Latham & Watkins LLP's broad client base consisting of sponsors, banks, corporates and debt funds is indicative of the team's wide-ranging practice, which also benefits from its cooperation with colleagues from the banking and finance, DCM, ECM, high-yield and restructuring practices. This interplay is also reflected in the practice lead: Frank Grell heads the German restructuring and insolvency group as well as the German finance team, while Alexandra Hagelüken serves as vice chair of the firm's global finance department and, considering this international orientation, also advises on matters under English law. These synergies translate into extensive advisory capabilities on credit and acquisition finance, takeover finance, financial restructuring and general corporate loans. Sibylle Münch, who demonstrates particular expertise in the area of (secured) promissory note loans, is another key contact.

Clifford Chance advises a client base consisting of banks, private equity investors, direct lending funds and corporates on national and international acquisition and corporate finance, restructurings, refinancings and recapitalisations as well as on the takeover financing of listed companies (including public-to-private transactions). This spectrum is not least based on the team's interdisciplinary approach and cooperation with various other offices within the firm's network. Bettina Steinhauer, who handles cross-border financings, such as mezzanine and high-yield financings and public-to-private transactions, alongside infrastructure and real estate finance, shared this sector focus with former team co-head Barbara Mayer-Trautmann, who joined Milbank at the end of 2020.

Milbank primarily advises banks, debt funds and other lenders but also acts for financial investors and corporates in acquisition financing. These mandates regularly feature cross-border elements and involve capital market products. Managing partner Thomas Ingenhoven's expertise in financial derivatives plays a key role in this space, as does Mathias Eisen's know-how in bond issues and combined bank and bond financings. Assisting investment-grade and sub-investment-grade borrowers with corporate finance and refinance constitutes another key element of the practice, which received a significant boost with the arrival of Barbara Mayer-Trautmann, who co-headed the finance practice at Clifford Chance until the end of 2020. Mandates within this space include refinancings linked to IPO preparations and restructuring-related matters.

Noerr's team plays to its strengths in advising on mid-market financing and real estate transactions. In this regard, the team typically acts for national and international banks as well as alternative lenders and PE sponsors, while also increasingly handling instructions from borrowers. Increasingly, these mandates involve restructuring elements; an area of particular expertise for practice head Andreas Naujoks, who also advises banks and borrowers on corporate and real estate finance, and for Torsten Wehrhahn, who made partner in January 2020. Finance law specialist and LBO expert Tom Beckerhoff moved to Berenberg Bank in April 2020.

The Shearman & Sterling LLP team has particular expertise in mid-cap leveraged finance transactions and has recently advised on several traditional bank financings as well as unitranche financings, including cross-border transactions. In cross-border work, the team frequently calls upon its colleagues from within the firm's network, most notably from the London, Paris and New York offices. The team receives instructions from lenders, borrowers and sponsors; this client portfolio was further expanded in the private equity and debt fund sectors, which is not least thanks to the expertise of practice co-head Winfried Carli in this area. He jointly heads the practice with Esther Jansen, wo regularly acts for financial institutions, corporates and investors. In April 2020, Matthias Weissinger, who acts at the interface between financing transactions and restructuring, moved to Ashurst LLP.

In acquisition finance, White & Case LLP's clients - many of them banks and other lenders - benefit from the team's close ties to the firm's high-yield practice as well as from its German, English and New York law capabilities, leading to regular mandates on cross-border transactions. Vanessa Schürmann, who heads the English law bank and finance practice, is a key contact for matters at the high-yield intersection. Advising on structured corporate finance, including refinancing and restructuring, is another key area of expertise for the team led by Florian Degenhardt, who also leads the firm's project finance practice from Hamburg. He is supported by Sebastian Schrag, whose focus lies on corporate finance and restructuring and who made partner in January 2020. Leveraged finance expert Andreas Lischka was elevated to the partnership at the same time.

