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

Baker & McKenzie's capital markets team has considerable experience in equity offers, acting for both issuers and underwriters. The Group was involved in many of the leading capital markets transactions by Australian issuers over the last year.

A satisfied client comments "we are very happy with their service and advice" while another adds "we think the people in this practice are always on top of all the issues, not just legal but commercial as well".

A clear highlight saw the team represent Kohlberg Kravis Roberts (KKR) as a stakeholder in the Seven Media Group (SMG), whose sale to West Australian Newspapers Holdings (WAN) was partly funded by a A$1.15 billion ($1.2 billion) capital raising of Convertible Unsecured Loan Securities (CUL).

This was subsequent to advising KKR on the sale of its stake in SMG to WAN for A$4.1 billion. The team also advised KKR on it's A$2.7 billion public bid for Healthscope.

Partners Frank Castiglia, Steven Glanz and David Holland have all played prominent roles in major capital markets transactions and one client pointed out Ashley Poke in the Melbourne team as a "very commercial and technically strong lawyer".

The firm has good bench strength with Craig Andrade, Andrew Reilly and Richard Lustig emerging as up and coming partners. Andrade and Reilly are tipped as "future market leaders" by one rival.

Head of the department at Baker & McKenzie, Andrew Reilly enjoys a strong reputation with his expertise in the industry, especially on US and foreign securities offerings by Australian and New Zealand companies.

The team represented Mighty River Power on its $200 million US private placement of debt. This was the first such transaction by the company, which provided further diversification of its funding sources and offered longer term funding options than currently available in New Zealand.

A similar deal saw the team advise Vector as US counsel on its $182 million US private placement of debt.

One client commends the banking team at Baker & McKenzie as "commercial, pragmatic, smart and proactive", suggesting that "they know our business probably as well as I do".

In terms of transactions, a highlight saw the firm advising Kohlberg Kravis Roberts (KKR) as a stakeholder in the Seven Media Group (SMG) on the implications under SMG's senior and subordinated facilities arising from the sale of its stake in SMG to West Australian Newspapers Holdings (WAN) for A$4.085 billion ($4.4 billion).

Baker & McKenzie's M&A team continues to be involved in significant and high-profile transactions with leading domestic and international clients. A satisfied client states: "I recommend Baker & McKenzie, they performed in a timely manner and always delivered a sensible and manageable solution."

Steven Glanz, "a highly regarded partner" according to one rival lawyer, was busy advising shareholders of Cascade Coal on the A$500 million ($539 million) sale to White Energy Company.

The firm was appointed as lead legal adviser to the New South Wales (NSW) Government on its electricity reform project and has acted on the transactions for the last three years. The project underwent a number of restructures due to changes in government policy and the inability to pass legislation through the parliament of NSW

Origin Energy purchased the retail arms of Integral Energy and Country Energy from the NSW government for A$2.3 billion. Origin paid a further A$950 million for the output of Eraring Energy, which operates power stations on Lake Macquarie and in Shoalhaven.

In addition, Hong Kong-owned TRUenergy spent A$2.04 billion for Energy Australia's retail business, the electricity trading rights for Mount Piper and Wallerawang coal-fired power stations and three power station development sites.

The unique features of this project included the need to implement a wholesale privatisation program without legislative support for the first time. This required asset sale transactions and transfers without statutory instruments of a significant quantity of contracts comprising the retail and generation businesses.

"With Baker & McKenzie I like the team we are using, they are always on top of all the issues and we find them to be not just legal but very commercial in their advice," comments a satisfied client.

The team's range of clients include the Australian Competition and Consumer Commission (ACCC) who it has advised on merger clearance and investigations into alleged cartel conduct.

A highlight for the team was advising the New South Wales Treasury on the competition issues arising in connection with the privatisation of the State's electricity assets valued at A$6 billion ($6.5 billion). The process raised a full range of competition law issues including obtaining ACCC merger clearance for the successful bidders and an application to the ACCC for authorisation of proposed co-insurance contracts in supporting the State's sale.

