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

	Allen & Gledhill WongPartnership
	Rajah & Tann
	Rodyk & Davidson Shook Lin & Bok
	Colin Ng & Partners Drew & Napier KhattarWong Lee & Lee Stamford Law TSMP Law Corporation Wong Tan & Molly Lim
	LegisPoint

	Allen & Gledhill WongPartnership
	Rajah & Tann Stamford Law
	Drew & Napier Shook Lin & Bok
	Colin Ng & Partners Duane Morris & Selvam Lee & Lee TSMP Law Corporation
	Harry Elias RHT Law

	Allen & Gledhill WongPartnership
	Drew & Napier Rajah & Tann Shook Lin & Bok Stamford Law
	Colin Ng & Partners Rodyk & Davidson
	Duane Morris & Selvam Lee & Lee TSMP Law Corporation Wong Tan & Molly Lim
	Harry Elias Straits Law

	Allen & Gledhill Drew & Napier Rajah & Tann
	Shook Lin & Bok WongPartnership
	Stamford Law TSMP Law Corporation

With the general trend in so many jurisdictions being a notable lack of liquidity, Singapore is fortunate to be witnessing a gradual return of free capital. New lending is certainly nowhere near the levels witnessed before the credit crisis, but optimism is abundant and a number of notable acquisition finance deals point to the fact that banks are beginning to emerge from hibernation.

However, restructuring and refinancing work remain the main driver for most practices as banks continue to put their houses in order following the shake-up of the last few years. Even with increased confidence and slight return of liquidity large institutions will be conscious of the need to maintain, and in most cases increase, their core capital base in line with new regulations and not to risk too much at this point on new ventures.

With the market on the up, foreign firms will hope to benefit. In January 2011 the government finally ratified the Foreign Practitioner Certificate (FPC), allowing foreign lawyers to sit the Singapore bar exams. Certainly this will further increase the scope of international firms on more domestic focused mandates and continue the gradual liberalisation of the market.

However, some firms are not convinced that will lead to a dramatic change in the landscape. Domestic banks only account for a limited proportion of new lending in the market and a lot of these more localised mandates are already well served by the local firms. Indeed, it may prove to be an un-profitable venture for international firms to compete with domestic outfits for this work.

A more likely outcome is that it will simply allow international firms to offer more flexibility to their clients, reducing the need to call in additional counsel as and when more specific Singaporean elements arise on the larger cross border deals.

Arguably the biggest event in the Singapore capital markets space last year was the proposed merger between the Singapore Stock Exchange (SGX) and its Australian counterpart (ASX). With an agreement reached in October 2010 the $8.4 billion deal will see the combined operation become the second largest exchange in the Asia-Pacific region creating a $1.9 trillion market.

The details of the deal would see SGX bid for all shares in ASX through a scheme of arrangement creating a $1.9 trillion market and providing investors with access to 2700 listed companies. Both exchanges will retain their own names.

The merger is an attempt to bring together the strengths of each entity and create a credible competitor and an alternative to the Hong Kong Stock Exchange.

It certainly bodes well for firms, which will hope that a strong stream of new IPO mandates flows forth if the merger goes ahead. Indeed, the exchange already seems to have raised its profile when it was announced in August 2011 that Manchester United Football Club, which is owned by the Glazer family would be seeking to list the club on the exchange in an attempt to raise $1 billion in new capital. The deal had originally been planned for Hong Kong, however the exchanges' rules disallowed this on account of the Club's debts.

This news aside, the last year has remained relatively stable on the equity side with enough mandates to satisfy the big firms but arguably still not enough to support a deepening of the legal market.

Indonesia remains a focus, with work arising from investment linked to the country's natural resources and Singapore being the obvious destination for energy or mining company's to list. However the holy grail remains Chinese listings, with regulators desperate to tap into the immense potential represented by Chinese corporates. The issue of course is that such companies have a natural home on the Hong Kong exchange, therefore new strategies will need to be put in place to break those historical and geographical links and make Singapore a more favourable option.

