1.117,390.0
-13 13,332.4-11 8,474.3
Mayer Brown LLP 11* 17 18Shearman & Sterling LLP 13 7*Sidley Austin LLP 14 9* 16Gibson Dunn & Crutcher 15*
1.5
10 1.61.3 -5 14,693.0 15
28
19,773.7+41.313* 14
1.3 -1 10,070.8 22 -0.2
-31.1
% Change from Last Quarter -4.6% % Change from Same Period Last Year -12.1%
Vinson & Elkins LLP 20* 19,150.4
+0.3
-0.8
8,367.2
190.8
1.6
0.7
Industry Total 1,063 100.0 1,206,125.6-146
11
1.5%
Industry Total
13
+0.2
-0.1
-0.7
+0.1
30
+51.2 1.0
14
-1.1 0.7
-10.6%
+1
% Change from Same Period Last Year
* tie
1.2-0.9
+0.8
-6.0%% Change from Last Quarter
45,363.0-26
Paul, Weiss
Ropes & Gray
% Change from Same Period Last Year -10.4% 1.7%
17
15*Hogan Lovells 15* 26*
14
Clifford Chance 20* 18* 1232*
Willkie Farr & Gallagher11,832.1
13
21*
1918* 1415*
1.3
100.0
1.61.7 +2
18
-6.0%
1.7%
13* 12 1.1 -7 9,782.2 23 0.8 +0.1
5
-
10.5 17 0.0 -0.3 Wildeboer Dellelce LLP 8* 7* 1 0.4 -3- 207.7 13 0.2 -0.5 Skadden 8* 12* 1 0.4 0- 325.5 11 0.3 - -Morrison & Foerster 8* - 1 0.4 - 100.4 15 0.1 -8.3 Davies Ward Phillips & Vineberg LLP 8* 10* 1 0.4 -2- 836.3 7 0.9 - -Gibson Dunn & Crutcher 8* - 1 0.4 -
- 218.3 14 0.2 -0.5 Willkie Farr & Gallagher 9* 11* 1 0.4 0- 1,398.8 7 1.5 +0.6 Paul, Weiss 9* 11* 1 0.4 0- 479.0 10 0.5 - -Skadden 9* - 1 0.4 -- 238.4 13 0.3 - -Burnet Duckworth & Palmer 9* - 1 0.4 -
- -Goodmans 9* - 1 0.4 -
- 0.21 0.4 - - 207.7 15*
- 409.8 11 0.4 - -Morgan Lewis & Bockius 9* - 1 0.4 -- 124.3 17 0.1 - -Davis Polk & Wardwell 9* - 1 0.4 -- 267.8 12 0.3 - -Kramer Levin Naftalis & Frankel 9* - 1 0.4 -- 207.7 15* 0.2 - -
Industry Total 289 100.0 -25 100.0
-
-25 94,511.6
MacPherson Leslie & Tyerman 8*
Industry Total 289 100.0 100.0
2.1
4.0
-0.4+0.8
-2.1
Cleary Gottlieb Steen & Hamilton 9*Davies Ward Phillips & Vineberg LLP 8 -0.50.7
80.7 0
0.7688.99- 643.5
7* 3 1.0 -19* 2
Norton Rose Fulbright 6 6Stikeman Elliott 7
9,790.8Borden Ladner Gervais LLP 5 5
4 1.4 -1 65 1.7 -4
1,958.11
3,820.7 310.4 -2.7
McCarthy Tetrault 4 2 7 2.4 -8 2,696.2 4 2.9 -0.9 Torys 3 3 10 3.5 -4 1,964.8 5 2.1 +0.4 Blake Cassels & Graydon 2 4 11 3.8 -1
Osler Hoskin & Harcourt LLP 1 1 21 7.3 -1
Canada All Debt (CAL1) Jan 1 - Jun 30
2014 Rank
2015 Rank
MarketRank
# of Deals per Advisor Proceeds per Advisor (US$m)
94,511.6
First Half 2015 | Global Capital Markets | Legal Advisors
# ofProceeds
2ProceedsSh (%) # of Deals
5.5
# ofDeals
-0.2 Manager Legal Advisor
Change in MarketRank
Cleary Gottlieb Steen & Hamilton
CANADA CAPITAL MARKETS REVIEW
Sh (%) Share Ch.Issuer Legal AdvisorMarket
Share Ch.Sh (%)
2014 Rank
-7.3% % Change from Last Quarter -18.7%
Deals Sh (%) # of Deals
% Change from Same Period Last Year -8.0%
2015 Rank
Market Change in
5,163.6
# of Deals per AdvisorMarket
Market
-
-9.8%
Canada All Debt (CAL1) Jan 1 - Jun 30
- -
+0.9
Proceeds per Advisor (US$m)
8 0.8- -
-4- 735.6-
-0.6 279.7 12 0.3-
Fasken Martineau DuMoulin LLP 8* 5* 1 0.48* 1 0.4
10 0.5 +0.3 0.4 - 479.0 9 0.5
12* 2 0.7 +1 438.4 1,225.4 6 1.31.0 +2
-0.7 3 3.1 +0.9
2.1 -2 1,252.8 5 1.3
+0.5 Torys 4 3* 7 2.4 -1 2,965.9
2.8 +4 2,293.0 4 2.4 3,444.9 2 3.6 -0.9 - 5,937.6 1 6.3 +1.5 6.9 0
Osler Hoskin & Harcourt LLP 2 2 11 3.8 -11 1 20
7* 8
12* 3
8* - 1
3* 6
Stikeman Elliott 3
Blake Cassels & Graydon 5
Bennett Jones 7Allen & Overy 6
McCarthy Tetrault
Clifford Chance
% Change from Last Quarter-9.8%-8.0%% Change from Same Period Last Year
-18.7%-7.3%
