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

"We thought this would be adversely affected by the earthquake, but it hasn't decreased significantly". This view from one M&A partner summed up the surprisingly optimistic mood found across the market. In light of the earthquake and subsequent tsunami you might assume that shockwaves had been sent through corporate confidence as well, however though the quake did have some consequences, instead of blocking the pipeline of deals it seems to have instead merely redirected the flow.

Japanese companies have turned away from domestic targets, but instead of sitting on their hands the result has been an increase in outbound acquisitions as companies look for opportunities away from their own shores. "We've seen accelerating acquisitions outside Japan in Asia, the USA and South America," says one partner and another agrees: "There's a new group of Japan companies, second tier companies that used to be traditionally orientated but are now looking at cross-border M&A deals."

With the instability inherit in the local market this trend is perhaps not surprising, but it has also certainly been helped by the strength of the Yen which has encouraged Japanese companies in their endeavours. "A stronger Yen is also helping," says one partner, adding: "therefore the intention to buy overseas, particularly in the US has increased."

Both the US and South America have proved to be popular targets for corporates but they have also been casting their eye over closer targets including those in developing economies of countries such as Vietnam.

The same growth unfortunately has not been seen in the private equity sphere, which was hardly a great well of activity before the recent turmoil: "The activity of private equity firms has been slow since last year, since the earthquake it's even worse." With the current uncertainty in the market, it seems unlikely that activity will pick up any time soon.

"Allen & Overy's team always tries its best to find a best solution for our company with meeting the requirements from the counterparty," says a Japanese banking client. Another client recommends the firm because "you can expect top level legal advice with a decent level of fees."

The firm has been expanding extensively over the past year and sees the return of Simon Black from its Shanghai office. His arrival bolsters Allen & Overy's corporate real estate, oil and gas, power, water and infrastructure offering. It is worth noting the firm is featured in both the local and foreign law rankings, reflecting its lawyers' strengths across the board in Japanese and foreign law.

Of Black, clients remark that he is "accustomed to Asian-style negotiations" and that he is "remarkably patient" during these. With a well-connected international network and resources across the globe, the bulk of the team's deals are cross-border and demand specialised knowledge. A number of Japanese companies continue to invest in Europe and Allen & Overy has been steadfast in following its clients abroad. For example, the Bank of Tokyo-Mitsubishi called upon the firm for advice when it acquired the Royal Bank of Scotland Group's project finance portfolio, a mega-deal with assets topping a value of £3.3 billion.

Despite a quiet inbound market, the team managed to win roles on juicy deals such as Barclay's joint venture with Sumitomo Mitsui Banking Corporation and Nikko Cordial Securities. In this deal Nobuo Nakata and counsel Jeremy White, along with former Tokyo-based partner Chris Swift (who has since relocated to Singapore) advised Barclays.

"The lawyers have quick responses, engage in tough negotiations and have faithful minds," says a corporate client.

Receiving accolades from peers as a strong M&A firm among the domestic players, Anderson Mori & Tomotsune is a confident choice for this type of work. It boasts a deep bench of highly regarded practitioners including Kenichi Masuda and Tsutomu Miyano. This year, the firm was active on a number of interesting and high profiles transactions.

One to note featured Taro Tsunoda for VeriSign, which sold its identity and authentication services business to Symantec for $1.28 billion. Exemplifying the team's capability for cutting-edge deals, this was the first transaction where the "business transfer" exception to the mandatory tender offer rules under Japan's Financial Instruments and Exchange Act was applied. Another highlight saw Hiroki Kodate and Satoshi Inoue representing Kagawa Bank in its integration with Tokushima Bank.

The growth in Ashurst's Asian corporate practice is especially evident when reviewing its M&A work this year. The firm's Tokyo office has worked in tandem with its Hong Kong and Singapore branches to complete several large transactions for a long list of clients, including Daewoo International, Mitsui & Co. and Mitsubishi Corporation.

In another landmark transaction, McClenahan and personnel from the firm's Singapore and London offices represented Korea Gas in its acquisition of a 15% equity stake in the $16 billion Gladstone LNG project. This is reportedly the largest investment of a Korean company in Australia to date.

Atsumi & Sakai has leveraged its formidable banking expertise, for which it is best-known, in several large M&A deals this year.

In a transaction that closed in March 2011, partners Bonnie Dixon, Hiroki Mori and Ryuichi Nozaki advised a financial instruments business regarding its subsidiary's ¥1 billion ($13 million) acquisition of shares in another company. The same team also represented a subsidiary of a leading FX trading business regarding its acquisition of shares in Japan.

