Legal Business

US law firms cash in on Alibaba and Citizens flotations

King & Wood Mallesons and US firms were the main beneficiaries of the largest initial public offering (IPO) in history, Alibaba’s $25bn listing, which generated $15.8m in legal fees while The Royal Bank of Scotland (RBS)’s Citizens flotation also saw US firms take leading roles.

Simpson Thacher & Bartlett advised Alibaba on US federal securities and New York state law with China head Leiming Chen and partners Daniel Fertig and William Hinman advising, while Sullivan & Cromwell partners William Chua, Jay Clayton and Sarah Payne advised the underwriters, including Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and Citigroup. Maples and Calder advised on Cayman Islands law, while Chinese law was covered by Fangda Partners for Alibaba and King & Wood Mallesons for the underwriters.