Goodmans 8* 10* 1 0.4 -2 100.6 14 0.1 -1.4 0.0 - -1 0.4 - - 13.4 16
175.2 25 0.7 +0.6 Lavery de Billy 17* 31* 3 1.9 +2 86.4 30 0.4 +0.3 LaBarge Weinstein 17* 23* 3 1.9 +1 202.6 24 0.9 -1.0 Dorsey & Whitney LLP 17* 12* 3 1.9 -3- 1,654.6 7 6.9 +6.2 Farris Vaughan Wills & Murphy 17* 18* 3 1.9 0- 105.1 28 0.4 +0.3 Aird & Berlis 17* 18* 3 1.9 0 1,217.9 13 5.1 +4.0 McMillan LLP 15* 23* 4 2.5 +2 661.6 17 2.8 +2.2 Dentons 15* 31* 4 2.5 +3 356.2 20 1.5 +0.2
19 1.6 -8.3 Troutman Sanders LLP 12* 11 5 3.1 -4
+4.9 Goodmans 12* 12* 5 3.1 -1 381.5Bennett Jones 12* 15* 5 3.1 +1
0.1 -1.8 Baker & McKenzie 18* 17 2 1.2 -3
Borden Ladner Gervais LLP 14* 9* 3 1.9 -7 24.7 33
-3 1,028.2 12 4.3 -3.0202.6 19 0.9 +0.6
Paul, Weiss 14* 15* 3 1.9
0.2 0 -Goodwin Procter LLP 14* 27* 3 1.9 +2
3 1.9 +1 38.5 29 1,217.3 10 5.1 +4.0
17 1.0 -0.5 Goodmans 11* 19* 4 2.5 +1
-9.2 Davies Ward Phillips & Vineberg LLP 11* 15* 4 2.5 -2 249.1
62.5 26 0.3 0 -Dentons 18* 9* 2 1.2 -8 32.5 32 0.1 -5.4 Fasken Martineau DuMoulin LLP 18* 6* 2 1.2 -9 195.5 20 -2.2 Shearman & Sterling LLP 18* 21* 2 1.2 0 - 1,362.6 9Simpson Thacher & Bartlett 18* 27* 2
Burnet Duckworth & Palmer 11* 12
5.70.8
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2.5 -5
162 100.0 -69 100.0
2
+4.2 1.2 +1
22.7%-8 53.1
Gowling Lafleur Henderson LLP 14* 21*
4,615.6
465.1 16 2.0 +0.6
100.0
14.2 5,575.5# of Deals
+3
Share Ch.
1,723.823.4
Sh (%)Proceeds13
Sh (%)Issuer Legal Advisor2015 Rank
2015 Rank
MarketDeals
Change in
1-7.9
18 5.6 +5
+1
95.6
3
5*
97 4.3
16 9.9
94
12
23
6.22
5.6
10
3.1
Blake Cassels & GraydonMcCarthy TetraultCassels Brock & Blackwell LLP
5*
6 3.7
2
Torys
9 14
Stikeman Elliott
Osler Hoskin & Harcourt LLP
4 647.8 14
Norton Rose Fulbright
Bennett JonesSkadden
6*
Wildeboer Dellelce LLP 18* 9* 2 1.2
-101+1.4
1,543.054*
7.4
13
227.9 18
+10.77.26.5 -14.76
1.0 -3.5-2
-113 3,758.1
6.21,477.9 7
4-1 14.6
2.8
3,480.0 +3.022
15.8 +9.8 19.3 +17.7
-0.3 +1.6
5* 4* -6-1 8 13 671.5
6* 0.6 -0.6 -6 141.35
Troutman Sanders LLP 10
Industry Total -69
% Change from Same Period Last Year 22.7%
23,864.7
-18.2%-29.9%
5.1%
Rank2014 RankManager Legal Advisor# of Deals
# of
9.6
23,864.7
1,591.1 10 6.7
Deals
Jan 1 - Jun 30
MarketMarket# of# of Deals per Advisor Proceeds per Advisor (US$m)
Jan 1 - Jun 30Canada Equity & Equity-related (CAL4)
Change in
6.7 +5.1 -15.1
Market
28 0.2 -7.0
2.7
100.0
% Change from Last Quarter
# of Deals per Advisor
+1.8-48 6.9 +2.2
1,679.9 6 7.01,649.2
Norton Rose Fulbright 9* 10 6 3.7 Fasken Martineau DuMoulin LLP 9* 7* 6 3.7 -5
18.3
Cassels Brock & Blackwell LLP 9* 5 6 3.7 -7 9
4.3 4,359.6 11,592.8
Paul, Weiss 8 1 7 -12+6Torys 6* 23* 8 4.9 11.1 2,640.2 3 +10.9
1,882.4 56.4 -1.8 117.9 +0.4
1,530.0-1
Osler Hoskin & Harcourt LLP 6* 7* 8 4.9 -3Stikeman Elliott 5 3* 9 5.6 -7
-1.33,744.9 2 15.7 -0.9
736.9 15 3.1Borden Ladner Gervais LLP 3* 7* 10 6.2
McCarthy Tetrault Blake Cassels & Graydon 3* 3* 10 6.2 -6
Share Ch.ProceedsMarket
Canada Equity & Equity-related (CAL4)
2,293.2Rank
2014 Rank
MarketSh (%)
1 2 14 42.8 -2.3
Burnet Duckworth & Palmer 8.6 -32 6 11 6.8 669.4 16
Sh (%)
-1
Proceeds per Advisor (US$m)
Industry Total
% Change from Last Quarter % Change from Same Period Last Year -29.9%
5.1%
* tie
162
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-18.2%
6
-
100.02,186,612.3Industry Total 3,196 100.0 -679-17.5%% Change from Same Period Last Year
100.03,196
Mayer Brown LLP
Rank
Proceeds per Advisor (US$m)
Share Ch.
