The Legal 500

Within Commercial contracts, Linklaters LLP is a second tier firm,

Linklaters LLP ‘holds its own among the Magic Circle’, thanks to its ‘good understanding of the issues facing the client’. Its ‘personable, professional’ cross-departmental team won mandates from British American Tobacco, Balfour Beatty and Lend Lease in 2010. TMT partner Richard Cumbley advised longstanding client BP on the $400m re-tendering of its global hosting outsourcing requirements, while on the procurement side Oliver Black advised Citylink Telecommunications on the application of procurement law to subcontracts.

Within Corporate tax, Linklaters LLP is a first tier firm,

Linklaters LLP’s ‘very impressive’ seven-partner team is at the ‘top end of the spectrum’, and provides clients with an ‘excellent’ service. Areas of strength for the full-service group include M&A, equity fundraisings and other corporate finance, real estate, and transactions in heavily regulated sectors; notable clients include Deloitte Touche Tohmatsu, Capital Shopping Centres, and National Grid. It acted for RBS on various disposals including of certain Asian businesses, bank branches, and its Global Merchant Services division; and also advised Lloyds Banking Group on the restructuring of various liabilities. Clients praise the whole team, with group head Yash Rupal and Dominic Winter receiving particular mention.

Within Equity capital markets: UK capability, Linklaters LLP is a first tier firm,

A ‘real class act’, Linklaters LLP fields a ‘dedicated’ equity capital markets team noted for its ‘dogged determination and innovation in equal measure’. The ‘pre-eminent’ team is known for advising high-profile issuer and manager clients in cross-border transactions. In 2010 it assisted JP Morgan Cazenove and Deutsche Bank as the underwriters of Essar Energy’s £1.3bn IPO, and also advised Royal Bank of Canada and Barclays Bank regarding the £2bn rights issue of Resolution. Joint practice head John Lane is highly rated, and recently promoted partner Dan Schuster-Woldan is a ‘rising star’.

Within Equity capital markets: US capability, Linklaters LLP is a first tier firm,

The ‘impressively strong’ team at Linklaters LLP provides a fully integrated service to clients. In 2010, the ‘very good’ Tom Shropshire acted as US counsel to National Grid on its £3.3bn rights issue. The ‘exceptional’ Jason Manketo is considered ‘among the best US capital markets lawyers in London’; and Mike Bienenfeld combines ‘quick intelligence with a pragmatic approach’. Brigid Rentoul and Cecil Quillen are also recommended.

Within EU and competition , Linklaters LLP is a second tier firm,

Linklaters LLP has a broad practice comprising well-known personalities and ‘a great supporting team’, which is regularly present on significant market studies, investigations, and cartel cases. Recent work includes acting for Aer Lingus in relation to the OFT’s Enterprise Act investigation into the minority stake held by Ryanair; and defending Dow Chemical in a High Court damages action relating to the synthetic rubber cartel. Sir Christopher Bellamy QC has ‘a superb understanding of the commercial needs and realities of the client’s business in the competition law area’; and Eamonn Doran has ‘unquestionable technical knowledge and a measured approach’.

Within Financial services, Linklaters LLP is a first tier firm,

At Linklaters LLP, Sarah Parkhouse was promoted to partner and counsel Harry Eddis joined from Morgan Stanley. The practice undertook a comprehensive review of the client-facing documentation of an international private bank for retail regulatory and consumer protection issues, and advised in an FSA enforcement investigation into customer complaints handling. Global practice head Michael Kent, James Gardner, Peter Bevan and Christa Band are highly rated.

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

Despite a cautious return to a sense of normality in the global M&A markets, Linklaters LLP continued to blaze a trail in 2010. It has the strength and depth that few firms can match, and ‘the team is prepared to work whatever hours it takes to get the work done’. Its focus on cross-border premium M&A continued to pay dividends; among an impressive breadth of representative matters, Matthew Middleditch and Iain Wagstaff led the advice to GDF Suez on the $20.2bn reverse takeover of International Power, and the team also handled significant mandates for BP, Korea National Oil Corporation and RBS. Roger Barron is ‘very good to work with’, and Owen Clay, Mark Stamp and Matthew Bland are also recommended.

