The Legal 500

While liquidity was relatively constricted, new-money financings were far more prevalent in 2010 than in previous years, fuelled to a large extent by a relatively buoyant high yield market. In the leveraged finance market, law firms combining a credible bank and bond side offering have generally fared best, particularly on deals at the upper end of the market. Latham & Watkins LLP has the most comprehensive bank and bondside practice, and is highly rated for acquisition finance, as well having a top-tier ranking for high yield. Of the Magic Circle firms, Linklaters LLP in particular has beefed up its high yield capability with some notable hires, and along with Allen & Overy LLP and Clifford Chance has the most complete finance offering across the board; the trio are able to leverage off deeply entrenched banking ties, and can draw on pervasive international networks to handle major cross-border mandates.

Instructed by a swathe of FTSE 100 corporates, Slaughter and May is the premier borrower-side practice in the market, and scores highly for bank lending and restructuring matters, where it continues to excel in government-led work. Freshfields Bruckhaus Deringer LLP is also very accomplished on the borrower side, in investment grade lending and acquisition finance, where it acts for an oustanding roster of private equity sponsors, and also in more esoteric areas such as derivatives, where it moves to the top tier this year. High-ranking practices outside the Magic Circle include Hogan Lovells International LLP, which moves up in the asset finance ranking having hired Simon Gwynne and Robert Fugard from Linklaters LLP, and also has a strong showing across restructuring, investment funds, and Islamic and trade finance; Ashurst LLP, across acquisition finance, investment funds, securitisation and derivatives; Norton Rose LLP, in asset finance, Islamic finance and emerging markets; SJ Berwin LLP, in investment funds; and Simmons & Simmons, in hedge funds and derivatives. As well as having strong asset finance practices, Clyde & Co LLP, Holman Fenwick Willan LLP and Reed Smith all feature in the top tier of the commodities (physicals) ranking.

US firms also continue to feature prominently, in the corporate restructuring, acquisition finance and high yield rankings in particular. White & Case LLP can lay claim to having the broadest finance offering, while other firms featuring in multiple rankings include Weil, Gotshal & Manges, which recently picked up a four-partner investment funds team from Clifford Chance; Skadden, Arps, Slate, Meagher & Flom (UK) LLP; Kirkland & Ellis International LLP; and Shearman & Sterling LLP. Other strong performers are Bingham McCutchen (London) LLP, which moves up to the top tier for corporate restructuring in recognition of its market-leading bondholder practice; and Simpson Thacher & Bartlett LLP, which excels in leveraged finance, advising the likes of KKR and Blackstone.

With ‘incredible depth, knowledge and expertise’, Allen & Overy LLP provides a ‘superb service and sets the gold standard in every way’, acting for an impressive roster of banks. Chair of the group Stephen Kensell has a particular focus on telecoms financing, and recently advised the arrangers of Wind Telecomunicazioni’s €3.9bn senior facilities; this was one of a raft of high-profile leveraged finance deals handled by the firm, which also included providing the £300m mezzanine facilities supporting Bain and Advent’s acquisition of RBS Worldpay. Another highlight was advising Royal Bank of Canada and RBS on Ontario Teachers’ Pension Plan’s £389m acquisition of Camelot Group. Capitalising on the strength of the firm’s insolvency group, the team remains well placed to handle the ongoing diet of leveraged finance restructurings in the market. Recommended partners include Timothy Polglase, Robin Harvey, George Link, and Nicholas Clark.

The ‘excellent’ team at Clifford Chance advises a balanced spread of banks and borrowers that includes HSBC, Lloyds, RBS, EQT, Bridgepoint Capital, and Warburg Pincus. As well as its traditional strength on the bank side, the firm has responded well to changes in the market and handled complex bank and bond financings, including acting for the lenders on the €1.7bn acquisition of Impress by Ardagh Glass. The firm’s ‘ability to run a seamless team across practice areas and jurisdictions’ was underscored by its recent representation of Thai Union Frozen Products on its €680m acquisition of MW Brands from Trilantic Capital Partners, involving significant input from the firm’s European and Asian offices. Malcolm Sweeting has ‘excellent client-facing skills’; James Butters is ‘simply the best’; Alan Inglis is ‘very smart and commercial’; and Mark Campbell and James Johnson are also recommended.

Co-headed by Gideon Moore and the ‘very charismatic’ Nick Syson, Linklaters LLP’s ‘proactive and commercial’ leveraged finance team has the capability to handle the full array of transactions for an impressive cadre of banks and borrowers. Bolstered by the recent recruitment of Mark Hageman from Cravath, Swaine & Moore LLP and the formal integration of its high yield lawyers within the banking group, the firm is picking up a raft of complex bank and bond financings for the likes of Goldman Sachs and Morgan Stanley, which it advised on the issue of €375m senior secured notes and €75m floating-rate senior secured notes by ATU. As well as high-profile new-money deals, such as advising the lenders on the €800m acquisition financing of Findus Italy by Birds Eye Iglo Group and Permira, the firm continues to handle a flow of major LBO restructurings, including Almatis’ $1.3bn cross-border restructuring and its $715m financing on exit from Chapter 11. Annette Kurdian (‘a superstar of the banking group’) and ‘rising star’ Yen Sum are also recommended.

‘Absolutely superb on complex financings involving high yield and bank debt’, Latham & Watkins LLP continues to gain market share and has expertise at all levels of the capital structure. The team is also able to tap into the firm’s extensive international network, and is increasingly the first port of call for big-ticket mandates, such as advising Onex and the Canadian Pension Plan Investment Board on the $3.4bn acquisition financing of Tomkins plc. Other highlights included advising Barclays Capital on Phillips-Van Heusen’s $2.4bn acquisition financing of Tommy Hilfiger. Christopher Hall, Ross Pooley, Dominic Newcomb and James Chesterman are recommended.

Strengthened by the return to London of Martyn Rogers, Ashurst LLP’s bank-facing practice continues to do well in a difficult market. Benefiting from deeply entrenched relationships with RBS, Lloyds and Barclays, and enjoying a growing acceptance with the likes of Goldman Sachs and Credit Suisse, the team has had a role in some of the most significant deals in the market. It advised a group of banks including Goldman Sachs and Morgan Stanley on the senior staple financing of RBS’ £2bn sale of its merchant services business, Worldpay, to a consortium of sponsors. On the sponsor side, Jane Fissenden advised Nordic Capital on the financing aspects of its acquisition of Britax. The ‘strong team’ includes Mark Vickers, Lee Doyle, Nigel Ward, Dan Hamilton and Simon Thrower.

Praised for its ‘ability to find solutions rather than problems’, Freshfields Bruckhaus Deringer LLP provides a ‘first-class service’ to a sponsor-oriented client base that includes Cinven, CVC and AEA Investors. Recently promoted partner Sean Lacey wins plaudits for his ‘dynamism and commerciality’, and recently advised Babson Capital Europe on financing Exponent Private Equity’s acquisition of the Ambassador Theatre Group. David Trott heads the team, which includes the ‘exceptional’ Sean Pierce and was recently bolstered by the arrival of Gil Strauss and Simone Bono from Simpson Thacher & Bartlett LLP, enhancing its high-yield capability.

Kirkland & Ellis International LLP provides ‘commercial, smart and innovative’ advice to an impressive collection of sponsor clients including Apollo, Oaktree and Mid Europa Partners. The ‘vastly experienced and skilled’ Stephen Gillespie advised Bain Capital and Advent International on the financing of the £2bn acquisition of RBS’ Worldpay merchant services business. The ‘extremely commercial’ Neel Sachdev has a ‘great understanding of market conditions’, and represented Apollo Management on the debt-for-equity swap of the Gala Coral group. Philip Crump and John Markland are also recommended, in a team known for its ability ‘to really understand the new financing structures’.

Cleary Gottlieb Steen & Hamilton LLP’s four-partner finance team excels in matters ‘that deviate from the norm’, and, though small, is ‘flexible and innovative’. The ‘excellent’ Andrew Shutter recently advised TPG on the financing of its acquisition of fashion retailer Republic, and subsequently advised the acquired company on a syndicated loan to refinance a bridge loan funded by TPG at the time of the acquisition. Clients include a mix of banks, corporates and sponsors such as including ArcelorMittal, Hellman & Friedman and JP Morgan.

Led by Philip Butler, DLA Piper UK LLP’s five-partner team excels in mid-market deals for a bank-oriented client base that includes Barclays, HSBC and RBS. Alexander Griffith advised Axa Private Equity as agent of a group of mezzanine lenders on the €170m financing of a senior debt purchase by the Maxeda DIY group. Peter Crichton is also recommended, and recently represented a group of banks including HSBC on the £200m refinancing of Telecity Group.

Herbert Smith LLP’s impressive array of blue-chip corporate clients have generated a significant amount of acquisition finance work; Bharti Airtel, for instance, instructed the firm on its $10.7bn acquisition of Zain Africa. On the lender side, the firm has notable expertise in the emerging markets, for the likes of Citigroup, Credit Suisse and Standard Chartered, and has also handled some significant ‘Western’ transactions, including advising Deutsche Bank and others on three cash confirmations in relation to the £11.5bn hostile takeover of Cadbury by Kraft. Malcolm Hitching and Ewen Fergusson are recommended.

Headed by the ‘commercial yet technical’ Penny Angell, Hogan Lovells International LLP’s ten-partner team has consolidated its position as a ‘market-leading lender practice’, advising the likes of Barclays, Citigroup and Credit Suisse. ‘Commercial, client focused and a market leader on intercreditor structuring’, Mathew Cottis is regularly at the forefront of the firm’s highest-profile deals, including its work for Goldman Sachs on the refinancing of Matalan. ‘Excellent at finding consensual routes through documentation’, Paul Mullen continues to work extensively for Ares Capital. On the borrower side, the firm was bolstered by the arrival of Stuart Brinkworth from SJ Berwin LLP.

Led by ‘strong operator’ Julian Howard, Macfarlanes LLP’s seven-partner team provides ‘first-class’ advice to a balanced array of lender and borrower clients including 3i, Haymarket Financial, JD Wetherspoon, and RBS. Active across refinancings and new-money deals, Christopher Lawrence recently advised Graphite Capital on its acquisition of Teaching Personnel.

With its dual UK/US capability, Shearman & Sterling LLP is well placed to handle the trend among borrowers to tap the high yield market as well as to seek bank debt to fund acquisitions. It advised Advent International on the £670m acquisition of the Priory Group from RBS, involving a £600m bond element and £70m super senior revolving credit facility. Anthony Ward, Clifford Atkins, Caroline Leeds Ruby and Iain Goalen are integral members of the team, whose clients include Citigroup, Credit Suisse, UBS, Investcorp, and TPG.

Simpson Thacher & Bartlett LLP’s small team punches above its weight, acting for blue-ribbon private equity sponsors such as KKR and Blackstone. The ‘exceptional’ Ian Barratt has ‘very deep technical knowledge’, and recently advised Apax Partners on the financing of its acquisition of Takko Fashion from Advent International.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP provides ‘responsive and knowledgeable’ advice to a borrower-focused client base. The small team operates at the upper-end of the market, and is able to call on the resources of the firm’s international network on cross-border deals such as core client Doughty Hanson’s acquisition of Equity Trust. Pete Coulton is praised for his ‘very hands-on’ approach, and is an integral member of a team that also includes recommended partners Mark Darley and Clive Wells.

Slaughter and May has a strong team that regularly handles financing work for the firm’s blue-chip corporate client base; recent highlights include representing WS Atkins on the £178m acquisition financing of PBSJ. Praised for its ‘responsiveness, and great judgement and advice’, the group includes the ‘bright, responsive and commercial’ Philip Snell. Andrew Balfour has retired.

Weil, Gotshal & Manges’ ‘very responsive’ team represents an impressive cast of sponsors including Lion Capital, Advent International and HgCapital, as well as new clients Teachers’ Private Capital and Summit Partners. Leveraging the firm’s market-leading restructuring capability, it has handled complex and innovative refinancing deals for ONO and Elementis, as well as representing Dubai International Capital on the successful refinancing of its portfolio company Almatis. It saw the departure of Michael Nicklin to the Hong Kong office of Ropes & Gray LLP, but welcomed the arrival of James Hogben from Ashurst LLP and Stephen Lucas from Linklaters LLP.

Headed by the ‘very smart’ Lee Cullinane, following his recent arrival from Mayer Brown International LLP, White & Case LLP’s leveraged finance practice combines high-yield capability with significant expertise in bank debt. Able to tap into the firm’s extensive international network, the team excels in cross-border deals, and recently, alongside colleagues in Stockholm, assisted Nordic Capital on the acquisition financing of the Handicare Group. The ‘very detailed and skilled’ Jacqueline Evans joined from Mayer Brown International LLP.

Bolstered by the arrival in September 2010 of John Cutler from DLA Piper UK LLP, Addleshaw Goddard LLP provides ‘very commercial and pragmatic advice’ to an increasingly robust roster of banks that includes HSBC, RBS and Barclays. On the sponsor side, the firm has handled a raft of refinancings for 3i. Claire Denison is well regarded, and David Handy in Leeds is praised for his ‘focus on getting the deal across the line’.

Baker & McKenzie LLP provides ‘very flexible and responsive’ advice to a good spread of lenders and borrowers including RBS, Société Générale, BNP Paribas, Dura Automotive Systems, and Macquarie. With an extensive international network, the firm stands out on cross-border deals, and recently advised EQT on the financing of its bid to acquire a controlling interest in Stockholm-listed ArcadeMedia. Department head Bernard Sharp, Ian Jack and Nick Tostivin are recommended.

Berwin Leighton Paisner LLP advised RBS and HSBC on the £55m acquisition financing of COA Solutions by Advanced Computer Software. Andrew Bamber heads the team, and has developed the firm’s reputation on the sponsor side since his arrival in 2009 from Allen & Overy LLP.

Headed by Will Meredith, CMS Cameron McKenna LLP’s eight-partner team acts for an impressive roster of lenders including Lloyds, RBS and HSBC. The ‘very commercial’ Alex Patience is ‘up to date with market practice’, and has handled a number of mandates for LDC, including advising it on the financing of its £100m acquisition of Easynet Global Services.

Mirroring the firm’s impressive US offering, Debevoise & Plimpton LLP’s four-partner team provides a full-service approach to its sponsor clients, across fund formation, investments and concomitant financing. It handles a regular flow of financing work for marquee client Clayton, Dubilier & Rice, including on its acquisition of British Car Auctions. Alan Davies led on this deal, and is an integral part of a team that also includes the ‘excellent’ Peter Hockless.

Although it recently saw the departure of Lee Cullinane and Jacqueline Evans to White & Case LLP, Mayer Brown International LLP continues to focus on the leveraged market, recently welcoming Neil Caddy from Allen & Overy LLP. Caddy ‘demonstrates a detailed knowledge of banking law’, and advised Wilmington Trust on the restructuring of the leveraged finance facilities of the Almatis Group.

Pinsent Masons LLP continues to pick up market share, and is developing a significant roster of banking clients. Team head Martin Bishop has ‘valuable experience of deal structures’, and has handled a number of deals for HSBC including advising it on the £27m facilities necessary for Lyceum Capital to acquire McKinnon & Clarke.

SJ Berwin LLP provides ‘excellent advice and high-level partner attention’ to an increasingly balanced array of borrower and lender clients, on largely mid-market transactions. Sponsor-side engagements, nevertheless, remain the at the heart of the practice; recent work includes advising Lion Capital on the €975m senior and high yield bridge financing for the acquisition of Picard Surgeles. Ian Borman and the ‘very commercial’ Jeremy Cross are recommended.

SNR Denton is particularly ‘active in the mid-market’. As well as consolidating its existing relationships with clients such as Lloyds, it has successfully cultivated new ties with banks including HSBC and Barclays. Active in the telecoms sector, the team advised Investec Bank and HSBC on the £30m acquisition financing by LDC of the Easynet Group. Catherine Astruc and Richard Garvan are recommended.

Simmons & Simmons is known for its work for hedge funds in their role as lenders, and also continues to develop its core banking practice. It has strong relationships with a number of Scandinavian banks, including Skandinaviska Enskilda Banken and Nordea. Simon Middleton and Richard Hughes are recommended.

Led by Jeremy Walsh, Travers Smith LLP’s sponsor-facing practice handles significant domestic work and also, increasingly, cross-border mandates. The team has advised Bridgepoint on a number of notable deals including its acquisition of Pets at Home.

Bruce Johnston at Dewey & LeBoeuf LLP has been at the heart of many of the firm’s most significant deals in the emerging markets and CEE region.

Nick Swiss at Eversheds LLP is recommended for both lender and borrower work.

Mark Wesseldine at Fried, Frank, Harris, Shriver & Jacobson (London) LLP is ‘responsive, solutions orientated and pleasant’.

Milbank, Tweed, Hadley & McCloy LLP’s team head Suhrud Mehta is ‘very articulate and effective’.

The ‘very creative and business savvy’ James Dunnett is recommended at Norton Rose LLP.

Maurice Allen and Mike Goetz are key figures in Ropes & Gray LLP’s nascent team.

Dominic Ross at Taylor Wessing LLP has expertise across an array of matters for borrowers and lenders.

Headed by the ‘very classy’ Mario Jacovides, Allen & Overy LLP’s seven-partner team has ‘excellent expertise’ across the spectrum of asset classes, acting for a mix of banks, lessors and owners. Leveraging the firm’s impressive global footprint, the team is well placed to handle the cross-border issues which regularly arise in the aviation and shipping industries. South America has been a particularly active market; alongside colleagues in Sao Paulo, the team has handled a number of significant deals including representing Santander on the pre-delivery payment financing of 15 Airbus A320 aircraft for LAN Chile, and advising OSX Brasil on the acquisition, chartering and financing of its first two FPSOs. A ‘first choice on finance lease projects’, the team has handled a raft of leasing and portfolio transfers for numerous banks. Recommended partners include Graham Smith, across the spectrum of asset classes; David Smith for ship finance; and the ‘personable, helpful and pragmatic’ Jonathan Bevan for rail matters.

‘At the top of its game’, Clifford Chance’s team is ‘enthusiastic, proactive, innovative, and pragmatic’. It advises clients across the asset finance landscape, and is particularly accomplished in high-end financings on the bank side. Best known for its work in the aviation sector, the team has ‘up-to-date knowledge of current financing structures’, and recently represented Goldman Sachs and Crédit Agricole as joint bookrunners on AerCap’s $150m ECGD-guaranteed bond issuance to refinance the acquisition of two Airbus A330-300 aircraft. Highlights in the rail sector included advising Goldman Sachs and UBS on Network Rail’s $1.5bn bond issuance (the first sale of its bonds in the US), while in the shipping sector the team continues to handle an array of restructurings. William Glaister and Clive Carpenter are recommended for aviation financing, while Simon Lew and the ‘particularly able’ Gavin Teague are recommended for ship and rail finance respectively.

