The Legal 500

Within Commercial contracts, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP has the international footprint and depth of resources to handle major multi-jurisdictional transactions, and as such is a ‘go-to’ firm for strategic commercial deals. Jane Finlayson-Brown co-heads the outsourcing group, which has seen a marked increase in mandates in the financial services sector; highlights included advising Citibank on its procurement bid for the Department for Work and Pensions’ Simple Money Transmission Services project. On the commercial IP/IT front, Jim Ford and associate Naomi Leach advise the likes of Twentieth Century Fox on matters ranging from standard form retailer terms and conditions to sale agreements with online retailers.

Within Corporate tax, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP’s eight-partner group demonstrates ‘excellent business acumen and industry knowledge’ and has noteworthy capabilities in areas such as funds, structured finance, banking matters, and innovative real estate issues; key clients include Royal Bank of Canada, BNP Paribas Fortis, and Misys. Significant matters included advising Goldman Sachs International and others, as sponsors, on Ocado’s IPO, and Nationwide Building Society on a residential mortgage backed securitisation. Patrick Mears, Lydia Challen, and Christopher Harrison are key figures.

Within Customs and Excise Customs and Excise

Within Equity capital markets: UK capability, Allen & Overy LLP is a third tier firm,

‘UK powerhouse’ Allen & Overy LLP has an excellent reputation on the underwriter side. It advised Goldman Sachs and a range of other institutions on the IPO of Ocado in 2010; and also advised Goldman Sachs and Morgan Stanley as sponsors and Barclays and Numis as managers of Betfair’s £1.3bn IPO. The ‘proactive’ Louise Wolfson has ‘good commercial judgement’, and David Broadley has ‘excellent knowledge’. The highly recommended Mark Dighero leads the team.

Within Equity capital markets: US capability, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP is praised as providing ‘excellent access to senior partners’, and ‘tailored advice’. Operating as an integrated team, the ‘very responsive’ group has a focus on emerging markets, and advised the Warsaw Stock Exchange on its privatisation through an IPO. The team is active in Greece, acting for Piraeus Bank and Alpha Bank. Max Aaron is ‘very strong’, and Daniel Epstein and Robert Williams have ‘extensive practical experience’.

Within EU and competition , Allen & Overy LLP is a second tier firm,

The team at Allen & Overy LLP ‘punches above its weight’, securing instructions on many cutting-edge matters, and its approach is such that it is considered ‘more an integral part of the client than an outside consultant’. At EU level, it secured Phase I clearance for Novartis in its $40bn acquisition of Alcon. In the UK, it advised CTS Eventim AG in its successful judicial review challenge to the Competition Commission’s Phase II clearance of the Ticketmaster/Live Nation merger, leading the Commission to ask for its own decision to be quashed by the CAT. Mark Friend, Simon Pritchard and Philip Mansfield are all highly regarded.

Within Financial services, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP advised on one of the first RRP plans for a UK bank; assisted with changes to derivatives markets; and advised on the first dormant account reclaim fund. Bob Penn leads on the non-contentious side, and Damian Carolan and John Goodhall are also key figures. Calum Burnett heads the regulatory litigation practice, and Arnondo Chakrabarti and Tim House are also well-respected practitioners. The contentious team assisted with mis-selling issues, market abuse matters and claims relating to structured products in the retail area.

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

As fears of a double-dip recession faded, Allen & Overy LLP continued to increase its market share, and worked on 12 more deals in 2010 than in the previous year. The team advised News Corporation on its high-profile bid to take full control of BSkyB, with a team led by Don McGown; and the highly regarded Richard Cranfield advised on the $3.9bn demerger of Cable & Wireless into two London Stock Exchange listed groups. The team is also retained by an impressive array of clients including GSK, Shell, and The Co-operative Group. The already weighty corporate energy team saw the significant arrival in May 2010 of Paul Griffin and John Geraghty from Herbert Smith LLP. The deep bench of partners also includes Mark Wippell, Alan Paul, Jeremy Parr and Susan Howard, who are all recommended.

