The Legal 500

Within Corporate tax, Clifford Chance is a second tier firm,

Clifford Chance provides ‘extremely good, technically sound’ advice, and acts for a host of blue-chip clients, including Barclays, BlackRock, Legal & General, and RBS; areas of strength include Islamic finance, private equity and funds work. The team advised Eurostar on the implementation of its ‘Futur Eurostar’ project, and Babcock & Brown on the sale of a 50/50 joint venture portfolio of wind farms and wind energy service companies. Nina Buchan, David Harkness and Etienne Wong are highly regarded by clients and peers alike.

Within Equity capital markets: UK capability, Clifford Chance is a second tier firm,

Providing ‘excellent advice’, Clifford Chance has ‘fabulous bank relationships’, and is well known for its underwriter advice. The team, led by Adrian Cartwright, advised the underwriters on the £11bn IPO of Glencore, while on the issuer side, it handled the £900m IPO of Luxembourg company AZ Electronic Materials. Iain Hunter and Simon Thomas are highly rated. The group is also known for its emerging markets work, and recently advised the underwriters on the IPO of Russian infrastructure company OJSC Mostotrest.

Within Equity capital markets: US capability, Clifford Chance is a third tier firm,

John Connolly leads the US team at Clifford Chance, and recently assisted Koks Group in its proposed $500m IPO (now postponed). Christopher Walton was also active in representing JP Morgan Cazenove and Deutsche Bank as sponsors of the £1.1bn premium listing of Phoenix Group Holdings.

Within EU and competition , Clifford Chance is a second tier firm,

Clifford Chance recently welcomed Alastair Mordaunt from the OFT, where he was most recently director of the enforcement team. In litigation, Elizabeth Morony advised Morgan Crucible in a damages claim in the CAT brought by Deutsche Bahn AG and others arising out of the carbon cartel. In mergers, Alex Nourry is advising the Co-operative Group Travel Agency in relation to its joint venture with Thomas Cook. The highly regarded Oliver Bretz is now managing partner of the global antitrust group; and Greg Olsen is also recommended.

Within Financial services, Clifford Chance is a first tier firm,

‘First-class practice’ Clifford Chance acted for LCH.Clearnet on the development of its SwapClear Futures Commission Merchant service, and assisted Gartmore in an internal investigation into the conduct of Guillaume Rambourg. Advisory head Chris Bates and Tim Plews are key contacts. Simon Gleeson is also recommended, along with contentious experts Roger Best and Carlos Conceicao.

Within M&A: upper mid-market and premium deals, 250m+, Clifford Chance is a second tier firm,

Headed by Simon Tinkler, Clifford Chance’s team is variously praised by clients as ‘hungry’, ‘focused’ and ‘sharp’. With a bench strength that competitors find hard to match, it further strengthened its position in the London market with the hire of Steven Fox from Ashurst LLP. Among a first-rate deal sheet, standout matters included advising Deutsche Telekom on the UK merger of its subsidiary T-Mobile with Orange; and Lloyds TSB on the disposal of 70% of its interest in over 40 private equity investments in the UK. The team includes the ‘outstanding’ Spencer Baylin and ‘superb’ David Pudge, and David Pearson garners universal praise.

Within Overview,

European M&A was up 41% year on year, topping $645.7bn in 2010, up from $459.4bn in 2009; this will have been music to law firms’ ears, as the developed economies struggled to lift themselves out of the mire. The larger international firms have largely benefited from deal activity emanating from emerging markets, as western investors look for high-growth investment opportunities; a new breed of emerging markets client has come to the fore looking to invest in more stable economies as well as emerging economies. If anything the likes of Linklaters LLP, Slaughter and May, Clifford Chance and Allen & Overy LLP, along with a handful of US firms, have tightened their grip on the market and are beginning to move away from an increasingly crowded mid-market.