Within M&A: US law capability, Linklaters LLP is a second tier firm,

Linklaters LLP boasts the leading US M&A practice of the UK-centred firms, and in Tom Shropshire has one of the most highly rated lawyers in the City. The team advised on the largest Russian telecoms merger ever when it acted for Comstar on its $23bn combination with Mobile Telesystems.

Within Overview,

European M&A was up 41% year on year, topping $645.7bn in 2010, up from $459.4bn in 2009; this will have been music to law firms’ ears, as the developed economies struggled to lift themselves out of the mire. The larger international firms have largely benefited from deal activity emanating from emerging markets, as western investors look for high-growth investment opportunities; a new breed of emerging markets client has come to the fore looking to invest in more stable economies as well as emerging economies. If anything the likes of Linklaters LLP, Slaughter and May, Clifford Chance and Allen & Overy LLP, along with a handful of US firms, have tightened their grip on the market and are beginning to move away from an increasingly crowded mid-market.

Within Private equity: transactions , Linklaters LLP is a third tier firm,

Linklaters LLP may be better known for its banking and restructuring work, but its private equity team is gaining increased market recognition as a result of an increasingly impressive deal book. As well as handling a flow of work for HgCapital and Triton, it picked up a first major UK instruction from the Carlyle Group, on the £600m acquisitions of Integrated Dental Holdings and Associated Dental Practices. Praised for its ‘strong commercial advice’, the group includes the ‘very responsive, commercial and practical’ Richard Youle; ‘ruthless executor of deals’ Ian Bagshaw; and the ‘very good’ Annette Kurdian.

Within VAT and indirect tax, Linklaters LLP is a second tier firm,

Linklaters LLP’s team leverages from the wider firm’s excellent corporate tax offering, advising many high-profile clients. Areas of strength include transactional corporate and real estate matters; recent highlights include acting for Capital Shopping Centres on the purchase of The Trafford Centre. Martin Lynchehan is recommended.

Within Fraud: civil , Linklaters LLP is a first tier firm,

Linklaters LLP continues to represent Barclays Bank plc regarding the alleged fraud by fund manager Helmut Kiener; and Grant Thornton as liquidators investigating fraud within the Saad group of companies. Other recent work includes defending UBS in a series of proceedings triggered by the actions of the Italian administrator of Parmalat. John Turnbull and Satindar Dogra are ‘at the top of their field’. Alan Walls is recommended for his asset recovery work; and Christa Band is well known for her contentious regulatory expertise.

Within Fraud: corporate crime, Linklaters LLP is a first tier firm,

Linklaters LLP has continued to advise BAE in corruption investigations by the SFO and DOJ. Other recent work includes acting for the administrators of Torex Retail plc (in administration) in an SFO investigation. John Turnbull’s ‘excellent judgment is first class, and a rare commodity’; and Satindar Dogra is ‘very tenacious and able to drive matters forward’.

Within Banking litigation: investment and retail, Linklaters LLP is a first tier firm,

Linklaters LLP consistently acts in high-value, multi-jurisdictional cases often involving reputational risks. In addition to its continuing work for PwC as joint adminstrators of Lehman Brothers International (Europe), the team is defending Barclays Capital against a high-profile claim by Cassa di Risparmio della Repubblica di San Marino (CRSM) relating to the sale of credit-linked notes under a €700m financing package for two CRSM subsidiaries. Practice head Alan Walls is a well-known and highly respected personality in the field, as is Christa Band, who has significant experience in regulatory investigations and professional disciplinary proceedings.

