IFLR 1000
The Guide to the World's Leading Financial Law Firms

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The team "organise themselves very well internally, people are providing information based on the whole firm. I think this really characterises the Mallesons' approach, a really good team approach", says a rival partner. Clients are also impressed: "Cooperation between partners is wonderful, never have a situation where one partner doesn't know what's going on," notes one.

The equity capital markets team acted on some of the most notable and high profile transactions in 2010, including advising the Westfield Group on a restructure and A$7.3 billion ($7.9 billion) capital return. The team was led by Jason Watts, an "excellent corporate lawyer" according to a client.

Watts' partner for this transaction was Greg Golding, "a longstanding and excellent lawyer" according to one rival. Watts helped manage the Westfield Retail Property Trust and the A$3.5 billion public offer to list Westfield Retail Property Trust on the Australian Securities Exchange (ASX). The restructuring created Australia's largest domestic focused real estate investment trust (Reit) having assets with a book value of approximately A$12 billion.

The team was boosted last year with the promotions of Joseph Muraca and Anne-Marie Neagle in Melbourne who are specialists in equity and equity-debt linked transactions.

One client noted that the firm's "advice is more thorough on how the markets operate than other advisors". This was shown last year as the firm acted as Australian advisors to the underwriter of the Aston IPO a significant step for the company's development of its Maules Creek project. The proceeds were intended to be applied to the project.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The firm retains its position in the top tier and as one of the go-to firms in the debt capital markets. Clients note the team's "depth of experience in retail bonds," stating that it is "always prepared to explore different ways to document dealers agreements".

Leading the team is Ian Paterson, "their stand-out partner on all financing matters, with technical mastery of all key issues," according to one client. While a rival partner also highlights Greg Hammond who "knows the market, understands the industry and the players, is also responsible for Mallesons' success".

The firm is committed to investing in their regional capital markets capability and has promoted two new partners this year in Anne-Marie Neagle and Joseph Muraca.

The team was busy advising the Canadian Imperial Bank of Commerce in its issue of structured covered bonds in the Australian wholesale capital market. Acting as counsels for the arrangers and joint lead managers, the team advised on what was the first issue of structured covered bonds in the Australian market and the first issue of covered bonds in Australia by a Canadian issuer.

Another highlight was acting for DBP Finance and the DBP Group on their A$550 million ($593 million) domestic MTN issue. DBP is the owner and operator of the Dampier to Bunbury Natural Gas Pipeline. The issue consisted of A$150 million fixed-rate notes and A$400 million floating-rate notes maturing in 2015.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The firm's "quality of partners and lawyers across the firm is second to none in Australian structured finance," a client comments. The team has built a solid foundation with its clients by "always delivering, even in the very tightest of timetables," according to one. Another values Mallesons' "understanding, knowledge and market leading advice".

Last year the team assisted Citigroup in establishing its first structured fund in Australia. Working closely with the derivatives team, the firm advised on structuring, funds, licensing and regulatory issues. Citigroup is one of the main issuers of structured products in Australia but the products are typically structured as over-the-counter derivatives or warrants.

There has been a recent trend shying away from offering retail structured products as over-the-counter derivatives towards offering products through structured funds and Mallesons recently advised Citigroup in conjunction with National Australia Bank (NAB) with advise about such products.

Client had praise for partner Berkeley Cox, describing him as "an extremely thorough practitioner, always delivers solutions in a practical and easily understood format and is extremely dependable". Last year Cox led the team advising Australia and New Zealand Banking Group (ANZ) and Westpac Banking Corporation as arrangers on the inaugural issuance by FB Turbo Trust 2010-1 of asset-backed pass-through floating rate notes with a turbo feature. This deal was extremely complex due to the issue of securities backed by non-residential mortgage-backed securities (RMBS) assets in challenging market conditions.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

"As much as it irritates me, Mallesons Stephen Jaques still sets the barometer for every banking team in Australia," admits one rival and the market was in agreement regarding the firm's quality.

