Akin Gump Strauss Hauer & Feld LLP has a solid debt finance practice, which works closely with its restructuring and bankruptcy practice assist with debtor-in-possession financings and Chapter 11 cases. On the lender side, the firm focuses on assisting alternative lenders such as investment funds, while the borrower practice has a client portfolio that includes numerous energy and construction companies. The New York office is home to corporate practice co-head Zachary Wittenberg, in addition to Scott Welkis and Meng Ru. John Goodgame leads the Houston team.

In the words of one client, Allen & Overy LLP has ‘rapidly built their banking and finance practice since Jake Mincemoyer joined the team’. Mincemoyer, who arrived in February 2021 from White & Case LLP to lead the leveraged finance practice, has since been joined by fellow former White & Case practitioners Stanimir Kostov and Gordon Mak, who arrived in May and June 2021 respectively, as well as Ilona Potiha, recruited from Davis Polk & Wardwell LLP in October 2021. The result of these developments is that the firm has a highly proficient lender-side practice, which is solicited by both banks and alternative lenders on all types of leveraged finance facilities, including asset-based loans, high-yield debt offerings and debtor-in-possession financings. Below partner level, counsel Joseph Furst stands out.

With a strong standing in the Texas market, Bracewell LLP‘s finance practice is focused on the energy sector; the firm represents lending banks, private equity companies and energy providers in the financing of upstream, midstream and downstream energy projects. The Houston office houses much of the national team, including joint departmental leads Dewey Gonsoulin, Heather Brown and Alan Rafte, though the firm also has offerings in Austin, Dallas and Washington DC. In New York, Robin Miles , also a co-practice head, recently lead a team that advised MUFG Union Bank on a$1.7bn unsecured revolving credit facility to Continental Resources, Inc.

Cadwalader, Wickersham & Taft LLP is developing a strong reputation for lender side work and has a significant presence on the Charlotte market. Michael Mascia, Christopher McDermott and Jeffrey Nagle co-lead the team which, alongside its transactional work, gained widespread recognition in 2021 for its work advising the Alternative Reference Rates Committee on contractual fallback language for LIBOR denominated bilateral business loans and securitizations. The firm expanded its team throughout 2021 with the February addition of  partner Chad Stackhouse from Troutman Pepper, in addition to special counsels Leah Edelboim in January and Perry Hicks in October from Clifford Chance and Hunton Andrews Kurth LLP respectively.

Cahill Gordon & Reindel LLP is highly active in advising banks on leveraged finance transactions, with a considerable deal volume within the space. The group, which is based in New York, has a deep roster of partners with vast experience of working with the premier lenders in the market, including JP Morgan, Credit Suisse, Wells Fargo and Deutsche Bank.  Corey Wright‘s wide-ranging practice spans high-yield bond financings and refinancing, debt and equity offerings and out-of-court debt restructurings. Department stalwart James Clark continues to advise on a range of transactions in addition to sitting on the firm’s executive committee, while Jennifer Ezring  focuses on asset-based lending and leveraged finance deals. Veteran Jonathan Schaffzin is another name to note. Douglas Horowitz, the go-to partner for JP Morgan, left for Gibson, Dunn & Crutcher LLP in April 2022,

Cravath, Swaine & Moore LLP‘s lender-side practice is strong in the New York market, advising major banks as lead arrangers and administrative agents in a variety of complex, high value leveraged transactions. Tatiana Lapushchik  is a prolific dealmaker, and assists lending banks with transactions relating to sectors including energy, technology and retail. In addition to its representation of banks, the group also has a strong borrower-side practice, which frequently handles multicurrency mandates; managing partner George Zobitz ‘s representation of Viatris Inc. in its $4bn revolving credit facility and ¥40bn term loan facility was a undoubted highlight in 2021. Michael Goldman heads up the practice and has vast experience in all types of debt financing transactions, as does practice lead Stephen Kessing , who works with a range of corporate borrowers in addition to banks. Matthew Kelly was promoted to partner in January 2021.

Debevoise & Plimpton LLP, which focuses on representing borrowers from its office in New York, is prolific in all areas leveraged finance, including syndicated bank loans, high-yield debt offerings, second lien financings and mezzanine capital investment. Jeffrey Ross  leads the team and recently co-led, alongside Ramya Tiller, a team which advised Discovery Inc. on the financing elements of its $130bn acquisition of WarnerMedia. In addition to its work with corporate borrowers, the firm also works extensively with private equity houses; Clayton, Dubliner & Rice is the key client in this regard and provided the group with several cross-border acquisition financings in 2021. Ryan Rafferty, promoted to partner in July 2021, is appreciated by clients for being ‘incredibly responsive, knowledgeable and helpful on capital structure questions, existing credit agreement compliance and review’.

