The Legal 500

Within Corporate tax, tier 4

Norton Rose LLP is highly regarded in the market for its Islamic finance and shipping expertise, as part of a broader tax offering. The firm advised HSBC Rail on the tax aspects of its £200m tax-based operating lease of rolling stock for ScotRail, and is advising Lloyds TSB on the restructuring of part of its shipping portfolio. Louise Higginbottom leads a team of 18 fee-earners.

Within Equity capital markets -UK capability, tier 4

Norton Rose LLP operates one of the UK’s leading mid-cap ECM practices, with Raj Karia, Mark Lloyd Williams and Simon FT Cox all experienced on work across AIM and the main market - particularly in the energy, mining and minerals sectors. The firm’s performance on recent rights issues - 2008 saw it advise Carlsberg on its DKK30.5bn ($6.3bn) rights offering - is ‘a real feather in their cap’, and the team also acted for Acron on its London listing.

Within Equity capital markets -US capability

Within EU and competition , tier 4

Norton Rose LLP’s ‘business acumen’ and ‘knowledge’ continue to impress. Leading figure Martin Coleman heads a team that has achieved roles on a series of seminal cases. It succeeded in dismissing all criminal charges against Ranbaxy in the landmark price-fixing case brought by the SFO, and was also appointed to advise on the Competition Commission’s inquiry into Project Kangaroo, the video-on-demand platform developed by the BBC, ITV and Channel 4. Michael Grenfell, Mark Jones(who is ‘client oriented’, and provides ‘tailored business advice’), and Peter Scott are also recommended.

Within Financial services, Norton Rose LLP is a third tier firm,

Norton Rose LLP’s relationships have deepened with AXA and Société Générale, and the group advised EMCF on its role as central clearing counterparty to Chi-X. The team also represented clients in relation to six high-profile FSA enforcement investigations. The ‘outstanding’ Jonathan Herbst and Peter Snowdon head regulatory matters; Charles Evans is noted for contentious work; and James Bagge has returned from retirement.

Within Flotations - small and mid-cap, Norton Rose LLP is a first tier firm,

Norton Rose LLP boasts a formidable bench of ECM experts, including Raj Karia, Thomas Vita, Mark Lloyd Williams, Nick Adams and Simon FT Cox. The ‘absolutely top-quality’ team is praised for its international reach and expertise in energy, and mining and minerals. Highlights included advice to Crystal Amber Fund on its £60m AIM IPO; The Family Shari’ah Fund on its US$31.55m AIM listing; and Greenhouse Fund on its reverse takeover and readmission to AIM.

Within M&A - upper mid-market and premium deals, £250m+, tier 4

Loyal corporate and bank clients are full of praise for the ‘extremely impressive’ team at Norton Rose LLP, which is noted for its ‘unparalleled industry knowledge and service’ and for some represents ‘better value for money than the Magic Circle’. Acting for Carlsberg on its complex £10bn consortium bid for Scottish & Newcastle was a transaction that pitted the firm against the Magic Circle, while being asked to advise the Takeover Panel in relation to the £1.8bn sale of Expro was another mark of its high-quality credentials. Clients especially recommend Tim Marsden, Robin Brooks and Chris Pearson.

Within M&A - US law capability, Norton Rose LLP is a third tier firm,

Thomas Vita, Mike Dunn and Dan Dillon are the partners in Norton Rose LLP’s US team in London. In 2008 the firm represented Katanga Mining in its US$3.3bn merger with Nikanor.

Within Outsourcing and procurement, Norton Rose LLP is a third tier firm,

Norton Rose LLP’s ‘highly commendable’ outsourcing practice has considerable capability on both the supplier side, where clients include Capita and Netstore, and the customer side, where it regularly handles work for financial services clients. Practice head Mike Rebeiro advises on large-scale IT and BPO deals.

