Utilising ‘a good mix between senior and junior staffing when needed’, Clifford Chance LLP‘s relationship-driven practice is well-positioned to advise banks and corporates across a mix of repeat corporate lending/syndicated work, as well as cutting-edge mandates, which benefit from the team’s ‘creative and solutions-focused’ approach. As well as her transactional work, which includes funds and investment grade financing, Nicola Wherity‘s role as counsel to the Loan Market Association (LMA) has seen her active at the forefront of changes to standard documentation ushered in by the LIBOR transition. Wherity is also one of many partners within the group that is incorporating ESG-related factors into financing documentation, including a considerable amount of sustainability-linked financings in relation to investment grade loans. Emma Folds ‘knows the market very well’ and is a popular choice advising on new money loans for investment grade corporates, as well as in a refinancing context. David Robson regularly advises banks as arrangers/underwriters on investment grade corporate lending and corporate event driven financing, including in relation to UK public bid financing. Nick Kinnersley and the ‘extraordinary’ Peter Dahlen also handle bid financings, as well as general corporate lending matters for both lenders and borrowers. Charles Cochrane is also recommended and heads up the overarching banking and financing team alongside Taner Hassan.

Drawing upon strong product knowledge at both the front end of a deal, as well as in a refinancing/restructuring context, Linklaters LLP‘s ‘knowledgeable’ banking team is a popular choice among banks and investment grade corporates (including a high proportion of FTSE 100-listed clients). As well as regularly picking up a strong pipeline of syndicated lending work the firm also handles a disproportionately large proportion of corporate M&A financings. The team has also been very active advising borrowers on sustainability-linked financings, including Ian Callaghan‘s recent advice to Balfour Beatty Plc on the conversion of their £375m revolving credit facility to the largest sustainability linked loan in the UK construction sector to date. Toby Grimstone‘s practice consists of syndicated and secured bank financings and although he is active across a range of sectors, he is particularly well-versed at advising on mining/energy financings, including those with an emerging markets nexus (invariably export credit backed). Oliver Edwards co-heads the corporate and structured lending team alongside Grimstone and has a broad creditor practice that encompasses niche expertise in margin lending, as well as liquidity financings to other financial institutions. Philip Spittal often handles syndicated lending work in his role as global co-head of banking and is a key member of the team that also includes Caroline Courtney, who is well-versed across a range of products, including as it relates to syndicated lending and asset finance.

Lauded for its ‘excellent market knowledge and appreciation for their clients’ commercial position’ Slaughter and May provides a ‘service that is second-to-none’ on behalf of the firm’s market-leading borrower focused client base, that include a huge proportion of FTSE 100/250 coporates. The scope of the work is broad and includes advice on general corporate lending, acquisition finance and refinancings, with a significant amount of recent transactions including pricing ratchets conditional on meeting various ESG-related key performance indicators (KPI). Many of the practitioners within the team have had experience of advising on such transactions, including team head Philip Snell who recently advised South32 on a $1.4bn sustainability-linked credit facility, in what was one of the first of such loans in the mining industry. Recognised as a ‘sound advisor through complex transactions in a very challenging environment’, Matthew Tobin is regularly engaged by major corporates on highly strategic mandates, including his export credit-backed £2bn loan provided to British Airways to ease its liquidity problems in the aftermath of the pandemic. Caroline Philips is also a key member of the team and really understands the commercial and legal implications for treasury teams across a range of financings.

The ‘hardworking and knowledgeable’ team at White & Case LLP is a popular choice among investment/commercial banks and investment grade borrowers across a range of corporate lending, refinancing and corporate-led acquisition financing transactions. The team is well-versed at structuring transactions utilising products throughout the capital structure, governed by both UK law and New York law, and therefore offers a degree of flexibility which is particularly appealing. Head of banking across the EMEA region, Jeremy Duffy is frequently at the forefront of the most significant lender-side mandates, including advice on super senior revolving credit and bridge facilities, as well as event-driven financings. Christopher Czarnocki has a particular focus on emerging markets mandates, including work for borrowers and lenders on work with an Africa nexus. The arrival of Monica Barton from Winston & Strawn LLP in May 2022 strengthens the team, in light of her wide-ranging cross-border financing expertise across both bank loan and private credit matters.

