The ‘outstanding ECM team’ at Clifford Chance LLP is ‘responsive, reliable and highly experienced’ in a broad range of transactions, including major IPOs, SPACs, de-SPACs, and ECM-related M&A. The firm ‘brings the full spectrum of its many practice experts to bear to resolve issues and problems on ECM deals‘, with a particular strength in cross-border matters. The London team is a hub for a range of European ECM, notably related to France, Belgium, Italy and the Netherlands, as well as having a niche in London-Shanghai stock connect matters. Practice head Adrian Cartwright specialises in equity capital markets including issuances of shares and global depositary receipts in the international markets. Notable names in the team are John Connolly, who is known for US securities law advice; Simon Thomas, who represents underwriters and issuers on a wide range of equity capital markets transactions; and ECM transactions expert Christopher Roe, whose experience covers IPOs, rights issuances and secondary capital issuances.

Latham & Watkins is recommended for its ‘market and technical understanding combined with excellent understanding of business‘. The ‘market leaders in equity capital markets transactions’ advise on large, complex deals, with a particular specialism in cross-border ECM, utilising its extensive network of international offices, notably in the US. Technology is another forte for the practice, including fintech IPOs; SPACs and de-SPACs also feature in the firm’s resume. James Inness focuses on London Stock Exchange transactions and co-leads the team with Chris Horton, whose expertise includes advising listed companies, investment banks and asset managers on a range of ECM, M&A and regulatory matters. Another key name in the area is Anna Ngo, who represents issuers, investment banks, and investors on primary and secondary ECM transactions and public M&A transactions.

The broad practice of Linklaters LLP is strong in UK high-end listings and ‘able to bring in subject-matter experts as required as well as a wide team in their continental office network’. Recommended as ‘peerless in advising and steering the ECM industry at large’, the firm supports banks in changing the London regulatory environment, and is active in international deals including in the Netherlands and UAE. Expertise covers SPACs, de-SPACs, IPOs and M&A in the ECM space. John Lane acts for issuers and underwriters on equity transactions and has experience in private and public M&A. He co-leads the team with Jason Manketo, who advises clients across the life cycle of their equity capital markets activities. Other key names on the deep bench are Pam Shores, who is US lawyer based in London with strength in equity and debt capital markets; Tom Thorne, who specialises in equity capital markets and listing rules driven transactions; and James Wootton, who assists corporate and financial institutions on a wide range of corporate transactions.

The White & Case LLP ECM team ‘continues to be at the forefront of UK and European ECM transactions, providing first-class advice and commercial acumen in abundance’. Core strengths of the broad practice include SPACs, IPOs and rights issuances. The firm can also leverage its multi-jurisdictional strength, particularly in the US, which it combines with a range of industry expertise, notably in the life sciences and technology sectors. Spearheading the team are Inigo Esteve, who focuses on IPOs and secondary share issuances; Jonathan Parry, whose expertise lies in LSE IPOs and share issuances by listed companies; and the US-qualified Laura Sizemore, who heads up the firm’s capital markets section in EMEA.

The Ashurst ECM team ‘remains at the forefront of ECM work with a strong bench and excellent advice’. Experienced in assisting on the bank and issuer side, the firm provides a breadth of practice that includes strength in de-mergers, US securities law and technology sector matters. Nicholas Holmes advises corporate clients and investment banks across the spectrum of equity, M&A and corporate finance transactions. He co-leads the practice with Jennifer Schneck, whose forte is global securities work; and Stuart Rubin, who handles international equity capital markets and M&A transactions across Europe and Asia.

Norton Rose Fulbright’s sweet spot is mid-market deals, particularly those related to emerging markets and the pharmaceuticals, REIT and real estate sectors. Other specialisms for the firm include energy, infrastructure, technology and financial services industry deals. Advising on the issuer and bank side, the practice is also recommended as ‘excellent at solving problems, combined with a real focus on the client and collaborating with other advisers’. Raj Karia leads the practice and can call on the expertise of Thomas Vita, whose strength is advising on international securities transactions and London ECM work.

Well regarded for its ‘deep experience in ECM’, Slaughter and May has an issuer focus and handles a range of transactions in the space. The forte for the firm is its relationships with early-stage technology companies, assisting them to scale and grow. Practice head Rebecca Cousin has particular strength in supporting clients on equity raises, right issuances, placings and IPOs. Her team ‘has mastery of this area’.

The ‘incredibly business savvy’ Cooley (UK) LLP ‘understands the market, the drivers and the movements’, particularly when it comes to advising UK and European companies on listings in the US. The firm combines its US securities expertise with experience in Amsterdam and Stockholm listings. Notable sector strengths for the practice include the technology and life sciences industries, especially advising founder-led disruptive businesses. Another area of activity for the team is SPACs and de-SPACs. Claire Keast-Butler leads the practice and assists issuers, investment banks and investors to handle their IPOs and secondary offerings. She can call on the expertise of David Boles, who focuses on capital markets and US securities regulation.

