The Legal 500

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.