Kenneth Gray heads Baker & McKenzie's project finance team, that has the capability to advise Australian and international corporate borrowers, banks and other financial institutions. "We think the people in the project finance area always in control of issues and we find them to be very commercially knowledgeable," says a client.

Last year saw the team act as US and Australian counsel to Kangaroo Resources on its $15 million convertible bond offer. The money was raised from US and Australian investors through convertible notes and used to provide funding to ramp up production and exploration at the Mamahak Indonesian Coking Coal Project and to advance exploration in other key properties.

Baker & McKenzie has been particularly busy in the restructuring arena. A satisfied client notes that "their global reach is a really unique and great feature in the Australian market. I think their ability to tap their global network is a real plus".

A notable highlight was advising KordaMentha as administrators on the day-to-day administration of Griffin Coal and five related entities. Griffin Coal is one of Australia's most significant coal mining operations, with several mines operating in the Collie Basin near Perth in Western Australia.

Baker and McKenzie's capital markets practice, whose mainland US Securities practice is led out of Beijing by partner Scott Clemens, has had an impressive run of deals this year, especially with regards to Rmb-denominated offerings and Reit (Real Estate Investment Trust) work. "Baker has a large practice that is plugged in to what is happening in the mainland China market," says a partner at a rival firm. The China team has a particularly strong presence acting for on major Hong Kong rights issuances, including advising DB Trustees as the trustee in the Hui Xian REIT offering in April 2011. The deal was novel in that it was both Hong Kong's first Rmb Reit IPO and the first yuan-denominated equity IPO ever outside mainland China.

Partners CY Leung, Anthony Jacobson and Brian Spires also served as issuers' counsel to the Bank of Communications on its Hong Kong rights issue. The rights offering sold HK$3.46 billion ($444 million) H shares in Hong Kong and HK$3.89 billion Rmb-denominated A shares in Shanghai, which together yielded a total deal value of $4.9 billion. The closely-watched deal was the second-largest rights offering of 2010, and garnered much attention due to Bank of Communications being the first of the Chinese banks to receive permission from Chinese regulators to do a joint A and H shares listing. It was also subject to a very compressed timeline, as the Agricultural Bank of China's mega IPO was to be launched after the Bank of Communications right issue.

The capital markets team also advised Bank of China on its HK$20.83 billion Hong Kong H share rights issue, which involved a comprehensive financing plan including an Rmb40 billion A share convertible bond and an Rmb60 billion A+H rights issuance. The team advised the issuer on both Hong Kong and US law aspects of the deal. The innovative H share rights execution arrangements have set an industry precedent for these types of offerings.

Partner Harvey Lau leads Baker & McKenzie's Shanghai branch of the banking and finance practice, which focuses on asset finance, loans and credit facilities, and structured finance. The Hong Kong and China teams both form the Greater China practice.

Two of the key China-focused mandates this year regarded advising Disney on a Chinese joint venture for the development of Shanghai Disney, and the Bank of China Head Office in a €900 million ($1.3 billion) financing to a chemical project company.

Bakers' work with Disney is ongoing, and has involved advising the company on capital structure arrangements for the new Shanghai theme park. Barry Cheng advised on the joint venture which represents one of the most significant foreign investment projects into China in terms of deal value and capital investment by the parties involved.

Cheng also led the Bank of China Head Office financing involved both refinancing and acquisition elements in a $1.3 billion financing to a chemical project company in completing a management buyout. The chemical project company owns and runs chemical manufacturing plants in Eastern Europe. Cheng's team played the novel role of preparing a funding agreement between the Chinese sponsor, onshore banks and the Agent, in order to allow the loan agreement and drawdown date to match. The deal also involved very complex financing elements at is closing, in order to synchronise the completion of the transaction.

Clients praise Baker's team for their ability to think ahead and provide the best advice for clients. "Baker is excellent," says one client. "They are always available. Their advice is quite concrete and they provide advice in areas we couldn't have anticipated."

"Baker & McKenzie is really coming up in the tables on the strength of their project finance practice," says a partner at a rival firm. The growing strength of Baker's project finance practice is also shown by its strong deal list this year.

