Milbank > London, England > Firm Profile

Milbank > The Legal 500 Rankings

Finance > High yield Tier 1

Milbank's high yield practice is 'at the top of the London market' and clients remarks that the lawyers are 'commercial thinkers who provide outstanding client service'. A leading firm for corporate issuers, it also advises lenders on leveraged buyouts, particularly when there is a complex bond financing structure. The practice led by Apostolos Gkoutzinis is also sought after for its advice on bond restructurings. Gkoutzinis and key partner Rebecca Marques advised initial purchasers on a €725m offering of senior secured floating rate notes and €300m in senior secured notes by Fiber Bidco S.p.A., the proceeds going towards the funding of the acquisition of Fedrigoni. 'Creative problem solvers' Gkoutzinis and Randy Nahlé acted for initial purchasers, placement agents and lenders in a €690m offering by Italmatch Chemicals as part of the company's debt refinancing process. Tim Peterson, who is an innovator in the private high yield market, and  'extremely knowledgeable and efficient' partner Ana Grbec are both highly regarded by both clients and peers. Grbec assisted Castor S.p.A. with the €1.4bn financing of its take-private leveraged buyout of Cerved Group.

Finance > Islamic finance Tier 1

Regularly forming part of a cross-disciplinary team which centres on new money and restructuring mandates in key areas of firmwide strength, including projects, energy and aviation, Milbank excels in structuring high-profile, multi-jurisdictional transactions, often involving complex inter-creditor arrangements involving conventional and Islamic finance structures. The vastly experienced John Dewar is pivotal to much of the firm's success in the area, acting for sponsors and lenders on big-ticket multi-source project finance transactions, many of which require highly bespoke structures. Alongside Munib Hussain, Dewar recently advised the underwriting banks in a first-of-kind $11.5bn Global Medium Term Note (GMTN) programme and a unique $1.5bn sukuk issuance, the proceeds of which were used to refinance the original bridge facility utilised by a BlackRock-led consortium to fund its minority interest in Aramco Gas Pipelines.

Finance > Transport finance and leasing Tier 1

Drawing upon the core sector expertise of 'market leading, top-tier partners and exceptional associates', and also able to leverage the firm's impressive capital markets, insolvency prowess and US offices, Milbank is, according to one client, 'the best team in the market for complicated and high-value aviation finance transactions'. The tone is set by the leadership at the team, with James Cameron able to bring a 'wealth of experience and practical nous to any deal he works on' for a varied mix of stakeholders including lessors, funds and banks. 'At the top of his game', Nick Swinburne co-heads the team alongside Cameron and is recognised as 'a great person to have on highly complicated and structured transactions', including EETC matters. At an associate level, Mark Leverkus is 'head and shoulders above many of his peers', and Tom Jackson  has 'a bright future ahead of him'. 

Finance > Acquisition finance Tier 2

Led by the ‘astute and tenacious’ Suhrud Mehta, the ‘very knowledgeable’ team at Milbank ‘has a good understanding of the market’ across both bank and bond financings, as well as on direct lending products. Consequently, it is a popular choice among leading banks (UBS and Goldman Sachs) and credit funds (KKR Credit and CVC Credit), where it is appreciated for its European and US high yield and loans expertise, in particular. Sarbajeet Nag continues his upward trajectory in the market, and is noted for his technical and commercial nous for lenders utilising debt products throughout the credit spectrum to facilitate sponsor-backed and corporate-led acquisition finance deals. As well as her conventional leveraged finance prowess, Alexandra Grant is well regarded for infrastructure financings.

Finance > Corporate restructuring & insolvency Tier 2

The ‘creative and dynamic’ team at Milbank remains best-known for its creditor-side excellence on behalf of an enviable roster of funds clients, where it is able to execute ‘technical and commercially excellent’ strategies, both in and out of formal insolvency processes. Praised for its ‘ability to appreciate commercial dynamics, and push the envelope of legal documents and court processes to drive a restructuring’, this manifests itself both in the context of European or US restructuring processes. Yushan Ng, who now heads the team on his own following the recent retirement of Nick Angel, has deep market penetration among hedge fund clients, in particular, while also continuing to  generate work from CLOs and traditional asset managers. Karen McMaster has deep knowledge of restructuring processes and the underlying finance products (including high yield debt, TLBs and loans), consequently she is a popular choice among clients both at a contingency planning stage and in relation to the implementation of complex workout strategies, as well as realising value through new money led solutions.

