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2012 League Tables – 2012 League Tables – 2012 League Tables
GLOBALLEGALADVISER
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Bloomberg
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1 ©2012Bloomberg Finance L.P. All rights reserved.
Table of Contents
Global Legal Adviser
U.S. Legal Adviser
Canada Legal Adviser
EMEA Legal Adviser
Asia Legal Adviser
Bloomberg 2012
01/02/2012
Email Fax Phone Contact
+1-609-279-5187 legaladvisor@bloomberg.net +1-646-268-5455 Paul Bandong Americas legaladvisor@bloomberg.net +44-20-7392-6161 +44-20-3525-8902 Dustin JoosteEMEA legaladvisor@bloomberg.net +852 -2977-2175+852-2977-2125 Asia-Pac Vivian Lee
Global Equity, Equity Linked & Rights Review Bloomberg
LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO>
© 2013 Bloomberg Finance L.P. All rights reserved.
Global Equity, Equity Linked & Rights Quarterly Volume
Notable Highlights
EMEA Equity, Equity Linked & Rights Quarterly Volume
US Equity & Equity Linked Quarterly Volume
APAC Equity, Equity Linked & Rights Quarterly Volume
* All 2012 YTD numbers as of September 28th, 2012
Globally, volume increased and issuance decreased compared with last year by 4.65% and 12.46%, respectively, to $592.07 bln and 3,126 offerings.
US is the only region to report an increase in volume this year to $242.47 bln compared with $183.27 bln raised last year, and an increase in issuance by 119 offerings to 796 deals. In terms of fourth quarter activity, US is the only region which saw a fall in volume in the last quarter of the year.
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Global Fixed Income Review Bloomberg
LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO> © 2013 Bloomberg Finance L.P. All rights reserved.
Global Bond Quarterly Volume
Notable Highlights
EMEA Corporate Quarterly Volume
US Corporate Bond Quarterly Volume
APAC Corporate Bond Quarterly Volume
* All YTD numbers as of 01/02/2013
Corporate bond issuance volume increased 36% during the fourth quarter of 2012 compared to the fourth quarter of 2011, with all regions experiencing individual increases. US Corporate bonds led the way with a 70% increase in issuance year over year for the fourth quarter. Asia-Pac and EMEA regions saw 15% and 9% increases respectively. The total number of deals closed decreased 5.8% for the same time period. US Corporate bond deals decreased 22%, a stark contrast to the increase seen in issuance volume. Global Bond and Asia-Pac deals closed increased 22% and 12% respectively.
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2007 Q4
2008 Q4
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2012 Q4
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ance
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Volume
Deal Count
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ance
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Issa
ucne
Volu
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USD
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ons)
Volume
Deal Count
Global Syndicated Loan Markets Review Bloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2013 Bloomberg Finance L.P. All rights reserved.
0
100
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Q42007
Q42008
Q42009
Q4 2010
Q42011
Q42012
Issu
ance
Vol
ume
in U
SD (B
illio
ns)
Volume
Deal Count
Global Syndicated Loans Quarterly Volume
EMEA Syndicated Loans Quarterly Volume
Americas Syndicated Loans Quarterly Volume
APAC Syndicated Loans Quarterly Volume
0
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Q4 2007
Q4 2008
Q4 2009
Q4 2010
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Q4 2012
Issu
ance
Vol
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illio
ns)
Volume
Deal Count
0
500
1,000
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Q4 2007
Q4 2008
Q4 2009
Q4 2010
Q4 2011
Q4 2012
Issu
ance
Vol
ume
in U
SD (B
illio
ns)
Volume
Deal Count
0
100
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Q42007
Q42008
Q42009
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Q42011
Q42012
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Issu
ance
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Volume
Deal Count
Bloomberg
4©2013Bloomberg Finance L.P. All rights reserved.
Global Eqty/Eql/Rights Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Sullivan & Cromwell 14 1 12.3 2.8 9.5 6 49,555
Fenwick & West LLP 11 2 4.5 - 4.5 243 18,105
Skadden Arps Slate Meagher & Flom 48 3 4.4 3.5 0.9 3 17,895
Linklaters LLP 12 4 3.3 1.7 1.6 10 13,118
Clifford Chance LLP 28 5 3.0 1.8 1.2 9 11,894
Latham & Watkins LLP 49 6 2.9 3.2 (0.3) 4 11,540
Vinson & Elkins LLP 43 7 2.5 2.3 0.2 7 9,998
Davis Polk & Wardwell 16 8 2.3 2.9 (0.6) 5 9,082
Simpson Thacher & Bartlett 27 9 2.2 6.5 (4.3) 1 8,927
Gibson Dunn & Crutcher 15 10 2.2 0.4 1.8 54 8,837
Bracewell & Giuliani 8 11 2.1 0.6 1.5 41 8,418
Cleary Gottlieb Steen & Hamilton 13 12 2.1 1.3 0.8 16 8,284
Freshfields Bruckhaus Deringer 9 13 1.4 3.5 (2.1) 2 5,540
Osler Hoskin & Harcourt LLP 19 14 1.3 0.4 0.9 58 5,403
Venable LLP 52 15 1.3 0.9 0.4 26 5,387
King & Wood Mallesons 31 16 1.2 1.4 (0.2) 13 4,997
Cooley LLP 41 17 1.2 0.5 0.7 48 4,695
Wilson Sonsini Goodrich & Rosati 25 18 1.1 1.3 (0.2) 17 4,417
Baker Botts LLP 9 19 1.1 0.3 0.8 75 4,250
Nagashima Ohno & Tsunematsu 1 20 1.1 - - - 4,236
TOTAL 100% 100% 1,781 402,505 429,927
Includes all eligible global equity, equity-linked & rights offering. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Venable LLP 52 15 1.3
Latham & Watkins LLP 49 6 2.9
Skadden Arps Slate Meagher & Flom 48 3 4.4
Vinson & Elkins LLP 43 7 2.5
Cooley LLP 41 17 1.2
King & Wood Mallesons 31 16 1.2
Conyers Dill & Pearman 31 102 0.2
Clifford Chance LLP 28 5 3.0
Simpson Thacher & Bartlett 27 9 2.2
Burnet Duckworth & Palmer 27 44 0.5
Baker & McKenzie 26 36 0.6
Stikeman Elliott 26 37 0.6
Wilson Sonsini Goodrich & Rosati 25 18 1.1
Goodwin Procter LLP 23 21 1.0
Norton Rose LLP 23 26 0.7
Cassels Brock & Blackwell LLP 22 54 0.4
Hunton & Williams 21 29 0.7
Appleby 21 117 0.1
Osler Hoskin & Harcourt LLP 19 14 1.3
Grandall Legal Group 19 38 0.6
TOTAL 100% 1,781
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
5©2013Bloomberg Finance L.P. All rights reserved.
Global Eqty/Eql/Rights Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Cleary Gottlieb Steen & Hamilton 32 1 15.4 4.5 10.9 4 59,698
Simpson Thacher & Bartlett 36 2 7.7 3.6 4.1 6 29,722
Davis Polk & Wardwell 95 3 6.2 7.8 (1.6) 1 23,989
Latham & Watkins LLP 89 4 5.6 3.4 2.2 7 21,559
Shearman & Sterling LLP 22 5 5.1 2.0 3.1 14 19,698
Linklaters LLP 26 6 4.2 7.3 (3.1) 2 16,274
Fried Frank Harris Shriver & Jacobson 39 7 3.5 3.1 0.4 8 13,399
Andrews Kurth LLP 22 8 3.3 2.1 1.2 13 12,776
Sidley Austin LLP 37 9 2.8 2.4 0.4 11 10,826
Sullivan & Cromwell 26 10 2.6 1.9 0.7 15 10,026
Skadden Arps Slate Meagher & Flom 50 11 2.5 2.7 (0.2) 9 9,847
Freshfields Bruckhaus Deringer 17 12 1.9 1.4 0.5 20 7,542
Torys 47 13 1.9 0.9 1.0 28 7,453
Clifford Chance LLP 40 14 1.8 6.0 (4.2) 3 7,160
Cahill Gordon & Reindel 26 15 1.8 2.4 (0.6) 10 7,147
Baker Botts LLP 28 16 1.8 2.4 (0.6) 12 7,016
Morrison & Foerster LLP 6 17 1.5 0.6 0.9 37 5,798
Hunton & Williams 21 18 1.4 1.5 (0.1) 19 5,374
Cravath Swaine & Moore 27 19 1.3 3.8 (2.5) 5 5,215
Allen & Overy LLP 26 20 1.3 1.8 (0.5) 16 5,184
TOTAL 100% 100% 1,477 387,418 371,915
Includes all eligible global equity, equity-linked & rights offering. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 95 3 6.2
Latham & Watkins LLP 89 4 5.6
Skadden Arps Slate Meagher & Flom 50 11 2.5
Torys 47 13 1.9
Miller Thomson LLP 45 125 0.0
Clifford Chance LLP 40 14 1.8
Fried Frank Harris Shriver & Jacobson 39 7 3.5
Goodwin Procter LLP 38 29 0.7
Sidley Austin LLP 37 9 2.8
Simpson Thacher & Bartlett 36 2 7.7
Stikeman Elliott 35 24 1.0
Cleary Gottlieb Steen & Hamilton 32 1 15.4
Blake Cassels & Graydon LLP 31 30 0.7
Baker Botts LLP 28 16 1.8
Cravath Swaine & Moore 27 19 1.3
Linklaters LLP 26 6 4.2
Sullivan & Cromwell 26 10 2.6
Cahill Gordon & Reindel 26 15 1.8
Allen & Overy LLP 26 20 1.3
Shearman & Sterling LLP 22 5 5.1
TOTAL 100% 1,477
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
6©2013Bloomberg Finance L.P. All rights reserved.
Global Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Fenwick & West LLP 6 1 17.1 0.1 17.0 180 17,320
Sullivan & Cromwell 2 2 4.2 - - - 4,286
Nagashima Ohno & Tsunematsu 1 3 4.2 - - - 4,236
King & Wood Mallesons 24 4 4.1 3.0 1.1 6 4,103
Skadden Arps Slate Meagher & Flom 11 5 3.5 2.0 1.5 11 3,570
Vinson & Elkins LLP 10 6 2.9 0.9 2.0 30 2,946
Latham & Watkins LLP 12 7 2.5 2.3 0.2 9 2,478
Davis Polk & Wardwell 5 8 2.1 4.0 (1.9) 2 2,084
Baker Botts LLP 3 9 1.7 0.1 1.6 147 1,765
Simpson Thacher & Bartlett 5 10 1.6 2.5 (0.9) 7 1,647
Freshfields Bruckhaus Deringer 2 11 1.5 5.1 (3.6) 1 1,520
Clifford Chance LLP 5 12 1.5 2.4 (0.9) 8 1,507
Cleary Gottlieb Steen & Hamilton 3 13 1.4 0.5 0.9 50 1,459
Slaughter and May 1 14 1.4 0.4 1.0 57 1,453
Grandall Legal Group 16 15 1.4 3.2 (1.8) 5 1,400
Wilson Sonsini Goodrich & Rosati 10 16 1.3 1.1 0.2 24 1,281
Jia Yuan Law Firm 8 17 1.3 1.4 (0.1) 18 1,265
Albar & Partners 1 18 1.1 0.1 1.0 155 1,098
Azmi & Associates 1 18 1.1 - - - 1,098
Beijing Zhonglun Law Firm 12 20 1.1 1.1 - 23 1,097
TOTAL 100% 100% 621 101,131 156,539
Includes all eligible equity initial public offerings. Excludes China A shares. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Conyers Dill & Pearman 26 58 0.4
King & Wood Mallesons 24 4 4.1
Grandall Legal Group 16 15 1.4
Jingtian Gongcheng Law Firm 15 24 1.0
Latham & Watkins LLP 12 7 2.5
Beijing Zhonglun Law Firm 12 20 1.1
Appleby 12 91 0.2
Steinepreis Paganin 12 180 0.0
Skadden Arps Slate Meagher & Flom 11 5 3.5
Commerce & Finance Law Offices 11 41 0.5
Clark Wilson LLP 11 157 0.1
Vinson & Elkins LLP 10 6 2.9
Wilson Sonsini Goodrich & Rosati 10 16 1.3
Maples & Calder 10 64 0.3
Beijing Deheng Law 9 29 0.7
Dacheng Law Office 9 40 0.6
Jia Yuan Law Firm 8 17 1.3
Grandfield Law Offices 8 25 0.9
Venable LLP 7 22 1.0
Beijing Grandway Law Offices 7 28 0.8
TOTAL 100% 621
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
7©2013Bloomberg Finance L.P. All rights reserved.
Global Equity IPO Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Simpson Thacher & Bartlett 10 1 25.2 1.4 23.8 21 22,228
Latham & Watkins LLP 18 2 6.2 2.3 3.9 10 5,469
Linklaters LLP 7 3 5.2 10.2 (5.0) 1 4,575
Anderson Mori & Tomotsune 1 4 4.8 - - - 4,236
Davis Polk & Wardwell 19 5 4.7 4.7 - 5 4,165
Cleary Gottlieb Steen & Hamilton 7 6 3.5 0.9 2.6 26 3,104
Skadden Arps Slate Meagher & Flom 13 7 2.4 2.0 0.4 11 2,113
Sullivan & Cromwell 4 8 2.2 0.8 1.4 30 1,898
Baker Botts LLP 7 9 2.0 1.7 0.3 16 1,794
Freshfields Bruckhaus Deringer 3 10 1.9 2.7 (0.8) 9 1,662
Adnan Sundra & Low 1 11 1.9 - - - 1,647
Vinson & Elkins LLP 5 12 1.8 1.3 0.5 22 1,629
Allen & Overy LLP 7 13 1.7 5.5 (3.8) 4 1,542
Shearman & Sterling LLP 5 14 1.6 1.8 (0.2) 14 1,423
Jun He Law Offices 3 15 1.4 2.9 (1.5) 8 1,269
Andrews Kurth LLP 3 16 1.4 4.0 (2.6) 7 1,257
Sidley Austin LLP 7 17 1.4 0.5 0.9 39 1,197
Slaughter and May 1 18 1.3 0.4 0.9 50 1,187
Cahill Gordon & Reindel 3 19 1.2 5.6 (4.4) 3 1,102
Cravath Swaine & Moore 4 20 1.2 1.5 (0.3) 20 1,077
TOTAL 100% 100% 394 88,235 109,856
Includes all eligible equity initial public offerings. Excludes China A shares. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Miller Thomson LLP 40 80 0.1
Davis Polk & Wardwell 19 5 4.7
Latham & Watkins LLP 18 2 6.2
McCullough O'Connor Irwin 15 131 0.0
Skadden Arps Slate Meagher & Flom 13 7 2.4
Simpson Thacher & Bartlett 10 1 25.2
Anfield Sujir Kennedy & Durno 10 144 0.0
Cooley LLP 8 24 0.9
Linklaters LLP 7 3 5.2
Cleary Gottlieb Steen & Hamilton 7 6 3.5
Baker Botts LLP 7 9 2.0
Allen & Overy LLP 7 13 1.7
Sidley Austin LLP 7 17 1.4
Jingtian Gongcheng Law Firm 7 27 0.8
Paul Hastings LLP 7 31 0.7
Goodwin Procter LLP 7 38 0.6
Shin & Kim 7 66 0.2
Getz Prince Wells 7 149 0.0
Davis LLP 7 155 0.0
Wilson Sonsini Goodrich & Rosati 6 25 0.9
TOTAL 100% 394
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
8©2013Bloomberg Finance L.P. All rights reserved.
Global Bonds Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Sullivan & Cromwell 63 1 11.7 17.7 (6.0) 1 73,842
Davis Polk & Wardwell 71 2 7.4 4.3 3.1 8 46,985
Cravath Swaine & Moore 29 3 5.1 8.4 (3.3) 2 32,367
Cleary Gottlieb Steen & Hamilton 44 4 4.9 5.5 (0.6) 3 30,775
Skadden Arps Slate Meagher & Flom 39 5 4.1 5.0 (0.9) 5 26,063
White & Case LLP 16 6 4.0 5.1 (1.1) 4 25,489
Gibson Dunn & Crutcher 26 7 3.7 4.5 (0.8) 7 23,449
Shearman & Sterling LLP 29 8 3.4 3.7 (0.3) 10 21,508
Borden Ladner Gervais LLP 13 9 3.2 3.9 (0.7) 9 20,239
Simpson Thacher & Bartlett 16 10 3.0 4.6 (1.6) 6 18,700
Wachtell Lipton Rosen & Katz 14 11 2.4 0.2 2.2 56 15,100
Sidley Austin LLP 17 12 1.8 0.3 1.5 53 11,525
Arnold & Porter 12 13 1.8 1.9 (0.1) 12 11,325
Jones Day 21 14 1.8 1.7 0.1 13 11,315
Kirkland & Ellis 14 15 1.6 0.4 1.2 38 10,150
Linklaters LLP 14 16 1.5 1.5 - 15 9,167
Fried Frank Harris Shriver & Jacobson 13 17 1.4 - - - 9,000
Hogan Lovells 13 17 1.4 0.8 0.6 24 9,000
Vinson & Elkins LLP 16 19 1.3 0.5 0.8 36 7,995
Milbank Tweed Hadley & McCloy LLP 6 20 1.2 0.4 0.8 38 7,525
TOTAL 100% 100% 697 631,479 463,970
Includes all eligible bonds where Market of Issue is Global. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 71 2 7.4
Sullivan & Cromwell 63 1 11.7
Cleary Gottlieb Steen & Hamilton 44 4 4.9
Skadden Arps Slate Meagher & Flom 39 5 4.1
Cravath Swaine & Moore 29 3 5.1
Shearman & Sterling LLP 29 8 3.4
Gibson Dunn & Crutcher 26 7 3.7
Jones Day 21 14 1.8
Sidley Austin LLP 17 12 1.8
White & Case LLP 16 6 4.0
Simpson Thacher & Bartlett 16 10 3.0
Vinson & Elkins LLP 16 19 1.3
Wachtell Lipton Rosen & Katz 14 11 2.4
Kirkland & Ellis 14 15 1.6
Linklaters LLP 14 16 1.5
Borden Ladner Gervais LLP 13 9 3.2
Fried Frank Harris Shriver & Jacobson 13 17 1.4
Hogan Lovells 13 17 1.4
Arnold & Porter 12 13 1.8
Baker Botts LLP 11 45 0.4
TOTAL 100% 697
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
9©2013Bloomberg Finance L.P. All rights reserved.
Global Bonds Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Davis Polk & Wardwell 128 1 15.3 12.7 2.6 2 105,231
Sullivan & Cromwell 66 2 9.8 13.8 (4.0) 1 67,496
Cleary Gottlieb Steen & Hamilton 61 3 8.3 8.9 (0.6) 3 57,100
Simpson Thacher & Bartlett 73 4 8.2 8.8 (0.6) 4 56,050
Sidley Austin LLP 59 5 6.8 4.0 2.8 9 46,769
Shearman & Sterling LLP 65 6 6.6 6.4 0.2 7 45,030
Davies Ward Phillips & Vineberg LLP 12 7 5.8 7.0 (1.2) 6 39,978
Cravath Swaine & Moore 28 8 4.2 8.2 (4.0) 5 28,550
Cahill Gordon & Reindel 32 9 4.0 2.7 1.3 11 27,480
O'Melveny & Myers LLP 18 10 2.5 0.2 2.3 35 17,200
Hengeler Mueller 9 11 1.9 4.4 (2.5) 8 12,750
Allen & Overy LLP 10 12 1.7 2.8 (1.1) 10 12,000
Linklaters LLP 30 13 1.7 1.6 0.1 14 11,981
Latham & Watkins LLP 16 14 1.6 1.0 0.6 18 10,870
Gibson Dunn & Crutcher 10 15 1.5 0.3 1.2 29 10,625
Morrison & Foerster LLP 8 16 1.3 1.3 - 15 9,000
Mayer Brown LLP 18 17 1.3 2.0 (0.7) 13 8,825
Weil Gotshal & Manges LLP 11 18 1.2 0.4 0.8 28 8,150
Baker Botts LLP 13 19 0.9 0.2 0.7 34 6,500
Fried Frank Harris Shriver & Jacobson 10 19 0.9 0.5 0.4 23 6,500
TOTAL 100% 100% 771 687,280 502,175
Includes all eligible bonds where Market of Issue is Global. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 128 1 15.3
Simpson Thacher & Bartlett 73 4 8.2
Sullivan & Cromwell 66 2 9.8
Shearman & Sterling LLP 65 6 6.6
Cleary Gottlieb Steen & Hamilton 61 3 8.3
Sidley Austin LLP 59 5 6.8
Cahill Gordon & Reindel 32 9 4.0
Linklaters LLP 30 13 1.7
Cravath Swaine & Moore 28 8 4.2
O'Melveny & Myers LLP 18 10 2.5
Mayer Brown LLP 18 17 1.3
Latham & Watkins LLP 16 14 1.6
Baker Botts LLP 13 19 0.9
Davies Ward Phillips & Vineberg LLP 12 7 5.8
Weil Gotshal & Manges LLP 11 18 1.2
Allen & Overy LLP 10 12 1.7
Gibson Dunn & Crutcher 10 15 1.5
Fried Frank Harris Shriver & Jacobson 10 19 0.9
Hengeler Mueller 9 11 1.9
Pillsbury Winthrop Shaw Pittman LLP 9 26 0.6
TOTAL 100% 771
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
10©2013Bloomberg Finance L.P. All rights reserved.
U.S. Equity Offerings Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Sullivan & Cromwell 10 1 20.0 5.7 14.3 3 44,065
Fenwick & West LLP 11 2 8.2 0.1 8.1 94 18,105
Skadden Arps Slate Meagher & Flom 31 3 6.1 4.4 1.7 5 13,388
Vinson & Elkins LLP 39 4 4.3 5.9 (1.6) 2 9,409
Gibson Dunn & Crutcher 13 5 3.8 1.0 2.8 28 8,474
Bracewell & Giuliani 8 6 3.8 1.5 2.3 15 8,418
Latham & Watkins LLP 37 7 3.7 4.7 (1.0) 4 8,221
Simpson Thacher & Bartlett 17 8 3.0 11.2 (8.2) 1 6,512
Venable LLP 49 9 2.3 2.1 0.2 11 5,087
Baker Botts LLP 9 10 1.9 0.9 1.0 30 4,250
Goodwin Procter LLP 20 11 1.8 1.1 0.7 26 3,995
Shumaker Loop & Kendrick LLP 4 12 1.6 1.3 0.3 22 3,630
Cooley LLP 36 13 1.5 1.4 0.1 18 3,387
Davis Polk & Wardwell 7 14 1.5 2.5 (1.0) 8 3,273
Ropes & Gray 13 15 1.4 1.3 0.1 19 3,063
Wilson Sonsini Goodrich & Rosati 22 16 1.3 2.3 (1.0) 10 2,793
Andrews Kurth LLP 9 17 1.2 2.0 (0.8) 12 2,690
Hunton & Williams 20 18 1.2 0.6 0.6 43 2,651
Baker Donelson Bearman & Caldwell 4 19 1.2 0.7 0.5 36 2,650
Faegre Baker Daniels LLP 6 20 1.1 - - - 2,459
TOTAL 100% 100% 723 220,697 162,058
Includes all eligible equity offerings from U.S. issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Venable LLP 49 9 2.3
Vinson & Elkins LLP 39 4 4.3
Latham & Watkins LLP 37 7 3.7
Cooley LLP 36 13 1.5
Skadden Arps Slate Meagher & Flom 31 3 6.1
Wilson Sonsini Goodrich & Rosati 22 16 1.3
Goodwin Procter LLP 20 11 1.8
Hunton & Williams 20 18 1.2
Sutherland Asbill & Brennan LLP 19 35 0.7
Simpson Thacher & Bartlett 17 8 3.0
Wilmer Cutler Pickering Hale & Dorr LLP 15 25 0.9
Gibson Dunn & Crutcher 13 5 3.8
Ropes & Gray 13 15 1.4
Kirkland & Ellis 13 24 0.9
Hogan Lovells 12 26 0.7
Foley & Lardner LLP 12 38 0.6
Fenwick & West LLP 11 2 8.2
Sullivan & Cromwell 10 1 20.0
Proskauer Rose LLP 10 21 1.0
DLA Piper LLP 10 23 0.9
TOTAL 100% 723
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
11©2013Bloomberg Finance L.P. All rights reserved.
