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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In the United Kingdon, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for eight years. These partners are highlighted below and throughout the editorial.
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United Kingdom > London > Corporate and commercial > Equity capital markets – mid-large cap > Law firm and leading lawyer rankings



Index of tables

  1. Equity capital markets – mid-large cap
  2. Leading individuals
  3. Next Generation Partners

Leading individuals

  1. 1

Allen & Overy LLP is well known for its underwriter relationships, but has also been one of the leading company-side counsels for big-ticket listings and innovative deals on the London Stock Exchange (LSE). Of particular note, the team advised DWF on its recent IPO, making it the first law firm to list on the exchange's premium segment. Moreover, with recognised strengths in English and US securities law, the London team plays a significant role in the firm's wider EMEA ECM offering. In one recent example, a cross-office team spanning London and Abu Dhabi acted for Network International in its 2019 IPO on the LSE, which marked the largest IPO on record for a Middle Eastern tech company. 'One of the best corporate finance lawyers in the UK', James Roe is a key figure in the English capital markets group, which is headed by David Broadley, and Adam Wells leads the 'absolutely first class' US securities team. Also of note, Michael Bloch, 'a strong technical and commercial ECM practitioner', was promoted to partner in 2019.

Practice head(s):David Broadley; Adam Wells

Other key lawyers:James Roe; Michael Bloch; Jeff Hendrickson


'Probably one of the top three firms in the UK for capital markets advice.'

'A great capacity to solve difficult problems while delivering seamless high-quality service and smooth deal execution.'

'Very good strength in depth; not too reliant on any one individual.'

Key Clients

Network International

Quilter (formerly Old Mutual Wealth)


Compañía Española de Petróleos, S.A.U. (CEPSA)/Mubadala Investment Corporation

Marks & Spencer

Man Group

Sensyne Health

Sirius Minerals

Hellenic Bank

Work highlights

  • Advised Network International on its £2.2bn IPO and listing on the London Stock Exchange (LSE). At the time of completion, this was the largest listing in Europe in 2019 and the UK’s biggest IPO by a technology company since 2015.
  • Advised Quilter (formerly Old Mutual Wealth) on its demerger from the Old Mutual group of companies and on the associated IPO of Quilter plc on the LSE and its secondary listing on the Johannesburg Stock Exchange.
  • Advised DWF on its IPO and listing on the LSE, the first law firm to list on the premium listing segment of the Official List and on the main market of the LSE.
  • Advising Marks & Spencer plc on its proposed £600m rights issue, in connection with its announced joint venture with Ocado.
  • Advised CEPSA, the Spanish multinational oil & gas company, and Mubadala as selling shareholder, on the then-proposed IPO and listing of CEPSA on the Madrid, Barcelona, Bilbao, and Valencia stock exchanges (aborted due to market conditions).

Year after year, Clifford Chance LLP has proved its ability to handle the full range of ECM work to a high standard, acting for a spread of corporate issuers, international financial institutions, and governmental organisations. Detailed below, in 2019 the team was involved in a number of large dual listings, an event-driven rights transaction, a European privatisation IPO, and one of the most high-profile IPOs on the London Stock Exchange (LSE). Adrian Cartwright leads the global capital markets practice area, Simon Sinclair heads the capital markets department, and John Connolly leads the London office's US group.

Practice head(s):Simon Sinclair; Adrian Cartwright

Other key lawyers:Simon Thomas; John Connolly; Iain Hunter

Key Clients

Vivo Energy plc

Libstar Holdings

Provident Financial plc

Nova Ljubljanska banka d.d. (NLB)

Work highlights

  • Advised the joint global co-ordinators, joint bookrunners and sponsor as to English and US law on the IPO, London premium listing and Johannesburg secondary listing of Vivo Energy plc, a pan-African downstream oil and gas and retail business.
  • Advised Libstar, a leading South African producer and supplier of high quality products in the consumer packaged goods industry, on the English and US law in connection with its IPO, involving an international offering of shares and listing on the main board of the Johannesburg Stock Exchange.
  • Recently advised Provident Financial plc and its board on a strategic review and resulting £331 million cashbox rights issue and related £85 million bridge facility and bank consents following its profit warning in August 2017.
  • Advised NLB on its IPO and listing on the London and Ljubljana Stock Exchanges. The IPO was the largest European banking IPO in 2018, the largest European privatisation IPO since 2017, and the largest ever Slovenian IPO.
  • Advised a syndicate of banks on the IPO of Network International and its admission to the premium listing segment of the Official List of the Financial Conduct Authority, and on trading on the Main Market of the London Stock Exchange.

Despite fluctuations in various segments of the market at various times since 2018, Herbert Smith Freehills LLP has managed to hit the right pockets of activity at just the right times. For instance, the practice group was able to capitalise on a flurry of activity emanating out of Turkey just before that market went quiet in 2018; this included advising the issuer on one of the largest Turkish IPOs of the past decade. Further, although domestic and European equity markets have been sluggish, the firm's funds practice and strong M&A reputation has generated some recent activity as potential acquirers have turned to rights issues in order to fund acquisitions. Charles Howarth heads the equity capital markets group and also leads the London office's Nordic group. Tom O’Neill is 'among the foreign lawyers that best understand the Nordic and European capital markets', while on the more junior end Mike Flockhart is 'a partner who clearly understands the hows, whats and whys of market practice'.