‘Consistently the best across all asset classes’, Norton Rose LLP has a deeply entrenched focus on the transport industry. The firm has long had a strong presence in shipping, where recent work for the team includes collaborating with the Milan office in advising the Coeclerici Group on the largest-ever transhipment contract in Africa for the largest coal mine in East Africa. On the aviation side, as well as handling a continuing flow of ECA work, the team advised on the English-law aspects of BA’s merger with Iberia, and represented the lenders on the $160m Islamic financing of a Boeing 777-200CR aircraft for Qatar Airways. The rail team advised on the restructuring of Ascendos Rail Leasing. Harry Theochari, Gordon Hall and Neil Poland are recommended for shipping, rail, and aviation finance respectively.

Within a relatively short period, Berwin Leighton Paisner LLP’s asset finance team has become recognised as a ‘major player in the market’, and continued its expansion with the hire of Keith Wilson from Paul, Hastings, Janofsky & Walker (Europe) LLP. Lisa Marks is the relationship partner for new client Bombardier, and recently advised it on numerous transactions with European operators in multiple jurisdictions. Although the team saw the departure of Andrew Baird to Watson, Farley & Williams LLP, it has still handled some significant shipping work, particularly in the offshore marine market; Nicola Davies is well regarded in that area, and recently advised Pacific Drilling on the $1.8bn financing of four new deep-water drill ships in Korea. Praised for his ‘impressive knowledge of the rail industry’, Russell Clifford provides ‘clear technical advice, balanced with commercial pragmatism’ and heads a team recently strengthened by the return of aviation finance expert Tom Budgett following a stint as managing partner of the firm’s Singapore office.

Praised for its ‘strength and breadth of knowledge across the team’, SNR Denton has the critical mass to handle a significant volume of transactions across asset finance, for a range of banks, owners and lessors. Nick Chandler heads the aviation finance and leasing group, and is noted for his experience in ECA-supported financings, while Matthew Harvey’s core expertise lies in the financing of corporate jets and helicopters. On the shipping side, Greg Kahn has an excellent reputation, while Serge Sergiou handles rail financing as part of his broad practice.

Deeply entrenched in the shipping industry, Stephenson Harwood provides ‘business-minded and pragmatic advice’ to banks including Bank of Scotland, Credit Suisse, DnB NOR Bank, and DVB Bank. The ‘very knowledgeable’ Jonathan Ward advised Korea Ex-Im Bank on the $1.2bn post-delivery financing of ten of the world’s largest container vessels. Paul Richardson has a strong reputation for aviation finance, and handles a raft of work for Macquarie Aircraft Leasing; and Graeme McLellan has an excellent track record in rail financing. Global practice head Mark Russell ‘understands when a business rather than a legal comment should be made’, and is a key figure in the 14-partner team, which also includes aviation finance partner Richard Parsons.

Bolstered by the arrival of the ‘commercial and pragmatic’ Rex Rosales and ‘superbly commercial’ Siva Subramaniam from Reed Smith, Watson, Farley & Williams LLP can now lay claim to having one of the more balanced practices in the market across all asset classes. Ship finance, however, remains a core area of focus; headed by the ‘user-friendly and detail-orientated’ Nigel Thomas, the team acts for a mix of banks and owners including DnB NOR, DVB, Dry Tank and Costa Cruise. Thomas recently advised Teekay on a $32m revolving credit facility from ABN Amro. Mike Vernell is ‘very experienced and a strong negotiator’; Frank Dunne is ‘adept at finding commercial solutions’; and Andrew Baird ‘adds special value in his ability to combine commercial reality and legal expertise’.

With over 30 lawyers in its London asset finance team, Clyde & Co LLP has one of the largest offerings in the market. Much of its work is for the firm’s extensive roster of shipowners and operators, and it is well equipped to handle cross-border mandates, with a particularly strong offering in Piraeus and Dubai. On the aviation side, the firm continues to flourish across its core areas of commercial aircraft, business aircraft and engines. Recent highlights include advising Westpac on financing the acquisition by a Guernsey special purpose fund of an Airbus 380 leased to Emirates. The ‘very commercial and easy-to-deal-with’ Gavin Hill and ‘very strong’ Philip Perrotta are recommended for aviation finance; Matt Hannaford heads the ship finance practice; and the arrival of Nigel Taylor from Field Fisher Waterhouse LLP gives the firm added expertise in rail matters.

Although it handles work across all asset classes, DLA Piper UK LLP’s undoubted core strength lies in aviation finance. Able to draw on the expertise of the firm’s vast international network, the team regularly handles cross-border mandates for airlines, lessors and banks. Recent highlights include advising a syndicate of banks in the financing of up to 16 aircraft on lease to five different European carriers. Team head Graham Tyler is imbued with ‘up-to-date industry knowledge’ and has a ‘pragmatic and no-nonsense’ approach to his work in the aviation sector. The team suffered a blow with the recent departures of James Cameron and Stephen Marais, to Milbank, Tweed, Hadley & McCloy LLP and Ince & Co respectively.

Headed by the ‘excellent’ Robert Murphy, Freshfields Bruckhaus Deringer LLP’s asset finance practice is smaller than many competitors, and is focused on deals at the highest end of the aviation and rail markets, regularly taking a multidisciplinary approach to deals. It recently advised HSBC Rail on the £2.1bn sale of its UK rail leasing business to a consortium of funds. Richard Phillips is a prominent figure for rail finance, and continues to advise the Department for Transport on matters including the Intercity Express project. In aviation, the team advised Aercap on a number of deals including its first export credit guaranteed bond issuance.

Able to tap into the firm’s greater international network post merger, and also benefitting from its strength in areas such as tax and capital markets, Hogan Lovells International LLP’s team has ‘excellent aircraft industry knowledge’. ‘Very pleasant and approachable’ team head Robin Hallam has an ‘extremely practical, commercial and no-nonsense attitude to transactions’, and along with the capital markets team recently advised the Export Credits Guarantee Department on two note issuances by Aercap. Austen Hall has an excellent reputation for corporate jet financings. The team was significantly strengthened by the arrival in May 2011 of Robert Fugard and Simon Gwynne from Linklaters LLP.

For the time being focusing on its core ship finance practice, following the departure of aviation partners Rex Rosales and Siva Subramaniam to Watson, Farley & Williams LLP, Reed Smith has been busy on refinancings and new purchase agreements for its shipowner client base. It has also picked up an increasing amount of work for funds investing in the industry, and attracted a first-time instruction from Icon Capital on its sale and leaseback of four tankers for $167m. Philip Rymer heads the team.

Simmons & Simmons’ team is ‘responsive, and has in-depth knowledge’ across a broad swathe of aviation finance matters. Team head Christopher Boresjo handles mainstream big-ticket commercial aviation deals, and recently advised AerCap on several aircraft portfolio sales and purchases. The ‘very pleasant and balanced’ Mark Moody ‘specialises in ECA work’, and has been particularly active handling South and Central American deals flowing from the firm’s inclusion on the ECA panel. Kim Walkling has a niche in military aircraft finance and leasing, regularly handling work for the MoD.

Slaughter and May regularly handles asset finance matters for core clients such as British Airways, although it is by no means a core area of focus. It recently advised BA on the Japanese operating lease financing and delivery of numerous aircraft. Peter Jolliffe is the principal contact and very highly rated in the market.

Led by Justin Benson and aided by a wide global network, White & Case LLP’s ‘strong’ team specialises in advising aviation clients on mandates with a strong international complexion. It is very active in the thriving ECA space, recently representing the ECGD as guarantor of the ECA-supported financing of 16 Airbus A320 aircraft for AirAsia. Adrian Beasley and Louise Mor are the other partners in the team, whose lender and lessor-focused client base includes CIT Group, Deutsche Bank and the Bank of Tokyo Mitsubishi-UFJ.

At Addleshaw Goddard LLP, the ‘excellent’ and ‘highly technical’ Rory MacCarthy is the principal contact for aviation finance instructions. Praised for his willingness to go ‘beyond the normal call of duty’, he advises an airline-focused client base that includes BA, LAN Chile, and Flybe. Manchester-based Andrew Maskill handles general equipment finance for a strong lender client base including BAL Global Finance and Investec Asset Finance.

Bird & Bird’s asset finance team has a strong reputation for aviation finance, and is led by Paul Briggs, former head of legal at BAE Systems. Simon Chamberlain also handles financing work as part of his broad aviation practice.

Sitting within the firm’s broader infrastructure and projects group, CMS Cameron McKenna LLP’s asset finance team is regularly engaged in big-ticket mandates requiring a cross-disciplinary approach. Recent examples include assisting the DfT in relation to the reorganisation of, bidding for, and sale of High Speed 1. Keith Ham and senior associate Mary Selby are recommended for their work across a broad range of assets.

Holman Fenwick Willan LLP is best known for its ship finance expertise. It handles financing work for a plethora of owner/operators including Athenian Sea Carriers and Clipper Group, and the arrival of John Forrester over five years ago has paid dividends on the bank side, where the firm was recently appointed to the DVB Bank panel. Highlights included advising DnB NOR Bank on the pre- and post-delivery financing for two shuttle tankers to be constructed in China. The team was boosted by the arrival in May 2010 of Tony Rice, former head of shipping at SNR Denton.

Ince & Co strikes a ‘good balance between experience and cost’, and advises a varied mix of banks, shipyards and owners. It is regularly involved in transactions in the Gulf States and Asia, recently advising United Arab Chemical Carriers on a $280m credit facility with a consortium of banks. The firm also has an active practice in aviation matters, particularly corporate jet financings. The ‘very impressive’ David Baker heads the team, which was strengthened by the arrival of the ‘excellent’ Stephen Marais from DLA Piper UK LLP.

The recent move of Robert Fugard and Simon Gwynne to Hogan Lovells International LLP is symptomatic of Linklaters LLP’s declining emphasis on asset finance. Now headed by Olga Petrovic, the team sits within the firm’s broader banking team, and is focused on consolidating core client relationships. Working alongside the firm’s private equity group, Petrovic recently advised Oaktree Capital on its distressed acquisition of a majority stake in Gulmar Energy.

At Field Fisher Waterhouse LLP, Andrew Evans heads a team best known for its capability in aviation finance, where it picks up instructions from the private client divisions of investment banks and high-net-worth individuals. Recent highlights include advising Citibank on the $20.9m refinancing of a Bombardier Global 5000 aircraft. Other clients include Standard Bank, UBS Leasing and JPMorgan.

Harbottle & Lewis LLP has ‘very good knowledge of the aviation industry, and is very dedicated to getting the job done’. ‘Very approachable and fun to deal with’, team head Alison Wilds draws on a wealth of experience advising airlines, leasing companies and financiers. Consultant Michael Offer has ‘superb knowledge of the business, and is able to communicate in an easily understandable way’. Clients include Cityjet, Omega Air, and Virgin Atlantic Airways.

Operating out of London and Birmingham, Wragge & Co LLP provides a ‘very commercial approach’ to financiers operating in the asset-based lending market. Team head Paula Laird is praised for her ‘commerciality and attentiveness’.

The London and Southampton based team at Blake Lapthorn is recommended for aviation finance.

Bryan Cave is recommended for aviation finance.

Burges Salmon LLP is recommended for rail financing.

Clark Ricketts LLP’s Robert Ricketts ‘really knows his stuff’ in relation to aviation finance.

Curtis Davis Garrard LLP is recommended for shipping finance.

Debevoise & Plimpton LLP’s Geoffrey Burgess is recommended for aviation finance.

Emma Pond at Dewey & LeBoeuf LLP regularly handles work for borrowers in the aviation finance sector.

Eversheds LLP’s team head Indraj Mangat has been involved in a number of asset finance restructurings.

Gateley is noted for its superyacht work.

Hill Dickinson LLP is noted for its expertise in the yacht finance market for lenders and high-net-worth private clients.

Milbank, Tweed, Hadley & McCloy LLP was strengthened by the recent arrival of the ‘superb’ James Cameron from DLA Piper UK LLP.

Paul, Hastings, Janofsky & Walker (Europe) LLP is recommended, although it was weakened by the recent departure of aviation finance specialist Keith Wilson to Berwin Leighton Paisner LLP.

TLT LLP’s department head Annette Newport is recommended for ship finance.

Allen & Overy LLP has long stood at the pinnacle of the market, with a ‘peerless’ roster of banking clients that includes RBS, Barclays Capital and HSBC. In addition to its strong banking ties, the group regularly handles work for blue-chip corporates across a range of financing arrangements, and recently represented Vedanta Resources on the $9.6bn acquisition financing of Cairn India. Michael Duncan chairs the firm’s global banking group, and is praised for his ‘phenomenal transactional knowledge’ and ability to ‘break down complex legal issues into simple, easy-to-understand matters for commercial decision makers’. Other recommended partners include Stephen Kensell, Trevor Borthwick, Philip Bowden, David Campbell, Michael Castle and Nicholas Clark.

Clifford Chance’s ‘superb banking practice’ is regularly involved in the most significant investment grade financings in the market. As well as representing clients on a continuing raft of refinancing for investment grade corporates, the team is involved in an increasing number of new-money financings. The ‘excellent’ Mark Campbell advised Deutsche Bank and RBS on a $6bn syndicated revolving credit facility to Rio Tinto, while other highlights included advising Lloyds and RBS on the £3.4bn refinancing for De Beers; Michael Bates led on this transaction and is an integral member of a team that also features Charles Cochrane, Malcolm Sweeting, Alan Inglis and James Butters.

Linklaters LLP’s balanced practice is valued for its ‘“can-do” approach’, advising an impressive roster of blue-chip corporates and banks across a range of event-driven financings, refinancings and working capital financings. It ‘advises promptly and accurately on prevailing market practice’, and provides ‘prompt and practical advice based on an in-depth understanding of the nuances of the transaction’. Toby Grimstone advised Glencore on a $10.2bn revolving credit facility; involving 94 banks, it was the largest syndicated transaction since 2000. The team also recently advised RBS and Barclays Capital on the £900m financing of Resolution’s acquisition of AXA’s UK life business. Philip Spittal and Stuart Thomas ‘create an empathetic relationship with the different parties involved in the transactions that they are working on’. Jeremy Stokeld co-heads the mainstream banking practice along with Thomas, and John Tucker also regularly handles syndicated financings in his capacity as global head of finance and projects.

David Trott heads a ‘strong team’ at Freshfields Bruckhaus Deringer LLP, which has ‘a real sense of commercial issues’ and ‘good all-round knowledge’. Best known for its ‘premier corporate client base’, the team regularly advises blue-chip corporates on their debt facilities, and in 2010 advised Xstrata on its new $4bn facility and Nestlé on its €5bn revolving credit facility. The firm has also handled a number of refinancings on the bank side, including representing the senior lending steering committee on the restructuring of the Panrico group. Alex Mitchell has ‘the ability to appreciate the issues from a banker’s perspective and find really innovative solutions to the issues’; Martin Hutchings provides an ‘excellent service’; and Edward Evans ‘knows the industry inside out’.

With a plethora of blue-chip corporates among its clients, Herbert Smith LLP is ‘spectacularly good’ at advising borrowers on their financing requirements. Ewen Fergusson recently advised Bharti Airtel on the financing of its $10.7bn acquisition of Zain Africa. Jason Fox has an excellent reputation for financings in the energy sector, underscored by his recent representation of BNP Paribas and Standard Chartered Bank on the $3bn financing for BP following the Gulf of Mexico disaster. Other clients include BG Group, EDF Energy and WH Smith.

Slaughter and May is a ‘class outfit’, and ‘the best for complex government-related transactions’. Led by George Seligman, it advised the Greek Ministry of Finance on €80bn loans to Greece by other EU members. Among more traditional matters, Andrew McClean recently advised Tata Steel on its refinancing provided by a syndicate of 13 banks. Other clients include Taylor Wimpey, Aegis, Ocado and Bupa. Paul Stacey now heads the financing practice, following the recent retirement of Andrew Balfour.

Able to tap into the firm’s vast network of offices, the team at White & Case LLP is well positioned to advise on investment grade mandates and syndicated loans for both banks and borrowers. It is particularly active in emerging markets and the CEE; Barbara Choi recently led the advice to Gazprombank on a $900m syndicated financing involving 12 mandated lead arrangers. Magdalene Bayim-Adomako heads the team, which acts for an outstanding roster of clients including Deutsche Bank, Credit Suisse, Goldman Sachs and UBS.

Headed by Will Meredith, CMS Cameron McKenna LLP’s eight-partner group has handled a mix of new-money, investment grade financings and restructurings for corporates and banks. The firm has a deeply entrenched relationship with Lloyds, and recently advised it, along with two other banks, on a £70m financing for WH Smith. John Naccarato has ‘an excellent practice’, and is regularly involved in the firm’s most significant mandates, such as advising Enterprise Inns plc on its £625m forward-start facility.

Now benefiting from increased reach following the firm’s merger, Hogan Lovells International LLP’s team provides an ‘exceptional’ service to an impressive roster of clients including Citigroup, Commerzbank, Credit Suisse, Jaguar Land Rover, Kuwait Energy Company and SAB Miller. Recent international work includes advising Deutsche Bank on a multi-jurisdictional borrowing base facility for Nyrstar. Colin Craik has strong ties with a number of blue-chip corporates, and recently advised X5 Retail Group, Russia’s largest retail chain group, on an $800m dual currency syndicated facility. The ‘exceptionally good’ Paul Oldman is ‘very strong at identifying the risks and providing commercial strategies’.

Norton Rose LLP’s four-partner, bank-oriented corporate loans group provides ‘clear, relevant and informative guidance’. ‘Very strong in the emerging markets’, the team recently advised Standard Bank on several multimillion-dollar facilities made available to MTN Nigeria; and also acted for Tullow Oil plc on a $650m revolving credit facility. The ‘professional and responsive’ James Dunnett has ‘deep experience on syndicated loan deals’; Alexandra Triptree has ‘in-depth knowledge of the banking industry’; and Michael Ings ‘has a deep well of telecoms experience’.

At SNR Denton, Isaac Felberbaum has an excellent reputation and heads up the firm’s syndicated loans team. ‘Very active in the emerging markets’, the team’s reach was furthered by the firm’s recent transatlantic merger.

Headed by Bernard Sharp, Baker & McKenzie LLP’s six-partner team is regularly involved in financings for a strong corporate client base that includes EQT, Lufthansa German Airlines, and Borders Group. With ‘sound industry knowledge’, Nick Tostivin has successfully enhanced the team’s roster of bank clients, and recently advised Standard Chartered Bank on a $100m secured revolving credit facility for Harry Winston Diamond and Harry Winston Diamond Mines. Calvin Walker regularly handles energy financings, and represented Société Générale and RBS as arrangers on a $2.25bn syndicated facility for BP Caspian.