Despite having effectively broadened the scope of its creditor side client base in recent years to include a large amount of work for credit funds in the mid-market leveraged finance space, Hogan Lovells International LLP‘s longstanding traditional banking relationships remain and account for a significant amount of syndicated work in the corporate lending market. Matthew Cottis handles creditor and debtor work within the syndicated lending market and is well-versed in advising on the financing of regulated insurance companies, an area that ‘knowledgeable, action oriented and commercial’ Penny Angell is also particularly adept. Paul Mullen leads the team.

The ‘very experienced and well balanced’ team at Mayer Brown International LLP provides ‘solutions-oriented and commercial’ advice to a bank-focused client base across a range of syndicated and bilateral new money mandates and refinancings. The firm’s versatility across a range of products (including asset based lending and structured finance) and jurisdictions is a key strength, ensuring that it provides ‘very clear/strong transaction leadership and advice through complex situations’. Appreciated for his ability to ‘balance different stakeholders’ needs‘, Trevor Borthwick is an excellent resource to both creditors and debtors on new money corporate lending transactions, as well as in a restructuring/distressed scenario. Asset-based lending experts Alex Dell and Dominic Griffiths co-head the overarching banking and finance team that also includes the ‘dynamic’ Ash McDermott, who provides ‘brilliant structuring advice’ to lenders on large international syndicated finance transactions, including on transactions within the emerging markets.

Benefitting from well-established banking relationships, as well as a growing corporate client base, Norton Rose Fulbright has an excellent perspective of the commercial and legal needs of both lenders and borrowers, particularly in the context of multi-jurisdictional syndicated lending transactions. In this context, the team is particularly well-suited to advising on emerging markets matters (in Africa and Latin America – where it has resources in several key offices) often involving both commercial and export credit-backed debt. Much of this work takes place within the energy sector, an area that Neha Khosla has developed a particular strength, including on behalf of lenders providing financing to oil and gas companies and on reserves based lending facilities in the upstream space. Team head Michael Black is also very adept at advising lenders on cross-border corporate lending, particularly where ABL facilities are also utilised.

Led from London by Steve Mackie and also able to draw upon significant resources throughout its phalynx of regional offices, Addleshaw Goddard has a strong reputation among lender clients providing financing to corporates in bilateral, club and syndicated contexts. The firm’s clearing bank relationships continue to inform much of the corporate lending work, particularly in the mid-market space, however, it has also continued to gain traction among commercial/international banks, which are attracted to the firm’s ability to advise on transactions incorporating a range of financing techniques, including ABL and structured finance. Amanda Gray heads up the firm’s financial services sector group and has vast experience advising lenders and borrowers across a range of financing transactions particularly in the mid-cap space; she has been at the forefront of the firm’s ESG efforts and has advised on numerous sustainability-linked loans.

‘Extremely knowledgeable while also being very practical and commercially minded’, Bryan Cave Leighton Paisner is a popular choice among a balanced roster of lender and borrower clients (including many PLC clients) across a range of financing transactions, from small business loans to large cross-border syndicated credit facilities. As well as transactional finance work, including a considerable amount within the real estate sector, Emma Howdle-Fuller, who heads up the firm’s EMEA commercial lending practice, has also recently handled a number of major IBOR transition projects for some key lender clients. The ‘technically excellent’ Derek Hrydziuszko has a strong reputation among lenders and borrowers and is appreciated for his ability to provide ‘efficient, pragmatic and bespoke advice’. 

