The Legal 500

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

The ‘excellent’ team at Linklaters LLP provides clients with ‘top-quality’ advice across the full spectrum of tax work with M&A transactions and corporate finance particular strengths. The firm advised Lloyds TSB on its £6bn acquisition of HBOS, as well as acting for RBS on its £12bn rights issue and £20bn recapitalisation by HM Treasury. It is also acting for the Department of Transport in the £15.9bn development of Crossrail; one of the world’s largest-ever infrastructure projects, it involves complex property tax issues among others. Names to note include Mark Kingstone, Yash Rupal and Mike Hardwick.

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

For some ‘the UK’s finest ECM practice’, Linklaters LLP secured instructions on a number of the market’s largest rights issues, advising Anheuser-Busch on its €6.36bn rights issue, and RBS on its £12bn rights issue and subsequent £20bn capital raising. Under the ‘legendary’ John Lane, the firm also added to its record on international listings, advising Türk Telekomünikasyon on its US$1.9bn IPO, and Fresnillo on its £905m IPO - the first Mexican company to list in London. Global capital markets head Jim Rice and the ‘fantastic’ Matthew Middleditch are also recommended. Stephen Edlmann has retired.

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

Linklaters LLP remains ‘head and shoulders above the other UK firms for US ECM work’. Led by Steve Thierbach, the team advised RBS on its £12bn rights issue and subsequent £20bn capital raising; Telekomunikasyon on its US$1.9bn IPO, and Fresnillo on its £905m IPO. Jason Manketo, Brigid Rentoul and Cecil Quillen are all highly regarded. Tom O’Neill has returned to London having led the US practice in the firm’s Paris office, and the team also includes Patrick Sheil, who previously headed the firm's US practice in Asia.

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

Linklaters LLP is consistently praised for its ‘business acumen’ and the quality of its leading partners. Although ‘closely associated with mergers’ - it earned many accolades for its work on Lloyds TSB’s highly charged acquisition of HBOS - it has forged a path in behavioural work and litigation; former Competition Appeal Tribunal (CAT) president Sir Christopher Bellamy QC, for instance, is ‘unique’ and ‘brings a level of judgment which cannot be obtained elsewhere’. The firm has achieved key roles on many of the leading UK and European market and cartel investigations. Bill Allan(quickly identifies the ‘commercial challenge’); Michael Sanders(has a ‘depth of knowledge’, and ‘adds real value’); Paula Riedel(‘hardworking’, with ‘detailed knowledge’); Gavin Robert(‘bright’, ‘commercially pragmatic’, ‘astute’); ‘rising star’ Nicole Kar(‘a supreme cartels specialist’); and Michael Cutting(the lead partner on Lloyds TSB/HBOS) are all recommended. Senior figure Tony Morris and leading competition litigator Diana Good recently retired from the firm.

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

Linklaters LLP is ‘very responsive and projects always well resourced’. The practice took a leading role advising on the regulatory aspects of Lehman Brothers’ administration for PwC (including advising in connection with overseas branches’ assets and liabilities located in over 70 jurisdictions worldwide) and the groundbreaking Lloyds TSB/HBOS merger, and also advised on the regulatory litigation concerning the legality of personal current account overdrafts. Global practice head Michael Kent and Peter Bevan are highly recommended; James Gardner is ‘knowledgeable and meticulous’; and ‘rising star’ Sarah Parkhouse ‘impresses with her business knowledge and business acumen’.

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

‘Really top of the class with a consistent quality across its network’, Linklaters LLP is also ‘tough to beat on cross-border transactions’, with blue-chip clients also noting the firm’s ‘unrivalled professionalism and quality of associates’. The focus is on premium work for premium clients, usually with cross-border elements. Advising targets was a theme in 2008, with the firm acting for Rio Tinto as target of an aborted £75bn approach from BHP Billiton, and for Scottish & Newcastle, which was eventually acquired by Carlsberg and Heineken for £7.8bn. On the buy side the firm represented Lloyds TSB in its £6bn acquisition of HBOS; Richard Godden, Matthew Middleditch and Jeremy Parr were the lead partners on these transactions. Clients also cite the ‘excellent’ Michael Sullivan, Charlie Jacobs and Mark Stamp.

