The Legal 500

While this section gives consideration to all equipment financing, including shipping companies, rail, industrial machinery and office equipment, particular weight is apportioned to practices with the capability to handle big-ticket financings within the aviation industry.

Global economic turmoil has engendered difficulties for firms engaged in any kind of banking and finance activity. Financing within the transportation industry is no different. With the capital markets heavily impacted, there has been a dearth of the kind of heavily structured deals that had become increasingly common within the aviation industry in particular. Therefore, firms have had to be nimble in order to react to the changing conditions and, to some extent, it is those that have been most flexible and diverse that have emerged with most success in these turbulent times.

Practices at the top of the rankings have capacity across most asset classes, and have the strength and depth to advise on the highest value deals in the market. As the financial center of the nation, New York is the hub of the vast majority of the activity in the market, although many of the firms also have a considerable presence in Boston, Chicago, Los Angeles, San Francisco and Washington DC.

Milbank, Tweed, Hadley & McCloy LLP

PRACTICE: ‘The number one for transportation financing’, Milbank, Tweed, Hadley & McCloy LLP advises a cross-section of significant players involved in asset financings, including investment banks, manufacturers, export agencies, borrowers, lessors and lessees. Best known for its work within the aviation industry, and frequently working in harness with its corporate, tax and capital markets groups, the firm provides ‘an excellent service’ and excels at complex, big-ticket structured financings for a slew of major financial institutions.

Despite an overall slowdown in the kinds of complex structured transactions that, until recently, defined the market, in those deals that have gone through, Milbank, Tweed, Hadley & McCloy LLP has featured as one of the advising parties. For example, the practice advised Morgan Stanley and Credit Suisse in connection with Continental Airlines’ 2007-1 $1.146bn enhanced equipment trust certificate (EETC) financing.

Similarly, in what was the one of the only aircraft securitization to close in 2008, the group represented AerVenture on the $1bn ALS II securitization for 30 aircraft leased to a portfolio of lessees.

The department is also regularly involved in straight debt financings, on behalf of the likes of Aircastle, which it advised on both the $780m Calyon and $206m DVB-led financings of aircraft on lease to various airlines.

Able to leverage off an international network that encompasses offices in Europe and Asia, Milbank, Tweed, Hadley & McCloy LLP is a regular presence on both foreign and domestic power projects and infrastructure financing.

‘Availability is around the clock and without compromise regarding quality’, enthused one client.

CLIENTS: Milbank, Tweed, Hadley & McCloy LLP advises a raft of financial institutions, airlines, manufacturers, export agencies, lessors and lessees, among others, including Morgan Stanley, Credit Suisse, Citigroup, JPMorgan, Aircastle, AerCap, Virgin America, BNDES and AeroTurbine.

INDIVIDUALS: Chair of the firm’s global transportation finance group, Elliot Gewirtz provides a wealth of expertise, particularly in relation to aircraft securitizations and cross-border tax leases. Praised by clients for ‘his ability to take part in difficult negotiations, and reach compromises and good solutions’, he recently led the representation of Morgan Stanley and Credit Suisse in connection with Continental Airlines’ aforementioned EETC financing.

‘Patient and calm during negotiations’, German-speaking partner Helfried Schwarz is appreciated by a loyal client base that includes a number of German banks, such as Bayerische Landesbank and Landesbank Baden-Wurttemberg, which he recently advised as lenders to two German closed-end funds in the acquisition of several Airbus A320 aircraft. ‘He brings to the table a wealth of profound knowledge and experience, combined with some of the best negotiating skills in the aviation industry’, notes one client.

‘Responsive, practical and results-orientated’, Drew Fine is without peer in the market for advising issuers on structured finance deals.

All of the above partners are based in New York.

