The Legal 500

The decline in the corporate market over the last 12 months has been swift and dramatic. What started with cracks in the US sub-prime mortgage market has exploded into one of the deepest recessions in living memory. Chronic illiquidity, unstable asset prices and lack of investor confidence conspired to burst the seemingly endless bubble of top-end transactional mandates. The collapse in September 2008 of Lehman Brothers - at the time the world’s fifth largest investment bank - was a significant tipping point, with many firms seeing dealflow dry up overnight.

The City’s beleaguered corporate teams have been forced to adapt. With premium new-money transactions thin on the ground, distressed deals have come to the fore, and a lack of conventional M&A has also seen corporate lawyers working alongside finance teams on restructurings and insolvencies. Clients are exerting pressure on pricing, and reports of ‘lowballing’ are widespread as firms attempt to keep utilisation rates high.

Against this background, our corporate rankings remain largely unchanged. The City elite - Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May - continue to dominate proceedings, and once again comprise the top two tiers of both Mergers and acquisitions and Equity capital markets: UK capability. However, with leveraged transactions one of the principle casualties of the credit crunch, Clifford Chance’s reliance on private equity has seen it fall back to the second tier in M&A following its promotion last year. These top firms are also increasingly dipping into the already fiercely competitive mid market.

Activity levels in the sub-£50m M&A space started to pick up in spring 2009 after a three-month hiatus, with entrepreneurs seeking investment opportunities on the cheap. The ranking for that section has grown as a result, with the seven new entrants including giant PricewaterhouseCoopers Legal LLP and Anglo-Canadian firm Fasken Martineau LLP.

On the equity capital markets side, IPO activity is at an all-time low. A spate of high-profile rescue rights offerings provided some much needed relief - with the market’s two dominant figures, Linklaters LLP and Freshfields Bruckhaus Deringer LLP, showing particularly well - but teams have mostly had to make do with (less remunerative) secondaries and private placements.

Often unfairly dismissed as corporate’s poor relations, its is the non-transactional practices that have prospered this year. That is good news for the more domestic City firms, with Ashurst LLP and SJ Berwin LLP troubling the top spots in EU and competition; Lovells LLP, CMS Cameron McKenna LLP and Travers Smith LLP achieving high rankings in financial services; and Berwin Leighton Paisner LLP making strides in corporate tax.

New to the chapter this year is the Outsourcing and procurement section, which spans both private and public sector work and covers business services outsourcing in addition to more traditional IT and telecoms work. Baker & McKenzie LLP, Bird & Bird LLP, DLA Piper UK LLP, Field Fisher Waterhouse LLP and Pinsent Masons LLP have set the bar as the firms to beat.

With 50 fee-earners working across its tax practice, Freshfields Bruckhaus Deringer LLP is praised for its ‘real appreciation of underlying commercial issues and flexibility in finding appropriate solutions’. The full-service department covers all aspects of tax work, from corporate transactions to real estate and financing deals, providing ‘technical analysis of a very high order’. In 2008 it worked on the recapitalisation of many of the UK’s largest financial institutions including RBS, HBOS, Barclays, and Bradford & Bingley, as well as acting for BAA on the £13.3bn refinancing of its UK airports. Murray Clayson, Colin Hargreaves and Susan Porter are recommended.

The ‘excellent’ team at Linklaters LLP provides clients with ‘top-quality’ advice across the full spectrum of tax work with M&A transactions and corporate finance particular strengths. The firm advised Lloyds TSB on its £6bn acquisition of HBOS, as well as acting for RBS on its £12bn rights issue and £20bn recapitalisation by HM Treasury. It is also acting for the Department of Transport in the £15.9bn development of Crossrail; one of the world’s largest-ever infrastructure projects, it involves complex property tax issues among others. Names to note include Mark Kingstone, Yash Rupal and Mike Hardwick.

The ‘extremely responsive’ team at Slaughter and May impresses clients with its ‘commercial awareness’ and ‘unsurpassed technical knowledge’. It acted for HM Treasury throughout 2008 in connection with the crisis in the banking and financial markets, advising on Northern Rock, RBS, Lloyds TSB, HBOS, and Bradford & Bingley, and its blue-chip client base also includes Shell, GE, Barclays Capital, Goldman Sachs, Standard Chartered, Morgan Stanley, JPMorgan Chase, Merrill Lynch, Deutsche Bank and Nomura. Steve Edge is a ‘top-class operator’, while Graham Airs combines ‘technical excellence, experience, energy and enthusiasm’. Tony Beare and Sara Luder are also recommended.

With particular strength in structured finance, asset-based finance and cross-border work, Allen & Overy LLP is ‘proactive’ and ‘responsive’, and provides clients with a ‘very good level of service’. The firm acted for Heineken in its £9.6bn takeover offer with Carlsberg to acquire Scottish & Newcastle, as well as advising Thompson on its acquisition of Reuters, creating the first-ever company with a dual Canada/UK listing. Miles Walton is noted for his ‘experience and expertise’, while Brenda Coleman is ‘highly effective’. Patrick Mears and Vimal Tilakapala are also well regarded by clients.

The ‘responsive’ and ‘commercial’ tax team at Clifford Chance provides clients with a ‘consistently high technical standard’ of tax work. With over 50 fee-earners, it is a full-service department with particular expertise in M&A and corporate finance matters. It acted for British Energy in relation to its £12.5bn takeover by EDF, as well as representing Aluminum Corporation of China on the £7bn acquisition of an equity stake in Rio Tinto Zinc. On the finance side, the firm is advising The Carlyle Group on its £360m acquisition of the cash systems business of De La Rue. Clients are impressed with Jonathan Elman’s ‘deep knowledge of the law’, while Mark Persoff is ‘thorough and very proactive’. David Harkness and Nina Buchan are also recommended.

Five partners at Ashurst LLP lead a tax team which is strong on transactional work with particular expertise in private equity, real estate and restructuring matters. Clients are impressed with the ‘absolutely first-rate’ standard of work. The firm advised NBC Universal on its acquisition of Carnival Television, while in the real estate area it acted for Westfield on both the £2bn development of Westfield London and the development of the Stratford City site next to the Olympic Park. John Watson and Ian Johnson are the names to note.

Berwin Leighton Paisner LLP has continued its aggressive expansion in the tax market, now fielding 13 partners with the hires of Kevin Cummings from Allen & Overy LLP and Michael McKenna from Goldman Sachs. Strong in structured finance and real estate work, the firm continues advise Tesco on its ongoing £5bn programme of releasing value from its UK property portfolio. Michael Wistow is ‘dynamic, enthusiastic and always keen to find solutions’, while Neal Todd is ‘considered, with a wealth of experience’. John Overs is also recommended.

With expertise in M&A and real estate work, Herbert Smith LLP fields a ‘very responsive team, with good technical skills’. Clients are impressed with the firm’s ‘timely and pragmatic advice’ and ‘good industry knowledge’. It advised Tata Motors on its US$2.3bn acquisition of Jaguar and Land Rover from Ford as well as acting for EDF on its £12.5bn takeover of British Energy Group. Clients find Howard Murray ‘thoughtful and pragmatic’, while Neil Warriner and Bradley Phillips are also recommended.

Clients hold the tax team at Macfarlanes LLP ‘in the highest regard’, impressed by its ‘highly knowledgeable legal advice and prompt response times’. Private equity, M&A and cross-border work are core strengths. Highlights include acting for Pernod Ricard on its €5.6bn acquisition of Vin & Sprit (the owner of Absolut Vodka), and advising Phoenix Equity Partners on the tax structuring of its £96.5m acquisition of Ashtead Technology Rentals. Mark Baldwin, Ashley Greenbank and Elizabeth Sherwood are well regarded.

Rising a tier, the tax team at SJ Berwin LLP offers ‘practical and commercial advice’ with a focus on funds work, real estate and transactional matters. The firm is advising British Land on the formation of a £1.2bn joint venture with J Sainsbury, and acted for Qantas on a proposed (but ultimately unsuccessful) £6bn merger with British Airways. Heather Corben is ‘technically excellent’, and Dominic Adams is ‘one of the country’s best and brightest tax lawyers’.

Travers Smith LLP offers clients a ‘first-class service’ combined with a ‘commercial and pragmatic approach’ and a ‘can-do attitude’. With private equity, corporate finance and funds work at the heart of the practice, clients include 3i, Bridgepoint Capital, Phoenix Equity Partners, Exponent Private Equity, Barclays Private Equity, TA Associates, Langholm Capital and Lyceum Capital. Simon Yates is recommended for his ‘great knowledge’, and Alasdair Douglas and Kathleen Russ are also highly thought of by clients.

A market leader in transfer pricing matters, Baker & McKenzie LLP is also strong in cross-border transactional work. It provided tax and structuring advice to Best Buy on its £1.1bn acquisition of 50% of Carphone Warehouse. Alex Chadwick leads a team of 18 fee-earners.

CMS Cameron McKenna LLP has a 16-fee-earner, full-service tax practice which is strong across transactional and structured finance work. Clients are impressed by the firm’s ‘strength of team and appropriateness of service’. It is acting for RWE npower in the establishment of a joint venture with E.ON to build new nuclear power generators. Mark Nichols and Richard Croker are the names to note.

The ‘excellent’ team at Latham & Watkins provides ‘prompt and practical advice’ with particular expertise in international transactional matters. Clients include the Qatar Investment Authority, Quilvest, Goldman Sachs, Wachovia Bank and SABMiller. Clients praise Daniel Friel and Sean Finn for their ‘commercial approach’.

Clients rate the service levels at Lovells LLP as ‘very good’. The practice has particular expertise in tax structuring, real estate and M&A work, with SABMiller, ITV, Argent Estates, Hermes, and Henderson Asset Management among its clients. Karen Hughes, Philip Gershuny and Philip Harle are praised for their ‘technical knowledge and practical approach’.

Five partners at Nabarro LLP lead a full-service tax team with real estate matters a particular specialism. Clients include Aviva, Great Portland Estates, ING, Land Securities, Mitsubishi Estate Corporation and United Business Media. Michael Cant and Simon Rose are well regarded by clients and peers alike.

Norton Rose LLP is highly regarded in the market for its Islamic finance and shipping expertise, as part of a broader tax offering. The firm advised HSBC Rail on the tax aspects of its £200m tax-based operating lease of rolling stock for ScotRail, and is advising Lloyds TSB on the restructuring of part of its shipping portfolio. Louise Higginbottom leads a team of 18 fee-earners.

Reflecting the firm’s wider strengths, the ‘professional’ team at Olswang is strong in film finance, real estate and transactional tax work for media companies. It advised on the tax structuring of the latest Bond film Quantum of Solace; other clients include RDF Media and the Guardian Media Group. Mark Joscelyne is ‘technically rigorous and creative’, and Stephen Hignett is also recommended.

Rising in the ranking, the ‘strong team’ at Simmons & Simmons’ strengths include M&A and hedge fund work. The firm advised on the establishment of investment platforms for various hedge fund management clients including BlueCrest, RAB Capital and MKM Longboat, and also acted on Aon’s £850m acquisition of Benfield plc. Martin Shah is ‘an excellent all-rounder’, and Nick Cronkshaw is ‘very knowledgeable and sensible’.

Funds work and complex cross-border transactional matters are at the heart of the ‘overall excellent service’ provided by Skadden, Arps, Slate, Meagher & Flom (UK) LLP. It advised Ford on tax matters linked to its disposal of Jaguar and Land Rover. James Anderson displays ‘excellent quality of judgement’, while Tim Sanders is also recommended.

Cleary Gottlieb Steen & Hamilton LLP boasts strong financial services and M&A capability. Clients include Bank of America, Arjo Wiggins Appleton Limited, AIG Financial Products and Goldman Sachs, and it is currently acting for Highstar Capital in its acquisition of a 25% stake in London City Airport from Global Infrastructure Partners. Nikhil Mehta is recommended.

Traditionally a contentious tax player, DLA Piper UK LLP has strengthened its transactional tax team and now boasts significant expertise in real estate, M&A and funds work. Clients include Alliance and Leicester, Bank of Scotland, Beckman Coulter, Dresdner Kleinwort and Englefield Capital. Simon Gough and Tracy Fisher are key players.

Strong in the energy sector, Denton Wilde Sapte LLP rises in the ranking as it continues to develop its international practice, especially in the Middle East where it leverages its Islamic finance expertise. Abu Dhabi Commercial Bank, Al Khalij, National Bank of Egypt, AIB, Bank of Scotland, Barclays and Deutsche Bank are among the firm’s clients. Alex Thomas and Jane Douglas are well regarded.

Clients are impressed with Dewey & LeBoeuf’s full-service tax department, which is strong across the financial services sector and cross-border work. It advised Cyfrowy Polsat - the Polish cable TV operator - on its €250m listing on the Warsaw Stock Exchange, Poland’s largest IPO in 2008. Julio Castro is ‘very bright, commercial and responsive’, and Judith Harger is also recommended.

With expertise in tax structuring and transfer pricing work, Field Fisher Waterhouse LLP’s service is ‘excellent’. Clients include Citigroup Global Markets, Goldman Sachs, BSkyB, A G Parfetts & Sons, Credit Suisse First Boston and Orange. Nicholas Noble is ‘one of the sharpest and most pragmatic tax lawyers in the City’, and Graeme Nuttall is also recommended.

Private equity, fund formation and cross-border real estate work are particular strengths of Fried, Frank, Harris, Shriver & Jacobson (London) LLP. The firm acted for Tishman Speyer in its joint venture with Commerz Real to develop a new 37-storey tower in the Frankfurt business district. Martin Rowley has ‘a very good understanding of funds, real estate and private equity businesses’, and Keith Featherstone has ‘excellent knowledge of tax law’.

The tax team at Jones Day has ‘strong business acumen coupled with strength in depth’. The firm boasts a strong real estate practice, acting for DCD Witkoff, Meyer Bergman, The Hercules Unit Trust, Highcross and CBRE. Blaise Marin-Curtoud is ‘a strong all-rounder’, and Charlotte Sallabank is also recommended.

Clients are impressed by the ‘combination of commercial acumen and legal technical expertise’ provided by the tax team at Mayer Brown International LLP, which has notable restructuring expertise alongside a strong transactional practice, and advised GMAC LLC on one of the largest debt reconstructions of 2008. Peter Steiner provides ‘highly relevant advice’, and Sandy Bhogal is also well regarded.

McDermott Will & Emery UK LLP boasts good capability in group reorganisations and debt restructurings alongside its transactional tax offering. The firm represented Luxottica in the consolidation of its Sunglass Hut companies in the UK and Republic of Ireland, and in its merger with Optika Holdings. Peter Nias is highly regarded by peers. Stuart Sinclair, also recommended, has recently moved to Bingham McCutchen (London) LLP.

Shearman & Sterling LLP provides clients with ‘very good’ and ‘responsive’ levels of service, and has strength in complex, cross-border transactions. The firm advised Abu Dhabi United Group Investment & Development Limited on the acquisition of Manchester City Limited, the holding company of Manchester City Football Club. Iain Scoon is ‘excellent’.

Sidley Austin LLP provides a ‘top-class’ and ‘proactive’ service to a client list featuring many of the world’s leading financial institutions. It acted for Discover Financial Services in relation to the UK tax aspects of the £35m sale of its UK credit card business to Barclays. Drew Scott is praised for his ‘knowledge, experience and thoroughness’.

Taylor Wessing LLP attracts praise for its ‘practical approach’ and ‘timely, value-added advice’, and rises a tier in the ranking this year. Key areas of ability are the structuring of corporate and private equity transactions, including M&A and reorganisations, and Islamic finance is also an area of expertise. Nikol Davies is praised for her ‘understanding of cross-border implications’, and Peter Jackson is also recommended.

Watson, Farley & Williams LLP’s strengths include shipping and structured finance tax work. Nathalie Cormery was promoted to partner in May 2008, and Michael L’Estrange is highly regarded by clients and peers alike.

Weil, Gotshal & Manges’s has a strong finance practice as well as good private equity and M&A capability. It acted for Lion Capital on its acquisitions of The FoodVest Group, and Russian Alcohol Group (Russia’s largest vodka producer). Sarah Priestley and Andrew Norwood are the names to note.

Covering a broad spectrum of work from VAT and trade issues to serious fraud, firms listed here are also listed in other sections for their particular expertise in indirect tax work or criminal matters.

Rising to the top tier this year, the team at Baker & McKenzie LLP offers a ‘remarkable service’ which includes customs, VAT and export control advice to large corporate clients. It provided the claimant with customs advice in the Court of Appeal case Eli Lilly v 8PM Chemists Ltd. The ‘extremely knowledgeable’ Ross Denton is recommended.

DLA Piper UK LLP also rises to the top tier with the arrival of two new hires from HMRC, Neil Fairclough and Robert Purdue. Strong across the board in contentious tax matters, Neil Gerrard is singled out for his cross-border expertise, and is currently acting for a professional advisory firm in relation to an investigation by HMRC involving an allegation of serious tax fraud involving £100m.

At Irwin Mitchell LLP, Maurice Martin is regarded as ‘one of the best lawyers in this area in the UK’. The firm has promoted the well-regarded Sarah Wallace to partner in May 2008. Particularly strong in criminal matters, it received instructions in numerous cases arising from Operation Rize. The cases have raised significant legal issues, the operation having been carried out by the Metropolitan Police into many areas where HMRC would traditionally have been the agency involved.

Peters & Peters is acknowledged as expert in tax investigations and regularly advises corporate clients and high-net-worth individuals who have become the subject of HMRC enquiries. With a focus on fraud and criminal matters, the practice is currently advising numerous clients as a result of HMRC’s success in gaining access to information about offshore accounts held by UK taxpayers. Monty Raphael and Sarah Gabriel are both recommended.

BCL Burton Copeland is well known for its work in MTIC cases. Harry Travers is a well-respected figure in the market.

The ‘excellent’ Blake Lapthorn is regarded as a leader in relation to receivership matters in confiscation and proceeds of crime cases. Warren Foot is singled out for his ‘rare ability to combine audacity with a well-measured approach.’

Peter Kiernan and Gerallt Owen are the names to note at Crowell & Moring. The firm has recently been instructed in the UK’s largest-ever confiscation proceedings, with a value in excess of £1bn.

Allen & Overy LLP’s Peter Mendham is well regarded on the VAT side.

Byrne and Partners has a strong criminal practice; Matthew Frankland is recommended.

Eversheds LLP remains active in this area through its fraud and financial crime team.

At Lovells LLP, Greg Sinfield is described by clients as ‘the perfect adviser’ for his strong contentious practice and VAT expertise.

Known for its very strong contentious tax and VAT practice, McGrigors LLP enters the ranking this year. David Anderson is recommended.

While this section focuses on corporate representation, for cartel criminal actions against executives Peters & Peters (notably partners Michael O’Kane and Jo Rickards) is the ‘market-leading’ firm.

Freshfields Bruckhaus Deringer LLP’s remains at the forefront of virtually every area of the EU and competition field. Key instructions included advising the Bank of England on the financial crisis and the resultant consolidation in the banking sector; representing Dunlop Oil & Marine on the high-profile marine hoses cartel investigation; and advising Northern Rock on the state aid aspects of temporary government ownership. ‘Solutions-driven’ and ‘technically accomplished’ partner Deirdre Trapp also achieved a significant victory for Tesco in the CAT. Other urbane and polished practitioners include leading competition litigator Jon Lawrence (an ‘excellent strategist’, ‘aggressive when necessary’, ‘one of the best’); fellow ‘ruthless litigator’ and ‘master of the detail’ William Robinson, cartels specialist Bea Tormey, the immensely experienced David Aitman, Rod Carlton; and senior figures Nicholas Spearing (‘fantastically good’ at Competition Commission hearings); Rachel Brandenburger; John Davies; and former OFT director Simon Priddis (‘excellent technical knowledge’, ‘sound judgement’). Regulators generally regard the firm as having the ‘slickest’ and most technically accomplished practice in the City.