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

In 2008, Linklaters LLP advised Rio Tinto on its successful defence of the US$147bn hostile takeover by BHP Billiton, and advised RBS and Lloyds TSB on HM Treasury’s multibillion-pound investments in them. Tom Shropshire manifestly ‘wins impressive mandates’.

Within Outsourcing and procurement, Linklaters LLP is a third tier firm,

The outsourcing practice at Linklaters LLP had a strong year under the leadership of John Crozier, who is ‘a major force in the market’. The team recently advised the Qualifications and Curriculum Authority on its high-profile termination with ETS Europe, as well as working with Citibank in its successful tender for the government banking service project.

Within Overview,

Against this background, our corporate rankings remain largely unchanged. The City elite - Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May - continue to dominate proceedings, and once again comprise the top two tiers of both Mergers and acquisitions and Equity capital markets: UK capability. However, with leveraged transactions one of the principle casualties of the credit crunch, Clifford Chance’s reliance on private equity has seen it fall back to the second tier in M&A following its promotion last year. These top firms are also increasingly dipping into the already fiercely competitive mid market.

Within Overview,

On the equity capital markets side, IPO activity is at an all-time low. A spate of high-profile rescue rights offerings provided some much needed relief - with the market’s two dominant figures, Linklaters LLP and Freshfields Bruckhaus Deringer LLP, showing particularly well - but teams have mostly had to make do with (less remunerative) secondaries and private placements.

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

Linklaters LLP is an attractive choice due to its broad global network and its ‘consistency and professionalism’ across the entire corporate finance spectrum. Its stable of excellent partners includes the ‘responsive’ Richard Youle, ‘outstanding’ Carlton Evans and ‘very commercial’ Ian Bagshaw. Recent highlights include advising a consortium including Montagu Private Equity and Global Infrastructure Partners on the £1.7bn acquisition of Biffa.

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

With an excellent corporate tax team, Linklaters LLP also has significant indirect tax capability. It advised Visa Europe on its US$18bn IPO, a deal involving difficult indirect tax issues. Martin Lynchehan is well regarded.

Within Fraud - commercial and regulatory investigations, Linklaters LLP is a first tier firm,

Linklaters LLP has been active across a range of corruption and bribery cases, and continues to advise the administrators of Torex Retail in relation to the SFO investigation into its affairs, as well as defending UBS in Parmalat-related proceedings. Alan Walls is ‘very well known for banking fraud’ work, and the team includes in-house barrister Christopher Style QC. Diana Good retired in November 2008.

Within Banking litigation, Linklaters LLP is a first tier firm,

Linklaters LLP continues to attract many of the seminal cases, including acting for PwC as administrators of Lehman Brothers International (Europe). It was also instructed to defend Barclays Capital against a claim brought by Cassa di Risparmio della Repubblica di San Marino, regarding the sale of credit-linked notes. Alan Walls heads the department, which includes Michael Bennett (‘very good with clients’, ‘very smart’); and Andrew Hughes (‘our number one’, ‘technically superb’, ‘empathises with his clients’), who represented RBS on the high-profile bank charges case.

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

Linklaters LLP’s ‘superb and professional’ practice has attracted a steady stream of major instructions, including arguably the largest credit crunch related matter to date, advising PwC as joint administrators of Lehman Brothers. Other major matters include advising BP on the high-profile TNK-BP dispute, as well as on issues relating to the Buncefield explosion. Another highlight has been acting for RBS on the bank charges test case. Michael Bennett heads the top-notch UK team, which boasts a number of extremely well-regarded partners, including global head John Turnbull, the ‘thoughtful, hardworking’ Euan Clarke, Nick Porter and Kathryn Ludlow.