On the debt side Islamic finance continues to represent an interesting source of work and the last year saw the largest ever sukuk (Islamic bond) done in Singapore issued by Khazanah Nasional Berhad at S$1.5 billion ($1.2 billion).

The country’s M&A market remains relatively healthy. Although work is not as buoyant as it was in 2009 heading into 2010, there remains a good pipeline particularly in core areas such as natural resources and energy.

In this last area, one of the year's largest deals saw investment vehicle Vallar acquire stakes in Bumi Resources and Berau Cola Energy for $3 billion. The Nathan Rothschild controlled company followed this with a $2.1 billion bid for Bumi Resources Minerals in a move to greatly increase its options and assets in Indonesia.

For most firms the bulk of their project finance practice remains linked to energy and natural resources projects. Singapore remains a hub in Southeast Asia for these types of projects due to its relatively advanced finance markets and the experience that its banks have in the area.

With the demand for infrastructure in many countries in the region still at a high level, Singapore also acts the regional point of reference, providing new projects with a localised template rather than having to look for examples out of Europe or America.

Despite this great demand there is still in some cases a reticence on behalf of certain banks to lend to projects, which fall outside their comfort zone. A certain level of conservatism still exists and many institutions are still only willing to lend to a tried and tested client base.

Export Credit Agencies (ECAs) continue to play a major role in financing and indeed can often have a secondary role providing confidence, through their presence on deals, to the local banks.
Interest in PPP's (public-private partnerships) continues apace and Singapore continues to be a trailblazer in the region for these types of deals.

Restructuring and insolvency work has not really touched the heights that people expected in the wake of the credit crunch. This is partly down to the fact that Singaporean banks were perhaps not as badly exposed to those deals and products that caused the most damage.

This is not to say that they were not effected and despite a slight pick-up, a relatively low level of liquidity points to the fact that many institutions still have issues of concern on their balance sheets and are simply playing an elongated game of extend and pretend.

This attitude is helped by the general atmosphere in the country, which encourages actions and procedures tilted towards rescue and recovery rather than those which could lead to insolvency.

However this approach has been tested at times when cases have gone as far as the courts. For example, in November 2010 DBS Bank had, for one of its debtors, stopped short of calling in a loan despite the company's repeated failure to repay the amount and had instead settled by taking a charge over shares. This was deemed by the court to be an unfair preference towards one creditor at the expense of others. While this does, as many would deem correct, encourage creditors to be treated equally, such decisions reduce the options available when trying to find an amiable solution, which may in turn lead to more protracted negotiations.

In general though both banks and companies are keen to avoid the courthouse and as a result firms have seen themselves called upon to act as negotiators.

Allen & Gledhill remains one of the pre-eminent local firms in Singapore. The firm is strong across all practice areas and has been on a strong drive to consolidate it position in the capital markets.... [more]

Allen & Gledhill remains one of the pre-eminent local firms in Singapore. The firm is strong across all practice areas and has been on a strong drive to consolidate it position in the capital markets.

One result of the drive saw Tan Tze Gay, Leonard Ching, Richard Young and Rhys Goh handle Global Logistic Properties' IPO on the Singapore Exchange Securities Trading and a simultaneous public offering without listing in Japan, resulting in S$3.9 billion ($3.2 billion) gross proceeds and market capitalisation of S$8.8 billion. This represents the third largest IPO in Singapore's history. The IPO was conducted in conjunction with a massive and complex corporate reorganisation that required cooperation with Cayman Islands, Chinese and Japanese counsels.

On the finance side, partners Kok Chee Wai, Kelvin Wong and Ho Chien Mien are representing the lender, RBS, as Singapore legal counsel regarding the $1.3 billion in limited recourse project financing of a large-scale petrochemical plant for Jurong Aromatics. The firm has worked in tandem with Linklaters to advise on most aspects of the transaction, including procurement of raw materials, supplies and utilities, and consultancy agreements.

The banking team also acted for Wilmar International on the $1.3 billion syndicated facility provided to its subsidiary Wealth Anchor for the acquisition of Sucrogen and Sucrogen on a subsequent A$600 million ($626 million) revolving credit facility from ANZ Bank.