Shearman & Sterling LLP 10 11
Change in # of Deals per Advisor
2015 Rank
2014 Rank
MarketSh (%)
Share Ch.Proceeds Rank
-
Sh (%)Manager Legal Advisor
73,158.4
+0.9 -117
# of Deals ProceedsDeals
2
Cahill Gordon & Reindel 55
Cleary Gottlieb Steen & Hamilton 8* 127
+6 1.9866
602.1 +8
10
Davis Polk & Wardwell 7
Cravath, Swaine & Moore
8*
6
27*
610
Simpson Thacher & Bartlett
4
Sh (%)Market
6.72
12
15
5
74.7
6.7
First Half 2015 | Global Capital Markets | Legal Advisors
All International Bonds Jan 1 - Jun 30 All International Bonds
INTERNATIONAL DCM AND EMEA ECM
Jan 1 - Jun 30
17Sullivan & Cromwell
White & Case LLP
# of Deals per Advisor2015 Rank
2014 Rank
# of
15
# of Deals
Proceeds per Advisor (US$m)
Linklaters
Latham & Watkins
Issuer Legal Advisor DealsMarket MarketSh (%)
Market Change in
-1.11.7 -52 -0.2
10 2.0
-0.1
71
8
11
# of Market
-0.1 +0.4
Clifford Chance
14*
501.4
12
321 3.9
101,908.63.3
44-15
Sidley Austin LLP2.2
147,355.2193 6.0
145,943.9
-128106 +21
2.9 -3.1+0.9
+2.4-2.8
82 3.42.6
394
-23
3
3.2
2.3
2.6 +0.8
-1.0
+0.34.6
49,279.3
100,571.1
69,650.9 +1.1
13 -0.3+1.6-0.39
1.9 -6 1.6
75,906.22.6
2.06
-6
3.513
+1
2.5
1.3
-11 0.80.811
17,480.824
Skadden 14*0.8 53,965.324 -9
13 18* 0.9 -0.1 15,744.830 +1
16
0.717-0.1
13,350.6-0.2
0.6 -0.3+0.3
0.3 7,339.0 2566
12,427.5
23 0.4 +0.3
+0.3
0.61.5 +0.5
8,574.7+7
King & Wood Mallesons 20-11 180.618
0.616
0.6Morrison & Foerster 19 27* 0.517Stikeman Elliott 17* 18
30*
Milbank Tweed Hadley & McCloy 17* 18*0- 19
33,718.6 1426
-26.4%
-679
9.11Allen & Overy 1 1 10.2326 199,347.2 -1.5
+8
-35
-10.6%
0.52,186,612.3
0-5
% Change from Last Quarter -20.0%
100.0Industry Total 11,407.7Maples & Calder 18 20* 20 0.6
18 1.0Shearman & Sterling LLP 17 17 22 0.7 -8 20,729.519 0.7 -0.5 0.7 -19 15,405.9Freshfields Bruckhaus Deringer 16 12* 238 2.4Cravath, Swaine & Moore 15 18* 27 +0.6 0.8 -1 51,393.014 1.1 -0.1 0.9 -10 23,318.7Mayer Brown LLP 14 14 309 2.0Simpson Thacher & Bartlett 13 6* 34 +0.1 1.1 -21 42,753.315 1.0 +0.1 1.1 0 - 21,734.7Kirkland & Ellis 12 15 3542 0.3Anderson Mori & Tomotsune 11 12* 36 1.1 -6 5,766.56 2.61.2 +11 55,928.9Sullivan & Cromwell 10 18* 394 2.7Skadden 8* 16 40 +1.1 1.3 +8 58,512.03 3.2 +0.6 1.3 -5 69,543.0Davis Polk & Wardwell 8* 9 4011 1.5Latham & Watkins 7 8 44 0 -1.4 -5 31,753.55 2.6 -3.1 1.6 44 56,076.3
White & Case LLP 5 1 54 42,715.1Clifford Chance 6 2 52
Linklaters 2* 4 584 5 1.8 -5 30,760.4Sidley Austin LLP 56 1.412
1.81.8 -29 51,900.2 7 2.4
+3 85,758.7Cleary Gottlieb Steen & Hamilton 2* 6* 58Allen & Overy 1 3 106 -0.3 3.3 +14 79,226.3 2 3.6
4245
57,084.0
55,891.7
-5 44,711.8
60
14 0.4 +5McCarthy Tetrault 20
Excludes Federal Credit Agency Issuance
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191.3 70 0.1 -0.1 100.0
DLA Piper LLP 11* 24* 4 0.6 +1
+2.4
-3
2.6696.0
4,128.6 8
--
+1 -0.51,717.4
0.4-3.2
0.5- 826.4 29-Shearman & Sterling LLP 0.6
Paul, Weiss 11* 24*11*
48* 4
4 0.6 +2-
NautaDutilh 11* 40* Mayer Brown LLP 11* 3.4 +2.8
0.6
+2 484.3 4715* 4 0.6 0 5,309.9 4
4 0.60.3 +0.2
1,239.4 24 0.8 -0.8-30.1 -
Jones Day 11* 40* 4 0.6Herbert Smith Freehills 11* 8*
-Dentons 11* - 4 0.6 - - 147.5 73
Change in
-26.4%
1616 1.4
14*
Clifford Chance
Deals
Jan 1 - Jun 30
Hogan Lovells 8*32 0.5
+3
Davis Polk & Wardwell
Change in
6
8 1.31.01.0
5,873.5
+1
4,061.4
1,133.3
-7-1
Proceeds per Advisor (US$m)Market
8
3.2
Proceeds
91,088.2
3,125.6
Sh (%) # of Deals12.3
-3
412.51
10
5
-0.2
2.6
0.7
-0.8
+0.2
+0.7
0.74*
1.8 +0.1 2,792.3
3.8Latham & Watkins 6 2 10 1.6
Market
2
-4.65.2-0.8
Rank+6.7
Sh (%)
