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The newly merged Sidley Austin Brown & Wood has won out as the leading law firm advising on US investment banking and capital markets deals.
The firm is the leading adviser to both issuers and managers in US debt, equity and equity-related deals, according to a survey by Thomson Financial. Sidleys picked up 12 per cent of the issuer market and 10 per cent of manager work for the first six months of 2001. The legacy Sidley & Austin has only consolidated its position through the merger, it was in first place for the first half of 2000 with deals totalling $41.8bn (£28.7bn). This year that has more than doubled to $86.9bn (£59.7bn). San Francisco's Orrick Herrington & Sutcliffe has moved up to second place on issuer representation from fourth last year, and New York's Davis Polk & Wardwell has leapt from thirteenth to third. On manager advice, Davis Polk & Wardwell has taken second place from Sullivan & Cromwell, which has dropped to third. For US IPOs, Hunton & Williams tops the issuer tables, having advised Kraft Foods on its $7.3bn (£5bn) IPO. The same deal put Simpson Thacher & Bartlett top of the manager tables. Finally, in high yield debt, Latham & Watkins shot up from third place last year to top spot for advising managers.