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There is no doubt within the market that Matheson Ormsby Prentice remains a top capital markets practice. The firm suffered a blow in September when three partners announced they were leaving to launch the Dublin office of offshore firm Walkers. Structured finance partner Garry Ferguson was one of the three, but the sentiment among commentators is that the firm will absorb the loss in this area where they boast three market-recommended lawyers in head of the debt practice Turlough Gavlin and partners Christian Donagh, and Tim Scalon. "Christian and Tim are very good guys. Tim is an equity lawyer and he's an excellent lawyer. He's one of the leading lights in that firm. Christian is a derivatives lawyer and very good," says one partner.

Clients praise Scanlon and structured finance specialist Patrick Molloy: "They are very client-orientated and their technical advice is always correct. I think they've got their finger on the pulse in terms of what's going on in the market. They are a good bell-weather for what's going on," explains one.

The firm has more of an international focus than some of its competitors and peers question whether this affects the number of mandates it secures in the country: "I think MOP would have a good practice on the international side, but not so much on the domestic side," remarks a debt capital markets lawyer. The debt practice has, however, procured work from several large Irish corporations. Molloy and Gavlin advised Allied Irish Bank (AIB) on the establishment of a debt issuance programme under the Irish Eligible Liabilities Guarantee Scheme and the issuance of securities under it. The firm was also active for Allied Irish on the buy-back of debt securities in the capital markets. Molloy also led a deal advising Bord na Mona, an Irish State-owned peat company, in relation to its second private placement of debt securities in the US market.

Another notable deal saw Molloy and Donagh advising the Willis Group on the issuance of $300 million 4.125% senior notes due in 2016 and $500 million 5.750% senior notes due in 2021. This deal involved domiciling the previously Bermudan based holding company in Ireland and was structured as a scheme of arrangement. The Irish holding company's shares were listed on NYSE.

The securitisation market has been less adversely affected by the crisis and the firm secured some significant mandates in this area. Gavin and Donagh represented the Ireland-domiciled Syncreon Global, which provides logistics services to leading automotive and technology clients, and Syncreon Global Finance, which is based in the US, as joint issuers on the placement of $300 million 9.50% senior unsecured notes due in 2018.

Working on the Irish end of the deal, partners Fergus Bolster and George Brady advised energy company Maple on the financing its $254 million ethanol project. A debt and equity financing structure was utilised, comprising of: $148.5 million of long-term debt; a £19 million private placement of equity in a listed vehicle; and a $12.5 million private placement of equity in a subsidiary company.

Matheson Ormsby Prentice (MOP) remains in the first tier. Some commentators see the firm as primarily focussed on structured products but with 27 international banks and all the domestic institutions on its books even those sceptical competitors admit the firm is active across the banking sphere. “They do pick up significant banking roles. They were involved in the recent central bank work that was looking at capital requirements of the Irish banks, but they wouldn't be seen as having the strongest corporate banking practice,” remarks one peer.

The departure of partner and aviation finance specialist Ken Rush to Irish newcomer Walkers is considered a blow by some competitors and the firm has since moved to fill any gap left with the promotion of Marie O’Brien, who was made up in January 2011.

One partner at the firm who is regarded as visible on the market and receives plaudits from peers is Patrick Molloy: “On general finance, Patrick is someone who I would describe as a technically excellent lawyer who always has a lot of drive to close the deal,” remarks one lawyer.

Partner Libby Garvey is one of the team’s members who has been involved in some significant transactions recently, and in one notable deal advised Marine Harvest in relation to the Irish aspects of the refinancing of a €600 million revolving loan it had in place with DnB NOR Bank, Nordea Bank Norge, Coöperative Centrale Raiffeisen-Boerenleenbank and Fortis Bank.

Despite their ranks being diminished by partner Paul Farrell's relocation to newcomers Walkers in February 2011, in terms of quantity, Matheson Ormsby Prentice's eight-partner, asset management and funds group can match even the top firms. A solid performer, Walkers' move is regarded as a blow by competitors but one the substantial practice can absorb. In terms of assets under it's management, if not in regard to the number of funds, the firm is competing with those ranked above it according to several peers and on this basis they regard it as a tier one contender. Size is not everything, and the firm holds its position based on the quality of its mandates.

The practice is led by the market recommended Michael Jackson who, with a team including fellow leading lawyer James Scanlon, advised State Street, the US ETF product supplier, on launching a European platform, SSgA SPDR ETFs Europe I. Initially opening with 17 sub-funds in March 2011, a further 18 will be added to it throughout the year.

