Debevoise & Plimpton's has scored the lead role in the benchmark $2.5bn initial public offering (IPO) by new client China Life Insurance – the largest float in the world this year.

The Asian insurance giant filed an application with the US Securities and Exchange Commission (SEC) on 20 November to launch the IPO, which is expected to easily surpass the $1.9bn flotation of Yell on the London Stock Exchange in July this year.

Debevoise's London-based partner James Scoville is leading a team including Shanghai-based international counsel Li Li, as well as lawyers from the firm's Hong Kong, Paris and New York offices. The New York firm is handling all US aspects for the issuer.

The filing will see the company primarily listed on the Hong Kong Stock Exchange, as well as offering American Depository Shares in New York, and is expected to launch this month.

The deal marks this year's second major IPO in the US market by an Asian company, following the $1.55bn float in the summer by Taiwanese company Chunghwa Telecom. It comes amid growing international interest in the Chinese economy.

The deal, which Debevoise secured after winning the client earlier this year, also underlines expectations that the international IPO market is picking up after two years of stagnation.

Debevoise has carved out its IPO practice through institutional links to a number of underwriters, including Goldman Sachs, Merrill Lynch, JP Morgan and Bank of America Securities.

Additional advisers on the deal include Allen & Overy, which is advising China Life on Hong Kong law through local head of corporate Michael Liu.

The underwriters' counsel include Baker & McKenzie partner Cheuk-Yan Leung, who is advising on Hong Kong law. Skadden Arps Slate Meagher & Flom is advising on US issues, led by Susan Sutherland and Hong Kong partner Gregory Miao.