Industry focus > Emerging markets Tier 2

Milbank's London office 'has an impressive ability to lead transaction mandates in an efficient and collaborative manner, with clients and the deal as the priority'. Clients appreciate that the team 'strongly collaborates with local counsel in emerging markets to provide seamless integrated services'. Active across Africa, Latin America, the Middle East and Asia, the firm is frequently involved in the development of mega-projects, and handles high-value project bond transactions, ESG-related financings, and matters related to energy transition. Lead partner John Dewar 'has an impressive ability to marry strategic priorities of clients and the deal to the nitty gritty of the detail', and newly promoted partner Munib Hussain is 'a superb legal technician who is excellent on Islamic finance transactions'. Together, they acted for underwriting banks including JP Morgan and HSBC, on a first-of-kind $11.5bn GMTN programme and an innovative $1.5bn sukuk issuance. Emerging partner talents Şeyda Duman and Chris Taufatofua also play key roles in the practice. Taufatofua recently advised OnCorp on the structuring and negotiation of project documents in a bid to develop an LNG import and regasification terminal at the port of Suape, Pernambuco, Brazil.

Projects, energy and natural resources > Infrastructure: Project finance and development Tier 2

A tour-de-force in the energy market with projects experience in the Americas, Europe and the Middle East, Milbank excels at advising lenders and sponsors on large-scale, complex financings, with extensive experience advising on first-of-its-kind funding structures across the full array of assets, particularly traditional energy enterprises. Wider work includes a significant aiport expansion in Greece, financing subsea electricity transmission networks across Europe and Asia, as well as overseeing the document drafting and negotiations for a new LNG import terminal in Brazil. Team head and market veteran John Dewar is a frequent port-of-call for financial institutions and export credit agencies for power, oil and gas and mining projects, with significant experience in the Middle East and Northern Africa. Chris Taufatofua has an active presence across a wide-array of mandates, working with stellar sponsor-side clients.  Munib Hussain – who was recently promoted to partner – is also recognised for his project finance expertise, particularly in relation to petrochemical . Energy transition specialist Matthew Brown joined from Latham & Watkins in May 2022, alongside special counsel Rachel Croft. Kilian De Cintré is a well-regarded up and coming solicitor within the group, playing a support role on a number of key oil and gas infrastructure mandates.  

Projects, energy and natural resources > Oil and gas Tier 2

Experienced energy lawyer John Dewar heads a team at Milbank which sees a full suite of infrastructure, oil & gas, transitional energy, renewables, power, and gas-to-power deals, whilst focusing on lender and sponsor-side representation. The London-based team collaborates closely with its New York counterpart to place considerable emphasis on work arising out of the Americas, particularly Brazil. The team saw a couple of changes with experienced energy and infrastructure lawyer Matthew Brown joining from Latham & Watkins in May 2022, while Matthew Hagopian retired in June 2022. Munib Hussain is a key name on the financing side and was promoted to partner in January 2023.

Projects, energy and natural resources > Power (including electricity, nuclear and renewables) Tier 2

Milbank is noteworthy for its breadth of capabilities in the power space, with a strong reputation for its abilities advising its clients, including renowned banks, on matters involving transitional energy, including battery-related projects; green ammonia projects; green hydrogen matters, as well as on the full scope of renewable, power and gas-to-power work. Its workload in these areas is often multijurisdictional in nature. John Dewar, who ‘exhibits outstanding leadership’, heads up the offering. Battery specialist Matthew Brown joined from Latham & Watkins in May 2022. Climate and sustainability expert Chris Taufatofua is a key name to note, as is Munib Hussain who was promoted to partnership in January 2023.

Corporate and commercial > Equity capital markets – mid-large cap Tier 3

Drawing high praise from clients, the ‘exceptionally talented, very commercial and highly experienced team’ at Milbank represents issuers and underwriters, including investment banks, corporates and private equity sponsors on the full spectrum of corporate finance transactions, including IPOs and other international equity offerings. The London-based team is led by David Dixter – noted for his ‘wealth of experience’ –  who steers the team as it advises on a range of ECM matters in the EMEA market.  

