Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Simpson Thacher is often seen advising issuers and underwriters on a range of transactions, and is known for its particularly strong US law practice. Clients compliment the firm’s value for money and accessibility, with one saying: “The firm was really responsive, and gave surprisingly good value for money for a top-market practice. Our relationship with the firm is primarily with partner Leiming Chen. He’s very good to work with and very helpful.”

This past year, Simpson Thacher’s capital markets team has been involved in US IPOs of many Chinese companies, including Ambow Education, Charm Communications, China Ming Yang Wind Power, Concord Medical Services, Bona Film, and Yingli Green Energy.

In one representative transaction, partner Chris Lin led a team representing Bona Film Group on its US$99.8 million IPO and Nasdaq listing. The deal signalled the first time a China-based film company has been publicly listed in the US.

Leiming Chen and Chris Lin are top partners at the practice.

The M&A practice at Simpson Thacher & Bartlett has been garnering praise from clients for its knowledge and strategic advising capabilities. One client describes the practice as, “outstanding across the board”. The client adds: “These guys pretty much worked on every M&A we looked at. The people are very talented lawyers, and the best in their field in terms of subject matter knowledge. They have a clear strategy that’s relevant and important to me as a client, and they are very flexible when thinking through stuff and reaching an outcome. I had a very positive experience working with them. It is simply the best team I have every worked with.”

This past year, Beijing partner Shaolin Luo led an M&A team advising on several major deals with Chalco HK South East Investment, which is a wholly-owned subsidiary of Aluminum Corporation of China. In one such deal, Luo’s team advised Chalco on its 60% stake acquisition in Lao Service Mining from Lao Services. After the acquisition, Lao Service Mining will seek to extract mineral resources in Laos and develop aluminium refinery capabilities.

Known for its leading US equity capital markets practice, Simpson Thacher is soon to gain Hong Kong law capability with the addition of leading partner Celia Lam from Linklaters and Christopher Wong from Freshfields. The major hires should allow the firm to grow and compete with the many other US firms who are adding Hong Kong qualified partners.

This past year, the capital markets team advised underwriters Goldman Sachs on Youku.com’s US$233.3 million NYSE IPO.

While Simpson Thacher’s capital markets prowess is undisputed, the firm enjoys a growing presence in the M&A space. Clients have high praise for the partners in the M&A team. “They are outstanding across the board,” says one client. “These guys pretty much worked on every M&A we looked at. The people are very talented lawyers and the best in their field, in terms of subject matter knowledge. They have a clear strategy that’s relevant and important to me as a client, and they are very flexible when thinking through stuff and getting to an outcome. I had a very positive experience working with them. It is simply the best team I have ever worked with.”

Partner Kathryn King Sudol recently led a firm team representing Primus Pacific Partners in the sale of its 4.5% stake in China Life Insurance. Shaolin Luo and Douglas C Markel are also leading lawyers in the practice.

“Simpson Thacher & Bartlett always delivers on time and its ability to communicate in the Japanese language is extremely effective, especially when executing complex transactions under a very tight schedule,” says one client. One investment counsel notes that the team is “good at disclosure” and “knows underwriters well”. The firm was able to demonstrate this when it represented the underwriters, led by Nomura Securities International, on Nomura Holdings’ US$1.25 billion medium-term note offering. Partner Alan Cannon led the firm’s team on the deal.

On the issuer side, Takahiro Saito advised Otsuka Holdings on its US$2.4 billion IPO and global offering in January 2011 and this was the largest equity deal in the world for a pharmaceutical company. In addition to Cannon and Saito, partner David Sneider is highly recommended by clients. One says: “He was excellent. [He was] extraordinarily responsive, one of the best foreign lawyers in Japan.”

Under the leadership of leading lights David Sneider and Alan Cannon, Simpson Thacher & Bartlett is often rated as one of the best foreign law firms in Japan. “[There are] a lot of good foreign law firms in Japan, but among the big ones – in terms of M&A law and securities – Simpson Thatcher is probably as good as any other,” says one client. Peers also regard the team highly. “David Sneider is a lawyer that our firm has very deep trust in and respect for,” says one.

The team has enjoyed another outstanding year acting on various notable transactions. One example saw Sneider lead a team for a consortium of energy and resource companies in the acquisition of a 15% stake in Companhia Brasileria de Metalurgia e Mineração for US$1.95 billion. American International Group also turned to Sneider for advice on its US$4.8 billion sale of its Japan-based insurance subsidiaries to Prudential Financial.