Practice head(s):Charles Howarth; Tom O'Neill

Other key lawyers:Mike Flockhart; Dinesh Banani


'Herbert Smith Freehills provides true partner involvement and a deep bench of junior lawyers'

'The team is pragmatic and extremely commercial; they won't waste a client's time with any nonsense'

'Good knowledge of the domestic market, and a strong bench of US securities lawyers'

Key Clients


Morgan Stanley

Bank of America Merrill Lynch

Deutsche Bank

Numis Securities Limited



The Weir Group plc

The Unite Group plc

Peel Hunt

JP Morgan

Memorial Healthcare Group

Şok Marketler Ticaret A.Ş


BioPharma Credit plc

Jefferies International Limited


DNB Markets

Work highlights

  • Representing the banks in the IPO and premium listing on the London Stock Exchange of Energean Oil & Gas plc; this was the first Israeli company to fund its investment in offshore gas fields through the public capital markets.
  • Representing the banks in the IPO and TL1.5bn (US$393m) listing on Borsa Istanbul of Enerjisa Enerji A.Ş.
  • Representing Şok Marketler Ticaret A.Ş in its IPO and listing on Borsa Istanbul; at TL2.3bn ($525m) this was the largest IPO out of Turkey in over eight years.
  • Representing the banks in the £950m rights issue by Phoenix to finance (in part) its proposed acquisition of Standard life Aberdeen's UK and European life insurance business for a total consideration of £2.9bn.
  • Representing The Weir Group plc in its placing to fund its $1.3bn acquisition of ESCO Corporation.

Complemented by a prolific tech practice and transatlantic and pan-European expertise, Latham & Watkins is consistently involved in some of the largest listings in London and throughout the European markets. 'Well-staffed and very collaborative', the London team was involved in the largest tech IPO on the London Stock Exchange (LSE) in 2018, and also handled 2018's largest European IPO in conjunction with the firm's Frankfurt office. The English law ECM practice is led by James Inness, who sits in the wider corporate group alongside the London private equity team – another important source of work for the capital markets group. Spearheaded by David Boles and Olof Clausson, the US securities group on the other hand sits alongside and shares a pool of associates with the high-yield team. Clausson has a particularly strong reputation in the Nordic markets and has developed expertise in the fintech and digital payments sectors.

Practice head(s):Olof Clausson; James Inness

Other key lawyers:David Boles; Josh Kiernan


'Latham has in recent years become perhaps the pre-eminent firm for large IPOs across EMEA.'

'Consistently attracts top lawyers in every major jurisdiction.'

'The firm's mix of local and international expertise is unrivalled.'

'Olof Clausson has unparalleled experience in the Nordic markets; David Boles can find soft landings in tough situations; and James Inness is simply outstanding.'

Key Clients

Morgan Stanley

JP Morgan



Bain Capital


Avast Software

Nordic Capital

ECI Telecom

SIG Combibloc

CVC Capital Partners


Work highlights

  • Represented the underwriters and sponsors in connection with the IPO of Avast on the LSE. This deal represented the largest tech IPO on the LSE in 2018.
  • Advised Siemens AG on the IPO of its Healthineers unit on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange. This was the world's largest IPO in the first quarter of 2018, the largest European IPO of 2018, and the second largest IPO in Germany in the last ten years.
  • Advised SIG Combibloc Group AG on its IPO of 151,800,000 Ordinary Shares listed on the SIX Swiss Exchange. The deal is the largest IPO in Switzerland and the third-largest in Europe in 2018.
  • Advised the underwriters on the IPO of 4,189,102 Ordinary Shares listed on the Euronext Amsterdam by Adyen NV.
  • Advised Farfetch on the IPO of 50,880,311 Class A ordinary shares listed on the NYSE, and concurrent private placement of 1,361,635 Class A ordinary shares.

The London ECM group at Linklaters LLP quarterbacks many of the firm's high-profile cross-border equity highlights, working in conjunction with colleagues across its extensive North and South American, European and East Asian office network. Clients have noted in particular the team's deep bench and strong pedigree of ECM specialists. At the senior end sits John Lane ('a doyen of UK corporate finance') and Jason Manketo ('one of the best US securities lawyers in London'), while on the more junior end of the partnership James Wootton 'has already developed a strong name for himself', and newly promoted partner Tom Thorne is 'continuing the line of top-class capital markets partners'. In addition to the team's work on foreign exchanges, the firm's peers have also noted its strong reputation in significant London Stock Exchange listings.

Practice head(s):Jason Manketo; John Lane

Other key lawyers:James Wootton; Pam Shores; Mike Bienenfeld; Tom Thorne


'Seamless execution from partner to junior level.'

'One of London's most trusted firms for complex regulatory and transactional matters in the capital markets space.'

'At the very top of the equity capital markets tables.'

'The firm's partners are consistently among the most experienced and the most commercially minded in the market.'

Key Clients


Metro Bank

Standard Chartered



BNP Paribas

Credit Suisse



Allied Irish Bank

En+ Group


Work highlights

  • Advised Old Mutual plc on the separation of Quilter from Old Mutual plc and for its listing, and the separation of Old Mutual plc into a subsidiary of Old Mutual Limited, and for its listing.
  • Represented Unilever PLC and Unilever NV in its simplification from its dual-headed legal structure, PLC and NV, into a single holding company incorporated in the Netherlands and listed in London, Amsterdam and New York, and on its share buyback programme.
  • Advised the banks on the IPO of Funding Circle Holdings plc.
  • Advised LeasePlan, one of Europe’s largest car leasing companies with a fleet of 1.8 million vehicles, on its plan to float on the Euronext stock exchange.
  • Assisted Shurgard Self Storage with its €575m initial offering to institutional investors and subsequent listing of the shares of the Luxembourg parent on Euronext Brussels.

Leveraging an extensive global network spanning emerging and developed markets, White & Case LLP is well placed to handle large and innovative ECM transactions in London and across the world's various bourses. Working on the London Stock Exchange (LSE), the team has been involved in a number of high-profile IPOs and secondary issuances generated by foreign issuers. This has recently included advising on the LSE's largest-ever software company IPO, and also on the first-ever dual-listed IPO in London and Astana. Outside of the UK, the practice group handled a unique bank-privatisation IPO in Iceland, and has also had some success in the Turkish market, further demonstrating the firm's emerging markets expertise. The US securities practice is led by Laura Sizemore, 'an extremely knowledgeable practitioner, who also takes the time to understand the details of the jurisdictions in which she works'. Inigo Esteve and Jonathan Parry jointly head the ECM practice.

