Able to provide a one-stop-shop service to borrowers and lenders on big-ticket and complex leveraged and event-driven deals by virtue of its market-knowledge and extensive international expertise, Clifford Chance LLP 'provides consistently excellent advice across all regions in leveraged finance and is always great to work with'. Taner Hassan is well-versed across the full spectrum of debt products throughout the capital structure and is adept at advising private equity sponsors and their portfolio companies on multi-jurisdictional financings including acquisition and bolt-on transactions. Michael Bates are also very strong on the borrower side, particularly in the context of advising funds on infrastructure financings. Jim MacHale and David Robson 'are always willing to go the extra yard to find a solution' for lenders, with Robson having a particular strength in relation to public to private matters. The 'extraordinary' Peter Dahlen 'adds a lot of value' for both borrowers and lenders on large cap acquisition finance deals and has significant knowledge of the Nordic markets. Other recommended partners include the vastly experienced Charles Cochrane, Emma Folds and recently promoted partner Julia House.

Led by the ‘vastly experienced and clever’  Stephen Lucas, Kirkland & Ellis International LLP‘s debt finance team is exclusively focused on servicing the acquisition finance needs of its stellar roster of private equity sponsor clients, including Apax, Blackstone, Bain Capital and Carlyle. Consequently, the team is able to negotiate very forcefully for its clients, unencumbered by any lender-side relationships and has a reputation for innovation and new technology development in the finance space. The sheer volume of deals the team handles, not only in the large cap space but also in the mid-market, ensures that the team is across all developments in the market and is as conversant when handling a large cap Term Loan B (TLB) mandate, as it is dealing with credit funds as counterparties on unitranche products. Kirsteen Nicol; Chris Shield and Daniel Borg are also key members of the team. Infrastructure finance specialist James Boswell recently joined the team from Clifford Chance LLP. Neel Sachdev has left the firm.

With a strong London presence on the bank loan and bond front and well-positioned to advise on multi-jurisdictional mandates by virtue of having a presence in key financial centres in Europe and the US, the ‘responsive, commercial and client-focused‘ team at Latham & Watkins provides a holistic and well-integrated service to a balanced mix of lender and borrower clients across their acquisition/leveraged finance needs.  Combining fee-earning work with his duties as managing partner of the London office, Stephen Kensell has vast creditor-side experience and is appreciated by banks for his ‘knowledgeable, reasonable and commercial’ approach to leveraged and investment grade M&A deals. The ‘totally committed and bright’ Jayanthi Sadanandan , Sam Hamilton  and Dominic Newcomb have deep knowledge of a range of financing techniques which they are effectively able to implement on behalf of an impressive roster of borrowers, including private equity sponsors and corporates on cross-border acquisition finance mandates. Angel Quek advises a balanced mix of creditors and debtors and is one of the firm’s more junior practitioners forging a strong reputation in the market, another being Joseph Kimberling, who was promoted to partner at the beginning of 2022. The recent departure of a four-strong team of lawyers, including leading creditor-side practitioners Mohamed Nurmohamed  and Ross Anderson to Paul Hastings LLP was undoubtedly a blow to the firm but it has the strength and depth to cope with any immediate fallout. 

Drawing on ‘excellent strength-in-depth‘ in its London office and across its extensive international network, Linklaters LLP is well-positioned to handle multi-jurisdictional sponsor and corporate-led acquisition finance mandates for a balanced roster of borrowers and lenders. Under the leadership of David Irvine (‘excellent commercial instincts’) and Oliver Sceales , both of whom have strong financial sponsor ties, the team has ‘strong leveraged finance knowledge’ and is adept at advising across the full scope of financial products, including bank and bond financing on large cap mandates, as well as on direct lending mandates. Edward Aldred  is also a popular choice among sponsor clients, as a result of his experience across the gamut of loan products, from syndicated institutional covenant-lite incurrence-based TLB facilities through to unitranche and covenanted maintenance loans. Philip Spittal  advises a balanced borrower and lender client base on event-driven and leveraged finance deals and, alongside creditor-focused partner Nick Syson , is able to call upon a vast amount of knowledge as a result of many years’ experience advising on mandates throughout the credit spectrum. Pathik Gandhi is ‘very efficient at getting the deal done with minimum fuss’ and together with Chris Medley is a driving force behind the firm’s growing creditor offering. Newly promoted partner Rohan Saha is well-versed at advising both banks and sponsors on leveraged finance mandates.