Straddling the lender and borrower sides of the market, Dechert LLP has a solid debt finance practice that the has an identifiable presence in the middle market, advising on senior credit facilities, first lien/second lien financings, mezzanine debt, and restructurings. The group operates on a cross office basis: Scott M Zimmerman and Jay Alicandri  act from New York;  David Forti and Sarah Gelb operate from the Philadelphia office; and Richard Jones splits his time across both locations. The practice grew further in 2021 with the May arrival of Soo-ah Nah and the addition of Ani Ravi, who joined in September. The pair formerly worked at Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cahill Gordon & Reindel LLP respectively.

Gibson, Dunn & Crutcher LLP is well regarded for its borrower representation, and primarily works with major commercial borrowers from the a variety industries on acquisition financings, high-yield offerings and real estate finance transactions. The department is notable for its national network of practitioners; Los Angeles partner Linda Curtis‘ numerous specialisms include investment fund financings, while Aaron Adams, who co-leads the group alongside Curtis, is based in New York. Oil and gas is one of the firm’s areas of particular strength, thanks in part to its presence in Texas. Houston-based Shalla Prichard is a key name in the regard and focuses on the upstream, midstream and downstream energy sectors. Douglas Horowitz arrived from Cahill Gordon & Reindel LLP  in April 2022.

Though active on both sides of transactions, it is borrower representation that is Goodwin's specialty. The firm client base spans private companies and private equity sponsors, which it advises on acquisition financing, subscription-secured financing and asset-based transactions. The group has a presence in many of the firm’s network of US offices, and recently expanded into California in a bit to develop the team’s profile. Kristopher Ring now operates from the Santa Monica office, and represents public, family-owned, and private equity-backed companies. Jennifer Bralower continues to lead the team from New York and counts syndicated credit facilities and junior capital among her specialisms. In September 2021, Milena Tantcheva departed the firm to take up an in-house role.

Jones Day‘s finance practice is noted for its breadth, as the firm assists financial institutions, direct lenders, corporations, private equity firms and hedge funds with negotiating various financial structures. Equally comfortable on either side of transactions, the debt finance department is complimented by the firms strength in restructuring, financial litigation and regulatory issues. Brett Barragate and Rachel Rawson lead the team from New York and Boston respectively; the former recently advised healthcare company Steris Plc on obtaining $2.55bn in financing across multiple facilities, while the latter focuses on asset-based lending and investment grade financings . Cleveland-based Caitlin Hunter was promoted to partner in January 2021.

Katten‘s main focus is working with private credit companies. The group, primarily operating out of the firm’s Chicago office, advises some of the biggest alternative lenders on the market, including Ares Capital, The Carlyle Group and Twin Brook, on an array of financing transactions. Michael Jacobson  leads the team and focuses on deals in the health care, software, technology, sports and entertainment sectors, while Jennifer Wolfe ‘s experience spans acquisitions, leveraged buyouts and recapitalization. The firm also has a Los Angeles presence, which includes Glen Lim and Jan Harris Cate.

King & Spalding LLP has an established presence in the middle-market, with capabilities than span investment grade and leveraged financing transactions.  The firm’s lender clients include major global banks, as well as a number of premier direct lenders, while borrower side client include sports teams, private equity houses and retail businesses. In Atlanta, Carolyn Alford leads the leveraged finance & restructuring practice and has experience structuring programmatic lending platforms in addition to representing both lenders and borrowers in financing agreements. The corporate finance & investments group is led from New York by Todd Holleman, who focuses on private credit and special situations investing.

Kirkland & Ellis LLP maintains a considerable market share of the borrower-side debt finance market, and hits strong numbers with regards to both deal count and total deal value. Private equity work is the real specialty of the group, which works with market-leading companies such as Blackstone Inc., Carlyle, Warburg Pincus and KKR on leveraged buyouts across a number of industries, though the firm is also capable in restructuring matters. The department’s central hub is in New York, home to Melissa Hutson and Jay Ptashek, though the firm’s market position is thanks in part to its national coverage; Michelle Kilkenney and Maureen Dixon are based in Chicago, while David Nemecek and Eric Wedel spend much of their time in Los Angeles. The firm added to an already deep bench with the arrival of the ‘practical, responsive, knowledgeable’ Rachael Lichman from Baker Botts L.L.P. in March 2021. Linda Myers retired in February 2022.