Within Private equity , tier 6

Norton Rose LLP’s practice, under David Baylis, has an international outlook and developing relationships with sovereign investors, notably Mubadala and Kuwait Finance House.

Within Fraud - commercial and regulatory investigations, Norton Rose LLP is a second tier firm,

Norton Rose LLP offers ‘an excellent level of service’ and is ‘right up there’ with the leading firms. James Bagge is a ‘reassuring presence to be in the room with’; Charles Evans combines ‘knowing the law’ with ‘tactical vision’; and Michael Godden is noted as developing a reputation in the area. Notable recent clients include Islamic Investment Company of the Gulf (Bahamas).

Within Banking litigation, Norton Rose LLP is a third tier firm,

Norton Rose LLP’s success in the area has translated into the election of a number of new partners; Dorian Drew and Radford Goodman were promoted in 2008, and the ‘stellar’ Michael Godden joined them in 2009. The firm is at the forefront of third party funded cases with its recent role on the seminal Stone & Rolls case. It is also well known for its expertise in cases related to Islamic financing. New clients include Nomura, RBC Capital Markets, and Standard Chartered. Antony Dutton (a ‘tower of strength’, and ‘supreme tactician’) heads the department, which includes Sam Eastwood and Charles Evans (‘commercial’, ‘eager’, ‘works at client relationships’).

Within Commercial litigation, tier 4

Norton Rose LLP is praised for understanding ‘the commercial realities within dispute resolution’ and ‘the in-house lawyer’s role and its dilemmas’, and its lawyers are ‘very approachable and friendly’. Successfully representing Ranbaxy, the Indian drug manufacturer, in the Court of Appeal against price-fixing allegations was a particular highlight. The firm has also been representing the liquidators of Stone & Rolls in its claim against former auditors Moore Stephens, which is the largest case to receive third-party funding. Team head Antony Dutton, Sam Eastwood and Charles Evans enjoy good reputations.

Within International arbitration, tier 4

Norton Rose LLP’s ‘good and experienced’ team head Joe Tirado has channelled the firm’s resources in areas such as energy, infrastructure, transport and financial services, and brought together a strong team of partners, including Neil Miller and Steve Abraham. Highlights include advising several financial institutions in a potential multibillion-euro ICSID claim against the Icelandic government.

Within Mediators

Within Acquisition finance, tier 5

Michael Ings at Norton Rose LLP is a ‘very commercial individual’.

Within Asset finance and leasing, Norton Rose LLP is a first tier firm,

Norton Rose LLP has long held a dominant position in the marketplace for its strength and breadth in asset finance. Headed by partner Harry Theochari, the practice’s shipping work has continued unabated despite the freefall in the markets in the second half of 2008. Notable highlights included advising JBIC on a US$760m drillship project financing, as well as acting on the establishment of Nautilus Holdings Limited, a joint venture investment vehicle. Aviation clients include KLM and Alitalia, as well as a number of ECAs, while Jeremy Edwards has been advising longstanding client HSBC Rail on operating lease finance matters. Gordon Hall is also recommended.

Within Bank lending - investment grade debt and syndicated loans , Norton Rose LLP is a third tier firm,

Norton Rose LLP is instructed by a prominent array of banks and blue-chip corporates including HSBC, RBS, Barclays, Nestlé and Carlsberg. Michael Ings has a strong reputation in the market, and recently advised Trinity Mirror on a £210m syndicated loan for refinancing and general corporate purposes. Stephen Parish heads the team, which includes the ‘excellent’ Alexandra Triptree, who has a particular focus on media and telecoms financings.

Within Commodities and futures - commodities, Norton Rose LLP is a third tier firm,

Norton Rose LLP’s energy sector expertise is ‘of the highest standard’ and its mining practice is also notable. Clients include BNP Paribas (Suisse) SA, Lukoil, Standard Bank and Teknik. Martin McCann has ‘a commercial approach and a focus on getting the deal done’, and John Wood and Simon Currie are also recommended.