Chief among the firm's Chinese-related project financing works is the ongoing advising of Disney on its joint venture with the state-owned Shanghai Shendi group and the planned development of the Shanghai Disneyland theme park. The $3.6 billion project financing deal is one Shanghai's largest-ever foreign investment projects, and requires a range of innovative legal arrangements and advice on sectors like infrastructure development, land development, management and financing. Partners David Smith, Howard Wu, Edmond Chan and Barry Cheng led the advising for Disney.

Baker's project finance team is also currently advising CNOOC on a $2.6 acquisition by Bridas Corporation of BP's 60% interest in Pan American Energy. The Bridas corporation is equally owned by CNOOC and Bridas Energy Holdings. PAE owns oil and gas operations in South America and is also the second largest oil and gas producer in Argentina. Upon completion of the acquisition, PAE will become a wholly-owned subsidiary of Bridas. Partner Bee Chun Boo is leading the deal.

In January 2011, Barry Cheng also advised the Bank of China Head Office in a €900 million ($1.3 billion) financing for a chemical project financing which forms part of the arrangements for the Chinese sponsor in completing a management buyout with respect to all the remaining shares the vendor owns in the parent company. The chemical project company owns and runs chemical manufacturing plants in Eastern Europe, and the facility is guaranteed by the Chinese sponsor and secured the Eastern Europe assets.

Baker & McKenzie continues to have a robust China M&A practice, seeing particular growth in the life sciences, consumer product manufacturing, energy and service sectors. Clients praise the true multi-jurisdictional expertise that the firm offers, especially on large, Asia-wide transactions. According to one client, "They've got members of the firm with expertise in different areas and multiple jurisdictions, they were able to provide very timely advice which was very much on point and useful. The transaction was a very large transaction – it required coordination and they coped with that very well. The transaction was done in a short time frame with a lot of pressure. The support they gave us upon closing was very impressive and they worked around the clock."

Baker's M&A acumen is demonstrated by their ongoing work in the Shanghai Disney foreign investment project, worth approximately $3.6 billion. Partners David Smith, Howard Wu, Edmond Chan and Barry Cheng advised Disney on its joint venture with Shanghai Shendi Group, which is a state-owned company that was established solely for the Shanghai Disneyland project. Once the joint venture is completed, Shendi will hold a 57% equity stake in Shanghai Disneyland, and Disney will own 43%.

Partners Elsa Chan and Anthony Jacobsen also advised Danone Asia on the sale of its 22.98% interest in China Huiyuan Juice Group to SAIF Partners III. This was a key transaction because of the high-profile nature of Huiyuan as a target; Coca Cola's attempt to takeover Huiyan was recently rejected by Chinese regulators, and was the first high-profile deal to be rejected on the grounds of Chinese anti-trust regulations. Danone was the second largest shareholder of Huiyuan and had been involved in the Coca Cola deal, and they divested all of their shares in Huiyuan during the deal.

In 2011, Baker & McKenzie Beijing partner Jackie Lo and Hong Kong partner Brian Spires advised China Investment Corporation (CIC) on its subscription for $250 million of convertible preferred shares and $50 million of warrants preferred shares in China's largest semiconductor foundry, Semiconductor Manufacturing International Corporation (SMIC). The deal involved adopting a ground-breaking conversion price adjustment mechanism in order to complete the transaction.

The private equity practice also represented Axa Private Equity on its seminal investment in a Hong Kong Listed company, in the form of $12.5 million in convertible bonds. Axa's investment involved complex option arrangements and undertakings agreed upon by the listed company and a shareholder.

Clients are pleased with their longstanding relationships with Baker's private equity team. "Baker is our usual contact for anything relating to our business, and the partner and his team would assist us to resolve the issues. I have been working with the Baker for more than ten years."

Baker & McKenzie's Hong Kong equity capital markets practice has had some impressive deals this year, especially with regards to REIT (Real Estate Investment Trust) work and Rmb-denominated offerings. Baker has a comparative advantage in its genuine relationships with Hong Kong and Chinese local businesses who seek to list on the exchanges.

Baker's Hong Kong team has also had a strong presence in representing issuing banks on Hong Kong rights issuances. The team's work this year includes advising DB Trustees as the trustee on the April 2011 Hui Xian REIT offering. The deal was novel in that it was Hong Kong's first Rmb REIT IPO and also the first yuan-denominated equity IPO ever outside mainland China.