U.S. Equity Offerings Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Cleary Gottlieb Steen & Hamilton 14 1 23.7 8.1 15.6 1 52,971
Simpson Thacher & Bartlett 18 2 9.9 4.0 5.9 9 22,107
Latham & Watkins LLP 69 3 6.9 5.4 1.5 5 15,297
Davis Polk & Wardwell 58 4 6.7 7.9 (1.2) 2 14,994
Andrews Kurth LLP 22 5 5.7 4.9 0.8 8 12,776
Sidley Austin LLP 32 6 4.5 3.7 0.8 11 10,018
Fried Frank Harris Shriver & Jacobson 27 7 4.1 6.4 (2.3) 4 9,041
Skadden Arps Slate Meagher & Flom 36 8 3.9 3.7 0.2 10 8,638
Baker Botts LLP 27 9 3.1 5.4 (2.3) 6 6,866
Cahill Gordon & Reindel 21 10 2.9 5.4 (2.5) 7 6,541
Morrison & Foerster LLP 3 11 2.5 1.3 1.2 18 5,471
Hunton & Williams 21 12 2.4 3.5 (1.1) 13 5,374
Shearman & Sterling LLP 12 13 2.3 3.5 (1.2) 14 5,192
Sullivan & Cromwell 21 14 2.2 3.6 (1.4) 12 4,987
Vinson & Elkins LLP 20 15 2.1 2.5 (0.4) 16 4,752
Cravath Swaine & Moore 24 16 2.1 7.8 (5.7) 3 4,697
Calfee Halter & Griswold LLP 3 17 1.6 1.3 0.3 19 3,593
O'Melveny & Myers LLP 4 18 1.2 - 1.2 76 2,600
Goodwin Procter LLP 36 19 1.1 1.0 0.1 22 2,468
Clifford Chance LLP 13 20 1.0 1.3 (0.3) 17 2,273
TOTAL 100% 100% 713 223,197 160,514
Includes all eligible equity offerings from U.S. issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Latham & Watkins LLP 69 3 6.9
Davis Polk & Wardwell 58 4 6.7
Skadden Arps Slate Meagher & Flom 36 8 3.9
Goodwin Procter LLP 36 19 1.1
Sidley Austin LLP 32 6 4.5
Fried Frank Harris Shriver & Jacobson 27 7 4.1
Baker Botts LLP 27 9 3.1
Cravath Swaine & Moore 24 16 2.1
Andrews Kurth LLP 22 5 5.7
Cahill Gordon & Reindel 21 10 2.9
Hunton & Williams 21 12 2.4
Sullivan & Cromwell 21 14 2.2
Vinson & Elkins LLP 20 15 2.1
Simpson Thacher & Bartlett 18 2 9.9
Cooley LLP 16 22 0.8
Cleary Gottlieb Steen & Hamilton 14 1 23.7
Wilson Sonsini Goodrich & Rosati 14 21 0.9
Clifford Chance LLP 13 20 1.0
Shearman & Sterling LLP 12 13 2.3
Ropes & Gray 12 23 0.8
TOTAL 100% 713
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
12©2013Bloomberg Finance L.P. All rights reserved.
U.S. Equity Offerings Issuer Advisers (IPO)
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Fenwick & West LLP 6 1 41.0 0.3 40.7 52 17,320
Vinson & Elkins LLP 8 2 6.4 3.8 2.6 8 2,714
Latham & Watkins LLP 9 3 5.3 6.1 (0.8) 3 2,249
Skadden Arps Slate Meagher & Flom 6 4 5.2 4.2 1.0 7 2,195
Baker Botts LLP 3 5 4.2 0.5 3.7 40 1,765
Wilson Sonsini Goodrich & Rosati 10 6 3.0 4.7 (1.7) 4 1,281
Simpson Thacher & Bartlett 3 7 2.6 10.3 (7.7) 1 1,087
Venable LLP 7 8 2.5 1.6 0.9 21 1,051
Richards Layton & Finger 4 9 2.0 3.3 (1.3) 10 850
Wachtell Lipton Rosen & Katz 3 10 1.9 1.6 0.3 22 817
Wilmer Cutler Pickering Hale & Dorr LLP 5 11 1.7 0.4 1.3 45 738
Kirkland & Ellis 5 12 1.5 0.3 1.2 51 625
Stroock & Stroock & Lavan LLP 1 13 1.5 - - - 613
Weil Gotshal & Manges LLP 1 14 1.4 4.7 (3.3) 5 575
Cooley LLP 5 15 1.2 3.7 (2.5) 9 515
O'Melveny & Myers LLP 1 16 1.2 2.1 (0.9) 17 490
Fried Frank Harris Shriver & Jacobson 1 17 1.1 0.8 0.3 30 477
Goodwin Procter LLP 4 18 1.1 0.5 0.6 41 448
Orrick Herrington & Sutcliffe LLP 2 19 0.8 - - - 333
Pillsbury Winthrop Shaw Pittman LLP 4 20 0.8 - - - 320
TOTAL 100% 100% 137 42,237 35,395
Includes all eligible equity initial public offerings from U.S. issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Wilson Sonsini Goodrich & Rosati 10 6 3.0
Latham & Watkins LLP 9 3 5.3
Vinson & Elkins LLP 8 2 6.4
Venable LLP 7 8 2.5
Fenwick & West LLP 6 1 41.0
Skadden Arps Slate Meagher & Flom 6 4 5.2
Wilmer Cutler Pickering Hale & Dorr LLP 5 11 1.7
Kirkland & Ellis 5 12 1.5
Cooley LLP 5 15 1.2
Richards Layton & Finger 4 9 2.0
Goodwin Procter LLP 4 18 1.1
Pillsbury Winthrop Shaw Pittman LLP 4 20 0.8
Baker Botts LLP 3 5 4.2
Simpson Thacher & Bartlett 3 7 2.6
Wachtell Lipton Rosen & Katz 3 10 1.9
Orrick Herrington & Sutcliffe LLP 2 19 0.8
Dechert 2 23 0.6
Greenberg Traurig LLP 2 29 0.4
Sutherland Asbill & Brennan LLP 2 31 0.4
Gibson Dunn & Crutcher 2 32 0.4
TOTAL 100% 137
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
13©2013Bloomberg Finance L.P. All rights reserved.
U.S. Equity Offerings Manager Advisers (IPO)
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Simpson Thacher & Bartlett 5 1 42.5 2.7 39.8 12 17,733
Latham & Watkins LLP 13 2 7.4 6.4 1.0 4 3,079
Davis Polk & Wardwell 15 3 7.4 11.4 (4.0) 3 3,068
Skadden Arps Slate Meagher & Flom 9 4 4.3 1.8 2.5 15 1,800
Baker Botts LLP 7 5 4.3 5.2 (0.9) 5 1,794
Vinson & Elkins LLP 5 6 3.9 4.2 (0.3) 7 1,629
Andrews Kurth LLP 3 7 3.0 12.3 (9.3) 2 1,257
Cahill Gordon & Reindel 3 8 2.6 16.6 (14.0) 1 1,102
Sidley Austin LLP 5 9 2.6 1.6 1.0 17 1,099
Cravath Swaine & Moore 4 10 2.6 4.7 (2.1) 6 1,077
Gunderson Dettmer Stough Villeneuve 2 11 2.1 - - - 863
Cooley LLP 8 12 2.0 1.4 0.6 19 838
Cleary Gottlieb Steen & Hamilton 2 13 2.0 1.0 1.0 21 821
Wilson Sonsini Goodrich & Rosati 6 14 1.8 2.5 (0.7) 14 767
Sullivan & Cromwell 3 15 1.7 1.2 0.5 20 711
Goodwin Procter LLP 7 16 1.3 0.6 0.7 26 542
Ropes & Gray 3 17 1.0 3.6 (2.6) 8 397
Hogan Lovells 2 18 0.8 2.6 (1.8) 13 351
Hunton & Williams 2 19 0.6 0.5 0.1 31 256
White & Case LLP 3 20 0.5 0.4 0.1 33 220
TOTAL 100% 100% 134 41,701 35,308
Includes all eligible equity initial public offerings from U.S. issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 15 3 7.4
Latham & Watkins LLP 13 2 7.4
Skadden Arps Slate Meagher & Flom 9 4 4.3
Cooley LLP 8 12 2.0
Baker Botts LLP 7 5 4.3
Goodwin Procter LLP 7 16 1.3
Wilson Sonsini Goodrich & Rosati 6 14 1.8
Simpson Thacher & Bartlett 5 1 42.5
Vinson & Elkins LLP 5 6 3.9
Sidley Austin LLP 5 9 2.6
Cravath Swaine & Moore 4 10 2.6
Andrews Kurth LLP 3 7 3.0
Cahill Gordon & Reindel 3 8 2.6
Sullivan & Cromwell 3 15 1.7
Ropes & Gray 3 17 1.0
White & Case LLP 3 20 0.5
Gunderson Dettmer Stough Villeneuve 2 11 2.1
Cleary Gottlieb Steen & Hamilton 2 13 2.0
Hogan Lovells 2 18 0.8
Hunton & Williams 2 19 0.6
TOTAL 100% 134
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
14©2013Bloomberg Finance L.P. All rights reserved.
U.S. Equity Linked Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Hogan Lovells 3 1 10.8 - - - 2,020
Wilson Sonsini Goodrich & Rosati 4 2 8.7 6.5 2.2 5 1,632
Davis Polk & Wardwell 2 3 7.9 3.5 4.4 9 1,485
Cooley LLP 5 4 7.0 - - - 1,308
Wachtell Lipton Rosen & Katz 1 5 5.9 - - - 1,100
Sullivan & Cromwell 1 6 5.3 10.1 (4.8) 2 1,000
Latham & Watkins LLP 4 7 5.0 3.2 1.8 10 935
K&L Gates LLP 2 8 4.4 1.6 2.8 15 825
Simpson Thacher & Bartlett 4 9 4.0 6.5 (2.5) 5 753
Skadden Arps Slate Meagher & Flom 4 10 4.0 16.8 (12.8) 1 752
Wyrick Robbins Yates & Ponton LLP 1 11 3.7 - - - 690
Ropes & Gray 2 12 2.8 - - - 520
Kane Kessler PC 1 13 2.7 - - - 500
Proskauer Rose LLP 3 14 2.3 1.8 0.5 14 433
Jones Day 1 15 2.2 8.6 (6.4) 3 414
Pepper Hamilton LLP 2 16 2.0 - - - 380
O'Melveny & Myers LLP 3 17 2.0 - - - 375
Gibson Dunn & Crutcher 2 18 1.9 1.2 0.7 19 363
Vinson & Elkins LLP 2 19 1.9 0.3 1.6 35 358
DLA Piper LLP 2 20 1.9 4.0 (2.1) 8 350
TOTAL 100% 100% 67 18,725 22,529
Includes all eligible equity-linked offerings from U.S. issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Cooley LLP 5 4 7.0
Wilson Sonsini Goodrich & Rosati 4 2 8.7
Latham & Watkins LLP 4 7 5.0
Simpson Thacher & Bartlett 4 9 4.0
Skadden Arps Slate Meagher & Flom 4 10 4.0
Hogan Lovells 3 1 10.8
Proskauer Rose LLP 3 14 2.3
O'Melveny & Myers LLP 3 17 2.0
Venable LLP 3 21 1.6
Goodmans LLP 3 22 1.2
Davis Polk & Wardwell 2 3 7.9
K&L Gates LLP 2 8 4.4
Ropes & Gray 2 12 2.8
Pepper Hamilton LLP 2 16 2.0
Gibson Dunn & Crutcher 2 18 1.9
Vinson & Elkins LLP 2 19 1.9
DLA Piper LLP 2 20 1.9
Goodwin Procter LLP 2 29 0.7
Wachtell Lipton Rosen & Katz 1 5 5.9
Sullivan & Cromwell 1 6 5.3
TOTAL 100% 67
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
15©2013Bloomberg Finance L.P. All rights reserved.
U.S. Equity Linked Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Davis Polk & Wardwell 21 1 26.1 30.5 (4.4) 1 4,906
Latham & Watkins LLP 9 2 14.3 10.5 3.8 3 2,695
Simpson Thacher & Bartlett 5 3 8.0 10.3 (2.3) 4 1,510
O'Melveny & Myers LLP 1 4 8.0 - - - 1,500
Sullivan & Cromwell 2 5 7.4 0.8 6.6 13 1,388
Shearman & Sterling LLP 1 6 7.3 - - - 1,380
Fried Frank Harris Shriver & Jacobson 5 7 7.0 4.4 2.6 8 1,309
Cleary Gottlieb Steen & Hamilton 3 8 6.2 10.7 (4.5) 2 1,165
Cahill Gordon & Reindel 5 9 3.2 0.7 2.5 15 606
Cravath Swaine & Moore 2 10 2.6 8.0 (5.4) 5 483
Vinson & Elkins LLP 2 11 1.9 - - - 357
Morgan Lewis & Bockius 1 12 1.9 - - - 350
Morrison & Foerster LLP 2 13 1.6 - - - 300
Troutman Sanders LLP 1 14 1.1 - - - 200
Baker Botts LLP 1 15 0.8 0.6 0.2 18 150
Blake Cassels & Graydon LLP 2 16 0.6 - - - 115
Paul Weiss Rifkind Wharton & Garrison 2 16 0.6 - - - 115
Osler Hoskin & Harcourt LLP 1 18 0.6 0.2 0.4 22 110
Sidley Austin LLP 1 19 0.4 3.4 (3.0) 9 70
Skadden Arps Slate Meagher & Flom 1 20 0.3 1.2 (0.9) 11 51
TOTAL 100% 100% 65 18,827 21,294
Includes all eligible equity-linked offerings from U.S. issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 21 1 26.1
Latham & Watkins LLP 9 2 14.3
Simpson Thacher & Bartlett 5 3 8.0
Fried Frank Harris Shriver & Jacobson 5 7 7.0
Cahill Gordon & Reindel 5 9 3.2
Cleary Gottlieb Steen & Hamilton 3 8 6.2
Sullivan & Cromwell 2 5 7.4
Cravath Swaine & Moore 2 10 2.6
Vinson & Elkins LLP 2 11 1.9
Morrison & Foerster LLP 2 13 1.6
Blake Cassels & Graydon LLP 2 16 0.6
Paul Weiss Rifkind Wharton & Garrison 2 16 0.6
O'Melveny & Myers LLP 1 4 8.0
Shearman & Sterling LLP 1 6 7.3
Morgan Lewis & Bockius 1 12 1.9
Troutman Sanders LLP 1 14 1.1
Baker Botts LLP 1 15 0.8
Osler Hoskin & Harcourt LLP 1 18 0.6
Sidley Austin LLP 1 19 0.4
Skadden Arps Slate Meagher & Flom 1 20 0.3
TOTAL 100% 65
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
16©2013Bloomberg Finance L.P. All rights reserved.
U.S. Corporates Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Sullivan & Cromwell 343 1 8.3 10.4 (2.1) 1 102,613
Davis Polk & Wardwell 357 2 5.1 7.0 (1.9) 2 63,694
Cleary Gottlieb Steen & Hamilton 105 3 4.8 5.2 (0.4) 4 60,105
Simpson Thacher & Bartlett 99 4 4.4 5.1 (0.7) 5 54,937
Skadden Arps Slate Meagher & Flom 101 5 4.2 5.4 (1.2) 3 51,923
Gibson Dunn & Crutcher 56 6 3.0 3.3 (0.3) 7 36,746
Latham & Watkins LLP 79 7 2.7 3.8 (1.1) 6 32,902
Clifford Chance LLP 208 8 2.4 2.1 0.3 9 29,972
Kirkland & Ellis 54 9 2.4 2.3 0.1 8 29,350
Shearman & Sterling LLP 71 10 2.3 2.0 0.3 11 29,086
Hogan Lovells 45 11 2.2 1.5 0.7 15 27,838
Sidley Austin LLP 210 12 2.1 1.5 0.6 16 26,157
Debevoise & Plimpton LLP 47 13 2.0 1.3 0.7 18 25,348
Wachtell Lipton Rosen & Katz 25 14 1.9 0.2 1.7 73 24,042
Linklaters LLP 118 15 1.8 1.4 0.4 17 22,753
Allen & Overy LLP 41 16 1.8 2.0 (0.2) 10 22,497
Paul Weiss Rifkind Wharton & Garrison 53 17 1.7 0.9 0.8 26 21,677
Cravath Swaine & Moore 43 18 1.7 1.5 0.2 14 21,479
Weil Gotshal & Manges LLP 35 19 1.6 1.1 0.5 22 19,222
Vinson & Elkins LLP 51 20 1.5 1.7 (0.2) 13 19,112
TOTAL 100% 100% 2,668 1,239,360 929,129
Includes U.S. Domestic, Yankee, Rule 144a, MTN, Bank Note, Deposit Note & CDs. Excludes Agencies, Sovereigns and
Supranationals. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 357 2 5.1
Sullivan & Cromwell 343 1 8.3
Sidley Austin LLP 210 12 2.1
Clifford Chance LLP 208 8 2.4
Linklaters LLP 118 15 1.8
Cleary Gottlieb Steen & Hamilton 105 3 4.8
Skadden Arps Slate Meagher & Flom 101 5 4.2
Simpson Thacher & Bartlett 99 4 4.4
Latham & Watkins LLP 79 7 2.7
Shearman & Sterling LLP 71 10 2.3
Gibson Dunn & Crutcher 56 6 3.0
Kirkland & Ellis 54 9 2.4
Paul Weiss Rifkind Wharton & Garrison 53 17 1.7
Vinson & Elkins LLP 51 20 1.5
Debevoise & Plimpton LLP 47 13 2.0
Jones Day 46 21 1.5
Hogan Lovells 45 11 2.2
Cravath Swaine & Moore 43 18 1.7
Allen & Overy LLP 41 16 1.8
Weil Gotshal & Manges LLP 35 19 1.6
TOTAL 100% 2,668
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
17©2013Bloomberg Finance L.P. All rights reserved.
U.S. Corporates Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Davis Polk & Wardwell 303 1 13.5 13.7 (0.2) 1 176,679
Cahill Gordon & Reindel 237 2 10.2 8.3 1.9 4 134,358
Shearman & Sterling LLP 183 3 8.2 9.1 (0.9) 2 107,338
Simpson Thacher & Bartlett 181 4 7.9 6.7 1.2 6 103,039
Sidley Austin LLP 239 5 6.8 7.6 (0.8) 5 89,063
Cleary Gottlieb Steen & Hamilton 101 6 5.8 6.3 (0.5) 7 75,574
Cravath Swaine & Moore 103 7 4.9 8.6 (3.7) 3 64,802
Sullivan & Cromwell 86 8 4.4 3.9 0.5 8 57,542
Latham & Watkins LLP 116 9 3.6 3.1 0.5 9 47,199
Linklaters LLP 54 10 3.6 3.0 0.6 10 47,035
Allen & Overy LLP 67 11 2.8 2.4 0.4 11 36,783
Clifford Chance LLP 194 12 2.3 2.0 0.3 13 30,736
Skadden Arps Slate Meagher & Flom 69 13 2.1 1.8 0.3 14 27,729
O'Melveny & Myers LLP 38 14 1.9 0.6 1.3 25 25,341
Milbank Tweed Hadley & McCloy LLP 43 15 1.1 1.5 (0.4) 16 14,857
Baker Botts LLP 35 16 1.1 1.0 0.1 19 14,604
Hunton & Williams 44 17 1.1 0.1 1.0 48 13,847
Gibson Dunn & Crutcher 16 18 1.0 0.4 0.6 31 13,125
Mayer Brown LLP 32 19 1.0 2.3 (1.3) 12 12,773
Hengeler Mueller 9 20 1.0 1.3 (0.3) 18 12,750
TOTAL 100% 100% 2,477 1,312,350 1,000,130
Includes U.S. Domestic, Yankee, Rule 144a, MTN, Bank Note, Deposit Note & CDs. Excludes Agencies, Sovereigns and
Supranationals. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 303 1 13.5
Sidley Austin LLP 239 5 6.8
Cahill Gordon & Reindel 237 2 10.2
Clifford Chance LLP 194 12 2.3
Shearman & Sterling LLP 183 3 8.2
Simpson Thacher & Bartlett 181 4 7.9
Latham & Watkins LLP 116 9 3.6
Cravath Swaine & Moore 103 7 4.9
Cleary Gottlieb Steen & Hamilton 101 6 5.8
Sullivan & Cromwell 86 8 4.4
Skadden Arps Slate Meagher & Flom 69 13 2.1
Allen & Overy LLP 67 11 2.8
Linklaters LLP 54 10 3.6
Hunton & Williams 44 17 1.1
Milbank Tweed Hadley & McCloy LLP 43 15 1.1
O'Melveny & Myers LLP 38 14 1.9
Baker Botts LLP 35 16 1.1
Pillsbury Winthrop Shaw Pittman LLP 33 23 0.8
Mayer Brown LLP 32 19 1.0
Fried Frank Harris Shriver & Jacobson 27 22 0.9
TOTAL 100% 2,477
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
18©2013Bloomberg Finance L.P. All rights reserved.
U.S. Investment Grade Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Sullivan & Cromwell 314 1 9.3 12.0 (2.7) 1 82,657
Davis Polk & Wardwell 303 2 6.1 7.0 (0.9) 2 53,890
Cleary Gottlieb Steen & Hamilton 77 3 5.4 6.3 (0.9) 3 47,810
Skadden Arps Slate Meagher & Flom 69 4 4.2 5.9 (1.7) 4 37,273
Gibson Dunn & Crutcher 37 5 3.4 3.4 - 7 30,460
Simpson Thacher & Bartlett 46 6 3.3 4.6 (1.3) 5 28,926
Clifford Chance LLP 185 7 2.7 2.4 0.3 8 23,971
Sidley Austin LLP 201 8 2.7 1.8 0.9 12 23,545
Shearman & Sterling LLP 54 9 2.6 2.3 0.3 10 23,321
Hogan Lovells 33 10 2.6 1.4 1.2 17 22,765
Wachtell Lipton Rosen & Katz 20 11 2.5 0.1 2.4 125 21,925
Linklaters LLP 114 12 2.4 1.6 0.8 16 21,276
Allen & Overy LLP 27 13 2.0 2.3 (0.3) 9 17,695
Latham & Watkins LLP 37 14 1.9 3.5 (1.6) 6 16,676
Cravath Swaine & Moore 33 15 1.9 1.8 0.1 11 16,617
Mayer Brown LLP 25 16 1.8 0.8 1.0 25 16,249
Bracewell & Giuliani 14 17 1.6 0.3 1.3 62 13,800
Debevoise & Plimpton LLP 29 18 1.5 0.6 0.9 38 13,252
Weil Gotshal & Manges LLP 20 19 1.4 1.0 0.4 22 12,642
Jones Day 27 20 1.3 1.6 (0.3) 13 11,382
TOTAL 100% 100% 1,852 886,818 687,367
Includes U.S. issues with a rating of Baa3/BBB- and above. Includes split-rated issues. Excludes Agencies, Sovereigns and
Supranationals. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Sullivan & Cromwell 314 1 9.3
Davis Polk & Wardwell 303 2 6.1
Sidley Austin LLP 201 8 2.7
Clifford Chance LLP 185 7 2.7
Linklaters LLP 114 12 2.4
Cleary Gottlieb Steen & Hamilton 77 3 5.4
Skadden Arps Slate Meagher & Flom 69 4 4.2
Shearman & Sterling LLP 54 9 2.6
Simpson Thacher & Bartlett 46 6 3.3
Gibson Dunn & Crutcher 37 5 3.4
Latham & Watkins LLP 37 14 1.9
Hogan Lovells 33 10 2.6
Cravath Swaine & Moore 33 15 1.9
Wilmer Cutler Pickering Hale & Dorr LLP 30 40 0.5
Debevoise & Plimpton LLP 29 18 1.5
Allen & Overy LLP 27 13 2.0
Jones Day 27 20 1.3
Mayer Brown LLP 25 16 1.8
Morgan Lewis & Bockius 23 33 0.7
Wachtell Lipton Rosen & Katz 20 11 2.5
TOTAL 100% 1,852
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
19©2013Bloomberg Finance L.P. All rights reserved.