At Berwin Leighton Paisner LLP, Marc Palley has extensive experience advising banks and corporates on syndicated and bilateral loans.

Cleary Gottlieb Steen & Hamilton LLP’s ‘very flexible and knowledgeable’ finance team in London handles financing for a number of major corporates, notably Arcelor Mittal.

Although it is best known for its leveraged finance practice, where it has a ‘premier bank and bond capability’, Latham & Watkins LLP also handles syndicated financings for both corporates and banks. Christopher Kandel recently advised the lenders in a £1.98bn senior secured credit facility for Virgin Media.

Mayer Brown International LLP has an excellent reputation advising the likes of RBS on cross-border mandates involving sophisticated securitised and ABL structures, with the ‘very considered and accommodating’ Graham Wedlake a key figure. The team is also active for borrowers and lenders in more traditional, commoditised work, and recently represented Trafigura Beheer on a $2.3bn multi-tranche syndicated facility. The ‘hugely talented and professional’ Dominic Griffiths heads the firm’s London banking and finance practice.

‘One of the best mid-market firms’, Pinsent Masons LLP is gaining increased traction in the London market, acting for key clients such as Lloyds and Barclays. The ‘excellent’ Chris Tart handles a significant volume of work for HSBC, and recently advised it along with Rabobank International on a €75.4m and £65m facility for the German-headquartered Gerber Emig Group.

‘Really good and user friendly’, SJ Berwin LLP is ‘always available and always willing to go the extra mile’. An all-round powerhouse for funds work, it has a niche in funds financing, where it is instructed by a slew of major banks including Barclays, RBS and Lloyds. On the more conventional corporate lending side, Ian Borman acted for Hiscox plc on its $750m refinancing. Robert Andrews heads a ‘strong team’ that includes Jeremy Cross, who is ‘very commercial, and has the ability to explain in simple language often difficult concepts’; and Jen Yee Chan, who is ‘quickly able to advise on the pros and cons of different options’.

Shearman & Sterling LLP has handled a raft of refinancings and new-money deals for both banks and corporates. Recent highlights include advising Labco on a €500m bond offering, and €125m revolving credit facility. Led out of London by Clifford Atkins, the mandate involved significant input from the firm’s US and European offices. Other clients include Citigroup, Barclays Capital, UBS and Ardagh Glass Group.

Headed by James Bresslaw, Simmons & Simmons advises a number of Scandinavian banks on syndicated financings, recently acting on a €775m facility granted to Volvo Treasury. On the borrower side, Simon Middleton advised the HMV Group on a £240m revolving credit facility. Clients include Bank of America Merrill Lynch, Standard Bank, and Thomas Cook Group.

Addleshaw Goddard LLP has a growing presence in the London market as a result of some key hires in 2010, including ‘the commercially aware’ Dominic O’Brien from Herbert Smith LLP, and has picked up a greater level of corporate lending work for clients such as HSBC and Barclays. ‘Professional, knowledgeable, detailed and flexible’, O’Brien recently advised HSBC on the restructuring of Norbain Group. Other clients include RBS, Co-operative Group and National Australia Group.

Fred Heller at Akin Gump Strauss Hauer & Feld has a ‘very commercial and practical’ approach, and advises a strong corporate client base including leading Russian telecoms operator OJSC Vimpel Communications.

The ‘very efficient, responsive and practical’ Trystan Tether is recommended at Bird & Bird.

Bryan Cave’s Martha Collins Rolle specialises in investment fund financings.

DLA Piper UK LLP’s Charles Morrison has a strong pedigree advising banks and corporates on syndicated transactions in the commodities arena.

The ‘terrific’ Amanda Jennings is recommended at Dewey & LeBoeuf LLP, in particular for her emerging markets expertise.

At Morrison & Foerster LLP, dual-qualified Daniel Leventhal recently advised Barclays on a £230m syndicated multicurrency revolving facility.

Elisabeth Gaunt at Orrick, Herrington & Sutcliffe (Europe) LLP is ‘superb’.

Leon Stephenson at Reed Smith is noted for his emerging markets experience.

Salans is recommended for its work for lenders and borrowers in the CEE region.

Simpson Thacher & Bartlett LLP is experienced in advising banks and corporates on syndicated corporate borrowing and recapitalisations.

The ‘hard-nosed’ David Lacey at Stephenson Harwood is recommended.

Dominic Ross at Taylor Wessing LLP is praised for his ‘excellent industry knowledge’ and ‘strong commerciality’.

Winston & Strawn London’s practice head Zoe Ashcroft regularly handles cross-border investment grade mandates for banks such as Bank of America, Wachovia and JP Morgan.

Clifford Chance advises derivatives trading businesses and financial institutions, including LCH.Clearnet and Cargill; transactions cover metals, energy and carbon credits. Claude Brown excels in structured derivatives deals, and Dermot Turing in regulatory matters. Patrick Hubert and Roger Best handle emissions trading litigation for the likes of BNP Paribas. Tim Plews is now based in Riyadh (with Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance LLP).

Simmons & Simmons is ‘an excellent firm, with excellent service from huge talents’, and ‘a leading firm in commodity futures’. The team includes regulatory experts Jonathan Melrose (‘just brilliant’), the highly rated Darren Fox, and Charlotte Stalin. Also of note are André Allee, for advice to buy-side clients; and Martin Stewart-Smith, for his energy trading expertise. The firm advises a host of trading houses and banks.

Berwin Leighton Paisner LLP has seen its best-known partner in the area, regulatory specialist Jonathan Marsh, move in-house to Vitol, but litigators Nic Fletcher and David Hughes are still prominent. They advised Oceanbulk Shipping & Trading and Pioneer Navigation on freight forwards disputes.

At Norton Rose LLP, Jonathan Herbst is ‘a star’, and Peter Snowdon stands out for regulatory advice on climate derivatives. The firm advised the Chicago Mercantile Exchange in relation to its UK clearing house, and Low Carbon Initiative on regulation, documentation and disclosure matters. Its diverse client base also includes Bache, Drax and HVB.

‘A regulatory shop that understands trading intimately’, SNR Denton handles transactional, regulatory and disputes instructions, mainly in energy and metals. Brett Hillis moved to Reed Smith, and Robert Finney to Dewey & LeBoeuf LLP, but Chris Borg remains, and acts for clients including Shell and Total. Rosali Pretorius advises Citigroup on clearing matters.

Shearman & Sterling LLP advises banks, hedge funds and corporations on regulatory and transactional matters. Barney Reynolds is ‘well known and greatly respected’, and Patrick Clancy is another notable name in the team, which advises IntercontinentalExchange and ICE Clear Europe.

Boutique firm Arbis LLP has a niche at the top of the oil market. Paul Sinnott was the only law firm representative on a committee of the world’s top oil traders which produced a new standard contract for trading 21-day Brent crude.

Ashurst LLP’s derivatives group now includes a distinct commodities team, under Luca Salerno. It advises banks including Merrill Lynch, and also trading companies. Experienced partners include OTC specialist Chris Whiteley and LNG expert Anthony Patten.

Field Fisher Waterhouse LLP is ‘more focused on customer service than other firms’. Guy Usher has a ‘longstanding reputation for his derivatives knowledge’; and Edward Miller and exchange-traded derivatives specialist Pierre Labuschagne are also recommended. Clients include Handelsbanken Markets and Standard Bank.

Holman Fenwick Willan LLP is ‘the leading firm for ISDA litigation’; Brian Perrott is a key figure, and recently won a claim for Pioneer Freight Futures against TMT Asia. Damian Honey and Mark Morrison also feature in the team, which is ‘a popular choice in knotty futures issues’.

Acting mainly for oil traders such as Vitol and Gunvor, Ince & Co’s ‘advice is relevant and good value’. Experienced litigators Steven Fox and Will Marshall stand out for their experience in FFA and swaps disputes.

Linklaters LLP’s Vinay Samani recently advised Barclays on exchange-traded securities platforms for issuing commodity index-linked securities.

Reed Smith was boosted by the return of emissions trading expert Sian Fellows from Shell, and the arrival of energy derivatives specialist John Varholy from Troutman Sanders LLP.

Clyde & Co LLP advises investment banks, trading houses and producers including Glencore and Tata Steel. Michael Swangard is ‘responsive and very commercial’; Paul Friedman is ‘a wise person to have on your side in litigation’; and John Whittaker is ‘talented, with strong professional ethics’. Hatty Sumption, Ben Knowles and former commodity trader Clare Hatcher round out a team that is ‘hardworking, quick, and practical: a class act’. Defending sugar trader ED&F Man is among its recent highlights.

For disputes, especially in soft commodities, Hill Dickinson LLP’s vastly experienced team is noted as ‘good value, quick and commercially focused’. Its recent work includes FOSFA arbitrations and the defence of S/A Fluxo in a major sugar dispute. Fred Konynenburg is ‘one of the best, very impressive’; and ‘Mr. Sugar’ Jeff Isaacs, David Lucas and Andrew Meads are other key figures in an ‘efficient, knowledgeable and very helpful’ team. Clients include TNK BP, The Sugar Association and Vitol.

‘One of the leading commodity players: timely, thorough, commercial and pragmatic’, Holman Fenwick Willan LLP recently represented Sucden Financial in a $5.6m claim, and advises many banks on energy, metals and softs trading. Chris Swart is ‘meticulous and hardworking on meaty arbitrations’; Damian Honey ‘appreciates the stresses of a busy trading desk’; Mark Morrison is ‘a safe pair of hands’; and Brian Perrott is ‘a market leader’ for freight issues. Andrew Ridings has specialist metals expertise, and Andrew Johnstone (‘impressive and intellectually very able’) recently returned from a secondment at Glencore. Judith Prior (‘practical and user friendly’) has developed a niche in biofuels.

‘One of the best-qualified firms dealing with commodities’, Reed Smith’s advice is ‘prompt, detailed and easy to understand’, and its ‘commitment to service and support is unparalleled’. The firm has 30 lawyers focusing solely on commodities, and advises trading companies including Noble and Glencore Grain. Recent highlights include the defence of a GAFTA arbitration for Bunge. The team of ‘true professionals’ includes Richard Swinburn, who is ‘hardworking, with good initiative and a dynamic personality’; Diane Galloway, who is ‘thorough, concise and honest’; Kyri Evagora (‘pretty much the best in commodity trading’); Paul Dillon; Suzanne Bainbridge; and Sian Fellows, who returned from an in-house role at Shell.

Barlow Lyde & Gilbert LLP stands out for its strength and breadth across all commodities, and for significant client wins including Deutsche Bank’s coal division. Richard Black and Eurof Lloyd-Lewis are ‘good at thinking outside the box; they provide creative commercial solutions’. The largest-ever sugar default case features in its recent workload, alongside significant transactional matters for clients such as Alfa Trading and ED&F Man.

‘A reputable firm with an extremely good network and in-depth knowledge’, Ince & Co can draw on the experience of transactional partners Ian Cranston and Joe O'Keeffe, litigators Nick Burgess and Ted Graham, and group heads Stuart Shepherd (who ‘puts problems to bed’) and Steven Fox (‘tremendously valuable on novel legal issues’). Oil is the main focus of the practice, but its metals and grains work is growing. Recent highlights include a $70m claim over oil supply defaults, alongside work for traders such as Vitol and Gunvor.

‘Seasoned, results-orientated lawyers’ Mark Aspinall, Martin Wisdom and Paul Sinnott at boutique firm Arbis LLP are ‘very strong in the oil market’, and increasingly active in metals. Recent disputes include a $7m claim for off-spec cargo and over 30 non-delivery cases, and it also advised on a $90m joint venture between a metals trader and an investment bank. The up-and-coming Julian White is ‘a very valued asset’.

Gateley has ‘excellent in-depth knowledge and provides valuable advice’, mainly in soft commodities disputes. Nicholas Walser has ‘a deep knowledge of the law and the market’, and recently advised Soufflet Negoce in a GAFTA arbitration appeal regarding grain buyers’ duties. The ‘proactive and responsive’ James Cradick is also recommended.

Hogan Lovells International LLP’s team is ‘commercially minded and has a high degree of expertise’, particularly in energy disputes. Kieron O’Callaghan handles ICC and LCIA disputes. Head of arbitration Michael Davison and David Moss are also recommended, for disputes and crude oil trading matters respectively.

‘One of the best in the business’ for sugar, metals and grain, McDermott Will & Emery UK LLP is notable for its regulatory advice to financial institutions, and also advises RWE Energy Trading and Gunvor. David Birchall provides ‘pragmatic advice, and is a joy to work with’, and recently advised JP Morgan on physicals aspects of its RBS Sempra Commodities acquisition.

Norton Rose LLP has a strong energy, renewables and metals practice. Jonathan Herbst and Peter Snowdon are recommended for financial matters, Mark Bankes for mining, and Richard Metcalf for energy. The team recently advised BP on commodities regulation, and the Green Exchange on its UK operations.

Stephenson Harwood is noted for complex litigation. Haris Zografakis leads ‘a true team, perfectly organised, providing excellent legal and commercial advice’. Paolo Ghirardani is ‘extremely resourceful, and can think outside the box’; and Peter Bennett ‘has a deep knowledge of the markets’. Recent highlights include a cargo loss claim for Vitol.

Charles Williams at niche firm Thomas Cooper is widely lauded for his experience in commodity disputes; and John McCaskill, previously at Reed Smith, is ‘very bright and commercially switched on’, and one to watch. The firm advises a number of major soft commodity trading houses.

Berwin Leighton Paisner LLP is notable for the strong disputes practice of Nic Fletcher and David Hughes. Amir Ghaffari (‘client focused and driven’) joined from Shearman & Sterling LLP, adding weight in commodity arbitrations.

Donald Lambert at Penningtons Solicitors LLP is a specialist in minor metals disputes.

Watson, Farley & Williams LLP is recommended for commodity-related disputes. Andrew Savage gives ‘fast and concrete advice’; and he and Andrew Hutcheon are ‘a pleasure to deal with, always competent and effective problem-solvers’. The firm recently advised Nordea on a demand guarantee claim.

Allen & Overy LLP’s 29-partner restructuring team is ‘a machine’, with a ‘very strong resource base’, and is ‘a cut above the rest’. Benefiting from the firm’s institutionalised banking clients, the team continues to attract high-profile instructions, including acting for the co-ordinators of the bank lending group on the £2.3bn restructuring of Cattles plc and its subsidiaries. Other notable mandates for the firm included acting for one of Ireland’s largest conglomerates, Quinn Group Limited, and its subsidiaries in connection with its €1.2bn restructuring. In the Middle East, the firm maintains a key role advising separate creditors’ committees on the Dubai World, Nakheel, Drydocks and Dubai International Capital restructurings. Gordon Stewart is global head of the restructuring practice, and led on the Cattles mandate. The firm’s ‘wide breadth of talent’ also includes key figures such as restructuring and insolvency global managing partner Mark Sterling, Carolyn Conner and Earl Griffith.

Bingham McCutchen (London) LLP, which moves to the top tier this year, provides an ‘all-around excellent level of service’ and ‘goes above and beyond the call of duty’. Acting predominantly for bondholders and creditors, and landing roles on some of the largest and most complex restructurings, the firm recently acted for the holders of private placement notes issued by Thomson and played an integral role in negotiating the terms of its €2.83bn debt-to-equity conversion under the safeguard procedure in France. The firm has also attracted a number of instructions out of the Iceland crisis, including representing holders of more than $24bn in bonds issued by Glitnir, Landsbanki and Kaupthing. The ‘best insolvency lawyer in London’, James Roome comes highly recommended alongside Barry Russell, who has a ‘great personality for dealing with emotional and diverse creditor groups’.

Clifford Chance ‘scores well’ for its ‘excellent service and high-level proactivity and professionalism’. The firm’s nine-partner team was boosted by the promotion of John MacLennan in 2010, who acted alongside key figure Nicholas Frome in representing a senior co-ordinating committee comprising York Capital and Bank of Ireland on the €1bn restructuring of Tele Columbus. Alongside its plum mandate acting for Dubai World on its $23bn restructuring, on which group head Mark Hyde is leading, the firm has landed a number of other key instructions, including advising longstanding client Citigroup in relation to its acquisition of embattled group EMI Music through a pre-pack administration. Adrian Cohen, Michael Bates and Philip Hertz are all highly recommended.

Though hit by the departure of Chris Howard, who left for Linklaters LLP, Freshfields Bruckhaus Deringer LLP’s 12-partner restructuring and insolvency group continues to perform at the highest level of the market. Among notable recent work, it used an English scheme of arrangement to restructure Spain’s La Seda de Barcelona’s €1bn debt: the transaction was the first of its kind and was led by Richard Tett. The firm also advised the senior lender steering committee, which included ING, ECM, Babson and Harbourmaster, on the restructuring of the Panrico Group, led by global practice head Ken Baird. Other recommended figures in the team are Nick Segal, Adam Gallagher and Catherine Balmond. Deloitte, Ernst & Young, Rothschild, Lazard and RBS are among its other clients.

Linklaters LLP provides ‘a very high standard of service on big-ticket insolvency and restructuring cases’. It continues to land high-profile mandates, alongside its ongoing role acting for PwC as administrators of Lehman Brothers International Europe; Alliance Medical turned to the firm for advice on the restructuring of the company’s debt and equity, and Truvo’s senior lender co-ordinating committee, comprised of Alcentra, Avoca Capital, Harbourmaster and Allied Irish, instructed the firm on the publishing company’s €600m debt restructuring. Bolstered by the addition of Chris Howard in November 2010, the team features Tony Bugg, who is ‘commercial and proactive’; the ‘intelligent and diligent’ Richard Holden; the ‘innovative’ David Ereira; ‘senior statesman’ Robert Elliott; and the ‘extremely talented’ Rebecca Jarvis.

Ashurst LLP is noted for its ‘very speedy responses and good robust advice’ on large and complex restructurings. Acting predominantly for a variety of stakeholders and directors, the firm is involved in a number of high-profile mandates including Gala Coral, Cattles and Wind Hellas. It advised Real Estate Opportunities plc, which owns and is developing Battersea Power Station, on its financial restructuring; and is acting for the bondholders in the Tristan Oil restructuring. The ‘very commercial and client-focused’ Simon Baskerville remains a key figure in the firm, and the ‘excellent’ Giles Boothman and Dan Hamilton are noted as ‘providing thorough and practical advice rather than theoretical options that are commercially unworkable’.

Herbert Smith LLP is valued for its ‘seamless advice’. Its ‘unflappable, available and responsive’ eight-partner team has taken a number of lead roles, including acting for a steering committee of the senior noteholders in the Fleet Street Finance Two plc commercial mortgage backed securitisation on the restructuring of a €2bn debt pile. The group also acted for Lloyds Banking Group and Deloitte on the insolvency of the Thornfield Group. The ‘user-friendly’ Stephen Gale and ‘experienced’ Kevin Pullen are key figures and continue to work on the Nortel administration; and Simon Chadney is also recommended.