Dispute resolution > Banking litigation: investment and retail Tier 3

Milbank boasts a team that 'leverages its unique abilities and insights' to lead on high-profile and complex competition law disputes and investigations, with particular expertise in loan and bond-related transactional disputes. Julian Stait leads the team, notably representing Visa and Rabobank in relation to interchange litigation and Libor manipulation matters. ‘Superb banking specialist’ Mona Vaswani is integral to the team, and is a ‘formidable and determined opponent’. Also highly active in the practice are Tom Canning, who provides ‘excellent, practical advice’ for clients, and Peter Edworthy.

Finance > Derivatives and structured products Tier 3

At Milbank, 'the team is very knowledgeable and very willing to help find the best solutions in a complex financing'. Clients praise the firm's 'in-depth knowledge of the derivatives framework, efficient communication, and problem solving'. Lead partner James Warbey is an acknowledged derivatives expert and he recently worked with associate Adrian Kwok to assist Athens International Airport S.A. with its issuance of more than €1.1bn in bond loans, which required extensive hedging arrangements. Key partner Claire Bridcut handles bespoke structured lending deals, together with portfolio total return and credit default swaps. For National Bank of Greece and Piraeus Bank, special counsel Robert Wyse-Jackson assisted Warbey with complex hedging arrangements in connection with the €680m financing for the development and expansion of the Skouries gold minimum project in Greece.

Finance > Securitisation Tier 3

Milbank has one of the most active Euro CLO transaction practices in London, and it acts for a host of leading players in the market, among them KKR, BNP Paribas, Polus Capital Management, and Bain Capital. Recognised as a leading adviser to European CLO managers, the firm has some of the most prominent partners in this space, notably practice head James Warbey,  John Goldfinch, and Claire Bridcut, who is a key member of the firm's alternative investments practice and focuses heavily on CLOs and bespoke structured lending deals. Reflecting its prominent position in the market, the practice continues to be involved in market-leading deals, a prime example being the €324m issuance of CLO notes by Adagio X EUR CLO Designated Activity Company, in which Goldfinch acted for AXA Investment Managers US Inc. Goldfinch also advised Bain Capital Credit U.S. CLO Manager II, LP on a €385m deal, which introduced a new construct into CLO documentation to permit and optimise CLO participation in certain liability-management techniques such as the Asset Priming Transactions and Uptier Priming Transactions.

Projects, energy and natural resources > Mining and minerals Tier 3

Milbank‘s London-based mining practice is best known for advising lenders on large scale mandates, including transformative development and financing structures. The team has deep expertise in mining-sector restructurings and places emphasis on work focusing on critical metals and minerals required for the EV battery sector. Global project finance lawyer John Dewar leads the team, possessing particular expertise in multi-sourced financings.

TMT (technology, media and telecoms) > IT and telecoms Tier 3

Milbank is noted for its expertise in technology-related disputes, applying its knowledge of the IT industry. Practice leader Julian Stait specialises in the resolution of high-stakes business and regulatory disputes, in addition to representing clients in investigations, with extensive experience of litigation before the English Courts. Tom Canning,  who is well-versed in the field of IT litigation and arbitration, is another key contact in the group.

Transport > Aviation Tier 3

Milbank assists airlines, lessors and financial institutions on the spectrum of commercial aviation matters, including restructuring and insolvency, and M&A. The team has also assisted lessors in regard to Russian sanctions matters and associated insurance claims, while also acting on a range of other disputes and arbitrations. Heading the team are James Cameron, who focuses on transport asset finance and portfolio transactions, and Nick Swinburne, a finance, leasing and restructuring specialist.

Corporate and commercial > Private equity: transactions – high-value deals (£250m+) Tier 4

'Well resourced...very efficient...and extremely responsive',  the majority of Milbank's nascent London private equity practice joined the firm from Dickson Minto WS in March 2023. The practice is jointly chaired by former Dickson Minto partner Jordan Simpson and former Kirkland partner Andrej Wolf, who also co-heads the London office. The pair steer the team across multi-jurisdictional acquisitions, sales, investment deals, and restructurings. Simpson is a highly experienced transactional lawyer whose recent engagements include cross-border sell-side mandates, while Wolf's capabilities span acquisitions and follow-on investments, acting for both PE houses and their portfolio companies. Other key figures include James McClymont, who boasts particular expertise in shareholder arrangements, and Lara Watt, a 'highly knowledgeable and commercial' adviser with experience across buyouts, carve-outs, and bolt-on acquisitions.