Vedder Price

PRACTICE: ‘One of the most highly talented equipment finance groups in practice anywhere in the world today’, Vedder Price’s 50-attorney team offers impressive strength and depth to an eclectic mix of clients, including lessees and lessors, borrowers and lenders, private and public companies, underwriters and governmental agencies. Deeply entrenched in the industry, aviation finance remains the firm’s strongest calling card and despite a slowdown in the market as a whole, it continues to inform the work handled by the group. Headquartered in Chicago, but with lawyers situated in New York and most recently Washington DC, the department’s cost-effective approach is appreciated by clients who point to ‘reasonable rates and sensible staffing’. This cost-effectiveness has been even more attractive given the recent economic slowdown, with middle-market deals increasingly the flavor of the day. Indeed, while the firm still lacks the structured finance prowess of some of its rivals, due to the decimation of the capital markets this weakness has had minimal impact on the work handled by the group. Recent highlights include advising Macquarie on a $1bn revolving debt facility for aircraft and Ex-Im Bank on a $940m Yen denominated facility covering aircraft leased to a Canadian carrier.

Lauded by clients for its ‘high quality and timely advice’, Vedder Price’s practice extends beyond aviation financing and the firm has recently witnessed an upswing in both rail and shipping finance mandates. Notable representations include advising a leasing company in relation to a $1bn joint venture to create a manufacturer-managed railcar leasing entity.

‘They combine high-quality representation of their clients and commercial knowledge of the industry, and benefit from an approach that emphasizes finding solutions’, say clients.

CLIENTS: Vedder Price is instructed by a diverse array of financiers, lessors, manufacturers and airlines including Export-Import Bank of the United States, United Airlines, DVB Bank, Macquarie, Export Development Canada, Bank of America, HSH Nordbank, KfW, CIT and Credit Suisse.

INDIVIDUALS: Head of the equipment finance group, ‘the very easygoing’ Dean Gerber is one of the best-known figures in the aviation finance market. Instructed by both airlines and lenders, Chicago-based partner Gerber has a longstanding relationship with Ex-Im Bank and recently advised them on the financing of a B777 aircraft in excess of $600m for an Australian carrier. ‘Very experienced, he is a been there, done that, created it kind of guy’, enthuses one client.

‘Very knowledgeable across a broad spectrum of finance matters’, New York-based partner Jeffrey Veber is a regular presence on many of the equipment finance group’s most significant matters. Active across a range of asset classes, including aviation, shipping and rail, clients appreciate his knack ‘of winning points without ticking off the other side’.

Particularly strong on the debt side, New York-based partner Ronald Scheinberg offers ‘a faultless service’ to an impressive array of lender clients. Particularly accomplished at structured asset finance techniques, in addition to aviation financing, he is also instructed by lenders in the financing of railcars and satellites.

‘Hard working and conscientious’, Chicago-based partner John Bycraft is regularly involved in cross-border and domestic lease financings involving rolling stock and aircraft. ‘He is a thorough attorney who knows the subject matter very well and does a great job of building a team of people around him that are all smart and diligent’, say clients.

White & Case LLP

PRACTICE: Driven out of its New York headquarters and aided by lawyers in its Los Angeles and Miami offices, White & Case LLP’s 11-partner asset finance practice is ‘knowledgeable, very thorough and hard-working’, say clients. Conversant with transactions across all equipment financings, clients appreciate the firm’s full-service approach, which means that it ‘has the resources to provide clients with advice on all aspects of a transaction including tax and bankruptcy’.

‘With access to legal professionals in almost all jurisdictions’, clients also appreciate its ability to provide seamless advice on transactions requiring cross-border input. For example, the department recently advised Avianca on its first export credit supported financing for two A319 and A320 aircraft, a matter involving documents governed by a combination of US, UK and Panama law. Led out of New York and aided by lawyers in London, the transaction was structured to allow Avianca to obtain US registration for the aircraft.

Indeed, the firm’s international reach and diverse client base have to some extent insulated it from the vagaries of the market. Clients include banks, lessors, lessees, aircraft and engine manufacturers. Financial institutions, however, still account for a significant proportion of the practice’s asset finance work. For example, it has advised BNP Paribas on a variety of matters, including a French tax lease supported by US Ex-Im Bank for multiple aircraft for operation by a Brazilian low-cost carrier.

