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Latham & Watkins • 2007 Annual Review �

2007Annual Review

Defining Quality

Lath•am & Wat•kins (Lāth am & Wôt′ kins) n. 1. A leading, full-service, international law firm. 2. A go-to firm for high-profile matters. 3. A network of integrated offices capable of brokering deals and overseeing cases and regulatory matters spanning multiple jurisdictions in a variety of industries. 4. A committed champion to the cause of increasing diversity in the legal profession. 5. One of the world’s largest providers of pro bono legal services. 6. An active member of the community. 7. An innovator. 8. An industry leader.

2007 Annual Review • Latham & Watkins�

Designed by Ericson Herbas for Latham & Watkins Business Development Department.

LetterfromtheChairman �

DefiningWorld-Class �

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Table of Contents

Latham & Watkins operates as a limited liability partnership worldwide with an affiliated limited liability partnership conducting the practice in the United Kingdom and Italy. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding our conduct under New York’s Disciplinary Rules to Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022-4834, Phone: +1.212.906.1200. © Copyright 2008 Latham & Watkins. All Rights Reserved.

Defining Quality


RobertM.Dell

Dear Clients & Friends of the Firm: Letter from the Chairman I am pleased to present to you our 2007 Annual

Review. Inside, you will find many examples of how the firm’s attorneys have worked through our network of offices to provide clients with innovative global solutions to complex legal and business issues, including those that extend across multiple borders and jurisdictions. You will also find examples of our continuing commitment to pro bono, diversity, community service and the environment.

Over the past 10 years, Latham & Watkins has expanded considerably in the US, Europe and Asia. We remain committed to enhancing our leading presence in those legal communities, as well as exploring other legal markets around the world. We believe strongly that our expanded scope has positioned us to serve our clients’ global needs more efficiently and effectively. Nearly one-third of all of our revenue in 2007 was generated through matters spanning more than one country, a reflection of the increasingly cross-border needs of our clients. We continue to study additional opportunities to ensure that the firm has the highest quality talent across all markets that most benefit our clients.

As we continue to grow on a global scale, we have greatly enhanced our capabilities in Europe through our expansion in Spain and Italy. Our offices in Madrid and Barcelona, which were launched in late 2006, grew to 18 lawyers in 2007. In addition, the firm has added five leading Italian partners to our already strong Italian practice, which was based out of Milan. These additions have allowed the firm to open a new office in Rome, giving Latham & Watkins two offices in Italy and a strong local law capability.

Our Spanish practice has quickly grown to be one of the top transactional and regulatory practices in Spain and our Italian practice continues to be one of the elite in the market. In 2007, Thomson Financial ranked the firm sixth in Spain and second in Italy by deal value for mergers and acquisitions.

Our expansion has not been limited to geography. We are constantly monitoring the legal landscape to deepen our capabilities in new or growing practice areas. For instance, our cutting-edge cleantech practice is comprised of attorneys with finance, intellectual property, transactional and environmental expertise to serve the growing industry surrounding the development of environmentally friendly technologies. We have also enhanced our ability to serve companies doing business in emerging markets such as the Middle East, Southeast Asia, Latin America and Russia.

As we continue to grow, we remain committed to the core values that have allowed us to become a premier, global law firm. Our “one-firm” culture permeates every aspect of Latham & Watkins and allows us to integrate new lawyers, practices and offices while maintaining a consistency of the highest quality client service throughout the firm. n

RobertM.DellChairman and Managing Partner

2007 Annual Review • Latham & Watkins

Lath•am & Wat•kins (Lāth am & Wôt′ kins) n. 2. A go-to firm for high-profile matters.

Defining World-Class

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In 2007, Latham & Watkins represented Spanish energy company Iberdrolain a number of major transactions.

In a transaction that resulted in an electricity group that is one of the largest in Europe, Latham & Watkins represented Iberdrola in its US$17.2 billion acquisition of ScottishPower, an international energy company. The resulting electricity group is one of the world’s top renewable energy operators.

Latham & Watkins also represented Iberdrola on aspects of its US$4.5 billion acquisition of US regional power provider Energy East. The acquisition is part of Iberdrola’s corporate plan to expand in the US and invest in clean energy projects.

In addition, Latham & Watkins represented Iberdrola Renovables (the renewables business of Iberdrola) in its IPO on the Madrid Stock Exchange worth €4.5 billion (US$6 billion), one of the largest IPOs worldwide in 2007. n

Spanish Energy Company Transactions

The Chambers Global 2008 guide ranks Latham & Watkins’ capital markets practice among the finest in the world, noting its “breadth and depth ... enabling it to represent clients from Europe to Latin America and from the USA to Asia.”

Practicesinvolvedinthesematters — Mergers & Acquisitions • Antitrust & Competition • Corporate Finance • Energy Regulatory • Environment, Land & Resources • Finance • Tax

Offices involved in these matters — Madrid • Brussels • Hamburg • London • Los Angeles • Milan • New York • Northern Virginia • Paris • San Francisco • Washington, D.C.


Latham & Watkins won a complete victory representing OmnicomGroup,Inc. (Omnicom) and certain of its officers and directors in a multi-billion-dollar securities fraud class action in the US District Court for the Southern District of New York. Plaintiffs alleged that Omnicom, a strategic holding company that manages a portfolio of global market leaders in advertising, marketing and communications services, had engaged in accounting fraud and improper financial reporting related to Omnicom’s investments in certain interactive advertising companies.

Latham & Watkins was hired to defend Omnicom and its executives in August 2006 and in the fall of 2007 brought a motion for summary judgment, arguing that plaintiffs had failed to satisfy essential elements of their claim. On January 29, 2008, Judge William H. Pauley III issued an order granting defendants’ motion. The decision is significant in that the court found no evidence of “loss causation,” a key element of a securities fraud claim. The court was “not persuaded that Plaintiffs have presented facts sufficient to support” their claim and found that “there is simply no way for a juror to determine whether the alleged fraud caused any portion of Plaintiffs’ loss.”

In addition, Latham & Watkins defended Omnicom in the related shareholder derivative litigation pending before the New York State Supreme Court, Appellate Division. At issue was the Omnicom board’s approval of the formation of Seneca Investments LLC, an independent entity that managed Omnicom’s Internet investments. The plaintiffs claimed that Omnicom’s directors breached their fiduciary duties by allegedly using Seneca’s formation to conceal the financial condition of the Internet investments. Omnicom moved to dismiss the complaint, arguing that the plaintiffs had not made the required pre-suit demand and could not show that demand should be excused. The trial court denied the motion. Latham & Watkins handled the appeal, persuading a five-judge panel to reverse the decision and dismiss the claims against Omnicom. The judges adopted Latham’s formulation of the appropriate demand futility test. n

Securities Fraud Victory

Latham & Watkins has roughly 650 litigation attorneys located in 16 offices around the globe. The firm’s litigators have handled matters in approximately 45 countries on six continents.


