Allen & Overy
| Ed Murray |
| David Benton |
Counsel to the International Swaps and Derivatives Association and last year's winner, A&O is seen as a well-rounded firm equally at home with credit derivatives and equity. This year it advised on the creation of the sterling iTraxx index, along with working on ISDA templates such as European variance swaps. "They have the right quality of senior partners and they understand our business," said one in-house counsel. Ed Murray and David Benton are two standout partners among a handful, cited by both dealers and peers.
Cadwalader Wickersham & Taft
| Ray Shirazi |
Cadwalader's longstanding structured notes practice and partner Ray Shirazi's contributions to the U.S. Structured Products Association mean the firm is held in high regard by equity derivative dealers. The firm is also viewed as having solid collateralized debt obligation experience and this year has been a serious player in the developing market for CDOs of asset-backed securities. Cleary Gottlieb Steen & Hamilton
| Michael Dayan |
Cleary Gottlieb is regarded as having a wide-ranging derivatives practice, able to cover both equity and credit. It was also noted for its willingness to take on exotic and hybrid trades. Partner Michael Dayan was noted both by dealers and other counsel for his contributions to various industry groups. In the last year it has been in the spotlight for working with The Depositary Trust & Clearing Corporation to improve processing of credit-default swap confirmations.
Linklaters
| Simon Firth |
In-house counsel said the firm works hard to understand deals from the investment bank perspective. Partner Michael Voisin was singled out for special attention for his group, which combines Linklaters' securitization and derivatives expertise. Simon Firth and Pauline Ashall were also noted for their experience and contributions to industry groups such as the International Swaps and Derivatives Association. The hire of Chin-Chong Liew from Allen & Overy in Hong Kong earlier this year boosted the firm's derivatives presence in Asia.
Simmons & Simmons
The London-based firm has been working hard to gain a foot-hold with derivatives dealers and has won over several firms' in-house counsel with its attention to detail. "They work hard, and they get it right," summed up one lawyer at a large shop in London. Simmons' extensive investment management practice has also given it a way into fund-linked derivatives, with partner Iain Cullen, general counsel to the Alternative Investment Management Association, a key asset.