Practice head(s):Jonathan Parry; Inigo Esteve

Other key lawyers:Laura Sizemore; Allan Taylor


'A genuinely global law firm that consistently produces the highest quality results.'

'Very knowledgeable of emerging markets, and a very strong UK ECM practice to boot.'

'Its extensive European network is staffed with truly first-rate lawyers.'

'Unique in terms of the amount of time senior-most lawyers spend on deals; clients really benefit from their years of experience.'

Key Clients



Energean Oil & Gas

Credit Suisse

JP Morgan






Bank of America Merrill Lynch

Arion Bank

Goldman Sachs


Guggenheim Securities

Work highlights

  • Advised Avast, a leading global cybersecurity provider, on its £602m IPO – the largest-ever software IPO on the LSE, its market capitalisation at the commencement of conditional dealings was approximately £2.4bn.
  • Advised Amigo Holdings plc, the leading company in the UK guarantor loan space, on its £359m IPO on the LSE valuing the company at approximately £1.3 billion.
  • Advised Energean Oil & Gas on its £695m IPO and admission to the Premium Listing Segment of the Official List and to trading on the Main Market of the LSE.
  • Advised Arion Banki hf., a leading universal relationship bank in Iceland, and Kaupthing ehf. on the $319m (around ISK33.9bn) IPOP of Arion Bank.
  • Acted for a syndicate of banks (as bookrunners, global coordinators, and co-manager) in  relation to the $450m IPO of JSC NAC Kazatomprom. This is the first dual-listed IPO on the LSE and the Astana International Exchange, and the first Kazakhstani privatisation by way of an international IPO under the Kazakhstan Privatization Programme 2016–2020.

In the face of a sluggish domestic IPO market, Ashurst has kept busy advising on secondary offerings in connection with acquisitions and rescue transactions with distressed issuers. That said, the team was engaged by Tritax EuroBox in one of the last large IPOs to be completed before the market slowdown toward the end of 2018. Historical strengths of the practice group include real estate, real estate funds, and energy and natural resources, and while the team has been recognised for its bank relationships in particular, the team has been increasingly pushing its issuer-side work. The group is headed by Nicholas Holmes, 'a highly respected senior statesman in the London ECM market', while Jennifer Schneck leads the firm's 'strong US securities practice'.

Practice head(s):Nicholas Holmes; Jennifer Schneck

Other key lawyers:Simon Bullock; Eric Stuart; Karen Davies; Jeffrey Johnson


'Easily slots in as an extension of the in-house legal team.'

'A very strong technical team that works seamlessly across its departments.'

'A very safe pair of hands for distressed issuer transactions.'

'Very well-trained associates and consistently impressive partners.'

'Ashurst has developed an extremely strong bank-side practice and has a sound understanding of the inner workings of its investment bank clients.'

Key Clients


Alimak Group AB

Atlantis Resources

Atlas Mara


Bank of America Merrill Lynch


BNP Paribas

Cambian Group

Canaccord Genuity



Credit Agricole

Credit Suisse

Damac Properties


Deutsche Bank


Etel Networks

Green REIT

Inflexion Private Equity



Johnston Press

JP Morgan

Kempen and Kepler Chevreaux

Kennedy Wilson Europe Real Estate


Liberum Capital

Merlin Entertainments

Morgan Stanley



OneSavings Bank

Oriel Securities

OSB Holdco Limited

Peel Hunt


Royal Bank of Scotland

Severfield Rowen

Societe Generale


Steifel Nicolaus

Time Out

Tritax EuroBox

Tungsten Corporation


William Hill

Work highlights

  • Advised longstanding client, Interserve plc, on its proposed deleveraging plan which was formally announced on 27 February 2019 having been agreed with all of Interserve's lenders, bonding providers, and pension trustee. The transaction involved a significant debt for equity swap and a potential equity fundraising.
  • Advised JP Morgan Cazenove and J&E Davy as joint global co-ordinators in relation to the £606m placing of ordinary shares by DCC plc.
  • Advised newly incorporated UK investment trust Tritax EuroBox plc in relation to its successful IPO to raise £300m.
  • Advising Gran Tierra Energy Inc. in relation to its listing on the Main Market of the London Stock Exchange.
  • Advising EnQuest plc on its £107m rights issue and in relation to two class 1 transactions.

Decidedly not a high-volume practice, Cleary Gottlieb Steen & Hamilton is sought out specifically for its advice on 'the most complex and difficult securities law matters'. Rated in particular for its expertise in US securities, the London team is well known for its experience of international capital markets deals throughout Europe, with an especially strong reputation in the Nordic markets and Russia. In addition, given the team's inherently multidisciplinary approach, the same group of lawyers is available to advise clients across the full range of corporate finance options, be it debt or equity finance. Clients have singled out Sebastian Sperber for his 'consistent and commercially sound legal advice' and 'invaluable experience of all forms of corporate finance'.

Other key lawyers:Sebastian Sperber; David Gottlieb; Pierre-Marie Boury; Raj Panasar; Sarah Lewis; Aseet Dalvi


'Cleary has perhaps the best US securities law partners in Europe.'

'Excellent technical knowledge of matters that are relevant to foreign issuers.'

Key Clients

Credit Suisse


Lenta Ltd

Morgan Stanley

PJSC Magnit

Al Othman Commercial Enterprises Company

Work highlights

  • Acted for Morgan Stanley as the financial advisor to Autoliv in connection with the spin-off of its electronics segment, Veoneer Inc.  Veoneer is being traded on NYSE and Nasdaq Stockholm.
  • Advised the underwriters on the IPO of the ordinary shares of Aktiaselts TALLINNA SADAM (the Port of Tallinn) and listing on the Baltic Main List of the Nasdaq Tallinn Stock Exchange.
  • Advised Al Othman Commercial Enterprises Company WLL on the accelerated bookbuild offering of shares in HumanSoft Holding Company K.S.C.P.
  • Assisted Lenta Ltd. with the establishment of its programme to repurchase up to RUB11.6bn worth of Lenta GDRs over the London Stock Exchange.
  • Advised the dealer managers on the tender offer by MegaFon Investments (Cyprus) Limited (a wholly-owned subsidiary of PJCS MegaFon) for cash up to 128,950,036 of the outstanding ordinary shares / GDRs of PJSC MegaFon.