Within Private equity: transactions , Clifford Chance is a first tier firm,

Clifford Chance’s deeply entrenched relationships with many of the most significant sponsors in the market – including CVC, Bridgepoint, Warburg Pincus, and Carlyle – has seen it active across a raft of acquisitions, disposals and portfolio company restructurings. Recent highlights include advising Bridgepoint on the £414m acquisition of Care UK plc; and representing Montagu on its £222m purchase of the Host Europe Group. The latter deal involved significant input from the firm’s German office, and is illustrative of the firm’s capabilities on cross-border mandates. Global head David Walker (‘down to earth, pragmatic, and very smart’), Spencer Baylin (‘very strategic and tactical’) and Simon Tinkler (‘bright and very technically able’) stand out in a ten-partner group praised for its ‘ability to not only rely on market practice but also to think through the specific deal issues at hand’.

Within VAT and indirect tax, Clifford Chance is a first tier firm,

Clifford Chance’s three-partner practice is praised by clients and peers alike, and was involved in a number of high-profile matters, including advising International Power on its combination with the energy international division of GDF SUEZ, and British Energy on the EDF takeover. Areas of expertise include Islamic finance, and securitisation; Barclays, Canary Wharf, Morgan Stanley, and RBS are notable clients. The ‘excellent’ Etienne Wong and David Saleh are recommended individuals.

Within Fraud: civil , Clifford Chance is a first tier firm,

Clifford Chance continues to act in large fraud matters, often involving significant legal and jurisdictional issues. Highlights included acting for Société Générale in a significant fraud claim in the commodities sector to recover assets worth $500m; and successfully advising Citi in a multibillion-dollar claim brought by Terra Firma regarding its purchase of EMI. The team, led by the highly respected Roger Best, also has an in-house forensic accounting group.

Within Fraud: corporate crime, Clifford Chance is a first tier firm,

Clifford Chance is particularly active advising clients in the financial services sector. Highlights included advising a leading financial services institution regarding a criminal prosecution arising from a €400m derivative transaction. Roger Best is well regarded, and senior associate Judith Seddon is also recommended.

Within Banking litigation: investment and retail, Clifford Chance is a first tier firm,

Recent highlights for the team at Clifford Chance include successfully acting for JP Morgan in a Court of Appeal hearing involving a claim of around $1bn for the alleged misselling of emerging market debt instruments to Greek-based shipowners. Ian Moulding is ‘a rigorous strategic thinker, who both tests and listens to the opinions of other team members’; Jeremy Kosky is ‘very commercially focused and completely unflappable’; and Martin Saunders is praised for his ‘calmness under fire and his encyclopaedic knowledge’. Simon Davis and Roger Best are also highly recommended.

Within Commercial litigation, Clifford Chance is a first tier firm,

Clifford Chance is appreciated for its ‘dedication, clear advice and availability’. The practice acted for JPMorgan in the headline Court of Appeal hearing involving a claim for alleged mis-selling of emerging market debt instruments. Ian Moulding is ‘calm and imaginative’; Julian Acratopulo is ‘prompt to react and efficient’; and Matthew Newick has ‘formidable experience’. Jeremy Sandelson heads the team, and Kelwin Nicholls was appointed as partner.

Within Defamation and privacy Leading individuals

Within International arbitration, Clifford Chance is a second tier firm,

Clifford Chance has excellent practitioners in Audley Sheppard, Rob Lambert and Alex Panayides. Panayides ‘stands out as clever and knowledgeable; and Sheppard is valued for his ‘technical ability and commercial acumen’. The practice represented a Russian property developer in multimillion-dollar ICC proceedings. Clients praise the team’s ‘exemplary work and ability to draw upon specialists in other fields’.

Within Public international law, Clifford Chance is a first tier firm,

Clifford Chance represented the Government of Poland in defending an Energy Charter Treaty claim, and advised in an ICSID arbitration brought under the Netherlands-Nigeria BIT, concerning expropriation of rights under a production sharing contract. Team heads Audley Sheppard and Rae Lindsay are recommended, as are consultants Jeremy Carver and Andrew Dickinson.