In a patent litigation jury trial, Latham & Watkins represented MonolithicPowerSystems,Inc. (MPS), and successfully defended against a patent infringement action claiming US$160 million in damages (before trebling), brought by O2Micro in the Northern District of California. O2Micro asserted patent claims purporting to cover MPS’s integrated circuits used in LCD displays, including desktop monitors and notebook computers. The jury found that the claims of the remaining patent were invalid. The case was significant to the company on a number of fronts, particularly because it threatened a large percentage of MPS product revenue and it followed a series of successes by O2Micro against other companies involving the same patent. In the midst of an already extensive litigation process, MPS decided to bring in Latham & Watkins in late 2006 to orchestrate the trial defense against O2Micro’s claims of patent infringement. The Latham & Watkins team deposed O2Micro’s damages expert and took the lead in crafting a motion for summary judgment concerning damages. The motion exposed O2Micro’s basic methodology as unprincipled and contrary to the underlying facts and basic laws of economics. The presiding judge agreed, granted the motion, struck O2Micro’s expert report and precluded O2Micro from presenting its damages case at trial.

After failing to persuade the judge to reverse her rulings or allow the plaintiff to present alternative damages theories at trial, O2Micro proceeded to trial seeking an injunction that would have precluded MPS from selling any of the products at issue. During the two-week jury trial, Latham led the trial and handled the opening statement, closing argument, examination of all of O2Micro’s key fact witnesses, examination of an independent expert appointed by the court, and the critical cross-examination of the O2Micro inventor. The jury found that none of the six asserted patent claims were literally infringed and that all of the claims were invalid, meaning that they can no longer be asserted against anyone. The Daily Journal named the case one of the Top 10 defense verdicts of 2007. n

Patent Infringement Jury Trial Victory

In 2007, Latham & Watkins’ 15 largest litigation matters were handled out of an average of more than five Latham & Watkins offices located on three continents.

2007 Annual Review • Latham & Watkins6

Latham & Watkins advised on several facets of one of the most widely watched European M&A deals in 2007 — the acquisition of the Spanish energy company Endesa by the Italian energy company Enel.

A cross-border Latham & Watkins team advised EnelS.p.A, Italy’s largest power company and Europe’s third-largest listed utility, on its €35 billion syndicated term loan facility obtained in connection with its joint tender offer to acquire Spanish power giant Endesa, and subsequently advised the underwriters on Enel’s US$3.5 billion Yankee bond, one of the largest Yankee bond transactions of 2007.

Latham & Watkins also represented MorganStanley, which acted as the dealer-manager on the tender offer. The transaction was worth roughly US$57.9 billion. n

Widely Watched European M&A

Practicesinvolvedinthesematters — Mergers & Acquisitions • Acquisition Finance • Bank Finance • Tax

Offices involved in these matters — London • Madrid • Milan • Moscow • New York

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For 2007, Latham & Watkins was ranked #1 by mergermarket for both US and Global M&A by number of deals, and #3 for US M&A and in the Top 10 for Global M&A by deal value. The firm also maintained strong European rankings by number of deals, securing Top 10 spots in Europe, including #2 in France.

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Latham & Watkins secured Thomson Financial’s #1 ranking for involvement in US public M&A by number of deals for the second year in a row.


Latham & Watkins advised Fujian Refining & PetrochemicalCompanyLimited, a joint venture among Sinopec, Fujian Province, and subsidiaries of Saudi Arabian Oil Company (Saudi Aramco) and ExxonMobil, on China’s first integrated refining and petrochemical project with foreign participation.

The debt facilities for Fujian Refining & Petrochemical Company Limited were arranged on a limited recourse basis and comprise long-term and working capital facilities with a total value of approximately US$5 billion, and represent the largest project financing to date for a Sino-foreign joint venture in China.

The expansion of the existing refinery in Fujian Province and the additional new petrochemical facilities are expected to be completed in early 2009. Upon completion, it will be the biggest integrated refinery-petrochemical complex in China. Latham & Watkins served as counsel to the borrower and the project sponsors for more than one year, and played an important role in structuring the financing. The firm also drafted all principal financing documents. n

International Financial Law Review termed the Fujian Refining & Petrochemical Company financing “the largest integrated refining and petrochemicals project to be established by a Sino-foreign joint venture in China.”

China’s First Integrated Refining & Petrochemical

Project with Foreign Participation

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Latham & Watkins’ Project Finance Practice Group was ranked in Tier 1 in the Chambers Global 2008 guide, recognizing the firm’s prominence in Asia, Europe and the US, as well as the Middle East and Latin America.

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Latham & Watkins was ranked #1 by deal value in Dealogic’s 2007 Asia-Pacific Project Finance league tables. Latham & Watkins also advised on two of Dealogic’s Top 10 largest global project financings in 2007– the financing of the US$5 billion Fujian Refining Project, and the US$3.73 billion acquisition of Mirant Asia-Pacific Limited by The Tokyo Electric Power Company, Incorporated (TEPCO) and Marubeni Corporation, where the firm represented the TEPCO/Marubeni consortium.


A team from six Latham & Watkins offices represented aconsortiumofnorthAmericaninfrastructureinvestorsledbymembersoftheMacquarieGroupin a US$7.2 billion acquisition of Puget Energy, a regulated utility providing electric and natural gas services in the Pacific Northwest region of the United States.

Puget Energy is Washington state’s oldest and largest energy utility, and it serves more than 1 million electric customers and approximately 721,000 natural gas customers. n

Major US Energy Acquisition

Practicesinvolvedinthismatter — Mergers & Acquisitions • Acquisition Finance • Employment Benefits & Compensation • Energy Regulatory • Environment, Land & Resources• Real Estate •Tax

Offices involved in this matter — New York • Chicago • Los Angeles • Orange County • San Diego • Washington, D.C.

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Latham & Watkins’ tax practice distinguished itself in the Chambers Global 2008 guide with top-tier recognition in markets around the globe, including the US, France and the UK, as well as in the Global Tax category. Chambers noted in its US guide that peers state that this “sizeable full-service firm” has “a great [tax] practice,” which clients view as “truly excellent.”

[C]orporate counsel laud Latham’s striking business savvy, outstanding practical advice and proven ability to close deals.”—BTIConsultingGroup,�00�“MastersoftheDeal”Report

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Latham & Watkins advised on two groundbreaking transactions that received Jane’s Transport Finance 2007 Deal of the Year awards.

The firm advised the Japaneselessors/borrowerswith respect to the first two Airbus A321-200 aircraft that were put into Japanese Operating Lease (JOL) structures and financed by British Airways’ US$1.7 billion multi-currency debt facility that is slated to be used to finance JOLs for approximately 36 aircraft over the next four years. Latham & Watkins has already been retained to represent all of the lessors/borrowers that have received JOL mandates to date from British Airways with respect to subsequent aircraft deliveries relating to this facility. The British Airways deal won “Aircraft Debt Deal of the Year – Europe.”