Within Commodities and futures - futures, Norton Rose LLP is a second tier firm,

Norton Rose LLP is ‘a strong regulatory practice’ with significant commercial relationships with the likes of BP, Drax, Low Carbon Initiative and ScottishPower. It also recently advised Euronext.LIFFE and ICE Futures. Practice head Jonathan Herbst was prominent on the MiFID drafting committee.

Within Corporate restructuring and insolvency, tier 6

Norton Rose LLP’s three-partner team gives ‘intellectually robust advice’ to corporates, IPs and banks. Handling a mix of formal insolvencies and corporate restructurings, the team is noted for its ability to ‘pull together members of its transportation and insolvency teams to provide a first-rate service across both the service and situation piece’. As well as representing the administrators of both Britannia Bulk and the C&M Group, the team continues to advise the liquidators of Flightlease. The ‘excellent’ James Stonebridge and Hamish Anderson are recommended.

Within Debt capital markets, tier 4

Banks and corporates rate Norton Rose LLP as ‘amongst the best in the sector for understanding, response time and value for money’, noting ‘consistently outstanding commitment to swift action’ from ‘bright, dedicated’ partners such as Tak Matsuda, Farmida Bi, Dean Naumowicz and Laurence Garside.

Within Derivatives and structured products, Norton Rose LLP is a third tier firm,

Laurence Garside and Dean Naumowicz head an ‘exceptionally responsive, helpful, professional’ team at Norton Rose LLP that has been advising banks, corporates and hedge funds on structured deals affected by the collapse of Lehman Brothers and Icelandic banks. Restructuring, emerging markets and Islamic derivatives are all areas of strength. Clients pick out Farmida Bi and the regulatory knowledge of Jonathan Herbst.

Within Emerging markets, Norton Rose LLP is a second tier firm,

The ability of Norton Rose LLP’s ‘talented’ 15-partner team to address the needs of specific industry sectors has won plaudits, and this year it rises to the second tier. The infrastructure group, headed by ‘knowledgeable’ and ‘astute’ partner Martin McCann, has fed on a series of mandates from Standard Bank on project financing across Ukraine, Bulgaria and several African countries, as well as work for the European Development Bank. The axis of Eastern Europe and Africa has also been fertile ground for the power practice, led by ‘exceptional finance lawyer’ Richard Metcalf; it has acted for state governments and development banks on a raft of prominent energy projects.

Within Investment funds, tier 4

Norton Rose LLP’s versatile team, headed by Ian Fox, is commended for its ‘excellent service’ and ‘high level of sector expertise’, and is also noted as ‘good value for money’. It is recommended for closed-end listed trusts, as well as more niche areas such as shar’iah-compliant funds, and was recently boosted by the recruitment of partner Mike Newell from DLA Piper UK LLP.

Within Islamic finance, Norton Rose LLP is a first tier firm,

Norton Rose LLP advised the mandated lead arrangers (including HSBC Bank Middle East Limited and Qatar National Bank) on the Chelsea Barracks purchase, although the redevelopment plan has now been withdrawn. It also represented Principle Insurance Company Limited in becoming the first FSA-approved takaful insurer; and helped structure Al Wa’ab City WLL’s US$200m istisna’a real estate financing. Clients recommend recently elected London partner Davide Barzilai as ‘highly responsive’. Well-respected practice head Neil Miller has relocated to Dubai, and the firm also has resources in Abu Dhabi, Bahrain and Riyadh.

Within Overview,

High-ranking practices outside the Magic Circle include Ashurst LLP, for acquisition finance and derivatives; Denton Wilde Sapte LLP, for restructuring, asset finance and trade finance; Lovells LLP, for Islamic and trade finance; Norton Rose LLP, for asset finance and Islamic finance; SJ Berwin LLP for investment funds; and Simmons & Simmons, for hedge funds and derivatives. Clyde & Co LLP, Holman Fenwick Willan LLP, Ince & Co and Reed Smith account for the top tier of the commodities ranking, a practice area which relies heavily on a complementary shipping practice.