Within Acquisition finance, Clifford Chance is a first tier firm,

The ‘excellent’ team at Clifford Chance advises a balanced spread of banks and borrowers that includes HSBC, Lloyds, RBS, EQT, Bridgepoint Capital, and Warburg Pincus. As well as its traditional strength on the bank side, the firm has responded well to changes in the market and handled complex bank and bond financings, including acting for the lenders on the €1.7bn acquisition of Impress by Ardagh Glass. The firm’s ‘ability to run a seamless team across practice areas and jurisdictions’ was underscored by its recent representation of Thai Union Frozen Products on its €680m acquisition of MW Brands from Trilantic Capital Partners, involving significant input from the firm’s European and Asian offices. Malcolm Sweeting has ‘excellent client-facing skills’; James Butters is ‘simply the best’; Alan Inglis is ‘very smart and commercial’; and Mark Campbell and James Johnson are also recommended.

Within Asset finance and leasing, Clifford Chance is a first tier firm,

‘At the top of its game’, Clifford Chance’s team is ‘enthusiastic, proactive, innovative, and pragmatic’. It advises clients across the asset finance landscape, and is particularly accomplished in high-end financings on the bank side. Best known for its work in the aviation sector, the team has ‘up-to-date knowledge of current financing structures’, and recently represented Goldman Sachs and Crédit Agricole as joint bookrunners on AerCap’s $150m ECGD-guaranteed bond issuance to refinance the acquisition of two Airbus A330-300 aircraft. Highlights in the rail sector included advising Goldman Sachs and UBS on Network Rail’s $1.5bn bond issuance (the first sale of its bonds in the US), while in the shipping sector the team continues to handle an array of restructurings. William Glaister and Clive Carpenter are recommended for aviation financing, while Simon Lew and the ‘particularly able’ Gavin Teague are recommended for ship and rail finance respectively.

Within Bank lending: investment grade debt and syndicated loans , Clifford Chance is a first tier firm,

Clifford Chance’s ‘superb banking practice’ is regularly involved in the most significant investment grade financings in the market. As well as representing clients on a continuing raft of refinancing for investment grade corporates, the team is involved in an increasing number of new-money financings. The ‘excellent’ Mark Campbell advised Deutsche Bank and RBS on a $6bn syndicated revolving credit facility to Rio Tinto, while other highlights included advising Lloyds and RBS on the £3.4bn refinancing for De Beers; Michael Bates led on this transaction and is an integral member of a team that also features Charles Cochrane, Malcolm Sweeting, Alan Inglis and James Butters.

Within Commodities: derivatives, Clifford Chance is a first tier firm,

Clifford Chance advises derivatives trading businesses and financial institutions, including LCH.Clearnet and Cargill; transactions cover metals, energy and carbon credits. Claude Brown excels in structured derivatives deals, and Dermot Turing in regulatory matters. Patrick Hubert and Roger Best handle emissions trading litigation for the likes of BNP Paribas. Tim Plews is now based in Riyadh (with Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance LLP).

Within Corporate restructuring and insolvency, Clifford Chance is a first tier firm,

Clifford Chance ‘scores well’ for its ‘excellent service and high-level proactivity and professionalism’. The firm’s nine-partner team was boosted by the promotion of John MacLennan in 2010, who acted alongside key figure Nicholas Frome in representing a senior co-ordinating committee comprising York Capital and Bank of Ireland on the €1bn restructuring of Tele Columbus. Alongside its plum mandate acting for Dubai World on its $23bn restructuring, on which group head Mark Hyde is leading, the firm has landed a number of other key instructions, including advising longstanding client Citigroup in relation to its acquisition of embattled group EMI Music through a pre-pack administration. Adrian Cohen, Michael Bates and Philip Hertz are all highly recommended.

