The Legal 500

Praised as always ‘taking the extra step’, Clifford Chance’s ‘excellent’ practice is without doubt the market leader for private equity funds; being ‘decent and straightforward to deal with’ and having the ‘ability to execute to tight deadlines’ make the team a popular choice. A recent highlight was advising Charterhouse Capital Partners on a €4bn fundraising. Practice head Jason Glover has ‘great market insight’, while clients also praise the ‘extremely kind and very pleasant’ Edward Gander. Nigel Hatfield and Nick Benson are ‘highly committed and capable individuals who work well together as a team’.

Headed by Tim Shipton, Linklaters LLP’s first-class team draws on 23 partners across a range of areas. The breadth of the practice - which spans private equity, real estate, hedge, infrastructure and retail funds, among others - is hard to match. As with most firms, market conditions have tipped the balance of work away from fundraisings and towards restructurings, where it is also top notch, although work highlights included advising Perella Weinberg Real Estate Fund on its €1.2bn fundraising. Among the partners, Jonathan de Lance-Holmes is recommended for private equity and infrastructure, and Nicola Hopkins is strong on real estate and investment trust work.

SJ Berwin LLP’s ‘excellent’ team has a first-class reputation for both private equity and real estate, where it is considered ‘the best in the market, especially in pushing boundaries and structuring more innovative solutions’. Eminent senior partner Jonathan Blake heads the private equity side, where the firm recently advised Apax Partners on an €11bn fundraising for its pan-European buy-out fund Apax Europe VII. Private equity partners Simon Witney and Nigel van Zyl are singled out for high praise. On the real estate side, David Ryland is ‘the standout person in his field’. Ajay Pathak and Victoria Younghusband are also developing a good reputation for hedge fund work.

‘The overall level of service is excellent’ at Ashurst LLP, where Jeremy Sheldon is recommended for private equity and Graham Ward and Bruce Hanton are the main contacts for listed funds. A recent highlight on the restructuring side was advising Lehman Brothers European Private Equity Fund and Lehman Brothers European Mezzanine Fund on the safeguarding of their interests following the collapse of Lehman Brothers. Piers Warburton comes highly recommended.

Berwin Leighton Paisner LLP is best known for its first-class real estate funds work, for clients such as Aviva, Blackrock and Letterstone, but it also has a growing reputation for private equity, hedge and retail funds. On the private equity side it recently advised Cairn BD, trading as Greenbrook, on the launch of a renewable energy fund. Tim Simmonds heads the team.

Headed by Pamela Thompson, the team at Eversheds LLP is the undoubted leader for retail funds, including OEICs and unit trusts. Ronald Paterson is also recommended for hedge funds, and the firm recently advised Threadneedle on the formation of two European and Asia focused funds. The firm also has a good track record for property funds. Michaela Walker comes highly recommended.

Herbert Smith LLP’s ‘excellent’ team covers a broad spectrum, including hedge, private equity and listed funds. A major highlight for 2008 was advising the Hedge Fund Working Group on the preparation of its report into best practice in the hedge fund industry. Group head Nigel Farr is praised for his ‘can-do’ approach; Scott Cochrane is ‘a guru in the closed-end funds space’; and the ‘impressive’ Thiha Tun’s ‘knowledge of the hedge funds industry stands out’.

Kirkland & Ellis International LLP’s commitment to investment funds was emphasised in 2008 through its promotion of Kate Downey, Jenny Kapusniak and Kate Simpson to partner. Now with five partners, Mark Mifsud’s team is certainly among the best for private equity work. A highlight was advising Bank of Scotland on the £434m fundraising of Bank of Scotland Infrastructure Partners.

Simmons & Simmons is ‘a first-rate investment funds firm’ that delivers ‘high-quality and user-friendly advice’, and has ‘excellent know-how’. The team is unrivalled for its expertise in hedge funds, and is increasingly active on private equity and regulated funds. A recent highlight was advising Brevan Howard on the launch of its first regulated fund vehicle, Brevan Howard Investment Fund. Andre Allee and Ian Meade have been promoted to partner, and the firm has also recruited Allan Yip as a partner from Bear Stearns.

David Billings heads the highly rated four-partner team at Akin Gump Strauss Hauer & Feld. The main focus is hedge funds, where it has a market-leading reputation, and private equity. Recent highlights include advising Renaissance Capital Investment Management on the launch of several emerging markets funds. Other clients include UFG Advisors and Da Vinci Capital.

Allen & Overy LLP has good experience in real estate, private equity, hedge, and closed- and open-ended retail funds. Partners such as John Goodhall and Matt Huggett enjoy very strong reputations, and the arrival of versatile partner Damian Carolan from Clifford Chance is a considerable boost. Clients include Standard Life Investments, Abraaj Capital, Macquarie and Adam Street Partners.

Debevoise & Plimpton LLP enjoys a very good reputation in the market, especially for its work in the private funds arena, which spans areas such as infrastructure, private equity and real estate. Geoffrey Kittredge, Marwan Al-Turki and Anthony McWhirter are all highly recommended.

Dechert LLP is for many the first port of call for hedge fund advice, and its expertise also covers closed- and open-ended funds such as UCITs, and property and private equity funds. Peter Astleford heads the top-notch team, whose clients include Cheyne Capital, Artemis Fund Management and Baring Asset Management.

