The Legal 500

Within Corporate tax Corporate tax

Within Equity capital markets: UK capability, tier 4

White & Case LLP’s equity team is led by Philip Broke and acts for underwriters including UBS and BoA Merrill Lynch. The firm has particular strength in Northern Europe and Western Europe, particularly Poland.

Within Equity capital markets: US capability, tier 4

White & Case LLP has a depth of US securities law expertise. Joshua Kiernan is the key contact, and also heads up the firm’s Israel practice. He has experience advising clients on IPOs and listings on the Tel Aviv and Warsaw stock exchanges.

Within Financial services, tier 5

White & Case LLP welcomed regulatory specialist Stuart Willey from the FSA, where he was chief counsel. The team advised on the establishment of a new UK shari’ah-compliant retail bank. Carmen Reynolds and contentious expert Alistair Graham are recommended.

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

Under Ashley Ballard, White & Case LLP has a strong practice in cross-border M&A with a London focus, especially out of emerging markets, and saw two significant arrivals: David Crook from Freshfields Bruckhaus Deringer LLP, and Gavin Weir from Simmons & Simmons. The team saw standout deals for Unimilk shareholder Meridian Capital on its $2.6bn merger with Danone in Kazakhstan, Ukraine and Belarus; and FTSE 250 company Afren in its recommended acquisition of Black Marlin Energy. Clients also pick out Peter Finaly and Alan Burke.

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

The team at White & Case LLP works closely with the firm’s expansive international network to advise the likes of HSBC, GMR Infrastructure and Saudi Aramco. David Eisenberg is the key partner, with dual qualified Andrew Weiler also noted.

Within Private equity: transactions , tier 5

Headed by Ashley Ballard, White & Case LLP provides advice to a sponsor-oriented client roster including AlpInvest Partners, Meridian Capital and Nordic Capital, handling both domestic and cross-border transactions. Andrew Weiler has handled a raft of secondary transactions for AlpInvest Partners.

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

White & Case LLP’s team acts for banks as well as commercial parties in complex financial disputes, and is able to draw on support from the firm’s banking transactional experts. Recent work includes a dispute regarding rights of set-off under an ISDA master agreement. John Reynolds and Jason Yardley are recommended, and in-house silk John Higham QC has ‘the considerable and unique advantage of being part of the team, which means that he is more immediately accessible’.

Within Commercial litigation, tier 4

White & Case LLP ‘shows significant strength in depth’, and expanded with the arrival of the SFO’s former legal and operational policy head Charlie Monteith. The firm represented the Cukurova Group in a dispute concerning the ownership of a controlling shareholding in Turkey’s largest mobile phone company. John Reynolds is ‘client focused’; and Alistair Graham, John Higham QC, Robert Wheal and Jason Yardley are also highly rated.

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

White & Case LLP’s ‘response times are perfect’. The group is recognised for its construction and energy expertise, while other key matters included disputes arising out of the financial crisis, market movements in materials prices and defaults in derivative transactions. International arbitration head Phillip Capper is ‘top of the class’; Paul Cowan is ‘particularly good’; and Charlie Lightfoot is ‘a rising star’. David Goldberg, who divides his time between London and Moscow, joined from SJ Berwin LLP with two associates.

Within Acquisition finance, tier 5

Headed by the ‘very smart’ Lee Cullinane, following his recent arrival from Mayer Brown International LLP, White & Case LLP’s leveraged finance practice combines high-yield capability with significant expertise in bank debt. Able to tap into the firm’s extensive international network, the team excels in cross-border deals, and recently, alongside colleagues in Stockholm, assisted Nordic Capital on the acquisition financing of the Handicare Group. The ‘very detailed and skilled’ Jacqueline Evans joined from Mayer Brown International LLP.

