United Kingdom > Scotland > Finance
Banking and finance
Banking and finance
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1
- Dickson Minto WS Edinburgh
- Dundas & Wilson CS LLP Edinburgh
- Maclay Murray & Spens LLP Edinburgh, Aberdeen
- McGrigors LLP Edinburgh
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2
- Brodies LLP Edinburgh, Glasgow
- Burness LLP Glasgow, Edinburgh
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3
- Shepherd and Wedderburn Edinburgh
- Tods Murray LLP Edinburgh
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- Biggart Baillie LLP Edinburgh
- DLA Piper Scotland LLP Edinburgh
- MacRoberts LLP Edinburgh
- McClure Naismith LLP Edinburgh
- Morton Fraser Edinburgh
- Paull & Williamsons LLP Aberdeen
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- Anderson Strathern Edinburgh
- Eversheds Edinburgh
- HBJ Gateley Edinburgh
- Harper Macleod LLP Glasgow
- Lindsays Edinburgh
- Pinsent Masons LLP Edinburgh
- Semple Fraser LLP Edinburgh
Restructuring work continued to dominate Dickson Minto WS’ workload in 2010, including advising Macdonald Hotels on refinancing its £340m debt facilities. Colin McHale and Allan Fraser jointly head the finance practice.
Caryn Penley heads the team at Dundas & Wilson CS LLP, which acted for City Property Glasgow (Investments) on an innovative property transfer deal funded by £120m of facilities provided by Barclays Bank; the deal was led by Stephen Phillips, who has ‘a natural ability to get to the core of the issue quickly and focus on practical tailored solutions for his client’. David Morton moved to DLA Piper Scotland LLP, while Michael Stoneham departed to Brodies LLP in early 2011.
Maclay Murray & Spens LLP’s broad finance expertise encompasses asset, property and acquisition finance. 2010 saw the team act on a mixture of refinancings and leveraged finance transactions, with the former dominating in current market conditions. Highlights included acting for Lloyds Banking Group in the £380m refinancing of Macdonald Hotels. Susan Kelly leads the team, and Chris Dun and Robert Laing are also recommended. Scott Swankie moved to
McGrigors LLP’s ‘first-class’ finance team is noted for its ‘ability to meet tight deadlines without compromising knowledge and competence’. In 2010, it advised the banks on their provision of $120m of multi-option facilities to Northern Offshore Limited, and acted for Glasgow Housing Association on £700m term loan and grant facilities provided by a combination of an RBS-led syndicate of banks and the Scottish government. Edinburgh-based Iain Macaulay is ‘knowledgeable, pragmatic, commercially aware, and more than able to hold his own against Magic Circle firms’.
Brodies LLP expanded its already formidable banking and finance team by recruiting project finance specialist Michael Stoneham from Dundas & Wilson CS LLP. The 13-partner team provides expertise across a broad spread of areas, including securitisation, and acquisition, project and real estate finance. The latter area proved particularly active for the team in 2010, with deals including advising the lender on refinancing for Myriad Healthcare, a major UK care home provider. Bruce Stephen leads the group, which was appointed to Santander’s Scottish panel in 2010.
Burness LLP’s seven-partner team is fast developing a reputation as ‘one of the best Scottish law firms’ for banking transactions, with clients ‘consistently impressed by the fast responses and good client relationship skills’. Scott Wilson heads the team, which in 2010 advised RBS’ real estate finance group on £160m of syndicated facilities to Airport Industrial Limited Partnership. Alan Soppitt is ‘a lifesaver on complex structures’, and dual-qualified Jonathan Heaney is an ‘intelligent, down-to-earth and pragmatic lawyer’.
Shepherd and Wedderburn advised Bank of Scotland plc on the restructuring and restating of £220m of senior and mezzanine facilities, and on the intercreditor deed in place with Valiant Petroleum plc and other Valiant companies. Gordon Hay is an ‘excellent oil and gas finance specialist’, and practice head Andrew Kinnes is also recommended.
