The Legal 500

Within Commercial contracts, Ashurst LLP is a third tier firm,

Ashurst LLP’s BPO and ITO mandates come from a broad array of sectors, although financial services and infrastructure-related work dominated in 2010. Highlights included acting for Visa Europe on the design, construction and ongoing management of IT solutions by one of its suppliers, and advising Babcock International in relation to a long-term, strategic umbrella agreement with the Ministry of Defence. Mark Lubbock is the key outsourcing figure.

Within Corporate tax, Ashurst LLP is a third tier firm,

Ashurst LLP’s six-partner practice receives outstanding praise from clients; its advice is ‘always appropriate, commercial and wonderful value’. Real estate, structured finance, and private equity are all areas of strength, and key clients include British Land, REO, Crossrail and Tesco. Matters of note included acting for RBS and a consortium of banks on the possible creation of a pan-European card scheme, and for the shareholders of Ontex on the sale of the company to Goldman Sachs and TPG. John Watson is ‘brilliant, and has one of the best minds in the profession’, and Alexander Cox is ‘dedicated and knowledgeable’. Simon Swann made partner in 2010.

Within Equity capital markets: UK capability, Ashurst LLP is a third tier firm,

With ‘excellent knowledge, experience and responsiveness’, Ashurst LLP’s team recently advised the selling shareholders in the £660m IPO of Smart Technologies, and CPP Group on its £150m IPO. The team also represented HSBC and others as underwriters in Avis Europe’s £151m rights issue, and RBS Hoare Govett and Oriel Securities as joint bookrunners of NB Distressed Debt Investment Fund’s $440m IPO. Nicholas Holmes is ‘technically very capable’, with a ‘wealth of experience’ and an ‘excellent method of application’. Michael Robins offers ‘very good client service’.

Within Equity capital markets: US capability, tier 5

Ashurst LLP’s US practice suffered a blow in March 2011, when Daniel Bushner, Eric Stuart and Marie Elena Angulo, left the firm. It has since recruited Ray Fisher, former head of the capital markets group at Linklaters New York, and Jennifer Schneck, who left Linklaters LLP in London in 2009. Both joined the firm in May 2011.

Within EU and competition , Ashurst LLP is a third tier firm,

Ashurst LLP has a particularly strong practice acting in appeals and investigations both at EU and UK level, and benefits from a team of economists. Highlights included acting for Imperial Tobacco in its appeal to the CAT against the OFT’s fine in the tobacco cartel; and acting for Intel in its appeal to the European General Court (EGC) against its £1bn fine for alleged abuse of dominance. Arundel McDougall handles cartel-related matters in several specialist sectors; and Ben Tidswell acts for Virgin Media and Telefónica O2 in contentious and regulatory matters. Practice head Nigel Parr is well known, and Euan Burrows is also recommended.

Within Financial services, Ashurst LLP is a second tier firm,

Ashurst LLP welcomed Rob Moulton from Nabarro LLP. Work highlights included a market abuse action; and advising on AIFMD, the Short Selling Regulation, MiFID II, custody and client money issues, and the regulatory aspects of OTC derivatives. James Perry, David Page, Jonathan Drake, Nick Cheshire and Wilson Thorburn are recommended.

Within Flotations: small and mid-cap, Ashurst LLP is a second tier firm,

Providing ‘rapid response times and innovative solutions’, Ashurst LLP is rated as ‘technically very strong’. Highlights of 2010 included advising RBS Hoare Govett on Sherbourne’s £105m IPO; and JP Morgan Cazenove as bookrunner of Aberforth Geared Income Trust’s £75m IPO. Issuer clients include EnQuest, Helical Bar and RPC Group. Nicholas Holmes, Nick Williamson, and Nick Bryans are recommended. Jonathan Parry made partner in 2010.

Within M&A: upper mid-market and premium deals, 250m+, Ashurst LLP is a third tier firm,

High-class practitioners Stephen Lloyd and Simon Beddow now lead the global transactional team at Ashurst LLP, which advised on 14 more deals in 2010 than in 2009, and includes the highly regarded Adrian Clark and the up-and-coming Jonathan Earle. The firm advised on Chloride Group’s £997m offer from Emerson Electric, and its push into the investment banks in recent years has led to a number of M&A transaction for the likes of Climate Exchange, Brit Insurance and Carluccio’s. Nigel Stacey ‘knows what the client wants’.

Within M&A: US law capability, Ashurst LLP is a third tier firm,

Ashurst LLP’s US capability took a knock in 2010 with the departure of Daniel Bushner and Marie Elena Angulo to Jones Day. The firm moved quickly to bring in the highly regarded Ray Fisher and Jennifer Schneck, both formerly at Linklaters LLP.

