Anderson Mori & Tomotsune
Anderson Mori & Tomotsune
is one of Japan’s Big Four independent firms with a history traced back to 1952 as O'Gorman, Nattier & Anderson, before taking its current name following the merger with Tomotsune & Kimura in 2005. The firm has close to 450 attorneys and offices in Tokyo, Nagoya, Osaka, Beijing, Shanghai, Hong Kong, Bangkok, Ho Chi Minh City, Singapore and Jakarta.
Highlights
The firm is a leading full-service firm and is strong across the board in financial and corporate transactional matters. It excels in capital markets work where it has a strong reputation in the primary offerings of samurai bonds, uridashi offerings, J-Reits, equity offerings, and international offerings of convertible bonds by Japanese issuers.
In the past year, the firm has been active in acquisition and debt financing. Recent highlight transactions including involved in the $14 billion Toshiba take-private where the firm was appointed as the counsel for both senior lenders and mezzanine lenders.
In the project area, the firm continued to provide legal services for buyers, project operators, lenders in renewable energy projects including solar, offshore wind power projects, as well as LNG vessels in southeast Asia. Additionally, the firm was actively advising issuers and arrangers in bond issuance related to solar projects and fund investments.
Key Clients
Key clients of the firm include Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking, Taisho Pharmaceutical, Ltd., Bain Capital, Tohoku Electric Power Company, Japan Petroleum Exploration, JERA, Electric Power Development, and Tokyo Gas.
Testimonials
“Deep knowledge in regulation and market practice, deep understanding in client's demands, and timely delivery of the output.” (Asset finance client)
“His work is excellent. He has an experience working at Japanese firms, which became his strength as a lawyer.” (Banking and finance client)
“Deep knowledge of real estate securitization.” (Banking and finance client)
“Very experienced.” (Equity capital markets client)
“Stable and reliable quality of service and advice.” (Financial services regulatory client)
“They have sufficient number of lawyers with expertise in multiple areas required for M&A transactions in the renewable energy sector, who work together as a unified team to provide prompt assistance.” (M&A client)
“AMT always provide sophisticated legal advisory service to us even if there are some difficulties to overcome and the structure is complicated.” (Leveraged finance client)
“Deep knowledge and experience in renewables sector.” (Project finance client)
“The law firm boasts a team of excellent lawyers, including young attorneys, and their ability to provide high-quality services is their greatest strength. Not only do they offer valuable legal advice, but they also provide practical business judgment to help smoothly operate our business. Their contributions as legal advisors are invaluable.” (Project finance client)
Takehisa Sato
“Deep understanding in regulation and market practice, deep understanding in client's demands, timely delivery of the output.”
Teruma Naito
“He is very sympathetic to clients and understands the situation of corporate people. He has lots of experience working as a lawyer as well as a secondee to a corporate.”
Norifumi Takeuchi
“Mr. Takeuchi formed and lead the team within the firm and acted as the main contact and led the transaction with his expertise.”
“He serves as a legal advisor for many of the project finance projects arranged by our bank, providing legal advice on those matters as well as offering broad consultations on general issues. Additionally, he plays a crucial role as a comprehensive advisor in our bank’s project finance, making him an indispensable asset for us.”
Mari Ito
“She is one of the lawyers who has a lot of expertise and experience in Japanese LBO finance market. She provides a lot of advice in legal documents in LBO finance.”
Isao Shindo
“Very smart and responsive. One of the best regulatory lawyers in Japan.”
Reiji Takahashi
“Strong leadership in managing advisory team for our project financing opportunities. Advisory services with deep expertise in renewables sector.”
Kenichi Yamamoto
“High quality.”
Atsumi & Sakai
Atsumi & Sakai was formed in 1994 as Atsumi & Usui before adopting its current name in 2010 following the acquisition of a practice group from TMI Associates. The firm has close to 150 lawyers and offices in Tokyo, London and Frankfurt. It was the first Japanese law firm to register as a joint venture between Japanese and foreign lawyers in 2005, and in 2013 it formed a joint venture with the German law practice of Markus Janssen. In 2021, the firm launched an affiliate office in New York, Atsumi & Sakai New York.
Highlights
The firm is best known for its structured finance and securitization work, but also has a strong project development and finance practice.
Throughout the research cycle, the firm continues to advise multiple multimillion-dollar financing transactions in the banking, capital markets, M&A and project sectors. With a focus on project finance, acquisition finance and asset finance, the firm advises clients across a wide range of financing transactions and services.
A major focus of the firm's capital markets practice is to provide guidance on structuring, SPC formation, and related regulatory issues to originators, arrangers, trustees, and institutional investors.
In the past year, the project team has been involved in a number of LNG, petrochemical, coal, and mining related project development and financing activities.
The firm bolstered its corporate M&A team with the arrival of partner Go Fujimoto, who was previously from Oh-Ebashi LPC & Partners, and Aoi Koyanagi from White & Case, London.
Key clients
Key clients include Tokyo Metropolitan Government, Financial Services Agency, Mitsubishi Research Institute, The Japan Research Institute, Mitsubishi UFJ Research and Consulting, EY Strategy and Consulting, and Photovolt Development Partners.
Testimonials
“They demonstrated their capability, knowledge and diligence.” (Project development client)
Akira Shimazaki
“Good in organizing policies for dealing with economic sanctions in project finance, commenting on various documents, preparing wording.”
“Mr. Shimazaki, who has concluded an outsourcing contract with NYK, is knowledgeable about project finance for LNG carriers and FPSOs, and has responded appropriately by the deadline, from minor consultations to time-consuming tasks such as document reviews.”
Takasuke Mizukami
“High quality advice fitting for our business policies, excellent team buildings to fit for each project.”
Mayumi Hongo
“Having wide-ranging expertise in in-house counsel and government officer, high quality advice fitting for our business policies, excellent team buildings to fit for each project.”
“She has good experience on construction project. Based on it, she helped a lot to obtain necessary licenses.”
Yutaka
Sakai
“He is perfect in advised loan agreement for the Vessels.”
City-Yuwa Partners
City-Yuwa Partners was formed in 2003 as a result of a merger between Yuwa Partners and the law department of Tokyo City Law & Tax Partners. The firm is based in Tokyo with the composition of 123 lawyers.
Highlights
The firm specialized in litigation, insolvency, and real estate law but has since grown further to offer transactional services across capital markets, banking, investment funds, and project development.
In the past year, the firm continued advised on both regulatory issues and transactions, representing Japanese mega banks, trust banks, regional banks, international banks, securities firms and finance company.
In corporate and M&A, the firm assisted in outbound foreign direct investments and M&A by Japanese investors in China, Vietnam and other Asian countries, as well as inbound foreign direct investments and M&A by foreign investors in Japan.
The project team regularly advised offshore wind projects and regulatory and compliance matters under the Electricity Utilities Industry Law.
The firm welcomed the arrival of three partners Takeshi Soga, Takuro Awazu, and Takayuki Sumida from Soga Law Office in 2023, where new partners focused on M&A as well as Chinese law practice.
Testimonials
“What makes them stand out is their thoroughness and attention to detail; they are familiar not only with their own domestic laws but also make it a point to have an understanding of the laws / procedures of the laws of other jurisdictions.” (Asset finance client)
“They are consummate professionals, and their knowledge and experience stand out.” (Asset finance client)
“City-Yuwa Partners has demonstrated their high proficiency of legal solutions to the complex and sophisticated matters, by offering us clear, coherent and comprehensive advice and counsel, based on various legal viewpoints accumulated overtimes, while taking our bank’s unique stance to each financing transaction as the foreign bank well into consideration, while ensuring compliance with local regulatory requirements. Their accurate advice for intricate legal matters has significantly enhanced our bank’s ability to evaluate complicated financing transactions with precision and in timely manner.” (Project finance client)
City-Yuwa Partners has shown these sophisticated abilities by operating collaboratively among partners and associates’ lawyers as a team to deliver optimal legal solutions tailored to our bank’s own needs. This collaborative approach facilitates the exchange of capabilities and experiences within the firm, ensuring a collective reservoir of expertise. Furthermore, it fosters a culture of continuous self-learning environment, whereby each lawyer’s skill and insight are continuously deepened, thereby consistently raising their ability for excellence in legal service. They efficiently gather extensive and wide-ranged information and provide crucial legal advice, primarily during the documentation phase. This comprehensive approach enables us to consistently receive seamless legal services in depth and breadth, spanning from the initial consultation stage through to the final closing of financings and loan disbursements. Additionally, through effective coordination and cooperation among all departments and sections within the firm, they consistently deliver top-quality legal services to our bank. City-Yuwa has always proactively engaged in innovative financing schemes without being bound only by traditional or stereotyped structures. Their specialty and superiority described throughout our feedback in the above are incomparably valuable with positive passion, energy and experience, know-how and internationality.” (Project finance client)
Reiko Yoshida
“She is a true professional and she really knows her ship financing. It is a joy to work with Reiko.”
