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

	Latham & Watkins
	Cahill Gordon & Reindel Cravath Swaine & Moore Shearman & Sterling Simpson Thacher & Bartlett
	Allen & Overy Freshfields Bruckhaus Deringer Linklaters White & Case
	Cleary Gottlieb Steen & Hamilton Clifford Chance Davis Polk & Wardwell Kirkland & Ellis Milbank Tweed Hadley & McCloy Skadden Arps Slate Meagher & Flom

The high-yield practice at Simpson Thacher has the benefit of being able to draw on the firm's immensely strong private equity clientele. While this can lead to the firm picking up some impressive mandates, the result is that the firm tends to work on deals as and when clients demand it: "Simpson's practice continues to be focussed around a couple of high profile financial sponsors, notably KKR and Blackstone so their cases tend to be a bit more episodic," explains one peer and another agrees: "Simpson is great, I'm surprised they don't get more work, they have their private equity clients but they don't do too many deals.... [more]

The high-yield practice at Simpson Thacher has the benefit of being able to draw on the firm's immensely strong private equity clientele. While this can lead to the firm picking up some impressive mandates, the result is that the firm tends to work on deals as and when clients demand it: "Simpson's practice continues to be focussed around a couple of high profile financial sponsors, notably KKR and Blackstone so their cases tend to be a bit more episodic," explains one peer and another agrees: "Simpson is great, I'm surprised they don't get more work, they have their private equity clients but they don't do too many deals."

The London team was enhanced in 2011 with the promotion of Alvaro Membrillera who will work alongside partners Nick Shaw and Greg Conway.

Shaw was kept busy last year on various notes offerings by Virgin Media Secured Finance. In December 2010, he acted for JPMorgan and Goldman Sachs on Virgin Media's issue of $1 billion in 6.5% senior secured notes and £875 million in 7% notes. In March 2011, both banks called in Simpson again to advise them along with BNP Paribas, Deutsche Bank, HSBC, RBS and UBS on a Rule144A/Reg S $500 million offering of 5.25% senior secured notes and £650 million in 5.5% notes.

Conway meanwhile acted for Deutsche Bank London in an offering of €400 million of Rule 144A/RegS 8.75% notes by gaming company Cirsa Funding.

Both partners combined in October 2010 advising the initial purchasers led by JPMorgan on a Rule144A/Reg S offering of €170 million in 9% senior secured notes due 2017 by media company CET21. The firm's banking team also secured a €60 million credit revolving credit facility for the company.

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	Clifford Chance Freshfields Bruckhaus Deringer Kirkland & Ellis Simpson Thacher & Bartlett
	Ashurst Latham & Watkins Linklaters Skadden Arps Slate Meagher & Flom
	Allen & Overy Baker & McKenzie Cleary Gottlieb Steen & Hamilton Macfarlanes Shearman & Sterling Travers Smith Weil Gotshal & Manges White & Case

Like US contemporaries Kirkland & Ellis, Simpson Thacher's finance offering is very much focused around its private equity strength: "Simpsons and Kirkland have a very strong sponsor side practice and they don't purport to have anything different," explains one partner, and another agrees, "Simpson are well in with KKR they are a major sponsor practice."Partner Ian Barratt is a client favourite: "Ian is technically extremely good, he's a little less aggressive but he's very very solid," says one.... [more]

Like US contemporaries Kirkland & Ellis, Simpson Thacher's finance offering is very much focused around its private equity strength: "Simpsons and Kirkland have a very strong sponsor side practice and they don't purport to have anything different," explains one partner, and another agrees, "Simpson are well in with KKR they are a major sponsor practice."

Partner Ian Barratt is a client favourite: "Ian is technically extremely good, he's a little less aggressive but he's very very solid," says one. "One of Ian's key clients is Blackstone and he's not a shrinking violet." Another says: "I would say Ian is about as good as it gets from my experience working with different counsels, he's very smart and very innovative, you know he's thought about it from a business and a legal context and he's got a good team of guys around. He's not one of those guys who's out winning work and leaving associates to do the drudgery."

With several of its key clients eyeing up potential targets, this year has proved to be busy in terms of acquisition finance mandates.

One example saw the team act for Apax partners on the €850 million financing for the acquisition of Takko Fashion. The deal was led by Barratt who also advised Apax on its $830 million debt financing for the acquisition of a stake in IT and security company Sophos.

Blackstone also called in the firm to act on two key deals. In one Euan Gorries and Stephen Short acted on the €635 million senior facilities for the acquisition of Mivisa from CVC. Short also acted for the group's real estate wing on the financing for the acquisition of the Chiswick Park campus in West London.

Although sponsor side remains its focus, the firm can also point to a couple of key bank side mandates. In January 2011 the team acted for JPMorgan and Goldman Sachs as the lead arrangers of a $1.4 billion loan to medical technology company Convaetc as part of its refinancing. The deal consisted of two $500 million loan facilities and a $250 million revolving facility.

The team also drew upon its capital markets strength when Stephen Short worked alongside Greg Conway and Nick Shaw acting for the lead arrangers BNP Paribas and JPMorgan on a €60 million revolving facility to CET 21 in conjunction with its senior secured notes offering.

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	Kirkland & Ellis SJ Berwin
	Ashurst Macfarlanes
	Clifford Chance Debevoise & Plimpton Linklaters Simpson Thacher & Bartlett
	Akin Gump Strauss Hauer & Feld Allen & Overy Berwin Leighton Paisner Covington & Burling Freshfields Bruckhaus Deringer Weil Gotshal & Manges White & Case

	Clifford Chance Freshfields Bruckhaus Deringer
	Kirkland & Ellis Linklaters Weil Gotshal & Manges
	Ashurst Dickson Minto Macfarlanes Simpson Thacher & Bartlett Travers Smith
	Allen & Overy Cleary Gottlieb Steen & Hamilton Latham & Watkins Slaughter and May
	CMS Cameron McKenna DLA Piper Herbert Smith Hogan Lovells Milbank Tweed Hadley & McCloy Skadden Arps Slate Meagher & Flom White & Case

Simpson Thacher continues to make inroads into the UK market particularly on the funds side, where the acquisition last year of partner Jason Glover from Clifford Chance is seen as a major step forward. "They have everything to suggest they are going somewhere with Jason Glover and they have a lot of money but they have not done something yet," says one rival partner.... [more]

Simpson Thacher continues to make inroads into the UK market particularly on the funds side, where the acquisition last year of partner Jason Glover from Clifford Chance is seen as a major step forward. "They have everything to suggest they are going somewhere with Jason Glover and they have a lot of money but they have not done something yet," says one rival partner.

With a large number of Glover's former Clifford colleagues now plying their trend at Weil Gotshal & Manges, the market will wait to see how the two US firms fare over the next few years.

The firm has already made some headway on the funds side and can already point to successful fundraising activity for the likes of Actis Emerging Markets 4, BC European Capital IX and EQT VI, the latter of which was a former Clifford Chance client.

On the transactional side the firm is also gaining traction. Working for longstanding client Blackstone the team advised it last year alongside N+1 Private Equity on the proposed acquisition of Mivisa Envases, a Spanish tin can producer.

Blackstone also called on the firm when it sold a stake in Merlin Entertainments to CVC Capital Partners. Michael Wolfson led the deal, which saw Blackstone still maintain a substantial stake in the company.

Another major client KKR also kept the firm busy. A team led by Greg Conway acted for it on the acquisition of a majority stake in software developer Visma from HG Capital and also on its acquisition of a 49.9% stake in helicopter operator Grupo Inaer from InvestIndustrial.

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