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Allen & Overy LLP

ONE BISHOPS SQUARE, LONDON, E1 6AD, ENGLAND
Tel:
Work 020 3088 0000
Fax:
Fax 020 3088 0088
Email:
Web:
www.allenovery.com
Abu Dhabi, Amsterdam, Antwerp, Bangkok, Beijing, Belfast and 38 more

Top-tier Firm rankings

Firm Rankings


London: Corporate and commercial

Commercial contracts
Commercial contracts - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP’s team, which is praised for its ‘stunning’ level of service, has a strong track record in high-value standalone, cross-border projects. It also provides assistance with the commercial contracts aspects of M&A and joint venture deals; Nigel Parker is leading the advice to Computer Sciences Corporation on the IT and outsourcing aspects of the client’s £11bn merger with Hewlett Packard Enterprise Company’s services business through a Reverse Morris Trust transaction. In another highlight, Jane Finlayson-Brown assisted Aegon with formulating data protection provisions in transaction documents, as well as ad hoc commercial issues, in connection with its acquisition of Blackrock’s UK defined contribution platform and administration business. Jim Ford handles intellectual property and IT issues arising from corporate and finance transactions, and has particular sector expertise in areas such as biotechnology, media and pharmaceuticals. Tom Levine, who is global head of the telecommunications practice, is also recommended, as are senior associates Karishma Brahmbhatt and Andrew Kenning.

Next generation lawyers

Nigel Parker - Allen & Overy LLP

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Corporate tax
Corporate tax - ranked: tier 2

Allen & Overy LLP

In line with the wider firm’s strengths, Allen & Overy LLP’s tax team is particularly strong in advising on the tax aspects of capital markets, structured finance and international M&A transactions. While the transactional support practice has been particularly busy in 2016-2017, the team has also noticed a marked increase in stand-alone tax advisory work. Indeed, as an example of both sides of the non-contentious practice, joint head Christopher Harrison assisted Bermuda-incorporated VimpelCom with the tax aspects of its joint venture arrangement with CK Hutchinson Holdings and also handles post-transaction advisory work for the client. Vimal Tilakapala jointly leads the group and acts for a list of global financial institutions in relation to the tax aspects of various equity financing transactions and structured product portfolios, and also provides ongoing advice on cross-border financing arrangements. Charles Yorke and Lydia Challen were instructed by Clydesdale Bank plc in relation to its demerger from National Australia Bank and subsequent IPO, and also advised on the client’s new regulatory capital instruments. James Burton, who specialises in real estate and direct tax, was promoted to partner in 2016.

Leading individuals

Christopher Harrison - Allen & Overy LLP

Vimal Tilakapala - Allen & Overy LLP

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EU and competition
EU and competition - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP’s practice in London is headed by Mark Friend, a ‘truly meticulous lawyer of great ability’ who provides ‘a balanced and nuanced understanding of issues’. The team, which is active across the telecoms, energy, financial and IP sectors, counts News Corp, HSBC, Walgreens Boots Alliance, and Asahi among its clients. The team currently sits on 13 legal panels, including the panels of Lloyds Banking Group, Shell, and Imperial Brands. Antonio Bavasso is the firm’s global co-head of antitrust and advised VEON on the merger control and Italian regulatory approval of its joint venture with CK Hutchison and secured approval from the European Commission. Philip Mansfield led the team representing Hitachi in an investigation by the European Commission into suspected cartel conduct in the automotive parts sector. Alasdair Balfour and counsel Thomas Masterman advised Tullett Prebon on the competition aspects on its purchase of the voice broking business of ICAP, which was cleared by the CMA following an agreement to divest ICAP’s oil broking business. Other notable highlights included advising 20th Century Fox on the European Commission’s investigation into territorial restrictions on cross-border access to pay-tv content and 21st Century Fox on its proposed takeover of Sky; and advising Premaitha on its application to the European Commission for an investigation into rival biotech companies for anti-competitive conduct. Newly promoted partner Dominic Long is a ‘rising star’ and praised for his ‘strong intellect’ and ‘ability to translate legal advice with ease’.

Leading individuals

Antonio Bavasso - Allen & Overy LLP

Mark Friend - Allen & Overy LLP

Philip Mansfield - Allen & Overy LLP

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Equity capital markets
Equity capital markets - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP regularly advises underwriters and issuers on the UK and US aspects of a range of equity transactions. The team’s roster of investment bank clients and its integration with the firm’s wider EMEA capital markets practice enables it to act on some of the largest London and cross-border issuances and listings. In one of the department’s largest deals of 2016, practice head David Broadley and James Roe advised Coca-Cola Iberian Partners on its three-way merger with Coca-Cola Enterprises and Coca-Cola Erfrischunsgetränke to form Coca-Cola European Partners, which involved listings on the NYSE, LSE and five other European exchanges. On the lender side, Roe advised a 14-bank syndicate as joint bookrunners on the €2.45bn capital raising by Steinhoff, which has a primary listing on the Frankfurt Stock Exchange and a secondary listing in Johannesburg. Adam Wells heads the US corporate finance practice and acted alongside Richard Browne to advise Cobham in connection with its £500m capital raising. Additionally, Jeff Hendrickson assisted Tullett Prebon with its issuance of 310 million new shares to ICAP shareholders in connection with the client’s acquisition of ICAP. Other significant mandates in 2016 have included the CMC Markets IPO and the highly publicised Clydesdale Bank IPO.

Leading individuals

Adam Wells - Allen & Overy LLP

David Broadley - Allen & Overy LLP

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Financial services
Financial services (contentious) - ranked: tier 1

Allen & Overy LLP

Financial services (non-contentious/regulatory) - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP is ‘absolutely outstanding’ at representing clients throughout the continuum of contentious issues, from internal investigations through to enforcement actions (where it is ‘able to deliver its outstanding banking and bank regulatory expertise, through contentious lawyers working seamlessly with the firm’s subject matter experts) and any private litigation flowing out of that. Calum Burnett provides a ‘superb service’ to clients subject to complex domestic and cross-border regulatory investigations and enforcement proceedings. Effectively able to combine commercial litigation expertise with contentious regulatory skills, Mahmood Lone has handled numerous market manipulation matters including his recent work alongside the ‘very impressive’ Tim House, in relation to the defence of a bank in a global FX investigation. Arnondo Chakrabarti has vast experience across both contentious regulatory matters and corporate crime, frequently in the context of a cross-border scenario. On the non-contentious front, recently promoted partner Kate Sumpter ‘has an excellent understanding of the regulatory landscape in Europe for both buy and sell side clients’, and continues to advise HSBC on the ring-fencing of its retail and investment banking operations. Etay Katz has a strong reputation in the industry and as well as acting for individual financial institutions, is also frequently called upon to advise industry and trade bodies on regulatory issues of concern. In addition to providing regulatory advice to The Systemic Risk Council, Katz is also acting for Securities Industry and Financial Markets Association (SIFMA) on its ongoing work on the European Banking Authority (EBA) consultation regarding an alternative prudential regulation regime for investment firms. Damian Carolan has a focus on derivatives and securities regulation and the development of new markets and clearing settlement systems; he recently advised London Clearing House on a significant new product development, Swap Agent, for the delivery of centralised infrastructure for uncleared "Over the counter" (OTC) derivatives business. The firm’s non-contentious capability was also boosted in March 2017 by the arrival of Nick Bradbury from Herbert Smith Freehills LLP.