U.S. Investment Grade Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Davis Polk & Wardwell 252 1 15.5 15.8 (0.3) 1 150,649
Sidley Austin LLP 225 2 9.1 9.8 (0.7) 2 88,154
Shearman & Sterling LLP 126 3 8.5 7.6 0.9 5 82,289
Simpson Thacher & Bartlett 115 4 8.1 7.2 0.9 6 78,865
Cleary Gottlieb Steen & Hamilton 89 5 7.2 7.7 (0.5) 4 69,899
Sullivan & Cromwell 82 6 5.8 5.0 0.8 7 56,010
Cravath Swaine & Moore 57 7 4.4 8.7 (4.3) 3 42,499
Linklaters LLP 41 8 4.3 3.2 1.1 8 42,050
Allen & Overy LLP 57 9 3.4 2.7 0.7 10 32,926
Clifford Chance LLP 184 10 3.0 2.5 0.5 11 29,452
O'Melveny & Myers LLP 37 11 2.6 0.7 1.9 22 25,221
Skadden Arps Slate Meagher & Flom 40 12 2.0 1.5 0.5 18 19,269
Cahill Gordon & Reindel 25 13 1.7 1.8 (0.1) 14 16,788
Latham & Watkins LLP 24 14 1.4 1.6 (0.2) 17 13,770
Hunton & Williams 38 15 1.4 0.2 1.2 45 13,375
Gibson Dunn & Crutcher 16 16 1.4 0.5 0.9 29 13,125
Hengeler Mueller 9 17 1.3 1.8 (0.5) 14 12,750
Mayer Brown LLP 29 18 1.3 2.9 (1.6) 9 12,223
Morrison & Foerster LLP 16 19 1.2 2.0 (0.8) 13 11,698
Pillsbury Winthrop Shaw Pittman LLP 32 20 1.1 0.8 0.3 19 10,257
TOTAL 100% 100% 1,715 968,824 767,394
Includes U.S. issues with a rating of Baa3/BBB- and above. Includes split-rated issues. Excludes Agencies, Sovereigns and
Supranationals. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 252 1 15.5
Sidley Austin LLP 225 2 9.1
Clifford Chance LLP 184 10 3.0
Shearman & Sterling LLP 126 3 8.5
Simpson Thacher & Bartlett 115 4 8.1
Cleary Gottlieb Steen & Hamilton 89 5 7.2
Sullivan & Cromwell 82 6 5.8
Cravath Swaine & Moore 57 7 4.4
Allen & Overy LLP 57 9 3.4
Linklaters LLP 41 8 4.3
Skadden Arps Slate Meagher & Flom 40 12 2.0
Hunton & Williams 38 15 1.4
O'Melveny & Myers LLP 37 11 2.6
Pillsbury Winthrop Shaw Pittman LLP 32 20 1.1
Mayer Brown LLP 29 18 1.3
Cahill Gordon & Reindel 25 13 1.7
Latham & Watkins LLP 24 14 1.4
Milbank Tweed Hadley & McCloy LLP 19 21 1.0
Baker Botts LLP 18 22 0.9
Gibson Dunn & Crutcher 16 16 1.4
TOTAL 100% 1,715
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
20©2013Bloomberg Finance L.P. All rights reserved.
U.S. High Yield Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Simpson Thacher & Bartlett 52 1 8.2 7.1 1.1 3 26,673
Kirkland & Ellis 39 2 7.1 8.2 (1.1) 2 23,052
Sullivan & Cromwell 26 3 6.1 9.7 (3.6) 1 19,900
Latham & Watkins LLP 40 4 5.1 4.2 0.9 6 16,577
Paul Weiss Rifkind Wharton & Garrison 33 5 4.8 1.3 3.5 16 15,787
Skadden Arps Slate Meagher & Flom 30 6 4.4 4.1 0.3 7 14,433
Debevoise & Plimpton LLP 19 7 3.8 3.4 0.4 8 12,546
Vinson & Elkins LLP 35 8 3.6 4.4 (0.8) 5 11,890
Cleary Gottlieb Steen & Hamilton 24 9 3.3 2.0 1.3 11 10,845
Davis Polk & Wardwell 17 10 2.5 6.9 (4.4) 4 8,093
Milbank Tweed Hadley & McCloy LLP 15 11 2.4 1.5 0.9 14 7,750
Jones Day 16 12 2.2 1.9 0.3 12 7,065
Gibson Dunn & Crutcher 19 13 1.9 3.1 (1.2) 9 6,286
Weil Gotshal & Manges LLP 14 14 1.9 1.3 0.6 15 6,105
Shearman & Sterling LLP 17 15 1.8 0.7 1.1 29 5,765
Fried Frank Harris Shriver & Jacobson 15 16 1.6 0.6 1.0 31 5,287
Baker Botts LLP 13 17 1.5 0.5 1.0 41 5,060
Cravath Swaine & Moore 10 18 1.5 0.5 1.0 37 4,863
Allen & Overy LLP 11 19 1.3 1.2 0.1 17 4,175
Ropes & Gray 12 20 1.2 2.0 (0.8) 10 4,022
TOTAL 100% 100% 652 326,478 235,193
Includes U.S. issues with a rating of Ba1/BB+ and below. Excludes split-rated, Agency and Sovereign issues. Volume in
USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Simpson Thacher & Bartlett 52 1 8.2
Latham & Watkins LLP 40 4 5.1
Kirkland & Ellis 39 2 7.1
Vinson & Elkins LLP 35 8 3.6
Paul Weiss Rifkind Wharton & Garrison 33 5 4.8
Skadden Arps Slate Meagher & Flom 30 6 4.4
Sullivan & Cromwell 26 3 6.1
Cleary Gottlieb Steen & Hamilton 24 9 3.3
Debevoise & Plimpton LLP 19 7 3.8
Gibson Dunn & Crutcher 19 13 1.9
Davis Polk & Wardwell 17 10 2.5
Shearman & Sterling LLP 17 15 1.8
Jones Day 16 12 2.2
Milbank Tweed Hadley & McCloy LLP 15 11 2.4
Fried Frank Harris Shriver & Jacobson 15 16 1.6
Weil Gotshal & Manges LLP 14 14 1.9
Baker Botts LLP 13 17 1.5
Ropes & Gray 12 20 1.2
Clifford Chance LLP 12 22 1.0
Allen & Overy LLP 11 19 1.3
TOTAL 100% 652
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
21©2013Bloomberg Finance L.P. All rights reserved.
U.S. High Yield Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Cahill Gordon & Reindel 213 1 36.9 35.5 1.4 1 117,401
Latham & Watkins LLP 83 2 10.1 8.2 1.9 4 32,216
Shearman & Sterling LLP 53 3 7.7 14.9 (7.2) 2 24,582
Cravath Swaine & Moore 46 4 7.6 8.6 (1.0) 3 24,050
Davis Polk & Wardwell 49 5 7.2 5.7 1.5 5 22,905
Simpson Thacher & Bartlett 58 6 7.0 5.2 1.8 6 22,394
Skadden Arps Slate Meagher & Flom 22 7 2.5 2.6 (0.1) 7 7,994
Baker Botts LLP 16 8 1.9 2.0 (0.1) 8 6,050
Cleary Gottlieb Steen & Hamilton 12 9 1.8 1.7 0.1 10 5,649
Vinson & Elkins LLP 11 10 1.6 1.3 0.3 11 4,950
Andrews Kurth LLP 6 11 1.5 1.1 0.4 12 4,850
Fried Frank Harris Shriver & Jacobson 8 12 1.1 0.2 0.9 31 3,505
White & Case LLP 7 13 0.9 1.0 (0.1) 13 2,832
Milbank Tweed Hadley & McCloy LLP 10 14 0.8 0.8 - 14 2,697
Linklaters LLP 8 15 0.8 1.7 (0.9) 9 2,410
Blake Cassels & Graydon LLP 7 16 0.7 0.3 0.4 27 2,375
Freshfields Bruckhaus Deringer 4 17 0.7 0.4 0.3 18 2,250
Weil Gotshal & Manges LLP 5 18 0.5 0.5 - 16 1,665
Paul Weiss Rifkind Wharton & Garrison 2 19 0.5 0.3 0.2 26 1,650
Paul Hastings LLP 5 20 0.5 0.2 0.3 33 1,543
TOTAL 100% 100% 636 318,432 222,967
Includes U.S. issues with a rating of Ba1/BB+ and below. Excludes split-rated, Agency and Sovereign issues. Volume in
USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Cahill Gordon & Reindel 213 1 36.9
Latham & Watkins LLP 83 2 10.1
Simpson Thacher & Bartlett 58 6 7.0
Shearman & Sterling LLP 53 3 7.7
Davis Polk & Wardwell 49 5 7.2
Cravath Swaine & Moore 46 4 7.6
Skadden Arps Slate Meagher & Flom 22 7 2.5
Baker Botts LLP 16 8 1.9
Cleary Gottlieb Steen & Hamilton 12 9 1.8
Vinson & Elkins LLP 11 10 1.6
Milbank Tweed Hadley & McCloy LLP 10 14 0.8
Fried Frank Harris Shriver & Jacobson 8 12 1.1
Linklaters LLP 8 15 0.8
White & Case LLP 7 13 0.9
Blake Cassels & Graydon LLP 7 16 0.7
Andrews Kurth LLP 6 11 1.5
Weil Gotshal & Manges LLP 5 18 0.5
Paul Hastings LLP 5 20 0.5
Machado Meyer Sendacz e Opice 5 23 0.4
Freshfields Bruckhaus Deringer 4 17 0.7
TOTAL 100% 636
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
22©2013Bloomberg Finance L.P. All rights reserved.
U.S. Preferred Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Squire Sanders & Dempsey LLP 10 1 13.3 - - - 5,115
Richards Layton & Finger 6 2 7.0 11.3 (4.3) 2 2,685
Skadden Arps Slate Meagher & Flom 9 3 6.4 1.1 5.3 15 2,475
Hogan Lovells 13 4 5.9 9.4 (3.5) 4 2,283
Reed Smith LLP 2 5 5.1 - - - 1,950
Sullivan & Cromwell 7 6 4.1 9.1 (5.0) 5 1,593
Latham & Watkins LLP 11 7 4.1 1.7 2.4 11 1,592
Simpson Thacher & Bartlett 3 8 4.1 0.7 3.4 20 1,573
Cleary Gottlieb Steen & Hamilton 3 9 3.7 - - - 1,437
K&L Gates LLP 3 10 2.6 - - - 1,010
Gibson Dunn & Crutcher 2 11 2.6 - - - 985
Sidley Austin LLP 4 12 2.5 6.4 (3.9) 6 945
Venable LLP 14 13 2.4 5.0 (2.6) 8 933
Jones Walker Waechter Poitevent Carrere 2 14 2.3 9.8 (7.5) 3 900
Morgan Lewis & Bockius 6 15 2.3 0.6 1.7 23 874
Bryan Cave LLP 3 16 1.9 - - - 725
Hunton & Williams 7 17 1.6 5.8 (4.2) 7 600
McCarthy Tetrault 2 17 1.6 - - - 600
Arnold & Porter 2 19 1.5 - - - 569
Allen & Overy LLP 1 20 1.4 - - - 525
TOTAL 100% 100% 156 38,474 11,795
Includes all eligible non-convertible preferred offerings denominated in USD. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Venable LLP 14 13 2.4
Hogan Lovells 13 4 5.9
Latham & Watkins LLP 11 7 4.1
Squire Sanders & Dempsey LLP 10 1 13.3
Skadden Arps Slate Meagher & Flom 9 3 6.4
Sullivan & Cromwell 7 6 4.1
Hunton & Williams 7 17 1.6
Richards Layton & Finger 6 2 7.0
Morgan Lewis & Bockius 6 15 2.3
Sidley Austin LLP 4 12 2.5
Conyers Dill & Pearman 4 24 1.3
Sutherland Asbill & Brennan LLP 4 34 0.6
Simpson Thacher & Bartlett 3 8 4.1
Cleary Gottlieb Steen & Hamilton 3 9 3.7
K&L Gates LLP 3 10 2.6
Bryan Cave LLP 3 16 1.9
Morrison & Foerster LLP 3 21 1.4
Foley & Lardner LLP 3 28 0.9
Proskauer Rose LLP 3 44 0.4
Stroock & Stroock & Lavan LLP 3 60 0.2
TOTAL 100% 156
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
23©2013Bloomberg Finance L.P. All rights reserved.
U.S. Preferred Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Cravath Swaine & Moore 8 1 11.8 3.0 8.8 11 4,623
Skadden Arps Slate Meagher & Flom 19 2 9.6 10.0 (0.4) 3 3,764
O'Melveny & Myers LLP 4 3 8.3 1.0 7.3 15 3,260
Sidley Austin LLP 20 4 8.0 8.5 (0.5) 4 3,127
Davis Polk & Wardwell 8 5 7.8 2.9 4.9 12 3,062
Sullivan & Cromwell 8 6 6.4 4.9 1.5 7 2,533
Simpson Thacher & Bartlett 13 7 6.4 3.2 3.2 9 2,499
Cleary Gottlieb Steen & Hamilton 6 8 5.3 1.1 4.2 14 2,084
Pillsbury Winthrop Shaw Pittman LLP 6 9 4.4 11.0 (6.6) 2 1,750
Hunton & Williams 9 10 4.4 0.7 3.7 17 1,722
Fried Frank Harris Shriver & Jacobson 9 11 4.0 - - - 1,589
Gibson Dunn & Crutcher 2 12 3.6 - - - 1,400
Shearman & Sterling LLP 1 13 2.8 - - - 1,100
Morrison & Foerster LLP 1 14 2.2 - - - 875
Latham & Watkins LLP 3 15 2.1 - - - 823
Clifford Chance LLP 5 16 1.7 1.0 0.7 15 665
Fraser Milner Casgrain LLP 2 17 1.5 - - - 600
Covington & Burling 1 18 0.9 - - - 350
Winston & Strawn 1 18 0.9 - - - 350
Willkie Farr & Gallagher 1 20 0.8 3.2 (2.4) 10 325
TOTAL 100% 100% 155 39,332 11,855
Includes all eligible non-convertible preferred offerings denominated in USD. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Sidley Austin LLP 20 4 8.0
Skadden Arps Slate Meagher & Flom 19 2 9.6
Simpson Thacher & Bartlett 13 7 6.4
Hunton & Williams 9 10 4.4
Fried Frank Harris Shriver & Jacobson 9 11 4.0
Cravath Swaine & Moore 8 1 11.8
Davis Polk & Wardwell 8 5 7.8
Sullivan & Cromwell 8 6 6.4
Cleary Gottlieb Steen & Hamilton 6 8 5.3
Pillsbury Winthrop Shaw Pittman LLP 6 9 4.4
Clifford Chance LLP 5 16 1.7
DLA Piper LLP 5 26 0.5
O'Melveny & Myers LLP 4 3 8.3
Hogan Lovells 4 22 0.7
Latham & Watkins LLP 3 15 2.1
Gibson Dunn & Crutcher 2 12 3.6
Fraser Milner Casgrain LLP 2 17 1.5
Mayer Brown LLP 2 21 0.8
Goodwin Procter LLP 2 25 0.6
Jones Day 2 34 0.2
TOTAL 100% 155
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
24©2013Bloomberg Finance L.P. All rights reserved.
Canadian Equity Offerings Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Osler Hoskin & Harcourt LLP 16 1 19.0 7.0 12.0 3 5,204
Norton Rose LLP 21 2 9.6 0.7 8.9 27 2,638
Stikeman Elliott 21 3 8.0 4.8 3.2 8 2,191
Bennett Jones LLP 14 4 7.5 7.2 0.3 2 2,063
Burnet Duckworth & Palmer 25 5 7.1 10.6 (3.5) 1 1,946
McCarthy Tetrault 13 6 5.0 1.7 3.3 20 1,386
Davies Ward Phillips & Vineberg LLP 7 7 5.0 3.1 1.9 12 1,383
Cassels Brock & Blackwell LLP 19 8 3.9 4.8 (0.9) 9 1,081
Goodmans LLP 10 9 3.6 1.8 1.8 19 991
Blake Cassels & Graydon LLP 16 10 3.4 6.7 (3.3) 4 941
McMillan LLP 12 11 2.5 3.1 (0.6) 11 680
Torys 3 12 2.3 3.7 (1.4) 10 634
Paul Weiss Rifkind Wharton & Garrison 5 13 2.2 2.0 0.2 17 601
Fraser Milner Casgrain LLP 12 14 1.7 5.2 (3.5) 7 469
Aikins MacAulay & Thorvaldson LLP 6 15 1.7 0.5 1.2 29 456
Davis LLP 7 16 1.5 1.0 0.5 25 406
Burstall Winger LLP 8 17 1.4 1.4 - 21 375
Dorsey & Whitney 6 18 1.3 1.8 (0.5) 18 352
AIRD & Berlis LLP 4 19 1.2 1.1 0.1 24 341
Fasken Martineau DuMoulin LLP 12 20 1.2 2.0 (0.8) 16 331
TOTAL 100% 100% 367 27,447 22,622
Includes all eligible common equity and income trust offerings from Canadian issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Burnet Duckworth & Palmer 25 5 7.1
Norton Rose LLP 21 2 9.6
Stikeman Elliott 21 3 8.0
Cassels Brock & Blackwell LLP 19 8 3.9
Clark Wilson LLP 17 23 0.9
Osler Hoskin & Harcourt LLP 16 1 19.0
Blake Cassels & Graydon LLP 16 10 3.4
Bennett Jones LLP 14 4 7.5
McCarthy Tetrault 13 6 5.0
McMillan LLP 12 11 2.5
Fraser Milner Casgrain LLP 12 14 1.7
Fasken Martineau DuMoulin LLP 12 20 1.2
Goodmans LLP 10 9 3.6
Gowling Lafleur Henderson 10 24 0.8
Borden Ladner Gervais LLP 9 25 0.7
Burstall Winger LLP 8 17 1.4
Davies Ward Phillips & Vineberg LLP 7 7 5.0
Davis LLP 7 16 1.5
Heenan Blaikie 7 31 0.4
Dumoulin Black LLP 7 39 0.2
TOTAL 100% 367
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
25©2013Bloomberg Finance L.P. All rights reserved.
Canadian Equity Offerings Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Torys 36 1 24.1 11.8 12.3 1 6,658
Stikeman Elliott 30 2 13.3 8.7 4.6 5 3,679
Burnet Duckworth & Palmer 11 3 10.5 9.6 0.9 3 2,893
Blake Cassels & Graydon LLP 34 4 9.6 10.4 (0.8) 2 2,654
Norton Rose LLP 12 5 7.8 0.3 7.5 26 2,143
Fraser Milner Casgrain LLP 17 6 4.2 2.9 1.3 14 1,159
Goodmans LLP 12 7 3.8 5.2 (1.4) 7 1,036
Osler Hoskin & Harcourt LLP 9 8 2.9 4.6 (1.7) 8 798
McCarthy Tetrault 13 9 2.6 8.9 (6.3) 4 729
Lavery de Billy 3 10 2.4 1.0 1.4 21 660
Cassels Brock & Blackwell LLP 21 11 2.1 4.1 (2.0) 10 569
Skadden Arps Slate Meagher & Flom 6 12 1.9 3.2 (1.3) 11 514
Gowling Lafleur Henderson 9 13 1.9 3.0 (1.1) 12 513
Fasken Martineau DuMoulin LLP 9 14 1.6 3.0 (1.4) 13 438
Borden Ladner Gervais LLP 12 15 1.5 1.6 (0.1) 16 401
Wildeboer Dellelce LLP 7 16 1.4 1.2 0.2 20 397
Burstall Winger LLP 7 17 1.0 2.2 (1.2) 15 273
Davies Ward Phillips & Vineberg LLP 4 18 1.0 0.2 0.8 29 263
Simpson Thacher & Bartlett 1 19 0.7 0.4 0.3 25 203
Stewart McKelvey LLP 1 20 0.7 0.9 (0.2) 22 203
TOTAL 100% 100% 375 27,615 24,118
Includes all eligible common equity and income trust offerings from Canadian issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Miller Thomson LLP 46 24 0.6
Torys 36 1 24.1
Blake Cassels & Graydon LLP 34 4 9.6
Stikeman Elliott 30 2 13.3
Cassels Brock & Blackwell LLP 21 11 2.1
Fraser Milner Casgrain LLP 17 6 4.2
McCullough O'Connor Irwin 16 35 0.0
McCarthy Tetrault 13 9 2.6
Norton Rose LLP 12 5 7.8
Goodmans LLP 12 7 3.8
Borden Ladner Gervais LLP 12 15 1.5
Burnet Duckworth & Palmer 11 3 10.5
Anfield Sujir Kennedy & Durno 10 41 0.0
Osler Hoskin & Harcourt LLP 9 8 2.9
Gowling Lafleur Henderson 9 13 1.9
Fasken Martineau DuMoulin LLP 9 14 1.6
Davis LLP 8 43 0.0
Wildeboer Dellelce LLP 7 16 1.4
Burstall Winger LLP 7 17 1.0
McMillan LLP 7 23 0.6
TOTAL 100% 375
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
26©2013Bloomberg Finance L.P. All rights reserved.
Canadian Equity Offerings Issuer Advisers (IPO)
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
McCarthy Tetrault 2 1 17.2 - - - 439
Stikeman Elliott 4 2 16.9 - 16.9 49 430
Paul Weiss Rifkind Wharton & Garrison 2 3 13.6 3.7 9.9 7 347
Goodmans LLP 3 4 13.1 - - - 334
Freshfields Bruckhaus Deringer 1 5 11.7 - - - 297
Osler Hoskin & Harcourt LLP 1 6 7.1 13.3 (6.2) 2 180
Bennett Jones LLP 3 7 6.8 32.7 (25.9) 1 173
Vinson & Elkins LLP 1 8 4.8 4.0 0.8 5 121
Clark Wilson LLP 11 9 2.8 0.1 2.7 36 71
Haynes & Boone LLP 1 10 2.0 - - - 50
Blake Cassels & Graydon LLP 4 11 0.6 3.0 (2.4) 9 16
Davies Ward Phillips & Vineberg LLP 1 12 0.6 0.3 0.3 24 15
Dumoulin Black LLP 5 13 0.4 1.6 (1.2) 12 10
Peterson Law Professional Corp 1 14 0.4 0.3 0.1 26 10
Anfield Sujir Kennedy & Durno 6 15 0.3 0.7 (0.4) 17 7
Maitland & Co/Canada 6 16 0.2 0.5 (0.3) 20 5
Gowling Lafleur Henderson 5 17 0.2 0.1 0.1 34 4
Miller Thomson LLP 3 18 0.1 - 0.1 66 3
Salley Bowes Harwardt 4 19 0.1 0.1 - 35 3
Thomas Rondeau Business Lawyers 6 20 0.1 0.1 - 41 3
TOTAL 100% 100% 126 2,544 2,418
Includes all eligible common equity and income trust initial public offerings from Canadian issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Clark Wilson LLP 11 9 2.8
Anfield Sujir Kennedy & Durno 6 15 0.3
Maitland & Co/Canada 6 16 0.2
Thomas Rondeau Business Lawyers 6 20 0.1
Dumoulin Black LLP 5 13 0.4
Gowling Lafleur Henderson 5 17 0.2
McMillan LLP 5 22 0.1
Stikeman Elliott 4 2 16.9
Blake Cassels & Graydon LLP 4 11 0.6
Salley Bowes Harwardt 4 19 0.1
Boughton Law Corp 4 21 0.1
Macdonald Tuskey 4 24 0.1
Goodmans LLP 3 4 13.1
Bennett Jones LLP 3 7 6.8
Miller Thomson LLP 3 18 0.1
Heighington Law Firm 3 25 0.1
Fasken Martineau DuMoulin LLP 3 27 0.0
Heenan Blaikie 3 28 0.0
Burstall Winger LLP 3 32 0.0
Garfinkle Biderman LLP 3 33 0.0
TOTAL 100% 126
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
27©2013Bloomberg Finance L.P. All rights reserved.
Canadian Equity Offerings Manager Advisers (IPO)
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Torys 4 1 20.4 14.3 6.1 2 519
Stikeman Elliott 2 2 17.9 6.0 11.9 5 455
Blake Cassels & Graydon LLP 2 3 17.3 4.6 12.7 8 441
Norton Rose LLP 4 4 15.4 - - - 393
Kirkland & Ellis 1 5 7.8 - - - 198
Skadden Arps Slate Meagher & Flom 1 5 7.8 - - - 198
Davies Ward Phillips & Vineberg LLP 1 7 4.7 - - - 119
Miller Thomson LLP 40 8 3.4 5.1 (1.7) 6 87
McCarthy Tetrault 1 9 2.3 29.4 (27.1) 1 59
McMillan LLP 5 10 0.9 - 0.9 25 23
McCullough O'Connor Irwin 15 11 0.4 0.7 (0.3) 16 10
Dorsey & Whitney 1 12 0.3 - - - 8
Wildeboer Dellelce LLP 1 12 0.3 1.0 (0.7) 13 8
Borden Ladner Gervais LLP 1 14 0.2 1.3 (1.1) 12 5
Anfield Sujir Kennedy & Durno 10 15 0.2 0.5 (0.3) 17 5
Getz Prince Wells 7 16 0.1 0.3 (0.2) 19 4
Burstall Winger LLP 2 17 0.1 0.2 (0.1) 22 3
Davis LLP 7 18 0.1 0.2 (0.1) 21 3
Langlois Kronstrom Desjardins 3 19 0.1 - - - 2
Colby Monet Delage Demers & Crevier LLP 1 20 0.1 - - - 2
TOTAL 100% 100% 126 2,544 2,457
Includes all eligible common equity and income trust initial public offerings from Canadian issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Miller Thomson LLP 40 8 3.4
McCullough O'Connor Irwin 15 11 0.4
Anfield Sujir Kennedy & Durno 10 15 0.2
Getz Prince Wells 7 16 0.1
Davis LLP 7 18 0.1
McMillan LLP 5 10 0.9
Torys 4 1 20.4
Norton Rose LLP 4 4 15.4
Fraser Milner Casgrain LLP 4 21 0.0
Langlois Kronstrom Desjardins 3 19 0.1
Stikeman Elliott 2 2 17.9
Blake Cassels & Graydon LLP 2 3 17.3
Burstall Winger LLP 2 17 0.1
Heenan Blaikie 2 23 0.0
Maynard E. Brown Barrister & Solicitor 2 24 0.0
Parlee McLaws LLP 2 25 0.0
Kirkland & Ellis 1 5 7.8
Skadden Arps Slate Meagher & Flom 1 5 7.8
Davies Ward Phillips & Vineberg LLP 1 7 4.7
McCarthy Tetrault 1 9 2.3
TOTAL 100% 126
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
28©2013Bloomberg Finance L.P. All rights reserved.