Clients praise an array of ‘bright, hard-working, personable and seasoned attorneys’, whose asset financing capability also includes shipping and rail transactions - for example, it recently advised MTR on its merger with Kowloon-Canton Railway.

CLIENTS: Clients include ABN AMRO, Babcock & Brown, BNP Paribas, Calyon Bank, Citibank, Deutsche Bank, KfW, Nordea Bank of Finland, SK Shipping, Essent, Boeing Capital, Varde Partners and Verbund.

INDIVIDUALS: ‘Intelligent and articulate’, New York-based partner Lawrence Gannon is head of the firm’s worldwide asset finance practice group. Gannon’s broad-based practice encompasses asset and project finance work for lessees, lenders, credit support providers, underwriters and sponsors. ‘He has a wealth of experience working on complex transactions and is able to quickly identify issues, as well as provide workable solutions’, summarizes one client.

‘Truly impressive and seemingly without ego’, New York-based partner James Hayden specializes in advising on the tax implications of asset finance transactions, including portfolio sales and financings, equipment leases and aircraft finance.

‘Exceptionally attentive and responsive’, New York-based partner Michael Smith is ‘an extremely knowledgeable and experienced aircraft finance attorney’, say clients.

Based in New York, Someera Khokhar ‘inspires immediate confidence’ to financial institutions and lessors in the aviation industry. ‘Her understanding of the subtleties of the documentation and her negotiating skills were invaluable’, states one client.

Other honorable mentions include New York-based partner Ray Simon commended for his ‘ability to explain complex tax issues in plain English’, and Los Angeles-based James Cairns, ‘who works tirelessly for his clients’.

Clifford Chance

PRACTICE: Bolstered by the recent relocation of Rod Howell from Hong Kong to the firm’s New York office, Clifford Chance’s ‘excellent’ four-partner asset finance practice has established a foothold in the aviation finance market. However, clients express doubts about the strength of the team below partner level, with one noting that ‘associate support in the aircraft finance area of the New York office has been inconsistent’, albeit there are ‘signs of improvement’.

‘A formidable presence for the more structured deal in the market’, despite the recent dip in the securitization market, notably, the practice has been involved in the majority of transactions that have closed. Handled right in the teeth of the initial sub-prime induced economic downturn, the group advised Credit Suisse and Morgan Stanley on Babcock and Brown Air Limited’s $1.5bn offering of Class G-1 floating rate notes and SEC-registered public offering of shares. Also of note was the team’s recent representation of Calyon, as structuring agent in connection with Aircraft Lease Securitization II Limited’s $1bn aircraft securitization. Involving an innovative amalgam of a bank loan and capital markets structure, the transaction underscores the firm’s ‘creative and reasoned’ approach to deals.

Clifford Chance has handled an increasing volume of work for clients in the regular operating leasing and commercial loan markets. For example, it recently advised the Royal Bank of Scotland on a $170m loan to JetBlue Airways.

Although the firm’s primary focus remains on aircraft financing, it has been involved in other transportation financings, including its work for Appollo Management on the $465m first lien financing of the acquisition of three luxury cruise vessels.

CLIENTS: Clients include AerCap, Alliance & Leicester, Calyon Securities, Export Development Canada, GATX, HSBC, ING Capital, Macquarie Air Finance Group, Pioneer Aviation, Royal Bank of Scotland, Standard Chartered Bank, UBS Securities and West LB.

INDIVIDUALS: ‘Intelligent, experienced and hands-on’, say clients, New York-based partner John Howitt co-heads the firm’s asset finance practice. Active across a range of aircraft financings, including leveraged lease transactions, operating leases and aircraft purchases and sales, Howitt recently advised the Royal Bank of Scotland on its aforementioned $170m loan to JetBlue Airways. ‘He’s very hard-working, and when we call him he is either available or gets back to us promptly’, say clients.

‘A significant player in the aircraft portfolio securitization market’, New York-based partner Zarrar Sehgal recently advised Calyon as underwriter on Aircraft Lease Securitization II Limited’s $1bn aircraft securitization.