Davis Polk & Wardwell LLP has long-established relationships with international financial institutions and European corporate issuers. Of late, the London team has identified its transatlantic and continental European connection as a primary driver of high-profile work while the UK market has been temporarily silenced. In addition to its experience in the Nordic and German markets, the team has also seen a fair amount of work involving Spanish-listed companies. Recent cross-border highlights included Simon Witty acting in an ADS IPO in conjunction with colleagues in Northern California and New York, and Reuven Young advising the placing agents in a major secondary offering on the HKEX. Jeffrey O’Brien is another name to note.

Practice head(s):Simon Witty; Reuven Young; Jeffrey O'Brien

Other key lawyers:Will Pearce; Dan Hirschovits

Key Clients

ContourGlobal plc

Charles Taylor

Renaissance Capital

Netcompany Group


Peel Hunt

Ocado Group plc

UBM plc



Bank of America Merrill Lynch

Goldman Sachs

Work highlights

  • Advised the placing agents on a $9.8bn secondary offering of shares of Tencent Holdings Limited by a subsidiary of Naspers Limited.
  • Advised Goldman Sachs and Numis Securities as underwriters on Ocado’s £143m accelerated bookbuild placing of ordinary shares.
  • Advised the representatives of the several underwriters, in connection with an IPO of ADSs, each representing one class A ordinary share of Endava plc.
  • Advised the joint global coordinators on an accelerated bookbuild offer of shares of Charter Court Financial Services Group plc.
  • Advised Netcompany Group on its DKK3.1bn IPO on the NASDAQ Copenhagen.

Shearman & Sterling LLP's London ECM team stands out by the strength of its European network, which provides a steady flow of IPOs and secondary offerings in London, throughout EMEA, and into the CIS. Headed by David Dixter, the team is perhaps best known for its experience in the Nordic markets, though the practice group has also recently been involved in potential transactions on the Iberian Peninsula and a proposed dual-listing deal in North Africa. Pawel Szaja was promoted to partner in 2018 and now heads the team's Emerging Europe and DACH desks.

Practice head(s):David Dixter

Other key lawyers:Pawel Szaja; Jonathan Handyside


'David Dixter really understands the Finnish and Nordic markets.'

Key Clients

JP Morgan

Morgan Stanley

Tele 2


Discovery Limited

Carnegie Investment Bank

Sonae SGPS S.A

Hassan Allam Holding S.A.E


Work highlights

  • Advised the underwriters on the up-to €669.5m IPO and privatisation of Nova Ljubljanska banka on the Ljubljana Stock Exchange and the London Stock Exchange.
  • Advised the joint global coordinators and joint bookrunners on the IPO and listing on Oslo Børs of Elkem ASA. The IPO consisted of a primary offering of shares by Elkem ASA and the sale of a minority stake by the selling shareholder, Bluestar Elkem International Co., Ltd. S.A.
  • Acted for Citigroup, Deutsche Bank, and Morgan Stanley as joint global coordinators in connection with the IPO and listing on Euronext Amsterdam of NIBC Holding N.V.
  • Advised Discovery Limited in connection with a private placement of its ordinary shares by way of an accelerated bookbuild. The private placement raised proceeds to fund the acquisition consideration for the acquisition by Discovery of FirstRand Group's interests in Discovery Bank and the Discovery card joint venture business.
  • Advised the underwriters on the proposed IPO and Nasdaq Stockholm listing of iZettle AB, a Swedish fintech company specialising in payments technology. The deal was called off when PayPal agreed to acquire iZettle for $2.2bn.

Client's have noted Skadden, Arps, Slate, Meagher & Flom (UK) LLP's strengths in the Russian equity markets, but it has been others in the CIS that have generated much of the team's recent IPO work. Of particular note, Danny Tricot and Pranav Trivedi were involved in a transformational dual-listing privatisation IPO on the London Stock Exchange (LSE) and the brand new Astana International Exchange (AIX). In addition, while IPOs have slowed across Europe, the team has handled a number of major debt and equity financing transactions in connection with global M&A and distressed issuer situations.

Practice head(s):Danny Tricot

Other key lawyers:Pranav Trivedi; James McDonald


'Technically strong and commercially astute.'

'Very experienced in the emerging markets; does a great job of navigating the conflicting demands of national legislation, government policy, state owned enterprises and global capital markets.'

'A balanced and approachable expert, Pranav Trivedi goes far beyond the job description.'

Key Clients

National Atomic Company Kazatomprom

HSBC Securities (USA) Inc

Brunswick Rail Limited

Ashtead Group plc

Phoenix Group Holdings

Fabbrica Italiana Lapis ed Affini (F.I.L.A.)

Credit Suisse Group AG

Barclays plc

Vantiv Inc.

Public Joint Stock Company Cherkizovo Group

Work highlights

  • Advised National Atomic Company Kazatomprom, the world’s largest uranium mining company, and Sovereign Wealth Fund Samruk-Kazyna, as selling shareholder, on Kazatomprom's $449m IPO of Global Depositary Receipts (GDRs) and shares, valuing Kazatomprom at $3bn. Dual-listed on the AIX and the LSE, the IPO represented a core element of Kazakhstan's privatisation programme.
  • Advised Vantiv, Inc., a global payments company, on its $10bn acquisition of Worldpay Group plc and in the subsequent secondary listing on the LSE. The secondary listing needed to become effective contemporaneously with completion of the acquisition in the US and the London Capital Markets team obtained a rare concession from the LSE for intra-day admission to take place.
  • Advised Phoenix Group Holdings on its £2.9bn acquisition of Standard Life Assurance and strategic partnership with Standard Life Aberdeen plc. The deal was funded through cash and the issuance of shares representing 19.99% to Standard Life Aberdeen plc as consideration.
  • Advised Danaos Corporation (NYSE: DAC), on its issuance of 99,342,271 shares of common stock (representing 47.5% of the outstanding common stock) to certain of the company's lenders in connection with the company's successful out-of-court restructuring of its approximately $2.2bn secured debt spread over 13 loan facilities, saving the company from bankruptcy.
  • Advising IBS IT Services (Public Joint Stock Company), a leading Russian IT services company, on its proposed Regulation S IPO and listing on the Moscow Exchange. The offering was put on hold in late April 2018.

