Praised by one client for its 'strong ability to corral bondholders with different agendas and well supported by New York colleagues', Akin Gump LLP excels in advising creditors, including hedge and pension funds, in complex multi-party restructuring mandates. A true destination practice, the majority of matters handled by the 13-partner team, which is run out of London by the 'experienced and commercial' James Roome and Barry Russell, is of a standalone nature, a testament to the firm's ability to 'maximize value for its clients in a sustainable way'. Leveraging the firm's overarching energy sector expertise, the team continues to be at the forefront of creditor mandates in the oil and gas sector, with the 'calm and collected' James Terry benefiting from particular expertise in relation to Norwegian bond restructurings. The 'energetic and enthusiastic' Liz Osborne is a 'calm and focused negotiator' for a versatile array of investor clients, which are appreciative of her ability to 'deal effortlessly with highly complex detail'. The  'quietly spoken but fiercely intelligent' Emma Simmonds is a 'stylish negotiator' and is regularly involved in high-profile restructurings of distressed bonds, private placement notes and loans in Europe.

Led by Ian Field and Earl Griffith , Allen & Overy LLP's 13-partner team has the critical mass and 'high level of technical expertise' to ensure that it wins  mandates advising key stakeholders in many of the most significant domestic and cross-border restructurings in the market. Active in situations throughout the capital structure, the team is able to provide integrated advice using the expertise of lawyers spread throughout the firm's network of European, Asian, Middle Eastern and US offices, enabling clients to receive the benefit of a team that can effectively implement core insolvency techniques across a range of scenarios, including US Chapter 11 reorganisations and UK schemes of arrangement. Although the firm handles work for an array of stakeholders, its strong institutional banking ties and involvement at the front end of deals, ensure that it picks up a large volume of mandates for senior creditors, including its recent role for the revolving credit facility lenders on Thomas Cook's high-profile £1.65bn restructuring. Randal Weeks  is pivotal to many of the firm's banking and funds-side mandates and is a key senior practitioner in a team that also includes the 'outstanding' Jennifer Marshall, whose 'tremendous thought leadership' regularly sees her providing key strategic advice to clients on hot-button issues in the market, including as it relates to Brexit and European insolvency related legislation.  Joel Ferguson continues to develop a strong creditor side practice for banks on restructurings and formal insolvencies, in addition to work in more niche areas including for swap counterparties in structured finance restructurings.

Clifford Chance LLP's five-partner team provides 'top quality advice, across jurisdictions and across the spectrum of different types of transactions', running the gamut from balance sheet restructurings and distressed transactions, through to formal insolvency matters. Led by the 'pragmatic and commercial' Philip Hertz, the firm's balanced roster of clients, which includes banks, corporates and funds, and visibility for fulcrum stakeholders in high-profile mandates, (including recently Thomas Cook and British Steel) ensures that it is well-placed to provide 'an honest and accurate market view'. 'Attentive and careful in advising on the various options available', Iain White epitomises the firm's versatility and provides 'timely and accurate advice' to both creditors and debtors, frequently in a cross-border setting. John MacLennan 'has seen deals across different types of industries and European jurisdictions' and is a key member of a team that also includes the 'excellent' David Towers, whose broad-ranging practice also includes work for alternative lenders.

Led by the 'truly formidable, helpful and experienced' Partha Kar and Kon Asimacopoulos, Kirkland & Ellis International LLP's 'knowledgeable and well-connected' restructuring team provides 'thoughtful and smart advice' to a range of stakeholders on mandates throughout the capital structure, including those involving New York law governed high yield debt. The firm's 'truly unique relationships with the fund and financial adviser communities' ensure that the team has had a key seat at the table on many of the most significant recent European restructurings in the market, including an increasing number of debtor mandates. The 'brilliant' Sean Lacey is particularly well-versed in handling special situations and distressed investment mandates, while Elaine Nolan 'has very strong experience in designing, implementing and adapting complex Company Voluntary Arrangements (CVAs)', and has utilised the tool to good effect in a spate of high-profile retail restructurings.