Last year the team acted for a syndicate of 17 banks providing senior debt financing for TPG Capital and The Carlyle Group's A$2.7 billion ($2.9 billion) acquisition of Healthscope pursuant to a public takeover by scheme of arrangement.

This deal involved the acquisition by Origin Energy of certain New South Wales power assets including the retailing activities of Country Energy and Integral Energy. The takeover of Healthscope was Australia's largest private equity deal since 2007 and the first test of the capacity of Australian debt markets to support a large private equity deal since the global financial crisis.

Major transactions also involved acting for Australia and New Zealand Bank (ANZ), Bank of America, JPMorgan Chase, Macquarie and National Australia Bank (NAB), which provided facilities totalling A$4.24 billion to Origin to assist with acquisitions, refinancing existing loan facilities and for general corporate purposes.

Another highlight for the team was advising QR National and its subsidiaries in relation to the A$3 billion ($3.2 billion) unsecured syndicated facility agreement they entered into with 11 major domestic and international banks for the purpose of refinancing the group's existing financial indebtedness, to pay for the cost of the IPO and to fund the group's capital requirements post IPO.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

"I recommend them and characterise them as absolutely top-notch, certainly rank them in the top one or two firms in Australia. They provide really good people who understand the market, the cutting edge of new ideas and new business in the banking and finance world. Mallesons is really pre-eminent," comments a client.

The team is led by David Friedlander, Greg Golding and Stephen Minns, and clients are not short of praise. "Just really good," says one, "everyone is on top of their game and they all do slightly different things and excel at it". "They have a good understanding of how we operate and have worked with us for many years. Just very professional and strategic," says another

The firm advised Axa Asia Pacific Holdings on the proposed acquisition by AMP. It served as the lead legal advisor and co-ordinated other jurisdictions including China, Indonesia, Philippines, Malaysia, India, Singapore and New Zealand in this A$14 billion ($15.1 billion) deal.

This complex structured transaction involving a listed public company intended to maximise the value for Axa APH shareholders in selling major assets to a different acquirer and thereby maximise the overall consideration. It also involved the separation of a substantial multi-jurisdictional financial services business and approvals from its shareholders.

December 2010 saw the M&A team act as principal legal adviser to Canada Pension Plan Investment Board's A$3.4 billion acquisition of Intoll Group, a triple-stapled entity listed on the Australian Stock Exchange (ASX) and holding toll road investments in Australia and Canada. Mallesons advised on the Australian law for this proposal by Canada Pension Plan Investment Board to acquire all the stapled securities in Intoll by schemes of arrangement.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

"Their competition law advice always combines technical expertise with deep commercial understanding and pragmatism," says one client.

The team lead by Sharon Henrick, "one of the best competition law practitioners I have ever encountered in any jurisdiction", according to one client, has continued to impress. The team's "depth and breadth allows them to substitute lawyers without missing a beat," says another.

The firm acted for Axa Asia Pacific Holdings (Axa APH) last year in relation to the A$16 billion ($17.2 billion) bids made respectively by National Australia Bank (NAB) and AMP (AMP) to acquire Axa APH's Australian and New Zealand businesses and obtaining clearance from the Australian Competition and Consumer Commission (ACCC).

The deal was significant because it involved consolidation across the Australian financial services and wealth management industries at a time when the ACCC is heavily scrutinising competition in those industries following the global financial crisis and acquisitions by the four major Australian banks.

Most recently the team assisted British Airways with prosecutions by the Korea Fair Trade Commission and the New Zealand Commerce Commission. This was prior to acting for British Airways across the Asia Pacific region in relation to investigations, prosecutions and follow-on actions for damages to the cartel conduct in the airline industry.