Baker & McKenzie advises clients on a range of debt products, and its close relationships with local Hong Kong companies often puts the firm in a good position to serve their needs on the debt side. For example, partners Andrea Lockhart and Milton Cheng recently advised Cheung Kong Infrastructure Holdings on its issue and offering of 6.25% guaranteed perpetual securities valued at $1 billion. The bond issuance was the first to be done by a non-Asian financial entity since 1997, and could pave the way for similar issues in the future.

Baker & McKenzie's team is experienced in advising clients on a range of securities classes including asset-backed securities, commercial mortgage-backed securities, collateralised debt obligations and commercial paper conduit transactions. Partners have a record in advising across a range of asset classes, from intellectual property to equipment leases to tobacco settlements.

This year Baker's team advised on the capital structure arrangements in connection with the development of the new Shanghai Disney theme park. They also represented Crédit Agricole Corporate and Investment Bank (Hong Kong Branch) on a syndicated loan facility with structured trade finance aspects.

Clients have special praise for Baker & McKenzie's competency and accessibility. One client says that "their level of knowledge and expertise are good and up to date when it comes to the legal and regulatory changes in China, which is where the majority of our business is derived from. We have easy access to different levels in the firm when we need to get clarifications on issues that arise. Their relationship with our clients is there, and we get good feedback about them".

Partners Andrew Lockhart and Barry Cheng are co-heads of Baker's Greater China Banking practice. Together with the mainland China teams, Baker's Hong Kong team works on the full range of banking capabilities for cross-border Chinese deals, and work in other parts of Asia. Baker's Hong Kong team also has a unique place in the market in that they do many deals within Hong Kong itself.

For example, partner Stephen Eno recently advised Standard Chartered Bank (Hong Kong) in connection with a $400 million term loan facility to Wealthy Joy and Follow International. The transaction involved 16 syndicate members, and was structured to accommodate the growing trend for companies with real estate investment to tap resources in the Hong Kong market because of the tightening of credit approval by Chinese banks.

Baker also continues to advise Disney on a Chinese joint venture for the development of Shanghai Disney. Bakers' work with the entertainment giant is ongoing, and has involved advising the company on capital structure arrangements for the new Shanghai theme park. The joint venture between the government-backed holding company and Disney has represented one of the most significant foreign investment projects into China in terms of deal value and capital investment by the parties involved. Advising Disney on the venture has involved developing complex structures to address the needs of the investors in the context of Chinese regulations and the seminal nature of the project. Barry Cheng has been the lead partner on the project.

Baker & McKenzie is known in the Hong Kong and Greater China markets for its genuine Chinese language capabilities and strong knowledge of the China market. This is certainly an advantage to Baker's international clients seeking to invest in China, as well as Chinese clients seeking outbound targets and acquisitions in new markets. The capability of Baker's Hong Kong qualified partners to advise clients at the highest levels also means that the firm also has an impressive client list of government statutory institutions and multinationals with deep Hong Kong connections.

Clients seem quite pleased with the firm's knowledge of Mofcom anti-monopoly law and pending Hong Kong developments in combination with the international calibre of advice and investors. "I've dealt with a lot of competition lawyers," one client says, "and many come with European and American contexts but they don't have the background to fit into the Chinese environment. They don't fit the concept and don't fit in China. Baker's team is a nice cut in between, western-educated and yet sensitive enough to steer me away as a client and not totally out of sync at to what it is that I need. The team at Bakers is a good fit and legal and commercially savvy."

One client we spoke to also had special praise for Shanghai partner Danian Zhang. "He listens to where the questions are for the us," says one client, "he listens intently to us, and then applies the law to my case. He explains the nitty-gritty details."

Baker's strong relationships with Chinese businesses and banks give the firm an advantage in doing cross-border transactions into and out of mainland China.

Clients also appreciate the firm's genuine language capabilities. "They are experienced in the field and are able to provide practical solutions," one client tells us, "they have good communication skills and language advantages over other firms. They also have rich resources, a proactive approach and excellent follow-up."