Within M&A: US law capability, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP has a solid team of US law advisers handling US M&A and securities advice. Daniel Epstein is recommended alongside Mark Wippell, who is dual qualified.

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 Partnership Partnership

Within Private equity: transactions , Allen & Overy LLP is a third tier firm,

With a ‘very strong franchise in Europe’, Allen & Overy LLP’s six-partner team ‘sets the gold standard in every way’, and is regularly at the forefront of significant international deals. Notable for its international coverage, it is also able to provide a full-service approach in complementary areas such as tax and employment, and ‘does a good job of being “joined up” across departments’. Charterhouse Capital Partners continues to provide a significant pipeline of work, recently instructing the team on the £325m buyout of Deb Group and also its sale of Autobar to CVC. Gordon Milne is praised for his ‘excellent client skills’; and Susan Howard, Alan Paul and the ‘excellent’ Derek Baird are also recommended.

Within VAT and indirect tax, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP’s team acts for a host of blue-chip clients, including Goldman Sachs International, BNP Paribas Fortis, Thames River Capital Group and Misys. Funds tax is a major area of work for the group, including real estate funds, hedge funds, and sovereign funds, and it saw a notable increase in the energy, commodities and asset management arenas in 2010. Christopher Harrison is a notable partner; and Peter Mendham is recommended for VAT issues affecting the financial sector, and has provided VAT advice on a number of large outsourcing deals.

Within Fraud: civil , Allen & Overy LLP is a first tier firm,

Despite losing Robert Hunter to Herbert Smith LLP in 2009, Allen & Overy LLP retains strength in depth with specialist associates working alongside the highly respected Jonathan Hitchin, Arnondo Chakrabarti and Mona Vaswani. Work highlights included acting for the principal defendants in a $500m claim regarding the sale of LSE-listed company Kazakhgold to Jenington.

Within Fraud: corporate crime, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP advised a number of FTSE 350 clients on allegations of bribery and corruption; and defended BAE Systems plc in the SFO’s corruption inquiry. The team also has expertise in sanctions work and competition law. Jonathan Hitchin, Arnondo Chakrabarti and regulatory expert Calum Burnett are well-known leaders in the field.

Within Banking litigation: investment and retail, Allen & Overy LLP is a first tier firm,

The impressive global reach of Allen & Overy LLP, combined with the considerable strength in depth of a ten-partner team, sees it at the cutting edge of the most significant and complex financial disputes. Highlights included acting for RBS in its inter-creditor dispute regarding Cattles plc, where a first instance decision in favour of RBS was recently upheld in the Court of Appeal. Marc Florent is ‘a first-rate litigator who combines excellent analytical skills with a keen appreciation of the commercial needs and priorities of the client’; and Andrew Denny has ‘particular strength in lateral thinking to deliver innovative solutions to complex legal problems’. Tim House is also highly recommended.

Within Commercial litigation, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP has ‘some of the most talented lawyers in the country’. The practice advised the principal defendants in a claim brought in the Chancery Division of the High Court relating to the sale of Kazakhgold and its subsidiary gold mining operation in Kazakhstan. Tim House’s ‘strategic vision and tactical guile are second to none’, and Jonathan Hitchin ‘inspires confidence’. Guy Henderson, Arnondo Chakrabarti and Peter Watson are also recommended.

Within International arbitration, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP is recognised for its English anti-suit injunction work, and was instructed by the ICC itself in a case which has significant implications for the future of London as a leading seat for international arbitration. The practice also acted in an ICSID arbitration against the Republic of Senegal. Judith Gill QC, Stephen Jagusch, Richard Smith and Mark Levy are widely praised.

