Kirkland & Ellis

International Top 30 position: 10
International 50 position (Asia-Pacific): 35

Break-up fees — picking your number

During the course of negotiations of every public company deal, inevitably the conversation will turn to the amount of the break-up fee payable by a target company to a buyer if the deal is terminated under certain circumstances. Because US corporate law generally requires a target company to retain the ability to consider post-signing superior proposals, a break-up fee is an important element of the suite of deal-protection devices (including ‘no-shop’ restrictions, matching rights and so on) that an initial buyer implements to seek to protect its position as the favored suitor.

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30 St Mary Axe

Firmwide revenue 2011 ($m): 1,750
Global lawyers 2011: 1,457
Jurisdiction: US
No. of offices: 3
No. of qualified lawyers: 68 (International 50)