Partners Atsuko Kissho and Yasuhiro Shimada also assisted a special purpose company regarding a ¥15 billion refinancing and restructuring plan.

Landing roles on several of the year's most prominent acquisitions, Baker & McKenzie GJBJ continues to be a go-to firm for many multinational and domestic corporates. Team leader Hiroshi Kondo is a familiar name in the market and the firm enjoys a high status for its domestic law advice.

On the foreign law side, Baker & McKenzie is further developing its capabilities, particularly in the projects practice area, with foreign and Japanese qualified lawyers led by Paul Davis and Anne Hung.

"Paul Davis understands our strategy very well and provides practical solutions," says a client of the projects partner. "Anne Hung quickly understands the issues, precisely analyses the issue with deep insights and works very diligently."

An energy powerhouse uses the firm because "the team understands our corporate policy, strategy and culture very well. It has lots of experience in LNG projects as well as long-term contracts."

Kondo is no stranger to praise, with a financial services client pointing out that "his negotiation skills are outstanding". Another says that: "his advice was highly professional and ready-to-use."

A coup for the firm was winning the role advising Daiwa Securities SMBC Principal Investments in relation to Panasonic's tender offer to acquire the majority of outstanding shares of Sanyo Electric. On the outbound front, Davis and Hung starred for Tokyo Gas on its recent purchase of an equity interest in the BG Group's Queensland Curtis LNG (liquified natural gas) Project and on their agreement to purchase LNG beginning in 2015 for 20 years. The project is valued at A$32 billion ($33 billion). This transaction sets precedents as the first sales agreement for the supply of LNG sourced from coal seam gas to Japan.

Last August 2010, counsel Mina Arai-Ito was brought on board. She adds a new element of expertise to the corporate team, bringing significant Middle-Eastern experience having worked with Japanese corporates on Egypt-related deals.

One client was so happy with one of the Bakers lawyers he "recommended the Tokyo Aoyoma lawyers to become in-house legal counsels on behalf of one of our investee companies."

Clifford Chance's Tokyo office suffered a blow when ten of its lawyers departed to American firm K&L Gates in May 2011. Three partners have left, though eight remain at the firm.

Regardless, Clifford Chance retains a strong M&A practice. Clients recommend the firm for its international capabilities. "The firm has a strong global track record and in different sectors. For example, it can easily bridge gaps between Japan and UK regulatory bodies," says a client.

"Davis Polk always provides legal services of the best quality in a timely manner. They understand what the clients require and always try to provide them" says an attorney client. Of industry expert Eugene Gregor, a client comments: "He is a very smart, efficient, functional and capable guy and knows the way to work for the US and European style." The client adds: "He is very good at very aggressive schedules and a difficult negotiator."

It is no surprise then that Davis Polk is holding its tier one position this year. Competitors are in the opinion that perhaps Gregor is spending more time in Hong Kong rather than in Tokyo. Gregor's clients do not seem to mind this at all, commenting that "he's very responsive, and of course he's at the top of the firm, so of course he sometimes goes out of office but every time he appoints someone else very capable, an associate or counsel, to substitute him in case he is not in the office. He always returns our e-mails... so he is very flexible."

Known by the market to be more of a capital markets firm, Davis Polk has proven it has an excellent M&A practice with an impressive deal list ensured by its good relationships with financial institutions. Another practitioner client praises the firm for its familiarity with Japanese financial industry and its "smooth coordination with Japanese local counsel like us".

One highlight saw industry heavyweight Theodore Paradise, with support from the offices in New York and London, advise Chuo Mitsui Trust Holdings, Japan's sixth-largest banking group by assets, in connection with its management integration with Sumitomo Trust and Banking in a transaction that created, on April 1 2011, Japan's fifth-largest banking group with an initial market capitalisation of $14.7 billion.

"Freshfields Bruckhaus Deringers' strong international team made a difference," a client notes. "They really leveraged their Hong Kong office." The firm's presence throughout Asia, with offices in China, Hong Kong, Japan and Vietnam, is greatly appreciated by clients.

Partner Takeshi Nakao, co-head of the antitrust, competition and trade practice, has been especially active in the M&A practice this year. "He has excellent legal knowledge and experience, while also possessing good English communication skills," comments a client.