Within Overview,

The market remains competitive and fluid. Halliwells’ collapse provided Clyde & Co LLP with the lateral hire of Marko Kraljevic, while Stephenson Harwood beefed up with Sean Jeffrey arriving from Freshfields Bruckhaus Deringer LLP and Sara George from Allen & Overy LLP. Barlow Lyde & Gilbert LLP’s former litigation chief Julian Randall exited for Taylor Wessing LLP. Others have been busy consolidating; in 2011, seven partners from Dawsons LLP, plus their assistants, joined Penningtons Solicitors LLP, while Stewarts Law LLP acquired litigation practice Masseys LLP.

Within Public international law, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP ‘needs no introduction to an informed PIL audience’. The practice advised clients with business interests in Libya and Iran, on the impact of sanctions imposed by the UN Security Council, the EU, and the US on asset freezing and tracing, and on force majeure clauses in contracts. It was also instructed by AES in commencing an ICSID arbitration against Kazakhstan. Stephen Jagusch has ‘an excellent command of issues and strong communication skills’; Anthony Sinclair has ‘fantastic analytical skills and a broad range of PIL knowledge’; and counsel Jeffrey Sullivan is ‘extremely personable and trustworthy, and displays strong and detailed knowledge of current legal issues’. Judith Gill QC, Mark Levy, Edward Murray and senior associate Tom Sebastian are key contacts.

Within Acquisition finance, Allen & Overy LLP is a first tier firm,

With ‘incredible depth, knowledge and expertise’, Allen & Overy LLP provides a ‘superb service and sets the gold standard in every way’, acting for an impressive roster of banks. Chair of the group Stephen Kensell has a particular focus on telecoms financing, and recently advised the arrangers of Wind Telecomunicazioni’s €3.9bn senior facilities; this was one of a raft of high-profile leveraged finance deals handled by the firm, which also included providing the £300m mezzanine facilities supporting Bain and Advent’s acquisition of RBS Worldpay. Another highlight was advising Royal Bank of Canada and RBS on Ontario Teachers’ Pension Plan’s £389m acquisition of Camelot Group. Capitalising on the strength of the firm’s insolvency group, the team remains well placed to handle the ongoing diet of leveraged finance restructurings in the market. Recommended partners include Timothy Polglase, Robin Harvey, George Link, and Nicholas Clark.

Within Asset finance and leasing, Allen & Overy LLP is a first tier firm,

Headed by the ‘very classy’ Mario Jacovides, Allen & Overy LLP’s seven-partner team has ‘excellent expertise’ across the spectrum of asset classes, acting for a mix of banks, lessors and owners. Leveraging the firm’s impressive global footprint, the team is well placed to handle the cross-border issues which regularly arise in the aviation and shipping industries. South America has been a particularly active market; alongside colleagues in Sao Paulo, the team has handled a number of significant deals including representing Santander on the pre-delivery payment financing of 15 Airbus A320 aircraft for LAN Chile, and advising OSX Brasil on the acquisition, chartering and financing of its first two FPSOs. A ‘first choice on finance lease projects’, the team has handled a raft of leasing and portfolio transfers for numerous banks. Recommended partners include Graham Smith, across the spectrum of asset classes; David Smith for ship finance; and the ‘personable, helpful and pragmatic’ Jonathan Bevan for rail matters.

Within Bank lending: investment grade debt and syndicated loans , Allen & Overy LLP is a first tier firm,

Allen & Overy LLP has long stood at the pinnacle of the market, with a ‘peerless’ roster of banking clients that includes RBS, Barclays Capital and HSBC. In addition to its strong banking ties, the group regularly handles work for blue-chip corporates across a range of financing arrangements, and recently represented Vedanta Resources on the $9.6bn acquisition financing of Cairn India. Michael Duncan chairs the firm’s global banking group, and is praised for his ‘phenomenal transactional knowledge’ and ability to ‘break down complex legal issues into simple, easy-to-understand matters for commercial decision makers’. Other recommended partners include Stephen Kensell, Trevor Borthwick, Philip Bowden, David Campbell, Michael Castle and Nicholas Clark.