The lean team at Weil, Gotshal & Manges (London) LLP has an excellent perspective of the commercial and legal needs of both creditors and debtors, enabling it to provide a very fluid service which can quickly adapt to different financial structures, whether that be a bank or bond deal incorporating US technology, unitranche structures or European TLBs governed by English law. Tom Richards maintains very deep-rooted relationships with numerous notable sponsor clients, including Advent, whose interests he vigorously protects on their leveraged finance transactions. Chris McLaughlin also has excellent ties with fund clients, as borrowers, as well as in the private credit space as lenders. Lender-focused partner Reena Gogna also regularly advises private credit funds on leveraged deals, as well as her core work for traditional commercial/investment banks. Alastair McVeigh was promoted to partner at the beginning of 2021 in recognition of his private credit-related work and is a key member of a team that also includes Paul Hibbert, who has been instrumental in developing the infrastructure finance practice at the firm.

Led by Suhrud Mehta, the ‘friendly and helpful’ team at Milbank has ‘great market knowledge’, developed as a result of many years’ experience advising a lender-focused client base across a range of  complex multi-jurisdictional acquisition finance mandates, frequently incorporating sophisticated intercreditor relationships. In this context, one of the team’s core strengths is its ability to advise on both European and US law governed loans and high yield bonds, a corollary of which is also its effectiveness at structuring deals in light of the continued convergence of covenant structures on both sides of the Atlantic. Alexandra Grant provides ‘excellent advice’ to many of the firm’s highest-profile investment bank clients as underwriters on large cap cross-border mandates. Other recommended practitioners include Sarbajeet Nag and Miko Bradford, both of whom provide expert guidance to the firm’s core banking clients, as well as to private equity sponsors on pan-European and transatlantic leveraged finance transactions.

Paul Hastings LLP  built on the existing success of its London acquisition finance practice with the bold recruitment in summer 2022 of a highly-rated four-strong lender focused team from  Latham & Watkins that includes its ‘responsive and client-focused’ former team head Mohamed Nurmohamed  and Ross Anderson.   Nurmohamed now co-chairs the firm’s global finance practice with  the ‘superb’ Luke McDougall .  The ‘very well coordinated’ team, which also includes  Peter Schwartz   , is continuing to gain market share among lenders, which appreciate its ability to work across the capital structure, including on integrated UK/US bank and bond mandates. McDougall excels in advising banks on large cap mandates, including a recent spate of public to private transactions, which require sophisticated financing arrangements. Other key names include Richard Kitchen  , who has strong credibility among funds, including private equity sponsors seeking finance, as well as credit funds, and the ‘excellent‘ Mei Lian .

‘Able to leverage strong commercial awareness in combination with legal skills to deliver truly innovative solutions’, Shearman & Sterling LLP‘s lender-focused practice is adept at structuring M&A mandates utilising debt throughout the capital structure. Although the team maintains strong ties with commercial and investment banks and is often engaged in large-cap mandates using an integrated bank and bond approach, in recent years it has made more strides in the private credit space, primarily as a result of some astute recent hires. Both team head Sanjeev Dhuna and Rahul Chatterji, who joined in the summer of 2021 from Allen & Overy LLP and Milbank, respectively, have made a significant impact in the space as a result of their connections with numerous funds and prowess at structuring cross-border direct lending transactions from unitranche up to more complex PIK, first and second lien structures. The arrival in June 2022 of Shameer Shah from White & Case LLP further strengthens the firm’s leveraged finance capabilities, in light of his direct lending expertise. Philip Stopford and Korey Fevzi left for Cravath, Swaine & Moore LLP in March 2023.