Nakao, along with Tokyo partners James Wood and Junzaburo Kiuchi, worked with Robert Ashworth of the firm's Hong Kong office and Beijing-based Nicholas French to advise Lenovo Group regarding a 51:49 joint venture with NEC Corporation. The US $500 million transaction was one of the largest involving a Chinese bidder since the credit crunch.

Former Herbert Smith Tokyo managing partner and M&A specialist Steve Lewis left for London last year, leaving three partners in charge of its corporate practice. Divided into two internal practice groups, projects and energy, and M&A, the firm leverages on its global reputation as one of the best energy firms in the game.

Advising mostly on the international law aspects of high-end outbound M&A deals, clients view the team highly for its foreign practice. A unique feature of the lawyers is that they are dedicated M&A specialists instead of corporate generalists, which its premier clients - including Itochu, Marubeni, NTT DoCoMo and Canon among others - appreciate. Additionally, the team has amassed considerable experience across sectors such as TMT, financial services, oil and gas, mining, infrastructure and other resources- related areas.

A top-tier domestic TMT client says "the team's advice and responses are very quick, precise and comprehensive, being backed on plenty of its past M&A and telecoms experiences. Also, they give adequately manage and control local counsels' work."

James Robinson, a much sought-after junior partner, recently worked with Mitsubishi Electric on its 100% acquisition of German manufacturer Vincotech from a private equity seller in an expedited auction process.

"Hogan Lovells is very attentive to details and have significant bandwidth. Most importantly, they bring it to these projects," a pharmaceutical client says. "If they don't have the expertise, they get the expertise."

The firm's enormous resources throughout Asia ensure that it is involved in highlight M&A deals. In a transaction that closed in September 2010, partner Rika Beppu and recently promoted of counsel Jacky Scanlan-Dyas acted for German corporation HC Starck in a joint venture with Japanese company Chisso to produce and market Li-Ion Battery cathode products. The two companies established CS Energy Materials and created an initial consolidated capitalisation fund of ¥1.5 billion ($19 million).

The strong M&A practice at Latham & Watkins has been buoyed by the return of counsel Louis Rabinowitz, who had been posted in Hong Kong from 2008 to 2011. Despite partner Satoshi Karashima's departure, the corporate area of the firm remains strong because of to the leadership of well-regarded partner Michael Yoshii, who heads the practice.

The firm demonstrated its cross-border abilities when it represented Daiwa Capital Markets in its $1 billion acquisition of the global convertible bonds and Asian equity derivatives divisions of KBC Group. Partners Hisao Hirose of Tokyo, Simon Berry of Hong Kong and Nigel Campion-Smith of London all worked on the deal.

"Its service for domestic transactions is very high quality and we are happy with it," says a local corporate client. The magic circle firm is a formidable presence in the M&A market with equally strong domestic and international capabilities. "The firm is responsive and services are always provided in a timely manner," says a client. "Needless to say, legal technicality is important, but the lawyers can be characterised by how they can maximise their clients' merit in negotiations with deal counterparts as a result," adds a client.

Another client says "all of the lawyers are perfect from a legal perspective. Specifically, they are very familiar with Japanese companies' customary ways of decision- making and they assist it with an appropriate manner."

This year, the team bid adieu to partners Paul McNicholl and David Holdsworth who relocated back to the firm's London office. Despite their departures and the market rumbling of "internal restructurings", the admired Hideo Norikoshi and the remaining three-partner team landed on a handful of prominent cross-border matters. In one, the largest acquisition of an African company by a Japanese acquirer, Norikoshi guided NTT on its offer for South African IT firm Dimension Data Holdings for £2.12 billion.

Proud of being ahead of the curve with Japan-China related acquisitions, a Linklaters team led by Norikoshi acted for Nippon Paper Group on its purchase of a 12% stake in Lee & Man Paper Manufacturing. The target is a Hong Kong-listed company and the legal team had to navigate a complex web of regulatory issues, including dealing with Hong Kong takeover and listing rules, Cayman Islands company law, Japanese stock exchange rules and Chinese law.

The firm's international network is considered very valuable by clients. "The strength of Linklaters is its global service network, as well as having strong support from the Japanese," affirms one. Another provides a snapshot of a recent deal he worked on with the team: "They have a good network, for example, one of our deals was in Thailand. We contacted them here in Tokyo and the firm also has a Bangkok office and that worked well." Yet another offers: "Though they may be a bit expensive, we can use their global network and their service is excellent."

This client had a similar experience: "When I sold an entire share of our non-core business, which was operated in Japan, the US and the EU to one of the US-based investment funds, the firm was working quite well in collaboration with their international team."