Within Debt capital markets, Clifford Chance is a first tier firm,

‘At the leading edge of the market’ and with a diverse and truly international practice, Clifford Chance’s team includes David Bickerton, John Connolly and global practice head David Dunnigan, who are among the foremost names in debt deals. Dunnigan led on the European Financial Stability Fund’s €27bn debt programme; and Bickerton advised Angel Trains on a £4bn multi-currency programme. The firm also handled a $568m issue in Ukraine; represented lead managers in Network Rail’s $1.5bn issue; and advised Goldman Sachs on AerCap’s $150m bond. Stewart Dunlop excels in liability management, and Bruce Kahl is ‘a welcome election to the partnership’. Citibank and BNP Paribas are among many investment bank clients.

Within Derivatives and structured products, Clifford Chance is a first tier firm,

Clifford Chance’s ‘dedicated derivatives group is core to the firm’, and particularly strong in equity and credit derivatives, regulatory capital transactions, structured finance litigation, insurance-linked products and sovereign deals. The firm is regulatory counsel to ISDA, and advises many leading investment banks. ‘Excellent derivatives lawyer’ Habib Motani and Andrew Yianni (‘one of the most experienced on sovereign matters’) are leading lights. Matthew Grigg’s recent work includes a structured notes issue for VTB Capital; and Andrew Coats advised Investec on retail equity structured notes under the Zebra Capital Plans programme. Deborah Zandstra, who is prominent in sovereign work, and Anne Drakeford have both been promoted to partner.

Within Emerging markets, Clifford Chance is a second tier firm,

Clifford Chance is ‘very good on innovative asset finance solutions in emerging markets’. As well as landing a number of key instructions in Russia and the Middle East, it has seen a continuing spike in Turkey-related work, and Simon Williams relocated to Istanbul in 2011 to launch the firm’s Turkish office. Elsewhere, Russell Wells led a team advising the credit export agencies and commercial banks on the €2.5bn financing for Phase II of the Nord Stream Gas Pipeline Project. Geeta Khehar is also recommended.

Within High yield, Clifford Chance is a third tier firm,

Clifford Chance has a predominantly issuer-side practice, and in 2010 advised Spain’s ONO on its offering of €700m in senior secured notes. Michael Dakin has returned to the practice, bringing the number of partners in the team to four.

Within Investment funds, Clifford Chance is a second tier firm,

Clifford Chance’s funds practice has changed dramatically, losing several key partners; the superb Jason Glover joined Simpson Thacher & Bartlett LLP in January 2011, and in June 2011 Weil, Gotshal & Manges hired Ed Gander, Nick Benson, Nigel Clark and Jonathan Kandel to found its new fund formation team. Nigel Hatfield remains, and provides private equity and real estate fund clients – including Legal & General and Pramerica – with ‘excellent, commercially oriented advice that draws on his deep knowledge of both his subject and the market’; and Stephen Fox is also ‘particularly impressive’.

Within Islamic finance, Clifford Chance is a first tier firm,

‘Excellent across all its offices’, Clifford Chance ‘bridges the needs of Islamic finance and conventional capital markets products’. It is advising HM Treasury and parliamentary committees on Islamic finance, and drafted the ISDA/IIFM Tahawwut Master Agreement. Recent instructions include advising Noor Investment on a feeder fund investment, and acting for PT Natrindo Telepon Seluler on a $1.2bn equipment financing – Indonesia’s largest private sector Islamic financing to date. It also advised lenders on a SAR2.2bn murabaha bridge facility to develop an acrylates complex in Saudi Arabia, and advised another client on a large issuance featuring sukuk and conventional tranches. The ‘outstanding’ Habib Motani displays ‘excellent overall knowledge in conventional and Islamic capital markets’; and Riyadh-based Tim Plews and Dubai-based Debashis Dey, Qudeer Latif and Robin Abraham are also recommended.