Leading individuals

Calum Burnett - Allen & Overy LLP

Next generation lawyers

Kate Sumpter - Allen & Overy LLP

Mahmood Lone - Allen & Overy LLP

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M&A: mid-market, £50m-£250m
Leading individuals

David Broadley - Allen & Overy LLP

Richard Hough - Allen & Overy LLP

Next generation lawyers

Simon Toms - Allen & Overy LLP

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M&A: smaller deals, up to £50m
Leading individuals

David Broadley - Allen & Overy LLP

Richard Hough - Allen & Overy LLP

Next generation lawyers

Simon Toms - Allen & Overy LLP

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M&A: upper mid-market and premium deals, £250m+
M&A: upper mid-market and premium deals, £250m+ - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP attracts praise for its ‘very high level of service’ and ‘practical advice’, as well as its ‘detailed market knowledge’ and ability to provide ‘strong technical support across a broad spectrum of sectors and specialist areas’. Public M&A is a high-profile strength of the practice, which counts TMT, energy, financial services and consumer goods as key sectors of expertise. David Broadley is ‘always one step ahead of his clients and ahead of the pack’; he, Seth Jones and the ‘quick-thinking, commercial’ Simon Toms, who is ‘cool under pressure’, acted for 21st Century Fox on the corporate, regulatory and competition aspects of its £11.7bn purchase of a 61% stake in BSkyB; the move would give the company full ownership of BSkyB. Also in the TMT space, Toms, Andrew Ballheimer and Tom Levine acted for VimpelCom on its formation of a €21.8bn joint venture with CK Hutchison Holdings, to create Italy’s largest mobile operator. Asahi is a major client of the practice in the consumer goods space: Richard Hough advised it on the €2.6bn purchase of the Peroni and Grolsch businesses in Italy and the Netherlands, and on its €7.3bn acquisition of SABMiller’s former businesses in various Eastern European countries from AB InBev. The department’s other clients include Aviva, GlaxoSmithKline, Novartis, Visa Europe and Thomson Reuters. ‘Pragmatic’ practice head Dominic Morris is singled out for his ‘wide range of expertise’. Also recommended are the ‘very personable, efficient’ Daniel Fletcher, who has ‘strong technical knowledge’, Gillian Holgate and Annabelle Croker.

Leading individuals

David Broadley - Allen & Overy LLP

Richard Hough - Allen & Overy LLP

Next generation lawyers

Simon Toms - Allen & Overy LLP

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Partnership
Partnership - ranked: tier 5

Allen & Overy LLP

Allen & Overy LLP has particular experience in the establishment and structuring of fund and investment partnerships. Joint practice head John Goodhall acts alongside the firm’s Washington DC office to advise International Finance Corporation in the creation of an investment partnership structure with Allianz Insurance. Stephen Mathews jointly leads the practice group and advised BGC Partners on LLP arrangements relating to its acquisition of Sunrise Brokers. Mathews has previously been instructed by clients in the pharmaceuticals and financial services sectors.

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Private equity: transactions
Private equity: transactions – Large-cap deal capability - ranked: tier 3

Allen & Overy LLP

Allen & Overy LLP has a strong track record in domestic and cross-border transactions, where it acts for high-end private equity houses such as The Carlyle Group, Apollo and 3i Group. The practice also acts for management teams, investee companies, banks and sovereign wealth funds. Stephen Lloyd leads the private equity team, which works with experts in ancillary disciplines, including the firm’s first-class finance and capital markets practices (which cover high-yield finance, leveraged finance and syndicated lending transactions, among other matters) to provide clients with the gamut of advice in the private equity space. In 2016, Lloyd, Karan Dinamani and others acted for PAI Partners and R&R Ice Cream in R&R’s £3bn multi-jurisdictional joint venture with Nestlé. Working with the Paris office, Gordon Milne co-led a multi-disciplinary team advising Apax Partners on its acquisition of Kolak Snack Foods from the founders of the business. George Knighton and recently promoted partner Peter Banks are other names to note.

Leading individuals

Stephen Lloyd - Allen & Overy LLP

Next generation lawyers

Karan Dinamani - Allen & Overy LLP

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London: Crime, fraud and licensing

Fraud: civil
Fraud: civil - ranked: tier 1

Allen & Overy LLP

The ‘strong team’ at Allen & Overy LLPattracts significant instructions from large corporate clients as well as individuals’, and is best known for handling complex multijurisdictional cases involving freezing and disclosure orders, along with search and seizure orders. Highlights included representing a major international hedge fund in relation to the theft of confidential information and trading strategies by a former employee, and acting for Kazakhstan Kagazy in a multimillion-dollar fraud case. Practice head Mona Vaswani is ‘an impressive, no-nonsense solicitor with good judgement and a commercial attitude’ who ‘invariably remains calm and collected, even in the face of unusual and challenging circumstances’. Senior associate Helen Biggin is noted for her expertise in emerging markets, and regularly handles matters across Iraq and Kazakhstan.

Leading individuals

Mona Vaswani - Allen & Overy LLP

Next generation lawyers

Helen Biggin - Allen & Overy LLP

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London: Dispute resolution

Banking litigation: investment and retail
Banking litigation: investment and retail - ranked: tier 1

Allen & Overy LLP

Always very strong for banking litigation’, Allen & Overy LLP’s well-respected banking and finance litigation team advises on major regulatory investigations and high-profile disputes; and the group regularly works in integrated teams with the firm’s specialist transaction colleagues, including its banking, restructuring, derivatives, and corporate trustee practices. Highlights included acting for four banks, the second-to-fifth defendants, in an alleged false implied misrepresentation dispute, involving an €800m interest rate swap. The team also continued to act for Deutsche Bank and a syndicate of lenders in a headline case involving the fallout from the LIBOR rigging scandal. Other matters included the practice representing Commerzbank (London Branch) in proceedings regarding a structured finance transaction, the proceeds of which are alleged to have been embezzled by third parties. Andrew Denny is ‘a first-class practitioner who has excellent knowledge of the law’; and James Partridge is ‘set apart by his straightforward nature and down-to-earth approach, which means he can communicate with – and listen to – clients, as well as other lawyers and judges. He is also one of the busiest people in London’s legal market but never seems short of time for clients’ cases’. Calum Burnett and Mona Vaswani are co-banking, finance and regulatory litigation heads; John O’Conor is a leading finance litigation specialist, who is known in the market for his specialist expertise in derivatives and structured finance; and Marc Florent specialises in the contentious aspects of structured finance, particularly derivatives disputes, and insolvency. Arnondo Chakrabarti and Mahmood Lone are also highly rated.

Leading individuals

Andrew Denny - Allen & Overy LLP

Calum Burnett - Allen & Overy LLP

John O’Conor - Allen & Overy LLP

Marc Florent - Allen & Overy LLP

Next generation lawyers

Mahmood Lone - Allen & Overy LLP

Oliver Rule - Allen & Overy LLP

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Commercial litigation
Commercial litigation - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP is ‘the Rolls-Royce Phantom of commercial litigation – so smooth and precision-engineered that the production of unstoppable forward force seems effortless’. Historically associated with banking and financial services disputes, the 140-lawyer, London-based litigation team is increasingly known for its work for blue-chip corporations, particularly regarding high-end disputes. Many of its cases reach the Court of Appeal and Supreme Court and, because most of them have international dimensions, the London team regularly works alongside one or more of the firm’s overseas offices. Examples include the London disputes team, together with colleagues in Hong Kong, Beijing and New York, successfully representing, an international hedge fund in relation to civil and criminal proceedings in several jurisdictions, which arose out of the theft of highly valuable confidential information and trading strategies by a former UK employee. The practice also successfully represented ING, as security agent, in worldwide litigation, arising from the collapse of the OWBunker Group, including a precedent-setting UK Supreme Court decision, which provided legal certainty for financiers that their security rights were being upheld. Commercial litigation head Lawson Caisley is ‘a very assured partner’; global dispute resolution head Tim House’s ‘integrity impresses’; Jonathan Hitchin’s ‘work is excellent’; and James Partridge ‘combines all the skills clients expect of a partner in his position’. Mona Vaswani and Alice Englehart are highly rated.

Leading individuals

Jonathan Hitchin - Allen & Overy LLP

Lawson Caisley - Allen & Overy LLP

Next generation lawyers

Helen Biggin - Allen & Overy LLP

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Competition litigation
Competition litigation - ranked: tier 2

Allen & Overy LLP

The competition litigation team at Allen & Overy LLP draws on the sector specialisms of the wider-firm and also makes good use of its global network, making the department an attractive team for corporates facing competition investigations and subsequent litigation. Antonio Bavasso is the firm’s global co-head of antitrust and in addition to leading 21st Century Fox’s bid for Sky, he advised the client in relation to the EC’s investigation into territorial restrictions and licensing arrangements between the company and European pay-TV broadcasters. Jonathan Hitchin is an active litigator in the group and is instructed by a number of household name clients in multiple high-value proceedings in the UK and abroad. Indeed, Hitchin and Alasdair Balfour are acting for Visa Europe Member Representative (a trust company representing 441 European banks) in connection with the competition proceedings brought against Visa by various UK retailers. Additional clients include Hitachi, Deutsche Bank and Premaitha. Dominic Long was promoted to partner in 2017. Philip Mansfield and Mark Friend are also recommended.