Latham & Watkins also advised on the “Aircraft Leasing Deal of the Year – Europe” with respect to one ERJ 190LR aircraft deal. The judges noted “WestLB and Finnair closed the first-ever JOL financing on an Embraer E-Jet-series aircraft.” Latham & Watkins represented WestLBAG’s Tokyo branch in its capacity as overall arranger, agent and lender. n

Award-Winning Aircraft Leasing Deals

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Latham & Watkins’ aircraft finance practice placed #1 in all seven categories of Airfinance Journal’s 2007 “Guide to Aviation Lawyers,” including Most Commercially Aware; Fastest Law Firm; Most Innovative; Most Value for Money; Best After Deal Support; Best Client Entertainment; and Most Fun Lawyers to Work With.

The ranking is based on a global survey which canvassed aviation professionals from airlines, banks and leasing companies.


Lath•am & Wat•kins (Lāth am & Wôt′ kins) n. 3. A network of integrated offices capable of brokering deals and overseeing cases and regulatory matters spanning multiple jurisdictions in a variety of industries.

Defining Reach

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Latham & Watkins • 2007 Annual Review ��

MetroPCSIPO. Latham & Watkins worked on the US$1.3 billion MetroPCS IPO, the first IPO in 2007 to break the US$1 billion barrier on the New York Stock Exchange. Latham represented the underwriters, as joint book-running managers, for this offering.

RussianIPOs. Latham & Watkins represented Russia’s second-largest bank, VTB, on its US$8 billion IPO listed on the London Stock Exchange. It was one of the largest IPOs in the world completed in 2007.

In addition, the firm advised Russian telecommunications company Sitronics on its US$402 million IPO listed on the London Stock Exchange. Sitronics was the first major international company to join the London Stock Exchange’s Main Market in 2007.

Latham & Watkins represented leading Russian investment banking firm RenaissanceCapital and leading Russian banking services provider MDM on the US$190.4 million IPO by Synergy, one of the leading distilled spirits producers in Russia, which was placed in Russia and internationally pursuant to Regulation S.

VersatelAGIPO.In one of the largest German IPOs of the year, Latham & Watkins advised German facilities-based alternative telecommunications company VersatelAG on its €829 million IPO on the Frankfurt Stock Exchange (Prime Standard). The firm also advised on the €500 million refinancing of Versatel AG’s existing senior and second lien facilities through newly arranged bridge and revolving credit facilities.

SRVGroupplcIPO. Acting as international counsel, Latham & Watkins advised Finnish construction company SRVGroupplc on its €103.5 million IPO on the Helsinki Stock Exchange.

CnInsureInc.IPO.Latham & Watkins represented CnInsureInc., a leading independent insurance agency and brokerage company operating in China, in connection with its US$216 million IPO on the Nasdaq Global Market. It was one of the first financial services-related businesses in China to be listed in the US.

IPOs Around the World

Latham & Watkins’

global capital markets team handled 71 IPOs

valued at roughly US$32 billion in 2007.

Latham & Watkins has cemented itself as the go-to firm for Russian companies listing in London, landing a key role on the world’s biggest IPO this year.” —The LawyerMagazine,May��,�00�issue

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Latham & Watkins ranked first in IPO Vital Signs’ 2007 year-end rankings for US IPOs, representing both issuers and underwriters.

2007 Annual Review • Latham & Watkins��

Middle Eastern M&A. Latham & Watkins represented AbuDhabinationalEnergyCompany(TAQA) in a series of oil and gas company acquisitions in 2007, including:

• C$5 billion acquisition of PrimeWest Energy Trust

• US$2 billion acquisition of Northrock Resources Ltd.

• US$540 million acquisition of Pioneer Natural Resources Canada

EmergingMarketCollateralizedLoan. Latham & Watkins advised ICECanyonLLC on an emerging market collateralized loan obligation transaction worth more than US$1 billion. The investment vehicle featured untraditional assets including loans and synthetics from a variety of countries.

IndianCapitalMarkets. In 2007, Latham & Watkins worked on numerous precedent-setting deals involving Indian companies, including: • representing Sterlite

IndustriesLimited on its US$2 billion US IPO, which was the largest US IPO for an Indian company at the time of the listing; and

• advising on ICICI Bank Limited’s US$5 billion equity offering, which was the largest-ever equity offering for an Indian company. Latham represented the underwriters. The deal earned the “Best Secondary Offering” for 2007 award from FinanceAsia.

AfricanJointVenture.Latham represented UnitedResourcesAG in a joint venture, which was entered into under the supervision of the World Bank, with Gecamines, the Democratic Republic of Congo’s state-owned mining company, for the rehabilitation and development of one of Africa’s largest mines.

Chinese M&A. Latham & Watkins represented CGEnDigitalMediaCompanyLimitedand its shareholders in a sale

of 100 percent of the equity in CGEN to Focus Media Holding Limited for an upfront cash payment of US$168.4 million and an earnout of up to US$181.6 million in Focus Media shares and cash. CGEN is a leading operator of in-store digital advertising in China and Focus Media is China’s largest digital media group.

Latin American M&A. Latham & Watkins advised ExelonCorp.andALSTOM in the approximately US$611 million sale of their equity stake in two power projects in Mexico to the AES Corporation.

In addition, the firm counseled GEMoneyAmericason its acquisition of a large stake in Banco Colpatria-Red Multibanca Colpatria S.A., one of the leading and oldest banks based in Bogota, Colombia and listed on the Bogota exchange, and in its joint venture negotiations with the Grupo Pacheco. n

Emerging MarketsThe global economy is expanding into previously underutilized markets and accessing new revenue streams. Latham & Watkins was involved in some of the largest transactions in 2007 in a variety of emerging economies and is on the cutting edge of the newest financing trends.

FinanceAsia awarded “Best Indonesia Deal” for 2007 to PT Ithabi Bara Utama’s US$135 million structured equity-linked notes transaction, which was noted for overcoming challenges during the subprime crisis. Latham & Watkins advised placement agent Merrill Lynch in the deal.

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According to IPO Vital Signs, in 2006 through 2007, Latham & Watkins advised on more IPOs for Chinese companies on US exchanges than any other law firm, handling 17 of the 41 IPOs.


kinderMorganAcquisition. Latham & Watkins represented TheCarlyleGroup, one of the world’s largest private equity firms, as a member of a consortium of private equity firms in the US$22 billion acquisition of Kinder Morgan, which is one of the largest energy transportation, storage and distribution companies in North America.