Within Securitisation, tier 4

Clients are ‘impressed with the knowledge and depth of experience’ of Norton Rose LLP’s Sandrine Sauvel and Laurence Garside, and Farmida Bi impresses with her ‘clarity of thought and delivery on difficult issues, while being extremely personable’. Securitisations of infrastructure and project loans, including advice to Sumitomo Mitsui Banking Corp on loans in the GCC region, stand out alongside numerous transactions for Greek banks.

Within Trade finance, Norton Rose LLP is a third tier firm,

Norton Rose LLP’s structured trade and commodity finance practice provides ‘service of the highest standard’, and has a particular niche in mining in sub-Saharan Africa. Most representations are for lenders, but the practice also advises borrowers such as Turkey’s Teknik Grup. It advised the lender and backer on two loan facilities totalling over €117m for Lukoil Neftochim Bourgas AD, and represented BNP Paribas and a banking syndicate on arranging a US$200m pre-export financing facility for a Kazakh crude oil producer. Cynthia Witcombe is ‘outstanding’, and Martin McCann ‘has a commercial approach and a focus on getting the deal done’. Caroline Hurley and Simon Currie also impress clients.

Within Employee share schemes, Norton Rose LLP is a third tier firm,

Norton Rose LLP has a strong Middle East footprint and specialises in providing shari’ah-compliant schemes for private and government-owned clients in the region. On the transactional side, it advised Oriel Resources on the share plan and employee benefits aspects of its £750m acquisition by Mechel. ‘Extremely practical and responsive’, David Cohen and Monique Fry are the names to note.

Within Employment, tier 5

Norton Rose LLP, having been appointed as global HR legal adviser to NYSE Euronext in 2007, advised it in a number of jurisdictions in Europe in 2008, and also acted for a high street bank and FTSE 100 company on restructuring programmes and board-level employment issues. Clients rate the ‘pragmatic’ Peter Talibart for his ability to ‘keep his head and make sure those around him don’t lose theirs’. Paul Griffin is also recommended.

Within Health and safety, tier 5

With clients spanning the transport, petrochemical and energy sectors, Norton Rose LLP acted for National Express following the highly publicised Heathrow coach crash in early 2007. Caroline May leads the practice.

Within Pensions (incl pensions dispute resolution), tier 4

Clients value the ‘business acumen’ and industry knowledge of Norton Rose LLP partners Peter Ford and Lesley Browning. Ford is ‘proactive’, ‘commercial’ and ‘good with lay trustees’, while Browning is ‘efficient’, ‘personable’ and ‘articulate’. Associate Naomi Hancock ‘communicates well’ and ‘is often the one to pick up points that might have been missed’.

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

Norton Rose LLP has a ‘very strong team’ with the ‘knowledgeable and experienced’ James Bateson at the helm. David Whear ‘leaves no stone unturned’ and is a Lloyd’s specialist, while Maria Ross and Ashley Prebble are ‘a pleasure to work with’. Martin Scott is ‘outstanding - he moves the deal forward’. The team advised Royal London on its £1.2bn acquisition of Phoenix Life and Scottish Provident’s new business capabilities from Pearl, and acted for AIG on a raft of issues arising from the restructuring of the group, including the sale of HSB to Munich Re.

Within Insurance - insolvency and restructuring, Norton Rose LLP is a second tier firm,

Norton Rose LLP has been involved in a diverse range of work and has significant international capabilities. A busy year on the restructuring front saw it advising Travelers on the restructuring of its London Market operations and sale to Enstar, and XL on the cross-border merger of XL Europe and XL Insurance Company. The firm’s blue-chip client base includes Whittington, Riverstone and AXA, alongside new clients ACE and Groupama. James Bateson is the key contact.

