The Legal 500

2008 saw Allen & Overy LLP’s asset finance team receive a growing number of instructions relating to restructuring and export credit supported deals arising from the turbulent market conditions. Delivering ‘first-rate, extensive and thorough business knowledge’, the aviation team, led by Mario Jacovides, recently advised Qantas on the US$750m export credit facility to finance the acquisition of four A380 aircraft, notable as the largest financing undertaken in the Asia-Pacific region in 2008. Key shipping deals included advising BNP Paribas as lead arranger in a US$910m credit facility for the financing of eight TEU container ships. Jonathan Bevan’s rail group has also had a strong year, acting for the initial lenders on the financing of RBS’ sale of Angel Trains. Clients also recommend ship finance expert David Smith for his ‘commercial sense and industry knowledge’; Julia Salt for her aircraft finance expertise; and group head and structured finance expert Graham Smith.

Clifford Chance handles deals that are commensurate with the firm’s size, ability and global footprint. The eight-partner team is particularly noted for its aviation sector expertise, and acted for Citigroup on a US$1.25bn financing of Boeing 777 aircraft for Air Canada. The latter half of 2008 was dominated by instructions relating to restructuring work, including acting on the lease and finance restructuring of Alitalia’s fleet following its insolvency. Clive Carpenter and William Glaister are both considered valued assets in the aviation world, while on the shipping side Simon Lew continues to focus the practice’s attention on the oil and gas sector. Gavin Teague is recommended for his rail expertise.

Norton Rose LLP has long held a dominant position in the marketplace for its strength and breadth in asset finance. Headed by partner Harry Theochari, the practice’s shipping work has continued unabated despite the freefall in the markets in the second half of 2008. Notable highlights included advising JBIC on a US$760m drillship project financing, as well as acting on the establishment of Nautilus Holdings Limited, a joint venture investment vehicle. Aviation clients include KLM and Alitalia, as well as a number of ECAs, while Jeremy Edwards has been advising longstanding client HSBC Rail on operating lease finance matters. Gordon Hall is also recommended.

Linklaters LLP ‘continues to impress with its ability to carry out complex leasings both professionally and efficiently’. Headed by the ‘extremely thorough and intellectual’ Robert Fugard, the firm has continued to find itself at the forefront of big-ticket transactions, with the rail sector providing a significant proportion of work. ‘Highly capable and easy to work with’, rail finance expert Simon Gwynne acted for RBS on the sale of Angel Trains, and for the consortium acquiring Porterbrook Trains. Neil Harnby has a strong reputation for shipping matters, and has been involved in groundbreaking work on an LNG production vessel.

Headed by Graham Tyler, DLA Piper UK LLP has made significant inroads into the rail sector with new instructions from HSBC Rail and the hire of partner Siddarth Sharma from Freshfields Bruckhaus Deringer LLP. The team recently advised key client Etihad Airways on the acquisition of 100 aircraft from Boeing and Airbus. It has ‘international strength in depth’ in the shipping sector, and prominent shipping figure James Cameron recently acted for Bank of America on the structured financing of five Panamanian-registered vessels. Clients also recommend Stephen Marais.

Denton Wilde Sapte LLP fields a ‘strong asset finance team’, headed by Matthew Harvey, and is particularly noted for its tax-based leasing work. The practice has developed a burgeoning stable of airline clients from key developing regions, including Qatar Airways and Brazilian carrier TAM, and also acts for banks, most recently ABN Amro on a US$1bn financing of 30 aircraft. Tony Rice is the key figure for shipping finance, and recently advised Calyon on a multi-vessel financing for a European tanker owner. Nick Chandler, Serge Sergiou and Greg Khan are all recommended.

Having gone through a period of consolidation and reorganisation, Freshfields Bruckhaus Deringer LLP’s asset finance practice has emerged a strong contender. What it may lack in size, it more than makes up for in ‘thoroughness’ and a ‘deep bench’ of wider structured finance specialists. Simon Hall and Richard Phillips advised a consortium led by Babcock & Brown on the Angel Trains transaction. Aircraft financing is a particular strength, with Robert Murphy highlighted for his ‘pragmatism and deep knowledge of the market’. Recent highlights include advising AerCap on the purchase and leaseback of 19 Boeing aircraft from Tui Travel Group.

