The ranking of the top 10 bond counsel firms in 2014 shifted significantly from the 2013 ranking, with only the top two and 10th firms remaining the same.
Orrick Herrington & Sutcliffe LLP remained comfortably in first place, working on deals totaling $30.38 billion par value, according to Thomson Reuters data. "We're very pleased to occupy the number one position," said Orrick's chair of its public finance department Roger Davis.
The year was very slow until Sept. 10, the United States Securities and Exchange Commission's deadline for disclosures from issuers and underwriters in the Municipalities Continuing Disclosure Cooperation (MCDC ) initiative. After this distraction was lifted and refundings were attractive, activity picked up in the remainder of the year, Davis said.
Davis said he expected a busy year in 2015.
Hawkins Delafield & Wood LLP was again second, credited with $16.44 billion of deals. In deals with multiple counsels, the Thomson Reuters data attributes equal credit to each firm on deal.
However, the firms from third to eighth place all shifted from their places in 2013 and the ninth place firm hadn't even existed in that year.
Texas-based McCall Parkhurst & Horton LLP rose to third place in 2014 from sixth place in 2013. "The Texas market was very active last year and we were fortunate that many of our clients were active as well," said managing partner Carol Polumbo. Its deals accounted for $13.14 billion, 28% more in par value in 2014 compared to 2013.
So far this year the firm has continued to be busy, Polumbo said.
The prior third ranked firm, Kutak Rock LLP, declined to fourth place.
The fifth ranked establishment, Sidley Austin LLP, climbed from its eighth place standing in 2013. The co-head of the Public Finance Group, Eric Tashman, said that the firm focuses on large sophisticated issuers. Because of the low-interest rate environment these issuers were particularly active in 2014. They are in a superior position to capitalize on interest rate shifts.
In 2014 Sidley Austin was associated with deals with $8.86 billion in par value, 28% more than in 2013.
Stadling Yocca Carlson & Rauth rose to sixth place from seventh place even though their par value decreased 14%, as the fourth through seventh ranked firms of 2013 did significantly more business than the fourth through seventh ranked firms of 2014.
Norton Rose Fulbright fell to seventh in 2014 from fourth in 2013.
Among the top 10, Greenberg Traurig LLP showed the biggest shift. It was 10th in 2012 but plummeted to 26th in 2013 only to recover to 8th this past year.
"We are very pleased with our ranking of No. 8 among bond counsel for publicly offered transactions in 2014," said Dianne Coady Fisher, co-chair of the firm's national public finance practice. "We were particularly proud of our ongoing work for Puerto Rico, where we acted as bond counsel for a $3.5 billion general obligation bond issue in 2014. Our role as co-bond counsel to Miami-Dade County in a $761,140,000 aviation revenue refunding bond issue at the end of the year also contributed significantly to our 2014 results."
"As is the case with all financial market participants, our practice is cyclical in nature," Fisher said. "We believe the 2013 ranking was attributable to a combination of market conditions generally, an increase in the number of private placements and the timing of certain of our larger closings."
The firm in ninth place, Squire Patton Boggs, hadn't existed in 2013. In late spring 2014 Squire Sanders merged with Patton Boggs to create the new firm. Squire Sanders had been the fifth ranked firm in 2013. In that year Patton Boggs had not been in the top 100.
In 2014 Chapman and Cutler LLP remained the 10th ranked bond counsel firm.