Within Private equity: transactions , Ashurst LLP is a second tier firm,

One of the more established practices in the market, Ashurst LLP’s eight-partner team has ‘significant strength and depth’, and provides ‘proactive and commercial’ advice. Key clients include Apax, Cinven, Candover and Cognetas, and the team has also successfully expanded its client roster to include Nordic Capital, which it advised on the acquisition of Britax, assisted on the global due diligence by colleagues in the firm’s Munich office. The group has also advised Apax on a number of exits, including the Promethean and Smart Technologies IPOs. Headed by the ‘great’ Charlie Geffen, the team also includes Stephen Lloyd, David Carter and the ‘outstanding’ Bruce Hanton.

Within VAT and indirect tax VAT and indirect tax

Within Fraud: civil , Ashurst LLP is a third tier firm,

Edward Sparrow, James Levy and Angela Pearson at Ashurst LLP all advise on civil fraud matters. Recent work includes advising on a number of corruption investigations and related civil fraud issues for clients in the automotive and oil and gas sectors.

Within Banking litigation: investment and retail, Ashurst LLP is a second tier firm,

Providing a ‘standout service’, Ashurst LLP ‘makes the effort to get to know and understand what you want as a client, tailors its approach, and delivers every time’. Longstanding clients include Goldman Sachs, Nomura, RBS and Santander. Recent work for Wilson Thorburn (who ‘knows how to tactically play a case’) includes acting for RBS in defending a $200m-plus claim by a Taiwanese shipping company regarding freight forwards and options trading. Ben Tidswell and James Levy are also recommended.

Within Commercial litigation, Ashurst LLP is a third tier firm,

At Ashurst LLP, Wilson Thorburn defended RBS in a claim brought by a Taiwanese shipping company which traded freight forwards and options through the bank. Edward Sparrow, Ronnie King and Ben Tidswell are other key figures in the practice. Mark Clarke was promoted to the partnership.

Within International arbitration, tier 5

Ashurst LLP’s ‘value-for-money service is excellent’. The practice saw growth in terms of profile, client base and size of instructions, and expanded its Asian practice, especially in Indonesia. Ronnie King’s ‘advice is based on his ample experience’, and Tim Reid is also recommended.

Within Acquisition finance, Ashurst LLP is a third tier firm,

Strengthened by the return to London of Martyn Rogers, Ashurst LLP’s bank-facing practice continues to do well in a difficult market. Benefiting from deeply entrenched relationships with RBS, Lloyds and Barclays, and enjoying a growing acceptance with the likes of Goldman Sachs and Credit Suisse, the team has had a role in some of the most significant deals in the market. It advised a group of banks including Goldman Sachs and Morgan Stanley on the senior staple financing of RBS’ £2bn sale of its merchant services business, Worldpay, to a consortium of sponsors. On the sponsor side, Jane Fissenden advised Nordic Capital on the financing aspects of its acquisition of Britax. The ‘strong team’ includes Mark Vickers, Lee Doyle, Nigel Ward, Dan Hamilton and Simon Thrower.

Within Commodities: derivatives, Ashurst LLP is a third tier firm,

Ashurst LLP’s derivatives group now includes a distinct commodities team, under Luca Salerno. It advises banks including Merrill Lynch, and also trading companies. Experienced partners include OTC specialist Chris Whiteley and LNG expert Anthony Patten.

Within Corporate restructuring and insolvency, Ashurst LLP is a second tier firm,

Ashurst LLP is noted for its ‘very speedy responses and good robust advice’ on large and complex restructurings. Acting predominantly for a variety of stakeholders and directors, the firm is involved in a number of high-profile mandates including Gala Coral, Cattles and Wind Hellas. It advised Real Estate Opportunities plc, which owns and is developing Battersea Power Station, on its financial restructuring; and is acting for the bondholders in the Tristan Oil restructuring. The ‘very commercial and client-focused’ Simon Baskerville remains a key figure in the firm, and the ‘excellent’ Giles Boothman and Dan Hamilton are noted as ‘providing thorough and practical advice rather than theoretical options that are commercially unworkable’.

Within Debt capital markets, Ashurst LLP is a third tier firm,

Anna Delgado’s team at Ashurst LLP handles structured programmes for the likes of JP Morgan, and recent issuer work includes National Express’ £1bn EMTN programme. ‘Team player and deal junkie’ Stephen Edlmann joined from Linklaters LLP, boosting a versatile team that includes James Coiley, Chris Georgiou and corporate trust expert Gordon Stewart. The partners ‘like rolling up their sleeves and doing deals’.