“She really knows her stuff and we love dealing with her; she is a true professional.”
“Appropriate decision making on the direction of legal services for our bank: Based on our request for consultation of financing scheme and of loan conditions for every project, Masamichi Sakamoto accurately understands and recognizes each requirement for their legal services to be provided to our bank’s transactions."
"Accurate legal knowledge and insight"
"Masamichi Sakamoto has effectively advised us on the interpretation of a wide range of laws and regulations, government ordinances and ordinances directly or indirectly related to our transactions."
"Legal services to absolutely support our bank as his client: To favorably meet the credit conditions determined by our bank in accordance with the status of negotiations with our counterparties, Masamichi Sakamoto effectively provides the most appropriate legal terms and wordings in loan documents as well as makes supportive advice during our consultation."
"Masamichi Sakamoto has been providing sufficient legal knowledge with reasonable background so that his advice could reasonably reflect into our negotiations and loan documents appropriately.”
Masuda & Partners Law Office
Masuda & Partners Law Office is a financial and corporate law firm established in 2008 by partner Eiji Masuda and others.
Focusses / specialisms
The firm is strongest in business law and the corporate sector. The firm's capabilities include M&A, compliance and corporate governance, and securitization and financial products. The firm is also experienced in providing legal advice on the Companies Act and the Financial Instruments and Exchange Act.
The firm is very active in areas such as issuance of securities (public and private offerings), disclosure of corporate information, takeover bids, large shareholding reports, unfair trading such as insider trading, and business regulations and conduct regulations related to financial instruments business operators.
The firm also regularly provides legal advice on compliance/corporate governance to banks, securities companies, insurance companies and other financial institutions, manufacturing industries, service industries, IT companies
Mayer Brown
Mayer Brown is a large international law firm with offices in 27 cities across the Americas, Asia, Europe and the Middle East. The firm’s office in Tokyo is relatively new having been set up in March 2018.
Focusses / specialisms
The firm’s core focus is on project finance and project development, where it acts for Japanese clients in international infrastructure projects in the energy, natural resources, chemical and transport sectors.
Its corporate team advises on outbound M&A and disposals of overseas business for its Japanese clients. It also does capital markets work in investment funds, where it advises sponsors in fund investments.
Key clients
Key clients of the firm include NEC Corporation, Mitsubishi Corporation, Itochu Corporation, MUFG Bank, Chubu, NTT, Sumitomo and Sumitomo Chemical.
Research period review: 33rd edition (2022/2023)
During the research period, the firm was particularly active in the project space and corporate M&A practice.
In corporate M&A, the firm kept busy advising on outbound M&A and disposals of overseas business for Japanese corporate and financial institutions. Most recently, the firm has been assisting clients in work relating to the energy transition space and energy storage sector. Active industry sectors include social infrastructure, coal-fired power, oil and gas, and renewable energy
Miura & Partners
Miura & Partners was established in 2019 by former Mori Hamada & Matsumoto partner, Ryota Miura. The firm now has more than 100 lawyers with offices in Tokyo, Nagoya and Hiroshima. Apart from those locations, the firm has launched a strategic alliance with San Francisco-based law firm Yorozu Law Group and rebranded as Miura & Partners (US) in April 2023, and also commenced a business alliance with Indonesian law firm Atama Law and started operations as the M&P Jakarta Office in April 2023.
Highlights
The firm is primarily focused on M&A, joint ventures, finance, and corporate and financial regulation across the technology, blockchain, startup, fintech, big data, medical and healthcare sectors.
In 2024, the firm kept busy advising domestic and cross-border M&A transactions, handling anti-competition issues, hostile takeovers, and proxy battles. Additionally, the firm offers support in regulatory works including scheme formulation, due diligence, contract drafting, and post-closing. Recent highlights include advised the acquisition (buy-out) of SHiDAX Corporation.
The firm welcomed partner Masahiro Terada in 2024.
Key Clients
Key clients of the firm include Pasona Group Inc., Kenedix Residential Next Investment Corporation, SHIDA Holdings Corporation, Taiyo Nippon Sanso Corporation, and Noritsu Koki.
Testimonials
Financial restructuring
“Their work was excellent, their knowledge and experience in this area (general corporate regarding Japanese corporate law) is outstanding.”
“With experts in a wide range of areas.”
M&A
“Speedy response.”
“In our investment project, we received valuable advice not only from a legal perspective, but also from a business perspective.”
“Miura & Partners not only works quickly and is polite, but also thinks from our company's perspective from a management perspective.”
“The team, led by partner attorney, Haruka Murata, has a high level of expertise not only in scheme and finance in respect of the cross border deals but also in issues specific to the region, in Japan, China, the U.K., and the U.S., etc. They reviewed and responded promptly with a client-oriented stance.”
“Quick and accurate advice and response to our requests.”
“Fast reaction. Quick response and proper advices.”
“Fast response. High level expertise. Customer's benefits first.”
“High level of expertise and accurate advice.”
“I like that Miura & Partners is quick to respond, and that they help us realize what the legal issue is in each matter.”
“Depth in M&A's legal project management skill, involvement of senior member of the firm, comprehensive communication, and quick responses.”
“Quick response.”
“Promptness and strategic way to proceed.”
"We like Miura & Partners because of: Deal team consist of experienced lawyers with strong specialties of M&A, Capital Market and Structured Finance, to enables our effective financing in complex situations. Advice on our negotiation with the investors, considering power-balance and interests of the investors appropriately. Hard working deal team members to respond to our request quickly. Reasonable advisory fee."
“Strong commitment on a successful transaction, as well as its high responsiveness across the team from a partner level to associates.”
“Accurate advice and speedy response.”
“We like the fact that they provide timely explanations and explanations that are easy to understand and act upon, given our lack of specialized knowledge.”
“The firm has experienced lawyers in various fields. They can assign proper lawyers to a project.”
“The expertise in the areas of the capital market and M&A as backed up by wide experience.”
“Each case is assigned to a team of highly specialized and experienced attorneys who always provide comprehensive and high-quality legal services (such as legal advice, negotiation, negotiation support) with a client-first attitude (maximization of client profits). Miura & Partners is also well-positioned to handle difficult cases, such as disputes with overseas companies, in collaboration with major overseas law firms. In the business acquisition transaction, the high quality of due diligence and legal advice led to the tight on-schedule closing and the smooth execution of PMI.”
“Wide-ranging response capabilities, speed, and support that puts the client first.”
Private Equity
“They are experienced, efficient, and able to provide precise legal advice tailored to the business needs of the clients.”
“Responsiveness.”
Project Development
“Quick response and quality of service.”
“We deeply appreciate Miura & Partners' quick response and appropriate and practical advice.”
“We were able to get the answers we were looking for quickly, and the explanations were detailed and easy to understand.”
Restructuring & Insolvency
“Their services were extremely high level, dedicated, and client friendly. Mr. Imamura and Mr. Kanai are one of the best litigation lawyers.”
“I highly appreciate that Miura & Partner provides practical and effective advice that is closely tailored, considering the business environment and realities faced by our company, rather than adhering strictly to conventional approaches. (This extends beyond legal compliance and demonstrates a strong commitment to understanding and addressing the needs of clients).”