Dewey & LeBoeuf LLP

PRACTICE: With approximately 20 lawyers regularly engaged in asset finance and leasing work, and now also benefiting from a wider global footprint as a result of the merger between Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae at the tail-end of 2007, Dewey & LeBoeuf LLP is well positioned to advise clients across a range of big-ticket financings.

While its aviation capability remains relatively small compared to some of its peers in our rankings, nevertheless, the firm continues to handle an impressive volume of transactions on behalf of lessors, financiers and equity investors.

‘Always outstanding in quality, methodical and with the highest degree of integrity’, recent highlights include advising the seller of five B737 aircraft to a Russian carrier and related unwinding of US leveraged leases. Also very active on the private side, the firm has been involved in a plethora of corporate jet transactions, including the representation of an energy company based in Kazakhastan on the purchase and bank financing of a new G200 aircraft.

Dewey & LeBoeuf LLP also continues to thrive in the lease financing space, and is particularly accomplished at work sitting at the intersection between project and asset finance. Leveraging off its impressive tax capability, the firm has been instructed by equity investors on both the $1.3bn financing of the Horizon Wind power project portfolio and the $1bn Coso geothermal power project leveraged lease financing.

‘As well as understanding the deadlines and what it takes to get the transaction completed, they also have excellent rapport with all parties involved’, report clients.

CLIENTS: Clients include GECAS, Mitsubishi, PK AirFinance, Sumitomo, US Bank, Verizon Capital, JPMorgan Capital, Blackstone, Citibank, MetLife and Wells Fargo.

INDIVIDUALS: ‘Exceedingly knowledgeable and a pleasure to deal with’, New York-based partner Frederic Bass ‘has the capacity to deliver and always does’, say clients. A constant presence on the firm’s most significant aviation finance transactions, he was the lead partner on the recent sale of five B737 aircraft to a Russian air carrier. Clients are appreciative of both his ‘integrity’ and ability ‘to grasp very complicated situations and figure out how to solve issues as simply as possible’.

Holland & Knight LLP

PRACTICE: Holland & Knight LLP’s 12-partner equipment financing and leasing practice provides ‘results-orientated and technical expertise’ to a multifarious selection of clients, from lessees and lessors, to sellers/buyers and lenders. ‘Responsive and practical’, say clients, the practice is seen with less regularity in the market’s big-ticket mandates but it is ‘very competitive on price’ and benefits from ‘a superb depth of knowledge’ across many transportation asset classes.

With the peerless John Pritchard at the helm, it is perhaps unsurprising that the department’s core area of strength lies in relation to aviation finance matters. On this front, recent significant mandates have included representing lenders in the provision of a $340m loan to a major international airline company for two new B777 aircraft and five new B737 aircraft.

More deeply embedded in the transportation industry than many of its competitors, the firm’s expertise to the full spectrum of transportation assets, including shipping, where it is without doubt one of the most prominent practices in the market.

Notably, the firm has been increasingly active in relation to equipment financing in Mexico, through its flourishing office in Mexico City. For example, the group recently advised US and non-US based lenders in several transactions involving financing of Mexican flag vessels through Mexican guaranty trusts.

CLIENTS: Clients include GECAS, Babcock & Brown Rail Management, Air Canada, Citibank, Renewable Energy, Singapore Airlines, CSX, Nordea, DnB NOR, CIT Group and K-Sea Transportation.

INDIVIDUALS: ‘Very strong and experienced’, New York-based partner John Pritchard is one of the country’s foremost finance lawyers in the transportation industry. Particularly adept at handling complex aircraft financings, he is ‘highly regarded in relation to heavily structured deals’.

‘Responsive and practical’, San Francisco-based partner William Piels is recommended in the aviation industry for his operating lease expertise.

Based in New York, Nancy Hengen brings ‘a strong level of professionalism’ to matters involving in major ship financing transactions.

Clients are ‘very satisfied with the service provided’ by San Francisco-based partner Thomas Zimmer, who has more than 20 years’ experience on domestic and cross-border equipment leasing and asset-based financing transactions.

