The Legal 500

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

The ‘responsive’ and ‘commercial’ tax team at Clifford Chance provides clients with a ‘consistently high technical standard’ of tax work. With over 50 fee-earners, it is a full-service department with particular expertise in M&A and corporate finance matters. It acted for British Energy in relation to its £12.5bn takeover by EDF, as well as representing Aluminum Corporation of China on the £7bn acquisition of an equity stake in Rio Tinto Zinc. On the finance side, the firm is advising The Carlyle Group on its £360m acquisition of the cash systems business of De La Rue. Clients are impressed with Jonathan Elman’s ‘deep knowledge of the law’, while Mark Persoff is ‘thorough and very proactive’. David Harkness and Nina Buchan are also recommended.

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

Led by European ECM head Adrian Cartwright, Clifford Chance advised The Commercial Bank of Qatar on its US$700m London listing, Barclays Bank on a number of capital raisings including a £4.5bn placing, and the underwriters on the US$449m IPO of Globaltrans Investment. Simon Sinclair, Guy Norman and Simon Thomas are all recommended.

Within Equity capital markets -US capability, tier 4

A highlight for Clifford Chance’s US ECM team in 2008 was its advice to Morgan Stanley and Deutsche bank on the US$449m IPO of Globaltrans Investment. Practice head John Connolly is recommended.

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

The ‘premier league’ team at Clifford Chance has matched its outstanding record in merger control with an equally impressive litigation practice. With ‘first-class competition litigator’ Elizabeth Morony(‘hard hitting’, ‘incisive’) and Luke Tolaini(a ‘rising star’ ,’someone to have on your side during an investigation’), the firm has ‘the complete package’. The two represented Bridgestone on the worldwide marine hoses cartel investigation, and has impressed with market-transforming deals such as InBev’s US$52bn acquisition of Anheuser-Busch; Co-Operative Group’s acquisition of Somerfield; and Reuters’ takeover of Thomson. The firm is ‘willing to go the extra mile’, and has a ‘persuasive approach’ and a ‘good sense of the broader picture’. The ‘very approachable’ and ‘technically excellent’ Alex Nourry heads the team, which includes telecoms and regulatory specialist Jenine Hulsmann(‘extraordinarily adaptable’, ‘commercial’, ‘cost conscious’); Oliver Bretz(a ‘strategic thinker’ who ‘thinks outside the box’, ‘analytically very sharp’); John Osborne(‘great experience’, ‘good analytical skills’, ‘knows his industries’); and Greg Olsen.

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

The ‘first-class’ team at Clifford Chance recently advised Lloyds Banking Group on the Payment Services Directive, and represented Barclays on the regulatory aspects of its acquisition of Lehman Brothers’ businesses and its subsequent £7.4bn capital raising. It also continued to advise on regulatory inquiries arising from Parmalat’s collapse, particularly in the US and Italy, and acted in proceedings brought by the FSA for mis-selling payment protection insurance. Non-contentious partners Chris Bates and Tim Plews are recommended, and Roger Best and Carlos Conceicao are contentious experts.

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

Clifford Chance has 50 M&A partners in London, but clients typically instruct the firm because they can ‘use them on deals around the world and be sure that the quality will be there’. It is best known for the unrivalled strength of its private equity practice, often acting on the largest deals in that sector for clients such as KKR and Candover. In 2008 it represented the latter as the leader of the consortium which won the battle to acquire Expro for £1.7bn, although Adam Signy - the lead partner on this deal - has since moved to Simpson Thacher & Bartlett LLP. On the public side it also represented longstanding client British Energy on its £12.5bn sale to EDF, while acting for emerging markets clients such as Vale and Chinalco was another theme. Clients recognise its strength in depth, citing Guy Norman, Matthew Layton and James Baird as a ‘trio of big beasts’. Spencer Baylin is also a ‘trusted adviser’.

Within Outsourcing and procurement, Clifford Chance is a third tier firm,

Clifford Chance continues to advise international clients such as Shell on multi-jurisdictional outsourcing matters. David Griffiths leads a small team with a strong customer-side, private-sector focus.