Celebrated figure Malcolm Nicholson retired from Slaughter and May in 2009, but left an outstanding legacy, having created and nurtured a team that remains ‘top of the tree’. With its ‘truly exceptional’ partners and ‘outstanding’ associates, ‘there is no weak link’. In 2008 it represented major parties in a series of headline market and cartel investigations, and the firm’s record in acting for government or state entities gives it a peerless understanding of policy and regulation. Philippe Chappatte (‘experienced’, ‘practical’, ‘good contacts with the Commission’) has taken over as head of a department that includes Bertrand Louveaux(‘distils complex issues into simple terms’, ‘analytical’, collaborative’); Michael Rowe(‘very impressive’); William Sibree (‘thoughtful’, ‘clever’, ‘strategic’); and newly elected partners Sarah Cardell, who worked on BHP Billiton’s bid for Rio Tinto, and Isabel Taylor (‘user-friendly’, ‘picks up complex issues very quickly’). Special adviser Christopher Wright has ‘great knowledge of the regulatory sector’.

Herbert Smith LLP has created a mighty standalone practice praised for its ‘blue-chip’ and ‘proactive’ advice; it is ‘able to see the bigger picture’ and is ‘always on the mark from a business perspective’. In 2008, it deployed its competition and regulatory experience in representing Électricité de France on its recommended £12.5bn takeover of British Energy Group. On the behavioural front it advised BAA on the Competition Commission’s market investigation into UK airport markets, and Virgin Atlantic in connection with cartel investigations into passenger fuel surcharges. On the competition litigation side, it represented BSkyB in High Court proceedings against Virgin Media. Recommended individuals include Jonathan Scott (‘great manner with clients’, ‘a wise old head’, ‘imaginative’, ‘excellent smell for cases’); Elizabeth McKnight (‘intellectually impressive’, ‘pushes the envelope’); James Quinney (‘commercial’, ‘pragmatic’); competition litigation partner Stephen Wisking (‘calm’, ‘clever’); Veronica Roberts (‘practical’, ‘pragmatic’, ‘straightforward’); and Susan Black (an ‘extremely diligent strategist’, and ‘good all rounder’).

Linklaters LLP is consistently praised for its ‘business acumen’ and the quality of its leading partners. Although ‘closely associated with mergers’ - it earned many accolades for its work on Lloyds TSB’s highly charged acquisition of HBOS - it has forged a path in behavioural work and litigation; former Competition Appeal Tribunal (CAT) president Sir Christopher Bellamy QC, for instance, is ‘unique’ and ‘brings a level of judgment which cannot be obtained elsewhere’. The firm has achieved key roles on many of the leading UK and European market and cartel investigations. Bill Allan(quickly identifies the ‘commercial challenge’); Michael Sanders(has a ‘depth of knowledge’, and ‘adds real value’); Paula Riedel(‘hardworking’, with ‘detailed knowledge’); Gavin Robert(‘bright’, ‘commercially pragmatic’, ‘astute’); ‘rising star’ Nicole Kar(‘a supreme cartels specialist’); and Michael Cutting(the lead partner on Lloyds TSB/HBOS) are all recommended. Senior figure Tony Morris and leading competition litigator Diana Good recently retired from the firm.

Allen & Overy LLP’s prime roles on a series of landmark merger cases (including HBOS/Lloyds, Somerfield/Co-op and BSkyB/ITV) indicates its leading credentials; on Somerfield/Co-op, the firm was instructed to handle the antitrust elements alone. The firm has unrivalled experience in CAT merger appeals, having acted on four of seven at the time of writing. High-calibre partners include leading figure Mark Friend; Antonio Bavasso(‘academically astute’, ‘commercial’); and technology and IP/antitrust partner Philip Mansfield, and ‘valued team member’ and part-time consultant John Wotton is also singled out. Highly respected former partner Alistair Lindsay has returned to the Bar, while Simon Pritchard- former senior director of mergers at the OFT - joined in March 2009.

Ashurst LLP is regarded as a premier practice, thanks in part to the ‘considerable gravitas’ of Nigel Parr within the competition community. His ‘statesman-like’ qualities are widely recognised, and clients are impressed with the firm’s willingness to make ‘difficult decisions’ and to not load advice with caveats. New partner and barrister Euan Burrows has impressed with his grasp of economics and his ‘intelligent’ and ‘robust’ approach. The firm has an exceptional record in the CAT, where it is renowned for its ‘aggressive stance’ and for market and cartel investigations. In 2008, it represented Imperial Tobacco during the headline OFT investigation into the tobacco sector, and acted for main parties in a series of other major OFT market investigations. It also acted for Virgin Media, in the seminal competition case Virgin Media v BSkyB. Clients praise the background assistance of the firm’s in-house economists, led by Mat Hughes.

The ‘premier league’ team at Clifford Chance has matched its outstanding record in merger control with an equally impressive litigation practice. With ‘first-class competition litigator’ Elizabeth Morony(‘hard hitting’, ‘incisive’) and Luke Tolaini(a ‘rising star’ ,’someone to have on your side during an investigation’), the firm has ‘the complete package’. The two represented Bridgestone on the worldwide marine hoses cartel investigation, and has impressed with market-transforming deals such as InBev’s US$52bn acquisition of Anheuser-Busch; Co-Operative Group’s acquisition of Somerfield; and Reuters’ takeover of Thomson. The firm is ‘willing to go the extra mile’, and has a ‘persuasive approach’ and a ‘good sense of the broader picture’. The ‘very approachable’ and ‘technically excellent’ Alex Nourry heads the team, which includes telecoms and regulatory specialist Jenine Hulsmann(‘extraordinarily adaptable’, ‘commercial’, ‘cost conscious’); Oliver Bretz(a ‘strategic thinker’ who ‘thinks outside the box’, ‘analytically very sharp’); John Osborne(‘great experience’, ‘good analytical skills’, ‘knows his industries’); and Greg Olsen.

Without the luxury of Magic Circle status, SJ Berwin LLP has arguably achieved more than any other firm in this sector. Of late, the firm has emerged at the forefront of private damages litigation, often on behalf of the plaintiff, with Stephen Kon(‘keen intellect’, ‘innovative’) and Lesley Farrell(‘very professional’) to the fore. On the behavioural front, it advised Marks and Spencer in connection with the Competition Commission grocery market inquiry, and Qantas in relation to the European Commission’s investigation into a fuel surcharge cartel. Elaine Gibson-Bolton has impressed regulators with her pragmatic and convincing style, while Simon Holmes(‘innovative’, ‘forward thinking’), Niamh Grogan(‘very approachable’, ‘easy to work with’) and Tom Usher are also highly recommended. In 2009, it elected another two partners: Philipp Girardet and Cameron Firth. The firm has excellent ‘industry knowledge’ and is ‘good value compared to the Magic Circle’.

Baker & McKenzie LLP remains at the forefront of international cartels work. Led by Luis Gomez, it obtained full immunity for Shell in relation to the paraffin wax cartel case, and it is also instructed in the renowned freight forwarding cartel investigation. Continuing its progress in the competition litigation sector, the firm brought a complaint for Orange against BT for abuse of a dominant position in residential broadband. Samantha Mobley heads the department, which includes litigation specialist Keith Jones, and experienced consultant Lynda Martin Alegi. Ross Denton is commended for his understanding and knowledge of export controls and customs, while Tom Cassels(‘commercial’, ‘first rate’) is recommended for public law related cases.

DLA Piper UK LLP has achieved great things in competition litigation and cartels. Trade is also a key arena, with trade specialist Miriam Gonzalez making considerable headway, along with department head Mike Pullen, who is notable for his outstanding international connections. In 2008, the team advised Cathay Pacific during the worldwide air cargo investigation, and represented the FA Premier League before the High Court, before reference to the ECJ concerning the use of foreign satellite decoder equipment in UK pubs. Senior figure and experienced litigator Martin Rees and Alexandra Campling (‘practical’, ‘pragmatic’) are also recommended. Leading market inquiries and competition litigation specialist Andrij Jurkiw joined from Burges Salmon LLP in 2008.

Although its team in London has just two partners, with Simon Polito (‘fantastic experience’, ‘unrivalled industry knowledge’) becoming a consultant, clients still praise Lovells LLP’s ‘strength in depth’, ‘strategic sense’ and ‘impressive track record’. It also maintains a large team of UK-qualified partners in Brussels. In 2008, Brussels partner Matthew Levitt advised Ofgem in its competition investigation into National Grid. London department head Susan Bright is ‘very knowledgeable’ and ‘user-friendly’, and Lesley Ainsworth is commended for her ‘in-depth knowledge’ of the grocery sector and her guidance on ‘regulatory strategy’, and advised Waitrose in connection with the Competition Commission’s grocery market investigation. Financial services, media and life sciences remain key sectors for the practice.

Norton Rose LLP’s ‘business acumen’ and ‘knowledge’ continue to impress. Leading figure Martin Coleman heads a team that has achieved roles on a series of seminal cases. It succeeded in dismissing all criminal charges against Ranbaxy in the landmark price-fixing case brought by the SFO, and was also appointed to advise on the Competition Commission’s inquiry into Project Kangaroo, the video-on-demand platform developed by the BBC, ITV and Channel 4. Michael Grenfell, Mark Jones(who is ‘client oriented’, and provides ‘tailored business advice’), and Peter Scott are also recommended.

Simmons & Simmons has celebrated traditions in this arena and continues to impress in a number of areas, including roles in judicial review, the life sciences environment, and heavily regulated sectors such has mail, water and energy. It also continued to advise the Kier Group in relation to the OFT’s investigation into bid-rigging in the construction sector. Martin Smith heads the international practice, which includes Tony Woodgate, Charles Bankes and Jenny Block in London.

Berwin Leighton Paisner LLP has demonstrated the breadth of its expertise through a series of landmark state aid, cartel and private damages cases. It is acting on one of the largest antitrust damages cases in the UK, and thanks to its public sector strength has secured a series of significant state aid cases. David Harrison(who ‘goes the extra mile’, ‘quickly gets to the heart of the matter’, and is ‘tenacious’) leads a team that includes Becket McGrath(‘very sharp young guy’, ‘knows how the system works’, ‘presents in an understandable format’), and Adrian Magnus(‘very experienced’, ‘very commercial’).

Eversheds LLP consolidated its fine position in the cartel sector during 2008. It advised Cemex in the ongoing European Commission investigation into the cement sector, as well as obtaining key roles on a number of UK and European cartel investigations. The immensely experienced and highly respected Ros Kellaway heads the team, which includes Stephen Rose, James Robinson and Andrew Chandler.

‘First rate’ on both sides of the Atlantic, Latham & Watkins (‘our go-to firm on high-end work’) has committed significant resources to its UK practice. John Colahan represented Aviva in relation to the Payment Protection Insurance (PPI) inquiry, and the firm is also advising parties in the BAA Airports and grocery sector inquiries. It regularly advises in relation to global cartel investigations, Marc Hansen especially, while the arrival of Laurence Cohen has led to a greater flow of IP/antitrust cases. The ‘extremely knowledgeable’ Omar Shah and cerebral John Kallaugher have led the charge on competition litigation.

Although senior figures Guy Leigh and Edward Pitt have retired from the firm, Addleshaw Goddard LLP’s practice is still regarded as ‘excellent’, ‘informative’, ‘clear’ and ‘proactive’. Mark Clough QC and Bruce Kilpatrick(‘very commercial’, ‘very quick’, ‘very sensible’) are now the lead partners in London, with Leeds-based leading competition litigator Adam Aldred also frequently in London. The firm is engaged in a number of cartel and market investigations, and is strong on state aid, public procurement, trade and WTO work.

A leading force in utilities, energy, life sciences and the state aid environment, CMS Cameron McKenna LLP continues to earn accolades. Led by David Marks, it represented Pfizer when it was dawn raided as part of the EU pharmaceutical sector inquiry. It also advised a major construction company in connection with the OFT’s cartel investigation, and welcomed RWE and Colgate-Palmolive as new clients. Susan Hankey is ‘technically strong’, ‘very user-friendly’, and a willing sounding board for clients.

Macfarlanes LLP continued its impressive record in the merger control environment, advising Pernod Ricard on its acquisition of V&S (owner of Absolut Vodka) from the Swedish government. On the behavioural side it represented Threshers in relation to the OFT’s tobacco cartel investigation. The ‘first-rate’ Marc Israel heads the team, which includes Jane Tyler.

Mayer Brown International LLP is consistently recognised for its work in the life sciences and pharmaceutical environments, and is praised for its ‘responsiveness’ and ‘industry knowledge’ in a range of sectors. In this respect Frances Murphy ‘stands head and shoulders above other competition law practitioners’, and is ‘good in a crisis’. In 2008, the firm represented Unilever in the OFT’s price-fixing investigation into the grocery market, and advised AstraZeneca on the European Commission’s investigation into the pharmaceutical sector. Gillian Sproul is the second partner in the team.

McDermott Will & Emery UK LLP is ‘first class’, ‘practical’, and shows a ‘keen understanding’ of clients’ businesses. It acted for Wilmott Dixon in connection with the OFT’s investigation into bid rigging in the construction sector, and is also known for risk arbitrage and sports sector work; it is regular counsel to UEFA. Scott Megregian(‘excellent grasp of REACH issues’, ‘amazing intellect’, ‘smart in negotiations’) heads the department, which includes the highly respected Alasdair Bell.

Shearman & Sterling LLP has made its mark in behavioural work and litigation, and acted for Areva in connection with the High Court proceedings brought by National Grid following the European Commission decision in the gas insulated switchgear case. Matthew Readings is the lead partner, while consultant Chris Bright retains an immense reputation for non-UK work.

‘First-class outfit’ Travers Smith LLP is ‘practical’ and ‘pragmatic’, with ‘outstanding’ partner Nigel Seay commended for his ‘strategic judgement’ and ‘grasp of detail’ and Margaret Moore for her ‘razor-sharp’ analytical skills, ‘incredible breadth of experience’ and novel arguments. With excellent behavioural credentials, it impressed many with its representation of newsagent and tobacconist Martin McColl in the OFT’s tobacco price-fixing investigation.

The combination of Wilmer Cutler Pickering Hale and Dorr LLP’s worldwide reputation and the pre-eminence of Suyong Kim has earned the firm an impressive status in London. It now has a ‘stable of major clients’, and has impressed with some innovative litigation, including a judicial review and defamation case against the OFT on behalf of Wm Morrison.

With Susan Hinchliffe (‘client focused’, with a ‘wealth of experience’) now based in London alongside Tim Frazer(‘one of the biggest stars in Europe’) , Arnold & Porter (UK) LLP (‘exceptional responsiveness’, ‘business focused’, ‘gets results’) has continued its emergence in the pharmaceutical, consumer goods and telecoms sectors. The firm is now regularly instructed as standalone merger control counsel. Clients include Kraft Foods and Philip Morris.

Bird & Bird LLP is recommended for IP/competition cases, and for its work in the pharmaceutical and life sciences, and utilities sectors. Department head Richard Eccles is a celebrated figure whose key clients include Royal Mail and the FA.

Bristol-based Burges Salmon LLP has a fine record in market inquiries and cartel investigations, and is noted for its ‘practical business approach’. Laura Claydon(‘extremely knowledgeable’, ‘always considers the business angle’) heads the department, although the departure of Andrij Jurkiw is a blow.

Cleary Gottlieb Steen & Hamilton LLP has a leading European and global practice, with the ‘extremely impressive’ Shaun Goodman heading the London team. Clients commend the ‘intellectual calibre’ and ‘breadth of experience’ of partners in London and Brussels, and Brussels partner Romano Subiotto QC is now regularly in London, focusing on follow-on damages actions and general competition litigation. The firm has appeared in the High Court and CAT on a regular basis.

Field Fisher Waterhouse LLP’s ‘highly professional’ and ‘first-rate’ department rises in the ranking thanks to its growth in London and Brussels, its appearance in a series of CAT cases for Orange, and its defence of a major airline in the European Commission air cargo cartel investigation. Charles Whiddington provides ‘sound leadership’ to a multi-skilled department.

Hogan & Hartson’s John Pheasant is the ‘ultimate professional in the field’, ‘has an exceptionally good antenna’, and ‘can come up with off-the-wall solutions’. He is a renowned advocate in the European courts. The firm continues to advise Air Canada on the air cargo cartel case and its proposed passenger alliance with other airlines. Suzanne Rab has joined as counsel.

With Brussels partner Vincent Brophy now committing more time to Jones Day’s London office, the firm’s UK reputation is starting to catch up with its excellent global standing. Brophy’s role as counsel to MasterCard in the long-running interchange fee saga has earned plaudits, and he links up with London department head Jarleth Burke.

Nabarro LLP remains noted for its heavyweight roles in major cartel investigations and its impressive recent record in significant litigation. Cyrus Mehta heads the department, which includes technology regulation specialist Robert Bell and new partner Brian Sher.

Olswang’s impressive run continued through 2008; it representied SIS in High Court proceedings against Turf TV, and is also advising parties in the construction and air cargo cartel investigations. Howard Cartlidge and Alasdair Balfour are the London partners.

The ‘A+’ team at Orrick, Herrington & Sutcliffe forged ahead in 2008, having absorbed the London antitrust team from Heller Ehrman. New partners Ted Henneberry (noted for his ‘deep industry experience’) and the younger Douglas Lahnborg have linked up with the firmly established Alastair Gorrie.

Pinsent Masons LLP is commended for its ‘industry knowledge’, ‘responsiveness’, and ‘willingness to take a position’. It has advised parties in a series of significant antitrust cases, and is also advising a number of contractors and the UK Contractors Group in relation to the OFT’s construction cartel investigation. The ‘thorough’ and highly reputed Alan Davis heads the London team.

Reed Smith’s ‘excellent’ team is recommended for shipping, energy, life sciences and consumer goods work. The three-partner team includes shipping expert Marjorie Holmes; Katherine Holmes(‘commercial’, ‘exceptional industry and sector knowledge’); and Edward Miller(‘excellent’, ‘straightforward’, ‘extraordinarily responsive’).

Freshfields Bruckhaus Deringer LLP is seen by many as the ‘go-to’ firm for underwriter-side ECM work, with key clients including Morgan Stanley, Merrill Lynch, Goldman Sachs, Citigroup, UBS, JPMorgan Cazenove and Credit Suisse. Led by Stephen Revell, the ‘obviously first-tier’ firm’s ‘dominance’ saw it ‘clean up’ on the recent spate of rights issues, acting on the underwriter side of those by HBOS (£4bn), RBS (£12bn) and Centrica (£3.1bn). Simon Witty, Julian Makin, Will Lawes and Chris Mort are all highly recommended.

For some ‘the UK’s finest ECM practice’, Linklaters LLP secured instructions on a number of the market’s largest rights issues, advising Anheuser-Busch on its €6.36bn rights issue, and RBS on its £12bn rights issue and subsequent £20bn capital raising. Under the ‘legendary’ John Lane, the firm also added to its record on international listings, advising Türk Telekomünikasyon on its US$1.9bn IPO, and Fresnillo on its £905m IPO - the first Mexican company to list in London. Global capital markets head Jim Rice and the ‘fantastic’ Matthew Middleditch are also recommended. Stephen Edlmann has retired.

Recent highlights for Allen & Overy LLP include advice to HBOS and Imperial Tobacco on their rights issues (of £4bn and £4.9bn), and the underwriters on Carlsberg’s DKK30.5bn (£3.2bn) rights issue. Mark Dighero, David Broadley, Andrew Ballheimer and Richard Browne are recommended.

A highlight for Ashurst LLP in 2008 was its advice to the underwriters on Imperial Tobacco’s £5bn rights issue. The team has close relationships with a number of leading investment banks - including Citi, RBS, Nomura, JPMorgan Cazenove and Morgan Stanley - and advised Imperial Energy on its £300m rights issue. Nicholas Holmes is ‘one of the strongest ECM partners around’, and Steven Fox and Nigel Stacey are also recommended.

Led by European ECM head Adrian Cartwright, Clifford Chance advised The Commercial Bank of Qatar on its US$700m London listing, Barclays Bank on a number of capital raisings including a £4.5bn placing, and the underwriters on the US$449m IPO of Globaltrans Investment. Simon Sinclair, Guy Norman and Simon Thomas are all recommended.