Property finance is a core strength of Tods Murray LLP’s ‘knowledgeable’ finance team, which ‘works to a high standard at all levels of the transaction’. In 2010, the team acted for Santander UK on the restructuring of a multi-issuer residential mortgage securitisation programme. Practice head Graham Burnside ‘knows all the issues and makes sure everything runs smoothly’.
Biggart Baillie LLP’s finance team ‘provides the highest level of service’, with clients noting that it is ‘always a key contributor in getting the deal to completion’. With a particular focus on property finance, the team advised Apex Hotels Limited on refinancing £111m of facilities provided by RBS. Practice head Grant Docherty takes ‘a very commercial approach’.
Asset, real estate and project finance are core strengths of DLA Piper Scotland LLP’s finance practice, which was bolstered by David Morton’s arrival from Dundas & Wilson CS LLP. Stuart McMillan heads the team, whose recent highlights include advising RBS Invoice Finance on asset finance funding for The Scottish Trading Company.
Acquisition, real estate and project finance constitute the core of MacRoberts LLP’s banking practice. The group advised Lloyds, RBS, HSBC and Clydesdale Bank on providing a €300m facility to Wiliam Grant & Sons Distillers Limited to fund the purchase of drinks brands from C&C Group plc. Practice head Norman Martin and Andrew Orr are recommended.
John Blackwood heads the banking and finance team at McClure Naismith LLP, which continues to develop its regulatory and restructuring capability alongside its traditional property finance expertise. Clients include Barclays Bank.
Morton Fraser has steadily developed a reputation for ‘first-class service and invaluable advice that is always correct’. This translated into a raft of panel appointments in 2010, including by Santander, Standard Chartered and HSBC. Susan Younger heads the team, in which Andrew Meakin is recommended for his ‘in-depth knowledge and understanding’.
Paull & Williamsons LLP’s Aberdeen-based group is ‘excellent in terms of quality of advice, team experience and responsiveness’, and has developed a key strength in reserve-based lending transactions to oil and gas sector clients. It is also strong in shipping and offshore project finance. ‘Commercial, experienced lawyers’ Jamie Stark, Scott Allan, John Kennedy and Alasdair Smith are all recommended, as is Helen Dickson, who recently joined from Shepherd and Wedderburn.
Anderson Strathern provides ‘reasonable, sound advice’ on property-related finance transactions, and grew its client list in 2010, with HSBC, Edinburgh Solicitors Property Centre and University of West Scotland all providing new instructions. Practice head James Blair ‘shows good understanding of niche areas of law, and is well versed in the current working processes of the banks’.
Colin McKay’s nascent banking and finance practice at Eversheds was busy in 2010, and advised Scottish Resources Group on £47.5m of new facilities provided by Lloyds Banking Group.
HBJ Gateley’s finance team demonstrates a ‘high knowledge of the banking sector’, and ‘nothing is too much trouble or beyond its range of expertise’. The team was strengthened in 2010 by Alan Shanks’ relocation from the Dubai office, bringing with him ‘great knowledge of the MENA-Caspian markets as well as accuracy and an eye to legal and commercial sensitivities’. Shanks led on a number of multi-jurisdictional financing arrangements for Topaz Energy and Marine Limited. David Kirchin heads the practice.
At Harper Macleod LLP, property finance expert Jacqui Fraser has ‘good, sound knowledge, and is backed by a great team supporting her which always delivers timely advice’. Clients include AIB Group and HSBC.
Lindsays recently hired Jamie Millar from Brodies LLP to reinforce its corporate and banking teams. He joins a banking practice that represents Scotland’s big three banks, and recently secured appointment to Santander UK’s corporate legal panel. David Lindgren is recommended.
Project finance specialist Clare Foster is recommended at Pinsent Masons LLP, while the firm has broader corporate finance capability nationally.
Douglas Gourlay at Semple Fraser LLP is recommended for his ‘extensive legal knowledge in the real estate sector, and pragmatic and commercial approach’.