Within Overview,

Against this background, our corporate rankings remain largely unchanged. The City elite - Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May - continue to dominate proceedings, and once again comprise the top two tiers of both Mergers and acquisitions and Equity capital markets: UK capability. However, with leveraged transactions one of the principle casualties of the credit crunch, Clifford Chance’s reliance on private equity has seen it fall back to the second tier in M&A following its promotion last year. These top firms are also increasingly dipping into the already fiercely competitive mid market.

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

Clifford Chance’s practice has seen significant changes of late, with Matthew Layton becoming global corporate head in 2008 and Adam Signy departing for Simpson Thacher & Bartlett LLP in 2009; both are heavyweights who have been managing key accounts (Permira and Candover respectively). However, it would be wrong to write off a firm viewed as the ‘best in London for private equity’. Other clients include a broad range of mid-market and specialist funds, alongside the likes of KKR, 3i, CVC and Bridgepoint. The 12-partner team ‘understands the bigger picture and has full command of the detail’, and is ably led by James Baird. The firm’s versatility and geographic reach remain key draws.

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

With three partners and eight fee-earners in total, Clifford Chance is a market leader in the field of VAT and indirect tax. The ‘proactive and responsive’ team provides a level of service which clients deem ‘very high’. Securitisation and real estate finance matters are recognised strengths. Etienne Wong and David Saleh are highly regarded by peers and clients alike.

Within Fraud - commercial and regulatory investigations, Clifford Chance is a first tier firm,

Clifford Chance continues to act for a large investment bank following the financial scandals at Parmalat, and obtained a freezing injunction for ESR Insurance in respect of assets worth £90m in different jurisdictions, following an alleged fraud in its surety bond division. Roger Best has ‘great experience’ in freezing assets. The ‘very feisty and dedicated’ Judith Seddon is a valuable new addition to the team, joining from Russell Jones & Walker in September 2008.

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

Clifford Chance is ‘top of the league’ and the ‘first port of call’ for many leading investment banks, thanks to its ‘heavyweight’ partners and ‘real depth’ of expertise among assistants. Its mixture of litigation expertise, product knowledge, and regulatory and forensic capabilities mark it out as a clear leader in the field. Roger Best, Simon Davis (an ‘absolutely outstanding litigator’, ‘first-rate business nuance’), Jeremy Kosky and department head Matthew Newick (‘prompt’, ‘commercial’) are widely acclaimed, and Ian Moulding (‘tactically brilliant’, ‘highly efficient’) is notable for his success in the seminal mis-selling claims case JPMorgan Chase v Springwell. The team continues to help a broad range of banks with internal investigations; specialist Luke Tolaini’s appointment as a partner in 2008 heightens the firm’s credentials in this area.

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

Clifford Chance’s position as one of the go-to firms for bet-the-bank litigation was reaffirmed in 2008, when a team, led by highly rated partner Ian Moulding, achieved a High Court victory for JPMorgan Chase against a billion-dollar mis-selling claim brought by Greece-based investor Springwell. Simon Davis heads the first-class department, which covers the full range of sectors and was recently boosted in areas such as white-collar crime, through the recruitment of senior associate Judith Seddon from Russell Jones & Walker. Partners such as Katrina Allison, Alex Panayides and Denis Brock all come highly recommended. The firm also benefits from a dedicated forensic accounting team.

Within Defamation and privacy

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

Audley Sheppard heads a first-class team at Clifford Chance which regularly works on major BIT, ECT and general commercial arbitrations. The firm’s impressive client list includes Shell, Electrabel and City Greenwich Lewisham Rail Link. Recent highlights include representing the Government of Poland in a US$700m ECT claim relating to the operation of an oil product business. It is also representing a global financial institution on a disputed ISDA/swap transaction. Alex Panayides and Rob Lambert are both highly recommended. The firm will, however, miss Nic Fletcher, who left to become head of international arbitration at Berwin Leighton Paisner LLP.