Clients are impressed by the resources available to the project finance team and appreciate the amount of partner time devoted to projects: "Given the very tight timeline due to the transaction being a bid submission, A&G was able to commit a four man team including three very experienced partners," says one client. "We find that the team is very familiar with the Singapore market and its regulatory framework, the type of transaction that we are working on, especially in the industry that the project is in. Their experience is helpful in minimising unnecessary negotiation."

On the M&A side clients have particular praise for Lee Kim Shin: "Very experienced; skilful negotiator; exactly the right balance for a senior M&A partner," says one. Lim Chong Ying also receives praise: "Exceptionally hard working and a very thoughtful and professional individual."

The firm is also acting for CVC Asia Pacific through Asia Link Holdings in its S$349 million ($288 million) investment into PT Link Net, an Indonesian company. It signals increasing business between Singapore and Indonesia and most importantly, illustrates the investors' confidence in the Indonesian economy.

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Colin Ng & Partners has had a difficult year, with peers panning its performance across several practice areas. Regardless, the firm has been quite active, participating in several highlight deals.... [more]

Colin Ng & Partners has had a difficult year, with peers panning its performance across several practice areas. Regardless, the firm has been quite active, participating in several highlight deals.

Partner Bill Jamieson advised Hong Leong Bank, a Malaysian bank, regarding its issuance of $300 million 3.75% bonds due in 2016. This was the first US dollar senior bond issue by a Malaysian bank.

This year Jamieson has also advised several large banking clients regarding the drafting of unsecured revolving credit facility agreements and other transaction documents.

On the mergers and acquisitions front, partner Tan Min-Li is advising SGX Mainboard-listed company Japan Land in a proposed acquisition by Kokusai Kogyo Group (KKG) which owns companies that operate solar power plants. KKG is proposing a reverse takeover of Japan Land with a concurrent restructuring of debt and a disposal of its other interests in KHC, Japan Asia Group and Japan Asia Holdings. All components of the transaction will be worth $50 million.

The firm has also represented BreadTalk Group through its subsidiary Topwin Investment Holdings regarding the creation of a proposed joint venture between the company and Chai Chen-Shih in Taiwan, which will be named Food Republic.

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Drew & Napier remains one of the market leaders in the restructuring and insolvency area, which is built on the strong foundations provided by its litigation practice and driven forward by a number of key individuals.The market highlights a number of partners within the team, but it is Julian Kwek in particular who seems to be a favourite among clients.... [more]

Drew & Napier remains one of the market leaders in the restructuring and insolvency area, which is built on the strong foundations provided by its litigation practice and driven forward by a number of key individuals.

The market highlights a number of partners within the team, but it is Julian Kwek in particular who seems to be a favourite among clients. "I am very impressed with Julian's commitment and professionalism. His team is not there only to provide legal advice, but more importantly, they always come out with an outside the box solution to address risks and concerns that the clients might have."

Backing up its reputation, last year partners Chan Wei Meng, Raymond Lam and Sushil Nair, co-head of the restructuring and insolvency practice, acted for the controlling shareholders of TT International, a global electronics distributor, in a S$600 million ($495 million) insolvency case. The Singapore Court of Appeals gave the company broad directions in restructuring, and Drew & Napier was able to assist in avoiding liquidation and successfully structure S$503 million in debt.

Senior counsel Davinder Singh and partner Blossom Hing also advised the trustee of bonds in the insolvency of Celestial Nutrifoods, which is estimated to be worth S$274 million. This continuing matter is notable because the majority of the Singaporean company's assets are in China, requiring cross-border expertise.

In the banking team, partner Sandy Foo, who has recently returned to the firm after a secondment at BNP Paribas, was praised for her commercial sense: "Sandy is extremely hard working and responsive, but her best attribute I think is her commerciality. She is an excellent technical lawyer but never takes overly technical points (unlike many local lawyers) and always works hard to find legally and commercially acceptable compromises, which is an essential part of being a good and experienced transactional lawyer."