Slaughter and May remains active in aviation finance matters through key clients BA and Bombardier, advising the former on the utilisation of its US$1.7bn long-term multiple option facility. As part of the firm’s wider structured finance practice, the team also advised Abbey on its disposal of Porterbrook Leasing, and advised longstanding client OOCL on the lease financing of container vessels. Peter Jolliffe is the standout figure, ‘able to deliver deals on time to a consistent standard’.

Offering ‘quality and cost-conscious service’, Berwin Leighton Paisner LLP has developed broad asset finance expertise, recently bolstering its client base with new instructions from HSH Nordbank, HBOS and Fortis. The team, headed by ‘thorough and responsive’ shipping and aviation finance expert Nicola Davies, continues to act for Kingfisher Airlines on its A320 fleet acquisition programme, and advised Citibank on a US$375m syndicated financing of containerships to United Arab Shipping Company. Andrew Baird, Tom Budgett and Lisa Marks are all recommended.

Clyde & Co LLP has continued to expand its practice through a steady stream of significant lateral hires, most recently attracting aviation finance specialist Mark Bisset from Stephenson Harwood. He joins a finance practice that draws praise for its ‘strong industry knowledge and depth of experience’, particularly in aircraft finance where it acts for the likes of Air France and Bayerische Landesbank. Recent highlights include acting for the lenders on the financing of new Boeing 777s for Emirates and Air Asia. Practice head Gavin Hill is ‘a great legal mind and problem solver’, while Philip Perrotta is noted for his resourcefulness.

Reed Smith’s team delivers ‘strong commitment and out-of-the box ideas’ to a wide range of banks and owners in the shipping industry. ‘Responsive and reliable’ group head Rex Rosales advised Bunge SA on the monetisation of a portfolio of 18 dry-bulk vessel charters. Aviation finance work has seen a significant boost, thanks in part to Siva Subramaniam’s aircraft finance expertise; the firm won new instructions from Singapore Airlines, and was appointed to an ECA panel on Airbus financings. Philip Rymer also comes highly recommended

Simmons & Simmons handles aircraft financing as part of its wider aviation practice, and receives praise for its ‘commercially oriented and timely advice’. Mark Moody ‘has all the expertise on ECA-supported aircraft financing transactions that we could ever need’, and led the team’s appointment to the European ECA panel for Airbus financings, as well as acting for Aviation Capital Group on the sale and leaseback of two Airbus A330 aircraft to Avianca. Practice head Kim Walkling has particular expertise on military projects, and continues to advise the MoD on a number of high-value PFI asset-based projects. Christopher Boresjo is also recommended.

At Stephenson Harwood, aircraft finance partner Paul Richardson acts as lead UK counsel to Macquarie Aircraft Leasing Limited, while Guy Liddle handles engine leasing matters for Engine Lease Finance Corporation. Ship finance has long been the firm’s strong point, and practice head Mark Russell recently acted for Nordea Bank on a US$100m facility to Russian shipping company Primorsk. Clients report satisfaction with the team’s performance in all respects, highlighting the ‘prompt, accurate and relevant advice’, although it received a blow with the loss of aviation partner Mark Bissett to Clyde & Co LLP.

Watson, Farley & Williams LLP has historically had a leading shipping finance practice, and has recently sharpened its focus on the aviation sector with the recruitment of Mehraab Nazir, who brings his aircraft finance expertise from CMS Cameron McKenna LLP. Providing a ‘bespoke service with excellent in-depth knowledge’, the team recently advised Citibank on a US$850m ECA-backed bank facility for a drillship newbuilding. Nigel Thomas heads the group, and David Osborne has ‘excellent knowledge of the offshore sector’.

Predominantly focused on the aviation sector, White & Case LLP’s asset finance team, led by Justin Benson, also played a key role in the sale of Angel Trains by RBS, and recently advised ECAs COFACE and ECGD on the financing by BNP Paribas of two aircraft for Air Asia X. Clients recommend Adrian Beasley for his ‘up-to-date handle on the market’.