-20.0%% Change from Same Period Last Year -17.5% -10.6%
+0.5
1.1
% Change from Same Period Last Year 2.0%
+12 156,662.4
Webber Wentzel 11* - 4 0.6
% Change from Last Quarter 21.5%
Travers Smith
25
100.0
-9.8% -16.0%
18
1,694.5 19
35
1,093.3
0.7 +0.51.1 +1.1
Advokatfirman Vinge 11* 40* 40.6 +3
+20.6+0.5
Industry Total 627
Berwin Leighton Paisner 11* 59* 4
+3
31 0.5 742.1 948.1 27 0.6Seward & Kissel 9* 40* 5
0.8Gernandt & Danielsson0.8
Allen & Overy
+3 776.4
9* 40* 5Baker & McKenzie
4,560.58 24* 6 1.0 +3
1.71.1 -5
2,605.6 137 3* 7 7 2.9
988 1.3 -6
1.3-9-4
LinklatersClifford ChanceWhite & Case LLP
5* 3*25*
14 4,773.2 6
Market Market
Freshfields Bruckhaus Deringer
2014 Rank
1.4 2.0
# of Market
11 +3-4.42,226.3
3.1
4.8+4 19,530.1
+1
1.8118*
# of Deals Sh (%)3
5
Manager Legal Advisor
% Change from Last Quarter
12 1.9 32.4
Linklaters
Market
5,618.0 3.6 +0.420,483.1
Share Ch.White & Case LLP
Rank
26.4%
11 1.8 0 - 6,275.2
# ofSh (%) Share Ch.
13.1 +10.11
2
Proceeds
4.0
4* 2.11.8
1320
8,209.3
-27
8*
1
-4.2
2-0.1
4*3
7+0.2 -1.2 -1.9
Allen & Overy
Goodwin Procter LLP 8*
EMEA Equity & Equity-related (AX2)
# of Deals per Advisor2015 Rank
6
30
% Change from Last Quarter 20.0%
Latham & Watkins 2 6*
EMEA Equity & Equity-related (AX1)
# of Deals per Advisor
Deals15 +7
Proceeds per Advisor (US$m)
Davis Polk & Wardwell 1 6*
2015 Rank
2014 RankIssuer Legal Advisor
Freshfields Bruckhaus Deringer 3
Jan 1 - Jun 30
15
19,204.8
1
8*
6*
+14
6 1.0 +2
+0.4 4,640.2
+0.2
5,110.7
0.3
7 3.0 +1.86 3.3 +0.7
% Change from Last Quarter% Change from Same Period Last Year 2.0% -16.0%
* tie
21.5% -9.8%
388.2156,662.4
30Cooley LLP 14* 26* 0.6 +2
Cleary Gottlieb Steen & Hamilton 11* 21* 5
4
701.3
6*
20 0.5
16*0.8 +2
0.8 -2Shearman & Sterling LLP 11* 16* 5 0.8 +1
Ashurst 14* 14* 4 0.6Skadden 11* 12 5
574.1 23 0.4 -1.01,884.0 11 1.2 -1.2
Hammarskiold & Co 14* 26* 4 0.6 +2
-1
Simmons & Simmons 14* 8* 4 0.6 427.2 28 0.3 -0.8894.4 18 0.6 +0.2
Wragge & Co 14* - 4 0.6 -
- 1,634.9 12-4
1.0 - -
+12+0.2
Industry Total 627 100.0 100.0
7
-
884.13.0 +1.5
+188
947
Deheng Law Offices 16* 17*
+427* 4,385.0 9
4
8 27*
1*
10*
Jun He Law Offices
9*
4
4
4
1.3
410*Shearman & Sterling LLP
Deheng Law Offices
9
6
9* 20*
-1.4Proceeds
Deals
4,468.1
2015 RankSh (%)
# of Deals+27
-
124
Share Ch.
# of Deals per Advisor2015 Rank
MarketChange in Sh (%)
2014 Rank
Proceeds per Advisor (US$m)
Deals Rank Manager Legal AdvisorChange in
ProceedsMarket# ofMarketSh (%)
3 3*
Norton Rose Fulbright
+3.9
+0.41
-2 1.1 1,277.9 0.98.2
181011 -1
0.6
1.05
3.1 32*
0.7
121.2
6.3
4.2
29 0.8
0.9
-10
-39*
34
9*
109
1.11.0
+188
2.2
0.256
+0.1
11
-0.10.124
-0.2 14*
9*
Freshfields Bruckhaus Deringer
-0.1
8*Herbert Smith FreehillsHaiwen & Partners
13
1415
1.413
0.015930.9
1,757.9
1.4 +3
+8-6
-0.8-6.4
+0.41.41.7
12
11 1.2 +312 +3
1.33,123.9
1.2
1.3
+7 1,100.71.2112
2811 +1
13*
Industry Total
8*
Asia Equity & Equity-related (BX1)
Tian Yuan Law Firm
Appleby
Conyers Dill & Pearman
Handsome Attorneys at Law
13* 34*16
16*
Far East United Law FirmBeijing Kangda Law Firm
King & Wood Mallesons
58*
167.0
Jan 1 - Jun 30
Issuer Legal Advisor4.1
# of Market
Jun He Law OfficesJingtian & GongchengAllBright Law Offices
Hairun Law Firm
Zhong Lun Law Firm
Grandway Law Offices
Grandall Law Firm1
2,047.0+7
3.9 +163.7
2.9
39
4
311.5
+9
6,125.76* 8
+3 2013
11.9
0.71.2
2,761.4
01.7
1.6
311.5
6*
First Half 2015 | Global Capital Markets | Legal Advisors
1.79,091.827
5*
11*
11*
7
+41,016.7
1,273.4+7
2
165*
2
31
1611*
3735
+0.3
3
17*
11*27*
8
-3.6
0.8
9* 8*
2,407.0
+8
Amarchand MangaldasShu Jin Law Firm
Jia Yuan Law Offices 13*
18
11*
9*20*
32*
Jingtian & Gongcheng
Commerce & Finance Law Offices6*
9,035.5
85
6.3Simpson Thacher & Bartlett
Mayer Brown LLP
17
3*
Rank
Proceeds per Advisor (US$m)Market
# of Deals
+2.70.5+10
-0.9
3-27,635.6
712.7 11,865.2
28
4,059.7AZB & Partners
-2
+475
Clifford Chance
727.0 0.54,047.4
6*4 2
5.37,287.6
4.9 0-
15
9*
27
-35
0.4
-10
-+2
0.40.4
+3
4
-1
0.4
5
947
% Change from Last Quarter24.8%42.6%
40.426
731.70.47,033.1
1,570.0-
ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW
Jan 1 - Jun 30
2014 Rank
+1.1 1
Asia Equity & Equity-related (BX2)
Davis Polk & Wardwell 2
-5.3
Sh (%)
-0.3
Market# of Deals per Advisor
Share Ch.