In another unresolved transaction, directors Ralph Lim and Benedict Teo are representing RBS and Macquarie Capital, who are acting as the joint financial advisors to RHC Healthcare, a vehicle created by RHC Holdings and Fortis Healthcare. RHC Healthcare offered to pay S$3.2 billion ($2.33 billion) to acquire all issued shares in Parkway Holdings. However, Khazanah Nasional made a successful competing offer.

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Selvam have established a joint venture with Philadelphia firm Duane Morris, and is now named Duane Morris & Selvam in regard to international work. The firm has also rebranded its local practice name from Arfat Selvam Alliance to Selvam.... [more]

Selvam have established a joint venture with Philadelphia firm Duane Morris, and is now named Duane Morris & Selvam in regard to international work. The firm has also rebranded its local practice name from Arfat Selvam Alliance to Selvam.

Krishna Ramachandra, the head of the firm's capital markets practice, is a leading figure in Singapore's legal community. A client notes, "He provides ideas and solutions that are detail-oriented, and he's very commercially-minded."

Ramachandra is advising a US retailer in regard to its proposed acquisition of a major hypermarket chain, which requires understanding of Indonesian regulatory issues and Singaporean, Indonesian, English and American law. If successful, this acquisition will be worth $1 billion.

In another M&A transaction, partner Lo Kim Seng advised Jurong Cement regarding its acquisition by controlling shareholder Holcim Investments. Holcim acquired all shares for S$110 million ($84 million) and Jurong Cement delisted from SGX-ST with a cash exit offer for shareholders.
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Harry Elias has added to its practice this year, hiring partner Linus Ng from Robert Wang & Woo and partner Douglas Koh, a lateral hire from Drew & Napier. In a highlight deal, Koh and partner S.... [more]

Harry Elias has added to its practice this year, hiring partner Linus Ng from Robert Wang & Woo and partner Douglas Koh, a lateral hire from Drew & Napier. In a highlight deal, Koh and partner S. Suressh advised Tata Chemicals Limited regarding its $290 million acquisition of a 25.1% stake in a port-based ammonia-urea fertiliser manufacturing complex in the Republic of Gabon.

Partner Claudia Teo also acted for Goodland Group Limited in its rights issue of warrants. It raised S$20 million ($15 million) and was oversubscribed, with four times as many parties interested as there were shares.

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Traditional heavyweight KhattarWong has experienced trouble as managing partner Tan Chong Huat left in July 2011 to be a founding partner of new firm RHT Law. He took 53 lawyers with him, but the largest blow in the firm's practice is that seven equity partners followed Tan to the new firm.... [more]

Traditional heavyweight KhattarWong has experienced trouble as managing partner Tan Chong Huat left in July 2011 to be a founding partner of new firm RHT Law. He took 53 lawyers with him, but the largest blow in the firm's practice is that seven equity partners followed Tan to the new firm.

The firm is trying to rebuild, hiring partner Lim Mei Ann from an in-house counsel role in August 2011. It has also added an insolvency and restructuring practice.

In October 2010, the firm advised Yamada Green Resources, a supplier of self-cultivated shiitake mushrooms, regarding its S$90 million IPO on the Main Board of SGX-ST.

The firm also represented the board of directors of Super Group regarding the allotment and issue of 20 million Taiwan depositary receipt shares in September 2010. They were listed on the SGX-ST and raised over S$23.6 million in capital.

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LegisPoint is a boutique firm that focuses on its banking and finance practice. It has worked on several high-value transactions this year, including the establishment of a US $63 million revolving facility.... [more]

LegisPoint is a boutique firm that focuses on its banking and finance practice. It has worked on several high-value transactions this year, including the establishment of a US $63 million revolving facility. It also acted in the refinancing of an S$80 million ($61 million) term loan to Hong Leong Holdings. Partners Young Chee Foong, Michelle Loh and Paul Tan were instrumental to these deals. [hide]

After a tumultuous year in 2009, which saw three partners leave the firm, Rajah & Tann has been in a period of consolidation in the past year. The firm retains its position across the tables and is still seen as a major player in M&A and capital markets.... [more]

After a tumultuous year in 2009, which saw three partners leave the firm, Rajah & Tann has been in a period of consolidation in the past year. The firm retains its position across the tables and is still seen as a major player in M&A and capital markets.