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International arbitration
International arbitration - ranked: tier 2

Allen & Overy LLP

Gibson, Dunn & Crutcher LLP is particularly strong in the energy, telecoms, insurance, construction, pharmaceutical and banking sectors. Cyrus Benson’s recent representations include advising a major oil company in a high-value ICC arbitration, which arose from the sale of a refinery, pipeline and export company; and Penny Madden QC acted for a telecoms corporation in its mega-value UNCITRAL investment treaty arbitration against a North African state. Osma Hudda is ‘a very skilled, focused, organised lawyer, with a strong eye for both the big picture and detail’, and Doug Watson is a key name. Jeffrey Sullivan, who recently joined from Allen & Overy LLP, is described as ‘an excellent lawyer with outstanding ECT and investment treaty disputes experience’.

Allen & Overy LLP’s ‘practitioners are very knowledgeable, provide well-researched opinions and respond in a timely manner’. The practice’s scope of work includes energy, finance, insurance coverage, and shipping disputes, as well as arbitration-related litigation; it acted for South Stream Transport, a Netherlands-listed subsidiary of Russian energy giant, Gazprom, in its dispute with Italian oil and gas industry contractor, Saipem, which related to a cancelled pipeline project. The ‘focused’ Richard Smith is ‘very calm and patient in his handling of cases’; Mark Levy is known for energy disputes, including his extensive gas price arbitration practice; and Kate Davies is ‘phenomenally bright, extremely hard working, and thoroughly personable’. James Freeman is a highly regarded counsel. Jeffrey Sullivan moved to Gibson, Dunn & Crutcher LLP

Next generation lawyers

Kate Davies - Allen & Overy LLP

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Public international law
Public international law - ranked: tier 1

Allen & Overy LLP

Excellent in every respect’, Allen & Overy LLP is ‘always extremely responsive, providing constructive advice that is right on point’. The team regularly acts in disputes that arise out of bilateral and multilateral investment treaties; and it was recently very active advising on international trade and WTO issues, and Energy Charter Treaty disputes. The PIL lawyers also form a core part of the firm’s dedicated Brexit team, which advises clients on the implications of the UK’s vote to leave the EU. Recent highlights include successfully defending the Islamic Republic of Pakistan against two parallel investment treaty claims that direct and indirect interests in a Pakistani company and a liquefied petroleum gas import terminal were expropriated by Pakistan. Mark Levy is ‘outstanding’; Kate Davies’s ‘approach is much more commercial than some of the other Magic Circle practices’; and James Freeman is a key counsel. Jeffrey Sullivan moved to Gibson, Dunn & Crutcher LLP.

Next generation lawyers

Kate Davies - Allen & Overy LLP

Naomi Briercliffe - Allen & Overy LLP

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London: Finance

Acquisition finance
Acquisition finance - ranked: tier 1

Allen & Overy LLP

With 31 leveraged finance partners based in London and also able to tap into its extensive international network, Allen & Overy LLP is well placed to advise banks, corporates, sponsors, and an increasing number of debt funds, on domestic and cross-border financing deals. The firm is also expanding its finance offering in the US; having made a series of significant hires over the past year, the firm is able to tap into the increasingly convergent UK and US financing markets. Co-head of global leveraged finance Jonathan Brownson recently advised the mandated lead arrangers, including Deutsche Bank and Goldman Sachs, on the €920m covenant-lite financing to support EQT’s acquisition of Bilfinger Group. Greg Brown, who handles acquisition finance deals as part of his wide-ranging finance expertise, recently advised the lenders, including Deutsche Bank and HSBC, on a $25bn acquisition finance facility to facilitate British American Tobacco’s $40.4bn acquisition of the remaining stake in Reynolds American. Robin Harvey has an excellent reputation among private equity sponsors and recently advised PAI Partners on the €337m senior term loan facility and €60m revolving facility in support of its acquisition of Ethypharm. David Campbell handles both leveraged finance and investment grade acquisition finance matters for both lenders and borrowers; he recently advised the lenders on the €600m financing to support Shanks Group’s acquisition of Van Gansewinkel Groep. Other recommended partners include the ‘very impressive’ Nicholas Clark, Philip Bowden, Matt Moore and Timothy Polglase. Stephen Kensell joined Latham & Watkins in September 2016. RBS, Advent International and Providence Equity Partners are additional clients of the team.

Leading individuals

Philip Bowden - Allen & Overy LLP

Robin Harvey - Allen & Overy LLP

Timothy Polglase - Allen & Overy LLP

Next generation lawyers

Matt Moore - Allen & Overy LLP

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Asset finance and leasing
Asset finance and leasing - ranked: tier 1

Allen & Overy LLP

Leveraging the firm’s strong banking ties, in addition to its wide-reaching international network, Allen & Overy LLP provides a ‘very professional and efficient’ service that runs the gamut of transportation asset classes. ‘Knowledgeable and pragmatic’ team head Mario Jacovides ‘provides solutions-oriented advice’; on the aviation front, he recently acted for DVB Bank on the first ever Japanese operating lease with a call option (JOLCO) financing for a Turboprop aircraft. Jacovides was part of a team including the ‘excellent’ Paul Nelson advising the arranger, guarantor and trustee on the world’s first-ever Euro-denominated, ECA-backed bond for five ATR aircraft. In another highlight, Nelson led the team advising three different syndicates of banks on the Islamic Ijaara financing of twelve A330s and eight A320 aircraft to IAFC for lease to Saudi Arabia Airlines. As part of his wide-ranging asset finance expertise, David Smith regularly picks up significant shipping work, and acted alongside practitioners in the firm’s Moscow office for Sberbank on the $340m financing of three ice breaking tanker vessels for Sovcomflot Group; this was the first structured ship financing by a Russian bank and the largest commercial deal completed by a single bank without syndication. Kevin Young is also highly rated for shipping finance work and recently advised Excelerate Energy on the sale and leaseback of an LNG floating storage and regasification vessel (FSRU) arranged by CMB Financial Leasing. The ‘business-oriented’ Harry Upcott and rail expert Jonathan Bevan are also recommended. Other clients include Nordic Aviation Capital, ING Bank, BNP Paribas and Falko. Dylan Potter joined Vedder Price

Leading individuals

David Smith - Allen & Overy LLP

Mario Jacovides - Allen & Overy LLP

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Bank lending: investment grade debt and syndicated loans
Bank lending: investment grade debt and syndicated loans - ranked: tier 1

Allen & Overy LLP

Leveraging the firm’s deeply entrenched banking relationships, the ‘very impressive’ 31-partner team at Allen & Overy LLPdisplays vast expertise and knowledge’ of investment grade acquisition finance, corporate lending for working capital purposes, and syndicated and structured lending. Able to deploy significant resources, not just out of London but also across the firm’s network of offices worldwide, the practice has the critical mass and benefits from a geographical diversity that ensures it is able to handle a large volume of big-ticket mandates. The ‘excellent’ Trevor Borthwick is global head of the firm’s corporate lending practice; his recent highlights include acting for the agent bank on the £1.35bn multi-currency facilities used to support Ladbrokes’ £2.7bn merger with Gala Coral. ‘The smart and practical’ George Link acted for Cooperative Rabobank and Credit Agricole, as arrangers, on the $600m term loan and revolving credit facilities provided to Dutch company OCI. In a mandate which involved significant input from the firm’s New York and Dutch offices, Greg Brown recently advised the lead banks, including Deutsche Bank and HSBC, on a $25bn syndicated facility to enable British American Tobacco to acquire the remaining 57% stake in Reynolds American not already owned by the client. Praised for her ‘excellent judgement’, Melissa Samuel is active across a range of financings including syndicated and structured lending; she recently acted for RBS on a £1.7bn term loan and revolving credit facility for AMEC Foster Wheeler. Michael Castle and Darren Hanwell are noted in particular for their expertise within the margin lending space. Other recommended partners include Nicholas Clark and Simon Roberts. Stephen Kensell joined Latham & Watkins in July 2016.