Within Corporate restructuring and insolvency, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP’s 29-partner restructuring team is ‘a machine’, with a ‘very strong resource base’, and is ‘a cut above the rest’. Benefiting from the firm’s institutionalised banking clients, the team continues to attract high-profile instructions, including acting for the co-ordinators of the bank lending group on the £2.3bn restructuring of Cattles plc and its subsidiaries. Other notable mandates for the firm included acting for one of Ireland’s largest conglomerates, Quinn Group Limited, and its subsidiaries in connection with its €1.2bn restructuring. In the Middle East, the firm maintains a key role advising separate creditors’ committees on the Dubai World, Nakheel, Drydocks and Dubai International Capital restructurings. Gordon Stewart is global head of the restructuring practice, and led on the Cattles mandate. The firm’s ‘wide breadth of talent’ also includes key figures such as restructuring and insolvency global managing partner Mark Sterling, Carolyn Conner and Earl Griffith.

Within Debt capital markets, Allen & Overy LLP is a first tier firm,

Recognised as ‘one of the market leaders’ Allen & Overy LLP has ‘unrivalled partner coverage’. Jonathan Melton (‘invariably excellent and extremely commercial’) and US-qualified Adam Kupitz excel in liability management, as does Roger Wedderburn-Day in equity-linked deals. ‘Top dog for corporate trust matters’ Simon Hill is ‘analytical and clear minded’, and Boyan Wells ‘is super pragmatic; his knowledge is unsurpassed’. Matthew Hartley advised Barclays on Porterbrook Rail Finance’s bond. Stephen Miller advises financial institutions including Bank of Ireland and Credit Suisse. Philip Smith heads the emerging markets team, which recently advised lead managers on Akbank’s landmark $1bn bond. Jonathan Mellor advises banks and issuers on convertible bonds.

Within Derivatives and structured products, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP has a top-tier practice spanning structured finance, insurance-linked products, portfolio disposals, repos, shari’ah-compliant structures, regulatory advice and much more. ‘Consistently pragmatic and innovative, the firm is untouchable on ISDA issues.’ The team includes some of the foremost names in the market, not least practice head David Benton, who has ‘unparalleled knowledge – you should not talk to anyone else about CDS’. ‘Exceptionally bright’ structured debt expert Anthony Drake-Brockman recently advised Deutsche Bank on innovative credit-linked securities for retail investors. Richard Tredgett provides ‘practical solutions in highly technical areas’; and structured finance expert Thomas Jones, industry stalwart and product innovator Simon Haddock, structured funds expert Daniel Shurman, and ISDA documentation specialist Paul Cluley are greatly respected, along with Edward Murray, who works with the Treasury and the FSA on regulation.

Within Emerging markets, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP has a solid reputation for mandates in Russia, North Africa and, increasingly, Turkey. It recently won a role advising Vedanta Resources on the financing for its $9.6bn purchase of a majority stake in Cairn India, led by Sanjeev Dhuna. Philip Smith regularly advises issuers and sovereigns in Russia, Ukraine, Hungary and Poland, and advised the joint lead arrangers of Türkiye Is Bankasi’s $500m bond issue at the beginning of 2011. Other key figures include projects partners Nigel Pritchard and Andrew Castle.

Within High yield, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP continued to beef up its high yield offering with the addition of Jacob Minas from Cahill Gordon & Reindel in New York. He joined the firm’s London office in late 2010, and works with practice head Kevin Muzilla. The firm is pushing into bank-side instructions, and recently advised Goldman Sachs and Citi on the issue of €500m in senior notes by Alcatel Lucent.

Within Investment funds, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP’s ‘very experienced and responsive’ team works across the higher end of private equity, real estate, infrastructure, hedge and listed funds, and certain UCITS. It advised the IFC on establishing its fund management subsidiary; and set up JPMorgan Asset Management’s $750m Global Maritime Investment Fund and its High-Yield Debt Fund, a feeder fund for a pension fund sponsored by a Japanese bank. Matt Huggett is ‘very good at identifying solutions’, and is recommended along with Nick Williams.

