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  1. Trade finance
  2. Leading individuals

Hogan Lovells International LLP’s Andrew Gamble and Andrew Taylor are ‘quick and commercially minded’, with Gamble recently advising Deutsche Bank on a €500m structured facility for Belgium’s Nyrstar and the refinancing of an €850m facility for KME. Paul Oldman and Matthew Andrews are noted for their work in oil and metals. Other clients include Standard Bank, HSBC, Stemcor and Trafigura.

Norton Rose LLP, a recognised specialist in the area, is ‘one of the best in the market’, and advised on deals in over 40 countries in 2010. The team, led by Nicholas Grandage, has ‘excellent technical competency and understanding of commercial aspects’. It advised Sonangol on a number of highly structured deals including a $2.5bn facility; and Citibank, HSBC and Crédit Agricole are also clients. Simon Currie, Charles Whitney and head of commodities Martin McCann are recommended. The firm rises in the ranking this year.

‘The depth of industry experience is first class’ at Reed Smith, which also rises in the ranking. Robert Parson is ‘consistently good and business focused’; Richard Swinburn is ‘outstanding, and a valuable partner when dealing with sensitive problems’; and the ‘highly responsive and to-the-point’ Suzanne Bainbridge and head of trade and commodities Kyri Evagora also stand out in the team, which was boosted by the arrival of Brett Hillis from SNR Denton. The firm is popular with trading houses including Glencore, and also acts for Barclays and other banks. Highlight deals included a complex $300m letter of credit facility.

SNR Denton is ‘many people’s first thought when looking for a trade finance team’. The dedicated three-partner London team is ‘very sensible, and gets things done’; it includes Jonathan Solomon (‘a very good guy, very strong in trade finance’) and the newly promoted Veronika Koroleva, as well as pivotal figure Geoffrey Wynne. It recently advised on a $1.75bn cocoa financing facility in Africa, and is active in deals in Ukraine. Clients include Standard Bank and Stemcor.

Leonard Cleland heads Clifford Chance’s international team. Structured trade finance work included advice to export credit agencies and commercial lenders such as BNP Paribas, and the firm has also been advising on the $7.2bn multilateral financing of the Nord Stream Pipeline project. Logan Wright advised ING Bank on a $550m syndicated facility, and Mark Huddlestone advised the arrangers on a $380m export credit facility.

Linklaters LLP’s greatly respected Mirthe van Kesteren is ‘commercial and practical’, and draws on the experience of nine other partners including Toby Grimstone, who advised BP plc on a $5.25bn pre-export financing; and Michael Bott, who advised banks on Russia’s largest loan facility since the financial crisis. Manzer Ijaz stands out for his work on the $14bn Jubail export refinery and petrochemical project in Saudi Arabia.

White & Case LLP has a lender-oriented practice with an emerging markets focus, with a team including the ‘extremely well-prepared, very good’ Christopher Czarnocki (previously of Gide Loyrette Nouel LLP); Jason Kerr; and Magdalene Bayim-Adomako. It recently advised on a $700m multi-currency revolving credit trade finance facility for BTA Bank.

Addleshaw Goddard LLP now has a dedicated trade finance practice, led by Claire Denison. Strong in litigation and supply chain finance, the firm counts Citibank and Bank Leumi as clients. Mike Davison, who joined from Squire Sanders Hammonds, is ‘a deal-focused lawyer with a true understanding of real-life commercial imperatives’.

The quality of Baker & McKenzie LLP’s work in the area is ‘outstanding’. Frances Okosi is noted for her experience in complex, multi-jurisdictional deals; Calvin Walker advised banks including Sociéte Générale on a $2.25bn loan facility for BP Caspian backed by oil receivables; and Ian Jack advised the creditors’ committee of BTA Bank. ‘Diligent, precise and very helpful’ associate James Keeping is one to watch.

At established commodities player Clyde & Co LLP, Stephen Tricks is valued for his ‘rounded, practical advice’, recently handling deals such as a $60m loan and offtake contract for a Cuban metals producer. Philip Prowse joined from Salans.

DLA Piper UK LLP majors in oil and gas deals, particularly in emerging markets, but is expanding into soft commodities. Charles Morrison ‘has built a solid team but always tries to personally oversee instructions’. He and Alex Monk (‘always responsive 24/7’) advise longstanding clients Crédit Agricole and Trafigura among others.

Dewey & LeBoeuf LLP is noted for its emerging markets deals, in Africa, Russia, the CIS and the Middle East. Amanda Jennings recently handled a $350m syndicated pre-export financing for Ferrexpo plc. The practice ‘can adapt with clients – especially useful if deals need restructuring’.

Andrew Evans’ team at Field Fisher Waterhouse LLP includes experienced partners including Guy Usher and Oliver Abel Smith. ‘Always prepared to help, providing commercially viable solutions’, the team is experienced in advising banks and corporates on letters of credit. Recent highlights include a £27.5m receivables financing arrangement for Singers Corporate Asset Finance.

Jones Day’s Ed Borrini is ‘extremely helpful, flexible and knowledgeable’, and recently advised Eurasian Natural Resources Group on a $500m pre-export facility; and Michael Pabst has a notable mining practice. Clients include Standard Bank and Andean American Gold Corp.

Penningtons Solicitors LLP’s Abraham Ezekiel is ‘an excellent lawyer in the field of trade and receivables finance’. His team has ‘superb knowledge and a good business approach, and is good value for money’

Salans is ‘a one-stop shop for cross-border services’. Mark Wilson is ‘very good at putting deals together’, and firm chairman Stephen Finch has returned to fee-earning. The firm advises banks and major traders including Stemcor, for which it recently handled a £155m borrowing facility.

Stephenson Harwood’s David Lacey advises many commercial banks and inventory financing houses, and handles invoice discounting deals worth up to €100m.

Thomas Cooper is a boutique firm that has become internationally renowned for trade finance advice to large trading companies. Charles Williams is recommended for litigation, and Grant Eldred on the documentation side.

Watson, Farley & Williams LLP ‘gives good advice at commercial rates’. Celia Gardiner is ‘very good, highly experienced, knowledgeable and calm’. Michael Kenny is advising Standard Chartered Bank on a $50m reserve-based lending facility to fund offshore drilling projects.

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