41*-0.1
+3.2 9*1*
% Change from Same Period Last Year
Linklaters+3+8
0
0.4-4
-0.9
139* 4
40.4 29658.5
2,937.9
2.85.0
8 +2.2-0.2
+1.02.896* 12* 0.6 0Paul Hastings LLP0.5
6
-0.2
0.5 +0.5 +0.6
0.5-0.7
1.1
75.2%
113,581.6 3.8
754.42.5
100.0
1,122.10.6
1.1Industry Total
144,546.0
10 -1.2
Maples & Calder
100.0
-4.0
2.0
0.5+0.8-0.4
100.0
77.4%
25
5,516.5
144,546.0
19 5 8 0.8 -6 -4.91,857.4 18 1.3Michael Li & Co 20 42* 7 0.7 +4 95 0.1127.3 +0.1
100.0
Kim & Chang 14* 19* 3 1.4 0 - 998.3 28 0.7 -1.2 Maples & Calder 14* 13* 3 1.4 -2 2,748.0 12 1.8 -1.2
Simpson Thacher & Bartlett 10* 9* 4 1.8 -1 3,239.6 12 2.1 +0.1 Jingtian & Gongcheng 13* 12* 3 1.4 0 - 2,886.7 13 1.9 +0.7 Latham & Watkins 13* 18* 3 1.4 +1 5,269.0 8 3.4 +3.0 Paul Hastings LLP 13* 25* 3 1.4 +2 2,026.3 17 1.3 +1.0
Paul Hastings LLP 14* 27* 3 1.4 +1 2,682.2 13 1.8 +1.5
+0.3
16
3 +1 22
1,931.5 19 1.3-1.9
14* 34*-Herbert Smith Freehills3 +2
19* 01.41.4 5.64
* tie
1.8 5.1
1,596.88,576.6
4,881.2 3.2
1.814
10
7
-3.7%
9+2.2
1.5
3.3
153,273.0
-
-0.6
7*
Clifford Chance
Sullivan & Cromwell
Sh (%)Linklaters 1 17
2014 Rank
Market
16*
+4.6
Davis Polk & Wardwell
-J Sagar Associates 10*
14*14*
Haiwen & Partners 27* 223
5.3%
1.16
+1.0
+2
-23.4%
+0.2
# of Deals
# of Deals per AdvisorChange in 2015
Rank Deals
+0.3
Jan 1 - Jun 30
24.8%
-3.7%
4*
% Change from Last Quarter
Skadden 10*
100.0
10
+2.6
% Change from Last Quarter% Change from Same Period Last Year
21
14
6
2015 Rank
57*
20
-0.2+0.8
+3
1.815
+1-2.8
Skadden
1.89
0
100.0
+1.62,576.1 1.7
1.0
-3
1.4
-0.9%
65
% Change from Same Period Last Year
Manager Legal Advisor
Baker & McKenzie
Cleary Gottlieb Steen & Hamilton-5
10* 8*
Clifford Chance
223
1.84
3
14,398.8
12.8
9.4
Sh (%)
1
Asia Pacific G3 Bonds (BV2)
Change in
-1.0+2.2
3
2
6
19,580.2# of Deals
0
-5,851.2
4
4.6
3.8
Market
Jan 1 - Jun 30
100.0
4,984.0
5
+0.7+1.6
6.3
9
100.0
810
4
-68
3.682.7
1.84+2
9
5
4
# of
King & Wood Mallesons 1.8
Share Ch.
Proceeds per Advisor (US$m)
75.2%
Proceeds
Asia Pacific G3 Bonds (BV1)
Market 2014 Rank
11-2
Linklaters
Cleary Gottlieb Steen & Hamilton 5
Allen & Overy9.07.2
Sh (%)
% Change from Same Period Last Year77.4%42.6%
Issuer Legal Advisor
Shearman & Sterling LLP
10.3
Market
King & Wood Mallesons
Milbank Tweed Hadley & McCloy10*18
+31.3
2.3 -0.3
Market# ofRank
7
2,817.9
Proceeds
7,041.2-1.8
2
Sidley Austin LLP
7*
19,935.6
6 12,831.94.5
2.2
16 +2.1
2
33*
Sh (%)Davis Polk & Wardwell
Deals
2,231.5
+5
13.0
-26 6*
7* 13*6 2.7
-0.9%153,273.0
-17 3.1
6
1.15,201.8
Anderson Mori & Tomotsune 5 13*
2.2
1,620.08.4
Share Ch.
