The Legal 500

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

With particular strength in structured finance, asset-based finance and cross-border work, Allen & Overy LLP is ‘proactive’ and ‘responsive’, and provides clients with a ‘very good level of service’. The firm acted for Heineken in its £9.6bn takeover offer with Carlsberg to acquire Scottish & Newcastle, as well as advising Thompson on its acquisition of Reuters, creating the first-ever company with a dual Canada/UK listing. Miles Walton is noted for his ‘experience and expertise’, while Brenda Coleman is ‘highly effective’. Patrick Mears and Vimal Tilakapala are also well regarded by clients.

Within Customs & Excise, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP’s Peter Mendham is well regarded on the VAT side.

Within Equity capital markets -UK capability, Allen & Overy LLP is a second tier firm,

Recent highlights for Allen & Overy LLP include advice to HBOS and Imperial Tobacco on their rights issues (of £4bn and £4.9bn), and the underwriters on Carlsberg’s DKK30.5bn (£3.2bn) rights issue. Mark Dighero, David Broadley, Andrew Ballheimer and Richard Browne are recommended.

Within Equity capital markets -US capability, tier 4

Allen & Overy LLP advised the underwriters on Carlsberg’s DKK30.5bn (£3.2bn) rights issue, and Sava Re on its €200m IPO. Daniel Epstein is recommended.

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

Allen & Overy LLP’s prime roles on a series of landmark merger cases (including HBOS/Lloyds, Somerfield/Co-op and BSkyB/ITV) indicates its leading credentials; on Somerfield/Co-op, the firm was instructed to handle the antitrust elements alone. The firm has unrivalled experience in CAT merger appeals, having acted on four of seven at the time of writing. High-calibre partners include leading figure Mark Friend; Antonio Bavasso(‘academically astute’, ‘commercial’); and technology and IP/antitrust partner Philip Mansfield, and ‘valued team member’ and part-time consultant John Wotton is also singled out. Highly respected former partner Alistair Lindsay has returned to the Bar, while Simon Pritchard- former senior director of mergers at the OFT - joined in March 2009.

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

Allen & Overy LLP’s Bob Penn led the firm’s substantial work following the implementation of the revised Basel Accord (Basel II) in Europe and on the Banking Bill, and acted for HBOS on the regulatory side of its acquisition by Lloyds TSB. Calum Burnett advised a leading financial institution in relation to FSA concerns that it may have mis-sold PPI products. Sidney Myers left for Berwin Leighton Paisner LLP.

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

Allen & Overy LLP’s M&A team is ‘approachable and easy to work with’ but ‘does not always receive the prominence its deserves’, according to top-tier clients. It was certainly prominent in deals tables in 2008, however, acting on 83 UK deals at an impressive average of £1.9bn each. These included acting for HBOS on its £6bn quick-fire sale to Lloyds TSB at the height of the financial crisis, and for Heineken as part of the consortium which acquired Scottish & Newcastle for £7.8bn. The firm attracts praise for the quality of its individuals, accessibility and global reach; Alan Paul is widely praised for his ‘wealth of experience’ and ‘common-sense advice’, and the ‘outstanding’ Richard Browne wins almost as many plaudits. Jeremy Parr, Richard Cranfield, Alun Eynon-Evans, Dominic Morris, Ian Stanley and Susan Howard are also singled out.

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

Though better known on the capital markets side, Allen & Overy LLP has three US M&A partners in London who support the firm’s New York transactional team, which in 2008 represented Novartis in its acquisition of a 77% stake in Alcon from Nestlé for US$39bn.

Within Outsourcing and procurement, Allen & Overy LLP is a second tier firm,

The team at Allen & Overy LLP regularly handles high-value multi-jurisdictional outsourcing with a particular specialism in the financial services sector. Clients include BNP Paribas, GE Capital and JPMorgan, and the team also acted for HBOS on the renegotiation of its voice and data services outsourcing contract with BT. Ian Ferguson leads the group, and Claire Wright is ‘a joy to work with’, On the public procurement side, it recently acted on disputes for several major bidders, and also counts several utilities among its clients.