'Peerless for UK issuer work', Slaughter and May is recognised by clients and peers alike as one of the strongest firms for deals on the London Stock Exchange (LSE). According to a market survey, no other law firm acts for more FTSE100 and FTSE250 companies. Of recent note, the team was engaged by Aston Martin in one of the last major LSE IPOs of 2018, and following the slowdown of the IPO market the practice group has been involved in a number of secondary fundraising transactions in connection with M&A. Nilufer von Bismarck heads the equity capital markets practice and also leads the firm's financial institutions group.

Practice head(s):Nilufer von Bismarck

Other key lawyers:Susannah Macknay; Richard Smith


'Unparalleled service; they think of everything and cover all of the bases'

'Offers depth and breadth, with reliable outputs and a pragmatic approach to delivery and risk share'

'Excellent transaction management.'

'The team has exceptional work ethic and a unique academic approach to work; very good understanding of the equity capital markets.'

'Never afraid to point out where market practice is being used illogically, but also very commercial and brilliant technically.'

'Richard Smith is a very capable lead amongst a range of talented junior colleagues.'

Key Clients

Standard Chartered

BBA Aviation

General Electric




Varde Management


Pollen Street Capital

Reckitt Benckiser

Work highlights

  • Advised Aston Martin Lagonda Global Holdings plc, the iconic producer of hand-crafted luxury sports cars, on its IPO of ordinary shares resulting in a total market capitalisation of the company of approximately £4.3bn.
  • Advised Cineworld Group plc on a four for one rights issue, raising approximately £1.7bn, and $4 billion of committed debt facilities, as part of its all-cash acquisition of the entire issued and to be issued share capital of Regal Entertainment Group.
  • Assisted DS Smith plc with the associated 144A rights issue to fund the equity portion of its proposed acquisition of Papeles y Cartones de Europa, S.A. (Europac), a leading Western European integrated packaging business listed on the stock markets of Madrid and Barcelona.
  • Advised Ocado Group plc on a placing of approximately 4.9% of its existing ordinary share capital which raised gross proceeds of £143m through an accelerated bookbuild.
  • Acted for Countrywide plc in relation to a capital refinancing plan including raising gross proceeds of £140m by way of a firm placing and placing and open offer.

Baker McKenzie's ECM team is defined in part by its ability to assist the firm's expansive international network, which acts alongside the London office to service clients throughout the EMEA region. Headed by Adam Farlow, the EMEA capital markets group has a particular focus on issuer clients, where it has experience of high-profile equity deals in various emerging markets and fundraisings for biotech companies in the Nordic and Benelux markets. Moreover, the team has shown signs of growth and investment over the past couple of years; it has started acting for more and more underwriter clients, and, in terms of personnel, has brought on multiple new lawyers, including US securities practitioner Megan Schellinger from Linklaters LLP.

Practice head(s):Adam Farlow

Other key lawyers:Helen Bradley; Roy Pearce; James Thompson


'Seamless cross-border collaboration.'

'The team is accommodative and friendly, and very well versed in the content matter.'

Key Clients

BGEO Group plc


Port of Tallinn


Bygghemma Group

Carnegie Investment Bank

JSC Georgia Capital

Work highlights

  • Advised Turkven and Medical Park on its international and domestic offering of shares and listing on the Borsa Istanbul.
  • Advised the Port of Tallinn on its IPO and admission to trading on the Baltic Main List of Nasdaq Tallinn. This is the first significant privatisation for the Government of Estonia and the first new listing on Nasdaq Tallinn in some time. The deal had a market capitalisation of €147.7m.
  • Acted as counsel to Bygghemma, the leading online home improvement provider in the Nordic region, in its IPO on NASDAQ Stockholm, with material placings outside Sweden, especially the US. The offering was oversubscribed with gross proceeds of around SEK1.4bn ($155m), and had significant support from cornerstone investors.
  • Acted for Carnegie Investment Bank, Stifel, and Redeye in connection with the IPO of Calliditas on Nasaq Stockholm. The firm acted as sole international counsel on the transaction, covering both Swedish and US law for the underwriters.
  • Advised on the demerger process of BGEO Group plc under a scheme of arrangement. The transaction involved the preparation of two prospectuses for premium listings of Bank of Georgia plc and Georgia Capital plc and the class 1 circular as the transaction was a class 1 transaction for BGEO Group.

Greenberg Traurig, LLP has a strong upper-mid market ECM practice, which consistently ranks among the most active in Main Market London Stock Exchange (LSE) equity deals. Working across the AIM and Main Markets, the practice group has stayed busy in certain market segments while others have remained quiet. Led by 'client-friendlyAndrew Caunt, the practice group acts for a spread of issuer and underwriter clients, and in the latter case, has recently started to attract instructions from bulge bracket banks such as Morgan Stanley and UBS.

Practice head(s):Andrew Caunt

Other key lawyers:James Mountain; Dorothee Fischer-Appelt


'The team is very responsive and provides seamless service across contacts.'

'Andrew Caunt really prioritises partnership and relationships with the client as the client grows.'

Key Clients

Deutsche Bank


Morgan Stanley

Ocean Outdoor Limited

Landscape Acquisition Limited

J2 Acquisition Limited


Sanlam Limited

Stars Group

PLDT, Inc.