From its position at the upper end of the lender and borrower markets, Latham & Watkins LLP uses its ‘knowledgeable and super responsive attorneys’ to assist the biggest banks, private equity sponsors, direct lenders and corporate borrowers on syndicated loans, multi-tiered capital structures, and complex bank and bond covenant packages. In New York, Daniel Seale , who has developed strong relationships with premier banks such as Bank of America, JP Morgan and Credit Suisse, leads the global banking practice. Michèle Penzer is also based in New York, as is up-and-coming partner Alfred Xue, a specialist in cross-border transactions and acquisition financings. The private equity group is run from Washington, DC by Manu Gayatrinath , who advised The Carlyle Group on a ESG-linked credit facility valued at $4.1bn, demonstrating the group’s ability to assist with innovative and novel financial structures. There are also experienced names in other locations, with Greg Robins and Brandon R. Anderson  operating from Los Angles and Chicago respectively.

Mayer Brown‘s finance practice is held in high regard for its breadth, with the team able to assist investment banks, alternative lenders and private companies on all aspects of leveraged finance transactions. On the borrower side, the firm's longstanding relationship with General Motors stands out; in 2021, New York partner Mae Rogers led a team which advised on the refinancing of the company’s $4.3bn three-year revolving facility and $2bn 364-day revolving facility. ‘Never ruffled’, Scott Zemser is also based in New York, where he assists banks and other lenders with acquisition, tender and bridge financings. In Chicago, Fred Fisher, a go-to partner for key clients such as JPMorgan, Bank of Montreal, Macquarie and LKCM Headwaters, ‘is laser focused on the big picture’. Fellow Chicago practitioner Matthew O’Meara  leads the national team alongside Zemser and Kiel Bowen, who resides in Charlotte.

Though capable of advising lenders, it is McDermott Will & Emery LLP‘s borrower-side work that is most worthy of note. The firm routinely works with private equity houses, as well as corporate borrowers, on acquisition financing, asset-based lending, bond financing and loan workouts. Michael Boykins  and Stephanie McCann  are the names to note in Chicago; both have vast experience in advising on matters relating to the healthcare sector, an area whether the firm is particularly strong. Gary Rosenbaum , based in Los Angeles, leads the team alongside McCann and Boykins. Jared Bryant, arriving from Kirkland & Ellis LLP, joined the New York office in January 2021.

McGuireWoods LLP has one of the busiest lender-side practices in the US, primarily due to its longstanding relationships with key banking clients Wells Fargo and Bank of America. The firm is particularly noteworthy for its standing in the Charlotte market; Erick Burk and debt finance lead Kevin McGinnis are both based in the region and regularly advise on syndicated deals across numerous industry sectors. Outside of Charlotte, the group has a presence in Los Angeles through Hamid Namazie and Atlanta thanks to Chris Molen. In addition to its lender work, the department is developing a capable borrower practice that handles acquisition financing.

Milbank has a strong record in advising on market-leading leveraged finance transaction; the firm is frequently instructed by leading investment banks and direct lenders to assist with leveraged buyouts, tender offers and go-private transactions as well as recapitalizations, bridge and mezzanine financings. Every member of the team operates from New York, where Marcus Dougherty leads the US team, in addition to co-leading the global team; in addition to working with banks, Dougherty often works on recurring lender counsel designations for premier private equity firms. Other key names include up-and-coming partner Charles Stern, who recently led a team alongside Dougherty which represented RBC in connection with $1.325bn worth of financing facilities for the acquisition of LegalShield. Former practice head Marc Hanrahan retired from the firm in 2021, while Spencer Pepper was promoted to partner, Kamal Nesfield joined from Latham & Watkins LLP in December 2021 and Benjamin Miles transferred from elsewhere in the firm.

Moore & Van Allen, PLLC is very active in the lending middle market and works with a number of banks as well as non-bank lenders on leveraged financing transactions. Due to its presence in Charlotte, the firm regularly works with Wells Fargo and Bank of America on deals which span structured finance unitranche financing, subscription finance and asset-based lending. Tom Mitchell and Wayne McKinzie lead the practice, which also includes serial dealmakers Meredith Reedy and Tripp Monroe. Sandra Lazorcheck joined the team from King & Spalding LLP in June 2021.