Debbie Gregory, Stephen Foster and Robin Spencer continue to drive forward the ‘very strong restructuring and insolvency’ practice at Hogan Lovells International LLP, which is noted for its ability to handle complex matters. The seven-partner team has seen a good share of work from the Icelandic crisis, including acting for Straumur-Burdaras Investment Bank on its €1.8bn restructuring. Other high-profile mandates included acting for PwC as administrators on the sale of the embattled EMI Music.

The ‘proactive, loyal and diligent’ team at Kirkland & Ellis International LLP moves up in the ranking this year. ‘Star restructuring lawyer’ Kon Asimacopoulos and the ‘top-notch’ Partha Kar continue to lead the team and have pulled in a number of choice instructions for the firm, including acting for BC Partners portfolio company Regency Entertainment and for the lender group on the €4bn restructuring of Eircom. The firm’s loyal client base also includes Apollo Management, Chemtura Corporation and Macquarie Bank.

Latham & Watkins LLP’s 13-partner restructuring team continues to act for the government of Dubai in relation to Dubai World. The firm was also instructed by Renova Industries as a majority shareholder in connection with the CHF1bn capital increase and the restructuring of CHF2.5bn senior facilities for Oerlikan; and advised Preem AB and Corral Petroleum Holdings on a $2.8bn debt restructuring and exchange offer. Key figures in the practice include group head John Houghton and Ross Pooley.

Slaughter and May stands out for its government-led instructions; it had a leading role advising on the £20bn restructuring of Northern Rock, and group head George Seligman advised the Greek Ministry of Finance on some €80bn received from loans by other EU states. Elsewhere, Sarah Paterson led a team acting for Iceland’s Glitnir on its winding up. Mark Dwyer and Ian Hodgson are recommended.

Berwin Leighton Paisner LLP’s small, three-partner team has done well to corner the real estate restructuring market, pulling in a number of top mandates from banking clients such as Lloyds, Barclays and RBS. The firm advised a syndicate group led by Lloyds in relation to the restructuring of the Birmingham Mailbox and the administration and build-out of The Cube. The firm also took a lead role acting for Anglo Irish Bank and KPMG on the administration of the Eton Group. Ben Larkin leads the group, which includes David Leibowitz and Frances McLeman.

CMS Cameron McKenna LLP has traditionally had a bank-led practice, and counts HSBC, RBS and Lloyds as clients, but it has branched out in recent years to advise pension trustees and hedge funds. Peter Wiltshire has ‘excellent technical knowledge’; Rita Lowe is a ‘whirlwind of energy’ who is ‘good in tough situations and gets the job done’; and the team also has a ‘good mix of senior associates who know the market well’. The firm acted for stricken law firm Halliwells before it went into administration, and subsequently for BDO as administrators. Ashley Smith and Robert Hickmott have recently left the firm, the latter for Quinn Emanuel Urquhart & Sullivan, LLP.

DLA Piper UK LLP is a ‘big machine’ which ‘picks up a good quantity of work’. The group is led by Michael Fiddy, who specialises in formal insolvencies and business reconstructions, particularly in the real estate and sports sectors. Other partners include insolvency practitioner Stephen Halladay, who handles a lot of work in the Middle East and Europe; Paul Fleming; and Simon Neilson-Clark.

Jones Day suffered the loss of Adam Plainer, who left for Weil, Gotshal & Manges, and Claire Martin-Royle, for Taylor Wessing LLP, while Kay Morley has been promoted to partner. The team acts for Standard Bank and RBS, and recently advised BDO on the Pinnacle Entertainment administration.

The ‘extremely effective’ team at Mayer Brown International LLP is ‘committed to the job and to coming up with innovative solutions’. It was boosted by the addition of Neil Caddy from Allen & Overy LLP and the promotion of Kristy Zander, who ‘has excellent technical knowledge and applies it to the client’s business goals’. The firm is active in post-Lehman work, but landed a number of other significant instructions, including acting for both Great American Group and administrators Zolfo Cooper on the administration of retailer Suits You. Ashley Katz is ‘extremely bright and creative, and has sound business judgement’. Ian McDonald leads the team, which also includes Devi Shah.

SNR Denton took a hit this year with the retirement of star partner and group head Mark Andrews. Taking a strong share of mid-market instructions, the firm advised KPMG on the administration of social housing group Connaught. Nigel Barnett has been appointed to lead the practice, which includes partners Susan Moore, Neil Griffiths and Graham Paine.

Sidley Austin LLP has beefed up its offering, promoting the ‘knowledgeable and detailed’ Phillip Taylor to partner, and transferring Marc Wassermann from the international finance group to focus solely on restructuring work. Key mandates included acting for the Regus Group in relation to the restructuring of its UK and Irish business, including the administration of Ready Offices UK. The ‘enthusiastic and energetic’ Patrick Corr is a ‘class act’, and is often able to ‘achieve consensus amongst parties with divergent interests’.

High-profile instructions for Skadden, Arps, Slate, Meagher & Flom (UK) LLP included acting on the European aspects of Metro-Goldwyn-Mayer’s pre-packaged bankruptcy in the US. Predominantly debtor focused, the firm also counts Nokia Siemens Network, Gate Gourmet, US Airways and Zolfo Cooper as clients. Lynn Hiestand retired at the start of 2011, leaving new joiner Chris Mallon as the sole partner of the group.

Bolstered by a strong brand in the US, the London team at Weil, Gotshal & Manges is ambitious to grow, and the recruitment of Adam Plainer from Jones Day has firmly planted it on the map. The team has an ‘excellent client service ethos’; the lawyers are ‘good negotiators, with technical strength’. Key mandates, outside of its Lehman work, included advising senior lenders, Barclays Capital, Citi and EAB, on the restructuring of 1st Credit, one of the UK’s largest debt collection agencies. Mike Francies is also a key figure in the practice.

White & Case LLP continues to act on some of the largest restructurings. The firm represented EN+ Group in relation to its $1bn financial restructuring, including a $750m syndicated facility and various bilateral facilities. Clients are impressed by new recruit Christian Pilkington, who is ‘a trusted adviser with technical and commercial strength’. Other key players in the practice include Mark Glengarry and Stephen Phillips.

Addleshaw Goddard LLP’s team is in the ‘premier league’ for insolvency matters, and is seeing a growing share of bigger-ticket restructurings; its roster of institutional clients has expanded to include non-clearing banks such as Allied Irish, Bayern LB, and Bank of Ireland. The ‘feisty and sure-footed’ Alison Goldthorp has ‘fantastic restructuring skills’, and has led on a number of large instructions for the firm. John Joyce continues to head the practice.

Group head Simon Waller at Eversheds LLP leads ‘a well-rounded team which gives excellent commercial advice’. A reputable name in the mid-market, the firm ‘combines both practical and technical expertise’, and advises both creditors and debtors. Paul de la Pena and Byron Nurse are also recommended.

Lawrence Graham LLP has a great position in the mid-market; its ‘strong team’ is ‘excellent value for money’. The firm advised Hill Dickinson LLP on its purchase by way of a pre-pack administration of Halliwells’ Liverpool office and parts of its Sheffield office. Steven Cottee led on that transaction and is recommended, along with Tom Withyman.

Macfarlanes LLP’s Francis Bridgeman is ‘highly skilled in advising boards which are dealing with difficult stakeholders’. Acting predominantly for stakeholders, the team is comprised of ‘consistently outstanding legal advisers, who are able to advise on complex financial and operational restructurings’.

Patricia Godfrey at Nabarro LLP has ‘first-class technical knowledge, and communicates effectively’. The firm’s wider team includes Glen Flannery, who ‘while appearing modest is a very strong lawyer’. The firm acted on the Dunfermline Building Society administration, the Kaupthing Singer & Friedlander liquidation, and the Cloud9 Mobile Communications liquidation.

Norton Rose LLP advises a range of insolvency practitioners, banks and corporates on restructuring and insolvency matters. Leveraging the firm’s strength in shipping, the team landed a major role advising the co-ordinator committee of banks on the $2.5bn financial restructuring of Danaos Corporation, a leading international owner of container ships. James Stonebridge acted on that deal, while Hamish Anderson continues to lead a team advising the US Trustees of Lehman Brothers Inc.

Orrick, Herrington & Sutcliffe (Europe) LLP’s London team of ‘very responsive and personable’ lawyers was instructed on the sale of the Sugar House Lane site, a 13-acre site opposite the Olympic park which was put up for sale following the appointment of CBRE as receivers. Mark Fennessy leads the team.

Paul, Hastings, Janofsky & Walker (Europe) LLP’s four-partner team delivers ‘excellent service at good value for money’. Karl Clowry is highly recommended; he provides ‘clear and commercial advice, and does not sit on the fence’.

Jeremy Goldring and Mike Woollard are recommended at SJ Berwin LLP. The team saw a spike of work coming out of the Icelandic crisis, including taking a lead role advising the creditors of the Bakkavör Group.

Simmons & Simmons’ Peter Manning is ‘proactive, and able to get to the point directly’. The firm’s ‘more than capable’ team also includes new recruit Alan Gar, who is ‘very responsive’ and has a creditor-focused practice.

The team at Stephenson Harwood is ‘extremely knowledgeable and professional’. Stuart Frith, who recently joined the firm, is ‘an expert in his field’, and David Lacey and Alan Bercow are also recommended.

Taylor Wessing LLP’s ‘responsive, pragmatic and commercially realistic’ team now has three partners following the hire of Claire Martin-Royle. Practice head Nick Moser is leading a team advising the trustee of Bernard L. Madoff Investment Securities on the high-profile bankruptcy.

Travers Smith LLP’s Keith Bordell is experienced in turnaround, insolvency and corporate recovery work. His track record includes acting for Kroll Cayman as liquidators of the Peloton hedge fund.

Baker & McKenzie LLP advised the creditors’ steering committee of BTA Bank on a restructuring of the bank’s $16.7bn debt. David Allen was promoted to partner.

Barlow Lyde & Gilbert LLP counts PwC, Grant Thornton and KPMG as clients. The practice is led by Jon Yorke, who focuses on the insurance and financial institution sectors, while Rupert Connell predominantly advises on insolvencies.

Cadwalader, Wickersham & Taft LLP maintains its reputation as a strong restructuring practice acting for creditors in Europe and the US.

John Verrill at Dundas & Wilson LLP is highly regarded by peers, and secured a Court of Appeal victory in the Rubin v Eurofinance case, which is now pending in the Supreme Court.

The team at Field Fisher Waterhouse LLP is valued for its ‘“can-do” attitude’. Young partner Kit Jarvis comes highly recommeded by clients; he is ‘knowledgeable and enthusiastic’, ‘quick thinking’, and ‘has great client manner’.

K&L Gates’ London team gives ‘pragmatic advice and is good value’. Edward Smith is ‘calm and technically proficient’.

Olswang’s advice is ‘very practical, and always focused on the client’s business, needs and goals’. The firm ‘provides a high level of service, with deals being led by commercially minded partners’. Alicia Videon leads the group.

Pinsent Masons continues to advise the trustees of Nortel on the communication group’s restructuring. The firm ‘goes the extra mile to deliver for its clients’. Richard Williams leads the London restructuring group.

Sonia Jordan at Salans is a ‘good negotiator’. The firm advises on smaller deals, and is praised for its ‘good quality of advice and business acumen’.

Squire Sanders Hammonds is noted for its ‘quality of advice and depth of team’. Cathryn Williams is a ‘first-class operator’.

Also of note are: Nick Angel at Milbank, Tweed, Hadley & McCloy LLP; and Tony Horspool at Ropes & Gray LLP. Brown Rudnick LLP, Dewey & LeBoeuf LLP, Reed Smith and Shearman & Sterling LLP are among the firms continuing to make a concerted push into the area.

Recognised as ‘one of the market leaders’ Allen & Overy LLP has ‘unrivalled partner coverage’. Jonathan Melton (‘invariably excellent and extremely commercial’) and US-qualified Adam Kupitz excel in liability management, as does Roger Wedderburn-Day in equity-linked deals. ‘Top dog for corporate trust matters’ Simon Hill is ‘analytical and clear minded’, and Boyan Wells ‘is super pragmatic; his knowledge is unsurpassed’. Matthew Hartley advised Barclays on Porterbrook Rail Finance’s bond. Stephen Miller advises financial institutions including Bank of Ireland and Credit Suisse. Philip Smith heads the emerging markets team, which recently advised lead managers on Akbank’s landmark $1bn bond. Jonathan Mellor advises banks and issuers on convertible bonds.

‘At the leading edge of the market’ and with a diverse and truly international practice, Clifford Chance’s team includes David Bickerton, John Connolly and global practice head David Dunnigan, who are among the foremost names in debt deals. Dunnigan led on the European Financial Stability Fund’s €27bn debt programme; and Bickerton advised Angel Trains on a £4bn multi-currency programme. The firm also handled a $568m issue in Ukraine; represented lead managers in Network Rail’s $1.5bn issue; and advised Goldman Sachs on AerCap’s $150m bond. Stewart Dunlop excels in liability management, and Bruce Kahl is ‘a welcome election to the partnership’. Citibank and BNP Paribas are among many investment bank clients.

‘Hands-on partner attention’ is a key feature of the service provided by the ‘first-class and friendly’ team at Linklaters LLP. The ‘exceptional’ Carson Welsh advised lead managers on Rabobank’s $2bn bond; Jane Brown (‘tenacious but user friendly’) represented banks on Scottish and Southern Energy’s £1.2bn hybrid offering; and the ‘incisive’ Richard Levy handled the £15.9bn RBS liability management deal. Clients are also quick to recommend the ‘knowing and intelligent’ Ben Dulieu, for investment grade deals and liability management; Francis Kucera for emerging markets deals; Cecil Quillen (‘a pillar of the firm’s dominance in Russia’); Elaine Keats; convertible bonds expert Keith Thomson; and the ‘deft and thoughtful’ Jasper Evans for trustee work.

‘Standout US firm’ Cleary Gottlieb Steen & Hamilton LLP brought David Gottlieb over from New York to boost the US law practice of Sebastian Sperber, Daniel Braverman and liability management expert Pierre-Marie Boury. Gottlieb advised on the Russian Federation’s $5.5bn bond, its first international capital markets issue since 1998. Simon Ovenden acted as underwriter counsel in the Republic of Nigeria’s $500m inaugural Eurobond, and also as counsel to the first emerging market issuer outside China to issue renminbi-denominated bonds. Raj Panasar advised Volkswagen on its $1.75bn issue.

‘Highly responsive, with the depth to cover all areas’, Freshfields Bruckhaus Deringer LLP can draw on the expertise of key figures such as Steven Revell; the ‘meticulous and thoughtful’ Mark Trapnell; US-qualified Sarah Murphy; and Christopher Barratt, who is ‘highly capable and committed’. Its recent highlights include advising Scottish and Southern Energy on hybrid securities, and Central Bank of Bahrain on a $1.25bn bond. It recruited Peter Allen, who is ‘commercially focused and experienced, especially in emerging markets’, from Linklaters LLP; and the ‘proactive, responsive and client-friendly’ Duncan Kellaway from Clifford Chance.

White & Case LLP is ‘the go-to firm for investment banks in emerging markets work’, and climbs in the ranking this year. Recent sovereign deals include Nigeria’s $500m bond and Albania’s €300m debut issue. Stuart Matty, who advised banks on Ukreximbank’s £300m notes issue, and US lawyer Michael Doran, who joined from Gide Loyrette Nouel LLP, ‘invest time in client relationships’; Francis Fitzherbert-Brockholes (‘the man in Kazakhstan’) defined the model for restructuring Kazakh banks; Andrew Weiler ‘finds pragmatic solutions’ for US private placements; and trustee expert Kevin Ng is ‘extremely knowledgeable’.

Anna Delgado’s team at Ashurst LLP handles structured programmes for the likes of JP Morgan, and recent issuer work includes National Express’ £1bn EMTN programme. ‘Team player and deal junkie’ Stephen Edlmann joined from Linklaters LLP, boosting a versatile team that includes James Coiley, Chris Georgiou and corporate trust expert Gordon Stewart. The partners ‘like rolling up their sleeves and doing deals’.

Herbert Smith LLP’s partners ‘bring a refreshing professionalism to deals, and are always willing to go beyond their job description’. Peter Epp is ‘vastly experienced, especially in emerging markets’, with ‘great negotiating skills’; he recently advised Alfa Bank on its $1bn offering, the largest bond issue by a privately owned Russian bank. Other recent issuer work for the team includes TUI Travel’s £450m convertible bond. Underwriter clients include Goldman Sachs and UBS. Dina Albagli, Jake Jackaman and US-qualified Steve Thierbach feature in an ‘efficient and responsive, friendly and supportive’ team.

Simmons & Simmons has well-respected partners such as the ‘no-nonsense’ Jonathan Hammond; Charles Hawes, who advised JP Morgan Chase as arranger on a $65bn EMTN programme; David Roylance, who is experienced in hybrid bonds; and Ian Sideris, who recently represented Dong Energy on a €700m issue. ‘For high-end complexity deals, the practice is good value for money, and has excellent industry knowledge.’

Skadden, Arps, Slate, Meagher & Flom (UK) LLP is a force in emerging markets debt. Bruce Buck manages a busy Russian and CEE practice; James Healy’s recent sovereign deals include Egypt’s $1.5bn offering; and Richard Ely advised Deutsche Bank and others on Italy’s $2bn issue. Alongside these ‘business-minded lawyers, and excellent advisers’, Danny Tricot, Richard Muglia and Pranav Trivedi are ‘highly intelligent and commercially savvy, and never sleep’.

With ‘a more personal touch than some Magic Circle firms’, Slaughter and May is active for issuers such as Ladbrokes and 3i Group, and also advises financial institutions including Deutsche Bank. Its finance partners are known for the breadth of their practices; those active in debt include Marc Hutchinson, who is ‘an absolute star, a bulldog’; and Sanjev Warna-Kula-Suriya and Andrew McClean, who have ‘great knowledge, very up to speed’.

Christopher Hogan, Simon Porter and Roy Pearce at Baker & McKenzie LLP are ‘affable and very good at explaining complex technical information’. Emerging markets deals included Metinvest’s $1bn debut EMTN programme, and the team also represented Banco Santander on its $10bn ECP programme. Adam Farlow, who is ‘very hands-on, and knows his US law’, joined from Allen & Overy LLP.

CMS Cameron McKenna LLP has a buoyant corporate issuance practice. It also advises banks, such as Crédit Agricole as arranger on two Hungarian issues, and has a growing niche in infrastructure bonds. US-qualified Daniel Winterfeldt joined from Simmons & Simmons, boosting a team that includes outstanding partners Jason Hardingand Will Dibble, and consultant Roy Griggs.