Within Derivatives and structured products, Ashurst LLP is a second tier firm,

‘A credible alternative to the Magic Circle’, Ashurst LLP provides a ‘dedicated and prompt service’. The firm is at the forefront of regulatory matters, and James Coiley, who is ‘terrific’ on credit derivatives and repacks, advises LCH.Clearnet on CDS clearing. The ‘dedicated and approachable’ Chris Georgiou advised on Morgan Stanley’s SPV documentation review. Chris Tang and Michael Logie, who often advises investment banks on equity-linked deals, have a formidable structured notes practice; and Jonathan Haines leads the prime brokerage team. Fund-linked derivatives are a key strength, and the firm has ‘always been ahead of the curve in the retail products space’. Erica Handling is now at Barclays Capital.

Within Emerging markets, Ashurst LLP is a third tier firm,

Ashurst LLP advised Citi, Deutsche Bank, Bank of America Merrill Lynch, ENAM, Kotak and Morgan Stanley as lead arrangers on Coal India Limited’s IPO, with Richard Gubbins playing a key role. Sergei Ostrovsky is co-leader of the firm’s Russia and CIS group, while Geoffrey Picton-Turbervill leads the firm’s global energy practice.

Within Investment funds, Ashurst LLP is a first tier firm,

Ashurst LLP is ‘not the largest funds department in London but has decent strength in depth, and good-quality knowledge of industry trends’. Real estate funds clients include Greenhills Asset Management, RREEF and SEDCO, while listed funds clients include J.P. Morgan Cazenove, Citi, and Invesco. The team represents clients such as BNP Paribas and Citibank on UCITS and ETFs. Piers Warburton is ‘very clever, very pleasant, and has in-depth knowledge of private equity funds’. Bruce Hanton is highly regarded, as is tax partner John Watson, and David Evans is excellent for real estate funds. Jeremy Sheldon has retired.

Within Islamic finance, Ashurst LLP is a third tier firm,

Ashurst LLP’s new instructions included Abu Dhabi Islamic Bank’s $750m sukuk issuance, and the team remained busy on the Nakheel restructuring. Practice head Abradat Kamalpour is ‘very knowledgeable and practical’.

Within Overview,

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.

Within Securitisation, Ashurst LLP is a second tier firm,

Young partner David Quirolo, ‘a future star whose work ethic and knowledge are impressive’, is driving the diversification of Ashurst LLP’s practice. The team, which advises many collateral managers and investment banks on CLOs, is ‘extremely hardworking and responsive, with very deep industry knowledge’; Simon Small, Fraser Wood and Michael Smith are noted for their ‘very partner-led’ work on bespoke transactions. Michael Smith returned from New York to take on the clients of Erica Handling, now at Barclays Capital. The team advised Barclays Capital as replacement swap counterparty on over 30 CDOs.

Within Employee share schemes, Ashurst LLP is a third tier firm,

The ‘first-class’ team at Ashurst LLP is praised for its technical strength and responsiveness, and has expertise in transactional matters. It acted for Apax on its $830m acquisition of a majority stake in Sophos, a UK private company, and for Chloride Group on its £1bn takeover. On the non-transactional side, it advised Intermediate Capital Group on the implementation of new share plans for management, which led to the adoption of an omnibus plan. Paul Randall and Barbara Allen are the names to note.

Within Employment, tier 6

At Ashurst LLP, Caroline Carter is an adviser of choice for sensitive boardroom moves, recently assisting Morrisons on succession planning and new client Mecom on the departure of CEO David Montgomery. Crowley Woodford resolved issues over equal pay, strike action and the use of temporary workers on Serco’s £650m waste improvement partnership with Sandwell Metropolitan Borough Council.

Within Overview,

Another consequence of the recession – attempts to enforce more stringent regulation of remuneration in the financial sector – has led to advisory work for firms such as Clifford Chance and Allen & Overy LLP; while others, from Freshfields Bruckhaus Deringer LLP to Squire Sanders Hammonds and Ashurst LLP, have assisted corporates to consolidate by transferring employees on divestments.

Within Pensions, tier 4

The ‘excellent’ Steven Hull, valued for his ‘industry knowledge and business acumen’, heads the ‘knowledgeable and commercial’ team at Ashurst LLP, which rises a tier in the non-contentious ranking this year. Although small, the group handles complex and high-profile work, including recently advising the US Unsecured Creditors Committee of Nortel US, and the lenders to Readers Digest. Angela Pearson handles pensions litigation at the firm.