Combining expertise in equity fundraisings and other stock exchange transactions, Dentons can draw from an extensive global network to advise on complex cross-border matters. The firm is experienced in IPOs, secondary fundraisings and M&A transactions for issuers and sponsors, nominated advisers, brokers, underwriters and lead managers. The group also has a particular forte in aviation sector deals. Nikolas Colbridge focuses on international financing transactions within capital markets across a range of stock exchanges. He co-leads the practice with head of corporate Neil Nicholson, who advises on share sales, business sales, joint ventures, fund establishments and restructurings.

Focusing on the mid-market, DLA Piper is a business law firm with international reach and broad experience in equity funded M&A activity. The practice is particularly active in secondary fundraisings, but also provides expertise in IPOs. Alex Tamlyn spearheads the team and covers corporate finance, UK and international securities offerings, Class 1 acquisitions and disposals, schemes of arrangement, corporate governance and securities regulation matters.

The Greenberg Traurig, LLP team ‘has very in-depth knowledge of equity capital markets, both from a regulations perspective and market practice’. The firm provides ‘innovative solutions to difficult issues’, particularly in US securities matters, including Rule 144A offerings, cross-border tender offers, and high-yield and mainstream debt capital markets. Well regarded for its expertise working across markets and jurisdictions, the practice also has experience in SPACs and de-SPACs. Andrew Caunt leads the team and advises issuers and underwriters on capital markets transactions, notably on equity offerings across developed and emerging markets. A key name in the area is Dorothee Fischer-Appelt, whose forte is securities work, advising on cross-border European and US deals.

Hogan Lovells International LLP’s broad experience includes IPOs, equity capital raisings and secondary offerings, retail share offerings, private placements of securities and REITs, as well as US public offering and private placement mandates. Technology and energy matters are a forte for the firm, which is also active in SPAC and de-SPAC deals. A key name in the area is Daniel Simons, who focuses on corporate transactions, particularly ECM work and domestic and cross-border M&A. He co-leads the team with Jonathan Baird, Ben Garcia, Tom Brassington, Nicola Evans and Erik Jamieson.

‘Stand-out’ partner David Dixter joined Milbank in 2021 and brought expertise in equity and debt capital markets and liability management transactions, as well as securities law and corporate governance matters. The firm’s experience runs the gamut of corporate finance transactions, notably IPOs and international equity offerings. The firm has particular strength in ECM matters in the EMEA market. Other specialisms include US securities law, high-yield matters and liability management transactions, advising issuers and underwriters across the space. Under Dixter’s lead, the practice has also established itself in the Nordic markets.

Experienced in SPACs, IPOs and secondary offerings, Skadden, Arps, Slate, Meagher & Flom (UK) LLP’s UK and US qualified lawyers work closely together, positioning the practice well to advise European and UK companies looking to list in the US. Danny Tricot is head of the European capital markets team and acts for issuers and underwriters on a broad range of equity and debt transactions. A key name in the area is Pranav Trivedi, who focuses on international corporate finance work, including initial public offerings and privatisations, cross-border M&A, joint ventures and private equity issues. Counsel Adam Howard is also active in UK listings work.

The ‘strong partner-led team’ at Travers Smith LLP provides ‘a depth of knowledge across the group’. Combining securities expertise with strong technology and financial services practices, the team is ‘proactive and efficient and shows a pragmatic approach to achieve desired outcomes’. Head of corporate Spencer Summerfield co-leads the practice with Andrew Gillen, who advises companies and underwriters on a range of ECM transactions, including IPOs and secondary fundraisings.

Mayer Brown International LLP represents issuers, investment banks, sponsors, placement agents and selling shareholders across the spectrum of ECM transactions including public offerings and private placements, stock exchange listings, rights offerings, capital reorganisations, share buy-backs and demergers. In terms of IPO transactions, the firm’s activity covers a number of cash shell company/SPAC transactions, as well as capital raising and block trades. Practice head Kate Ball-Dodd handles corporate finance work, M&A, equity fund raisings, joint ventures and corporate governance matters.

Particularly active in the Middle East market, Shearman & Sterling LLP provides ‘knowledge, proactivity, engagement and holistic approaches to transactions’, as well as being recommended for its ‘excellent relationships with all key decision makers – whether the regulator, exchanges, issuers or investment banks’. The firm’s experience includes IPOs and secondary offerings, SEC-registered offerings, private placements and spin-offs. Trevor Ingram focuses on international capital markets transactions and leads the team that includes Pawel Szaja, who has ‘a unique ability to be able to see a transaction from a macro and micro level, which is invaluable’.

Known for its insurance sector strength, Willkie Farr & Gallagher (UK) LLP is particularly active in the insurance capital markets space, as well as handling SPACs, private equity and fund work. The firm has experience across various global exchanges, aided by its strong US network. Dual qualified in the UK and NY, Jennifer Tait represents issuers and underwriters in capital markets transactions in the US and Europe in public and private offerings. She co-leads the practice with corporate insurance capital markets specialist Joseph Ferraro.