Within Overview,

Thus far, the main beneficiaries have been those firms with strong backgrounds in banking and commodities, sectors which were the first victims of the fallout of the credit crunch and the resultant downturn. The former category is largely made up of Magic Circle and major City firms, such as Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Linklaters LLP, Herbert Smith LLP, Lovells LLP, Simmons & Simmons, and Slaughter and May, all of which have excellent track records in financial services related disputes. In the latter, firms with strong experience in areas such as shipping, including Clyde & Co LLP, Ince & Co, and Holman Fenwick Willan LLP, have benefited from an uptick in disputes, thanks largely to major fluctuations in commodities prices.

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

Headed by Audley Sheppard and Rae Lindsay, Clifford Chance offers wide-ranging expertise in all aspects of international law. On the investment protection side it is currently acting for Electrabel SA against the Hungarian government in an ICSID arbitration brought under the Energy Charter Treaty. The firm is also advising a European telecoms company concerning recourse under GATS, including WTO dispute resolution procedures. The practice is well known for its humanitarian work, in particular its ongoing representation of a number of Guantanamo Bay detainees. Jeremy Carver is recommended.

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

2008 was a year of little activity. The few ‘new money’ deals completed were closed before the Lehman Brothers collapse in September. Lawyers agree the age of the multibillion-pound leveraged buyout will not return for years. Future deals will involve significantly less leverage, will mostly be in the middle market, and overseas jurisdictions will be a focus. Lending lawyers are now emphasising their restructuring prowess, and redundancy stalks departments used to a flow of large deals. The largest teams, notably at Allen & Overy LLP and Clifford Chance, are the scene of much of the pain. They remain in the top tier for now - their core strengths remain in place - but the gap to the chasing pack narrows.

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

Clifford Chance retains its place in the pantheon for both lender and sponsor work. It has great geographic reach, is active from the mid market up to the biggest deals, and shows the breadth of expertise to handle anything from restructurings to infrastructure financings. It ‘keeps in full control of the process’, ‘works in the best interests of clients’ and has ‘excellent’ partners including Mark Campbell, Mark Stewart, James Johnson, Malcolm Sweeting and Alan Inglis. Standout recent work includes acting for Citi and RBS on the £13.6bn refinancing of BAA.

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

Clifford Chance handles deals that are commensurate with the firm’s size, ability and global footprint. The eight-partner team is particularly noted for its aviation sector expertise, and acted for Citigroup on a US$1.25bn financing of Boeing 777 aircraft for Air Canada. The latter half of 2008 was dominated by instructions relating to restructuring work, including acting on the lease and finance restructuring of Alitalia’s fleet following its insolvency. Clive Carpenter and William Glaister are both considered valued assets in the aviation world, while on the shipping side Simon Lew continues to focus the practice’s attention on the oil and gas sector. Gavin Teague is recommended for his rail expertise.

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

Clifford Chance has a ‘dominant position’ in the market, with vast domestic and international resources and impeccable banking credentials. 2008 investment grade highlights include advising Citi and RBS in relation to the £13.3bn refinancing of BAA’s UK airports. At the cutting-edge of new developments in the market, as well as its involvement in a number of forward start agreements, the team recently advised Citi on an innovative €5bn loan where a CDS pricing model was used. The team is ‘very easy to deal with’ and includes Malcolm Sweeting, Mark Campbell and Charles Cochrane.

Within Commodities and futures - futures, Clifford Chance is a first tier firm,

‘Clearly top tier’, Clifford Chance’s transactional and advisory futures practice has expertise in metals, oil and energy, and the area of carbon credits is a developing focus. Clients include Euronext.LIFFE, LCH.Clearnet, Cargill and Macquarie Bank. ‘Very commercial’ partner Tim Plews co-leads the finance and capital markets practice, and risk management expert Dermot Turing is also recommended.

