The Legal 500

Within Commercial contracts, Slaughter and May is a second tier firm,

‘An outstanding organisation with excellent capability and detailed industry and market knowledge’, Slaughter and May’s commercial practice underpins the firm’s transactional offering and has a dedicated following among the FTSE 350. Its multidisciplinary capability spans complex outsourcing, joint venture, and contractual matters, with 2010 seeing it advise INEOS, the fourth-largest global chemicals producer, on a strategic joint venture with PetroChina, and Burberry on distribution, franchise and agency agreements worldwide. Rob Sumroy has ‘excellent knowledge of outsourcing, management contracts and dispute resolution’; and Jeff Triggs ‘gives great advice in very difficult situations’.

Within Corporate tax, Slaughter and May is a first tier firm,

Slaughter and May’s team attracts plaudits for its ‘platinum service’, coupled with ‘excellent technical ability’ and ‘first-class delivery’. Key clients include United Utilities, Goldman Sachs, Arsenal FC, Diageo, and Royal Mail. It acted for Prudential on its ultimately unsuccessful attempt to acquire AIA Group from AIG for $35.5bn, and for Santander UK on its agreement to acquire parts of the banking businesses of RBS, involving 311 branches nationwide. Group head Steve Edge is ‘technically brilliant’, and Mike Lane, Sara Luder, and ‘real asset and value-adder’ Graham Airs are also recommended.

Within Equity capital markets: UK capability, Slaughter and May is a third tier firm,

Slaughter and May provides ‘second-to-none’ advice coupled with ‘deep industry knowledge’. In 2010, it advised Ocado on its £200m IPO, and also assisted Prudential in a $21bn rights issue. Nilufer von Bismarck is rated for ‘truly phenomenal dedication, technical knowledge and responsiveness’, and recently advised Standard Chartered on the first-ever Indian depository receipt offer and also with regard to its £3.26bn rights offer. Peter Brien leads the team, which includes the ‘very pragmatic and client-friendly’ Jeff Twentyman, and ‘excellent technician’ Kathy Hughes.

Within EU and competition , Slaughter and May is a first tier firm,

The ‘phenomenal’ team at Slaughter and May has ‘unparalleled’ strength in depth, and a ‘remarkable’ commercial approach. Richard Swallow acted for British Airways in the successful strike-out of a claim brought by representatives of all direct and indirect purchasers of air cargo services affected by an alleged cartel. In mergers, Bertrand Louveaux (‘very bright, extremely responsive and user friendly’) advised Asda on its acquisition of Netto. Isabel Taylor has a thriving state aid practice; and Christopher Wright is a regulatory expert. Sarah Cardell left for Ofgem, and William Sibree has retired.

Within Financial services, Slaughter and May is a second tier firm,

Slaughter and May’s recent workload includes advising on the setting up of new businesses, the viability of new financial products, passporting issues, capital raising exercises, consumer credit issues and new regulatory regimes. Ruth Fox is recommended; Jan Putnis ‘provides an outstanding service’; and Ben Kingsley is ‘a thoughtful lawyer’. On the contentious side, the team advised in a multi-jurisdictional SFO investigation. Elizabeth Barrett and Ewan Brown are recommended.

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

Slaughter and May’s average UK deal size of £1.3bn puts it at the very top of the market. The firm has set the ‘gold standard’ in terms of clients and partners for some time, and 2010 was no different. Its enviable blend of UK plc and international clients was to the fore last year. It acted for Prudential on its failed $35.5bn bid for AIA, with a team led by William Underhill and the highly praised Nilufer von Bismarck, while other standout matters included acting for Tomkins and the board of Liverpool FC. Gary Eaborn is cited for his ‘intelligent, no-nonsense approach’, and Andrew Jolly is ‘one to watch’. Stephen Cooke, Nigel Boardman, Frances Murphy, Hywel Davies and Andy Ryde are all highly recommended.

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 Partnership, Slaughter and May is a third tier firm,

Slaughter and May’s strengths on the corporate front translate into a broad range of transactional advice in relation to partnership and LLP structures, and particular strength in the use of partnership structures for investment vehicles, pension funds and joint ventures. Jeff Triggs and Paul Dickson are the key figures.