AlltelCommunicationsAcquisitionFinancing. Latham & Watkins advised GoldmanSachsCreditPartnersL.P.and CitigroupGlobalMarketsInc. in the up to US$16.25 billion term loan and revolving credit facilities for Alltel Communications, the fifth largest wireless carrier in the US, in connection with its US$27.5 billion acquisition by TPG Capital and GS Capital Partners. The financing was one of the largest leveraged buyouts in US corporate history.

IntelstatAcquisition. Latham & Watkins represented BCPartners,Ltd., a UK private equity firm, in its US$16.9 billion acquisition of Bermuda-based satellite company Intelstat. The deal was signed in 2007 and closed in February 2008.

DianaIngredientsSale.Latham & Watkins is representing Cognetas, a private equity firm with operations in the United Kingdom, France, Germany and Italy, in its €710 million sale of Diana Ingredients, a France-based supplier of natural ingredients to niche markets within the pet food and food and beverage industries, to Axa Private Equity.

HDSupplyAcquisition. Latham & Watkins counseled TheCarlyleGroup in connection with the US$8.5 billion acquisition of HD Supply from Home Depot by Carlyle, Bain Capital and Clayton, Dubilier & Rice, Inc.

GuitarCenter,Inc.Sale. Latham & Watkins represented GuitarCenter,Inc., the world’s largest retailer of musical instruments, in its US$2.1 billion sale to private equity firm Bain Capital.

StandardAeroandLandmarkAviationSale.Latham & Watkins advised TheCarlyleGroupin its US$1.8 billion sale of Standard Aero and Landmark Aviation to Dubai Aerospace Enterprise. n

Latham & Watkins handled more than 100 private equity deals worth more than US$120 billion in 2007.

Private Equity

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In the area of private equity, Latham & Watkins was among the top firms in the mergermarket Global M&A league tables. The firm garnered the #2 spot based on number of US buyouts, #3 for number of global buyouts and ranked in the Top 10 global and pan-European rankings by value and number of deals.

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Latham & Watkins received three top-tier rankings in Private Equity Magazine’s annual LBO private equity law firm league tables. The magazine noted that Latham & Watkins was most often cited by private equity funds for its quality of work.


Latham & Watkins offers a full range of legal services to clients in real estate and development.

Real Estate and Development

GermanRealEstateTransactions. Latham & Watkins represented UnionInvestmentRealEstateAG in the sale of the Pegasus Portfolio, including Frankfurter Welle, to Morgan Stanley and IVG. With a deal volume of more than €2.5 billion, it was one of the largest commercial real estate transactions in Germany in 2007.

The firm advised HAnSAInVESTHanseatischeInvestmentGmbHon a number of projects in 2007, including:

• the sale of a commercial real estate portfolio worth €500 million comprising roughly 54 properties across Germany to DIC-Deutsche Immobilien Chancen

• the €35 million sale to ECE Projektmanagement GmbH & Co. KG and Mr. Hermann Friedrich Bruhn of three blocks of the “Hamburger Strasse” shopping mall, Hamburg’s oldest shopping mall, as well as HANSAINVEST’s stakes in special-purpose companies Heliopolis KG, Heliopolis GmbH, Parallelis KG and Parallelis GmbH, which were formed as a joint venture with ECE and Bruhn

• a joint venture with KG Allgemeine Leasing GmbH involving the creation of a residential housing special fund of 10 investment properties each valued at roughly €25 million

LatinAmericanRealEstateDeal.Latham & Watkins advised EtonParkCapitalManagement, a global alternative investments firm, in its investment in a Mexican vehicle with a local partner (Axis Capital), that will focus on structured finance activities related to infrastructure projects.

CitigroupRealEstateWork. Latham & Watkins represented CitigroupGlobalMarketsRealtyCorp.’s Global Special Situations Group in the formation of a joint venture with Westmont Hospitality for the acquisition of Red Roof Inns, Inc., in which Citigroup holds a 79 percent interest. Latham was the lead counsel for the US$1.32 billion transaction, which included three CMBS mortgage loans and four mezzanine loans with a master subordinated mezzanine loan component. This deal is part of the firm’s ongoing real estate work for Citigroup, which includes CMBS loan and mezzanine origination for shopping centers and hotels, preferred equity and other joint venture transactions.

LosAngelesLandUse.Latham & Watkins represented JMBUrban Investment & Development (JMB) in successfully defending two lawsuits seeking to block its 483-unit luxury condominium development in Century City, CA, known as “Constellation Park.” Following

Latham & Watkins’ successful efforts in 2006 to obtain hotly contested land-use entitlements from the City of Los Angeles, project opponents filed two lawsuits against the city and JMB seeking to overturn those land-use entitlements based on a number of alleged violations of environmental and land-use laws. The firm prevailed in court in one case brought by an attorney who appeared in pro per (Brod v. City of Los Angeles, et al.) by successfully obtaining a full defense ruling just two months after the case was filed. In the second case, brought by a coalition of four homeowners associations (Tract No. 7260, et al. v. City of Los Angeles, et al.), the firm negotiated a favorable settlement on the eve of trial that allowed the project to proceed as planned, without changes and without delay, only 11 months after the case was filed. n

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The Chambers Global 2008 guide stated: “[o]ne of the pioneers of the US REIT industry, Latham & Watkins has extended its strength across three continents. Using its abundant expertise in corporate, tax and real estate, the team covers structuring, public and private offerings, conversions, DOWNREIT formation and M&A.”


BallyTotalFitnessChapter��.Latham & Watkins successfully represented BallyTotalFitnessHoldingCorporation and its debtor affiliates in their Chapter 11 reorganization cases filed in the Bankruptcy Court for the Southern District of New York.

For the fiscal year ended December 31, 2006, the consolidated net revenue of the debtors was approximately US$1.06 billion. In September 2007, the Bankruptcy Court entered an order confirming the debtors’ first amended plan of reorganization.

The plan of reorganization provides 100 percent recovery to all holders of non-equity claims against the debtors. The bankruptcy case was completed in 60 days.

OilandGasRestructuring.Latham & Watkins represented ExxonMobil in connection with the restructuring of the bank and bond project debt of one of its affiliates and the guarantee of such debt from another one of its affiliates at the Cerro Negro crude oil production facilities in Venezuela. The restructuring was necessitated by Venezuela’s expropriation of the ExxonMobil entities’ interests in the project and related assets. Of the four projects in Venezuela’s Orinoco Belt subject to nationalization in 2007, Cerro Negro was the first restructuring to close.