Within Overview,

While liquidity was relatively constricted, new-money financings were far more prevalent in 2010 than in previous years, fuelled to a large extent by a relatively buoyant high yield market. In the leveraged finance market, law firms combining a credible bank and bond side offering have generally fared best, particularly on deals at the upper end of the market. Latham & Watkins LLP has the most comprehensive bank and bondside practice, and is highly rated for acquisition finance, as well having a top-tier ranking for high yield. Of the Magic Circle firms, Linklaters LLP in particular has beefed up its high yield capability with some notable hires, and along with Allen & Overy LLP and Clifford Chance has the most complete finance offering across the board; the trio are able to leverage off deeply entrenched banking ties, and can draw on pervasive international networks to handle major cross-border mandates.

Within Securitisation, Clifford Chance is a first tier firm,

Among Clifford Chance’s many ‘enthusiastic, proactive, innovative and pragmatic’ partners are Kevin Ingram, who is ‘excellent, with extensive knowledge of policy issues’; Peter Voisey, ‘a very good relationship partner, congenial rather than adversarial’; Steve Curtis, whose ‘expertise is hard to rival’; real estate deal specialist Andrew Forryan; and Simeon Radcliffe, who is ‘a future star, very calm, popular and fun’. Senior associate Derwin Jenkinson is picked out for his ‘acute commercial sense, and is sharp and extremely hardworking’. Landmark deals included advising the originator and issuer on a £4.7bn RMBS, and acting for Hertz in refinancing car rental businesses through securitisation. ‘You get the best of both worlds – the power of a big firm and the client relationship of a small firm.’

Within Trade finance, Clifford Chance is a second tier firm,

Leonard Cleland heads Clifford Chance’s international team. Structured trade finance work included advice to export credit agencies and commercial lenders such as BNP Paribas, and the firm has also been advising on the $7.2bn multilateral financing of the Nord Stream Pipeline project. Logan Wright advised ING Bank on a $550m syndicated facility, and Mark Huddlestone advised the arrangers on a $380m export credit facility.

Within Employee share schemes, Clifford Chance is a first tier firm,

Clifford Chance’s four-partner team is ‘very responsive’ and ‘always meets deadlines’; it gives ‘considered advice and understands the sensitivities of clients’. New clients include Babcock International Group and Booker Group, joining established names such as Man Group, International Power, and Standard Chartered. It advised Barclays on all aspects of its share and cash incentive plans, and Diageo on matters including the establishment of new all-employee UK share plans. It also advised Man Group on the $1.6bn acquisition of rival hedge fund GLG Partners. Daniel Hepburn (global share plans), Kevin Thompson (employment tax), Robin Tremaine (share plan hedging derivatives), and new partner Sonia Gilbert are recommended.

Within Employment, Clifford Chance is a third tier firm,

Clifford Chance’s team attracts very high praise from clients. The ‘hardworking’ Alistair Woodland has been leading the advice to financial services sector clients such as Goldman Sachs, Barclays and Morgan Stanley on the implications of the remuneration reforms. On the strategic restructuring and M&A side, Imogen Clark oversaw the employment aspects of Man Group’s £1.1bn acquisition of rival hedge fund GLG Partners. Chris Goodwill is ‘calm, measured and wise’, and recently represented Nomura in a complex claim involving regulatory, bonus and discrimination issues.

Within Immigration,

Also notable for their work in the area of immigration are: Clifford Chance; Davenport Lyons; Dundas & Wilson LLP; Eversheds LLP; Fisher Jones Greenwood LLP; Macfarlanes LLP; Paragon Law; Pinsent Masons LLP; RadcliffesLeBrasseur; Russell-Cooke LLP; Simons Muirhead & Burton; Steeles Law LLP; Travers Smith LLP; and Watson, Farley & Williams LLP.

Within Overview,

Another consequence of the recession – attempts to enforce more stringent regulation of remuneration in the financial sector – has led to advisory work for firms such as Clifford Chance and Allen & Overy LLP; while others, from Freshfields Bruckhaus Deringer LLP to Squire Sanders Hammonds and Ashurst LLP, have assisted corporates to consolidate by transferring employees on divestments.

