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

Rivals are impressed by Debevoise & Plimpton's securities work, particularly on the issuer side. "Debevoise has a very good corporate practice," says one competitor. "They have some very good capital markets lawyers there. They end up in a lot of transactions." The firm recently promoted Paul Rodel, a former associate, to partner.

The firm recently advised American International Group and AIA Group on AIA Group's $20.5 billion IPO and listing on the Hong Kong Stock Exchange. The transaction, which closed in October 2010, was the largest IPO in Hong Kong's history.

On the high-yield side, Debevoise acted as counsel to Reynolds Group Holdings in its $1.5 billion offering of 7.125% senior secured notes due 2019 and $1.5 billion offering of 9% senior notes due 2019. The $3 billion deal closed in October 2010.

Debevoise & Plimpton moves up a tier in the financial services regulatory category, based on feedback about the firm's flourishing practice. "Debevoise has been adding people, so they are definitely deserving of some movement," says one rival.

In December 2010, Eric Dinallo, the former New York State superintendent of insurance, joined the firm as a partner. In May 2010, corporate lawyer Jeffrey Ross was promoted to partner. Competitors are particularly impressed by partner Paul Lee, who co-chairs the firm's banking group and is a member of its financial institutions group. "He's a tremendous bank regulatory lawyer," says one rival, while another remarks, "He's certainly well-respected, well-regarded and well-known".

In November 2010, the firm advised Reynolds Group Holdings on financing arrangements relating to its $6 billion buyout of Pactiv. These included the issuance of $1.5 billion of senior secured notes, $1.5 billion of senior notes and borrowings of incremental loans in excess of $2 billion.

Debevoise also represented American International Group and AIA Group in AIA's spin-off from AIG and $20.51 billion initial public offering and listing in Hong Kong. The transaction was the largest IPO in Hong Kong's history and the world's largest IPO in the insurance sector, and will create the largest pan-Asian insurance company following the public offering of AIA's shares in Hong Kong. The deal closed in November 2010.

Debevoise & Plimpton's M&A lawyers consistently lead transactions for household names. In 2010, the firm worked on over 100 announced or completed M&A deals worth over $177 billion.

In a deal which closed in February 2011, the firm represented Prudential Financial in its $4.8 billion acquisition of Japan-based AIG Star Life Insurance and AIG Edison Life Insurance from AIG. AIG intends to use the proceeds to pay down its debt to the US government.

The firm also advised Hewitt Associates in its $4.9 billion merger with Aon Corporation. The $4.9 billion deal closed in October 2010.

Debevoise & Plimpton has been a pioneer in private equity for over 30 years. Competitors express a "very high regard" for the firm, which they say is "strong in investment management, strong in private equity". Whilst the firm lacks the same volume of deals as its top-tier rivals, it has produced innovative solutions for some of the largest and most complex transactions in the industry. One peer says, "They are very capable and work on some high-profile matters." Clients include Cerberus Capital Management, First Reserve, BAML Capital Partners, Teachers' Private Capital and The Carlyle Group.

In January 2011, the firm recruited David Innes, a former partner at Travers Smith. Innes has represented clients including 3i, Bridgepoint Capital and TA Associates, in prominenttransactions including Bridgepoint's £955 million sale of Pets at Home to KKR, which was one of the largest buyouts in the UK in 2010. One competitor describes partner Franci Blassberg as "a tremendous person to work with" and Jeffrey Rosen as "a spectacularly talented lawyer, and very innovative".

The firm recently advised Reynolds Group in its $6 billion going-private acquisition of Pactiv Corporation, which manufacturers packaging including the Hefty brand trash bag. The deal closed in November 2010, and included complex financing arrangements involving equity from Rank and debt financing from affiliates of Credit Suisse, HSBC and Australia New Zealand Bank.

Other notable work includes advising Clayton, Dubilier & Rice on the acquisition of a 42.5% stake in chemical company Univar, valued at $4.2 billion. Clayton, Dubilier & Rice bought the stake from London-based private equity firm CVC Capital in a secondary buyout, following a dual-track IPO process. CVC will retain a 42.5% holding in the company, with the remaining 15% split between Univar's managers and other investors. The deal closed in November 2010.

Debevoise & Plimpton's fund formation group, which one competitor describes as "second to none", is at the centre of the firm's practice. The firm's world-renowned private equity group represents an impressive range of clients investing in all corners of the globe. One rival remarks, "They are absolutely in tier one for formation. They are joined at the hip with Clayton Dubilier & Rice."

Peers are impressed by Michael Harrell, who co-chairs the firm's private equity funds and investment management groups. Another competitor says, "Michael Harrell at Debevoise, we see all the time. He's a leading practitioner."

In a fund which closed in June 2010, the firm represented Oaktree Capital Management in establishing the Oaktree PPIP Private Fund, a $4.6 billion fund making investments in CMBS under the US Treasury's Public-Private Investment Program. The fund was formed to purchase troubled securities central to the US financial system.

Debevoise also advised Stone Point Capital on the formation of Trident V, a $3.5 billion financial services buyout fund. This was one of the ten largest funds to close in 2010.

The project finance group of Debevoise & Plimpton is known for developing innovative structures and techniques for large and complex transactions. The team is led by co-chairs of the project finance group, Ivan Mattei and Robert Gibbons, who peers describe as "really fine lawyers". One competitor says, "I have had the pleasure of working with both of them and they are both terrific to work with."

Debevoise & Plimpton recently advised on a $1 billion expansion of the existing $1.5 billion primary international terminal at JFK International Airport, and the negotiation of a related anchor tenant agreement with Delta Air Lines. JFK Terminal 4 is the largest airport facility in the US financed under a public-private partnership (PPP) arrangement. The firm acted as counsel for project company JFK International Air Terminal in the transaction, which closed in December 2010.

In an ongoing transaction which is expected to be worth more than $500 million, the firm advised on the Carlsbad reverse osmosis desalination plant in Southern California. The plant will be built at the site of the existing Encino power plant, which utilises sea water for cooling purposes. Some of the water discharge will be diverted to the new plant, which will convert it into 100 million gallons of drinking water per day.

Debevoise & Plimpton is a leading firm in high-profile bankruptcy matters. The firm recently represented the Oriental Trading Company, a portfolio company of The Carlyle Group, in its Chapter 11 proceedings. The company filed a voluntary petition for reorganisation in August 2010, listing assets of $158.55 million and liabilities of over $622 million. The swift exit financing allowed it to emerge from bankruptcy in February 2011 with a debt reduction of nearly 70%.

In a case which closed in November 2011, the firm represented the trustees of the Great Lakes Pension Plan in relation to the Chapter 11 bankruptcy of their US parent, Chemtura. The pension trust filed claims seeking payment on potential future obligations, and the parties reached a deal in which Chemtura agreed to resolve the claims when they came to fruition in the appropriate non-bankruptcy venue.