Within Overview,

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

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

Despite the demerger of its private client department, Allen & Overy LLP maintains partnership expertise in the corporate sphere with particular strength in cross-border joint venture work. John Goodhall and Stephen Mathews are the names to note.

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

Allen & Overy LLP has made big commitments to private equity through recent years. It boasts a number of ‘quality partners’, notably Susan Howard, Alison Beardsley and the ‘commercial, responsive and diligent’ Derek Baird, and has attracted various big names, from UK mega funds such as Apax, BC Partners and Charterhouse, to adventurous US funds such as Perry Capital and Och- Ziff. The firm advised the latter on a £100m investment in Towergate preferred shares in 2008.

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

Allen & Overy LLP is rated ‘very highly’ by clients who are impressed by its ‘commercial approach’. Securitisation and outsourcing transactions are particular strengths. Highlights include advising Capital International in connection with the VAT treatment of fund management fees. Peter Mendham is recommended.

Within Fraud - commercial and regulatory investigations, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP’s ‘outstanding’ civil fraud and contentious regulatory practice provides a ‘first-rate service’. It continues to act in the multimillion-pound civil fraud claim for HSBC following the conviction of former Liberal Democrat donor Michael Brown. ‘Very impressive’ civil fraud litigator Robert Hunter is ‘a real heavyweight’; Mona Vaswani is recognised for her ‘integrity’ and ‘tenacity’, and ‘has particular experience of fraud in a banking context’; and ‘outstanding litigator’ Arnondo Chakrabarti is recommended for contentious regulatory issues.

Within Banking litigation, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP is ‘one of the premier’ banking litigation practices in the City and is praised for its ‘industry knowledge’, ‘confidence’ and ‘sure footedness’, and its ‘commercial’, ‘sensible’ and ‘specially tailored’ advice. With immense strength in depth and peerless product knowledge thanks to its mighty non-contentious structured products and derivatives department, it has undertaken roles in many of the major cases that have emerged from the credit crisis, and continues to represent HBOS in the bank charges case brought by the OFT. Calum Burnett (‘very learned’, ‘excellent under pressure’) heads the department, which includes Tim House (‘intellectually strong’, ‘a real leader’, ‘fantastic with clients’, ‘willing to roll up his sleeves’); leading structured products specialist John O’Conor; Peter Watson (‘an expert in the structured products space’, ‘very clever and able’); Mona Vaswani; finance fraud specialist Robert Hunter; and James Partridge. The firm’s associates also receive numerous commendations.

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

Allen & Overy LLP gets excellent feedback from clients, who point to a ‘first-class’ and ‘top-notch’ team that has a ‘very strong and solid bench strength’. The firm is undoubtedly one of the very best for banking and finance-related litigation, and offers equally good expertise in straight corporate, construction, antitrust, regulatory, fraud, IP and insurance-related disputes. The firm has been busy advising major lessors in the aviation industry, such as GECAS, Pembroke and Boeing, in relation to insolvencies, defaults and aircraft repossessions, and is also advising HBOS in the bank charges litigation. Among the partners, the ‘tough and cerebral’ Jonathan Hitchin, the ‘very astute and knowledgeable’ Robert Hunter, the ‘highly able’ Mona Vaswani, and the ‘very responsive, experienced and sound’ Arnondo Chakrabarti are all highly recommended.

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

Allen & Overy LLP’s ‘superior’ international arbitration practice is recommended for general commercial, Bilateral Investment Treaty (BIT) and Energy Charter Treaty (ECT) arbitrations. Group head Judith Gill QC’s pre-eminence in the field was confirmed in 2009 when she took silk. She and partner Mark Levy are praised for their client service skills and ‘excellent knowledge, experience, and ability to grasp issues and communicate very effectively’. Stephen Jagusch and Matt Gearing are ‘both intellectually of the first rank, very thorough and rigorous, and feed back to the client on a continuous basis’.