Within Private equity: transactions , tier 4

Slaughter and May provides ‘thorough, technically sound, pragmatic and commercial advice’ to clients such as Terra Firma, Silver Lake and Global Infrastructure Partners. Recent highlights include advising 3i Infrastructure on the acquisition of Eversholt Rail Group. Jeff Twentyman is praised for his ‘understanding of deal dynamics’, and heads a team that also includes the ‘thoughtful and thorough’ Gavin Brown and ‘pragmatic, confident and commercial’ Roland Turnill.

Within VAT and indirect tax, Slaughter and May is a second tier firm,

Slaughter and May’s strong corporate tax credentials extend to significant capabilities in VAT and indirect tax matters, and it provides a ‘top-quality service’. Key clients for the group include BHP Billiton, Santander, United Utilities, Cadbury, GE, Standard Life and Vodafone, and it recently acted for Talisman Energy in a successful appeal to the First-tier Tax Tribunal relating to allowances against petroleum revenue tax. Graham Earles is the name to note.

Within Fraud: civil , Slaughter and May is a second tier firm,

Slaughter and May has strong global connections, helping it to serve an impressive international client base. Work includes advising the resolution committee and the winding-up board of Glitnir in securing a worldwide freezing order against the assets of its former principal shareholder. Richard Clark, Elizabeth Barrett, Deborah Finkler and Richard Swallow are all recommended.

Within Fraud: corporate crime, Slaughter and May is a second tier firm,

Recent work for Richard Swallow at Slaughter and May includes guiding GlaxoSmithKline through an SFO and DOJ investigation into the UN Oil for Food Programme, with the SFO’s investigation recently discontinued. Jonathan Cotton is advising on an overseas corruption investigation, and assisting a global company in relation to sanctions regimes.

Within Banking litigation: investment and retail, Slaughter and May is a first tier firm,

Slaughter And May has particularly strong experience in class action disputes, and successfully represented HM Treasury all the way to the Supreme Court in relation to the Northern Rock judicial review proceedings. Other recent work for HM Treasury includes successfully acting in the High Court, Court of Appeal and Supreme Court against the administrators of Kaupthing Bank, who commenced proceedings to determine the ownership of deposits amounting to £147m. The team is also advising Glitnir in contentious matters arising out of its insolvency, including possible claims against derivatives counterparties. Deborah Finkler is recommended.

Within Commercial litigation, Slaughter and May is a second tier firm,

Slaughter and May’s team is ‘commercially very savvy’. It recently advised Liverpool FC in a number of urgent, high-profile court applications. Tax and competition litigation remain active areas for the practice. Richard Clark and Sarah Lee are well-respected litigators, and Nick Archer ‘must have a crystal ball, as things always pan out the way he forecasts’.

Within International arbitration, tier 4

Slaughter and May shows ‘extraordinary dedication to the job, combined with superb technical skills and customer focus’. Key matters included advising a leading European utility group in its successful defence of a $1.4bn damages claim, subject to LCIA arbitration. Department head Nick Archer is recommended.

Within Tax litigation, Slaughter and May is a first tier firm,

Slaughter and May’s ‘seamless’ practice is valued for its ‘high levels of technical expertise’, and excellent multi-jurisdictional capabilities. The team acted for Morgan Stanley in relation to an appeal by HMRC following a dispute arising from the inter-relationship between the US and UK tax regimes; and it also acted for Nationwide in a substantial dispute with HMRC regarding the tax treatment of a structured finance transaction. Other clients include Bank of Ireland, and Ford. Practice head Sarah Lee is recommended.

Within Acquisition finance, tier 5

Slaughter and May has a strong team that regularly handles financing work for the firm’s blue-chip corporate client base; recent highlights include representing WS Atkins on the £178m acquisition financing of PBSJ. Praised for its ‘responsiveness, and great judgement and advice’, the group includes the ‘bright, responsive and commercial’ Philip Snell. Andrew Balfour has retired.

Within Asset finance and leasing, tier 4

Slaughter and May regularly handles asset finance matters for core clients such as British Airways, although it is by no means a core area of focus. It recently advised BA on the Japanese operating lease financing and delivery of numerous aircraft. Peter Jolliffe is the principal contact and very highly rated in the market.

Within Bank lending: investment grade debt and syndicated loans , Slaughter and May is a second tier firm,

Slaughter and May is a ‘class outfit’, and ‘the best for complex government-related transactions’. Led by George Seligman, it advised the Greek Ministry of Finance on €80bn loans to Greece by other EU members. Among more traditional matters, Andrew McClean recently advised Tata Steel on its refinancing provided by a syndicate of 13 banks. Other clients include Taylor Wimpey, Aegis, Ocado and Bupa. Paul Stacey now heads the financing practice, following the recent retirement of Andrew Balfour.

