The Legal 500

Within Corporate tax

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

Major highlights for Francis Fitzherbert-Brockholes and Philip Broke’s team at White & Case LLP were its advice to the underwriters on both Imperial Energy’s £300m rights issue, and the US$1.9bn IPO of Turk Telekomunikasyon. Also recommended are ‘fierce negotiator’ Andrew Croxford, the ‘technically astute’ Allan Taylor, Andrew Caunt and Tim Jeveons, who is praised for his ‘great client skills’.

Within Equity capital markets -US capability, tier 4

White & Case LLP is well regarded for its strength in the emerging markets. Carter Brod, Josh Kiernan and Sven Krogius are recommended.

Within Financial services, tier 4

White & Case LLP has strong ties to key regulatory bodies, provides risk management and compliance advice to financial institution clients, and acts on internal investigations. Highlights include advising Silkroute Financial on FSA authorisation and liaising with the FSA in relation to investigations and market disclosures. Carmen Reynolds and Alistair Graham are recommended.

Within M&A - upper mid-market and premium deals, £250m+, tier 5

Clients that would otherwise use Magic Circle firms are glowing in their praise for White & Case LLP; the team, though only a dozen partners strong, is nevertheless for some ‘a top-tier player’, and is ‘unfailingly prompt, practical and focused’ in its advice. International transactions, especially emerging markets related, are a key driver of the practice, although it also completed 21 UK deals worth £7.2bn last year. Practice head Peter Finlay is a ‘master tactician’; Alan Burke is ‘a solid executioner’; and Ashley Ballard delivers ‘real understanding, not just lip service’.

Within M&A - US law capability, White & Case LLP is a third tier firm,

White & Case LLP expanded its London capability in 2008 with the addition of experienced cross-border M&A lawyer David Becker. David Eisenberg led the advice to HBO Central Europe in the sale of documentary channel Spektrum to Chellomedia.

Within Private equity , tier 5

White & Case LLP’s ‘extremely knowledgeable’ Matthew Judd takes the lead in fund formation and structuring, while M&A partners Peter Finlay, Philip Broke and the ‘methodical and measured’ Gregory Hammond are key transactions counsel. Recent highlights include advising Nordic Capital on the formation of a €4.3bn fund.

Within Banking litigation, tier 4

White & Case LLP heightened its already considerable profile through its representation of SRM Global Fund in the headline Northern Rock judicial review case, concerning the Government’s statutory scheme to compensate the former shareholders. The highly effective team is led by leading City litigator John Reynolds, and includes Central and Eastern Europe specialist Jason Yardley. Alistair Graham and John Higham QC are also frequently engaged in banking cases.

Within Commercial litigation, tier 5

White & Case LLP has made a strong impression on the market in recent years. Its work for Cukurova Holdings, both in the High Court of the BVI and before the Privy Council, in a dispute concerning a US$1.4bn loan from Russia’s Alfa Group, is indicative of the firm’s offshore capabilities, and it has also been representing Unipetrol in its defence of an antitrust damages claim commenced in London’s Commercial Court, as well as related proceedings in Italy. Alistair Graham heads the team, which includes the highly regarded John Reynolds and John Higham QC.

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

White & Case LLP’s ‘impressive’ team is particularly active on construction, engineering and energy-related arbitrations. In its group head John Bellhouse and Phillip Capper the firm has two extremely experienced and highly rated practitioners, while the up-and-coming Aloke Ray is also very well regarded. The firm is currently representing an international contractor in a US$1.4bn arbitration relating to an oil refinery and pipeline in Latin America.

Within Overview,

In the main litigation categories, the top tiers are largely made up of UK firms, or US firms with large UK offices, such as Mayer Brown International LLP, Reed Smith, Baker & McKenzie LLP, and White & Case LLP; these all have the strong full-service capabilities necessary to support successful litigation teams. The one exception is in tax litigation, where US firm Dorsey & Whitney is a clear market leader, despite its relatively small London presence.

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

White & Case LLP stands out for its strengths in high yield, its global coverage, and its diverse work for banks like BNP Paribas, Citigroup, Deutsche Bank, and more recently Goldman Sachs. The London office’s ‘strong debt team’ is praised for the ‘very good knowledge and attention to detail’ of its ‘high-quality individuals’, notably practice head Christopher Kandel and the ‘pragmatic and hands-on’ Antonia Rawlinson. Recent highlights include advising the lenders on the US$2.65bn financing of Fresenius’ merger with APP Pharmaceuticals.

Within Asset finance and leasing, tier 4

Predominantly focused on the aviation sector, White & Case LLP’s asset finance team, led by Justin Benson, also played a key role in the sale of Angel Trains by RBS, and recently advised ECAs COFACE and ECGD on the financing by BNP Paribas of two aircraft for Air Asia X. Clients recommend Adrian Beasley for his ‘up-to-date handle on the market’.

