United States (National)

Since its founding 135 years ago in 1885, King & Spalding has grown to 22 offices across three continents. In the United States, the firm has 11 offices, with its first office Atlanta serving as the firm’s headquarters. King & Spalding is a market leader in corporate law in Georgia, but also has a strong presence in North Carolina. Firm wide, it has an especially strong oil and gas project development practice. The investment funds team is concentrated globally but within the US, has offices in Boston, Chicago, Dallas, Houston, Los Angeles, New York, Palo Alto, San Francisco and Washington D.C. The private equity team advises REITs, private equity and financial services firms in fund formations.

Founded in 1888 in New York, Willkie Farr & Gallagher is best known for its work in private equity and investment funds, especially regarding M&A. The firm has also since expanded to 12 offices across the United States and Europe, with six of those offices being in the United States. The New York office remains the hub for the firm’s operations and is its largest office. In addition to its strengths in private equity, registered funds and hedge funds, the firm also does notable work in banking, project development and restructuring and insolvency. 

Foster Garvey was born in 2019 from the merger of Washington firms Foster Pepper and Garvey Schubert Barer. The resulting firm has five national offices: Seattle, Portland, Washington DC, New York and Spokane. It also has an international presence through its Beijing office. The firm has its largest office in Seattle, followed by Portland. 

Focusses / specialisms

The firm is very active in the corporate and M&A practice area. It represents private equity and strategic acquirers and sellers in acquisitions. It is very active in the forestry, technology and manufacturing industries.

Key clients

Key clients for the firm include Westward Partners, Software Professionals, Eastside Dermatology, T-Star, Kingston Lumber and OMAX.

Research period review: 30th edition (2019/2020)

During the research period, the M&A team was largely on the seller’s side in acquisitions. Many of the acquisitions had a private equity aspect, whether it was the buyer or the seller.

Deal highlights: 30th edition (2019/2020)

OSW Equipment acquisition of Northend Truck Equipment

Gibson Dunn was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington D.C. Its greatest presence is in California, where it has five offices throughout the state. The firm maintains a strong presence in California, where it has top-tier M&A practices in Southern California. Additionally, its Denver, D.C., Dallas and Houston offices are standouts in their respective states in corporate practice areas. In the infrastructure sector, the firm’s projects team has advised clients on several award-winning deals in industries such as transport infrastructure.  

Since its founding in 1919, Ballard Spahr has grown to 15 offices nationwide. Its largest office is in Philadelphia, which is also the firm’s founding city. In addition to Philadelphia, Baltimore and Washington D.C. have some of the firm’s largest offices. The Phoenix, Arizona office is highly regarded for its top tier work in the state. Ballard Spahr is experienced in many practice areas across its offices, including M&A, banking, capital markets, project development and real estate. The banking team represents borrowers in credit facilities, loan agreements, project financing and acquisition financing. 

Simpson Thacher was founded in 1884 in New York, where it still maintains headquarters. The New York office is also the firm’s largest, but it has since expanded to 10 offices across three continents. In the United States, it has offices in New York, Houston, Los Angeles, Palo Alto and Washington D.C. It is best known for its top tier work in banking, debt and equity capital markets, M&A and private equity. The firm’s New York office is a market leader in financial and corporate practices and the California offices are market leaders in capital markets.    

Robinson Bradshaw is a full-service firm with four offices across the Carolinas. In North Carolina, it has offices in Charlotte, Raleigh and Chapel Hill. The firm also has an office in Rock Hill, South Carolina. It was founded in 1960.

Focusses / specialisms

In addition to having a strong M&A practice, the firm is also known for its banking work.

In banking, the firm represents lenders in refinancing, term loans and credit facility agreements. It is active in multiple industries including healthcare, telecommunications, industrials, manufacturing, consumer goods & services, insurance, banking and financial services and technology.

The M&A team represents strategic buyers and sellers in acquisition and merger related transactions.

Key clients

Key clients for the firm include Fresenius Medical Care Holdings, Raycom Media, Comfort Systems, Springs Global, American Stainless Tubing and Wells Fargo.

The national firm Akerman was founded in Orlando in 1920. It now has 25 offices across 15 states, but Florida remains core to the firm and is the state where it has the largest number of offices. The firm is best known for mid-market M&A and real estate work in Florida and is active in capital markets and restructuring. Its M&A team, bolstered by the Florida offices, represents strategic and private equity buyers and sellers in acquisition-related matters, including acquisition financing. It is active on cross-border deals and across multiple industries including aerospace, waste management and automotive. 

Founded in 1866, Milbank has grown to 12 offices worldwide. In the United States, the firm has offices in New York, Los Angeles and Washington D.C. It is a market leader in infrastructure project development, project finance and restructuring and insolvency. While the firm has outstanding national restructuring and insolvency practice, it is a market leader in restructuring practice in California. The firm frequently advises clients on novel transactions in its banking practice as well, specifically asset financing with a specialty in the aviation industry. 