The firm perhaps most likely to challenge the dominance of the leading pair, Herbert Smith LLP continues to progress. Led by ‘heavy hitter’ James Palmer, the team has close relationships with most of the leading investment banks including Citi, Deustche Bank, Merrill Lynch, JPMorgan Cazenove and UBS. Recent highlights include advice to Bradford & Bingley on its pre- and post-restructuring rights issues; and the underwriters on the IPOs of Germany1 Acquisition, Resolution and Global MENA Financial Assets. Martina Asmar and Chris Haynes are also recommended.

Lovells LLP is a ‘real contender’ for mid-market ECM work. Led by the ‘seriously good’ Richard Brown, the team recently advised JPMorgan Cazenove on the €270m listing of Arawak Energy, and RBS Hoare Govett on the listing of Charter International. Maegen Morrison and Nicola Evans are also recommended.

Peter Brien’s ECM practice at Slaughter and May remains somewhat of an anomaly, being based not on relationships with investment banks, but on the firm’s unparalleled blue-chip corporate client base. 2008 saw it secure a major instruction to advise HM Treasury on the bank recapitalisation facility, which saw HMT underwrite share capital of RBS (£20bn), and Lloyds TSB/HBOS (£17bn). The firm also advised Banco Santander on its €7.2bn rights issue, and Resolution on its IPO. Nilufer von Bismarck and William Underhill are ‘hugely capable’ practitioners.

Major highlights for Francis Fitzherbert-Brockholes and Philip Broke’s team at White & Case LLP were its advice to the underwriters on both Imperial Energy’s £300m rights issue, and the US$1.9bn IPO of Turk Telekomunikasyon. Also recommended are ‘fierce negotiator’ Andrew Croxford, the ‘technically astute’ Allan Taylor, Andrew Caunt and Tim Jeveons, who is praised for his ‘great client skills’.

Norton Rose LLP operates one of the UK’s leading mid-cap ECM practices, with Raj Karia, Mark Lloyd Williams and Simon FT Cox all experienced on work across AIM and the main market - particularly in the energy, mining and minerals sectors. The firm’s performance on recent rights issues - 2008 saw it advise Carlsberg on its DKK30.5bn ($6.3bn) rights offering - is ‘a real feather in their cap’, and the team also acted for Acron on its London listing.

‘One of the few US firms with a deep UK bench’, Skadden, Arps, Slate, Meagher & Flom (UK) LLP advised the underwriters on the IPOs of New World Resources (€1.4bn) and Zhaikmunai (US$100m). ‘Exceptional’ practice head James Healy and the ‘easy to work with’ Danny Tricot are recommended.

Baker & McKenzie LLP’s ECM practice has a strong emerging markets focus, with the team recently advising Ma’aden on its US$2.5bn IPO, while key investment bank clients include Citi and ING. Clive Cook is recommended.

Cleary Gottlieb Steen & Hamilton LLP’s UK ECM work is handled by Simon Ovenden and Andrew Shutter, and the dual-qualified pairing of Sebastian Sperber and the ‘incredibly responsive’ Raj Panasar. The ‘always exceptional’ firm is highly regarded for its strength on Russian deals.

Simmons & Simmons’ team was boosted by the arrival of Chris Horton from Lovells LLP. The ‘one-stop shop’ firm reports an increase in underwriter mandates, and received first-time instructions from JPMorgan Cazenove. Tim Field is recommended.

Weil, Gotshal & Manges’ ‘extraordinarily reliable and efficient’ UK practice was boosted by the arrival of Peter King from Shearman & Sterling LLP. 2008 saw the firm advise Germany1 Acquisition and ENEA on their IPOs, of US$400m and US$724m respectively. James Cole is also recommended.

New entrant Akin Gump Strauss Hauer & Feld is strong in funds, energy and Russian ECM work. It recently advised Da Vinci CIS Private Sector Growth Fund on its US$110m IPO - the first on the Specialist Fund Market. Sebastian Rice is recommended.

Dewey & LeBoeuf advised the underwriters on the US$724m IPO of ENEA. Peter Magyar is recommended.

Latham & Watkins’ practice spans Spain, India, Russia, Ukraine and Sweden, with recent work including advising JPMorgan on Swedbank’s €1.2bn rights offering. Lene Malthasen is recommended.

Shearman & Sterling LLP advised UBS as underwriter on Paragon’s £287m rights offering. Laurence Levy is recommended.

ECM is a focus of Sullivan & Cromwell LLP’s London co-managing partner Vanessa Blackmore.

When it comes to US ECM work in London, Cleary Gottlieb Steen & Hamilton LLP is ‘the best - you want to have them on your side in a tough spot’. Much of the firm’s ECM work is handled by ‘star man’ Ashar Qureshi, and has a strong focus on emerging markets, particularly Russia. Recent highlights include advice to EDP Renováveis on its €1.6bn IPO; Credit Suisse on the US$1.7bn rights offering by Türkiye Garanti Bankasi; and the underwriters on Banco Comercial Português’ €1.3bn rights offering. Daniel Braverman, John Palenberg and Pierre-Marie Boury are all highly recommended.

Davis Polk & Wardwell regularly teams up with ‘best friend’ Slaughter and May to present a combined UK/US offering on ECM deals. The firm recently advised the underwriters on UBS’ CHF15.7bn (US$15.1bn) rights offering, and on the US$691m Rule 144A/Regulation S offering of GDRs by The Commercial Bank of Qatar. Paul Etienne Kumleben, Jeffrey Oakes and John Banes are all experts in US securities law.

Linklaters LLP remains ‘head and shoulders above the other UK firms for US ECM work’. Led by Steve Thierbach, the team advised RBS on its £12bn rights issue and subsequent £20bn capital raising; Telekomunikasyon on its US$1.9bn IPO, and Fresnillo on its £905m IPO. Jason Manketo, Brigid Rentoul and Cecil Quillen are all highly regarded. Tom O’Neill has returned to London having led the US practice in the firm’s Paris office, and the team also includes Patrick Sheil, who previously headed the firm's US practice in Asia.

Sullivan & Cromwell LLP’s deal volume may be lower than some of the other firms listed here, but ‘in quality terms they’re the best there is’. 2008 saw the firm represent UBS on its CHF15.4bn (US$15.1bn) rights offering. Kathryn Campbell, John O’Connor, George White, David Rockwell and William Plapinger- who oversees the firm’s European offices - are all highly regarded.

Led by Sarah Murphy, Freshfields Bruckhaus Deringer LLP secured instructions on a number of the largest rights issues in the market, advising the underwriters on those by HBOS (£4bn), RBS (£12bn), and Centrica (£3.1bn). The firm is also known for its strength in German ECM work. Don Guiney and Ken Martin are recommended.

Led by the ‘friendly and thoughtful’ Rick Ely, who will ‘fight your corner but do it with charm’, Skadden, Arps, Slate, Meagher & Flom (UK) LLP advised the underwriters on the IPOs of New World Resources (€1.4bn) and Zhaikmunai (US$100m). ‘Seasoned veteran’ Richard Muglia and Russia expert Pranav Trivedi are highly recommended.

Herbert Smith LLP boasts three highly regarded US specialists: the ‘charming and hugely experienced’ Jim Wickenden, Adam Wells, and ‘pragmatic polyglot’ Alex Bafi. The firm enjoys close relationships with Credit Suisse, UBS, Deutsche Bank and Merrill Lynch, and recently advised the underwriters on the IPOs of Resolution (£660m), Global MENA Financial Assets (US$500m) and Cadogan Petroleum (£150m). The firm, which has a ‘very strong bench of US associates’, is praised for its ‘insightful and pragmatic advice’.

Latham & Watkins is best known for its market-leading prowess in the Nordic region, but Olof Clausson and Ian Clark’s team is also active in Italy and Spain. Recent highlights include advice to Swedbank on its €1.2bn rights offering, and Citi as underwriter on a €450m rights offering by Sappi.

Allen & Overy LLP advised the underwriters on Carlsberg’s DKK30.5bn (£3.2bn) rights issue, and Sava Re on its €200m IPO. Daniel Epstein is recommended.

Led by Daniel Bushner, who is hailed as a ‘leader in the field’, Ashurst LLP advised the underwriters on Imperial Tobacco’s £5bn rights issue, and Rural Electrification Corporation on its US$400m IPO. Eric Stuart is also recommended, and Marie Elena Angulo has been promoted to the partnership.

A highlight for Clifford Chance’s US ECM team in 2008 was its advice to Morgan Stanley and Deutsche bank on the US$449m IPO of Globaltrans Investment. Practice head John Connolly is recommended.

Led by Philip Boeckman, Cravath, Swaine & Moore LLP ‘pure quality’ team advised Sappi on its €450m rights offering, and worked alongside Slaughter and May on its advice to HM Treasury on the recapitalisation of RBS, HBOS and Lloyds TSB.

2008 saw Dewey & LeBoeuf advise Damas International on its US$270m IPO, and the underwriters on both Banco Carige’s €1bn rights issue and the US$724m IPO of Enea. Camille Abousleiman, George Barboutis, Carlo Kostka and Federico Salinas are all active in the area.

Shearman & Sterling LLP is designated US counsel for RBS, and also receives a significant flow of instructions from Citi. Led by Richard Price, the team advised AngloGold Ashanti on its US$1.7bn rights offering. Ward McKimm and of counsel Pamela Gibson are recommended.

White & Case LLP is well regarded for its strength in the emerging markets. Carter Brod, Josh Kiernan and Sven Krogius are recommended.

The ‘first-class’ team at Clifford Chance recently advised Lloyds Banking Group on the Payment Services Directive, and represented Barclays on the regulatory aspects of its acquisition of Lehman Brothers’ businesses and its subsequent £7.4bn capital raising. It also continued to advise on regulatory inquiries arising from Parmalat’s collapse, particularly in the US and Italy, and acted in proceedings brought by the FSA for mis-selling payment protection insurance. Non-contentious partners Chris Bates and Tim Plews are recommended, and Roger Best and Carlos Conceicao are contentious experts.

Freshfields Bruckhaus Deringer LLP has been active in regulatory roles arising from the credit crunch and banking crisis. The team represented the Bank of England in relation to the Special Liquidity Scheme, and also advised in relation to the collapse of Lehman Brothers, the resolution of Northern Rock, and the UK operations of the Icelandic banks. Other work included acting for Aon in relation to regulatory issues concerning third party payments from commissions. Michael Raffan is highly recommended.

Linklaters LLP is ‘very responsive and projects always well resourced’. The practice took a leading role advising on the regulatory aspects of Lehman Brothers’ administration for PwC (including advising in connection with overseas branches’ assets and liabilities located in over 70 jurisdictions worldwide) and the groundbreaking Lloyds TSB/HBOS merger, and also advised on the regulatory litigation concerning the legality of personal current account overdrafts. Global practice head Michael Kent and Peter Bevan are highly recommended; James Gardner is ‘knowledgeable and meticulous’; and ‘rising star’ Sarah Parkhouse ‘impresses with her business knowledge and business acumen’.

Allen & Overy LLP’s Bob Penn led the firm’s substantial work following the implementation of the revised Basel Accord (Basel II) in Europe and on the Banking Bill, and acted for HBOS on the regulatory side of its acquisition by Lloyds TSB. Calum Burnett advised a leading financial institution in relation to FSA concerns that it may have mis-sold PPI products. Sidney Myers left for Berwin Leighton Paisner LLP.

Travers Smith LLP secured appointments to the legal panels of the FSA and the Bank of England, and represented Euroclear on the modernisation of the funds market. The regulatory investigations team acted for a bond trader in relation to an FSA market abuse matter. Tim Lewis, Margaret Chamberlain and Jane Tuckley are praised for their ‘expertise and commitment’, and Mark Evans ‘is a leading exponent in market infrastructure law’.

The ‘highly responsive’ Ashurst LLP was appointed to Aviva’s panel of City law firms. Highlights included advising hedge funds on the rules banning short sales of financial sector shares. James Perry is noted for non-contentious work; Ed Sparrow acted for Winterflood Securities on its headline appeal concerning trading in shares in Fundamental-E; and Wilson Thorburn acted for Abbey in relation to current account overdraft charges.

CMS Cameron McKenna LLP’s standalone team is especially known for retail work. It has also carved out a niche in energy trading, derivatives products, and corporate insurance and funds advice. Highlights include the development of a retirement product portfolio, and increased litigation. Paul Edmondson has ‘excellent industry knowledge’; non-contentious Ash Saluja is recommended on the buy side; and retail and enforcement expert Simon Morris has a ‘deep understanding of what the regulator really requires’.

DLA Piper UK LLP has advised on the regulatory implications of the collapse of Lehman Brothers and various Icelandic banks. The team also acted for several listed companies following FSA Market Monitoring enquiries. Ex-BBA executive director Michael McKee is recommended for non-contentious work, and Darren Allen for enforcement proceedings. John Ahern left for Addleshaw Goddard LLP.

Herbert Smith LLP’s highlights include complex regulatory advice for EDF on the £12.5bn takeover of British Energy, and an instruction by JJB Sports concerning an internal investigation connected to its chief executive. Patrick Buckingham is noted for regulatory matters, and Martyn Hopper for contentious work.

Lovells LLP’s ‘quality’ practice has been active in Payment Service Directive matters. The team advised on the launch of EuroCCP, and acted for Lloyds TSB in OFT proceedings concerning overdraft charges. Rachel Kent possesses ‘an impressive breadth and depth of regulatory knowledge’, and ‘the very bright’ Ailbhe Edgar and Philip Parish are recommended.

Norton Rose LLP’s relationships have deepened with AXA and Société Générale, and the group advised EMCF on its role as central clearing counterparty to Chi-X. The team also represented clients in relation to six high-profile FSA enforcement investigations. The ‘outstanding’ Jonathan Herbst and Peter Snowdon head regulatory matters; Charles Evans is noted for contentious work; and James Bagge has returned from retirement.

SJ Berwin LLP represented Phoenix Derivatives Group on the setting up of a multilateral trading facility, and advised on the promotion of consumer and mortgage credit for the purposes of a cross-jurisdictional investigation carried out by the Belgian government. Tamasin Little is highly regarded, and Craig Pollack recommended for FSA defence work.

Simmons & Simmons has enviable investment banking and hedge fund clients. The practice advised clients with exposure to LBIE, and the contentious team advised Liberata Financial Services in connection with enforcement proceedings. Sarah Bowles is noted for cross-border market abuse issues, and Darren Fox and Charlotte Stalin are recommended for regulatory work. Richard Sims joined from the FSA’s Enforcement Division.

Slaughter and May continues to advise the UK government on regulatory matters, such as the transfer of Bradford & Bingley’s retail deposit business to Santander/Abbey. In contentious matters, the group advised on insider dealing and market abuse allegations. Ruth Fox is the key non-contentious lawyer, while Elizabeth Barrett heads the enforcement side.

Addleshaw Goddard LLP welcomed ‘excellent’ regulatory lawyer John Ahern from DLA Piper UK LLP. The practice remains a pre-eminent adviser to the building society sector, and is active in Treating Customers Fairly matters. Investigations and enforcement expert David Heffron is noted for retail financial services work.

Berwin Leighton Paisner LLP welcomed contentious financial services expert Sidney Myers from Allen & Overy LLP. The practice advised clients with exposures to Lehman and Kaupthing, and was instructed by the FOA to draft detailed market abuse monitoring guidance. Nathan Willmott is recommended for investigations and enforcement work, and ‘the extremely knowledgeable’ Jonathan Marsh and Peter McGowan for non-contentious matters.

On the wholesale side, Denton Wilde Sapte LLP is noted for its representation of exchanges and clearing houses, while in retail, it possesses strengths in consumer credit and retail banking. The team acted for new client NASDAQ OMX in establishing a pan-European securities trading platform, and it represented FSCS in a £20m claim further to alleged mis-selling of structured capital at risk products. Jody Whitehorn and Robert Finney are key contacts.

Eversheds LLP’s Pamela Thompson is a buy-side regulatory expert. The team advised on all aspects of the launch of Novia Financial, and acted for buy-side firms on the regulatory impact of the collapse of Lehman Brothers and Icelandic banks.

Macfarlanes LLP advises on regulatory issues relating to banking, broking, investment management and insurance matters. Following Lehman Brothers’ collapse, the practice advised several clients on prime brokerage and custodian arrangements. Bridget Barker is a key contact, and David Berman has joined from Dresdner Kleinwort.

Nabarro LLP recently advised Landsbanki Securities on the implications of the use of the Anti-Terrorism, Crime and Security Act 2001 by the government against the UK assets of Landsbanki. Rob Moulton is ‘highly rated’.

At Reed Smith, regulatory lawyer Jacqui Hatfield(ex-Herbert Smith LLP) advised Bank of New York Mellon on Basel II developments. In addition to its UK experience in market abuse and insider dealing, the firm has a notable global regulatory enforcement practice. Charles Hewetson is recommended.

Shearman & Sterling LLP has ‘a great bunch of regulatory people with excellent industry knowledge’. The team represented ICE on the establishment of a new derivatives clearing house in the UK, the first of its kind in over 100 years, and represented x-clear on its ground-breaking arrangements to become the second clearing house and central counterparty for the LSE for equity trades. Barney Reynolds is recommended.

Recent successes for Speechly Bircham LLP include advising on the formation of a major European trading platform. The team also advises commercial foreign exchange dealers, CFD dealers, and spread-betting firms. William Garner gives ‘sound advice’; Vincent Mercer is ‘extremely strong’; and Nick Janmohamed is also recommended. The firm has joined forces with Campbell Hooper, the merger bringing in ‘proactive and commercial’ ex-Wilmer Cutler Pickering Hale and Dorr LLP lawyer David Ramm, who is particularly focused on the consumer credit and payment solutions sectors.

White & Case LLP has strong ties to key regulatory bodies, provides risk management and compliance advice to financial institution clients, and acts on internal investigations. Highlights include advising Silkroute Financial on FSA authorisation and liaising with the FSA in relation to investigations and market disclosures. Carmen Reynolds and Alistair Graham are recommended.

Insurance-focused firm Barlow Lyde & Gilbert LLP is noted for its FSA enforcement work. The firm worked on several investigations in the retail stock broking context and three major market abuse investigations. Ian Mason is recommended for contentious matters. Recent hire from Fladgate LLP Rupert Connell advises investment firms on non-contentious issues.

Beachcroft LLP’s James MacNish Porter acts for financial services firms on regulatory, distribution and outsourcing markets, and David Hunt recently published an independent report on the Financial Ombudsman Service. Key successes include the regulatory impacts of data loss, and Treating Customers Fairly issues.

Dechert LLP provides regulatory and compliance advice to FSA and SEC regulated firms, focusing particularly on the investment management sector.

The ‘customer-focused’ team at Dundas & Wilson LLP is noted for regulatory advice on transactions, outsourcing work, and advising clients on the distribution of products and services to investors. Typical work includes a project for RBS when selling its interest in Tesco Personal Finance. The ‘highly experienced’ Philip Mackay and Patrick Brandt are recommended.

Field Fisher Waterhouse LLP’s ‘knowledgeable’ Kirstene Baillie advises financial services institutions on retail and institutional investment funds, insurance and pension products, and related financial services regulatory issues.

LG recently welcomed the arrival of six new partners, including regulatory expert Richard Everett from the FSA, and disputes specialist Jean-Pierre Douglas-Henry from Dorsey & Whitney. Non-contentious experience includes advising on how FSA client money rules would affect insurance intermediaries in the event of a bank failure. On the contentious side, the practice acts in regulatory investigations and enforcement actions.

Maclay Murray & Spens LLP advises on the regulatory aspects of transactional work, and its subsidiary, MMS Regulatory Solutions, offers a complete compliance service and assistance with the FSA authorisation process.

At Mayer Brown International LLP, Angela Hayes is noted for contentious matters; Ed Sautter for money laundering and fraud issues; and Peter Richards-Carpenter for non-contentious issues. The team advised a major global financial institution following investigations by US and European regulatory authorities.

Salans ‘provides high levels of industry knowledge’. Robert Courtneidge is rated for e-money matters, and Jonathan Denton for FSA regulation and treasury matters. The practice recently advised two new entrants to the UK market on becoming FSA authorised.