Pillsbury Winthrop Shaw Pittman LLP

PRACTICE: Pillsbury Winthrop Shaw Pittman LLP handles an impressive volume of transactions for clients across the full array of transportation asset classes, as well as fixed assets, such as coal mines and electric power plants. Driven out of its New York office and aided by a significant national footprint, encompassing offices in Washington DC and San Francisco, the firm is able to handle significant transactions irrespective of their location.

Best known for its prowess within the aviation finance market, much of its work in this area involves the financing of new and used aircraft, engines and parts. Acting for a range of clients including, leasing companies, trading companies and financiers, the practice has developed a particular niche in relation to Ex-Im Bank financings and in recent years has documented financings for equipment valued at over $2bn.

To some extent insulated by the travails affecting the market due to the diversity of work it handles, recent highlights include advising airlines and lenders in pre-delivery financing and acquisition of multiple new Boeing and Airbus aircraft, including cross-border sale and leaseback transactions.

Outside of the aviation industry, the department recently advised a strategic bidder for the assets of a major railcar leasing company.

CLIENTS: Instructed by a mix of banks, leasing companies, manufacturers and airlines, clients include Citibank, ABN AMRO, Macquarie Bank, UBS, Willis Lease Finance, Virgin America, Varig Brazilian Airlines and El Al Airlines.

INDIVIDUALS: Head of the firm’s equipment finance practice, New York-based partner Payson Coleman is regularly involved in domestic and cross-border leasing, restructuring and securitization transactions.

In the same office, William Bowers has a strong reputation for his work advising bank lenders in aviation finance transactions, while Michael Schumaecker, as national leader of the firm’s finance practice, is regularly engaged in aviation finance mandates, in addition to other engagements.

Simpson Thacher & Bartlett LLP

PRACTICE: Instructed by clients across the full spectrum of transportation assets, Simpson Thacher & Bartlett LLP’s New York-based five-partner lease and transportation finance group is a ‘significant player within the market’, say clients. Specializing at the more sophisticated, less commoditized transactions in the market, ‘its lawyers exhibit a great deal of creativity’, note clients. Sitting at the vanguard of the lease finance market, the practice has advised clients on numerous double dip and QTE transactions. Indeed, in the past few years it has closed approximately 100-cross-border lease transactions.

On the aviation side, its noted ‘excellence within the structured finance market’, has undoubtedly affected the practice because of the recent parlous state of the capital markets. Nevertheless, there has been plenty of other work that has kept this ‘exceptional’ team busy.

Perhaps best known as counsel for Airbus, in recent years Simpson Thacher & Bartlett LLP has also handled work for Virgin America and Northwest Airlines, advising the latter on its recent high-profile $17.7bn merger with Delta Air Lines.

‘All of the firm’s attorneys in the securitization area also have a very good business sense which enables them to arrive at solutions that work’, note clients.

CLIENTS: Clients include the Brazilian Bank for Economic and Social Development, JPMorgan, Airbus, Virgin America and Royal Bank of Scotland.

INDIVIDUALS: Instructed by clients in structured aircraft and other equipment financings, New York-based partner Martin Jacobson is very well regarded in the industry.

New York-based partner Laura Palma ‘does exceptional work’ for clients in structured finance transactions spanning a range of assets, including aircraft portfolio securitizations and rental car financings. ‘You want her to be working on your hardest most complicated transactions because that is where she is most effective’, enthuse clients.

Fulbright & Jaworski LLP

PRACTICE: ‘Consistently producing work of the highest quality’, Fulbright & Jaworski LLP’s 12-attorney equipment finance practice has a deep-rooted presence in the aviation industry.

Representing an eclectic array of clients including airlines, manufacturers, lessors and financiers the department has been relatively well insulated against the general downturn in the economy and the knock-on effect that this has had within the industry. Clients say its attorneys are ‘are extremely reliable about timing issues and delivering the deal’. Additionally, ‘they are extremely knowledgeable and responsive, and have an excellent business sense about what they are trying to accomplish in each transaction’.

Although it still lacks the global reach of some of its rivals, the firm is increasing its flow of work in the Middle East, where it has a small presence. For example, the team is increasingly active on behalf of major international carrier, Emirates.