Haruka Murata
“Professional way of working such as quick response and advice for the decision making by her client
“She has extensive experience in cross-border transactions, is highly dedicated, possesses excellent English skills, and consistently delivers efficient and high-quality services.”
“I am satisfied with the lawyer's freedom to work in multiple languages, her expertise in cross-border matters, her legal analysis and drafting skills as well as project management, quality of communicating and loyalty to the users.”
“She is quick to respond and provides constructive feedback with in-depth knowledge of the request.”
“Prompt response and appropriate advice.”
“She responds very quickly, easy to reach out to. She helps us recognize the legal issues in each matter.”
“Responsive, detailed, proactive in finding solutions in less typical work.”
“Experienced legal project manager (coordinating overseas law firms), and legal advisor (conducting cost effective due diligence, SPA drafting, and deal negotiations).”
“Swift Response and international relationship in relation to cross border transaction.”
“Her response is always quick while her advice is also always appropriate and realistic. She has been supporting our business a lot.”
“Clear commitment/leadership on client's success. High responsiveness with timely feedback.”
“She has considerable experience of cross-border M&A. The work I asked was the transaction we purchased 25 percent of shares of a company in Netherlands. We had to set up a legal team including a firm in Netherland. She led to arrange it and negotiate with them about the scope of their work and a fee. Also, she led the project and negotiated with the seller. Thanks to her hard work, we were successful to make a stock purchase agreement on time. During the negotiations, we were OK to communicate with only her because she represented the legal team.”
“Speedy and cost effective.”
Hisashi Shibata
“Shibata has a wealth of knowledge and practical experience regarding M&A and TOB in Japan.
He was also punctual and understood my intentions accurately.”
“I highly appreciate that Shibata-san provides practical and effective advice that is closely tailored to the client, taking into account the business environment and realities we face, rather than adhering strictly to conventional approaches. This extends beyond legal compliance and demonstrates a strong commitment to understanding and addressing the needs of clients.”
“Mr. Shibata did well in organizing and leading Miura’s team members, giving right advice with understanding our goal deeply, and documentation of financing."
Jun Imamura
“Always take right direction by deep thoughts and knowledge.”
Masaki Sekimoto
“Mr. Sekimoto has a wide range of experience and high level of knowledge in M&A, corporate governance, and more, and he is capable of handling cross-border (multilingual) transactions and matters. He always provides multifaced and prompt legal services based on his understanding of the industry and the client's business. In our M&A transaction, he understood our potential needs/risks and always provided thorough, sophisticated, and easy to understand advice. He led the due diligence process, proactively and strategically negotiated contracts (adjusted interests between the parties) and coordinated with a financial advisor and other experts and led the deal to a successful conclusion.”
Ryoichi Inoue
“He, though a Japanese lawyer, is fluent in foreign languages and has mastered five foreign languages (English, Indonesian, Vietnamese, Chinese, and Spanish). He is a logical thinker and reads local laws and regulations on his own, which makes him very dependable in pointing out errors by local experts.”
Ryota Miura
“Familiar with our business.”
“There are no areas in which you are weak.”
“Broad legal knowledge especially corporate law.”
“He is not only knowledgeable in law but also well-versed in the content and environment of our company's business.”
“He knows well about corporate law practices and theories in Japan.”
“Advice from a big-picture perspective.”
“Mr. Miura is always ready to give us the right advice based on our actual situation.”
TMI Associates is one of the fastest-growing law firms in Japan. The firm was established in 1990 and now has 556 attorneys with six domestic offices in Tokyo, Kobe, Nagoya, Osaka, Kyoto and Fukuoka and 10 overseas offices in Bangkok, Beijing, Hanoi, Ho Chi Minh City, London, Phnom Penh, Shanghai, Silicon Valley, Singapore and Yangon. It also has overseas practice groups and joint venture arrangements.
Highlights
The firm was originally focused on intellectual property but has since become transactionally active in a wide range of practice areas including corporate and M&A, finance, projects and debt capital markets.
In the past year, the firm has been active in the banking and finance area, covering extensive legal services in corporate finance, structured finance, project finance, securitization, REITs, derivatives, real estate loans, and regulatory advice.
The capital market team handled debt and equity offerings, blockchain bonds, security tokens, compliance, and listings on exchanges, specializing in cross-border transactions and innovative financial instruments. Recent highlight includes advised issuer SMBC Nikko Securities Inc. in the update of its JPY1 trillion($6.69 billion) Euro Medium Term Note Programme.
In the M&A market, the firm was active in numerous squeeze-out transactions representing both private equity funds and targets. The firm also worked for numerous public companies across all industries and market capitalisations in defending against a wide array of shareholder activism campaigns.
The project team was particularly active in offshore wind projects, corporate PPA transactions, and utility-scale battery storage, alongside urban redevelopment and real estate securitization.
Key Clients
Key clients of the firm include Aozora Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Mitsubishi UFJ Trust and Banking Corporation, Mizuho Trust & Banking, Crédit Agricole Securities Asia, SMBC Nikko Securities, and Japan Industrial Partners.
Mori Hamada
Mori Hamada is one of Japan’s “Big 4” law firms. As a full-service law firm with headquarters in Tokyo, the root of the firm can be traced back to 1971 with the establishment of Mori Sogo. In December 2002, Mori Hamada & Matsumoto was established by the merger of Mori Sogo and Hamada & Matsumoto.
The firm now has more than 700 lawyers including 155 foreign lawyers in offices across major cities and regions such as Beijing, Shanghai and Singapore. The firm also offers broad local and international capability in ASEAN countries including Thailand (Chandler MHM), Myanmar (Myanmar Legal MHM), Vietnam (MHM Vietnam), and Indonesia (ATD Law in association with MHM). Apart from its Tokyo office, the firm also has branches in Osaka, Nagoya, Fukuoka and Takamatsu.
Highlights
The firm is best known for banking and finance, capital markets, M&A, private equity and project development, often assisting domestic and overseas conglomerates, financial institutions and government organisations.
The firm’s banking and finance team was very busy advising clients in major transactions and related regulatory mandates on corporate loans, structured finance, real estate finance, acquisition finance and mezzanine finance. Recent deal highlights including advised Japan Investment Corp (JIC) on its offer to buy out semiconductor packaging maker Shinko Electric Industries from Fujitsu for $4.71 billion.
In the M&A and private equity, the firm was preoccupied in major domestic and cross-border mergers and acquisitions advising both buy and sell side, including Nippon Life's acquisition of Nichii Holdings for about $1.41 billion.
In the project space, the firm leads on transactions in the energy sector including offshore wind, biomass, photovoltaic, PFI/PPP/infrastructure, and represented several major utilities in domestic and foreign projects assisting sponsors, lenders and other stakeholders. Recent deals include advised the $1 billion project financing for the Kitakyushu- Hibikinada Offshore Wind Farm.
Key clients
Key clients of the firm include The Japanese Bankers Association, Japan Syndication and Loan-trading Association, MUFG Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Mizuho Securities, Mitsubishi UFJ Morgan Stanley, Daiwa Securities, SoftBank Group, KKR, Bain Capital, Blackstone, Tokyo Electric Power Company, and TEPCO Renewable Power.
