Clifford Chance LLP has ‘very solid experience in emerging markets, which has built and strengthened over the years’. Its work on financing, M&A and projects spans Africa, Latin America, India, Turkey, the CIS and the CEE. Leonard Cleland, who focuses predominantly on the CIS, Eastern Europe, the Middle East and Africa, and infrastructure financing specialist Simon Williams are the lead partners for emerging markets finance work. Energy and infrastructure partner Jeremy Connick is the firm’s regional head for Southern Africa and a key member its global Africa group, which is led by newly promoted partner Kayode Oladipo. Capital markets partner Deborah Zandstra assisted Deutsche Bank, JP Morgan and Standard Chartered Bank with The Gabonese Republic’s tender invitation to bond holders. Global head of energy and resources Russell Wells acted for lenders and investors in the financing of the acquisition of a major interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited. Senior associate Rebecca Shepherd in the global financial markets group is ‘very detailed-oriented but at the same time always has in mind the big picture of a deal‘.

Dentons is praised by clients for 'timely deliverables and good visibility of the process', with one client remarking that the firm 'always comes up with the required solutions and is very professional in dealing with other parties, even when disagreements arise'. Head of banking and finance Paul Holland oversees the firm's emerging markets group, which has a strong presence in Africa, the Middle East, the CEE, CIS and Russia, as well as other developing markets. Debt capital markets partner Nick Hayday  is 'a wonderful lawyer who instils confidence in a client'. He assisted CPI Property Group, a major owner of income-generating real estate in the Czech Republic and the CEE region, on a €700m sustainability-linked bond issue. Debt capital markets specialists Cameron Half, who was part of a team that advised JSC Silknet in Georgia on a $300m bond issuance and who 'contributes from his vast expertise and pragmatic solutions', and David Cohen are key members of the emerging markets group. Trade and export finance specialist Ian Clements is 'very attentive and understands the issues'. Dominic Spacie  specialises in projects, particularly infrastructure transactions, in Africa and the Caribbean. New energy and infrastructure partner Colm Ó hUiginn, who joined from Shearman & Sterling LLP in 2022, and finance partner James Ingham are also key to the practice.

Linklaters LLP co-ordinates a large emerging markets practice from London, where partners are active across Africa, the CEE, Southern Europe, China, India, Latin America, the Middle East, the CIS, Southeast Asia and Turkey. The firm’s work spans banking and finance, corporate and M&A, capital markets, energy and infrastructure, and dispute resolution, with the team frequently acting for some of the world’s largest corporates and financial institutions. Head of the Africa group Andrew Jones is a key partner in the energy and infrastructure practice. His group, which includes Ian Hunter and Michael Fanner, assisted Arise Côte d’Ivoire on the setting-up and development of three Economic Industrial Zones in Cote d’Ivoire in Abidjan, Ferkessédougou and San Pedro. Daniel Tyrer leads the global energy and infrastructure group, and he frequently advises on upstream oil and gas, LNG, pipeline and petrochemical plant projects across EMEA and the CIS. Capital markets partner Richard O’Callaghan acted for a multinational investment bank on the Republic of Serbia’s issuance of €1bn in green notes due 2028 under its GMTN programme. Ian Andrews  left the firm in 2022.

Norton Rose Fulbright has ‘deep understanding of project finance in Africa, where acting both for borrowers and lenders lends itself to a more efficient negotiating process‘. A deep bench of partners in London works closely with a vast international network of offices to maintain the firm’s position as a key adviser to corporates, borrowers, sponsors, investment banks, government bodies, ECAs and multilaterals, and off-takers on major projects across the globe. Global head of business Martin McCann, who also leads the infrastructure and commodities practice, acted for Horizonte Minerals in the financing and construction of their Araguaia nickel project in the Carajas region of Brazil. Senior banking partners Daniel Metcalfe (who is ‘very strong technically, passionate about the industry and solution-oriented‘) and Charles Whitney have a strong focus on infrastructure, energy project finance and project development on behalf of developers, commercial banks and export credit agencies, particularly in the power, renewables, petrochemicals and oil and gas sectors. Head of banking and finance Madhavi Gosavi and head of mining Daniel Giemajner are also among the many partners who are pivotal to the firm’s major projects work.