Dispute resolution > Competition litigation Tier 4

Milbank houses an ‘absolutely wonderful' team, which often appears in matters before the Commercial Court and the Court of Appeal. Practice head Julian Stait is ‘extremely knowledgeable‘ of cross-border investigations and CPO applications. Special counsel Emma Hogwood frequently acts for clients in claims concerning fraud and abuse of dominance; and special counsel Cormac Alexander is particularly adept at handling regulatory investigations and arbitrations.

Corporate and commercial > Corporate tax Tier 5

Milbank has expertise in M&A and private equity transactions, in addition to notable strength in financial restructuring matters. Aviation taxation is a key niche area for the team. Highly experienced partner Russell Jacobs leads the team, and advises on a diverse range of corporate and finance transactions. Core team members include special counsels Andrew Callaghan, who has a particular focus on private equity transactions, and Alan Rafferty, whose practice includes restructurings, joint ventures, and capital markets transactions. Associates Cosmos Fung and Fareed Muhammed are key names.

Corporate and commercial > Financial services: contentious Tier 5

Milbank draws on its established strength in the contentious space to represent key players from the global financial services community in their interactions with the regulators. The firm’s transatlantic presence ensures that it is particularly well positioned to handle mandates with ramifications in both the UK and US. Julian Stait heads up the litigation and arbitration practice, with William Charles regularly leading on regulatory investigations work.

Corporate and commercial > M&A: Upper Mid-Market And Premium Deals, £750m+ Tier 5

Offering a service that advises across European M&A and private equity, the London corporate practice at Milbank often handles matters in the aviation, energy and infrastructure space as well as private equity and growth equity transactions. Significantly strengthening its bench, the team added Dickson Minto WS’s London private equity team to its ranks in March 2023. Advising FTSE 100, Fortune 250, financial institutions, infrastructure funds and energy companies, Lisa O’Neill, co-heads the team and handles a wide range of corporate and M&A transactions. Also heading up the team is former Kirkland & Ellis International LLP  private equity specialist Andrej Wolf  with fellow buyout specialist , Jordan Simpson, who joined from Dickson Minto, also playing a key role. Former co-chair Mark Stamp retired in January 2023 and is now a consulting partner.

Crime, fraud and licensing > Fraud: civil Tier 5

Milbank is home to Mona Vaswani, a 'market leading partner in fraud work' who serves as a key port of call for a number of international and investment banks. Found among her workload are fraud, asset tracing, trust and breach of fiduciary duty claims, among other proceedings.

Dispute resolution > International arbitration Tier 5

'Massively experienced in international arbitration', Milbank‘s London group is routinely mandated by corporations, financial institutions, and state and federal governments for highly complex arbitration proceedings. International arbitration leader Tom Canning acts in arbitrations under all the major arbitral rules, while Julian Stait specialises in the resolution of large business disputes. Within the firm's associate pool, Peter Edworthy focuses on cases involving energy, construction, infrastructure and telecoms projects-related disputes, and Vasiliki Katsarou is 'an excellent, hardworking and talented lawyer'.

Dispute resolution > Commercial litigation: premium Tier 6

Milbank has a ‘growing team of commercial litigators, with a particular emphasis on fraud claims’, and are seen as ‘great at large team litigation’. The team's strengths are exemplified by its work for Visa on significant interchange litigation over the last decade. Julian Stait does a ‘huge proportion of the work for Visa’ and leads the team that consists of ‘incisive, results-oriented’ Mona Vaswani and ‘future star’ Conrad Marinkovic.

India > Foreign firms Tier 2

Acting for global financial institutions and domestic and international companies in the steel, energy, and infrastructure sectors, Milbank’s India practice stands out for its expertise in capital markets, projects, and financing work. Practice co-head James Grandolfo, in Hong Kong, has a broad debt and equity practice and leads on corporate and M&A instructions, while co-head John Dewar takes point on project finance from the firm’s London office. In Singapore, Giles Kennedy and new partner Terrence O’Donnell are recommended for their IPOs, share placements, and high-yield bonds expertise.

Singapore > Asset finance: foreign firms

Described by one client as a ‘skilled team that can handle with ease the most daunting of transactions’, Milbank remains a highly active player in the region’s aviation finance and restructuring scene. Following the departure of Paul Ng in summer 2023, David Paterson, noted for his transaction and leasing experience, is the key point of contact for the Singapore office. Paterson also works with the London Office’s asset and trade finance partners, Nick Swinburne, and James Cameron (the latter is a member of the firm’s transportation and space group.)