The Legal 500

This section focuses on firms’ London-based emerging markets capabilities, and identifies London-based lawyers with a proven record advising in relation to these jurisdictions, be it in corporate, finance or projects. Relevant markets include Russia and the CIS; CEE; India; South Korea; and, more so now than ever before, Africa. Middle Eastern oil-producing countries are not taken into account in this section.

In 2008 Linklaters LLP pulled out of four of its six offices in CEE, and launched a dedicated EMENA practice as part of a move to refocus its emerging markets practice. Group head Nick Eastwell has left the firm; his role is filled by projects partner Stuart Salt. Amid these transitions, the group has been prominent on cross-financing between emerging markets. It advised Brazilian company Camargo Correa on the US$1.85bn financing of the Mphanda Nkuwa hydroelectric power project in Mozambique, led by ‘practical and efficient’ Africa head Andrew Jones. The India practice, headed by Sandeep Katwala, has ‘probably the best local knowledge of any foreign firm’, while the Russia practice worked for sponsors on the financing of a US$20bn project to develop oil and gas fields, led by Salt and James Douglass.

Across Russia and CEE, White & Case LLP is largely unsurpassed in terms of the volume of deals it works on. The projects practice in particular is recognised as ‘outstanding’, and in 2008 it advised Japan Bank and commercial lenders on the US$20bn Sakhalin II oil and gas project financing, Russia’s largest-ever foreign investment. Peter Finlay is noted for his ‘responsiveness’ and ‘great attitude’ on projects across numerous jurisdictions, while in capital markets the group is praised for its ‘dynamic and forward-thinking approach’. A team including leading lights Stuart Matty and Sven Krogius represented Credit Suisse, ABN AMRO and Citigroup on KazMunaiGaz’s US$3bn global note programme, the then-largest emerging markets corporate bond.

Allen & Overy LLP has developed one of the strongest Russia practices in the market, and its versatility in handling the upsurge in refinancings as well as winning work on PPP projects such as the St Petersburg Nadex light rail network has seen this continue through the downturn. Nigel Pritchard’s projects practice has been a notable highlight here. Elsewhere, the team advised on the first substantial international project loan financed wholly by Indian banks: TCI Sanmar’s US$868m project to build production facilities in Egypt. The deal, led by the ‘very well-respected’ Andrew Castle, is among several high-value mandates for the practice advising Asian and Eastern European banks investing into other emerging markets.

CMS Cameron McKenna LLP’s rises to the second tier as its profile continues to soar in the CEE and Russia in particular. The firm has combined three of the network’s offices into one Moscow office, won appointment to the IFC panel, and acted on a €1.5bn PPP project (the Moscow/St Petersburg toll road). Key contacts in a London team that is ‘exceptionally well in tune with the needs of each particular market’ are finance partners Alex Doughty and the ‘very experienced and personable’ Paul Stallebrass.

Cleary Gottlieb Steen & Hamilton LLP ‘has several very accomplished partners in its India practice’, and has continued to build on its strong reputation for corporate work here, as well as in Africa, where it remains a leading firm. In the latter, the team represented ONGC Mittal Energy in the acquisition of two offshore oil and gas prospecting permits and negotiation of farm-out agreements. Elsewhere, the team led on Gazprom’s US$4.2bn purchase of a 20% stake in Gazprom Neft (formerly Sibneft). Tihir Sarkar is recommended for his corporate work.

Denton Wilde Sapte LLP has both the network and the ‘focus on the issues that define these jurisdictions’ to give it a competitive edge in Central Asia and Africa. Geoffrey Wynne heads up an Africa practice that has flourished by virtue of its strength in the energy and banking sectors. The team, led by Charles Wood and the ‘reliable’ Howard Barrie, advised Botswana Power Corporation in relation to the Mmamabula Power Project. Work in Russia has included advising GMR Infrastructure on its bid for the US$1bn Pulkovo Airport PPP project, and also acting for Russian companies investing in Africa.

The ability of Norton Rose LLP’s ‘talented’ 15-partner team to address the needs of specific industry sectors has won plaudits, and this year it rises to the second tier. The infrastructure group, headed by ‘knowledgeable’ and ‘astute’ partner Martin McCann, has fed on a series of mandates from Standard Bank on project financing across Ukraine, Bulgaria and several African countries, as well as work for the European Development Bank. The axis of Eastern Europe and Africa has also been fertile ground for the power practice, led by ‘exceptional finance lawyer’ Richard Metcalf; it has acted for state governments and development banks on a raft of prominent energy projects.