In one of the market's most high-profile deals this year (and one of the most high profile for Baker) the team represented the Walt Disney Company on Hong Kong law relating to the $3.6 billion Shanghai Disney foreign investment project. The Shanghai Shendi Group is a state-owned company that was established solely for the Shanghai Disneyland project, and once the joint venture is completed Shendi will hold a 57% equity stake in Shanghai Disneyland, while Disney owns 43%.

Partners Nancy Leigh and Dorothea Koo also recently advised SEEK on the acquisition of a 60% controlling stake in the well-known recruitment website operator Jobs DB from JDB Holdings (JDB). Baker's Hong Kong team was a part of the multi-jurisdictional group that advised the acquirer in the $204 million deal. The acquisition is meant to raise SEEK's investment in the highly strategic and attractive Southeast Asian online employment sector, and the transaction speaks to Baker's broad law capacity across Asia.

Clients are particularly complementary of Baker & McKenzie's international and regional capacity. "They have excellent relationships and international capabilities," says one client, "and great geographic coverage."

In 2011, Baker's private equity team advised EQT Greater China II Limited in its acquisition of top Taiwanese television provider Gala TV (GTV). The transaction for one of Taiwan's largest cable operator was done by way of a leveraged buyout and secondary buyout transaction.

Baker & McKenzie's project finance practice has continued to develop these past years, and this year was no exception. Baker & McKenzie's Hong Kong-based project finance practice stands out among its peers for its involvement in major projects within Hong Kong itself. While many firms simply use Hong Kong as a base for their lawyers acting on regional projects, Baker has a focus on domestic projects on the island itself.

Among these was the firm's representation of the West Kowloon Cultural District Authority, led by David Smith, on all matters in connection with or arising from the establishment, development and operation of the West Kowloon Cultural District (WKCD). As the WKCD Authority Ordinance was enacted by the Legislative Council on July 11 2008, the Legislative Council also approved an upfront endowment of HK$21.6 billion ($2.77 billion) for the Authority to develop the project.

Smith also led Baker's team in advising the Hong Kong public transit MTR corporation in relation to its planning and design for the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link. The 142 km high-speed rail link will run from Shibi in Guangzhou to the West Kowloon Terminus in Hong Kong and will connect to the new high-speed national rail network now being developed by China, including the Beijing-Guangzhou and Hangzhou-Fuzhou-Shenzhen Passenger lines.

Clients are particularly complimentary of the work of partner Stephen Eno and special counsel Kwun Yee Cheung, who was promoted to partner in July 2011. According to one client, "Their work is simply excellent. I think the firm tells us to think ahead and that's very crucial and helps us to solve problems. There were many issues on a particular case of ours, and they would advise us on precautions and directions to be taken for strategies ahead of meetings." The client also seems to feel valued by Baker's restructuring and insolvency team. "I think they pay high respect to me as a client," he says, "and I highly appreciate it."

Despite the less-than-robust level of restructuring and insolvency work generally in the market, Baker's team has certainly managed to stay busy. In China and Hong Kong they have been recently advising the provisional liquidators of EganaGoldfeil Group in a matter that involves over 18 worldwide jurisdictions. The team has also acted for the liquidators of 3D Gold and Ngai Lik Industrial Holdings and the Receivers and Managers of Art Master Investment.

On the restructuring side, Baker's team often acts for the lead bank and steering committee on both local and multi-jurisdictional restructurings as well as for mezzanine or other subordinated creditors. The team has also been involved in a number of high profile restructurings on the debtor side, representing the financially distressed company or the private equity sponsors behind such companies. In these matters, the full-service nature of Baker & McKenzie's offerings to clients can be a distinct advantage in situations requiring a range of services.

Baker & McKenzie acted as international counsel for Abbott Laboratories last year in its acquisition of Piramal Healthcare. The $3.72 billion transaction was one of the largest inbound acquisitions in the past few years, and was completed in September 2010.

