The 2016 edition of Who’s Who Legal: Capital Markets includes over 800 listings across 56 jurisdictions in the areas of debt and equity, Islamic finance, and structured finance.
Clifford Chance and Allen & Overy lead the research this year. Both firms have over 25 listings, and demonstrate the depth and breadth of their offerings across all three areas, particularly in Europe, Asia and the Middle East. Fellow Magic Circle firm Linklaters also performs strongly.
The leading US firms include Sidley Austin, Baker & McKenzie, Latham & Watkins, and Sullivan & Cromwell.
The most highly regarded individuals in the debt and equity, structured finance, and Islamic finance chapters are also recognised in this edition.
According to lawyers 2015 was a year of uncertainty, with the unsettled state of the current market largely attributed to the slowdown in the Chinese economy, the drop in oil prices, the Brexit debate and ongoing US elections. While the global debt markets have remained buoyant, albeit with a slight downturn, the equity side has witnessed a slowdown in activity, with companies reluctant to participate until the market becomes less sceptical. Furthermore, the practice area has seen a boom in the fin-tech sector over the past year, as alternative sources of funding, such as online and peer-to-peer lending, continue to diversify the market and broaden the options available for those seeking access to capital.
In this year’s edition, 531 private client specialists are listed from 244 firms across 51 jurisdictions.
In this section, we have identified 149 of the leading trustees, private bankers, accountants and investment managers that service the private client industry worldwide.
As tax avoidance and transparency continue to be prominent in both the social and political consciousness, a number of issues remain for international clients and their legal counsel. The stream of international regulatory structures introduced in the past few years has given rise to an abundance of compliance work. While issues of transparency threaten to undermine the very essence of private client work in some senses, regulation remains a hoop that must be jumped through and clients are striving to ensure that their tax and estate structures meet any and all new regulations. Contentious matters and philanthropic concerns still take up a great deal of time for many lawyers in this area, ensuring that the practice area is sufficiently diverse and busy.
Several international firms stand out for their strength and depth in this field, while a substantial number of leading individuals are listed from local and boutique firms.
Government procurement continues to grow in prominence and the issues and legislation surrounding it are becoming a more topical concern. Governments are at pains to secure value for money for the taxpayer and reduce their infrastructure deficit; as a result, the market for securing contracts has been increasingly competitive over the past five years. Disputes arising from these contracts, including challenges to the bid process, have grown in part due to this competitive pressure. Over the past few years, ongoing changes to legislation and reviews into procurement processes have ensured that legal teams have been kept busy in two of the biggest procurement markets in the world, namely Europe and the US.
Death, Taxes And Cost Overruns, by Júlio César Bueno of Pinheiro Neto Advogados
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