Within Insurance: corporate and regulatory, Ashurst LLP is a second tier firm,

Ashurst LLP’s insurance team handles ‘high-end, complex matters’, and adopts a ‘commercial approach’. Jonathan Drake and David Page have ‘a very good understanding of the economic background, and what makes or breaks a transaction’. The team recently advised Equinox Global and Randall & Quilter on establishing a new Lloyd’s syndicate. It also advised Chesnara on the Solvency II implications of its acquisition of Save & Prosper Insurance.

Within Product liability: defendant, Ashurst LLP is a second tier firm,

Ashurst LLP’s practice centres on tobacco and health-related claims, including pharmaceutical, life sciences and chemicals litigation, and the firm also advises on product safety regulations. It represented Deloitte, as the administrators of Land of Leather, in defending group litigation alleging allergic skin reactions from its furniture. Other clients include Imperial Tobacco and Aventis Animal Nutrition. Arundel McDougall is recommended, along with recently promoted partner Mark Clarke.

Within Infrastructure, Ashurst LLP is a first tier firm,

Ashurst LLP is a ‘cut above the rest’, with clients praising the team’s ‘unequalled approachability’ and ‘user-friendly advice’. Mark Elsey is very prolific, and is heading the team advising Crossrail on its flagship rail project. In addition to transport, the firm is also strong in the energy, funds and defence areas. Finance partner Patrick Boyle is ‘technically excellent’, and John Inglis is an ‘asset on any transaction’.

Within Mining and minerals, Ashurst LLP is a third tier firm,

Ashurst LLP has strength in both contentious and corporate work. In a major highlight, it advised the banks on Coal India’s $3.4bn IPO, notable as India’s largest-ever IPO.

Within Oil and gas, Ashurst LLP is a third tier firm,

Ashurst LLP provides ‘practical advice backed up by energy industry knowledge’. Geoffrey Picton-Turbervill’s team was recently boosted by the hire of Peter Roberts, formerly general counsel at Centrica, and other noted names include Anthony Patten (‘a strong adviser on LNG-related matters’), and Ronnie King (‘a leader in energy litigation’). Highlights included advising Jubilant Energy on the largest oil and gas AIM IPO of 2010.

Within Power (including electricity, nuclear and renewables) , Ashurst LLP is a second tier firm,

Ashurst LLP provides ‘technical and commercial knowledge and experience’, with Peter Roberts and the ‘highly pragmatic’ John Inglis recommended. In addition to its strong Middle East power practice, the firm is active domestically, and advised DONG Energy and Scottish Power Renewables on a joint venture to develop the West of Duddon Sands wind farm.

Within Private finance initiative (PFI) , Ashurst LLP is a first tier firm,

Ashurst LLP is a ‘cut above the rest’, with ‘in-depth knowledge’ and ‘impressive strength in depth’. Team head Mark Elsey ‘consistently deploys his team skilfully’; Logan Mair is a ‘great all-rounder’; Philip Vernon is ‘technically excellent’; and Jason Radford is also singled out. Despite the slowdown in UK PFI, the firm retains an enviable balance between international and domestic work. Indicative of its standing in the national market, the firm is the main adviser to Crossrail on its high-profile rail project. The firm also advised the Skanska/Innisfree consortium on the $1.35bn Nya Karolinska Solna Hospital PPP in Sweden.

Within Local government, tier 6

The ‘impressive’ team at Ashurst LLP advises on joint venture regeneration schemes and on the exercise of CPOs, and continues to advise London & Continental Railways in relation to the High Speed 1 line. Anthony Curnow and Trevor Goode are the names to note.

Within Commercial property, Ashurst LLP is a second tier firm,

Ashurst LLP is ‘very successful at balancing between faultless legal interpretation and pragmatic, commercial advice’. Adrian Dear, the ‘experienced’ Anthony Burnett-Scott, Simon Cookson (who is ‘hard to beat for technical knowledge, negotiating skills and commercialism’), David Jones, Gerald Kelly (‘great to work with’), and practice head Richard Vernon are recommended. The firm is lead counsel for Westfield, including advising on the Stratford City development, and advised British Land on redeveloping 10 Portman Square.

Within Construction, Ashurst LLP is a first tier firm,

Ashurst LLP’s ‘very capable’ team acts on some of the UK’s highest-profile construction projects. In 2010, it continued to advise Westfield on the £4bn Stratford City retail development, British Land on its Cheesegrater tower development (122 Leadenhall Street), and TfL on procurement for the £16bn Crossrail project. The team’s contentious experience includes energy and PFI projects. Ann Minogue has ‘gravitas’ and ‘superior knowledge as to how the construction industry actually operates’, and practice head Marc Hanson is also highly rated.