Testimonials
“In-depth knowledge and client-centric approach.” (Banking and finance client)
“To understand our company's situation well and provide solutions that fit our company's needs.” (Debt capital markets client)
“They have a lot of experience of capital markets, especially for traditional Japanese companies.” (Debt capital markets client)
“They understand us as a company very well (the history and its nature).” (Debt capital markets client)
“The range of service they provide is broad. Equity offerings are very often tied to several other events including M&As, corporate/business restructurings, etc involving different types of legal issues. Mori Hamada & Matsumoto is very experienced and also well organised firm capable of giving high level advice on all these matters at one stop.” (Equity capital markets client)
“Equipped with the most updated legal/regulatory framework and practice such as S-1 method. Proactively engaging with the transaction, including quickness and frequency of meaningful advice. Understanding of investment bank's position/behavior, leading to more practical advice.” (Equity capital markets client)
“Price reasonable, enough staffs and good quality advice.” (Equity capital markets client)
“The characteristics of Bond-type Class Shares are that they combine the aspect of bonds that do not dilute voting rights, and the aspect of shares that contribute to the enrichment of equity. This type of shares' listing was the first in Japan and it was a deal that showed new capital-raising options to Japanese issuers. Mori Hamada & Matsumoto provided comprehensive legal advice to us on the issuance of the shares and corporate actions, significantly contributing to the success of this transaction. Unlike regular common stock capital increases, the issuance affected a wide range of areas, including changes to the articles of incorporation, but They guided the issuer successfully, running in parallel from the verification of related laws to the thorough documentation of institutional decisions, ensuring no oversights in the process.” (Equity capital markets client)
“Provided detailed explanations to committee members and presenting countermeasures.” (Equity capital markets client)
“Thier services were not only financial laws also other laws relating to the deals.” (Equity capital markets client)
“Professional, high expertise.” (Equity capital markets client)
“They have a deep team with experienced junior lawyers.” (Equity capital markets client)
“They have a wide range of partners, as well as junior teachers, and that they provide appropriate support as a team.” (Equity capital markets client)
“They have a lot of experience in small LBO loans and our bank can get a clear explanation of the problems from them. They are quick to respond while we are required to consider LBO loans in a short period of time.” (Leveraged finance client)
“They are a very experienced firm, and one of the best firms in Japan.” (M&A client)
“They are knowledgeable about our business and provide accurate, useful and supportive advice.” (M&A client)
“Cost effective and responsive.” (M&A client)
“The MHM team worked extremely hard on this transaction, making themselves fully available to the client and turning things around at short notice when required. In particular, Kenichi Sekiguchi was excellent, providing clear and user-friendly advice in a high-pressure situation.” (M&A client)
“Appropriate advice based on the overall experience of the project. A balanced response to a question for which there is no clear answer.” (M&A client)
“We can form a highly specialized team and provide detailed services.” (M&A client)
“Support for countermeasures to be taken as a listed company in Japan. Timely and appropriate advice for global clients.” (M&A client)
“The firm has expertise on Japanese regulations of energy sector, drafting and negotiating project contracts or project finance agreements related to PV projects.” (M&A client)
“As in the past, they provided us with very prompt and high-quality advice. The attorneys at MHM understand our company's situation and provide flexible and reasonable advice, which has been very helpful.” (M&A client)
“Their response was very quick and was to the point with plain explanation for us.” (Private equity client)
“He is highly specialized, has a wealth of knowledge and experience, and is more professional than any other law firm I have ever worked with.” (Private equity client)
Akira Matsushita
“He gave us very professional advice in a timely manner.”
“They were knowledgeable about the law and quickly responded to our needs.”
Katsumasa Suzuki
“Deep knowledge on capital markets.”
“His consulting stances are always for customers.”
“He likes innovative transactions and tries to be flexible to tackle new areas."
Katsuyuki Tainaka
“Very reliable, very understanding of our company's situation and always respond in a timely and shrewd manner. He always gives us careful and appropriate advice on matters that are difficult to resolve.”
“He is very capable of managing a variety of transactions particularly as a legal adviser to the issuer, who constantly gives high quality legal advice to the issuer and gains high credit for his dedicated performance.”
“He is very experienced at ESG related securities issuance.”
“He understands our business not only from historical point of view but also our nature and give us clear answer and provide us with better solution.”
Kenichi Sekiguchi
“Kenichi Sekiguchi is extremely impressive. He has an excellent legal brain and can communicate complicated legal issues clearly and concisely in English.”
Kohei Morita
“Risk sensitivity that also takes into account business perspectives.”
Koji Toshima
“Response time is fast. Advice is accurate, analytical and comprehensive.”
Masahito Saeki
“Familiarity with the renewable energy industry.”
Takafumi Goto
“He can understand what his clients truly desire, concretizes it, and propose towards its realization. Also, He is capable of explaining complex legal interpretations in easy-to-understand manner to his clients.”
“Although he was involved as the issuer's lawyer, he acted as a lubricant between the client and the underwriters, which made the case run extremely smoothly.”
Takahiro Kobayashi
“Swiftly build a project team, appropriately balance the work allocation among the team.”
“He has strengths in finance and renewable energy. Above all, he understands the client's business and provides support. We were greatly helped by him during a renewable energy project finance deal. He also provided substantial support during the previously mentioned M&A of SB Energy.”
Toshimitsu Nemoto
“Continuously provide the latest update in terms of finance together with backed experience.”
Yohsuke Higashi
“In-depth knowledge.”
Yoshihito Kuramochi
“He is a specialist in the field of finance, focusing on LBO finance, real estate finance and project finance.”
Yoshiiro Kojima
“I believe he is one of the best experienced M&A lawyers in Japan.”
Yuki Matsuda
“He knows a lot about LBO loans.”
Nagashima Ohno & Tsunematsu
Nagashima Ohno & Tsunematsu
is one of the “Big 4” law firms in Japan. Established in 2000, the firm now has nearly 600 lawyers and seven offices outside Japan including New York, Singapore, Bangkok, Ho Chi Minh City, Hanoi, Jakarta and Shanghai.
Highlights
The firm is well known for its integrated full-service capabilities, especially equipped with expertise in the corporate, finance and real estate market. With years of experience, the firm has gathered flexible teams of lawyers with extensive expertise both domestically and internationally covering a wide range of legal specialty areas that collaborate to handle cases expeditiously and efficiently.
In the past year, the Banking team has continued to offer legal advice on loans, credit transactions, structured and acquisition finance, project and real estate finance. Additionally, the team advice on Japan's banking laws, draft documents, manage securitization, and advise on bankruptcy risks, also representing clients in finance disputes. Highlights include advised Sumitomo Mitsui Banking Corporation on the USD 5.33 billion acquisition financing for the management buyout of Taisho Pharmaceutical Holdings.
In the capital markets, the firm has advised major financial groups and corporations, including Mitsubishi UFJ, Mizuho, and Sumitomo Mitsui, on significant transactions since January 2023.
The project team was active in advising renewable energy projects, hydrogen projects, corporate power purchase agreements, carbon credit transactions, as well as green bond/finance transactions, showcasing a commitment to climate and carbon reduction strategies.
The firm promoted partners Eiji Miyagi, Takahiro Kitagawa, Kaori Sugimoto, Yu Tamura, and Yoshitaka Kato in 2024. Recent highlight includes advised Global initial public offering of common stock of Integral Corporation, which was the first-ever IPO by a private equity fund management company in Japan.
Key Clients
Key clients of the firm include Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Sumitomo Mitsui Trust Holdings, Toshiba Corporation, JERA, SoftBank Corp., Bain Capital, CVC Capital Partners, Mizuho Bank, and The Tokyo Electric Generation Company.
Testimonials
Asset Finance
“They know much about our company especially in terms of internal process, timeline and points that we really care about in the documentation.”
Banking and Finance
“Accumulated know-how on Japanese electric utility policy, accumulated know-how on Japanese antitrust policy.”
“They understood our situation and ultimate goal that we would like to achieve and provided us legally accurate and highly strategic advice.”
Financial Services Regulatory
“Their serves are beyond our expectation - very practical and persuasive based on deep understanding of relevant regulations and our businesses.”
Investment funds
“Their expertise and guidance were instrumental in setting up the fund efficiently and effectively.”
Leveraged Finance
“The speed and quality for documentation is really good.”
Project Finance
“One of the top law firms in Japan. Strong in electricity and gas business regulation.”
“Their ability to work closely with clients including their response speed, and risk management when starting a new structure.”
Project Development
“The advice is detailed to the point of not being noticed by our company's legal team and has been very helpful in our decision-making process for participation in investments in projects. In addition, when we have questions with this firm, we get quicker and clearer answers than with other firms.”
Jiro Mikami
“Always give us advice with good speed and quality.”