In January 2011, Mallesons appointed Wayne Leach into the partnership. Based in the Sydney office, Leach specialises in the competition practice's resource, primary industry and transport infrastructure sectors.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The legacy firm Mallesons "is the best firm in project finance as far as I am concerned", according to one client. With its involvement in some of the country's biggest deals in last year, the firm retains its tier one ranking.

"They provide really good people who know the market and are not afraid to provide the cutting edge ideas to new project finance business," says a client.

Partners Jeff Clark and Peter Doyle both "highly rated lawyers", says one rival partner, "and are still the standard bearers at Mallesons when it comes to project financing".

Alex Regan, "an up and comer" according to one peer, is acting on a power project in Vietnam with the sale of the Abbot Point Coal Terminal, a significant port and rail project.

The team acted for the financiers to the winning Consortium (Industry Funds Management, Queensland Investment Corporation and Global Infrastructure Partners) and acquired a 99-year lease over the Port.

The sale delivered A$2.1 billion ($2.3 billion) in cash proceeds to the Consolidated Fund as well as the Consortium agreeing to fund the future upgrade of Section 3 of the Port of Brisbane Motorway, at an estimated cost of A$200 million.

Other notable highlights include advising on the financing of the Karara Iron Ore project. Mallesons conducted legal due diligence on the project, advising and assisting with obtaining Foreign Investment Review Board clearance for the State of the Environment lenders.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

Led by head of department Martin James, the restructuring and insolvency team at the firm has "a good depth of staff, matters we've worked on together, we've used their entire insolvency and corporate team, dealing with up to 20 people," says one client. Peers also praise the team: "They have a strong team at a number of levels, very good to work with." A client agrees: "I've found Mallesons have been very practical, commercial, and creative within the bounds of the legal regime that we operate in."

The firm were counsel to the Alinta Energy Group throughout its 18-month restructuring process. The team provided investigation of options for deleveraging the Group's business, which included running a triple track trade sale; IPO and debt-for-equity swap processes.

Furthermore the team constructed schemes of arrangement with creditors involving the listed trust as a means of returning funds to security holders and the restructuring of debt, equity and other commercial arrangements.

The deal is regarded by many as the most complex restructuring in Australian corporate history. The complexity of the arrangements included four creditors' schemes of arrangement with a total of 11 classes of creditors to implement a complex debt for equity arrangement for over 70 secured lenders.

In September 2010 the team also acted for both the secured creditors (comprising a large international banking syndicate at the senior and mezzanine level) and the receivers and managers of Windimurra Vanadium and Midwest Vanadium. The matter was a multi-layered restructure of equity, debt and recapitalisation across a 15-month period.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

One highlight for the team saw partner Nicola Wakefield Evans advising Asia Resources Fund in investing in AED Oil by way of unsecured convertible notes up to $20 million.

Partner Conrad Chan also represented London and Hong Kong listed Asian Citrus Holdings in its acquisitions of Beihai BPG Food and Beverage Holdings for a consideration of approximately HK$2.04 billion ($261 million) for cash and issue of new shares. Beihai BPG Food is a leading Chinese producer and seller of tropical fruit juice concentrates, fruit purees and quick-frozen fruits.

Clients seem pleased with the firm's service on capital markets transactions. "They always have a prompt response and give clear direction to us," says one client. "And they're very helpful."

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

This past year can be characterised as a year of firsts for the firm's capital markets team, which continues to march out innovative deals. "King and Wood is well established in the market," says one peer, "but they've also been involved in some of the most exciting, high-profile deals recently." One of these was the successful listing of the insurance arm of The American International Group (AIA) on the Hong Kong Stock Exchange. The 2010 deal was Hong Kong's largest IPO upon its listing date, and also could boast of being the third largest IPO worldwide and the largest IPO of an insurance company to date. Partners Stanley Cha, Wan Jian Zhao, Harry Du and Rebecca Chao acted as issuer's council.