Within Environment, Ashurst LLP is a third tier firm,

Ashurst LLP’s environmental group provides transactional and regulatory advice to corporate, finance, real estate and energy clients. Recent instructions have come from Shanks Waste Management, BAE Systems, and London & Continental Railways. It also successfully represented a client in an Environment Agency waste offence prosecution. Practice head Nigel Price is ‘one of the most accomplished environmental lawyers around’.

Within Overview,

On the construction side, Ashurst LLP is acting on three of the UK’s largest projects: the £4bn Stratford City retail development, 122 Leadenhall Street (the Cheesegrater building) in the City, and the £16bn Crossrail project. Property-related work associated with the impending 2012 Olympic Games kept numerous firms busy, including Berwin Leighton Paisner LLP, which is advising the Olympic Delivery Authority on post-Games site development.

Within Planning, Ashurst LLP is a second tier firm,

Ashurst LLP’s planning practice spans retail, residential and infrastructure work. It is acting on Commercial Estates’ proposed skyscraper development proposal, Columbus Tower, and on Hutchison Whampoa’s £500m Lots Road scheme, one of London’s biggest residential developments. Anthony Curnow is advising Westfield on its retail and mixed-use development in Stratford, and Trevor Goode continues to advise Tesco on challenges to its developments.

Within Property finance, Ashurst LLP is a third tier firm,

Ashurst LLP has ‘great understanding of the property market, deals and current thinking’. It acted for Lloyds Banking Group on the £600m restructuring of the Principle Hayley hotel group. Other clients include RBS, Crédit Agricole and Berlin Hyp. Ruth Harris, Sarah Watkinson and David Evans are recommended.

Within Property litigation, Ashurst LLP is a second tier firm,

Ashurst LLP recently advised British Land on a rights of light issue. Other clients include Canary Wharf and Berkeley Homes. The experienced and tough Michael Madden leads the practice, in which of counsel Mark Race is also recommended, and which has a strong level of associate support.

Within Intellectual property, tier 5

Ashurst LLP closed down its IP litigation department following Ian Starr’s departure to D Young & Co LLP. Non-contentious IP partner Dominic Batchelor handles the IP elements of transactions, notably advising Apax Partners on the $830m Sophos buyout. Practice head Mark Lubbock ‘reduces legal and commercial issues to a level that aids the decision-making process’.

Within IT and telecoms, tier 4

Mark Lubbock heads the technology and IT practice at Ashurst LLP, with Dhana Doobay heading the communications practice. ‘Outstanding negotiator’ Christopher Bates is ‘dynamic and pragmatic, and dispenses sound advice’. Key work included advising Apax Partners on the acquisition of a majority interest in Sophos; and Credit Suisse and UBS on the £1.7bn demerger and subsequent £1bn refinancing of Carphone Warehouse and TalkTalk. Other clients include Virgin Media, O2 and Tele2.

Within Overview,

The Legal Services Act and client demand for one-stop shops for IP law have driven convergence between law firms and PATMA firms, with some law firms, notably Olswang and Squire Sanders Hammonds, including patent and trade mark attorneys in their teams. PATMA firms are starting to hire lawyers, with D Young & Co LLP recruiting Ashurst LLP’s IP litigation team. Ipulse hired trade mark head Julius Stobbs from leading PATMA firm Boult Wade Tennant and, more recently, patent attorney Justin Hill from McDermott Will & Emery UK LLP.

Within Pharmaceuticals and biotechnology, Ashurst LLP is a third tier firm,

At Ashurst LLP, ‘calm, efficient’ practice head Mark Lubbock advised Candover Investment on Candover Partners’ €1.2bn sale of Ontex to Goldman Sachs PIA and TPG Capital. Anthony Clare led a team advising Silence Therapeutics on the reverse takeover of Intradigm. Product liability specialist Arundel McDougall is defending Sanofi-Aventis in Competition Appeal Tribunal proceedings. Dominic Batchelor has ‘good knowledge of the sector’.

Within Rail, Ashurst LLP is a second tier firm,

Ashurst LLP’s lawyers ‘benefit from working on both the client and contractor sides’. The group acted for Crossrail in relation to rolling stock and depot procurement; and advised Hitachi on its bid for the Intercity Express Programme. Lee McDonald is ‘commercially astute, pragmatic, and approachable, and has a wealth of knowledge’. Naomi Horton, who recently returned to practice, stands out as ‘providing real risk solutions’.