First choice for several major institutional clients, Field Fisher Waterhouse LLP also has an excellent reputation for retail funds. The firm has experience in property funds, and the recruitment of Duncan Black from Dechert LLP has added weight to the hedge funds side. The ‘very knowledgeable’ Kirstene Baillie heads the team, whose clients include Fidelity Investments, Société Générale, and Citibank.

Mark Watterson’s four-partner team at Freshfields Bruckhaus Deringer LLP covers all aspects of the funds market. A recent highlight was working as issuer’s counsel on the IPO of BH Global, a Guernsey closed-ended investment company. Jonathan Baird is recommended for listed funds, Karen Fountain for private funds, and David Rouch for retail funds.

Lovells LLP’s broad team is praised for its ‘excellent service and technically very sound advice’. On the property side it represented Henderson Global Investors on the establishment of the Henderson UK Outlet Mall Fund. Nicholas Holman’s team includes the ‘keen and available’ Erik Jamieson and the ‘experienced and commercially astute’ James McDonald.

Headed by Bridget Barker, the team at Macfarlanes LLP is highly recommended for the full range of funds work. For open-ended regulated funds, clients include Aberdeen Asset Management and Fidelity, while regular private equity clients include Alchemy, Gresham and Hermes. Tim Cornick is recommended.

Nabarro LLP’s funds team, already a major player on the property front, was given a considerable boost in private equity through its recruitment of partner Andrew Wylie from Olswang, and group head Amanda Howard and Deborah Lloyd both enjoy excellent reputations. Clients include BP Pension Fund and F&C REIT Asset Management.

Norton Rose LLP’s versatile team, headed by Ian Fox, is commended for its ‘excellent service’ and ‘high level of sector expertise’, and is also noted as ‘good value for money’. It is recommended for closed-end listed trusts, as well as more niche areas such as shar’iah-compliant funds, and was recently boosted by the recruitment of partner Mike Newell from DLA Piper UK LLP.

Schulte Roth & Zabel International LLP has one of London’s premier hedge fund practices. Group head Christopher Hilditch is praised for his ‘practical sense and depth of knowledge’, and his team was boosted by the arrivals of Nick Terras from McDermott Will & Emery UK LLP and Josh Dambacher from the firm’s market-leading New York office.

Private equity, real estate and hedge funds are the main areas of focus for Travers Smith LLP, which is praised for its ‘excellent client focus and good understanding of industry trends’. Robert Barry’s team includes Sam Kay, who is ‘unflappable under the greatest pressure, reliable, and very commercial’, and highly rated regulatory specialist Jane Tuckley.

Matthew Judd’s four-partner team at White & Case LLP has made impressive inroads into the market. The group mainly focuses on private equity and real estate, and recently advised Nordic Capital Fund VII on its €4.3bn fundraising. Other clients include Goldman Sachs, Starwood Capital and Catalyst Capital.

Covington & Burling LLP is active in private equity and investment trusts, for both funds and investors. Simon Good heads the three-partner team, for which Pantheon is a major client.

Jones Day’s main focus is on property investment funds, where group head Neil Seaton is considered an ‘excellent client liaison’. Clients include Aviva Investors and Morgan Stanley.

Kaye Scholer LLP focuses on private equity and hedge funds, acting for funds and major investors. Experienced partners Timothy Spangler and Simon Firth are highly recommended.

Nick Heather heads a strong team at LG that recently advised Terra Catalyst Fund on its £116m fundraising. John Reed, who has a strong focus on closed-end listed funds, was recently promoted to partner.

Mayer Brown International LLP’s active team is experienced in private equity, infrastructure and real estate funds. A major highlight was advising UBS Global Asset Management on the US$1.5bn capital raising for its UBS International Infrastructure Fund. Tim Nosworthy is recommended.

In department head Bill Murdie Shearman & Sterling LLP has one of the most experienced funds lawyers in the market. A major highlight was advising International Petroleum Investment Company on its investment in the Falah Growth Fund.

Sidley Austin LLP’s key focus is on hedge funds, where partners Bruce Gardner and David Hinds have very strong track records. Clients include Triple A Partners and M2M Management.

Slaughter and May’s ‘excellent’ lawyers are praised for their ‘instinctive grasp of the issues and strong intellectual ability, enabling innovative solutions and structures to be formed’. Among the partners, ‘most impressive’ practice head James Cripps, the ‘very responsive’ Lucy Wylde and Robin Ogle are recommended.

William Saunders heads an experienced team at Stephenson Harwood, which is particularly strong in closed-end offshore funds. Andrew Sutch and Elizabeth Field are recommended. Major clients include RBS Hoare Govett, Jupiter Asset Management and Heather Capital.

Also recommended are: Baker & McKenzie LLP; Bingham McCutchen (London) LLP; Burges Salmon LLP Bristol; CMS Cameron McKenna LLP; DLA Piper UK LLP; Denton Wilde Sapte LLP; Dundas & Wilson LLP; Katten Muchin Rosenman Cornish LLP; Latham & Watkins; Maclay Murray & Spens LLP; Mishcon de Reya; O’Melveny & Myers LLP; Olswang; Osborne Clarke; Paul, Hastings, Janofsky & Walker (Europe) LLP; Reed Smith; Speechly Bircham LLP; Taylor Wessing LLP; Weil, Gotshal & Manges and Withers LLP.