Leading individuals

Simon Roberts - Allen & Overy LLP

Trevor Borthwick - Allen & Overy LLP

Next generation lawyers

Darren Hanwell - Allen & Overy LLP

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Corporate restructuring and insolvency
Corporate restructuring and insolvency - ranked: tier 1

Allen & Overy LLP

The ‘creative and pragmatic’ ten-partner team at Allen & Overy LLP provides ‘solutions-oriented’ advice to an impressive array of banking clients including RBS, Credit Suisse and Barclays, across a range of creditor-side situations. Benefiting from a huge international network, the team excels at cross-border mandates; it continues to be involved for ING, as lender, on the restructuring/insolvency of Danish oil services company, OW Bunker. Led out of London by Mark Sterling, Jennifer Marshall and James Partridge, and involving considerable input from lawyers from the firm’s US, Hong Kong and Dutch offices, work has included complex cross-border issues and various types of litigation and arbitration in over 20 jurisdictions to recover assets for the benefit of the lender (including a notable victory at the Supreme Court which ruled on various complex contractual issues and provided certainty for supply receivable financiers). Praised for his ‘commercial and practical advice’, the ‘excellent’ Randal Weeks regularly leads on complex cross-border restructurings including his ongoing work for the co-ordinating committee of lenders on the Al Jaber restructuring. On the debtor front, Earl Griffith continues to act for the Four Seasons Health Care Group and its private equity owner, Terra Firma, in connection with a financial creditor and leasehold estate restructuring of the Group’s debt and capital structure. Other recommended practitioners include Katrina Buckley, Jennifer Marshall, Tim Crocker, consultant Gordon Stewart and senior associate Joel Ferguson.

Leading individuals

Ian Field - Allen & Overy LLP

Mark Sterling - Allen & Overy LLP

Next generation lawyers

Joel Ferguson - Allen & Overy LLP

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Debt capital markets
Debt capital markets - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP is ‘superb; it surpasses all other firms in terms of client service, responsiveness, commerciality and value for money’ according to one client, while another notes that ‘the set-up and the level of partner attention is amazing, and the firm has fantastic knowledge of the industry’. Overall, the team is ‘extremely pragmatic in coming up with solutions that work for all parties involved’. Head of debt capital markets Jonathan Melton is ‘very knowledgeable, has super experience and is at the top of his field’. He leads a team that has one of the deepest DCM benches in London, including experienced partners Matthew Hartley, who acts for sovereigns, supra-nationals, corporates, banks and mutuals on the full range of matters; Philip Smith, whose broad practice encompasses work for issuers and underwriters; Tom Grant who is ‘a key partner in the practice’ and whose work includes liability management deals; Theo Trayhurn, who is ‘fantastic, very quick to respond and works well on tough and innovative projects’ and who is described by peers as ‘an impressive sparring partner’; Jamie Durham, who stands out for equity-linked and emerging markets deals; US-qualified Sachin Davé; and newly promoted Daniel Fletcher, of whom clients remark that ‘few lawyers know more about the regulatory environment’. The team of counsel and associates ‘shows great attention to detail and is pleasant to work with’. The firm’s many highlights included advising dealer managers including Citigroup on a €1bn liability management deal for SABMiller, and acting for lead managers including Goldman Sachs on a €1bn notes issue by Nykredit Realkredit.

Leading individuals

Jamie Durham - Allen & Overy LLP

Jonathan Melton - Allen & Overy LLP

Matthew Hartley - Allen & Overy LLP

Next generation lawyers

Daniel Fletcher - Allen & Overy LLP

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Derivatives and structured products
Derivatives and structured products - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP is ‘one of the very top firms for knowledge, experience and service’ and it has ‘a deep bench that is a tier above nearly all of its competitors’. Clients remark that the team is ‘plugged into central banks, regulators and all market movements’. The firm is known for its innovative structured finance work and the ability to ‘basically lead the global market from London’ on key issues such as regulation. A prime example is its work on the International Swaps and Derivatives Association (ISDA) Working Group on Margin Requirements (WGMR) project, which addresses new margin rules for uncleared trades. The firm led that group and is now advising many clients on the implementation of the new rules using its MarginMatrix digital derivatives compliance system. Emma Dwyer, David Wakeling, Guy Antrobus and newly promoted partner Tom Roberts played key roles in the project. There are thirteen derivatives and structured finance partners in the London team, which is led by Tony Drake-Brockman whose practice encompasses all types of structured products and funded derivatives, including credit-linked, equity-linked and commodity-linked securities. Parya Badie plays a key role in the firm’s strategic equity group and advises on structured credit and equity derivatives, insurance capital markets cross-over products such as longevity transactions, and regulatory capital trades; David Benton is ‘excellent, truly one of a kind’, particularly in the credit derivatives space; Paul Cluley advises on structured repo and securities lending, as well as contentious derivatives matters; Richard Tredgett is ‘pragmatic, imaginative and very earthy in his approach’ to regulatory matters; Franz Ranero is active in the CLO market, where the firm has had ‘significant success’; Andrew Sulston advises on equity-linked, fund-linked, credit-linked and forex products for both institutional and retail markets; Daniel Shurman specializes in equity financings and advised Morgan Stanley and JPMorgan on Vodafone’s £1.88bn convertible bond issue; and David Wainer is known for innovative repackaging structures.

Leading individuals

David Benton - Allen & Overy LLP

Emma Dwyer - Allen & Overy LLP

Parya Badie - Allen & Overy LLP

Richard Tredgett - Allen & Overy LLP

Tony Drake-Brockman - Allen & Overy LLP

Next generation lawyers

Tom Roberts - Allen & Overy LLP

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Emerging markets
Emerging markets - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP has ‘one of the leading finance practices in the City and is active in complex and high-value deals across the globe’. The firm’s growth markets practice is a central pillar of its global business and London has a pivotal role working with teams in its network of offices and through strong local relationships in Africa, the CEE region, the CIS, Ukraine, southeastern Europe, Turkey, the Middle East and parts of Asia and Latin America. The cross-practice team brings together market-leading expertise in areas such as debt capital markets, bank finance, project finance, corporate transactions, structured finance and private equity. The firm has a very deep bench in London that includes Lorraine Bayliss, who leads the ECA practice is best known for oil and gas, power and trade finance deals in the Middle East and Africa; Philip Bowden, who is co-head of the global banking team; Greg Brown, who handle syndicated loans, leveraged and acquisition finance, telecoms financing and export finance; Andrew Castle, who handles oil and gas projects, particularly in Africa and Turkey; Michael Castle, whose banking and leveraged finance practice sees him advise on deals in Russia and Africa; and Sanjeev Dhuna, who co-chairs the firm’s busy India group. Also recommended are Sachin Davé, Philip Smith and Jamie Durham, who stand out for debt capital markets in the CEE, Turkey and Africa, and Atif Hanif, who is a leading practitioner in Islamic finance and banking deals in the Middle East. The team’s highlights included advising telecommunications company Eaton Towers on its expansion into countries such as Ghana, Uganda, Kenya and Niger. The India group advised a consortium of investors led by AION Capital Partners on the leveraged buyout of GE Capital’s Indian non-bank financial services business. The firm is also advising TAP AG, which is the company behind the Trans Adriatic Pipeline, on the development and construction of the €5bn project.

Leading individuals

Lorraine Bayliss - Allen & Overy LLP

Sachin Davé - Allen & Overy LLP

Sanjeev Dhuna - Allen & Overy LLP

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High yield
High yield - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLPrates very highly in the high yield market’ and is noted for its ‘good industry knowledge and commercial advice’. The firm has four partners in London: global high yield co-head Kevin Muzilla, Jeanette Cruz, Matthias Baudisch and Jake Keaveny are all seen as standout performers. In 2016, the firm was among the most active advisers to European high yield underwriters and issuers, playing a role in transactions that generated approximately €9bn in aggregate gross proceeds. The practice works closely with the firm’s strong leveraged finance teams in London and New York. Senior associate John Kicken also plays an active role the London team’s key deals. Last year, the team acted for Deutsche Bank, HSBC and BNP Paribas in a re-pricing and add-on transaction for a €660m financing provided to Blackstone to fund its acquisition of Armacell. Another highlight saw the firm act for Perstorp Holding on a $1.2bn four-tranche, cross-border issuance of debt to refinance the company’s existing notes. The firm also acted for Ukrainian mining and steel company Metinvest on the restructuring of $1.125bn in high yield bonds.