The team also advised four underwriters on the landmark Agricultural Bank of China IPO – China International Capital Corporation, CITIC Securities, Guotai Junan Securities Company and China Galaxy Securities - in the $22.1 billion A+H share listing last July.

The firm has also acted on significant IPOs featuring Chinese energy companies listing in New York. One of these was the listing of LDK Solar on the Nyse. The $164.2 million deal was novel because LDK Solar is the world's largest solar wafers producer in terms of capacity. King & Wood acted as Chinese counsel for the underwriters, and partner Jing Gang led the team.

Another key transaction in the energy sector was the team's advising of China Mingyang Wing Power Group on its Nyse listing. The offering yielded over $350 million in shares. The Mingyang IPO was seminal in that it was China's first listing of a wind power machinery company in the US and at the time the shares were issued it was the largest IPO of a Chinese company to take place that year. Last but not least, it was also the first time that a company based on Zhongshan City, Guangdong Province, has listed outside of China.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The firm maintains its tier one status in the market with a series of leading banking and finance deals. "They are well known by all of the major international and Chinese banks," on peer notes. This past year, the team represented lenders HSBC (China) and Bank of Communications on their project finacing to NBT (Baicheng) New Energy Development Company for the Baicheng Taobei-Baoshan Wind Farm Phase 1 Project. The deal was significant in that it represented the first typical non-recourse wind farm project in China, and partner Shaun Lee led on the transaction.

Lee also led King & Wood's banking and finance team in advising the Shanghai Pudong Development Bank as lead arranger in a syndicated Rmb1 billion ($155 million) project financing to Shanghai Baoshan Wanda Investment Company for the real estate development of Shanghai Baoshan Wanda Plaza.

Partner Wang Ling also served as lenders legal counsel for a foreign bank that acted as agent for a syndicated financing of a special purpose vehicle (SPV) established in the Free Trade Zone by a Domestic Financial Leasing Company, for the purchase of 2 B737-800 airplanes. The transaction marked the first time in which a foreign bank financed a SPV established in a Free Trade Zone, and sets a precedent in the market.

In August 2010, the team advised Deutsche Bank (China) and its syndicate participant banks in their financial accommodation to Chinese trading company Zhejiang Zhengcai for a structured alumina prepayment finance facility. The syndicate of banks included Société Générale, Everbright Bank and Evergrowing Bank. The one-time capital injection was finished in November 2010, and the total financing reached Rmb800 million ($124 million). Partners Roy Zhang and Zhong Xin advised the lenders.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

Clients consistently praise the combination of quality work and excellent value for money that they feel they get from working with the firm. As one client says: "They are commercial, sensible and know how to price their work. We actually moved our team of counsels to Mallesons. We've used other firms and felt that because we weren't their biggest client we weren't very important, but at Mallesons we feel very valued and have a good long-term relationship. We especially like working with Nicola Wakefield."

While the firm has an historical strength in mining and natural resource related M&A deals in Asia due to its keystone offices and connections in Australia, the firm can boast of sizeable and significant deals across a range of sectors. For example, partners Joshua Cole and Jeremy Wade recently advised Telestra on the restructuring of Reach, the international telecoms joint venture between PCCW and Telestra. Partner Simon Milne also led in advising Telestra on its acquisition of a 67% interest in LMobile.

One client complimented the Beijing team on its accessibility and communication. "They were very quick on replies. Very prompt and we have a good working relationship with them. They also came up with some very creative ideas on approach and commercial issues. I have found that other international firms advising in China give advice that is too theoretical, whereas Mallesons' advice is always practical."