Within Insurance and reinsurance litigation, tier 4

Norton Rose LLP has a ‘strong team with an excellent work ethic’. The ‘very dedicated’ Susan Dingwall is building up considerable expertise in Takaful (Islamic insurance), and Michael Mendelowitz is ‘very sensible’. The team advised National Insurance and Guarantee Corporation on a large credit insurance dispute (with a value around £16m), and attracted new clients such as Fortis Bank and Standard Chartered Bank to add to its impressive roster of clients, including HSBC.

Within Professional negligence, tier 5

Significant cases for the team at Norton Rose LLP include advising Stone & Rolls, in a US$100m claim against auditors Moore Stephens. Team head Susan Dingwall is recommended.

Within Contentious trusts and probate, tier 4

Antony Dutton is global head of Norton Rose LLP’s dispute resolution practice, which recently assisted a BVI company and individuals based in Geneva in relation to a breach of trust claim and associated freezing order of US$50m. The team regularly assists Middle Eastern and Asian clients.

Within Infrastructure, Norton Rose LLP is a second tier firm,

Norton Rose LLP’s prolific practice spans the full spectrum of oil pipelines, major transport projects and prison and hospital projects, leading one client to comment ‘the firm has the best comprehensive expertise in infrastructure project finance’. Rail is a strength, with the team currently advising the sponsors on metro schemes in Tel Aviv, Dublin and St Petersburg. Global head Martin McCann ‘goes that extra mile’ and leads a team of ‘good technicians who are both practical and commercial’.

Within Mining and minerals, Norton Rose LLP is a first tier firm,

Martin McCann’s team at Norton Rose LLP is comprised of ‘creative problem solvers’, and boasts broad coverage of corporate, projects and litigation matters. Recent instructions include advising Oriel Resources on the US$1.5bn cash offer by Mechel O&O, and advising the Government of Jordan on its project to mine uranium deposits in Jordan and develop a nuclear plant. Corporate finance partner Simon FT Cox is ‘great to work with’, while Raj Karia has ‘impressive knowledge of mining issues’.

Within Oil and gas, Norton Rose LLP is a second tier firm,

Norton Rose LLP’s lawyers have a ‘practical and commercial approach’ and ‘do not waste time scoring points’. Clients praise the breadth of the practice, which has the capacity to handle the corporate, finance and contentious aspects of the full gamut of upstream, midstream and downstream matters. Highlights include advising Brass LNG and its shareholders on issues relating to the proposed Brass LNG project in Nigeria. Team head Nick Prowse ‘knows his industry’.

Within Overview,

Norton Rose LLP and Denton Wilde Sapte LLP stand out for their broad experience in the Middle East and Africa, leveraging off extensive regional networks to offer comprehensive infrastructure and energy expertise.

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

Norton Rose LLP scores points for its ‘understanding of the projects industry’, its ‘fast response times’ and its ‘good, positive culture - which helps on long deals’. Team head Richard Metcalf has ‘tremendous commercial acumen’, and the firm’s renewables practice attracts praise from peers and clients alike as ‘among the best in the market’; it is currently advising The Crown Estate on the UK’s first commercial marine power sites. Jeffery Barratt and Erol Huseyin are ‘practical’ and ‘know their industry’.

Within Private finance initiative(PFI) , Norton Rose LLP is a second tier firm,

Norton Rose LLP ‘has the best comprehensive expertise on the subject of infrastructure project finance’. The firm continues to deploy its PPP experience abroad, and recently advised the arrangers on the financing of the €2.7bn Corinth-Patras-Pyrgos-Tsakona motorway project in Greece. Team head Martin McCann is ‘very experienced and knowledgeable’, and Chris Brown and Peter Hall are commended as ‘excellent’.