Within Overview,

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

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

Allen & Overy LLP’s practice is described as ‘excellent on all counts’ by clients. The firm’s expertise in the investment treaty market encompasses acting for both states and investors; in 2008 it acted on 12 investment treaty arbitrations. Energy Charter Treaty arbitrations are a growth area for the firm; it is currently representing the Republic of Slovenia on one such matter. It is also advising the Republic of Azerbaijan on a leading case involving corruption in public international law. Stephen Jagusch, Mark Levy and Anthony Sinclair are all recommended, and capital markets partner Ed Murray is also noted as having an ‘open-minded and balanced approach with a good eye for the various interests at stake’.

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

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

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

Banking powerhouse Allen & Overy LLP remains ‘a class outfit’ and a top choice due to its depth of expertise, global coverage, unmatched track record with lenders, and growing experience on the borrower side. Recent highlights for the firm, which has outstanding partners in Tim Polglase and Robin Harvey, includes advising the lenders on the €425m financing of the €750m secondary leveraged buyout of TMF by Doughty Hanson. The ‘commercial and detailed’ Andrew Bamber is set to join Berwin Leighton Paisner.

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

2008 saw Allen & Overy LLP’s asset finance team receive a growing number of instructions relating to restructuring and export credit supported deals arising from the turbulent market conditions. Delivering ‘first-rate, extensive and thorough business knowledge’, the aviation team, led by Mario Jacovides, recently advised Qantas on the US$750m export credit facility to finance the acquisition of four A380 aircraft, notable as the largest financing undertaken in the Asia-Pacific region in 2008. Key shipping deals included advising BNP Paribas as lead arranger in a US$910m credit facility for the financing of eight TEU container ships. Jonathan Bevan’s rail group has also had a strong year, acting for the initial lenders on the financing of RBS’ sale of Angel Trains. Clients also recommend ship finance expert David Smith for his ‘commercial sense and industry knowledge’; Julia Salt for her aircraft finance expertise; and group head and structured finance expert Graham Smith.

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

Allen & Overy LLP has consolidated its position at the pinnacle of investment grade banking transactions as a result of its strong ties with the likes of RBS, Citi, Barclays Capital and HSBC. At the vanguard of developments in the financial markets, the team has been involved in a raft of forward start facilities, including the recent €8bn facility associated with Enel’s original €35bn financing for Endesa. Head of global loans Stephen Kensell is the lynchpin of a team that includes ‘very strong performer’ Trevor Borthwick, Michael Duncan, Philip Bowden, and rising stars David Campbell, Michael Castle and Nicholas Clark. In addition to its impressive banking ties, the group regularly handles financing work for blue-chip corporates including BAE, Cable & Wireless, and Imperial Tobacco.

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

‘Excellent in terms of experience, depth of teams and global coverage’, Allen & Overy LLP is a consistent presence for stakeholders in the most significant domestic and cross-border mandates in the market. ‘Very strong on the financial side in particular’, the firm’s deeply entrenched banking relationships fuel the majority of the work. As well as a high-profile role for the Servicer and Special Servicer on the £1.6bn restructuring of the Four Seasons Health Care Group, other notable mandates included its representation of the facility agent and informal ad hoc committee of first lien lenders on the €450m restructuring of Nybron Flooring International. The ‘very thorough’ Gordon Stewart heads a team praised for its ‘tremendous strength at partner level’; it includes Mark Sterling (a ‘great brain’); Ian Field ('very bright’); and Jennifer Marshall (‘good grasp of practical/market issues’).

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

‘Top investment grade firm’ Allen & Overy LLP has a group of ‘dependable, knowledgeable and hard-working’ partners, notably Boyan Wells, Stephen Miller, Jonathan Mellor, Jonathan Melton, Matthew Hartley and US-qualified lawyers Bart Capeci and Daniel Epstein. Noted for its ‘accurate, reliable and commercial advice’, the team has been busy with UK government guarantee schemes, liability management, and corporate issues. Combined issuer and manager work in 2008 totalled 540 deals, worth US$377bn.

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

Clients have ‘absolute confidence’ in Allen & Overy LLP’s ability to provide ‘timely, accurate responses to complex questions’. In a stellar team, clients see Richard Tredgett ‘in the thick of it’ as adviser to ISDA, and David Benton, Edward Murray and ‘master of restructuring’ Simon Haddock are ‘leaders in their field’. Murray’s regulatory expertise saw him advise HM Treasury on the Banking Act. Anthony Drake-Brockman, Ian Annetts and Jeffrey Golden are other partners in a team providing outstanding, multi-jurisdictional service across the broadest product range.