Other highlights included John Shi's advise to Rexel Distribution on three projects across China, including onshore and offshore acquisition structures and equity and asset acquisitions to comply with Chinese government approval. Stuart Valentine counseled GO on a proposed founding of a joint venture with China Southern Railways Qishuyan. Valentine and Martyn Huckerby also advised Campbells soup on its entering into an agreement with Swire Pacific to establish a joint venture in China. Scott Bouvier and Nicolas Groffman also acted for CSIRO in their partnership with China United Coalbed Methane in a A$10 million ($10.8 million) joint energy project that will store 2000 tonnes of carbon dioxide underground in Shanxi province.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The team represented Beijing Wild Wolf Investment Consulting Company on its successful acquisition of the total shares of Beijing Globallink Computer Technology Company and Ourgame Asset (OAL) from South Korean-listed NHN and A-share listed SeaRainbow Holding. The team, led by Jing Gang, served as legal counsel and coordinator for Beijing Wild Wolf Investment Consulting, and provided a range of services including drafting transaction documents, filing transaction proposals with the relevant government agencies and arranging delivery matters. The transaction successfully closed in December 2010.

Clients praise the firm's antitrust/competition knowledge. "King & Wood has a strong antitrust team," says one client, "they have a large group, especially considering the size of the firm."

In August 2010, partner Susan Ning advised pharmaceutical giant Alcon on its proposed $28 billion acquisition by Novartis, and the proposal was conditionally approved by the Ministry of Commerce. After the acquisition Novartis would become Alcon's majority shareholder.

The team also advised NYSE-listed Owens-Illinois, the world's largest producer of glass packaging, on a number of meaningful acquisitions in China. This included the acquisition of Hebei Rixin Glass Group and Zhaoquing Jiaxin Glassworks. After these acquisitions, Owens-Illinois has become the second largest manufacturer of glass containers in China. In addition to the capacity increase brought by these acquisitions, the transactions have strengthened Owens-Illinois' customer base among leading Chinese companies, including Tsingtao, Yanjing and CRB.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The firm's private equity team has experience in the formation and deployment of private equity funds, and aid their clients by advising on strategic investments and acquisitions. Their offerings include advising on fund establishment, advising on exit strategies and structuring investment vehicles. King & Wood's clients range from large, well-established funds and venture capital firms to small start-ups.

On of the past year's highlights for the private equity group was involvement in the first national Rmb-denominated Fund of Funds (FoF) in China, Guochuang FoF. The Rmb60 billion ($9.26 million) special fund is designed to invest in equity investment funds which focus on industry integration, M&A, and restructuring. Guochang FoF was set up by a subsidiary of China Development Bank (CDB Capital) and Suzhou Ventures group. Partners Zhang Yi and Alan Du acted as legal counsel to Siguler Guff, a globally known FoF manager which has been invited to participate in the management of the fund.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

Clients often tell us that they feel valued and that the firm is attentive to their needs. "They respond quickly to clients enquires with clear and concise answers in a very polite manner," one clients tells us. Another client adds that, "Our relationship with them is excellent. Despite the time differences I have always been able to communicate with the Company's principle point of contact at Mallesons."

The firm recently advised China Merchants Securities as the sole bookrunner and sponsor in the Hong Kong listing of Telefield International Holdings. Telefield is an established international EMS producer with a growing computer electronics business.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The firm's debt capital markets team also benefits from its connection with the firm's top-tier structured finance and securitisation practice. The firm received a boost in September 2011 when partner Sau-Wing Mak joined from Simmons & Simmons.

The team has an ongoing relationship with Bank of China, working with it on Rmb-denominated products and issuances. The firm's historical relationship with the Australia and New Zealand Banking Group Limited (ANZ) means that the Hong Kong team also has a lead role in advising the bank on China-related debt and bond issues.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

Clients can't seem to say enough good things about the firm's structured finance and securitisation practice. "They're up there with the magic circle firms," says one client, "but they often have better client service because they're hungrier for the work and treat you like you're important." The same client also notes that "they are excellent technically, and the communication with us was also great. They are quite proactive in providing solutions to us, rather than just waiting for instructions. As far as I know, Mallesons is one of the leading firms in Hong Kong for providing legal advisory for listed structured product issuers. They are highly competent in their subject expertise."