‘Responses are virtually in real time, and business acumen is vast’ at Dewey & LeBoeuf LLP. Joseph Ferraro, Camille Abousleiman and Louise Roman Bernstein are all ‘good people, they deal with issues immediately’, and deliver ‘highly effective, clear advice’. The firm advised Russia’s VEB on a $30bn LPN programme, and Eskom on its $1.75bn offering.

Hogan Lovells International LLP’s team, under Sharon Lewis and David Hudd, is ‘very efficient’. With a strong corporate issuer MTN practice, it recently advised SABMiller on amendments to its $300m notes. Kit Johnson has an outstanding trustee practice.

In some areas Mayer Brown International LLP is ‘on a par with Magic Circle firms; partners are accessible, advice is commercial and value for money is excellent’. ‘Seasoned hand’ Drew Salvest ‘knows his subject inside out’; Paul de Bernier ‘excels in tough negotiations’; and John Taylor is ‘an excellent practitioner with a soft touch’. Recent deals include JSC Kazkommertsbank’s $2bn debt programme.

Tak Matsuda, trustee expert Farmida Bi and infrastructure bond specialist Kate Alliott excel in Norton Rose LLP’s team, which focuses heavily on equity-linked deals and Islamic finance. Clients include the government of Ras Al Khaimah, and BMW.

At SNR Denton, Matthew Sapte, David Cohen and James Curtis are ‘incredibly client focused, and provide genuine partner-led transactions’. Primarily focused on issuers, especially in emerging markets, the firm has also recently advised a number of lead managers on sukuk. Highlights included a structured note programme for First Rand Bank, and sovereign issues in Qatar.

Mei Lian, Richard Price, Clifford Atkins and Jacques McChesney stand out at Shearman & Sterling LLP, which advises financial institutions such as RBS and HSBC on deals into the US, and complex hybrid securities.

Sidley Austin LLP’s Stephen Roith, formerly of Clifford Chance, provides a ‘quality service on challenging transactions; his technical knowledge is excellent’. Also recommended are Mark Wiltshire; David Howe, who is ‘courteous, robust and clear’; Mark Walsh; and Dorothee Fischer-Appelt, who joined from Gibson, Dunn & Crutcher LLP.

Arnold & Porter (UK) LLP’s Jeremy Willcocks and Whitney Debevoise advise issuers and investors on sovereign debt matters, including large deals in the CIS and Africa.

At Berwin Leighton Paisner LLP, Tamara Box is ‘an excellent trustee lawyer’, and Tom Church and Marc Palley also stand out. Recent work includes a £1.9bn note issue for Thames Water. Mark Daley has retired.

Gibson, Dunn & Crutcher LLP has a team of versatile partners including Selina Sagayam and Gregory Campbell, providing ‘business-minded, commercial advice’ on debt as part of complex deals such as the Almatis Group restructuring.

Latham & Watkins LLP recently handled the first direct-issuance dollar-denominated debt offering in the US by an Italian issuer, and African Bank’s inaugural MTN programme, and is ‘unassailable in the Middle East’. Lene Malthasen, Jeff Lawlis and Michael Immordino are recommended.

The arrival of the ‘tenacious and intelligent’ Peter Schwartz at Milbank, Tweed, Hadley & McCloy LLP from Weil, Gotshal & Manges has brought some major deals, James Warbey is also recommended. The firm advised Goldman Sachs on bond financing for Ceske Radiokomunikace.

Brian Bates at Morrison & Foerster (UK) LLP heads the ‘best and biggest’ cross-border private placement practice, advising investment grade issuers including Informa Group.

Reed Smith is new to the ranking this year. ‘Top-rated capital markets lawyer’ Scott Cameron joined from Gide Loyrette Nouel LLP, and the team has ‘great breadth and depth of resources’. Dinosaur Securities is a regular client.

Sullivan & Cromwell LLP joins the ranking in recognition of Vanessa Blackmore and William Plapinger’s work on deals such as BG Energy’s $1bn issue and their longstanding role as counsel to Goldman Sachs.

Akin Gump Strauss Hauer & Feld’s Robert Aulsebrook and Fred Heller count Lukoil Finance among their issuer clients. The ‘professional and hardworking’ Alexander Lemke advises Alfa Bank.

Bingham McCutchen (London) LLP’s Barry Russell advises institutional investors in private placements. Sarah Smith’s arrival from Sidley Austin LLP ‘adds a huge dimension’ to the practice.

Gonzalo Fernandez’s trustee practice at Field Fisher Waterhouse LLP advises Bank of New York Mellon. The firm has a growing practice handling arranger work for smaller banks.

Greenberg Traurig Maher LLP’s team, under Tim Jeveons, advises on private deals, and draws on ‘vast experience in emerging markets and in Europe; they have the grey hair and have done the hard yards’.

K&L Gates’ ‘response times are second to none’. Stephen Moller, ‘shining star’ Andrew Petersen and Trevor Beadle have an active debt restructuring practice.

Simpson Thacher & Bartlett LLP’s Nicholas Shaw advised the lead underwriters on Virgin Media’s $1bn secured notes issue.

Weil, Gotshal & Manges’ ‘supportive and involved’ James Cole and David Meredith advised CEZ on its €500m issue.

Allen & Overy LLP has a top-tier practice spanning structured finance, insurance-linked products, portfolio disposals, repos, shari’ah-compliant structures, regulatory advice and much more. ‘Consistently pragmatic and innovative, the firm is untouchable on ISDA issues.’ The team includes some of the foremost names in the market, not least practice head David Benton, who has ‘unparalleled knowledge – you should not talk to anyone else about CDS’. ‘Exceptionally bright’ structured debt expert Anthony Drake-Brockman recently advised Deutsche Bank on innovative credit-linked securities for retail investors. Richard Tredgett provides ‘practical solutions in highly technical areas’; and structured finance expert Thomas Jones, industry stalwart and product innovator Simon Haddock, structured funds expert Daniel Shurman, and ISDA documentation specialist Paul Cluley are greatly respected, along with Edward Murray, who works with the Treasury and the FSA on regulation.

Clifford Chance’s ‘dedicated derivatives group is core to the firm’, and particularly strong in equity and credit derivatives, regulatory capital transactions, structured finance litigation, insurance-linked products and sovereign deals. The firm is regulatory counsel to ISDA, and advises many leading investment banks. ‘Excellent derivatives lawyer’ Habib Motani and Andrew Yianni (‘one of the most experienced on sovereign matters’) are leading lights. Matthew Grigg’s recent work includes a structured notes issue for VTB Capital; and Andrew Coats advised Investec on retail equity structured notes under the Zebra Capital Plans programme. Deborah Zandstra, who is prominent in sovereign work, and Anne Drakeford have both been promoted to partner.

‘The overall level of service is excellent’ at Freshfields Bruckhaus Deringer LLP, which joins the top tier this year. For international structured finance, its ‘business acumen and industry knowledge are first rate’, and it has a ‘practical and commercial approach’. Its recent work includes assisting in relation to longevity products, prime brokerage, liability management and strategic equity deals for investment banks such as JP Morgan, and it also advised corporates including Nestlé and Toyota on derivatives documentation. Notable individuals include James Grand; John Jakeways (‘commercial and responsive, one of the best structured finance lawyers’); Jonathan Shann (‘the best in the business: his intellectual capabilities are first rate’); Flora McLean; and Simeon Rudin.

Linklaters LLP is ‘by far the best for global equity derivatives’. Michael Voisin and Deepak Sitlani, who has ‘good technical and people skills’, recently led advice to ISDA on new equity derivative definitions; and Simon Firth is ‘still the authority on black-letter legal issues’. Firth, Pauline Ashall and others advise PwC as administrators of Lehman Brothers. Alan Davies and Mark Middleton, who has returned from the financial regulation group, advise many clients on setting up clearing platforms in light of new regulations, and the newly promoted David Phillips is central to some of the firm’s biggest longevity deals. Philips and Vinay Samani assisted Barclays in setting up a traded securities platform. The team has ‘great product managers, with strong teams able to work on a globally co-ordinated basis’.

‘A credible alternative to the Magic Circle’, Ashurst LLP provides a ‘dedicated and prompt service’. The firm is at the forefront of regulatory matters, and James Coiley, who is ‘terrific’ on credit derivatives and repacks, advises LCH.Clearnet on CDS clearing. The ‘dedicated and approachable’ Chris Georgiou advised on Morgan Stanley’s SPV documentation review. Chris Tang and Michael Logie, who often advises investment banks on equity-linked deals, have a formidable structured notes practice; and Jonathan Haines leads the prime brokerage team. Fund-linked derivatives are a key strength, and the firm has ‘always been ahead of the curve in the retail products space’. Erica Handling is now at Barclays Capital.

Prominent in derivatives, regulatory advice, repacks and post-Lehman litigation, Simmons & Simmons is ‘very good for structured products’. It advises both sell-side and buy-side clients, often on equity and credit derivatives. Allan Yip recently advised an investment bank on swaps in a multi-currency financing for a $1.3bn loan portfolio; and he and André Allee act for a number of fund managers in relation to new collateral structures. David Roylance advised UBS on a synthetic securitisation of a €1.5bn derivatives portfolio. Sean Bulmer and Jonathan Hammond (‘price focused and good value for repackagings’) are highly regarded. Associate Craig Bisson, who joined from Eversheds LLP, is ‘one of the best young derivatives lawyers in the City’.

Baker & McKenzie LLP’s Bruce Somer stands out for credit and equity derivatives, and Jonathan Walsh and Christopher Hogan are considered experts in their field. The firm is known for handling challenging deals in emerging markets, including recently acting for Agricultural Bank of China. Morgan Stanley and Argenta are among many high-profile buy-side and sell-side clients.

CMS Cameron McKenna LLP’s team includes Will Dibble and Jason Harding, who are ‘experts in their field, and worth every penny on complex deals’. Recent work includes assisting on a flow of retail products for JP Morgan; advice to Deutsche Bank’s distressed products group on derivatives issues arising from the Lehman Brothers insolvency; and a growing number of longevity deals. The firm also has a buy-side practice representing investment managers and corporates such as the Wellcome Trust.

‘Truly innovative, with a pragmatic approach to complex issues’, Field Fisher Waterhouse LLP is known for institutional buy-side work, and is lead derivatives counsel to structured equity and fund derivative vehicle Lehman Brothers Finance. Guy Usher is ‘brilliant, and knows the derivatives world inside out’, and Edward Miller has ‘outstanding analytical skills that produce real results’; both are ‘unusually good value, sharp and commercial’. Duncan Black is ‘a top-class contentious lawyer’.

At Hogan Lovells International LLP, David Hudd is valued for his ‘superb industry knowledge, and clear and commercial advice’; James Doyle is ‘undoubtedly one of the best capital markets lawyers of his generation’; and ‘ever-efficient’ of counsel Natasha Williams is also recommended. The team represent many insurers and pension funds, and recently assisted BNP Paribas in relation to equity derivatives platforms.

At Mayer Brown International LLP, ‘fees are competitive and the quality of work very high – a rare combination’. Ed Parker is ‘willing to go the extra mile and gives clear, commercially focused advice’; and the ‘really bright and technically excellent’ Chris Arnold is a significant lateral hire from Allen & Overy LLP. The firm is ‘a credible alternative to the derivatives heavyweights’, and a market leader in distressed derivatives. It advises on all credit events affecting Citi’s structured products portfolio.

Dean Naumowicz and Laurence Garside at Norton Rose LLP act for a range of US and European investment banks, and the firm has London’s leading practice for shari’ah-compliant derivatives, thanks to Farmida Bi and regulatory specialist Jonathan Herbst. Recent work includes advising the Chicago Mercantile Exchange on derivatives aspects of its proposed clearinghouse, and TriOptima on industry-wide initiatives including a global interest rate swaps repository.

Clifford Atkins’ European finance group at Shearman & Sterling LLP specialises in complex, technical matters. Patrick Clancy is ‘very commercial and has extensive knowledge’ of complex derivatives documentation; Julian Tucker advises investors in distressed deals; and recent work for Ian Harvey-Samuel includes trading claims against Lehman Brothers. Clients include IntercontinentalExchange, which it has been advising on matters including a new rulebook for OTC trading. Mei Lian is also recommended.

Sidley Austin LLP has ‘a smaller team than some firms, but the quality of the key individuals is very high’. Elizabeth Uwaifo, Paul Matthews, Howard Waterman and Matthew Dening advise numerous international banks on complex structured credit derivatives, with Dening noted as ‘first class, with very good attention to detail’.

Slaughter and May’s team is ‘top quality across the board’, advising corporate end-users and banks. Finance partners notable for their derivatives experience include Richard Levitt, Marc Hutchinson and Mark Dwyer, who ‘always try to go the extra mile’. The firm advised on Macquarie Bank’s acquisition of a derivatives brokerage business.

White & Case LLP has a ‘very integrated and flexible’ practice, under David Barwise and Gavin McLean. Barwise and Ingrid York are recommended for their equity derivatives work. Richard Reilly’s relocation from New York adds US law expertise to the London practice, which has a leading role in the Middle East and CEE.

Berwin Leighton Paisner LLP’s team, led by James Duncan, provides ‘comprehensive advice, and is great value for money’. Andrew Bamber is notable for his experience in equity-related deals; and Paul Severs is ‘very clever and good to work with’. Also recommended are Lucy Oddy, structured finance specialist Matthew Kellett, and litigator David Hughes.

Eversheds LLP’s small but consistently good team advises buy-side clients such as British Airways Pension Schemes, and increasingly acts for financial institutions such as Capita and RBS Asset Management. Anthony Thomlinson, Jonathan Master and Pamela Thompson ‘seem to know everything that is happening in the market’, and the team’s ‘response times are the best in the business’.

Herbert Smith LLP’s Jake Jackaman and Dina Albagli handle a broad palette of derivatives work, advising corporates and fund managers, and provide ‘calm and considered advice’. Recent work includes the sale of various derivatives businesses and portfolios, and acting for issuers unwinding trades under Lehman Brothers’ Dante structured note programme.

Jones Day’s team includes Ed Nalbantian, Liz Saxton, Michael Pabst and Amy Kho, and is specialist derivatives counsel for the US estate of Lehman Brothers regarding UK transactions. It is notable for restructuring and contentious matters.

Milbank, Tweed, Hadley & McCloy LLP is ‘fantastic in every area’, and James Warbey ‘consistently provides insightful analysis’. The team continues to advise the Official Committee of Unsecured Creditors of Lehman Brothers Holdings on terminated derivatives and structured finance deals. JP Morgan and Prudential Insurance are also clients.

Morrison & Foerster (UK) LLP’s Peter Green and Jeremy Jennings-Mares have been joined by the outstanding Elana Hahn from Mayer Brown International LLP, who recently advised Natixis on a new CLO investment structure. Investment bank and corporate clients include Bank of America Merrill Lynch and Copenhagen Airports.

Leon Stephenson at Reed Smith is part of a versatile team including US securities partner Scott Cameron, who joined from Gide Loyrette Nouel LLP; litigator Robert Falkner; and investment funds specialist Dale Gabbert. Associate Alan Meehan is ‘one of the best lawyers in this space’.

SNR Denton’s Matthew Sapte has been active winding up complex derivatives positions in restructurings. Other recent highlights include new deals in the Middle East, often focused on equity and shari’ah-compliant derivatives; and a structured note programme for FirstRand. Rosali Pretorius advised banks on prime brokerage and portfolio transfers.

‘One of the best firms for smaller deals like restructurings as well as larger mandates’, Weil, Gotshal & Manges joins the ranking this year. Jacky Kelly’s team advises Goldman Sachs and JP Morgan, and is primary counsel to Lehman Brothers Special Financing. The ‘competent and diligent’ Steven Ong and associate Mirella Hart are recommended.

Marty Rolle and Ed Marlow at Bryan Cave are noted for their ability to ‘steer clients through the landmines when things go wrong’. The firm recently advised a large investment bank on distressed deals and total return swaps.

A credible alternative to City firms for derivatives, Burges Salmon LLP advises mainly buy-side clients, and also assists a number of banks in developing structured products. Graham Soar’s team handles ISDA contracts for the likes of Imperial Tobacco.

The ‘good-value’ team at Cadwalader, Wickersham & Taft LLP provides ‘commercially sound responses’. Angus Duncan and Nick Shiren have been active in insurance-linked securities deals, and Jennifer Donohue, who joined from Simmons & Simmons, adds valued experience.

At Fried, Frank, Harris, Shriver & Jacobson (London) LLP, ‘delivery is well timed, drafting is careful, and advice is focused’. Its team of ‘very technical derivatives lawyers’ includes Rob McBride, and handles all European hedging on leveraged deals for Goldman Sachs.

Latham & Watkins LLP’s Vladimir Maly handles cross-border derivatives for major financial institutions. He is ‘flexible, quick, calm under pressure, and sensitive to clients ’ needs’. Strategic equity deals featured prominently.

MacFarlanes LLP advises finance houses, pension funds, hedge funds and corporates on structuring complex, bespoke transactions. Christopher Lawrence’s team now includes experienced structured finance specialist Rachel Kelly, who joined from Clifford Chance.

Orrick, Herrington & Sutcliffe (Europe) LLP’s Martin Bartlam is ‘efficient, reliable and results orientated, with profound knowledge of structured finance’. He advises arranger banks on swaps in structured note issues.

Linklaters LLP remains a clear leader for emerging markets work. The ‘extremely proficient’ team gives ‘clear, well-reasoned and practical advice’, and is a firm of choice when ‘there is no room for error, especially with issues around potential reputation risk’. It recently completed two sizeable transactions for longstanding client BP, including its $9bn acquisition of a 30% stake in 23 oil and gas production blocks from Reliance Industries. In projects, the firm advised a 12-bank syndicate on the €1.1bn financing of the Yuzhno-Russkoye gas field in Sibera. Its top clients span a number of sectors, and include JPMorgan, Gazprom, Glencore, African Barrick Gold and Barclays. Dominic Sanders ‘provides wise, seasoned and practical advice’, and other leading figures in the practice include Sandeep Katwala; ‘good negotiator’ Daniel Tyrer; and Charlie Jacobs, who ‘brings a wealth of knowledge, experience, and professionalism to every project’.

Allen & Overy LLP has a solid reputation for mandates in Russia, North Africa and, increasingly, Turkey. It recently won a role advising Vedanta Resources on the financing for its $9.6bn purchase of a majority stake in Cairn India, led by Sanjeev Dhuna. Philip Smith regularly advises issuers and sovereigns in Russia, Ukraine, Hungary and Poland, and advised the joint lead arrangers of Türkiye Is Bankasi’s $500m bond issue at the beginning of 2011. Other key figures include projects partners Nigel Pritchard and Andrew Castle.