Within Commercial litigation, Linklaters LLP is a second tier firm,

The team at Linklaters LLP ‘throws itself into a case, and is robust but sensible’. The practice advised the joint administrators of Lehman Brothers International (Europe) in the High Court RASCALS application concerning the ownership of approximately £1bn of securities. Michael Bennett is national practice head. Satindar Dogra is ‘thorough in his approach’, and Kathryn Ludlow, Christopher Style QC and Euan Clarke are also recommended.

Within International arbitration, Linklaters LLP is a third tier firm,

Bringing together arbitration expertise across three continents, Linklaters LLP’s recent work includes acting for and against states and state entities, advising on bilateral investment treaty claims, and acting in shareholder disputes and cases within the telecoms and energy sectors. International arbitration head Greg Reid and Christopher Style QC are well respected.

Within Mediators Mediators

Within Public international law, Linklaters LLP is a third tier firm,

Linklaters LLP offers a ‘high level of quality, and prompt and reliable advice’. Highlights included advising the Republic of Poland in the defence of a €2.5bn claim under the French/Polish BIT, and acting in a high-profile case in which $50m damages were won in international arbitration proceedings concerning the expropriation of a mining and metals project in Latin America. Greg Reid leads the team. Associate Philomena Cleobury is also a key contact.

Within Tax litigation, Linklaters LLP is a second tier firm,

Linklaters LLP acted for BP in relation to the reclaiming of SDRT charged by HMRC in alleged breach of the EC Capital Directive, and also acted in an appeal to the tax tribunal concerning a joint venture which made a number of property investments. Michael Sanders is a key figure in contentious tax and EU matters, and Dominic Winter is also recommended.

Within Acquisition finance, Linklaters LLP is a first tier firm,

Co-headed by Gideon Moore and the ‘very charismatic’ Nick Syson, Linklaters LLP’s ‘proactive and commercial’ leveraged finance team has the capability to handle the full array of transactions for an impressive cadre of banks and borrowers. Bolstered by the recent recruitment of Mark Hageman from Cravath, Swaine & Moore LLP and the formal integration of its high yield lawyers within the banking group, the firm is picking up a raft of complex bank and bond financings for the likes of Goldman Sachs and Morgan Stanley, which it advised on the issue of €375m senior secured notes and €75m floating-rate senior secured notes by ATU. As well as high-profile new-money deals, such as advising the lenders on the €800m acquisition financing of Findus Italy by Birds Eye Iglo Group and Permira, the firm continues to handle a flow of major LBO restructurings, including Almatis’ $1.3bn cross-border restructuring and its $715m financing on exit from Chapter 11. Annette Kurdian (‘a superstar of the banking group’) and ‘rising star’ Yen Sum are also recommended.

Within Asset finance and leasing, tier 5

The recent move of Robert Fugard and Simon Gwynne to Hogan Lovells International LLP is symptomatic of Linklaters LLP’s declining emphasis on asset finance. Now headed by Olga Petrovic, the team sits within the firm’s broader banking team, and is focused on consolidating core client relationships. Working alongside the firm’s private equity group, Petrovic recently advised Oaktree Capital on its distressed acquisition of a majority stake in Gulmar Energy.

Within Bank lending: investment grade debt and syndicated loans , Linklaters LLP is a first tier firm,

Linklaters LLP’s balanced practice is valued for its ‘“can-do” approach’, advising an impressive roster of blue-chip corporates and banks across a range of event-driven financings, refinancings and working capital financings. It ‘advises promptly and accurately on prevailing market practice’, and provides ‘prompt and practical advice based on an in-depth understanding of the nuances of the transaction’. Toby Grimstone advised Glencore on a $10.2bn revolving credit facility; involving 94 banks, it was the largest syndicated transaction since 2000. The team also recently advised RBS and Barclays Capital on the £900m financing of Resolution’s acquisition of AXA’s UK life business. Philip Spittal and Stuart Thomas ‘create an empathetic relationship with the different parties involved in the transactions that they are working on’. Jeremy Stokeld co-heads the mainstream banking practice along with Thomas, and John Tucker also regularly handles syndicated financings in his capacity as global head of finance and projects.