‘Well-staffed and incredibly hard working’, White & Case LLP handles a tremendous range and volume of acquisition finance mandates for banks, credit funds, corporates and financial sponsors. The firm’s integrated bank loan and high yield capabilities are a strong selling point, particularly on large-cap leveraged finance transactions, as is its familiarity with the full range of financing techniques and its ability to work in tandem with New York and European colleagues. As well as the firm’s ongoing work for longstanding investment/commercial bank clients including Deutsche Bank, under the guidance of the ‘superb’ Gareth Eagles , it has gained a  strong foothold in the flourishing direct lending market for well-resourced funds including CVC Credit and Bridgepoint Credit. Head of EMEA bank lending, Jeremy Duffy , has vast experience advising lenders on mandates and is appreciated for his ‘extremely hard working and commercial’ approach. Martin Forbes  takes the lead on much of the most significant borrower-side work, primarily on behalf of private equity sponsors. The arrival in May 2022 of dual English and French-law qualified partner Monica Barton from Winston & Strawn LLP adds further ballast to the team, particularly in light of her private credit experience and her expertise advising on deals with a French nexus.

Mirroring the firm's broader asset management credentials, Dechert LLP's primary focus within the leveraged finance market is advising funds clients, both in their capacity as lenders and as borrowers on deals in the mid to upper-mid-market. The firm's recent growth on the restructuring side also enables the team to provide expertise across the transactional life cycle, including in a distressed scenario. Indeed, a number of the more recent credit fund relationships have been brought over by new hires within the restructuring team, including KKR Credit. Philip Butler  and David Miles  co-head the firm's global leveraged finance practice and take the lead on many of the most significant lender-side mandates, including Miles' recent work for core client Ares Management on the financing to facilitate Palamon Capital Partners' acquisition of IDH Group from the Carlyle Group. John Markland  is also a key member of the team by dint of his sponsor-focused borrowing practice.

Led by Paul Mullen , the 'deal-oriented' five-partner team at Hogan Lovells International LLP has established itself as a mainstay of the private credit market, which is increasingly dominating the mid to upper-mid European leveraged finance space. Its effectiveness at securing a stronghold on behalf of many prominent funds, including Ares, has been secured by achieving an early advantage and a subsequent flow of deal volume and knowledge of what is market in the direct lending space. Jo Robinson  has been central to the firm's penetration of the market, not only helping to develop the unitranche product but also acting for new funds including Ashgrove Capital. The firm's traditional banking relationships also remain intact, enabling it to be well-placed to advise on an albeit smaller number of bank-led deals, as well as to handle their involvement (for example on the provision of working capital) alongside private credit funds on funding within the mid-market. UK managing partner Penny Angell  handles some conventional bank and fund-led leveraged finance work, as well as having a niche advising borrowers and lenders in relation to insurance company financings.

Advising a balanced mix of credit funds and private equity sponsors, the 'highly commercial, pragmatic and solutions-focused' team at Macfarlanes LLP has an excellent perspective on the legal and commercial requirements of borrowers and lenders within the upper/mid-market leveraged finance space. Kirstie Hutchinson  has 'deep experience of mid-market acquisition financing' for the firm's loyal roster of financial sponsor clients, which are appreciative of her 'excellent technical knowledge' and conversance with complex, cross-border mandates. Able 'to bring clarity and precision to a complicated deal structure', Malcolm Hitching advises private equity clients on leveraged finance mandates, as well as advising  private credit funders in the litigation finance market. The 'responsive and commercial' Andrew Perkins  heads up the overarching banking and finance team and is able to draw on 'a wealth of acquisition finance experience', particularly in relation to lender-side credit fund work.

Proskauer Rose LLP is recognised as a ‘go to team’ on the creditor side for mid to upper-mid market direct lending deals, where its longstanding expertise in the space ensures that it has strong ties with many of the most active funds (including Alcentra, Barings and Apollo). This level of market intel (which is also reflected in a well-received proprietary database tracking deal terms) also ensures that the team is at the vanguard of market developments, including on ESG pricing ratchets and recurring revenue loans, which are both gaining traction in the market. The ‘very experienced’ Alexander Griffith has ‘seen it all’ and is noted for his aptitude at advising on innovative, first-in-kind transactions involving private sources of capital. The ‘outstanding’ Faisal Ramzan also has vast experience, while more junior partner Daniel Hendon continues to impress through his knowledge across a myriad of finance products. Ben Davis departed for Eversheds Sutherland (International) LLP in July 2023.