Within Pensions, Clifford Chance is a second tier firm,

Nicholas Sherwin’s group at Clifford Chance includes some of ‘the best pensions lawyers in the industry. They respond in a split second, know it all inside out, and are expensive by the hour but affordable in value terms’. Active clients include Barclays, Melrose, Siemens, Shell and Citigroup. Clare Hoxey is ‘an excellent listener responding to any concerns or challenges in a measured way’, and Hywel Robinson is ‘top of his class’. Head of the pensions litigation practice Imogen Clark is ‘very responsive, and has excellent technical depth’.

Within Insurance and reinsurance litigation, Clifford Chance is a third tier firm,

Clifford Chance’s insurance and reinsurance dispute resolution practice is led jointly by London-based Philip Hill and Stephen Surgeoner, along with Moscow-based Nicholas Munday. Hill ‘deserves a special mention’ – he is ‘very intelligent, and copes easily with highly complex issues’; and Surgeoner is ‘without question one of the leading insurance and reinsurance partners in London’. The firm represents both insurers and insureds, and has particular strengths in political risk and trade credit insurance.

Within Insurance: corporate and regulatory, Clifford Chance is a first tier firm,

Clifford Chance is particularly recommended for ‘very large transactions that involve a number of jurisdictions’. Tim Page led advice to Apollo and CVC on the public company takeover of Brit Insurance Holdings NV, and Clare Swirski advised on the proposed transfer of the business of Royal Liver to Royal London Mutual Insurance. Katherine Coates and Hilary Evenett are also recommended. Narind Singh was promoted to partner in early 2011.

Within Insurance: insolvency and restructuring, Clifford Chance is a first tier firm,

Clifford Chance’s recent non-contentious insurance work has been driven by instructions relating to internal reorganisations, governance structures and capital efficiency, prompted by the approaching implementation of Solvency II. Its ‘international reach is invaluable’. Philip Hertz and David Steinberg, who is ‘very knowledgeable and pleasant to deal with’, specialise in insurance reconstruction and insolvency.

Within Product liability: defendant, tier 5

Clifford Chance advises on claims relating to healthcare, transport and asbestos. Julian Acratopulo is the key contact in London.

Within Professional negligence, tier 5

Clifford Chance’s ‘highly rated’ team, headed by the ‘expert’ Philip Hill, focuses on high-value, complex claims, including domestic and multi-jurisdictional disputes. Former team head Denis Brock left for Mallesons Stephen Jaques in Hong Kong.

Within Contentious trusts and probate, Clifford Chance is a third tier firm,

Jeremy Kosky at Clifford Chance has a good reputation for his stewardship of large-scale trust litigation involving breach of fiduciary duty, breach of trust, negligence or fraud, representing trustees, corporates and financial institutions.

Within Infrastructure, Clifford Chance is a first tier firm,

Clifford Chance’s team includes ‘the big names that you want on a deal’, and demonstrated its ‘top-band project finance’ credentials by advising on three separate bids for the £2.1bn HS1 concession, including advising a consortium comprising Morgan Stanley, 3i Infrastructure and the Abu Dhabi Investment Authority. Projects specialist Jeremy Connick is highlighted as ‘directly tackling the legal issues to achieve bankable financing structures’; and Gavin Teague and Andrew Rolfe are also recommended.

Within Mining and minerals, Clifford Chance is a second tier firm,

Clifford Chance’s practice is led by James Pay and David Lewis, and advises on finance, corporate and development work. Highlights included advising Vale on its $2.5bn acquisition of Simandou iron assets in Guinea from BSG Resources.

Within Oil and gas, Clifford Chance is a first tier firm,

At Clifford Chance, banking and finance partner Russell Wells is highlighted as ‘simply outstanding’, and is working alongside colleagues in several of the firm’s international offices in advising the export credit agencies and commercial lenders on the financing of the €7.2bn Nord Stream pipeline. John Wilkins is also recommended, and advised TOTAL on all aspects of its joint venture with Saudi Aramco to develop the Jubail Refinery and Petrochemical project in Saudi Arabia.