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

Linklaters LLP’s Vinay Samani recently advised Barclays on exchange-traded securities platforms for issuing commodity index-linked securities.

Within Corporate restructuring and insolvency, Linklaters LLP is a first tier firm,

Though hit by the departure of Chris Howard, who left for Linklaters LLP, Freshfields Bruckhaus Deringer LLP’s 12-partner restructuring and insolvency group continues to perform at the highest level of the market. Among notable recent work, it used an English scheme of arrangement to restructure Spain’s La Seda de Barcelona’s €1bn debt: the transaction was the first of its kind and was led by Richard Tett. The firm also advised the senior lender steering committee, which included ING, ECM, Babson and Harbourmaster, on the restructuring of the Panrico Group, led by global practice head Ken Baird. Other recommended figures in the team are Nick Segal, Adam Gallagher and Catherine Balmond. Deloitte, Ernst & Young, Rothschild, Lazard and RBS are among its other clients.

Within Debt capital markets, Linklaters LLP is a first tier firm,

‘Hands-on partner attention’ is a key feature of the service provided by the ‘first-class and friendly’ team at Linklaters LLP. The ‘exceptional’ Carson Welsh advised lead managers on Rabobank’s $2bn bond; Jane Brown (‘tenacious but user friendly’) represented banks on Scottish and Southern Energy’s £1.2bn hybrid offering; and the ‘incisive’ Richard Levy handled the £15.9bn RBS liability management deal. Clients are also quick to recommend the ‘knowing and intelligent’ Ben Dulieu, for investment grade deals and liability management; Francis Kucera for emerging markets deals; Cecil Quillen (‘a pillar of the firm’s dominance in Russia’); Elaine Keats; convertible bonds expert Keith Thomson; and the ‘deft and thoughtful’ Jasper Evans for trustee work.

Within Derivatives and structured products, Linklaters LLP is a first tier firm,

Linklaters LLP is ‘by far the best for global equity derivatives’. Michael Voisin and Deepak Sitlani, who has ‘good technical and people skills’, recently led advice to ISDA on new equity derivative definitions; and Simon Firth is ‘still the authority on black-letter legal issues’. Firth, Pauline Ashall and others advise PwC as administrators of Lehman Brothers. Alan Davies and Mark Middleton, who has returned from the financial regulation group, advise many clients on setting up clearing platforms in light of new regulations, and the newly promoted David Phillips is central to some of the firm’s biggest longevity deals. Philips and Vinay Samani assisted Barclays in setting up a traded securities platform. The team has ‘great product managers, with strong teams able to work on a globally co-ordinated basis’.

Within Emerging markets, Linklaters LLP is a first tier firm,

Linklaters LLP remains a clear leader for emerging markets work. The ‘extremely proficient’ team gives ‘clear, well-reasoned and practical advice’, and is a firm of choice when ‘there is no room for error, especially with issues around potential reputation risk’. It recently completed two sizeable transactions for longstanding client BP, including its $9bn acquisition of a 30% stake in 23 oil and gas production blocks from Reliance Industries. In projects, the firm advised a 12-bank syndicate on the €1.1bn financing of the Yuzhno-Russkoye gas field in Sibera. Its top clients span a number of sectors, and include JPMorgan, Gazprom, Glencore, African Barrick Gold and Barclays. Dominic Sanders ‘provides wise, seasoned and practical advice’, and other leading figures in the practice include Sandeep Katwala; ‘good negotiator’ Daniel Tyrer; and Charlie Jacobs, who ‘brings a wealth of knowledge, experience, and professionalism to every project’.