Within Islamic finance, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP is superb for sukuk, and demonstrates ‘excellent legal knowledge and extremely strong industry knowledge’. Roger Wedderburn-Day and Dubai-based Anzal Mohammed are ‘at the top of their field for technical expertise, understanding of Islamic finance and their influence in shaping sukuk issuance’. The team advised Saudi Electric Corporation on its SAR7bn sukuk issuance, Saudi Arabia’s first public offering of 2010. Salim Nathoo, Michael Duncan and very good senior associate Atif Hanif 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, Allen & Overy LLP is a first tier firm,

‘Smart, constructive, creative and pragmatic’, Allen & Overy LLP is ‘a market leader on innovation and technical expertise’, with David Krischer leading a team of ‘responsive technical experts who are commercially sensitive and cost effective’. Among its deals were the first Italian project bond for Andromeda PV (the first-ever listed solar bond); and Bank of New Zealand’s first covered bond programme, both led by Tim Conduit. Christian Lambie has ‘excellent industry knowledge and enthusiasm’, and advised Tesco Property Finance’s on two CMBS-style deals; Salim Nathoo advised Nationwide on the first securitisation sold into the US by a UK building society; Angela Clist set up covered bond programmes for ANZ Banking Group and Westpac Bank; Vanessa Hardman advised Alliance & Leicester on a £1.4bn RMBS; and Sally Onions advised RBS on its €15bn covered bond programme.

Within Employee share schemes, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP’s two-partner team provides clients with ‘practical commercial solutions’, leveraging off the reputation and client base of the wider firm as well as handling ‘first-rate’ standalone work. The group advised Goldman Sachs International and others on Ocado’s IPO; Dana Petroleum on its hostile takeover by Korea National Oil Corporation; and Thames River Capital on its high-profile acquisition by F&C. Recommended partners include Paul McCarthy, who has ‘very good knowledge of share plans and employment practice’, and Sylvie Watts, who is ‘always accessible’ and is praised for her ‘excellent response times, and expert advice’.

Within Employment, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP provides ‘clear and unobtrusive advice and support’ in matters from post-acquisition integrations, demergers and European Works Council mergers, on the corporate side, to the defence of large-scale claims such as Molvik v Capital International on the contentious side. The partners – ‘superb all-rounder’ Mark Mansell; Stefan Martin; and the ‘direct and no-nonsense’ Karen Seward – are backed up by ‘very responsive and knowledgeable’ associates, and ‘excellent PSL’ Sheila Fahy.

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, Allen & Overy LLP is a first tier firm,

The pensions team at Allen & Overy LLP, led by the ‘exceptionally client-focused’ Maria Stimpson, provides ‘responses that are very quick, as and when required’. Highlights included advising the trustees of the Burmah Castrol Pension Fund in relation to the merger of the fund into the BP Pension Fund. Other clients include Cable & Wireless, HBOS trustees and Lloyds Banking Group trustees, ICI Pension Fund trustees, Pfizer trustees, and Schroders trustees. Recent high-profile successes in contentious matters include acting for UBS and Prudential. Däna Burstow gives ‘clear, practical advice’; and Neil Bowden’s ‘advice has proven accurate and watertight in some crucial decision-making’. The investment funds expertise of Pavel Shevtsov and Paul Phillips, and the litigation know-how of Jonathan Hitchin and Joanna Page, augment a first-class practice that also benefits from the vast experience of consultants Mervyn Parry, Jonathan Goodwin and Derek Sloan. ‘Fees are given in advance, accurate and good value for money.’

Within Insurance and reinsurance litigation Leading individuals

Within Insurance litigation: for policyholders , Allen & Overy LLP is a first tier firm,

‘Quality outfit’ Allen & Overy LLP has a good reputation for policyholder representation, and Bermuda Form excess liability and pharmaceutical product liability claims are strong areas of practice. The dedicated team successfully handled various claims in 2010, including financial line professional indemnity and D&O liability, and also first party loss and third party liability claims directly arising from the Madoff fraud. Richard Farnhill, Richard Smith, Judith Gill QC and practice head Joanna Page are recommended.