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

Allen & Overy LLP has developed one of the strongest Russia practices in the market, and its versatility in handling the upsurge in refinancings as well as winning work on PPP projects such as the St Petersburg Nadex light rail network has seen this continue through the downturn. Nigel Pritchard’s projects practice has been a notable highlight here. Elsewhere, the team advised on the first substantial international project loan financed wholly by Indian banks: TCI Sanmar’s US$868m project to build production facilities in Egypt. The deal, led by the ‘very well-respected’ Andrew Castle, is among several high-value mandates for the practice advising Asian and Eastern European banks investing into other emerging markets.

Within Hedge funds, tier 4

Matt Huggett and John Goodhall are the two main partners at Allen & Overy LLP. Recent highlights include advising Citibank Alternative Investments on establishing their first fund investing in bank debt.

Within High yield, tier 4

US-qualified partner Bart Capeci remains a key figure to the high yield component of Allen & Overy LLP’s sophisticated capital markets practice.

Within Investment funds, tier 4

Allen & Overy LLP has good experience in real estate, private equity, hedge, and closed- and open-ended retail funds. Partners such as John Goodhall and Matt Huggett enjoy very strong reputations, and the arrival of versatile partner Damian Carolan from Clifford Chance is a considerable boost. Clients include Standard Life Investments, Abraaj Capital, Macquarie and Adam Street Partners.

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

Allen & Overy LLP’s Islamic finance team is a ‘good resource in terms of both quality and quantity’. It advised several banks as joint lead managers on Tabreed, the first shari’ah-compliant mandatory exchangeable sukuk issue, and also represented Dubai Islamic Bank on the AED550.9m Islamic facility for refinancing Port & Free Zone World FZE, alongside a conventional loan. London partners Salim Nathoo and Michael Duncan can call on support from colleagues in Abu Dhabi, Dubai, Riyadh, Hong Kong and Singapore.

Within Overview,

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

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

‘Supportive and technically precise’, Allen & Overy LLP has a host of securitisation experts, including David Krischer (‘there is less than a handful of securitisation lawyers in London on a par with him’), the ‘incredibly bright’ Christian Lambie, and Salim Nathoo. Angela Clist is ‘clearly the industry leader in the field of covered bonds’, and Vanessa Hardman ‘leaves no stone unturned’. The team advised the arranger and lead manager on the first Greek covered bond programme, and on the US$20bn Newfoundland CLO.

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

The ‘excellent’ incentives team at Allen & Overy LLP includes eight fee-earners. The practice acted for Heineken in its takeover of Scottish & Newcastle, a transaction that involved share schemes in over 10 jurisdictions as well as the UK. It also advised HBOS on its £4bn rights issue, government capital raising and acquisition by Lloyds TSB with schemes in over 15 jurisdictions to take into account. The firm’s Global Shareweb provides clients with essential information on the local regulatory, tax and other legal requirements affecting share plans in 47 countries. The ‘extremely diligent’ Paul McCarthy, Jonathan Fletcher Rogers and Sylvie Watts are recommended.

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

Allen & Overy LLP’s employment team attracts very high praise from clients and is noted as being ‘fantastically good at working with people’. Highlights included advising HBOS on its merger with Lloyds TSB, and the UK subsidiary of Kaupthing Singer & Friedlander Limited on the transfer of senior employees. The ‘absolutely fantastic’ Mark Mansell and Karen Seward are recommended, recently handling unfair dismissal claims for clients such as Bank of America and Lehman Brothers. Stefan Martin is praised as ‘knowing and understanding the law’.