Benefiting from significant 'strength in depth', as a result of numerous recent strategic hires, including counsel David Wallace  from Alcentra and former Mayer Brown International LLP  partner Jessica Walker, Latham & Watkins' team is increasingly well-placed to advise a diverse array of stakeholders across a range of mandates. Under the guidance of the 'vastly experienced' Simon J Baskerville, the team has, however, perhaps gained most visibility in the special situations and distressed investing field, for funds and alternative credit providers investing at a par CLO level as well as at a discount on the secondary markets. Sophisticated funds clients benefit from the firm's understanding of the market and its ability to advise on Chapter 11 procedures, by virtue of its US heritage and offices. Highly regarded partner Yen Sum  has 'done a fantastic job' since her arrival in July 2018 from Sidley Austin LLP and has leveraged her strong relationships with asset managers, hedge and credit funds to secure prominent positions on numerous high-profile mandates. John Houghton has vast experience in the market for sponsors and creditors and is a key practitioner in a team that also includes Jennifer Brennan, who regularly works alongside Sum on work for funds clients.

Led out of London by the 'very commercial' Rebecca Jarvis and Richard Bussell but also able to tap into the expertise of lawyers spread across the firm's far-reaching international network, Linklaters LLP's eight-partner team excels in handling complex global situations for a varied roster of creditor and debtor-side stakeholders. The team's involvement at the 'forefront of many situations for a large number of years', ensures that it is well-versed in market trends and is therefore able to 'add a lot of value', whether in the context of transactional distressed investment type mandates or more formal insolvency procedures. Well-versed in consensual restructuring/insolvency issues, as well as those involving a more contentious angle, James Douglas is seen with great regularity on many of the firm's most significant mandates, including his work alongside Jarvis for a syndicate of bank lenders in respect of a corporate and financial restructuring of Galapagos. Bruce Bell has a strong reputation for large corporates on major debt restructuring exercises, and has also developed particular expertise in relation to English Schemes of Arrangement, both to implement restructurings and (with Nicholas Le Masurier) as a tool for the management of other liabilities such as credit card protection insurance mis-selling compensation. Sarah Mook has vast experience in both private practice and in-house (including a long stint with Goldman Sachs' EMEA restructuring team) and has an excellent perspective of special situations and distressed transactional work, in particular. Tony Bugg is also recommended and is perhaps best-known for his leading role for the firm in relation to the long-running Lehman Brothers insolvency.

Milbank's 'responsive and commercial' five-partner team excels at representing bondholders as creditors in large cross-border distressed scenarios, where it has the flexibility to implement both European and US processes to best serve the client's needs. The 'superb' Yushan Ng has been pivotal to the firm's increased visibility in the market and has effectively been able to leverage his deep funds ties to ensure that the firm regularly has a seat at the table for bondholder committees on high-profile mandates, including Thomas Cook and Nyrstar. The 'very experienced' Nick Angel co-heads the team alongside Ng and has more of a debtor focus to his practice. Peter Newman joined Skadden, Arps, Slate, Meagher & Flom (UK) LLP in February 2020.  

Strengthened on the funds side, in particular, by the arrival in November 2019 of Neil Devaney  from Akin Gump LLP, Weil, Gotshal & Manges (London) LLP has an increasingly balanced debtor and creditor facing offering, with expertise running the gamut from distressed investing and non-performing loans mandates through to formal insolvency procedures. The team has an 'excellent understanding of the issues in restructuring in complex scenarios involving multiple parties and jurisdictions', where it is aided by its ability to harness the expertise of finance lawyers with knowledge throughout the capital structure (including both UK and US-law governed debt) and the flexibility to execute matters using both UK and US insolvency procedures. As the senior European partner in the restructuring team, Andrew Wilkinson has 'seen it all' and is thereby able to effectively guide both debtors and creditors through the choppy waters of global restructurings, in particular. Mark Lawford has a strong reputation for debtors and creditors across both consensual restructurings, as well as in a contentious scenario. Of counsel Linton Bloomberg provides 'very sensible advice' to myriad stakeholders, including banks, funds, IPs and private equity sponsors. Alexander Wood  quit for Shearman & Sterling LLP  in summer 2020.

White & Case LLP provides 'commercial and solution-driven advice' to a creditor-focused client base on cross-border restructurings and special situations. Led by the 'user-friendly' Christian Pilkington, the team has built significant traction among funds clients, which appreciate not only the firm's core insolvency/restructuring capabilities but also its ability to draw upon the wider expertise within the capital markets/banking and private equity groups, and its familiarity with UK and New York-law governed debt products. Ian Wallace is 'responsive and calm under pressure', and in addition to his work for the firm's bedrock of sophisticated investor clients, is also noted for his company side expertise, particularly in the context of energy-related emerging markets mandates. Ben Davies has an 'incredible breadth of knowledge across restructuring and formal insolvencies' and is a key member of a  team that also includes senior associate Morvyn Radlow .        

