Hengeler Mueller's expertise in advising large German companies recently led to numerous financing instructions in connection with KfW special programs on one hand and with restructuring on the other; however, the team also acts on behalf of banks. In this context it was Nikolaus Vieten and Daniela Böning who mainly handled these matters and predominantly acted for DAX and family-run companies, as well as Johannes Tieves, who also assisted various bank syndicates with the provision of credit lines. In the credit financing sphere, sustainability components are playing an increasingly important role within the team's advice. Moreover, the group succeeded in further expanding its advice to private equity investors on acquisition financing, primarily in the mid-cap segment.

Allen & Overy LLP continues to be a popular address for DAX30 and other blue-chip companies as well as for large corporations that rely on the team for strategically important financing; the client base also includes investment banks, sponsors and debt funds. The team's advice covers various financing and refinancing transactions, including those related to capital market law, while special expertise is demonstrated in the areas of leveraged finance and direct lending; here, the practice recently assisted with an increasing number of ESG-related financing transactions and – due to Covid-19 – KfW loans and state-guaranteed financing. Advice on corporate and acquisition financing represents another part of its day-to-day business. Practice head Walter Uebelhoer focuses on syndicated loans and leveraged finance and is also well versed in assisting with restructuring-related financing matters. For cross-border issues the practice can draw on team members who are qualified under English law.

Linklaters is known for its capacity in matters touching on corporate and M&A and regularly instructed by large national and international companies seeking advice on acquisition finance, syndicated loans, promissory notes and the financing of group restructurings. Practice head Marc Trinkaus traditionally focuses on advising banks, but also acts for companies. In addition, both types of clients frequently draw on the team's expertise in sustainable financing instruments, which, in addition to assisting banks with Covid-19-related loan financing from the KfW special program, recently led to an increased case load. This range of skills is complemented by relevant experience in leveraged finance, where the group advises financial sponsors, arrangers and financiers. In addition to various financing transactions, managing associate Przemyslaw Lipin also handles restructuring matters.

Ashurst LLP is instructed by mid-market companies for LBOs and corporate loans, particularly in the context of unitranche, stretched senior and super senior/first-out last-out financing; this is also where the expertise of practice head Anne Grewlich lays, who also represents financial institutions, debt funds and private equity funds. In recent years, the group has been particularly successful in expanding its advice to sponsors on acquisition financing through new client relationships with PE houses. In addition, the team's interdisciplinary cooperation enables the engagement with various legal interfaces; this successful interaction became particularly apparent in its recent advice on Covid-19 relief measures and assistance to companies in financial distress. Matthias Weissinger, among others, is a key contact for matters relating to restructuring. Sector-wise, the group's focus remains on the healthcare and pharmaceuticals industries as well as on digitization and IT/software.

Gleiss Lutz has extensive expertise in restructuring-related matters, which is not least due to its close cross-practice cooperation with the restructuring team. The group recently particularly utilised this strength in assisting corporates and lenders with financial restructuring and crisis-related financing due to Covid-19. Practice head Kai Arne Birke regularly took the lead in these matters, while also advising on capital market-related issues. Frank Schlobach is a key contact for LBO and acquisition financing – another mainstay of the practice – with his clients including sponsors in the large and mid-cap sectors in particular. Eva Reudelhuber, who specializes in corporate financing, is another key contact.

Noerr is regularly sought after by major German banks for advice on the granting of loans and the restructuring and refinancing of credit relationships. In addition to traditional financial institutions, the group has been increasingly active for alternative financiers such as mezzanine funds and insurance companies on lender side, while the team also simultaneously expanded its advice to borrowers, and here in particular to German medium-sized companies. Advice to this diverse client base encompasses takeovers, acquisitions, project and corporate financing and, most recently, also an increasing number of debt restructuring matters among other things. Practice head Andreas Naujoks is particularly active in the corporate financing and restructuring area and also routinely handles real estate financing. Acquisitions, real estate and project finance specialist Dorian Legel made associated partner in January 2021.

In February 2021 and at the end of 2021, respectively, Kerstin Block (Hamburg) and André Frischemeier (Frankfurt) took over the lead of CMS' banking and finance group, replacing Markus Pfaff (Frankfurt) and Marc Seibold (Stuttgart), who remain key members of the team. Block has particular expertise in advising on matters in the energy and digital infrastructure sectors, while Frischemeier assists with restructuring and refinancing of financing transactions among other matters; here, the team frequently  cooperates with its corporate and restructuring colleagues which, alongside corporate and acquisition financing, represents one of the practice's mainstays. The practice predominantly, but not exclusively, acts for borrowers.

Baker McKenzie is mainly instructed by lenders – including traditional banks and alternative financiers – but also acts for borrowers. Recent highlights, often entailing cross-border elements, particularly reflect the group's expertise in acquisition financing and ECA-covered loans. However, practice head Oliver Socher's team also handles corporate financing and financial restructuring.

Skadden, Arps, Slate, Meagher & Flom LLP's financing team routinely handles transactions – of which many entail cross-border aspects and are private equity-related – and in Germany, predominantly acts on behalf of borrowers. The group mainly assists with acquisition and corporate financing and also handles matters touching on capital market law. Practice head Johannes Kremer comprehensively covers the area including related regulatory issues.