Insolvency and corporate recovery
Insolvency and corporate recovery
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1
- Brodies LLP Glasgow, Edinburgh
- Burness LLP Glasgow
- DLA Piper Scotland LLP Glasgow
- Dundas & Wilson CS LLP Glasgow
- Shepherd and Wedderburn Edinburgh
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2
- HBJ Gateley Edinburgh
- Maclay Murray & Spens LLP Glasgow
- McGrigors LLP Glasgow
- Semple Fraser LLP Glasgow
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3
- Anderson Strathern Edinburgh
- Biggart Baillie LLP Glasgow, Edinburgh
- Harper Macleod LLP Glasgow
- MacRoberts LLP Glasgow, Edinburgh
- Morton Fraser Edinburgh
- Tods Murray LLP Glasgow
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- Brechin Tindal Oatts Glasgow, Edinburgh
- Gillespie Macandrew LLP Edinburgh
- McClure Naismith LLP Glasgow
- Paull & Williamsons LLP Aberdeen
Brodies LLP’s corporate restructuring practice consistently delivers ‘a highly personalised and focused service that provides not only a great knowledge of the law but also the sense to apply that law in a commercial way’. The four-partner team acted for KPMG as joint administrators of Peter Scott & Company. Practice head Colin McIntosh is ‘highly respected in the Scottish restructuring and insolvency community’; Rachel Grant is ‘one of the pre-eminent insolvency lawyers in Scotland’; and Robin Macpherson is ‘a highly experienced litigator who brings a breadth of knowledge and experience to the table’.
Burness LLP’s restructuring and insolvency practice delivers ‘all-round first-class service’, with an integrated approach that makes it ‘particularly adept at handling large, voluminous, complex cases’. In 2010, the team was appointed to the corporate real estate and corporate and commercial panels for Lloyds Banking Group Business Support Unit, advising it and Grant Thornton on the administration and liquidation of companies within the Kenmore Property Group. ‘Committed, resourceful and commercial’ practice head Gary Moffat is ‘great at identifying the nub of an issue almost immediately, and is never flummoxed by a problem’.
DLA Piper Scotland LLP’s ‘excellent, proactive and forward-thinking’ insolvency practice is ‘one of the strongest in Scotland’. Yvonne Brady heads the group, and is ‘a leader in her field in Scotland’. The team advised Ernst & Young on disposing of the Slumberdown group of companies. Fiona McKerrell is ‘an innovative thinker, and shows a very high commitment to client service’. John Gallacher, ‘a highly experienced property lawyer’, joined from Bell & Scott in 2010.
Dundas & Wilson CS LLP’s ‘experienced’ corporate restructuring team remains ‘one of the leaders in the market’. Headed by ‘articulate’ insolvency expert Claire Massie, the team in 2010 acted as UK legal adviser to PwC as administrator of Scottish-headquartered airline The Globespan Group. Other clients include Ernst & Young and KPMG.
Shepherd and Wedderburn is ‘at the top of the pack’ when it comes to restructuring and insolvency, with ‘a pragmatic and sensible approach, and excellent client-facing skills’. Practice head Paul Hally is ‘well respected and very experienced’, and is supported by six other Scotland-based partners, including Fiona Paterson and Gillian Carty, who ‘have an encyclopaedic knowledge of the law’. Key instructions included acting for PwC as administrator of Sovereign Oilfield Group.
HBJ Gateley has ‘built a solid team in the last few years, and is making an impact thanks to its depth of experience’. The firm expanded further in 2010 by recruiting as a partner Jamie McIntosh, formerly a senior associate at Dundas & Wilson CS LLP, who ‘works tirelessly to bring restructurings to conclusion’. Practice head Graeme Henry ‘demonstrates a hunger and drive which is not common among his competitors’.