Leading individuals

Jake Keaveny - Allen & Overy LLP

Jeanette Cruz - Allen & Overy LLP

Kevin Muzilla - Allen & Overy LLP

Next generation lawyers

John Kicken - Allen & Overy LLP

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Islamic finance
Islamic finance - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP’s London-based Islamic finance team handles the full range of Islamic finance transactions, from capital markets and corporate lending deals to asset-based lending and structured transactions. The team has established a reputation for leading significant matters solely from the London office, and in 2016, department head Atif Hanif advised a consortium of Islamic and conventional lenders as arrangers and financiers on the $1.5bn syndicated term loan facility in connection with Aluminium Bahrain’s Line 6 expansion project for the Alba aluminium smelter; this represents the largest corporate loan in the history of Bahrain. The group was also instructed by a group of Gulf-lenders on the ijara financing of twelve wide-body and eight narrow-body aircraft for lease to Saudi Arabia Airlines. On the borrower’s side, Hanif acted for Saudi Electricity Company on a SAR5bn murabaha facility provided by a syndicate of Saudi banks. The London-team is also strong in the regulatory space and counsel Yusuf Battiwala assisted International Islamic Financial Market (IIMF) and the International Swaps and Derivatives Association (ISDA) with the development of market standard documentation for shari’ah-compliant FX forward transactions. Specialising in Islamic sukuk transactions, Jamie Durham and Salim Nathoo are also contacts in the London office.

Leading individuals

Atif Hanif - Allen & Overy LLP

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Securitisation
Securitisation - ranked: tier 1

Allen & Overy LLP

According to one client, Allen & Overy LLP has ‘the strongest securitisation practice in the market’; ‘it continues to provide cutting-edge advice in the field of securitisation and its knowledge of the underlying asset classes and the structures used to securitise them is second to none’. Clients also note the ‘great strength in depth’ of the practice, which has a strong track record of precedent-setting transactions in a range of asset classes including residential mortgages, commercial mortgages, consumer loans, corporate loans, CLOs, auto loans and leases, trade receivables, public sector, project finance and infrastructure. The firm is often at the forefront of market developments; in a standout matter, the team advised Royal Bank of Canada as arranger on Virgin Media’s £125m mobile handset-backed securitisation programme. Tim Conduit was the lead partner on that deal. In another innovative instruction, Sally Onions (who is noted for her ‘client-focused approach and real expertise in complex securitisation transactions’) led the team advising Morgan Stanley and the joint lead arrangers on the £6.1bn Towd Point Mortgage Funding 2016 (Granite 1) deal, which involved a portfolio of residential mortgage loans originated by Northern Rock. The ‘consistently excellent’ team is led by Salim Nathoo, who advised Banco Santander as lead manager on the £600m Motor 2016-1 auto loan securitisation. Other standout practitioners include Angela Clist, who covers all asset classes but is a market leader in covered bonds; Christian Lambie, whose work includes whole business securitisation, structured commercial real estate and CMBS financing; and Lucy Oddy, who acted for issuer Austrian bank BAWAG on its £920m debut RMBS transaction backed by Northern Rock mortgages acquired from UK Asset Resolution. Clients also recommend newly promoted partner Tom Constance.

Leading individuals

Angela Clist - Allen & Overy LLP

Christian Lambie - Allen & Overy LLP

Lucy Oddy - Allen & Overy LLP

Sally Onions - Allen & Overy LLP

Salim Nathoo - Allen & Overy LLP

Tim Conduit - Allen & Overy LLP

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Trade finance
Trade finance - ranked: tier 1

Allen & Overy LLP

Noted for its ‘very deep banking practice and extensive network of overseas offices’, Allen & Overy LLP is ‘a prominent fixture in the trade finance market’. The firm’s work in structured finance and emerging markets, coupled with its sector expertise and broad product knowledge, gives it a strong foothold in trade and commodity finance deals across a variety of jurisdictions. Key figures include banking partner Greg Brown, who handles debt financing in numerous emerging markets including Russia, Africa, India, Turkey and the Middle East; Lorraine Bayliss, who leads on export credit agency (ECA) matters and whose diverse deal list includes advising a Norwegian borrower on its capital expenditure programme in Brazil, Colombia and Zambia; derivatives and structured finance partner Richard Tredgett, who regularly acts in structured trade finance deals; counsel Catherine Lang-Anderson, who is a key member of the global trade, commodities and supply chain finance practice and who frequently advises both banks and borrowers; and senior associate Daniel Birch, whose knowledge of derivatives makes him a natural choice for structured commodities transactions. Highlights included acting for Ukrainian steel and iron ore producer Metinvest on the restructuring of $1bn in pre-export financing facilities, and acting for a leading global trade and commodity finance bank as supply chain finance and platform provider in a £350m loan and bond financing for a global corporate. Deutsche Bank, HSBC and ABN Amro are additional clients.

Leading individuals

Greg Brown - Allen & Overy LLP

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London: Human resources

Employee share schemes
Employee share schemes - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP’s practice is very highly rated in all areas of share schemes and incentives, including employee equity incentives and executive remuneration. Well-regarded practice head Paul McCarthy has been leading advice to 21st Century Fox on the incentives aspects of its £11.7bn acquisition of a 61% stake in Sky; and also advised TUI on incentives matters related to its sale of Hotelbeds Group to private equity investor Cinven and the Canada Pension Plan Investment Board. The team includes senior associate Louise Batty, who has experience acting for both domestic and overseas clients on a broad range of share scheme matters, including the cross-border implementation of incentive arrangements.

Leading individuals

Paul McCarthy - Allen & Overy LLP

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Employment: employees/unions
Leading individuals

Karen Seward - Allen & Overy LLP

Mark Mansell - Allen & Overy LLP

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Employment: employers and senior executives
Employment: employers - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP’s highly rated practice handles the full gamut of contentious and non-contentious employment matters, with particular strength in representing financial services sector clients in high-value tribunal litigation. Practice head Karen Seward has been acting for Nomura on high-value litigation brought by a former senior employee before the High Court alleging wrongful dismissal. Sarah Henchoz advised Asahi Breweries on the employment aspects concerning the company’s €2.6bn acquisition of the Peroni, Grolsch and Meantime brands from AB InBev. The well-regarded Mark Mansell has been acting for Pure Storage in a restrictive covenant matter brought by a former senior executive before the High Court and subsequently the Court of Appeal. Senior associate David Cummings is also recommended. Other clients include Google, Morgan Stanley and Barclays. Louise Skinner joined Morgan, Lewis & Bockius UK LLP.

Leading individuals

Karen Seward - Allen & Overy LLP

Mark Mansell - Allen & Overy LLP

Next generation lawyers

David Cummings - Allen & Overy LLP

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Pensions
Pensions (non-contentious) - ranked: tier 1

Allen & Overy LLP

Pensions: dispute resolution - ranked: tier 3

Allen & Overy LLP

The ‘excellent’ department at Allen & Overy LLP is praised for its ‘very commercial and pragmatic advice, built on an excellent understanding of complex arrangements’. Neil Bowden has been advising the trustees of the BT Pension Scheme regarding Guaranteed Minimum Pension benefits and the tax treatment of overpayments. Däna Burstow advised Aegon on the pensions aspects of its £30bn acquisition of BlackRock’s defined-contribution pensions business. ‘Standout’ department head Maria Stimpson advised the trustees of the HIBU Pension Plan on a restructuring and valuation relating to the sponsoring employer’s financing. Clients also recommend of counsel Jessica Kerslake and senior associate Jason Shaw, who are ‘excellent in the field’. Jane Higgins was promoted to partner. The team was appointed to a number of panels in 2016, including Lloyds Banking Group, Shell and Imperial Brands.

Leading individuals

Maria Stimpson - Allen & Overy LLP

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London: Insurance

Insurance litigation: for policyholders
Insurance litigation: for policyholders - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP is ‘absolutely excellent’ in disputes against international insurers from the Bermuda and Lloyd's markets. As well as D&O claims and high-value coverage disputes, the practice’s recent caseload included property and business interruption claims under the leadership of Joanna Page, who ‘has great judgment and is totally unflappable’. Richard Smith excels in arbitration and is renowned for his work in Bermuda Form insurance policies and senior associate Lauren Lindsay is highly regarded. The ‘extremely ingenious’ Richard Farnhill - who ‘thinks outside the box’ in financial services work - acted for a major bank in a claim relating to its comprehensive crime policies, which arose out of investments in funds in the liquidated company Bernard L. Madoff Investment Securities LLC. Johnson & Johnson features on the impressive client list with well-known banks, insurers and manufacturers.

Leading individuals

Joanna Page - Allen & Overy LLP

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Insurance: corporate and regulatory
Insurance: corporate and regulatory - ranked: tier 3

Allen & Overy LLP

Philip Jarvis is the key figure at Allen & Overy LLP, where highlights have included advising Aviva on its £5.6bn all-share acquisition of life insurance specialist Friends Life, a transaction to be implemented by way of a scheme of arrangement. The team also acted for Aviva on its £1.7bn disposal of its latent risk portfolio to Swiss Re, and advised BCE on its high-value longevity insurance agreement with Sun Life Assurance Company of Canada. The team attracts a mix of life and non-life mandates, and has also been significantly active in the longevity risk transfer market, advising on pension portfolios and the reinsurance of longevity risks. Other notable clients include Guardian Financial Services, Royal & Sun Alliance, Legal & General Group and Morgan Stanley.