Within Corporate restructuring and insolvency, Slaughter and May is a second tier firm,

Slaughter and May stands out for its government-led instructions; it had a leading role advising on the £20bn restructuring of Northern Rock, and group head George Seligman advised the Greek Ministry of Finance on some €80bn received from loans by other EU states. Elsewhere, Sarah Paterson led a team acting for Iceland’s Glitnir on its winding up. Mark Dwyer and Ian Hodgson are recommended.

Within Debt capital markets, Slaughter and May is a third tier firm,

With ‘a more personal touch than some Magic Circle firms’, Slaughter and May is active for issuers such as Ladbrokes and 3i Group, and also advises financial institutions including Deutsche Bank. Its finance partners are known for the breadth of their practices; those active in debt include Marc Hutchinson, who is ‘an absolute star, a bulldog’; and Sanjev Warna-Kula-Suriya and Andrew McClean, who have ‘great knowledge, very up to speed’.

Within Derivatives and structured products, Slaughter and May is a third tier firm,

Slaughter and May’s team is ‘top quality across the board’, advising corporate end-users and banks. Finance partners notable for their derivatives experience include Richard Levitt, Marc Hutchinson and Mark Dwyer, who ‘always try to go the extra mile’. The firm advised on Macquarie Bank’s acquisition of a derivatives brokerage business.

Within Investment funds, Slaughter and May is a third tier firm,

Slaughter and May ‘compares very favourably to other more recognised investment funds firms’, with its partners providing ‘robust, commercial advice’, and is excellent for closed-ended listed funds. Practice head James Cripps is ‘very good, innovative, and has a wealth of experience’; and Robin Ogle ‘sees the bigger picture, so you get good and commercial advice’. Highlights included launching £460m Fidelity China Special Situations plc, and Polar Capital Alva Convertible Bond Fund Limited.

Within Overview,

Instructed by a swathe of FTSE 100 corporates, Slaughter and May is the premier borrower-side practice in the market, and scores highly for bank lending and restructuring matters, where it continues to excel in government-led work. Freshfields Bruckhaus Deringer LLP is also very accomplished on the borrower side, in investment grade lending and acquisition finance, where it acts for an oustanding roster of private equity sponsors, and also in more esoteric areas such as derivatives, where it moves to the top tier this year. High-ranking practices outside the Magic Circle include Hogan Lovells International LLP, which moves up in the asset finance ranking having hired Simon Gwynne and Robert Fugard from Linklaters LLP, and also has a strong showing across restructuring, investment funds, and Islamic and trade finance; Ashurst LLP, across acquisition finance, investment funds, securitisation and derivatives; Norton Rose LLP, in asset finance, Islamic finance and emerging markets; SJ Berwin LLP, in investment funds; and Simmons & Simmons, in hedge funds and derivatives. As well as having strong asset finance practices, Clyde & Co LLP, Holman Fenwick Willan LLP and Reed Smith all feature in the top tier of the commodities (physicals) ranking.

Within Securitisation, Slaughter and May is a third tier firm,

‘The leading corporate issuer practice’, Slaughter and May advised Santander UK and Langton Securities on two RMBS deals, and acted for Gatwick Airport on its whole-business securitisation programme for the issue of £5bn in bonds. Sanjev Warna-kula-suriya, Marc Hutchinson and Guy O’Keefe are all experienced in the area. ‘The firm does all the thinking for all parties and so provides a complete solution.’

Within Employee share schemes, Slaughter and May is a second tier firm,

The ‘very responsive’ team at Slaughter and May has ‘excellent depth of knowledge’, coupled with ‘strong business understanding’. It advised British Airways on the effect of the proposed merger with Iberia on its existing share option schemes and the position of the employee benefit trust, and acted for Compagnie Financière Richemont on the incentives implications of its acquisition of Net-a-Porter. Other clients include Ocado, and Taylor Wimpey. Eddie Codrington is ‘ahead of all others in knowledge and pragmatic advice’, and Jonathan Fenn is also recommended.

