The Top Capital Markets Law Firms: An Overview

What is Capital Markets Law

Capital markets law is a niche of financial services covering a broad range of responsibilities. Ensuring compliance with securities regulation, securities fraud litigation and representation of securities issuers before regulatory agencies are some common aspects that fall under its scope. It is a practice area touching on a variety of sectors and industries ranging from investment firms and banks to retail operators and private equity funds, among many others. Participation in a capital market requires tradeable financial instruments such as stocks, bonds and derivatives. Included in this are both local and global transactions, with the latter including transactions such as initial public offerings and bonds issues by issuers in overseas markets. professionals in this practice area undertake a range of regulatory and transactional work in the both private and public sectors . For investment bank clients, lawyers specializing in this field and related areas will assist with setting up financing packages for mergers and acquisitions. This will naturally involve collaborating with other internal departments and external counsel taking care of the M&A transaction. In terms of regulatory compliance, they have an important role in overseeing how securities are traded. This can extend to advising banks, broker dealers and investment funds on laws and standards with respect to anti-money laundering, capital requirements, customer information privacy and credit ratings, among others. Some goals with respect to a capital market include regulating the purchase, issuance and sale of equity and debt instruments. It also requires regulating the offering of products entailing derivative securities, either on a wholesale or retail basis. Finally, it involves monitoring the operations of investment and commercial banks in relation to their handling of retail and institutional client investment accounts.

What Makes the Top Capital Markets Law Firms

When it comes to selecting a top-tier law firm for capital markets, there are several key factors to consider. These factors help businesses and organizations make an informed decision on which law firm to work with and ensure they receive the best possible service.
The first factor to consider when selecting a law firm for capital markets is industry experience. Capital markets law firms should have significant experience in the relevant sector and be able to provide guidance on the various legal, regulatory, and business issues involved in capital markets transactions. Such expertise is essential in helping an organization navigate the complexities of the capital markets.
Another important factor to consider is global reach. Many capital markets transactions involve multiple jurisdictions and require support from lawyers with local knowledge of the relevant jurisdictions. Thus, a law firm that has a network of offices throughout key financial centers and can provide support in multiple jurisdictions may be the best choice. Such a law firm will be able to advise on the local laws and regulations applicable to the transaction, as well as provide access to local services and resources.
A law firm’s reputation is another important factor to consider. A top-tier law firm for capital markets will have a strong reputation in the market and be known for providing high-quality legal services. Reading online reviews and speaking to other clients of the law firm can help to ascertain the firm’s reputation and level of service.
Another important consideration when selecting a law firm for capital markets is their approach to technology and innovation. The legal industry is rapidly evolving and law firms must keep up with the latest technological developments in order to provide high-quality legal services. A capital markets law firm that is at the forefront of legal technology will be better equipped to deliver the services their clients need.
In addition to these factors, it is also important to consider the firm’s size and resources. Capital markets transactions can be complex and time-consuming, requiring multiple lawyers with different specialties to be involved in the transaction. A large law firm with significant resources will be better equipped to handle the demands of a complex capital markets transaction.