Since its founding in 1877 in Pittsburgh, Reed Smith has grown a market leading firm in Pennsylvania and New Jersey. It has also expanded to 30 offices across three continents. In the United States, the firm has 18 offices in 10 states. Pittsburgh remains the firm’s headquarters and is one of its largest offices. Reed Smith is best known in Pennsylvania and New Jersey for its powerhouse financial and corporate teams. The firm excels in the mid-market area. 

Founded in 1792, Cadwalader is one of the oldest law firms in America and the oldest continuing Wall Street practice in the nation. Following its first office in New York, the firm has expanded to two national offices in Washington DC and Charlotte and international offices in London and Dublin. Though it has experience in a wide variety of financial and corporate practice areas, Cadwalader is nationally recognized for its outstanding work in structured finance and securitization, largely led by the New York team. It also has standout teams in regulatory financial services and derivatives. 

Since its founding in New York in 1919, corporate and litigation firm Cahill Gordon & Reindel has become a market leader in high yield debt and banking. It also added offices in Washington DC and London. The firm is consistently recognized for its pro bono and diversity and inclusion efforts, especially with women and people of color. In addition to Cahill’s top tier banking and high yield debt practice, it has outstanding debt and equity capital markets teams. The firm’s New York office has one of the best capital markets teams in the region.   

Founded in 1928, Cole Schotz is a notable law firm in restructuring and insolvency. It has expanded to seven offices nationwide in: Hackensack, New York, Wilmington, Baltimore, Boca Raton, Fort Worth and Dallas. Some of the firm’s strongest restructuring and insolvency teams are in the Hackensack, Baltimore and Wilmington offices. The restructuring and insolvency team firm wide represents sponsors, debtors and creditors in Chapter 11 and Chapter 7 insolvency cases. It also represents debtors in out of court financial restructurings. 

Since its founding in Minneapolis in 1912, Dorsey & Whitney has expanded to 19 total locations across the United States, Canada, the UK and China. In the US, the firm has 13 offices spread throughout the country, including in Alaska, Colorado, Minnesota, Montana, New York and Utah. 

Focusses/specialisms 

Though Dorsey & Whitney is an international firm, it has a stronghold on the Minnesota market with their top tier Minneapolis office. The office does market leading work in banking, capital markets and M&A. 

In Alaska, the team is active representing buy and sell side clients in private acquisitions. It mostly works in the oil and gas, mining and real estate industries.

The Minneapolis office’s M&A practice represents strategic acquirers and sellers in middle market transactions, where it maintains a stronghold. The office also has a dedicated real estate practice, showing the firm’s expertise in the real estate industry. The team represents REITs, property owners, investors and developers in all aspects related to commercial, industrial and residential real estate. This includes acquisitions, development and financing.  

In Montana, the team acts for issuers in capital raises and bond issuances. It also represents lenders in acquisition financing matters and public institutions in P3 project financings in the infrastructure and energy industries.

The New York M&A team is also known for its middle market transactions, as well as cross border transactions between the US and China. The office has a US-China practice group focusing on these transactions. The M&A team represents private equity and strategic acquirers and sellers in acquisition related matters. It also advises private equity firms on investments. 

The Salt Lake City office is one of the largest corporate practices in Utah. The M&A team represents private equity and strategic clients on the buy and sell side in acquisitions and mergers. It also conducts banking and capital markets work, advising private equity firms on equity investments and issuers on public offerings. 

Key clients 

Key clients for the firm include UnitedHealth Group, Medtronic, US Bancorp, Land O’Lakes, United Properties Development, US Bank National Association, Fairview Health Services, Virtus Real Estate Capital, Dope Media, High Street Capital Partners, Airspan Networks, Verano Holdings, Tower Arch Capital, NaviMed Capital, Nu Skin Enterprises and Zions Bank.  

Client feedback: 31st edition (2020/2021)

Investment funds: Private equity funds

"Dorsey and the team we use is excellent at understanding the nuances of all elements of transaction documentation, the important terms we should expect, what's considered normative vs unusual, etc. We rely on their expertise."

M&A

"Deep subject -matter expertise; well organised and process-oriented; timely and professional work product; keen ability to get results."

"They have a very strong connection between the M&A team and the other parts of the firm, especially the health group, tax, employee benefits. It's a very integrated experience."

Though its headquarters are in New York, Debevoise & Plimpton is a global firm with 10 offices spanning three continents. In the United States, the firm has offices in New York and Washington DC. It is a leading firm in private equity, with outstanding M&A, regulatory financial services and banking practices. Aside from its top-tier work in private equity, the firm does great work in registered funds, restructuring and insolvency, M&A, regulatory financial services and capital markets.    

Bracewell got its start in Houston, Texas in 1945. Since then, it has become a market leader in Texas in financial and corporate law. The firm has also opened an additional nine offices in three countries. In the United States, the firm has locations in Austin, Hartford, Dallas, Houston, New York, San Antonio, Seattle and Washington D.C. Bracewell has expanded its reach internationally with offices in Dubai and London. The firm is best known in Texas, where it has the most offices and a reputation as a top-tier financial and corporate practice, in addition to a notable projects practice. However, it also has a notable New York practice. Oil and gas is a big industry for the firm across all practice areas. 