Within Insurance: corporate and regulatory, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP’s full-service team, headed by Philip Jarvis, receives instructions from RSA and Legal & General, and has advised leading investment banks on trading longevity risks with banks, insurers and investment schemes. It advised Catalina Re on acquiring Glacier Reinsurance. Other reinsurer clients include Swiss Re and Munich Re. Stephen Mathews and of counsel Andrew Barton are also recommended.

Within Overview,

The legal market is in an interesting state of flux, with a trend for breakaway boutiques. Harcus Sinclair set the ball rolling back in 2002, followed by Maurice Turnor Gardner LLP, which split from Allen & Overy LLP in 2009. In 2010, four private client partners left Lawrence Graham LLP to establish Berkeley Law; and a trio of partners from Payne Hicks Beach left to establish New Quadrant Partners LLP.

Within Infrastructure, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP is a ‘top performer for infrastructure financings’, with ‘great understanding of the market’ and the ability to ‘instil full confidence in the banks’. Conrad Andersen is ‘an undoubted star’ and ‘tops the list for complex infrastructure financings’. Projects head Anne Baldock and corporate partner Susan Howard are also recommended. In 2010 the firm won roles on some of the most sought-after deals in the market, including advising the funders to the winning consortium on High Speed 1 (HS1).

Within Mining and minerals, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP’s mining offering gets stronger every year, and handles a healthy mix of projects and corporate work. Projects head Anne Baldock advised Calik Holding on its investments in three precious metals licences in Turkey. Dominic Morris is very active on the corporate side.

Within Oil and gas, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP ramped up its capability through the hire of ‘corporate oil and gas doyen’ Paul Griffin and John Geraghty from Herbert Smith LLP in early 2010; it has ‘unrivalled strength-in-depth’, ‘consistency of quality’ and ‘strong experience of the industry’. On the upstream side, Dominic Morris advised Dana Petroleum on its €328m acquisition of Petro-Canada Netherlands, while downstream highlights included advising SATORP, a joint venture between Saudi Aramco and TOTAL, on the $14.2bn Jubail refinery and petrochemical project. Project finance partner Andrew Castle is recommended for his ‘in-depth knowledge and good negotiation skills’.

Within Overview,

In this chapter, weighting is given to the firms with the broadest coverage of each practice area, hence the tendency of full-service firms to head the tables. The Magic Circle continues to dominate; Linklaters LLP is the only firm in the top bracket of every area, although Allen & Overy LLP is stronger on the project finance side and tops the rankings for infrastructure, oil and gas, power, PFI and water.

Within Power (including electricity, nuclear and renewables) , Allen & Overy LLP is a first tier firm,

Allen & Overy LLP impresses with its ‘strong knowledge base and level of commitment’, coupled with ‘considerable resource support’. Anne Baldock’s team ‘covers all the bases’ and includes Timothy Arnheim on the Middle East power side; Gareth Price on nuclear; and construction specialist Mark Walker. Highlights included advising Rosatom on the development of the Akkuyu nuclear plant in Turkey, and advising the lenders on the £235m Drax forward start facility refinancing.

Within Private finance initiative (PFI) , Allen & Overy LLP is a first tier firm,

Allen & Overy LLP fields ‘more than good lawyers: it also houses good dealmakers’ – particularly on the finance side, where ‘few come close’. Anne Baldock’s team includes Conrad Andersen, who is ‘one of the best commercial lawyers in the market, offering a unique blend of pragmatic, commercial and legal guidance’; Andrew Castle, who ‘has exceptional knowledge of the waste industry’; and David Lee. In 2010, health, education and transport were all active areas, but the highlights were advising the funders to the successful consortium on the High Speed 1 (HS1) PPP sale, and defying the slowdown in health to advise the lenders on the successful close of the £627m Southmead Hospital project.

