The Legal 500

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.