How do I choose between different securities law firms for a cross-border IPO and related filings?

Choosing a securities law firm for a cross-border IPO is mostly about matching the firm’s jurisdictional reach, capital markets experience, and coordination ability to the specific deal structure. Here’s a practical way to evaluate them.

1) Start with your deal profile

Before comparing firms, define:

• Where you’re listing: U.S. (NYSE/Nasdaq), Hong Kong, London, Canada, EU, dual listing, etc.
• Issuer footprint: where the parent company, subsidiaries, management, assets, and operations are located
• Investor base: retail vs. institutional, targeted geographies
• Regulatory regime: SEC reporting, prospectus rules, exchange listing rules, local securities laws
• Related filings: registration statement/prospectus, exchange applications, ongoing reporting, private placement exemptions, employee equity plan filings, beneficial ownership, foreign investment approvals, data/privacy, and tax coordination

The more complex the cross-border elements, the more you should prioritize firms with a real international capital markets practice, not just a domestic IPO team.

2) Look for relevant cross-border IPO experience

Ask specifically whether they have handled:

• IPOs involving your home jurisdiction
• Dual-track or dual-listing structures
• Foreign private issuer (FPI) issues, if relevant
• SEC registration and comment letter responses
• Prospectus review in the listing jurisdiction
• Cross-border corporate governance and disclosure alignment
• Post-IPO compliance for both home and listing markets

Request examples that are close to your situation in:

• industry
• market cap/size
• jurisdiction mix
• legal structure
• auditor/accounting framework (e.g., US GAAP vs. IFRS)

3) Assess the firm’s “bench,” not just the brand

For a deal like this, the actual partner and team matter a lot.

Evaluate:

• Who is the lead partner and how hands-on will they be?
• Do they have dedicated capital markets, SEC, and exchange listing specialists?
• Can they staff the deal with experienced associates and local counsel coordinators?
• Have they worked together before on similar transactions?

A big-name firm can still be a poor fit if the senior lawyers are thinly spread or the team lacks cross-border execution depth.

4) Check local law coordination capability

Cross-border IPOs usually require local counsel in one or more jurisdictions. A strong lead firm should:

• coordinate local counsel efficiently
• know when to rely on local opinions
• manage disclosure differences across jurisdictions
• keep the process from becoming fragmented

Ask whether they have:

• offices in the relevant countries, or
• a proven network of vetted local firms

5) Compare regulatory and disclosure judgment

You want a firm that can help you make judgment calls, not just draft documents.

Good questions:

• How do they handle conflicts between U.S. disclosure standards and local law constraints?
• How do they approach risk factors, MD&A, and related-party disclosures in a cross-border context?
• Can they navigate SEC comments while coordinating with foreign regulators/exchanges?
• How do they manage material contracts, translation issues, and off-balance-sheet disclosures?

You’re looking for a team that can spot the issues early and present practical alternatives.

6) Evaluate project management and responsiveness

IPO timelines are tight. Ask about:

• communication cadence
• document management tools
• turnaround times
• who runs diligence and the working group
• how they keep bankers, auditors, local counsel, and management aligned

The best firms are often the best project managers.

7) Consider industry specialization

If your company operates in a regulated or technical sector, look for sector experience in:

• life sciences
• fintech/crypto
• software/SaaS
• energy
• manufacturing
• telecom/media
• real estate
• consumer/retail

Sector familiarity helps with disclosure, regulatory risk factors, and investor messaging.

8) Understand conflicts and independence

Make sure the firm:

• has no conflict with underwriters, major shareholders, or competitors
• can satisfy independence and audit-related requirements
• has clean processes for cross-border sanctions, AML, and KYC issues where applicable

9) Compare fee structure and budget realism

Ask for:

• fixed fee vs. hourly vs. hybrid
• what is included/excluded
• assumptions about local counsel and translations
• expected fees for comment rounds, amendments, and post-closing filings

The cheapest option is often not the best if it leads to delays or rework.

10) Speak with recent client references

Ask for references from companies that are:

• similar in size and geography
• recently listed
• still in the post-IPO reporting phase

Ask those references:

• Was the firm proactive?
• Did they anticipate regulator concerns?
• Were they good at cross-border coordination?
• Did the final documents reflect commercial reality?
• Would they hire the firm again?

11) Watch for warning signs

Be cautious if the firm:

• gives overly generic answers
• cannot name comparable cross-border deals
• is vague about who will actually work on the matter
• overpromises on timing or regulator outcomes
• treats foreign law as an afterthought
• seems more focused on closing the deal than on post-IPO compliance

12) Use a simple scorecard

You can compare firms on a 1–5 scale for:

• cross-border IPO experience
• relevant jurisdiction coverage
• SEC / exchange / local filing capability
• partner-level attention
• project management
• sector expertise
• conflicts/independence
• fees
• post-IPO support

Weight the categories based on your priorities.

Suggested selection approach

For many cross-border IPOs, the best setup is:

• a lead securities/capital markets firm with deep cross-border IPO experience
• local counsel in each relevant jurisdiction
• close coordination with underwriters’ counsel, auditors, and sometimes tax/corporate governance advisers

If you want, I can also give you:

1. a law firm comparison checklist,
2. a request-for-proposal (RFP) template, or
3. a list of interview questions to ask candidate firms.