Stephenson Harwood’s Tony Woodcock acts on regulatory and cartel investigations, and the practice was successful in defending enforcement proceedings brought against a corporate finance company. Non-contentious specialist Charlotte Hill provided regulatory advice to Standard Life’s wrap platform business.

Taylor Wessing LLP provides day-to-day advice on the practical application of financial services law. Highlights include advising on the establishment of a new UK banking subsidiary for one of China’s largest banks. Ex-Bank of England regulator Clive Cunningham is recommended.

Baker & McKenzie LLP’s ‘rapid and impressive advice’ impresses clients. Recent work includes issues arising from Lehman Brothers’ insolvency, while on the contentious side, market abuse remains an active area. The firm advised on the application of the FSA’s Client Money Rules to a creditor of a spread-betting and CFD firm. Arun Srivastava heads the group.

Covington & Burling LLP focuses on non-contentious work for firms with an institutional client base, particularly in the investment management sector. Simon Currie is ‘extremely capable’.

Farrer & Co ‘works in a timely and efficient manner’. The ‘proactive’ Jonathan Bayliss is recommended for regulatory and product issues, and Grania Baird advises on the establishment of investment funds.

Jones Day’s Tim Flood recently advised Goodman Operator (UK) on regulated activities in relation to its property funds, and Barry Donnelly conducted investigations for several financial institutions in relation to FSA-regulated investment business. The firm is new to the ranking this year.

Also new to the ranking, Osborne Clarke is noted for its niche payments practice. Citi GTS was advised on the impact of the forthcoming Payment Services Directive.

Pinsent Masons LLP’s Tim Dolan assists clients with applications and notifications to the FSA for the authorisation of firms, and Jacob Ghanty acts for wholesale and retail clients in the development and distribution of financial services products.

PricewaterhouseCoopers Legal LLP’s ‘solutions-orientated’ team covers financial services regulation, with expertise in advising clients on the establishment of IFCs in the Caribbean and North Africa. Hedge fund and regulatory expert James Greig joined from Wilmer Cutler Pickering Hale and Dorr LLP.

Sidley Austin LLP is regulatory counsel to some of the world’s largest payment businesses, including MasterCard and Western Union. The practice advised a significant number of hedge funds on their exposures to Lehman Brothers. John Casanova and Leonard Ng ‘offer pragmatic advice’.

Bingham McCutchen (London) LLP is praised for its ‘speed of response and down-to-earth approach’ in relation to FSA enforcement investigations. Peter Bibby and Helen Marshall’s ‘service exceeds expectations’. The team recently acted for an EC bank in respect of an FSA order preventing it from carrying on business from a UK branch.

Fulbright & Jaworski International LLP is ‘committed to delivering on time’. Lista Cannon handles a wide range of investigations by US regulators, and ex-Barlow Lyde & Gilbert LLP financial services regulatory head Chris Warren-Smith recently worked on an internal investigation into improper trading. Melanie Ryan joined from Barlow Lyde & Gilbert LLP.

Kingsley Napley is noted for FSA criminal and enforcement proceedings. The ‘authorative and calm’ Stephen Pollard ‘handles tricky issues in a helpful and collaborative way’.

Peters & Peters is recommended for market abuse cases. The team acted for an individual in an insider dealing investigation being conducted in Paris by the AMF. Monty Raphael and Jo Rickards are well regarded.

Finers Stephens Innocent LLP advises hedge fund managers, brokers, and investment bankers in relation to enforcement proceedings, ‘demonstrating an impressive grasp of complicated technical issues’. Philip Rubens ‘inspires confidence’.

Irwin Mitchell LLP attracts praise for its ‘specialist FSA enforcement knowledge, skills and experience’. The practice acted in the FSA’s first criminal boiler-room prosecution for alleged unauthorised regulated activity and money laundering. Sarah Wallace is ‘highly responsive and absolutely passionate in her service delivery’.

Mishcon de Reya’s Adam Epstein is noted for contentious work. The team advised Schneider Foreign Exchange in respect of a dispute with Icebank, involving spot trades and an FX swap involving over €35m.

This section focuses on listings and fundraising work for small and mid-cap clients, defined as having a market capitalisation under £500m at time of listing. General corporate work for AIM clients is not taken into account.

As with capital markets globally, AIM work has been decimated by the financial crisis. Although activity levels held up for much of the first half of the year, just £13m was raised during the final quarter - the lowest amount for a decade. October was the first month in the history of AIM in which no money was raised at all. Overall IPO activity was down 60%, from 284 in 2007 to just 114 (including 41 readmissions) in 2008.

Berwin Leighton Paisner LLP acted on three IPOs in 2008, advising Canaccord Adams on Polo Resources’ readmission to AIM and reverse acquisition of companies in Mongolia, and Raven Mount Group on its readmission to AIM following its restructuring. Led by corporate finance head David Collins, the team - which is ‘equally adept as issuer or underwriter counsel’ - also advised Playtech on its £112m placing. Benjamin Lee and Paul Miller are recommended.

Norton Rose LLP boasts a formidable bench of ECM experts, including Raj Karia, Thomas Vita, Mark Lloyd Williams, Nick Adams and Simon FT Cox. The ‘absolutely top-quality’ team is praised for its international reach and expertise in energy, and mining and minerals. Highlights included advice to Crystal Amber Fund on its £60m AIM IPO; The Family Shari’ah Fund on its US$31.55m AIM listing; and Greenhouse Fund on its reverse takeover and readmission to AIM.

Ashurst LLP’s ‘seriously good’ team boasts close relationships with a number of the leading banks and brokers, including RBS Hoare Govett and JPMorgan Cazenove. 2008 saw the firm advise Henderson Diversified Income on its £38.4m main market listing. Nicholas Holmes receives glowing plaudits from clients, and Nick Williamson is ‘exceptionally bright and commercial’.

Led by Simon Gilbert, Charles Russell LLP advised JPMorgan Cazenove and longstanding client Canaccord Adams on Krinera and Greentop’s US$120m reverse takeover of Gemfields Resources and related US$60m fundraising. Other clients include Polo Resources, Jefferies International, and KPMG Corporate Finance. Clive Hopewell is recommended.

DLA Piper UK LLP reports an increasing number of main market deals and Chinese listings. Led by Alex Tamlyn, the team advised Celtel Zambia on its US$1bn IPO on the Lusaka Stock Exchange, and received its first instruction from Goldman Sachs, as underwriters on the US$200m IPO of Rackspace.

At Eversheds LLP, Neil Matthews’ team advised Norcon on its AIM listing. Other clients include Libertas Capital, Islamic Bank of Britain, and Arden Partners. Keri Rees is recommended.

Field Fisher Waterhouse LLP advised Mirabaud Securities and Strand Partners on the £15m AIM IPO of Iofina. Led by Anthony Brockbank, the team also acted on a number of secondaries in the oil and gas, and mining sectors. Dominic Gurney-Champion is recommended.

Led by Martin Thomas, Hunton & Williams is particularly active in the energy and natural resources sector. 2008 saw it advise Cadogan Petroleum on its Official List IPO, while other clients include KBC Peel Hunt, Oriel Securities and Charles Stanley. Paul Tetlow and Dearbhla Quigley are recommended.

Jones Day suffered a blow with the loss of Hilary Winter to Orrick, Herrington & Sutcliffe. Giles Elliott’s team recently advised Aldgate Capital on a number of institutional placings, while other clients include JPMorgan Cazenove and Nomura.

India is a particular focus of LG’s ECM team, with recent work including advising Arden Partners on Indus Gas’ admission to AIM. The team also acted for Thalassa Energy on its admission to AIM. Jeffrey Elway heads the practice.

Led by Lesley Gregory, the team at Memery Crystal LLP advised Chariot Oil & Gas on its £45m IPO, and new client MDM Engineering Group on its £4.4m AIM listing. Areas of focus are the natural resources, media and retail sectors, with key broker clients including Ambrian Partners and Seymour Pierce. Nick Davis is also recommended.

Iain Newman’s team at Nabarro LLP was boosted by the arrival of Martin Finnegan from McGrigors LLP and Alasdair Steele from Travers Smith LLP. It recently advised John East & Partners on the £60m IPO of Crystal Amber Funds, while other clients include Numis Securities and Investec.

At Olswang, Adam Fenner’s team advised Investec and Kaupthing on a £15m fundraising for Leather Holdings. Max Audley and Paul Blackmore are recommended.

Pinsent Masons LLP recently advised Shore Capital on the US$110m private placing and flotation of Da Vinci Capital Management’s CIS Private Sector Growth Fund on the Specialist Fund Market, while other clients include SVS Securities, Grant Thornton and St Helen’s Capital. Sean Page and practice head Jon Harris are recommended.

Mark Curtis’ team at Simmons & Simmons was boosted by the arrival of Chris Horton from Lovells LLP. Recent highlights include advising Kentz Corporation and TGE Marine on their respective admissions (£134m and £158m). Other clients include Nufcor Uranium, Synchronica and Collins Stewart.

Led by Peter Bradley, Stephenson Harwood is well known for bringing Asian companies to AIM, and recently acted on the issuer side of the listings of Indus Gas, Paq International Holdings and Red Hot Media. Matthew Gorman has relocated to the firm’s Singapore office.

Travers Smith LLP’s ‘outstanding’, upper mid-cap focused team is led by Spencer Summerfield. Recent highlights include advice to Fairfax on the £56m IPO of Terra Catalyst Fund, while new client wins include Agua Terra, Lloyds Banking Group and Marwyn Investment Management.

Addleshaw Goddard LLP’s team advised key client KBC Peel Hunt on LIT’s £200m AIM admission. Simon Griffiths is recommended.

Nick Gibbon leads Beachcroft LLP’s issuer-focused practice, which advised Mountfield Group and Japan Leisure Hotels on their admission to AIM.

New entrant Bircham Dyson Bell LLP advised Zyzygy and Marinetrack on its reverse into XSN Holdings and subsequent admission to AIM. John Turnbull is recommended.

Bird & Bird LLP has a good name in the cleantech and renewables sectors, and enjoys a close relationship with Seymour Pierce. Simon Allport and Alistair Crellin are recommended.

Clients of Burges Salmon LLP’s ECM practice, which is led by Chris Godfrey, include Arbuthnot Securities.

2008 saw CMS Cameron McKenna LLP advise Arawak Energy on its main market listing. Peter Smith is recommended.

Philip Rogers’s team at Clyde & Co LLP focuses on emerging markets. It is particularly active in Russia and Kazakhstan, and reports increasing dealflow from South America and India.

New entrant Cobbetts LLP focuses on the mining and minerals sectors, and has niche expertise in bringing Australian corporates to AIM. Simon Jones and Stuart Robertson are recommended.

Led by David Vogel, Dechert LLP advised Blomfield Corporate Finance on both the US$31.5m AIM IPO of The Family Shari’ah Fund, and the AIM listing of Emerging Metals. Sean Geraghty is recommended.

Denton Wilde Sapte LLP’s emerging markets focused practice is strong in the natural resources sector, recently advising both Cadogan Petroleum and Arawak Energy on their main market listings. Neil Vickers and Jeremy Cohen are recommended.

Fasken Martineau LLP specialises in the oil and gas, mining and minerals, and life sciences sectors, and recently advised SkyePharma on its £21m placing and open offer on the Official List. June Paddock and Nigel Gordon are recommended.

Finers Stephens Innocent LLP acts for a number of brokers and Nomads, including Daniel Stewart. Ashley Reeback is recommended.

Fladgate LLP advised Mortice on its admission to AIM, while broker clients include Strand Partners and Charles Stanley Securities. Charles Wander and Julian Lewis are recommended.

Gibson, Dunn & Crutcher LLP has a good track record advising US issuers. Ken Lamb is recommended.

Halliwells’ practice was weakened by the departure of recently promoted corporate head Matthew Puhar to manage Bingham McCutchen LLP’s Hong Kong office. Catherine Moss now leads the team.

Led Simon Gordon, Hammonds LLP advised Yangtze China on its US$25.4m AIM IPO, and KBC Peel Hunt on the £1.1m AIM IPO of Share.

Howard Kennedy advised Blomfield Corporate Finance and Religare Hichens, Harrison on the AIM float of Red Hot Media International. Keith Lassman, Anthony Hunt and Dov Katz are recommended.

K&L Gates’ issuer-focused practice advised Afren on its £120m accelerated book build placing, and received first-time instructions from Arbuthnot Securities, Alexander David Securities and Ambrian Partners. Jeremy Landau and Owen Waft are recommended.

Macfarlanes LLP advised Partners Group Global Opportunities on its migration from the Channel Islands Stock Exchange and AIM to the Official List, while other clients include JPMorgan Cazenove. Tim Lewis is recommended.

Simon Charles’ team at Marriott Harrison advised Blue Oar Securities on a number of secondary offerings. Other clients include Numis Securities and Strand Partners.

Mayer Brown International LLP advised Marwyn Materials on its £13.6m AIM IPO. Stephanie Bates and Robert Hamill are recommended.

Mishcon de Reya advised ACP Mezzanine on its €80m secondary fundraising, while other clients include Cubus Lux and Metric Group. Ross Bryson is recommended.

Led by Paul Claydon, Morrison & Foerster (UK) LLP advised BHK on its £2m AIM IPO. Ed Lukins is also recommended.

Orrick, Herrington & Sutcliffe’s practice is now led by Hilary Winter, who joined from Jones Day. Richard Eaton is also recommended.

Led by Patrick Graves and Jon King, Osborne Clarke advised Iofina on its £15m AIM IPO. Other clients include Evolution Securities and Investec Investment Banking.

Rosenblatt Solicitors advised Collins Stewart on Yangtze China Investment’s admission to AIM, while other clients include Kaupthing Singer & Friedlander Capital Markets. Jon Lovitt is recommended.

Clients of SJ Berwin LLP’s ECM practice include First Calgary Petroleums, Raven Russia and ECI Partners. Delphine Currie and Victoria Younghusband recommended.

Paul Salmon leads the emerging markets focused practice at new entrant Salans. The team is particularly strong in Africa, recently advising African Medical Investments and BioEnergy Africa on their respective IPOs (£5.6m and £13.1m).

Shepherd and Wedderburn advised key client Numis on the AIM IPO of MDM Engineering. Led by Walter Blake, the team also received first-time instructions from Merrill Lynch.

Speechly Bircham LLP advised Capital Lease Aviation on its AIM listing, while new client wins include Ambrian Partners. Tom Shaw is recommended.

Taylor Wessing LLP advised Caledonia Investments on the €75m AIM IPO of TGE Marine. Tim Stocks is recommended.

Another new entrant, Watson, Farley & Williams LLP’s energy and natural resources-focused practice is led by Jan Mellmann. The team advised Oriel Securities and Tristone Capital on the £50m AIM IPO of Valiant Petroleum.

Our London M&A tables are divided into three categories: upper mid-market and premium deals over £250m+; lower mid-market deals between £50m and £250m; and smaller deals under £50m. We recognise that many, if not the majority, of the firms in these tables have had some experience of deals in all three of our value brackets, but firms are positioned in the highest-value bracket for which they can demonstrate a regular flow of deals.

A range of factors are considered when ranking firms in the M&A sections; some are objective (total volume and value of UK deals; average deal size; range of deal values; size of team) and others are subjective (client recommendation; market perception; number of leading individuals). Primary adviser roles are weighted more heavily than secondary and financial adviser roles, and UK-target deals count ahead of transactions overseas. A firm that can point to a range of deals in the relevant bracket will generally rank above a firm that has only a few; many of the US firms that have small but high-quality London M&A teams are accordingly at the lower end of the tables.

As with many firms, distressed M&A was a theme of the latter half of 2008 for Freshfields Bruckhaus Deringer LLP and there was nothing to rival some of the highlights of 2007 for size - such as advising ICI on its £8.1bn takeover by Akzo Nobel. Nevertheless the firm’s four sector-focused teams (including private equity and financial institutions) were not inactive, completing 83 deals at an average of just under £1bn. One of these was advising US corporate Best Buy on its US$2.1bn acquisition of 50% of the Carphone Warehouse’s retail interests. The firm’s German practice also remains a distinguishing strength. The team is ‘strong right the way down from partner to junior associate’, with noted partners including Mark Rawlinson, Barry O’Brien, Edward Braham, Will Lawes, Julian Long and Laurie McFadden.

‘Really top of the class with a consistent quality across its network’, Linklaters LLP is also ‘tough to beat on cross-border transactions’, with blue-chip clients also noting the firm’s ‘unrivalled professionalism and quality of associates’. The focus is on premium work for premium clients, usually with cross-border elements. Advising targets was a theme in 2008, with the firm acting for Rio Tinto as target of an aborted £75bn approach from BHP Billiton, and for Scottish & Newcastle, which was eventually acquired by Carlsberg and Heineken for £7.8bn. On the buy side the firm represented Lloyds TSB in its £6bn acquisition of HBOS; Richard Godden, Matthew Middleditch and Jeremy Parr were the lead partners on these transactions. Clients also cite the ‘excellent’ Michael Sullivan, Charlie Jacobs and Mark Stamp.

Slaughter and May’s M&A credentials need little introduction. It remains unrivalled for the quality of its M&A brand, particularly on public company transactions, but also stood out in 2008 for its pioneering role as counsel to HM Treasury on all the deals stemming from the financial crisis. Other clients that were active in 2008 included British Airways, Banco Santander and BHP Billiton. As one client puts it, the firm is ‘not at the petrol pumps but up in the jetstream’, and clients of all stripes appreciate the fact that it ‘never fails to makes them feel valued’. Leading individuals include Nigel Boardman, the ‘exceptional’ Charles Randell, and Nilufer von Bismarck. The ‘good-humoured’ Stephen Cooke is also cited for his ‘unequivocal stance’, and Andy Ryde is also ‘first class’. Simon Nicholls is noted as a ‘rising star with experience that belies his age’.

Allen & Overy LLP’s M&A team is ‘approachable and easy to work with’ but ‘does not always receive the prominence its deserves’, according to top-tier clients. It was certainly prominent in deals tables in 2008, however, acting on 83 UK deals at an impressive average of £1.9bn each. These included acting for HBOS on its £6bn quick-fire sale to Lloyds TSB at the height of the financial crisis, and for Heineken as part of the consortium which acquired Scottish & Newcastle for £7.8bn. The firm attracts praise for the quality of its individuals, accessibility and global reach; Alan Paul is widely praised for his ‘wealth of experience’ and ‘common-sense advice’, and the ‘outstanding’ Richard Browne wins almost as many plaudits. Jeremy Parr, Richard Cranfield, Alun Eynon-Evans, Dominic Morris, Ian Stanley and Susan Howard are also singled out.

Clifford Chance has 50 M&A partners in London, but clients typically instruct the firm because they can ‘use them on deals around the world and be sure that the quality will be there’. It is best known for the unrivalled strength of its private equity practice, often acting on the largest deals in that sector for clients such as KKR and Candover. In 2008 it represented the latter as the leader of the consortium which won the battle to acquire Expro for £1.7bn, although Adam Signy - the lead partner on this deal - has since moved to Simpson Thacher & Bartlett LLP. On the public side it also represented longstanding client British Energy on its £12.5bn sale to EDF, while acting for emerging markets clients such as Vale and Chinalco was another theme. Clients recognise its strength in depth, citing Guy Norman, Matthew Layton and James Baird as a ‘trio of big beasts’. Spencer Baylin is also a ‘trusted adviser’.

Financial crisis deals aside, acting for EDF on its £12.5bn purchase of British Energy was arguably the largest M&A mandate of 2008. Winning roles such as this helps to explain how Herbert Smith LLP regularly completes fewer deals than its Magic Circle competitors, but often has a higher average value - last year completing 38 UK deals for over £3bn each. Other standout deals were Tata Motors’ US$2.3bn acquisition of Jaguar and Land Rover, and Taylor Nelson Sofres’ £1.2bn acquisition by WPP. ‘The quality of people is consistently good’, but James Palmer, Malcolm Lombers, David Willis and David Paterson are most often cited.

