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In the past 12 months Clayton Utz has been involved in a series of transactions totalling over A$10 billion ($10.8 billion), with renewed confidence in domestic equity markets leading to a busy period of activity.

"Clayton Utz is tailored to address our business and strategic business requirements," says one client, stating that the firm's ability to "provide innovative solutions to complex problems is highly valued".

Clayton Utz advised the five joint lead managers, RBS, Goldman Sachs, Merrill Lynch, UBS and Credit Suisse on the IPO of QR National by the Queensland Government, the largest in 2010 and the second largest in Australian history to date with the listed entity valued at approximately A$6.7 billion. The team's role in the transaction involved full attendance at Due Diligence Committee (DDC) meetings right throughout the process.

Stuart Byrne "is still the shining light and I respect his ability," says a rival partner, who also describes Melbourne based Brendan Groves as "well respected within the industry".

Another transactional highlight for the firm saw it advising longstanding client, Origin Energy, on a fully underwritten A$2.3 billion pro-rata renounceable entitlement offer to refinance acquisition funding and to fund identified growth opportunities.

"I like Clayton Utz because they are comprehensive, thorough and professional," says one client.

Last year the team hired Andrew Jinks from Allens Arthur Robinson. Jinks will co-lead the practice with Louise McCoach, who on client describes as "very prepared and knowledgeable in corporate debt structures and market practice".

Covered bonds have become a key feature in the Australian market and the team has direct experience here having acted on a number of foreign covered bond issuances in the UK and the US.

One of the highlights for the past year was advising on the $500 million Rule 144A guaranteed senior secured notes issued by Sydney Airport Finance Company and guaranteed by Southern Cross Airports. The team acted for BNYM as the security trustee on the transaction which was one of ten Rule 144A issuances in the market during 2010.

Another notable transaction was the $350 million USPP guaranteed senior notes issued by Leighton Finance (USA) and guaranteed by Leighton Holdings and others. The negotiation of the USPP covenants in favour of the note purchasers were relatively protracted given the complexity of the covenant package which Leighton has established for its senior lenders.

"What a coup for Clayton Utz!" was the reaction of one rival partner when informed that Andrew Jinks had left Allens Arthur Robinson to join the firm. "The structured finance and securities team at Clayton will improve ten fold," adds another partner.

Clients have always valued Jinks as "an extremely talented lawyer, definitely one of the best in his field in Australia". His arrival adds to an already strong team consisting of Louise McCoach "who has a reputation for advising on the most complex transactions being undertaken in Australia", says another rival partner.

Making his presence felt immediately Jinks advised Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) as arrangers for Pepper Residential Securities Trust No. 8 on its non-conforming securitisation, which contained a bullet feature.

Another deal led by Jinks saw him advise Community CPS Credit Union's first RMBS. The team advised Community CPS Credit Union on all legal aspects of the transaction from the establishment of the Master Trust documents through the initial term deal.

Other standout transactions included acting for Note Trustee (Australian Executor Trustee) in conjunction with a A$295 million ($318 million) equity raising. This restructuring involved one of the few court approved Part 5.1 creditor schemes of arrangement in relation to the restructure of debt, in addition to two Part 5.1 member schemes of arrangement as part of the wider restructuring.

Clayton Utz boosted its team last year with the hire of Andrew Jinks from Allens Arthur Robinson. "A special talent that's always great to see on the opposite side" is how one rival partner describes him.

Besides growing the size of the banking team, 2010 also saw Clayton Utz acting for the commercial lenders in a complex A$2.6 billion debt/equity swap and debt refinancing arrangements including their support for the sophisticated scheme of arrangement mechanics that underpinned this de-leveraging process.

This was one of the most challenging deals in the Australian market in 2010 and it was made more intricate by the need to balance the interests of significant private equity/hedge fixed debt, bought in the secondary market with existing commercial bank debt-led syndicates and an arduous and complex refinancing negotiation.

Clayton Utz's M&A department is home to two big personalities which clients have a lot of time for: "Rod Halstead, being the senior partner, impressed me with his dedication, mastery of all the key issues in the transaction and attention to detail," says one. "He has extensive experience and has a good grasp of the Australian market practice," adds the client.

Equally, Karen Evans-Cullen is described by a client as "similarly dedicated and technically very good, very capable and efficient operator, fits our work style, which has a tendency to demand instant answers".