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

Linklaters LLP’s ‘excellent’ practice is commended as ‘proactive, timely, practical and commercial’. Headed by Greg Reid, the four-partner London team benefits greatly from the ‘terribly impressive’ Christopher Style QC, although it will miss Tom Lidstrom, who has moved to the firm’s Hong Kong office. Recently it advised the Czech Republic in a dispute with EMV, a Luxembourg investor which invested in the Czech television industry.

Within Mediators

Within Overview,

Thus far, the main beneficiaries have been those firms with strong backgrounds in banking and commodities, sectors which were the first victims of the fallout of the credit crunch and the resultant downturn. The former category is largely made up of Magic Circle and major City firms, such as Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Linklaters LLP, Herbert Smith LLP, Lovells LLP, Simmons & Simmons, and Slaughter and May, all of which have excellent track records in financial services related disputes. In the latter, firms with strong experience in areas such as shipping, including Clyde & Co LLP, Ince & Co, and Holman Fenwick Willan LLP, have benefited from an uptick in disputes, thanks largely to major fluctuations in commodities prices.

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

Linklaters LLP, led by the renowned Greg Reid, offers both contentious and non-contentious advice. On the contentious side the firm advises on state/investor disputes under bilateral investment and other treaties, often involving expropriation issues and jurisdictional questions. It is currently representing the Republic of Poland in the defence of a claim for approximately US$2bn under the French/Polish BIT for creeping expropriations in relation to Polish mobile operator PTC. On the non-contentious side the firm frequently advises on the public international law aspects of large multinational projects.

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

Linklaters LLP is a market leader in the field of corporate tax, and its contentious tax team handles some of the largest litigation in this area for the firm’s blue-chip corporate client base. It continues to act for Vodafone in a tax matter worth billions of pounds which will be heard by the Court of Appeal in 2009. With a commercial litigation background, Michael Sanders is recommended, and global head of tax Yash Rupal is highly respected in the market.

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

Praised for its ‘good knowledge and responsive, commercial advice’, Linklaters LLP advised on some of 2008’s standout deals, representing the lenders on the US$4.95bn Convatec acquisition, and advising Global Infrastructure Partners and Montagu Private Equity on the financing of their £1.7bn offer for Biffa. The team provides an ‘overall service which is second to none’ and includes impressive partners in David Ereira, Gideon Moore, Nick Syson and Stephen Lucas. During the boom the firm’s immense popularity with sponsors secured it substantial lender mandates; time will tell if its banking relationships prove as secure as the other top-tier firms.

Within Asset finance and leasing, Linklaters LLP is a second tier firm,

Linklaters LLP ‘continues to impress with its ability to carry out complex leasings both professionally and efficiently’. Headed by the ‘extremely thorough and intellectual’ Robert Fugard, the firm has continued to find itself at the forefront of big-ticket transactions, with the rail sector providing a significant proportion of work. ‘Highly capable and easy to work with’, rail finance expert Simon Gwynne acted for RBS on the sale of Angel Trains, and for the consortium acquiring Porterbrook Trains. Neil Harnby has a strong reputation for shipping matters, and has been involved in groundbreaking work on an LNG production vessel.

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

‘Best in class’, Linklaters LLP’s 49-partner banking group has the resources to seamlessly handle the largest and most sophisticated transactions in the market for a balanced array of banks and corporates (among them Vodafone, Glencore International, RBS and Lloyds TSB). Recent highlights include advising RBS as facility agent on a US$4bn multicurrency revolving credit facility for ArcelorMittal, while on the borrower side the team advised Vodafone Group on its £4.3bn revolving credit facility. Jeremy Stokeld and Stuart Thomas co-head the firm’s mainstream banking practice, and are described as ‘very knowledgeable, committed and responsive’. Stephen Lucas ('a great professional to have on your side during a deal’), global head Robert Elliott, Philip Spittal, John Tucker and David Ereira are also recommended.