Within Water, Norton Rose LLP is a third tier firm,

Peter Hall’s team at Norton Rose LLP has experience across water-related corporate, regulatory, projects and finance matters. Recent highlights include advising OFWAT on the regulatory aspects of the £3bn Thames Tideway Project. Other recent clients are the Government of Bulgaria, Southern Water and Veolia subsidiary, Dalkia.

Within Administrative and public law, tier 4

Michael Grenfell, praised for ‘quality advice and knowledge of the industry’, leads the group at Norton Rose LLP, while Patrick Farrell and Sam Eastwood merit mention for their judicial review expertise. The practice provides ‘very quick response times, excellent business acumen and good strength in depth’, acting both for and against regulators, and advising the Office of Rail Regulation, Ofwat and Department of Transport.

Within Local government, tier 4

The urban regeneration team at Norton Rose LLP comprises ‘excellent solicitors’ from across the firm, covering social housing, regeneration and compulsory purchase orders. Headed by Rajindh Mangat, the group is acting for the Homes and Communities Agency in a regeneration scheme on the Isle of Wight.

Within Commercial property, Norton Rose LLP is a third tier firm,

Norton Rose LLP had a highly successful year in the face of market turbulence. New client wins include Royal London Mutual Insurance Society and The Crown Estate. Its recent activities include acting for key client HSBC on the US$2.5bn financing of the Chelsea Barracks redevelopment, and for Commerz Real on the completion of the Westfield Shopping Centre. Regeneration is also a growing strength for the team, which advises the LDA, the Homes and Communities Agency and English Partnerships. The level of service is ‘very high’, and the team is ‘always keen to understand our business’. David Sinclair is ‘tenacious and organised’, and Lindsay Morgan is also highly rated.

Within Construction, Norton Rose LLP is a third tier firm,

Norton Rose LLP’s international practice is regularly approached to advise on its main focus of infrastructure and energy projects. The group is led by ‘excellent communicator’ Richard Hill, who has niche expertise in wind power and recently advised AES Wind Farms on a Bulgarian wind farm worth €270m. Nick Pincott is advising DP World on the £1.5bn London Gateway port and logistics development. Mubadala Development Company is another key client, which the firm is advising on several multimillion-dollar land development schemes.

Within Environment, Norton Rose LLP is a third tier firm,

The ‘highly experienced’ Caroline May heads Norton Rose LLP’s high-end practice, which is engaged by clients including Drax Group and the Homes and Communities Agency. Headline matters included advising on environmental aspects of the £1.5bn DP World London Gateway. London Thames Gateway Development Corporation is a new client.

Within Planning, tier 4

Under the management of Nigel Hewitson, Norton Rose LLP has a ‘motivated’ and ‘well-informed’ team that targets both public and private regeneration work, as well as energy-sector planning. The team won a competitive tender to advise London Thames Gateway Development Corporation on the expansion of two sewage treatment plants in connection with the Thames Tideway Tunnel project. Private sector representations include DP World on the £1.5bn London Gateway project, and Blue-NG on consenting and development for its patented bio-liquid combined heat and intelligent power (ChiP) plant.

Within Property finance, Norton Rose LLP is a second tier firm,

Norton Rose LLP’s ‘overall service level is excellent with quick and relevant responses’; the team is ‘diligent and technically polished both at senior and more junior levels’. Reflecting the wider firm’s reputation for Islamic finance, the property finance team advised Qatar Islamic Bank and Qatar National Bank on the financing of the Shard of Glass development. Clients single out Mark Lloyd Williams and Lucy Wolley Dod, whose ‘clarity of thought and commercial understanding complement the legal advice that they give to present an unusually rounded service’.

Within Property litigation, tier 4

Norton Rose LLP’s extended client base includes Royal London Mutual Insurance Society and HM Treasury. The practice acted for Nestlé on a dispute concerning unlawful withholding of consent to assign a lease. John de St Croix is recommended.