Work highlights

  • Advising a leading South African insurer, Sanlam Limited, on its placing of 65.5 million new shares for ZAR5.7bn ($490 million) by way of an accelerated bookbuild process to institutional investors, which was governed by English law.
  • Advised Ocean Outdoor on its readmission to the LSE’s Main Market, following its £200 million reverse takeover by Ocelot Partners Limited.
  • Advising ASX-listed Kore Potash, a potash mining project in the Democratic Republic of Congo, on its re-domiciliation from Australia to the UK through an Australian scheme of arrangement and subsequent share offering and listing in London and South Africa.
  • Acted for PLDT Inc., the largest telecom company in the Philippines, in the sale of 67.4% of its shares in Rocket Internet SE under a buyback program and negotiated its participation with Rocket Internet’s counsel.
  • Advised Liberum Capital as NOMAD and Sole Bookrunner on the £165m IPO of Urban Exposure, a specialist residential development finance company that provides finance to real estate loans across the UK.

Mayer Brown International LLP has seen a litany of cross-border instructions in the insurance, life sciences and tech sectors, though the team's geographical reach has of late been a larger generator of work than its sector specialisms. With a particularly strong foothold in the US and Canada, an active Asia-Pacific network, and a partner with extensive experience in the Spanish market (Robert Flanigan), the ECM team has managed to stay busy despite a relative slowdown in certain markets worldwide. Also recommended are Kate Ball-Dodd, who has 'an amazing grip on the technical aspects of law and their practical application', and Rebecca Bothamley, 'a junior partner who can run a transaction like a senior partner'.

Practice head(s):Kate Ball-Dodd; Robert Flanigan

Other key lawyers:Rebecca Bothamley; Colin Scagell; Richard Smith


'A client-focused team providing high-quality advice.'

'Kate Ball-Dodd is commercial, thorough, thoughtful and an absolutely lovely person; there's no ego there.'


Key Clients

Investec Bank plc

Liberbank, S.A.

Numis Securities Limited

Peel Hunt LLP

Entertainment One Limited

Metrovacesa, S.A.

St Modwen Properties

Helical plc

Promotora de Informaciones, S.A.

GW Pharmaceuticals

Work highlights

  • Advised Investec, as sponsor, bookrunner and underwriter, on the IPO by plc and admission to the premium segment of the Official List and to trading on the Main Market of the LSE.
  • Advised Peel Hunt LLP as sole sponsor and bookrunner to IntegraFin Holdings plc's £177.6m IPO, with a market capitalisation of £649.4m.
  • Advised Promotora de Informaciones, S.A. on its offering of €563m of ordinary shares. The transaction involved an offering in Europe led by Santander and Morgan Stanley and a private placement to institutional investors in the United States.
  • Acting as English and US counsel to Metrovacesa S.A. on its €645m IPO on the Spanish stock exchanges.
  • Advised Adaptimmune Therapeutics plc, a Nasdaq-listed UK cancer immunotherapy company, on a $100 million registered direct offering of ADSs.

Though Norton Rose Fulbright is often recognised for its strength in many of the world's emerging markets, the ECM team has been especially busy with London fundraising deals involving companies in Canada and Australia. Acting for nearly 90 London-listed clients, the practice group handles a solid base of issuer mandates, but also has strong relationships with international investment banks and nomads. REITs and other listed funds work has been another source of the group's recent activity. Raj Karia leads the firm's corporate, M&A, and securities group across Europe, the Middle East, and Asia. Other recommended contacts include Thomas Vita, who advises on US securities matters for ECM transactions across EMEA, and newly made partner Clementine Hogarth, 'a robust negotiator and a doggedly determined legal adviser'.

Practice head(s):Raj Karia

Other key lawyers:Thomas Vita; Clementine Hogarth; Mark Lloyd Williams; Fiona Millington


'Great commercially astute senior associates, who were really able to drive the transaction along.'

'High level of partner involvement with a very strong bench.'

'The international network is very important, not just in emerging markets but also in Australia and Canada.'

'Very approachable from partner to associate level.'

Key Clients

JTC plc

Trian Investors 1 Limited

Numis Securities Limited

Joh. Berenberg, Gossler & Co.

JP Morgan Securities plc

Goldman Sachs International

Canaccord Genuity Limited


JP Morgan


Société Générale

CI Capital Holdings S.A.E.

Picton Property Income Limited

Madinet NASR For Housing And Development S.A.E.

Management ConsultingGroup plc (MCG)

Purplebricks Group plc

Republic of Angola – Ministry of Finance



Cell C (Pty) Ltd

AK Lease


Deutsche Bank

Government of Pakistan - Ministry of Finance

Telenor ASA

Royal Bank of Canada


Toronto-Dominion Bank


US Bank

Wells Fargo

Work highlights

  • Advised JP Morgan Securities, Goldman Sachs, and Canaccord Genuity on the $200m placing of new ordinary shares of BioPharma Credit plc.
  • Advised Citigroup and JP Morgan and Berenberg and Société Générale on the €375m IPO of Godewind Immobilien AG and listing on the Regulated Market of the Frankfurt Stock Exchange (PrimeStandard).
  • Advised Picton Property Income Limited on its transfer of listing category on the Main Market of the London Stock Exchange (LSE) from being a premium listed close- ended investment fund to being a premium listed commercial company alongside its conversion to becoming a REIT.
  • Advised Trian Investors 1 Limited on its £270.6m IPO and listing of its ordinary shares on the Specialist Fund Segment of the LSE.
  • Acted for Numis (NOMAD, joint broker and joint bookrunner) and Berenberg (joint broker and joint bookrunner) on the IPO of Yellow Cake plc.

Simmons & Simmons is active across London's AIM and Main Market, and has strong relationships with some of the most prominent investment banks and nominated advisers. Colin Bole leads the firm's UK corporate public markets group, which includes the equity capital markets offering. The practice's sector specialisms fall in line with the wider firm's focuses, which include financial institutions and asset management, TMT, and healthcare and life sciences.