Baker & McKenzie.Wong & Leow's capital markets practice has flourished due to Singapore's proximity to developing nations such as Thailand and Indonesia, as well as the firm's strong Asia-Pacific presence. Partners Jih-Shian Yeo and Ashok Lalwani were involved in two landmark Indonesian transactions this year. They served as international counsel to PT Bank Negara Indonesia on its $1.2 billion offering of both rights and shares, which represented the biggest equity offering in Indonesia in 2010. Yeo and Lalwani also represented PT Indofood CBP Sukses Makmur with its IPO and listing on the Indonesia Stock Exchange, which raised $700 million.

Another highlight was Lalwani and Yeo's role as US and domestic counsel for Thai Airways International's public offering of 484 million shares. The offering raised $487 billion.

Peers have mixed reviews of Baker & McKenzie.Wong & Leow's performance this year, but it retains its ranking due to strong Southeast Asian ties that prove enormously useful to Singaporean clients. "Though the experience in Indonesian market is extensive among the other firms, international firms can't advise on Indonesian law," says a client. "Baker's has an advantage because of its relationship with an Indonesian firm that allows a one-stop shop service."

Clients praise up-and-coming associate principal Henry Cort in particular. "He's quite responsive," a natural resources client says. "His expertise is quite broad, especially in regard to power."

Baker & McKenzie attracts large corporate clients because of its comprehensive international network, and its Singapore banking practice regularly represents Standard Chartered Bank, the Australian and New Zealand Banking Group, Natixis, Morgan Stanley and Raiffeisen Bank International.

"Baker & McKenzie.Wong & Leow's global network means that we easily have access to its offices in Tokyo and the ASEAN countries," a client says. Clients appreciate the firm's international presence and its "one-stop shop" capabilities in both foreign and domestic law.

Partner Jon Worsfold represented PT Bank Permata regarding its acquisition of GE Capital's multifinance and credit card businesses in Indonesia. The transaction required extensive regulatory expertise and required the firm's Singapore and Jakarta offices to work together as international and local counsels.

"Baker & McKenzie.Wong & Leow focus on solution-finding," says a regulatory client, "When I have a requirement, they'll translate it into something workable for not just us, but the industry as far as regulatory requirements go. They work so that we can get our job done."

The firm has acted for many banks regarding project financing, including Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, the Hongkong and Shanghai Banking Corporation, Standard Chartered Bank and Raiffeisen Bank International.

Baker & McKenzie has a diffuse Korean practice, with its partners located in Hong Kong, New York, Chicago, Washington DC, and Sydney. It is concentrated in Hong Kong, however, where six Korean associates are based. Led by partners Won Lee of the Hong Kong office and Nam H Paik of the Chicago office, Baker & McKenzie are involved in several prominent Korean transactions, especially in the M&A area.

In August 2010, partner Lee represented Korea Electric Power Corporation (KEPCO) regarding their $520 million acquisition of a 20% stake in PT Bayan Resources, an Indonesian listed coal-mining group. This acquisition is to facilitate both securing and shipping Indonesian coal.

Baker & McKenzie has retained its status as one of Taiwan's powerhouse law firms due to its "strong level of knowledge, expertise, and innovation", says a client. "The firm's quality services associated it to stand out in the market," adds the client.

The team has had another busy year handling some of the biggest and most complex transactions in the banking, capital markets and M&A areas. The firm "has good performances because of their legal counsels" and "their legal expertise for specific cases are special", comments a client.

One example saw the banking team assist the Taiwan Cooperative Bank and a group of lenders in relation to a $262 million loan granted to the Export-Import Bank of Korea (KEIM Bank). This is the first transaction by KEIM Bank to raise funds in the loan market in Taiwan.

Another highlight involved the capital markets team acting for Comestibles Master in relation to its Cayman entity Gourmet Master's application for an IPO on the Taiwan Stock Exchange. Another sign of the exchange's growing reputation among foreign listers, the transaction was valued at NT$48 billion ($1.65 billion).

"The firm has strong and in-depth worldwide capabilities which have helped us to successfully process and completed international deals," says another client.

In the M&A area the team assisted AIG in its sale of its Taiwan subsidiary Nan Shan Life Insurance (Nan Shan) for $2.16 billion. The deal is part of AIG's effort to raise funds to exit government ownership after receiving the largest US bailout during the financial crisis. This transaction came shortly after the original attempted sale by AIG had been rejected by the Taiwan regulator.