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London: Investment fund formation and management

Hedge funds
Hedge funds - ranked: tier 5

Allen & Overy LLP

Allen & Overy LLP’s Matt Huggett advised CQS on creating a number of funds to invest in collateralised loan obligations, on both the primary and the secondary markets. Nick Williams advised Cairn Capital on creating an open-ended loan fund.

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Private funds
Private funds - ranked: tier 4

Allen & Overy LLP

As part of a multi-disciplinary funds practice, Allen & Overy LLP handles various mandates concerning fund formations, co-investment projects and investor-side work. Nick Williams advised Cairn Capital on an open-ended loan fund. John Goodhall acted for International Finance Corporation on a co-investment project with Allianz, under which Allianz will invest $500m in project finance loans targeted at infrastructure in emerging economies. Pavel Shevtsov handles work for sovereign wealth funds, and Matt Huggett heads the practice.

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Real estate funds
Real estate funds - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP advises a number of key managers on sizeable real estate funds, with a particular strength in open-ended funds. Matt Huggett and senior associate Dominic von Wulffen advised TH Real Estate on creating its European Cities Fund, an open-ended fund targeted at €3-5bn which seeks to invest in both residential and commercial property across major cities in Europe. Huggett and senior associate Emma Danforth acted for Aviva Investors on a €500m open-ended fund aimed at long-lease assets. John Goodhall is also a key contact.

Next generation lawyers

Dominic von Wulffen - Allen & Overy LLP

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London: Projects, energy and natural resources

Infrastructure (including PFI and PPP)
Infrastructure (including PFI and PPP) - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP advises on big-ticket transport and social infrastructure projects; practice head David Lee is leading the advice to Macquarie, MIRA and USS as bidders in the privatisation of the UK’s Green Investment Bank. Conrad Andersen has experience in regulated utilities and also assisted, with senior associate Erika Singer, a consortium of buyers with their £2bn acquisition of London City Airport. In terms of cross-border work, Tim Conduit acted for Société Générale on the refinancing of the construction costs of the Passante di Mestre toll road around Venice, and he also, alongside Singer and Andersen, advised the funders to the €4bn multi-sourced refinancing of electricity distribution business Ellevio. Richard Evans and Sara Pickersgill handled, for a multinational consortium, the acquisition of a 30% interest in EP Infrastructure from Energetický a průmyslový holding Other notable clients include Allianz, Morgan Stanley and First State.

Leading individuals

Conrad Andersen - Allen & Overy LLP

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Mining and minerals
Mining and minerals - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP’s mining practice is jointly led by Dominic Morris in London and Geoff Simpson in Perth, acting for major international clients such as Rio Tinto, Vale and Anglo American. In recent highlights, Richard Browne, who manages the London corporate and M&A unit, represented Vale in the renegotiation of Mitsui’s $1bn investment in the Moatize coal mine in Mozambique and the Nacala rail line project. On the equity capital markets front, James Roe advised Nordgold on its conversion to a societas europaea and its subsequent migration to the UK, and acted for Canaccord, J&E Davy and Mirabaud as joint brokers on the fundraising aspect of the restructuring of Kenmare. In terms of contentious work, Mark Levy led the team in a large commercial arbitration case on behalf of the government of Balochistan, and counselled the government of Pakistan in a related investment treaty arbitration. Global chairman of the corporate group Richard Cranfield and Jeremy Parr, who is co-head of the firm’s global energy group, are also key contacts.

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Oil and gas
Oil and gas - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP’s projects group advises on all aspects of upstream, midstream and downstream oil and gas work across the globe for clients such as Engie, Shell and Total. In an illustration of the firm’s multi-disciplinary capability, Troy Edwards is acting for TAP AG on the project development of a gas pipeline commencing at the border between Greece and Turkey border and ending in Italy, with Lorraine Bayliss and the Istanbul-based Charles Lindsay handling the financing work. In another highlight, M&A partner John Geraghty acted on a number of high-value oil and gas transactions, and handled the establishment of two joint ventures to provide onshore and offshore drilling services in the Middle East. In an Africa-related highlight, upstream specialist Andrew Castle acted for government authorities on the development of an offshore gas project. Conrad Andersen acted on behalf of the funders on the acquisition of significant stake in a pipeline grid in Central Europe. Also recommended are Gareth Price and Jeremy Parr; they jointly head the firm’s energy department, and Price also acts as global leader of the projects group.

Leading individuals

Jeremy Parr - Allen & Overy LLP

John Geraghty - Allen & Overy LLP

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Power (including electricity, nuclear and renewables)
Power (including electricity, nuclear and renewables) - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLPis one of the best’ according to clients, with global projects group head Gareth Price and his team highly regarded for major projects work and financings across the power sector. In addition to being a major player in global power projects, the practice is heavily involved in the UK space, as demonstrated by its advice to Infrastructure UK regarding all aspects of the financing and development of the Hinkley Point C station in Somerset, and to Hitachi on the development of newbuild nuclear stations in the UK following its acquisition of Horizon. In another UK power highlight, Christopher Andrew led the team acting for the lenders on the Dudgeon offshore wind farm in Norfolk. John Geraghty is assisting Green Investment Bank (GIB) with its acquisition of a 25% stake in the Galloper offshore wind farm, while David Lee is acting for Macquarie Capital, Macquarie Infrastructure and Real Assets and Universities Superannuation Scheme on their £2bn bid to privatise GIB. In an illustration of its ability to handle multi-jurisdictional mandates, Price and Troy Edwards are acting for Fennovoima on commercial and ongoing financing agreements for the construction and supply of nuclear fuel for the Hanhikivi 1 plant in Finland. Waste management specialist Andrew Castle and renewables and nuclear expert Sheila Connell are also recommended.

Leading individuals

Gareth Price - Allen & Overy LLP

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Water
Water - ranked: tier 1

Allen & Overy LLP

Jointly led by Conrad Andersen and Tim Conduit, Allen & Overy LLP’s water team is part of the global infrastructure group and is involved in high-value and high-profile projects in the UK market. Andersen recently advised, alongside Richard Evans, two infrastructure management clients on their acquisition of interest in a major water and wastewater entity. Other highlights included advising on the European aspects of a UK contractor’s takeover by an independent investment firm, and Nigel Pritchard acting for Biwater in the complex and politically-sensitive construction arrangements with the Kurdistan regional government for the Erbil and Sulaimani water project in Northern Iraq. On the regulatory side, Mark Friend assisted Severn Trent with its joint venture agreement with United Utilities, which will combine both companies’ non-household retail operations. Jonathan Melton is also a key contact and represented a leading bank as the arranger on the maintenance of a Euro medium-term note programme for a household name UK water company.

Leading individuals

Conrad Andersen - Allen & Overy LLP

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London: Public sector

Administrative and public law
Administrative and public law - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLPprovides real clarity and insight into the arcane world of public and administrative law’, handing everything from advice on Brexit to procurement litigation and judicial reviews for defendants and claimants. ‘Outstanding’ practice head Andrew Denny acted for the Association for Project Management (APM), as an interested party, in proceedings brought against the Privy Council by the Project Management Institute relating to the defendant’s decision to grant a Royal Charter to APM. Denny also represented Macquarie Corporate Holdings, Macquarie Infrastructure and Real Assets (Europe) and Universities Superannuation Scheme as interested parties in a dispute between the Sustainable Development Capital LLP and the Secretary of State for Business, Energy and Industrial Strategy, and UK Government Investments regarding the sale of Green Investment Bank to a consortium led by Macquarie Group. Infrastructure UK and Amey plc are additional clients of the practice, where senior associate Maeve Hanna is a rising star. James Neill is now a barrister at Landmark Chambers.