“Jiro Mikami excels in several areas that greatly benefit our business. Firstly, his deep understanding of our business ensures that we receive advice that is both insightful and not overly conservative. This allows us to make informed decisions that are aligned with our goals while mitigating unnecessary risks. Secondly, Mikami consistently provides timely responses to our requests. This quick turnaround time enables us to address issues promptly, thereby avoiding delays in our operations and decision-making processes. Lastly, Mikami's expertise makes him an excellent choice as a speaker for seminars hosted by our organization. His ability to convey complex legal concepts in a clear and engaging manner ensures that attendees gain valuable insights and understanding during these events.”
“He is a specialist in project finance, and finance contracts in general. He is great at client management. He prioritized our business by reviewing the important finance contracts within a day, which saved our business (and our client). He is someone all the developers and fund managers should rely on.”
Kei Okubo
“Enterprise-wide advice.”
“Good degree of understanding of our business.”
Kiyoshi Honda
“Well done in Power transmission and distribution projects, development and project financing of renewable energy power generation projects (mega solar, wind, biomass) and thermal power generation projects, power retailing projects, environmental law-related projects (including ESG investment, emissions trading, etc.) Real estate securitization and securitization projects.”
Shu Sasaki
“He has deep understating of Japanese banking regulations.”
Terukazu Katsuyama
“I believe he is the best lawyer in the world since he knows our group best. He always cares about the points that seem to be complicated and gives instruction to his associates appropriately from time to time.”
Yasuhiro Kasahara
“He is to the point and highly strategic.”
Nishimura & Asahi
Nishimura & Asahi is one of the leading Japanese law firms. The firm was originally founded in 1966 as Nishimura & Partners before adopting its current name following the acquisition in 2007 of the Kokusai Bumon (International Division) of Asahi Law Offices.
The firm is among the four largest in the Japanese market with more than 800 professionals and a presence in over 19 locations around the world, including domestic offices in Tokyo, Nagoya, Osaka, Fukuoka, and overseas offices in Bangkok, Beijing, Shanghai, Dubai, Hanoi, Ho Chi Minh City, New York, Singapore, Taipei and Yangon. The firm is also present in Jakarta and Hong Kong and is a member of international law firm network, Lex Mundi.
Highlights
Nishimura & Asahi have a high reputation across the board in transactional work. It has the largest asset finance practice in the country and acts for both lenders and borrowers in acquisition finance. It also routinely picks up the best mandates available to the market in M&A, projects, private equity and capital markets.
In the past year, the capital markets team continued to advise debt and equity capital market transactions, handles securitization across asset classes, provides derivatives legal services, advises on new securitization rules, and engages in market and public education.
In M&A and private equity, highlights include advising on the $16 million Toshiba take-over and advising Dai-ichi Life Holdings on a $2 billion tender offer to acquire Benefit One Inc.
In the project area, the firm advised on various renewable energy projects, including solar, wind, and biomass, as well as LNG carriers and battery energy storage systems for both domestic and international clients.
In 2024, the firm announced six internal promotions of partners including Toshihito Yasaki, Takefumi Suzuki, Satoru Yoshikawa, Suguru Sato, Ippei Hayakawa, and Sanshiro Kubota.
TMI Associates
TMI Associates is one of the fastest-growing law firms in Japan. The firm was established in 1990 and now has 556 attorneys with six domestic offices in Tokyo, Kobe, Nagoya, Osaka, Kyoto and Fukuoka and 10 overseas offices in Bangkok, Beijing, Hanoi, Ho Chi Minh City, London, Phnom Penh, Shanghai, Silicon Valley, Singapore and Yangon. It also has overseas practice groups and joint venture arrangements.
Focusses / specialisms
The firm was originally focused on intellectual property but has since become transactionally active in a wide range of practice areas including corporate and M&A, finance, projects and debt capital markets.
Key clients
Key clients of the firm include Aozora Bank, BNP Paribas Securities, Deutsche Securities, Daiwa Securities, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Mizuho Trust & Banking, and Nomura Securities.
Research period review: 33rd edition (2022/2023)
During the research cycle, the firm was busy handling transactions in banking, M&A, debt capital markets and project areas.
The firm’s banking and finance team was active in assisting clients in financial matters including corporate finance, structured finance, project finance, securitization, liquidation, real estate finance, REITs, acquisition finance, derivative transactions, banking, securities, insurance and trusts. Apart from actively advising sponsors and investors in project finance, the firm was also actively involved in the development of energy projects.
In the capital market, the firm was preoccupied with transactions related to IPOs, share capital increases, debenture issues and sovereign bond issues, and often advised underwriters and issuers.
In the M&A market, the firm was active in numerous squeeze-out transactions representing both private equity funds and targets. The firm also worked for numerous public companies across all industries and market capitalisations in defending against a wide array of shareholder activism campaigns.
Deal highlights: 33rd edition (2022/2023)
¥2.6 billion acquisition of Japanese real estate and financing by a Singapore-listed REIT.
Malayan Banking Berhad’s Japanese yen bonds - ninth series to eleventh series.
SMBC Nikko Securities Inc.’s ¥1 trillion update of Euro Medium Term Note Programme.
Client feedback: 33rd edition (2022/2023)
Asset finance
“TMI respond swiftly and pragmatically. They keep to their fee quotes. It is a pleasure to work with the team of Koshimoto-sensei.”
Banking and finance
“We have been well satisfied by the firm, especially Mr. Hideaki Kurauchi’s commercial awareness and specialisation in logistics facilities; he used to work in our office and well knows our organisation and business.”
“We have highly evaluated the firm’s past work, especially its expertise, client-orientated work/communication and business awareness.”
“Lot of knowledge and experience.”
Financial services regulatory
“The authority somehow didn't understand precedents and was not easy for our Type II registration. TMI's communication with the authority was beyond the legal service, patiently and softly showing precedents and making the authority understand their inconsistencies.”
Project development
“They have experience and knowledge of this business field and provide us with proper advice.”
Hideaki Kurauchi
“He has a deep understanding of the intricacies of the banking and finance industry, and he has been able to provide valuable insights and guidance in our real estate transactions. His communication skill is top-notch, and he made sure to keep us informed every step of the way.”
“I recently worked with Mr. Hideaki Kurauchi, who I found to be incredibly knowledgeable and experienced in the banking and finance field. I was also impressed with his ability to navigate complex regulations and requirements, and his commitment to finding the best solution for our specific needs. I highly recommend Mr. Hideaki Kurauchi to any colleagues in the real estate industry looking for a trusted and experienced banking and finance lawyer.”
Mizuki Koshimoto
“He has a lot of knowledge and experience of project finance – and good hospitality.”
“He has good knowledge about relevant laws and provides us with appropriate advice promptly.”
“He has superior knowledge of the renewable energy field and gives us professional advice.”
Tsugumichi Watanabe
“His advice is always very helpful and concise. He has the ability to explain everything plainly.”
A&O Shearman
Shearman & Sterling is a New York-based international law firm with 850 lawyers across 23 offices. The firm’s Tokyo office leverages off its global and Asia network to carry out transactions in Greater China, southeast Asia, Japan, India, Mongolia and South Korea.
Focusses / specialisms
The particular strengthof the firm’s Tokyo team is its work in the foreign M&A, private equity, capital markets, project development and project finance practices. The M&A team focuses on outbound investments, foreign direct investments, joint ventures, and public and private acquisitions and divestitures in a wide range of industries.
The team’s lawyers are qualified to practice law in the US and the UK and are fluent in Japanese.
Key clients
Key clients include Bunge, Furusato Industries, GC Holdings, JERA, Maruka, Osaka Gas, Michinoku Bank, Toyota Motors, Itochu, Mizuho, MUFG, Nippon Export and Investment Insurance and TEPCO Renewables.
Ashurst
Ashurst is a London-headquartered multinational law firm with offices in nearly 20 countries and which has more than 1,600 partners and lawyers across a network spanning Asia, Australia, Europe, the Middle East and North America.
The firm opened its Tokyo office in 1990 and now practises law in Japan through Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo and provides clients with Japanese and international law capability.
Focusses / specialisms
The firm is strongest in its work in the foreign project finance and project development area and is also active in debt capital markets and M&A.