Within High yield, Linklaters LLP is a third tier firm,

Mark Hageman joined Linklaters LLP from Cravath, Swaine & Moore LLP in September 2010, and now co-leads the practice with Alexander Naidenov. The firm acted for the Hertz Corporation and Hertz Holdings Netherlands on the issuance of €400m senior secured notes to help the rental company refinance its debt.

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

Linklaters LLP’s ‘consistently impressive’ team is ‘efficient and commercially oriented’. Its excellence across fund and asset classes (with particular strength in listed and private funds) is mirrored by its breadth geographically. Highly regarded individuals include Jonathan de Lance-Holmes, who heads the London investment management group; Tim Shipton, global co-head of the investment managers team; Nicola Hopkins; and regulatory expert Peter Bevan. Recent highlights include advising HSBS Special Investments’ senior management, a new client, on the spinout to form InfraRed Capital Partners, involving the restructuring of a multi-jurisdictional fund manager. Cinven and BXR Group are other significant new clients. The firm has been advising Lend Lease on lifecycle extension for Lend Lease Retail Partnership fund, and advising another client on cutting-edge hedge funds and UCITS platforms.

Within Islamic finance, Linklaters LLP is a second tier firm,

Linklaters LLP advised lenders on financing Saudi Arabia’s $14bn Jubail refinery and petrochemical project, which included four Islamic tranches with conventional lender participation. It also acted for Emaar Properties PJSC on a $2bn ijara-structured trust certificate programme; and Khazanah on its SG$1.5bn wakalah-structured trust certificate programme, Singapore’s largest local-currency issuance by a foreign issuer. Dubai-based Richard O’Callaghan is recommended. Andrew Roberts left for Fontenergy.

Within Overview,

While liquidity was relatively constricted, new-money financings were far more prevalent in 2010 than in previous years, fuelled to a large extent by a relatively buoyant high yield market. In the leveraged finance market, law firms combining a credible bank and bond side offering have generally fared best, particularly on deals at the upper end of the market. Latham & Watkins LLP has the most comprehensive bank and bondside practice, and is highly rated for acquisition finance, as well having a top-tier ranking for high yield. Of the Magic Circle firms, Linklaters LLP in particular has beefed up its high yield capability with some notable hires, and along with Allen & Overy LLP and Clifford Chance has the most complete finance offering across the board; the trio are able to leverage off deeply entrenched banking ties, and can draw on pervasive international networks to handle major cross-border mandates.

Within Securitisation, Linklaters LLP is a first tier firm,

Linklaters LLP’s innovative work included the development of a new securitisation product – the accelerated structured bond offering (ASBO) – widely used in M&A transactions. The practice encompasses whole-business securitisations (particularly for utilities), covered bonds, and mortgage-backed securities. The team includes head of structured finance James Harbach; ABS specialist Edward Hickman; Andrew Vickery, who advised banks on a $2bn covered bonds programme for BnB NOR Boligkredit; the ‘marvellous’ Julian Davies, who acted for banks on the first-ever ASBO, a financing deal for HSBC Rail; and Anne Hoe, who represented the lead managers on a $4.5bn RMBS, the UK’s first such standalone structure since 2007. The £1.65bn restructuring of the More London Estate financing, for borrower London Bridge Holdings, was another highlight.

Within Trade finance, Linklaters LLP is a second tier firm,

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.

Within Employee share schemes, Linklaters LLP is a first tier firm,

Linklaters LLP’s ‘very impressive’ practice assists a host of blue-chip clients, including AMEC, Burberry, Deutsche Bank, HSBC, J Sainsbury, and Vodafone, and is well placed to supply global share plans services, benefiting from the firm’s international coverage and reputation. Key deals for the two-partner team included advising GDF Suez on its complex €20.2bn reverse takeover of International Power; Korea National Oil Corporation on its $1.9bn hostile takeover of Dana Petroleum; and National Grid in relation to its £3.3bn rights issue. Head of the practice Gillian Chapman is ‘respected in the market’. Highly influential former practice head Janet Cooper is set to retire in autumn 2011.

