Clifford Chance LLP 's recently appointed London practice head, Oliver Hipperson, is able to draw from a ‘massive body of historical work’ according to one client and is well versed at handling a wide range of new money and restructuring work in both the aviation and shipping fields. He also has particular expertise advising on secondary debt trading matters (including loan portfolio sale transactions).  ‘Absolute star’ William Glaister heads the global asset finance group and is aided by the firm's ‘unparalleled geographic coverage with asset focused lawyers in most key jurisdictions’. The five-partner team is well equipped to handle the most complex asset finance mandates, irrespective of geographical location. Although it is active across the asset classes, aviation work remains the key driver, an area in which the firm has ‘superb market understanding’ and an ability to advise on many of the most cutting-edge finance deals, aided in part by its ability to leverage the firm’s broader banking and capital markets expertise. ‘Meticulous with details whilst still able to retain a commercial focus and ensure that the deal gets done’, Richard Evans is a popular choice among borrowers and lenders across a range of finance and leasing structures in the aviation sector. Other key individuals include Paul Carrington, whose varied aviation practice (including work for lessors, airlines and banks) sits alongside his role as head of the rail group, and Ranbir Hunjan, who has an excellent reputation advising banks on aviation and rail finance transactions.

Milbank is a ‘heavy-hitter‘ in the aviation space and handles a range of financing and corporate work for a varied mix of stakeholders including airlines, lessors, banks, manufacturers and funds. On the financing front, the team, which is led by ‘market-leaders’ James Cameron and Nick Swinburne, is well versed in advising on bank and bond financings (including on New York-law governed high yield), as well as on often highly structured mandates, including as they relate to asset backed securities. Much of the recent work the team has handled has been informed by the liquidity crisis facing aviation stakeholders as a consequence of reduced passenger demand following on from the pandemic; some of this has been in the context of new money financings, however, a considerable amount has been in relation to major distressed scenarios, where the team is particularly well placed to assist by virtue of its ability to work seamlessly with the firm’s overarching restructuring group, as well as its top notch US Chapter 11 offering.

Although the firm’s market-leading rail offering saw the departures of Simon Gwynne and Tom Johnson  to Addleshaw Goddard and Freeths LLP, respectively, at the beginning of 2022, Norton Rose Fulbright still maintains a ‘breadth and depth of experience and expertise‘ in the transportation sector ‘that few can rival‘. Ship financing work continues to drive a significant amount of deal flow on the new money front, as well an increasing amount of restructuring-related work (including advice on “debt holidays”), particularly in the wake of the pandemic. In this regard, the team which is led from London by the ‘thoughtful and pragmatic’ Simon Hartley – and is aided by deep resources in core international shipping hubs including Hong Kong, Piraeus and Hamburg – is ‘great at handling complex matters’ for a varied array of lenders and operators across the cruise, industrial shipping and offshore energy sectors. Conversant with a range of debt structures, including those backed by Export Credit Agencies, Eleanor Martin is particularly accomplished at handling vessel and offshore equipment financings, including FPSOs and drilling rigs. Duncan Batchelor heads up the aviation group that handles a significant flow of work for lenders and airlines on both new money deals and refinancings. Owen Mulholland is ‘very well respected in the airline industry’, working particularly on behalf of airlines, including LATAM, which he has been advising as special counsel in relation to its Chapter 11 proceedings. Will Alete is also recommended by a wide array of stakeholders in the aviation sector across a range of financing and corporate structuring work.

