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

Atsumi & Sakai has been quite active in Japanese capital markets this year. The addition of partner Yutaka Sakai from TMI Associates has bolstered its practice, and since his October 2010 arrival, he has been involved in the firm's highlight capital markets deals.

Sakai led the preparation of a ¥55 billion ($715 million) loan agreement for a fast food restaurant corporation. In another transaction, he advised a Japanese company regarding setting up a ¥200 billion fund in Japan.

Known for its specialisation in complex structured finance and securitisation work, Atsumi & Sakai may be the most well-known domestic firm in this space. "It is one of the most famous legal firms for structured finance in Japan," said a local banker. "We are satisfied with its lawyers' knowledge and skills."

Hiroo Atsumi has long-been regarded a luminary in the market and his firm has done well over the past year since evolving from Atsumi & Partners. Despite a loss of partner Horaki Takahashi and his team of seven to a rival joint venture firm, Davis & Takahashi, the firm's core focus on growth remained unfazed. It hired no less than 15 new partners and of counsels since last summer.

Of counsel Yoshihito Ueno, a recent lateral hire from Baker & McKenzie GJBJ, is praised by a Japanese securities firm client: "He has given us not only appropriate legal advice we ask for but also introduces innovative securitisation structures of various assets. He is particularly unique as a Japanese attorney in that he can advise not only from transactional attorney's perspective but also from tax viewpoints. We highly value and recommend his deep understanding of the business and legal-tax integrated service."

Though the market remains in a bit of a lull, the domestic side began to pick up late last year and Atsumi & Sakai's lawyers have been sought out for their quality local law expertise. There hasn't been a shortage of deals for the team. For example, last December, Ryuichi Nozaki represented a large securities company as an arranger in respect of the securitisation of lease receivables and instalment receivables. In March, Yasuhiro Shimada closed a syndicated non-recourse financing to a hospital valued at ¥20 billion ($260 million). "Partner Masaji Hashimoto is knowledgeable and detailed, we are very satisfied with his work products," says a happy client.

Atsumi & Sakai is more known for its securitisation and structured finance practice, but its banking group has been growing more visible and securing a significant amount of high-value mandates. For example, Yutaka Sakai and Yasukko Tsuchihashi worked on setting up a ¥200 billion ($2 billion) fund in Japan. "The firm is very specialised in not only structured finance but also bankruptcy law," says a domestic investment firm client.

"The lawyers explain the details simply and they always give us the appropriate advice promptly," notes another corporate client.

In another deal, Ryuichi Nozaki advised a Japanese securities company as the arranger in relation to the securitisation of lease receivables and instalment receivables. The firm also kept active on a steady diet of syndicated non-recourse financings ranging from ¥2 billion to ¥20 billion.

The firm boasts a non-Japanese partner in native English speaker Bonnie Dixon. She has a dedicated client following who appreciate the ease of communication. In 2011 Dixon, alongside Nozaki, acted for an insurance company on its sale of syndicated senior loans in order to exit from an existing lending structure.

Atsumi & Sakai has leveraged its formidable banking expertise, for which it is best-known, in several large M&A deals this year.

In a transaction that closed in March 2011, partners Bonnie Dixon, Hiroki Mori and Ryuichi Nozaki advised a financial instruments business regarding its subsidiary's ¥1 billion ($13 million) acquisition of shares in another company. The same team also represented a subsidiary of a leading FX trading business regarding its acquisition of shares in Japan.

Partners Atsuko Kissho and Yasuhiro Shimada also assisted a special purpose company regarding a ¥15 billion refinancing and restructuring plan.

Atsumi & Sakai's project finance team falls under its finance practice group headed by name partner Hiroo Atsumi. Peers of the firm note that it is primarily a banking firm, but its project finance transactions indicate a new focus on outbound transactions.

Senior partner Miho Niunoya has been active in advising and preparing agreements and legal opinions for several PFI projects, including a hospital dedicated to cancer treatment that required ¥70 billion ($910 million) in financing. Niunoya also advised a consortium for a PFI project to build a waste water treatment plant, which raised ¥10 billion in financing.