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  1. Commodities: derivatives
  2. Leading individuals: Commodities

Clifford Chance’s Claude Brown ‘knows his stuff on the transactional side’. He and Tim Cleary advised hedging co-ordinators on documentation for the $7.2bn financing of the Nordstream pipeline, while other recent highlights for the firm include advising a bank on a large reserve-based grain financing facility. Peter Zaman, Leonard Cleland and Roger Best are much sought after by investment banks and commodities traders.

Shearman & Sterling LLP has ‘a good reputation for high quality’, with a team including financial services and regulatory expert Barney Reynolds, derivatives specialist Patrick Clancy and newly promoted partner Thomas Donegan, who represents banks and clearing houses. The firm advised longstanding client ICE Clear on the launch of new emissions contracts, and broker-dealer NewEdge on restructuring its derivatives business.

Simmons & Simmons LLP has ‘leading-edge buy-side and sell-side expertise’. Jonathan Melrose, Darren Fox and Charlotte Stalin, who has advised the Futures and Options Association on listed derivatives, are highly recommended. The firm advised leading extractive industry companies such as Rio Tinto and BHP Billiton on regulatory matters. Managing associates Richard Withers and Craig Bisson are rising stars.

David Hughes’ team at Berwin Leighton Paisner LLP ‘has a reputation for getting results’ in transactions and disputes. Nic Fletcher advised in a major carbon trading dispute, while Hughes represented Marine Trade in a $40m forward freight agreement dispute with TMT Asia. Stuart Isaacs QC joined from South Square, bringing extensive experience as counsel and arbitrator.

Holman Fenwick Willan LLP hired regulation and commodity derivatives specialist Robert Finney from Dewey & LeBoeuf LLP. Leading ISDA litigator Brian Perrott has ‘in-depth knowledge, and his interpretation of contracts is reassuring’. He heads a team that includes Chris Swart (noted for his ‘balanced judgement’), Sarah Taylor, Mark Morrison, and Damian Honey. Honey advised Stemcor on the return of client assets, including LME warrants, from MF Global.

Linklaters LLP is ‘the best choice for carbon and metals work’, and excels in structured commodity derivatives. Vinay Samani advised BlackRock on the establishment of a precious metals exchange-traded commodities platform. Rhian Roberts provides ‘excellent, balanced advice across a wide range of commodity derivatives’.

Norton Rose LLP ‘offers the most comprehensive regulatory practice’. Jonathan Herbst has a strong relationship with the FSA, and recently advised Green Exchange on its application to the authority, as well as assisting The Baltic Exchange in setting up its freight derivatives trading platform Baltex. Will Ingram is ‘a superb associate with a fantastic work ethic’.

Reed Smith hired Chris Borg from SNR Denton; he is ‘very knowledgeable and has good business focus’, and joins energy derivatives specialists Brett Hillis (‘always responsive and easy to work with’), John Varholy, and litigator Charles Hewetson. Recent work includes regulatory reform projects for oil majors, commodity traders and utilities, on issues such as the clearing of OTC derivatives.

Boutique firm Arbis LLP has carved out a niche at the top end of the oil market, and is a favourite with energy traders. Paul Sinnott is involved in high-level discussions that are shaping the Brent crude oil market.

Ashurst’s Luca Salerno and Chris Georgiou advised a major oil trading company in a claim for $45m in client monies paid to MF Global for exchange-traded derivatives. Salerno also advised Bank of America Merrill Lynch on a significant due diligence and netting exercise for OTC derivatives. Regulatory specialist Glynn Barwick, litigator Mark Clarke and structured derivatives specialist Chris Tang are also recommended.

Field Fisher Waterhouse LLP’s derivatives practice, featuring the versatile and ‘highly knowledgeable’ Guy Usher, Ronit Grant and Edward Miller, is popular for metals and energy transactions. The firm is a favourite of end users of OTC and exchange-traded derivatives such as Triland Metals, and also acts for banks such as Commerzbank. Miller has been advising Standard Bank on the closeout of OTC commodity derivatives positions with Lehman Brothers Commodity Services.

Ince & Co acts for a number of major oil traders, and provides ‘quick and practical advice’ on disputes. Steven Fox is known for FFA and swaps disputes.

McDermott Will & Emery UK LLP’s David Birchall is ‘a seasoned lawyer with a strong physical commodities background who can assist with the more complex derivatives structures’. ‘Reliable and approachable, thorough but to the point’, the team advises leading banks and energy traders.

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