Another international client that mandated the firm in last 12 months was Lyxor, the Asset Management branch of French bank Société Générale. Partner Dualta Counihan took the lead advising the French company on launching a new QIF (qualified investment fund) for hedge fund managers and Ucits (undertakings for collective investment in transferable securities) platforms, which will provide access to strategy indices in a Ucits eligible format.

In a notable deal that was without precedent, Coniham and Scanlon acted for Bank of America Merrill Lynch on setting up a platform in Ireland, which was the first product in the country to avail of financial derivative instruments at share class level, following a submission made by group members to the Central Bank. It enables investors to put in different levels of participation in an underlying index.

Matheson Ormsby Prentice's corporate department is divided into three groups: corporate finance; international business; and financial institutions and the partners within them are split between the firm's Dublin, London and New York offices.

Some say the firm has lacked visibility recently, particularly on the banking deals, but the more discerning lawyers realise this is because it has been active on the international side of transactions or those that are less publicised.

In this regard, partner Tim Scanlon led the representation for SSgA, the US based investment advisory service which is a subsidiary of State Street Corporation, on the significant €57 million cross-border acquisition of Bank of Ireland Asset Management (BIAM), which closed in January 2011.

On the domestic front the firm advised Fexco, an Irish global payment services provider which acquired Goodbody Stockbrokers for €24 million from Allied Irish Bank as part of its disposal programme.

Elsewhere on the buy side, leading partner Patrick Spicer, who is widely respected by peers, was active for a foreign client advising Gruppo Campari, the Italian beverage company, on its purchase of Irish Mist, Carolans, and Frangelico. William Grant, the UK distiller, agreed to sell its brands for €129 million in September 2010.

In the technology sector the firm acted for Cerasus II as it acquired the Trintech Group, which provides software for financial institutions, for $90.43 million. George Brady and Fergus Bolster closed the deal for the US based company in December 2010.

Clients value the M&A team for being responsive and corporate minded: "They're terrific. They are quick to respond, efficient, they are very business orientated so they give you a good bit of legal advice but they also understand the business concerns so they are able to not just go by the letter of the law but also understand what we are trying to achieve," says one.

Key partner David Quinlon's departure from Matheson Ormsby Prentice in December 2010 is seen as a loss by commentators who regarded him as the firm's most visible lawyer in this area. Several expect the practice head Michael O'Connor to take the reins on deals and consider him a worthy replacement, although some questioned how active he has been recently. "At MOP the chap who has done the most project finance work, David Quinlon, has left to go back to London, which leaves them in a bit of a difficult spot in terms of who's going to be the person who fronts that. Michael O'Connor would be the head of the practice and I think he is going to be the one that is going to have to step in and fill that space. My own view of Michael is that he is very hard working, he's very diligent, he's very good."

The firm's highlight deal saw it acting for the successful bidder, Macquarie Partnerships, in relation to the School Bundle 2 PPP (public-private partnership) of six new schools providing places for close to 5000 pupils. This project was the first Irish PPP since the downturn to involve European Investment Bank financing. Partners Patrick Molloy and Lynn English closed the €150 million deal in June 2010.

A follow on instruction generated by this successful transaction has seen the firm instructed by Macquarie to bid for the Schools Bundle 3 PPP, which encapsulates eight schools on seven sites.

Undisputedly a top tier firm, Matheson Ormsby Prentice has a strong group of well-respected partners led by clients favourite Tony O'Grady. The firm's restructuring and insolvency department has been active on a range of contentious and non-contentious corporate restructuring and insolvency matters.

Of O'Grady, one client says he is unsurpassed in the country in terms of juggling multiple mandates simultaneously: "For the ability to withstand pressure and role with the punches, I'd say Tony O'Grady at MOP is the best. Tony has probably got the best ability to multitask; Tony can handle a large number of different assignments at one time, a huge ability to handle pressure," says the client.

O'Grady and his team had a substantial role in Irish airline Aer Arann's examinership and have already ensured the company's planes were protected in England, Scotland, Northern Ireland and the Isle of Man.

In the first judgment obtained by Nama (National Asset Management Agency) against borrowers and guarantors in respect of loans it has assumed, O'Grady issued proceedings against the owners of a mixed use development known as The Property. The amount of combined judgments was approximately €82 million when ruled upon in October 2010. The firm had previously advised a banking syndicate comprising Bank of Ireland and Allied Irish Banks prior to Nama's involvement and continue to advise Nama and the appointed receiver.

In other work on part of the receiver, the practice, led by Rod Ensor, is advising Declan Taite of FGS who was appointed by Irish Nationwide Building Society in regard to certain property assets of two high profile individual borrowers of in excess of €200 million.

The market recommended Julie Murphy, who joins the firm's leading lawyer list, is representing the firm in ongoing case for ACC Bank in proceedings against a solicitor for breaching his contractual obligations.