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

Able to tap into its vast network of offices and benefiting from strong ties with an impressive number of leading banks, Clifford Chance is a consistent presence on the most significant domestic and cross-border restructurings in the market. In a matter that involved nine jurisdictions, the team advised RBS on the refinancing and restructuring of the Wagon Group, and is now advising the administrators following the company’s insolvency. On the debtor side, the firm is acting for LyondellBasell on its US$27.5bn debt restructuring. Global head Mark Hyde is recommended, as are Adrian Cohen, Philip Hertz and Nicholas Frome. Clients include Goldman Sachs, RBS, JPMorgan and ING.

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

Clients value the ‘immediate response and intellectual firepower’ of Clifford Chance partners such as David Dunnigan, David Bickerton and John Connolly. The client-focused team has been busy with government guarantee schemes, liability management, and project bonds. Refinancings by BAA and Thames Water stand out among its innovative deals.

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

Habib Motani heads Clifford Chance’s global team from London, where standout strengths in a broad practice include OTC and strategic equity trades. A huge amount of closeout work for banks, corporates and funds following the demise of Lehman Brothers sits alongside regulatory advice to banks such as UBS, Islamic derivatives work, and growing expertise in mortality, longevity and catastrophe trades. The firm is European regulatory adviser to ISDA.

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

Clifford Chance has continued to represent lenders and borrowers across the emerging markets. Acquisition finance has been a highlight, including advising arrangers on the bridge facility for Rusal’s acquisition of Norilsk Nickel. Geeta Khehar has been a key London contact here, as well as on work in Africa, for example advising Citi on a US$225m financing for Al Ezz Group.

Within Hedge funds, tier 5

Jason Glover at Clifford Chance acted on several fund offerings, such as for EQT on the €500m EQT Public Value Fund, and Butler Capital Partners on the WB Opportunities Fund.

Within High yield, tier 4

At Clifford Chance, high yield specialist Michael Dakin and US securities head John Connolly look set to continue the firm’s push to increase its reputation for acting on complex, US-style financings.

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

Praised as always ‘taking the extra step’, Clifford Chance’s ‘excellent’ practice is without doubt the market leader for private equity funds; being ‘decent and straightforward to deal with’ and having the ‘ability to execute to tight deadlines’ make the team a popular choice. A recent highlight was advising Charterhouse Capital Partners on a €4bn fundraising. Practice head Jason Glover has ‘great market insight’, while clients also praise the ‘extremely kind and very pleasant’ Edward Gander. Nigel Hatfield and Nick Benson are ‘highly committed and capable individuals who work well together as a team’.

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

Clifford Chance’s ‘top-tier’ practice has been involved in several award-winning transactions including advising Project Blue (Guernsey) Limited on the US$2.5bn musharaka sale and ijara lease as part of the abortive plan to redevelop Chelsea Barracks. It also handled the AED4bn shari’ah-compliant Shorouh sukuk, the first in Abu Dhabi to be securitised on real estate receivables. London-based Tim Plews and Dubai partners Robin Abraham, Debashis Dey and group leader Qudeer Latif are recommended.

Within Overview,

The turbulence in the financial markets in 2008 was epitomised by the historic demise of Lehman Brothers; the ramifications of this event were felt throughout the markets and caused a paralysis in the flow of credit. The effect on law firms has been widely reported, with many experiencing widespread redundancies. Firms that have coped best with the implosion in the markets have been those less regimented in their approach to finance, with the flexibility to adapt to the conditions. Against this background, the Magic Circle firms continue to lead the way, with Allen & Overy LLP, Clifford Chance and Linklaters LLP appearing in the top tier of the majority of the categories in this chapter. However, as the value of deals migrates downwards, there is increased competition in the mid-market, and firms with a strong regional base, and the ability to compete on cost have become increasingly attractive propositions to clients facing their own cost pressures.

Within Securitisation, Clifford Chance is a first tier firm,

Clifford Chance’s securitisation team - now rebranded as the structured debt group - is ‘at the centre of the market’ thanks to Kevin Ingram and Peter Voisey, who can call on experienced partners such as Rachel Kelly, Neil Hamilton and Claude Brown. The firm advised HM Treasury and the FSA on developing the Regulated Covered Bond Regulations 2008, and handled covered bond programmes for Co-operative Bank, Barclays Bank and Standard Life Bank. Structured debt issues involved in BAA’s refinancing of UK airports have also kept the team busy.

