The Legal 500

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.