Baker & McKenzie LLP has been active across a raft of deals in the oil and gas, telecommunications, capital markets and real estate sectors. It has a strong Russia and CIS focus, but is seeing an increasing level of work coming from Poland and Turkey. Simon Porter (capital markets) took a lead role advising Turkey’s Akbank on its $1bn Eurobond issue in 2010, and again in March 2011 on the bank’s $750m bond issue. Roy Pearce (corporate) had a busy year, including advising Polkomtel on the establishment of a €1bn MTN programme, and acting for Fortuna Entertainment Group on its IPO on the Warsaw and Prague Stock Exchanges. Recent hire Calvin Walker took a lead role acting for Société Générale and RBS on a $2.5bn loan facility for BP Caspian. Other key figures include Neil Donoghue (projects), Chris Hogan (capital markets), and Nick Tostivin (acquisition finance).

CMS Cameron McKenna LLP bolstered its emerging markets practice with the addition of private equity partners Ted Cominos and Graham Conlon from Linklaters LLP in 2010, and Daniel Winterfeldt on the international capital markets side from Simmons & Simmons in early 2011. The firm is strong in projects, finance and private equity, and recently advised UniCredit on the Czech, Hungarian, and Polish law aspects of the restructuring of BorsodChem Group’s €1.4bn debt pile. Alex Doughty is also recommended.

Cleary Gottlieb Steen & Hamilton LLP is well known for its Russia work, and also focuses on Indian and African securities and corporate matters. Tihir Sarkar is a key figure, and continues to advise longstanding client Helios Investment Partners on a number of corporate deals in Africa. Daniel Braverman’s main focus is on Russia.

Clifford Chance is ‘very good on innovative asset finance solutions in emerging markets’. As well as landing a number of key instructions in Russia and the Middle East, it has seen a continuing spike in Turkey-related work, and Simon Williams relocated to Istanbul in 2011 to launch the firm’s Turkish office. Elsewhere, Russell Wells led a team advising the credit export agencies and commercial banks on the €2.5bn financing for Phase II of the Nord Stream Gas Pipeline Project. Geeta Khehar is also recommended.

The ‘impressive, very professional and balanced team’ at Dewey & LeBoeuf LLP is valued for its ‘depth and quality of service’, and moves up a tier this year. Scott Brodsky is ‘immensely talented’ and has ‘excellent interpersonal skills’. The firm took a choice role advising Sberbank, Russia’s largest bank, in connection with the $5.5bn sale of Russneft by EN+ to its former owner Mikhail Gutsiriev.

Herbert Smith LLP’s practice focuses largely on corporate and energy work in Africa, India and Eastern Europe. In March 2010 it hired Martin Kavanagh and Matthew Job from Linklaters LLP on the finance side to help boost its Africa practice. Key mandates for the firm included advising Perenco on a $2.8bn reserve-based lending facility, which covers assets in a number of jurisdictions in Africa and Europe.

Latham & Watkins LLP’s hire of Graeme Ward from Ashurst LLP at the start of 2010 paid dividends when the firm took a top role advising Vedanta Resources on its $10bn acquisition of Cairn India. The firm established a formal African practice in 2010, and represented JP Morgan and National Bank of Egypt as lead arrangers of a $2bn pre-export finance credit facility, led by Ross Pooley. The firm provides ‘efficient advice and excellent value for money’. Lene Malthasen, Simon Dickens and Ian Clark are also recommended.

The ‘very results-oriented’ team at Norton Rose LLP has ‘excellent response times’ and ‘provides a more personal service than the Magic Circle’. It boosted its capabilities with the hire of Nick Grandage from SNR Denton, who leads the firm’s global trade commodity finance practice. Drawing on its strength in Africa, the firm acted for the African Development Bank and senior lenders on the Main One Cable Project, and also advised Sonangol on a $2.5bn facility arranged by Industrial and Commercial Bank of China. Martin McCann, Chris Brown and Richard Metcalf are all recommended.

White & Case LLP has ‘a big presence’ in the emerging markets and has made a strong play in the Turkish market, while continuing to do well in CEE. The firm has landed a number of significant roles advising on Turkish bond deals, and advised Yüksel Insaat on the first-ever Turkish high yield bond. Peter Finlay is noted for his project finance and corporate practice, and Sven Krogius also comes recommended.

Ashurst LLP advised Citi, Deutsche Bank, Bank of America Merrill Lynch, ENAM, Kotak and Morgan Stanley as lead arrangers on Coal India Limited’s IPO, with Richard Gubbins playing a key role. Sergei Ostrovsky is co-leader of the firm’s Russia and CIS group, while Geoffrey Picton-Turbervill leads the firm’s global energy practice.

Berwin Leighton Paisner LLP gained Slovenia Broadband as a new client in 2010, and also advises Global Trade Centre, Hellenic Petrolium, Serbia Broadband, and UFG Private Equity Fund. Robert Gross led a team acting for Mid Europa Partners and Slovenia Broadband on the acquisition of two telecoms businesses in Bosnia and Herzegovina.

At Debevoise & Plimpton LLP, London managing partner James Scoville has experience acting for issuers and underwriters in global offerings, and advises a number of Russian and Chinese clients listed in London and the US.

Hogan Lovells International LLP counts Union Bank of Nigeria, Islamic Development Bank and Deutsche Bank among clients for Africa work. Andrew Gamble focuses a large proportion of his practice on Africa matters, and also advises on financings out of CEE. Andrew Carey has relocated to the firm’s Singapore office.

Mayer Brown International LLP acted for a lending group of eight institutions on the $823m project financing to Baja Mining Corp, led by Ian Coles. Drew Salvest is also recommended.

Reed Smith is acting for Canaccord Genuity, Miraband Securities, GMP Securities and Dundee Securities as placing agents on the $700m fundraising for African Minerals Limited, with Leon Stephenson leading in London. Gautam Bhattacharyya and Roy Montague-Jones co-head the firm’s India practice.

SNR Denton has carved out a notable emerging markets practice, particularly in Africa and the Middle East, although it lost Africa practice head Howard Barrie and Nick Grandage in 2010 and 2011. Geoffrey Wynne, who heads the trade and export finance practice, and Jonathan Solomon are key figures.

Salans continues to focus on the CEE and CIS regions, and advised Stemcor on the restructuring of $85m in debt owed to it by Estar Group. Stephen Finch leads the group and is the global banking and finance chair at the firm.

Simmons & Simmons is a ‘“go-to”’ firm on export credit agency supported transactions, and is ‘valued for its overall service’. Clients include Standard Chartered, Credit Suisse, Banco Santander and Citibank. The firm advised AES Corporation in connection with the financing for the €500m Kribi and Dibamba IPPs in Cameroon. Philip Abbott is recommended.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP’s Hunter Baker has a strong Russia practice, and is leading a team advising steelmaker Evraz Group on its $2.2bn of acquisition of a number of Ukrainian assets. Bruce Buck is also a key figure in the practice.

Bryan Cave focuses its practice on Africa, Eastern Europe and the CIS. The firm acted for Berkeley Mineral Resources on its £7.3m acquisition of Enviro Mining.

Silvia Fazio at Collyer Bristow LLP is dual UK/Brazil qualified, and regularly advises Banco do Brasil, the Federative Republic of Brazil, and Banco Santander Totta.

Jones Day advised Eurasian Natural Resources Corporation on its $500m pre-export finance facility, led by Ed Borrini.

Orrick, Herrington & Sutcliffe (Europe) LLP focuses on lender and borrower matters, predominantly in Africa. Alexander Janes leads the group.

Simon Norris and Paul Biggs are the key players at Trinity International LLP, and regularly advise lenders and developers.

The high yield market has continued to see a boom in activity, with a number of new bond issues continuing through 2010 and into the early part of 2011. UK and US firms have responded by bulking up their practices, resulting in a number of changes to teams.

Latham & Watkins LLP continues to reign supreme in the London market, with a four-partner team ‘head and shoulders above the rest’. It acted for CVC Capital Partners on the offering of senior secured notes and senior notes to help fund the company’s CHF3.3bn acquisition of Sunrise Communications; and also advised a consortium of banks on the €1.2bn senior subordinated notes offered by Netherlands cable operator Ziggo. Acting for both the underwriter and issuer, the group counts Morgan Stanley, Deutsche Bank, MTS and ConvaTec among its clients. Richard Trobman – the ‘godfather of European high yield’ – remains a leading player in the market, and Brett Cassidy and Tracy Edmonson are ‘exceptionally bright and hardworking’. Scott Colwell was recently promoted to partner.

Cahill Gordon & Reindel’s relatively small team, under Jim Robinson, maintains its position as a ‘clear market leader’. Predominantly acting for the banks, the team’s recent work includes acting for Matalan Finance on its £250m offering of senior secured notes to help the company refinance its debt; and for Citi as sole book runner on the offering of €200m senior notes by Ardagh Packaging Finance. Anthony Tama transferred from the US to bulk up the firm’s London practice.

Cravath, Swaine & Moore LLP has a team of ‘excellent lawyers with good experience’, and is noted as having had ‘a very strong year’, landing roles on a raft of new bond issues including acting for Deutsche Bank, BNP Paribas, UBS, UniCredit and Société Générale as underwriters on CVC Capital Partners’ takeover of Sunrise Communication. London managing partner Philip Boeckman is a leading figure in the London market.

Despite losing Ward McKimm to Kirkland & Ellis International LLP, Shearman & Sterling LLP is recognised for its ‘amazing track record’ in the market. Jacques McChesney remains a leading figure, and Apostolos Gkoutzinis has been promoted to partner. Bank of America Merrill Lynch, Credit Suisse, Advent International, and Oxea Finance & Cy are among the clients of the team, which recently represented furniture group DFS Furniture Holdings on its £240m offering of senior secured notes.

Nicholas Shaw at Simpson Thacher & Bartlett LLP is ‘one of the best practitioners’ in the London market. He and London managing partner Gregory Conway led a team advising JP Morgan and a consortium of banks as initial purchasers of €170m senior secured notes offered by CET 21. The firm acts for institutions such as Goldman Sachs, KKR and Deutsche Bank, and also for issuers. Alvaro Membrillera was promoted to partner.

White & Case LLP’s team is well regarded in the market, but has seen a spate of recent departures. Practice head Rob Mathews acted for Yüksel Insaat on its offering of $200m in senior notes, reportedly the first-ever high yield bond offering in Turkey.

Allen & Overy LLP continued to beef up its high yield offering with the addition of Jacob Minas from Cahill Gordon & Reindel in New York. He joined the firm’s London office in late 2010, and works with practice head Kevin Muzilla. The firm is pushing into bank-side instructions, and recently advised Goldman Sachs and Citi on the issue of €500m in senior notes by Alcatel Lucent.

Clifford Chance has a predominantly issuer-side practice, and in 2010 advised Spain’s ONO on its offering of €700m in senior secured notes. Michael Dakin has returned to the practice, bringing the number of partners in the team to four.

Freshfields Bruckhaus Deringer LLP’s team grew with the hire of Gil Strauss and Simone Bono from Simpson Thacher & Bartlett LLP in London and New York, respectively. Work highlights included advising Deutsche Bank and Goldman Sachs on the €202m high yield bond issue by Kuka.

Mark Hageman joined Linklaters LLP from Cravath, Swaine & Moore LLP in September 2010, and now co-leads the practice with Alexander Naidenov. The firm acted for the Hertz Corporation and Hertz Holdings Netherlands on the issuance of €400m senior secured notes to help the rental company refinance its debt.

With a growing presence in the market, Ropes & Gray LLP’s team in London continued to expand with the transfer of Jane Rogers from the firm’s Boston office. The firm landed a plum role advising UPCB Finance Limited in connection with its issuance of €500m senior secured notes, and Liberty Global is a major client.

Weil, Gotshal & Manges has been actively rebuilding its London high yield practice after losing Peter Schwartz to Milbank, Tweed, Hadley & McCloy LLP; it hired Rob Ferguson from Shearman & Sterling LLP in March 2011, and David Meredith has transferred from Hong Kong.

Kirkland & Ellis International LLP looks set to become a significant player in the London high yield market; it hired Ward McKimm from Shearman & Sterling LLP in April 2011, and William Burke has transferred from the Chicago office.

Milbank, Tweed, Hadley & McCloy LLP recently hired Peter Schwartz from Weil, Gotshal & Manges, who is ‘excellent, with strong high yield capabilities’, and also Tim Peterson from Fried, Frank, Harris, Shriver & Jacobson (London) LLP.

Sidley Austin LLP’s team now has three partners, following Stephen Roith’s move from Clifford Chance in 2010. Bart Capeci is also recommended.

The higher-ranked firms in the main Investment funds table have sophisticated and generally broader practices, with the ability and depth to work across different fund types, asset classes and disciplines, or are recognised as outstanding players in one or more sectors. This main table also dictates the order of the editorial.

The four sub-tables reflect strengths in particular areas. The Private funds table covers non-listed private equity, infrastructure and real estate funds but excludes hedge funds, which are addressed in a separate table; the Listed funds table assesses closed-end listed funds practices; and the Retail funds table addresses authorised funds such as UCITS, unit trusts and OEICs. The focus in all cases is on fund formation, fundraising, restructuring, and regulatory advice. Readers should be aware that there is a separate section covering Private equity – transactions, under Corporate and commercial.

Ashurst LLP is ‘not the largest funds department in London but has decent strength in depth, and good-quality knowledge of industry trends’. Real estate funds clients include Greenhills Asset Management, RREEF and SEDCO, while listed funds clients include J.P. Morgan Cazenove, Citi, and Invesco. The team represents clients such as BNP Paribas and Citibank on UCITS and ETFs. Piers Warburton is ‘very clever, very pleasant, and has in-depth knowledge of private equity funds’. Bruce Hanton is highly regarded, as is tax partner John Watson, and David Evans is excellent for real estate funds. Jeremy Sheldon has retired.

Eversheds LLP ‘always resources well, and responds very quickly’. It has top-end expertise in retail funds, rounded out by excellence across mid-market private equity and real estate funds, and listed and hedge funds. The ‘very well-informed’ Pamela Thompson, who heads the practice, is recommended for retail funds, as are Julian Brown and the ‘very practical’ Michaela Walker, ‘a leading lawyer for UK funds’. Hedge and private funds expert Ronald Paterson displays ‘good knowledge and business sense’, and Jonathan Master is recommended for listed funds. Clients include Numis Securities, Credit Suisse and Aberdeen Asset Management.

‘All round, the best in the market’, Herbert Smith LLP has deep resources and a leading practice in listed funds, and strength in hedge and private funds. Highlights included advising new client Gulf International Bank on an emerging markets opportunities fund, and HarbourVest Senior Loans Europe Limited on its LSE main market listing. The team provides ‘first-rate service, reflected in fast response times, and its “value-added” and proactive approach’. Thiha Tun and practice head Nigel Farr demonstrate ‘deep commitment, broad knowledge and a focus on solutions’, and Tim West is ‘a quietly assertive adviser who spots and anticipates key issues well’. Scott Cochrane and Mark Geday are also recommended.

Hogan Lovells International LLP is a ‘strong team that is good value for money’ across private, hedge and listed funds. It advised John Laing Infrastructure Fund on its £270m LSE listing, and now represents three of the four infrastructure funds listed on the LSE’s main market. It advised on launching Threadneedle Asset Management Low-Carbon Workplace Fund and Lend Lease PFI/PPP Infrastructure Fund. Practice head Nicholas Holman is ‘very good and very knowledgeable’, and is ‘prepared to give a commercial view in addition to technical legal advice’. James McDonald and Erik Jamieson are recommended for real estate and hedge funds respectively.

Linklaters LLP’s ‘consistently impressive’ team is ‘efficient and commercially oriented’. Its excellence across fund and asset classes (with particular strength in listed and private funds) is mirrored by its breadth geographically. Highly regarded individuals include Jonathan de Lance-Holmes, who heads the London investment management group; Tim Shipton, global co-head of the investment managers team; Nicola Hopkins; and regulatory expert Peter Bevan. Recent highlights include advising HSBS Special Investments’ senior management, a new client, on the spinout to form InfraRed Capital Partners, involving the restructuring of a multi-jurisdictional fund manager. Cinven and BXR Group are other significant new clients. The firm has been advising Lend Lease on lifecycle extension for Lend Lease Retail Partnership fund, and advising another client on cutting-edge hedge funds and UCITS platforms.

Providing ‘excellent service from high-quality lawyers’, Macfarlanes LLP’s well-resourced team includes experts across private, listed and retail funds. Practice head Bridget Barker, ‘a real star in the funds world’, is recommended for private funds matters, along with Stephen Robinson and Stephen Sims. The team advised Azini Capital on fundraising for Azini 2, which acquired Apax’s venture capital portfolio, and acted on Montagu Private Equity’s fourth fund. ‘Trusted adviser’ Tim Cornick is recommended for open-ended funds, where clients include Fidelity and Old Mutual; and Robinson and Matthew Blows are recommended for listed funds, and have been advising on restructuring matters. Mark Baldwin is ‘one of the best tax thinkers in the City of London’.

SJ Berwin LLP is ‘excellent – advice is to the point and very commercial’. Its greatest strength is in private equity, complemented by its expertise in hedge funds and real estate funds. The group acted on 49 fundraisings totalling €22bn in 2010, including Pantheon Ventures’ $3bn Global Secondaries Fund, and the £1.9bn HgCapital 6 fund. Other clients include Apax, Cheyne, Hermes, and Macquarie. Senior partner Jonathan Blake heads the team, which is ‘consistently strong, right down into the junior level’. Nigel van Zyl is ‘a star – always calm and capable, with an impressive knowledge of his area, shrewd, and astute at leading negotiations’; and Duncan Woollard has ‘very strong knowledge of mezzanine funds’. Ajay Pathak co-heads the hedge fund with Victoria Younghusband, who also heads the listed funds team; and Simon Witney, Josyane Gold, Michael Halford and David Ryland are also recommended

Simmons & Simmons provides ‘an excellent service, very good value for money, convincing industry know-how, and a business-oriented approach’. Its premier UK hedge funds practice is advising Old Mutual on a new managed futures fund, and other clients on the launches of BlueCrest FX Arbitrage Fund, Lansdowne European Long Only Feeder Fund and Lansdowne Global Long Only Fund. The firm also has prominent listed, retail and private equity funds practices. In private funds, it advised Gartmore on the £4.1bn merger with Hermes to create Hermes GPE, and Acuity Capital on a new $100m renewable energy infrastructure fund. It advised RBS as sponsor on the LSE listing and launch of CQS Diversified Fund; and acted for F&C Management Limited and Altima Partners on respective UCITS umbrella platforms with sub-funds. The highly regarded Steven Whittaker is an expert in hedge and closed-ended funds, and the ‘extremely diligent and capable’ Ian Meade and ‘very sensible’ Timothy Pearce are also recommended for hedge funds. Private equity specialist Noel Ainsworth is ‘technically very good, and impressive in terms of business sense and client focus’. The ‘very responsive’ Neil Simmonds is an expert in retail and hedge funds.