Within Asset finance and leasing, tier 4

Led by Justin Benson and aided by a wide global network, White & Case LLP’s ‘strong’ team specialises in advising aviation clients on mandates with a strong international complexion. It is very active in the thriving ECA space, recently representing the ECGD as guarantor of the ECA-supported financing of 16 Airbus A320 aircraft for AirAsia. Adrian Beasley and Louise Mor are the other partners in the team, whose lender and lessor-focused client base includes CIT Group, Deutsche Bank and the Bank of Tokyo Mitsubishi-UFJ.

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

Able to tap into the firm’s vast network of offices, the team at White & Case LLP is well positioned to advise on investment grade mandates and syndicated loans for both banks and borrowers. It is particularly active in emerging markets and the CEE; Barbara Choi recently led the advice to Gazprombank on a $900m syndicated financing involving 12 mandated lead arrangers. Magdalene Bayim-Adomako heads the team, which acts for an outstanding roster of clients including Deutsche Bank, Credit Suisse, Goldman Sachs and UBS.

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

White & Case LLP continues to act on some of the largest restructurings. The firm represented EN+ Group in relation to its $1bn financial restructuring, including a $750m syndicated facility and various bilateral facilities. Clients are impressed by new recruit Christian Pilkington, who is ‘a trusted adviser with technical and commercial strength’. Other key players in the practice include Mark Glengarry and Stephen Phillips.

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

White & Case LLP is ‘the go-to firm for investment banks in emerging markets work’, and climbs in the ranking this year. Recent sovereign deals include Nigeria’s $500m bond and Albania’s €300m debut issue. Stuart Matty, who advised banks on Ukreximbank’s £300m notes issue, and US lawyer Michael Doran, who joined from Gide Loyrette Nouel LLP, ‘invest time in client relationships’; Francis Fitzherbert-Brockholes (‘the man in Kazakhstan’) defined the model for restructuring Kazakh banks; Andrew Weiler ‘finds pragmatic solutions’ for US private placements; and trustee expert Kevin Ng is ‘extremely knowledgeable’.

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

White & Case LLP has a ‘very integrated and flexible’ practice, under David Barwise and Gavin McLean. Barwise and Ingrid York are recommended for their equity derivatives work. Richard Reilly’s relocation from New York adds US law expertise to the London practice, which has a leading role in the Middle East and CEE.

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

White & Case LLP has ‘a big presence’ in the emerging markets and has made a strong play in the Turkish market, while continuing to do well in CEE. The firm has landed a number of significant roles advising on Turkish bond deals, and advised Yüksel Insaat on the first-ever Turkish high yield bond. Peter Finlay is noted for his project finance and corporate practice, and Sven Krogius also comes recommended.

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

White & Case LLP’s team is well regarded in the market, but has seen a spate of recent departures. Practice head Rob Mathews acted for Yüksel Insaat on its offering of $200m in senior notes, reportedly the first-ever high yield bond offering in Turkey.

Within Investment funds, White & Case LLP is a third tier firm,

White & Case LLP’s expertise encompasses private equity, real estate and infrastructure. Practice head Matthew Judd is recommended.

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.

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

White & Case LLP provides ‘lots of partner time, especially on heavily negotiated private deals’. David Barwise, Gavin McLean and US-qualified Richard Riley, who has relocated from New York, advise asset managers and banks including JP Morgan and Calyon. The firm has recently handled some groundbreaking transactions in emerging markets, and advised Standard & Poor’s on Tesco’s securitisation of retail stores and distribution centres. Jeremy Trinder, now a partner, advised on the first non-conforming RMBS since the credit crunch.

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

White & Case LLP has a lender-oriented practice with an emerging markets focus, with a team including the ‘extremely well-prepared, very good’ Christopher Czarnocki (previously of Gide Loyrette Nouel LLP); Jason Kerr; and Magdalene Bayim-Adomako. It recently advised on a $700m multi-currency revolving credit trade finance facility for BTA Bank.

Within Employee share schemes, tier 5

Nicholas Greenacre is recommended at White & Case LLP.