‘Very well-resourced, experienced and efficient’ across the panoply of transportation asset classes, both out of London and globally, Watson Farley & Williams LLP has the underlying sector knowledge and the financing expertise to be able to provide ‘commercially pragmatic’ advice to stakeholders across a tremendous range and volume of deals. Unsurprisingly in light of recent market headwinds, a good deal of the recent work has been in the context of restructuring matters, where the firm has not only been at the forefront of transactional work but also provided a useful and well-received online tool – Global Aviation Restructuring Index – which delivers a comparative index of restructuring processes, enabling creditors and debtors to view in advance of instructing a law firm which restructuring procedure/jurisdiction would be most beneficial. The ‘bright, very commercial and pragmatic’ Jim Bell continues to succesfully guide the firm’s aviation finance team, picking up work for lenders and lessors who are impressed by his ability to provide ‘creative and sui generis solutions’. ‘Experienced, very practical and easy to deal with’, Chris Mitchell is also a key resource in the aviation sector, particularly in relation to complex, structured cross-border deals, including asset-backed securitisations, warehouse financings and portfolio transactions. George Macheras now heads the shipping group, following Lindsey Keeble‘s recent appointment as managing partner, and continues to successfully guide banking and operator clients through a challenging market. Other recommended practitioners include the ‘responsive and efficient’ Louise Mor, who is the firm’s primary contact for rail finance matters; ‘very pragmatic and solutions-oriented’ Patrick Moore, who excels in drafting complex, often bespoke structures to facilitate financings in the aviation and maritime sectors; and Kavita Shah, who ‘provides sound legal advice, while keeping commercial considerations in mind’ on international, structured, asset and project finance and leasing transactions in the maritime sector.

The ‘very experienced, practical and approachable’ five-partner team at Dentons remains best known for its aviation-related finance and leasing work, where its client base includes a varied array of stakeholders, including airlines, manufacturers, lessors and lenders. Most of the work is led from the London office, although its huge international network means it can provide a one-stop-shop service, not just on English law but also on relevant local law issues should they arise. The firm’s relatively recently launched Dublin office has also enabled the firm to provide unique English/Irish law solutions on matters and enhanced its ability to service some of its lessor clients, a good number of which are headquartered in Dublin. Paul Holland is ‘massively experienced’, particularly on matters with a Middle Eastern nexus, and has recently provided expert guidance to longstanding client, Emirates, as it dealt with vastly reduced demand throughout the pandemic. Nick Chandler has a balanced practice which includes work for banks and airlines, as well as an increasing volume of lessor-related work, including his recent work for Chorus Aviation  on the acquisition of Falko Regional Aircraft from Fortress Investment Group. Serge Sergiou is also one of the more senior members of the team, whose longstanding presence in the market has seen him active across a range of different leasing and finance structures, including for core client Airbus. The ‘very approachable and pragmatic’ Stephen Temple co-heads the team alongside Sarah Dyke. Greg Kahn left to join Keystone Law in October 2021.

Drawing upon ‘a global view of the aviation industry’, which is informed by a significant deal flow out of London for a balanced mix of banks, lessors and airlines, Hogan Lovells International LLP is well-positioned to ‘capture and anticipate potential concerns for the benefit of the client’. This degree of foresight and market knowledge has recently been brought into stark focus for clients engaged in restructurings and deferrals; in this regard, the ‘outstanding’ Richard Goss has been particularly busy for his lessor clients, which are appreciative of his ability to deliver ‘simple solutions to complex problems, and to provide different options’. Team head Robert Fugard has a ‘focused and constructive approach to negotiation and drafting’, traits which were recently highlighted in his high profile work for Norwegian Air Shuttle on its successful innsolvency process. Outside of aviation, ‘exceptional’ senior consultant Shalini Bhuchar has experience advising on commercial and super yacht financing, and counsel Charles Ford is noted for his rail work.

Led from London by the ‘experienced and attentive’ Graham Tyler and able to leverage strong practices in New York and Tokyo, in particular, Pillsbury Winthrop Shaw Pittman LLP‘s three-partner aviation finance team provides ‘pragmatic and precise advice’ to a wide array of stakeholders across a range of complex cross-border financings. Tyler embodies this ability to handle a range of transactions in the sector by virtue of his varied client base which includes airlines, banks and a growing flow of work for funds which are increasingly deploying capital in the sector amidst lower prevailing interest rates in the wider economy. Debra Erni is another key member of the team and although her focus is narrower, her work for lessor clients, including numerous Japanese entities, which appreciate her fluent language skills as well as her ‘deep understanding about the market’, is very impressive. The ‘highly experienced and pragmatic’ Antony Single rounds out the team at a partner level, and his arrival in July 2021 from Clifford Chance LLP solidifies and enhances the firm’s financing credentials, particularly for lenders on highly structured mandates. ‘Very practical and responsive’ counsel Chris Knight is also recommended.