-3.5
Market
+1.0Rank
-2 15,807.0
1
9.4-19
11.0 11 -214
7.6
+4.14.6
177,055.2
9
Sidley Austin LLP -222 6.3+2Allen & Overy 3 3
4 8*13
3.4
9,729.33.6
+2 4.0
8
5.8
2132
0
Industry Total
2.78*
8,401.6 5.5
J Sagar Associates3,482.2
27*4
5.3%
Commerce & Finance Law Offices 10*44
34*
% Change from Last Quarter
Industry Total
AZB & Partners
-68
+2.0
8.7
Proceeds per Advisor (US$m)
13,335.0
-15,706.0 3.7
-4
+0.7
1,951.5
8+1.4
16,874.4
5
6.4
12*
10*
-23.4%
-0.4
3*
# of Deals per Advisor
4.9
25* +318*
+2 1,689.97,858.7
20
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8
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1,038.3 19 0.9 -5.3 Haiwen & Partners 15* 11* 2 1.1 -1- 1,065.2 18 0.9 - -Fangda Partners 15* - 2 1.1 - 370.8 27 0.3 -0.4 Baker & McKenzie 15* 21* 2 1.1 +1 818.5 21 0.7 +0.6 Allen & Gledhill 15* 21* 2 1.1 +1 994.6 20 0.9 -1.9 Simpson Thacher & Bartlett 11* 7* 3 1.7 -2 2,026.3 14 1.7 +1.3 Paul Hastings LLP 11* 21* 3 1.7 +2- 5,269.0 7 4.5 - -
10 2.5 +0.8 Latham & Watkins 11* - 3 1.7 -
11* 3 1.7 0 - 2,886.7
42 0.3 - --0.2
Morgan Lewis & Bockius 17* - 2 1.1 - - 296.0
Kim & Chang 11* 15* 3 1.7 0 - 998.3 24 0.9 -1.8 Maples & Calder 11* 11* 3 1.7 -2 2,748.0 11 2.3 -2.0 Paul Hastings LLP 11* 21* 3 1.7 +1 2,682.2 12 2.3 +1.8 Anderson Mori & Tomotsune 17* - 2 1.1 - - 261.8 43 0.2 - -Freshfields Bruckhaus Deringer 17* - 2 1.1 - - 997.5 25 0.9 - -Herbert Smith Freehills 17* 21* 2 1.1 0 - 597.4 36 0.5 -3.0
Jingtian & Gongcheng9*
179
26.9%
-0.2
-1.3
+0.7
Issuer Legal Advisor
% Change from Same Period Last Year
6*
2 2
-40
21* 3
Skadden11*
2015 Rank
Baker & McKenzie
100.0
+0.2
117,406.9Industry Total 100.0
Change in Sh (%) Sh (%)
+3.012.316,645.3
-18.3% 4.3%
11*
+2.1
-1.4
+1.4
19,580.2Davis Polk & Wardwell
+0.4
2 14.2
4 7.0
Jan 1 - Jun 30
+1.3-0.5
King & Wood Mallesons
Market
-0.2
2,817.9
Share Ch.16.7-
4.2+2.7
3
1
14,398.8
ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW
+3.0 -8.8
Jan 1 - Jun 30
DealsRank
+5.9
8
1,931.5
+1
-3
16
# of Deals2014 Rank
0
142.2
4
4
-3 1.611*
+2
8,576.631*
11*
Manager Legal Advisor11.7
RankSh (%) Proceeds+0.1
Market
First Half 2015 | Global Capital Markets | Legal Advisors
6.7-
7.24.9 -4.2
0 57 4.7
+1
-
3
Commerce & Finance Law Offices48* 21*
8*J Sagar Associates
8*
8*AZB & Partners 3Haiwen & Partners 1.7
18.3%
1.72 7.3
113.9
5,543.5
Change in
Asia Pac G3 Bonds ex Australasia, Central Asia (BV4)
Linklaters
% Change from Last Quarter
1.7 1,927.6
1,689.9 17
151.7
7,858.7
31* +3
0+2 1.4
6.74
3,482.2-
2.2
9
2.2
-
2,576.1
8,401.65
6* 11* 4,102.413
7,849.35,706.03.4
4* 11*
5
3.42.8 -4
King & Wood Mallesons 2.8
3Davis Polk & Wardwell -1
66
0
Clifford Chance
74*3
Cleary Gottlieb Steen & Hamilton
5*5*
3*
6
6.2
Asia Pac G3 Bonds ex Australasia, Central Asia (BV3)
Sidley Austin LLPAllen & Overy
Market# of Market
141 1 7.8
2015 Rank
13,781.3Sh (%) Share Ch.ProceedsDeals
# of Deals per Advisor Proceeds per Advisor (US$m)
Latham & Watkins 17* 15* 2 1.1
Market
+1.2
Proceeds per Advisor (US$m)
# of DealsMarket
09.517
3 -1
21
# of
21
14
2014 Rank
3
11.71
13
4 7.37.8
Shearman & Sterling LLP7*
9* 4
6.2-Allen & Overy
Cleary Gottlieb Steen & Hamilton 5 6
11*
4
1
4.5+5
2.8
0
6 8
Clifford Chance
11
5
-21Linklaters
2,739.0
+2.1
+2.7-1
15*2.2
9*+3
3.0
5
4
2.23.5
+0.3
5
21*2.8
7*J Sagar Associates
Milbank Tweed Hadley & McCloySkadden
2.4
+11.9
6+2 5,851.2
2,231.5
6.0
2.35.0
584,881.2
8,225.57,041.2
2.213
+2 11
12+0.8
-1 844.9 31 0.7 -1.5 Mayer Brown LLP 17* 21* 2 1.1
# of Deals per Advisor
2
0 - 600.0 35 0.5
- 3,247.7 10 2.8 +1.9 White & Case LLP 17* 21* 2 1.1 0- 793.6 33 0.7 - -
42 0.3Norton Rose Fulbright 17* - 2 1.1 -Morgan Lewis & Bockius 17 2 1.1 296.0 26.9%
* tie
% Change from Same Period Last Year 4.3%
Industry Total
% Change from Last Quarter
100.0
-18.3%
179 -40
18.3%
18.3%
26.9%
117,406.9
% Change from Last Quarter
100.0
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- 10.7 31 0.0 - -Nova Legal 10* - 2 0.7 - 10.4 32 0.0 0 -Price Sierakowski 10* 16* 2 0.7 +1 411.2 9 1.6 -4.5 Minter Ellison 10* 8* 2 0.7 -2 23.9 20 0.1 +0.1 HopgoodGanim 10* 8* 2 0.7 -2 55.1 17 0.2 -9.8 Gilbert + Tobin 10* 2 2 0.7 -9 16.5 26 0.1 +0.1 GTP & Associates 7* 12* 3 1.0 +1 126.7 14 0.5 +0.4 Corrs Chambers Westgarth 7* 16* 3 1.0 +2 1,891.2 1 7.3 +6.1 Allens 7* 12* 3 1.0 +1 1,328.7 3 5.1 -7.9
King & Wood Mallesons 6* 4* 1 0.4 -2 75.3 8 0.3 -0.2 Memery Crystal 6* - 1 0.4 - - 18.9 9 0.1 - -Thomson Geer 6* - 1 0.4 - - 16.1 11 0.1 - -
- 286.1 6
0.4
--
- 1.10.40.4
10AshurstEllenoff Grossman Schole & Cyruli 6* 1
Baker & McKenzie 6 1 4 1.4 -8
100.0
22.6%
+38
% Change from Last Quarter
% Change from Last Quarter % Change from Same Period Last Year
30.3%15.2%
0.7
22.6%Industry Total 288 +38
+1.6
26,043.7
47.3%
% Change from Same Period Last Year 15.2%
-
18.6
-1
2.4-
288
- 612.2 2
Industry Total
+1.71
-4.9
Share Ch.