Within Employment, tier 6

Oliver Brettle and Stephen Ravenscroft at White & Case LLP assist in relation to senior executive remuneration packages, redundancies and disputes, many arising in transactions. In 2010 they advised Acergy on HR plans for the merger and integration process with Subsea 7.

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

White & Case LLP shines on the project finance side. In a major highlight, it advised Nord Stream on the construction and financing of phase one of the proposed developments of two sub-sea gas pipelines – the third-largest project finance transaction globally to close in 2010. Anthony Fine’s team ‘responds very quickly and diligently’, and stands out for its ‘flexible approach’.

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

White & Case LLP continues to garner some of the biggest project finance instructions in the field under the leadership of Philip Stopford, who has ‘outstanding knowledge of project finance’, and corporate partner Peter Finlay. The firm is advising the sponsors on the development and financing of the $4bn Guinea Alumina refinery in the Republic of Guinea.

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

White & Case LLP has ‘market-leading knowledge of the project finance product and the industry’. Team head Philip Stopford has ‘outstanding knowledge of project finance and the oil and gas sector’; Ellis Baker has ‘outstanding construction contract expertise and negotiation skills’; and David Baker has an ‘excellent understanding of energy projects, and is able to bring this wider knowledge to the table’. The firm acts across the gamut of project finance, corporate and litigation matters. Among its recent work, it advised the sponsors and the project company on the construction and financing of the Nord Stream pipeline.

Within Overview,

The traditional finance specialists are not the only names dominating energy; leading regulated industry players such as CMS Cameron McKenna LLP and Herbert Smith LLP are also well represented, as are US project finance powerhouses such as White & Case LLP and Milbank, Tweed, Hadley & McCloy LLP.

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

White & Case LLP provides ‘well-documented advice without being too dogmatic’. David Baker is ‘first class’, and Jason Kerr is a ‘market leader’. The firm has the capacity to work on any side of a deal, covering power projects, and renewable and nuclear matters. In a headline instruction, the firm advised EIB on its €450m participation in the development of a €1bn offshore wind farm.

Within Private finance initiative (PFI) , tier 4

White & Case LLP ‘competes against top-end firms effectively’ under Anthony Fine, who is commended for his ‘great work ethic’. It notably advised Mafraq Motorway Group on a tender for the $2.5bn development of the motorway section between Mafraq and Ghweifat in the UAE. Simela Karasavidis ‘manages difficult situations with the lightest touch’.

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

White & Case LLP continues to excel in major project financings. It advised the sponsors on a $2.5bn financing of a water and power project in Fujairah in the UAE; and also advised the lenders on the Bahraini Muharraq Wastewater Treatment PPP Project.

Within Commercial property, tier 5

White & Case LLP’s key strength lies in cross-border, multi-jurisdictional deals. David Cox’s team continues to advise longstanding client Starwood Capital globally, including on a multi-asset joint venture fund with Great Portland Estates relating to London office towers City Place and City Tower.

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

Highlights for White & Case LLP in 2010 included advising Saudi Aramco on the construction of a petrochemical plant in Saudi Arabia. The team is particularly well known for its expertise in power, metals, mining and infrastructure projects. Ellis Baker and Phillip Capper are recommended.

Within Property finance Property finance

Within IT and telecoms, tier 5

Clients highlight the ‘depth and experience’ of White & Case LLP’s international team. David Eisenberg, who heads the telecoms practice, handles regulatory and transactional work, recently advising HSBC Private Investments and Liberty Global on the $1.2bn debt and equity financing of O3b; Wind Hellas on its prepack restructuring; and Invitel Holdings on the sale of its international wholesale business to Turk Telekom. IT specialist Ashley Winton is recommended.

Within Rail, tier 4

White & Case LLP’s team is headed by Tom Winsor, who spent five years as the UK Rail Regulator. The group is advising the transport authority of the UAE on setting up economic and safety rail regulations, and acting for Serco on amending the DLR contract. Phillip Capper is highly rated for contentious rail work.