Practice head(s):Colin Bole

Other key lawyers:Chris Walton


'A highly integrated team with excellent industry specialists on hand as necessary to support the execution of a transaction.'

'Strength in depth in key areas that complement ECM, such s US securities law and a particularly strong regulatory practice.'

'Excellent service at a competitive price.'

Key Clients

JP Morgan


Bank of America Merrill Lynch




Future plc


Shore Capital

Peel Hunt


Macquarie Capital

Mitsubishi UFJ Trust and Banking Corporation


Work highlights

  • Advising Barclays and HSBC in connection with a £216m fully underwritten rights issue announced by John Laing Group plc.
  • Advising Barclays Bank and JP Morgan Securities in connection with a £331m fully underwritten rights announced by Provident Financial plc.
  • Advising JP Morgan Securities and Numis Securities Limited on a placing by The Unite Group plc of new ordinary shares in the Company to raise approximately £170m.
  • Advising Barclays and Jefferies as underwriters on the proposed IPO and admission to the premium listing segment of the Official List of the UKLA and the Main Market of the London Stock Exchange (LSE) by Vannin Capital Holdings plc.
  • Advising Barclays and UBS as joint global co-ordinators and joint bookrunners – Canaccord as joint lead manager – on the proposed IPO ECI Telecom Group Ltd, and admission to the premium listing segment of the Official List of the UK Listing Authority and the Main Market of the LSE.

The team at Sullivan & Cromwell LLP has the ability to handle IPOs and cross-border equity deals in the context of M&A and financial restructurings. The team was recently involved in the IPO of Siemens Healthineers AG, one of 2018's largest IPOs.

Other key lawyers:Nikolaos Andronikos; Chris Beatty; Vanessa Blackmore; Kathryn Campbell

Travers Smith LLP has historically been recognised for its AIM work on both the manager and issuer side, though the practice group works seamlessly across London's AIM and main markets, providing English law and US securities law advice. The firm is consistently instructed by corporate issuers in notable mid and upper-mid market IPOs, and also has strong relationships with prominent nomads and financial advisers in addition to larger investment banks. The group also has expertise in the listed funds market. Of particular note, the firm was recently involved in the main market IPO of Smithson Investment Trust, which marked the UK's largest-ever launch of an investment trust. Philip Cheveley heads up the corporate M&A and ECM practice, while Spencer Summerfield leads the wider corporate team.

Practice head(s):Philip Cheveley; Spencer Summerfield

Other key lawyers:Andrew Gillen; Dan McNamee; Richard Spedding; Aaron Stocks; Adrian West; Tom Coulter; Neal Watson


'Partner-led service, but with support from very strong senior associates.'

'Hands on, hard working, and insightful, and all at amazing value.'

Key Clients

Smithson Investment Trust

Trufin plc

Merian Chrysalis Investment Company Limited

Zeus Capital

Stifel Nicolaus Europe Limited

Zegona Communications

Volex plc

Breedon Group plc

RBC Europe Limited



Aggregated Micro Power Holdings

Benchmark Holdings

Liberum Capital


Numis Securities

Goldman Sachs

Work highlights

  • Advised Smithson Investment Trust plc on its IPO and admission to the official list and to trading on the premium segment of the Main Market of the London Stock Exchange in the UK's largest-ever investment trust launch.
  • Advised Breedon Group Plc on its £170m equity placing, effected by way of a cash box structure.
  • Advised Goldman Sachs International and Numis Securities in their capacity as joint bookrunners on the £80m placing of new ordinary shares issued by Learning Technologies Group plc.
  • Advised RBC Europe Limited as bookrunner on the £118.8m placing of over 100 million new ordinary shares in the capital of Greencoat UK Wind plc.
  • Acted for Peel Hunt and Investec Bank in their capacity as joint bookrunners on the £160m placing of new ordinary shares issued by GB Group plc.

CMS has a leading ECM practice for FTSE250 companies, and has also handled high-value equity transactions for nominated advisers and major investment banks including JP Morgan. The London team has also been involved in large cross-border ECM deals acting in conjunction with the firm's wider network in jurisdictions including Hong Kong and Romania. Key figures include ECM practice group leader and 'great all-round corporate lawyer' Alasdair Steele, and corporate group co-head Iain Newman.

Practice head(s):Alasdair Steele

Other key lawyers:Iain Newman; Cathy Pitt; James Parkes


'Very knowledgeable and commercially focused.'

Key Clients


Galliford Try

Big Yellow

Euromoney Institutional Investor

Primary Health Properties

John Laing Infrastructure Fund Limited

Sequoia Economic Infrastructure Income Fund

ITE Group

Numis Securities

JP Morgan Cazenove

Work highlights

  • Advising ITE Group on a £265m fully underwritten rights issue to fund its £300m class 1 acquisition of Ascential plc's Exhibition Business.
  • Advising Sequoia Economic Infrastructure Income Fund on a placing, open offer and offer for subscription, which raised £253m and subsequent share issuance programme.
  • Advising Numis Securities as Sole Sponsor and Global Co-ordinator to a placing programme by Funding Circle SME Income Fund Limited.
  • Advising Primary Health Properties on its £115m firm placing, placing, open offer and offer for subscription.
  • Advising Numis Securities Limited and N+1 Singer Capital Markets on the £105m Rights issue for Main Market-listed Future plc.

Dentons' London ECM group is characterised by a strong presence in upper AIM deals, and an active emerging markets practice, which is more geared toward the main market. The AIM side of the practice is partly fuelled by corporate issuers in the energy, real estate and natural resources sectors, though the team also has relationships with a number of prominent nomads and investment banks. On the main market, the team was recently involved in a high-profile privatisation by way of IPO. Key figures in the practice group include Neil Nicholson and David Collins , who heads the UK corporate department.