Akin Gump Strauss Hauer & Feld is a powerful transatlantic presence, with the London office handling fund formation and reorganisations for major private equity and hedge fund clients including Carlyle, J.P. Morgan Securities Inc and Polygon. The team is ‘generally excellent across sectors – the real strength is the practicality of advice’. David Billings, a US-qualified attorney, heads the practice and is highly recommended. Simon Thomas displays ‘excellent all-round knowledge, with a practical point of view’.

Allen & Overy LLP’s ‘very experienced and responsive’ team works across the higher end of private equity, real estate, infrastructure, hedge and listed funds, and certain UCITS. It advised the IFC on establishing its fund management subsidiary; and set up JPMorgan Asset Management’s $750m Global Maritime Investment Fund and its High-Yield Debt Fund, a feeder fund for a pension fund sponsored by a Japanese bank. Matt Huggett is ‘very good at identifying solutions’, and is recommended along with Nick Williams.

Berwin Leighton Paisner LLP’s investment management group is ‘excellent – advice is to the point and very commercial’. Best known for its superb real estate funds practice, it has added capability across other fund classes. Recent instructions include closing new private equity funds for Duet; acting for Aviva Investors, Blackrock, LaSalle and Hermes on real estate funds; handling listed funds including the LSE-listed GCP Infrastructure Fund; and retail and hedge fund work for clients such as Barclays Wealth. Antony Grossman is recommended for real estate funds, and is the new practice head, replacing Tim Simmonds, who moved to Osborne Clarke in June 2011. Kate Binedell was promoted to partner in 2010. The excellent Peter McGowan, a real estate and hedge fund expert, joined Proskauer Rose LLP in June 2011.

Clifford Chance’s funds practice has changed dramatically, losing several key partners; the superb Jason Glover joined Simpson Thacher & Bartlett LLP in January 2011, and in June 2011 Weil, Gotshal & Manges hired Ed Gander, Nick Benson, Nigel Clark and Jonathan Kandel to found its new fund formation team. Nigel Hatfield remains, and provides private equity and real estate fund clients – including Legal & General and Pramerica – with ‘excellent, commercially oriented advice that draws on his deep knowledge of both his subject and the market’; and Stephen Fox is also ‘particularly impressive’.

Debevoise & Plimpton LLP’s globally renowned private equity practice is represented in London by a high-quality team, advising on buyout, mezzanine, real estate and infrastructure funds. It advised Park Square and Doughty Hanson on capital raisings for new European funds, and acted for Deutsche Bank on establishing its next-generation secondaries opportunity fund. Marwan Al-Turki, Geoffrey Kittredge and Anthony McWhirter are recommended.

Dechert LLP’s ‘excellent and dedicated’ London team advises on private and hedge funds, and also handles ETFs, OEICs and UCITS. ‘Commercial’ practice head Peter Astleford and Stuart Martin are highly regarded for hedge funds, as well as closed and open-ended funds. Both Martin and Jennifer Wood are ‘solid, experienced, and calm under pressure’. Recent highlights include advising Pamplona on a joint venture platform; and assisting on a number of new funds and trusts for clients including ACPI, BlueBay and Lombard Odier.

Field Fisher Waterhouse LLP is excellent for retail funds. It is also undertaking more alternative investment funds work, and Duncan Black is recommended for hedge funds. Group head Kirstene Baillie is highly experienced and efficient, and an expert in UCITS. The firm advised several major clients on fund formation and reorganisations.

Freshfields Bruckhaus Deringer LLP acts on innovative and high-end matters across the fund spectrum, and, particularly, is ‘at the top of the game in the listed fund arena, for its understanding of both issuer and underwriter pressure points’. It advised Brevan Howard on launching its new investment company, BH Credit Catalysts Ltd; Dragon Capital and certain of its managed funds on lifecycle continuation; and Peakside Real Estate AG on its spinout from Bank of America Merrill Lynch. Practice head Mark Watterson, Karen Fountain and David Rouch are recommended, as is Jonathan Baird, who is ‘very good at finding solutions to meet commercial objectives’.

Kirkland & Ellis International LLP’s ‘very good’ team is ‘proactive and commercial’, and has developed an excellent private funds practice, including buyout and secondary funds as well as real estate, infrastructure and venture capital. Practice head Mark Mifsud, Kate Downey and Richard Watkins are recommended. The team acted for Candover Partners on the funds aspects of its spinout into Arle Capital Partners; and advised a top-end investment manager on the tax structuring of its portfolio. It is also sole private funds counsel to Nomura International.

Nabarro LLP’s ‘thorough and methodical’ team works across the hedge, private equity and real estate fund sectors. It advised Goodman Industrial Trust on establishing UK and European real estate funds, of £400m and €400m respectively. Group head Amanda Howard is ‘not only a good lawyer but very good at organising delivery of service’; she and Deborah Lloyd are recommended for real estate funds, and Andrew Wylie for private equity and hedge funds.

‘Very solid on the law, with an excellent dose of commercialism’, Norton Rose LLP is ‘very responsive’, and provides ‘good advice from the partners and good support from the associates’. Listed and retail funds are key, but the firm is growing its private equity, real estate and hedge funds work. It advised JPMorgan Global Emerging Markets Income Trust plc on its IPO and LSE listing; acted for J.P. Morgan Cazenove and others on the £270m IPO and LSE listing of John Laing Infrastructure Fund Limited; and acted on the establishment of Skyline Capital. Practice head Ian Fox is ‘very good, and explains complex issues clearly’; Michael Newell is highly rated for hedge and private funds; and Richard Sheen, head of asset management, is also recommended, along with listed funds expert Cathy Pitt.

Stephenson Harwood is ‘exceedingly good value for money’. The team acted for the sponsor and joint bookrunners on LSE-listed BlueCrest AllBlue Fund Limited’s placing and offer of C shares. The practice was also busy with restructuring and investment rollovers for major investment trusts. Practice head William Saunders is ‘very good and readily accessible’, and is an expert in offshore investment companies. Andrew Sutch and Elizabeth Field are also recommended.

Travers Smith LLP is ‘excellent, commercial and responsive, with strength in depth’. Its practice spans private equity buyout, infrastructure, real estate and hedge funds, as well as listed funds. Group head Sam Kay displays ‘particular expertise in the structuring of offshore alternative funds’, and is ‘highly responsive, and reliably provides sound legal guidance taking account of commercial realities’. Jane Tuckley is ‘an extremely capable regulatory lawyer with an impressive knowledge of regulatory requirements for all types of investment funds’. Aaron Stocks is recommended for listed funds, and Richard Spedding for hedge funds. The group advised Elysian Capital on its £130m debut buyout fund; Candover Partners Ltd on its spinout from Candover Investments plc via the formation of Arle Capital Partners; and Metric Property Investments plc on its £190m placing and LSE listing and conversion to a REIT.

Baker & McKenzie LLP’s four-partner team established various new emerging markets, real estate and secondary funds. Highlights included advising Mansour Group on establishing the Guernsey-based Man Capital fund platform, and Earth Capital Partners LLP on its ECP Forestry Fund One LP. James Burdett heads the team.

CMS Cameron McKenna LLP’s ‘first-class service’ is marked by ‘good response times and the ability to solve problems on the hoof’. It has considerable expertise in real estate and infrastructure funds, and advised on aspects of John Laing Infrastructure Fund, which had its IPO in November 2010. Christopher Southorn and Melville Rodrigues are highly regarded for fund formation. Gawain Hughes moved to DLA Piper UK LLP.

Covington & Burling LLP’s high-calibre private equity practice has focused on investments and secondary transactions recently. Clients include Brookings Institute and Pantheon. Practice head Simon Goodworth is recommended.

DLA Piper UK LLP advised Better Capital Limited on its AIM listing and subsequent migration to the LSE main market. David Williams heads the team, which recruited private funds partner Gawain Hughes from CMS Cameron McKenna LLP in September 2010, a year after adding private equity expert Jon Hayes.

Providing ‘excellent partner-level support’, Lawrence Graham LLP’s core strengths are real estate funds and closed-ended funds. Highlights included advising BlackRock Frontiers Investment Trust plc on its LSE placement and £95m fundraising. Other clients include Ruffer Investment Company, Cenkos Securities and Universities Superannuation Scheme. Nick Heather is ‘personable, has a deep commercial understanding of funds, provides creative solutions, is well connected in the industry, and provides excellent client management’.

Mayer Brown International LLP’s expertise encompasses real estate, private equity, hedge and listed funds, although its recent work has focused more on investments and asset transactions than on fund formation. Clients include BNY Mellon, Future Fund Board of Guardians, and UBS Global Asset Management. Practice head Tim Nosworthy is ‘thoughtful and very responsive’; and hedge fund expert William Charnley and regulatory specialist Angela Hayes are also recommended.

O’Melveny & Myers LLP’s core expertise lies in private funds. Clients include Actis, Apollo Management and Coller Capital. Practice head John Daghlian and Solomon Wifa are recommended. James Ford relocated to Hong Kong in January 2011.

Schulte Roth & Zabel International LLP’s London office is a dedicated funds practice. It is best known for hedge funds work, and was recently instructed by Centaurus Capital on the formation of two new funds, but is increasingly busy with UCITS instructions for clients including Marshall Wace. Other work included representing Millennium Global Investments on a spinout, and advising Liongate Capital on two new funds of hedge funds. London managing partner Christopher Hilditch and US-qualified Josh Dambacher are recommended.

Shearman & Sterling LLP advised key clients on the establishment and launch of a new hedge fund and a new real estate fund. Of counsel William Murdie heads the practice, and is highly rated.

Sidley Austin LLP’s primary expertise lies in hedge funds, and the group acted on several new funds in 2010 and 2011. Clients include James Caird Asset Management and Trafalgar Asset Management. Highly experienced team head Bruce Gardner is recommended.

The highly rated Jason Glover joined Simpson Thacher & Bartlett LLP from Clifford Chance in January 2011 to head the new practice, and subsequently recruited Gareth Earl as a senior associate from Doughty Hanson. Glover, who has ‘expert knowledge of fund terms’, has already brought over key client EQT for its $4.25bn EQT VI fundraising. The team has also been appointed lead sponsor’s counsel to Arle Capital for certain Candover legacy funds.

Slaughter and May ‘compares very favourably to other more recognised investment funds firms’, with its partners providing ‘robust, commercial advice’, and is excellent for closed-ended listed funds. Practice head James Cripps is ‘very good, innovative, and has a wealth of experience’; and Robin Ogle ‘sees the bigger picture, so you get good and commercial advice’. Highlights included launching £460m Fidelity China Special Situations plc, and Polar Capital Alva Convertible Bond Fund Limited.

Speechly Bircham LLP’s team is ‘excellent – committed, pragmatic and wise’, and handles retail, listed and mid-market private equity funds. The ‘very knowledgeable and helpful’ Elizabeth Budd advised Newton Investment Management and BNY Mellon Fund Managers Limited on launching The SRI Fund for Charities. Vincent Mercer and assistant Sean Donovan-Smith provide ‘effective, pragmatic advice’. Group head Nick Janmohamed is also recommended.

Weil, Gotshal & Manges recruited four partners from Clifford Chance in June 2011 to found a fund formation team that looks set to flourish. Ed Gander is ‘commercially practical and gives sensible strategic advice’; Jonathan Kandel has ‘expert knowledge of private equity tax issues and their impact on structuring’; Nick Benson is ‘a proper funds lawyer’; and Nigel Clark is also recommended.

White & Case LLP’s expertise encompasses private equity, real estate and infrastructure. Practice head Matthew Judd is recommended.

The ranking takes into account shari’ah-compliant financing capabilities in London and the Middle East. Recommended lawyers are London-based, unless noted otherwise.

Allen & Overy LLP is superb for sukuk, and demonstrates ‘excellent legal knowledge and extremely strong industry knowledge’. Roger Wedderburn-Day and Dubai-based Anzal Mohammed are ‘at the top of their field for technical expertise, understanding of Islamic finance and their influence in shaping sukuk issuance’. The team advised Saudi Electric Corporation on its SAR7bn sukuk issuance, Saudi Arabia’s first public offering of 2010. Salim Nathoo, Michael Duncan and very good senior associate Atif Hanif are also recommended.

‘Excellent across all its offices’, Clifford Chance ‘bridges the needs of Islamic finance and conventional capital markets products’. It is advising HM Treasury and parliamentary committees on Islamic finance, and drafted the ISDA/IIFM Tahawwut Master Agreement. Recent instructions include advising Noor Investment on a feeder fund investment, and acting for PT Natrindo Telepon Seluler on a $1.2bn equipment financing – Indonesia’s largest private sector Islamic financing to date. It also advised lenders on a SAR2.2bn murabaha bridge facility to develop an acrylates complex in Saudi Arabia, and advised another client on a large issuance featuring sukuk and conventional tranches. The ‘outstanding’ Habib Motani displays ‘excellent overall knowledge in conventional and Islamic capital markets’; and Riyadh-based Tim Plews and Dubai-based Debashis Dey, Qudeer Latif and Robin Abraham are also recommended.

‘A fine practice’, King & Spalding International LLP is ‘second to none with regards to innovative Islamic finance structuring and solutions’, and is ‘very good on Islamic fund structuring and contracts’. It advised EURX Properties SCA on refinancing a €200m ijara facility secured against European properties. Other clients include Arcapita, Eastgate Capital, HDG Mansur Investment Services Inc and Mashreqbank psc. Dubai-based Jawad Ali is ‘at the cutting edge of the industry, pragmatic, flexible, very skilled in negotiation and discussions, and has outstanding intelligence’. Michael Rainey is ‘top class’, ‘focused on details, committed, and a very good listener’, and has ‘an honesty of approach that recognises problems, but solves them’. Dubai-based Rizwan Kanji joined from Norton Rose (Middle East) LLP in November 2010.

Norton Rose LLP’s team has changed significantly. The practice’s founding partner Neil Miller retired in April 2011; the ‘enormously well-respected’ and ‘energetic and enthusiastic’ Mohammed Paracha re-joined the firm from Al Salam Bank; Rizwan Kanji moved to King & Spalding; and the ‘exceptional’ Davide Barzilai relocated to Hong Kong. There are three new regional practice heads: Barzilai for Asia; the ‘very good’ Farmida Bi for Europe; and Paracha for the Middle East and Africa. Highlights included advising Kuveyt Türk on its $100m LSE-listed sukuk, noteworthy as Turkey’s first sukuk and Europe’s first bank sukuk. The team also advised HSBC on financing for SabaFon in Yemen; QF Investment Management NV on a shipping-focused mezzanine financing fund; and Calyon on a commodity murabaha for Zain Sudan. Oli Charlesworth in Abu Dhabi is ‘very responsive, competent and accessible’.

Hogan Lovells International LLP’s ‘excellent’ team advised Citi and Liquidity House as joint lead managers on Kuveyt Türk’s $100m sukuk. Other clients include Dubai Islamic Bank, Morgan Stanley, Noor Islamic Bank, QInvest and Sharjah Islamic Bank. Dubai-based Rahail Ali is ‘experienced, efficient, and has a strong knowledge of shari ’ah structures, and an ability to think outside the box’.

Linklaters LLP advised lenders on financing Saudi Arabia’s $14bn Jubail refinery and petrochemical project, which included four Islamic tranches with conventional lender participation. It also acted for Emaar Properties PJSC on a $2bn ijara-structured trust certificate programme; and Khazanah on its SG$1.5bn wakalah-structured trust certificate programme, Singapore’s largest local-currency issuance by a foreign issuer. Dubai-based Richard O’Callaghan is recommended. Andrew Roberts left for Fontenergy.

‘Always accessible and responsive’, Addleshaw Goddard LLP is expert in complex shari’ah-compliant real estate, funds and asset management. Clients include Gatehouse, CIMB Islamic Bank Berhad, and Coutts plc. Practice head Andrew Petry has ‘very good knowledge of Islamic finance’.

Ashurst LLP’s new instructions included Abu Dhabi Islamic Bank’s $750m sukuk issuance, and the team remained busy on the Nakheel restructuring. Practice head Abradat Kamalpour is ‘very knowledgeable and practical’.

Berwin Leighton Paisner LLP’s clients include ABC Islamic Bank, Dar Capital and European Islamic Investment Bank plc. Tamara Box and department head Saleem Malik are the key figures in the practice. Andrew Baird joined Watson, Farley & Williams LLP.

Herbert Smith LLP advised Gatehouse on the shari’ah-compliant purchase of student accommodation incorporating a conventional loan; and Al Salam Bank of Bahrain on a shari’ah-compliant mezzanine refinancing of 5 Canada Square. Dubai-based practice head Nadim Khan is recommended.

Latham & Watkins LLP’s Craig Nethercott and Brian Conway joined from White & Case LLP in 2010. They advised lenders on a $2.5bn murabaha for Zain in Saudi Arabia. Anthony Pallett is set to join the firm in the UAE from Norton Rose (Middle East) LLP.

Milbank, Tweed, Hadley & McCloy LLP has advised on Islamic financing for major projects including Saudi Arabia’s $10bn Yanbu refinery and the $4.1bn Marafiq IWPP in Jubail. John Dewar is recommended.

Practice head Habib Ullah led Nabarro LLP’s advice to The Investment Dar on financing and developing the £350m Grosvenor Apartments in Park Lane. It also advised Zain on the commodity murabaha financing of its Sudanese subsidiary.

SNR Denton’s Matthew Sapte led advice to the joint lead managers on IDB’s $750m sukuk issuance and Sharjah Islamic Bank’s $400m sukuk. Paul Jarvis in Abu Dhabi and Richard de Belder are also recommended.

Shearman & Sterling LLP advises on shari’ah-compliant financing and mixed conventional/Islamic financing for major projects including Pakistan’s New Bong and Uch II developments and Saudi Arabia’s Ras Tanura petrochemicals project. It has also been advising on Nakheel’s restructuring. Tim Pick is recommended.

‘Very good and very accommodating’, Simmons & Simmons advised HSBC Bank Middle East Limited on a $175m syndicated Islamic financing to RAK Ceramics, and represented Dubai Islamic Bank as lead arranger on Saudi Binladen Group’s $842m syndicated credit facility for a campus development. Muneer Khan in Abu Dhabi is ‘able to understand the bigger picture’, and ‘flexible’, and ‘provides prompt and timely advice’.

Taylor Wessing LLP demonstrates ‘first-class knowledge of the relationship between shari'ah and general law’. It advised Deutsche Postbank and Helaba on commodity murabahas, and the government of Dubai on its sukuk programme. It also advised on the London International Hospital sukuk, the first under the UK’s Finance Act 2009. Practice head Hamid Yunis ‘knows the area and the players’, and Rodney Dukes is also recommended.

