The Legal 500

Within Corporate tax Corporate tax

Within Equity capital markets: UK capability, White & Case LLP is a third tier firm,

Philip Broke’s team at White & Case LLP is ‘very responsive and knowledgeable’. Greg Stonefield has ‘very good knowledge of emerging markets’, and recently advised Migros Ticaret on a £275m private placement. Francis Fitzherbert-Brockholes exemplifies the firm’s ‘excellent technical and structuring capabilities’. Allan Taylor advised Ruspetro on its $250m IPO.

Within Equity capital markets: US capability, tier 4

White & Case LLP has ‘a good command of local law and how it intersects with UK and US law’. Joshua Kiernan is ‘responsive and client focused’, and new hire Michael Immordino, from Latham & Watkins LLP, is ‘legendary in Italy and Southern Europe’. Deals included Globe Trade Centre’s $200m secondary offering in Warsaw, for bookrunner Morgan Stanley.

Within Financial services, tier 5

White & Case LLP is active in cross-border matters. The practice acted for a private bank in relation to the possible UK establishment of an online network for the distribution of structured products through intermediaries. Practice head Stuart Willey joined from the FSA, and Carmen Reynolds is also a key contact.

Within M&A: premium deals, £250m+, tier 5

White & Case LLP saw a robust transactional dealflow in 2011, with the US and UK qualified team advising on 26 deals worth a combined $15.5bn. It increased its share of public M&A work and, in a reflection of its cross-border capability, advised Qatalyst Partners as lead financial adviser to Autonomy Corporation plc’s $11.7bn sale to Hewlett-Packard. Ashley Ballard’s team was further strengthened by the arrival of David Crook from Freshfields Bruckhaus Deringer LLP; Gavin Weir from Simmons & Simmons LLP; and Michael Immordino from Latham & Watkins LLP.

Within Private equity: transactions, tier 5

At White & Case LLP, London head of corporate Ashley Ballard is experienced in private equity transactions, and Andrew Weiler is also recommended. The team has recently been involved in a number of mandates with a restructuring component, including advising Zolfo Cooper on the £62m sale of Peverel Group to a private equity backed SPV. Weiler continues to advise AlpInvest Partners on a number of secondary acquisitions.

Within Banking litigation: investment and retail, White & Case LLP is a third tier firm,

White & Case LLP is ‘hungry for work and has a very strong client service ethos, where there is complacency in other firms’. John Reynolds ‘uses targeted aggression, and is very client focused and pragmatic’, and ‘quality advocate’ John Higham QC ‘gives the practice an edge’. Jason Yardley and Charlie Lightfoot are also recommended. The firm is acting for longstanding client Deutsche Bank in various matters; and is advising a group of Bank of Ireland bondholders who objected to the restructuring that the Bank of Ireland and government of Ireland proposed to impose on their English law-governed bonds.

Within Commercial litigation, White & Case LLP is a third tier firm,

Key matters for White & Case LLP included representing a Turkish conglomerate in a long-running dispute with Russia’s Alfa Group, concerning the ownership of a controlling shareholding in Turkey’s largest mobile phone company. John Reynolds has a ‘firm hand on each and every client matter’; and John Higham QC, Charlie Lightfoot and Jason Yardley are also recommended. Charlie Monteith, former head of legal and operational policy at the SFO, joined as counsel.

Within International arbitration, White & Case LLP is a third tier firm,

White & Case LLP has enjoyed a rise in commercial and investment arbitration mandates. The practice acted for Russia’s largest mobile telecoms provider in a dispute encompassing two English law ICC arbitrations. Phillip Capper and London and Moscow-based David Goldberg are recommended, along with Ellis Baker, Paul Cowan, and Charlie Lightfoot. Dipen Sabharwal was promoted to partner, and Mark Goodrich has moved from the Tokyo office to London.

Within Acquisition finance, tier 4

With UK and US law capability in London and aided by a strong offering in the US, White & Case LLP’s team is well suited to hybrid bank and bond deals. It recently advised the joint bookrunners on the £304m issuance of new secured notes by Aston Martin Capital to refinance an existing leveraged facility. Lee Cullinane provides ‘excellent’ leadership, while other key team members are Jacqueline Evans and bank finance head Magdalene Bayim-Adomako, who represented Mid Europa Partners on its PLN630m acquisition of Polish company Zabka Polska.

Within Asset finance and leasing, tier 4

Aviation finance remains the driving force of the practice at White & Case LLP. ‘Very clever’ team head Justin Benson ‘inspires trust, determination and goodwill’, and recently advised BNDES on financing the acquisition of a number of aircraft for Flybe. The team also continues to be involved in government-backed financings as a result of its panel relationships with the ECAs. Adrian Beasley is well regarded in the market, and acts for lessors and operators. Clients include Babcock & Brown, Barclays and CIT Group.