On the domestic front, the practice has been particularly active on behalf of regional airline, Republic Airways, which as a result of a particularly robust balance sheet has been increasingly active making loans to support customers affected by the economic malaise. The team has also handled work on behalf of longstanding client, Sky Holding Company, in relation to setting up a new aircraft leasing company, with an initial funding structure of in excess of $1bn.

CLIENTS: Clients include Sky Holding Company, Orix, Focus Air, Republic Airways Holdings and Mizuho Corporate Bank.

INDIVIDUALS: ‘Experienced, smart and commercially orientated’, New York-based partner James Tussing heads the equipment finance group. Steeped in the nuances of the industry, professional affiliations include membership of the advisory board of the Cape Town International Aircraft Registry. ‘He really listens to what the client wants and makes excellent suggestions, because he truly thinks about the deal and “owns” it’, said one client.

Sidley Austin LLP

PRACTICE: While it lacks the critical mass to handle the volume of transactions undertaken by some of its competitors, Sidley Austin LLP’s ‘highly competent and reliable’ two-partner equipment finance practice has a strong track record in the asset finance market. Although it remains best known for its representation of major manufacturers like Bombardier and UT Finance, there are definite signs that the parameters of the practice are expanding. For example, it recently represented Ambac Assurance, as bond insurer on a major aircraft lease securitization for Babcock & Brown.

Praised by clients for its ability ‘to call on resources as needed’, the firm’s full-service approach enables it to handle big-ticket mandates such as its involvement for lenders in ongoing matters relating to the bankruptcy of Delta Air Lines and FLYi. The practice has also undertaken work for both equity and loan participants in relation to a raft of US aircraft debt financing transactions.

Although its focus lies on matters in the aviation sector, the group has also represented a number of clients in connection with a variety of rail-asset-related transactions, including advising the vendor of a portfolio of rolling stock.

CLIENTS: Instructed by a mix of lessors, lessees, lenders, borrowers, manufacturers and insurers, clients include the likes of Aircastle Advisor, Ambac Assurance, Bombardier, Dubai Aerospace Enterprise and UT Finance.

INDIVIDUALS: Best known for his excellent track record serving manufacturers like Bombardier, Rory Kelleher is well regarded by clients. He has recently handled work for lenders in the recent bankruptcies of Delta Air Lines and FLYi.

As part of a broad-ranging practice that also includes securities and projects expertise, New York-based partner Paul Risko regularly handles aircraft finance matters for debt and equity investors, liquidity providers, guarantors and lessees.

Senior counsel of the firm’s New York office, Dennis Bekemeyer is vastly experienced across all aspects of aircraft and aerospace finance.

Cadwalader, Wickersham & Taft LLP

PRACTICE: Conversant across all areas of aviation finance, Cadwalader, Wickersham & Taft LLP’s ‘skilful’ team represents an eclectic mix of participants in the industry, from major air carriers to equity investors and financiers. However, with only one partner devoted exclusively to aviation financing, it lacks depth. Sterling work for Northwest Airlines has ensured a subsequent flow of ‘high-caliber’ engagements. However, given the airline’s recent merger with Delta, it remains to be seen how this affects the practice.

CLIENTS: Clients include Northwest Airlines, Delta Air Lines and JetBlue Airways.

INDIVIDUALS: New York-based head of the aviation finance group, Richard Aborn, has an excellent reputation in the industry, due in no small part to ‘his excellent work’ for Northwest Airlines in its recent bankruptcy. The lynchpin of the practice, he has participated in aircraft financing transactions aggregating more than $25bn.

Debevoise & Plimpton

PRACTICE: While it lacks the critical mass necessary to resource the volume and diversity of deals handled by many of its higher-rated rivals, Debevoise & Plimpton’s New York-based three-attorney practice advises an enviable portfolio of major airline clients across a range of financings, including fleet restructurings and refinancings and operating leases.