Within Social housing finance, Norton Rose LLP is a third tier firm,

Norton Rose LLP represents a range of authorities, lenders and sponsors on housing association finance transactions, recently advising Hyde Housing Association on the financing and housing management aspects of the Brent Social Housing PFI Project. David Coulter’s ‘commercial awareness is particularly strong’, and Richard Hill is also recommended.

Within Intellectual property, tier 5

Norton Rose LLP has lost Matthew Harris but hired a new head of contentious IP, patent litigator Jonathan Ball, who was formerly a partner at DMH Stallard LLP. Non-contentious partner Mike Knapper has ‘a strong understanding of IP issues’.

Within IT and telecoms, Norton Rose LLP is a third tier firm,

Led by Mike Rebeiro, Norton Rose LLP’s ‘responsive and experienced’ team won several new user and supplier clients in 2008. The telecoms group continued to advise international operators, including new client Vodafone, on transactions in the emerging markets. Data protection and IP specialist Mike Knapper is recommended.

Within Pharmaceuticals and biotechnology, tier 4

Norton Rose LLP gives a ‘good service’ and has a strong life sciences AIM-related and competition practice. It has been advising some large pharmaceutical companies on the co-ordination of their responses to the EU sector enquiry. IP partner Mike Knapper advised new client Paion Deutschland GmbH on its acquisition of a patent portfolio.

Within Aviation, Norton Rose LLP is a third tier firm,

Norton Rose LLP focuses on regulatory and commercial matters, as well as acting on major airline projects. The practice has seen an increasing number of instructions from Asia and the Middle East, recently advising Cathay Pacific on its alliance with Air China as well as its acquisition of Dragonair, and has been acting for the Islamic Development Bank on the financing of the Queen Alia International Airport in Jordan. Patrick Farrell heads the practice, and recently led on a contractual dispute between longstanding client Scandinavian Airlines System and Sunrock Aircraft Corporation Limited, resulting in a successful result at the Court of Appeal.

Within Overview,

Rail has traditionally been a stable sector, but has not been immune to the economic downtown. Train Operating Companies have been faced with the prospect of cutting services if a reduction in passenger numbers accrues from the rising unemployment rate, and major infrastructure projects, which have long been the backbone of many firms’ rail practices, may suffer as funding becomes harder to find and the public sector reassesses the viability of many projects. That said, the IEP and Thameslink upgrade procurement projects, as well as Crossrail, continue to provide a steady stream of instructions, and 2008 was dominated by the sale of two of the three main rolling stock leasing companies. The industry’s focus on large-scale procurement and project-based work means that it is dominated by large-scale City firms with the resources to handle major mandates. However, regional heavyweight Burges Salmon LLP maintains a strong profile thanks to longstanding relationships with the TOCs and their owner groups dating back to the early days of privatisation. A number of firms have their eye on the Middle East, as countries there explore the possibilities of developing a transport infrastructure with rail as its lynchpin. Norton Rose LLP’s rail practice sits neatly alongside its shipping and aviation work to form a broad transport offering, particularly in relation to projects and asset finance.

Within Rail, Norton Rose LLP is a second tier firm,

With a particularly strong reputation on finance advice for leasing companies such as HSBC Rail and Porterbrook Leasing, Norton Rose LLP draws praise for its ‘broad and deep knowledge coupled with extensive experience of the sector’. Recent highlights include acting for HSBC Rail on the Competition Commission’s investigation into the rolling stock market, as well as acting for new client DfT on the procurement of new carriages for the Pendolino Fleet Extension programme. Tom Johnson and Gordon Hall are recommended for their finance expertise.

Within Shipping , tier 6

Norton Rose LLP’s all-service practice ‘is excellent in a crisis’. The practice recently acted on collision cases for charterers and a shipping-related insolvency for the administrator, and represents the industry on greenhouse gas emissions. Neil Q Miller and Philip Roche’s ‘excellent responsiveness and go-to attitude’ are appreciated.