The Legal 500

Although a narrower practice than some of the other Scottish firms, Dickson Minto WS tops the pile for leveraged and acquisition finance. Led by Colin McHale - ‘the best finance lawyer in Scotland‘ - and Allan Fraser, the ‘pre-eminent‘ team advised the senior and mezzanine banks financing the $1bn acquisition by Clyde Blowers of the power and fluids division of Textron, and AG Barr on its debt facilities to acquire Groupe Rubicon.

Dundas & Wilson CS LLP’s broad, market-leading practice is led by the ‘very experienced‘ Caryn Penley, whose ‘strong commercial and personal skills are a real asset to have on your side during difficult negotiations‘. Recent highlights include advising a syndicate of banks on its £80m financing of the MBO of Ashtead Technology Rentals; Bank of Scotland as agent for a seven-bank syndicate on a $540m facility to Melrose Resources; and Bank of Tokyo Mitsubishi on its £304m refinancing of the Crystal Rig, Paul’s Hill and Rothes wind farms. Stephen Phillips ‘takes personal responsibility for transactions and is always available‘, while Alan Fulton is ‘able to translate legal matters into commercial decisions‘. David Morton and Michael Stoneham are also highly recommended.

Led by the highly regarded Susan Kelly, Maclay Murray & Spens LLP has an excellent reputation for property and acquisition finance. The team advised Bank of Scotland on its NOK524m (£51m) facility to Europip Norway, and Clydesdale Bank on a £15m loan to C.G.I. Group Holdings. The firm also operates a dedicated banking team in its Aberdeen office under the ‘proactice and positive‘ Scott Swankie, who has a ‘wealth of experience and is able to explain complex legal points in a user-friendly fashion‘, while other clients include Barclays, RBS and Bank of Ireland. Robert Laing and Chris Dun, who has ‘enormous in-depth knowledge, and is technically superb yet always commercial‘, are also recommended.

Led by the ‘experienced, pragmatic and commercial‘ Michael Watson, who is based between the firm’s Edinburgh and London offices, McGrigors LLP is best known for its prowess in project and real estate finance. The team, which offers ‘a quality service with strength in depth‘, was significantly boosted by the arrival of DLA Piper Scotland LLP’s practice head John Maciver. 2008 saw the firm advise Bank of Ireland on its financing of the East Down, Lisburn and Derry schools PPP projects; and an RBS-led syndicate on a £235m facility to a Highcross UK property fund. Colin McKay left the firm to establish Eversheds’ new Edinburgh office.

Burness LLP’s ‘high-quality‘ banking practice is led by Scott Wilson, who is ‘able to summarise the commercial impact of complex matters in an understandable language‘. Recent highlights include advice to Bank of Scotland Corporate on a £130m syndicated facility to The Fix-UK Partnership, and Bank of Scotland on a £300m facility to Stewart Milne Group. The firm was also appointed to Lloyds TSB Scotland’s corporate panel, while other clients include RBS. Jonathan Heaney is hailed as a ‘technically strong lawyer with a great service ethic, good knowledge of the market and a real sense of humour‘, and Alan Soppitt is also recommended.

Brodies LLP’s ‘always first-class‘ team is headed by Bruce Stephen. 2008 saw the firm advise Bank of Scotland on a £47.5m facility to Goals Soccer Centres and RBS on a £20m facility to Ravenmount, and it reports an increase in work in the energy sector. The large team is packed with ‘partners that really know what they‘re talking about’, with the ‘professional‘ Alan Knowles, regulatory expert Jeremy Fraser and real estate finance specialist Peter Kelly all standing out.

Although Shepherd And Wedderburn suffered from the departure of practice head Shona Sanders in December, the firm still operates a broad, ‘competent and capable‘ finance practice that is ‘aware of the divergent demands of both lender and borrower‘. Now led by Andrew Kinnes and praised by clients for its ‘truly bespoke advice‘, the team advised Barclays and Bank of Scotland on a NOK500m (£50m) facility to Faroe Petroluem, and Bank of Scotland on a US$100m revolving credit facility to Delek Energy Systems. Patrick Bell is also recommended.

Led by Graham Burnside, Tods Murray LLP’s ‘user-friendly‘ team advised Skipton Building Society on its establishment of a €5bn covered bond programme and subsequent £750m issue thereunder; and Melrose Resources on its refinancing of an existing facility through senior facilities of US$440m and a US$70m subordinated facility, provided by separate banking syndicates. The ‘always friendly and approachable‘ Hamish Patrick ‘adopts a commercial approach and delivers succinct advice that provides solutions to issues‘, and Roddy Maclennan is also recommended.

Headed by Grant Docherty, Biggart Baillie LLP advised Barclays Bank on the Scottish aspects of its role as arranger of a £400m securitised bond issue in the housing association sector, and RBS on the restructuring and refinancing of £78.5m facilities to Scottish Resources Group. Alasdair Peacock is also recommended.

DLA Piper Scotland LLP suffered a significant blow with the loss of highly regarded banking head John Maciver to McGrigors LLP. The team is now led by project finance specialist Stuart McMillan, with recent highlights including advice to a consortium of five banks on the £350m funding of the M80 roads PFI project, and Dexia Bank on phase 2A of the Lancashire Schools PFI.

MacRoberts LLP’s practice focuses on real estate and project finance. Norman Martin’s team, which has ‘a track record of delivering within agreed timescales and for providing quality advice‘, recently advised HSBC and EIB as funders on the £100m Dumfries & Galloway Schools PPP project; and Lloyds TSB, RBS and HSBC on the €550m financing of The Erdington Group’s acquisition of a controlling interest in a Dominican Republic rum producer. Andrew Orr is also recommended.

John Blackwood leads McClure Naismith LLP’s property-focused team, which advised Bank of Scotland on a number of related financings, including a £50m refinancing relating to the acquisition and development of hotels throughout the UK. Real estate finance specialist Paul Kenneth has been promoted to partner.

Morton Fraser’s ‘responsible, efficient and truly specialist‘ asset finance practice is led by Susan Younger. The firm advised Fortis Lease on a range of yacht and aircraft financings, and Mitsubishi on the Scottish aspects of a US$370m financing of the North Sea oil fields. Clients hail Bruce Wood as ‘a colossus of the Scottish asset finance industry‘, and Graeme Heaton as ‘a very safe pair of hands‘.

Led by Jamie Stark, Paull & Williamsons’ increasingly international finance practice is unsurprisingly strong in the energy sector. The ‘seriously good‘ team advised Bank of Scotland on a £80m facility to Integrated Subsea Services. Scott Allan and John Kennedy both come highly recommended.

Anderson Strathern LLP’s team head James Blair is ‘proactive and sensible‘.

HBJ Gateley Wareing LLP has the ‘commercial and diligent‘ David Kirchin.

At Harper Macleod LLP, Jacqui Fraser is ‘responsive and personable‘.

Alex Innes at Semple Fraser LLP is noted as ‘concise and clear‘.