The Legal 500

Fountain Court Chambers had 11 members involved in OFT v Abbey National - the 2008 “bank charges” litigation, including Tim Howe QC and Bankim Thanki QC, involving expedited Court of Appeal and House of Lords appeals. Fountain Court Chambers demonstrated ability with appellate litigation, public policy, banking law, strength-in-depth availability, and team working in acting for blue-chip clients. Howe ‘impresses with his effortless grasp of complex financial products‘, whilst Thanki has a ‘formidable intellect, very hard working but fun to work with‘. 2008 saw Michael Brindle QC’s regulatory skills much called upon, for his ‘combination of being a first-rate lawyer whilst remaining practical‘. Silks include Raymond Cox QC who ‘knows the financial regulatory arena well‘. David Railton QC is ‘meticulous and extremely clever‘; Craig Orr QC topped a string of financial cases with ISDA case, RBS v Holinvest. Patrick Goodall’s work is ‘well thought through‘. John Taylor demonstrates that ‘complicated papers have been absorbed promptly‘. Nik Yeo has a ‘user-friendly, and “get-stuck-in” approach‘. Edward Levey is ‘a delight‘, whilst Jeffrey Chapman is ‘calm and effective in court‘. Nik Yeo is also recommended.

3 Verulam Buildings ‘always has somebody dependable to turn to, with consistently professional, excellent clerks‘. 2008 saw members advising on Lehman Brothers, the failed Icelandic banking system, the derivatives markets, pre-litigation issues arising from the credit crunch, and representing three banks in the “bank charges” case. Silks include John Jarvis QC, who ‘instils confidence in clients, his instinct on tactical issues is unerring‘. Ewan McQuater QC had tough wins in HSBC v 5th Avenue Partners and Uzinterimpex v Standard Bank. Andrew Onslow QC ‘focuses extremely hard on the issues‘. Jonathan Nash QC gives ‘good advice with tactical awareness‘. Special mention too, for Adrian Beltrami QC being ‘always immensely intelligent and sensible - nothing seems to throw him‘. Sonia Tolaney is ‘clearly a leading banking junior‘. Tolaney is ‘very commercial and practical, which means clients like her. And she does it all with a smile‘. John Odgers is ‘tough and uncompromising, he cuts to the chase‘. Close behind, Jonathan Davies-Jones ‘brings a very methodical approach to problem-solving‘. Matthew Parker is ‘always finds time to assist‘; Michael Lazarus is ‘very much the leader of the field on bank transfers‘. Matthew Hardwick, Nick Craig and the ‘charming, astute and utterly engaging‘ Laura John are also part of an extensive junior team.

With three banking juniors ascending in the 2009 silk round, One Essex Court has a ‘strong set of leaders, well clerked‘. Pick of the bunch is Lord Grabiner QC who achieved an emphatic first-instance victory in SRM v HM Treasury: the ‘Northern Rock‘ case. Laurence Rabinowitz QC for whom 2008 meant “bank charges”, is well-followed; Rhodri Davies QC’s ‘understanding of complex financial documents is very reliable, his finest attribute: his advocacy‘. John McCaughran QC gives ‘clear advice which clients understand, and gives proper direction‘. Stephen Auld QC is a ‘robust advocate‘. ‘Supplementary junior barristers are supplied at short notice‘ although a fêted trio of Anna Boase, Hannah Brown, and Ben Strong is already well known; Strong is ‘analytical, assimilating complex banking documents very quickly‘.

With ‘strength in banking and regulatory litigation‘, Blackstone Chambers deployed FSA expert Javan Herberg alongside Lord Grabiner QC, in the trial of “Northern Rock”, a case which also featured Tom Beazley QC. Herberg also appeared in heavy FSA cases Winterflood and Bankas Snoras. There is also continued personal recognition for Barbara Dohmann QC. The set’s regulatory competencies are personified by Charles Flint QC, who is ‘one of those barristers we turn to when in real difficulties. He excels at the long view, and his judgement is very good‘. The new “Treasury Devil”, James Eadie QC is ‘calm, a solid intellect, great with clients and good in pressurised situations‘. Andrew Green and Ben Jaffey also received recognition. Users say the ‘clerking is excellent, with speed of service very good‘.

Brick Court Chambers deployed significant numbers of barristers - including Roger Masefield on the impact of the collapse of various Icelandic banks, whilst Helen Davies QC and Stephen Midwinter amongst others, assisted in a $1.8bn credit swap action regarding a portfolio of mainly US sub-prime mortgages. Jonathan Sumption QC’s appearances in the Court of Appeal (‘Northern Rock‘) and House of Lords (‘bank charges‘) reasserted his reputation as one of the country’s leading appellate lawyers. Tom Adam QC is ‘bright, quick, easy to work with‘, whilst Tim Lord QC’s City background makes him a perfect 2008 silk for “credit crunch” cases. ‘All-round star, whatever the subject matter‘ Simon Salzedo is praised for ‘winning against silks - and easily outshining them‘. Andrew Henshaw ‘practises law with integrity, intelligence and a sense of humour‘.