Ashurst LLP continues to offer a market-leading private equity capability, strong links to investment banks, a hedge fund practice, and a good following in the FTSE 250; clients of this ilk confirm that they are ‘all the stronger for having the firm on their side’. Its corporate credentials were recently illustrated in its advice to Enodis on two competing £1bn offers, and to Imperial Energy on its £1.4bn takeover by ONGC. Michael Robins and Jon Earle, who led on the latter deal, are both ‘straight-talking experts who object to point scoring and duelling handbags’. James Perry and Adrian Clark also enjoy superlative reputations.

‘Comparing well with the Magic Circle and better value for money’, Lovells LLP attracts outstanding feedback from clients, particularly for deals up to £500m or with property aspects. The firm completed 43 UK deals at an impressive £2.7bn average, though this was partly helped by financial adviser roles on some of largest deals of the year such as Rio Tinto and British Energy. The firm is also a leader in insurance sector M&A, acting for Equitable Life on a high-profile £1.8bn business transfer. A range of partners are cited by clients, including Richard Ufland, who has ‘a keen mind but remains commercially grounded’; Maegan Morrison, (‘an excellent lawyer who inspires confidence and makes everything look easy’); Steven Bryan, who ‘has a handle on all the issues’; and the ‘irrepressibly client-centric’ Peter Watts.

Macfarlanes LLP is the smallest firm in the upper echelons of this table but ‘stands up to the Magic Circle’ and ‘deserves its place among the very best’. It completes a smaller volume and value of deals than its larger rivals, but also wins some of the most sought-after transactions, such as acting as international deal counsel to longstanding client Pernod Ricard on its €5.6bn acquisition of Vin & Sprit, even though the deal had no English law content. It also worked alongside Wachtell, Lipton, Rosen & Katz advising Alcoa on its joint purchase of a US$14bn stake in Rio Tinto with Chinalco (advised by Clifford Chance). These deals were led respectively by practice head Tim Lewis- ‘one of London’s best lawyers, who finds innovative ways of solving problems’ - and the ‘superb’ Graham Gibb, who exudes ‘calmness and incredible knowledge’.

Loyal corporate and bank clients are full of praise for the ‘extremely impressive’ team at Norton Rose LLP, which is noted for its ‘unparalleled industry knowledge and service’ and for some represents ‘better value for money than the Magic Circle’. Acting for Carlsberg on its complex £10bn consortium bid for Scottish & Newcastle was a transaction that pitted the firm against the Magic Circle, while being asked to advise the Takeover Panel in relation to the £1.8bn sale of Expro was another mark of its high-quality credentials. Clients especially recommend Tim Marsden, Robin Brooks and Chris Pearson.

‘The best of the best’ in the view of one investment bank, Skadden, Arps, Slate, Meagher & Flom (UK) LLP is a top-tier global M&A powerhouse that is frequently seen taking a leading role on the largest M&A transactions in Europe. Its London team is smaller than any other firm in the upper tiers of this table, and it will frequently refer out deals that are not cross-border, but it is not short of UK-qualified stars: Michael Hatchard, ‘technical wizard’ Allan Murray-Jones, ‘man for all seasons’ Adrian Knight and rising star Shaun Lascelles all stand out. Acting for Nomura on the negotiation side of its acquisition of Lehman’s European and Asian businesses while Freshfields Bruckhaus Deringer LLP handled the integration is a good example of its strategy. US-qualified Scott Simpson is also ‘a truly exceptional lawyer’.

CMS Cameron McKenna LLP attracts high praise from clients and is particularly highly regarded for deals up to £500m and in its core sectors such as hotels and leisure, energy, infrastructure and Central and Eastern Europe. A ‘first-class’ team featuring the ‘smart and creative’ Barney Hearnden, ‘speedy’ Jason Zemmel and ‘excellent’ Louise Wallace and Sean Watson(‘our strongest supporter’) completed more than 40 deals at an average of £330m in 2008.

Clients and peers alike attest that Cleary Gottlieb Steen & Hamilton LLP’s UK M&A practice, though only three partners strong, is one of the highest quality in the City. Its focus is overwhelmingly on international transactions as opposed to domestic work, and for Europe-wide capability the firm must rank near the top, having acted on a number of the largest transactions across the continent in recent years. In 2008 it also advised ArcelorMittal on its US$810m acquisition of London Mining Brasil. Simon Jay, Michael McDonald and Tihir Sarkar are all recommended.

Mid-market powerhouse Travers Smith LLP continues to prove a popular choice with clients who have previously used larger firms; the 18-partner team is regarded as both ‘more insightful and better value’. Relative to its size the firm completed an impressive 56 UK deals in 2008 at an average of £139m, including advising Burren Energy on its £1.7bn sale to ENI. A host of partners are singled out, including the ‘outstanding’ David Patient and William Howard; Richard Spedding, ‘who has a wonderful ability to communicate with US business people’; Philip Cheveley, who ‘never loses sight of the client’s needs’; the ‘talented’ Andrew Gillen; ‘client first, fees second’ Neal Watson; and Spencer Summerfield, ‘who maintains a blokeish charm in even the grimmest completion meetings’.

Weil, Gotshal & Manges’ London M&A practice has taken a significant step forwards following public M&A star Peter King’s arrival at the firm; he joins a relatively small but high-quality band that includes leading light and ‘trusted adviser’ Mike Francies; ‘likeable negotiator’ Mark Soundy; and the ‘pragmatic’ Ian Hamilton. The firm is best known for its private equity prowess but has a growing roster of active corporates including Premier Foods, AIG and GE Capital. It completed 28 deals at an average of almost £250m in 2008.

Clients that would otherwise use Magic Circle firms are glowing in their praise for White & Case LLP; the team, though only a dozen partners strong, is nevertheless for some ‘a top-tier player’, and is ‘unfailingly prompt, practical and focused’ in its advice. International transactions, especially emerging markets related, are a key driver of the practice, although it also completed 21 UK deals worth £7.2bn last year. Practice head Peter Finlay is a ‘master tactician’; Alan Burke is ‘a solid executioner’; and Ashley Ballard delivers ‘real understanding, not just lip service’.

Acting as primary counsel to a growing number of mid-market companies and winning increasingly large mandates from UK multinationals represents a positive trajectory for Baker & McKenzie LLP’s ‘always excellent’ 22-partner M&A team. Many of its deals have an international element, with Rio Tinto recently using the firm’s London and US offices on a deal and SAB Miller using it in London and the CIS. Michael Caro heads the team, ably supported by global head Tim Gee. Helen Bradley also impresses.

Though part of a leading global firm, Latham & Watkins’ nine-partner M&A team in London essentially operates as a leading English upper-market practice. It completed over 30 UK deals in 2008 at an average of almost £230m. Private equity and financial institutions have traditionally been a source of work, with clients including Deutsche Bank, Carlyle and QIA. Graeme Sloan heads the practice, supported by Mike Bond and Nigel Campion-Smith among others.

The departure of senior partner and leading corporate star Paul Maher inevitably affects the look of Mayer Brown International LLP’s corporate offering in London, though there is still a strong lineup of partners, headed by Peter Dickinson and including Stephanie Bates and William Charnley. Industrial, pharmaceuticals and telecoms clients such as Unilever, Akzo Nobel and Dow Chemicals are a mainstay of the practice, which completed some 28 UK deals totalling £4.6bn last year.

Steven Davis heads SJ Berwin LLP’s 22-partner M&A team, which ‘punches above its weight’ in the UK mid and upper mid-market. The firm completed 39 UK deals at an average of over £100m in 2008, with private equity, retail, property and infrastructure deals all prominent. In addition to Davis, Rob Day, Will Holder and Michael Goldberg are recommended by clients.

Following the departure of heavyweight partner Peter King to Weil, Gotshal & Manges last year, Shearman & Sterling LLP has rebounded by flying in leading US M&A lawyer Creighton Condon to head up the European practice. Condon can call on the support of an established UK M&A team, which includes Laurence Levy, who has a strong following among Middle Eastern investors. US corporate clients are another substantial source of work.

In recent years Addleshaw Goddard LLP has regularly demonstrated its credentials as a leading adviser to the FTSE 350 for mid-market deals and clients appreciate that ‘they make real efforts to understand the business’. In 2008 the firm also showed its ability to act on much larger mandates, when it advised the Co-operative group on its £1.57bn acquisition of Somerfield, led by Paul Devitt. New head of corporate Andrew Rosling, William James, and James Dawson are also recommended.

Winning panel appointments for larger corporates such as Thames Water and National Grid was a theme for Berwin Leighton Paisner LLP’s M&A team in 2008, and evidence that it is moving in the right direction. The majority of its 2008 deals were in the sub-£200m bracket, though it has experience on much larger transactions. David Collins is recommended, while clients also single out Keith Stella as ‘outstandingly able’.

DLA Piper UK LLP’s ‘experienced and enthusiastic’ M&A team regularly completes more UK deals than any other firm, racking up an impressive 118 last year at an average of over £50m. One of the largest was advising Tradus on its £1bn acquisition by South Africa’s Nasper, led by Charles Severs. David Raff is ‘outstanding’; Kiran Sharma is ‘charming’; and Mel Sims ‘combines skilful negotiation with a rare ability to simplify complex concepts’.

The energy, telecoms and restructuring sectors were all hives of activity for Denton Wilde Sapte LLP’s 16-partner M&A team last year, although none was as busy as the emerging markets, which is an increasingly dominant focus. Being able to do deals across Africa, the Middle East and CIS is an important selling point. Jeremy Cohen and Richard Macklin co-head the practice.

M&A is a mainstay of Jones Day’s business around the globe, and the firm frequently completes more deals worldwide than any other firm. In London, where it is notable for the strength of its corporate client base, this included 47 deals in 2008 at an average of £121m. Though not its largest deal of the year, acting for Goodrich on the establishment of a 50:50 joint venture with Rolls-Royce was one of the most complex. John Phillips, Peter Baldwin and Giles Elliott are three of the names to note in a 15-partner team.

Energy, TMT, financial institutions and life sciences are key sectors for Simmons & Simmons, which completed 20 deals worth just under £100m each in 2008. Paul Exley’s work advising an energy company on the sale of two French refineries for a total of almost US$1.6bn was a highlight. Mark Curtis heads an 18-partner team.

The arrival of Mike Kingston from Herbert Smith LLP has seriously bolstered Covington & Burling LLP’s five-partner UK M&A team. The life sciences, pharma and media sectors are strengths, as are links with corporate America generally. In 2008, the English team acted on four deals valued between US$700m and US$2bn, among others.

Private equity houses and hedge funds are a focus for Debevoise & Plimpton LLP, which also enjoys a robust flow of work from Russia and France. Guy Lewin-Smith is recommended, as is Jeremy Hill for insurance-sector transactions.

Acting for Ford on the US$2.3bn sale of Jaguar and Land Rover to Tata Motors was a standout deal for Hogan & Hartson’s London M&A team, which is headed by Todd Schafer and Sarah Atkinson, although US-qualified Paris head William Curtin led on this transaction.

Kirkland & Ellis International LLP remains one of the City’s best-known firms for private equity transactions, and counts Bain Capital as a key client. Graham White is the recommended UK contact.

Though best known for its London finance practice, Sidley Austin LLP has a growing reputation for M&A and top-tier clients who have used the firm for both declare they are ‘impressed’ with its transactional abilities, especially in the range up to £500m. Finance sector clients provide much of the work, and the firm completed 30 deals, totalling over £6bn, last year. Out of four UK-qualified partners, Struan Oliver is singled out as a ‘very effective performer’.

The arrival of leading lawyer Adam Signy from Clifford Chance gives leading US private equity firm Simpson Thacher & Bartlett LLP its first UK law capability for M&A.

Tim Emmerson is the key UK law contact at Sullivan & Cromwell LLP in London, which is a leader for M&A generally and rarely without a role on the largest deals in Europe.

‘Collegiate, skilful and professional in a relaxed Texan way;’ Vinson & Elkins RLLP does a good job of keeping its clients happy. Most have energy sector interests (notable examples are Sinopec, Devon Energy and Oman Oil); the London M&A team (which includes three UK-qualified partners) typically advises on the largest global deals in the sector. Francois Feuillat is the contact.

Firms in this table have shown their ability to act on a number of London-led deals over £50m in any given year, and are ranked according to the number and quality of those deals along with client feedback. US firms with small UK-law practices that often work on deals of this size but which also rely on their extensive international networks are ranked at the foot of the table.

Eversheds LLP, with a 40-partner team, is regularly among the leading firms by volume of completed UK M&A deals. In 2008 its average deal value was £33m, with its advice to Bodycote on the £417m sale of an international testing division to CDR Tabasco (advised by Debevoise & Plimpton LLP) stands out. Mark Spinner is the London contact.

Hammonds LLP garners very positive client feedback; ‘value for money’ is a common refrain, as is ‘excellent service and quick response times’, and it is noted as a ‘market leader in client care and no-nonsense drafting’. Standout partners in London are Mark Robson, David Hull, Nick Allen, James McKay, Robert Bray and Giles Distin.

Osborne Clarke is a strong mid-market performer, completing 65 deals nationally in 2008 at an average of £49m each. One of these was acting for The Carphone Warehouse on its Class 1 joint venture with US-based Best Buy (advised by Freshfields Bruckhaus Deringer LLP), a deal that any firm in the higher-value table would have been happy to undertake. London head Adrian Bott led on this deal.

Pinsent Masons LLP worked on 227 deals in 2008 at an average of £47m. FTSE 250 clients are a focus, as are the insurance, construction, energy, waste and healthcare sectors. Advising the management of Angel Trains on its £3.6bn sale was a particular achievement. Clients commend the team for its ‘proactivity’, with Jon Harris and Gareth Edwards recommended.

The UK M&A team at Dechert LLP completed around 20 transactions in 2008, and is noted for the ‘exceptional quality of its lawyers and services’. Private equity and hedge funds are an area of emphasis.

Clients ‘highly recommend’ Stephen Horvath, head of a 16-partner, US and UK law practice at Dewey & LeBoeuf. Its staple diet of cross-border transactions, often in the insurance, energy and telecoms sectors, also has a strong Russian flavour. Lynn McCaw is also recommended.

2008 was a year of frustration for McDermott Will & Emery UK LLP’s four English M&A partners, with many deals failing to reach completion. The firm did win two instructions for Honeywell, however, and completed a £53m UK acquisition for Luxottica. Hugh Nineham is European practice head.

A 20-partner Nabarro LLP team completed 23 UK M&A transactions at an average of £25m each in 2008, ranging from £5m to €250m. One of the most complex was advising Premier Recruitment, one of three bidders for listed company Imprint, which was sold for £45m. Iain Newman and Glyn Taylor are recommended.

Olswang is distinguished by its strength in depth, with 24 partners in its team. The media sector is a central focus, accounting for a significant number of the 65 deals that the firm completed in 2008 (averaging £22m). Stephen Hermer, David Roberts and Simon Morgan are well known.

One of the highest-profile deals completed by Reed Smith’s London arm in 2008 was McDonalds’ £350m sale of a 33% interest in Pret a Manger (advised by Macfarlanes LLP), although it also worked on two valued at over £1bn. The ‘easy to work with’ David Boutcher and Philip Taylor are the lead partners, and Michael Young is ‘adept at dealing with difficult individuals’.

Taylor Wessing LLP has 26 partners with M&A expertise, typically acting on deals in the sub £500m-bracket. Inward investment was a growing theme throughout 2008 as sterling declined, with David Kent’s work for US-based Esterline Technologies on its £115m acquisition of Racal Acoustics a key example here. M&A in the private equity sector is another strength, with Greenhill Capital using the firm for the first time in 2008.

Stuart Young heads an eight-partner London corporate team at Wragge & Co LLP, which is part of a national practice that completed 20 deals totalling £500m in 2008. Automotive, food, energy and healthcare are areas of focus.

Keith Snedden’s six-partner corporate team at Barlow Lyde & Gilbert LLP welcomed Simon Gamblin from Covington & Burling LLP in 2008. Corporate clients are a focal area, although one of the team’s most significant wins of the year was for a leading European investment bank.

Neil Blundell and Mark Pinder are the co-heads of Bird & Bird LLP’s 16-partner corporate group, which is active on mid-market and upper mid-market cross-border deals for clients such as EADS, Northrop Grumman, Sun Microsystems and Symantec. Advising Hellman & Freidman Capital Partners on the European aspects of its US$2.4 billion acquisition of Getty Images stands out.

Transport and media are key sectors for the 13-partner corporate team at Field Fisher Waterhouse LLP, with clients including the BBC, although the firm is perhaps best known for its international practices; Russia and the CIS in particular is a source of work. Andrew Blankfield heads the group.

Advising Cygnet on the £340m acquisition of a holding company was the largest of 30 deals completed by LG’s 18-partner corporate team in 2008. Most of the rest were in the sub-£50m bracket, often with an international element; Sunil Kakkad completed a string of India-related deals. Practice head Chris Tite is also recommended.

Acting for Swiss banking group EFG International on the acquisition of London-based Marble Bar Asset Management in 2008 was a standout transaction for Lewis Silkin LLP’s ‘highly regarded’ corporate practice, which is most often seen on media-sector deals. Jo Evans enjoys one of the best reputations of any practitioner in this section, and Nigel Edwards is also recommended.

The ‘dynamic’ team at Mishcon de Reya acted on seven deals £50m-plus deals in 2008, often with a property sector emphasis. Helical Bar and Quotient Bioscience are active clients. Jonathan Berman, Nick Davis and Richard Tyler are the leading contacts.

Reynolds Porter Chamberlain LLP’s impressive corporate client base came to the fore in 2008 with Swedish conglomerate SCA instructing the firm on the £100m disposal of a cardboard business, and HMV Waterstone choosing it for its acquisition of 14 stores from Zavvi. Tim Anderson heads the team, which has recently been strengthened by the arrival of the ‘well-rounded and thoughtful’ David Wallis from Dechert LLP.

The Gulf region is an increasing source of work for Sharon White’s M&A team at Stephenson Harwood. Bahrain-based Seera Investment Bank was a new client in 2008, instructing the firm on the acquisition of BWA Water Additives. Tony Edwards and Peter Bradley are also recommended.

Both client and peers are fulsome in their praise of Jennie Gubbins’ ten-partner practice at Trowers & Hamlins LLP, which worked on 28 deals in 2008 averaging approximately £50m. Natural resources, the Middle East, AIM and public sector transactions are all strengths.

Defying the prevailing market conditions, Clyde & Co LLP succeeded in ramping up its deal volume in 2008, completing an impressive 40 transactions, ranging in value up to £150m. Sector strengths include financial services, natural resources, transportation and food and drinks. The firm ‘provides a first-class service 99% of the time, which can’t be said of other firms’. Philip Rogers and Tim Matthews are recommended.

Private equity boutique Dickson Minto WS continues to enjoy an excellent reputation for private equity transactions. For US matters it has an alliance with Willkie Farr & Gallagher LLP.

Dundas & Wilson LLP is, in the words of one client, the firm that ‘thinks before shooting and uses a silencer when it does’. Eight corporate partners have done well at leveraging off the firm’s Scottish client base, and in 2008 advised a Scottish bank on a top-tier transaction worth almost £1bn. Other deals were in the sub-£50m bracket. Nadim Meer, Simon Sale and Douglas Land win praise.

Four of Gibson, Dunn & Crutcher LLP’s seven London M&A partners are UK qualified. Deals in 2008 included the US$147m sale of Bulgaria’s Sofia City Centre Mall, in which James Barabas and Wayne McArdle advised seller Equest Balkan Properties.

High-value M&A deals and joint ventures in the international shipping, trade and energy sectors are a consistent theme for Holman Fenwick Willan LLP, but the firm is ‘excellent on all fronts’. Alistair Mackie and Samantha Roberts win most feedback, with the latter noted for her ‘excellent personal skills’.

International deals up to £100m remain the sweet spot for Kevin Dean’s 16-partner UK corporate group at K&L Gates. Clients declare themselves ‘well satisfied’ with its service, highlighting ‘impressive bench strength’. Jeremy Davis is a ‘good communicator’.