Within Pensions (incl pensions dispute resolution), Allen & Overy LLP is a first tier firm,

At Allen & Overy LLP, clients value the ‘excellent service’ and ‘clear advice’ delivered by ‘strong partners’ supported by ‘good, personable team members’. ‘Effective collaboration’ with colleagues in funds and banking comes in for particular praise. Derek Sloan wins plaudits for being ‘comfortable and controlled’, and ‘putting across advice at any level’. Maria Stimpson inspires ‘total confidence’ for new and longstanding clients, who also value her ‘commitment’ and ‘commercial sense’. Dana Burstow is a ‘sound judge’ of both pensions policy and the commercial context of advice. Mervyn Parry and Neil Bowden combine ‘acumen’ with ‘swift response times’ - qualities that taken together with external recognition for the practice’s standing, take it into the top tier for the first time.

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

Allen & Overy LLP’s team is ‘pragmatic and practical in its guidance’. The ‘commercial’ Philip Jarvis heads the team, and ‘negotiates in a rigorous and reasonable manner’. Andrew Barton ‘hugely personable and knowledgeable’, and Stephen Mathews is also recommended. The practice combines capital markets and insurance expertise, recently advising RBS on an innovative longevity swap, involving RBS and Norwich Union/Partner Re, in which the risk of UK annuitants living longer has been transferred to the capital markets for the benefit of Norwich Union.

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

Allen & Overy LLP’s Joanna Page exercises ‘good judgement and is like a terrier with a bone’ when it comes to resolving issues for clients, and Richard Smith is ‘practical and knowledgeable’. The practice continues to excel in credit insurance and Bermuda Form work, and acts for the likes of Nokia and BAE. It is also representing one of the world’s largest healthcare and pharmaceutical companies in a substantial London arbitration against its insurers for product liabilities incurred in the US.

Within Contentious trusts and probate, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP enjoys a first-class reputation in high-value trust, asset tracing and fraud work; it is ‘unusual among City firms for having a contentious trusts and probate practice’, and ‘stands out for the quality of its work’. Robert Hunter’s ‘enviable’ reputation ‘precedes him by some distance’, and he is ‘unswerving in his determination to get the best possible result for his clients’. Mona Vaswani demonstrates ‘both tenacity and a real determination to fight her clients’ corner in litigation’, and ‘her integrity is widely recognised among fellow fraud practitioners’. The group recently advised a family member in her capacity as a beneficiary of the £200m estate of her late husband.

Within Overview,

Some predicted that the stability of private client work would lead to City firms building up their capabilities in the area once again, and the news that Allen & Overy LLP spun off its private client practice in 2009 - it is now boutique firm Maurice Turnor Gardner LLP - surprised many. Only a few firms have the full reach across every practice incorporated within private client, but the mixture of traditional ‘old money’ and ‘new money’ practices, and international teams, ensures that all the bases are covered. Macfarlanes LLP offers high-quality advice to a range of private clients. The firm has a full-service capability and regularly assists international clients thanks to a regular stream of referrals from firms across the globe.

Within Overview,

Allen & Overy LLP retains its excellent contentious trusts practice, led by Robert Hunter, an expert in fraud and asset tracing.

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

Allen & Overy LLP’s infrastructure record consistently impresses. With geographical reach that is ‘among the best’, the firm manages to handle projects across the globe without spreading itself too thin. Covering the full gamut of infrastructure matters, from the creation and acquisition of infrastructure assets through to restructurings, portfolio management and asset sales, Anne Baldock’s team is ‘culturally sensitive’ and a ‘market leader in projects in the MENA region’. Highlights include advising the funders on the financing of the largest road project in Germany to date, the A1 Autobahn. Conrad Andersen and Andrew Fraiser are ‘intelligent and determined’.

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

Allen & Overy LLP is noted for its ‘commercial and professional approach’ and broad corporate offering. In 2008 Richard Browne led the team advising Mechel on its recommended public takeover offer for Oriel Resources, and the firm also advised the project company on the US$3.25bn financing of the Ambatovy Nickel project in Madagascar. Other representative clients include Rio Tinto and Kazahkmys. Calvin Walker is set to move to Baker & McKenzie LLP.