Clayton Utz advised AMP in relation to its A$14 billion ($15.1 billion) merger with Axa Asia Pacific Holdings which saw AMP merge the Australian and New Zealand businesses of Axa with its own operations. The final proposal, coming after a pursuit of 15 months, received Australian Competition and Consumer Commission (ACCC) approval following earlier bids by AMP and by National Australia Bank (NAB). In the case of the NAB bid, the Clayton Utz Competition Group, led by Michael Corrigan, was successful in having the transaction blocked by the ACCC, paving the way for AMP to launch a revised bid.

Other highlights included advising long-standing client Origin Energy in relation to its successful A$3.25 billion bid for NSW energy retail assets, Country Energy and Integral Energy rights to the Eraring power station. This transaction has catapulted Origin Energy into the position of being the largest energy retailer in Australia, with 4.6 million customer accounts and one of Australia's largest and most diverse generation portfolios.

Clayton Utz also acted as Australian legal adviser to Singapore Exchange (SGX) on its proposed merger with Australian Stock Exchange (ASX) via scheme of arrangement. ASX and SGX were to remain separate legal and locally regulated entities. This transaction represents the first proposed merger of Exchanges in the Asia-Pacific region in a period of significant structural change in global financial markets.

The Clayton Utz competition group is strong in all aspects of competition law in Australia and clients have "found them to be an efficient team with good knowledge of the law", according to one.

One client also values the team for "their expertise and connections in the industries, which really help speed the process".

A highlight last year saw the team act for AMP in relation to it's A$13 billion ($14 billion) acquisition of Axa APH, the biggest competition transaction last year. This was a groundbreaking matter in financial services in Australia and was one of the largest M&A matters in the market.

The team was able to assist AMP to convince the Australian Competition and Consumer Commission (ACCC) to adopt a new analysis of competition in the wealth management sector which knocked out the rival bidder National Australia Bank (NAB). This was the first time the ACCC has rejected any deal in Australian financial services.

Michael Corrigan and Linda Evans are both "highly rated in this area for being thorough and professional", according to a rival partner. Clients agree: "[Evans] is excellent, provides relevant competition law advice and finds innovative solutions to complex regulatory problems," says one.

Another highlight saw the team advising Origin Energy in relation to its A$3.25 billion ($3.5 billion) acquisition of strategically significant assets as part of the New South Wales Government's energy asset privatisation. This deal was similarly groundbreaking in that ACCC clearance was required for Origin to be able to acquire two out of the three retailer offers for sale.

Clayton Utz "certainly ranks in the top one to two tiers in the market here", according to one client, "I recommend them and characterise them as absolutely top-notch."

In a significant boost to its project finance capability, Bruce Cooper, a senior project finance partner and former head of the banking and finance practice group at Freshfields in Asia, joined the practice last year. With the addition peers say that "Clayton Utz can expect significant project financing transactions across the globe".

The team advised Peninsula Link in the Availability PPP (public-private partnership), under which the private sector will finance, build, design, operate and maintain the road for the agreed project term. Clayton Utz covered all legal aspects of the project, including strategic and commercial advice on the delivery method, a first for PPP road projects in Australia.

Clayton Utz also advised one of the bidders on a project to design, build and operate the Western Australian-based facility which will be developed as a PPP.

Another notable highlight was acting for the Government of Singapore Investment Corporation (GIC) as mezzanine financier of a A$230 million ($248 million) facility to Epic Energy's South West Queensland Pipeline Expansion Project. It also marked the first time GIC had invested in an Australian project in a mezzanine finance capacity.

Clayton Utz' restructuring and insolvency team advises on all aspects of reorganisation, voluntary administration, liquidation, receivership, asset tracing, corporate reconstruction, and bankruptcy. The firm also has the largest commercial litigation practice in Australia

The team is studded with "competent lawyers" says a client, who recommends David Cowling as "not only good but... one of the best in the business".

With the collapse of Trio Capital generating enormous concern on the part of investors and financial advisers given the A$300 million ($323 million) of superannuation funds which it managed, Clayton Utz's insolvency team advised and continues to advise the acting trustee on issues arising under corporations, superannuation and trustee legislation.

Another notable highlight saw the firm advise ABC Learning Centres, one of Australia's largest providers of childcare services with more than 1100 childcare centres and more than 16,000 employees in Australia, plus a further 1100 centres in New Zealand and the United States. The collapse of ABC affected a far broader cross section of society than the usual stake holders in a normal insolvency. Clayton Utz advised both the Commonwealth of Australia and its Court-appointed receivers in relation to the Commonwealth's high-profile rescue package for the ABC centres.