This past year has been one of growth for the practice, with the promotion of securitisation, derivatives, structured products and debt capital markets expert Paul McBride to partner, and the lateral recruitment of Patrick Phua as partner the firm's Beijing office. Phua specialises in banking and finance, with a particular focus on derivatives and structured finance. Partner Minny Siu also continues to be a key part of the team. Together, Mallesons partners seem to create a strong team that clients view as current, flexible and market-leading. "In terms of Mallesons," one client tells us, "their niche is being very innovative and proactive in seeking ideas and opportunities."

The team has acted on numerous notable transactions across the structured finance and securitisation spectrum this past year. In one transaction, the team advised a major investment bank on a Korean credit card securitisation. The team acted as international counsel as sole arranger of a credit card securitisation. The transaction was different from the previous approaches the client had taken to similar transactions in that it included a tailored approach to transfer and convertibility risk.

The structured finance and securitization group also represented RBS and Australia and New Zealand Banking Group (ANZ) as joint lead arrangers in connection with the securitisation of credit card receivables by Diners Club (Singapore). The transaction represented the first securitisation in Asia since the financial crisis that gave the originator a wide range of rated and unrated funding.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The firm has carved out a unique place in the Hong Kong market. While many of the firm's early clients came as a result of the firm's strong Australia ties, Mallesons has kept those relationships but also expanded their client base to high-profile international clients across Asia.

The team is consistently praised by clients for offering magic circle quality within a client-centered and well-priced practice. "Mallesons was able to provide expertise on structured loan products, not just plain vanilla products," notes one client. "The lawyers we have used were generally very responsive and were able to provide prompt responses to our enquires and requests. Their strength lied in the fact that their services were City firm standard but they charged less than City firms."

Clients also have special praise for banking partner Steven Christopher. One client tells us that, "He was very knowledgeable and hands on, and he was able to think outside of the box and come up with innovative and practical solutions. He was a good negotiator and didn't get bogged down with counterparties on less important points."

The firm's banking team recently assisted a syndicate of banks that offered $1 billion of funding for France's Casino group's the successful bid for all of the Thai properties of the Carrefour retail chain. The firm has also continued to grow alongside the development of rising regional player Australia New Zealand bank (ANZ), and has been involved in a broad range ANZ's product development. The firm's top-rated structured products team has also given them a significant foothold in helping major financial institutions set up funding programs for new Rmb-denominated products.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The firm's financial services regulatory team works across practice areas to offer expert advice to clients on a range of issues. The team advises international financial entities on a wide-ranging issues relating to their investments and activities in the Hong Kong and Chinese markets.

"I found that they were technically good and commercial and that they gave good advice," notes one client. "Their communication is always good and in plain English, and the structure is always user friendly. That's their strength. They took the time to understand what our issues were and always gave practical advice."

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

Again and again, what we hear from satisfied clients is that the firm gives great value for money with magic circle capability and a strong client-focused ethic.

One client has special praise for partner Conrad Chan. "He is very prompt in responding to clients," the client notes, "He works day and night, 24/7. The M&A team is a cut above the average client service in Hong Kong. They benchmark is extremely high at the associate and junior levels, and they have a better culture on the bench as well - a good working team. They are good value for money, better than some of the magic circle firms."

Chan recently led the team in advising China Overseas Grand Oceans Group on the acquisition of its share capital by Hong Kong listed China Overseas Land and Investment. The deal involved complicated issues related to Hong Kong law, listing rules and the takeovers code.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

The firm's top-tier Australia presence means that the firm may be well-positioned as cash-infused Australian private equity firms look to invest across Asia and into China. The team has several significant relationships with private equity firms, including regularly working with the Orchid Asia fund.

Recently, partner Conrad Chan led the team in advising Investor AB and Orchid Asia on a Series D financing by a US based venture capital fund. Malleson's lawyers advised on the complicated restructuring and re-organisation of the equity arrangements and rankings.