DamovoGroupRestructuring.Latham & Watkins acted for the DamovoGroupS.A.which was in a distressed situation having missed an interest payment on its high-yield bonds

in October 2006. The firm worked with the ad-hoc noteholders’ committee to reach a consensual restructuring deal that included a new money injection of €50 million in December 2006. The parent company, Damovo Group S.A., and the issuer of the bonds, Damovo III S.A., were put into administration in England, even though they are Luxembourg-registered companies. The restructuring clarified the position of the companies’ center of main interests from Luxembourg to England through the EC Regulation on Insolvency Proceedings. The administrations enabled the Damovo Group’s key assets to be sold to a company incorporated by the bondholders (a newco) in a pre-packaged plan, which enabled the newco to control all of Damovo Group’s business outside of Italy, allowing it to continue as a going concern. n

Insolvency and Restructuring

[Latham & Watkins’] long-term experience and knowledge of the distressed and secondary debt markets puts it in an ideal position in the current market.” —Chambers UK�00�Guide

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Latham & Watkins represents creditors, debtors, lenders and acquirers in matters — including many of the largest bankruptcies in the world — in a range of industries across numerous jurisdictions.

2007 Annual Review • Latham & Watkins�6

Latham & Watkins earned victories for clients in three cases that were decided by the US Supreme Court in 2007.

GEICO v. Edo. Latham & Watkins successfully defended GEICO andSafecobefore the Supreme Court, protecting the insurance industry from enormous potential liability in class action suits. The Court’s ruling reversed the decision of the Ninth Circuit Court of Appeals, holding 9-0 that Safeco had not acted “willfully” and 7-2 that GEICO had not violated the provisions of the Fair Credit Reporting Act. In doing so, the Court expressly accepted the firm’s argument that willfulness in the context of a civil statute cannot be demonstrated absent a showing of “objective recklessness” even where there is evidence of subjective bad faith.

This precedent will enhance the ability of defendants to secure early dismissals of suits alleging reckless violations of legal standards under a broad range of statutes.

TSSAA v. Brentwood Academy. Latham & Watkins represented the TennesseeSecondarySchoolAthleticAssociation(TSSAA) in a Supreme Court case that had important constitutional implications and overturned a Sixth Circuit Court of Appeals decision. The issue in the case was whether the TSSAA, a voluntary association of Tennessee schools that supervises interscholastic athletics, had violated the First Amendment and due process when it suspended a high school from the football playoffs for breach of a recruiting rule.

The Court reversed the Sixth Circuit’s decision, ruling in favor of the TSSAA and upholding limits on recruiting athletes.

Rockwell International Corp v. United States. Latham & Watkins achieved a major victory for RockwellInternationalin a Supreme Court case that, according to the Associated Press, involved “a crucial issue under the fastest growing area of federal civil litigation today, the

False Claims Act (FCA),” and concerned a provision of the act that places restrictions on relators who can bring qui-tam lawsuits. The relator in this instance claimed to have been the “original source” of various sensational allegations against Rockwell.

Latham & Watkins attorneys argued that since the relator possessed no first-hand knowledge of the fraud at issue, he did not qualify as an “original source” and was prohibited from bringing a qui-tam action by the FCA’s public-disclosure bar provision. The 6-2 ruling reflected Latham’s view of the statute and was a significant development in qui-tam law, with the potential to alter the ability of prospective qui-tam relators to bring suit under the FCA.

In the future, this ruling will allow companies in similar situations to secure early dismissals of these often complex and expensive suits. n

US Supreme Court

A brilliant appellate record highlighted Latham & Watkins’s litigation practice in 2006 and 2007.”—The American Lawyer,January�00�issue‘‘

Latham & Watkins’ lawyers represent clients before the US Supreme Court in all aspects of litigation, including preparation of petitions for certiorari and briefs in opposition to certiorari, preparation of merits and amicus briefs, and presentation of oral argument.


Barmek Holding v. Republic of Azerbaijan. Latham & Watkins obtained a significant victory representing the RepublicofAzerbaijan in an ICSID arbitration initiated under a bilateral investment treaty between Azerbaijan and Turkey. Barmek Holding initiated the arbitration to bring a claim of up to US$500 million over an agreement to manage and operate an electricity network in Azerbaijan and filed a comprehensive request for provisional measures. Following a hearing in which Latham presented Azerbaijan’s arguments, the Tribunal unanimously rejected Barmek’s request for provisional measures in its entirety. This is a significant victory for Azerbaijan and is already a landmark investment treaty decision on provisional measures.

SyngentaArbitration.In an arbitration that resulted in one of the largest arbitration awards since the enactment of the “data compensation” provisions of FIFRA in 1972, Latham & Watkins successfully represented SyngentaCropProtection in an arbitration against a generic registrant based on that company’s use of Syngenta’s safety

and environmental research data to renew the other company’s license to sell the pesticide atrazine. After a three-week arbitration involving approximately 30 witnesses, Latham & Watkins won every contested issue in the arbitration.

Confidential Arbitration. Latham & Watkins successfully defended a US-basedprofessionalservices firm against claims of malpractice, professional negligence, breach of contract and unjust enrichment. The plaintiff, the trustee of a bankrupt telecommunications company, sought more than US$300 million in damages. The trustee alleged that Latham’s client had failed to conduct an audit and interim reviews in accordance with professional standards, and failed to uncover a cash recycling scheme that resulted in significant financial restatement.

Following a two-week arbitration hearing and testimony from 10 witnesses, the three-arbitrator panel rendered a complete defense award, finding that Latham’s client had properly performed all of its professional duties.

Confidential Arbitration. Latham & Watkins successfully defended a German-Japanesejointventure headquartered in Michigan in an international arbitration involving an exclusive auto parts supply agreement in which the Spanish claimant sought more than US$80 million. The firm argued that Spanish law did not restrict a purchaser’s right to discretionary termination provided that the buyer was not in breach and that the termination was not abusive. Latham rebutted the allegation that the buyer acted in bad faith by not purchasing products, and persuaded the panel that language in the agreement that spoke of purchase “obligations” did not convert the purchase “targets” into mandatory minimum purchase requirements. n

ArbitrationsLatham & Watkins’ international arbitration and dispute resolution practice handles matters for private corporations, state-owned enterprises and government entities in major disputes in jurisdictions around the world.

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Latham & Watkins’ Public International Law practice received a Tier 1 ranking in the Chambers UK 2008 guide, with the guide acknowledging the firm’s experience in boundary disputes, bilateral investment treaties, state-to-state conflicts and investor-state disputes.


ClimateChangeConsulting.As global climate markets and regulatory regimes continue to develop and play a significant role in the world marketplace, more companies are facing critical decisions and potential risks associated with their carbon footprints. This includes a diverse range of issues no longer associated only with major manufacturers and power plants, but also impacting investment opportunities, risk management, corporate disclosures and environmental reports, and shareholder activism.

For the last several years, Latham & Watkins’ international climate change group has been at the forefront of these issues, providing advice to companies in response to global climate change developments.