Stephenson Harwood‘s 11-partner team has the critical mass and expertise to handle a significant volume and variety of work across all transportation asset classes. Under the guidance of the ‘very pragmatic‘ Ian Mace and with a significant input of resources from key Asian and European hubs, shipping finance remains the most well resourced facet of the practice and it continues to be instructed by a varied roster of banks, operators and alternative capital providers in this space. Jonathan Ward remains pivotal to the firm’s work in the area and has a focus on big-ticket European and Asian cross-border matters, including a considerable amount of recent work at the forefront of some major restructurings in the sector. ‘Consummate trusted adviser’ Richard Parsons heads up the aviation finance sub-group and is appreciated for his ‘sensible and pragmatic’ advice to a predominantly lessor and bank-side client base. Tammy Samuel and Suzanne Tarplee co-head the rail practice and ‘offer first-class knowledge of the rolling stock area’. Senior associate Jon Cripps ‘develops alternative solutions to overcome dead-end situations’, in the context of shipping finance transactions.

Acting on its own for clients that it has successfully cultivated, as well as working in tandem with the firm’s well-established US offering, Vedder Price‘s four-partner London team continues to excel on behalf of a primarily creditor-side client base. Although the firm’s traditional work in the space – which includes the delivery of new aircraft and the trading of aircraft between lessors – has been hugely impacted by the pandemic, it has successfully realigned its focus to include a considerable volume of restructuring work, advice on deferral agreements and a considerable amount of distressed opportunities. Drawing upon a ‘broad wealth of knowledge of the sector’, Gavin Hill has strong ties with lessors and banks which he has been particularly actively advising in a distressed context of late. The ‘very knowledgeable’ Neil Poland handles some airline work, as well as advice to the firm’s core base of lessors and banks. Derek Watson‘s ‘unparalleled knowledge in the aircraft leasing and finance space’ is appreciated not only in the context of commercial aviation mandates but also in the business jet arena. The team is rounded out at partner level by the ‘very commercial’ Dylan Potter, who also handles a considerable amount of shipping finance work.

Led by the ‘excellent’ Russell Clifford, the ‘proactive’ team at Bryan Cave Leighton Paisner has ‘broad and deep knowledge’ within the rail sector, in particular. Within this asset class, the team is best known for its rolling stock work, with rolling stock lessors, Angel Trains and Beacon Rail both core clients of the firm. Jamie Wiseman-Clarke ‘delivers a first-class service’ and recently advised the aforementioned lessors on the impact on rolling stock leases of new franchise arrangements flowing from the Department for Transport’s Covid-19-related Emergency Recovery Measures Agreements.

Forming a part of the firm’s overarching global maritime offering, which also includes practitioners spread across Asia, the Middle East, Europe and the US, HFW‘s London-based asset finance practice remains best known for its shipping finance expertise. Drawing upon vast underlying sector knowledge, the finance team is active for a balanced mix of stakeholders involved in all aspects of the maritime space, including the cruise ship, commercial, yacht and offshore sectors. Consequently, it has been well hedged against the vagaries of the pandemic and, as well as providing a significant amount of new money financings in areas that have been more robust in the “teeth of the storm”, has also been very active in relation to restructurings – for example within the cruise sector. Key members of the team include Tony Rice, who has a focus on advising a range of capital providers, including commercial banks, alternative providers of capital and ECAs; fluent Swedish speaker Gudmund Bernitz, who delivers ‘high-quality advice’ to a Nordic-centred client base; and the ‘very easy going’ Elinor Dautlich, who is also the global head of finance. Outside of the shipping arena, the ‘superb’ Barbara Pansadoro remains the driving force behind the firm’s aviation finance offering and is well versed across a range of aircraft and engine finance transactions. The team was strengthened by the arrival of the 'dedicated, hardworking and focused' Rebecca Quayle from Bryan Cave Leighton Paisner in September 2022.

Now with four partners all of whom have a focus on aviation finance and leasing based in London, following the arrival in January 2022 of Peter O’Hare from Watson Farley & Williams LLP, K&L Gates LLP has the critical mass to handle a growing amount of new money and restructuring mandates for a balanced mix of lessors, funds and airlines. Philip Perrotta is known for his work on the “oilier” side of the sector, including handling complex matters for parts suppliers and manufacturers.