Within Employment, Linklaters LLP is a third tier firm,

Linklaters LLP has a ‘high-quality, top-end practice catering especially to major banks and financial institutions’, with a similarly high-profile corporate client-base. Recent projects have included major restructurings, and a number of sales and disposals, notably four multibillion-pound sales for RBS entities involving international transfers and TUPE matters; these were all handled by Jean Lovett, who is ‘extremely quick at grasping the issue’. ‘Great tactician’ Nicola Rabson continued to represent Commerzbank in ongoing bonus payment litigation.

Within Overview,

One area which has continued to show a high level of activity is litigation, in both the High Court and the employment tribunals. The number of trials relating to team moves, restrictive covenants, bonus schemes, and all kinds of discrimination has increased, with employees striving to maintain scarce jobs, and employers taking action to stem the flood of claims. Firms such as Linklaters LLP; McDermott Will & Emery UK LLP; Herbert Smith LLP; Farrer & Co; Fox Williams LLP and Simmons & Simmons have been at the forefront for finance houses and executives, and have witnessed the development of a new thread of litigation – data breaches and privacy issues in defections to competitors. Discrimination in all its forms has also been in the spotlight, with notable cases being fought by Leigh Day & Co; Bindmans LLP; and Russell Jones & Walker.

Within Pensions, Linklaters LLP is a first tier firm,

Linklaters LLP is ‘extremely responsive and proactive in its work, both intellectually and as a matter of implementation of strategy’. Ruth Goldman’s team includes Isabel France, who is ‘not just technically good from a pension point of view, but also has a wider understanding of business requirements and takes a pragmatic view of situations’; Tim Cox; Claire Petheram; and Rosalind Knowles. Disputes expert and ‘excellent thought leader’ Mark Blyth is ‘thoroughly engaged, and shows very good situational judgement and substantive depth’. The group is ‘very responsive, and advice is direct and thorough without being over officious’. The firm is currently advising Diageo Pension Trust Limited on a funding solution involving establishing a pension funding partnership holding whisky spirit assets, and the Trustees of Pearson on the merger of two defined benefit sections of the Pearson Group Pension Plan. In disputes, the group continues to represent the Pilots National Pension Fund.

Within Insurance: corporate and regulatory, Linklaters LLP is a first tier firm,

Linklaters LLP’s insurance expertise spans many areas including annuity and longevity solutions, insurance SPVs and distribution agreements. The team is ‘very responsive, with fast turnaround times’, and ‘stands out for the consistency of its up-and-coming talent’. It advised Lloyds Banking Group on selling its majority stake in esure. Practice head Duncan Barber is ‘first class’, and ‘not only an excellent lawyer but able to hone advice to draw out the key commercial as well as legal points’. Victoria Sander and of counsel Madhu Jain are also recommended.

Within Professional negligence, tier 5

Linklaters LLP specialises in high-end, complex matters, and represents the Big Four accounting firms, as well as banks and corporations. Kathryn Ludlow is recommended.

Within Personal tax, trusts and probate, tier 5

Nigel Reid at Linklaters LLP advises wealthy families on trusts and complex tax planning.

Within Infrastructure, Linklaters LLP is a first tier firm,

Linklaters LLP would ‘definitely be on the list for any large complex project’, thanks to its ‘technical expertise’ and provision of ‘top-end service’. Bruce White ‘remains one the leading infrastructure lawyers in the market’; Stuart Rowson provides ‘strong support to funders, with an effective but direct style’; and Ian Andrews is ‘knowledgeable and experienced’. Roads were an active area in 2010; highlights included advising the consortium on the development of the €600m Moscow-Minsk Motorway project in Russia.

Within Mining and minerals, Linklaters LLP is a first tier firm,

Linklaters LLP is the ‘best in the market for corporate work’, with team head Charlie Jacobs ‘the name everyone knows’. Among the firm’s plentiful highlights, it advised Rio Tinto on the sale of a majority interest in its Alcan Engineered Products business, and also on the $1.35bn investment by Aluminium Corporation of China in Rio Tinto’s Simandou iron ore project in West Africa.