With its national network of offices, Morgan, Lewis & Bockius LLP is able to provide a comprehensive service from lenders at various levels of the market. The group’s leveraged finance practice primarily focuses on the growing alternative lending market, and acts for major clients such as Ares Capital. The firm also has a strong asset-based lending practice which represents sought-after clients such as JPMorgan Chase and HSBC in complex transactions with complex borrower capital structures, such as subordinated and pari passu high-yield debt. Boston is home to finance lead Jonathan Bernstein and transactional finance head Matthew Furlong, though the firm also has key partners in New York, Hartford, and Houston. Mark Kirsons and Luis Herrero joined the Chicago office from Sidley Austin LLP in February 2021.

Well regarded for its lender work, Paul Hastings LLP has a proven track record in complex financial transactions, including those involving credit agreements and refinancing. Much of the team is based in New York, including practice heads John Cobb  and Jennifer Yount, though the firm also has a strong presence in California and Illinois. Beyond the lender space, the firm also has a borrower practice, which recently advised tech company Aptiv Corporation on the refinancing of its existing credit facility. Former practice head Michael Baker  departed the firm in August 2021 to take up an in-house role, as did Shekhar Kumar. In September 2021, Andres Mena left the firm, while Jeffrey Goldfarb joined the firm’s New York office from Willkie Farr & Gallagher LLP in October 2021. Morgan Bale joined from Weil, Gotshal & Manges LLP.

Paul, Weiss, Rifkind, Wharton & Garrison LLP does ‘tremendously good work‘ for borrower clients, advising on transactions ranging from first and second lien facilities to asset-based loans and restructurings and rescue financings. The firm has a particularly strong roster of private equity clients, which it assists with the financing elements of LBOs; such clients include Apollo Global Management, Insight Partners and Oaktree Capital Management. Gregory Ezring is one of the key names in this regard, also servings as global chair of the finance and capital markets groups. Ezring sits in the New York office, which is also home to private equity specialist Monica Thurmond and global debt finance co-head Thomas De La Bastide. Eric Goodison retired from partnership in January 2021, continuing to work in an of counsel role.

In recent years, Proskauer Rose LLP has cemented itself as a dominant force in the alternative lender market, and is now one of the most active firms with regards to representing private capital providers in the middle-market. The practice counts almost all of the major non-bank lenders in its client portfolio, frequently working with Owl Rock Capital Partners, Antares, Apollo and others on senior secured credit facilities. The group also has a history of innovation, having developed novel structures including upside-down unitranches and synthetic mezzanine loans , as well as migrating the bifurcated unitranche into the European market. Steven Ellis and Stephen Boyko co-lead the national team from Boston, though the department also has a presence in New York and Los Angeles. Boyko’s expertise includes representing sovereign wealth funds, private debt funds, and insurance companies, while advises more than 75 asset managers. New York partner Ron Franklin is the go-to practitioner  for fund finance.

Advising on both sides of debt financing transactions, Ropes & Gray LLP is one of the most active firms in borrower work, representing first-rate private equity firms in high-value refinancing mandates and the financing of significant leveraged buyouts and strategic acquisitions. The group also handles the financing elements of corporate agreements, including joint venture agreements and business combinations. Stefanie Birkmann and Michael Lee lead the finance practice group from New York and Boston respectively, while veteran partner Byung Choi, also based in Boston, continues to assist private equity houses with acquisition financing. The firm’s lender work is largely focused on bankruptcy and restructuring issues, often representing clients in chapter 11 proceedings and debtor-in-possession financings. Boston’s Jeffrey Katz and New York-based Leonard Klingbaum co-lead the capital solutions and private credit group. Gregory Bauer joined the firm’s Chicago office from Holland & Knight LLP in September 2021.

Primarily operating from New York, the ‘responsive, internationally oriented, competent‘ team at Shearman & Sterling LLP provides advice on leveraged and investment grade financing to a range of clients, though the firm most frequently represents investment banks and alternative lenders. As part of an internationally renowned firm, the team frequently collaborates with peers in the London and Toronto offices to advise on cross-border and multicurrency transactions. Practice heads Maura O’Sullivan  and Alan Rockwell both have strong relationships with some of the biggest financial institutions, representing clients such as Credit Suisse and Bank of America as lead arrangers, administrative agents and underwriters. The practice has been looking to expand following a number of departures in recent years, as can be seen by the arrival of Heather Waters Borthwick in January 2021 and Daniel Tristan in April 2021 from White & Case LLP  and Baker Botts L.L.P. respectively.

