Posted to BUSLIB-L on 7/18/2005 by Constance Sheriff, National Bank Financial

I don't think anyone has legal fees because they are simply not disclosed. Law firms are quite secretive about that stuff. There is the VERY slight possibility that you might find it in an SEC filing, but I doubt it, since I don't think it has to be disclosed. The only place I have seen legal fees is for IPOs. However, financial advisor fees are disclosed in around
5% of deals. If it is a public deal, you can sometimes find it in the filings. I think LiveEdgar will list fees, though I am not sure. SDC will have fees in about 3-5% of their deals. I think Dealogic has some fee information, and I think CapitalIQ does as well. I usually use SDC. It's the easiest, and seems to have the most fee info, except for IPOs. (Laura Plumme)

As you note in your question in many cases the fees on transactions are not disclosed, but a few companies are providing ESTIMATED fee data based on proprietary models. Two of these companies are Dealogic and Freeman.

This data is not perfect because it is based on a model and therefore is not exact but it is already being used extensively by competitive intelligence departments in investment banks, equity research analysts who cover banks and news reporters. I don't think there is any source for getting this data transitionally, although you could contact Dealogic or Freeman to discuss it. (Steve Medley)

Thomson Financial's new fee-based league tables will include transaction data from its own industry-leading Securities Data database combined with advanced analytical models developed by Freeman & Co. These models, developed over the course of 15 years of analysis of actual investment banking fees, approximate how a pool of fees is apportioned to all investment banks participating in a given transaction, taking a variety of relevant factors into account, such as financing type and the role of the bank. This type of information is widely used by investment banks for market share analysis, resource allocation, and revenue/strategic planning. Freeman & Co's imputed fee content add-on module allows users to assess their clients' revenue-generating capacity. Benefits include:

• One-click access to league tables - Enables the user to benchmark fees against competitors and compare fees over time across all product segments using a proven and consistent methodology.

• Comprehensive transaction tear sheets - Freeman & Co's imputed fee content is available at the deal and manager/advisor level for individual transactions.

• Advanced screening capabilities - Use the advanced search tool to create and access custom defined reports, including wallet-share, market-share and banking relationship exhibits. Contact your Thomson Financial representative to learn more. (Press release from Thomson Financial).

Edited on September 14, 2005