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

Clifford Chance’s London team works closely with international colleagues, with the Sao Paolo office leading on advising the joint lead arrangers on a US$725m syndicated secured pre-export finance facility for Braskem SA. Clients include ABN AMRO Bank NV, Banco Santander SA, Rabobank and Société Générale. Leonard Cleland leads the practice.

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

‘Extremely responsive’ and ‘very knowledgeable’, highlights for Clifford Chance included advising Abbey on the design and implementation of its award-winning new all-employee sharesave plan which was offered to over 16,000 employees in the UK. On the transactional side the team advised British Energy on its £12.5bn acquisition by EDF, and worked on Aon’s US$1.43bn takeover of Benfield Group. Daniel Hepburn and Robin Tremaine are noted for their ‘invaluable advice’.

Within Employment, tier 4

Clients single out Chris Goodwill and Mike Crossan at the ‘top-flight’ Clifford Chance team, praising their ability to ‘temper a deep understanding of the law with commercial common sense and practicality’. It advised on a number of recent whistleblowing and unfair dismissal claims, for clients including Renault and a major financial institution. New client wins include Barclays Capital, Nomura and Carrefour.

Within Immigration,

Also renowned for their expertise in immigration law are: Clifford Chance; Davenport Lyons; Fisher Jones Greenwood LLP; Irwin Mitchell LLP; Paragon Law; Pinsent Masons LLP; Steeles Law LLP; and Watson, Farley & Williams LLP.

Within Pensions (incl pensions dispute resolution), Clifford Chance is a second tier firm,

Clifford Chance partners Nick Sherwin, Hywel Robinson, Imogen Clark and Clare Hoxey can be relied on to condense ‘wide experience’, ‘deep knowledge’ and ‘commercial sense’ into ‘clear, concise advice’. Kate Atkinson is ‘accessible’ and ‘always quick to respond’. In addition to cutting-edge advice on products, the team deserves recognition for advice to employers and trustees of schemes with major funding deficit issues. Internal communication is ‘excellent’.

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

Clifford Chance - a ‘very strong all-round practice’ - has immense transactional and regulatory experience in the insurance sector. It advised Aon Corporation on the acquisition of Benfield Group (deal value £844m), and 2008 also saw it attract new clients such as Qatar Financial Centre Authority and XL Services Switzerland. The team includes leading lights Hilary Evenett, who ‘performs well in crisis situations’, and Katherine Coates, who is ‘dominant’ in the life sector. Tim Page and Clare Swirski are noted as ‘problem solvers’, and clients are also appreciative of its ‘very good team of associates’.

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

Clifford Chance has a ‘busy and strong practice’ for insolvent and solvent run-offs. Its leading individuals include ‘good all-rounder’ Philip Hertz (‘technically very sound’), and the ‘very experienced’ David Steinberg. It advised Equitas on a large and complex Part VII Transfer, and is also advising the administrators of Highlands Insurance Company (UK) on an innovative section 895 scheme for the company’s direct insurance policyholders in order to reach a settlement between Highlands UK and its US sister subsidiary. An impressive roster of clients includes PwC, AXA and Grant Thornton.

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

Clifford Chance provides a ‘prompt and professional service’. Nicholas Munday and Stephen Surgeoner are singled out for praise; Philip Hill is ‘solution orientated’; and Denis Brock has a ‘no-nonsense and knowledgeable approach’. With strengths including its international reach, its impressive roster of clients includes Aon Corporation, Metlife, and XL Capital. Highlights included acting for ESR Insurance Services (in administration) in an investigation into the activities of a director who allegedly operated a fraudulent insurance scheme with a purported underwriter in the US. The team has also seen an increase in disputed claims on credit, political risk and trade disruption insurance, and advice on mis-selling claims made against major financial institutions is another growth area.