Within Bank lending: investment grade debt and syndicated loans, White & Case LLP is a second tier firm,

Drawing on an impressive international network with a strong emerging markets practice, White & Case LLP’s team is ‘very highly regarded in the market’. Led by the ‘commercially sensitive and client-focused’ Magdalene Bayim-Adomako, it has developed both its leveraged and non-leveraged bank finance capability, and it acts for a raft of lending institutions as well as Gazprombank and Nordic Capital (as borrowers). Christopher Czarnocki advised Deutsche Bank in its $1bn pre-export financing to MetInvest; and acted for Bank of Tokyo Mitsubishi, ING and Natixis in relation to a $1bn commodity financing for Kazakhstan’s KMG. Lee Cullinane and Jacqueline Evans joined in early 2011 from Mayer Brown International LLP.

Within Corporate restructuring and insolvency, White & Case LLP is a third tier firm,

Although the practice saw the move of ‘star partner’ Mark Glengarry to Morgan Stanley, White & Case LLP has been handling a number of standout roles over the past 12 months. It advised a Greek bondholder steering committee in negotiations on the Greek debt write-down; and acted for the bondholder committee as holders of lower-tier-two bonds in the government-owned Bank of Ireland. ‘Excellent operator’ Christian Pilkington now heads the team, and the ‘superb’ Stephen Phillips is also recommended. Clients include Deutsche Bank, GSO Capital Partners and Zolfo Cooper.

Within Debt capital markets, White & Case LLP is a second tier firm,

‘Outstanding in DCM’, and noted for its partner focus, White & Case LLP is ‘similar to the Magic Circle, but has expertise in some areas others do not’. Stuart Matty is ‘a first-class lawyer mixing technical knowledge with a personable approach’; Francis Fitzherbert-Brockholes is ‘able to propose solutions when it seems there are none’; rising star Kevin Ng has ‘unparalleled experience advising trustees’; Michael Doran is ‘responsive, commercial and practical’; and the ‘tenacious’ Andrew Weiler is ‘phenomenal for private placements’. Ian Clark and Michael Immordino joined from Latham & Watkins LLP. Key deals included a $50bn MTN programme for Intesa Sanpaolo.

Within Derivatives and structured products, White & Case LLP is a third tier firm,

A renowned innovator in emerging markets, White & Case LLP also advises many European banks on deleveraging activities and new regulations. Gavin McLean stands out for complex structured products, and the ‘hands-on and direct’ Ingrid York is an ‘up-and-coming star’ for derivatives, including Islamic products. David Barwise is now based in Singapore.

Within Emerging markets, White & Case LLP is a third tier firm,

White & Case LLP’s cross-border practice is highlighted for its ‘excellent service and industry knowledge’ and ‘on-point advice’. Leading lawyer Christopher Czarnocki undertakes mandates throughout Russia, CIS, CEE and Africa, and led the advice to Deutsche Bank on its $1bn pre-export financing to MetInvest. Jason Kerr acted for the lenders in the $1bn Gebze power project, the first limited recourse financing of a power plant in Turkey. Peter Finlay and David Baker both have ‘solid legal as well as commercial judgement’. The ‘expert’ David Barwise is now based in Singapore.

Within High yield, White & Case LLP is a third tier firm,

White & Case LLP’s team draws on a good network of offices for cross-border transactions and has strong US securities capabilities. It acted for Deutsche Bank, Credit Suisse and UBS as joint bookrunners for a new £304m issuance of senior secured notes by Aston Martin Capital. Practice head Rob Matthews is ‘commercial and calm under pressure’, and recently advised Italian company Wind Telecomunicazioni. The ‘hands-on’ and ‘deal-seasoned’ Colin Chang divides his time between London and Paris.

Within Islamic finance, White & Case LLP is a third tier firm,

White & Case LLP advised Tabreed’s lenders’ committee on its AED2.8bn debt restructuring, and is advising sponsors Qatar Petroleum and Exxon Mobil regarding the Barzan gas project financing. London-based Tom Bartlett and Shibeer Ahmed in Abu Dhabi are the key names.

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, White & Case LLP is a third tier firm,

Praised for its ‘real strength’ and ‘innovative deals in emerging markets’, White & Case LLP’s London team still calls on David Barwise, now based in Singapore, on deals including a €335m covered bond for Unicredit. Gavin McLean advised Unicredit on updating its €5bn global Arabella Finance ABCP programme; and Jeremy Trinder represented Close Brothers on its first auto-loans securitisation. Other clients include Société Générale, Investec and BNP Paribas.

Within Trade finance, White & Case LLP is a second tier firm,

At White & Case LLP, Christopher Czarnocki excels in emerging markets work, and recently assisted a global bank with a $105m ECA financing to the state of Tanzania. Jason Kerr, who advised Nord Stream and sponsors on export credits for the construction of a €9bn sub-sea pipeline, has ‘outstanding knowledge, making groundbreaking contributions to high-profile projects’. Tom Bartlett is ‘extremely reactive and dedicated to excellent client service’.

Within Employee share schemes, tier 5

Nicholas Greenacreis recommended at White & Case LLP.