Able to leverage off the capabilities of a significant capital markets practice, the team excels at cutting-edge, innovative transactions and has in recent years been involved in both debt and capital raisings for airline clients. Although this work has dried up over the past 12 months, in line with the market in general, the team is well-placed to exploit the inevitable re-emergence of the capital markets.

In recent years, restructuring work has also accounted for a significant share of the work handled within the aviation industry. Notably, as special counsel to Delta, the firm advised the airline and its regional subsidiary, Comair, in relation to the refinancing of more than 275 aircraft.

CLIENTS: Clients include Aeroflot, American Airlines, Delta Air Lines, Roll-Royce and SWISS.

INDIVIDUALS: Head of the firm’s aircraft finance group and a member of the securities department, New York-based partner John Curry has participated in the leasing, financing and refinancing of hundreds of commercial jet aircraft during his career. He remains best known for his work on behalf of Delta Air Lines and American Airlines in their respective aircraft financing restructuring programs.

Hughes Hubbard & Reed LLP

PRACTICE: Deeply entrenched in the aviation industry, Hughes Hubbard & Reed LLP handles a wide variety of transactions, including operating leases, EETC mandates, cross-border transactions and export credit agency-supported loans, for major participants in the sector. Narrower in its client base than some of its competitors, it is undoubtedly best known for its airline representation. As well as advising Continental Airlines on its $1.146bn EETC financing, the practice also represented it on its $129m loan facility to finance pre-delivery payments due to Boeing under its aircraft purchase agreement with the airline.

Although Continental mandates account for a significant proportion of the group’s workload, it also handles work for the likes of Republic Airline, which it recently advised in connection with Banco Nacional de Desenvolvimento Econômico e Social’s financing of 12 new Embraer aircraft.

Outside the aviation sector, the five-partner equipment finance group also handles work in relation to deals involving the financing of railcar leasing companies and satellite transponders.

CLIENTS: Airline clients include Continental Airlines, Republic Airline and Azul Linhas Aereas Brasileiras.

INDIVIDUALS: The lynchpin of the team, New York-based partner John Hoyns is particularly well known in the aviation industry in relation to his work for Continental Airlines.

Latham & Watkins LLP

PRACTICE: Sitting within its wider structured finance and securitization practice, Latham & Watkins LLP’s two-partner aviation finance group ‘really understand the structures and underlying assets’. ‘I get a fully considered view of the risks I’m taking’, states one client. Lacking the diversity of many of the practices in this section, its pre-eminent role as firm of choice for the monoline insurers has meant a virtual total drying up of work in the arena as a result of the recent downgrading of the bond insurers.

CLIENTS: Clients include leading monoline insurers such as FGIC and MBIA, as well as Goldman Sachs, Royal Jordan Airlines, British Airways and Etihad Airlines.

INDIVIDUALS: Co-chair of the structured finance group, New York-based partner Kevin Fingeret’s expertise lies at the interface between structured and aviation finance. ‘He’s great, he really rolls up his sleeves and gets the work done’, say clients.

Shearman & Sterling LLP

PRACTICE: Although it lacks the diversity and volume of work to pose a credible threat to top-rated practices, Shearman & Sterling LLP has an ‘excellent reputation’ in structured finance aviation transactions. Leveraging off its blue-chip portfolio of financial institution clients, the practice sits at the vanguard of the EETC securitization market. Although this work has all but ceased over recent months, the practice notably closed a deal at the end of 2007 for underwriters on Delta Air Lines’ $1.4bn EETC.

Indeed, in a difficult market, the team has had to be nimble in order to structure deals. For example, it advised Calyon as administrative agent in relation to the $786m senior secured term loan financing enabling the acquisition of two aircraft portfolios by two Aircastle special purpose entities. This challenging transaction involved the incorporation of aircraft lease portfolio securitization techniques into a term-loan credit facility.

CLIENTS: Financial institutions form the spine of a client base which includes Calyon, Citigroup and Morgan Stanley.

INDIVIDUALS: Well-versed in relation to heavily structured aviation financings, New York-based of-counsel Ji Hoon Hong had a leading role in the aforementioned aircraft portfolio acquisition by two Aircastle special purpose entities.