Trowers & Hamlins LLP has a ‘good and reliable team’, particularly for real estate and projects. It advised Gatehouse on commodity murabahas for UK property acquisitions worth over £100m; advised QIB (UK) plc on a tawarruq facility for a site purchase; and represented Arabian Sugar Company on a $63m istisna’a and ijara to develop a refinery. Other clients include Arcapita, Dar Capital and Kuwait Finance House. Practice head Nicholas Edmondes is recommended, as is Manama-based Neale Downes and his ‘knowledgeable and helpful’ Bahrain team.

‘Smart, constructive, creative and pragmatic’, Allen & Overy LLP is ‘a market leader on innovation and technical expertise’, with David Krischer leading a team of ‘responsive technical experts who are commercially sensitive and cost effective’. Among its deals were the first Italian project bond for Andromeda PV (the first-ever listed solar bond); and Bank of New Zealand’s first covered bond programme, both led by Tim Conduit. Christian Lambie has ‘excellent industry knowledge and enthusiasm’, and advised Tesco Property Finance’s on two CMBS-style deals; Salim Nathoo advised Nationwide on the first securitisation sold into the US by a UK building society; Angela Clist set up covered bond programmes for ANZ Banking Group and Westpac Bank; Vanessa Hardman advised Alliance & Leicester on a £1.4bn RMBS; and Sally Onions advised RBS on its €15bn covered bond programme.

Among Clifford Chance’s many ‘enthusiastic, proactive, innovative and pragmatic’ partners are Kevin Ingram, who is ‘excellent, with extensive knowledge of policy issues’; Peter Voisey, ‘a very good relationship partner, congenial rather than adversarial’; Steve Curtis, whose ‘expertise is hard to rival’; real estate deal specialist Andrew Forryan; and Simeon Radcliffe, who is ‘a future star, very calm, popular and fun’. Senior associate Derwin Jenkinson is picked out for his ‘acute commercial sense, and is sharp and extremely hardworking’. Landmark deals included advising the originator and issuer on a £4.7bn RMBS, and acting for Hertz in refinancing car rental businesses through securitisation. ‘You get the best of both worlds – the power of a big firm and the client relationship of a small firm.’

Freshfields Bruckhaus Deringer LLP has ‘a very good team that scored well in thinking how the market would pan out’, and draws on the firm’s first-class regulatory, restructuring and transactional expertise to provide a ‘professional, committed and supportive’ service. Stuart Axford ‘gives commercial advice and always makes himself available’; Christopher Barratt is ‘commercial, hardworking and responsive’; and rising star Thomas Cochran is ‘exceptionally good at handling large, complex deals’. Ian Falconer advised a consortium of banks on LyondellBasell’s €450m trade receivables deal; Marcus Mackenzie advised HSBC Rail UK on an innovative financing platform; and Simeon Rudin advised banks including Nomura on the Blue City restructuring.

Linklaters LLP’s innovative work included the development of a new securitisation product – the accelerated structured bond offering (ASBO) – widely used in M&A transactions. The practice encompasses whole-business securitisations (particularly for utilities), covered bonds, and mortgage-backed securities. The team includes head of structured finance James Harbach; ABS specialist Edward Hickman; Andrew Vickery, who advised banks on a $2bn covered bonds programme for BnB NOR Boligkredit; the ‘marvellous’ Julian Davies, who acted for banks on the first-ever ASBO, a financing deal for HSBC Rail; and Anne Hoe, who represented the lead managers on a $4.5bn RMBS, the UK’s first such standalone structure since 2007. The £1.65bn restructuring of the More London Estate financing, for borrower London Bridge Holdings, was another highlight.

Young partner David Quirolo, ‘a future star whose work ethic and knowledge are impressive’, is driving the diversification of Ashurst LLP’s practice. The team, which advises many collateral managers and investment banks on CLOs, is ‘extremely hardworking and responsive, with very deep industry knowledge’; Simon Small, Fraser Wood and Michael Smith are noted for their ‘very partner-led’ work on bespoke transactions. Michael Smith returned from New York to take on the clients of Erica Handling, now at Barclays Capital. The team advised Barclays Capital as replacement swap counterparty on over 30 CDOs.

Jonathan Walsh’s team at Baker & McKenzie LLP provides ‘very prompt responses, well-informed advice, good value and an exceptional level of expertise’. Simon Porter stands out for covered bonds, deals in the Middle East and CIS, and advice to trustees. Vincent Keaveny gives ‘excellent, well-considered, thoughtful and helpful’ advice, and recently handled a £340m UK auto loans securitisation for UBS. Rebecca Ford also worked on that deal, and on the first trade receivables deal for ISS.

Hogan Lovells International LLP has ‘superb industry knowledge’. Key figures are David Hudd and Julian Craughan; the latter advised FCE Bank on its £1.3bn Globaldrive securitisations. Tauhid Ijaz stands out for restructurings, infrastructure deals and regulatory capital work, including advising in relation to $1bn of credit-linked notes for a Russian financial institution. Dennis Dillon joined from Sidley Austin LLP, adding experience in conduit deals. James Doyle’s advice is ‘top notch from a legal point of view and always provided in a commercial manner’.

Mayer Brown International LLP climbs in the ranking, partly in recognition of its active practice in private deals. The ‘very experienced’ Bruce Bloomingdale heads a popular team that includes Stephen Day and Kevin Hawken, who advised Deloitte as receivers of the Golden Key SIV; and the ‘innovative and creative’ Jeremiah Wagner, who is ‘a valuable asset, and remains calm and focused under pressure’. ‘A safe pair of hands, giving succinct and considered advice’, Drew Salvest is the only member of the team handling term securitisations.

Sidley Austin LLP is a major player in private placements, and ‘very good to deal with’, with high levels of involvement from partners who ‘always deliver what they promise’. Graham Penn represented the sponsors on the restructuring of €1.35bn of debt partly securitised in the Fleet Street 2 CMBS; and John Woodhall advised Swiss Re as counterparty in the first cat bond to transfer longevity divergence risk to the capital markets. Synthetic securitisation specialist Paul Matthews is also highly recommended.

Norton Rose LLP is ‘coming up the curve quickly’, thanks to partners such as Sandrine Sauvel and Laurence Garside, who epitomise the firm’s ‘in-depth experience and industry knowledge, fast response times and team spirit’. Kate Alliott is recommended for whole-business and infrastructure deals, and Farmida Bi’s strengths are ‘her knowledge and her industry expertise in Islamic finance’. New clients include Barclays Capital, which the firm advised in relation to a €3bn covered bond programme for Piraeus Bank.

‘The go-to firm for CMBS restructurings’, Paul, Hastings, Janofsky & Walker (Europe) LLP ‘outshines many other firms on practicality, technical creativity and honesty’. Charles Roberts is ‘the standard-bearer for the industry’; and Conor Downey ‘gives advice that clients can trust, and which reflects commercial realities’. The team advised a European bank on a £300m CMBS backed by a single large office property in London, and represented the special servicer on the £1.2bn Fleet Street 2 deal.

Shearman & Sterling LLP’s Julian Tucker advises many investors in distressed deals, and has notable expertise in whole-business securitisations and structured property transactions; he is ‘as good as anyone, highly engaged and with a light-hearted, no-nonsense approach’. The firm is active in bespoke private deals, and Ian Harvey-Samuel is experienced in restructurings.

Simmons & Simmons’ Simon Schiff advised Singer Asset Finance on a £260m equipment lease deal, and Lloyds TSB on restructuring a $4bn RMBS. Ian Sideris acts for a UK bank on the synthetic securitisation of ABS exposures, and David Roylance represented UBS as arranger on the synthetic securitisation of a €1.5bn derivatives portfolio. The practice has also seen a growing number of private placements.

‘The leading corporate issuer practice’, Slaughter and May advised Santander UK and Langton Securities on two RMBS deals, and acted for Gatwick Airport on its whole-business securitisation programme for the issue of £5bn in bonds. Sanjev Warna-kula-suriya, Marc Hutchinson and Guy O’Keefe are all experienced in the area. ‘The firm does all the thinking for all parties and so provides a complete solution.’

Weil, Gotshal & Manges ‘rates highly on all categories, from response times, business acumen and strength in depth to value for money’, and has ‘highly prized institutional knowledge’. Jacky Kelly’s ‘depth of industry and technical knowledge are second to none’; and Steven Ong, Andrew Norwood, Rupert Wall and Brian Maher are also recommended. The firm is advising Lehman Brothers Special Financing on restructuring its structured debt portfolio, and Barclays Capital on matters including a £500m credit card deal.

White & Case LLP provides ‘lots of partner time, especially on heavily negotiated private deals’. David Barwise, Gavin McLean and US-qualified Richard Riley, who has relocated from New York, advise asset managers and banks including JP Morgan and Calyon. The firm has recently handled some groundbreaking transactions in emerging markets, and advised Standard & Poor’s on Tesco’s securitisation of retail stores and distribution centres. Jeremy Trinder, now a partner, advised on the first non-conforming RMBS since the credit crunch.

‘More commercial and client aware than other firms’, Berwin Leighton Paisner LLP advised on a £600m CMBS restructuring for issuer Titan Europe. It is also advising on over 40 CMBS and RMBS deals arranged by Lehman Brothers, including Eurosail 3BL. Paul Severs has ‘a unique combination of experience, great business awareness and unparalleled client responsiveness’. Also recommended are the ‘reactive and flexible’ Tamara Box; the ‘very capable, personable and proactive’ Lucy Oddy, who joined from Clifford Chance; and Jayne Black, who advises special servicers.

CMS Cameron McKenna LLP’s recent deals include the Telereal securitisation for new client BT, and the Unique deal for longstanding client Enterprise Inns. Jason Harding is ‘an outstanding securitisation specialist, and extremely bright: he has the wow factor’; and Will Dibble is much liked by peers and clients. The firm’s international capital markets practice has a prominent position in the CEE region, and is now headed by US-qualified Daniel Winterfeldt, who joined from Simmons & Simmons.

Jake Jackaman’s team at Herbert Smith LLP is ‘first class in all respects’. Michael Poulton ‘offers a quality alternative to the top-tier practices, and brings thoughtfulness and energy to the transaction team’. He advised Barclays Capital on a £5.7bn deal for Bank of Ireland, with the highly rated Dina Albagli representing the bondholders’ trustee. Other recent work includes representing a steering committee of senior bondholders on the Fleet Street 2 CMBS.

Noted for its ‘impressive quality and client orientation’, Morrison & Foerster (UK) LLP has a global covered bond practice and excels in synthetic securitisations, and recently advised National Bank of Canada on its sale of covered bonds into the US. The team includes Peter Green, Jeremy Jennings-Mares and Elana Hahn, who joined from Mayer Brown International LLP and is ‘very attractive for complex legal issues’ thanks to ‘her multi-tasking, high-end quality and appropriateness of advice’.

Addleshaw Goddard LLP’s Mark Thomas set up a third party financing structure for Citigroup’s supply chain finance programme, and advised Barclays Capital on the sale of its mortgage servicing arm to Capita. The firm represents many building societies, including advising the Chelsea on its merger with the Yorkshire and the resulting issue of contingent convertible bonds.

Angus Duncan and Nick Shiren at Cadwalader, Wickersham & Taft LLP are active in private and bespoke deals, and CDO restructurings, and are ‘great value; they read well the needs and complexities required, and keep costs down’. A €75m cat bond for underwriter Aon Benfield is a recent highlight.

Guy Usher at Field Fisher Waterhouse LLP is ‘clearly a market expert, pragmatic and user friendly’. Corporate trust specialist Gonzalo Fernandez, ABCP expert Ronit Grant and litigator Duncan Black round out a practice that is ‘very responsive and good value for money’. Regularly advising corporate trustees and SPVs, the firm also represented Danske Bank on the restructuring of the Titan 2006-4 deal.

K&L Gates’ Stephen Moller, Trevor Beadle and Andrew Petersen provide a ‘very partner-led’ service, particularly for special servicers. The firm advised Hatfield Phillips on the restructuring of over 40 CMBS deals and bonds within securitisations.

Olswang’s Charles Kerrigan focuses purely on the real estate and TMT sectors, where he sees large and innovative deals. He advised Chrysalis on the securitisation of various music catalogues.

Orrick, Herrington & Sutcliffe (Europe) LLP’s Martin Bartlam has ‘depth of knowledge, commercial sensitivity and calmness under pressure that set him head and shoulders above many of his peers’. He assisted Standard Bank in unwinding a securitisation relating to zinc mining projects in Yemen.

Vanessa Therrode at SJ Berwin LLP advised Apex Credit Management on a £50m warehouse line for SPVs to fund the acquisition of discounted distressed consumer debt. The litigation team often represents investment banks, with Nick Brocklesby the key figure.

Paul Kay at Speechly Bircham LLP has won a number new investment bank clients, but the team, valued for its ‘partner-led service’, mainly acts for private banks and investment managers.

Hogan Lovells International LLP’s Andrew Gamble and Andrew Taylor are ‘quick and commercially minded’, with Gamble recently advising Deutsche Bank on a €500m structured facility for Belgium’s Nyrstar and the refinancing of an €850m facility for KME. Paul Oldman and Matthew Andrews are noted for their work in oil and metals. Other clients include Standard Bank, HSBC, Stemcor and Trafigura.

Norton Rose LLP, a recognised specialist in the area, is ‘one of the best in the market’, and advised on deals in over 40 countries in 2010. The team, led by Nicholas Grandage, has ‘excellent technical competency and understanding of commercial aspects’. It advised Sonangol on a number of highly structured deals including a $2.5bn facility; and Citibank, HSBC and Crédit Agricole are also clients. Simon Currie, Charles Whitney and head of commodities Martin McCann are recommended. The firm rises in the ranking this year.

‘The depth of industry experience is first class’ at Reed Smith, which also rises in the ranking. Robert Parson is ‘consistently good and business focused’; Richard Swinburn is ‘outstanding, and a valuable partner when dealing with sensitive problems’; and the ‘highly responsive and to-the-point’ Suzanne Bainbridge and head of trade and commodities Kyri Evagora also stand out in the team, which was boosted by the arrival of Brett Hillis from SNR Denton. The firm is popular with trading houses including Glencore, and also acts for Barclays and other banks. Highlight deals included a complex $300m letter of credit facility.

SNR Denton is ‘many people’s first thought when looking for a trade finance team’. The dedicated three-partner London team is ‘very sensible, and gets things done’; it includes Jonathan Solomon (‘a very good guy, very strong in trade finance’) and the newly promoted Veronika Koroleva, as well as pivotal figure Geoffrey Wynne. It recently advised on a $1.75bn cocoa financing facility in Africa, and is active in deals in Ukraine. Clients include Standard Bank and Stemcor.

Leonard Cleland heads Clifford Chance’s international team. Structured trade finance work included advice to export credit agencies and commercial lenders such as BNP Paribas, and the firm has also been advising on the $7.2bn multilateral financing of the Nord Stream Pipeline project. Logan Wright advised ING Bank on a $550m syndicated facility, and Mark Huddlestone advised the arrangers on a $380m export credit facility.

Linklaters LLP’s greatly respected Mirthe van Kesteren is ‘commercial and practical’, and draws on the experience of nine other partners including Toby Grimstone, who advised BP plc on a $5.25bn pre-export financing; and Michael Bott, who advised banks on Russia’s largest loan facility since the financial crisis. Manzer Ijaz stands out for his work on the $14bn Jubail export refinery and petrochemical project in Saudi Arabia.

White & Case LLP has a lender-oriented practice with an emerging markets focus, with a team including the ‘extremely well-prepared, very good’ Christopher Czarnocki (previously of Gide Loyrette Nouel LLP); Jason Kerr; and Magdalene Bayim-Adomako. It recently advised on a $700m multi-currency revolving credit trade finance facility for BTA Bank.

Addleshaw Goddard LLP now has a dedicated trade finance practice, led by Claire Denison. Strong in litigation and supply chain finance, the firm counts Citibank and Bank Leumi as clients. Mike Davison, who joined from Squire Sanders Hammonds, is ‘a deal-focused lawyer with a true understanding of real-life commercial imperatives’.

The quality of Baker & McKenzie LLP’s work in the area is ‘outstanding’. Frances Okosi is noted for her experience in complex, multi-jurisdictional deals; Calvin Walker advised banks including Sociéte Générale on a $2.25bn loan facility for BP Caspian backed by oil receivables; and Ian Jack advised the creditors’ committee of BTA Bank. ‘Diligent, precise and very helpful’ associate James Keeping is one to watch.

At established commodities player Clyde & Co LLP, Stephen Tricks is valued for his ‘rounded, practical advice’, recently handling deals such as a $60m loan and offtake contract for a Cuban metals producer. Philip Prowse joined from Salans.

DLA Piper UK LLP majors in oil and gas deals, particularly in emerging markets, but is expanding into soft commodities. Charles Morrison ‘has built a solid team but always tries to personally oversee instructions’. He and Alex Monk (‘always responsive 24/7’) advise longstanding clients Crédit Agricole and Trafigura among others.

Dewey & LeBoeuf LLP is noted for its emerging markets deals, in Africa, Russia, the CIS and the Middle East. Amanda Jennings recently handled a $350m syndicated pre-export financing for Ferrexpo plc. The practice ‘can adapt with clients – especially useful if deals need restructuring’.

Andrew Evans’ team at Field Fisher Waterhouse LLP includes experienced partners including Guy Usher and Oliver Abel Smith. ‘Always prepared to help, providing commercially viable solutions’, the team is experienced in advising banks and corporates on letters of credit. Recent highlights include a £27.5m receivables financing arrangement for Singers Corporate Asset Finance.

Jones Day’s Ed Borrini is ‘extremely helpful, flexible and knowledgeable’, and recently advised Eurasian Natural Resources Group on a $500m pre-export facility; and Michael Pabst has a notable mining practice. Clients include Standard Bank and Andean American Gold Corp.

Penningtons Solicitors LLP’s Abraham Ezekiel is ‘an excellent lawyer in the field of trade and receivables finance’. His team has ‘superb knowledge and a good business approach, and is good value for money’

Salans is ‘a one-stop shop for cross-border services’. Mark Wilson is ‘very good at putting deals together’, and firm chairman Stephen Finch has returned to fee-earning. The firm advises banks and major traders including Stemcor, for which it recently handled a £155m borrowing facility.

Stephenson Harwood’s David Lacey advises many commercial banks and inventory financing houses, and handles invoice discounting deals worth up to €100m.

Thomas Cooper is a boutique firm that has become internationally renowned for trade finance advice to large trading companies. Charles Williams is recommended for litigation, and Grant Eldred on the documentation side.

Watson, Farley & Williams LLP ‘gives good advice at commercial rates’. Celia Gardiner is ‘very good, highly experienced, knowledgeable and calm’. Michael Kenny is advising Standard Chartered Bank on a $50m reserve-based lending facility to fund offshore drilling projects.