Within Power (including electricity, nuclear and renewables) , Clifford Chance is a first tier firm,

Clifford Chance is recommended for its ‘deep industry knowledge’, ‘commercial pragmatism’, and ‘understanding of the peculiarities of power project financing’. Practice head Andrew Grenville is an ‘institution’; the ‘imaginative’ Jeremy Connick has ‘deep experience in bank financing’, and is a ‘confident problem solver’; corporate specialist Brendan Moylan is a ‘tenacious advocate’; and Russell Wells has ‘outstanding legal skills’. The firm advised International Power on GDF SUEZ’s £17bn reverse takeover of the power company.

Within Private finance initiative (PFI) , Clifford Chance is a second tier firm,

Clifford Chance fields a ‘first-rate’ team, with Andrew Rolfe praised as a ‘good commercial lawyer’; Gavin Teague singled out for his ‘in-depth sector knowledge’; and David Bickerton recommended for his ‘customer-facing approach’. In a strong illustration of its infrastructure pedigree, the firm secured several mandates on the same deal in 2010, advising two separate consortia, and the senior funders to a third group, bidding on the auction sale of the UK’s HS1.

Within Administrative and public law, Clifford Chance is a second tier firm,

At ‘top-quality’ firm Clifford Chance, EU and competition partner Elizabeth Morony now leads the team following former practice head Michael Smyth CBE’s move to consultant in 2010. It continues to act for Barclays Bank and the Cayman Tribunal of Inquiry. ‘One of the most proficient assistant solicitors’, Emmeline Rushbrook is ‘remorselessly hardworking and imperturbable’. ‘Excellent all-round litigator’ Luke Tolaini is also recommended.

Within Civil liberties and human rights, tier 5

Clifford Chance handles ‘high-end’ human rights challenges on a pro bono basis. It recently acted for the National Autistic Society in a Supreme Court case concerning the exclusion of an autistic and disabled child from school.

Within Public affairs, Clifford Chance is a first tier firm,

Clifford Chance provides ‘principled, top-flight advice’. It advised on the creation of the European Financial Stability Facility, which is backed by €440bn of sovereign guarantees, and works extensively for the European Committee for Interoperable Systems. The firm also serves as a strategic partner of the World Economic Forum. Oliver Bretz heads the team, while former practice head Michael Smyth CBE acts as a consultant. Solicitor Alan Mak is a rising star. Steve Popham has retired.

Within Commercial property, Clifford Chance is a first tier firm,

Clients use Clifford Chance for ‘large, complicated transactions with the knowledge that there is a depth of talent and quality of service you can rely on’. The firm advised longstanding client Canary Wharf Group on the £495m sale of 25 Bank Street. With far-reaching financial expertise, the firm has strong links with clients such as Barclays Capital, Deutsche Bank and Morgan Stanley, and advised the latter’s Special Situations Fund III in taking a minority stake in the 20 Fenchurch Street development. Jonathan Solomon now heads the team following Cliff McAuley’s retirement. Mark Payne, Catherine Cook, Franc Peña (‘very efficient and commercially minded’) and Michael Edwards (a ‘good logical thinker’) are recommended, as is ‘very hardworking’ assistant Marcus Wright.

Within Construction, Clifford Chance is a second tier firm,

Clifford Chance’s team is ‘first class’, ‘pragmatic and commercial’. The practice mainly represents developers and funders in major construction and engineering projects, and is particularly strong in the upstream oil and gas and renewables sectors. Recent highlights include advising the joint venture between RWE npower and E.ON UK on the proposed development of a new generation of UK nuclear power facilities, and acting on a major office-building scheme. Tim Steadman is the key contact for non-contentious work, while Alex Panayides is notable for contentious matters. David Metzger is ‘excellent’, and Marianne Toghill is ‘calm and astute’.