Canadian Eqty/Eql Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Osler Hoskin & Harcourt LLP 19 1 18.0 6.9 11.1 5 5,403
Norton Rose LLP 21 2 8.8 1.0 7.8 27 2,638
Stikeman Elliott 27 3 8.2 5.0 3.2 6 2,470
Bennett Jones LLP 16 4 7.8 7.0 0.8 4 2,342
Burnet Duckworth & Palmer 28 5 7.2 10.9 (3.7) 1 2,169
McCarthy Tetrault 14 6 4.7 1.7 3.0 19 1,420
Davies Ward Phillips & Vineberg LLP 7 7 4.6 3.1 1.5 11 1,383
Torys 7 8 4.1 4.0 0.1 10 1,227
Cassels Brock & Blackwell LLP 22 9 4.0 4.2 (0.2) 9 1,193
Goodmans LLP 14 10 3.9 2.0 1.9 16 1,186
Blake Cassels & Graydon LLP 17 11 3.3 7.3 (4.0) 2 980
McMillan LLP 12 12 2.3 2.8 (0.5) 12 680
Paul Weiss Rifkind Wharton & Garrison 6 13 2.2 1.7 0.5 18 653
Aikins MacAulay & Thorvaldson LLP 8 14 1.8 1.1 0.7 25 536
Fraser Milner Casgrain LLP 12 15 1.6 4.8 (3.2) 8 469
Davis LLP 7 16 1.3 0.9 0.4 28 406
Burstall Winger LLP 8 17 1.2 1.3 (0.1) 21 375
Borden Ladner Gervais LLP 10 18 1.2 5.0 (3.8) 7 357
Dorsey & Whitney 6 19 1.2 1.6 (0.4) 20 352
AIRD & Berlis LLP 4 20 1.1 1.1 - 26 341
TOTAL 100% 100% 405 30,095 25,619
Includes all eligible equity & equity-linked offerings from Canadian issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Burnet Duckworth & Palmer 28 5 7.2
Stikeman Elliott 27 3 8.2
Cassels Brock & Blackwell LLP 22 9 4.0
Norton Rose LLP 21 2 8.8
Osler Hoskin & Harcourt LLP 19 1 18.0
Blake Cassels & Graydon LLP 17 11 3.3
Clark Wilson LLP 17 24 0.9
Bennett Jones LLP 16 4 7.8
McCarthy Tetrault 14 6 4.7
Goodmans LLP 14 10 3.9
McMillan LLP 12 12 2.3
Fraser Milner Casgrain LLP 12 15 1.6
Fasken Martineau DuMoulin LLP 12 21 1.1
Borden Ladner Gervais LLP 10 18 1.2
Gowling Lafleur Henderson 10 25 0.7
Aikins MacAulay & Thorvaldson LLP 8 14 1.8
Burstall Winger LLP 8 17 1.2
Davies Ward Phillips & Vineberg LLP 7 7 4.6
Torys 7 8 4.1
Davis LLP 7 16 1.3
TOTAL 100% 405
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
29©2013Bloomberg Finance L.P. All rights reserved.
Canadian Eqty/Eql Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Torys 45 1 24.4 12.4 12.0 1 7,344
Stikeman Elliott 34 2 12.9 9.9 3.0 3 3,882
Burnet Duckworth & Palmer 12 3 10.2 9.1 1.1 4 3,066
Blake Cassels & Graydon LLP 36 4 9.0 10.2 (1.2) 2 2,726
Norton Rose LLP 12 5 7.1 0.3 6.8 27 2,143
Fraser Milner Casgrain LLP 19 6 4.6 3.6 1.0 11 1,377
Goodmans LLP 14 7 3.7 5.6 (1.9) 7 1,126
Osler Hoskin & Harcourt LLP 10 8 3.0 6.0 (3.0) 6 903
McCarthy Tetrault 14 9 2.5 8.4 (5.9) 5 749
Lavery de Billy 3 10 2.2 0.9 1.3 21 660
Cassels Brock & Blackwell LLP 23 11 2.1 3.8 (1.7) 10 641
Borden Ladner Gervais LLP 15 12 2.0 1.4 0.6 16 612
Gowling Lafleur Henderson 10 13 1.8 3.0 (1.2) 12 531
Skadden Arps Slate Meagher & Flom 6 14 1.7 2.9 (1.2) 13 514
Fasken Martineau DuMoulin LLP 9 15 1.5 2.6 (1.1) 14 438
Wildeboer Dellelce LLP 8 16 1.4 1.0 0.4 20 428
Davies Ward Phillips & Vineberg LLP 6 17 1.2 0.2 1.0 29 370
Burstall Winger LLP 9 18 1.1 2.0 (0.9) 15 333
Bennett Jones LLP 7 19 0.9 1.1 (0.2) 18 258
Simpson Thacher & Bartlett 1 20 0.7 0.4 0.3 26 203
TOTAL 100% 100% 414 30,128 27,116
Includes all eligible equity & equity-linked offerings from Canadian issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Miller Thomson LLP 46 25 0.5
Torys 45 1 24.4
Blake Cassels & Graydon LLP 36 4 9.0
Stikeman Elliott 34 2 12.9
Cassels Brock & Blackwell LLP 23 11 2.1
Fraser Milner Casgrain LLP 19 6 4.6
McCullough O'Connor Irwin 16 37 0.0
Borden Ladner Gervais LLP 15 12 2.0
Goodmans LLP 14 7 3.7
McCarthy Tetrault 14 9 2.5
Burnet Duckworth & Palmer 12 3 10.2
Norton Rose LLP 12 5 7.1
Osler Hoskin & Harcourt LLP 10 8 3.0
Gowling Lafleur Henderson 10 13 1.8
Anfield Sujir Kennedy & Durno 10 43 0.0
Fasken Martineau DuMoulin LLP 9 15 1.5
Burstall Winger LLP 9 18 1.1
Wildeboer Dellelce LLP 8 16 1.4
Davis LLP 8 45 0.0
Bennett Jones LLP 7 19 0.9
TOTAL 100% 414
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
30©2013Bloomberg Finance L.P. All rights reserved.
Canadian Eqty/Eql/Pfd Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Osler Hoskin & Harcourt LLP 20 1 15.0 6.4 8.6 6 5,648
McCarthy Tetrault 24 2 11.6 4.3 7.3 10 4,375
Torys 15 3 8.4 7.5 0.9 2 3,173
Bennett Jones LLP 20 4 8.0 6.7 1.3 5 2,986
Norton Rose LLP 23 5 7.7 1.4 6.3 20 2,896
Stikeman Elliott 28 6 7.1 6.1 1.0 7 2,670
Burnet Duckworth & Palmer 28 7 5.8 8.8 (3.0) 1 2,169
Blake Cassels & Graydon LLP 21 8 4.8 7.3 (2.5) 3 1,801
Davies Ward Phillips & Vineberg LLP 7 9 3.7 2.5 1.2 14 1,383
Goodmans LLP 15 10 3.4 3.0 0.4 13 1,286
Cassels Brock & Blackwell LLP 22 11 3.2 3.4 (0.2) 12 1,193
McMillan LLP 12 12 1.8 3.8 (2.0) 11 680
Paul Weiss Rifkind Wharton & Garrison 6 13 1.7 1.4 0.3 19 653
Aikins MacAulay & Thorvaldson LLP 9 14 1.6 0.9 0.7 26 611
Borden Ladner Gervais LLP 12 15 1.5 5.0 (3.5) 8 576
Fraser Milner Casgrain LLP 12 16 1.2 4.8 (3.6) 9 469
Davis LLP 7 17 1.1 0.7 0.4 28 406
Burstall Winger LLP 8 18 1.0 1.0 - 22 375
Dorsey & Whitney 6 19 0.9 1.3 (0.4) 21 352
AIRD & Berlis LLP 4 20 0.9 0.9 - 27 341
TOTAL 100% 100% 438 37,556 31,900
Includes all eligible common equity, income trust, convertible and preferred offerings from Canadian issuers. Volume in USD
millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Stikeman Elliott 28 6 7.1
Burnet Duckworth & Palmer 28 7 5.8
McCarthy Tetrault 24 2 11.6
Norton Rose LLP 23 5 7.7
Cassels Brock & Blackwell LLP 22 11 3.2
Blake Cassels & Graydon LLP 21 8 4.8
Osler Hoskin & Harcourt LLP 20 1 15.0
Bennett Jones LLP 20 4 8.0
Clark Wilson LLP 17 24 0.7
Torys 15 3 8.4
Goodmans LLP 15 10 3.4
McMillan LLP 12 12 1.8
Borden Ladner Gervais LLP 12 15 1.5
Fraser Milner Casgrain LLP 12 16 1.2
Fasken Martineau DuMoulin LLP 12 21 0.9
Gowling Lafleur Henderson 10 25 0.6
Aikins MacAulay & Thorvaldson LLP 9 14 1.6
Burstall Winger LLP 8 18 1.0
Davies Ward Phillips & Vineberg LLP 7 9 3.7
Davis LLP 7 17 1.1
TOTAL 100% 438
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
31©2013Bloomberg Finance L.P. All rights reserved.
Canadian Eqty/Eql/Pfd Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Torys 46 1 19.8 11.8 8.0 1 7,444
Stikeman Elliott 36 2 11.3 9.6 1.7 4 4,232
Fraser Milner Casgrain LLP 26 3 10.8 5.7 5.1 7 4,069
Blake Cassels & Graydon LLP 41 4 9.7 10.1 (0.4) 3 3,642
Burnet Duckworth & Palmer 13 5 8.6 7.5 1.1 5 3,216
Norton Rose LLP 14 6 6.9 2.8 4.1 12 2,593
Goodmans LLP 19 7 5.9 6.1 (0.2) 6 2,210
McCarthy Tetrault 18 8 3.9 11.7 (7.8) 2 1,462
Osler Hoskin & Harcourt LLP 11 9 3.0 5.5 (2.5) 8 1,142
Borden Ladner Gervais LLP 16 10 1.8 1.1 0.7 17 662
Lavery de Billy 3 11 1.8 0.8 1.0 22 660
Cassels Brock & Blackwell LLP 23 12 1.7 3.1 (1.4) 11 641
Davies Ward Phillips & Vineberg LLP 7 13 1.6 0.7 0.9 23 620
Fasken Martineau DuMoulin LLP 10 14 1.4 2.7 (1.3) 13 537
Gowling Lafleur Henderson 10 15 1.4 2.4 (1.0) 14 531
Skadden Arps Slate Meagher & Flom 6 16 1.4 2.3 (0.9) 15 514
Stewart McKelvey LLP 2 17 1.2 0.6 0.6 24 447
Wildeboer Dellelce LLP 8 18 1.1 0.8 0.3 21 428
Bennett Jones LLP 8 19 1.0 0.9 0.1 19 379
Burstall Winger LLP 9 20 0.9 1.6 (0.7) 16 333
TOTAL 100% 100% 447 37,589 33,209
Includes all eligible common equity, income trust, convertible and preferred offerings from Canadian issuers. Volume in USD
millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Torys 46 1 19.8
Miller Thomson LLP 46 25 0.4
Blake Cassels & Graydon LLP 41 4 9.7
Stikeman Elliott 36 2 11.3
Fraser Milner Casgrain LLP 26 3 10.8
Cassels Brock & Blackwell LLP 23 12 1.7
Goodmans LLP 19 7 5.9
McCarthy Tetrault 18 8 3.9
Borden Ladner Gervais LLP 16 10 1.8
McCullough O'Connor Irwin 16 37 0.0
Norton Rose LLP 14 6 6.9
Burnet Duckworth & Palmer 13 5 8.6
Osler Hoskin & Harcourt LLP 11 9 3.0
Fasken Martineau DuMoulin LLP 10 14 1.4
Gowling Lafleur Henderson 10 15 1.4
Anfield Sujir Kennedy & Durno 10 43 0.0
Burstall Winger LLP 9 20 0.9
Wildeboer Dellelce LLP 8 18 1.1
Bennett Jones LLP 8 19 1.0
Davis LLP 8 45 0.0
TOTAL 100% 447
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
32©2013Bloomberg Finance L.P. All rights reserved.
Canadian Retail Struc. Products Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Stikeman Elliott 21 1 18.3 29.7 (11.4) 1 1,070
Heenan Blaikie 6 2 16.3 2.5 13.8 10 951
Seward & Kissel LLP 6 2 16.3 2.5 13.8 10 951
Blake Cassels & Graydon LLP 12 4 12.9 11.7 1.2 3 754
Fasken Martineau DuMoulin LLP 7 5 9.8 5.4 4.4 5 570
McCarthy Tetrault 8 6 7.1 19.7 (12.6) 2 417
Wildeboer Dellelce LLP 3 7 4.0 0.4 3.6 17 232
McMillan LLP 2 8 3.0 1.4 1.6 13 178
Borden Ladner Gervais LLP 6 9 2.8 4.3 (1.5) 8 161
Davies Ward Phillips & Vineberg LLP 1 10 2.7 1.0 1.7 15 159
Cassels Brock & Blackwell LLP 3 11 2.1 2.8 (0.7) 9 123
Macleod Dixon 1 12 1.7 1.7 - 12 100
Goodmans LLP 2 13 1.7 - - - 100
Osler Hoskin & Harcourt LLP 4 14 0.8 5.9 (5.1) 4 48
Burnet Duckworth & Palmer 1 15 0.2 0.2 - 18 14
Mckercher Mckercher Whitmor 1 16 0.1 0.1 - 19 7
TOTAL 100% 100% 77 5,836 6,120
Includes all eligible retail structured product offerings from Canadian issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Stikeman Elliott 21 1 18.3
Blake Cassels & Graydon LLP 12 4 12.9
McCarthy Tetrault 8 6 7.1
Fasken Martineau DuMoulin LLP 7 5 9.8
Heenan Blaikie 6 2 16.3
Seward & Kissel LLP 6 2 16.3
Borden Ladner Gervais LLP 6 9 2.8
Osler Hoskin & Harcourt LLP 4 14 0.8
Wildeboer Dellelce LLP 3 7 4.0
Cassels Brock & Blackwell LLP 3 11 2.1
McMillan LLP 2 8 3.0
Goodmans LLP 2 13 1.7
Davies Ward Phillips & Vineberg LLP 1 10 2.7
Macleod Dixon 1 12 1.7
Burnet Duckworth & Palmer 1 15 0.2
Mckercher Mckercher Whitmor 1 16 0.1
TOTAL 100% 77
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
33©2013Bloomberg Finance L.P. All rights reserved.
Canadian Retail Struc. Products Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
McCarthy Tetrault 26 1 30.6 27.4 3.2 1 1,736
Davies Ward Phillips & Vineberg LLP 7 2 17.0 4.0 13.0 7 965
Paul Weiss Rifkind Wharton & Garrison 6 3 16.7 2.6 14.1 12 951
Stikeman Elliott 13 4 12.5 13.1 (0.6) 3 711
Blake Cassels & Graydon LLP 13 5 7.7 21.3 (13.6) 2 440
Fasken Martineau DuMoulin LLP 6 6 5.8 5.7 0.1 4 327
Osler Hoskin & Harcourt LLP 3 7 3.3 3.9 (0.6) 8 190
McMillan LLP 4 8 2.8 5.4 (2.6) 5 160
Fraser Milner Casgrain LLP 1 9 1.8 3.6 (1.8) 9 100
Borden Ladner Gervais LLP 1 10 1.0 0.6 0.4 14 55
Wildeboer Dellelce LLP 3 11 0.8 4.5 (3.7) 6 45
TOTAL 100% 100% 77 5,680 5,894
Includes all eligible retail structured product offerings from Canadian issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
McCarthy Tetrault 26 1 30.6
Stikeman Elliott 13 4 12.5
Blake Cassels & Graydon LLP 13 5 7.7
Davies Ward Phillips & Vineberg LLP 7 2 17.0
Paul Weiss Rifkind Wharton & Garrison 6 3 16.7
Fasken Martineau DuMoulin LLP 6 6 5.8
McMillan LLP 4 8 2.8
Osler Hoskin & Harcourt LLP 3 7 3.3
Wildeboer Dellelce LLP 3 11 0.8
Fraser Milner Casgrain LLP 1 9 1.8
Borden Ladner Gervais LLP 1 10 1.0
TOTAL 100% 77
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Canadian Corporates Issuer Advisers
1/1/12 - 12/31/12
FIRM
CAD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20112012
Underwriter League Tables
17.1 1Osler Hoskin & Harcourt LLP 7,358 n/a 16 1 18.2 1.1
14.8 2McCarthy Tetrault 6,200 n/a 16 2 15.3 0.5
9.9 3Torys 5,846 n/a 18 3 14.5 4.6
9.6 5Davies Ward Phillips & Vineberg LLP 2,850 n/a 9 4 7.1 (2.5)
8.8 6Stikeman Elliott 2,300 n/a 8 5 5.7 (3.1)
9.7 4Norton Rose LLP 1,942 n/a 12 6 4.8 (4.9)
2.4 9Borden Ladner Gervais LLP 1,763 n/a 7 7 4.4 2.0
6.6 7Allen & Overy LLP 1,717 n/a 12 8 4.2 (2.4)
4.0 8Blake Cassels & Graydon LLP 1,500 n/a 5 9 3.7 (0.3)
0.6 20Goodmans LLP 1,075 n/a 6 10 2.7 2.1
2.1 11Bennett Jones LLP 750 n/a 4 11 1.9 (0.2)
0.3 26Linklaters LLP 750 n/a 1 11 1.9 1.6
0.4 23Simpson Thacher & Bartlett 625 n/a 1 13 1.5 1.1
- -Paul Weiss Rifkind Wharton & Garrison 516 n/a 2 14 1.3 -
- -Cravath Swaine & Moore 500 n/a 1 15 1.2 -
- -Parlee McLaws LLP 500 n/a 1 15 1.2 -
1.2 13Sullivan & Cromwell 500 n/a 1 15 1.2 -
1.0 17Cleary Gottlieb Steen & Hamilton 475 n/a 2 18 1.2 0.2
- -Cassels Brock & Blackwell LLP 466 n/a 2 19 1.2 -
0.2 29Freshfields Bruckhaus Deringer 400 n/a 2 20 1.0 0.8
TOTAL 100% 100% 40,420 1180.57 40,110
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Basic Materials 5.59%
Consumer Prod/Svcs 6.83%
Financial 51.34%
Industrial 2.96%
Oil/Gas/Elect 23.97%
Tech/Comm 9.30%
Total: 100.00%
INDUSTRY BREAKDOWN
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20
24
28
32
36
40
44
48
52
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
QUARTERLY VOLUME
CAD (Mln) / #Deals
34©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Canadian Corporates Manager Advisers
1/1/12 - 12/31/12
FIRM
CAD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20112012
Underwriter League Tables
25.7 1Stikeman Elliott 6,134 n/a 20 1 15.1 (10.6)
0.5 20Goodmans LLP 5,175 n/a 9 2 12.7 12.2
5.8 7Torys 5,075 n/a 9 3 12.5 6.7
17.0 2Osler Hoskin & Harcourt LLP 3,873 n/a 13 4 9.5 (7.5)
7.3 5Blake Cassels & Graydon LLP 2,885 n/a 13 5 7.1 (0.2)
8.9 4McCarthy Tetrault 2,650 n/a 8 6 6.5 (2.4)
1.2 13Fraser Milner Casgrain LLP 2,325 n/a 10 7 5.7 4.5
12.9 3Norton Rose LLP 2,128 n/a 4 8 5.2 (7.7)
2.6 8Davies Ward Phillips & Vineberg LLP 1,800 n/a 5 9 4.4 1.8
6.1 6Bennett Jones LLP 1,579 n/a 3 10 3.9 (2.2)
1.7 10Allen & Overy LLP 1,300 n/a 3 11 3.2 1.5
0.4 21Paul Weiss Rifkind Wharton & Garrison 909 n/a 4 12 2.2 1.8
- -Cravath Swaine & Moore 725 n/a 2 13 1.8 -
- -Fasken Martineau DuMoulin LLP 650 n/a 3 14 1.6 -
- -Borden Ladner Gervais LLP 500 n/a 2 15 1.2 -
0.6 18Burnet Duckworth & Palmer 500 n/a 1 15 1.2 0.6
0.2 22Shearman & Sterling LLP 500 n/a 1 15 1.2 1.0
- -Clifford Chance LLP 450 n/a 2 18 1.1 -
- -Lavery de Billy 450 n/a 3 18 1.1 -
1.3 11Skadden Arps Slate Meagher & Flom 350 n/a 1 20 0.9 (0.4)
TOTAL 100% 100% 40,609 1140.57 39,952
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Basic Materials 5.56%
Consumer Prod/Svcs 5.50%
Financial 55.63%
Industrial 2.95%
Oil/Gas/Elect 20.61%
Tech/Comm 9.75%
Total: 100.00%
INDUSTRY BREAKDOWN
6,000
8,000
10,000
12,000
14,000
16,000
16
20
24
28
32
36
40
44
48
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
QUARTERLY VOLUME
CAD (Mln) / #Deals
35©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
36©2013Bloomberg Finance L.P. All rights reserved.
EMEA Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Slaughter and May 1 1 25.2 1.8 23.4 12 1,453
Freshfields Bruckhaus Deringer 1 2 21.2 11.4 9.8 3 1,223
Clifford Chance LLP 1 3 6.1 4.6 1.5 7 354
Paul Weiss Rifkind Wharton & Garrison 1 4 5.3 - - - 305
White & Case LLP 2 5 4.8 6.3 (1.5) 5 278
Greenberg Traurig LLP 1 6 3.7 2.1 1.6 10 214
Allen & Overy LLP 1 7 3.6 - - - 207
Latham & Watkins LLP 2 8 3.1 1.8 1.3 11 179
Trowers & Hamlins 1 9 2.8 - - - 159
Walkers 2 10 2.5 - - - 147
Maples & Calder 2 11 2.2 - - - 126
Vinson & Elkins LLP 1 12 1.9 - - - 111
Watson Farley & Williams 1 12 1.9 - - - 111
Cleary Gottlieb Steen & Hamilton 1 14 1.6 0.8 0.8 20 92
Akin Gump Strauss Hauer & Feld LLP 1 15 1.5 - - - 84
NCTM Studio Legale Associato 1 16 1.3 - - - 77
Skadden Arps Slate Meagher & Flom 1 16 1.3 1.3 - 15 77
Goodwin Procter LLP 1 18 1.3 - - - 76
Masembe Makubuya Adriko Karugaba & Sseka 1 19 1.1 - - - 64
Loeb & Loeb LLP 2 20 1.0 - - - 58
TOTAL 100% 100% 29 5,770 35,141
Includes all eligible equity initial public offerings from European, Middle Eastern and African issuers. Volume in USD
millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
White & Case LLP 2 5 4.8
Latham & Watkins LLP 2 8 3.1
Walkers 2 10 2.5
Maples & Calder 2 11 2.2
Loeb & Loeb LLP 2 20 1.0
Slaughter and May 1 1 25.2
Freshfields Bruckhaus Deringer 1 2 21.2
Clifford Chance LLP 1 3 6.1
Paul Weiss Rifkind Wharton & Garrison 1 4 5.3
Greenberg Traurig LLP 1 6 3.7
Allen & Overy LLP 1 7 3.6
Trowers & Hamlins 1 9 2.8
Vinson & Elkins LLP 1 12 1.9
Watson Farley & Williams 1 12 1.9
Cleary Gottlieb Steen & Hamilton 1 14 1.6
Akin Gump Strauss Hauer & Feld LLP 1 15 1.5
NCTM Studio Legale Associato 1 16 1.3
Skadden Arps Slate Meagher & Flom 1 16 1.3
Goodwin Procter LLP 1 18 1.3
Masembe Makubuya Adriko Karugaba & Sseka 1 19 1.1
TOTAL 100% 29
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
37©2013Bloomberg Finance L.P. All rights reserved.