The firm’s deep experience includes analysis of the structure and operation of the European Union Emission Trading Scheme, the Regional Greenhouse Gas Initiative and California’s Climate Change program; evaluation and

advocacy regarding emerging US climate change legislation; legal and operational issues related to carbon credit transactions, including Clean Development Mechanism and Joint Implementation rules and approvals; impacts on project finance transactions, including the analysis and evaluation of Emissions Reductions Purchase Agreements; and the quantification and disclosure of issues associated with carbon and other greenhouse gas emissions. Latham & Watkins’ experience in the global climate change arena puts the firm in a strong position to represent clients as the market continues to evolve.

USEthanolProjects.Latham & Watkins represented Pacific Ethanol on the financing, project development and permitting aspects of ethanol production projects in 2007. The firm represented Pacific Ethanol in connection with five new ethanol production facilities in California, Oregon and Idaho in fast-paced projects focused on bringing ethanol production

to the western portion of the United States. This representation included assisting Pacific Ethanol in connection with its US$325 million construction financing for these five plants.

AlternativeInvestmentMarketIPO.Latham & Watkins counseled Vycon,Inc., a company that manufactures high-speed flywheel-based energy storage systems, on its £8.3 million IPO on the Alternative Investment Market.

CleanTech and Climate ChangeThe world is investing in clean technology and renewable energy at an increasing pace. In response to growth in this sector, Latham & Watkins’ cross-practice cleantech and climate change team provides advice to companies making such investments.

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According to Chambers US, Latham & Watkins’ environmental practice is “incredibly broad-based,” particularly in representing clients in the utility and transportation industries “regarding the developing climate change regimes in the USA, and companies in Europe on emissions trading matters.”


Wayang-WinduGeothermalPowerPlant.Latham & Watkins worked on the US$300 million financing of the 110-MW expansion of the Wayang-Windu geothermal power project, located in West Java, Indonesia, and the refinancing of the existing 110-MW unit. The firm represented lender StandardCharteredBank on the deal.

St.ClairPower.Latham & Watkins advised RoyalBankofCanada on a construction and term loan and letter-of-credit facility worth C$478.8 million for St. Clair Power L.P., for the construction of a 584-MW gas-fired combined cycle generating facility located in Ontario, Canada. The project’s output will be sold to the Ontario Power Authority under a long-term, clean-energy supply contract.

TrinaSolarLimitedListing.Latham & Watkins represented TrinaSolarLimited, a China-based manufacturer of solar products, in connection with its follow-on offering worth more than US$243 million. Latham handled Trina’s IPO on the New York Stock Exchange in 2006.

CleanTechIPO. Latham & Watkins counseled AeroVironment,Inc., a designer and manufacturer of unmanned aircraft systems and efficient electric energy systems, on its US$130 million IPO on the Nasdaq Global Market.

Airtricity,Inc.WindProjects.Latham & Watkins represented Airtricity,Inc. on two project financings valued at US$282 million and US$64 million, in connection with the construction of a 126.5-MW wind generating facility located in Texas and a 34.5-MW wind generating facility in upstate New York.

AlternativeEnergyCollaboration.Latham & Watkins advised CodexisInc. in an alternative energy collaboration with Royal Dutch Shell to develop new super enzymes to convert biomass to fuel. The agreement covers five years of research collaboration and includes Shell making an equity investment in Codexis and taking a seat on the company’s board. n

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Latham & Watkins was named Global Environment Law Firm of the Year 2007 in the Who’s Who Legal Awards. Latham has been recognized three years in a row, having won the award every year since its inception in 2005.

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Latham & Watkins ranked #1 in the Americas category in Project Finance International’s 2007 Law Firm Survey. The report noted that “Latham emerged as the dominant force in the Americas legal market.” The firm placed third in the global deals category.


WarnerBros.DVDLitigation. In the first attempt to start a class action in France, Latham & Watkins successfully defended WarnerBros. (WB) before the Paris Commercial Court. In September 2007, the court dismissed claims brought by 704 plaintiffs regarding Digital Rights Management (DRM) measures placed on WB French DVDs. The victory protects WB from potentially substantial damages and allows WB to continue implementing the DRM measures needed to safeguard its intellectual property against piracy. In addition, this is a key decision impacting the future of class actions in France.

InReOracle.Latham & Watkins represents OracleCorporationand three individual officers and directors in In re Oracle Securities Litigation, a securities fraud class action arising out of Oracle’s failure to meet its earnings forecast for the third quarter of its 2001

fiscal year. The complaint alleges that Oracle’s forecast was false and misleading, and that Oracle and the individual defendants made a series of false and misleading statements regarding its Suite 11i family of business applications products.

The complaint alleges that when Oracle pre-announced the earnings miss on March 1, 2001, its stock price declined some 15 percent, thereby causing a US$90 billion loss of market capitalization. The complaint also alleges that during the class period, two of the individual defendants engaged in insider trading. On December 20, 2007, the firm argued its motion for summary judgment on behalf of all defendants and, as of press time, was awaiting a ruling.

GlobalProductRecall.Latham & Watkins led a global product recall of children’s products manufactured by a leading international consumer goods company. The firm responded immediately, mobilizing a team of product safety specialists from virtually all of the firm’s offices worldwide. Latham & Watkins’ recall team helped craft and plan the recall and interacted with regulators around the world.

The recall was implemented in approximately 45 countries and involved more than half a million units. Since that time, the firm has represented the consumer goods company in multiple jurisdictions around the globe in

Litigation

Latham & Watkins has been named among the top litigation departments in the US by The American Lawyer in its biennial “Litigation Department of Year” survey. The firm is included in the 2008 survey “Honor Roll” and has been recognized in each of the last three surveys (2004, 2006 and 2008).

Latham & Watkins’ litigation department has one of the broadest global platforms of any law firm in the world, with litigation resources in every major litigation center in the US, Europe and Asia.


connection with a broad range of related legal matters associated with the incident and recall.

Precedent-SettingMassTortsRuling. In June 2007, Latham & Watkins obtained a major victory for MontroseChemicalCorporationofCalifornia before the Texas Supreme Court in a 1,900-plaintiff, multi-defendant toxic tort case – Union Pacific Railroad v. Acevedo – in Hidalgo County, Texas.

The court carved a new rule applicable to mass tort cases only, requiring claimants to disclose general and specific causation evidence immediately in discovery and before any trial can be set. Mass tort claimants bringing a case in Texas now must be prepared to set forth their expert causation case in response to the initial set of discovery from defendants, long before any trial setting. While only

directly applicable in Texas, the opinion provides a template for other states to consider in establishing a more level playing field for US mass tort litigation.

San Bernardino Valley Audubon Society v. FERC. Latham & Watkins secured a significant victory in the Ninth Circuit Court of Appeals for SouthernCaliforniaEdison (SCE). The case involved the first hydroelectric power project ever built in Southern California, a 100-year-old earthen dam and power house. This dam is operated by SCE with its original power source and efficiently produces clean electricity from a renewable resource.

