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Rankings published in 2026
Capital markets : Debt - Foreign
Tier 1
11 firms ranked
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Tier 1

Clifford Chance
20 practice areas
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Davis Polk & Wardwell
9 practice areas
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Linklaters
19 practice areas
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Simpson Thacher & Bartlett
11 practice areas
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Skadden Arps Slate Meagher & Flom
13 practice areas
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Tier 2

Morrison & Foerster
20 practice areas
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Paul Weiss Rifkind Wharton & Garrison
11 practice areas
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Sullivan & Cromwell
12 practice areas
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Tier 3

A&O Shearman
18 practice areas
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Baker McKenzie
17 practice areas
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Freshfields
18 practice areas
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Capital markets : Equity - Foreign
Tier 1
10 firms ranked
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Tier 1

Davis Polk & Wardwell
9 practice areas
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Linklaters
19 practice areas
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Simpson Thacher & Bartlett
11 practice areas
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Skadden Arps Slate Meagher & Flom
13 practice areas
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Sullivan & Cromwell
12 practice areas
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Tier 2

A&O Shearman
18 practice areas
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Clifford Chance
20 practice areas
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Morrison & Foerster
20 practice areas
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Paul Weiss Rifkind Wharton & Garrison
11 practice areas
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Tier 3

Freshfields
18 practice areas
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M&A - Foreign
Tier 1
23 firms ranked
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Tier 1

Davis Polk & Wardwell
9 practice areas
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Morrison & Foerster
20 practice areas
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Simpson Thacher & Bartlett
11 practice areas
View profile

Tier 2

Baker McKenzie
17 practice areas
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Clifford Chance
20 practice areas
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Freshfields
18 practice areas
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Herbert Smith Freehills Kramer
9 practice areas
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Linklaters
19 practice areas
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Ropes & Gray
12 practice areas
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Skadden Arps Slate Meagher & Flom
13 practice areas
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Tier 3

A&O Shearman
18 practice areas
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Hogan Lovells Cadwalader
16 practice areas
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Jones Day
7 practice areas
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Orrick Herrington & Sutcliffe
13 practice areas
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Paul Weiss Rifkind Wharton & Garrison
11 practice areas
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Sullivan & Cromwell
12 practice areas
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White & Case
16 practice areas
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Tier 4

Ashurst Perkins Coie
13 practice areas
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DLA Piper
12 practice areas
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Norton Rose Fulbright
11 practice areas
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Paul Hastings
14 practice areas
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Notable

LPA Tokyo
2 practice areas
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Mayer Brown
7 practice areas
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Linked Reviews
Financial and corporate

Davis Polk & Wardwell is a New York-headquartered law firm with 982 lawyers across 10 offices in North and South America, Europe and Asia. The firm established its office in Tokyo in 1987 but can trace its Japanese presence back to a series of Japanese government bond financings during the decade following the Great Kantō earthquake in 1923.

 

Focusses / specialisms 

The firm is best known for its high-end debt and equity capital markets and M&A practices, routinely advising Japanese and non-Japanese issuers and underwriters on their rule 144A and SEC-registered transactions, while acting for potential buyers and sellers in a variety of cross-border transactions, including a mix of outbound, inbound and Japanese business combinations.

 

Key clients 

 

Key clients include SMFG, SMTB, JFM, Development Bank of Japan, Nippon Paint, Money Forward, Shiseido, IRE and Kobe Steel.

 

 

Client feedback: 32nd edition (2022/2023) 

M&A

“The firm has broad and long experience in M&As involving Japanese companies and are knowledgeable about M&A practices both in the US and Japan, effectively combining their global capabilities. In addition, they are well aware of potential issues and concerns from not only the transaction parties’ viewpoint but also the financial advisors’ viewpoint (including our standards and stances). Therefore, they are always helpful and important resources for our evaluating potential issues which may arise from our Japan-related M&A financial advisory work.”