Certainly in terms of capital markets work, clients were quick to praise the firm's accessibility: "Very accessible - virtually 24/7, it's a great plus," says one. "Deals are 'cooked' over the weekends, and they're one of the very few law firms where you'll just dial them and they'll respond."

In a highlight banking transaction, partner Angela Lim advised Resorts World at Sentosa on secured credit facilities of S$4.2 billion ($3.5 billion) to refinancing some of its building projects on Sentosa Island. Although Resorts World's casino was already in operation when this deal was worked out, ongoing construction of the rest of the resort means that the deal involves both project and debt finance.

Senior counsel Lee Eng Beng, head of the restructuring and insolvency practice is highly thought of by clients: "I've been working with him for the last ten years. Very good understanding and after instructing so many lawyers and firms I only retain the best. He's an expert in this area, knows where the bank is coming from, and always comes up with a good case." Another client agrees and describes Beng as "intelligent, quick thinking and", says the client, "he provides key strategy and solutions".

Beng worked on a number of notable transactions last year, including representing lenders and creditors in several large restructuring and rehabilitation cases. Along with partners Sim Kwan Kiat and Ryan Loh, he acted for bank lenders on the insolvency of Korea Line. The company's Singapore subsidiary alone owes $100 million, but was placed under bankruptcy protection by South Korean courts. Lee also advised creditors regarding the insolvency of Drydocks World Group, which also carried $100 million in debt.

Patrick Ang, another member of the firm's R&I team, is also praised: "Sound business acumen and in-depth knowledge of the insolvency laws in Singapore," says one client.

On the M&A front, well-regarded partners Goh Kian Hwee and Lawrence Tan handled the exit of Oversea-Chinese Banking Corporation (OCBC Bank) from Map Technology Holdings, an integrated data storage service provider. Map Technology voted to delist from the Singapore Exchange Securities Trading (SGX-ST), and OCBC Bank offered S$74 million in shares for its exit offer. [hide]

RHT Law is a new firm founded this year by former KhattarWong managing partner Tan Chong Huat, who is a capital markets specialist, and senior partners Rajah Menon and Hee Theng 24 KhattarWong partners have left the firm to join RHT Law, with a total of 105 lawyers and staff having joined the firm. RHT Law intends to cultivate an international presence, especially in the practices of intellectual property and capital markets.... [more]

RHT Law is a new firm founded this year by former KhattarWong managing partner Tan Chong Huat, who is a capital markets specialist, and senior partners Rajah Menon and Hee Theng 24 KhattarWong partners have left the firm to join RHT Law, with a total of 105 lawyers and staff having joined the firm. RHT Law intends to cultivate an international presence, especially in the practices of intellectual property and capital markets. [hide]

"I think that Rodyk & Davidson has reasonable rates and a solution-driven focus," a client says, "They don't just come up with legalese that just protects the firm, but instead keep business realities in mind when coming up with solutions."Rodyk and Davidson have been quite active in the banking and M&A practices this year, and peers have taken note.... [more]

"I think that Rodyk & Davidson has reasonable rates and a solution-driven focus," a client says, "They don't just come up with legalese that just protects the firm, but instead keep business realities in mind when coming up with solutions."

Rodyk and Davidson have been quite active in the banking and M&A practices this year, and peers have taken note. Many have mentioned that the firm is now more active than it was in previous years.

A highlight was the firm's participation in a complex M&A deal involving Singaporean, Bruniean and Norwegian law. Partners Gerald Singham and Sarah Choong advised Norwegian Apply and its subsidiary Apply Leirvik in its $85.7 million acquisition of all shares of Aluminium Offshore, Aluminium Structures and Aluminium Technologies in the AO Group of Companies. The firm then acted for Apply and Apply Leirvik in its establishment of Apply Aluminium, which was a joint venture with the founders of the AO Group of companies.