Key clients
Key clients of the firm include Canon Medical Systems, Sumitomo Forestry, Fuyo General Lease, MOL Hong Kong, Toll Holdings, Japan Post Holdings, Mitsubishi, UFJ Lease & Finance Company and Itochu.
Baker McKenzie
Baker McKenzie is a Chicago-based international law firm with over 6000 lawyers across 77 offices. In Asia-Pacific it has 17 offices including in Tokyo where it is firmly entrenched in Japan’s legal market with a large practice and abundant bengoshi,
Focusses / specialisms
The firm’s Tokyo practitioners advise global and domestic clients on legal and business issues in Japan and overseas with transactional expertise in capital markets, projects and M&A.
Key clients
Key clients of the firm include Pacifico Energy, Export-Import Bank of India, 3M Company, Hitachi High-Technologies Corporation, Northland Power and Sumitomo Mitsui Banking Corporation.
Research period review: 30th edition (2019/2020)
During the research period the firm’s debt capital markets team was highly active advising on corporate, samurai, uridashi and renewable energy projects bonds, while the equity capital markets team handled stock options.
The finance team handled acquisition financing mandates, and projects were busy with airport privatisation, solar, offshore wind, biomass, and outbound projects in cogeneration, lithium, LNG, thermal, coal, waste to energy and electricity.
The corporate team advised on joint ventures, investments, disposals and acquisitions in manufacturing, print, pulp, oil and gas, financial services, technology and consumer goods.
In December 2019 partner Jeremy Pitts retired from the firm’s banking and finance practice. The firm’s projects team was also hit with the departures of partner Anne Hung and counsel Toshio Sasaki. Counsel Yumi Watanabe also left the firm’s corporate practice.
Deal highlights: 30th edition (2019/2020)
-Ako 102MW utility scale solar power plant
-Asahi Group Holdings $11 billion acquisition financing
-Export-Import Bank of India ¥32 billion dual-tranche samurai bond issue
-KT Corporation ¥30 billion samurai bond issue
-Mitsubishi UFJ Trust and Banking Corporation $2.9 billion acquisition of Colonial First State Global Asset Management
-Shingu cogeneration (3800KW heat/1800KW power) project
Client feedback: 30th edition (2019/2020)
Banking
“Timeliness on meeting our demands.”
“B&M's global network is very helpful for us to confirm the feasibility in creating a Japanese security. Also, they do their best to negotiate with borrower counsels.”
M&A
“Proactively analysed the situation and gave us the right advice. Properly coordinates with other external professional firms to proceed with the transaction. Timeliness when completing the tasks.”
“Creativity and advanced knowledge on tax structuring. They have plenty of experience and knowledge especially for the complex Japanese tax regime. In addition to that, they are always focusing on the clients' issues.”
“BM effectively advised the client coordinating with us in a very smooth manner in a situation that is not so precedented (acquisition of a Japanese listed target through tender offer by a foreign strategic company). The advisory work covered due diligence, negotiation with seller, coordination with administrator in the context of a tender offer process, and documentation were delivered in a very efficient manner, during an extremely tight timeframe, while also bridging language and cultural gaps.”
“Commercially realistic, solid client advice. Overall excellence.”
“Flexible approach and attentive service at reasonable fee levels.”
“Prompt response times, commercially relevant advice.”
“I worked opposite Mr. Yutaka Kimura. He represented the highest standard of professionalism, dedication, being business oriented and a real deal-maker. Mr. Kimura bridged the cultures and language and was an instrumental and crucial part in the parties’ ability to close the deal.”
“They have knowledge about M&A all over the world.”
“They minimise our risk on the asset purchase agreement and relative agreements. Also, they flexibly dealt with the seller's unreasonable requests and guided us to settle the deal smoothly.”
“Their tenacious and prompt practice to my team.”
“The law firm takes a very practical approach and understands clients' business needs.”
“They work very closely with the legal and the business team, and diligently with perseverance. Both the legal team and the business team really count on their practical advice and conscientious support. Especially, Mr. Kiyoshi Endo, a partner of the Tokyo office, we really appreciate his hands-on approach to the on-going matter. He does not delegate all the work to junior lawyers and instead, he himself understands issues very well and directly provides detailed analysis and advice to us.”
“They are responsive, approachable, they give commercial and pragmatic advice and are always happy to help.”
“They have US M&A expertise.”
“BM has a good spread of offices in locations where we do business. Our primary contacts in Japan help to facilitate involvement with the local offices whilst maintaining oversight and cost control.”
“BM consistently delivers timely, accurate, and useful advice for our teams. The level of service and priority we receive is exceptional.”
“They provided appropriate risk awareness and pre-emptive countermeasures.”
Project development
“Excellent client service, very committed to ensuring strong, open communication channels.”
“Well-resourced and client friendly; fit-for-purpose advice and solution-oriented; specialist knowledge and technical expertise in niche areas not widely available in the market.”
Clifford Chance
Clifford Chance is a London-based magic circle law firm with over 3300 lawyers and 34 offices across 23 countries. The firm opened its Tokyo office in 1987 and has been advising Japanese clients since 1974.
Focusses / specialisms
The firm has foreign lawyers and Japanese bengoshi operating under a financially integrated platform offering clients inbound and outbound expertise supported by a strong global network. The firm has a market leading debt capital markets practice and has strong finance and projects capability. It also offers M&A and private equity expertise.
Key clients
Key clients of the firm include SMBC Nikko Capital Markets, Japan Bank for International Cooperation, JPMorgan Securities, CVC Capital Partners, Mitsubishi Corporation, The Bank of Fukuoka and Sonnedix Japan.
Research period review: 30th edition (2019/2020)
During the research period the firm’s capital markets practice kept busy advising on green bonds, GMTN, EMTN and MTN programmes, samurai and convertible bond issuances.
The corporate team acted in sales, investments, joint ventures stake and other acquisitions in energy, offshore wind, solar and real estate, while the finance team acted in conventional lending, aviation and acquisition finance mandates.
The projects practice acted in inbound and outbound thermal, offshore wind, biomass, solar, casino, and oil and gas projects in Japan, Vietnam, Morocco, Africa, Taiwan, Turkey, Europe, South Asia and Australia.
The firm bolstered its private equity practice with the hire of partner Michihiro Nishi from Skadden Arps Slate Meagher & Flom.
Deal highlights: 30th edition (2019/2020)
-BBOXX $50 million investment
-Fancl Corporation ¥10 billion zero coupon convertible bond issue
-Japan Finance Organization for Municipalities €500 million green bond issue
-Mine 7/3MW solar PV project
-Nghi Son 2 IPP
-Qracian acquisition financing
-VLI Multimodal $30 million financing
Client feedback: 30th edition (2019/2020)
Asset finance
“It supported us professionally in the entire work. The Japan office helped us especially in regards to the nini-kumiai structure which is rare in JOL.”
“Helped us with extensive knowledge and understanding about aviation, Japanese investors, our capacity and counterparty's demand.”
“I think their positive attributes are the quality of service and relationship management with clients. In terms of the work we asked, they take care of our issues in a timely manner.”
Banking
“Professional and adequate advice in such a short time. Successfully contributed to achieve the client needs.”
“To smooth the execution process of transactions with customers.”
Capital markets: Debt
“Ms. Reiko Sakimura, a partner, always gives us clear and reliable advice.”
“To implement new terms like ARRC based fallback, the firm advised and guided us in good ways to launch by referring to a global capital markets case study.”
“CC Tokyo has an efficient capital markets team led by Reiko Sakimura.”
“The team is consistent and hardly changes members and as such, the institutional knowledge is valuable to clients who often rotate staff.”
Capital markets: Derivatives
“They provide a one-stop service for English law and Japanese law advice and have expertise in the derivatives space.”
Capital markets: High-Yield
“Responsive and cooperative. While the discussion started at a very early stage, the firm showed its willingness to assist us and proactively provided ideas.”
Financial services regulatory
“Contributed to the establishment of a regulatory horizon scanning team. Hitomi Kurokawa has been sitting with us in the bank and working closely.”
“Clifford Chance provides timely, thorough and useful advice on compliance with the Japan reporting requirements. The team of legal assistants who handle the filings are exceptionally capable.”