Within Overview,

London is a global hub for the insurance/reinsurance industry. Some lawyers are reaping the benefits of the challenging economic conditions; the upheaval in the financial markets has led to significant claims activity and insurance companies are now more likely to contest an insurance claim. While there has been a slow down in deal activity, strategic deals are still being done, with Part VII transfers continuing to dominate this area. On the regulatory side, Clifford Chance, Lovells LLP and Reynolds Porter Chamberlain LLP are among the leading firms. Barlow Lyde & Gilbert LLP, Clyde & Co LLP and Ince & Co remain strong on the insurance/reinsurance litigation front, with Herbert Smith LLP and Mayer Brown International LLP also having made considerable strides in this sector. The separate table for policyholder work reflects the fact that some law firms have a dedicated practice representing corporate entities on insurance matters.

Within Product liability - defendant, tier 4

Julian Acratopulo leads a three-partner-practice at Clifford Chance, supported by a team of 11 assistants. The practice has wide geographical coverage, assisting clients in the US and Far East facing European issues, whether advisory, regulatory or contentious.

Within Professional negligence, tier 5

Clifford Chance is experienced in acting for accountants, lawyers, and insurance brokers as well as acting in relation to claims concerning financial and investment advice. Active clients include ESR, Mayer Brown International LLP and Philipp Holzmann AG. Leading individuals in the ‘excellent’ four-partner team include Denis Brock, Philip Hill and Kari McCormick.

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

Clifford Chance is ‘highly rated for large-scale litigation’, with Jeremy Kosky noted as a ‘leader in the field’. The group has been involved in some of the highest-profile trust litigation cases in the market. Roger Leese recently achieved a favourable settlement for the Monsen family in 2008, bringing to an end one of longest-running contentious trust cases of recent times.

Within Infrastructure, Clifford Chance is a first tier firm,

Clients of Clifford Chance commend its service as ‘exceptional’. The firm recently advised Citi and RBS on the £13.6bn refinancing of BAA’s UK airports. Funds and infrastructure disputes are also strong areas of activity, and other representative clients include Goldman Sachs, the Olympic Development Authority, and Mubadala. Jeremy Connick and Russell Wells are the names to note.

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

Clifford Chance leverages off its corporate practice to handle some of the largest M&A deals in the sector. In a recent coup, Kathy Honeywood led a combined UK, China and Belgium team on two weighty transactions worth US$33.5bn for Aluminium Corporation of China (Chinalco), including its US$14bn acquisition by wholly owned subsidiary Shining Prospect Pte of around 12% of the share capital of Rio Tinto.

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

Clifford Chance is for some ‘the best all-round oil and gas firm in the market’; the service is ‘exceptional’. Highlights in 2008 included advising Russian downstream oil company Alliance Group on its US$2.5bn merger with West Siberian Resources, while on the projects side it is acting for Petroperu on the US$1.2bn modernisation of a refinery in Peru. The firm received a boost with a raft of client wins including Chevron and Lukoil. Russell Wells is very active.

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) , Clifford Chance is a first tier firm,

Clifford Chance moves up on the back of its stellar transaction list and its ability to ‘turn its hand to any energy matter and excel’. In 2008, it advised longstanding client British Energy on the auction process for the sale of the company and its subsequent £12.5bn recommended takeover by EDF. In another highlight, it advised the sponsors on the €520m financing, construction and operation of a new-build gas-fired power station in Belgium.

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

In March 2008 Clifford Chance closed the £13bn Future Strategic Tanker Aircraft (FSTA) project for AirTanker, the largest-ever project carried out under the UK’s private finance initiative. In another landmark deal, the firm also advised EIB and the commercial lenders on the €714m financing of the Liefkenshoek Rail Tunnel Project, Belgium’s largest PPP to date. David Bickerton and Tim Steadman are recommended. Andrew Rolfe relocated to the firm’s Abu Dhabi office in 2009.