Morrison & Foerster (UK) LLP’s six-partner corporate group is best known for technology and healthcare sector work and, increasingly, natural resources. Paul Claydon heads the team, which includes James Gubbins and Natalie Diep. One of its largest recent deals was Claydon’s advice to Acambis on its £276m recommended takeover by Sanofi-Aventis.

Orrick, Herrington & Sutcliffe’s ‘top-rate’ London M&A capability has grown fast in the last two years and can now call on the skills of five UK-qualified and three US-qualified partners. The practice attains ‘the highest possible standard on all counts and is a pleasure to work’. The arrival of Hilary Winter in early 2008 has added public company expertise, and clients attest that Dean Poster is ‘one of the best lawyers we have ever encountered’.

Central and Eastern Europe and Russia remain a leading source of deals for Salans, which is a leader in those regions and regularly acts on multimillion-pound transactions. Deal sizes on UK-only deals tend to be smaller, often for AIM-listed companies. Paul Salmon heads a nine-partner team.

Jan Mellmann heads Watson, Farley & Williams LLP’s international M&A practice, which includes eight London partners. It undertakes a number of lower mid-market deals every year, although deal values in core firmwide sectors such as shipping are frequently much larger.

UK-qualified corporate partners Steve Blakeley, Fred Heller and Douglas Glass feature at Akin Gump Strauss Hauer & Feld. Energy and natural resources, telecoms and investment funds are areas in which the firm is strong.

Arnold & Porter (UK) LLP’s self-defined focus is on areas where law, policy and business overlap, which typically means deals in the tech, pharma and financial regulatory sectors; UK-qualified partner Jeremy Willcocks has pioneered this approach and will now be aided by two new arrivals: US-qualified Carl Liederman and US and UK-qualified Paula Levitan. In 2008 the firm completed deals ranging from £15m to £365m.

Emerging markets is Chadbourne & Parke MNP’s niche. It has four UK-qualified partners with M&A expertise, but their focus is on applying UK law techniques on transactions overseas, particularly in Russia, CIS, Turkey and the Middle East. Gazprom, PepsiCo and Norilsk Nickel are representative clients.

‘An excellent law firm which provides the highest levels of service to its clients’, Steptoe & Johnson advised on 20 deals totalling over £1bn in 2008, with emerging markets a growing theme. Michael Thompson is the recommended contact.

Derek Jones is the sole English M&A partner at Baker Botts (UK) LLP, providing UK law support on the global firm’s international, typically energy-sector deals.

Sub-£50m, UK-sourced transactions are the core diet for the two-partner team at Bingham McCutchen (London) LLP, though some of its deals are much larger. Vance Chapman impressed in 2008, acting for the exit of US fund Gottex's investment in a windfarm project, through its sale to Vattenfall (advised by Norton Rose LLP). Investment funds are a key focus area.

Mark Taylor is the leading UK-law M&A partner at Dorsey & Whitney. In addition to undertaking larger transactions for US clients such as Dana and Dover corporations, the team acts on a number of UK-only deals in the sub-£50m bracket.

A ‘very good negotiator and genuine solution-finder’, Jerry Walter is the sole UK-qualified M&A partner at Fried, Frank, Harris, Shriver & Jacobson (London) LLP, which impresses clients with its ‘tailor-made approach’. Financial institutions doing global deals comprise a large part of the client base.

Stuart Harray is the only UK-qualified M&A partner at Milbank, Tweed, Hadley & McCloy LLP, and works in tandem with US-qualified Tom Siebens. They predominantly act for financial institutions on high-value M&A.

Private equity is a focus for O’Melveny & Myers LLP, with UK-qualified partners Justin Stock and Paul Loynes both active.

Ronan O’Sullivan is the sole UK-qualified M&A partner at Paul, Hastings, Janofsky & Walker (Europe) LLP. A wider corporate practice has been built from a standing start in 2005, with a particular emphasis on property and telecoms clients.

Corporate partner Joe Pillman is the contact for M&A at Wilmer Cutler Pickering Hale and Dorr LLP. Technology and life science deals of all values are a theme.

Faced with falling deal volumes, particularly on AIM, Beachcroft LLP concentrated on sector specialismsin 2008, including financial institutions, health and technology. National head Laurence Markham is recommended.

With a national reputation and a strong corporate client base, Bristol-based Burges Salmon LLP is a recommended choice for public and private M&A. It completed 71 deals totalling £800m in 2008, including for WPP and Mitie. Clients cite the ‘excellent’ Roger Hawes as ‘a partner we can work with’.

Charles Russell LLP had nothing to rival 2007’s standout transaction for US corporate Yamana Gold (on the UK aspects of its offer for Meridian Gold), but it nevertheless succeeded in matching that year’s record deal haul. In total it completed an impressive 82 deals totalling £1.4bn, and it is frequently cited as a firm to emulate by smaller practices in this table. Simon Gilbert heads a ‘friendly’ team that has expanded with the arrival of Edward Hoare from Faegre & Benson LLP.

Farrer & Co’s Richard Lane is ‘quick and responsive 24 hours a day’. The team has a strong following among high-net-worth individuals, and completed 51 deals last year mainly in the sub-£40m category. It is ‘solution driven and avoids unnecessary legal arguments’. Adam Walker also enjoys a strong reputation.

The SME sector remains a natural market for Charles Wander’s burgeoning team at Fladgate LLP, which expanded to 12 partners in 2008. The hotel sector and international work are other key areas of focus.

Media deals in the sub-£50m bracket remain a theme for Harbottle & Lewis LLP, where a triumvirate of partners - Colin Howes, Tim Parker, and Mark Phillips- succeeded in breaking firm deal records in 2008. Target Entertainment and MAMA group were particularly active clients in 2008.

Matthew Martin is the new head of Manches LLP’s six-partner corporate group, having taken over from Chris Owen(who remains at the firm). Winning a first corporate instruction for WH Smith, on two sub-£50m deals, was a highlight of 2008.

A growing M&A team at Marriott Harrison saw a couple of deals in the high end of the sub-£50m range, and many under £20m. The firm now has eight partners with M&A expertise, and venture capital work is a big theme. Highlights included practice head Jon Sweet’s advice to Thurloe Hotels on the purchase of the assets of Pelham Hotel, involving some complex issues on the finance side.

Shepherd and Wedderburn has five full-time London corporate partners, supplemented by numerous others in Scotland. The firm has an enviable corporate client base including Stagecoach, Scottish & Newcastle, and Veolia, and also has strong energy sector credentials. These factors have often led to it winning secondary roles on a number of the UK’s largest M&A transactions, such as advising the Nuclear Liabilities Fund on EDF’s £12.5bn takeover of British Energy. Walter Blake is the contact.

Financial services M&A is a specialism of the seven-partner Speechly Bircham LLP team, although, in common with most, deal values and volumes fell in 2008. Private equity partner Andrew Clarke had one of the most interesting roles of the year, acting for MFI on its rescue MBO and subsequent administration. Tom Shaw also wins praise.

Bates Wells & Braithwaite London LLP continues to focus on the social enterprise and corporate sectors, especially owner-managed businesses. Peter Bohm and Vanessa Williams are the key partners; both are regarded as ‘excellent’.

Though fewer than the year before, acting on 22 deals at an average of £13m each nevertheless represented a satisfactory haul for Bircham Dyson Bell LLP’s five-partner team, headed by John Turnbull. Bruce Jones is also recommended.

Boodle Hatfield’s team is ‘a small but efficient machine that responds well to pressure’; practice head Nigel Stone is ‘determined but reasonable’ and ‘ably supported’ by Victoria Symons. Deals involving family businesses are a strength.

Acting for the pharmaceutical investment arm of Nomura on a US$40m spin-out from AstraZeneca is indicative of Bristows’ strength in the pharmaceuticals and technology sector. An impressive range of blue-chip clients will typically instruct Mark Hawes’ team on sub-£20m deals.

The six-partner team at Collyer Bristow LLP advised on a number of deals up to £10m in 2008, and one over £50m. Paul Sillis is the contact.

Though the firm is best known for its media work, that is only one aspect of Davenport Lyons’ eight-partner corporate practice. 2008 saw the firm complete 65 deals (20 more than in 2007), typically in the £10m-plus bracket, and setting up and acting for distressed funds was a key theme of the latter half of the year. Michael Hatchwell is practice head, and was recently joined by Jonathan Metliss from SJ Berwin LLP.

The four-partner Davies Arnold Cooper LLP team completed around 15 deals in 2008, largely in the sub-£10m bracket, though one was £40m. The property sector is a key focus. Practice head David Manifould was especially active.

Insurance sector M&A is a core focus for Richard Spiller’s three-partner team at Edwards Angell Palmer & Dodge UK LLP.

Finers Stephens Innocent LLP completed around 20 deals with values up to £30m in 2008. Sara Wax’s advice to NASDAQ-listed Global Traffic Group on its long-running £14.5m acquisition of a radio business was a high-profile highlight.

Forsters LLP completed 28 deals in 2008, predominantly in the £1m-£12m range and often for cash-rich entrepreneurs. It also acts for PCP Capital Partners, which arranged the £200m sale of Manchester City FC to Abu Dhabi United. Jeremy Whiteson heads the group.

Fox Williams LLP’s ten-partner team completed 48 M&A deals in 2008, with a total consideration of £370m. The e-business and technology sector is a leading strength, although 2008 was characterised by an increasing level of work from quoted (particularly AIM-listed) companies.

M&A is central to what Halliwells does best, and the firm regularly works on as many deals as any other firm in this table, completing 37 UK deals (at an average of £14m) in 2008. Catherine Moss had a great year, acting on three transactions over £50m.

Hill Dickinson LLP joins the ranking following its merger with Middleton Potts, which had a notable international M&A practice in line with its highly regarded international trade and shipping expertise. David Godfrey acted on the London end of an Italian bank merger in 2008.

Media and leisure are growing areas of expertise for Howard Kennedy, and international deals are also on the rise. Advising longstanding client Wellness Foods on its acquisition of Dorset Cereals was a highlight.

Shipping, energy and aviation are core sectors for Ince & Co’s five-partner team. Nick Gould and Stephen Jarvis are key contacts.

Irwin Mitchell LLP’s team has grown significantly in the last year with leading corporate partner Edward Persse joined by a new practice head Andrew Woolf from Howard Kennedy and David Beech, who joins from an in-house private equity role. The majority of deals are in the £5m to £30m range, though two were over £250m.

Kemp Little LLP’s four-partner M&A practice, headed by Lucy Vernall, stands out for the quality of its blue-chip technology client base, which includes Thomson Reuters and Expedia. The team focuses on three core areas: large technology-sector corporates, AIM-listed technology companies, and private equity providers operating in the technology sector.

There is an increasingly international flavour to Laytons’ ‘good-value’ M&A practice. Acting for Vatukoula Gold Mines on the £29.5m acquisition of 80% of the shares in a Fijian mine was a leading highlight. Justin Crewe is ‘patient and human’; Cameron Sunter is ‘pragmatic’, with ‘good deal management skills’; and senior partner Richard Kennett is ‘fabulous under pressure’.

Maclay Murray & Spens LLP is widely noted for the high calibre of its work; it ‘takes the time to really get to know our business’, say clients, who also recommend Jonathan Brooks for the ‘calm he exudes during negotiations’. The firm completed one £250m acquisition in 2008, along with numerous others in the sub-£50m bracket.

Patrick Martin is the sole full-time M&A partner at McGrigors LLP’s London office. Financial institutions and energy sector clients comprise a large segment of the client base.

McGuireWoods London LLP, formerly Grundberg Mocatta Rakison in London, is an internationally orientated firm, with Russia, Scandinavia, the CIS and the US among its areas of focus. Many of its lawyers are dual qualified. Richard Beresford and Robert Rakison are recommended.

Most of Memery Crystal LLP’s 2008 deals were in the sub-£50m bracket. Acting for entrepreneurial and AIM-listed clients is an area of focus, while winning a first instruction from PepsiCo on a UK acquisition was a notable highlight. Lesley Gregory, who led this deal, is commended by peers.

Pritchard Englefield’s eight-corporate partner team includes two German/UK-qualified partners and a US/UK-qualified partner. David Glass heads the group, and Bryan Bletso stands out for his technology-sector M&A prowess.

Lindsey Hemingway is the main contact for M&A at Rooks Rider, which has a niche specialism advising trustee sellers, in addition to a focus on entrepreneurial clients.

‘Able to grasp all the factors in a deal’, Rosenblatt Solicitors’ team is also noted for its ‘personal touch’. AIM is a focus, though the firm also boasts a growing number of FTSE 250 clients. Name partner Ian Rosenblatt is recommended, as are Jon Lovitt and Wayne O’Neil, the latter for his ‘constant attention’.

Rex Newman and David Judah were the most active partners in Wallace LLP’s M&A team in 2008, which worked on over 20 deals. Enic is a prominent client.

Entrepreneurs are a target for Withers LLP’s corporate team, which has been bolstered by the arrival of Adam Duthie from an in-house role. Acting for mining company KazakhGold as the target of a US$500m partial offer was the standout transaction among the 20 deals that the firm worked on in 2008, totalling US$1bn.

New entrant Beale and Company Solicitors LLP ‘understands sectors and delivers advice appropriate to them’, and is recommended for sub-£15m deals. Practice head Michael Archer and associate James Hutchinson are recommended.

Bryan Cave is also new to the ranking. It acted on approximately 20 M&A deals in 2008, totalling £1bn and ranging from £1m to £500m in size. Anthony Fiducia is the contact.

New entrant Dawsons LLP acted on 24 M&A deals, averaging around £20m. Around two-thirds of its work has an international aspect, often for German-speaking clients. Ute Mueller heads a four-partner team.

Clients are fiercely loyal to new entrant Edwin Coe LLP’s four-partner corporate team, which is ‘extraordinarily competent’ and ‘a model of professionalism’. Most of its deals are in the sub-£30m bracket. The team includes Russel Shear and David Kinch.

Natural resources is one area of focus for newly ranked Anglo-Canadian firm Fasken Martineau LLP. Clients confirm that the 12-partner team ‘knows what it is talking about’, with practice head June Paddock particularly recommended.

Penningtons Solicitors LLP’s bread and butter is private M&A in the £1m-£50m bracket. The three-partner London team completed 14 deals in 2008, with healthcare among its areas of expertise.

Corporate work is at the heart of new entrant PricewaterhouseCoopers Legal LLP’s business. A 30-fee-earner team is largely focused on the owner-managed business sector but draws on an international network that spans 63 jurisdictions. Stuart Hatcher heads the team.

Winston & Strawn London joins the ranking partly on the strength of client feedback, especially for partner Zoe Ashcroft whose ‘charm and fine sense of humour help to defuse situations when things get heated’. Ashcroft is especially noted for an Africa-facing practice.

‘Top notch for US M&A’, Cleary Gottlieb Steen & Hamilton LLP represented Citigroup Global Markets as financial adviser to NDS in its going-private acquisition by News Corporation and Permira. The ‘dynamic and intelligent’ Ashar Qureshi and Sebastian Sperber lead the practice.

Cravath, Swaine & Moore LLP has a ‘robust’ M&A practice headed by Philip Boeckman. The team combined with Slaughter and May to advise HM Treasury on the rescue packages for RBS, HBOS and Lloyds TSB, and also advised RWE on its €9.3bn acquisition of Essent.

Davis Polk & Wardwell has a ‘great reputation for international transactions’. Nigel Wilson and John Banes have considerable US and European M&A expertise.

Shearman & Sterling LLP’s dedicated M&A practice has increasing market visibility. In 2008 the team advised BAE Systems on the US aspects of its US$1.1bn offer to acquire Detica. George Karafotias is ‘highly regarded for cross-border work’, while Creighton Condon’s move from New York is indicative of the firm’s commitment to its London practice; he is a heavyweight addition to the team.

‘Private equity powerhouse’ Simpson Thacher & Bartlett LLP’s flagship clients KKR and Blackstone have been quieter since the onset of the credit crunch. Nonetheless, the practice’s private equity expertise translates well for strategic transactions; Michael Wolfson in particular is commended for his ‘fantastic international M&A experience’.

With ‘great market footprint and penetration’, Skadden, Arps, Slate, Meagher & Flom (UK) LLP is ‘first choice for big-ticket cross-border M&A’. In 2008, the team advised Nomura Holdings on its Europe, Middle East and Asia Pacific acquisitions of Lehman Brothers’ operations, and also acted for Fresenius in its US$5bn acquisition of APP Pharmaceuticals. Scott Simpson is ‘a real player’.

Sullivan & Cromwell LLP’s M&A practice is ‘one of the best around’. The team acted for InBev in its US$60.8bn acquisition of Anheuser-Busch and for Akzo Nobel in its US$16.1bn acquisition of chemical giant ICI. Richard Morrissey and William Plapinger remain key figures.

In 2008 Debevoise & Plimpton LLP saw key transactions in the private equity, insurance and asset management sectors. One highlight was representing Clayton, Dubilier & Rice in its £415m multi-jurisdictional acquisition of Bodycote Testing Group. James Kiernan is the standout practitioner.

Fried, Frank, Harris, Shriver & Jacobson (London) LLP impresses for both strategic M&A and private equity. The team, led by Robert Mollen, acts as transaction counsel to Virgin Media, and worked on the sale of Sit-up. The team also acted for Goldman Sachs in its acquisition of BUT S.A.S. from Kesa.

Herbert Smith LLP has three US partners in London as part of its international M&A team. Highlights of 2008 included advising EDF on the US aspects of its £12.5bn takeover of British Energy; Tata Motors on its US$2.3bn acquisition of Jaguar and Land Rover from Ford; and Resolution on its £5bn acquisition by Pearl Group. Alex Bafi is a ‘class act’.

‘Serious M&A contender’ Kirkland & Ellis International LLP is especially rated for private equity work. Matthew Hurlock has an impressive reputation on major cross-border transactions.

With an ‘intelligent, business-focused service’, Latham & Watkins is notable for strategic M&A in the tech sector and its private equity prowess. The team advised Symantec on its US$695m acquisition of MessageLabs. Nick Cline is ‘adept at dealing with US company issues in a European context’.

In 2008, Linklaters LLP advised Rio Tinto on its successful defence of the US$147bn hostile takeover by BHP Billiton, and advised RBS and Lloyds TSB on HM Treasury’s multibillion-pound investments in them. Tom Shropshire manifestly ‘wins impressive mandates’.

Paul, Weiss, Rifkind, Wharton & Garrison LLP’s small London US M&A team has particular expertise in Asian cross-border M&A. David Lakhdhir advised Citigroup on its US$7.9bn sale of most of Nikko Cordial Securities.

Akin Gump Strauss Hauer & Feld has a considerable record on energy deals and Russia-focused transactions. In 2008 the team acted for LUKOIL in its US$2.1bn acquisition of 49% of the Italian ISAB oil refinery. Fred Heller and Dan Walsh are key partners.

Though better known on the capital markets side, Allen & Overy LLP has three US M&A partners in London who support the firm’s New York transactional team, which in 2008 represented Novartis in its acquisition of a 77% stake in Alcon from Nestlé for US$39bn.

Ashurst LLP’s US M&A practice saw healthcare as an area of high activity over 2008. One highlight was acting for Enodis in its US$2.7bn sale to Manitowoc.

Baker & McKenzie LLP is ‘particularly strong for tech M&A’, though its London-based US team is better known for its securities work.

Covington & Burling LLP specialises in M&A in regulated industries; in the life sciences sector it recently represented Encysive Pharmaceuticals in its sale to Pfizer. Peter Laveran-Stiebar is ‘a high-level professional who provides excellent legal and business advice’.

Dechert LLP is ‘well respected for its life sciences M&A’. US-qualified Laura Brank and Shane DeBeer joined from Chadbourne & Parke LLP, and will split their time between London and Moscow to launch a Russia-focused practice.

The energy sector is Dewey & LeBoeuf’s strong suit; the team advised Fortum Oyj in its complex, three-stage €2.5bn acquisition of Russia Territorial Generating Company 10. Stephen Horvath is the best-known partner.