EMEA Equity IPO Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Latham & Watkins LLP 3 1 22.1 - - - 2,191
Linklaters LLP 2 2 19.2 28.4 (9.2) 1 1,903
Freshfields Bruckhaus Deringer 2 3 16.1 2.4 13.7 7 1,598
Davis Polk & Wardwell 4 4 11.1 1.5 9.6 9 1,098
Greenberg Traurig LLP 1 5 6.8 - - - 677
De Brauw Blackstone Westbroek 1 6 6.2 - - - 612
Homburger AG 2 7 6.0 - - - 593
Clifford Chance LLP 3 8 5.1 23.4 (18.3) 2 504
Weil Gotshal & Manges LLP 1 9 2.2 - - - 214
Shearman & Sterling LLP 2 10 1.8 1.4 0.4 12 182
Skadden Arps Slate Meagher & Flom 2 11 0.7 1.6 (0.9) 8 73
Reed Smith LLP 1 12 0.6 - - - 56
Eversheds 1 13 0.5 - - - 48
Luthra & Luthra Law Offices 1 14 0.5 - - - 45
Hogan Lovells 1 15 0.4 - - - 38
Eitan Mehulal Pappo Kugler 1 16 0.3 - - - 28
Fischer Behar Chen Well Orion & Co 1 16 0.3 - - - 28
Baker & McKenzie 1 18 0.0 0.3 (0.3) 22 4
Dr K Chrysostomides & Co LLC 1 18 0.0 - - - 4
Dewey & LeBoeuf LLP 1 20 0.0 0.5 (0.5) 19 3
TOTAL 100% 100% 26 9,899 32,492
Includes all eligible equity initial public offerings from European, Middle Eastern and African issuers. Volume in USD
millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Davis Polk & Wardwell 4 4 11.1
Latham & Watkins LLP 3 1 22.1
Clifford Chance LLP 3 8 5.1
Linklaters LLP 2 2 19.2
Freshfields Bruckhaus Deringer 2 3 16.1
Homburger AG 2 7 6.0
Shearman & Sterling LLP 2 10 1.8
Skadden Arps Slate Meagher & Flom 2 11 0.7
Greenberg Traurig LLP 1 5 6.8
De Brauw Blackstone Westbroek 1 6 6.2
Weil Gotshal & Manges LLP 1 9 2.2
Reed Smith LLP 1 12 0.6
Eversheds 1 13 0.5
Luthra & Luthra Law Offices 1 14 0.5
Hogan Lovells 1 15 0.4
Eitan Mehulal Pappo Kugler 1 16 0.3
Fischer Behar Chen Well Orion & Co 1 16 0.3
Baker & McKenzie 1 18 0.0
Dr K Chrysostomides & Co LLC 1 18 0.0
Dewey & LeBoeuf LLP 1 20 0.0
TOTAL 100% 26
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
38©2013Bloomberg Finance L.P. All rights reserved.
AIM Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Addleshaw Goddard 1 1 35.7 1.1 34.6 12 89
DLA Piper LLP 1 2 22.8 - - - 57
K&L Gates LLP 2 3 10.9 - - - 27
Pinsent Masons 1 4 9.7 - - - 24
Slaughter and May 1 5 6.4 - - - 16
Fasken Martineau DuMoulin LLP 2 6 6.4 - - - 16
Harbottle & Lewis LLP 1 7 4.0 - - - 10
Mayer Brown LLP 1 7 4.0 1.0 3.0 14 10
TOTAL 100% 100% 9 249 879
Includes all eligible equity initial public offerings listed on the AIM London Stock Exchange. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
K&L Gates LLP 2 3 10.9
Fasken Martineau DuMoulin LLP 2 6 6.4
Addleshaw Goddard 1 1 35.7
DLA Piper LLP 1 2 22.8
Pinsent Masons 1 4 9.7
Slaughter and May 1 5 6.4
Harbottle & Lewis LLP 1 7 4.0
Mayer Brown LLP 1 7 4.0
TOTAL 100% 9
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
39©2013Bloomberg Finance L.P. All rights reserved.
AIM Equity IPO Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Mayer Brown LLP 2 1 66.0 - - - 212
Hogan Lovells 1 2 27.8 - - - 89
Dorsey & Whitney 1 3 6.3 5.9 0.4 6 20
TOTAL 100% 100% 4 321 525
Includes all eligible equity initial public offerings listed on the AIM London Stock Exchange. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Mayer Brown LLP 2 1 66.0
Hogan Lovells 1 2 27.8
Dorsey & Whitney 1 3 6.3
TOTAL 100% 4
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
40©2013Bloomberg Finance L.P. All rights reserved.
EMEA Equity & Equity Linked Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Cleary Gottlieb Steen & Hamilton 5 1 25.0 8.3 16.7 5 6,237
Freshfields Bruckhaus Deringer 5 2 13.6 9.9 3.7 3 3,385
Slaughter and May 4 3 8.0 1.7 6.3 12 2,000
Latham & Watkins LLP 3 4 7.7 1.4 6.3 13 1,913
Skadden Arps Slate Meagher & Flom 4 5 6.5 1.0 5.5 17 1,613
Linklaters LLP 4 6 5.4 13.8 (8.4) 1 1,350
Hengeler Mueller 1 7 5.3 - - - 1,310
White & Case LLP 3 8 4.3 4.4 (0.1) 8 1,071
Shearman & Sterling LLP 1 9 3.9 0.3 3.6 35 974
Clifford Chance LLP 2 10 2.7 3.1 (0.4) 9 680
Paul Weiss Rifkind Wharton & Garrison 1 11 1.2 - - - 305
Dechert 1 12 1.2 - - - 300
Cassels Brock & Blackwell LLP 1 13 1.1 - - - 282
De Brauw Blackstone Westbroek 1 14 1.0 0.7 0.3 24 244
Herbert Smith/Gleiss Lutz/Stibbe 1 15 0.9 - - - 234
Greenberg Traurig LLP 1 16 0.9 1.4 (0.5) 14 214
Uria Menendez Law Firm 1 17 0.9 9.2 (8.3) 4 213
Baker & McKenzie 2 18 0.8 0.4 0.4 31 211
Allen & Overy LLP 1 19 0.8 6.2 (5.4) 7 207
Trowers & Hamlins 1 20 0.6 - - - 159
TOTAL 100% 100% 65 24,929 51,834
Includes all eligible equity & equity-linked offerings from European, Middle Eastern and African issuers. Excluding rights
issues. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Cleary Gottlieb Steen & Hamilton 5 1 25.0
Freshfields Bruckhaus Deringer 5 2 13.6
Slaughter and May 4 3 8.0
Skadden Arps Slate Meagher & Flom 4 5 6.5
Linklaters LLP 4 6 5.4
Latham & Watkins LLP 3 4 7.7
White & Case LLP 3 8 4.3
Cozen O'Connor 3 25 0.5
Clifford Chance LLP 2 10 2.7
Baker & McKenzie 2 18 0.8
Walkers 2 22 0.6
Maples & Calder 2 24 0.5
Cravath Swaine & Moore 2 28 0.4
Loeb & Loeb LLP 2 35 0.2
Hengeler Mueller 1 7 5.3
Shearman & Sterling LLP 1 9 3.9
Paul Weiss Rifkind Wharton & Garrison 1 11 1.2
Dechert 1 12 1.2
Cassels Brock & Blackwell LLP 1 13 1.1
De Brauw Blackstone Westbroek 1 14 1.0
TOTAL 100% 65
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
41©2013Bloomberg Finance L.P. All rights reserved.
EMEA Equity & Equity Linked Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Linklaters LLP 9 1 18.2 37.3 (19.1) 1 4,089
Davis Polk & Wardwell 6 2 10.6 4.1 6.5 6 2,395
Clifford Chance LLP 7 3 10.3 16.6 (6.3) 2 2,317
Freshfields Bruckhaus Deringer 4 4 10.1 2.2 7.9 8 2,268
Latham & Watkins LLP 3 5 9.7 1.2 8.5 14 2,191
Sullivan & Cromwell 1 6 9.6 - - - 2,158
Cleary Gottlieb Steen & Hamilton 3 7 8.5 1.3 7.2 13 1,914
Allen & Overy LLP 4 8 6.1 4.4 1.7 5 1,371
Greenberg Traurig LLP 1 9 3.0 - - - 677
De Brauw Blackstone Westbroek 1 10 2.7 - - - 612
Homburger AG 2 11 2.6 - - - 593
Hogan Lovells 3 12 1.3 - - - 297
Norton Rose LLP 2 13 1.3 0.1 1.2 38 282
Skadden Arps Slate Meagher & Flom 3 14 1.2 1.9 (0.7) 9 279
Morgan Lewis & Bockius 3 15 1.1 0.1 1.0 36 241
Weil Gotshal & Manges LLP 1 16 1.0 - - - 214
Shearman & Sterling LLP 2 17 0.8 1.5 (0.7) 12 182
Simpson Thacher & Bartlett 1 18 0.3 0.2 0.1 28 57
Reed Smith LLP 1 19 0.2 - - - 56
Eversheds 1 20 0.2 - - - 48
TOTAL 100% 100% 61 22,494 54,610
Includes all eligible equity & equity-linked offerings from European, Middle Eastern and African issuers. Excluding rights
issues. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Linklaters LLP 9 1 18.2
Clifford Chance LLP 7 3 10.3
Davis Polk & Wardwell 6 2 10.6
Freshfields Bruckhaus Deringer 4 4 10.1
Allen & Overy LLP 4 8 6.1
Latham & Watkins LLP 3 5 9.7
Cleary Gottlieb Steen & Hamilton 3 7 8.5
Hogan Lovells 3 12 1.3
Skadden Arps Slate Meagher & Flom 3 14 1.2
Morgan Lewis & Bockius 3 15 1.1
Homburger AG 2 11 2.6
Norton Rose LLP 2 13 1.3
Shearman & Sterling LLP 2 17 0.8
Sullivan & Cromwell 1 6 9.6
Greenberg Traurig LLP 1 9 3.0
De Brauw Blackstone Westbroek 1 10 2.7
Weil Gotshal & Manges LLP 1 16 1.0
Simpson Thacher & Bartlett 1 18 0.3
Reed Smith LLP 1 19 0.2
Eversheds 1 20 0.2
TOTAL 100% 61
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
42©2013Bloomberg Finance L.P. All rights reserved.
EMEA Equity Linked Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Cleary Gottlieb Steen & Hamilton 3 1 15.6 - - - 992
Shearman & Sterling LLP 1 2 15.3 2.1 13.2 6 974
Freshfields Bruckhaus Deringer 3 3 13.9 1.1 12.8 10 881
White & Case LLP 1 4 12.5 - - - 793
Linklaters LLP 3 5 12.4 11.2 1.2 3 785
Clifford Chance LLP 1 6 5.1 - - - 325
Skadden Arps Slate Meagher & Flom 1 7 5.0 - - - 315
Dechert 1 8 4.7 - - - 300
Slaughter and May 1 9 3.9 1.9 2.0 7 245
Herbert Smith/Gleiss Lutz/Stibbe 1 10 3.7 - - - 234
Uria Menendez Law Firm 1 11 3.3 33.9 (30.6) 2 213
Camilleri Preziosi 1 12 2.5 - - - 156
Homburger AG 1 13 2.1 - - - 137
TOTAL 100% 100% 17 6,350 7,592
Includes all eligible equity-linked offerings from European, Middle Eastern and African issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Cleary Gottlieb Steen & Hamilton 3 1 15.6
Freshfields Bruckhaus Deringer 3 3 13.9
Linklaters LLP 3 5 12.4
Shearman & Sterling LLP 1 2 15.3
White & Case LLP 1 4 12.5
Clifford Chance LLP 1 6 5.1
Skadden Arps Slate Meagher & Flom 1 7 5.0
Dechert 1 8 4.7
Slaughter and May 1 9 3.9
Herbert Smith/Gleiss Lutz/Stibbe 1 10 3.7
Uria Menendez Law Firm 1 11 3.3
Camilleri Preziosi 1 12 2.5
Homburger AG 1 13 2.1
TOTAL 100% 17
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
43©2013Bloomberg Finance L.P. All rights reserved.
EMEA Equity Linked Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Linklaters LLP 6 1 35.0 85.9 (50.9) 1 2,149
Clifford Chance LLP 3 2 28.9 4.1 24.8 3 1,777
Allen & Overy LLP 3 3 17.0 - - - 1,043
Cleary Gottlieb Steen & Hamilton 2 4 12.5 - - - 769
Hogan Lovells 1 5 3.8 - - - 234
Freshfields Bruckhaus Deringer 1 6 2.7 - - - 166
TOTAL 100% 100% 16 6,138 6,143
Includes all eligible equity-linked offerings from European, Middle Eastern and African issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Linklaters LLP 6 1 35.0
Clifford Chance LLP 3 2 28.9
Allen & Overy LLP 3 3 17.0
Cleary Gottlieb Steen & Hamilton 2 4 12.5
Hogan Lovells 1 5 3.8
Freshfields Bruckhaus Deringer 1 6 2.7
TOTAL 100% 16
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
44©2013Bloomberg Finance L.P. All rights reserved.
Euromarket Bonds Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Clifford Chance LLP 351 1 23.7 17.2 6.5 2 192,302
Allen & Overy LLP 166 2 16.5 19.3 (2.8) 1 134,446
Linklaters LLP 300 3 14.3 12.3 2.0 3 116,418
Sullivan & Cromwell 175 4 5.4 5.0 0.4 4 43,818
Hogan Lovells 32 5 5.2 4.8 0.4 5 42,103
Freshfields Bruckhaus Deringer 103 6 5.1 2.9 2.2 8 41,765
Slaughter and May 38 7 2.3 3.1 (0.8) 7 18,547
Cleary Gottlieb Steen & Hamilton 37 8 1.6 4.4 (2.8) 6 12,951
Latham & Watkins LLP 19 9 1.4 1.7 (0.3) 11 10,987
Davis Polk & Wardwell 155 10 1.3 2.2 (0.9) 9 10,591
White & Case LLP 21 11 1.1 0.9 0.2 14 9,012
Nagashima Ohno & Tsunematsu 11 12 0.7 0.1 0.6 108 6,014
Anderson Mori & Tomotsune 18 13 0.7 0.7 - 16 5,934
Ropes & Gray 18 14 0.7 0.5 0.2 27 5,623
Sidley Austin LLP 12 15 0.6 0.4 0.2 30 5,245
NautaDutilh 59 16 0.6 0.9 (0.3) 13 5,164
Maples & Calder 37 17 0.6 2.2 (1.6) 10 4,989
Simpson Thacher & Bartlett 12 18 0.6 0.3 0.3 35 4,689
Weil Gotshal & Manges LLP 9 19 0.6 0.2 0.4 48 4,563
Dundas & Wilson 23 20 0.5 - 0.5 113 4,270
TOTAL 100% 100% 1,487 812,391 526,854
Includes all eligible Euromarket bonds. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Clifford Chance LLP 351 1 23.7
Linklaters LLP 300 3 14.3
Sullivan & Cromwell 175 4 5.4
Allen & Overy LLP 166 2 16.5
Davis Polk & Wardwell 155 10 1.3
Freshfields Bruckhaus Deringer 103 6 5.1
NautaDutilh 59 16 0.6
Slaughter and May 38 7 2.3
Cleary Gottlieb Steen & Hamilton 37 8 1.6
Maples & Calder 37 17 0.6
Mannheimer Swartling 36 24 0.5
Hogan Lovells 32 5 5.2
Bugge Arentz-Hansen & Rasmussen 26 26 0.4
Dundas & Wilson 23 20 0.5
Conyers Dill & Pearman 23 27 0.4
White & Case LLP 21 11 1.1
Mayer Brown LLP 21 31 0.4
King & Wood Mallesons 20 25 0.5
Latham & Watkins LLP 19 9 1.4
Anderson Mori & Tomotsune 18 13 0.7
TOTAL 100% 1,487
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
45©2013Bloomberg Finance L.P. All rights reserved.
Euromarket Bonds Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 577 1 31.2 31.1 0.1 1 335,657
Linklaters LLP 461 2 25.1 23.3 1.8 2 270,057
Clifford Chance LLP 511 3 18.3 19.0 (0.7) 3 196,399
Hengeler Mueller 39 4 3.5 3.5 - 4 37,474
Davis Polk & Wardwell 58 5 3.3 3.1 0.2 5 35,042
Simpson Thacher & Bartlett 22 6 2.6 1.3 1.3 10 28,455
Latham & Watkins LLP 62 7 2.3 1.1 1.2 11 24,699
Shearman & Sterling LLP 27 8 1.3 2.4 (1.1) 6 13,501
Cleary Gottlieb Steen & Hamilton 33 9 1.1 1.8 (0.7) 7 12,026
Sidley Austin LLP 18 10 1.0 1.5 (0.5) 8 10,375
Sullivan & Cromwell 11 11 0.9 0.4 0.5 21 9,789
Freshfields Bruckhaus Deringer 31 12 0.9 0.3 0.6 23 9,457
Hogan Lovells 25 13 0.8 0.4 0.4 19 8,598
White & Case LLP 41 14 0.8 0.4 0.4 20 8,315
Cahill Gordon & Reindel 17 15 0.6 0.8 (0.2) 14 6,180
Poch Krassnigg Rechtsanwalte GmbH 3 16 0.5 0.7 (0.2) 15 5,484
King & Wood Mallesons 24 17 0.4 0.1 0.3 39 4,389
Gide Loyrette Nouel 8 18 0.3 1.1 (0.8) 12 3,193
Cravath Swaine & Moore 25 19 0.3 0.8 (0.5) 13 3,152
Simmons & Simmons 8 20 0.2 0.1 0.1 50 2,339
TOTAL 100% 100% 1,981 1,074,860 816,182
Includes all eligible Euromarket bonds. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allen & Overy LLP 577 1 31.2
Clifford Chance LLP 511 3 18.3
Linklaters LLP 461 2 25.1
Latham & Watkins LLP 62 7 2.3
Davis Polk & Wardwell 58 5 3.3
White & Case LLP 41 14 0.8
Hengeler Mueller 39 4 3.5
Cleary Gottlieb Steen & Hamilton 33 9 1.1
Freshfields Bruckhaus Deringer 31 12 0.9
Shearman & Sterling LLP 27 8 1.3
Hogan Lovells 25 13 0.8
Cravath Swaine & Moore 25 19 0.3
King & Wood Mallesons 24 17 0.4
Simpson Thacher & Bartlett 22 6 2.6
Sidley Austin LLP 18 10 1.0
Cahill Gordon & Reindel 17 15 0.6
Ashurst LLP 13 99 0.0
Sullivan & Cromwell 11 11 0.9
Stikeman Elliott 9 28 0.1
Gide Loyrette Nouel 8 18 0.3
TOTAL 100% 1,981
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
46©2013Bloomberg Finance L.P. All rights reserved.
Euromarket High Yield inc-EM Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 19 1 8.9 9.1 (0.2) 2 6,816
Freshfields Bruckhaus Deringer 18 2 8.8 2.2 6.6 15 6,740
Ropes & Gray 19 3 7.8 3.6 4.2 9 5,972
Simpson Thacher & Bartlett 12 4 5.5 1.6 3.9 18 4,193
Clifford Chance LLP 18 5 5.4 3.2 2.2 10 4,162
Linklaters LLP 10 6 4.8 11.2 (6.4) 1 3,699
Kirkland & Ellis 15 7 4.2 0.8 3.4 28 3,217
Cravath Swaine & Moore 8 8 3.6 2.0 1.6 17 2,742
Paul Weiss Rifkind Wharton & Garrison 3 9 2.6 0.8 1.8 29 1,973
Slaughter and May 7 10 2.4 - - - 1,834
Skadden Arps Slate Meagher & Flom 5 11 2.2 0.1 2.1 65 1,687
Milbank Tweed Hadley & McCloy LLP 4 12 2.0 3.9 (1.9) 7 1,569
Sidley Austin LLP 7 13 1.9 2.0 (0.1) 16 1,455
Latham & Watkins LLP 7 14 1.9 6.3 (4.4) 5 1,453
Shearman & Sterling LLP 8 15 1.9 6.5 (4.6) 4 1,431
Cleary Gottlieb Steen & Hamilton 6 16 1.7 3.1 (1.4) 11 1,302
Advokatfirman Vinge KB 7 17 1.6 - - - 1,242
Davis Polk & Wardwell 5 18 1.6 0.4 1.2 40 1,233
Dewey & LeBoeuf LLP 4 19 1.6 - - - 1,202
William Fry 8 20 1.4 0.2 1.2 48 1,089
TOTAL 100% 100% 173 76,738 68,628
Includes all eligible high yield (rated lower than Baa3 by Moody's or lower than BBB- by S&P) Euromarket bonds including
high yield issues from emerging market countries. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allen & Overy LLP 19 1 8.9
Ropes & Gray 19 3 7.8
Freshfields Bruckhaus Deringer 18 2 8.8
Clifford Chance LLP 18 5 5.4
Kirkland & Ellis 15 7 4.2
Simpson Thacher & Bartlett 12 4 5.5
Linklaters LLP 10 6 4.8
Cravath Swaine & Moore 8 8 3.6
Shearman & Sterling LLP 8 15 1.9
William Fry 8 20 1.4
Slaughter and May 7 10 2.4
Sidley Austin LLP 7 13 1.9
Latham & Watkins LLP 7 14 1.9
Advokatfirman Vinge KB 7 17 1.6
Loyens & Loeff 7 23 1.2
Cleary Gottlieb Steen & Hamilton 6 16 1.7
Skadden Arps Slate Meagher & Flom 5 11 2.2
Davis Polk & Wardwell 5 18 1.6
White & Case LLP 5 24 1.0
Maples & Calder 5 25 1.0
TOTAL 100% 173
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
47©2013Bloomberg Finance L.P. All rights reserved.
Euromarket High Yield inc-EM Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Latham & Watkins LLP 59 1 24.7 11.5 13.2 4 20,564
Allen & Overy LLP 25 2 14.0 15.4 (1.4) 2 11,659
Shearman & Sterling LLP 15 3 9.1 5.9 3.2 5 7,591
Cahill Gordon & Reindel 17 4 7.4 17.7 (10.3) 1 6,180
Linklaters LLP 20 5 7.1 12.5 (5.4) 3 5,925
Davis Polk & Wardwell 14 6 4.7 4.2 0.5 7 3,938
Clifford Chance LLP 15 7 4.5 1.8 2.7 12 3,719
Cravath Swaine & Moore 19 8 3.8 5.5 (1.7) 6 3,162
Freshfields Bruckhaus Deringer 6 9 2.2 0.7 1.5 19 1,840
White & Case LLP 6 10 2.0 2.5 (0.5) 8 1,690
NautaDutilh 7 11 1.5 2.4 (0.9) 10 1,244
Simpson Thacher & Bartlett 2 12 1.4 0.8 0.6 17 1,145
McCann Fitzgerald 8 13 1.2 0.2 1.0 39 997
Appleby 5 14 1.2 1.4 (0.2) 14 963
Gleiss Lutz Hootz Hirsch Rechtsanwalte 3 15 1.1 0.1 1.0 41 911
Advokatfirman Cederquist KB 6 16 1.0 - - - 851
Sullivan & Cromwell 1 17 1.0 2.5 (1.5) 9 791
Commerce & Finance Law Offices 4 18 0.9 0.5 0.4 24 755
Niederer Kraft & Frey 5 19 0.9 - - - 734
Skadden Arps Slate Meagher & Flom 2 20 0.8 0.1 0.7 42 671
TOTAL 100% 100% 185 83,229 66,541
Includes all eligible high yield (rated lower than Baa3 by Moody's or lower than BBB- by S&P) Euromarket bonds including
high yield issues from emerging market countries. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Latham & Watkins LLP 59 1 24.7
Allen & Overy LLP 25 2 14.0
Linklaters LLP 20 5 7.1
Cravath Swaine & Moore 19 8 3.8
Cahill Gordon & Reindel 17 4 7.4
Shearman & Sterling LLP 15 3 9.1
Clifford Chance LLP 15 7 4.5
Davis Polk & Wardwell 14 6 4.7
McCann Fitzgerald 8 13 1.2
NautaDutilh 7 11 1.5
Freshfields Bruckhaus Deringer 6 9 2.2
White & Case LLP 6 10 2.0
Advokatfirman Cederquist KB 6 16 1.0
Appleby 5 14 1.2
Niederer Kraft & Frey 5 19 0.9
Commerce & Finance Law Offices 4 18 0.9
Pestalozzi Lachenal Patry 4 32 0.4
Gleiss Lutz Hootz Hirsch Rechtsanwalte 3 15 1.1
De Brauw Blackstone Westbroek 3 21 0.8
Hengeler Mueller 3 22 0.7
TOTAL 100% 185
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
48©2013Bloomberg Finance L.P. All rights reserved.