To ensure the dam and power generation another century of life, SCE sought and obtained approvals from the Federal Energy Regulatory Commission (FERC) to extend its operating license for the

project. FERC granted SCE’s license renewal. After FERC granted SCE’s license, a group of environmental plaintiffs challenged FERC’s administrative decision in the Ninth Circuit, which unanimously upheld FERC’s decision on all issues.

Latham & Watkins’ argument helped to convince the court that FERC had not violated the Federal Power Act, the Endangered Species Act, the National Environmental Policy Act or the Clean Water Act when it licensed SCE to continue operating the facility. n

The American Lawyer’s 2008 Litigation Department of the Year survey commends Latham & Watkins’ “increasingly international practice,” citing Latham as “a firm of choice for clients with multinational problems.”

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Latham & Watkins garnered top-tier rankings in the Euromoney Institutional Investor Benchmark: Litigation 2008 guide at the US national, state and practice levels. The guide noted: “Latham’s litigation attorneys are consistently recommended for their ability to ‘understand the issues’ and ‘cut through complex webs of allegations,’ and clients also applauded their depth, commenting that ‘they’re very impressive on bench strength.’”


Lath•am & Wat•kins (Lāth am & Wôt′ kins) n. 4. A committed champion to the cause of increasing diversity in the legal profession. 5. One of the world’s largest providers of pro bono legal services. 6. An active member of the community.

Defining Community

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DiversityWeekend�00�.In November 2007, Latham & Watkins hosted one of the most popular of our US-based diversity outreach initiatives — the 5th annual Diversity Weekend. Each fall, Latham & Watkins invites self-identified law students of color and law students who are openly gay, who have received offers from the firm, to come together with Latham & Watkins attorneys and firm leaders for two days of substantive discussion and social events. Based in part on the success of the 2006 Diversity Weekend in Los Angeles, 31 percent of Latham & Watkins’ 2007 US summer class was comprised of students with diverse backgrounds.

In 2007, Diversity Weekend was held in San Francisco. The agenda included discussions led by members of a number of the firm’s committees and firm management, as well as receptions, dinners and networking events. More than 75 people, including 42 law students, participated in the weekend.

DiversityScholarsProgram.Launched in 2005, the Latham & Watkins Diversity Scholars Program is designed to increase the number of diverse attorneys who want to pursue careers in global law firms. The Diversity Scholars Program awards four second-year law students with a US$10,000 nonrenewable scholarship for use during their third year of law school. In 2007, the firm received 267 applications, representing 109 US law schools, for our newest class of Diversity Scholars. Cyrus Habib of Yale Law School, Megan Hall of University of Pennsylvania Law School, Warren Ko of University of California, Berkeley School of Law (Boalt Hall) and Toby Lewis of New York University School of Law were selected for the award from this group of highly qualified applicants.

The Latham & Watkins Diversity Scholars Program is an integral part of the firm’s initiatives designed to support and sustain greater diversity in the legal profession. Our scholarship is not contingent upon receiving or accepting an offer of employment from the firm. Rather, it is open to all law students in the hope that greater diversity among attorneys at large law firms benefits the entire profession. n

Over the past few years, the firm has implemented a number of initiatives designed to increase diversity not only at Latham & Watkins, but in the legal profession as a whole. In 2007, we continued two of our most successful diversity initiatives: Diversity Weekend and the Latham & Watkins Diversity Scholars Program.

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Latham & Watkins ranked first in The American Lawyer’s 2007 Diversity Scorecard based on the total number of Asian American lawyers in its US offices and third based on the total number of Hispanic American lawyers in its US offices.

Diversity

Having a diverse population of

attorneys is critical to the success of

Latham & Watkins as a firm. We work

and strive for diversity at every turn.

More than 75 people participated in Latham & Watkins’ 2007 Diversity Weekend, held in San Francisco.


Pro Bono Public service is part of our character and culture at Latham & Watkins. Through our pro bono program, we uphold the traditions of our firm and the ideals of our profession. We provide high-quality legal services to persons with limited means and nonprofit organizations that serve the under-represented, improve our communities and promote equal justice under the law.

We have become one of the largest providers of free legal assistance in the world. In 2007 alone, drawing on almost 2,000 volunteer attorneys, summer associates, paralegals and professional staff, we provided more than 179,000 hours of free legal services valued in excess of US$70 million. Since 2000, we have provided more than US$330 million in free legal services, totaling more than 1 million pro bono hours.

We strongly encourage our attorneys to perform pro bono work throughout their careers. As part of this philosophy, we treat pro bono hours in the same manner as commercial billable hours for purposes of attorney progression, evaluation, compensation and bonuses. There is no cap on pro bono hours.

In 2007, 1,455 Latham & Watkins attorneys, 244 summer associates and 210 paralegals in 19 offices across nine countries provided pro bono services. This includes approximately 82 percent of our US attorneys, 86 percent of our summer associates and 44 percent of our European and Asian attorneys.

Our dedication to pro bono is evidenced not only by our considerable investment of time and expertise in helping those who might otherwise be denied access to the legal system, but also by the number and diversity of the pro bono matters we handle each year. Our pro bono practice is as diverse as the attorneys in our firm and the communities and clients we serve. It involves all areas of our practice, on behalf of individuals, nonprofit organizations and community groups. Our pro bono accomplishments include litigation, transactional and administrative matters encompassing almost every area of public interest law.

For additional information about our pro bono program, please see our Pro Bono Annual Review available at http://www.lw.com n

By providing free legal services to low-

income individuals and nonprofit organizations,

the firm takes an active role in our communities and makes the public

interest an integral part of our practice.

(L-R) Members of the firm traveled to the US Gulf Coast as part of Latham’s Hurricane Katrina Pro Bono Project; Latham & Watkins works to assist the Fregenet

Foundation, which provides early childhood education to children from low-income families in Ethiopia; Latham & Watkins partner Jim Kearney speaks at the European

Pro Bono Forum organized by Latham and other firms and hosted by the Public Interest Law Institute in Budapest, Hungary (photo credit/ © 2008 Public Interest Law Institute).

Community Service

Community Service

HelpingCommunitiesinneed.Latham & Watkins personnel were involved in activities to better their communities in 2007. The following is a selection of those many activities.

In Hong Kong, Latham & Watkins personnel celebrated the 2007 holidays by delivering sweaters and chocolates to the residents of TaiTungPui, a home for mentally disabled individuals aged 15 and older. In addition, Latham personnel collected more than 20 boxes of gifts, fulfilling a “wish list” for the Crisis organization in London. The Latham community “adopted” families during the 2007 holiday season through the Adopt-a-Family programs in both Orange County and Silicon Valley, providing hundreds of gifts for underprivileged families. We also collected gifts for 80 underprivileged preschool children through the HeadStart Holiday Gift program affiliated with the San Francisco Bar Association.