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

‘One of the leaders in restructuring’, Linklaters LLP’s 12-partner group offers a ‘comprehensive’ service to a diverse array of stakeholders, and arguably had the strongest year of the top-tier firms. Involved in the majority of the highest-profile administrations in the market, as well as landing key roles in the Woolworths and Waterford Wedgwood insolvencies, the firm recently picked up the highly cherished instruction to advise PwC on the administration of Lehman Brothers International (Europe); involving a multi-jurisdictional, cross-practice team of over 300 lawyers from 11 offices, the matter is the largest corporate insolvency in history, involving approximately US$13bn assets. The team also secured instructions from RBS on its recapitalisation, and Lloyds TSB on its acquisition of HBOS and re-capitalisation. The ‘thoughtful and commercial’ Tony Bugg ‘has built a great team’ that includes Euan Clarke (‘excellent commercial judgement’); Robert Elliott (‘great reputation amongst stakeholders); David Ereira (‘excellent debt advisory experience’); and Rebecca Jarvis (‘technically very good’).

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

Linklaters LLP is undoubtedly a top-tier practice, having ‘the deepest bench in this product area’. For standalone debt, EMTN programmes, convertibles, emerging markets, liability management and commercial paper, it is a premier firm. It advised Rio Tinto Finance on a US$5bn note, while banking clients include UBS, ING, Lloyds Banking Group and Fortis. UK lawyers including Carson Welsh, Richard Levy, Jane Brown and Ben Dulieu combine with a strong team of US-qualified partners, and ‘turn matters around more quickly than the competition’.

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

Linklaters LLP’s role as sole representative of the administrators of Lehman Brothers has been keeping Michael Voisin’s team extremely busy. ‘Bright, extremely approachable lawyers with a commercial mindset’ include Alan Davies, Pauline Ashall, Mark Brown, Mark Fletcher and Vinay Samani, and clients also single out Simon Firth as ‘the pre-eminent expert in derivatives law and practice’, and Deepak Sitlani as a great negotiator. ‘You feel they are part of the team and not an external law firm.’

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

In 2008 Linklaters LLP pulled out of four of its six offices in CEE, and launched a dedicated EMENA practice as part of a move to refocus its emerging markets practice. Group head Nick Eastwell has left the firm; his role is filled by projects partner Stuart Salt. Amid these transitions, the group has been prominent on cross-financing between emerging markets. It advised Brazilian company Camargo Correa on the US$1.85bn financing of the Mphanda Nkuwa hydroelectric power project in Mozambique, led by ‘practical and efficient’ Africa head Andrew Jones. The India practice, headed by Sandeep Katwala, has ‘probably the best local knowledge of any foreign firm’, while the Russia practice worked for sponsors on the financing of a US$20bn project to develop oil and gas fields, led by Salt and James Douglass.

Within Hedge funds, tier 4

While Linklaters LLP has no partners specialising in hedge funds, the firm has frontline experience, most notably through its advice to PwC as administrators of Lehman Brothers, which will have major implications on prime brokerage relationships. Managing associate Matt Keogh is developing a good name.

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

Cecil Quillen and Alexander Naidenov at Linklaters LLP remain the key partners for a practice that draws leverage off the firm’s standing in the emerging markets. The practice’s previous involvement in acquisition finance in these markets and the depth of resources in the firm’s restructuring practice continue to present opportunities for the group to build its name.

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

Headed by Tim Shipton, Linklaters LLP’s first-class team draws on 23 partners across a range of areas. The breadth of the practice - which spans private equity, real estate, hedge, infrastructure and retail funds, among others - is hard to match. As with most firms, market conditions have tipped the balance of work away from fundraisings and towards restructurings, where it is also top notch, although work highlights included advising Perella Weinberg Real Estate Fund on its €1.2bn fundraising. Among the partners, Jonathan de Lance-Holmes is recommended for private equity and infrastructure, and Nicola Hopkins is strong on real estate and investment trust work.

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

Linklaters LLP has concluded several innovative transactions recently, including Tabreed. It advised Dubai Bank PJSC on a US$5bn sukuk programme with trust certificates issued on the LSE and Dubai International Financial Exchange. Clients praise London-based Andrew Roberts and Dubai-based practice head Luma Saqqaf for their ‘good service’.