Headed by Justin Benson - who is now the sole partner based in London with a core focus on asset finance following the recent departure of Adrian Beasley to Smith, Gambrell & Russell, LLP - White & Case LLP punches above its weight, in part due to its ability to leverage broader finance and restructuring competences, as well as to work with its large international network. ‘Super user-friendly and commercial’, Benson leads from the front, with clients including banks, ECAs, lessors and airlines appreciative of his ability to provide ‘pragmatic and commercial solutions’ on complex cross-border leasing structures and transactional restructurings.

Led by ‘maestro’ Mark Moody, the ‘small but highly focused team of industry experts’ at Winston & Strawn LLP provides ‘knowledgeable and responsive’ advice to ECAs, banks and lessors, across a range of complex new financing structures and as creditors in large cross-border restructurings. Moody ‘knows the industry inside out‘ and is at the heart of the team’s highest profile work which it handles on its own, as well as alongside colleagues in the US. Recent highlights include acting for ECAs and banks as creditors on numerous Latin American airline restructurings which filed for Chapter 11 bankruptcy protection in the US.

Although Addleshaw Goddard‘s London offering saw the departure in April 2022 of rail finance expert Clive Smith to gunnercooke LLP, the firm continues to be well placed to leverage broader asset finance expertise from its regional practitioners. Most notable of these is Edinburgh-based partner Ed Watt, who handles a range of commercial, contractual and finance work as part of his overarching shipping practice, and Manchester-based Andrew Maskill, who handles some transport-related work as part of his broad finance and leasing practice. The arrival in May 2022 of rail finance expert Simon Gwynne from Norton Rose Fulbright also quickly filled the void left by Smith's departure a month earlier.

Although Bird & Bird LLP‘s London-based aviation finance practice lost Richard Sharman  to Holland & Knight (UK) LLP in November 2021, it still maintains a significant broader transactional capability which handles a mix of operational, regulatory, commercial and finance work for airlines and lessors. ‘Knowledgeable’ consultant Paul Briggs provides ‘strong and astute leadership’ and has recently been involved in numerous passenger-to-freighter projects - a trend in the market which has been exacerbated by Covid-19 and by the growth of the e-commerce market and consumers’ increased expectations of next day delivery. Clients also benefit from access to lawyers on the ground in Asia and Europe.

Led from London by the ‘excellent’ Olga Petrovic and able to leverage the expertise of specialists in complementary practice areas, including capital markets, restructuring and funds, Linklaters LLP is particularly well positioned to handle major multi-disciplinary cross-border transactions in the maritime and aviation sectors. Both Petrovic and Caroline Courtney – who has ‘broad and deep experience in commercial aviation finance and private aviation operations’ – have recently been particularly active advising creditors with exposure to distressed or insolvent airlines and shipping companies.

Bristol-based firm Burges Salmon LLP has a ‘significant depth of experience’ within the rail sector and provides ‘pragmatic’ advice across a range of operational, regulatory and financing matters to key stakeholders in the space. Team head and specialist rail lawyer Brioney Thomas takes the lead on much of the most high profile work, including advising on rolling stock financing and procurement for many of the country’s most prominent train operating companies.

Greenberg Traurig, LLP has a particularly strong reputation in the rail sector, both in the context of domestic and international projects, where it also benefits from strong expertise out of its Berlin office. Graeme McLellan is the figurehead of the team, and combines vast industry sector knowledge with expertise across a range of financing structures to provide a very credible service across the gamut of procurement, financing, leasing and operational issues related to infrastructure and rolling stock projects.

A significant proportion of Wikborg Rein‘s deal flow relates to the provision of English law advice for banks lending to Norwegian clients, as well as for the firm’s sizeable roster of Norwegian operator clients. Team head Jonathan Goldfarb is particularly adept at handling the development and finance of offshore energy projects, including within the LNG sector. As well as transactional work in the offshore space, Jonathan Page also handles a range of conventional commercial shipping matters for borrowers and lenders in the traditional bank loan markets, as well as for lessors and lessees in sale and leaseback transactions.