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

Allen & Overy LLP has ‘high industry knowledge and very good understanding of clients’ expectations’. The firm relocated oil and gas specialist Tim Shilling to Moscow in early 2009, but maintains a ‘strong bench’ in London; Dominic Morris is ‘responsive and meticulous’, Lorraine Ball is ‘proactive’, and rising star Elizabeth Mosely is a ‘name to watch’. The firm’s solid relationship with BG Group continues to yield valuable upstream instructions, while on the downstream side, it advised 4Ga on the proposed LionGas LNG terminal at Rotterdam’s Europoort.

Within Overview,

Magic Circle firms Allen & Overy LLP, Clifford Chance and Linklaters LLP continue to rank prominently throughout this chapter, with excellent links with both banks and sponsors. However a selection of US-based projects powerhouses have given the London-based firms a real jolt in recent years; White & Case LLP, Latham & Watkins and Milbank, Tweed, Hadley & McCloy LLP most notably have gained real pedigree in the market.

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

Allen & Overy LLP rises a tier in recognition of its ‘dedicated team that will work to ensure all the client’s objectives are met’ and its ‘deep industry knowledge’. The firm covers all sides of energy issues, with recent mandates including advising Kazakhmys on the US$1.1bn acquisition of the AES Ekibastuz power plant and Maikuben West coal mine. On the renewables side, it advised Sunray Renewable Energy on the construction of solar energy parks across Europe. Nuclear is also an active area. Andrew Castle wins universal praise for his ‘client-friendly manner’, and Anne Baldock and Mark Walker are also recommended.

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

Anne Baldock’s team at Allen & Overy LLP is ‘practical and solves issues’, ‘is trusted by banks’, and is ‘genuinely innovative, which separates it from its peers’. 2008 saw the firm close twice as many PFIs as any other but it does not just score points on volume; among its recent matters it advised Mubadala as the only sponsor on the construction, launch and operation of the US$1.8bn YahSat satellite project in Abu Dhabi. Waste, education, transport and health are also active areas. The firm fields a ‘high-quality, personable, energetic team’, with Conrad Andersen, Andrew Fraiser, Andrew Castle and Lorraine Ball all attracting excellent comments from clients.

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

Allen & Overy LLP ‘understands the needs of lenders, including government lenders’ and ‘effectively finds solutions’. The firm’s water practice encompasses regulatory, corporate and projects matters for domestic and international clients, with its Middle East experience winning plaudits as being ‘among the best’. Highlights included advising the arranger and lead manager on the refinancing of the acquisition of South Staffs Water by Alinda. Conrad Andersen is ‘one of the best “all-rounders” in town and provides blue-sky thinking’, while Lorraine Ball has a ‘good personal style which makes transactions run smoothly’.

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

Allen & Overy LLP is ‘in the top flight for commercial judicial review work’, concentrating on commercial and regulatory public law. Lead partners Peter Watson and Andrew Denny ‘combine sound legal knowledge with commercial acumen’. The practice acts for regulated industries as well as regulating bodies, representing the Isle of Man government and ManSat in opposing a recent telecoms judicial review, and also counting Ofcom as a client.

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

Allen & Overy LLP’s team has ‘detailed knowledge of relevant legal matters but also has a very commercial solutions-based approach’. Its typical mandate is high-end, high-value work. For example, the practice acted for HSBC in the £838m acquisition from Metrovacesa of its global headquarters office building at Canary Wharf. New clients include DBZ, Westbrook and General Electric. Adam Cleal, who heads the practice, Daniel McKimm, Imogen Moss and Robert Porter are all market leaders.

Within Construction, tier 4

Allen & Overy LLP’s recent work includes advising the developer in connection with London’s The Shard project, destined to be the tallest building in Europe. The firm is highly regarded on EPC contracts and expert in advising lenders on major domestic developments. The practice recently advised the project developer on the €5bn petrochemical Nizhnekamsk Refinery in Russia. Nigel Pritchard and Trevor Cosgrove are the primary contacts.

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

Allen & Overy LLP’s ‘preeminent’ Owen Lomas and the ‘commercially savvy’ Matthew Townsend are the London faces of a global practice boasting ‘deep team strength’ in this evolving area. The practice has ‘excellent depth of knowledge’ and is a leader in transaction-driven environmental due diligence and support work. It handles matters concerning climate change and emissions trading, REACH, and chemicals. The firm advised Shell on REACH compliance and environmental aspects of disposals.