Within Overview,

The turbulence in the financial markets in 2008 was epitomised by the historic demise of Lehman Brothers; the ramifications of this event were felt throughout the markets and caused a paralysis in the flow of credit. The effect on law firms has been widely reported, with many experiencing widespread redundancies. Firms that have coped best with the implosion in the markets have been those less regimented in their approach to finance, with the flexibility to adapt to the conditions. Against this background, the Magic Circle firms continue to lead the way, with Allen & Overy LLP, Clifford Chance and Linklaters LLP appearing in the top tier of the majority of the categories in this chapter. However, as the value of deals migrates downwards, there is increased competition in the mid-market, and firms with a strong regional base, and the ability to compete on cost have become increasingly attractive propositions to clients facing their own cost pressures.

Within Overview,

Restructuring has been the most buoyant of the practice areas, and the real winner here was Linklaters LLP, which secured the headline appointment for the UK administrators of Lehman Brothers. Other firms which fared particularly well were Slaughter and May, off the back of its advice to the Treasury on the recapitalisation of the banks, and Freshfields Bruckhaus Deringer LLP, with its involvement in the insolvency of Woolworths and its continued advice to Northern Rock, amongst other high-profile mandates. With new money deals a scarcity as banks seek to rebuild their balance sheets, restructuring has also shaped much of the work covered within many of the other finance practice areas.

Within Securitisation, Linklaters LLP is a first tier firm,

Linklaters LLP has a ‘very commercial approach without missing detailed legal issues’, with clients noting James Harbach, Julian Davies and Edward Hickman as thorough and responsive. Rising star Andrew Vickery is also picked out for his skill in managing a deal team. In 2008, the firm advised on the first two non-Japan Asian covered bonds, and the first FCT securitisation under new French legislation. It also remains the dominant force in water and rail utility deals, and infrastructure securitisations.

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

Linklaters LLP is ‘very commercial and good value for money’, with resources worldwide. It advised Kazakhmys plc on its US$2.1bn pre-export finance facility, and represented the lenders on Rompetrol Group’s US$2.5bn refinancing. Other clients include ABN AMRO Bank NV, Glencore and Standard Chartered Bank. Mirthe van Kesteren has ‘deep knowledge and understanding of the pre-export finance market’, and Jeremy Stokeld is also recommended. Head of banking and finance John Tucker works from London and New York.

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

Despite the departure of Graham Rowlands-Hempel, Linklaters LLP remains the pre-eminent practice with 17 fee-earners in London alone. The ‘first-rate’ team worked on some of the largest and most complicated transactions of the last 12 months including RBS’ rights issue and board restructuring, Centrica’s rights issue, Rio Tinto’s defence of BHP Billiton, Merrill Lynch’s acquisition by Bank of America and Lloyds TSB’s acquisition of HBOS. An enviable international practice includes global clients such as BP, Viacom and Prudential. The firm’s shareplan website was rolled out to the US this year. Janet Cooper and Gillian Chapman are highly regarded by clients and peers alike.

Within Employment, Linklaters LLP is a third tier firm,

Headed by Raymond Jeffers, the practice at Linklaters LLP was instructed on numerous high-profile transactions throughout 2008. It advised PwC as administrators on the Lehman Brothers administration, and Rio Tinto on its defence against the hostile takeover offer announced by BHP Billiton. Catrina Smith and Jean Lovett are also recommended.

Within Pensions (incl pensions dispute resolution), Linklaters LLP is a first tier firm,

Many also predict a growth in litigation around defined contribution pensions. But at present the bulk of pensions litigation revolves around rectification issues, equalisation, employer debt and insolvency cases, and professional negligence claims. Almost all professional negligence claims can be relied on to settle. The most substantial pensions cases of the year were Foster Wheeler and Pilots, and the conclusion of the current phase of the Sea Containers case. Addleshaw Goddard LLP, Linklaters LLP, Lovells LLP, Pinsent Masons LLP, Sacker & Partners LLP and Simmons & Simmons all have litigation partners who spend all or a majority of their time on pensions disputes, but for the most part our rankings for contentious work reflect the ability of the pensions department to run a case in cooperation with colleagues from the commercial litigation team.