Within Employment: employers and senior executives, tier 6

The ‘excellent’ Stephen Ravenscroft, a ‘great all-rounder’, is a standout partner at White & Case LLP. Recent instructions include a cross-border team move for a global company and a High Court dispute concerning bonus entitlement and partnership issues. Dow Jones, Serco and KPMG are representative clients.

Within Infrastructure, White & Case LLP is a second tier firm,

White & Case LLP acted on some of the largest energy infrastructure projects in the EMEA region in 2011. Jason Kerr and Mark Castillo-Bernaus were part of a team that assisted Nord Stream AG and the sponsors in closing Phase II of the Nord Stream Pipeline Project. The firm has been particularly active in Turkey, where it is acting on several major infrastructure projects. Kerr is ‘an outstanding project finance lawyer’.

Within Mining and minerals, White & Case LLP is a first tier firm,

White & Case LLP is ‘one of the most talented firms on the London market’. The team is acting for Ivanhoe Mines as sponsor on the project financing of the Oyu Tolgoi copper and gold mine; and Mark Castillo-Bernaus is advising the lenders, including several export credit agencies, on phase two of the $10bn Emirates aluminium smelter project in Abu Dhabi. Peter Finlay ‘tirelessly and effectively leads large teams on complex projects’.

Within Oil and gas, White & Case LLP is a first tier firm,

White & Case LLP is ‘exceptional in its constructive and solution-oriented approach’. David Baker is ‘an excellent professional, an excellent negotiator’; Peter Finlay has ‘an extraordinary depth of experience’; and practice head Philip Stopford is highly respected by both clients and peers. Stopford led a team which advised the sponsors, Qatar Petroleum and Exxon Mobil, on the $10.3bn Barzan Gas Project, one of the world’s largest project financings to close in 2011. He is also leading the advice to Saudi Aramco on its $20bn joint venture with Dow Chemical Company for the Sadara Petrochemical Project.

Within Overview,

The mining and minerals market was dominated by the $60bn Glencore IPO (the largest-ever flotation on the LSE), with Linklaters LLP and Clifford Chance both acting on the transaction. Its equivalent on the projects side was the Oyu Tolgoi copper and gold mine, with White & Case LLP, Sullivan & Cromwell LLP and Milbank, Tweed, Hadley & McCloy LLP among those instructed on the financing side. For those not engaged in record-breaking listings or mega-projects, the story was still a healthy one; many small to mid-cap companies thought the time was right for an AIM listing, resulting in a glut of work advising on placings, and M&A and general corporate work remained strong.

Within PFI and PPP, White & Case LLP is a third tier firm,

White & Case LLP remains a dominant force in the EMEA infrastructure market. Caroline Miller-Smith and Simela Karasavidis advised bidding consortia for major road and hospital projects in the Netherlands and Turkey, respectively. Karasivides is ‘very well informed in all aspects of energy, infrastructure and project finance’.

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

Highlights for finance powerhouse White & Case LLP included advising the lending consortium on the $1bn gas-fired Gebze Power Project in Turkey; and, on the corporate side, advising GMR Group on the sale of its 50% stake in power plant owner InterGen NV to the state-owned China Huaneng Group. The firm is also active in hydropower matters, nuclear-related disputes and renewables.

Within Commercial property, tier 5

Mayer Brown International LLP ‘provides an outstanding service and is very client focused’. It acts for major UK developers and property companies, such as British Land and Canary Wharf, which it advised on a £300m joint venture with Qatari Diar. Jeremy Clay ‘ably leads complex deals and is a very effective negotiator’, and Anita Jones is ‘very capable’. Peter Sugden moved to Katten Muchin Rosenman UK LLP, and James Dodsworth joined White & Case LLP.

Within Construction, White & Case LLP is a third tier firm,

White & Case LLP’s ‘remarkable’ group is ‘fantastic’ for international construction projects. Team head Ellis Baker, who ‘sets the standard for a construction practitioner’, advised Nord Stream AG on the delivery of the Nord Stream pipeline. Phillip Capper acts on complex NEC contract matters, and recently handled a significant ICC arbitration related to the rail and energy sectors. ‘Senior strategy-maker’ Mark Goodrich relocated to London from Tokyo.

Within Property finance Property finance

Within Data protection, White & Case LLP is a third tier firm,

White & Case LLP advises clients such as American Express, Celestica, Hess Corporation and IAB Europe on global compliance projects, data protection and privacy issues. Practice head Ashley Winton has a solid reputation for information governance and security matters.

Within IT and telecoms, tier 4

White & Case LLP’s telecoms head David Eisenberg is ‘a specialist in this area, with a focus on transactional and corporate work’, acting for clients such as HSBC, Orascom Telecom and Vodafone. Ashley Winton advises IT suppliers as well as leading finance and corporate sector clients on outsourcings and regulatory matters.

Within Rail, tier 4

The rail practice at White & Case LLP is led by Tom Winsor. It is advising the National Transport Authority of the UAE in relation to the UAE railway industry regulatory regime. Phillip Capper is recommended for contentious rail matters. Caroline Miller Smith joined from Linklaters LLP.