Euromarket High Yield ex-EM Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Freshfields Bruckhaus Deringer 18 1 10.6 2.6 8.0 13 6,740
Ropes & Gray 19 2 9.4 4.2 5.2 9 5,972
Allen & Overy LLP 17 3 9.1 8.0 1.1 3 5,816
Simpson Thacher & Bartlett 12 4 6.6 1.9 4.7 15 4,193
Kirkland & Ellis 15 5 5.0 0.6 4.4 31 3,217
Linklaters LLP 8 6 4.4 12.5 (8.1) 1 2,824
Paul Weiss Rifkind Wharton & Garrison 3 7 3.1 - - - 1,973
Clifford Chance LLP 10 8 3.0 2.0 1.0 14 1,936
Cravath Swaine & Moore 6 9 3.0 1.7 1.3 16 1,927
Slaughter and May 7 10 2.9 - - - 1,834
Skadden Arps Slate Meagher & Flom 5 11 2.6 - - - 1,687
Milbank Tweed Hadley & McCloy LLP 4 12 2.5 4.5 (2.0) 7 1,569
Latham & Watkins LLP 7 13 2.3 7.1 (4.8) 5 1,453
Shearman & Sterling LLP 8 14 2.2 7.2 (5.0) 4 1,431
Cleary Gottlieb Steen & Hamilton 5 15 2.0 3.6 (1.6) 10 1,270
Davis Polk & Wardwell 4 16 1.8 0.1 1.7 57 1,133
William Fry 8 17 1.7 0.3 1.4 40 1,089
Debevoise & Plimpton LLP 3 18 1.5 1.2 0.3 21 977
Loyens & Loeff 7 19 1.4 1.7 (0.3) 17 894
White & Case LLP 5 20 1.2 0.2 1.0 46 790
TOTAL 100% 100% 139 63,869 59,203
Includes all eligible high yield (rated lower than Baa3 by Moody's or lower than BBB- by S&P) Euromarket bonds excluding
high yield issues from emerging market countries. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Ropes & Gray 19 2 9.4
Freshfields Bruckhaus Deringer 18 1 10.6
Allen & Overy LLP 17 3 9.1
Kirkland & Ellis 15 5 5.0
Simpson Thacher & Bartlett 12 4 6.6
Clifford Chance LLP 10 8 3.0
Linklaters LLP 8 6 4.4
Shearman & Sterling LLP 8 14 2.2
William Fry 8 17 1.7
Slaughter and May 7 10 2.9
Latham & Watkins LLP 7 13 2.3
Loyens & Loeff 7 19 1.4
Cravath Swaine & Moore 6 9 3.0
Skadden Arps Slate Meagher & Flom 5 11 2.6
Cleary Gottlieb Steen & Hamilton 5 15 2.0
White & Case LLP 5 20 1.2
NautaDutilh 5 27 0.9
Milbank Tweed Hadley & McCloy LLP 4 12 2.5
Davis Polk & Wardwell 4 16 1.8
Maples & Calder 4 25 1.1
TOTAL 100% 139
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
49©2013Bloomberg Finance L.P. All rights reserved.
Euromarket High Yield ex-EM Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Latham & Watkins LLP 54 1 27.9 12.1 15.8 3 19,281
Allen & Overy LLP 22 2 15.6 16.6 (1.0) 2 10,759
Shearman & Sterling LLP 13 3 10.6 6.2 4.4 5 7,362
Cahill Gordon & Reindel 17 4 8.9 20.2 (11.3) 1 6,180
Cravath Swaine & Moore 19 5 4.6 5.8 (1.2) 6 3,162
Clifford Chance LLP 13 6 4.4 2.1 2.3 11 3,069
Linklaters LLP 9 7 3.4 11.7 (8.3) 4 2,333
Freshfields Bruckhaus Deringer 6 8 2.7 0.8 1.9 17 1,840
Davis Polk & Wardwell 5 9 2.0 2.7 (0.7) 9 1,349
NautaDutilh 7 10 1.8 2.7 (0.9) 8 1,244
White & Case LLP 4 11 1.7 1.6 0.1 12 1,159
Simpson Thacher & Bartlett 2 12 1.7 0.4 1.3 26 1,145
McCann Fitzgerald 8 13 1.4 0.2 1.2 31 997
Appleby 5 14 1.4 1.6 (0.2) 13 963
Gleiss Lutz Hootz Hirsch Rechtsanwalte 3 15 1.3 0.1 1.2 33 911
Sullivan & Cromwell 1 16 1.1 2.8 (1.7) 7 791
Niederer Kraft & Frey 5 17 1.1 - - - 734
De Brauw Blackstone Westbroek 3 18 0.9 0.1 0.8 32 624
Hengeler Mueller 3 19 0.8 1.1 (0.3) 16 571
Cleary Gottlieb Steen & Hamilton 1 20 0.7 1.2 (0.5) 15 500
TOTAL 100% 100% 147 69,185 58,382
Includes all eligible high yield (rated lower than Baa3 by Moody's or lower than BBB- by S&P) Euromarket bonds excluding
high yield issues from emerging market countries. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Latham & Watkins LLP 54 1 27.9
Allen & Overy LLP 22 2 15.6
Cravath Swaine & Moore 19 5 4.6
Cahill Gordon & Reindel 17 4 8.9
Shearman & Sterling LLP 13 3 10.6
Clifford Chance LLP 13 6 4.4
Linklaters LLP 9 7 3.4
McCann Fitzgerald 8 13 1.4
NautaDutilh 7 10 1.8
Freshfields Bruckhaus Deringer 6 8 2.7
Davis Polk & Wardwell 5 9 2.0
Appleby 5 14 1.4
Niederer Kraft & Frey 5 17 1.1
White & Case LLP 4 11 1.7
Pestalozzi Lachenal Patry 4 27 0.5
Gleiss Lutz Hootz Hirsch Rechtsanwalte 3 15 1.3
De Brauw Blackstone Westbroek 3 18 0.9
Hengeler Mueller 3 19 0.8
Arendt & Medernach 3 22 0.6
Advokatfirman Cederquist KB 3 24 0.6
TOTAL 100% 147
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
50©2013Bloomberg Finance L.P. All rights reserved.
Islamic Bonds Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Latham & Watkins LLP 3 1 19.1 - - - 4,500
Clifford Chance LLP 4 2 13.4 18.0 (4.6) 2 3,150
Zaid Ibrahim & Co 34 3 11.9 - - - 2,803
Al Jadaan 1 4 8.5 1.1 7.4 13 2,000
Adnan Sundra & Low 11 5 8.1 8.4 (0.3) 5 1,898
Arnold & Porter 1 6 6.4 - - - 1,500
Allen & Overy LLP 4 7 5.9 2.0 3.9 9 1,379
Shearn Delamore & Co 12 8 5.7 - - - 1,350
Norton Rose LLP 2 9 5.5 - - - 1,300
Hadiputranto Hadinoto & Partners 1 10 2.1 - - - 500
Maples & Calder 1 10 2.1 6.4 (4.3) 7 500
Turner & Roulstone 2 10 2.1 - - - 500
Kadir Andri Aidham & Partners 7 13 1.8 2.0 (0.2) 11 430
WongPartnership LLP 2 14 1.4 - - - 319
Zul Rafique & Partners 3 15 1.2 - - - 277
Denton Wilde Sapte 1 16 1.0 - - - 233
SNR & Co 1 16 1.0 - - - 233
Walkers 1 16 1.0 - - - 233
Linklaters LLP 1 19 0.5 10.6 (10.1) 3 107
Al Ruwayeh & Partners 2 20 0.4 2.2 (1.8) 8 103
TOTAL 100% 100% 90 23,529 11,806
Includes all eligible Islamic bonds (including convertibles). Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Zaid Ibrahim & Co 34 3 11.9
Shearn Delamore & Co 12 8 5.7
Adnan Sundra & Low 11 5 8.1
Kadir Andri Aidham & Partners 7 13 1.8
Clifford Chance LLP 4 2 13.4
Allen & Overy LLP 4 7 5.9
Latham & Watkins LLP 3 1 19.1
Zul Rafique & Partners 3 15 1.2
Norton Rose LLP 2 9 5.5
Turner & Roulstone 2 10 2.1
WongPartnership LLP 2 14 1.4
Al Ruwayeh & Partners 2 20 0.4
Hisham Sobri & Kadir 2 21 0.4
Al Jadaan 1 4 8.5
Arnold & Porter 1 6 6.4
Hadiputranto Hadinoto & Partners 1 10 2.1
Maples & Calder 1 10 2.1
Denton Wilde Sapte 1 16 1.0
SNR & Co 1 16 1.0
Walkers 1 16 1.0
TOTAL 100% 90
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
51©2013Bloomberg Finance L.P. All rights reserved.
Islamic Bonds Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 13 1 25.7 11.7 14.0 3 9,937
Adnan Sundra & Low 34 2 17.4 14.5 2.9 2 6,724
Latham & Watkins LLP 2 3 10.3 - - - 4,000
Albar & Partners 72 4 9.6 2.1 7.5 9 3,722
Zaid Ibrahim & Co 52 5 8.5 41.9 (33.4) 1 3,267
Mohamed Ridza & Co 8 6 4.8 - - - 1,865
Clifford Chance LLP 6 7 4.7 5.2 (0.5) 5 1,822
Kadir Andri Aidham & Partners 46 8 4.5 8.6 (4.1) 4 1,739
Linklaters LLP 2 9 4.3 0.1 4.2 16 1,650
Shook Lin & Bok 29 10 2.8 3.2 (0.4) 6 1,077
Christopher Lee & Co 24 11 2.1 - - - 819
Hisham Sobri & Kadir 9 12 1.5 0.8 0.7 15 590
Zul Rafique & Partners 19 13 1.3 1.0 0.3 14 501
Thamrin & Rachman 1 14 1.3 - - - 500
Azmi & Associates 2 15 0.4 1.4 (1.0) 11 164
Baker & McKenzie 1 16 0.2 1.1 (0.9) 13 76
Abdullah Chan 1 17 0.2 - - - 60
Jeff Leong Poon & Wong 3 18 0.1 - - - 49
Raja Eleena Siew Ang & Associates 4 19 0.1 0.1 - 17 35
Soo Thien Ming & Nashrah 4 20 0.1 0.1 - 18 26
TOTAL 100% 100% 338 38,650 30,646
Includes all eligible Islamic bonds (including convertibles). Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Albar & Partners 72 4 9.6
Zaid Ibrahim & Co 52 5 8.5
Kadir Andri Aidham & Partners 46 8 4.5
Adnan Sundra & Low 34 2 17.4
Shook Lin & Bok 29 10 2.8
Christopher Lee & Co 24 11 2.1
Zul Rafique & Partners 19 13 1.3
Allen & Overy LLP 13 1 25.7
Shearn Delamore & Co 10 21 0.1
Hisham Sobri & Kadir 9 12 1.5
Mohamed Ridza & Co 8 6 4.8
Clifford Chance LLP 6 7 4.7
Raja Eleena Siew Ang & Associates 4 19 0.1
Soo Thien Ming & Nashrah 4 20 0.1
Jeff Leong Poon & Wong 3 18 0.1
Latham & Watkins LLP 2 3 10.3
Linklaters LLP 2 9 4.3
Azmi & Associates 2 15 0.4
Thamrin & Rachman 1 14 1.3
Baker & McKenzie 1 16 0.2
TOTAL 100% 338
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
52©2013Bloomberg Finance L.P. All rights reserved.
GCC Islamic Bonds Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Latham & Watkins LLP 3 1 34.4 - - - 4,500
Clifford Chance LLP 4 2 24.1 53.3 (29.2) 1 3,150
Al Jadaan 1 3 15.3 3.3 12.0 7 2,000
Allen & Overy LLP 3 4 10.0 6.0 4.0 5 1,300
Maples & Calder 1 5 3.8 18.8 (15.0) 2 500
Turner & Roulstone 2 5 3.8 - - - 500
Denton Wilde Sapte 1 7 1.8 - - - 233
SNR & Co 1 7 1.8 - - - 233
Walkers 1 7 1.8 - - - 233
Linklaters LLP 1 10 0.8 6.3 (5.5) 4 107
Zaid Ibrahim & Co 1 10 0.8 - - - 107
Al Ruwayeh & Partners 2 12 0.8 6.4 (5.6) 3 103
Haya Rashed Al Khalifa Attorneys at Law 1 13 0.4 - - - 48
Zul Rafique & Partners 1 13 0.4 - - - 48
TOTAL 100% 100% 15 13,064 3,998
Includes all eligible Islamic bonds (including convertibles) with Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE
country of risk. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Clifford Chance LLP 4 2 24.1
Latham & Watkins LLP 3 1 34.4
Allen & Overy LLP 3 4 10.0
Turner & Roulstone 2 5 3.8
Al Ruwayeh & Partners 2 12 0.8
Al Jadaan 1 3 15.3
Maples & Calder 1 5 3.8
Denton Wilde Sapte 1 7 1.8
SNR & Co 1 7 1.8
Walkers 1 7 1.8
Linklaters LLP 1 10 0.8
Zaid Ibrahim & Co 1 10 0.8
Haya Rashed Al Khalifa Attorneys at Law 1 13 0.4
Zul Rafique & Partners 1 13 0.4
TOTAL 100% 15
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
53©2013Bloomberg Finance L.P. All rights reserved.
GCC Islamic Bonds Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 12 1 55.2 61.6 (6.4) 1 9,437
Latham & Watkins LLP 2 2 23.4 - - - 4,000
Clifford Chance LLP 5 3 10.0 7.3 2.7 4 1,717
Linklaters LLP 2 4 9.6 - - - 1,650
Zul Rafique & Partners 3 5 1.2 7.0 (5.8) 5 211
Adnan Sundra & Low 1 6 0.6 - - - 96
TOTAL 100% 100% 23 17,111 3,651
Includes all eligible Islamic bonds (including convertibles) with Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE
country of risk. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allen & Overy LLP 12 1 55.2
Clifford Chance LLP 5 3 10.0
Zul Rafique & Partners 3 5 1.2
Latham & Watkins LLP 2 2 23.4
Linklaters LLP 2 4 9.6
Adnan Sundra & Low 1 6 0.6
TOTAL 100% 23
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
54©2013Bloomberg Finance L.P. All rights reserved.
Asia ex-Japan Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
King & Wood Mallesons 24 1 11.9 6.2 5.7 2 4,103
Davis Polk & Wardwell 3 2 5.6 0.6 5.0 40 1,937
Grandall Legal Group 16 3 4.1 6.7 (2.6) 1 1,400
Jia Yuan Law Firm 8 4 3.7 3.0 0.7 8 1,265
Clifford Chance LLP 4 5 3.4 0.7 2.7 35 1,153
Albar & Partners 1 6 3.2 0.2 3.0 89 1,098
Azmi & Associates 1 6 3.2 - - - 1,098
Cleary Gottlieb Steen & Hamilton 1 6 3.2 0.4 2.8 64 1,098
Beijing Zhonglun Law Firm 12 9 3.2 2.3 0.9 12 1,097
Kadir Andri Aidham & Partners 3 10 3.2 0.6 2.6 45 1,096
Jingtian Gongcheng Law Firm 15 11 2.9 3.9 (1.0) 4 989
Grandfield Law Offices 8 12 2.7 2.1 0.6 13 913
Beijing Grandway Law Offices 7 13 2.2 - - - 759
Beijing Deheng Law 9 14 2.2 0.9 1.3 25 747
Linklaters LLP 3 15 2.1 - 2.1 138 724
Beijing JunZeJun Law Offices 6 16 2.1 0.7 1.4 29 706
Allen & Gledhill 4 17 2.0 3.0 (1.0) 7 691
Amarchand Mangaldas & Suresh A Shroff 6 18 2.0 0.3 1.7 73 672
Dacheng Law Office 9 19 1.7 0.6 1.1 43 578
Commerce & Finance Law Offices 11 20 1.6 3.3 (1.7) 6 545
TOTAL 100% 100% 284 34,355 75,043
Includes all eligible initial public offerings from Asia Pacific issuers excluding Japan, Australia, and New Zealand. Volume in
USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Conyers Dill & Pearman 25 36 0.6
King & Wood Mallesons 24 1 11.9
Grandall Legal Group 16 3 4.1
Jingtian Gongcheng Law Firm 15 11 2.9
Beijing Zhonglun Law Firm 12 9 3.2
Appleby 12 39 0.6
Commerce & Finance Law Offices 11 20 1.6
Beijing Deheng Law 9 14 2.2
Dacheng Law Office 9 19 1.7
Jia Yuan Law Firm 8 4 3.7
Grandfield Law Offices 8 12 2.7
Beijing Grandway Law Offices 7 13 2.2
Beijing JunZeJun Law Offices 6 16 2.1
Amarchand Mangaldas & Suresh A Shroff 6 18 2.0
Allbright Law Office 6 25 1.1
Maples & Calder 6 42 0.5
Li & Partners 6 94 0.1
Loong & Yeung 6 102 0.1
Beijing Kang Da Law Firm 5 23 1.2
Clifford Chance LLP 4 5 3.4
TOTAL 100% 284
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
55©2013Bloomberg Finance L.P. All rights reserved.
Asia ex-Japan Equity IPO Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Linklaters LLP 5 1 14.4 5.9 8.5 6 2,672
Adnan Sundra & Low 1 2 8.9 - - - 1,647
Allen & Overy LLP 7 3 8.3 11.1 (2.8) 1 1,542
Jun He Law Offices 3 4 6.9 9.8 (2.9) 2 1,269
Slaughter and May 1 5 6.4 1.4 5.0 20 1,187
Sullivan & Cromwell 1 5 6.4 1.5 4.9 16 1,187
WongPartnership LLP 4 7 4.8 0.2 4.6 44 887
Zul Rafique & Partners 1 8 4.0 1.4 2.6 19 744
Jingtian Gongcheng Law Firm 7 9 4.0 5.2 (1.2) 8 734
Albar & Partners 3 10 3.2 - - - 595
Paul Hastings LLP 6 11 3.1 0.9 2.2 29 566
Luthra & Luthra Law Offices 3 12 2.8 0.4 2.4 37 527
Commerce & Finance Law Offices 4 13 2.4 5.9 (3.5) 5 441
Milbank Tweed Hadley & McCloy LLP 1 14 2.0 - - - 373
Grandall Legal Group 2 15 1.5 - - - 280
Picazo Buyco Tan Fider & Santos 2 16 1.5 - - - 276
Norton Rose LLP 2 17 1.1 0.1 1.0 48 201
Latham & Watkins LLP 2 18 1.1 1.0 0.1 27 199
Cleary Gottlieb Steen & Hamilton 1 19 1.0 - - - 192
Shearman & Sterling LLP 1 19 1.0 1.6 (0.6) 15 192
TOTAL 100% 100% 90 18,508 32,515
Includes all eligible initial public offerings from Asia Pacific issuers excluding Japan, Australia, and New Zealand. Volume in
USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allen & Overy LLP 7 3 8.3
Jingtian Gongcheng Law Firm 7 9 4.0
Shin & Kim 7 24 0.7
Paul Hastings LLP 6 11 3.1
King & Wood Mallesons 6 31 0.6
Linklaters LLP 5 1 14.4
WongPartnership LLP 4 7 4.8
Commerce & Finance Law Offices 4 13 2.4
Chiu & Partners 4 41 0.2
Salans 4 43 0.2
Jun He Law Offices 3 4 6.9
Albar & Partners 3 10 3.2
Luthra & Luthra Law Offices 3 12 2.8
Jones Day 3 23 0.8
Fangda Partners 3 27 0.6
Simpson Thacher & Bartlett 3 30 0.6
Grandall Legal Group 2 15 1.5
Picazo Buyco Tan Fider & Santos 2 16 1.5
Norton Rose LLP 2 17 1.1
Latham & Watkins LLP 2 18 1.1
TOTAL 100% 90
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
56©2013Bloomberg Finance L.P. All rights reserved.
Asia-Pacific ex-Japan G3 Bonds Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 23 1 11.7 12.7 (1.0) 1 16,926
Linklaters LLP 38 2 10.6 3.3 7.3 8 15,398
Sullivan & Cromwell 16 3 9.2 10.7 (1.5) 2 13,350
Cleary Gottlieb Steen & Hamilton 14 4 3.9 3.5 0.4 7 5,650
Clifford Chance LLP 14 5 3.7 3.1 0.6 9 5,383
Debevoise & Plimpton LLP 6 6 3.7 0.4 3.3 44 5,375
Sidley Austin LLP 14 7 3.5 4.3 (0.8) 5 5,077
Allen & Gledhill 14 8 3.2 2.3 0.9 11 4,683
King & Wood Mallesons 12 9 3.1 0.3 2.8 54 4,499
Yulchon 10 10 2.9 1.7 1.2 13 4,240
Conyers Dill & Pearman 20 11 2.8 1.3 1.5 21 4,093
Latham & Watkins LLP 9 12 2.8 2.8 - 10 4,075
Skadden Arps Slate Meagher & Flom 11 13 2.5 3.5 (1.0) 6 3,642
Baker & McKenzie 12 14 2.2 1.4 0.8 20 3,210
Maples & Calder 15 15 2.0 1.7 0.3 14 2,959
Slaughter and May 4 16 1.9 1.6 0.3 15 2,730
Shin & Kim 6 17 1.9 0.4 1.5 39 2,692
White & Case LLP 4 18 1.8 0.1 1.7 75 2,625
Mayer Brown LLP 8 19 1.6 0.4 1.2 39 2,360
Thamrin & Rachman 3 20 1.5 - - - 2,125
TOTAL 100% 100% 226 144,776 80,371
Includes all eligible bonds from Asia Pacific issuers in JPY, EUR and USD excluding Japan. Minimum issue size is USD 100
million. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Linklaters LLP 38 2 10.6
Allen & Overy LLP 23 1 11.7
Conyers Dill & Pearman 20 11 2.8
Sullivan & Cromwell 16 3 9.2
Maples & Calder 15 15 2.0
Cleary Gottlieb Steen & Hamilton 14 4 3.9
Clifford Chance LLP 14 5 3.7
Sidley Austin LLP 14 7 3.5
Allen & Gledhill 14 8 3.2
King & Wood Mallesons 12 9 3.1
Baker & McKenzie 12 14 2.2
Skadden Arps Slate Meagher & Flom 11 13 2.5
Yulchon 10 10 2.9
Latham & Watkins LLP 9 12 2.8
Shearman & Sterling LLP 9 22 1.4
Shimazaki International 9 33 0.8
Mayer Brown LLP 8 19 1.6
Woo Kwan Lee & Lo 8 25 1.0
Debevoise & Plimpton LLP 6 6 3.7
Shin & Kim 6 17 1.9
TOTAL 100% 226
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
57©2013Bloomberg Finance L.P. All rights reserved.
Asia-Pacific ex-Japan G3 Bonds Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 45 1 19.9 9.8 10.1 3 29,950
Linklaters LLP 54 2 16.1 9.1 7.0 4 24,354
Davis Polk & Wardwell 43 3 15.2 11.2 4.0 2 22,925
Sidley Austin LLP 26 4 13.9 24.5 (10.6) 1 20,913
Clifford Chance LLP 20 5 6.8 4.8 2.0 5 10,228
Simpson Thacher & Bartlett 11 6 3.9 2.7 1.2 10 5,950
Sullivan & Cromwell 6 7 2.3 2.2 0.1 12 3,475
Baker & McKenzie 4 8 1.7 3.7 (2.0) 6 2,639
Cleary Gottlieb Steen & Hamilton 4 9 1.6 3.6 (2.0) 8 2,400
Commerce & Finance Law Offices 7 10 1.6 2.7 (1.1) 9 2,350
Assegaf Hamzah & Partners 3 11 1.4 1.6 (0.2) 16 2,125
Latham & Watkins LLP 4 12 1.4 1.7 (0.3) 14 2,113
Anderson Mori & Tomotsune 7 13 1.2 3.7 (2.5) 7 1,830
Hiswara Bunjamin & Tandjung 3 14 1.0 0.1 0.9 45 1,500
Shearman & Sterling LLP 7 15 1.0 2.3 (1.3) 11 1,450
J Sagar Associates 3 16 0.9 - - - 1,375
King & Wood Mallesons 6 17 0.9 1.1 (0.2) 19 1,325
Jingtian Gongcheng Law Firm 5 18 0.8 1.3 (0.5) 17 1,275
Nagashima Ohno & Tsunematsu 3 19 0.8 1.1 (0.3) 18 1,261
Shimazaki International 2 20 0.8 1.6 (0.8) 15 1,168
TOTAL 100% 100% 241 150,822 87,917
Includes all eligible bonds from Asia Pacific issuers in JPY, EUR and USD excluding Japan. Minimum issue size is USD 100
million. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Linklaters LLP 54 2 16.1
Allen & Overy LLP 45 1 19.9
Davis Polk & Wardwell 43 3 15.2
Sidley Austin LLP 26 4 13.9
Clifford Chance LLP 20 5 6.8
Simpson Thacher & Bartlett 11 6 3.9
Commerce & Finance Law Offices 7 10 1.6
Anderson Mori & Tomotsune 7 13 1.2
Shearman & Sterling LLP 7 15 1.0
Sullivan & Cromwell 6 7 2.3
King & Wood Mallesons 6 17 0.9
Jingtian Gongcheng Law Firm 5 18 0.8
Baker & McKenzie 4 8 1.7
Cleary Gottlieb Steen & Hamilton 4 9 1.6
Latham & Watkins LLP 4 12 1.4
Jun He Law Offices 4 23 0.7
Assegaf Hamzah & Partners 3 11 1.4
Hiswara Bunjamin & Tandjung 3 14 1.0
J Sagar Associates 3 16 0.9
Nagashima Ohno & Tsunematsu 3 19 0.8
TOTAL 100% 241
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
58©2013Bloomberg Finance L.P. All rights reserved.
