US firm Sidley Austin has opened its first Australian office in Sydney, practising US law.
Sidley Austin has more than 1,700 lawyers spread throughout 15 offices worldwide. Its Asian offices include Beijing, Hong Kong, London, Shanghai, Singapore and Tokyo. Sydney is the firm's sixteenth office.
The firm has been active in the Australasian market for more than 20 years, acting predominantly for investment banks and financial institutions on underwritings of US issues.
The increased sophistication and number of transactions originating in the Australasian market is the main reason for the firm to open up shop. "Since Paul Keating and his government changed the superannuation rules 10 years ago, there has been much more liquidity in the Australian market. As a result, many investment banks have set up branches in Australia," explains London-based partner Craig Chapman (pictured), co-chairman of Sidley Austin's international operations.
Chapman - who started his career in law at Blake Dawson Waldron in 1980 - says the decision was not so much inspired by the increased activity of US private equity firms in the region, but that the firm has been missing out on deals acting for issuers because it lacked the on-ground capacity. "We're looking to change that," says Chapman.
Bob Meyers, who has joined the firm as a partner, will head the Sydney office. He comes from another American firm, Pillsbury Winthrop Shaw Pittman, where he was managing partner of the Sydney office. Meyers was the only partner of Pillsbury in Sydney and it is understood that his departure will mean the end of the firm's presence in Australia.
Meyers began his practice as a member of Skadden's antitrust and general litigation groups, after serving as a law clerk in the US Court of Appeals. Recently, he has been involved with the Telstra 3 offering, acting as US counsel to the initial purchasers. He also acted as US counsel to Dyno Nobel in its A$1.9bn IPO.
According to Chapman, the firm is looking to add another partner or two to the office in the next few years.