Within Oil and gas, Linklaters LLP is a first tier firm,

Linklaters LLP offers ‘an exceptional combination of market-leading corporate, finance and commercial capability’, and ‘always provides excellent professionals, which makes the level of service impressively homogenous’. Recommended partners include Matthew Hagopian (‘very experienced and knowledgeable in project finance’); Manzer Ijaz (noted for his ‘profound sector knowledge’); Fiona Hobbs (‘very experienced in energy in the Middle East’); and Clive Ransome (who gives ‘sensible and commercially focused advice’). The firm advised the finance parties on the $14bn Jubail refinery and petrochemical project in Saudi Arabia.

Within Overview,

In this chapter, weighting is given to the firms with the broadest coverage of each practice area, hence the tendency of full-service firms to head the tables. The Magic Circle continues to dominate; Linklaters LLP is the only firm in the top bracket of every area, although Allen & Overy LLP is stronger on the project finance side and tops the rankings for infrastructure, oil and gas, power, PFI and water.

Within Power (including electricity, nuclear and renewables) , Linklaters LLP is a first tier firm,

Linklaters LLP’s team ‘adopts a high level of judgement and consistency of advice’, and is ‘one of the most experienced in the City’. Jeremy Gewirtz is ‘commercial, with an in-depth knowledge of the energy sector’; and John Pickett is noted for his ability to ‘propose solutions in order to break deadlock situations in complex negotiations’. The firm advised DDF SUEZ on its reverse takeover of International Power.

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

Linklaters LLP ‘does the job quickly, expertly and without the fuss’. Project finance head Bruce White has ‘unsurpassed knowledge of the sector’; Stuart Rowson is noted for his ‘good commercial sense’; and Ian Andrews is also recommended. On the international side, the firm advised the consortium on the €600m Moscow Minsk Motorway PPP, while among its domestic mandates it advised a Carillion-led consortium on the £627m Southmead Hospital PFI.

Within Water, Linklaters LLP is a first tier firm,

Linklaters LLP’s reputation for structured financing in this area is second to none; it is the only firm to have advised on all the structured utility bonds programmes completed in the water sector to date. Julian Davies heads a team that advised Anglian Water’s holding company, Osprey Acquisitions, on the £475m refinancing of a syndicated loan. The team is also active in corporate matters.

Within Commercial property, Linklaters LLP is a first tier firm,

Linklaters LLP provides ‘big-firm technical excellence’, and handles complex transactions ‘with great assurance, providing the practical experience and industry knowledge found in specialist firms’. A standout transaction was advising Capital Shopping Centres Group on its acquisition of The Trafford Centre in Manchester. The firm also advised on Qatari real estate company Barwa’s acquisition and development of Park House, Oxford Street, and continues to advise Lend Lease on the agreement to redevelop Elephant & Castle. Anne Byrne heads the UK team, with Patrick Plant, Andrew Bruce, Huw Baker, Matt Elliott and the ‘user-friendly and technically very capable’ Joe Conder all recommended. James Knox joined Berwin Leighton Paisner LLP.

Within Construction, tier 4

Linklaters LLP recently advised Qatari real estate company Barwa on the £500m acquisition and development of Park House on Oxford Street.

Within Environment, Linklaters LLP is a first tier firm,

Linklaters LLP is well regarded for its astute commercial understanding and deep industry knowledge, particularly on environmental aspects of transactions. Practice head Vanessa Havard-Williams, who ‘provides strong team leadership’ and is ‘adept at managing potential regulatory issues’, recently advised various corporations on divestitures and restructuring. Chris Staples is ‘very strong on the carbon finance front’, and recently advised Barclays Bank and International Finance Corporation.