Within Pensions (incl pensions dispute resolution), Linklaters LLP is a first tier firm,

At Linklaters LLP, head of department Ruth Goldman, and fellow partners Claire Petheram, Tim Cox and Isabel France win plaudits for ‘excellent responsiveness’ on ‘complex’ standalone matters, where a ‘hands-on approach’ produces ‘robust and usable’ advice. These are qualities shared by Dominique Hurst, Madeleine Skinner, Philippa Connaughton and Judith Donnolly, who impress trustee and employer clients alike. Litigation partner Mark Blyth can reasonably expect to feature in the highest-profile pensions disputes in any year, combining ‘terrific experience’ with ‘good client skills’ and ‘tactical nous’.

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

Linklaters LLP is noted for its ‘commercial approach coupled with excellent technical and insurance industry knowledge’. Practice head Duncan Barber is widely respected, and is ‘technically excellent with a formidable intellect’, and Victoria Sander is also highly rated. Particularly adept at complex and large-scale work, areas of focus include bulk purchase annuity work, longevity risk transfer, and advising on insurance special purpose vehicles. The team advised a number of investment banks on longevity swap and contingent loan transactions with insurers, and also advised RBS on the potential disposal of its UK non-life insurance businesses.

Within Professional negligence, tier 4

The ‘excellent’ Kathryn Ludlow heads the 16-partner team at Linklaters LLP, which focuses on complex, high-value disputes that threaten the business and reputation of the client. Highlights for 2008 include acting for KPMG UK on a £450m claim by the liquidators of Independent Insurance plc.

Within Charities and not-for-profit , tier 6

At Linklaters LLP practice head Nigel Reid is recommended as a ‘first-class lawyer’.

Within Personal tax, trusts and probate, tier 5

Linklaters LLP’s Nigel Reid is ‘technically strong with a good network’, and ‘has a good understanding of working with families’. The team regularly assists non-UK-domiciled clients, and benefits from being part of a full-service firm.

Within Infrastructure, Linklaters LLP is a first tier firm,

Linklaters LLP is singled out as ‘one of the first firms on the list for a complex project financing in the infrastructure space’; noted strengths include the firm’s ability to align its business with that of its clients, and its commercial acumen. The ‘client-focused’ Bruce White heads a team that includes Stuart Rowson and ‘powerhouse’ Charlotte Morgan. The firm excels on the financing side and, among other high-profile matters, it recently advised the commercial lenders and EIB on the £1.6bn M25 project - a closely watched deal given current market conditions.

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

Linklaters LLP’s team head Charlie Jacobs is ‘one of the first names for corporate work within the mining sector’. On the M&A side, the firm successfully advised Rio Tinto on its defence against BHP Billiton’s mammoth US$147bn hostile bid, one of the longest-running takeover battles even seen. The practice also encompasses projects (such as advising Areva NC on the establishment of a joint venture for the exploration of uranium reserves in Jordan) and financing (advising Anglo American on a US$4.5bn loan and a US$3bn amendment and restatement).

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

The ‘client-focused’ team at Linklaters LLP has ‘its fingers on the pulse of the industry’, and is also credited as ‘encouraging junior talent’. The firm continues to advise the project sponsor on the development and project financing of the £20bn Sakhalin LNG project, while other representative clients include Shtokman LNG and Quintero (Chile) LNG. Manzer Ijaz and Matthew Keats attract praise; ‘both can be relied on to deliver on deals of any size or complexity’.

Within Overview,

Magic Circle firms Allen & Overy LLP, Clifford Chance and Linklaters LLP continue to rank prominently throughout this chapter, with excellent links with both banks and sponsors. However a selection of US-based projects powerhouses have given the London-based firms a real jolt in recent years; White & Case LLP, Latham & Watkins and Milbank, Tweed, Hadley & McCloy LLP most notably have gained real pedigree in the market.