M&A
“We especially appreciate their positive attributes in clarification of the scheme of arrangement. We consider the impact caused by differences between Japanese law and Australian law. In order to solve them, Clifford Chance in Tokyo and Sydney supported us by providing detailed explanations in Japanese about scheme of arrangement and what is the main issue, how it may impact the terms and conditions of this financing. I truly appreciate them.”
Private equity
“Adequate experience in the area, timely responses.”
Project finance
“The firm has brought extensive knowledge of project finance and local legal matters through the combination of their Tokyo and Moroccan office.”
“Of course they were acting on the lenders side and not for sponsors but they have been always willing to do anything good for a whole project.”
Davis Polk & Wardwell
Davis Polk & Wardwell is a New York-headquartered law firm with 982 lawyers across 10 offices in North and South America, Europe and Asia. The firm established its office in Tokyo in 1987 but can trace its Japanese presence back to a series of Japanese government bond financings during the decade following the Great Kantō earthquake in 1923.
Focusses / specialisms
The firm is best known for its high-end debt and equity capital markets and M&A practices, routinely advising Japanese and non-Japanese issuers and underwriters on their rule 144A and SEC-registered transactions, while acting for potential buyers and sellers in a variety of cross-border transactions, including a mix of outbound, inbound and Japanese business combinations.
Key clients
Key clients include SMFG, SMTB, JFM, Development Bank of Japan, Nippon Paint, Money Forward, Shiseido, IRE and Kobe Steel.
Client feedback:
32nd edition (2022/2023)
M&A
“The firm has broad and long experience in M&As involving Japanese companies and are knowledgeable about M&A practices both in the US and Japan, effectively combining their global capabilities. In addition, they are well aware of potential issues and concerns from not only the transaction parties’ viewpoint but also the financial advisors’ viewpoint (including our standards and stances). Therefore, they are always helpful and important resources for our evaluating potential issues which may arise from our Japan-related M&A financial advisory work.”
Hibiya Nakata
Established in 2012, Hibiya Nakata is a Tokyo-based boutique Japanese law firm. It works closely with Allen & Overy and has access to the Pacific Rim Advisory Council network.
Focusses / specialisms
The firm is focused on inbound and outbound M&A work and caters to mid-sized cross-border M&A transactions. It is traditionally good at advising Japanese companies on their European/US M&A transactions and developed Asian M&A transactions in recent years.
Key clients
Key clients include Sika, Vertex Ventures SEA Management, UT Group, Obayashi, Appirits, Kyoei Denki, Shizuoka Gas, and Daiwa House Industry.
Client feedback:
32nd edition (2022/2023)
M&A
“They provide us with detailed analysis on the possible structure of the collaboration, risk concerning anti-trust laws and regulations, procedures for anti-trust filing. Also, they supported our contract negotiations which includes contract reviewing and drafting of documents.”
“Networking with overseas law firm, managing legal affairs for carve-out deal under collaboration with overseas law firm.”
Hunton Andrews Kurth
Hunton Andrews Kurth is an American law firm resulting from the merger of Hunton & Williams and Andrews Kurth Kenyon on April 2 2018. The firm has more than 900 lawyers in the US, Asia, Europe and the Middle East.
Focusses / specialisms
The firm’s Tokyo office is specialised in foreign project development and project finance practices. It advises clients on strategic investments, acquisitions and financings in key sectors such as nuclear energy, oil and gas, conventional and renewable power, minerals, infrastructure, information technology, manufacturing and services, and life sciences.
Key clients
Key clients of the firm include Nuclear Power Plants Authority and Impact Energy Asia.
K&L Gates
K&L Gates is a US-based international law firm with 45 further offices across Asia, Australia, Europe, the Middle East, and South America. The firm’s Tokyo office was established in 2010.
Focusses / specialisms
The firm offers cross-border transactional advice and is focused on asset finance, with specific expertise in real estate, aircraft, ship, rail, container and telecom equipment finance.
Key clients
Key clients of the firm include Citigroup Global Markets, JP Lease Products & Services, Deutsche Bank, Tokyo Century Corporation, MUFG Bank and Showa Leasing.
Research period review: 30th edition (2019/2020)
The firm has kept busy in the research period with acquisition financing, Japanese operating lease aviation work and advising clients in relation to the Boeing 737 Max aircraft, and on rent holidays requests under lease agreements due to Covid-19 alongside prospective work on green aircraft transactions and on the potential entry of US Pension funds into the aviation finance market.
In 2019 the firm welcomed corporate partner Tsuguhito Omagari from Sonderhoff & Einsel, but lost partner Kamil Ahmed in February 2020.
Deal highlights: 30th edition (2019/2020)
-JOL AIR 2019-1 $683 million ABS transaction
-JP Lease/All Nippon Airways dual currency JOL for one 777-300ER
-PK AirFinance acquisition financing
Client feedback: 30th edition (2019/2020)
Asset finance
“They are experts in aviation finance and one of the few international firms in Tokyo that have full Japanese law capability. They are also very commercial, have reasonable pricing, are hardworking and friendly.”
Kaynex Law Offices
Kaynex Law Offices
Established in 2006, Kaynex Law Offices is a Tokyo-based boutique firm comprised of seven lawyers.
Focusses / specialisms
The firm is traditionally known for its work in the real estate industry and specialised in project development and project finance. It is also active in the banking sector. The firm’s project team primarily focuses on financing, acquisition, development and related regulatory matters in renewable energy, commercial real estate and infrastructure.
Key clients
Key clients of the firm include Kiraboshi Bank, Orix Bank, and Starts Trust.
Research period review: 33rd edition (2022/2023)
During the research period, the firm was particularly active in banking and project development practice.
The firm kept busy handling work in relation to LBO financing, MBO transactions and securitization transactions for lease receivables. The firm was also particularly active in the real estate sector including real estate investment (TK-GK structure, TMK structure and J-REIT structure), real estate lending, real estate securitization, real estate development and construction, and providing regulatory advice for invest management firms.
Client feedback: 33rd edition (2022/2023)
M&A
“They gave us perfect advice with quick response.”
“Superb balance of speed, practicality, fair pricing and creativity.”
“Extremely efficient, flexible, practical, quick and economical.”
Real estate development
“Kaynex provides high-quality services that are based on lawyers’ extensive experience at leading domestic and international law firms. In addition to having in place the systems naturally expected of such a law firm, Kaynex is committed to them in order to provide the highest quality services possible.”
Eiichi Nagai
“He advises both international and Japanese domestic clients on a broad range of matters, including: finance transactions, such as banking, capital markets and securitization; M&A; real estate; renewable energy; and startup and venture capital.”
“Flexible, creative, extremely smart and quick.”
“Extremely efficient, flexible, practical, quick and economical.”
Norifusa Hashimoto
“Always helpful, quick response, and gives us the perfect advice.”
King & Spalding
King & Spalding is a Atlanta-based international law firm with over 1100 lawyers across 23 offices. Its Tokyo office was established in 2015.
Focusses / specialisms
The firm is best known for its projects work where it is active in energy, renewable energy and oil and gas mandates.
Key clients
Key clients of the firm include Mitsui & Co, Marubeni Corporation, Korea Electric Power Corporation, Électricité de France, Keppel Capital Holdings, Korea East-West Power Corporation and MODEC.
Research period review: 30th edition (2019/2020)
The firm’s projects team has kept busy in the past 12 months advising on outbound projects including project bonds, IPPs and IWPPs, gas projects, cogeneration projects, infrastructure funds, LNG projects, and offshore wind mandates in Mexico, Brazil, Senegal, Australia, Saudi Arabia, UAE, Guam, Myanmar and Vietnam.
Deal highlights: 30th edition (2019/2020)
-Fujairah 3 IWPP
-Keppel Asia Infrastructure Fund
-MV24 Capital $1.1 billion 6.748% project bond issue
-Sepia MV30 FPSO Project
Client feedback: 30th edition (2019/2020)
Investment funds
“Meeting deadlines and negotiating legal points with counterparties.”
Project development
“Trustworthiness and gets the work done in a timely manner.”