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

Clifford Chance’s ‘particularly dedicated’ practice is led by Michael Smyth, who is ‘very well respected in this area’, while Elizabeth Morony is ‘coming up fast on the public law track’. The wide-ranging practice is strongest in commercial public law and freedom of information, and continues to represent the Chagos islanders in their long-running appeal in the House ofLords.

Within Civil liberties and human rights, tier 5

Michael Smyth leads Clifford Chance’s predominantly pro bono practice, which advises numerous organisations concerned with human rights, including Amnesty International, JUSTICE, Liberty and Save the Children.

Within Healthcare, tier 5

At Clifford Chance, practice head Julian Acratopulo is acting for a US biopharmaceutical company in WIPO arbitration, and for other pharmaceutical companies including Bayer, Pfizer, Stryker and Baxter Healthcare. The team recently handled matters for two universities in relation to a judicial review of the HFEA’s decision to grant them a licence to create human-animal hybrid embryos for research purposes.

Within Overview,

This chapter encompasses all types of work which involves engaging with the public sector, from high-stakes judicial reviews to claims against local authorities, from representing regulators to acting for regulated industries, and from human rights violations abroad to securing the rights of vulnerable people in the UK. It is unsurprising, therefore, that this vast range of work attracts a variety of different approaches, from commercial City firms to specialist human rights outfits. Among the former, Herbert Smith LLP, Clifford Chance and Freshfields Bruckhaus Deringer LLP stand out, handling a mix of public law and pro bono human rights work.

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

Clifford Chance’s ‘sophisticated practice’, led by the ‘very well-connected’ Michael Smyth, comprises partners from across the firm. The practice acted for the University of Newcastle and King’s College London when research licences from the HFEA were subject to judicial review, and drafted amendments to the Human Fertilisation and Embryology Bill, and the Health Bill.

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

Described simply as ‘the best’, Clifford Chance’s team includes Mark Payne, who has ‘a very good mind and lots of relevant experience, and is an well-organised and good negotiator’; Jonathan Solomon, who is ‘very experienced, pragmatic, thorough and very smart’; and Catherine Cook, who is ‘tenacious, client-focused and development-savvy’. ‘The firm employs high-quality people who understand the real world as well as the legal niceties’, say clients, who describe Iain Morpeth as ‘a pleasure to work with’. Cliff McAuley leads the team, which has vast international scope. Recent highlights include advising Canary Wharf on the development of the Isle of Dogs Crossrail station at Canary Wharf. Other clients include Qatari Diar, Aerium Finance and PCP Capital Partners.

Within Construction, Clifford Chance is a second tier firm,

Clifford Chance advises on complex engineering projects, primarily for sponsors, developers and funders. Recent instructions include advising Petroperu SA on a US$1.2bn Peruvian refinery modernisation, and representing the developer on the £1.75bn redevelopment of Chelsea Barracks. Practice head Tim Steadman is ‘in a class of his own’, while lateral hire Tracy London from Herbert Smith LLP adds expertise in energy and renewables. Clients say ‘you get what you pay for’, with quality offsetting higher rates.

Within Environment, Clifford Chance is a second tier firm,

Clifford Chance is ‘soundly commercial’ and ‘excellent all round’, but is particularly strong on energy and regulatory matters. Practice leader Nigel Howorth possesses ‘good commercial acumen as well as excellent legal skills’. The group recently advised Intergen on a complex extension to its Spalding combined-cycle gas turbine plant, as well as an international energy company on international water law. It advised Carbon Neutral Company on ICROA, an organisation formed to set standards for and regulate voluntary carbon offsetting.

Within Overview,

More positively, firms with international networks - such as Freshfields Bruckhaus Deringer LLP, Clifford Chance, Linklaters LLP, Ashurst LLP and SJ Berwin LLP - will potentially weather the storm more easily as work comes in from a variety of sources. Property litigators are benefiting from an increasingly contentious market as the level of disputes continues to increase. Firms such as Berwin Leighton Paisner LLP, Nabarro LLP, DLA Piper UK LLP, Linklaters LLP and Barlow Lyde & Gilbert LLP are advising on some of the most visible property disputes.