In the banking area, peers especially respect partner Doreen Sim because of her frequent appearances across the table. In a landmark deal, Sim represented Asia Square Tower 2 regarding a $830 million facilities loan by a syndicate of banks. The loan was arranged by DBS, Malayan Banking Berhad, and Standard Chartered Bank, among others.

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Maintaining its strength in corporate M&A, Shook Lin & Bok has worked on some impressive mandates in the last year, further boosting its profile in the corporate space.One such highlight for the firm this year was working on one of Singapore's largest M&A deals, with partners David Chong and Teo Yi Jing acting for Morgan Stanley in the S$10.... [more]

Maintaining its strength in corporate M&A, Shook Lin & Bok has worked on some impressive mandates in the last year, further boosting its profile in the corporate space.

One such highlight for the firm this year was working on one of Singapore's largest M&A deals, with partners David Chong and Teo Yi Jing acting for Morgan Stanley in the S$10.7 billion ($8.8 billion) Singapore Exchange (SGX) takeover of the Australian Exchange (ASX). This transaction will result in the second-largest listed stock exchange in Asia, and has required regulatory approval in both Australia and Singapore.

Partners Tan Woon Hum and Markus Blenntoft also advised HSBC Institutional Trust Services, the trustee of Sabana Sharia Compliant Industrial Real Estate Investment Trust (Reit) in its IPO, representing Singapore's first sharia-compliant Reit, which raised S$491 million. This is a particularly innovative transaction, as Hum and Blenntoft had to work around sharia structures to create what is reportedly the largest sharia-compliant Reit in the world.

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The market still views Stamford as a highly skilled boutique. It does not have the same capacity in terms of manpower as other firms in the market, but the advantages of being more focused in terms of mandates are clear and commentators say the firm's partners are able to give their full attention to specific deals rather than being stretched across a number of projects.... [more]

The market still views Stamford as a highly skilled boutique. It does not have the same capacity in terms of manpower as other firms in the market, but the advantages of being more focused in terms of mandates are clear and commentators say the firm's partners are able to give their full attention to specific deals rather than being stretched across a number of projects.

Capital markets and M&A are considered the firm's core areas of practice, and certainly in the latter clients appreciate the skills of managing partner Suet Fern Lee: "I have dealt with her for many years. She herself is very good, knowledgeable, and finds innovative solutions to overcome challenges and obstacles in the way of getting things done," says one client.

Last year Lee, Joo Khin Ng and Elizabeth Kong advised NYSE-listed Advantest, which specialises in producing automatic test equipment for the semiconductor industry, in its yet-to-be completed $1.1 billion hostile takeover of Nasdaq-listed company Verigy, which also provides test systems for semiconductors. The merger requires shareholder approval and must be sanctioned by a Singapore court. It would unite two technology companies with similar products.

In one of the largest IPOs in Singapore this year, partners Joo Khin Ng and Susan Kong advised Mapletree Commercial Trust in its listing, which had a market capitalisation of over S$2.5 billion ($2 billion) and raised S$893 million in its IPO. The IPO required Reit (real estate investment trust) structuring, which is still incomplete, and extensive due diligence.

Although restructuring and insolvency would not be considered a key focus of the firm, consensus is that what they do, they do well. "I am looking for someone that I can bring up that can take hold of the situation and make sure I pursue accordance for sound decisions and on a sound legal basis and get everything done appropriately," says one client of partner Tan Chuan Thye, "I look for innovation. I want someone who is aware of what we should look at during commercial issues. All of these people, particularly Tan Chuan Thye, meet that requirement."