Project finance
“They are very practical and hands-on. They have very smart people.”
Latham & Watkins
Established in California in 1934, Latham & Watkins is an international firm with 2700 lawyers across 29 offices in the United States, Europe, the Middle East and Asia. It has been active in Japan for over 20 years.
Focusses / specialisms
The firm in Tokyo comprises of bengoshi and US-qualified lawyers focused on high-end, inbound and outbound M&A transactions across the automotive, technology, communications, semiconductor, life sciences, private equity and financial services sectors; and Asia-Pacific project financings across the energy, infrastructure, mining, transport, and telecommunications sectors.
Key clients
Key clients of the firm include Z Holdings Corporation, SB Investment Advisers, Kioxia Corporation, Saputo, Pengerang Energy Complex, JPMorgan Securities and Japan Bank for International Cooperation.
Research period review: 30th edition (2019/2020)
During the research period the firm’s corporate practice handled the Z Holdings/ Line merger, private equity and stake acquisitions alongside investments and joint ventures. The projects team were active in a host of outbound thermal, power, petrochemical, energy, oil and gas, and mining projects in Malaysia, Vietnam, Indonesia, Guam and Australia.
The firm bolstered its M&A team in 2019 with the hires of partners Noah Carr and Ivan Smallwood from Morrison & Foerster but it also lost Nozomi Oda to the same firm.
Deal highlights: 30th edition (2019/2020)
-Grab Holdings $1.46 billion series H financing
-Line Corporation / Z Holdings merger
-Mong Duong 2 1240MW thermal power project
-Saputo / Mori International Corporation joint venture
Morrison & Foerster
Formed in 1883, Morrison & Foerster (MoFo) is a San Francisco-based international law firm with 1,000 lawyers and 17 offices across the US, Asia and Europe. The firm’s Tokyo office has the capacity of approximately 60 US attorneys, 60 Japanese bengoshi, and six attorneys qualified in England & Wales who team with the firm’s global network.
Focusses / specialisms
The firm’s Japan team is strong in a wide range of practice areas and is one of the few international law firms that leads in both domestic and foreign markets and actively advises inbound and outbound transactions. It is strongest in M&A and private equity and very active in banking and finance, debt and equity capital markets, project finance and project development.
Key clients
Key clients include CLS Bank International, Financial Services Agency of Japan, SoftBank Group, Nomura Securities, Daiwa Securities, SMBC Nikko Securities, Mizuho Securities, Fujitsu, Renesas Electronics, Tencent, Tokyo Gas and GSSG Solar.
Paul Weiss Rifkind Wharton & Garrison
Originally founded in 1875, Paul Weiss Rifkind Wharton & Garrison is a New York-based international firm with more than 1,000 lawyers across eight offices. The firm established its Tokyo office in 1987.
Focusses / specialisms
The firm’s Tokyo office is best known for its work in the foreign M&A, private equity and capital markets practices. It advises Japanese companies in the US and elsewhere around the globe, alongside US and other non-Japanese clients in connection with activities in Japan. The firm is also active in joint ventures, investment fund formations and restructurings.
Key clients
Key clients of the firm include Mitsubishi UFJ Financial Group, Apollo, Mitsubishi Chemical America, Itochu and SoftBank.
Client feedback:
32nd edition (2022/2023)
Financial services regulatory
“Global network, English documentation, and organising and streamlining complicated legal issues.”
Ropes & Gray
Established in 1865, Boston-based Ropes & Gray is an international law firm with more than 1,400 lawyers and 11 offices across the US, Asia and Europe. Its office in Tokyo was established in 2007.
Focusses / specialisms
The firm’s Tokyo office is known for its work in foreign private equity and M&A markets. Its core focus is on leveraged buyouts, strategic M&As, private equity, joint ventures, public offerings and capital markets issues.
The firm is also active in the foreign banking market. The banking team acts for both borrowers and lenders in acquisition and corporate financing matters.
Key clients
Key clients include Bain Capital, Baring Private Equity Asia, Kioxia Holdings, Nissan Motor, ADK, Showa Aircraft Industry and Canada Goose.
Simpson Thacher & Bartlett
Simpson Thacher & Bartlett is a New York-based international law firm with 900 lawyers across 11 offices in the Americas, Asia and Europe. Its Tokyo office was established in 1990.
Focusses / specialisms
The firm’s Tokyo team is known for its work in the foreign
M&A, private equity, debt and equity capital markets practice. It is also active in banking and finance and cross-border private fund formation.
Regionally, the firm has added a leveraged finance piece to its offering that is based in Hong Kong.
Key clients
Key clients of the firm include All Nippon Airways, Aruhi, Asahi, BofA Securities, Citigroup, Dai-ichi Life Insurance, Daiwa Securities, Goldman Sachs, Mizuho Bank, Morgan Stanley, Japan Airlines and Nissin Foods.
Client feedback:
32nd edition (2022/2023)
Capital markets
“I would highlight two leading partners who have contributed to established capital markets practice by providing solid, reliable technical advice yet keeping in mind commercial reasonableness.”
Investment funds
“Has deep knowledge of the market. Negotiates effectively with LPs, which is very important for a first-time fund of a Japanese emerging manager like us.”
Skadden Arps Slate Meagher & Flom
Formed in 1948,
Skadden Arps Slate Meagher & Flom is a New York-based international law firm with 1,700 lawyers across 22 offices. The firm’s Tokyo office was established in 1987 and operates as a gaikokuho kyodo jigyo (foreign law joint enterprise).
Focusses / specialisms
The firm’s Tokyo team is staffed with bengoshi licensed to practice law and appear in Japanese courts. Its core focus is on structuring and negotiating public and private mergers, acquisitions and joint ventures involving Japanese entities. Its capital markets team handles IPOs, follow-on equity offerings, J-REIT offerings, investment grade and high yield debt offerings, sovereign debt offerings and insurance hybrid debt offerings. The team also assists clients in restructurings and in the formation of investment funds.
Key clients
Key clients of the firm include Toshiba, Sumitomo Mitsui Finance and Leasing, NTT Group, Daiwa Securities, Visional, Janus Henderson Group and Sanken Electric.
Tokyo International Law Office
Tokyo International Law Office is a relatively new M&A boutique that was established in 2019 by former Hibiya-Nakata partners Mikiharu Mori and Koki Yamada.
Focusses / specialisms
The firm has a particular focus on the small to mid-cap M&A market, facilitating outbound M&A transactions by Japanese corporations, joint venture projects with foreign partners, and inbound M&A transactions by foreign investors in Japan. It has expertise in the PR, media, electronics, healthcare, technology, construction, entertainment, financial services and consumer goods sectors.
Key clients
Key clients of the firm include Mitsubishi Tanabe Pharmaceutical, Kurita Water Industries, Yokogawa Electric, Sumitomo Mitsui Banking, Toyota Motors and Hitachi Astemo.
Client feedback:
32nd edition (2022/2023)
M&A
“Their team headed by Mikiharu Mori is very diligent, to the point and delivers on time.”
Tsubame Law Offices
Tsubame Law Offices is an independent law firm based in Tokyo, Japan.
Focusses / specialisms
The firm is strong in the banking area with a particular strength in real estate financing.
Research period review: 33rd edition (2022/2023)
The firm’s banking team regularly advises on transactions in relation to asset finance, securitization and liquidation transactions and project finance, as well as syndicated loan projects.
For real estate, the firm have been involved in a variety of transactions assisting lenders, equity investors, borrowers and asset managers.
In the investment funds area, the firm often advises originators and investors in transactions including venture capital funds, buyout funds, real estate funds, infrastructure funds, bond investment funds and revitalization funds.
Coporate partner Chie Tabata joined the firm in 2022, she was previously with Atsumi & Sakai.
Client feedback: 33rd edition (2022/2023)
Banking and finance
“Tremendous deal experience; very prompt and professional.”
“Prompt and professional. Deep legal knowledge.”
Takumi Fukuda
“Prompt and professional, tremendous legal knowledge.”
“Professional and prompt. Great legal knowledge. Easy to work with.”