Benefiting from 'great in-depth knowledge of insolvency law and practice', Ashurst's five-partner team provides 'sensible and pragmatic advice' to a balanced roster of stakeholders, including distressed investment funds, debtors, senior lenders, junior lenders, bondholders and IPs. 'Highly experienced and unflappable' team head Giles Boothman  is well-versed across a range of strategies for funds looking to realise value in a distressed situation, particularly in relation to loan-to-own scenarios. Boothman has also recently handled numerous high-profile Official Receiver mandates, including in relation to Thomas Cook's high-profile liquidation and British Steel's sale to  Chinese steelmaker, Jingye Group. Praised for her ability to 'explain complex concepts', Olga Galazoula has a flourishing reputation in the market and, as well as her role alongside Boothman in the aforementioned Thomas Cook mandate, also has niche expertise advising investors seeking to acquire Greek non-performing loan portfolios. In addition to more conventional insolvency and restructuring work, the 'exceptional' Drew Sainsbury has developed a niche in relation to financial services-related insolvencies.

Under the leadership of the 'superb' Tom Astle, Hogan Lovells International LLP has successfully broadened the scope of its creditor focused client base to include not only the clearing banks, which were the original lifeblood of the practice, but also the debt and hedge funds that are increasingly taking the lead in many of the larger transactions in the market. Praised for his 'commerciality and business sensibilities', Astle has excellent credentials for distressed investment and special situations work and is effectively supported in this area of the practice by Alex Kay, who is appreciated, in particular for his 'understanding of the legal opportunities and realities in the emerging markets jurisdictions'. Deborah Gregory and Stephen Foster remain the engine room of the firm's more traditional bank-led work, while Joe Bannister is the go-to practitioner for more formal insolvency work, including mandates with an Asian nexus.

The 'highly experienced' team at Dentons 'combines intellect with commerciality', and is 'focused on getting the job done and achieving the best result for the client', across a wide spectrum of contentious and non-contentious mandates. The firm is well connected to numerous banking clients and IPs, ensuring that it handles a considerable volume of deals in the domestic mid-market. Led by the 'very experienced' Neil Griffiths, the team is perhaps best-known for its formal insolvency work and any commercial disputes (including fraud and asset tracing) that may subsequently arise. The 'effective and efficient' Tessa Blank is a 'force of nature' and is particularly recommended for contentious matters. Counsel Luci Mitchell-Fry is also recommended.

With a significant offering in London and also able to effectively mobilise resources across its wide spread of international offices (including in the US, Europe and Asia), Jones Day is well-positioned to advise key debtor and creditor-side stakeholders on both domestic and cross-border mandates. This was recently demonstrated by the London team's involvement, alongside practitioners from 15 other offices, in representing an ad-hoc group of senior lenders on the $1bn restructuring of the Syncreon group, which was implemented using an English Scheme of Arrangement. Contentious insolvency work remains a particular strength of the firm, an area in which 'very impressive' team head Ben Larkin is recommended.

Praised for its ability to 'navigate complex legal situations in a commercial manner', the six-partner team at Mayer Brown International LLP is increasingly well-placed to handle complex, multi-stakeholder restructurings/insolvencies, as a result of a number of recent astute hires in London and its ability to leverage particularly strong US and Asian international resources. The 'unflappable, approachable and determined' Devi Shah has niche expertise handing pensions-related restructuring matters and co-heads the team alongside the 'hugely experienced' Michael Fiddy and Amy Jacks, who have more of a conventional restructuring/insolvency offering on behalf of IPs, banks and funds. The team was strengthened in 2020 with the hire of corporate lending & restructuring partner Trevor Borthwick from Allen & Overy LLP , as well as the arrival of Barry Cosgrave from K&L Gates LLP, where he was EMEA practice coordinator for the restructuring and insolvency group. Partner Jessica Walker left for Latham & Watkins . 

Paul Hastings LLP's restructuring offering in London may be smaller than some of its rivals but the team works effectively alongside practitioners from complementary firmwide practice groups - including corporate, banking, real estate and structured finance - and is consequently able to advise debtors and creditors on both domestic and cross-border formal insolvency mandates, as well as matters involving a more transactional approach. 'A real name in the market', team head David Ereira takes the lead on the most significant mandates handled by the office, including work on behalf of funds, corporates and IPs, in both domestic and cross-border contexts. During 2020, the team was boosted by the arrivals of restructuring and finance specialists Mei Lian and Peter Hayes from Shearman & Sterling LLP.

Proskauer Rose LLP's London team 'combines all the advantages of a boutique (hands-on, every case matters attitude) with those of a major US firm'. The wider firm's leading position in the credit fund space is also beginning to filter through to the restructuring group.