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

Linklaters LLP displays a ‘deep knowledge of the energy sector’, and generates ‘legal advice with a commercial input’. Jeremy Gewirtz is ‘client friendly’ and displays ‘exceptional knowledge of the electricity industry’, while John Pickett and Charlotte Morgan are recommended for renewables and nuclear work respectively. Highlights include advising sponsor Welsh Power Group on the £740m construction and financing of a new-build gas-fired CCGT plant in Wales, which is the first-ever fully merchant large-scale IPP in Europe.

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

‘One of the best for PFI’, Linklaters LLP provides ‘client-focused service’ and ‘market-leading knowledge, especially in financing issues’. Recent mandates include advising the senior funders on the mammoth FSTA project, as well as advising RBS as lead arranger on the financing for the UK Military Flight Training System PPP - expected to be worth around £6bn over the 25-year term. Bruce White is ‘rightly one of the top 3-5 lawyers in the area’; Stuart Rowson has an ‘effective negotiating style’; and Charlotte Morgan is a ‘specialist on EPC contracts’.

Within Water, Linklaters LLP is a first tier firm,

Lawyers at Linklaters LLP are ‘very good at assisting in mapping a path through complexities’ and have a ‘very good understanding of the sector and regulatory environment’. A leader in whole-business securitisations, it also has excellent experience in corporate and regulatory matters. Thames Water is a client, and instructed the firm on the £400m issue of putable callable reset bonds under its whole business securitisation programme. Team head Julian Davies is highly recommended, as is ‘rising star’ Mark Nuttall, who is singled out as ‘commercial, astute and very personable’.

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

Linklaters LLP enjoyed a successful year advising on top-quality matters, including acting for JPMorgan on the high-profile acquisition of its new headquarters at Canary Wharf. The team possesses ‘excellent knowledge’, is highly rated for its funds advice, and has a particularly strong track record advising German funds, including acting for HansInvest on its acquisition of One London Wall. The real estate practice neatly leverages off the firm’s excellence in corporate law; examples include advising PwC on the administration of Lehman Bros, when the team handled its property investment portfolio. Patrick Plant is the global head of a team that includes the highly rated Huw Baker, James Knox and Christopher Coombe.

Within Construction, Linklaters LLP is a third tier firm,

Linklaters LLP’s City-focused team includes Huw Baker. The practice advised British Land on the complex £350m extension to the London Square Mile’s Broadgate estate, including two new buildings. In addition to central London developments, the practice boasts a national and international portfolio, with Baker advising Mubadala on the US$2bn development of Al Sowa Island, a new finance and commerce centre in Abu Dhabi. Former practice head Ann Minogue departed for Ashurst LLP.

Within Environment, Linklaters LLP is a first tier firm,

Vanessa Havard-Williams heads Linklaters LLP’s broad practice, which elected climate change expert Chris Staples to the partnership. The team advises clients such as Rio Tinto on strategy, transactions and climate change, and attracted numerous instructions on carbon M&A deals, advising JPMorgan and BP on acquiring interests in Climate Care and a carbon brokerage business respectively. Having developed expertise in sustainability, the team advised the European Bank for Reconstruction and Development on social and environmental performance principles, and assisted investment-banking clients on obligations under the Equator banks’ climate change principles.

Within Overview,

More positively, firms with international networks - such as Freshfields Bruckhaus Deringer LLP, Clifford Chance, Linklaters LLP, Ashurst LLP and SJ Berwin LLP - will potentially weather the storm more easily as work comes in from a variety of sources. Property litigators are benefiting from an increasingly contentious market as the level of disputes continues to increase. Firms such as Berwin Leighton Paisner LLP, Nabarro LLP, DLA Piper UK LLP, Linklaters LLP and Barlow Lyde & Gilbert LLP are advising on some of the most visible property disputes.