James Pedersen and Barry Glazer are the standout names in Dorsey & Whitney’s cross-border M&A practice.

Freshfields Bruckhaus Deringer LLP is ‘great for high-end M&A, especially where there is a UK equity financing link’. The team advised Petroplus Holdings on its US$785m acquisition of French oil refineries from Royal Dutch Shell. The ‘commercially astute’ Jeff Roberts provides ‘sound legal analysis’.

Hogan & Hartson’s M&A team is strong in regulated sectors such as life sciences and telecoms. A 2008 highlight was advising Ford on the £2.9bn sale of Jaguar and Land Rover to Tata Motors. Jeffrey Hurlburt continues to impress.

Pharmaceuticals and chemicals are among Mayer Brown International LLP’s sector strengths. Thefirm advised Fujitsu on its €450m acquisition ofSiemens’ 50% stake in the Fujitsu Siemens PC joint venture. Paul de Bernier and Jeffrey Gordon ‘have great reputations’.

Thomas Vita, Mike Dunn and Dan Dillon are the partners in Norton Rose LLP’s US team in London. In 2008 the firm represented Katanga Mining in its US$3.3bn merger with Nikanor.

White & Case LLP expanded its London capability in 2008 with the addition of experienced cross-border M&A lawyer David Becker. David Eisenberg led the advice to HBO Central Europe in the sale of documentary channel Spektrum to Chellomedia.

This section is new to the guide this year and recognises firms with leading practices in public and private sector outsourcing and procurement. Readers are also referred to the IT and telecoms section, where outsourcing and procurement work in those areas is also taken into account.

Baker & McKenzie LLP continues to lead the way in ITO and telecoms outsourcing work, handling a stream of high-value mandates. The team recently advised Telefonica O2 on its pan-European telecoms service agreement with Deutsche Post World Net. With ‘a genuine weight of expertise on technical and commercial issues’, it regularly advises both customers and suppliers, and recently advised several suppliers on their public sector contracts. Richard Hawtin has ‘a great combination of vigour, accuracy and negotiation skills’, while ‘responsive and knowledgeable’ partner Duncan Reid-Thomas is also recommended.

The ‘unique depth of industry expertise running through the team’ has helped Bird & Bird LLP apply its prowess in the IT space to large commercial projects. Although the lead partners have continued to reinforce the reputation of the practice in the public sphere, including recently acting for the Environment Agency on outsourcing its IT infrastructure, it has also made up ground on its rivals in the private sector. Graeme Maguire’s advice to Mobile Broadband Networks on outsourcing, following last year’s role in its formation as a joint venture, was a particular highlight. Group head Mark Leach ‘can always be relied on to make the best use of resources to give exceptional service’, and Chris Holder’s practice is ‘second to none’.

Led by ‘superb’ practice head Richard Bonnar, DLA Piper UK LLP has both an ‘efficient and client-led’ public sector practice, and strong ties to financial institutions for which it undertakes large-scale outsourcing mandates. The group’s wide geographical presence and ability to draw relevant expertise from outside London has been an advantage to its presence in both the public and private sectors. Recent highlights include several mandates for central government, the NHS in particular, as well as advising on a series of major public procurements for the Personal Accounts Delivery Authority to support the Personal Accounts Scheme. Kit Burden and Mark Crichard are recommended for their ITO expertise, while Mark O’Conor is recognised for his public procurement work and ‘first-rate legal acumen’.

‘One of the premier legal advisers on procurement matters faced by government’, Field Fisher Waterhouse LLP’s core outsourcing and procurement team of around 50 lawyers had an outstanding year. It advised the Nuclear Decommissioning Authority on an appointment to manage Sellafield, the largest public procurement in Europe, as well as continuing to act in connection with the national identity cards project. David Gollancz has ‘excellent understanding of public sector issues’, while head of EU competition and procurement Charles Whiddington provides ‘exceptionally intelligent insight’. The outsourcing component of the technology group has a growing reputation in the private sector, a focus of the ‘professional and knowledgeable’ Simon Briskman. This has led to new instructions from BP and Orange. Public sector outsourcing is another key strength, with Paul Barton, Tim Davies and Hamish Sandison all highly recommended.

Pinsent Masons LLP’s large team of procurement specialists handle a range of contentious and non-contentious work for utilities, contractors and major public sector clients. It advised Firebuy on its procurement of fire and rescue services, and public procurement group head Ruth Smith (a ‘dynamic and well-rounded lawyer’) recently led advice to key new client Royal Mail. Kate Rees is also recommended for her public sector and utilities work. On the outsourcing side, the ‘superb’ David Isaacs counts the Home Office, MoD and Cabinet Office as clients, while Iain Monaghan heads the outsourcing group and applies his ‘vast experience and creativity’ to ITOs, as it continues to add to its existing base of public sector clients.

The team at Allen & Overy LLP regularly handles high-value multi-jurisdictional outsourcing with a particular specialism in the financial services sector. Clients include BNP Paribas, GE Capital and JPMorgan, and the team also acted for HBOS on the renegotiation of its voice and data services outsourcing contract with BT. Ian Ferguson leads the group, and Claire Wright is ‘a joy to work with’, On the public procurement side, it recently acted on disputes for several major bidders, and also counts several utilities among its clients.

Herbert Smith LLP has several partners with extensive outsourcing experience, and continued to act for TfL on its significant PFI contract. Mark Turner and Christopher Rees co-head a group that ‘is capable of translating complex problems into simple negotiable terms’, and Nick Pantlin (now a partner) recently led on a number of large IT outsourcing products. The UK public procurement team is part of a wider European competition group, and recently acted for London Underground on various procurement issues.

Outsourcing is a significant part of the Latham & Watkins’ London offering. Gail Crawford was recently made up, adding a fifth partner to a practice that has ‘proficiency on every piece of the deal process’. It advises large financial institutions, such as Deutsche Bank, HBOS and Lloyds TSB, as well as providing an ‘excellent service’ to UK blue-chip corporates, including Diageo, BskyB and Alliance Boots. Andrew Moyle heads the practice.

Mayer Brown International LLP continues to advise on multi-jurisdictional ITOs and BPOs. The team, led by the ‘dynamic’ Peter Dickinson, acted for Unilever on the high-value outsourcing of its international computer services. On the telecoms side, it is on the panel of several international providers and continues to handle significant outsourcing work for longstanding client AT&T.

Milbank, Tweed, Hadley & McCloy LLP has a strong outsourcing practice led by Laurence Jacobs, who has ‘unbeatable experience and knows just what makes a particular strategy successful’, and has recently worked with the NHS, Reed Elsevier, Invensys and ProSieben. Other notable recent work includes asset management outsourcing advice for JPMorgan, Citibank and Mellon. Sean Keaton advised AstraZeneca on its global applications maintenance outsourcing, and is ‘always able to provide top-quality service and a personable approach’.

Morrison & Foerster (UK) LLP has ‘an amazing team of lawyers’ in its outsourcing group. Alistair Maughan chairs the global practice, and is ‘among the elite in his particular discipline’. The group recently advised HMRC on its £80m outsourcing contract with CapGemini and continues to do significant supplier-side work as a member of the TCS panel. Jon Edgell is recommended, and recently advised Lloyds TSB and new client Investec.

For public procurement work, Addleshaw Goddard LLP is ‘a cut above the rest’. The team, led by Manchester-based consultant Garth Lindrup, acted for the Department of Health, the MoD, and the NHS in 2008. Margaret Harvey leads the outsourcing practice.

Berwin Leighton Paisner LLP has a practice with a broad outsourcing platform from which it advises customer-side and supplier-side clients, in the form of TCS and Diligenta, among others. Displaying a ‘blend of aptitude for the industry and commercial awareness’, the team includes head of outsourcing Mark Lewis and a strong team of associates. David Harrison leads a six-partner public procurement practice that advises local and central government, as well as private sector clients Arup, Ascent and Veolia.

Headed by Dr Mark Watts, Bristows’ outsourcing clients include Capgemini, Gap, MTV, Cerner and Diageo.

Burges Salmon LLP applies ‘first-rate service and close knowledge of the key issues’ to outsourcing and procurement mandates in the UK. The team is on the panel for the MoD, the Nuclear Decommissioning Authority and the Metropolitan Police, and advises several other local and central government clients. Andrew Dunlop is ‘consistent and great to work with’.

CMS Cameron McKenna LLP has a strong record advising financial services clients such as RBS on outsourcing, and also handles a high volume of work for energy and utilities clients such as National Grid. The ‘versatile and strongly recommended’ John Armstrong leads a ‘superb team’, which includes outsourcing disputes specialist Susan Barty.

Clifford Chance continues to advise international clients such as Shell on multi-jurisdictional outsourcing matters. David Griffiths leads a small team with a strong customer-side, private-sector focus.

Dan Burge heads Denton Wilde Sapte LLP’s large, nine-partner outsourcing practice. The team has ‘the brains, the legal talent and the depth of resources to deliver on not just one project, but on any kind of outsourcing transaction’. It has seen a significant flow of work in the energy and financial services sectors, while international procurement matters for telecoms clients is another key strength. It was boosted by the arrival in 2009 of ‘communicative and intelligent’ specialist Amanda Lewis from Berwin Leighton Paisner LLP

Across its UK offices, Eversheds LLP has a spread of outsourcing and procurement capabilities that make it ‘a leading national practice’. Rex Parry heads an outsourcing group that in 2008 added WNS, Hermes and Equitini to an already impressive client roster. The procurement team, headed by Leeds-based Mike Mousdale, counts the Department of Transport, the Highways Agency, the Ministry of Justice and the NHS as clients.

Richard Lister heads Freshfields Bruckhaus Deringer LLP’s outsourcing practice, and is ‘the key contact for any potentially difficult international transactions’. Sally Roe co-heads the public sector group and recently advised the Department of Health on outsourcing arrangements in preparation for a flu pandemic.

Headed by Bridget Treacy and Peter Brudenall, Hunton & Williams’ London outsourcing practice complements the firm’s strong US-based practice. The team has won substantial work from India-based clients, including WNS and TCS, which the group recently advised on a Europe-wide IT system implementation for a UK law firm.

Kemp Little LLP continues to add to its roster of blue-chip outsourcing clients, which includes Burberry, Expedia and Thomson Reuters. Paul O’Hare has ‘outstanding commercial awareness’; he leads a team that ‘always delivers in time and at a good price’, and excels at mid-market outsourcing deals.

The outsourcing practice at Linklaters LLP had a strong year under the leadership of John Crozier, who is ‘a major force in the market’. The team recently advised the Qualifications and Curriculum Authority on its high-profile termination with ETS Europe, as well as working with Citibank in its successful tender for the government banking service project.

Lovells LLP’s outsourcing specialists have a strong reputation for acting on major customer-side transactions, where clients include Cineworld, ITV and SAB Miller. Recent work with the Post Office on its tender to the Department for Work and Pensions was a highlight, while the financial services sector has also been a fertile source of instructions. Andrew Skipper and Quentin Archer head the group.

Nabarro LLP’s outsourcing group was bolstered in 2008 by the arrival of George Wheeler-Carmichael from DLA Piper UK LLP. His expertise in the financial services arena and on public sector outsourcing augments the capabilities of a ‘responsive’ and ‘attentive’ team spread across the firm’s Sheffield and London offices.

Norton Rose LLP’s ‘highly commendable’ outsourcing practice has considerable capability on both the supplier side, where clients include Capita and Netstore, and the customer side, where it regularly handles work for financial services clients. Practice head Mike Rebeiro advises on large-scale IT and BPO deals.

Olswang’s growing practice, under Nigel Swycher, has continued to broaden, recently adding TCS, Nasdaq and Global World Check as clients. Highlights included representing the Post Office on its procurement of a biometric identity capability service, and ongoing work advising the London Organising Committee of the Olympic and Paralympic Games.

Rob Sumroy heads Slaughter and May’s outsourcing practice and is ‘a very effective and pragmatic lawyer’. The team advises major customer-side clients from a range of sectors. It acted for established client Aviva on a high-value outsourcing to WNS, as well as winning new work for Royal Mail and Marsh. On procurement matters, it advised GlaxoSmithKline, United Utilities and Grosvenor Estates.

‘Dedicated and experienced’, Stephenson Harwood’s outsourcing practice is led by ‘trustworthy adviser and excellent business strategist’ John Buyers. The team added significant Middle Eastern clients Al Tayer and Fawaz Al Hokair in 2008, and acted for MMA Insurance on outsourcing its claims-handling services to WNS.

2008 saw Taylor Wessing LLP recruit financial services outsourcing specialist Jonathan Rogers and Len Murray, who has a strong public procurement practice. It also added TCS as a client. Glyn Morgan heads a team that ‘has always exceeded every expectation in its quality of work’.

Partnership is not a discrete practice area; the firms listed do a variety of work for their partnership clients encompassing corporate, employment and tax law, and may have a more or less contentious focus to their practice.

The partnership team at Addleshaw Goddard LLP ‘are leaders in their field’, providing clients with ‘excellent service levels’. Non-contentious work for professional partnerships lies at the core of a broader practice, with complex partnership structures and LLP conversions particular specialisms. The firm further strengthened its offering in 2008 with the arrival of Rachel Khiara from Allen & Overy LLP. Richard Linsell is ‘sage, and full of wisdom and experience’, and William Wastie is ‘excellent, easygoing and quick at spotting the issue’.

Contentious matters are a core strength for Fox Williams LLP, but the firm also has significant capability in advisory work, particularly merger and demerger matters for professional services firms. The firm successfully acted for Vestra Wealth in its defence of injunction proceedings brought by UBS relating to a team move, and represented Cluttons on the sale of its rural property division to Smiths Gore. Tina Williams and Douglas Preece are the names to note.

In keeping with its reputation as a premier litigation firm, Herbert Smith LLP provides clients with a ‘first-class’ service in contentious partnership matters, but also demonstrates ‘commercial cutting edge’ on the non-contentious side. It advised Hammonds LLP on its conversion to LLP status and the structure of its international operations, while other clients include PwC, KPMG and Deloitte & Touche LLP. Alan Watts is ‘business-orientated and an excellent negotiator’, and Malcolm Lombers is ‘a quite brilliant lawyer’. Gary Milner-Moore is recommended for his contentious expertise.

Boutique employment and litigation practice CM Murray LLP provides clients with an ‘excellent’ and ‘professional’ service in the contentious partnership field. With a leading practice advising the partners of major City law firms, it is also developing a significant client list in the hedge fund industry. Clare Murray is ‘among the very top partnership practitioners’, and combines ‘charm, energy and a steely determination with an in-depth knowledge of the law’. Susanne Foster is also recommended.

Fox provides mainly contentious partnership and employment advice that is ‘commercial, practical and extremely effective’. Ronnie Fox is a noted innovator in the area; he is ‘truly the guru of partnership law’, with ‘unbelievable experience and an excellent way with clients’. Michelle Chance is also well regarded.

The balanced partnership practice at Lewis Silkin LLP attracts high praise from clients. It advised retail property consultancy firm CWM on its LLP conversion and counts Haymarket, Pensus Funds Management and Jennings Investments among its clients. Fergus Payne heads the non-contentious practice, while Clive Greenwood deals with disputes; both are highly thought of by clients and peers alike. Sara Cohen ‘quickly gains the trust and confidence of clients’.

Launched in May 2009, Maurice Turnor Gardner LLP was born from the private client department of Allen & Overy LLP, and the two firms maintain an extremely close working relationship. Richard Turnor has a wealth of experience in partnership matters across a range of commercial contexts and is praised for his ‘enormous intellectual ability’.

Despite the demerger of its private client department, Allen & Overy LLP maintains partnership expertise in the corporate sphere with particular strength in cross-border joint venture work. John Goodhall and Stephen Mathews are the names to note.

Partnership disputes are at the heart of Dawsons LLP’s well-regarded practice. Stephen Ralph provides ‘a very attentive and high level of service’.

Farrer & Co’s private client expertise is the bedrock of a ‘first-class’ partnership practice. Innovative uses of LLPs in areas such as tax planning, financial services and property development are a key strength. James Thorne is noted for his ‘efficiency and approachability’.

Hempsons leads the market in medical partnership matters, providing an ‘excellent’ service. The ‘knowledgeable and accessible’ Lynne Abbess is recommended.

Reynolds Porter Chamberlain LLP fields a ‘strong partnership team’. The ‘responsive and pragmatic’ Barry Stimpson heads up the non-contentious practice, while Fiona Walkinshaw, who leads the disputes team, is ‘sensible, commercial and capable’.

Slaughter and May is recommended for corporate partnership matters, particularly relating to funds. The firm advised Marks and Spencer on its contribution of further funding to its UK defined benefit pension scheme via an interest in a property-backed partnership; this innovative structure has now been widely adopted in the market. Jeff Triggs is the name to note.

Hugh Craig at Bates Wells & Braithwaite London LLP is ‘deeply impressive’.

The ‘knowledgeable’ John Lace at Bristows is recommended.

Davenport Lyons’ Alon Domb specialises in innovative partnership investment structures.

Paul Fontes at Eversheds LLP is ‘pragmatic and commercial’.

Nicholas Thompsell at Field Fisher Waterhouse LLP is advising the Secretary of State for International Development in relation to investments in the developing world.

Amanda Howard at Nabarro LLP has significant expertise in the real estate field.

The ‘extremely commercial’ Julia Palca is recommended at Olswang.

Clifford Chance’s practice has seen significant changes of late, with Matthew Layton becoming global corporate head in 2008 and Adam Signy departing for Simpson Thacher & Bartlett LLP in 2009; both are heavyweights who have been managing key accounts (Permira and Candover respectively). However, it would be wrong to write off a firm viewed as the ‘best in London for private equity’. Other clients include a broad range of mid-market and specialist funds, alongside the likes of KKR, 3i, CVC and Bridgepoint. The 12-partner team ‘understands the bigger picture and has full command of the detail’, and is ably led by James Baird. The firm’s versatility and geographic reach remain key draws.

Ashurst LLP’s ‘very strong’ ten-partner team continues to advise mid-market players and mega funds like Apax, Blackstone and Cinven. The infrastructure sector was buoyant for the firm in 2008, with its advice to Apax, TA Associates and Madison Dearborn on the €1bn acquisition of a minority stake in Weather Investments a highlight. Gavin Gordon, Bruce Hanton and the ‘flexible’ Stephen Lloyd now take the lead following Charlie Geffen’s promotion to firm-wide senior partner.

Freshfields Bruckhaus Deringer LLP’s deep resources attract a diverse range of premium clients, notably UK-based giants Cinven and Apax, international investor Advent International, and US stalwarts Cerberus and Hellman & Friedman. As with many firms geared towards larger deals, infrastructure work was a saving grace in 2008. Highlights included advising a consortium of investors on the acquisition of Welcome Break. Christopher Bown heads the 12-partner team.

Travers Smith LLP stands out for its ‘more personal service’ delivered at ‘lower charge-out rates than the Magic Circle’. In addition to advising sponsors in a superb pipeline of mid-market transactions, it is frequently first choice for management teams in large deals. Although practice head Charles Barter left to join longstanding client Bridgepoint in 2008, it still fields a superb eight-partner team, including the ‘excellent’ Phil Sanderson, the ‘experienced and user-friendly’ Chris Hale, and ‘impressive’ new partner Helen Croke.

Allen & Overy LLP has made big commitments to private equity through recent years. It boasts a number of ‘quality partners’, notably Susan Howard, Alison Beardsley and the ‘commercial, responsive and diligent’ Derek Baird, and has attracted various big names, from UK mega funds such as Apax, BC Partners and Charterhouse, to adventurous US funds such as Perry Capital and Och- Ziff. The firm advised the latter on a £100m investment in Towergate preferred shares in 2008.

Linklaters LLP is an attractive choice due to its broad global network and its ‘consistency and professionalism’ across the entire corporate finance spectrum. Its stable of excellent partners includes the ‘responsive’ Richard Youle, ‘outstanding’ Carlton Evans and ‘very commercial’ Ian Bagshaw. Recent highlights include advising a consortium including Montagu Private Equity and Global Infrastructure Partners on the £1.7bn acquisition of Biffa.

