The Legal 500

Within Corporate tax, tier 5

Kirkland & Ellis International LLP’s corporate tax offering is closely aligned with its fund formation, corporate and restructuring capabilities. The team advised Bain Capital and Advent International on the tax aspects of the financing of their successful £2bn bid to acquire the RBS WorldPay merchant services business from RBS. Ian Taplin, John Baldry and Jane Scobie are recommended.

Within Financial services, tier 6

Kirkland & Ellis International LLP advises clients setting up new financial services businesses, and acts on the regulatory issues surrounding the acquisition of financial services businesses. Lisa Cawley is recommended; and Stephanie Biggs has expertise in regulatory matters affecting private equity firms.

Within M&A: upper mid-market and premium deals, 250m+, tier 7

Kirkland & Ellis International LLP’s depth in private equity gives it an edge in the City over some US rivals, and the arrival of UK-qualified lawyers Gavin Gordon and David Arnold from Ashurst LLP enhances that reputation. 2010 brought a string of deals for Bain Capital, Towerbrook Capital and Apollo Management.

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

Kirkland & Ellis International LLP has become the ‘go-to’ for firm for Bain Capital in Europe in recent years, and the team leverages the firm’s extensive US network to bring a broad range of work to these shores from private equity houses and plcs. James Learner and Matthew Hurlock are the standout partners.

Within Overview,

On the private equity side, the market had its busiest year since 2007 globally, totalling $235.5bn worth of deals, up 92.5% compared to 2009 ($122.3bn), representing 11.1% of global M&A compared to 7.2% in 2009. Activity has been driven as much by houses regaining their appetite for significant investment as looking to exit via secondary buyouts. In the City, US firms are finally building credible alternatives to the UK firms. Although the likes of Clifford Chance remain at the top of the market, Weil, Gotshal & Manges, Latham & Watkins LLP and Kirkland & Ellis International LLP are hot on their heels. Notable developments on the private equity adviser landscape include the investment being made by Ropes & Gray LLP’s London office, hiring Kiran Sharma and Peter Baldwin from DLA Piper UK LLP and Jones Day respectively.

Within Private equity: transactions , Kirkland & Ellis LLP is a third tier firm,

Leveraging off the firm’s market-leading US practice and providing a full-service offering that includes fund formation as well as transactional work, Kirkland & Ellis International LLP’s 15-partner team continues to gain market share. Bain Capital is a pivotal client, and generates a significant flow of work; recent deals include the acquisition of IMCD Group from AAC Capital. The team also remains at the forefront of debt M&A mandates, and recently acted for Apollo Management on a debt-for-equity swap of the Gala Coral Group. Matthew Hurlock, James Learner and Graham White are integral members of the team, which was strengthened by the arrival of Gavin Gordon and David Arnold from Ashurst LLP.

Within Fraud: corporate crime, Kirkland & Ellis LLP is a third tier firm,

Kirkland & Ellis International LLP acted in investigations into overseas corruption practices regarding the US Oil for Food Programme; and advised a major media and entertainment company in relation to possible fraudulent and criminal conduct surrounding an acquisition.

Within International arbitration, tier 5

With Ulrich Payne joining from Simmons & Simmons and Ben Sanderson from Skadden, Arps, Slate, Meagher & Flom (UK) LLP, Kirkland & Ellis International LLP’s London arbitration group grew to six full-time arbitration partners. Chris Colbridge has a ‘good strategic approach’, and Rajinder Bassi and Chiraag Shah are also key contacts.

Within Acquisition finance, tier 4

Kirkland & Ellis International LLP provides ‘commercial, smart and innovative’ advice to an impressive collection of sponsor clients including Apollo, Oaktree and Mid Europa Partners. The ‘vastly experienced and skilled’ Stephen Gillespie advised Bain Capital and Advent International on the financing of the £2bn acquisition of RBS’ Worldpay merchant services business. The ‘extremely commercial’ Neel Sachdev has a ‘great understanding of market conditions’, and represented Apollo Management on the debt-for-equity swap of the Gala Coral group. Philip Crump and John Markland are also recommended, in a team known for its ability ‘to really understand the new financing structures’.

Within Corporate restructuring and insolvency, Kirkland & Ellis LLP is a second tier firm,

The ‘proactive, loyal and diligent’ team at Kirkland & Ellis International LLP moves up in the ranking this year. ‘Star restructuring lawyer’ Kon Asimacopoulos and the ‘top-notch’ Partha Kar continue to lead the team and have pulled in a number of choice instructions for the firm, including acting for BC Partners portfolio company Regency Entertainment and for the lender group on the €4bn restructuring of Eircom. The firm’s loyal client base also includes Apollo Management, Chemtura Corporation and Macquarie Bank.

Within High yield, tier 4

Despite losing Ward McKimm to Kirkland & Ellis International LLP, Shearman & Sterling LLP is recognised for its ‘amazing track record’ in the market. Jacques McChesney remains a leading figure, and Apostolos Gkoutzinis has been promoted to partner. Bank of America Merrill Lynch, Credit Suisse, Advent International, and Oxea Finance & Cy are among the clients of the team, which recently represented furniture group DFS Furniture Holdings on its £240m offering of senior secured notes.

Within Investment funds, Kirkland & Ellis LLP is a second tier firm,

Kirkland & Ellis International LLP’s ‘very good’ team is ‘proactive and commercial’, and has developed an excellent private funds practice, including buyout and secondary funds as well as real estate, infrastructure and venture capital. Practice head Mark Mifsud, Kate Downey and Richard Watkins are recommended. The team acted for Candover Partners on the funds aspects of its spinout into Arle Capital Partners; and advised a top-end investment manager on the tax structuring of its portfolio. It is also sole private funds counsel to Nomura International.

Within Overview,

US firms also continue to feature prominently, in the corporate restructuring, acquisition finance and high yield rankings in particular. White & Case LLP can lay claim to having the broadest finance offering, while other firms featuring in multiple rankings include Weil, Gotshal & Manges, which recently picked up a four-partner investment funds team from Clifford Chance; Skadden, Arps, Slate, Meagher & Flom (UK) LLP; Kirkland & Ellis International LLP; and Shearman & Sterling LLP. Other strong performers are Bingham McCutchen (London) LLP, which moves up to the top tier for corporate restructuring in recognition of its market-leading bondholder practice; and Simpson Thacher & Bartlett LLP, which excels in leveraged finance, advising the likes of KKR and Blackstone.