CMS' financing practice receives a steady deal flow of acquisition and corporate finance alongside refinancing mandates from lenders and borrowers, while the team is also experienced in real estate finance. Handling restructuring-related matters constitutes another key element of the practice, which has recently led to several mandates from listed companies that required assistance with the application for and integration of KfW loans. Markus Pfaff and Marc Seibold, who cover the full spectrum of corporate, acquisition and real estate finance, jointly head the practice, which includes André Frischemeier. He was elevated to the partnership at the beginning of 2020 and advises banks and borrowers on the full range of financing matters with a focus on the corporate and real estate sectors and also provides assistance with financial restructurings.

Hogan Lovells International LLP handles acquisition finance and corporate loans as well as real estate, trade and export finance, and, given the growth of its banking group in Paris, has been increasingly active for French clients and in France-related mandates. In addition, the team has been able to expand its work for alternative lenders, who form part of the practice's client base alongside banks and borrowers. The team itself is also growing: In September 2019, Bianca Engelmann joined from Allen & Overy LLP; she advises on acquisition finance, investment grade finance and general corporate finance as well as on promissory notes. Practice head Katlen Blöcker covers an equally broad spectrum of financing work and is a key contact for financing restructurings.

Norton Rose Fulbright's focus lies on handling instructions from banks but the team also acts for corporates. As well as advising on acquisition finance and corporate loan transactions, for which practice head Oliver Sutter is a key contact, the team is also well versed in asset and project finance. With the arrival of Regina Rath from Simmons & Simmons in February 2020, the practice was able to strengthen its capabilities in restructuring finance. One month earlier, Bernhard Fiedler, who handles acquisition finance, real estate and corporate loan transactions alongside recapitalisations, made partner, while, in July 2019, credit financing and capital markets transaction specialist Nadine Bourgeois left the firm to join Luther Rechtsanwaltsgesellschaft mbH.

Taylor Wessing's financing offering covers acquisition finance, corporate finance and restructuring as well as real estate and project finance, leading to regular instructions from lenders and borrowers. This includes banks, corporates and private equity firms. In the private equity space, the team's focus lies on the mid-market segment, where mandates are frequently handled in corporation with the firm's M&A practice. Ulf Gosejacob, who made partner in May 2020, is a key contact for this client base, but he also advises financial investors and financial institutions on acquisition finance, restructurings and corporate finance. Peter Seemann heads the practice from Hamburg and has a specialism in real estate and project finance.

In February 2020, Michael Neises joined Vinzenz Bödeker in heading Heuking Kühn Lüer Wojtek's team. Both partners cover the full spectrum of banking and finance work including various associated areas such as corporate and M&A, as well as, in Neises' case, capital market law and restructuring. Its capabilities at the intersection with private equity and venture capital received a boost with the arrival of Sandra Pfister from Bryan Cave Leighton Paisner LLP in March 2020. The practice's financing offering, which is tailored to the needs of German SMEs but also increasingly addresses the needs of lenders, includes acquisition and corporate finance as well as real estate and project finance.

Luther Rechtsanwaltsgesellschaft mbH advises banks and debt funds on acquisition finance and assists corporates with the extension of financing structures and financial restructurings as well as with Covid-19-related financing transactions. The firm's Hamburg office is well equipped to assist with project finance matters, while, in real estate finance, the team works closely with its Luxembourg colleagues. Practice head Christoph Schauenburg advises on the full spectrum of banking and finance law and has been supported by Nadine Bourgeois since July 2019 when she joined the team from Norton Rose Fulbright. She acts for borrowers and lenders in corporate, acquisition and real estate finance alongside related restructuring transactions.

Willkie Farr & Gallagher LLP is best known for advising private equity sponsors and their portfolio companies on LBOs and other acquisitions, but the team also assists lenders and borrowers with corporate and project finance. Practice head Jan Wilms handles both segments. In August 2019, his team was further strengthened with the arrival of Ralf Defren, previously at Hengeler Mueller, who has however moved on to Weil, Gotshal & Manges LLP at the end of 2020.