Essex Court Chambers ‘has a good range of banking expertise at all levels‘ and sees promotions for David Foxton QC and Jeffrey Gruder QC. Foxton’s ‘intellect is formidable, with a friendly manner.‘ He appeared in FSCS v Abbey National Treasury Services, as well as in commercial litigation on ISDA SWAPS. Gruder appeared in Uzinterimpex v Standard Bank. Vernon Flynn QC is ‘well regarded‘. Philippa Hopkins is ‘extremely bright, but also pragmatic‘.

‘A very professional set in banking litigation; highly responsive from clerks up to silks‘, Serle Court rises in the rankings. Elizabeth Jones QC ‘has the ability to lead a team into action at very short notice‘. Dominic Dowley QC’s hedge fund and trust management experience are rated; whilst Philip Marshall QC has ‘impressive knowledge, courtroom gravitas and genuine standing‘; Nicholas Lavender QC has a ‘fantastic analytical approach and is always completely engaged, exceptionally good at issues like loss and damage‘. Simon Hattan’s investment banking background and rock-solid FSA experience support his elevation, being ‘clever, good at financial detail‘.

20 Essex Street’s Iain Milligan QC, consistently involved in “bank charges” is ‘very skilled, with considerable talent and insight‘. ‘His gravitas is valued, especially on appeal with a unique advocacy style; very succinct, insightful, and clever use of analogy.‘ David Owen QC is ‘genuinely knowledgeable on complex derivatives and structured products ISDA interpretation‘. Andrew Baker QC has been involved in the collapse of Lehman Brothers. Junior Sudhanshu Swaroop ‘hugely impresses‘.

Members of 3-4 South Square with their insolvency experience, have been exceptionally engaged with cases like “bank charges”, Lehman Brothers, the Icelandic banks, ‘Northern Rock‘, and with multiple regulators. Robin Knowles QC is ‘intelligent and responsive‘; Antony Zacaroli QC delivers ‘no histrionics, just straightforward plain speaking, with calm and forensic cross-examination‘. Andreas Gledhill ‘shows exceptional skill at analysing complex factual and legal issues‘; Ben Valentin ‘has a razor-sharp intellect, and a real “team man”‘.

Radcliffe Chambers is ‘the building society set‘ of choice, but is also known for consumer credit work, and well regarded by in-house counsel as well as solicitors for banking. Malcolm Waters QC is ‘one of the Magic Circle’s advisers on consumer credit legal issues‘. He is ‘an acknowledged industry expert with a deep knowledge of banking and related issues‘, ‘not afraid to flavour advice with a healthy dose of pragmatism’. Elizabeth Ovey is ‘very knowledgeable and thorough‘, as is Mark Fell.

Erskine Chambers retained its interest in ‘bank charges’ whilst also being heavily engaged in major restructurings in the sector. Far Eastern and Middle Eastern aspects also flavoured the set’s work, alongside Commercial Court experience. The ‘bright and eloquent‘ Richard Snowden QC, Leslie Kosmin QC and the ‘strong team of very senior company juniors‘ all feature.

Gough Square Chambers has good strength in consumer credit work. With strong demand for the set’s advice during the ‘credit crunch’, Fred Philpott is highlighted as ‘an eminent consumer credit practitioner and very commercial‘ and Iain MacDonald. William Hibbert is ‘extremely diligent‘. Chambers’ clients range from clearing banks to non-status lenders and encompass many industry sectors.

Littleton Chambers’ Richard Perkoff advised clients in relation to the collapse of Icelandic banks. He is ‘always very thorough and knowledgeable and a very safe pair of hands‘ The set ‘understands the need to build relationships with clients‘. Sam Neaman chalked up three separate High Court appearances for Lloyds TSB in 2008.

Outer Temple Chambers has seen further increases in financial services work. Michael Bowes QC is arguably ‘the pre-eminent silk for market abuse‘; whilst Richard Lissack QC’s ‘quality of advocacy is high‘; he is recognised for high-level regulatory advice work for firms both at home and abroad. Nicholas Medcroft is singled out positively, and ‘the clerks are very efficient and pleasant to deal with‘.

4 Stone Buildings handles commercial, Chancery, banking and finance points with skill. The set also regularly represents clients before disciplinary tribunals. The ‘clear and convincing‘ Robert Miles QC is mentioned as being ‘regularly briefed in this field‘. Richard Hill has strong market abuse experience.

Wilberforce Chambers’ Terence Mowschenson QC has extensive offshore experience, having advised hedge funds on confidential matters. He appeared in the Isle of Man courts in Barclays Bank v Manx Electricity Authority. James Ayliffe QC enters the rankings for work done relating to the Landesbanki collapse, and his appellate appearance in Halifax v Curry Popeck.