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

The debt and equity practice of Sidley Austin continues to command the respect of rivals. "Sidley is always high-grade," says one competitor, while another remarks, "Sidley does a lot of equity and a lot of investment grade debt." Peers identify senior counsel Norman Slonaker as "a big name".

In a $2.4 billion deal which closed in January 2011, the firm acted as designated underwriters' counsel in connection with HCP's $2.4 billion issuance of notes. Sidley Austin advised Bank of America Merrill Lynch, Citigroup, JPMorgan Chase, UBS, and Wells Fargo on the transaction.

The firm also acted as issuer's counsel to DaVita, in connection with its issuance of $1.55 billion of notes. The deal closed in October 2010.

Sidley Austin has a top-notch structured finance and securitisation practice and a noteworthy derivatives team. The firm's work spans over-the-counter and exchange-traded derivative products around the globe. Clients include Citigroup, Deutsche Bank, Wells Fargo, JPMorgan and Goldman Sachs.

Rob Robinson was singled out for praise by one peer, who says, "We deal with him all the time on derivatives and structured finance. We do quite a lot of complex transactions with him." Another peer identifies Renwick D Martin, who has worked in the mortgage-backed area since 1977, as "a very senior statesman" and "a star".

One client of the firm's derivatives practice says, "We think they are at the top of the game with regards to complicated derivatives workout transactions." The client adds that partner Ellen Pesch "has particularly stood out, due to her detailed knowledge regarding all aspects of derivative law."

Over the last year, the firm has been at the forefront of regulatory reforms. It advised clients in the OTC derivatives and related securities markets on regulatory reforms under Title VII of Dodd-Frank, and other provisions. The firm was also engaged by the International Swaps and Derivatives Association to assist with netting opinions on US insurance companies and advise on Dodd-Frank-related regulations proposed by the Commodity Futures Trading Commission.

In transactions, Sidley represented Deutsche Bank in Frankfurt, London and New York on a CDS transaction concerning a €775 million ($1.1 billion) portfolio of European small and medium-sized corporate credits. The firm also advised Deutsche Bank on a "pay as you go" CDS, which repackaged a €30.25 million subordinated credit linked note from a prior synthetic CLO transaction on a leveraged basis.

Sidley Austin offers wide-ranging services in banking and financial services regulatory, with particular expertise in cross-border regulatory issues. The firm recently lost several prominent partners. In August 2010, Karl Kaufmann left to become associate general counsel for Bank of America. His departure was followed by that of Mike McEneney, who left in March 2011 to join Mastercard, and partner Christopher Hilbert, who left the firm and joined Jones Day in June 2010. Peers describe partner William Eckland, who leads the firm's regulatory practice in Washington DC, as "a very good regulatory lawyer", and partner Chicago-based partner James Clark as "excellent".

For many years, the firm was general counsel to the Commercial Finance Association, an international trade association for lending institutions involved in commercial secured lending and factoring. Attorneys in the firm's banking group are members of the American College of Commercial Finance Lawyers, the American College of Bankruptcy and the National Bankruptcy Conference.

In a deal which closed in June 2010, the firm advised National Australia Bank on the acquisition of TierOne Bank in an FDIC-assisted transaction. Around $3 billion of assets were acquired during the transaction.

Sidley Austin also advised Tyson Foods, as borrower, in a $1 billion credit facility. The deal closed in February 2011.

Sidley Austin continues to be regarded as a strong competitor in M&A, despite the loss of M&A star Christopher Hilbert to Jones Day in June 2010. The firm recently represented Health Care REIT in its $2.4 billion pending acquisition of Genesis HealthCare. The deal was announced in February 2011.

In another noteworthy matter, the firm advised Aon in its $4.9 billion acquisition of Hewitt Associates. The transaction closed in October 2010.

As what one peer describes as "a big player in the hedge fund area and the private equity space", Sidley Austin is one of the strongest contenders across all categories of investment funds. The firm is a powerhouse in hedge funds, and also has a strong practice in registered funds. Its focus in 2010 has been on advising on regulatory initiatives impacting the investment management industry in the United States, Europe and Asia.

Sidley Austin has expanded its team this year with the addition of several partners. In September 2010, Mark Whatley and David Tang joined its hedge fund practice in San Francisco. Alyssa Grikscheit, who advises in emerging markets and cross-border transactions, including fund formation, M&A and joint ventures, joined the firm's New York office as a partner in August 2010. Janelle Ibeling and Daniel Spies were made partners in Chicago in January 2011.

One client appreciates what he describes as the firm's "very accessible, very responsive 24-7 coverage", adding, "We have definitely been a demanding client and they have risen to the challenge every time."

The firm is advising the Garrison Investment Group in connection with the formation of a series of hybrid funds specialising in distressed investments in real estate, corporations and other financial assets. The funds have a total value of $644 million. Other notable work includes representing Roc Capital in its $700 million hedge fund launch, which was one of the first spin-outs of a bank's proprietary trading desk. The spin-out involves Deutsche Bank's quantitative strategies desk.