Ties to large Russian and CIS corporates such as Rusal and MHP have kept Ashurst LLP’s regional practice, led by ‘important figure’ Sergei Ostrovsky and Richard Gubbins, among the busiest. Geoffrey Picton-Turberville heads an energy practice that acted for a bidding consortium in connection with Flex LNG’s liquefaction project in Kenya.

Having combined its international reach with increased focus out of the London office, Baker & McKenzie LLP joins the ranking this year. Projects partner Neil Donoghue is ‘an exceptional adviser’ to the oil and gas industry, while Nick Tostivin’s acquisition finance practice has attracted high-profile deals in Russia and the CIS. Chris Hogan’s prominent debt capital markets practice saw him representing managers of a US$600m bond offering by the Ukraine.

Clifford Chance has continued to represent lenders and borrowers across the emerging markets. Acquisition finance has been a highlight, including advising arrangers on the bridge facility for Rusal’s acquisition of Norilsk Nickel. Geeta Khehar has been a key London contact here, as well as on work in Africa, for example advising Citi on a US$225m financing for Al Ezz Group.

‘A responsive and decisive’ group, Dewey & LeBoeuf is ‘one of the premier corporate finance teams’. The ‘intelligent’ Federico Salinas and ‘effective’ C amille Abousleiman have been very active in the CEE and Central Asia; Abousleiman’s role advising Credit Suisse, Deutsche Bank and Byblos Bank on transactions in connection with the Lebanese Republic’s global MTN programme was a particular highlight.

Herbert Smith LLP’s ability to offer ‘comprehensive advice on finance issues’ is matched by sector knowledge, particularly in India and Africa. Tata and ICICI remain very active clients on the subcontinent. Energy is another key focus for a group known for its ‘blend of skills and industry experience’. Recently John Balsdon led work for Gazprom and Wintershall on a €3bn project financing in Western Siberia.

Corporate partners Lene Malthasen, Ian Clark and Christopher McFadzean have helped Latham & Watkins retain its high profile in Russia and the CIS, notably representing VTB on its US$2bn notes issuance. Clients say the group is ‘first choice to handle the most challenging instructions’.

Mayer Brown International LLP’s practice is headed by Drew Salvest, a partner with ‘vast experience’ that complements the practice’s reach across the CIS and CEE. ‘Thoughtful and thorough’ project finance head Ian Coles has been key to the development of the practice in Africa.

The hire of Robert Parson and Geraldine Butac from Clyde & Co LLP, along with Leon Stephenson growing presence on deals in the CIS and CEE, has added to Reed Smith’s ‘all-round strength and depth’ in Asia and India in particular. India practice co-chairs Gautam Bhattacharyya and Roy Montague-Jones have been very active and are ‘fine lawyers to work with’.

Salans efforts to build on its commanding presence in Russia and the CIS have seen it act on deals across Asia and the CEE, such as advising Ascom on a series of transactions totalling US$3bn, including its IPO and sale of assets. The firm rises in the ranking as key banking partner Philip Prowse and ‘client-focused’ corporate head Paul Salmon continue to make their mark in and beyond Russia.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP had an excellent first half of 2008, advising the joint co-ordinators on the €1.4bn IPO of New World Resources - the largest ever in the Czech Republic. ‘World-class lawyer’ Hunter Baker attracts praise for his CIS and CEE work.

The ‘practical and creative’ Robert Gross is recommended at Berwin Leighton Paisner LLP.

Silvia Fazio at Collyer Bristow LLP is dual qualified in Brazil and the UK.

James Scoville is recommended at Debevoise & Plimpton LLP.

Richard Baumann is the name to note at Dorsey & Whitney.

Christopher Czarnocki at Gide Loyrette Nouel LLP is recommended.

Andrew Gamble at Lovells LLP is a ‘very fine legal adviser’.

Alexander Janes at Orrick, Herrington & Sutcliffe is ‘consistent and suitably pragmatic’.

Philip Abbott is recommended at Simmons & Simmons.