Within Planning, Linklaters LLP is a third tier firm,

The ‘very impressive’ David Watkins at Linklaters LLP attracts work from big-ticket office developer and occupier clients, and has ‘knowledge of planning in the City and central London that is second to none’. The practice has particular strength in matters concerning tall buildings and controversial developments, and the firm successfully represented the developer in obtaining approval of the two hotly contested towers at Blackfriars Bridge. Work outside London included promoting a 35-storey tower in central Birmingham for British Land, situated in a conservation area containing predominantly late 19th Century buildings.

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

Linklaters LLP’s trump card is advising European funds, such as acting for Invista European Real Estate on its multi-jurisdictional pan-European €420m refinancing by the Bank of Scotland. Other recent highlights include advising the arrangers on the £1.5bn property financing of the Co-operative Group’s acquisition of the Somerfield Group. Practice head Claire Watson and her colleagues, including David Ereira, are praised by clients for ‘their specialist knowledge, willingness to get things done, and ability to be commercial’.

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

Linklaters LLP recently carried out cutting-edge work for PwC/Lehman and Deloitte/Woolworths. The group also acted for BP in damages claims arising from the Buncefield oil storage facility explosion. Will Densham left for Eversheds LLP, but Katie Bradford remains the key contact.

Within Intellectual property, tier 5

Linklaters LLP has a focus on transactional IP and is also solid on patent litigation, where Ian Karet ‘comes up with good ideas and is very bright’. Benedict Bird’provides excellent commercial advice’, has been active on soft IP, and successfully represented Direct Line in trade mark litigation before the Court of Appeal against esure.

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

Linklaters LLP saw Christopher Millard depart to Bristows and TMT head Tim Schwarz retire. But the group acted on several large-scale telecoms projects in emerging markets, and a mix of contentious and non-contentious work elsewhere. Advising Harbinger on the regulatory aspects of its acquisition of Inmarsat is a recent highlight. New practice head John Crozier is ‘a perfect fit and wonderful to work with’ and recently advised a consortium of banks on renegotiating telecoms outsourcing deals. IT and business services co-head and ‘smart counsel’ Marly Didizian advised AT&T on all aspects of its data privacy compliance outside the US.

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

Corporate partner Roger Barron, global co-head of Linklaters LLP’s media and entertainment group, advised RTL Group on its acquisition of Alpha Media Group. Marly Didizian advises on convergence matters, and acts in complex and groundbreaking deals related to the digital switchover. She led a team advising National Grid Wireless on its negotiations with BSkyB for the launch of Sky’s pay-TV ‘picnic channels’ using Multiplex C capacity. Key clients include Bertelsmann and Channel Five.

Within Overview,

Bird & Bird LLP has the largest IP practice and more top-tier rankings than any other firm in this section, and its recent high-profile public sector mandates include advising BT on its work with the NHS. Like Bird & Bird LLP, Taylor Wessing LLP has a very strong European IP practice, and is a market leader for trade marks and brand management. Bristows is a significant force for patent litigation and has a significant presence in the pharmaceuticals sector. The firm has also hired IT and telecoms of counsel Christopher Millard from Linklaters LLP. Of the boutique TMT practices, those that genuinely compete with the top-tier firms in terms of understanding the cutting-edge issues affecting the industry include Powell Gilbert LLP and Howrey LLP for patent litigation, Rouse Legal for soft IP, and Kemp Little LLP for IT and telecoms.

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

Linklaters LLP offers clients a ‘very good service, responsiveness and industry knowledge’, particularly in relation to patent litigation. Its multi-office and cross-practice healthcare group is active in corporate and competition work. London-based healthcare sector co-head Nigel Jones advised ALZA Corp and Janssen-Cilag in relation to complex multi-jurisdictional patent disputes.

Within Rail, Linklaters LLP is a first tier firm,

Linklaters LLP has strong links with the DfT and is often at the forefront of major infrastructure projects. With significant finance expertise through the ‘responsive and easy to work with’ Simon Gwynne, the firm acted for RBS on the sale of Angel Trains, and is advising a consortium of ROSCOs and manufacturers on the Intercity Express Programme. Practice head Fiona Hobbs is also recommended.