Well-versed across US and European financings, including in the context of high yield, leveraged loans and private credit, the 'experienced and solutions-driven' team at Ropes & Gray LLP is a popular choice among borrowers and lenders on their cross-border acquisition finance work. As well as its consistent stream of work (including on the acquisition finance front) for Liberty Global and Altice, two of the biggest issuers of bonds and loans in the European market, the team, which is headed by Michael Kazakevich also receives a significant flow of work for financial sponsors, an area of the practice which is likely to grow in light of the recent recruitment of a three-partner private equity M&A team from Fried, Frank, Harris, Shriver & Jacobson LLP. The 'technically excellent and commercially astute' Alex Robb  is adept at advising borrowers on their acquisition finance activity and is well-versed across a broad array of debt products, from unitranche loans to European term loan B large-cap loans.

Under the guidance of the ‘commercial’ and ‘hands-on’ Alex Dumphy, Addleshaw Goddard has developed a strong mid-market leveraged finance practice for financial sponsors and lenders. Although the firm maintains strong clearing bank relationships, it has successfully pivoted towards the alternative lending/credit fund space, which is of particular importance within the mid-market. The arrival in July 2021 of Ewen Scott from Jones Day further strengthens the leveraged finance capabilities in light of his balanced lender and borrower offering.

Despite still being in its relative infancy, Cahill Gordon & Reindel LLP's leveraged loan finance offering has hit the ground running since the marquee recruitment of Jonathan Brownson from Allen & Overy LLP  in September 2020, immediately gaining traction in the market as a result of the firm's ability to provide 'a very credible one-stop-shop' service to lenders on both the loan and high yield piece of large-cap mandates. Recognised as 'one of the best acquisition financing partners in the market', Brownson has been able to leverage his existing strong banking ties  and has also been embraced by his new firm's blue riband array of US investment banks. The arrival in April 2021 of Joydeep Choudhuri, also from Allen & Overy LLP, provides further bandwidth on the lender front, in light of his strong private credit ties.

Drawing on 'exceptional market knowledge and technical and commercial acumen', Debevoise & Plimpton LLP's team expertly protects the interests of its borrower-focused client base on the financing of its M&A activity. Alan Davies  has a strong reputation and recently advised core sponsor client, Clayton, Dubilier & Rice, on the financing to facilitate its high-profile take private of UK supermarket chain, Morrisons. The 'user-friendly and solutions-focused' Pierre Maugüé  has 'deep knowledge across a range of financing techniques' - including asset backed, fund finance and US-law governed products - ensuring that he is a popular choice on both conventional and more esoteric leveraged financings.

Strengthened by some strategic hires, including that of ‘outstanding’ direct lending expert Andy Kolacki from DLA Piper in October 2021, Mayer Brown International LLP continues to gain traction in the mid-market private capital leveraged finance arena, both for those seeking financing and entities providing it. Team head Stuart Brinkworth has vast experience across the gamut of debt finance products, which he implements to good effect for both direct lenders and financial sponsors. Although the firm is less active for traditional bank clients, it does pick up some work for international investment banks, particularly on acquisition finance deals where the ABL product forms a part of the overall debt package.

The small but nimble two-partner banking team at Skadden, Arps, Slate, Meagher & Flom (UK) LLP adds value to corporate clients and a growing roster of financial sponsors (grown in part by some recent strategic hires on the M&A front) by dint of its deep knowledge across a wide array of UK and US law governed debt finance products. Pete Coulton provides 'responsive and commercial' advice to corporates and private equity funds, including in the context of large-cap cov-lite TLB transactions and unitranche mandates. Coulton co-heads the team alongside Clive Wells, who handles some investment grade acquisition financing mandates as part of his wide-ranging finance practice.

