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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.

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