At White & Case LLP, 'the team is well experienced, diverse and highly professional, and it has a clear understanding of the requirements in handling clients' needs'. The London office is a key hub in the firm's vast international network, and is highly regarded for its long track record in pioneering work across the Americas, Africa, CEE, CIS and the Middle East. The office has extensive English and US-law capabilities, and frequently handles complex and innovative cross-border transactions, including many inaugural bond offerings for issuers in developing and growth markets. Capital markets partner Stuart Matty, global head of project development and finance Mark Castillo-Bernaus, banking partner Christopher Czarnocki and head of the Africa group Mukund Dhar oversee the firm's emerging markets work, which draws on a vast bench of experienced partners. Among them are co-head of the global energy group Philip Stopford, US-qualified debt specialists Melissa Butler and Ian Clark, and international finance partner Jason Kerr. Dhar, who is 'extremely hardworking and always willing to walk the extra mile', advised the Ministry of Energy of the Republic of Azerbaijan on a $300m 240MW wind power project and a 230MW utility-scale solar photovoltaic project. Senior associate Judith Olloh is described by one client as 'proactive, knowledgeable and committed to the success of clients' projects - a rising star'.

Bracewell (UK) LLP 'has a unique combination of deep knowledge of the main legal challenges of emerging markets, negotiation skills and the ability to implement solutions that address exactly the client's concern'. Since opening its London office in 2013, the firm has attracted more than 100 clients from the energy sector, on which it is exclusively focused. It is a leading adviser on financings, acquisitions and project developments in the oil and gas industry, though it is increasingly prominent in deals concerning wind, solar, battery storage and carbon capture projects. Jason Fox leads the practice and acted for Africa Oil Corp. on the refinancing of its existing $160m term facility with BTG Pactual to finance the acquisition of an interest in Prime Oil & Gas from Petrobras. Up-and-coming partners Oliver Irwin and Eimear Murphy are recommended for cross-border financings and upstream oil and gas transactions respectively. Olivia Caddy and Tom Jamieson also has extensive project development and finance experience in the energy sector. Energy partner Adam Blythe is 'extremely knowledgeable and can identify the best legal instrument to address the challenges of the transactions'.

Debevoise & Plimpton LLP has 'a strong practice with industry and geographical knowledge, attention to detail, and commercial awareness'. The London office works closely with teams in New York, Frankfurt, Hong Kong and other global centres to handle transactions in Africa, Asia, the Middle East, India, Russia and the CIS, and Latin America. It focuses predominantly on investments, M&A, projects, disputes and joint ventures. Geoffrey Burgess, who maintains a highly international M&A practice, with a focus on Africa, India and Russia/CIS, leads the practice alongside capital markets partner James Scoville, chair of European and Asian litigation Lord Peter Goldsmith KC and co-chair of the Africa practice Patrick Taylor. International counsel Vera Losonci, who focuses on equity and debt offerings, is also a key adviser on emerging markets issues, notably in Russia and the CIS. Burgess is described by one client as  'a strong advocate who brings a commercial reasonableness to the table to get deals done'.

Hogan Lovells International LLP brings together lawyers from its banking, infrastructure, energy, resources, projects, litigation, capital markets, restructuring and corporate teams to provide a wealth of experience in emerging markets. Banking partner Andrew Taylor oversees the firm’s emerging markets work, and he frequently acts for banks, national and multilateral DFIs, governments and corporates. Andrew Carey has extensive experience in international debt offerings, including securities programmes, corporate, and sovereign bonds. Adrian Walker, who leads the firm’s ESG group, is a key partner in the infrastructure, energy, resources and projects practice, and is a regular adviser on projects in Africa. Mining and power projects specialist Arun Velusami and global head of oil, gas and LNG Ben Sulaiman also play key roles in emerging markets work.