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

Able to tap into a vast network of offices, White & Case LLP’s full-service bank finance team handles all facets of complex investment grade and syndicated financing mandates, both domestic and international. A strong performer in the emerging markets, notably amid extremely challenging market conditions at the close of 2008, the team represented ABN AMRO on a US$340m pre-export credit facility for JSC Kazzinc. Led by Christopher Kandel and Magdalene Bayim-Adomako, the nine-partner team includes the ‘extremely competent and accessible’ Kate Allchurch, Claire Denison and Antonia Rawlinson. Clients include Deutsche Bank, BNP Paribas, Merrill Lynch and Morgan Stanley.

Within Corporate restructuring and insolvency, tier 5

Able to tap into the resources of its significant banking and finance team, White & Case LLP’s strength lies in its representation of senior secured creditors in major restructurings and insolvencies. ‘Quick on its feet and able to mobilise its network of offices’, the team is often involved in significant multi-jurisdictional mandates, such as its representation of the Bank of Ireland in the restructuring of €242.5m senior and €52.5m mezzanine debt of Dutch company JVH Gaming. The ‘very experienced and pleasant’ Dan Hamilton leads a team that includes Stephen Phillips, who has a significant reputation in the distressed investment market.

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

Francis Fitzherbert-Brockholes heads a White & Case LLP practice focused on innovative deals, particularly in nascent markets, acting for the likes of Citigroup, Crédit Suisse and ABN AMRO. ‘Bright, personable, diligent’ partners such as Stuart Matty and Carter Brod are accessible and involved. Russian pipeline operator Transneft’s US$1.8bn issue featured in late 2008.

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

White & Case LLP is ‘a pleasure to deal with and more flexible than other firms’. Clients appreciate the specialist knowledge and accessibility of partners such as Gavin McLean and David Barwise, who is ‘a recognised market leader in the derivatives field’, acting for institutional clients such as Deutsche Bank and BNP Paribas as well as blue-chip corporates. The firm is also noted for its strength at associate level.

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

Across Russia and CEE, White & Case LLP is largely unsurpassed in terms of the volume of deals it works on. The projects practice in particular is recognised as ‘outstanding’, and in 2008 it advised Japan Bank and commercial lenders on the US$20bn Sakhalin II oil and gas project financing, Russia’s largest-ever foreign investment. Peter Finlay is noted for his ‘responsiveness’ and ‘great attitude’ on projects across numerous jurisdictions, while in capital markets the group is praised for its ‘dynamic and forward-thinking approach’. A team including leading lights Stuart Matty and Sven Krogius represented Credit Suisse, ABN AMRO and Citigroup on KazMunaiGaz’s US$3bn global note programme, the then-largest emerging markets corporate bond.

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

Rachel Hatfield - White & Case LLP’s former high yield practice head - has left the firm, but it nevertheless maintains its grip on a swathe of European issuers such as Weather/Orascom and Mid Europa. ‘Very effective and quick off the mark’, the team, headed by ‘precise and intelligent’ partner Rob Matthews, continues to draw on its emerging markets practice as a significant source of issuance mandates.

Within Investment funds, tier 4

Matthew Judd’s four-partner team at White & Case LLP has made impressive inroads into the market. The group mainly focuses on private equity and real estate, and recently advised Nordic Capital Fund VII on its €4.3bn fundraising. Other clients include Goldman Sachs, Starwood Capital and Catalyst Capital.

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

White & Case LLP recently advised Saudi Electricity Company on the SAR6bn dual murabaha financing of Saudi Arabia’s largest power generator. Mohammed Al-Sheikh and Craig Nethercott are recommended.

Within Overview,

US firms continue to feature prominently, in the corporate restructuring, acquisition finance and high yield sections in particular. White & Case LLP undoubtedly has the widest-ranging finance practice, while other firms appearing in a number of rankings include Latham & Watkins, Kirkland & Ellis International LLP, Shearman & Sterling LLP and Skadden, Arps, Slate, Meagher & Flom (UK) LLP. For corporate restructuring, Bingham McCutchen (London) LLP has a firm grasp of the bondholder market, particularly since Cadwalader, Wickersham & Taft LLP’s almost complete disappearance from the London market. A major force in the US leveraged finance market, Simpson Thacher & Bartlett LLP has built up a significant practice in London, handling regular mandates from leading private equity sponsors KKR and Silver Lake.

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

White & Case LLP is ‘accessible, prompt and competitive’, and ‘hard-working, responsive and a pleasure to work with’, with David Barwise and Gavin McLean notable as having built an outstanding reputation as CDO lawyers. Having seen 28 securitisations in 2008, the team is now occupied with smaller, simpler, tailored deals. An impressive client list includes JPMorgan, Deutsche Bank, Goldman Sachs, Calyon and Citigroup. The popular Simon Morgan has moved to the firm’s office in Moscow.