DLA Piper remains a very credible player for domestic mid-market work and added both David Manson from Paul Hastings LLP and James Davison from Addleshaw Goddard  in 2020 in a bid to rebuild the team following some departures in 2019. The hires add firepower to a sizeable national team operating out of London and throughout the regions. The 'very commercial and user-friendly' Chris Parker heads up a London practice that has 'deep knowledge and expertise around formal insolvency procedures', as well as the ability to represent stakeholders in cross-border mandates by dint of the firm's extensive international network. A varied client roster includes banks, funds and IPs, ensuring the firm has a balanced perspective across the restructuring/insolvency process.

Led by the 'highly impressive' Jat Bains for restructuring and the 'technically very strong' Simon Beale on the insolvency front, Macfarlanes LLP's 'smart and commercial' team is well hedged across the range of formal insolvency procedures, as well as distressed investment-related work. On the creditor front, the firm's growing presence at the front end of mid-market credit fund financings has led to a significant deal flow for the restructuring team and is an added source of work alongside the firm's steady stream of mandates for IPs and turnaround investors. Peter Baldwin's arrival in June 2019 from Ropes & Gray LLP has further enhanced the firm's distressed investment capability, given his expertise in the special situations field.    

Co-headed by Sarah Coucher and James Stonebridge, the 'knowledgeable' nine-partner team at Norton Rose Fulbright provides 'thorough and pragmatic advice' to lenders, IPs, investors, corporates and directors across a wide range of contentious and non-contentious insolvency/restructuring issues. The team is particularly effective at handling cross-border mandates within the transport and energy sectors, where it is able to leverage the knowledge of industry experts from across complementary practice areas, including finance and corporate. It also benefits from an extensive international network. The 'thoughtful and commercial' Mark Craggs has a flourishing reputation in relation to cross-border mandates, including the consideration of EU insolvency law and the laws of other jurisdictions. The team was strengthened in February 2020 by the arrival of Alison Goldthorp from Addleshaw Goddard.

Travers Smith LLP's two-partner team punches above its weight and is able to effectively leverage the firm's private equity prowess to secure work relating to their distressed investments, as well as on behalf of investee companies experiencing financial distress. Led by Edward Smith , much of the firm's recent work has been in the beleaguered retail/casual dining space and the firm has developed a strong reputation in relation to the implementation of CVAs in the sector. Peter Hughes is the other partner in the team and has niche expertise advising pension scheme trustees on restructuring work.

The arrival of Paul Fleming  from Dechert LLP in November 2019 is undoubtedly a statement of intent from Addleshaw Goddard, in light of his cross-border special situations expertise. However, the team remains focused on its traditional mid-market IP and bank-led restructuring work, with the 'commercially focused group' benefitting from a core offering in London - where the 'extremely effective' Fraser Ritson is a key practitioner - as well as across its regional offices, including Manchester. Alison Goldthorp joined Norton Rose Fulbright in February 2020.

Under the leadership of the 'very personable and knowledgeable' Joss Hargrave ,  Bird & Bird LLP's team excels in providing 'proactive and commercial' partner-led advice for IPs, investors and debtors across a range of restructuring and formal insolvency procedures. The team is particularly adept at handling matters within heavily regulated sectors, including aviation and financial services.

Leveraging the firm's overarching asset management expertise, Dechert LLP's sweet-spot lies in representing funds clients as creditors in complex contentious and non-contentious international restructurings/insolvencies. Solomon Noh 's arrival in February 2020 from Shearman & Sterling LLP was a significant hire for the team, particularly in light of his ability to provide US Chapter 11 advice to clients on the ground from London. Paul Fleming joined Addleshaw Goddard in November 2019.

With experts spread across the firm's London, Manchester and Birmingham offices, the 'engaging, responsive and proactive' team at Fieldfisher provides a 'high level of technical expertise' to a broad array of stakeholders, engaged in both formal insolvency matters, as well as restructuring and distressed transactions. Although it is active across a range of industry sectors, the team is able to add particular value to matters within the retail, life sciences, and energy spaces.  'As technically excellent as a savant but as commercial and personable as a barrow boy', Stewart Perry  'brings a common sense practical view to delivering solutions that reflect the law but which are dominated by common sense rather than legal technicalities'. 

