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

Mori Hamada & Matsumoto is a solid firm for capital markets advice. Market observers noted its waning presence, however its buoyant and impressive deal list counters these comments. "I'd hire him as a personal lawyer any time," notes a banking client of Toru Ishiguro, one of the firm's leading partners. "He is an exceptional lawyer and individual."

The team enjoyed choice roles on some of the year's most prominent transactions including advising RBS Securities and Daiwa SMBC Securities on their $1.5 billion samurai bond offering, one of the largest for 2008 in the Tokyo market. Subsequently, the firm advised issuer J-Oil Mills on its issuance of ¥5 billion notes due 2013 and Mitsubishi UFJ Financial Group on its acquisition of $7.8 billion of perpetual non-cumulative convertible preferred stock.

In last year's biggest global offering by a Japanese company, the Mori Hamada team acted for Mitsubishi UFJ Securities on Mitsubishi UFJ Financial Group's $4.6 billion offering.

With a stellar roster of leading clients and one of the top practitioners in the field, Masanori Sato, it's no surprise Mori Hamada & Matsumoto remains in the top tier.

One client appreciates the skills of Akiko Sueoka: "She gave appropriate advice, does quick and precise work, and is very good at coordinating her skills with other international lawyers."

The firm won a role in the securitisation of Orix's golf course management business. In this transaction, Sato led a team that advised Mizuho Securities, Mizuho Corporate Bank and Orix Golf Management on the whole business securitisation worth $260 million of Orix's golf management business as part of its restructuring plan.

Though commentators have mentioned Mori Hamada & Matsumoto has a slightly less prolific banking practice than its domestic peers, its quality is never compromised. "I can always trust them to produce the best results," says one client.

In particular leading practitioner Satoko Kuwabara is praised by one client: "She is a very excellent lawyer with technical acumen." Akira Marumo too receives appreciative words from clients: "He gives academic advice and is very well-experienced on syndicated loan transactions."

The firm is strong across a broad spectrum of banking products. This year has been quieter than in the past, but in one notable transaction the firm advised the lenders to a private-equity group which required financing for its buyout of a target.

The Mori Hamada team also advised Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank, two institutions which the Carlyle Group borrowed from to fund its majority stake acquisition in NH Techno Glass from Hoya Corporation and Nippon Sheet Glass.

Mori Hamada & Matsumoto's star-studded cast of corporate practitioners is a favourite of Japanese clients. The market has high praise for its M&A practice, with many commentators pegging it to be one of the top two, if not the best, of the big four domestic firms.

The "excellent and young" Gaku Ishiwata, "experienced pioneer" Yuto Matsumura and "talented" Satoko Kuwabara receive rave reviews from the market. One client says: "I am a huge, huge fan of Ms Kuwabara." Top-end clients such as the Bank of Mitsubishi UFJ and Asahi Breweries relied on the firm this year for sophisticated advice on milestone transactions.

Mori Hamada led the charge for Mitsubishi UFJ Financial Group on its $7.8 billion acquisition of preferred shares in Morgan Stanley, and advised Credit Saison on its $3 billion purchase of Atrium, a publicly-listed and Japanese real-estate company.

Mori Hamada also acted for Asahi Breweries on its $668 million purchase of a 19.9% stake in Tsingtao Brewery from Anheuser-Busch InBev.