Savvy investors such as Alchemy and 3i appreciate the comprehensive, integrated and specialist service offered by Macfarlanes LLP, where first-rate transactions, tax, finance and fund structuring services combine within an ‘intimate’ unit. The 13-partner team, which includes Charles Meek and the ‘uber smooth’ Charles Martin, completed a variety of standout transactions in 2008, notably advising Goldman Sachs on a portfolio acquisition of 20 buyout investments from ABN AMRO.

Weil, Gotshal & Manges’ global restructuring excellence and nimble corporate and finance teams make it a compelling choice. It picked up new clients in CCMP and Teachers Private Capital in 2008, while deal highlights included advising Lion Capital on the acquisitions of Foodvest and The Russian Alcohol Group (led by London managing partner Mike Francies). Its 'outstanding, well-informed commercial advisers' in London under the ‘experienced, pragmatic and professional’ Marco Compagnoni include Jonathan Wood and Mark Soundy.

DLA Piper UK LLP’s ‘perpetually helpful’ 11-partner team, including Andrew Harris, Will Rosen and Andrew Holt, combines seamlessly with the firm’s regional and international networks, positioning it for both domestic and cross-border deals in the upper mid market. 2008 highlights include advising Englefield Capital and Cognetas on the £135m joint acquisition of Morrison Utility Services.

Some big funds rate Alastair Dickson at Dickson Minto WS as the ‘number-one choice’ for private equity. The firm is ‘very good in all aspects of M&A and equity documentation’ and is unique as a relatively small firm with a history of advising at a level above the mid market. Charterhouse and BC Partners are notable repeat users.

Favoured by US investors, Kirkland & Ellis International LLP is now gaining popularity among UK funds, for example advising Apax on the US$1.4bn acquisition of TriZetto in 2008. The firm’s private equity focused London office offers ‘excellent knowledge and expertise’ in funds work and transactions. Mark Mifsud’s funds practice is ‘of the highest quality’, while the deals team under the ‘top-notch’ James Learner includes the ‘very savvy and client-focused’ Graham White and ‘trusted adviser’ Matthew Hurlock.

Clients of Latham & Watkins traditionally include the likes of Carlyle and One Equity Partners, but 2008 saw it distinguish itself by enhancing its Middle East presence and developing relationships with sovereign funds, notably advising Qatar Investment Authority on its purchase of a 6.5% stake in Barclays. The nine-partner team includes the recommended Mike Bond, Charles Fuller and Graeme Sloan.

SJ Berwin LLP’s market-leading fund formation practice, ‘extremely strong’ transactional resources, and European market penetration make it a private equity one-stop-shop. The firm gives ‘thoughtful advice on both legal issues and the grey area between legal and business advice’, and boasts heavyweight partners in Jonathan Blake’s funds team and under ‘top-notch’ head of corporate Steven Davis.

A number of Skadden, Arps, Slate, Meagher & Flom (UK) LLP’s heavy-hitting London M&A lawyers also do significant private equity work, particularly Alan Murray- Jones and of counsel Julie Bradshaw. Praised for its ‘quick response times and good value’, it stands out for Russia deals and its steadfast relationship with Doughty Hanson, advising it on the €750m acquisition of 60% of TMF Holdings in 2008.

Slaughter and May emerges a market leader in European buyouts when combined with its ‘best friends’ firm network. ‘Expensive, yet good value’, it offers a ‘complete package in terms of legal, business and strategic advice’. Recent highlights include infrastructure work, notably advising Global Infrastructure Partners on the £1.23bn purchase of Biffa. Jeff Twentyman ‘pulls out all the stops’, heading a group which includes the ‘very capable’ Robin Ogle.

Addleshaw Goddard LLP’s proactive approach yielded new clients in Silver Leaf Capital Partners and HSBC Private Equity in 2008. Andrew Carpenter’s team offers ‘excellent client service’ and a ‘strong focus on its private equity clients’, and benefits from a committed presence in the regions as well as London.

CMS Cameron McKenna LLP is popular for cross-border transactions, particularly into CEE. 3i and Advent International are notable clients, while recent highlights include advising Arcapita on its acquisition of Freightliner Group. The team, including Andrew Sheach and David Bresnick, also has a good record in UK MBOs.

Cleary Gottlieb Steen & Hamilton LLP partners Simon Jay, Michael McDonald and Tihir Sarkar specialise in complex cross-border transactions and have notable experience in financial services deals, advising International Asset Management on its MBO from Fortis, and TPG on its agreement to invest in Bradford & Bingley. Other clients include JC Flowers and Hellman & Friedman.

Debevoise & Plimpton LLP’s global strength in fund formation extends to its London office, where Marwan Al-Turki and Geoffrey Kittredge maintain excellent client relationships, including with Oaktree and Carlyle. Meanwhile James Kiernan’s transactions practice was boosted in 2008 by the hire of Guy Lewin-Smith from Linklaters LLP.

Herbert Smith LLP is doing some head-turning work nowadays, notably its advice to JC Flowers on its Northern Rock bid, and to Bradford & Bingley on TPG’s proposed investment. Backed up by the firm’s strong litigation capability and regulatory offerings in finance and energy, Gavin Davies’ ‘impressive’ four-partner team is one to watch.

‘Class-act negotiator’ Alan Greenough and the ‘very good’ Tom Whelan maintain a practice with a good record in cross-border European deals at Lovells LLP. Standout recent work includes advising new client Ares Management on its investments into LK Bennett and Fila.

White & Case LLP’s ‘extremely knowledgeable’ Matthew Judd takes the lead in fund formation and structuring, while M&A partners Peter Finlay, Philip Broke and the ‘methodical and measured’ Gregory Hammond are key transactions counsel. Recent highlights include advising Nordic Capital on the formation of a €4.3bn fund.

Simon Hughes leads Baker & McKenzie LLP’s practice, which is strong in Northern Europe and CEE. Recent highlights include advising Macquarie European Infrastructure on its acquisition of stakes in the airports of Copenhagen and Brussels.

Berwin Leighton Paisner LLP underlined its ambition in early 2009 by recruiting the experienced Raymond McKeeve, a one-time Kirkland & Ellis International LLP private equity partner. Many of the firm’s clients are distressed investors, and the funds group - under the ‘commercial’ Tim Simmonds- demonstrates proficiency across a range of structures.

Eversheds LLP’s practice, under Richard Moulton, benefits from the firm’s active regional network and an excellent volume of mid-market deal flow. New clients include Inflexion Private Equity and Endless LLP.

In 2008 Paul Harter’s team at Gibson, Dunn & Crutcher LLP advised Investcorp on the US$600m acquisition N&W Global Vending.

Jones Day’s practice, under Adam Greaves, received instructions from established clients like the Riverside Company and new client Goldman Sachs.

Alistair Bird’s four-partner team at Mayer Brown International LLP benefits from the firm’s strong France and Germany presence and the ‘excellent commercial judgment’ of William Charnley.

Norton Rose LLP’s practice, under David Baylis, has an international outlook and developing relationships with sovereign investors, notably Mubadala and Kuwait Finance House.

Praised for its ‘responsiveness, deep knowledge and good value’, particularly in TMT, Fabrizio Carpanini’s ‘very commercial’ team at Olswang advised on £1.4bn of transactions through 2008.

‘Experts in private equity fund formation’ John Daghlian and Solomon Wifa are recommended at O’Melveny & Myers LLP, which also stands out for specialist matters like secondaries, joint fund ventures, and corporate transactions involving fund managers.

Pinsent Masons LLP’s ‘diligent and professional’ team, under Andrew Masraf, advised the management on Montague Private Equity’s £1.7bn Biffa buyout.

Leading hedge fund adviser Simmons & Simmons offers a ‘well-led and effective’ private equity service, and strengthened its credentials by hiring Matt Rees from O’Melveny & Myers LLP.

Heavyweight ex-Clifford Chance UK private equity partner Adam Signy will surely attract business to Simpson Thacher & Bartlett LLP, while at the same time enjoying the firm’s superb relationships with US funds.

Mark Davis’ three-partner team at Taylor Wessing LLP is notable for its pan-European reach and advised Ross Brawn on the MBO of Honda GP, creating Brawn GP.

Akin Gump Strauss Hauer & Feld is recommended on the fund formation side, with recent work including acting for Apollo in the structuring, formation and negotiation of Apollo Investment Fund VII and its parallel funds, led by Christopher Gorman-Evans. David Billings heads the practice.

Covington & Burling LLP’s practice, under Simon Goodworth, is active in the co-investment and secondaries spheres. Pantheon Ventures is a longstanding client.

With three partners and eight fee-earners in total, Clifford Chance is a market leader in the field of VAT and indirect tax. The ‘proactive and responsive’ team provides a level of service which clients deem ‘very high’. Securitisation and real estate finance matters are recognised strengths. Etienne Wong and David Saleh are highly regarded by peers and clients alike.

Lovells LLP boasts a leading indirect tax practice with particular expertise in contentious matters. It is advising LMUK, which operates the Nectar card loyalty scheme, in a referral to the European Court of Justice which could have wide-reaching implications. Greg Sinfield is ‘business-oriented’ and ‘the perfect adviser’.

Allen & Overy LLP is rated ‘very highly’ by clients who are impressed by its ‘commercial approach’. Securitisation and outsourcing transactions are particular strengths. Highlights include advising Capital International in connection with the VAT treatment of fund management fees. Peter Mendham is recommended.

Despite the departure of Alan Sinyor, Freshfields Bruckhaus Deringer LLP remains strong in indirect tax matters. Clients include General Motors, National Grid, Reed Elsevier and Rolls-Royce. Robert Kent is recommended.

Herbert Smith LLP’s practice covers the full range of indirect taxes including less well-known duties such as the climate change levy and insurance premium tax. Contentious matters are a particular strength. It advised the Federation of Tour Operators on a challenge to the legality of the changes to air passenger duty. Neil Warriner is highly regarded by clients and peers alike.

With an excellent corporate tax team, Linklaters LLP also has significant indirect tax capability. It advised Visa Europe on its US$18bn IPO, a deal involving difficult indirect tax issues. Martin Lynchehan is well regarded.

Macfarlanes LLP is held ‘in the highest regard’ by clients, who include ING Real Estate, Virgin, Pernod Ricard and E.ON. Mark Baldwin is ‘highly knowledgeable’.

Olswang boasts significant expertise in gambling tax and SDLT as part of a broader indirect practice. It is advising the BBC in connection with VAT issues arising from the implementation of the digital switchover help scheme. MarkJoscelyne is ‘commercial, technically solid and clear’.

Berwin Leighton Paisner LLP continues its aggressive expansion in the tax market with the hire of VAT guru Alan Sinyor from Freshfields Bruckhaus Deringer LLP. The firm is advising Tesco on its ongoing £5bn programme of releasing value from its UK property portfolio. John Overs and Cathryn Vanderspar are praised for their ‘technical knowledge, communication and friendly, open way of working’.

Eversheds LLP strengthened its indirect tax team with the hire of Clive Jones from Clifford Chance. Real estate is a particular strength and the firm is developing an urban regeneration tax practice, including instructions from London Thames Gateway Development Corporation on the regeneration of two key areas of the Thames Gateway. Alan Connell is recommended.

Stephenson Harwood is a market leader in tonnage tax, and also has a significant real estate and financial services practice. It advised St Martins Property Investments on the £400m acquisition of the Willis Building. Practice head Hugo Jenney is the name to note.

Baker & McKenzie LLP’s indirect tax team has particular strength in the technology sector and in cross-border work. Clients say it provides ‘a remarkable service’. Mark Delaney is well regarded.

CMS Cameron McKenna LLP provides clients with an ‘excellent service’. Financial services and property are key sectors, and it is advising Northern Rock on VAT recoveries and strategy for surplus development property. Peter Mason is recommended.

DLA Piper UK LLP has a strong contentious practice, and is also recommended for real estate and international matters. It is acting for the Qualifications and Curriculum Authority in agreeing the VAT treatment of their services. Richard Woolich is highly thought of.

Dechert LLP has expertise in the funds and property fields, and continues to advise Blackfriars Investments Limited and its clients on a range of property VAT issues. Mark Stapleton is recommended.

Well known for its contentious tax expertise, Dorsey & Whitney ‘provides a high level of service and responsiveness’. Paul Farmer is ‘particularly attentive to the needs of his clients’.

Mayer Brown International LLP offers ‘a good combination of commercial acumen and legal expertise’. Clients include Canary Wharf Group, Unilever, Allied Irish Bank and RBS. Peter Steiner is ‘a great personality, with a great depth of knowledge’.

Strong in all contentious tax matters, McGrigors LLP acted for the respondent in the Court of Appeal in HMRC v Weald Leasing Limited, an important VAT case which has been referred to the ECJ. James Bullock and Jason Collins are the names to note.

Rising a tier, Nabarro LLP has a very good SDLT practice and is developing significant expertise on climate change levy matters. It acted for Climate Change Capital Limited in connection with the launch of its first real estate fund which invests in sustainable real estate and raised £50m. Michael Cant is well regarded.

Peters & Peters’ practice focuses on contentious matters and investigations by HMRC. It acted in an appeal for a number of UK telecoms corporations concerning the HMRC’s refusal to repay more than £30m of VAT arising from the export of mobile phones. Sarah Gabriel and Monty Raphael are praised by clients.

Rising a tier, SJ Berwin LLP provides clients with ‘practical and commercial advice’. Particularly strong in real estate and SDLT, Heather Corben is recommended.

Also rising a tier, Simmons & Simmons ‘fields a strong team of tax lawyers’. It is advising Nationwide Building Society on the VAT issues relating to a new agreement for the supply of cash to its ATM machines in England and Wales. Paul Hale heads the VAT practice, and Nick Cronkshaw is ‘very knowledgeable and sensible’.

Osborne Clarke has built a ‘well-rounded and balanced’ practice representing both investors and companies, and is increasingly involved in fund formation. The eight-partner team, under the ‘technically excellent’ Greg Leyshon, spans the firm’s London, Bristol and Thames Valley offices, benefits from a presence in Silicon Valley, and advised on over £250m of transactions through 2008, including advising the shareholders of Apertio on its €150m sale to Nokia Siemens Networks.

SJ Berwin LLP’s funds potency extends into venture capital, where rivals concede it ‘has the fund formation market wrapped up’. It is also strong on the investor side in transactions, closing some 30 investments through 2008, and its range and reputation ensure it gains instructions on complex and unusual deals, for example secondary sales of entire venture capital portfolios. Perry Yam and Ylan Steiner lead the seven-partner team.

Top-notch TMT, life sciences and venture capital expertise come together at Taylor Wessing LLP to produce a top-tier practice. The firm is ‘entrenched in the Cambridge technology community’ and has excellent partners, including the ‘proactive’ David Mardle and the ‘professional, responsive and pleasant’ Simon Walker. In 2008 it advised Plastic Logic Limited on two additional funding rounds, raising US$120m.

Following Ian Ivory’s relocation to Moscow, Berwin Leighton Paisner LLP’s ‘excellent’ Geraint Lloyd is now key to the firm’s VC work in London, which includes advice to major VC and VCT providers like Close Ventures and Octopus.

Traditionally strong in company IP and technology, Bird & Bird LLP’s growing funds practice under partners Angus Miln and Simon Fielder is rated for its ‘24/7, straightforward, fast and excellent advice’. Existing clients include Index and Tate & Lyle Ventures, while new clients for 2008 included Hellman & Friedman and Khosla Ventures.

Attracting high praise from clients and peers alike, and rated for its ‘quality, pragmatism and commercial insight’, Brown Rudnick Berlack Israels LLP rises in the ranking this year. The team includes recommended partners in Roger Gregory and Scott Burns and stands out for its quality investor client base and transatlantic offering.

Praised for its ‘excellent knowledge and industry understanding’, Harbottle & Lewis LLP mainly advises growth companies and entrepreneurs in media, entertainment and technology, but in 2008 it continued to build its investor client base, adding Hemisphere Capital to existing clients Atomico and London Seed Capital.

Morrison & Foerster LLP, a major player in the VC arena globally with a strong focus on biotechnology, offers a full service from venture funding to exits. ‘Highly recommended’ partner Paul Claydon had an active 2008, closing notable deals for Plethora Solutions Holdings, Hunter-Fleming and Piramed.

Nabarro LLP advises various active investors, notably Balderton Capital and Accel. In 2008 it advised the latter on a US$16.8m investment in Playfish. Andrew Wigfall and Andrew Inkester are recommended.

Olswang is leveraging its track record in TMT to advise funds such as MVM, ISIS and Seven Spires, while at the same time diversifying into the leisure, retail and healthcare sectors. The ‘very knowledgeable, responsive and commercial’ team includes Tina Cowen and Stephen Rosen. Andrew Peddie has moved to Pitmans.

Orrick, Herrington & Sutcliffe took on much of Heller Ehrman (Europe) LLP’s ‘impressive’ London VC team in 2008. Noted primarily for investee work, although also active for funds such as Kreos Capital and Bressemer Venture Partners, Chris Grew, Struan Penwarden and Richard Eaton should benefit from the broad global VC footprint of their new firm, including a strong Silicon Valley presence.

Addleshaw Goddard LLP has a 40-lawyer private equity team handling investor-side VC work; Inflexion Private Equity, Graphite Capital, 3i, Beringea and Close Ventures are among its clients. Key figures include Mike Hinchliffe.

Arnold & Porter (UK) LLP, under Jeremy Willcocks, recently hired Paula Levitan and Carl Liederman from Manzanita Capital and Winston & Strawn London respectively. The team receives work from overseas funds, notably Perseus, but mainly advises technology and life sciences companies.

CMS Cameron McKenna LLP’s practice, under David Bresnick, acts for various funds including Lloyds TSB Development Capital, Octopus and Elderstreet Capital.

Covington & Burling LLP’s global strength in life sciences ensures a significant pipeline of VC work from the investment arms of multinationals like GlaxoSmithKline, as well as funds like Perseus Capital and Healthpoint Capital. Louise Nash is recommended.

Focusing on technology, life sciences and entrepreneurial companies, Dorsey & Whitney advises venture-backed clients in the UK and internationally. The three-partner team, under the ‘excellent’ Frances Doherty, is on the Imperial College law firm panel for emerging companies.

Field Fisher Waterhouse LLP partners Andrew Blankfield and the ‘unflappable’ Neil Foster enjoy the firm’s TMT strengths, gaining a good range of company-side VC work. 2008 highlights include advising G24 Innovations on a US$50m second round funding.

Hogan & Hartson’s international practice, under Jeffrey Hurlburt, advises major funds both in the UK and Europe (especially Scandinavia), and is strong in regulated sectors.

Jones Day’s team, under Adam Greaves, has a good balance of investor and investee clients, including Climate Change Capital, Sofinnova and I-Source Gestion, and worked on various transactions for the VC arm of Goldman Sachs in 2008.

Kemp Little LLP’s TMT client base is now accompanied by various VC funds. Notable client wins for 2008 included Amadeus Capital and Sunstone Capital. Lucy Vernall and Charles Claisse are recommended.

Marriott Harrison has a good investor client base including the likes of Matrix Private Equity and The Capital Fund. The team, under Duncan Innes, was strengthened in 2008 by the hire of David Bennett from SJ Berwin LLP and Dee Sian from Addleshaw Goddard LLP.

Andrew Clarke and Christopher Putt are key to Speechly Bircham LLP’s practice which has a good deal pipeline, offering ‘high-quality and appropriate advice’ to clients such as Close Ventures and Beringea. It benefited from the incorporation in June 2009 of Campbell Hooper’s corporate practice, including James Watts, who is recommended.

Wilmer Cutler Pickering Hale And Dorr LLP’s company-focused practice, under Joe Pillman, is strong in technology and life sciences, with recent highlights including advising BioVex Group, Inc on a US$40m Series F funding.

Under Barry Vitou, Winston & Strawn London ‘knows its tech inside out’ and targets start-up companies in the digital, new media, and emerging technology fields.

Wragge & Co LLP, a panel firm for a number of leading UK VCs - notably 3i, Abingworth, Index and Octopus - completed 27 venture transactions in 2008. Andy Stylianou heads the practice.