"Morgan Lewis Bockius' tie-up with Japanese firm TMI Associates is effective and expanding," notes a client.

The firm has advised clients such as Sumitomo, Met-Life ALICO Japan and Pacific Alliance Japan through its joint venture with TMI Associates. In a highlight transaction, Morgan Lewis-TMI, led by partner Lisa Yano, represented Sumitomo in its offer, worth $1.36 billion, to increase its stake in Jupiter Communications to 40%. The transaction also required the termination of a partnership between Sumitomo and Liberty Global.

"I recommend Mori Hamada very much because not only is it quality but this quality includes the lawyers themselves, their character," praises a corporate client. "Its quality is very good. Its fees are reasonable, but the first and most important thing to me is quality. They have many good lawyers."

With a star roster of corporate practitioners, Mori Hamada & Matsumoto sits comfortably at the top of the rankings. It boasts being lead counsel on a number of complex and precedent-setting acquisitions, which highlights the team's activity on the most interesting deals in the market. A Japanese corporate client commends the firm for having "a lot of experience with M&A issues between Japanese companies and companies in Asia".

In one, the first cross-border "in-out" triangular merger using the stock of a Japanese corporation for the acquisition of a non-Japanese corporation, Hajime Tanahashi and Atsushi Oishi advised DeNA, a Japan-based e-commerce company, on its acquisition of Ngmoco, a US-based developer of iPhone games and applications for $361 million. In another prominent transaction, Asahi Breweries turned to the firm for advice in its acquisition of a 6.54% stake in Taiwan-based Ting Hsin for $520 million.

Even top private equity firm Kohlberg Kravis Roberts (KKR) relied on a Mori Hamada team when it paid $380 million to acquire Japan-based recruitment consultancy, Intelligence from Usen.

Being approachable and accessible is a quality of the firm clients emphasise. "The lawyers are easy to contact, which is very due to the time sensitive natures of M&A transactions," one says. "They are very, very easy to talk to. I can talk with those lawyers by mobile phone so I can contact very very quickly. That's a very important point in choosing a firm."

A competitor of the firm notices that Morrison & Foerster is "recently having the hot hand in the M&A sector". With one of the largest teams in Japan and an incredibly active M&A practice, Morrison & Foerster, manages to hold its steady position on both the foreign and local law rankings this year. "The team is flexible and practical, and can cover many areas as a one-stop shop," says a corporate client, who was happy the team was able to complete his latest deal in just five weeks. "They provide quick responses all the time and their advice and responses to our requests are quick and professional."

In a moving testament to Mofo's commitment to its clients, one shares his views about the firm's reaction to the earthquake disaster:

"Further, we have taken note of other non-local firms, and their response and attitude to the recent disaster up at Fukushima and the earthquake. Those firms whose lawyers were suddenly unavailable, having chosen to repatriate to their home countries, we have decided not to ever retain, as we believe this shows a lack of serious commitment to Japan and its people. We also believe this shows a divide internally as to how the local bengoshi are treated vis-a-vis foreign counsel. While MoFo did relocate some of its attorneys to other Japanese cities, they were available at all times. Stan [Yukevich] in particular was in Tokyo during the crisis, which not only gave a sense of camaraderie, but also further verified the firm's commitment to Japan and specifically, its Japanese clients."

Deal highlights of the last year include, Fuyuo Mitomi along with New York's Michael Braun, representing Astellas Pharma, last June, in what is the first successful hostile take-over of a listed US company by a Japanese company and was valued at $4 billion.

Another noteworthy transaction saw Michael Graffagna and Stanley Yukevich represent Sumitomo Corporation at the close of 2010 in its up to $1.9 billion acquisition of a majority stake in a recently created iron ore unit of Brazilian steelmaker Usiminas Siderurgicas de Minas Gerais. Sumitomo's investment in the venture is expected to increase its iron ore supply ten-fold by 2015 amid growing global demand.

Gary Smith is singled out by clients, with one pharmaceutical client stating that "[he is] the best M&A lawyer who I have met". The client adds: "Gary Smith is friendly, has a high level of negotiation skill, is always appropriate and gives timely advice."

Yukevich is another client favourite. "Stan helped us manage through a tough period, through negotiations, agreements and due diligence," notes one. Another lauds him as being "extremely available, very punctual" and with the "ability to make suggestions which, despite our unclear intentions, are exactly what we want."