Deal Highlights
26 results26 results
Deal Name Deal Date Firm Name Jurisdiction Deal Type Lawyer Names Client Names Client Role
Sumitomo Corp - Bond Issue
2021-04-01
Davis Polk & Wardwell
Japan
Bond issue
Sumitomo Corp
Issuer
Norinchukin Bank Ltd - Bond Issue
2021-09-01
Davis Polk & Wardwell
Japan
Bond issue
Mizuho Bank, JP Morgan Chase, Sumitomo Mitsui Financial Group, Citigroup, Mitsubishi Corp, Nomura, Crédit Agricole
Underwriter
Mizuho Bank - Bond Issue
2021-07-01
Davis Polk & Wardwell
Japan
Bond issue
Bank of America Merrill Lynch
Underwriter
Mizuho Bank - Bond Issue
2021-02-01
Davis Polk & Wardwell
Japan
Bond issue
JP Morgan Chase, Mizuho Bank, Bank of America Merrill Lynch, Goldman Sachs
Underwriter
NTT Finance Corp - Bond Issue
2021-03-01
Davis Polk & Wardwell
Japan
Bond issue
Goldman Sachs, Bank of America Merrill Lynch, Nomura, Mizuho Bank, JP Morgan Chase, Morgan Stanley, Sumitomo Mitsui Financial Group
Underwriter
Sumitomo Mitsui Financial Group - Bond Issue
2021-01-01
Davis Polk & Wardwell
Japan
Bond issue
Sumitomo Mitsui Financial Group
Issuer
Japan Finance Organization for Municipalities - Bond Issue
2021-01-01
Davis Polk & Wardwell
Japan
Bond issue
Japan Finance Organization for Municipalities
Issuer
Development Bank of Japan Inc - Bond Issue
2021-03-01
Davis Polk & Wardwell
Japan
Bond issue
Development Bank of Japan Inc
Issuer
Japan Finance Organization for Municipalities - Bond Issue
2021-02-01
Davis Polk & Wardwell
Japan
Bond issue
Japan Finance Organization for Municipalities
Issuer
Toyota Industries - Bond Issue
2021-03-01
Davis Polk & Wardwell
Japan
Bond issue
Citigroup, JP Morgan Chase, Bank of America Merrill Lynch
Underwriter
Mizuho Bank - Bond Issue
2021-09-01
Davis Polk & Wardwell
Japan
Bond issue
JP Morgan Chase, Bank of America Merrill Lynch, Mizuho Bank
Underwriter
ORIX Corp - Bond Issue
2021-03-01
Davis Polk & Wardwell
Japan
Bond issue
ORIX Corp
Issuer
Sumitomo Mitsui Financial Group - Bond Issue
2021-09-01
Davis Polk & Wardwell
Japan
Bond issue
Sumitomo Mitsui Financial Group
Issuer
Toyota Industries - Bond Issue
2021-02-01
Davis Polk & Wardwell
Japan
Bond issue
Toyota Industries
Issuer
DENSO Corp - Bond Issue
2021-09-01
Davis Polk & Wardwell
Japan
Bond issue
Citigroup, Sumitomo Mitsui Financial Group, Morgan Stanley, Bank of America Merrill Lynch, Nomura
Underwriter
DBJ Capital Co - Bond Issue
2021-02-01
Davis Polk & Wardwell
Japan
Bond issue
DBJ Capital Co
Issuer
Sumitomo Mitsui Financial Group - Bond Issue
2021-03-01
Davis Polk & Wardwell
Japan
Bond issue
Sumitomo Mitsui Financial Group
Issuer
Shiseido Co. Ltd. - M&A
2021-02-03
Davis Polk & Wardwell
Japan
M&A
Alon Gurfinkel, Frank Azzopardi, Jesse Hallock, Ken Lebrun, Lucas Adams, Mari Foster, Matthew Yeowart, Paul Jun, Ronan Harty, Veronica Davis
Shiseido Co. Ltd.
Seller
Development Bank of Japan - Bond Issue
2021-10-01
Davis Polk & Wardwell
Japan
Bond issue
Development Bank of Japan
Issuer
Nippon Steel Corp - Bond Issue
2021-10-01
Davis Polk & Wardwell
Japan
Bond issue
Bank of America Merrill Lynch, Daiwa Capital Markets, Goldman Sachs, Mizuho Bank, Morgan Stanley, Nomura, Sumitomo Mitsui Financial Group
Underwriter
1
of
2
M&A
We round up top lateral hires across the PE, antitrust, M&A and corporate practices in London and New York
IFLR1000
On November 14th, 2025, Pampa Energía S.A. (“Pampa”), a leading company in the energy and oil and gas sector, issued, in the local and international markets, its 7.750% senior unsecured notes due 2037, for an aggregate principal amount of US$450,000,000 (the “Notes”), under the U.S.$2,100,000,000 note program for the issuance of convertible and non-convertible (obligaciones negociables). The transaction was carried out in accordance with Rule 144A and Regulation S of the U.S. Securities Act of 1933.
Lawyers see the potential for first-mover advantage in advising on a new trading platform for shares, but they are not certain it will achieve all its goals
New crypto asset regulation and a fresh attempt at finalising Basel III will add to the workload for US banking lawyers and their clients in the coming months
New hires were made across the finance, antitrust, energy and project finance practices in Dallas, Northern California, Brussels and Hong Kong
New York-based funds lawyer Sijia Cai explains the need to have a deep understanding of what’s top of mind for clients day-to-day and strategically
Twelve law firms have each received 12 or more nominations, while 24 corporates and banks are up for in-house awards
New hires were made across the M&A, finance, energy and venture capital practices in London, Düsseldorf, San Francisco, New York and Abu Dhabi
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