Drawing on the expertise of 'best in class lawyers' throughout its generalist finance offering, Slaughter and May provides 'very knowledgeable' advice to borrowers (including many FTSE listed entities), utilising different finance  products, including TLB, unitranche and loan/high yield bonds, to fund their M&A activity. Philip Snell  heads a team that also includes 'top-notch banking and finance lawyers' Edward Fife and Robert Byk  , who plays a key role in the firm's high end public bid finance practice.

Often working alongside its well-established Paris and US offerings, the ‘commercial and hardworking’ team at Willkie Farr & Gallagher (UK) LLP is gaining increasing visibility in the London market and generating more standalone work. Financial sponsors provide most of the work flow and are impressed by the ‘creative and complex solutions’ the team is able to provide. Sebastian FitzGerald is ‘very pragmatic and technical’ and has been pivotal to the team’s growing success on sponsor-backed financings in the US and European financing markets. Ashley Young  co-heads the team alongside FitzGerald and, as well as his private equity work, also regularly advises credit funds on special situations matters.

Led by Emma Howdle-Fuller, Bryan Cave Leighton Paisner provides ‘hugely commercial’ advice to a balanced array of banks, sponsors and corporates, both on domestic and cross-border acquisition finance mandates. The balanced nature of the client base is matched by the firm’s breadth of product expertise.

Under the expert guidance of Simon Fulbrook, Goodwin's 'very pragmatic and commercial' three-partner leveraged finance team continues to gain momentum in the market on behalf of its growing sponsor client base. Unsurprisingly, given the firm's overarching sector expertise and venture capital credentials, a sizeable volume of financing work relates to tech-related M&A. Geoff O'Dea 'has excellent technical knowledge', particularly on behalf of funds clients in the distressed space.

The 'commercial and collaborative' banking team at Norton Rose Fulbright handles a significant amount of acquisition finance work for commercial/investment banks and corporates. Much of this work is of a multi-jurisdictional nature (including within emerging markets) and also often includes complex and highly bespoke structuring, with core leveraged financing capabilities sitting alongside specialised product experience including asset based lending facilities (ABL). Michael Black  has 'in-depth knowledge of ABL and cross-border lending' and is a key member of a team that also includes the 'pragmatic and considered' James Dunnett , who has niche expertise advising financial advisers on cash confirmations pursuant to public M&A.

The ‘exceptionally professional‘ team at Eversheds Sutherland (International) LLP, which includes lawyers in London and across its regional offices, provides ‘focused commercial advice’ to mid-market financial sponsors and corporates on acquisition finance matters. Christopher Akinrele  ‘provides commercial advice‘ and is at the forefront of the most prominent leveraged finance matters for sponsors and their portfolio companies. Nick Swiss  heads up the UK banking practice. Ben Davis joined from Proskauer Rose LLP in July 2023.

McDermott Will & Emery UK LLP ‘s London practice continues to gain momentum following the arrival in May 2020 of the ‘savvy and knowledgeable’ Aymen Mahmoud (who now heads the two-partner offering) and the ‘very user-friendly’ Mark Fine from Willkie Farr & Gallagher (UK) LLP. Generating a substantial amount of their own work and also able to tap into the firm’s existing corporate private equity relationships, the team has already made a big impact in the mid-market, with sponsors appreciative of their knowledge across a wide range of products including unitranche, TLB, holdco PIKs and recurring revenue financings. On the lender front, the team has good traction among credit funds, including in the context of special situations lending.

The ‘very responsive and super commercial’ team at Sidley Austin LLP is best-suited to advising private equity sponsors and credit funds on premium mid-market mandates requiring innovative thinking and bespoke structuring. This approach manifests itself on both the debtor and creditor front, including its work for lenders on special situations (including in a loan-to-own context). Bryan Robson and James Crooks co-head the team, which also benefits from the ability to coordinate on matters alongside its M&A and finance colleagues in the US.

Led by Martin Yells, Taylor Wessing LLP's 'highly efficient' banking and finance team regularly advises private equity sponsors engaged in mid-market leveraged finance mandates. A significant amount of the work is centred around the tech sector, including the provision of debt financing to later stage venture-backed clients of the firm. The 'smart and very user-friendly' Lerika Le Grange is a key member of the team.