Leading individuals

Andrew Denny - Allen & Overy LLP

Next generation lawyers

Maeve Hanna - Allen & Overy LLP

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London: Real estate

Commercial property
Commercial property: development - ranked: tier 4

Allen & Overy LLP

Commercial property: general - ranked: tier 3

Allen & Overy LLP

Commercial property: hotels and leisure - ranked: tier 3

Allen & Overy LLP

Commercial property: investment - ranked: tier 2

Allen & Overy LLP

Commercial property: retail - ranked: tier 2

Allen & Overy LLP

Praised for its ‘highly competent, speedy advice’ on acquisitions and disposals, the team at Allen & Overy LLP remained highly active in transactional matters during 2016. Practice head Imogen Moss, who has a ‘great depth of industry knowledge and is calm under pressure’, acted for Ashby Capital on its £217m acquisition of a 50% stake in Fitzroy Place from Kaupthing. In another practice highlight, the ‘proactive and client sensitive’ Christopher Woolf advised key client Westbrook Partners on its £85m acquisition of the mixed-use Project Rio UK portfolio from BlackRock. Although the practice is characterised by its international investor clients, it continues to handle a good spread of development work, including global headquarters mandates. Recent examples saw Moss advise Schroder UK Real Estate Fund on the development of Ruskin Square (Croydon), and the pre-let of the first office phase to HMRC’ and Woolf’s assistance to QInvest on its joint venture with Osprey Equity Partners for the £80m forward funding for the development of 27 Commercial Road, Aldgate. The team retains its presence in the hospitality and retail sectors, where it recently handled various funding and investment mandates; for example, Moss and counsel Emma Willoughby (an ‘accomplished negotiator of commercial leases’), represented Oxford Properties and Richemont on the £198m acquisition of Mulberry’s flagship store from Aberdeen Asset Management.

Leading individuals

Imogen Moss - Allen & Overy LLP

Next generation lawyers

Emma Willoughby - Allen & Overy LLP

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Construction: contentious and non-contentious
Construction: non-contentious - ranked: tier 3

Allen & Overy LLP

Allen & Overy LLP enjoys a strong reputation for energy and infrastructure work in relation to both domestic and international projects. Head of practice Nigel Pritchard, has extensive experience of EPC and EPCM contracts, and in one high-profile mandate is advising Biwater International on construction arrangements with the Kurdistan Regional Government for the Erbil and Sulaimani water and wastewater project. Another key figure is Troy Edwards, who is advising Trans Adriatic Pipeline on the construction of the 10 BCM gas pipeline between Turkey and Italy. In the UK, Pritchard and Edwards’ work included advising Infrastructure UK on all aspects of the financing and development of the £18bn Hinkley Point C nuclear power station, and assisting Sumitomo Mitsui Trust Bank with the financing of the redevelopment of White City. Clients also include Balfour Beatty and Horizon Nuclear Power.

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Environment
Environment - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP’s team is ‘technically on-point and extremely adept at realistically applying the regulatory environment to the realities of businesses’. The practice’s wide-ranging workload includes advising on energy regulatory issues, chemical regulations, and product stewardship. It attracts particular praise for its corporate environment work; recent highlights include advising Life Healthcare Group Holdings on the environmental and regulatory aspects of its acquisition of Alliance Medical Group, and assisting TE Connectivity with its acquisition of the Creganna Medical Group. Head of practice Matthew Townsend is an ‘extremely strong and truly engaging professional adviser’, who has particular expertise in the energy and power sector; Townsend continued to assist Horizon Nuclear Power with permitting issues connected to the development of the Horizon new-build nuclear power plant in the UK. In other highlights the team acted for JP Morgan Securities in connection with environmental matters associated with the IFC’s $152m Forests’ Bond, and also provided advice to News Corporation on the Modern Slavery Act and related requirements to report on human rights issues. Senior associate Alana Lampitt has experience in areas such as industrial and contaminated land and international emissions regulation.

Leading individuals

Matthew Townsend - Allen & Overy LLP

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Property finance
Property finance - ranked: tier 1

Allen & Overy LLP

Noted for its strength in depth and cross-border capabilities, Allen & Overy LLP’s ‘commercial, user-friendly’ team advises lenders and sponsors on the full range of property finance matters. Paul Flanagan, Arthur Dyson, Simon Roberts and Mark Manson-Bahr jointly head the department; the ‘direct, to-the-point’ Manson-Bahr has strong experience in UK and German real estate finance, loan portfolio financings as well as complex real estate financings and refinancings, while Roberts is noted for his expertise in large-scale loan portfolio transactions. Flanagan is an expert in structured finance, debt and equity funds and investment banks. Other key London partners include David Oppenheimer, Ian Powell, Lucy Oddy and Islamic finance expert Atif Hanif. Senior associate Peter Mailer is also recommended.

Leading individuals

Arthur Dyson - Allen & Overy LLP

Mark Manson-Bahr - Allen & Overy LLP

Paul Flanagan - Allen & Overy LLP

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Property litigation
Property litigation - ranked: tier 3

Allen & Overy LLP

Allen & Overy LLP fields ‘a professional and experienced’ team. The group recently advised multiple landlord clients on retail tenant insolvency issues, including the failure of BHS and Brantano’s administration; acted for Schroder UK Real Estate Fund on its repossession of the Dickens World attraction in Chatham; and handled rights of lights issues for several developers and property owners. Other highlights include successfully acting for Padwick Properties in the High Court in a landlord and tenant dispute relating to the surrender of office premises in Manchester. The firm’s impressive client roster includes Imperial College Healthcare NHS Trust, West End of London Property Unit Trust and Orion Capital Managers. Jane Fox-Edwards, who is ‘a very commercial team player who always looks for the best possible answers’, heads the practice, which includes ‘incredibly knowledgeable’ senior associate Lucy Grey.

Leading individuals

Jane Fox-Edwards - Allen & Overy LLP

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Social housing: finance
Social housing: finance - ranked: tier 3

Allen & Overy LLP

Allen & Overy LLP’s ‘extremely professional, prompt and precise’ team stands out for its public bond offering expertise. The group recently advised Places for People Treasury on the issuance of £400m guaranteed notes, the issuance of £65m retail bonds and the issuance of $100m US private placement notes, and assisted HSBC, Goldman Sachs and Santander as joint lead arrangers and joint bookrunners with London & Quadrant Housing Trust’s issuance of £300m secured bonds. The Royal Bank of Scotland, Lloyds Bank, Affinity Sutton Group and Barclays are also clients. Practice head Geoff Fuller has ‘exceptionally comprehensive knowledge and is always able to cut through difficult challenges’ and Greg Brown is ‘helpful and highly experienced’.

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London: Risk advisory

Brexit
Brexit - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP leverages its global platform, and depth of sector expertise, to advise clients on a firm-wide basis on the commercial and legal implications of Brexit on their operations. It is particularly active in the financial services sector, where members of its multidisciplinary team advise banks, asset managers and other financial institutions on all aspects of their contingency planning, such as future market access options, and the costs and risks of business restructuring and relocating, among other concerns. The firm also provides strategic advice to international corporates in other sectors, such as energy and life sciences, and consults with industry associations and government. Daniel Shurman, Richard Cranfield, Kate Sumpter and Damian Carolan are among the contacts at the firm.

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Corporate governance
Corporate governance - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP has a strong track record assisting publicly listed companies across a broad cross-section of operational matters and regulatory risks; corporate partner David Broadley, senior corporate assistants Kate Astley, Victoria Rankmore and others advise Direct Insurance Group (among many other clients) on annual reporting, AGM preparation and other corporate governance matters on an ongoing basis. The firm also advises clients in relation to executive remuneration, anti-money laundering/anti-fraud and reviews of corporate policies. In a novel highlight, Simon Toms was the lead adviser to DeepMind Technologies on establishing an independent panel to scrutinise its use of artificial intelligence. Richard Cranfield and Richard Browne advise Electra on activist shareholder matters.

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Data protection, privacy and cybersecurity
Data protection, privacy and cybersecurity - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP provides clients with ‘a combination of brilliant technical advice and an utterly pragmatic approach that makes it a pleasure to work with’. The ‘excellent’ Jane Finlayson-Brown leads the department, which advises across the full gamut of issues at a national and global level and has notable expertise in the financial, retail, technology and health sectors. In a recent highlight, Finlayson-Brown advised WM Morrison Supermarkets on the unauthorised online publication of employee personal data. Nigel Parker acted for a global bank in civil and criminal litigation against a hacker following a cyber attack which compromised the bank’s systems, and handled various data privacy issues for Four Seasons Hotels including GDPR compliance, cross-border data transfers and employee privacy notices. Parker also led advice to a major pharmaceutical company on its GDPR compliance and several privacy projects, and is the key name in the group for cybersecurity issues. Other clients include Tullett Prebon and Endemol Shine Group.