At the time of sale, Nan Shan had NT$1.78 trillion in assets, making it Taiwan's second-largest life insurer by assets behind Cathay Life with NT$3 trillion.

Baker & McKenzie's Thailand office stakes its claim in the market as the international firm with the longest history in Bangkok and the possessor of the biggest team. Its longstanding presence in Thailand has made it a well-known name among local customers as well as international clients. Peers also have respect for the firm's practice: "I've dealt with them on the other side of the table and they're quite good," says one.

This past year, the Baker's team represented Elite Villa in its acquisition of Baan Taling Ngam Resort and Spa from Samui Hotel 1, a subsidiary of Lehman Brothers. The Bt700 million ($23 million) acquisition was led by Sorachon Boonsong in 2010.

The M&A team also recently assisted Thailand's Government Pension Fund (GPF) in the process of reviewing, revising and negotiating a shareholders agreement between GPF and new investors in order to facilitate an acquisition of shares in Royal Porcelain.

Despite a downturn in the wider market, the capital markets team has had a good share of equity mandates in the past year. Leading partner Kitipong Urapeepatanapong recently led Baker's capital markets team in advising Thai Airways International in connection with its domestic IPO and concurrent Rule 144A/Reg S offering. The $487 million IPO and rights offering was Thailand's largest in 2010.

The financial services division at Baker & McKenzie covers a range of banking and financing matters, and is known in Bangkok for its critical mass of experienced partners and capacity to handle top banking and project finance transactions. The firm is appreciated by clients for its capability and professionalism. "They're as good as any of the top international firms here," says one client. "They're very systematic in their approach, and they're flexible. They've been for me and against me in deals, and they're very good."

One of Baker's major mandates this year was advising True Corp, Real Move and True Move in Project High 5 - a two-part financing transaction that was responsible for enabling the development of Thailand's first 3G network. The first part of the deal involved advising True in its acquisition of Hutch's Thailand operation and developing agreements with CAT Telecom. The agreements gave CAT Telecom the right to provide mobile telecommunication services by the HPSA network via 3G technology. Baker's second involvement in the project was serving as counsel to Real Future in obtaining a Bt6.3 billion ($210.6 million) from The Siam Commercial Bank in the form of a bridge loan for the acquisition of the Hutchison group. The value of the entire High 5 project was over Bt6.5 billion.

A second major finance mandate saw the team advise ING Bank and TMB Bank in euro denominated export credit facilities for the Canadoil Plate specialised plate production plant. The credit facilities were backed by Her Britannic Majesty's Secretary of State acting through The Export Credits Guarantee Department (ECGD), and the baht loan financing was used to enable the development, operation and construction of the plant. The project finance deal included financing the transaction at the project company level as well as coordinating and negotiating with the underwriters' legal counsel for the parent company, and the value of the project is estimated to be €168 million and Bt3 billion.

Baker McKenzie's "extensive knowledge and comprehensive understanding of the Vietnamese law is what separates them from their competitors", says a client. "With sometimes not too clear laws in Vietnam, they give us very commercially useful advice and a good understanding of the issues, even though these are new to both them and us."

As one of the few international firms practicing in Vietnam, the team's international presence and strong ties with major investment banks, state-owned banks and insurance companies allowed them to play a key advisory role to Xangbo Management (Singapore) on a trade finance transaction, under the GSM 102 Programme.

A key highlight last year saw the firm act for the borrower on a $400 million loan facility for the development and construction of the Cai Mep terminal in Hanoi.

The team boasts a good combination of special international counsels and locally licensed practitioners. Frederick Burke is described as a "highly regarded practitioner" by one client, "[he] understands clients' expectations and is always able to deliver the desired outcome". Oanh Hoang Kim Nguyen is also well regarded in the market: "A hard working lawyer with solid knowledge of securities and foreign investment laws," says one peer.

Another notable highlight for the team was advising Nissan in a joint venture to set up Nissan Vietnam, which will allow the company to import and distribute their own products.