Within Employment, tier 6

Slaughter and May’s team has almost returned to pre-credit crunch levels of transactional activity, recently advising British Airways on director and senior executive issues in relation to its proposed merger with Iberia; and Punch on TUPE-related implications of asset transfers. Roland Doughty is the key partner; and Lizzie Twigger is ‘extremely hardworking and tactically astute, and has particularly good commercial sense’.

Within Pensions, Slaughter and May is a second tier firm,

Slaughter And May rises in the non-contentious ranking this year, with a team of lawyers who are ‘sensitive to the practical needs of solutions, and use language which is very easy to understand, clear and concise without being patronising at all. They clearly know their trade’. Clients include Royal Mail, Uniq plc, Mercer and SEB. Jonathan Fenn is ‘an excellent communicator’; Charles Cameron has ‘long experience and provides excellent advice’; and Philip Bennett is ‘a good advocate on behalf of the trustee board in negotiations’. ‘Excellent pensions lawyer’ Roland Doughty combines ‘intellect, communication skills and stamina’. Sandeep Maudgil commands great respect among peers, and Eddie Codrington is also recommended. The ‘methodical’ Richard Clark heads the contentious side of the practice.

Within Insurance and reinsurance litigation, Slaughter and May is a third tier firm,

Slaughter and May ‘gets to the root of issues at an early stage, and provides excellent strategic advice’ to insureds, brokers and insurers. Richard Clark and Efstathios Michael ‘belong in the top band of commercial insurance lawyers’. Michael successfully represented Equitas in High Court proceedings to pursue multiple reinsurance claims against its reinsurer, R&Q Reinsurance. Marsh & McLennan is a key client.

Within Insurance: corporate and regulatory, Slaughter and May is a first tier firm,

Slaughter and May’s team has ‘strength in depth’, with ‘first-class and knowledgeable’ lawyers, and ‘excellent visibility’ from partners. Practice head Glen James is ‘robust, and commands respect’; Jan Putnis is ‘technically very good with broad knowledge’; and Jonathan Marks and Craig Cleaver are ‘exceptionally good lawyers’. The team advised Standard Life on the £138m sale of Standard Life Healthcare to a subsidiary of Discovery Holdings.

Within Professional negligence, tier 5

Slaughter and May’s ‘professional’ ten-partner team is led by the highly recommended Richard Clark. Recent work includes advising Mercer (Ireland) regarding proceedings brought by more than 350 plaintiffs in the Irish High Court regarding alleged pension entitlements and information provided on voluntary redundancy. It also advised SEB Trygg Liv in a £40m Stockholm Chamber of Commerce arbitration regarding the purchase of a life assurance company and mis-selling of pensions.

Within Infrastructure, Slaughter and May is a third tier firm,

Slaughter and May leads the way in energy-related M&A, advising on over €9.9bn-worth of deals in 2010, but is also involved in some high-profile projects. It continues to act for Lend Lease on the delivery of the infrastructure for the entire 2012 Olympic Park.

Within Mining and minerals, Slaughter and May is a second tier firm,

Slaughter and May’s client base is particularly impressive on the mining side. In 2011, the firm advised BHP Billiton, the world’s largest mining company, on its $40bn offer (eventually withdrawn) for Potash Corporation.

Within Oil and gas, Slaughter and May is a third tier firm,

Slaughter and May ‘knows the pulse of the market’, and is consistently ‘superb’. Its corporate highlights are numerous, but it also secures a good flow of project and contentious work; it recently advised several lenders on the provision of a $2.6bn debt package to the Egyptian Refining Company to finance its construction of an oil refinery.

Within Power (including electricity, nuclear and renewables) , Slaughter and May is a second tier firm,

Slaughter and May demonstrates ‘technical excellence in the energy sphere’, and shines on the corporate side, in line with the firm’s signature practice. Deals included advising Irish electricity utility ESB on the acquisition of Northern Ireland Electricity, the Northern Irish electricity transmission and distribution business of the Viridian Group. Hywel Davies is the main contact.

Within Administrative and public law, Slaughter and May is a second tier firm,

Slaughter and May continues to advise HM Treasury on Northern Rock’s £20bn restructuring, and is also advising the Ministry of Finance of the Republic of Greece. Isabel Taylor advised the Electricity Supply Board on its acquisition of Northern Ireland Electricity, and corporate partner Jeff Triggs is currently acting as general counsel to Royal Mail. The team draws on firm-wide capabilities, with competition expert Christopher Wright and litigator Elizabeth Barrett singled out.