Within Environment, Clifford Chance is a second tier firm,

The team at Clifford Chance advises on transactions, where it is ‘keen to really understand a client’s problem and not just answer questions’, and on regulations. Energy and infrastructure are busy sectors for the group, which recently acted for Horizon on nuclear developments; and Shell on oil refinery disposals. It advises clients such as HSBC and BNP Paribas on climate change regulations. Practice head Nigel Howorth is ‘a sharp, patient negotiator, and excellent at explaining environmental risk to clients’.

Within Overview,

Competition for big-ticket jobs remains fierce, but those firms with strong corporate and finance offerings – such as Clifford Chance and Linklaters LLP – are generally faring better than most. Clients are also looking to full-service real estate practices of established players such as Berwin Leighton Paisner LLP and Nabarro LLP, who also dominate in property litigation.

Within Planning, Clifford Chance is a third tier firm,

Clifford Chance focuses on high-value urban and large-scale infrastructure developments and judicial reviews. Recent highlights include advising on Siemens’ £30m exhibition centre at the Royal Docks; Legal & General’s Walbrook redevelopment; and Horizon Nuclear Power’s development of facilities. Nigel Howorth heads the practice.

Within Property finance, Clifford Chance is a first tier firm,

Clifford Chance is ‘the best firm, period, for any deal which is complex and multidisciplinary or multi-jurisdictional’, and provides ‘Rolls-Royce service’. It advised Barclays Capital on restructuring Elba Group’s €514m of senior, mezzanine and liquidity facilities, an instruction which involved 80 lawyers across eight jurisdictions. Clients single out Andrew Carnegie as ‘hands down, the number-one real estate finance lawyer in the UK’. Jane Cheong Tung Sing, Mark Rees-Jones and Damian Perry have ‘excellent sector knowledge and experience’, and Heather Buttle is ‘very able’.

Within Property litigation, Clifford Chance is a third tier firm,

Clifford Chance’s small but skilled team focuses on complex, one-off property litigation. The practice remains well regarded across the market, despite the retirement of former practice head John Pickston in 2010. Senior associates Ben Hatton (who ‘brings real enthusiasm and commitment to the job’) and Bryan Johnston (who ‘gives an intelligent and informed steer’) are recommended.

Within Social housing: finance, Clifford Chance is a first tier firm,

Clifford Chance’s ‘proactive’ team ‘has its finger on the pulse’ of the sector. It advises funders on facilities and reorganisations, and recently advised Genesis Security Trust Structure on a £1bn loan facility. The ‘excellent’ Robert Smith heads the team, and Ruby Giblin and Despina Pantelia are ‘first class’.

Within Intellectual property, tier 5

At Clifford Chance, Vanessa Marsland and her team handle the IP aspects of corporate transactions.

Within IT and telecoms, Clifford Chance is a third tier firm,

At Clifford Chance, practice head Joachim Fleury, Spencer Baylin and Jenine Hulsmann advised on the Everything Everywhere joint venture between T-Mobile and Orange in the UK, which created the UK’s largest mobile operator; advised Permira on its acquisition of Asia Broadcast Satellite; and acted for Etisalat on its $12bn bid for Zain’s mobile operations.

Within Media and entertainment, Clifford Chance is a third tier firm,

Clifford Chance’s multidisciplinary team works on a global scale advising clients including Mediaset and Goldman Sachs on big-ticket M&A deals. Consultant Michael Smyth handles media litigation, and antitrust partner Jenine Hulsmann has a particular focus on media. Daniel Sandelson heads the team.

Within Rail, Clifford Chance is a first tier firm,

Clifford Chance focuses on advising on investment into the rail industry and large, complex transactions, with a strong presence domestically and internationally. The group acted on three separate bids on HS1; advised Eurostar on the implementation of the £1bn Futur Eurostar project; and represented a consortium on its bid for the Brazilian high-speed rail infrastructure project. Gavin Teague is recommended for finance work, while Alex Nourry is highly rated for regulatory work.