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

Allen & Overy LLP handles almost exclusively top-end work, and advises on some of the largest financings in the European market, including recently representing HSBC on the financing, acquisition and £838m buy-back of its global headquarters in Canary Wharf from Metrovacesa. The firm fields some exceptional practitioners, including Adam Cleal, Julian Harris and Ian Powell. Clients say the team provides a ‘strong service, with a particularly good depth of experience and partner involvement’. Mark O’Neill and Arthur Dyson are both ‘very approachable and offer solid advice’.

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

Allen & Overy LLP’s ‘top-class’ Beverley Vara advises Schroders Property Unit Trust on portfolio management matters. The team has also been representing sellers against purchasers seeking to avoid their contractual obligations, and worked on large dilapidation claims by landlords.

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

Allen & Overy LLP offers strength in all areas of finance, including capital markets, and enjoys longstanding experience in the sector. It advised Royal Bank of Canada on a £100m loan facility for Places for People Homes. Andrew Frasier and Greg Brown are key contacts.

Within Intellectual property, tier 4

Allen & Overy LLP’s ‘smart, articulate, practical and responsive’ Nicola Dagg is best known for acting for Research in Motion in relation to its technology patent litigation over the BlackBerry device. She has also been advising on a cross-border patent dispute over a blockbuster drug. The trade marks practice has been attracting a growing volume of work, and the firm is also active in complex IP licensing transactions in both the life sciences and hi-tech sectors.

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

Allen & Overy LLP acted on many of Europe’s largest IT and telecoms deals in 2008, balancing corporate strength with a depth of IP and regulatory expertise. ‘Assured and reliable’, practice head Ian Ferguson leads a group that counts Sun Microsystems, Avnet, Blackberry, Sage and Toshiba among its prominent IT clients. The contentious side of the practice benefits from the presence of the ‘exceptional’ Nicola Dagg. For telecoms clients the team wields a ‘greatly respected bank of talent’ and recently acted for STMicroelectronics on the merging of Ericsson Mobile and ST-NXP Wireless into a joint venture.

Within Overview,

Among the City law firms, Herbert Smith LLP in particular has a growing reputation in the TMT sector, and has notable patent litigation prowess. Allen & Overy LLP is also strong in IP, while Lovells LLP and Birmingham-based Wragge & Co LLP both have an international dimension to their practices. Simmons & Simmons has a genuine specialist interest in the TMT sector, while very few firms are able to compete with Baker & McKenzie LLP for its level of expertise on issues surrounding the convergence of telecoms and IT services. DLA Piper UK LLP has strong all-round IP strength, while SJ Berwin LLP is also highly regarded despite closing its top-tier film finance department.

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

Allen & Overy LLP advised Pfizer on an innovative agreement with GSK to create a major new specialist company focused on the research and development of HIV medicines. This work was led by corporate partner Anna Buscall. Nicola Dagg is active in patent litigation, and the firm has recently been appointed to the approved panel of Novartis for work including patents. Commercial partner Colleen Keck ‘possesses focus and dedication’.

Within Aviation, tier 5

Allen & Overy LLP has a market-leading aviation finance practice, and has also developed a strong reputation on airport infrastructure projects and regulatory matters, where it is noted for its ‘diligence and integrity, whilst always applying sound commercial logic’. The practice draws on firm-wide expertise in infrastructure to advise on the project financing, construction and operation of airports in the UK as well as globally, with Conrad Andersen singled out for his ‘extremely professional, well-informed’ approach. Regulatory and contentious expertise should not be ignored, with Peter Watson and David Gabathuler acting on aircraft repossessions for lessors.

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

Allen & Overy LLP’s ‘diligent, responsive and pragmatic’ team has been involved in a mixture of international work, particularly procurement and infrastructure projects in the Middle East, as well as high-profile financing and leasing matters domestically. Jonathan Bevan led a team advising the initial lenders on the Angel Trains sale, while Russell Clifford was instructed by Angel Trains to advise on the supply and leasing of new Pendolino rolling stock to Virgin Rail.