Addleshaw Goddard LLP’s aviation practice is headed by Rory MacCarthy, whose ‘comprehensive knowledge of the law, industry and work ethic surpasses all others’. Key aviation clients include BA and Aviation Capital Group, and it acted for Flybe on Bombardier Q400 aircraft exchanges. Manchester-based Andrew Maskill handles broader finance work, recently acting on the financing of a distillery waste management and energy production facility.

Bird & Bird LLP’s merger with Lane & Partners gave its commercial aviation practice a significant boost, and it also strengthened its finance practice with the hire of Simon Chamberlain from Field Fisher Waterhouse LLP. Led by Paul Briggs, the team advises clients such as Bayern Landesbank on acquisitions and leasing matters, and recently advised National Air Services on the sale and leaseback of multiple aircraft. Clients rate the team’s ‘in-depth but practical knowledge of the aircraft leasing business’.

CMS Cameron McKenna LLP’s asset finance practice now operates within the firm’s broader international project finance team, and continues to advise on a range of matters for the likes of BAE Systems and Bayerische Landesbank. The ‘committed, balanced’ team, headed by Keith Ham, has seen an increase in offshore oil work in Central Europe. Clients rate the team’s responsive service and multi-jurisdictional expertise.

Holman Fenwick Willan LLP fields an ‘informative, timely and knowledgeable’ team with the capacity to handle both high-end ship finance and superyacht work. Headed by John Forrester, the firm boasts a client list that includes BNP Paribas and DVB Bank, and was formally appointed to Lloyds TSB’s panel of approved lawyers in 2008. Recent highlights include acting for HSH Nordbank on a syndicated loan to finance the purchase of Ro-Pax vessels by a Belgian fund.

Lovells LLP bolstered its asset finance team with the promotion of Matthew Andrews to partner, and continues to attract instructions from a strong client base, including DVB Bank SE and Deucalion Capital. Asia and Africa are particular regions of focus, with the team recently advising Doric Asset Finance on the financing and acquisition of aircraft for AirAsia. Robin Hallam and Andrew Taylor are highly recommended.

Paul, Hastings, Janofsky & Walker (Europe) LLP focuses predominantly on aircraft financing, with Keith Wilson and Norman Fraser the key aviation figures. Recent highlights include acting for longstanding client Engine Lease Finance Corporation on its acquisition of five aircraft engines and associated lease arrangements with Hainan Airlines.

Despite the loss of Simon Chamberlain to Bird & Bird LLP, Field Fisher Waterhouse LLP maintains an active presence in the corporate jet and yacht finance market, recently advising JPMorgan on the pre-delivery financing of a Gulfstream G550 aircraft. Andrew Evans and Jon Fife head up the practice.

Headed by the ‘extremely knowledgeable and experienced’ Alison Wilds, Harbottle & Lewis LLP’s asset finance practice leverages off the firm’s blue-chip client base; it advises the finance division of Nokia-Siemens Networks, and is a panel member for Virgin Atlantic. Clients praise the team’s ‘intimate industry knowledge and constructive approach’.

Ince & Co has a well-regarded ship finance practice with a growing market profile. David Baker (‘accessible, knowledgeable and good at handling clients on a personal level’) leads a seven-partner team that has been involved in a number of high-value syndicated financings, particularly in the LNG sector, where it has been advising the lead arrangers of a US$600m syndicated loan facility to finance the construction of two LNG vessels.

Pinsent Masons LLP has a strong presence in the corporate jet market, and has been picking up an increasing number of instructions from the rail sector. Graeme McLellan heads the three-partner team, which includes new partner Eloise Walker, who has joined from Linklaters LLP.

Wragge & Co LLP’s practice is headed by Paula Laird, and has been advising Barclays and GE Commercial Finance on corporate jet financings and marine transactions.

Bryan Cave is recommended for its aviation finance practice.

Clark Ricketts LLP is also recommended on the aviation side.

Curtis Davis Garrard LLP is recommended for ship finance work.

Davenport Lyons has a notable corporate jet financing practice.

Eversheds LLP is recommended for its aviation finance practice.

HBJ Gateley Wareing LLP is recommended for ship finance following its merger with Shaw and Croft.

Hill Dickinson LLP is recommended on the ship finance side.

Austen Hall at Hogan & Hartson is recommended for his aviation finance experience.

Jackson Parton is recommended for ship finance.

TLT LLP (Constant & Constant) is also recommended on the shipping side.