One of New York’s premier finance firms, Simpson Thacher & Bartlett LLP is noted for its continued ability to sit at the very top of both the lender and borrower side markets, representing an impressive range of leading investment banks, private equity sponsors, direct lenders and corporate borrowers in numerous high-value, complex transactions every year. The group’s lender practice is best known for its longstanding relationship with JP Morgan; William Sheehan is a key name in this regard and recently co-led a team, alongside practice head Patrick Ryan, which represented the bank in a $41.5bn senior unsecured bridge loan to finance the combination of AT&T’s WarnerMedia with Discovery. With regards to borrower work, James Cross continues to advise on acquisition financing, while Jennifer Hobbs assists corporate borrowers such as Dell Technologies with securing multi-billion credit facilities. Outside of New York, the firm expanded its partner ranks in January 2021 with the promotion of Michael Vernace in California.

Following a 2020 merger, Troutman Pepper has a diverse lending practice that is able to advise on revolving credit loans, mezzanine financing and restructuring. In addition to mainstream lending work, the team has particular expertise in assisted living real estate finance, having advised on financing for senior housing and skilled nursing facilities in 42 states. Philadelphia is home to many experienced practitioners, including key partner Bradley Boericke, though the firm also has a presence in Atlanta; Washington DC; Berwyn; and Raleigh. Former practice head Harris Winsberg departed the firm in January 2022, while Ann Brown retired from the partnership.

Vinson & Elkins LLP has a strong position within the Texas market, though its work in the debt finance space is felt across the US. Given the group’s location, it is unsurprising that the energy sector is an area of particular focus; in addition to assisting commercial banks lending to actors in the sector, the firms also represents upstream, midstream, and downstream energy companies in major syndicated financings. Brian Moss  and Erec Winandy co-lead the national team from Houston and Dallas respectively and are both experienced in  acquisition and leveraged finance as well as asset-based and reserve-based lending. Outside of Texas, the group has a New York presence which includes David Wicklund  and Brett Santoli .

A ‘dedicated team with great market knowledge’, Weil, Gotshal & Manges LLP is highly regarded across the market for its acquisition finance practice, which advises lenders and borrowers alike. Operating from New York, the US department is led by Douglas Urquhart  and counts premier investments banks, major private equity companies, and international corporate borrowers among its client base. Daniel Dokos  leads the global practice and assists the firm’s largest borrower clients on complex work including revolving credit facilities. Heather Viets is another name to note, having built up a strong reputation for advising financial institutions and issuers on banking and securities transactions. Morgan Bale left for Paul Hastings LLP.

White & Case LLP ‘has a very strong team and is extremely knowledgeable in middle market LBO financing’, advising traditional and alternative lenders as well as borrowers on a range of complex transactions. Global debt finance head Eric Leicht  operates from the New York office,  as does regional lead Eliza McDougall, though the practice also has a significant West Coast presence. Justin Wagstaff  plays a key role in the borrower side practice, which represents corporations, private equity sponsors and their portfolio companies in acquisition financing. As a recent example, the firm assisted CVC Capital Partners and The Carlyle Group with the financing elements of the $1.15bn acquisition of Medrisk, LLC. The department saw a number of departures in 2021: Heather Borthwick departed in January, while Nicholas Palumbo, Jake Mincemoyer , and Gordon Mak left in March and May respectively, while Rebecca Gottlieb departed for an in-house position in November. In response, Kerrick Seay, Nicole Rodger and Christoffer Adler were promoted to partner in January 2022, while up-and coming partner Binoy Dharia continues to build a strong reputation in the market.

Willkie Farr & Gallagher LLP ‘provides high quality service’ to borrower clients, in addition to a growing number of lenders, across all main areas of debt finance. Private equity sponsors make up the main part of the client base, and the team regularly conducts LBOs and dividend recapitalizations for the likes of Platinum Equity and Insight Partners . The firm has welcomed a number of new arrivals in recent months: Andres Mena joined from Paul Hastings LLP in September 2021 to serve as joint-practice head alongside Viktor Okasmaa; Chicago’s Melainie Mansfield arrived from Milbank in Jun 2021; and January 2022 saw Sarah Gelb move over from Dechert LLP. With regards to departures, David Tarr left in April 2021 and Jeffrey Goldfarb departed in October. All names listed are based in New York unless otherwise stated.

Winston & Strawn LLP‘s position in the debt finance middle-market is well established. Capable of assisting with subordinated debt, asset-based lending and acquisition financing, the firm is particularly active in the lender space and is instructed by both banks and alternative lenders.  The group’s four team heads are split across the two main offices; Mats Carlston  and William Brewer  are based in New York, while Chicago is home to Patrick Hardiman  and Michael Mullins . The department was bolstered by the April 2021 arrival of Rachel Gray-Pundir from Kirkland & Ellis LLP, which offset the departure of Michael O’Brien  in June.