Asia ex-Japan Equity Linked Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Jurisino Law Group 2 1 20.6 - - - 1,335
Milestone Law Office 1 2 14.8 - - - 958
Clifford Chance LLP 4 3 14.0 1.7 12.3 17 908
Baker & McKenzie 5 4 8.8 1.4 7.4 18 573
Mayer Brown LLP 1 5 4.4 - - - 284
Pacis & Reyes 1 6 3.9 - - - 250
Erriah & Uteem 1 7 3.1 - - - 200
Skadden Arps Slate Meagher & Flom 1 8 2.8 - - - 180
Tsar & Tsai 1 8 2.8 - - - 180
Slaughter and May 1 10 2.8 1.0 1.8 26 179
Lee & Li Attorneys at Law 2 11 2.7 3.7 (1.0) 7 178
Allen & Overy LLP 1 12 2.3 - - - 150
AZB & Partners 1 13 2.2 - - - 140
Conyers Dill & Pearman 2 14 1.9 2.4 (0.5) 12 126
Amarchand Mangaldas & Suresh A Shroff 1 15 1.9 1.2 0.7 21 125
Maples & Calder 1 16 1.8 1.0 0.8 27 115
Shu Jin Law Firm 1 17 1.6 - - - 104
Vietnam International Law Firm-Hong Duc 1 18 1.4 - - - 93
Allen & Gledhill 2 19 1.3 4.0 (2.7) 5 83
Beijing Tian Zhao Yu Tian Law Office 1 20 1.0 - - - 63
TOTAL 100% 100% 28 6,480 14,638
Includes all eligible equity-linked offerings from Asia Pacific issuers excluding Japan, Australia, and New Zealand. Volume in
USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Baker & McKenzie 5 4 8.8
Clifford Chance LLP 4 3 14.0
Appleby 3 26 0.3
V&T Law Firm 3 26 0.3
Jurisino Law Group 2 1 20.6
Lee & Li Attorneys at Law 2 11 2.7
Conyers Dill & Pearman 2 14 1.9
Allen & Gledhill 2 19 1.3
Milestone Law Office 1 2 14.8
Mayer Brown LLP 1 5 4.4
Pacis & Reyes 1 6 3.9
Erriah & Uteem 1 7 3.1
Skadden Arps Slate Meagher & Flom 1 8 2.8
Tsar & Tsai 1 8 2.8
Slaughter and May 1 10 2.8
Allen & Overy LLP 1 12 2.3
AZB & Partners 1 13 2.2
Amarchand Mangaldas & Suresh A Shroff 1 15 1.9
Maples & Calder 1 16 1.8
Shu Jin Law Firm 1 17 1.6
TOTAL 100% 28
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
59©2013Bloomberg Finance L.P. All rights reserved.
Asia ex-Japan Equity Linked Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Linklaters LLP 6 1 26.6 21.2 5.4 2 1,340
Commerce & Finance Law Offices 1 2 25.1 7.9 17.2 5 1,264
Simpson Thacher & Bartlett 4 3 19.3 9.4 9.9 4 972
White & Case LLP 1 4 4.5 - - - 229
Davis Polk & Wardwell 1 5 3.6 11.6 (8.0) 3 179
Fried Frank Harris Shriver & Jacobson 1 6 3.0 - - - 150
Allen & Overy LLP 1 7 2.8 2.9 (0.1) 8 140
Picazo Buyco Tan Fider & Santos 1 8 2.5 - - - 125
Shearman & Sterling LLP 1 9 1.8 - - - 93
YKVN Lawyers 1 9 1.8 - - - 93
King & Wood Mallesons 1 11 1.8 0.7 1.1 17 90
Clifford Chance LLP 4 12 1.7 4.3 (2.6) 7 88
Jingtian Gongcheng Law Firm 1 13 1.5 - - - 75
AZB & Partners 1 14 1.2 - - - 63
Skadden Arps Slate Meagher & Flom 1 14 1.2 - - - 63
K&L Gates LLP 1 16 0.9 0.8 0.1 14 45
Allen & Gledhill 1 17 0.6 - - - 32
TOTAL 100% 100% 22 5,040 14,800
Includes all eligible equity-linked offerings from Asia Pacific issuers excluding Japan, Australia, and New Zealand. Volume in
USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Linklaters LLP 6 1 26.6
Simpson Thacher & Bartlett 4 3 19.3
Clifford Chance LLP 4 12 1.7
Commerce & Finance Law Offices 1 2 25.1
White & Case LLP 1 4 4.5
Davis Polk & Wardwell 1 5 3.6
Fried Frank Harris Shriver & Jacobson 1 6 3.0
Allen & Overy LLP 1 7 2.8
Picazo Buyco Tan Fider & Santos 1 8 2.5
Shearman & Sterling LLP 1 9 1.8
YKVN Lawyers 1 9 1.8
King & Wood Mallesons 1 11 1.8
Jingtian Gongcheng Law Firm 1 13 1.5
AZB & Partners 1 14 1.2
Skadden Arps Slate Meagher & Flom 1 14 1.2
K&L Gates LLP 1 16 0.9
Allen & Gledhill 1 17 0.6
TOTAL 100% 22
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
60©2013Bloomberg Finance L.P. All rights reserved.
Japanese Samurai Bonds Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
JPY (Bln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Anderson Mori & Tomotsune 26 1 38.2 25.0 13.2 1 694
Shimazaki International 18 2 10.4 10.4 - 4 189
Yulchon 7 3 7.2 0.7 6.5 14 132
Allens 5 4 5.8 - - - 105
White & Case LLP 1 5 4.7 - - - 85
Nagashima Ohno & Tsunematsu 5 6 4.6 8.7 (4.1) 5 84
Simpson Thacher & Bartlett 2 7 4.4 - - - 81
Clifford Chance LLP 5 8 3.3 14.7 (11.4) 2 60
Mannheimer Swartling 5 8 3.3 4.7 (1.4) 9 60
Baker & McKenzie 4 10 3.2 5.1 (1.9) 6 58
King & Wood Mallesons 2 11 2.3 - - - 42
Sullivan & Cromwell 2 12 2.3 - - - 41
Kim & Chang 7 13 2.2 1.6 0.6 12 40
Linklaters LLP 3 14 1.9 0.8 1.1 13 35
Latham & Watkins LLP 3 15 1.8 - - - 34
Wiersholm Mellbye & Bech 1 16 1.8 - - - 33
Shin & Kim 1 17 0.8 - - - 15
Bae Kim & Lee 3 18 0.7 0.6 0.1 15 12
Lee & Ko 1 19 0.5 5.0 (4.5) 7 10
NautaDutilh 1 19 0.5 - - - 10
TOTAL 100% 100% 62 1,820 1,605
Includes all eligible samurai bonds. Volume in JPY billions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Anderson Mori & Tomotsune 26 1 38.2
Shimazaki International 18 2 10.4
Yulchon 7 3 7.2
Kim & Chang 7 13 2.2
Allens 5 4 5.8
Nagashima Ohno & Tsunematsu 5 6 4.6
Clifford Chance LLP 5 8 3.3
Mannheimer Swartling 5 8 3.3
Baker & McKenzie 4 10 3.2
Linklaters LLP 3 14 1.9
Latham & Watkins LLP 3 15 1.8
Bae Kim & Lee 3 18 0.7
Simpson Thacher & Bartlett 2 7 4.4
King & Wood Mallesons 2 11 2.3
Sullivan & Cromwell 2 12 2.3
White & Case LLP 1 5 4.7
Wiersholm Mellbye & Bech 1 16 1.8
Shin & Kim 1 17 0.8
Lee & Ko 1 19 0.5
NautaDutilh 1 19 0.5
TOTAL 100% 62
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
61©2013Bloomberg Finance L.P. All rights reserved.
Japanese Samurai Bonds Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
JPY (Bln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Baker & McKenzie 8 1 29.5 12.1 17.4 4 441
Anderson Mori & Tomotsune 20 2 20.7 39.8 (19.1) 1 310
Linklaters LLP 8 3 18.9 24.2 (5.3) 2 282
Nagashima Ohno & Tsunematsu 7 4 15.3 10.0 5.3 5 229
Nishimura & Asahi 5 5 8.9 1.0 7.9 6 132
Shimazaki International 3 6 6.7 12.8 (6.1) 3 100
TOTAL 100% 100% 51 1,494 1,482
Includes all eligible samurai bonds. Volume in JPY billions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Anderson Mori & Tomotsune 20 2 20.7
Baker & McKenzie 8 1 29.5
Linklaters LLP 8 3 18.9
Nagashima Ohno & Tsunematsu 7 4 15.3
Nishimura & Asahi 5 5 8.9
Shimazaki International 3 6 6.7
TOTAL 100% 51
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
62©2013Bloomberg Finance L.P. All rights reserved.
Singapore Dollar Bonds Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
SGD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Gledhill 20 1 48.0 33.0 15.0 1 7,192
Linklaters LLP 6 2 13.7 12.5 1.2 2 2,050
WongPartnership LLP 9 3 10.1 11.2 (1.1) 3 1,507
Allen & Overy LLP 7 4 8.9 - - - 1,329
Cains Advocates Ltd 1 5 6.0 - - - 900
Shook Lin & Bok 6 6 3.1 4.5 (1.4) 8 458
Harney Westwood & Riegels 1 7 1.5 - - - 225
Slaughter and May 2 8 1.5 7.5 (6.0) 4 220
Sidley Austin LLP 1 9 1.2 - - - 175
White & Case LLP 1 10 1.0 - - - 150
Lee & Lee 1 11 0.7 5.0 (4.3) 5 100
Clifford Chance LLP 1 12 0.6 5.0 (4.4) 5 83
Simpson Thacher & Bartlett 1 13 0.5 - - - 72
Herbert Smith Freehills LLP 1 14 0.5 - - - 69
Sullivan & Cromwell 1 14 0.5 - - - 69
Freshfields Bruckhaus Deringer 1 16 0.4 - - - 63
Jin Mao Law Firm 1 16 0.4 - - - 63
Walkers 1 16 0.4 - - - 63
Appleby 1 19 0.3 - - - 50
Conyers Dill & Pearman 1 19 0.3 1.0 (0.7) 14 50
TOTAL 100% 100% 48 14,978 9,961
Includes all bonds denominated in Singapore Dollars. Excludes issues that are callable or puttable and mature in less than
12 months. Volume in SGD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allen & Gledhill 20 1 48.0
WongPartnership LLP 9 3 10.1
Allen & Overy LLP 7 4 8.9
Linklaters LLP 6 2 13.7
Shook Lin & Bok 6 6 3.1
Slaughter and May 2 8 1.5
Cains Advocates Ltd 1 5 6.0
Harney Westwood & Riegels 1 7 1.5
Sidley Austin LLP 1 9 1.2
White & Case LLP 1 10 1.0
Lee & Lee 1 11 0.7
Clifford Chance LLP 1 12 0.6
Simpson Thacher & Bartlett 1 13 0.5
Herbert Smith Freehills LLP 1 14 0.5
Sullivan & Cromwell 1 14 0.5
Freshfields Bruckhaus Deringer 1 16 0.4
Jin Mao Law Firm 1 16 0.4
Walkers 1 16 0.4
Appleby 1 19 0.3
Conyers Dill & Pearman 1 19 0.3
TOTAL 100% 48
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
63©2013Bloomberg Finance L.P. All rights reserved.
Singapore Dollar Bonds Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
SGD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Linklaters LLP 13 1 28.0 18.1 9.9 3 4,260
Allen & Gledhill 20 2 24.6 28.0 (3.4) 1 3,740
Clifford Chance LLP 3 3 16.4 18.5 (2.1) 2 2,500
Latham & Watkins LLP 2 4 13.1 - - - 2,000
WongPartnership LLP 5 5 7.1 12.0 (4.9) 4 1,083
Allen & Overy LLP 4 6 6.2 10.8 (4.6) 5 950
Davis Polk & Wardwell 2 7 2.0 - - - 300
King & Wood Mallesons 1 8 1.8 - - - 275
Commerce & Finance Law Offices 1 9 0.8 - - - 125
TOTAL 100% 100% 50 15,233 8,826
Includes all bonds denominated in Singapore Dollars. Excludes issues that are callable or puttable and mature in less than
12 months. Volume in SGD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allen & Gledhill 20 2 24.6
Linklaters LLP 13 1 28.0
WongPartnership LLP 5 5 7.1
Allen & Overy LLP 4 6 6.2
Clifford Chance LLP 3 3 16.4
Latham & Watkins LLP 2 4 13.1
Davis Polk & Wardwell 2 7 2.0
King & Wood Mallesons 1 8 1.8
Commerce & Finance Law Offices 1 9 0.8
TOTAL 100% 50
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
64©2013Bloomberg Finance L.P. All rights reserved.
Australia/NZ Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
King & Wood Mallesons 1 1 53.6 - - - 405
Herbert Smith Freehills LLP 2 2 11.8 - - - 89
HopgoodGanim 2 3 11.3 1.0 10.3 20 85
Steinepreis Paganin 11 4 5.2 4.1 1.1 6 39
Norton Rose LLP 1 5 4.6 0.9 3.7 22 35
Downings Legal 1 6 2.1 - - - 16
Rajah & Tann 1 6 2.1 - - - 16
Chapman Tripp 1 8 1.6 6.7 (5.1) 4 12
Baker & McKenzie 1 9 1.5 - - - 11
Hardy Bowen 1 10 1.2 1.1 0.1 15 9
Clayton Utz 1 11 1.2 18.8 (17.6) 2 9
Price Sierakowski 1 12 1.1 2.3 (1.2) 8 8
Middletons Lawyers 1 13 0.8 1.4 (0.6) 13 6
McCabe Terrill 1 14 0.6 - - - 5
Brown Drew & Massey LLP 1 15 0.5 - - - 4
O'Loughlins Lawyers 1 16 0.4 1.5 (1.1) 12 3
Allen & Overy LLP 1 17 0.3 - - - 2
Herbert Geer & Rundle 1 18 0.1 - - - 1
Tan Lim & Wong 1 19 0.0 - - - 0
TOTAL 100% 100% 28 756 1,511
Includes all eligible initial public offerings from Australia and New Zealand issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Steinepreis Paganin 11 4 5.2
Herbert Smith Freehills LLP 2 2 11.8
HopgoodGanim 2 3 11.3
King & Wood Mallesons 1 1 53.6
Norton Rose LLP 1 5 4.6
Downings Legal 1 6 2.1
Rajah & Tann 1 6 2.1
Chapman Tripp 1 8 1.6
Baker & McKenzie 1 9 1.5
Hardy Bowen 1 10 1.2
Clayton Utz 1 11 1.2
Price Sierakowski 1 12 1.1
Middletons Lawyers 1 13 0.8
McCabe Terrill 1 14 0.6
Brown Drew & Massey LLP 1 15 0.5
O'Loughlins Lawyers 1 16 0.4
Allen & Overy LLP 1 17 0.3
Herbert Geer & Rundle 1 18 0.1
Tan Lim & Wong 1 19 0.0
TOTAL 100% 28
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
65©2013Bloomberg Finance L.P. All rights reserved.
Australia/New Zealand Hybrid Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Herbert Smith Freehills LLP 3 1 45.9 - - - 1,563
Allens 1 2 37.4 - - - 1,272
Clayton Utz 1 3 9.2 12.6 (3.4) 2 312
Allen & Overy LLP 1 4 6.6 - - - 225
DLA Piper LLP 1 5 0.9 - - - 30
TOTAL 100% 100% 7 3,403 1,443
Includes all eligible hybrid issues from Australia and New Zealand issuers. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Herbert Smith Freehills LLP 3 1 45.9
Allens 1 2 37.4
Clayton Utz 1 3 9.2
Allen & Overy LLP 1 4 6.6
DLA Piper LLP 1 5 0.9
TOTAL 100% 7
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
66©2013Bloomberg Finance L.P. All rights reserved.
HKSE Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
King & Wood Mallesons 5 1 17.0 2.8 14.2 8 1,951
Davis Polk & Wardwell 3 2 16.9 4.2 12.7 5 1,937
Clifford Chance LLP 5 3 15.6 0.3 15.3 38 1,787
Grandall Legal Group 2 4 8.1 4.1 4.0 6 930
Jingtian Gongcheng Law Firm 10 5 5.4 2.1 3.3 19 624
Jia Yuan Law Firm 4 6 4.2 2.4 1.8 14 480
Freshfields Bruckhaus Deringer 1 7 2.6 13.4 (10.8) 1 297
McCarthy Tetrault 1 7 2.6 - - - 297
Chen & Co 2 9 2.3 - - - 264
Morrison & Foerster LLP 1 10 2.2 0.2 2.0 46 256
Commerce & Finance Law Offices 7 11 1.8 5.3 (3.5) 4 201
Maples & Calder 6 12 1.6 0.9 0.7 29 188
Conyers Dill & Pearman 24 13 1.6 9.8 (8.2) 2 187
Appleby 11 14 1.5 0.3 1.2 35 176
Walkers 2 15 1.4 2.6 (1.2) 9 156
McKenna Long & Aldridge LLP 1 16 1.3 - - - 144
Baker & McKenzie 1 17 0.9 2.5 (1.6) 11 99
Suman Khaitan & Co 1 17 0.9 - - - 99
Zhong Lun Law Firm 1 17 0.9 0.2 0.7 41 99
Deacons 4 20 0.8 0.2 0.6 44 90
TOTAL 100% 100% 56 11,477 25,380
Includes all eligible initial public offerings listed on Hong Kong Stock Exchange, does not account for deals from companies
that are delisted or acquired. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Conyers Dill & Pearman 24 13 1.6
Appleby 11 14 1.5
Jingtian Gongcheng Law Firm 10 5 5.4
Commerce & Finance Law Offices 7 11 1.8
Maples & Calder 6 12 1.6
Li & Partners 6 32 0.4
Loong & Yeung 6 36 0.2
King & Wood Mallesons 5 1 17.0
Clifford Chance LLP 5 3 15.6
Jia Yuan Law Firm 4 6 4.2
Deacons 4 20 0.8
Davis Polk & Wardwell 3 2 16.9
Dorsey & Whitney 3 33 0.3
Chiu & Partners 3 46 0.1
GFE Law Office 3 55 0.1
Grandall Legal Group 2 4 8.1
Chen & Co 2 9 2.3
Walkers 2 15 1.4
Beijing JunZeJun Law Offices 2 23 0.7
DLA Piper LLP 2 28 0.5
TOTAL 100% 56
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
67©2013Bloomberg Finance L.P. All rights reserved.
HKSE Equity IPO Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Paul Hastings LLP 7 1 13.0 1.1 11.9 20 1,493
Commerce & Finance Law Offices 5 2 11.9 5.4 6.5 7 1,368
Jun He Law Offices 3 3 11.1 1.5 9.6 18 1,269
Slaughter and May 1 4 10.3 1.7 8.6 15 1,187
Sullivan & Cromwell 1 4 10.3 3.8 6.5 10 1,187
Jia Yuan Law Firm 3 6 6.3 - 6.3 65 726
Grandall Legal Group 3 7 4.7 - - - 536
Freshfields Bruckhaus Deringer 1 8 3.9 12.1 (8.2) 2 452
Herbert Smith Freehills LLP 2 9 2.5 3.7 (1.2) 11 287
Kirkland & Ellis 2 10 2.0 - - - 231
Jingtian Gongcheng Law Firm 5 11 1.8 6.7 (4.9) 4 206
Baker & McKenzie 1 12 1.8 - - - 202
Norton Rose LLP 2 13 1.8 0.2 1.6 32 201
Blake Cassels & Graydon LLP 1 14 1.7 - - - 198
Skadden Arps Slate Meagher & Flom 1 14 1.7 3.8 (2.1) 9 198
Cleary Gottlieb Steen & Hamilton 1 16 1.7 - - - 192
Shearman & Sterling LLP 1 16 1.7 0.4 1.3 24 192
Clifford Chance LLP 1 18 1.3 12.0 (10.7) 3 148
Haiwen & Partners 1 19 0.9 6.4 (5.5) 5 108
Linklaters LLP 1 19 0.9 5.9 (5.0) 6 108
TOTAL 100% 100% 56 11,478 25,357
Includes all eligible initial public offerings listed on Hong Kong Stock Exchange, does not account for deals from companies
that are delisted or acquired. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Paul Hastings LLP 7 1 13.0
Commerce & Finance Law Offices 5 2 11.9
Jingtian Gongcheng Law Firm 5 11 1.8
King & Wood Mallesons 5 24 0.8
Chiu & Partners 4 25 0.4
Salans 4 26 0.3
Jun He Law Offices 3 3 11.1
Jia Yuan Law Firm 3 6 6.3
Grandall Legal Group 3 7 4.7
Herbert Smith Freehills LLP 2 9 2.5
Kirkland & Ellis 2 10 2.0
Norton Rose LLP 2 13 1.8
Sidley Austin LLP 2 22 0.9
Li & Partners 2 27 0.3
GFE Law Office 2 29 0.2
F Zimmern & Co 2 32 0.2
Dacheng Law Office 2 37 0.2
Charltons 2 38 0.2
Deacons 2 40 0.2
Mason Ching & Associate 2 41 0.1
TOTAL 100% 56
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
68©2013Bloomberg Finance L.P. All rights reserved.
SGX Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Gledhill 3 1 16.9 29.3 (12.4) 1 471
Shook Lin & Bok 3 2 12.2 6.1 6.1 4 341
Rajah & Tann 3 3 8.5 - - - 238
Vaish Associates 1 4 7.5 - - - 209
King & Wood Mallesons 3 5 6.7 24.8 (18.1) 2 186
Stamford Law Corp 3 6 5.0 5.3 (0.3) 5 140
Akol Avukatlik Burosu 1 7 4.7 - - - 132
Kadir Andri Aidham & Partners 1 7 4.7 - - - 132
Linklaters LLP 1 7 4.7 - - - 132
Talwar Thakore & Associates 1 7 4.7 - - - 132
Duane Morris LLP 1 11 3.3 - - - 93
Melli Darsa Law Offices 1 12 3.2 - - - 88
WongPartnership LLP 3 13 2.3 - - - 63
Zaid Ibrahim & Co 2 14 2.1 - - - 59
Kim & Chang 1 15 1.9 - - - 52
Mori Hamada & Matsumoto 1 15 1.9 - - - 52
Paul Hastings LLP 1 15 1.9 - - - 52
Zhong Lun Law Firm 1 15 1.9 - - - 52
Ali Budiardjo Nugroho Reksodiputro 1 19 1.4 0.1 1.3 19 38
Chee Siah Le Kee & Partners 1 20 0.8 - - - 24
TOTAL 100% 100% 21 2,792 7,343
Includes all eligible initial public offerings listed on Singapore Stock Exchange. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allen & Gledhill 3 1 16.9
Shook Lin & Bok 3 2 12.2
Rajah & Tann 3 3 8.5
King & Wood Mallesons 3 5 6.7
Stamford Law Corp 3 6 5.0
WongPartnership LLP 3 13 2.3
Drew & Napier 3 21 0.7
Zaid Ibrahim & Co 2 14 2.1
Colin NG & Partners 2 26 0.2
Vaish Associates 1 4 7.5
Akol Avukatlik Burosu 1 7 4.7
Kadir Andri Aidham & Partners 1 7 4.7
Linklaters LLP 1 7 4.7
Talwar Thakore & Associates 1 7 4.7
Duane Morris LLP 1 11 3.3
Melli Darsa Law Offices 1 12 3.2
Kim & Chang 1 15 1.9
Mori Hamada & Matsumoto 1 15 1.9
Paul Hastings LLP 1 15 1.9
Zhong Lun Law Firm 1 15 1.9
TOTAL 100% 21
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
69©2013Bloomberg Finance L.P. All rights reserved.