An impressive client list includes names such as Astellas, Fujitsu, Hitachi, Mitsubishi UFJ, Mitsui, Sumitomo, Toshiba and Yahoo! Japan.

The firm was boosted in November 2011 through the hire of leading lawyer Dale Araki from O'Melveny & Myers

"Nagashima Ohno & Tsunematsu has good team work," comments a client. The domestic firm is fast becoming a cut above the rest among the big four when it comes to M&A.

Last year saw partners Yuko Tamai and Tomohiko Iwasaki advise Panasonic and Panasonic Electric Works on a privatisation transaction. The tender offer, which was completed in October 2010, was complicated as it involved two concurrent tender offers among three listed companies and shows the firm's extensive range of capabilities.

Sanyo Electric was represented by the firm on the sale of its semiconductor business to On Semiconductor. The complex transaction involved the transfer of businesses, companies, loan receivables and employees across a variety of jurisdictions.

The sizeable M&A offering at Nishimura & Asahi certainly had no shortage of work last year. With a client list dappled by companies across every possible sector, the team can be proud of its top-tier standing and respect from peers. The domestic acquisition market was quite vibrant until the earthquake stalled a number of transactions but the firm's deal list reflects its activity.

In one deal, Takefumi Sato represented Mitsubhishi UFJ Nicos on the sale of its unsecured card loan credit guarantee business to Acom through a corporate split.

Katusyuki Yamaguchi and Tanigawa advised FreeBit on its acquisition of a majority of shares of Full Speed through a tender offer for over ¥2 billion ($26 million).

The firm has a broad international network with other top-tier law firm allies in other jurisdictions, which clients appreciate. In addition to this, Nishimura adds another layer of value by having experienced counsel, former tax officials and non-legal professionals on staff.

Norton Rose has been punching above its weight since its arrival in Japan in 2008. Its inclusion in the M&A rankings this year represent both the firm's high-profile work and its strong additions to its personnel, namely M&A partner Michael Joyce from the firm's Brisbane office.

Tokyo partner Chris Viner and Shanghai partner Justin Wilson represented Mitsui & Co. regarding its $30 million acquisition of a 49% strategic stake in a Chinese shipyard located in Jingjiang, Jiangsu Province. Other owners of the shipyard include the China State Shipbuilding Corporation and Indonesian conglomerate BSG Group.

Acting on a range of domestic M&A deals, Oh-Ebashi LPC & Partners has won recognition for the market for its solid advice. Based in Osaka, the firm is especially lauded for its restructuring and corporate reorganisation practice.

It has deep experience in the technology sector, reflected in Canon's recurring patronage of Oh-Ebashi's legal services.

O'Melveny & Myers has acted for a diverse clientele this year, including Mitsui Chemicals, Western Digital, Momentive Specialty Chemicals and Mitsui & Co. Global Investment.

A highlight deal is Western Digital's ongoing $4.3 billion acquisition of Hitachi Global Storage Technologies, announced in March 2011. Tokyo partners Dale Araki (now with Morrison & Foerster), the head of the transactions area, Mangyo Kinoshita and Scott Sugino are involved, as well as partners from the firm's other offices in North America and Europe.

Clients of Orrick Herrington & Sutcliffe's M&A practice shower managing partner Mark Weeks with praise. "I have a preference for the foreign law firms. Orrick stood out largely because of Mark Weeks," comments a banking client, "If there's one skill that really distinguishes Mark, it's his ability to really understand the differences between Japanese clients & foreign counterparts. He bridges the gap in a very calm way."

The firm advised Posco regarding its first foreign acquisition outside the steel and natural resources industries this year. The steelmaker bought a 51% stake in Xenesys, a Japanese waste heat recovery company, for ¥610 million ($7 million). Well-regarded senior counsel Eugene Chang led the transaction.

Paul Hastings Janofsky & Walker lost nearly all its bengoshi partners, including influential co-chair of the M&A practice Jun Usami. Regardless, the firm remains steady in the rankings because of its strong work in the area this year.

Partners Matthew Berger and Barry Brooks advised Kobe Steel regarding a $400 million joint venture with United States Steel Corporation, which will increase both companies' abilities to serve its automotive customers.

With a modest team of two partners, Paul Weiss Rifkind Wharton & Garrison is a client favourite for high-end advice on complex M&A work. Kaye Naoko Yoshino and Tong Yu have crafted a respected practice that focuses on quality rather than quantity.