Within Planning, Clifford Chance is a third tier firm,

Nigel Howorth heads Clifford Chance’s broad-based practice, from which Brian Hall retired in 2008. The firm has a growing international practice and provides a ‘cohesive, quality service’, and is able to pull together planning and other specialists on complex developments and regeneration. Recent highlights include advising Qatari Diar and Candy & Candy on the £4bn Chelsea Barracks redevelopment. Other matters include advising Canary Wharf on a complex mixed-use development over the proposed Isle of Dogs Crossrail station, and Spanish developer Metrovacesa on the redevelopment of the Walbrook site in the City of London, involving four office blocks and a new entrance for Bank Station.

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

Clifford Chance’s property finance group, led by Mark Rees-Jones, is ‘undoubtedly one of the best’ and is global in scope. The practice is recommended particularly for high-value deals, typically involving an international element. Highlights included advising Bank Austria Creditanstalt in the acquisition of a large-scale residential development in Moscow. Alistair McGillivray is ‘a strong negotiator, and very quick in offering commercial advice’, while Jane Cheong Tung Sing ‘combines good legal knowledge, a commercial approach and notable tenacity - a leader in the field’.

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

Since the downturn, Clifford Chance has been involved in the restructuring of various mispriced transactions, as well as major insolvencies, including MFI’s insolvency for LxB. Highlights include continued representation on the Buncefield oil terminal explosion case, one of the largest cases in the Commercial Court in 2008. John Pickston’s team ‘provides an excellent service, and its strategic advice is practical and sound’.

Within Social housing finance, Clifford Chance is a second tier firm,

Clifford Chance advises on working capital facilities, and various group structures involving multifaceted intercreditor issues. It acted for Barclays on the Wansbeck LSVT, and the capital markets team advised Bank of Scotland on two issues of £700m covered bonds. Despina Pantelia and Robert Smith are recommended.

Within Intellectual property, tier 5

Clifford Chance has a trade mark filing practice and is active on multi-jurisdictional trade mark work. Vanessa Marsland successfully advised longstanding client Manpower on the defence in the European Court of First Instance of a third party’s attempt to cancel its Community Trade Mark registration. ‘A high level of thought is put into every response, they give you a level of confidence that surpasses all others’.

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

The IT group at Clifford Chance, led by the ‘very well-respected’ David Griffiths, specialises in large-scale international IT transactions. Recently, the team acted on several major IT infrastructure outsourcings for international corporate clients. The telecoms group includes the commercial talents of Joachim Fleury and Jenine Hulsmann’s regulatory and competition expertise. As well as strengthening relationships with Middle Eastern clients, such as Zain, the team advised Tele2 and Tiscali on regulatory matters.

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

Daniel Sandelson’s team at Clifford Chance is ‘steeped in industry knowledge’. Their ‘technical skills and ability to see media transactions within the corporate context marks them out from their mid-market competitors’. It advised Antenna TV on the €620m sale of Nova TV Bulgaria to Modern Times Group, and Mediaset on the acquisition of a stake in North African broadcaster Nessma TV. New clients include the South African Broadcasting Corporation. Jenine Hulsmann advised Arqiva on its acquisition of National Grid Wireless. Michael Smyth runs the global pre-publication unit. Kirsty Foy is singled out for praise.

Within Pharmaceuticals and biotechnology, tier 4

Clifford Chance’s ‘bright and very commercial’ team has particular strength in work relating to regenerative medicine, and a global, sector-focused approach which has been strengthened by the opening of a new Kiev office. In London, team head Julian Acratopulo advised Paion Deutschland on the regulatory aspects of its acquisition of CeNes.

Within Rail, Clifford Chance is a first tier firm,

Clifford Chance has the capacity to cover both heavy and light rail projects for public sector entities including the DfT, as well as fielding considerable financial and regulatory expertise through partners Alex Nourry and Gavin Teague. Recent work includes advising Porterbrook Leasing on the Competition Commission’s investigation into the rolling stock lease market, and acting for Network Rail on the Crossrail project.