SGX Equity IPO Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 3 1 32.5 47.8 (15.3) 1 884
WongPartnership LLP 3 2 20.5 0.9 19.6 6 557
Albar & Partners 1 3 7.3 - - - 198
Jingtian Gongcheng Law Firm 1 3 7.3 - - - 198
Latham & Watkins LLP 1 5 6.7 - - - 183
Shook Lin & Bok 2 6 4.3 - - - 117
Allen & Gledhill 1 7 3.8 5.2 (1.4) 3 105
Amarchand Mangaldas & Suresh A Shroff 1 7 3.8 - - - 105
Linklaters LLP 1 7 3.8 - - - 105
Luthra & Luthra Law Offices 1 7 3.8 - - - 105
Chancery Law Corp 1 11 2.8 0.3 2.5 9 76
Rodyk & Davidson LLP 1 12 1.4 - - - 38
Stamford Law Corp 1 13 1.2 - - - 32
Colin NG & Partners 1 14 0.6 - - - 17
TOTAL 100% 100% 12 2,719 7,276
Includes all eligible initial public offerings listed on Singapore Stock Exchange. Volume in USD millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allen & Overy LLP 3 1 32.5
WongPartnership LLP 3 2 20.5
Shook Lin & Bok 2 6 4.3
Albar & Partners 1 3 7.3
Jingtian Gongcheng Law Firm 1 3 7.3
Latham & Watkins LLP 1 5 6.7
Allen & Gledhill 1 7 3.8
Amarchand Mangaldas & Suresh A Shroff 1 7 3.8
Linklaters LLP 1 7 3.8
Luthra & Luthra Law Offices 1 7 3.8
Chancery Law Corp 1 11 2.8
Rodyk & Davidson LLP 1 12 1.4
Stamford Law Corp 1 13 1.2
Colin NG & Partners 1 14 0.6
TOTAL 100% 12
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
70©2013Bloomberg Finance L.P. All rights reserved.
China Domestic IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
CNY (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
King & Wood Mallesons 15 1 11.2 6.3 4.9 2 11,036
Jia Yuan Law Firm 5 2 10.1 5.3 4.8 4 9,964
Grandall Legal Group 16 3 9.0 12.0 (3.0) 1 8,896
Beijing Zhonglun Law Firm 12 4 7.1 4.2 2.9 6 6,942
Grandfield Law Offices 8 5 5.9 3.8 2.1 7 5,766
Jingtian Gongcheng Law Firm 5 6 5.2 5.6 (0.4) 3 5,117
Beijing Grandway Law Offices 7 7 4.9 - - - 4,824
Beijing Deheng Law 8 8 4.8 0.6 4.2 37 4,673
Beijing JunZeJun Law Offices 4 9 4.0 1.3 2.7 20 3,931
Dacheng Law Office 6 10 3.7 1.0 2.7 27 3,595
Beijing Tianyin Law Firm 4 11 2.9 0.2 2.7 60 2,851
Jun He Law Offices 4 12 2.8 3.4 (0.6) 10 2,730
Tian Yin Law Firm 2 13 2.7 2.0 0.7 14 2,649
Beijing Kang Da Law Firm 5 14 2.7 2.0 0.7 16 2,619
Commerce & Finance Law Offices 4 15 2.2 1.7 0.5 18 2,188
Allbright Law Office 4 16 2.2 4.4 (2.2) 5 2,184
Chen & Co 2 17 1.5 3.3 (1.8) 11 1,478
C&T Partners 2 18 1.3 1.2 0.1 23 1,327
Hunan Qiyuan Law Firm 3 19 1.2 1.2 - 24 1,207
China Commercial Law Co 3 20 1.2 0.1 1.1 76 1,190
TOTAL 100% 100% 147 98,359 269,383
Includes all eligible initial public offerings from Chinese issuers that are listed on Shanghai and Shenzhen Stock Exchanges.
Treats first time share sales in China A-shares as IPO. Volume in CNY millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Grandall Legal Group 16 3 9.0
King & Wood Mallesons 15 1 11.2
Beijing Zhonglun Law Firm 12 4 7.1
Grandfield Law Offices 8 5 5.9
Beijing Deheng Law 8 8 4.8
Beijing Grandway Law Offices 7 7 4.9
Dacheng Law Office 6 10 3.7
Jia Yuan Law Firm 5 2 10.1
Jingtian Gongcheng Law Firm 5 6 5.2
Beijing Kang Da Law Firm 5 14 2.7
Beijing JunZeJun Law Offices 4 9 4.0
Beijing Tianyin Law Firm 4 11 2.9
Jun He Law Offices 4 12 2.8
Commerce & Finance Law Offices 4 15 2.2
Allbright Law Office 4 16 2.2
Hunan Qiyuan Law Firm 3 19 1.2
China Commercial Law Co 3 20 1.2
GF Law Firm Shanghai 3 21 1.1
Tian Yin Law Firm 2 13 2.7
Chen & Co 2 17 1.5
TOTAL 100% 147
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
71©2013Bloomberg Finance L.P. All rights reserved.
India Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
INR (Bln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Amarchand Mangaldas & Suresh A Shroff 6 1 53.5 16.4 37.1 2 37
Linklaters LLP 1 2 29.8 - - - 20
J Sagar Associates 1 3 9.7 - - - 7
Luthra & Luthra Law Offices 1 4 2.6 - - - 2
Khaitan & Co 2 5 2.1 - - - 1
Kanga & Co 1 6 0.8 5.1 (4.3) 4 1
Lakshmmi Subramanian & Associates 2 7 0.4 - - - 0
Mindspright Legal 1 8 0.4 1.6 (1.2) 12 0
Entete Legale 1 9 0.1 - - - 0
Bharat Kumar Joshi & Associates 1 10 0.1 - - - 0
Legaleye Associates 1 11 0.1 - - - 0
Rajeev Goel & Associates Advocates & Con 1 12 0.1 0.9 (0.8) 16 0
Hemant Sethi & Co 1 13 0.1 2.1 (2.0) 7 0
Hasurkar Associates 1 14 0.1 - - - 0
Deven Dwarkadas & Partners 1 15 0.1 - - - 0
TOTAL 100% 100% 21 69 59
Includes all eligible initial public offerings from Indian issuers. Volume in INR billions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Amarchand Mangaldas & Suresh A Shroff 6 1 53.5
Khaitan & Co 2 5 2.1
Lakshmmi Subramanian & Associates 2 7 0.4
Linklaters LLP 1 2 29.8
J Sagar Associates 1 3 9.7
Luthra & Luthra Law Offices 1 4 2.6
Kanga & Co 1 6 0.8
Mindspright Legal 1 8 0.4
Entete Legale 1 9 0.1
Bharat Kumar Joshi & Associates 1 10 0.1
Legaleye Associates 1 11 0.1
Rajeev Goel & Associates Advocates & Con 1 12 0.1
Hemant Sethi & Co 1 13 0.1
Hasurkar Associates 1 14 0.1
Deven Dwarkadas & Partners 1 15 0.1
TOTAL 100% 21
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
72©2013Bloomberg Finance L.P. All rights reserved.
India Equity IPO Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
INR (Bln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Luthra & Luthra Law Offices 2 1 36.9 19.3 17.6 4 23
Milbank Tweed Hadley & McCloy LLP 1 2 32.6 - - - 20
Jones Day 2 3 9.6 - - - 6
Amarchand Mangaldas & Suresh A Shroff 1 4 5.3 - - - 3
DLA Piper LLP 1 5 4.9 30.6 (25.7) 1 3
S&R Associates 1 5 4.9 21.3 (16.4) 2 3
Dorsey & Whitney 1 7 3.2 - - - 2
Talwar Thakore & Associates 1 8 1.4 - - - 1
White & Case LLP 1 8 1.4 - - - 1
TOTAL 100% 100% 6 63 29
Includes all eligible initial public offerings from Indian issuers. Volume in INR billions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Luthra & Luthra Law Offices 2 1 36.9
Jones Day 2 3 9.6
Milbank Tweed Hadley & McCloy LLP 1 2 32.6
Amarchand Mangaldas & Suresh A Shroff 1 4 5.3
DLA Piper LLP 1 5 4.9
S&R Associates 1 5 4.9
Dorsey & Whitney 1 7 3.2
Talwar Thakore & Associates 1 8 1.4
White & Case LLP 1 8 1.4
TOTAL 100% 6
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
73©2013Bloomberg Finance L.P. All rights reserved.
Malaysia Equity IPO Issuer Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
MYR (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Albar & Partners 1 1 17.1 6.9 10.2 4 3,477
Azmi & Associates 1 1 17.1 - - - 3,477
Cleary Gottlieb Steen & Hamilton 1 1 17.1 6.9 10.2 4 3,477
Kadir Andri Aidham & Partners 2 4 14.6 20.5 (5.9) 1 2,978
Clifford Chance LLP 1 5 11.2 20.5 (9.3) 1 2,277
Shearn Delamore & Co 1 6 3.6 - - - 734
Akol Avukatlik Burosu 1 7 3.4 - - - 700
Allen & Gledhill 1 7 3.4 5.5 (2.1) 7 700
King & Wood Mallesons 1 7 3.4 - - - 700
Linklaters LLP 1 7 3.4 - - - 700
Talwar Thakore & Associates 1 7 3.4 - - - 700
Azman Davidson & Co 2 12 0.8 0.6 0.2 14 165
Mah-Kamariyah & Philip Koh 1 13 0.4 - - - 86
Shook Lin & Bok 1 14 0.2 - - - 45
Jeff Leong Poon & Wong 2 15 0.2 - - - 38
Enolil Loo 1 16 0.1 - - - 30
Shahrizat Rashid & Lee 1 17 0.1 - - - 27
Wong Beh & Toh 1 18 0.1 - - - 21
TOTAL 100% 100% 13 20,334 6,478
Includes all eligible domestic initial public offerings from Malaysian issuers. Volume in MYR Millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Kadir Andri Aidham & Partners 2 4 14.6
Azman Davidson & Co 2 12 0.8
Jeff Leong Poon & Wong 2 15 0.2
Albar & Partners 1 1 17.1
Azmi & Associates 1 1 17.1
Cleary Gottlieb Steen & Hamilton 1 1 17.1
Clifford Chance LLP 1 5 11.2
Shearn Delamore & Co 1 6 3.6
Akol Avukatlik Burosu 1 7 3.4
Allen & Gledhill 1 7 3.4
King & Wood Mallesons 1 7 3.4
Linklaters LLP 1 7 3.4
Talwar Thakore & Associates 1 7 3.4
Mah-Kamariyah & Philip Koh 1 13 0.4
Shook Lin & Bok 1 14 0.2
Enolil Loo 1 16 0.1
Shahrizat Rashid & Lee 1 17 0.1
Wong Beh & Toh 1 18 0.1
TOTAL 100% 13
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
74©2013Bloomberg Finance L.P. All rights reserved.
Malaysia Domestic Bonds Manager Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
MYR (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Zaid Ibrahim & Co 80 1 35.1 16.6 18.5 2 38,980
Adnan Sundra & Low 83 2 27.7 26.9 0.8 1 30,800
Albar & Partners 85 3 10.7 4.2 6.5 8 11,928
Mohamed Ridza & Co 8 4 5.2 - - - 5,800
Kadir Andri Aidham & Partners 49 5 4.9 10.8 (5.9) 4 5,450
Zul Rafique & Partners 32 6 4.7 13.6 (8.9) 3 5,180
Shook Lin & Bok 30 7 3.7 4.9 (1.2) 5 4,075
Christopher Lee & Co 34 8 2.5 - - - 2,790
Hisham Sobri & Kadir 9 9 1.6 1.2 0.4 13 1,800
Baker & McKenzie 4 10 0.8 3.9 (3.1) 9 867
Jeff Leong Poon & Wong 8 11 0.7 1.7 (1.0) 12 760
Rahmat Lim & Partners 1 12 0.5 - - - 600
Azmi & Associates 2 13 0.4 2.1 (1.7) 11 500
Lee Perara & Tan 1 14 0.4 3.7 (3.3) 10 470
Soo Thien Ming & Nashrah 5 15 0.3 0.2 0.1 17 385
Allen & Overy LLP 1 16 0.3 - - - 325
Abdullah Chan 3 17 0.3 - - - 290
Raja Eleena Siew Ang & Associates 4 18 0.1 0.2 (0.1) 16 110
Shearn Delamore & Co 10 19 0.1 4.5 (4.4) 6 80
TOTAL 100% 100% 448 111,190 61,338
Includes all eligible bonds deominated in MYR. Excludes issues that are callable or puttable and mature in less than 12
months. Volume in MYR Millions.
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Albar & Partners 85 3 10.7
Adnan Sundra & Low 83 2 27.7
Zaid Ibrahim & Co 80 1 35.1
Kadir Andri Aidham & Partners 49 5 4.9
Christopher Lee & Co 34 8 2.5
Zul Rafique & Partners 32 6 4.7
Shook Lin & Bok 30 7 3.7
Shearn Delamore & Co 10 19 0.1
Hisham Sobri & Kadir 9 9 1.6
Mohamed Ridza & Co 8 4 5.2
Jeff Leong Poon & Wong 8 11 0.7
Soo Thien Ming & Nashrah 5 15 0.3
Baker & McKenzie 4 10 0.8
Raja Eleena Siew Ang & Associates 4 18 0.1
Abdullah Chan 3 17 0.3
Azmi & Associates 2 13 0.4
Rahmat Lim & Partners 1 12 0.5
Lee Perara & Tan 1 14 0.4
Allen & Overy LLP 1 16 0.3
TOTAL 100% 448
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
75©2013Bloomberg Finance L.P. All rights reserved.
Asia ex-Japan Loans Lender Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Baker & McKenzie 79 1 10.5 8.0 2.5 2 19,721
Clifford Chance LLP 42 2 10.3 3.6 6.7 9 19,252
Allen & Overy LLP 44 3 9.6 5.3 4.3 4 18,014
Lee & Ko 61 4 7.3 4.3 3.0 7 13,674
Allen & Gledhill 9 5 6.5 2.1 4.4 14 12,132
Amarchand Mangaldas & Suresh A Shroff 22 6 5.5 8.8 (3.3) 1 10,203
Luthra & Luthra Law Offices 7 7 3.4 5.9 (2.5) 3 6,322
Linklaters LLP 15 8 3.0 4.4 (1.4) 6 5,556
Kim & Chang 27 9 2.9 2.6 0.3 12 5,509
White & Case LLP 11 10 2.3 1.9 0.4 17 4,259
Norton Rose LLP 14 11 2.1 4.6 (2.5) 5 3,984
Albar & Partners 9 12 1.8 1.0 0.8 24 3,298
Shin & Kim 13 13 1.7 0.9 0.8 26 3,174
Mayer Brown LLP 14 14 1.6 3.8 (2.2) 8 3,005
Chen & Associates Attorneys at Law 22 15 1.5 1.9 (0.4) 18 2,777
Adnan Sundra & Low 5 16 1.5 0.5 1.0 40 2,748
Milbank Tweed Hadley & McCloy LLP 3 17 1.4 0.6 0.8 30 2,622
Mohamed Ridza & Co 1 18 1.3 - - - 2,525
Khaitan Sud & Partners 4 19 1.2 - 1.2 129 2,190
Russin & Vecci Intl Legal Counsellors 11 20 1.2 1.6 (0.4) 19 2,179
TOTAL 100% 100% 628 187,055 176,335
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Baker & McKenzie 79 1 10.5
Lee & Ko 61 4 7.3
Allen & Overy LLP 44 3 9.6
Clifford Chance LLP 42 2 10.3
Kim & Chang 27 9 2.9
Amarchand Mangaldas & Suresh A Shroff 22 6 5.5
Chen & Associates Attorneys at Law 22 15 1.5
Taiwan Commercial Law Offices 16 26 0.8
Linklaters LLP 15 8 3.0
Vincible Law Office 15 27 0.7
Norton Rose LLP 14 11 2.1
Mayer Brown LLP 14 14 1.6
Shin & Kim 13 13 1.7
White & Case LLP 11 10 2.3
Russin & Vecci Intl Legal Counsellors 11 20 1.2
Allen & Gledhill 9 5 6.5
Albar & Partners 9 12 1.8
WongPartnership LLP 9 22 1.1
Chung FA Law Office 8 55 0.2
Luthra & Luthra Law Offices 7 7 3.4
TOTAL 100% 628
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
76©2013Bloomberg Finance L.P. All rights reserved.
Asia ex-Japan Loans Borrower Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 8 1 7.8 3.0 4.8 10 7,596
Kim & Chang 23 2 7.1 7.4 (0.3) 3 6,904
Lee & Ko 16 3 6.6 3.6 3.0 9 6,386
Baker & McKenzie 17 4 5.8 8.6 (2.8) 1 5,615
Amarchand Mangaldas & Suresh A Shroff 2 5 5.2 0.1 5.1 80 5,103
WongPartnership LLP 6 6 5.0 0.6 4.4 31 4,881
Freshfields Bruckhaus Deringer 3 7 4.3 1.3 3.0 23 4,150
Clifford Chance LLP 13 8 3.3 2.6 0.7 12 3,236
Slaughter and May 2 9 3.2 - - - 3,131
Chen & Associates Attorneys at Law 15 10 2.9 0.4 2.5 40 2,785
Adnan Sundra & Low 1 11 2.6 0.1 2.5 70 2,525
Albar & Partners 4 12 2.5 0.1 2.4 69 2,437
White & Case LLP 6 13 2.4 - - - 2,325
Skadden Arps Slate Meagher & Flom 2 14 2.4 - - - 2,310
Mayer Brown LLP 4 15 2.1 1.9 0.2 18 2,083
Luthra & Luthra Law Offices 4 16 2.1 4.0 (1.9) 7 2,064
Paul Weiss Rifkind Wharton & Garrison 1 17 2.0 1.2 0.8 24 1,990
Allen & Gledhill 6 18 1.9 5.6 (3.7) 5 1,890
Russin & Vecci Intl Legal Counsellors 3 19 1.8 - - - 1,764
Linklaters LLP 10 20 1.8 4.0 (2.2) 8 1,706
TOTAL 100% 100% 273 97,409 77,834
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Kim & Chang 23 2 7.1
Baker & McKenzie 17 4 5.8
Lee & Ko 16 3 6.6
Chen & Associates Attorneys at Law 15 10 2.9
Clifford Chance LLP 13 8 3.3
Linklaters LLP 10 20 1.8
Allen & Overy LLP 8 1 7.8
Vincible Law Office 8 38 0.5
Shin & Kim 7 23 1.2
WongPartnership LLP 6 6 5.0
White & Case LLP 6 13 2.4
Allen & Gledhill 6 18 1.9
Yulchon 6 47 0.4
Watson Farley & Williams 5 25 1.0
Chung FA Law Office 5 57 0.2
Albar & Partners 4 12 2.5
Mayer Brown LLP 4 15 2.1
Luthra & Luthra Law Offices 4 16 2.1
Jun He Law Offices 4 36 0.6
Bae Kim & Lee 4 42 0.4
TOTAL 100% 273
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
77©2013Bloomberg Finance L.P. All rights reserved.
Australia/NZ Loans Lender Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Herbert Smith Freehills LLP 18 1 21.3 14.6 6.7 3 15,379
Allens 33 2 19.6 - - - 14,128
Latham & Watkins LLP 3 3 16.4 - - - 11,838
Minter Ellison 14 4 9.7 5.3 4.4 5 6,991
King & Wood Mallesons 17 5 9.1 - - - 6,573
Clayton Utz 6 6 4.8 5.5 (0.7) 4 3,480
Ashurst LLP 10 7 4.4 3.5 0.9 8 3,161
Buddle Findlay 9 8 2.6 0.5 2.1 16 1,906
Gilbert + Tobin 1 9 2.3 1.5 0.8 14 1,653
Russell McVeagh 8 10 1.5 3.6 (2.1) 7 1,098
Linklaters LLP 6 11 1.5 - - - 1,062
Bell Gully 3 12 1.2 3.4 (2.2) 9 874
Corrs Chambers Westgarth 2 13 1.1 3.2 (2.1) 10 780
Allen & Overy LLP 3 14 0.9 3.7 (2.8) 6 623
Chapman Tripp 5 15 0.8 1.9 (1.1) 12 588
Henry Davis York Lawyers 1 16 0.6 0.3 0.3 17 448
DLA Piper LLP 1 17 0.4 - - - 286
Simpson Grierson 2 18 0.4 - - - 265
Mayne Wetherell 1 19 0.3 1.6 (1.3) 13 239
HWL Ebsworth Lawyers 1 20 0.3 - - - 214
TOTAL 100% 100% 135 72,252 96,057
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allens 33 2 19.6
Herbert Smith Freehills LLP 18 1 21.3
King & Wood Mallesons 17 5 9.1
Minter Ellison 14 4 9.7
Ashurst LLP 10 7 4.4
Buddle Findlay 9 8 2.6
Russell McVeagh 8 10 1.5
Clayton Utz 6 6 4.8
Linklaters LLP 6 11 1.5
Chapman Tripp 5 15 0.8
Latham & Watkins LLP 3 3 16.4
Bell Gully 3 12 1.2
Allen & Overy LLP 3 14 0.9
Corrs Chambers Westgarth 2 13 1.1
Simpson Grierson 2 18 0.4
Gilbert + Tobin 1 9 2.3
Henry Davis York Lawyers 1 16 0.6
DLA Piper LLP 1 17 0.4
Mayne Wetherell 1 19 0.3
HWL Ebsworth Lawyers 1 20 0.3
TOTAL 100% 135
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
78©2013Bloomberg Finance L.P. All rights reserved.
Australia/NZ Loans Borrower Advisers
1/1/12 - 12/31/12
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
FIRM
Legal League Tables
Ranked by Volume
Allen & Overy LLP 7 1 28.5 0.4 28.1 21 20,857
Herbert Smith Freehills LLP 15 2 13.1 22.4 (9.3) 1 9,613
Allens 17 3 11.9 - - - 8,712
King & Wood Mallesons 12 4 10.6 - - - 7,766
Minter Ellison 14 5 4.1 8.6 (4.5) 4 2,988
Sullivan & Cromwell 1 6 3.9 - - - 2,875
Ashurst LLP 5 7 3.7 1.7 2.0 12 2,726
Clayton Utz 6 8 2.5 5.0 (2.5) 5 1,830
Gilbert + Tobin 4 9 2.5 1.2 1.3 14 1,821
Baker & McKenzie 5 10 2.4 2.1 0.3 9 1,757
White & Case LLP 1 11 1.8 - - - 1,306
Arnold Bloch Liebler 4 12 1.5 1.0 0.5 15 1,124
Chapman Tripp 6 13 1.4 1.5 (0.1) 13 1,008
Corrs Chambers Westgarth 4 14 1.4 4.2 (2.8) 6 1,005
Simpson Grierson 3 15 1.3 - 1.3 35 976
Thoneman Robertson Thompson 1 16 1.1 - - - 838
Russell McVeagh 3 17 1.1 3.9 (2.8) 7 791
Bell Gully 2 18 0.9 2.3 (1.4) 8 627
Linklaters LLP 1 19 0.8 - - - 593
ABL 4 20 0.8 - - - 563
TOTAL 100% 100% 127 73,228 90,704
1/1/12 - 12/31/12
DEAL
COUNT
MKT
SHARE
RANK
2012
FIRM
Ranked by Deal Count
Allens 17 3 11.9
Herbert Smith Freehills LLP 15 2 13.1
Minter Ellison 14 5 4.1
King & Wood Mallesons 12 4 10.6
Allen & Overy LLP 7 1 28.5
Clayton Utz 6 8 2.5
Chapman Tripp 6 13 1.4
Ashurst LLP 5 7 3.7
Baker & McKenzie 5 10 2.4
Gilbert + Tobin 4 9 2.5
Arnold Bloch Liebler 4 12 1.5
Corrs Chambers Westgarth 4 14 1.4
ABL 4 20 0.8
Simpson Grierson 3 15 1.3
Russell McVeagh 3 17 1.1
Bell Gully 2 18 0.9
Buddle Findlay 2 21 0.8
DLA Piper LLP 2 22 0.7
Johnson Winter & Slattery 2 23 0.5
Norton Rose LLP 2 25 0.4
TOTAL 100% 127
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Legal Advisor League Criteria
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.
Credit is based on the total amount of the offering. Full credit is awarded to the legal adviser to the manager and legal adviser to the issuer. If multiple advisers are in the same role, credit is split equally.
Fixed Income
All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Note: criteria may vary for some local and/or regional tables.
U.S. dollar denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-U.S. dollar denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche.
New money portions of exchange offers will be eligible for credit.
Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, tax counsel.
Equities
Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, preferred offerings, pre-negotiated offerings, tax counsel. Note: Criteria may vary for some local and/or regional table. Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional: {IDOC 2027014 <GO>}: Legal Adviser Fixed Income {IDOC 2021549 <GO>}: Legal Adviser Equity {IDOC 2016703 <GO>}: Fixed Income {IDOC 2016701 <GO>}: Equity {IDOC 2065648 <GO>}: Syndicated Loans {IDOC 2027097 <GO>}: Equity Linked {IDOC 2061504 <GO>}: Structured Note
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