Mayer Brown International LLP provides 'speedy feedback on questions with very profound answers' and one client remarks that 'the projects and corporate teams are all quite familiar with working in emerging markets with a thoughtful and insightful approach'. The firm frequently advises banks and other financial institutions, sponsors, governments and corporates on arbitration, export finance, project finance, mining and metals, oil and gas, structured trade commodity finance and sustainability-linked loans. Head of the Africa and mining practices Ian Coles, natural resources and infrastructure partner Rachel Speight and finance partner Ashley McDermott are the key figures in the emerging markets group. Coles, who is 'world-class, always on top of the file, commercial and client-driven', advised Meridian Mining on its acquisition, exploration, development and mining activities in Brazil. Head of international arbitration Raid Abu-Manneh has substantial expertise in disputes arising from infrastructure power and energy projects in such countries as Jordan, Qatar, Libya, Kuwait and Egypt. Counsel Danuta de Vries and senior associate Emma Sturt are prominent advisers on project and export financings, real estate finance and asset-based lending.

The London office of Milbank has a track record in emerging markets financing transactions that stretches back to the 1970s, and it continues to be a key adviser on deals in Africa, Latin America, the Middle East and Asia. It has worked on more Brazilian deals than many other London firms, particularly in the LNG-to-power sector, and is prominent in both conventional and nuclear power projects in the Middle East. Lead partner John Dewar advises sponsors, project companies, export credit agencies, multilateral development banks and development finance institutions in the power, oil and gas, mining, telecommunications and infrastructure sectors. He acted for Societe Generale, SMBC, Norinchukin Bank and various ECAs in the $560m financing of the 500MW Gulf of Suez Wind II Project, which will play a key role in Egypt's renewable energy transition. Şeyda Duman and Chris Taufatofua are up-and-coming partners in the practice, while special counsel Munib Hussain focuses on multi-sourced financings involving ECAs, multi-laterals, commercial and Islamic banks.

Morgan, Lewis & Bockius UK LLP has ‘a diverse team of experts able to address a wide variety of interrelated legal issues across multiple legal jurisdictions‘. Carter Brod, who is dual-qualified in US and English law, ‘has deep expertise in emerging markets and demonstrates uncompromised advocacy for his clients‘. He focuses on capital markets transactions, principally in the CEE and CIS.  Bruce Johnston handles banking and finance transactions in EMEA, and Ayesha Waheed is a key adviser on energy and infrastructure projects in Latin America, Eastern Europe, the CIS and Asia. Seyfi Can Kandemir joined as a partner from White & Case LLP to add experience in project development and acquisition finance, principally in the power, infrastructure, oil and gas, and mining sectors.

Shearman & Sterling LLP's capital markets practice is viewed by one client as 'the leading team in the Middle East, and their knowledge, proactivity, engagement and holistic approach to transactions set them apart from the competition'. The firm advises across the spectrum of emerging markets work including project finance and development, leveraged finance and M&A, and is frequently active in Africa, the Middle East, Central Asia and numerous other emerging markets. Ben Shorten, who returned to London from Singapore in 2021, leads the project development and finance practice, following the retirement of Nick Buckworth. He has extensive experience advising on megaprojects in the Middle East. He acted for NEOM Company in Project Helios, a $6.5bn project to create a world-scale green hydrogen and green ammonia production facility in Saudi Arabia. Key partner Sanja Udovicic led a team advising IFC and KfW IPEX on the $1.2bn financing of the Acu LNG to Power Project in Brazil. Of counsel  John Inglis supports sponsors and financial institutions in the development and financing of a range of energy and natural resources projects. Capital markets partner Pawel Szaja handles both debt and equity transactions, including ADNOC's $1.64bn combined offering of existing shares and equity-linked bonds.  Iain Elder moved to DLA Piper.

Bird & Bird LLP's finance and financial regulation practice frequently advises conventional commercial banks, alternative lenders, special opportunity lenders and development banks on a wide variety transactions, including many in emerging markets. It leverages its expertise in aviation and asset finance, energy finance, Islamic finance and sports finance to assist both lenders and borrowers on complex matters in the CEE, the CIS and Southeast Europe, North Africa and Asia. Lead partner Andrew Hallgarth, who has been advising on emerging markets for some 25 years ago, acted for long-term client EBRD on the creation and growth of North African retail property investor and developer Aradei Capital, and recently assisted it with the admission of a key strategic investor, a partial exit and arrangements to restructure shareholder rights facilitating a December 2021 IPO.