100.0
3.1
4
# of Deals
352.6-
5
Sh (%)
47.3%
2.8
1.7 -
1.7 1,763.3
Australia Equity & Equity-related (BY1)
McCullough Robertson
1- -7
1.4-11.1
Baker & McKenzie
173.7
-
Market
-
Gilbert + Tobin
Rank
-
Proceeds
50
2 0.7
6.8 -38.4
1.9
10.1 --
1
2*7
-16* 7*
-
Linklaters
Allens4*6* -
4*Herbert Smith Freehills
501.2Allen & Overy
2
5
1.744 11 6
-13.2
32.1
5King & Wood Mallesons
1,468.23.1
5 -2
Herbert Smith Freehills 3
1,087.2
Proceeds per Advisor (AU$m)
168* 7 2.4Steinepreis Paganin
1*Deals
99
# of# of Deals per Advisor
2014 Rank
5* 1* +3
# of DealsMarket Market
100.0
+1Issuer Legal Advisor Sh (%)
31.0
Proceeds
18
+2.3835.2
0.2
30.3%
5
58.8+3 4.2
2015 Rank
Clayton Utz
Change in
+3 4
2
Rank Sh (%)
0-0.4
3.2
26,043.7
Share Ch.
5.6
Market
0.1-17.4
Market
7*Deals
+6 545.4 3124*
2*
2.1
Change in
Australia Equity & Equity-related (BY2)
Manager Legal Advisor Sh (%)# of
8
MarketProceeds per Advisor (AU$m)
2014 Rank
Jan 1 - Jun 30 Jan 1 - Jun 30
# of Deals per Advisor2015 Rank
0.7
AUSTRALIA CAPITAL MARKETS REVIEWFirst Half 2015 | Global Capital Markets | Legal Advisors
100.0
Gilbert + Tobin 7* - 1 1.2 - - 2,245.0 5* 4.6 - -Mayer Brown LLP 7* 6* 1 1.2 -1 748.0 9 1.5 +0.2 Simpson Thacher & Bartlett 7* - 1 1.2 - - 2,245.0 5* 4.6 - -
+3.9 Skadden 7* 6* 1
Slaughter & May 8* 8* 1 1.2 -2 2,139.0 58* 1 1.2 -2 2,597.8 1.2 -1 2,245.0 5* 4.6 +3.1
2.4
013* 1
-22.4%
-24
+7.53
-49.1%
-
-3.5
% Change from Last Quarter -59.3%% Change from Last Quarter
Industry Total 83
Debevoise & Plimpton 8*Herbert Smith Freehills
King & Wood Mallesons
8* 1.2Baker & McKenzie
-9.4%% Change from Same Period Last Year
* tie
49,333.5 100.0
4* 2 3 3.6 -4.9
100.0
% Change from Same Period Last Year
3 3.6 -2
100.0
-22.4%
49,333.5
87.0
-24
10
1,243.7 8
Industry Total
-6
-1.4
182.31,299.5
-49.1%
0.2
Shimazaki Law Firm 4* 4* 3
83 100.0
Proceeds per Advisor (US$m)
Proceeds
2.68* 7 1 1.2 -3
2
3.6 -2
3
11
2.5-
Market Market
7.23.6 0
3.18.12.9
-7.7
12.6
-12
-3
10 0.48
2.42*
4*
4*
- 999.4 2.09 +1.3
4 5.3 -5.34.3
+4.82,844.0
-6
5.8-6.6
-9.4%
Share Ch.
4Clifford Chance
-
# of Deals
2
13.3
4
# of Deals per Advisor
2*4.8 -24
Market
-3,266.1
Proceeds12,984.4
RankMarket
Sh (%)Deals2014 Rank
Jan 1 - Jun 30
Sh (%)Issuer Legal Advisor # of Deals# of
# of Deals per Advisor2015 Rank
Market Change in
Jan 1 - Jun 30Australia International Bonds (BW2)
6,237.8 226.3
562.0 1.1
Share Ch.
Proceeds per Advisor (US$m)
Sh (%)Deals2015 Rank
11Sh (%)Manager Legal Advisor
6.0512
1Sidley Austin LLP
1,411.2
3
-3.81,511.7
-
+0.7
3Linklaters+1Allen & Overy
-
7,487.6
4*
-0.9+5.7 Hogan Lovells
Allen & Overy
631*
4*73
1*
Anderson Mori & TomotsuneSullivan & Cromwell 2
7
1
3,970.4
Sullivan & Cromwell
8.40
+8.515.28.415.4
Sidley Austin LLPLinklaters 4*
4*8*
4*
1 -37
Australia International Bonds (BW1)
-1.6
2014 Rank
+2.3
# of Change in Market
1Rank
-17,591.5
65 2.4
-59.3%
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10
-
100.0
Samurai Bonds (JL5)
Industry Total
% Change from Same Period Last Year 24.5%
117117 100.0 100.0
# of Deals
24.5%73.8%
Market
19 51
Mori Hamada & Matsumoto 3*+13.2
13,561.6
% Change from Last Quarter
Proceeds per Advisor (US$m)
2 4*20.5 -7.8
Nishimura & Asahi+32 10
5
Proceeds per Advisor (US$m)
Jan 1 - Jun 30Japan Common Stock (JL2)
Nagashima Ohno & Tsunematsu
# of Deals per AdvisorMarket# of2015
Rank
2,574.0
Issuer Legal Advisor
First Half 2015 | Global Capital Markets | Legal Advisors
Japan Common Stock (JL1) Jan 1 - Jun 30
JAPAN CAPITAL MARKETS REVIEW
13,561.6
30 0 0 -
1 -29.4
2015 Rank
Nishimura & Asahi
Industry Total
2
2014 Rank Proceeds Sh (%)
Change in MarketMarket
RankSh (%)