Top Global Capital Markets Law Firms

According to Chambers, the top capital markets law firms worldwide include Aiken Gump, Allen & Overy, Cleary Gottlieb, Davis Polk, Freshfields, Latham & Watkins, Linklaters, Milbank, Pillsbury, Sidley, Skadden, Weil, and White & Case.
Aiken Gump
The firm primarily focuses on energy and real estate feeder fund formations, initial public offerings (IPOs) and debt capital markets. Recent deals include advising EnLink Midstream Partners on a $10 billion IPO, and advising Rice Midstream Partners on a $600 million IPO.
Allen & Overy
The U.S. capital markets team deals with equity capital markets, structured debt, securitization, investment grade debt, real estate finance, DCM origination, and liability management. Recent deals include advising Sweden’s Scania Group on its $400 million Rule 144A bond offering and advising Reliance Industries on $1.5 billion worth of UN Sustainable Development Bonds.
Cleary Gottlieb
The U.S. capital markets team specializes in energy and power, REITs, REIT spin-offs, SPAC mergers, high-yield debt securities, U.S. investment-grade and mid-cap debt markets, and Euronext Growth. Recent deals include advising NuStar on a $1.2 billion public offering, advising SeatGeek on its $1.2 billion go-public transaction and advising Coty on its $5 billion bond offering.
Davis Polk
The global capital markets practice specializes in energy, mining and minerals, investment funds, real estate, derivatives, healthcare, Latin America, technology and telecoms. Recent deals include advising Chicago Bridge & Iron Company on a $4.7 billion capital raising, advising Westfield on its $10 billion dido transaction, advising Emera subsidiary NS Power on its $415 million IPO, advising International Flavors & Fragrances on a $1.2 billion share offering and advising Windstream Holdings on its $2 billion bond offering.
Freshfields
Freshfields’ U.S. capital markets practice specializes in equities, investment grade debt, high yield, leveraged finance, REITs, securitizations, ABS, investment funds, as well as public and private M&A transactions. Recent deals include advising Scripps Networks Interactive on its $4 billion sale to Discovery Communications, advising Fox Sports Media Group on the $8 billion sale of its 15 regional sports networks to Sinclair Broadcast Group and advising Frontier Communications on its $9 billion public offering.
Latham & Watkins
Latham’s capital markets practice specializes in high yield, debt capital markets, specialty finance, M&A, securities, investment funds/financing and M&A advisory. Recent deals include advising Wild Horse Resource Partners on its $5.4 billion sale to TPG Capital, advising Andeavor on its $24 billion merger with Marathon, and advising HPE on its $3.5 billion IPO.
Linklaters
The firm specializes in high-yield, equity capital markets, banking, structured bonds and securitisation, investment funds and real estate. Recent deals include advising Old Mutual on spin-offs totalling more than $10 billion, and advising Technology Crossover Ventures on its $20 billion merger with Fidelity’s FTV Capital.
Milbank
The firm specializes in aviation, structured finance, credit, high-yield, leveraged finance, derivatives, SPACs, energy, transportation, shipping, transportation asset finance, financial institutions, insurance and structured products. Recent deals include advising tech firm SuSE on a $307 million IPO.
Pillsbury
The firm specializes in bank and mortgage REITs, equity raised for foreign issuers, NASDAQ listings, REIT IPOs, SPACs and PIPEs. Recent deals include advising Annaly and RSO on their recapitalizations, advising Park Hotels & Resorts on IPOs totalling $200 million and advising Kerry on $32.7 billion worth of IPOs.
Sidley
The firm specializes in corporate governance, REITS, IPOs, SPACs, PIPEs, M&A, marketed offerings and private placements of securities. Recent deals include advising EnLink on $8 billion in market offerings and advising Pillsbury on $500 million in market offerings.
Skadden
Skadden specializes in real estate investment trusts, IPOs, debt and equity offerings, and SPACs. Recent deals include advising International Flavors & Fragrances on its $6.7 billion acquisition and advising Westfield on its $1 billion REIT initial public offering.
Weil
Weil specializes in closed-end funds and alternative investment, CLOs, CDOs, collateralised loan and debt instruments, debt private placements, real estate funds, derivatives, MBS and real estate. Recent deals include advising Blackstone on a $2 billion IPO, advising EQT Partners on its $6 billion IPO and advising Apax Partners on its $250 million IPO.
White & Case
White & Case specializes in lending, debt, REITS, IPOs, MFNs, PIPEs and equity capital markets. Recent deals include advising Alliance Data on $2 billion worth of IPOs and advising ING on its €860 million share offering.

Recent Transactions by the Top Firms

With the rapid evolution of the financial markets, capital markets law firms have played critical roles in representing clients across a spectrum of industries and types of transactions. From leading the way in landmark Initial Public Offerings (IPOs) to advising private equity firms through intricate fund formations, these attorneys are central to the globe’s most sophisticated and frequently-complex domestic and cross-border securities, structured finance, and M&A transactions.
For example, one of the top private equity firms, Boston-based Bain Capital, relied on Davis Polk’s securities lawyers to advise on multiple offerings for Bain Capital Real Estate Partners Fund. The fund was looking to raise nearly $1 billion for investments in Asia, and the firm’s attorneys helped negotiate some challenges the firm faced with the United Sates Securities and Exchange Commission.
On the West Coast, Davis Wright Tremaine represented NASDAQ, Inc. in its acquisition of the International Securities Exchange, as well as Menlo Park-based Westfield Group in securities and antitrust issues related to its $24.7 billion merger with Australia’s Westfield Holdings. The Australian real estate investment firm last year tapped the firm again to advise on the sale of more than 40 retail assets , including its flagship shopping center in Century City.
The Los Angeles headquarters of Sheppard Mullin advised Brightstar Capital Partners in its acquisition of FSR Holding Co. This deal was a spin-off of ownership of FSR, which had been operating as a division of Allied Motion Technologies Inc. for more than 15 years. Sheppard Mullin has also advised the lender syndicates comprised of 11 U.S.-based financial institutions in a $310 million floating-rate loan.
Leading global law firm Greenberg Traurig has provided legal counsel on important matters for a variety of clients recently, covering everything from prime brokerage to underwriting. For instance, an affiliate of one of the world’s largest professional services networks entrusted Greenberg Traurig to handle its $150 billion Prime Brokerage business, which offers services such as execution and securities lending to hedge funds and private equity funds. The firm also secured representation of Morgan Stanley as lead book-running fish in the public offering of 10 million shares of New York-based Jefferies Financial Group Inc.

