The Legal 500

Within Corporate tax, tier 4

The team at Shearman & Sterling LLP has excellent cross-border capabilities driven by the firm’s international network, and acts for clients including General Electric, Liverpool FC, and Marriott International. It acted for Tata Steel on the tax aspects of the complex and high-profile £600m sale of the Teeside Cast Products iron and steel-making business to Sahaviriya Steel Industries Public Company. Iain Scoon is recommended.

Within Equity capital markets: UK capability, tier 4

Shearman & Sterling LLP has ‘a long history of credible ECM execution’, and ‘top partners with excellent industry knowledge’. Monica McConville is ‘one of the leading practitioners in the market’. Laurence Levy advised African Barrack Gold on its secondary listing in Tanzania.

Within Equity capital markets: US capability, Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP has ‘top partners with excellent industry knowledge’, among them Richard Price and Apostolos Gkoutzinis, who advised Greece’s Piraeus Bank on an €807m rights issue. David Dixter joined from Cleary Gottlieb Steen & Hamilton LLP, and advised UBS on the IPO of AVAST Software.

Within EU and competition, tier 5

The ‘really quality offering’ at Shearman & Sterling LLP is highly rated by both clients and peers, and has a broad range of experience, with strength in behavioural and contentious work, including cartel investigations by the European Commission and appeals to the Court of First Instance. It also has expertise in international mergers and OFT work. Matthew Readings is a popular figure.

Within Financial services, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP is known for its work for financial market infrastructure providers. The team advised ICE Futures Europe on its application to the FSA for recognition as a Recognised Auction Platform, the first application of its kind under new legislation. Barney Reynolds, Thomas Donegan and Azad Ali are recommended.

Within M&A: mid-market, £50m-£250m Leading individuals: M&A

Within M&A: premium deals, £250m+, tier 4

Shearman & Sterling LLP consistently features on some of the largest M&A deals both domestically and across Europe, with key figures in London including Creighton Condon and Laurence Levy, who is ‘highly technically proficient and skilled at working around the issues that matter to the client’. 2011 saw the team advise on $31.6bn-worth of deals, including representing Citigroup in its sale of EMI’s music publishing and recorded music divisions to Sony and Universal Music Group respectively. Other highlights included advising Charter International on the US aspects of its acquisition by Colfax Corporation for £1.5m, and Tata Steel on its $600m sale of Teesside Cast Products. George Karafotias and the newly promoted Jeremy Kutner are also recommended.

Within M&A: smaller deals, up to £50m Leading individuals: M&A

Within Fraud: civil, tier 4

Shearman & Sterling LLP is on Barclays’ global panel, and also counts ICE Clear and ICE Futures among its clients. Jo Rickard and Barnabas Reynolds are key contacts.

Within Fraud: corporate crime, Shearman & Sterling LLP is a third tier firm,

At Shearman & Sterling LLP, Jo Rickard is an experienced practitioner and regularly advises on transnational fraud investigations and asset chasing. Barnabas Reynolds and Richard Kelly are also recommended.

Within Banking litigation: investment and retail, tier 5

Shearman & Sterling LLP advises on high-value, reputational matters for prestigious banking and financial institution clients. Jo Rickard and Richard Kelly are recommended.

Within Commercial litigation, tier 6

Shearman & Sterling LLP’s recent instructions include High Court litigation and regulatory investigations. The practice represented Liverpool FC’s purchaser in proceedings relating to the club’s sale. Jo Rickard heads the London litigation group, which includes Richard Kelly.

Within International arbitration, tier 5

Shearman & Sterling LLP in London is a ‘class act’, and regularly acts in cases involving the power, oil and gas, infrastructure and telecoms industries. Team head Alex Bevan is ‘outstanding – shrewd, hardworking and able’. David Reed joined Arnold & Porter (UK) LLP.

Within Acquisition finance, tier 4

At Shearman & Sterling LLP, the ‘excellent’ Clifford Atkins heads a ‘strong’ team that excels at deals involving both a bank and bond component. Caroline Leeds Ruby and Anthony Ward advised Advent International on the high yield and senior debt financing of the acquisition of Priory Group from RBS, and a subsequent bolt-on acquisition of Craegmoor Group. Other clients include Barclays Capital, Bank of America, and Investcorp.

Within Bank lending: investment grade debt and syndicated loans, tier 4

Clifford Atkins’s team at Shearman & Sterling LLP offers a multi-product finance capability to support a broad client base that includes Labco SAS, Bank of America Merrill Lynch, Barclays and Liverpool FC. It recently acted for Towergate Finance as the borrower on a complex reorganisation structure involving syndicated senior term and revolving credit facilities, at a total value of £974m. Peter Hayes was recently promoted to partner.

Within Commodities: derivatives, Shearman & Sterling LLP is a first tier firm,

Shearman & Sterling LLP has ‘a good reputation for high quality’, with a team including financial services and regulatory expert Barney Reynolds, derivatives specialist Patrick Clancy and newly promoted partner Thomas Donegan, who represents banks and clearing houses. The firm advised longstanding client ICE Clear on the launch of new emissions contracts, and broker-dealer NewEdge on restructuring its derivatives business.

Within Corporate restructuring and insolvency, tier 5

Headed by the ‘very knowledgeable’ Clifford Atkins, Shearman & Sterling LLP has a focus on advising US-based hedge fund clients on distressed investments. Mei Lian is ‘very bright and easy to work with’.

Within Debt capital markets, tier 4

Shearman & Sterling LLP’s ‘very responsive’ team includes Mei Lian, who is ‘sensible and pragmatic’; Richard Price, who is ‘very experienced in US securities’; and the highly rated Clifford Atkins and Jacques McChesney. The team advised the underwriters on HSBC’s $7.1bn global offering.