Within Water, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP is the ‘best firm for managing complex multi-jurisdictional transactions’, and ‘understands, interprets and has empathy with the nature of commercial relationships in the water sector’. The practice spans domestic regulation through to international project financings, acting for banking clients, water companies and governments. The ‘exceptionally pragmatic’ Conrad Andersen is noted for his problem-solving skills, and is recommended for structured finance, recently advising the banks and bond arrangers on the refinancing of Osprey.

Within Administrative and public law, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP delivers an ‘extremely high-quality service’, and has strength in the regulated sectors, particularly finance and telecoms. Andrew Denny is a ‘star of present and future’, and Peter Watson is ‘shrewd and knowledgeable’. Key mandates for the ‘very strong team’ included advising the former shareholders of a Caribbean telecoms company and a Caribbean bank on constitutional challenges. The team is also advising News Corporation on regulatory aspects of its proposed acquisition of BSkyB. Senior associate Angeline Welsh is ‘exceptional, and never misses the finer points’.

Within Commercial property, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP ‘produces good lawyers but also good deal-makers’. It is ‘excellent’ for ‘more complex corporate real estate transactions’, recently advising APG and CPPIB on acquiring a 50% stake in the £1.75bn Westfield Stratford shopping centre. Imogen Moss is ‘technically excellent and very dedicated’, and Adam Cleal and Daniel McKimm are also recommended, as is ‘extremely commercial and very clever’ senior associate Chris Woolf.

Within Construction, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP focuses on international power and energy projects, and continues to advise on Saudi Arabia’s Jubail refinery project. It is also advising on several nuclear power projects such as Slovakia’s Belene NPP and Bulgaria’s Mochovce NPP. Nigel Pritchard is ‘excellent on contract formulation’.

Within Environment, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP focuses heavily on transactional support, particularly for multi-jurisdictional deals, but also advises on regulations. It advised Shell on a business divestment and Dana Petroleum on acquiring Petro Canada Netherlands. Practice head Matthew Townsend, who demonstrates a ‘high level of knowledge and willingness to understand client needs’, advised Khazanah Nasional Berhad – the Malaysian government’s investment arm – on a carbon joint venture with AIM-listed Camco International. Other clients include Amazon, Sita and BNP Paribas. The team has also been advising on carbon allowances thefts in the EU Emission Trading Scheme (EU ETS). Consultant Owen Lomas advises on environmental aspects of M&A, and on carbon trading agreements.

Within Overview,

The UK property finance market continued to battle considerable uncertainty, with many banks focusing on restructuring existing loan books. Allen & Overy LLP, Clifford Chance and Linklaters LLP were favoured practices for large, complex and often international deals, and advised on numerous high-profile restructurings. The National Asset Management Agency (NAMA) emerged as one of the big three property lenders in the UK, along with RBS and Lloyds Banking Group.

Within Property finance, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP’s ‘team is very strong, with European reach’, and is a favoured destination for large, complex deals. Its high-profile instructions in 2010 included advising Lloyds Banking Group on the consensual restructuring of facilities totalling €1.2bn secured against three large real estate portfolios. ‘Overall, service levels are very high’ and, in particular, Arthur Dyson and Mark O’Neill are ‘commercially minded lawyers who understand what the bank is trying to achieve’. Ian Powell is ‘calm, capable and very astute’; Melissa Samuel is ‘strong and good to have on board’; and Simon Roberts is ‘commercially tenacious and great fun to work with’.

Within Property litigation, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP advises on standalone pieces of litigation and recently represented a large landlord in a rights of light dispute with a developer neighbour. Beverley Vara is ‘very capable’ and commercially aware. Senior associate Akhil Markanday is also recommended.

Within Social housing: finance, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP’s ‘exceptional’ bond issue practice represents arrangers, trustees and bookrunners. It advised TradeRisks on its novel secured bond joint issue for Circle Anglia Social Housing plc. Geoff Fuller, Simon Hill and Greg Brown are recommended.