Within Overview,

Competition for big-ticket jobs remains fierce, but those firms with strong corporate and finance offerings – such as Clifford Chance and Linklaters LLP – are generally faring better than most. Clients are also looking to full-service real estate practices of established players such as Berwin Leighton Paisner LLP and Nabarro LLP, who also dominate in property litigation.

Within Planning, Linklaters LLP is a third tier firm,

Linklaters LLP advises property developers, owners and energy companies on ‘eye-catching projects’. Led by David Watkins, who is ‘inventive and resourceful, and thinks “outside the box”’, the practice often advises on complex issues concerning listed buildings, such as UBS’ City office developments and St John’s Wood Barracks in Westminster. Other mandates include Native Land’s South Bank residential scheme and Gent Fairhead & Co’s waste treatment facility at a historic former airfield.

Within Property finance, Linklaters LLP is a first tier firm,

Linklaters LLP has ‘highly intelligent lawyers at the senior, middle and junior level’, making it ‘number one for big-ticket, complicated projects’. The team acted for Lloyds Banking Group regarding the ongoing restructuring of Battersea Power Station, and for AREA Property Partners on a £380m debt restructuring. David Ereira (‘one of the finest’), Steve Smith (‘exceptional’), Matt Elliott, Anne Byrne and practice head Claire Watson are all recommended.

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

Linklaters LLP’s small team recently advised Woolworths’ administrators regarding rent liabilities, gaining a High Court order that helped clarify the company’s liabilities. Katie Bradford is a ‘class act’ and is admired across the market for her expertise in rent reviews and complex, big-ticket litigation.

Within Intellectual property, tier 4

Linklaters LLP provides ‘excellent commercial legal advice’, handling complex instructions from global clients. Ian Karet negotiated the settlement of the dispute between Sir Stelios Haji-Ioannou and easyJet. Patent litigator Nigel Jones is acting for Janssen-Cilag in a patent revocation action. ‘First-class’ soft IP partner Benedict Bird provides ‘invaluable guidance’.

Within IT and telecoms, Linklaters LLP is a second tier firm,

The ‘prompt, thorough, pragmatic’ Marly Didizian co-heads the IT and business services group at Linklaters LLP, which provides ‘first-class commercial advice’. Notable work included acting for BP on its global data and hosting requirements; successfully representing British Gas in the Court of Appeal; and representing Zain on the sale of its African mobile telecommunications business. New client wins include BAT and RBS. The ‘business-savvy’ team includes global head of TMT and IP John Crozier; and Julian Cunningham-Day, who heads the telecoms practice.

Within Media and entertainment, Linklaters LLP is a third tier firm,

Linklaters LLP handles big-ticket M&A, and recently advised RTL Group on divesting Channel Five to Northern & Shell. It also advised Khazanah Nasional Berhad on partnering with Pinewood Studios to launch a media production facility in Malaysia. Roger Barron, who co-heads the media and leisure sector group with Paris-based Marianne Schaffner, is recommended along with Marly Didizian.

Within Pharmaceuticals and biotechnology, Linklaters LLP is a second tier firm,

Linklaters LLP provides ‘excellent, commercial advice’. Nigel Jones, who jointly heads the global healthcare team, is advising Janssen-Cilag in a patent revocation action against Bayer Healthcare. Ian Karet successfully represented Tate & Lyle in patent litigation proceedings against Roquette relating to the naturally derived sweetener Maltitol.

Within Rail, Linklaters LLP is a first tier firm,

Linklaters LLP is noted for its infrastructure, rolling stock and finance expertise. The group acted for the staple lenders on the £2.1bn purchase of HSBC Asset Finance’s train-leasing business, and represented Borealis Infrastructure and Ontario Teachers’ Pension Plan on the purchase of HS1. The team suffered the loss of Simon Gwynne and Robert Fugard to Hogan Lovells International LLP, but still has the expertise of Stuart Rowson, Ian Andrews and Fiona Hobbs.