Acting as international counsel to Nidec Corporation, Yu and his team assisted the client in relation to a share exchange with Nidec Servo Corporation in a privatisation. Long-time client Oaktree Capital Management once again turned to the firm when its company, Japan Rental Housing Investments merged with Prospect Reit Investment to create a Reit (real estate investment trust) with ¥183.5 billion ($2.1 billion) in assets.

"Ropes & Gray has an up-and-coming M&A practice. Watch for them in the future," says a practitioner.

A client comments, "We heard they were relatively new to the Tokyo market, but they performed well in this deal. As a client, can recommend them for our next deal, and we recommend them to our peers."

In a highlight transaction, partner Jim DeGraw represented Quanta Computer regarding its joint venture with 3M to manufacture and market touch screen technology.

Shearman & Sterling has been involved in some of the largest M&A transactions in Japan this year, most notably the recently announced $50 billion merger between Sumitomo Metal Industries and Nippon Steel. Partners Masahisa Ikeda and Ken Lebrun, along with counsel Brian Wheeler, are advising Sumitomo Metal Industries in the merger, which will create ArcelorMittal, the world's second-largest steel company.

Clients especially praise Ken Lebrun, head of the M&A practice. "Ken Lebrun is a very good lawyer who has experience in US M&A," a client says. "You don't have to fully rely on someone in NY or wherever else."

Simmons & Simmons has had a unique joint venture with Japanese firm TMI Associates since 2001, giving the firm strong capabilities in Japan. Its clients include Capcom, Mitsubishi, Dentsu, Mitsubishi UFJ Trust and Banking, Marubeni and Takeda Pharmaceutical Company.

A highlight deal involved I.T. Group's acquisition of Nowhere Co., the company that owns trendy streetwear brand Bathing Ape. Partners Jason Daniel and Masaya Hirano advised Nowhere Co in this transaction, which closed in January 2011.

"One of the most popular firms in Japan" with "global connections smooth enough for us to support large deals," is the analysis of one investment banker client of Simpson Thacher & Bartlett.

One highlight for the firm was representing Kohlberg Kravis Roberst (KKR) as co-counsel, led by Sinead O'Shea, in relation with Taiwan-based Orion Investment's announced public tender offer. Another highlight saw O'Shea representing China National Agrochemical Corporation in relation to a $960 million non-recourse entrusted loan to Koor Industries.

Clients and peers have particular praise for David Sneider, who has been head of the Tokyo office since 1994. One peer notes that he is a "very bright and capable guy". He is "very accessible and willing to take calls late at night" says an investment banking client.

Representing both lenders and borrowers, the firm's clients include Primus Financial Holdings, Goldman Sachs, First Reserve Corporation and The Blackstone Group

Straddling the local and international law rankings, the market has glowing reviews of Skadden Arps Slate Meagher & Flom's practice. Leading partners Nobuhisa Ishizuka and Mitsuhiro Kamiya have starred in an impressive volume of deals for a relatively small team. Ishizuka and a multi-jurisdictional team worked for Sekusui Chemicals on its $265 million acquisition of the diagnostics business of Genzyme.

Rising star Michael Mies featured for Kirin Holdings in its $128 million acquisition of Mercian. He teamed up with Kamiya to represent Baring Private Equity Asia in its acquisition of a majority stake in Primo Japan, a retailer and maker of bridal jewellery.

Sullivan & Cromwell's M&A practice continues to punch above its weight, scoring leading roles on precedent-setting and high-value mergers, acquisitions, joint ventures and strategic investments. The Wall Street firm promoted Keiji Hatano to the partnership at the end of 2010, boosting the Tokyo partner numbers to three.

Izumi Akai is highly acclaimed by peers and clients and his deal list is punctuated repeatedly by transactions such as the $9.7 billion Panasonic acquisition of Panasonic Electric Works and Sanyo Electric. He advised Panasonic on the US tender offer rules. Hatano led a global team that advised Mitsubishi UFJ Financial Group on its $9 billion joint venture investment with Morgan Stanley.

White & Case has bolstered its M&A practice this year with the hire of partners Ayako Kawano and Jun Usami from Paul Hastings. Usami was formerly the co-chair of Paul Hastings' Tokyo corporate practice.

Partner Brian Strawn, head of the firm's M&A practice, advised Valeo on its €320 million acquisition of over 97% of Niles, a manufacturer of automobile switches and electronic components, from RHJ International and Nissan Motor. Though Davis Polk & Wardwell acted as deal counsel, Strawn was the Japan counsel for the transaction.