To help the homeless, Latham & Watkins sponsors LawyersPitchIn,an innovative softball tournament originally created by a Latham associate to benefit the Washington Legal Clinic for the Homeless. The firm participated in the FannieMaeWalkfortheHomeless in Washington, D.C. to raise awareness of the homeless population and money for homeless organizations. Latham volunteers also collected and delivered food to the SecondHarvestFoodBank in Silicon Valley, and homeless shelters in New Jersey and Northern Virginia.

As part of a large-scale effort to beautify the Los Angeles area, Latham volunteers planted trees, washed-off graffiti, and renovated playgrounds, community centers and homes during BigSunday.In addition, Latham donations and hard work are helping to rebuild the lives of San Diego firefighters and residents impacted by the recent Southern California wildfires.

Latham & Watkins is committed to enhancing

the efforts of the firm’s lawyers and staff who

devote significant time to worthy causes. From

firmwide community service projects to local

efforts in our offices, these good works are

hands-on and have considerable impact on

our communities.

ChampioningOurGlobalCommunitySharing our Time, Talent and Passion Through Community Service

EmpoweringYoungPeople.Latham & Watkins volunteers work with school programs dedicated to preparing students for success in college and legal careers, and to teaching real-life legal and business management skills. In 2007, Latham & Watkins personnel assisted with numerous student programs, including the Latham & Watkins LegalStudiesAcademy,a program designed to teach students at Roberto Clemente Middle School in New York more about the legal process.

As part of the AllStarsProject, Latham & Watkins volunteers teach leadership skills in an educational and performing arts activity program for minority young people. The firm also supports LawyersintheClassroomin conjunction with the Constitutional Rights Foundation Chicago.

CompetingforourCommunities. In 2007, Latham & Watkins personnel lent their athletic abilities to campaign for a number of valuable causes. In the GoVerticalChicagorace, Latham & Watkins personnel ran up the stairs of the 103-story Sears Tower to benefit the Damon Runyon Cancer Research Foundation. In addition, Latham & Watkins employees climbed 75 floors to the top of the US Bank Building in Los Angeles to raise money for the downtown YMCA’s community programs in the ketchum-DowntownYMCAStairClimbtotheTop. n


(Top: L-R) Latham & Watkins participated in the Ketchum-Downtown YMCA Stair Climb to the Top competition in Los Angeles; Latham & Watkins employees in San Diego gathered

together to make a beautiful quilt to benefit Susan G. Komen for the Cure. (Bottom: L-R) A mural was painted at Roberto Clemente Middle School in New York in honor of the assistance Latham & Watkins has provided to its Legal Studies Academy;

A Latham & Watkins team climbed the stairs of the Sears Tower to benefit cancer research in Chicago.


Lath•am & Wat•kins (Lāth am & Wôt′ kins) n. 7. An innovator. 8. An industry leader.

Defining Leadership

�6


WEB.Latham & Watkins’ WEB (Women Enriching Business)initiative is an ongoing effort to focus on business development issues and opportunities particularly relevant to women. The goal of WEB is to help address the changing face of influence in business by creating broader

networks and productive business development relationships for women in business. WEB has partnered with a number of women’s-initiative groups from other organizations to further this endeavor. In 2007, WEB sponsored a multi-city, two-hour workshop on “Branding Yourself — Mastering the Style of Success” geared toward women attorneys in all of Latham’s offices. WEB also hosted an educational program entitled “Six Ways to Increase Business from Your Limited Marketing Time.”

Latham & Watkins hosts a number of social, educational and networking events as part of WEB. The firm invited more than 500 women clients and contacts to WEB-sponsored events this year, which included concerts, cooking classes, a seminar on diamonds and flower arranging for women clients and colleagues. n

SMARTProgram.In 2007, Latham & Watkins launched a major internal initiative to “green” the firm’s workspace. The SMART initiative (Sustainable Measures and Recycling Tactics) was formed and has introduced a number of new green materials into various Latham offices,

including biodegradable/compostable versions of plastic and paper goods; default duplex (double-sided) printing on paper with 30 percent post-consumer waste content; biodegradable cleaning products; expansion of recycling programs to include glass, plastic and aluminum; pitchers of water in conference room centers rather than individual plastic water bottles; and built-in water filtration systems that eliminate the need for plastic water coolers. In addition, the firm has moved to electronic distribution of many client communications, which has decreased the firm’s volume of paper and energy consumption that is used in bulk mailings. n

Latham & Watkins Offers OnlinePrograms.Cutting-edge podcasts and webcasts addressing major legal developments can now be found on the firm’s Web site, www.lw.com. Latham & Watkins’ podcasts and webcasts allow Web site visitors to listen to Latham attorneys discuss various substantive legal issues. n

Kudos for this new initiative, so warm and in keeping with a firm that knows how to listen to its women clients.” —aparticipantataWEBeventinParis

‘‘ Visit www.lw.com and choose the “Podcasts & Webcasts” option under the “Resources” menu to view our selection of podcasts and webcasts.

Sustainable Measuresand Recycling Tactics

Accolades

In 2007, Latham & Watkins was honored by a number

of leading legal and business organizations and publications. For a

complete list of the firm’s awards and rankings,

please visit www.lw.com.

“[Latham & Watkins] is unequivocally recognized for its excellence throughout Europe ... [It] exploded into continental Europe in 2001 to great acclaim. It is unapologetically ambitious, yet still maintains one of the most inclusive, transparent cultures in the market.” Financial Times’ 2007 Innovative Lawyer Awards, “Most Innovative US Law Firm in Europe.”

Legal Business places Latham & Watkins in its “Potent Category” of the global elite firms, noting firms in this category are “not afraid to build local law capability across the globe in a bid to respond to a swathe of demands from the world’s top banks and businesses.” Legal Business “Global Elite,” a list of the world’s 15 most prestigious law firms.

Latham & Watkins has appeared in the Top 10 each year since the The American Lawyer’s “A-List” was launched in 2003. The “A-List” ranking is based on The American Lawyer’s evaluation of revenue per lawyer, participation in pro bono, associate satisfaction and workplace diversity, and was created by The American Lawyer to determine, as objectively as possible, “the nation’s elite - the law firms that are best at balancing a thriving business with their obligations to the profession.” Latham & Watkins placed fourth in The American Lawyer’s 2007 “A-List.”

BTI ranked Latham & Watkins in the top tier of its 2007 “Power Elite” Report. According to the study, firms within the BTI “Power Elite” possess more primary relationships with large and Fortune 1000 clients, win more slots on clients’ short lists, demonstrate prowess on “bet-the-company matters” and boast superior levels of client satisfaction. Latham & Watkins placed fourth in BTI Consulting Group’s 2007 “Power Elite” Report, which ranks firms on client relationships, satisfaction and service.

�� 2007 Annual Review • Latham & Watkins


Latham & Watkins’ 2007 Annual Review has been printed on a certified sustainable paper product, using soy-based inks.


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