Judge’s Opinion of Capital Markets Lawyers

With the heightened regulatory landscape and the complexity of ever-changing global markets, having a team of highly specialized experts committed to your company’s success is paramount. The nation’s top securities law firms offer comprehensive securities law counsel and have the capital markets expertise needed to navigate complex transactions.
The influence of the securities market on the nation’s economy cannot be overstated. Securities lawyers must not only have an in-depth understanding of their client’s business, but also need to be aware of the economic and legal conditions in the world markets that affect securities transactions. The intricacies of global and national securities laws require firms that specialize in precise areas of securities law including, but not limited to, regulation, public offerings, private placements and securities litigation.
As the securities market continues to change at a rapid pace, the industry must adjust quickly to develop and implement cutting-edge solutions to help clients navigate the future. With a comprehensive understanding of what drives the ever-evolving capital markets, the top firms on this list are equipped to guide their clients toward making the best strategic choices in an increasingly complex and demanding global factor. From new rules for SEC compliance and disclosure, to the complexities of cross-border public offerings, the diverse range of industry experience and in-depth knowledge base needed for a top flight capital markets team has made it more challenging than ever to find the right fit.
Other factors contributing to choosing the right firm include the firm’s reputation with prominent securities regulators and the impact of previous interactions with these regulatory agencies. The reputation or relationship earned with the SEC, NYSE, AMEX, FINRA and state regulatory authorities can be critical in influencing the client’s success in the securities arena.
The team of specialists must also have a successful working knowledge of capital raising transactions. The client’s ability to raise capital on favorable terms can make all the difference in today’s capital markets. For example, when financing falling short-term financing needs, devising innovative solutions to unlock value and restore liquidity can be the key to survival. In addition, the expertise of the firm must compliment and focus on the needs of the client to ensure the firm can provide expert advice on business ownership structure and other strategic planning issues.
The importance of experience in the field also cannot be understated. The long history of experience dealing with a number of different capital markets legal issues has allowed top firms to build extensive databases of historical data, case studies, information, and knowledge that can be leveraged in future projects and endeavors. With a wealth of knowledge, the top capital markets law firms have a proven track record of securing superior results for their clients. With a track record of success, the top firms offer years of experience to clients and can expect to continue to dominate the capital markets law landscape for years to come.

What are the Capital Markets Law Happenings

Technological innovation is not new to the capital markets. On the contrary, as leading corporate advisory lawyers Kevin O’Connor and Robert Casusio of Allen & Overy explain in this article, "the existing legal framework has evolved over the last century to reflect and accommodate financial innovation in the capital markets." But today’s pace of technological progress and innovation, driven by the disruptive forces of Big Tech – including the likes of Google, Facebook and Amazon – is exponential, and has really changed how firms lead their clients into the future. For example, as O’Connor and Casusio note, the use of hybrid vehicles (which combine an initial public offering (IPO) with a concurrent direct listing) represents the most significant capital markets innovation in recent years. The emergence of new technologies , such as AI and blockchain, promise to continue to disrupt the way the capital markets operate. As characterized by Roger Parker, the global head of capital markets at Allen & Overy, the emergence of technology means that "our services will be increasingly delivered using digital solutions . . . [and] clients will be well-equipped with the data and analyses they require to support their strategic objectives." So how do you begin to keep ahead of the curve, as both a law firm and a client? For O’Connor, it comes down to common sense: "Whatever the force driving change, we need to ensure we focus on what our clients want and tailor our service to their needs."