Charles Russell Speechlys LLP provides 'very responsive and thoroughly detailed advice' on matters in the real estate, financial services, infrastructure, agribusiness, retail, energy and telecommunications sectors in a range of emerging markets. Clients note that the firm has 'a long history of working with issues that impact governments, has multi-jurisdictional reach and is able to draw on an excellent pool of barristers'. Africa lead partner Adrian Mayer, Caribbean lead partner Hamish Perry, India lead partner Rupa Lakha and principal Latin America partner Robert Reymond are the key practitioners. Mayer acted for specialist impact investor AgDevCo in its $70m equity funding from the CDC Group and Norfund, which will allow it to grow its investment activities in agriculture across sub-Saharan Africa.

Dechert LLP has extensive experience in the former Soviet Union and MENA regions, where it is best known for capital markets deals for sovereign and quasi-sovereign entities, as well as for major corporates. Its sovereign debt practice is among the most prominent in London, and the firm is also making a name for itself in the ESG-linked emerging markets bonds space. Patrick Lyons leads the firm’s international capital markets group and, in 2021, acted in emerging markets transactions with a total value in excess of $18.4bn. Key partner Giles Belsey frequently acts for  bondholders and ad hoc groups in the restructuring of bond issuances or related workout situations, and is particularly active in the Middle East and the CIS. Emerging partner talent Jennifer Rees led a team that assisted JSC Georgian Railway with the first green bond issued by a transport company in the Caucasus region and by a state-owned entity in Georgia. Associate Amy Rees also plays a key role in the practice.

Fieldfisher 'offers a high level of services, which include cross-border arbitration and litigation matters, and the firm provides a solid and very professional team'. The firm handles transactional, regulatory and contentious work, and the emerging markets group is the largest dedicated practice in the London office. The firm also has the largest CIS group in London, with more than 50 highly experienced Russian speakers. Matt Hinxman leads on finance matters, Nodir Sidikov on energy transactions, and Cecily Davis on energy and infrastructure projects in Africa. Associate Mila Kovalenko is a key adviser on contentious matters in emerging markets. Hinxman, who 'can advise and provide solutions on complex matters, ranging from regulatory matters to issues relating to sanctions', and Sidikov acted for borrower Atyrau Refinery, the largest oil refinery in Kazakhstan, in obtaining a $450m loan from VTB Bank to refinance existing debt. Davis assisted off-grid solar developer Winch Energy with the development of 24 sites in Sierra Leone.

The projects and infrastructure practice at Gowling WLG is seen by one client as 'a challenger to the Magic Circle, which lives up to that billing by being innovative yet pragmatic in its approach to transactions and problems'. The firm has a presence in the utilities and mining sectors, and it has a strong track record of start-up transactions, joint ventures, farm-ins, equity, debt and project financings in jurisdictions as diverse as Russia and the CIS, Armenia, Bangladesh, Nepal, Myanmar, and many countries throughout Africa and South America. Head of international projects Jonathan Brufal oversees the firm's emerging markets work, which involves many key partners. Among them are corporate energy partner Gareth Baker, project finance specialist Andrew Newbery and head of natural resources Charles Bond, who 'has an easy style where even unexpected challenges are taken in stride'. Impact finance partner Alasdair McKenzie is 'very commercial and solution-focused'. Gordon Bell is the go-to partner for international arbitration.

McDermott Will & Emery UK LLP continues to build a strong presence in emerging markets work from its London office, having hired Ranajoy Basu and Priya Taneja two years ago. Both are experienced in finance transactions, including structured finance, complex securitisations, debt capital markets and high yield related deals, and they have at their disposal a range of talent in capital markets, corporate and M&A, banking and finance, commodities and derivatives matters. Corporate partner Mark Fine assisted Africa-focused oil and gas production and development company Sirius Petroleum PLC with the acquisition of a stake in COPDC Petroleum Development Company Limited, which has executed agreements with Nigeria National Petroleum Corporation to develop onshore projects. The firm is also active in cross-border disputes with litigator Andrew Savage and associate Romilly Holland  key members of a team representing Amnesty International in various disputes with the Government of India, including advice on a potential investment treaty arbitration.