Brownstein Hyatt Farber Schreck was founded in 1968. Since then, it has expanded to 13 offices in seven states. The firm is top tier in Nevada in M&A and also highly regarded in Colorado for its work in the financial and corporate practice areas.

Focusses / specialisms

Though the firm does outstanding work in Nevada and Colorado, it also maintains teams in Washington D.C., California, Wyoming, New Jersey and New Mexico. In Colorado, the firm does great work in banking and finance, real estate and M&A. The banking and finance team represents borrowers in project financing, capital markets investments and securitizations.

The M&A team represents private equity and strategic buyers and sellers in acquisition and joint venture related acquisitions. 

The real estate team represents property developers and investors in commercial and residential real estate development and acquisition transactions.

Key clients

Key clients for the firm include Blue & Silver, Etkin Johnson Real Estate Partners, Brue Capital, the Colorado Rockies, Bow River Capital Partners, Nexus Technologies, Caesars Entertainment, AmTrans Expedite and Encore Consumer Capital.

International firm Allen & Overy is headquartered in the UK as one of the Magic Circle firms, but has over 40 offices globally. In the United States, the firm has four offices in the Silicon Valley, New York, Washinton D.C. and Los Angeles.

Focusses/specialisms 

The firm has a highly notable leveraged finance team. The banking and finance practice acts for mostly lenders in acquisition, sustainability and corporate financings, as well as refinancing matters. The practice does also represent borrowers in similar matters.

Key clients 

Key clients for the firm include Apollo Global Management, Credit Suisse, JP Morgan, Bank of America, BNP Paribas, Deutsche Bank, Jeffries and Goldman Sachs.

Baker Botts is an international firm with a stronghold in Texas, where its Texas offices are members of Lex Mundi. The firm has 13 offices across five regions. In the United States, there are seven offices in Austin, Dallas, Houston, New York, Palo Alto, San Francisco and Washington D.C.

Focusses/specialisms 

The firm historically has done excellent work in the energy industry, although it has since expanded to cover numerous industries including technology, logistics and entertainment.

The team’s banking and finance practice acts for borrowers in refinancings, ABLs, warehouse financings, acquisition financings and corporate financings.

Key clients 

Key clients for the firm include NRG Energy, Delek US Holdings, Odfjell Holdings, Summit Midstream Partners, BWX Technologies, Sprague Resources, NASCAR, GCI Liberty, Sunnova Energy and Halliburton.

One of the world’s largest law firms, Dentons is truly a global law firm, with over 190 locations across over 75 countries. In the United States, the firm has offices and partnerships in 43 cities. Though the firm is full service, in the United States it has a standout structured finance and securitization practice, as well as a notable restructuring and insolvency practice. The structured finance and securitization practice has expertise in the real estate industry, where it excels at RMBS transactions, as well as other mortgage and real estate backed securities. It also works on securitizations in the banking and financial services industry. The team can represent issuers and lenders equally. 

Despite having been founded in Miami in 1967, Greenberg Traurig has quickly become a truly international firm. It currently has 47 offices spread over three continents. In the United States, the firm has 34 offices across 19 states. While the firm is well known globally for its work in business law, it is a standout particularly in Arizona, Nevada and Florida, where it has the most offices. The firm’s project teams do wider project development and finance work in the energy and oil and gas industries. Its banking and M&A teams work on acquisition financing transactions and advise on deals in the real estate sector.   

Shearman & Sterling is a well known international firm with 25 offices worldwide. Within the United States, the firm has offices in Austin, Dallas, Houston, Menlo Park, New York, San Francisco and Washington D.C.

Focusses/specialisms 

Though the firm is full service, it is best regarded for its work in derivatives, high yield debt and infrastructure project development.

In the banking practice, the team represents borrowers, arrangers and administrative agents in DIP, asset based, acquisition, exit and corporate financing matters. It also represents clients in refinancing and financial restructuring matters.

Key clients 

Key clients for the firm include Bank of America, Morgan Stanley, Goldman Sachs, MUFG Bank, HSBC, Citibank, Credit Suisse, Deutsche Bank, BNP Paribas, Banco Santander and Barclays.

Full-service firm Duane Morris got its start in Philadelphia but has since expanded to 29 offices over three continents. In the United States, the firm has 22 offices spread through the country. Though the firm is headquartered in Philadelphia, the New York offices are among the firm’s largest. Each of Duane Morris’ locations have different expertise. Throughout the firm, there are teams in the banking, capital markets, M&A and restructuring and insolvency practices.  The banking practice has teams of note in Florida, Illinois and Pennsylvania. The restructuring and insolvency practice has teams in New York, Los Angeles, Chicago, Philadelphia, San Diego, San Francisco, Boston, Atlanta, Miami, Pittsburgh, Newark and Wilmington.   

Founded in 1983, Pachulski Stang Ziehl & Jones is a boutique restructuring and insolvency firm with a large presence throughout the United States. It has five offices across the country, in Los Angeles, San Francisco, New York, Wilmington and Houston. Being a firm completely dedicated to restructuring and insolvency, the firm represents clients on matters related to that practice area. The team represents clients on all sides including creditors and debtors in out of court restructurings.