The ‘extremely responsive, commercial and client-focused’ banking team at Latham & Watkins ‘know the market inside out’ and is adept at advising both creditors and debtors across the gamut of their financing needs, from bank and bond structures, through to bespoke finance solutions. While the bulk of the work relates to leveraged finance mandates, the team continues to pick up market share in the broader investment grade/syndicated loans. Stephen Kensell is integral to this work and regularly advises banks providing the financing to facilitate investment grade M&A, IPO-related finance and for working capital facilities.

Although it remains best known for its mid-market leveraged finance offering, Macfarlanes LLP also ‘has demonstrable expertise in investment grade and syndicated financings’ for a borrower focused client base. In this regard, the ‘very knowledgeable and commercial’ Kirstie Hutchinson has considerable experience advising public limited companies on their corporate lending requirements. Head of the banking and finance team, Andrew Perkins ‘is a highly skilled lawyer with a wealth of experience’, including in relation to fund finance matters.

Under the guidance of Lee Cullinane, McGuireWoods London LLP‘s London-based EMEA finance group continues to grow its lender side offering within the leveraged space as well as in relation to more general syndicated/bilateral facilities, where it draws upon knowledge across a range of European and US style financing products. The ‘terrific’ Marc Naidoo has ‘a knack for simplifying knotty issues and finding practical solutions’ for lenders funding emerging markets borrowers, including in relation to sustainable finance matters. In this context, Naidoo not only handles work for commercial banks but also multilateral finance institutions, including the African Development Bank.

Led by Michael Kazakevich, Ropes & Gray LLP‘s eight-partner finance team provides a versatile offering to borrowers and lenders utilising a range of finance products throughout the capital structure, including unitranche facilities, TLB large-cap loans and New York law-governed high yield bonds. The team continues to receive a considerable volume of work from Liberty Global and Altice – two of the biggest issuers of bonds and loans in the European market. The ‘highly intelligent’ Jane Rogers and Alex Robb are key members of the team, both of whom ‘thoroughly understand their products/markets and are able to advise on complex, cross-border financing structures’. 

The arrival of Sanjeev Dhuna (who now heads the global finance team) from Allen & Overy LLP in July 2021 was the latest of many recent strategic hires which have galvanised Shearman & Sterling LLP‘s lender focused finance practice. While this has been most starkly felt on work within the leveraged finance space, the firm also maintains strong investment/commercial banking ties, which it advises on less commoditised, bespoke financial structuring for corporate borrowers, often involving a loan and high yield bond component.

Although it is smaller than many of the ranked firms, Skadden, Arps, Slate, Meagher & Flom (UK) LLP‘s ‘incredibly strong‘ two-partner banking team has ‘a great knowledge of financing documents’ throughout the capital structure (including in relation to New York-law governed high yield), enabling it to punch above its weight for an impressive borrower-focused client base. While a considerable amount of these are derived from the firm’s market-leading US M&A practice, the London team, under the leadership of Clive Wells and Pete Coulton, has also built up a strong pipeline of instructions independent of the firm’s corporate offering. As well as bespoke and complex corporate lending-related work, the team also regularly handles corporate-led M&A financings, including in the context of public takeover financing.

Winston & Strawn LLP regularly advises international lenders and corporates on bespoke multi-jurisdictional financings. ‘Class act’ Ian Borman is appreciated by banks and non-bank lenders for his ability to provide innovative solutions, rooted in his experience across a range of debt products, including asset backed, structured and super senior financings. Zoë Ashcroft co-heads the five-partner finance team alongside Borman and is noted for her niche specialism advising sub-Saharan corporate borrowers.

Akin‘s eight-partner multi-disciplinary finance team has established significant traction among non-bank lenders, including institutional investors, both in relation to new money financings and special situations mandates. US-qualified team head Tom O’Connor has been at the forefront of the cross-border institutional private placement market for a number of years, work which has included an increasing volume of green and sustainability-linked matters of late. Robert Aulsebrook has a focus on emerging markets work.