Maclay Murray & Spens LLP’s corporate restructuring practice is ‘a quality brand’, and is able to leverage the firm’s broader banking and corporate experience, continuing to attract heavyweight instructions. In 2010, the team acted for Bank of Scotland on Cala Group’s restructuring and debt-to-equity swap. Practice head Michael Hughes is ‘a very competent and experienced operator’.
At McGrigors LLP, Kevin Devanny leads an eight-partner team which recently advised KPMG on the Scottish property aspects of a large retail insolvency.
Semple Fraser LLP provides ‘practical advice backed by a great deal of experience’, most notably through ‘reliable insolvency expert’ Gordon Hollerin, who ‘compares favourably with anyone’. Recent highlights include appointment to Clydesdale Bank’s panel to provide advice on restructuring and secured debt recovery and exit.
Anderson Strathern’s insolvency practice offers ‘strong service, with competitive costs, streamlined processes and good quality control’. Practice head Katrina Lumsdaine is valued for her ‘pragmatic approach, supported by technical expertise’.
At Biggart Baillie LLP, Derek Ellery leads a team that is ‘quick to respond, technically solid and cost effective’. Clients include KPMG and Baker Tilly.
Harper Macleod LLP’s practice head James Lloyd is recommended for his contentious insolvency work. In 2010, the team advised the administrators on the pure insolvency aspects of Dundee FC’s administration.
Alan Meek heads the insolvency practice at MacRoberts LLP, which advised PKF on the administration of a failed bridging lender with a £250m-plus loan portfolio.
Morton Fraser has a ‘strong team and high degree of technical knowledge’.
Tods Murray LLP fields a ‘solid, competent’ insolvency team. Alastair Burrows is ‘knowledgeable, and provides reasoned advice’.
Unit trusts, OEICs and investment trusts
Unit trusts, OEICs and investment trusts
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1
- Dickson Minto WS Edinburgh
- Dundas & Wilson CS LLP Edinburgh
- Maclay Murray & Spens LLP Edinburgh
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2
- Brodies LLP Edinburgh
- McGrigors LLP Glasgow
- Shepherd and Wedderburn Edinburgh
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3
- Burness LLP Edinburgh
Dickson Minto WS is a leader in Scotland for investment trusts, thanks in no small part to Bruce Minto and Douglas Armstrong. In 2010, the team undertook work for funds managed by Artemis, Aberforth Partners and Baillie Gifford, among others, and highlights included the placement and offering of £195m of new ordinary shares by the UK Commercial Property Trust.
Dundas & Wilson CS LLP has wide-ranging funds expertise, spanning regulated and unregulated fund structures in real estate, private equity and venture capital. Its client roster includes Artemis, Scottish Widows Unit Trust Managers, and Clyde Blowers Investment Management. Colin Lawrie leads the practice.
Maclay Murray & Spens LLP is a strong presence in the area of Scottish retail funds as well as the alternativefunds sector, and in 2010 acted for longstanding client Aberdeen Asset management on its £84.7m acquisition of RBS’ fund of hedge fund and long-only multi-manager business. Key figure Michael Livingston divides his time between Edinburgh and London.
The level of service provided by Brodies LLP’s funds practice is ‘invariably high and very client focused – nothing is too much trouble and the team is very aware of the need to get things done faultlessly’. ‘Credible and courteous’ corporate partner Alistair Campbell leads the practice, and advised GKN plc on the structuring of an asset-backed Scottish limited partnership vehicle to implement a pension scheme deficit reduction strategy.
Highlights for Frank Doran’s practice at McGrigors LLP included advising Ignis Fund Managers on the creation of new bespoke fixed-interest funds. West Coast Capital is also a client.
At Shepherd and Wedderburn, Michael Wylie has an ability to ‘balance strong technical skills with a commercial approach, delivered in a user-friendly manner and within agreed response times’. The team is principal legal adviser to Aberdeen Latin American Income Fund.
Burness LLP’s Alan Soppitt is a market leader for advice on Scottish limited partnerships used in private equity and other fund situations.