Within Commercial property, Slaughter and May is a third tier firm,

Slaughter and May’s ‘erudite and commercial’ team acts on a steady flow of high-end mandates, providing ‘incredibly responsive, consistent and robust advice’. Clients include Derwent London, Lend Lease, and Marks and Spencer plc. Work on the Olympic Village and delivery of infrastructure for the entire Olympic Park continues. Practice head David Waterfield, the ‘charming’ Dermot Rice and the ‘clever and extremely diligent’ Jane Edwarde are recommended.

Within Construction, tier 4

Slaughter and May ‘really gets to know its clients, and has high integrity’. The team continues to advise Arsenal FC on its Highbury redevelopment, including a sports hall and 729 residential units. Steven Edwards is recommended.

Within Environment, Slaughter and May is a second tier firm,

Slaughter and May is valued for its ‘sensible, commercial approach’ to environmental issues, particularly in connection with transactions. It recently advised Ineos and GE Capital on energy sector deals. On the regulatory side, the group advised Westbrook Partners on CRC compliance; and CDC Climat on its contract with the Environment Agency to develop an emissions reporting system. Practice head Edward Keeble is ‘an excellent drafter and negotiator’, and provides ‘a strong commercial take on situations’.

Within Planning, tier 5

Slaughter and May advises on mixed-use developments and infrastructure projects, such as Derwent London’s office and residential scheme proposals and the redevelopment of Arsenal FC’s former stadium site at Highbury. Other clients include Westbrook Partners and Global Infrastructure Partners. David Waterfield leads the planning team.

Within Intellectual property, Slaughter and May is a third tier firm,

Slaughter and May handles IP-driven transactions for leading brands as well as providing standalone IP advice. Susie Middlemiss advised Diageo on its proposed acquisition of Mey Icki, the leading Turkish spirits company. Cathy Connolly advised Unilever on the IP aspects of its €672m sale of Sanex to Colgate-Palmolive, and the purchase from Colgate-Palmolive of its laundry detergent brands in Colombia. Transactional IP partner David Ives is appreciated for his ‘detailed knowledge and commercial advice’.

Within IT and telecoms, Slaughter and May is a third tier firm,

Clients appreciate Slaughter and May’s ‘strong, responsive’ team. Rob Sumroy leads the IT practice and Jeff Twentyman heads the telecoms group. Highlights included assisting Royal Mail and Post Office Limited with technology procurement and licensing matters, and successfully representing Ericsson against Hutchison 3G. David Ives, noted for his ‘good commercial knowledge’, advised new client YTL Communications on the world’s first hybrid broadcast-4G WiMax broadband TV and internet content delivery platform.

Within Media and entertainment, tier 5

The team at Slaughter and May, led by corporate partner Jeff Twentyman, continues to advise Google in a long-running antitrust investigation. The team also advised Telegraph Media Group on new distribution contracts. BMG Rights Management is also a client.

Within Pharmaceuticals and biotechnology, Slaughter and May is a third tier firm,

At Slaughter and May, corporate partner David Johnson advised GlaxoSmithKline on the £162m acquisition of Maxinutrition, and Robert Stern advised Shire on its acquisition of Movetis. Head of IP Susie Middlemiss advises major pharma and cutting-edge biotech companies on licensing and partnership issues and contentious IP matters.

Within Sport, tier 5

At Slaughter and May, Mark Zerdin advised Liverpool FC on its protracted takeover by New England Sports Ventures, and the 'excellent' Andrew Jolly advises on Arsenal FC’s on-pitch activity, and handles all contractual and disciplinary matters. Rob Sumroy continued to act for the ECB on the unauthorised use of its IP rights. The LTA is another client.

Within Aviation, tier 4

Slaughter and May serves as lead adviser to British Airways; it recently acted for the company in relation to its transatlantic alliance with American Airlines and Iberia; its merger with Iberia; proceedings arising out of the investigation into cartel activity in the cargo sector; and the multi-jurisdictional aspects of the US class actions arising out of the passenger fuel surcharge investigations. The firm also acts for Global Infrastructure Partners on matters following on from its acquisition of Gatwick Airport. Stephen Cooke and David Wittmann are recommended for aviation-related M&A; Richard Swallow for dispute resolution matters; and Bertrand Louveaux for competition and regulatory work.