Exclusively focused on handling energy-related financings, including in an M&A and projects perspective, Bracewell (UK) LLP is ‘able to leverage deep market knowledge to guide the commercial decisions and provide bespoke solutions’ to lenders and borrowers relating to transactions in developed and emerging markets. Under the leadership of Jason Fox, the firm remains best-known for its oil and gas financing expertise, including advice on upstream reserve based financing transactions. However, it has successfully pivoted to reflect its clients’ needs to handle a considerable amount of renewables mandates. Well-versed at advising on multi-sourced project financings, Oliver Irwin provides ‘very sound and reliable advice’ to lenders and sponsors on complex and often first-of-kind financings in the energy sector.

Greenberg Traurig, LLP has earned the status of ‘very trusted advisers‘ to many borrower clients, including investment grade corporates. In this context, the team is adept at advising on cross-border mandates, where it can leverage its international network of offices. Gary Bellingham departed for Faegre Drinker Biddle & Reath in January 2023. Since publication, Emma Menzies also left the practice.

Although it remains better known for leveraged finance, Paul Hastings LLP‘s growing London team is also picking up its fair share of more general syndicated banking mandates, where it is noted for its knowledge across a range of financing techniques, including on integrated UK and New York law loan and bond products. The ‘excellent’ Mei Lian is a welcome addition to the team following her arrival from Shearman & Sterling LLP in May 2020, and adds expertise in both new money and distressed contexts in light of her adaptability and knowledge of bank debt and capital markets instruments.

Bird & Bird LLP ‘has outstanding knowledge of complex debt products and syndicated loans’, ensuring that it receives a significant volume of work for lenders across a range of multi-jurisdictional mandates. Central to much of this work is the ‘incredibly sharp’ Andrew Hallgarth, who is a ‘safe pair of hands’ for development banks and multilaterals engaged in emerging markets financings. Joss Hargrave is another key member of the broader finance and financial regulation group which is headed by Trystan Tether, and excels at advising on restructuring matters, as well as for lenders on sports-related financings.

Bristol-based firm Burges Salmon LLP has a strong track record for lenders and borrowers across a range of financings, including bilateral and syndicated loans, particularly in overarching areas of sector focus for the firm as a whole, such as energy and real estate. Restructuring and insolvency partner Andrew Eaton heads up the overarching banking and finance team that includes Graham Soar, who recently advised Clarks on the cross-border refinancing and restructuring of its secured syndicated revolving credit and private placement facilities.

Although it is undoubtedly more geared up to service its private equity and credit fund clients on leveraged finance mandates, McDermott Will & Emery UK LLP‘s knowledge across a wide array of finance products, including as it relates to TLB, revenue-based lending, direct lending and special situations work, ensures that has the flexibility and overarching financing capability to also advise on more general new money and distressed work. Team head Aymen Mahmoud ‘is savvy, knowledgeable, always available and always on the ball’. 

Led by Sushila Nayak, Orrick, Herrington & Sutcliffe (UK) LLP multi-disciplinary team provides creditor and debtor-side financing expertise, including on syndicated transactions, within particular underlying sector areas of strength for the firm as a whole, including energy and tech. In the tech space, some of this is generated as a result of the firm’s market-leading investee-side venture capital offering, including the provision of debt financing for companies as they scale up, as well as in the context of pre-IPO funding.

Headed by James Linforth, Stephenson Harwood continues to gain momentum for lenders, financial sponsors and corporates across a range of financing mandates. The arrival in February 2021 of the ‘very knowledgeable and technical’ Julie Romer from DLA Piper bolsters the team, not only by virtue of her mid-market leveraged finance capabilities, but also with regard to general corporate lending matters. George Vaughton is also a key member of the team; he recently advised the Hotel Chocolat Group on its £30m revolving credit facilities provided by Lloyds Bank.