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Corporate Scorecard is published by The American Lawyer each April and details the performance of the U.S. law firms with the most active corporate finance and capital markets practices. The information, which is culled by a number of third-party sources, is gathered by ALM Legal Intelligence. Firms are ranked on both the number and value of the deals handled in specific transactional areas, including Asset-Backed Securities, Bankruptcy, Equities, High-Yield Debt, Investment-Grade Debt, IPOs, Mergers & Acquisitions, Mortgage-Backed Securities, Municipal Bonds, Private Equity, Project Financing, REIT Debt, and REIT Equities.
Corporate Scorecard tracks the transactional practices of leading firms in corporate finance in a series of subspecialties. Unless otherwise noted, data includes only public, registered, underwritten offerings or deals transacted in the previous calendar year, including firmly underwritten rule 144a transactions, but not pure private placements or the filing of shelf registrations. All of the charts have firm rankings based on the dollar volume or value of the transactions, and all of the charts except for bankruptcy, bankruptcy emergences, and biggest project finance also have additional rankings based on the number of issues or deals.
The data for Corporate Scorecard comes from the following information suppliers: BankruptcyData.com provided bankruptcy data; Dealogic provided project finance data; Mergermarket provided private equity data; Thomson Reuters provided all other data.
Mergers and Acquisitions and Private Equity data includes deals with a North American–based target that were announced but not necessarily completed that are valued at $100 million or more, including debt. Only counsel to bidders that billed more than $100,000 are given credit. In some cases, a firm’s involvement is prorated, depending on its role, and the firm is given partial credit. Source: Mergermarket
Bankruptcy Debtor’s counsel includes only the law firm that filed the bankruptcy on behalf of the company. Assets are from the companies’ most recently filed annual reports prior to filing under Chapter 11. Source: bankruptcydata.com
Project Finance data is based on deals signed and funded in 2010 and includes only non-recourse and limited recourse facilities. Firms are credited for advising borrowers, concession awarders, commercial lenders, multilateral lenders, export credit agencies, guarantors, and divestors. Source: Dealogic
Equities includes worldwide issues by U.S. corporations, including secondaries, convertible bonds, and convertible and nonconvertible preferred stock. It excludes asset-backed securities and REITs. IPOs include offerings by U.S. and foreign corporations in the U.S. marketplace.
Corporate Debt includes both investment-grade and high-yield securities. Investment-grade debt includes securities with a Standard & Poor’s rating equal to or greater than BBB- and a Moody’s rating equal to or greater than Baa3, and split junk-rated securities. High-yield debt includes securities with an S&P rating equal to or less than BB+ and a Moody’s rating equal to or less than Ba1, but excludes split junk-rated securities. Securities not rated by either agency are assumed to be high yield. Both areas exclude certificate of deposit, general term notes, and issues by federal credit agencies, sovereigns, and national governments.
Asset- and Mortgage-backed Securities are counted as a single offering when multiple classes of securities are issued together with one legal adviser. Separate legal advisers are credited with the separate securities they handled. Mortgage-backed securities include commercial and residential offerings.
Municipal Bonds data is based on new long-term municipal issues. Short-term, preliminary, and private placement issues are not included.
REITs data includes equities and debt offerings by real estate investment trusts.
Source: Thomson Reuters