Pillsbury Winthrop Shaw Pittman LLP operates in emerging markets from China and the Asia Pacific Region, the Indian sub-continent, through to Russia and the CIS states, the Middle East and Africa. It handles lender-side for financial institutions, as well as acting for sponsors and borrowers on debt and equity financing, M&A, outward/inward investment, the sale and purchase of non-performing loan portfolios, strategic investment and ancillary services. Head of corporate James Campbell is head of the firm-wide Africa practice, and he advises a broad range of clients from start-ups to Fortune 50 companies and international governments. Key partner Osama Abu-Dehays represents broadcasters, football leagues, telecom companies and technology providers across the Middle East and North Africa. Matthew Oresman leads the international public policy practice, advising governments, political leaders, businesses and NGOs. Corporate partner Gavin Watson specialises in deals in the energy and sustainable finance sectors, particularly oil and gas, LNG, refinery and petrochemical projects.

Trinity International LLP is 'a clear market expert when it comes to Africa, having an ear to the ground and footprint on the pulse'. The firm specialises in corporate and finance transactions in emerging markets. and its mission is to play a role in improving access to power and basic infrastructure. It frequently advises European, African and North American banks and DFI’s on project finance, acquisition finance, corporate finance and financial institution lending. Founding partners Paul Biggs and Simon Norris (who is 'a phenomenal lawyer and a great project manager'), head of corporate Conrad Marais and project finance partner Kaushik Ray are the key practitioners. Ray served as borrower's counsel on the development of a $30m 7.5MW solar PV project in Mubuga in Burundi, the country's first solar IPP. Other key members of the team include Fiona Gulliford  , who also has extensive experience in  power and water projects, and senior associate Jo Sykes .

At Druces LLP, ‘the commerciality of the team matches its excellent legal abilities‘ and one client remarks that ‘as a result we get practical, high-quality legal advice at a reasonable price‘. The firm has a strong presence in the mining sector, particularly in Africa, Turkey, India, China and Latin America, and it handles both capital markets transactions and construction litigation for global natural resources companies. Lead partner Dominic Traynor is ‘an exceptional legal adviser, both commercial and practical‘. Senior associate Jack Dervyn is ‘proving to be a highly accomplished and trusted legal adviser‘. Together, they acted for Caerus Mineral Resources plc on its placing of 21,000,000 new ordinary shares on the London Stock Exchange plc’s main market for listed securities to raise gross proceeds of approximately £2.2m.

Michelmores LLP is praised for its ‘attention to detail‘ in emerging markets work, which encompasses advice to impact investors, financial institutions, private equity funds, project sponsors, developers, and leading foundations on equity and debt investments, M&A, exits and portfolio management across a range of sectors, among them healthcare, agribusiness, financial services, forestry, and renewable energy. The firm focuses predominantly on mid-market deals and impact investment. Key names include disputes specialist Andrew Oldland. Newly promoted partner Harry Trick has significant experience in impact investments in developing markets.

TLT has 'a very focused and professional team with hands-on experience that is available at any point of time for clients'. One client remarks 'I have never seen such affordable and yet professional service'. The firm has a particular focus on the financial services sector in India, but is now expanding into new markets. Its work spans complex disputes, employment matters, IP and corporate finance. Paul Gair and Kanika Kitchlu-Connolly in London and Bristol-based partner Peter Carney lead the emerging markets group. Carney, who is 'superb in his approach and flexibility to get work done', acted for the UK subsidiary of a leading Indian public sector bank in the sale of debt and security owed by an Indonesian mining entity to a new investor.

Vedder Price has ‘a very commercial team that anticipates potential issues’. The firm has a strong focus on transactions in central and eastern Europe, notably advising on financings, asset acquisitions, M&A transactions, restructurings and sanctions enquiries over the years. Its recent work includes major restructurings in Bulgaria, Turkey, Ukraine and Lebanon. European head of private equity and corporate Andrew Harris leads the firm’s emerging market work in London, with partner Trevor Wood playing a key role in major financings. Wood is ‘always available to discuss the sensitive and difficult issues which arise on distressed projects‘. He worked with associate Henrietta Worthington to support EBRD and ING Bank in the restructuring of the Ukrainian drinks manufacturer Obolon Group.