Within Derivatives and structured products, Shearman & Sterling LLP is a third tier firm,

Clifford Atkins’ team at Shearman & Sterling LLP is at the heart of the derivatives space, through its work for ICE Clear. Patrick Clancy (‘very experienced’, and ‘a tough negotiator’), Ian Harvey-Samuel and Julian Tucker are ‘absolutely top notch, responsive and technically excellent’. Clancy and Harvey-Samuel advised Bank of America Merrill Lynch on its downgrade review of structured finance documentation.

Within High yield, Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP shows particular strength assisting issuers and sponsors previously unfamiliar with high yield structures. The team fought off stiff competition in winning Jaguar Land Rover as a new client, advising it on a £1bn equivalent debut high yield bond offering. Jacques McChesney recently led the advice to Advent International as sponsor on the financing of the acquisition of The Priory Group from RBS. Apostolos Gkoutzinis was promoted to partner in May 2011, and recently led an innovative deal for loyal client ARD Finance.

Within Investment funds, Shearman & Sterling LLP is a third tier firm,

Of counsel William Murdie, head of Shearman & Sterling LLP’s private and hedge funds practice, can ‘produce elegant, workable drafting for very complex concepts’. Counsel John Adams is also recommended.

Within Islamic finance, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP is ‘outstanding’ and ‘excellent: very prompt’. It advised lenders including IDB on the dual conventional/Islamic financings of Uzbekistan’s Khausak-Shady and Kandym gas field projects, and represented Citicorp Trustee Co Ltd and Citibank (UAE branch) on the Salik toll road financing. Tim Pick is the key figure in London.

Within Overview,

US firms also feature prominently in the rankings, in particular for acquisition finance, corporate restructuring and high yield. White & Case LLP, one of the best-established firms in the London market, continues to have the broadest capability, while other firms featuring highly in multiple rankings include Weil, Gotshal & Manges; Shearman & Sterling LLP; Kirkland & Ellis International LLP; and Skadden, Arps, Slate, Meagher & Flom (UK) LLP. Other strong performers include Bingham McCutchen (London) LLP, which has a top-tier showing for corporate restructuring thanks to its market-leading bondholder practice; Ropes & Gray LLP has made significant strides in a number of finance areas since it set up in London in January 2010; and Simpson Thacher & Bartlett LLP, which excels at leveraged finance and has strong ties with some of the market’s most significant sponsors, including KKR and Blackstone.

Within Securitisation, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP provides ‘excellent service from a strong and dedicated team of professionals’ including Julian Tucker and Ian Harvey-Samuel. Highlights included a £1.2bn whole-business securitisation and the restructuring of various CMBS deals. Associate Melissa Gainsford is one to watch.

Within Employee share schemes, tier 5

Sam Whitaker is recommended at Shearman & Sterling LLP.

Within Insurance: corporate and regulatory, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP’s strength is its regulatory offering. Practice head Barney Reynolds is advising the UAE Ministry of Finance on drafting a new federal framework to govern financial services and the insurance industry. Azad Ali is also recommended.

Within Infrastructure, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP’s ‘globally very well-connected’ practice has been active in high-profile projects, particularly in the Middle East, where it advised a consortium of lenders, including Crédit Agricole, on the financing for the Muharraq wastewater project in Bahrain. Tim Pick ‘brings great depth of knowledge into the deal’; Ben Shorten is ‘attentive to the needs of the clients’; and Laurence Levy is ‘a smoothing presence in negotiations’.

Within Mining and minerals, Shearman & Sterling LLP is a third tier firm,

A strong year for Shearman & Sterling LLP saw the team advise Anglo American on its $5.39bn sale of a 24.5% interest in Chilean copper assets, including the Los Bronces and El Soldado mines, to Mitsubishi Corporation.

Within Oil and gas, Shearman & Sterling LLP is a first tier firm,

Shearman & Sterling LLP is ‘among the best project finance houses’. Recent transactions include advising Dow Chemical Company on its joint venture with Saudi Aramco to develop the $20bn Sadara Chemical Company Project. The team has also been active in high-value bond offerings, M&A and disputes. Tim Pick is ‘outstanding in all respects’; he is ‘very reliable’ and ‘brings great depth of knowledge to the deal’. Ben Shorten is ‘extremely knowledgeable around the project finance space’.

Within Power (including electricity, nuclear and renewables), Shearman & Sterling LLP is a second tier firm,

Shearman & Sterling LLP is ‘experienced in wind project financing and analysing the risks associated with offtake agreements and EPC equity agreements’. Recent projects include the Dorper Wind Farm in South Africa, on which Nicholas Buckworth is advising the successful bidding consortium. Buckworth is praised for his skills at the negotiation table.

Within Water, Shearman & Sterling LLP is a third tier firm,

Shearman & Sterling LLP advises corporates, lenders and governments, primarily on major international hydropower projects. 2011 highlights included advising Export-Import Bank of Korea and other lenders on the financing of the Muharraq wastewater project in Bahrain.

Within Commercial property, tier 4

Ian Nisse’s departure to Macfarlanes LLP was a blow to Shearman & Sterling LLP, but Clare Breeze’s small team has ‘great background knowledge’, and associate Lucy Keeble is ‘very fast and offers a good commercial approach’. Highlights included advising Stanhope on the acquisition of Station Hill, Reading.

Within Environment, tier 5

Shearman & Sterling LLP’s largely transactional practice is led by the ‘highly professional and expert’ Mehran Massih, who has experience in UK and US environmental law.

Within Sport Sport