Led by the 'highly experienced and very effective' Ashley Katz , the 'small but dynamic' team at Fried, Frank, Harris, Shriver & Jacobson LLP has a 'knack for finding innovative solutions' for creditors and debtors, including funds, directors and IPs. Often working seamlessly with finance, real estate and litigation lawyers from the London office and also regularly tapping into the significant resources in situ from New York, the team's particular sweet-spot lies in relation to advising on complex cross-border contentious and non-contentious matters.

Led by Nick Moser , Taylor Wessing LLP's restructuring and insolvency team  advises funds, IPs and corporates across a broad range of creditor and debtor-side mandates, from both a formal insolvency perspective, as well as on more transactional distressed investment related mandates. Given the firm's  intellectual property and venture capital credentials, it is perhaps unsurprising that a fairly sizeable amount of work handled by the team relates to distressed technology-related entities. Another area of strength for the team lies in its ability to handle pensions-related restructurings.

The 'exceptional' Graham Lane oversees a 'very talented and down-to-earth' seven-strong team at Willkie Farr & Gallagher (UK) LLP, that 'works well across practice areas' and overseas offices (including alongside the US and Paris groups). Although it does handle some debtor work - generated as a result of distressed private equity portfolio companies - the firm's sweet-spot lies in creditor/investor side mandates for funds engaged in large cross-border situations involving complex capital structures.

Cadwalader, Wickersham & Taft LLP's London restructuring offering may not be the force it once was but it still has a number of US-qualified lawyers able to work with funds clients  and collaborate with the New York office on cross-border mandates. US-qualified partner Gregory Petrick heads up the team and splits his time between London and New York.

Operating from London and Guildford, Charles Russell Speechlys LLP's 'exceptional' five-partner team handles the full spectrum of formal insolvency and restructuring work, both in a corporate setting as well as in relation to personal insolvencies. Benefiting from a high degree of flexibility on fees, which includes acting on a contingency basis as well as through third-party funding, the firm is perhaps best-known for its contentious insolvency expertise, including as it relates to cross-border fraud and asset tracing. Sector strengths include sports, private wealth and real estate. James Hyne heads the team.

Co-headed by Neil Hayter and Christopher Axford, the 'knowledgeable and responsive' team at Druces LLP provides 'accurate and cost efficient' advice across the full range of restructuring and insolvency work, including complex restructurings, directors’ duties/corporate governance advice and insolvency litigation. The firm has developed a particularly strong track record for handling restructuring and administration in the care sector, as well as claims against directors involving investigatory work.

Led from London by Simon Waller, and also able to tap into the expertise of lawyers from across the firm's regional network of offices, Eversheds Sutherland (International) LLP is well-positioned to advise administrators, banks and corporates across a range of primarily domestic mid-market restructuring and insolvency work. Although it is sector agnostic, the team has built up a particularly strong track record handling mandates within the financial services, retail and energy sectors.

Fladgate LLP provides 'pragmatic and responsive advice' to a range of stakeholders, including insolvency practitioners, debtors and directors. Although it lost  Daniel Martin  on the transactional side in 2019, under the guidance of the 'very calm' Jeremy Whiteson and Bree Taylor, the team remains strong on contentious UK-based mid-market matters. The 'personable and very bright' Ben Drew has a strong reputation handling insolvency-related disputes within the financial services sector.

Since joining in 2019 from Addleshaw Goddard, Simon Thomas  has made a transformational difference to Goodwin's nascent London restructuring practice and has been able to leverage the firm's existing private equity/venture capital funds ties and real estate expertise, to pursue various restructuring and insolvency opportunities. Team head Thomas is appreciated for his 'good judgement and empathetic style', and is ably assisted by a growing team of associates that include the 'hardworking, responsive and commercial' Oonagh Steel.

Co-headed by Paul Bagon and Finella Fogarty , who both recently joined from Rosenblatt and DWF, respectively, RPC maintains its strong position in the insurance space, but is also increasingly exploiting opportunities across other sectors, from both a formal insolvency and restructuring perspective. The team is instructed by a range of stakeholders, including IPs, boards of directors and companies, which appreciate its 'commercial approach to difficult situations'. Former longstanding team head Vivien Tyrell recently retired.

Shearman & Sterling LLP  is in the process of rebuilding its City restructuring team in the wake of a number of departures. In summer 2020 the firm announced the hire of former Weil, Gotshal & Manges (London) LLP partner Alex Wood to expand its European restructuring efforts. Wood's practice covers all aspects of financial restructuring and insolvency, with experience advising corporates, sponsors and creditors on restructurings and insolvencies. His hire came after Solomon Noh  left for Dechert, while Mei Lian joined Paul Hastings LLP.