Mori Hamada & Matsumoto1 2,775.2Share Ch.Deals # of Deals Manager Legal Advisor
2015 Rank
# of Deals per Advisor
Deals Sh (%)Change in # of Market
1*3* 5
4 +2 12,576.83*
7.2 +2.7- 203.2
3.4
-1 981.9+2
Proceeds
Jan 1 - Jun 30
2 1.73.4
480.9
2.64Nagashima Ohno & Tsunematsu
19.0
4 6.4
1
865.1
8.6+34.3-6
1*Linklaters
2014 Rank Share Ch.
-11.43.63 1* 3
2
# of Deals
Proceeds per Advisor (US$m)MarketMarket
+15.0Rank Sh (%)Proceeds
19.0
-25.5%73.8%
Samurai Bonds (JL6)
100.0 +23
1.7% -25.5%% Change from Last Quarter
2015 Rank
2014 Rank
# of# of Deals per Advisor
MarketMarket Change in # of Deals per Advisor Proceeds per Advisor (US$m)
MarketIssuer Legal Advisor Deals Sh (%) # of Deals Proceeds Rank
53 2Anderson Mori & Tomotsune 1 1 18 60 0 -10Sh (%) Manager Legal AdvisorShare Ch.
4 064 8 -1 4 91*
# of Market Change in Deals Sh (%)
+1 3 Sh (%) Share Ch.
1.7%
Jan 1 - Jun 30
1
2014 Rank Rank
1
Market
+23
% Change from Same Period Last Year
1 487 7
Simpson Thacher & Bartlett 3* 3 2 1.7 -2 1,808.3 3 13.3 -26.5 Sullivan & Cromwell 5* 4* 1 0.9 -1 96.9 5 0.7 -17.5 Norton Rose Fulbright 5* - 1 0.9 - - 45.7 6 0.3 +0.3
Morgan Lewis & Bockius 4* - 1 0.9 - 6 1.5 +1.5 Sullivan & Cromwell 4* 1* 1 0.9 -3 652.8 4 4.8 -36.0 Simpson Thacher & Bartlett 4* 5 1 0.9 0 - 705.2 3 5.2 -12.6 Paul Hastings LLP 4* - 1 0.9 - - 45.7 7 0.3 +0.3
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* tie
% Change from Last Quarter
7,645.1% Change from Same Period Last Year
-49.7%-41.2%
30 100.0
300.0%-49.7%
Industry Total
% Change from Same Period Last Year -41.2%
Industry Total
% Change from Last Quarter 300.0% 322.1%
19.5
7,645.1
1
100.030
410.2 2 5.4
322.1%
30.0 0100.0
297.3
Nishimura & Asahi
-21
+28.053.2Anderson Mori & Tomotsune 1 1 18 60.0 10
+4 2,638.8 2 4,064.8 1.4
34.5Clifford Chance Law Office(Tokyo) 2 5* 7 23.391
Nagashima Ohno & Tsunematsu 2+1.3 1 1 1,487.7
-21 100.0
160.9 3 2.1 -12.3 Shimazaki Law Firm 3* 3 1 3.3 -73 3 10.0 -2
Linklaters 3 1* 1 3.3 -8 3 3.9 -17.8 -9.5
- 125.8 4 1.7 +1.4 3.3 0Baker & McKenzie 3* 7 1
11
-
-
-
-
-
-
-
First Half 2015 | Global Capital Markets | Legal Advisors
Ranking Criteria Summary
Time periods for league tables will be based upon pricing/launch date.
All current data and previous year's data is as of 1:00pm EST on July 13, 2015 . Full credit is given to the issuers legal counsel andmanagers legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions per advisor.Rankings based on proceeds are available on product.
Tel: +632 858 7201E-mail: [email protected]
J
United States
Ian Willmott
If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:
High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moodys rating equal to or less than Ba1. Securitiesnot rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates ofDeposit, General Term Notes, and Split-junk rated securities (i.e., securities with an investment grade rating from one agency and a highyield rating from the other) are excluded Non-convertible preferred stock transactions are included
Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactionsthat mature or are callable/putable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agencytransactions (US Only), exchange offers, and offerings by closed-end funds/trusts.
Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market.
Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements. Medium TermNotes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programsare tracked but are not eligible for league table credit.
Monica RahimiTel: +1 646 223 8436E-mail: [email protected]
Europe
E-mail: [email protected]: +44 (0) 207 542 4376
Asia-PacificMichelle Abuzo-Verma
-
-
-
-
https://www.thomsonone.com
Canadian debt league tables include government debt consisting of federal, provincial, and municipal issues, corporate bonds, maples andself-funded issuance. League tables are denominated in Canadian dollars.
Federal Credit Agency issuance is excluded in all regional and global league table rankings.
E-mail: [email protected]
Canadian equity league tables include best efforts deals, private placements in public entities (PIPES), preferred shares and retailstructured products, self-funded issuance. League Tables are denominated in Canadian dollars.
JapanAki Sato
E-mail: [email protected]
Mortgage and asset-backed securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts, homeequity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage and Asset-backed Securities letter dated January 1, 2006.
yield rating from the other) are excluded. Non convertible preferred stock transactions are included.
Tel: +1 416 687 7577
Tel: +813 6441 1120
CanadaGavin Penny
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third partycontent providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party contentprovider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extentpermitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting toinvestment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has notundertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
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Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant thirdparty.
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