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Straits Law has been involved in some landmark deals this year on the corporate and M&A front. Steven Lo advised Chuan Hup Holding in its S$57 million ($43 million) mandatory cash offer for PCI Limited, an unusual takeover attempt in which both companies were publicly listed.... [more]

Straits Law has been involved in some landmark deals this year on the corporate and M&A front. Steven Lo advised Chuan Hup Holding in its S$57 million ($43 million) mandatory cash offer for PCI Limited, an unusual takeover attempt in which both companies were publicly listed. Director Robert Wong is also advising Wee Hur Holdings in its ongoing acquisition of a 70% interest in Villas @ Gilstead. [hide]

The arrival of partner Ashok Kumar at TSMP Law Corporation in January 2011 indicates growing ambition in regard to the firm's restructuring and insolvency practice. Kumar, formerly head of restructuring and insolvency at Stamford Law, now leads the same area at TSMP.... [more]

The arrival of partner Ashok Kumar at TSMP Law Corporation in January 2011 indicates growing ambition in regard to the firm's restructuring and insolvency practice. Kumar, formerly head of restructuring and insolvency at Stamford Law, now leads the same area at TSMP.

The firm has taken advantage of the recent instability of many S-chip companies, Chinese companies listed on the Singapore Exchange, and is participating in several restructuring cases. Kumar kept busy after he arrived at the firm, having advised UOB, the major lender to Nautical Offshore Services who are the principal shareholders of Jaya Holdings. He is also acting for a potential investor in PT Arpeni Pratama Ocean Line's restructuring of $60 to 70 million in bondholder debt.

Head of the firm's corporate practice, partner Stefanie Yuen Thio, is popular with clients for her ability to maintain relationships. "We make a point to have regular dialogue," a client says.

Thio advised a client in a S$170 million ($130 million) acquisition of a custom-built data centre for Digital Realty Trust, a specialised data real estate investment trust (Reit) listed in the US. Because the original developer of the data centre was in receivership and liquidation, the transaction required knowledge in insolvency and restructuring as well as expertise in US Reits.

On the capital markets front, director Benjamin Choo advised the issue manager and joint underwriters in the IPO of Dyna-Mac Holdings on the Mainboard of SGX-ST. The successful IPO had a market capitalisation of S$315 million.

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After its split from Clifford Chance in 2008, the market was curious to see how the WongPartnership would adapt and evolve without its international partner. In truth, apart from a few initial partner departures, the transition has been relatively smooth and now the firm is beginning to build again in key areas.... [more]

After its split from Clifford Chance in 2008, the market was curious to see how the WongPartnership would adapt and evolve without its international partner. In truth, apart from a few initial partner departures, the transition has been relatively smooth and now the firm is beginning to build again in key areas.

Along with Allen & Gledhill, the firm is the only outfit in Singapore to feature in the top tier in capital markets, banking and M&A. In the capital markets space peers point to the firm's manpower and capacity as a key driver of its success. "It's a large team but there's less numbers of pure banking partners, it's a lot of capital markets practitioners," says one peer.

Within the large capital markets team, clients were most taken with managing partner Rachel Eng. "Committed to the client's cause and willing to take a commercial view without compromising on legal compliance," says one and another agrees: "She's able to give good commercial advice. She continues to manage her managing partner and counsel roles well."

Partner Karen Yeoh was also kept busy on capital markets work and advised on the S$3.9 billion ($3.2 billion) IPO of Global Logistic Properties (GLP). She served as the legal advisor to the joint global coordinators, JPMorgan and Citigroup Global Markets Singapore, and joint underwriters, including China International Capital Corporation Hong Kong Securities, China International Capital Corporation, DBS Bank, UBS and Nomura Securities. This is the first IPO of a company in which the Government of Singapore Investment Corporation has a majority stake.

In one of the largest property financing deals of the year, partner Christy Lim acted for Orchard Turn Retail Investment, which is owned by CapitaMalls Asia and Sun Hung Kai Properties, in its refinancing. The transaction resulted in the granting of syndicated credit facilities of S$1.62 billion from lenders like the Bank of Tokyo-Mitsubishi, DBS Bank, Malayan Banking, Oversea-Chinese Banking Corporation, and Standard Chartered Bank.

The M&A team is also highly thought of in the market: "They know exactly what they're doing. The crème de la crème on deals," says one peer.

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