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Regulatory investigations and corporate crime
Regulatory investigations and corporate crime - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP has ‘an excellent team of highly experienced and motivated lawyers’ who are ‘at the top of their game’; the group is ‘first rate in terms of quality of service, speed of response, business acumen and pure technical ability’. The firm is best known for advising major multinationals on sensitive business investigations; examples include representing a large international hedge fund in relation to the theft of highly confidential information and trading strategies by a former UK employee, in a case spanning London, Hong Kong, Beijing and New York, and the team has also been acting for various FTSE 500 and Fortune 500 companies in an array of matters involving data protection, corruption and sanctions issues. The department is co-headed by Jonathan Hitchin, a ‘true regulatory investigations specialist who is not afraid to stand up to enforcement agencies’, and Arnondo Chakrabarti, an ‘outstanding lawyer who is completely unflappable and has a good grasp of what clients need’.

Leading individuals

Arnondo Chakrabarti - Allen & Overy LLP

Jonathan Hitchin - Allen & Overy LLP

Next generation lawyers

Michelle de Kluyver - Allen & Overy LLP

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London: TMT (technology, media and telecoms)

Brand management
Brand management - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP significantly enhanced its soft IP offering with the recruitment of David Stone from Simmons & Simmons, who is ‘one of the most gifted lawyers in IP’. He leads the global brands group, which is now regarded as one of the leading IP practices in London. It has wide-ranging expertise covering the life sciences, pharmaceutical, electrical and mechanical engineering sectors, and has one of the most highly regarded non-patent groups. Stone is a ‘real design guru’ and is ‘able to lead a large litigation team with great skill and tactical nous’. He is ably assisted by life sciences patent litigator Nicola Dagg, who is ‘a fantastic rainmaker’; Marc Döring, who is ‘a superb all-round litigator and a master tactician who has a complete understanding of patent litigation’; Mark Ridgway, whose ‘attention to detail is second to none’; ‘very creative and commercial’ trade mark specialist Neville Cordell, who is ‘a versatile litigator who is well-known for both trade mark and heavy duty patent cases alike’; and Nigel Parker and Jim Ford, who are highly recommended for big-ticket sponsorship mandates. Recent highlights include advising Fox Entertainment on all of its UK and EU brands and designs; assisting Tradeweb Europe with a trade mark infringement and passing-off claim against Finsa Europe; and acting for one of the world’s most famous football clubs on a global template franchise agreement.

Leading individuals

David Stone - Allen & Overy LLP

Next generation lawyers

Nigel Parker - Allen & Overy LLP

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IT and telecoms
IT and telecoms - ranked: tier 3

Allen & Overy LLP

Allen & Overy LLP’s team provides ‘comprehensive’ advice and has ‘a good understanding of industry matters’. The firm’s telecoms practice has a strong reputation for its transactional expertise, where it acts for clients including Telenor, VimpelCom and Deutsche Telekom. Tom Levine heads the firm’s global telecoms sector group and has worked on telecoms projects in multiple jurisdictions and Jim Ford specialises in non-contentious IT matters. Simon Toms, who focuses on technology transactions, assisted HP with the sale of its market optimisation business to OpenText Corporation. Nigel Parker, who is an expert in data protection and commercial contracts issues, is ‘responsive’ and ‘quick to understand issues’. Parker advised interdealer broker Tullett Prebon on its combination with ICAP. Charles Buckworth joined RPC.

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Intellectual property
Intellectual property - ranked: tier 2

Allen & Overy LLP

Allen & Overy LLP recently transformed its practice, adding four new partners from Simmons & Simmons: Marc Döring, who ‘a calm litigator’, fellow patent litigators Marjan Noor, who has considerable expertise in the life sciences sector, and Mark Heaney, who is a key name for clients in the technology sector, and trade mark and design expert David Stone. Stone represented Fox Entertainment Group in a high-profile trade mark case pertaining to the television series Glee. Patent litigator and practice head Nicola Dagg is ‘a rainmaker with a large following’; she and Mark Ridgway, who focuses on contentious IP in the telecoms and pharmaceutical sectors, represented Warner-Lambert (a Pfizer company) in a dispute pertaining to the enforcement of a second medical use patent pertaining to the drug Lyrica. IP litigator Neville Cordell, alongside Dagg, are advising Regeneron Pharmaceuticals on its global enforcement strategy pertaining to its transgenic mouse technology, which includes representing the client in patent infringement proceedings before the Court of Appeal. Jim Ford leads on commercial IP, his clients include GlaxoSmithKline and Asahi Breweries.

Leading individuals

Nicola Dagg - Allen & Overy LLP

Next generation lawyers

Mark Ridgway - Allen & Overy LLP

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Media and entertainment (including media finance)
Media and entertainment (including media finance) - ranked: tier 3

Allen & Overy LLP

Allen & Overy LLP’s expertise spans advertising, content production, licensing, IP, branding, network distribution and technology, and the team is particularly applauded for its M&A and antitrust expertise in the sector. It is advising 21st Century Fox on its £18.5bn takeover offer for Sky, is advising UBM on its $485m acquisition of Allworld Exhibitions, and advised Shanghai Giant Network Technology on its $4.4bn consortium-led acquisition of Playtika, the online social and mobile gaming arm of Caesars Entertainment. Virgin Media, 888 Holdings, Thomson Reuters, MGM, Facebook, News Corporation and WPP are also clients. Antonio Bavasso is global head of media. Corporate specialist Simon Toms is also recommended. Global head of brands David Stone joined from Simmons & Simmons.

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Pharmaceuticals and biotechnology
Pharmaceuticals and biotechnology - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP significantly enhanced its patent litigation and regulatory practice in 2016 when Marc Döring and Marjan Noor joined from Simmons & Simmons; the result, according to one client, is that it is now ‘one of the top city firms in the pharma area’, with Noor and Döring marked out as ‘superb all-round litigators who combine top-level litigation nous with boundless charm’. The team is co-led by IP litigator Nicola Dagg (‘an excellent strategic thinker with a global strategic view’) and Jim Ford who specialises in non-contentious transactions. The firm’s clients include a number of leading global pharmaceutical companies, including Warner-Lambert, for which it is handling patent litigation relating to its blockbuster drug Lyrica, including acting in infringement proceedings against numerous generic suppliers and validity proceedings against Mylan and Actavis. In other highlights, the team acted for Merck in High Court and appeal proceedings concerning the revocation of two patents owned by Ono Pharmaceutical and Bristol-Myers Squibb related to anti-PD-1 antibodies for the treatment of cancer; and advised Life Healthcare on its £800m acquisition of Alliance Medical Group. Notable IP litigators include David Stone, who is ‘a solicitor with the mind of a judge who is able to lead a large litigation team with great skill and tactical nous’; Mark Ridgway, who is ‘massively bright and thorough’; and Neville Cordell, who is ‘a versatile litigator’ and well known for both trade marks and heavy duty patents cases. The firm also has an ‘impressive and formidable’ raft of talent outside of partner level: Rafi Allos, Shohta Ueno and Tom Edwards are all recommended.

Leading individuals

Marjan Noor - Allen & Overy LLP

Next generation lawyers

Rafi Allos - Allen & Overy LLP

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London: Transport

Rail
Rail - ranked: tier 1

Allen & Overy LLP

Allen & Overy LLP’s ‘highly-rated’ team is renowned for its experience in complex and high-value transactions in the rail sector, particularly relating to light and heavy rail infrastructure, concessions and rolling stock, and leverages the firm’s international footprint to handle international rail projects. Governments, sponsors, manufacturers and financiers are key clients. In an illustration of its expertise acting for government on rail-related matters, the team has been advising the DfT and Network Rail on the Shaw Report into the future shape and financing of Network Rail. Other highlights included advising funders to Alpha Trains on the acquisition of a fleet of passenger trains from SocGen, and on the financing of the acquisition of two operating rail companies from within the wider group. The team acted fof Vale on the re-negotiation of Mitsui’s $1bn investment in the Nacala rail and port project in Mozambique and Malawi. Bombardier, Cheung Kong Infrastructure (CKI), Etihad Rail, Eversholt, HS1 and Qatar Rail are also clients. Jonathan Bevan heads the team, which features a number of key individuals includimg Mario Jacovides, who is global head of the structured and asset finance group, Tim Conduit, global infrastructure head David Lee, Conrad Andersen and Richard Evans.

Leading individuals

Jonathan Bevan - Allen & Overy LLP

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