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

White & Case LLP acted for ABN AMRO Bank NV on a pre-export credit facility of up to US$340m for Kazakh mining company JSC Kazzinc, while other clients include BNP Paribas, Banco Santander SA, ING Bank and JPMorgan. Andrew O’Keeffe is ‘very thorough and yet very commercial’, and Magdalene Bayim-Adomako and Jason Kerr are also recommended.

Within Employee share schemes, tier 5

The ‘commercial’ Nicholas Greenacre is recommended at White & Case LLP.

Within Employment, tier 6

Oliver Brettle heads the offering at White & Case LLP, which gives ‘timely and robust advice’ and commands respect among peers. It handles work for a range of large global clients, advising on tribunal claims, senior executive moves and restructurings.

Within Overview,

Thriving niche firms ranked in this chapter include: Fox and CM Murray LLP in employment; Fisher Scoggins LLP in health and safety; Laura Devine Solicitors in immigration; and Sacker & Partners LLP for pensions; all continue to attract a strong flow of work, and recognition from peers and praise from clients. National firms which continue to feature heavily across the board include Addleshaw Goddard LLP, Nabarro LLP, Pinsent Masons LLP and CMS Cameron McKenna LLP. Certain US firms are also making their presence felt, with Paul, Hastings, Janofsky & Walker (Europe) LLP, White & Case LLP and Jones Day all moving up in the rankings this year.

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

White & Case LLP displays ‘excellent understanding of market precedence and how to push the market’ and fields a ‘well-composed team that is among the best around’. Among recent highlights it advised Cahya Mata Sarawak Berhad in the development and financing of a US$4.5bn aluminium smelter project in Malaysia. Joint global head Glen Ireland ‘knows his stuff’, and Philip Stopford is also recommended for mining work, with clients praising his ‘strong tactical and negotiation skills’.

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

White & Case LLP provides ‘outstanding legal support’; its lawyers are praised for their ‘excellent knowledge of the industry, good strategic thinking and commercial acumen’. Team head Phillip Stopford is a ‘market leader’, while Peter Finlay brings ‘quick, intelligent analysis and a pragmatic awareness of client priorities’. Headline mandates include advising JBIC and the commercial lenders as common lenders’ counsel on the phase 2 financing of the US$20bn Sakhalin 2 LNG project in Russia.

Within Overview,

Magic Circle firms Allen & Overy LLP, Clifford Chance and Linklaters LLP continue to rank prominently throughout this chapter, with excellent links with both banks and sponsors. However a selection of US-based projects powerhouses have given the London-based firms a real jolt in recent years; White & Case LLP, Latham & Watkins and Milbank, Tweed, Hadley & McCloy LLP most notably have gained real pedigree in the market.

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

Lawyers at White & Case LLP ‘exceed expectations on all points’, with David Baker praised for ‘forming a rounded view and giving clear advice’ and construction partner Ellis Baker highlighted for his ‘strong electricity industry knowledge’. The firm recently acted for Enerjisa Elektrik Uretim on the €2bn development and financing of a portfolio of power projects.

Within Private finance initiative(PFI) , tier 4

White & Case LLP provides a ‘strong blend of innovation and project management of the legal process’, led by the ‘well-connected’ Anthony Fine, who ‘can support entry into new markets’. The firm advised the lead arrangers on the financing of the US$380m Paris-Sorbonne University PPP in Abu Dhabi.

Within Commercial property, tier 5

White & Case LLP offers ‘a level of service that is excellent, with high-quality, commercial advice provided at all times’. The practice has an impressive client base including Doughty Hanson Real Estate and Land Securities, which the team advised on the financing of the Accor portfolio. David Cox and his team are ‘personable and professional’.

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

White & Case LLP boasts a comprehensive construction practice, strengthened by the lateral hire of Phillip Capper, formerly head of Lovells LLP’s international arbitration team. The firm has strength in large-scale international projects and boasts a formidable portfolio of emerging markets work, including advising Gazprom, E.ON, BASF and NV Nederlandse Gasunie on the €7.4bn Nord Stream Pipeline linking Russia to the EU via the Baltic Sea. Ellis Baker heads this high-end practice, which is currently handling a US$1bn-plus ICC arbitration.

Within Property finance

Within IT and telecoms, tier 4

David Eisenberg is co-head of the TMT practice at White & Case LLP.

Within Rail, tier 4

White & Case LLP’s rail practice is headed by regulatory expert Tom Winsor. The team acts on cross-border infrastructure projects, and has seen an increase in leasing instructions through finance partners Justin Benson and Adrian Beasley. Recent highlights include advising the Angel Trains Group on the sale of its leasing company. Clients highlight the firm’s ‘ability to quickly mobilise staff of quality and experience to handle multiple facets of a deal’.