Practice head(s):David Collins; Neil Nicholson

Other key lawyers:Nikolas Colbridge; Cameron Half


'A fantastic international practice that is able to pull in other specialists as necessary.'

'Working with Dentons, a client knows that every base will be covered; there's nothing the firm can't do.'

'A joined up and pragmatic approach to problems.'

'Neil Nicholson is diligent, dedicated and an effective delegator, and Nikolas Colbridge has huge success in international capital markets transactions.'

'Innovative and effective services at a very attractive price.'


Key Clients

Science in Sport plc

Bonhill Group plc

Stifel Nicolaus Europe

RM2 International S.A.

Rosenblatt plc

RA International plc

Peel Hunt

Bilby plc

Cenkos Securities plc

Cantor Fitzgerald Europe

FreeAgent Holdings Limited

Hurricane Energy plc

Quiz plc

Marshall Motor Holdings plc

Work highlights

  • Acted for the bookrunners as sole international counsel on a INR1.9bn (approx. $291.4m) share offering by Housing Development Finance Corporation Limited.
  • Advised the Republic of Slovenia on the privatisation by way of IPO of one of the largest State-owned banks, Nova Ljubljanska Banka DD. The GDRs will be listed on both the London Main Market and Ljubljana Stock Exchange.
  • Advised PRS REIT, the UK-based developer of homes for rent, on a £250m follow on issue.
  • Advised Stifel Nicolaus Europe and BMO Capital Markets, as bookrunners, on the $110m fundraising and AIM listing of Jadestone Energy Inc.
  • Advised Alro S.A. in connection with a proposed Rule 144A/Regulation S marketed equity offering by its shareholders.

DLA Piper is consistently ranked among the most active firms for LSE IPOs, and though the appetite for floats slowed in 2018, the team remained active with a number of secondary offerings and rescue transactions, particularly in the retail space. The ECM team has recently been most active in the mid to upper-mid-cap market segment, and is on the lookout for issuer and underwriter mandates across AIM and the Main Market. Practice head Alex Tamlyn chairs the Primary Markets Group on the London Stock Exchange, and Martin Penn is rated for his 'availability and sense of accountability'.

Practice head(s):Alex Tamlyn

Other key lawyers:Martin Penn; Rob Salter; Charles Severs


'DLA Piper links up well with its US team and has a strong focus in the life sciences sector.'

'Nothing is ever delegated to an unknown or unseen lawyer.'

Key Clients

Mothercare plc

Learning Technologies Group plc

SDL plc

Hutchison China MediTech

Harworth Group plc

PureTech Health

Allied Minds

Zeus Capital


i-nexus Global plc

Work highlights

  • Advising Learning Technologies Group plc on the equity fund raise and incremental debt financing to fund the acquisition of US-based PeopleFluent, effected by way of a reverse subsidiary merger for a cash consideration.
  • Advising SDL plc, an international provider of services in language translation technology and content management, on its placing on the Main Market to part fund the acquisition of the business and assets of Donnelley Language Solutions.
  • Advising Hutchison China MediTech on its public offering on AIM of American Depository Receipts to raise $301.3m.
  • Advising Harworth Group plc on its placing on the Main Market and the subsequent step-up from the standard to the premium segment.
  • Acted for PureTech Health on its $100m placing on the Main Market of the London Stock Exchange.

Gibson, Dunn & Crutcher provides US and English law advice on a variety of equity deals and is particularly active in the tech, e-commerce, and financial services sectors. Led by Christopher Haynes and US securities partner Steve Thierbach, the team acts for corporate issuers, asset managers, and global investment banks including UBS and Goldman Sachs.

Practice head(s):Steve Thierbach; Chris Haynes

Key Clients


Barclays Bank


AO World plc

Gulf Capital

The Hut Group

Goldman Sachs


Renew Holdings plc

Work highlights

  • Advised Goldman Sachs and UBS as underwriters in the placing of new Ordinary Shares issued by FTSE 250-listed engineering company, the Weir Group.
  • Provided engineering services company Renew Holdings with US securities law advice in connection with a placing of new shares in order to fund part of its acquisition of leading UK rail contractor QTS Group Limited.
  • Advised leading online electronic goods retail group AO World on the class 1 acquisition of Mobile Phones Direct Limited, which was part funded by equity consideration.
  • Advised The Hut Group on various equity fundraisings.

Acting for issuers and underwriters, Hogan Lovells International LLP has developed a reputation for advising on AIM listings that will lead to step-ups to London's Main Market. The firm is intent on developing its ECM capabilities, having made multiple hires to bolster its US securities practice in 2017 and 2018. With a strong English law corporate team and an enhanced US securities practice, the group is well-placed to advise clients on matters from pre-IPO fundraising to international offerings. Maegen Morrison heads the practice group.

Practice head(s):Maegen Morrison

Other key lawyers:Daniel Simons; Jonathan Baird; Bryan Stephens


'Sound commercial advice and a sensible approach to fees and billing.'

'Friendly and responsive; a very nice team.'

'They know what's needed to build a lasting client relationship.'

Key Clients

Shaftesbury plc

Numis Securities Limited

Just Group plc

Cenkos Securities plc

Jefferies International

Urban Exposure plc

Grainger plc


Liberum Capital

Canaccord Genuity

JP Morgan Cazenove

Work highlights

  • Advised Grainger plc on its £345m rights issue to fund the £396m acquisition of GRIP REIT.
  • Advised Just Group plc on its £75m cash box placing.
  • Advised Jefferies International as sponsor, global co-ordinator, bookrunner, and financial adviser on the £100m London Main Market IPO of Mobius Investment Trust plc (MIT plc).
  • Advised Numis Securities, Berenberg, and Macquarie on the placing of £192.5m of new equity in AIM-listed Burford Capital Limited to institutional investors.
  • Advised Urban Exposure plc, a specialist residential development finance and asset management company, on its successful £150m institutional placing and AIM IPO.

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Legal Developments in the UK

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Press Releases in the UK

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