Within Brand management, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP’s clients include Honda, Nikon and Sony. Recent work for ‘first-class, experienced’ litigator Neville Cordell includes acting for eBay in its landmark trade mark dispute with L’Oréal. Nicola Dagg recently advised Research In Motion on branding issues in connection with the launch of the BlackBerry PlayBook tablet. Jim Ford advises Virgin Active on brand licensing.

Within Intellectual property, Allen & Overy LLP is a second tier firm,

Led by litigator Nicola Dagg, who is recommended for her ‘detailed industry knowledge’, Allen & Overy LLP’s ‘highly competent’ IP team recently recruited nine additional associates. Together with Huw Evans, Dagg is acting for Novartis in a pan-European patent dispute relating to blockbuster sight-saving drug Lucentis. She is also representing Research In Motion in trade mark issues, and UBS in a copyright infringement case. Neville Cordell, who is ‘good at running a complex case’, is advising eBay on its submissions to the Court of Justice of the European Union (CJEU) on liability for trade mark infringements by individual users. Non-contentious IP specialists Jim Ford and Colleen Keck are advising on the establishment of IP trust structures relating to the Baring Point insolvency. New client wins include Electronic Arts, Thomson Reuters and BSkyB.

Within IT and telecoms, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP’s ‘excellent’ cross-practice team advised Electronic Arts on its acquisition of Chillingo, publisher of Rovio’s Angry Birds; advised Sun Microsystems on EU merger control aspects of its $7bn merger with Oracle; acted for Standard Chartered Bank on Bharti Airtel’s $9bn purchase of Zain Africa; and assisted with the separation of Cable & Wireless into two separate entities. Nicola Dagg and Huw Evans are ‘quick, smart, results-oriented lawyers who fight for their clients’. Dagg is representing Research In Motion in a series of patent disputes against Motorola, winning a victory for RIM in the first case to reach the High Court.

Within Media and entertainment, tier 4

Allen & Overy LLP’s ‘first-rate’ team handles corporate deals for international clients, and is regularly instructed in high-end transactions and disputes. Highlights in 2010 included advising BSkyB in its high-profile appeal to the Court of Appeal regarding its stake in ITV; and advising Electronic Art on acquiring the popular Angry Birds app. Other clients include Amazon, NBC Universal and HarperCollins. Neville Cordell is a ‘highly experienced and canny litigator’, and Judith Gill QC gives ‘very concise and to-the-point advice’.

Within Pharmaceuticals and biotechnology, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP’s ‘responsive, proactive’ team ‘leaves no stone unturned’. Patent litigator Nicola Dagg, commended for her ‘good judgement and leadership’, is representing Novartis in a cross-border patent dispute with MedImmune concerning its blockbuster sight-saving drug Lucentis. Anna Buscall, who leads the firm’s global life sciences group, advises Pfizer, Biomet, GE Healthcare, UCB and Takeda. Other highlights included advising SSL International on its recommended £2.5bn takeover by Reckitt Benckiser, and Novartis on its $40bn acquisition of a majority stake in Alcon. Huw Evans is ‘particularly skilled in international litigation’, and Mark Ridgeway is also recommended.

Within Aviation, tier 5

Allen & Overy LLP’s aviation work includes asset finance, corporate, infrastructure development and litigation. The contentious side of the practice handles a significant amount of repossession work, including recently advising GECAS on the repossession of three Embraer 175 aircraft. Other highlights were advising BAA on the sale of its 65% stake in Naples Airport, and acting on the TAV Macedonia Airport PPP. The firm is valued for its ‘excellent advice and strong team’, with Peter Watson highly rated for ‘his legal acumen, professionalism and good humour’.

Within Rail, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP tends to appear in large-scale projects, and is prominent in rolling stock transactions. The group acted for Eversholt Investment Group on the acquisition of HSBC Asset Finance’s rolling stock business; represented the lenders in the HS1 transaction; and continued to advise the Bombardier consortium on the Thameslink rolling stock programme. The practice is led by leading individual Jonathan Bevan.