Firm Profile > Ashurst > London, England

Commercial property: corporate occupiers Tier 1

At Ashurst, the firm's bench of real estate lawyers are ‘extremely adept at tackling complex issues’ and display an ‘unrivalled attitude to supporting their clients’. On the development side, the team is active in the logistics, build-to-rent and private rented sectors and demonstrates prowess on urban regeneration and major development schemes. Investor clients span Europe, the Middle East, Australia, North America and Asia, particularly South Korea, Japan, China and Singapore, and entrust the group to handle the full range of asset management and cross-border investments. The team represents both corporate and government occupiers on the leasing of industrial, retail and headquarter buildings and also supports a number of household retailers on the full range of real estate matters, including planning and construction. The group notably continues to advise Westfield on phase 2 of the Westfield London development project in White City, which is extending the shopping centre by over 500,000 sq ft. David Jones is a ‘stand out’ in the investment field and tailors his practice towards international real estate M&A and joint ventures, while Hugh Lumby is another recommended name. Recently promoted partner Tim Regis is recommended for regeneration schemes and joint ventures while 'tenacious and attentive' senior associate Julie Connolly is also well-regarded.

Commercial property: development Tier 1

At Ashurst, the firm's bench of real estate lawyers are ‘extremely adept at tackling complex issues’ and display an ‘unrivalled attitude to supporting their clients’. On the development side, the team is active in the logistics, build-to-rent and private rented sectors and demonstrates prowess on urban regeneration and major development schemes. Investor clients span Europe, the Middle East, Australia, North America and Asia, particularly South Korea, Japan, China and Singapore, and entrust the group to handle the full range of asset management and cross-border investments. The team represents both corporate and government occupiers on the leasing of industrial, retail and headquarter buildings and also supports a number of household retailers on the full range of real estate matters, including planning and construction. The group notably continues to advise Westfield on phase 2 of the Westfield London development project in White City, which is extending the shopping centre by over 500,000 sq ft. David Jones is a ‘stand out’ in the investment field and tailors his practice towards international real estate M&A and joint ventures, while Hugh Lumby is another recommended name. Recently promoted partner Tim Regis is recommended for regeneration schemes and joint ventures while 'tenacious and attentive' senior associate Julie Connolly is also well-regarded.

Commercial property: investment Tier 1

At Ashurst, the firm's bench of real estate lawyers are ‘extremely adept at tackling complex issues’ and display an ‘unrivalled attitude to supporting their clients’. On the development side, the team is active in the logistics, build-to-rent and private rented sectors and demonstrates prowess on urban regeneration and major development schemes. Investor clients span Europe, the Middle East, Australia, North America and Asia, particularly South Korea, Japan, China and Singapore, and entrust the group to handle the full range of asset management and cross-border investments. The team represents both corporate and government occupiers on the leasing of industrial, retail and headquarter buildings and also supports a number of household retailers on the full range of real estate matters, including planning and construction. The group notably continues to advise Westfield on phase 2 of the Westfield London development project in White City, which is extending the shopping centre by over 500,000 sq ft. David Jones is a ‘stand out’ in the investment field and tailors his practice towards international real estate M&A and joint ventures, while Hugh Lumby is another recommended name. Recently promoted partner Tim Regis is recommended for regeneration schemes and joint ventures while 'tenacious and attentive' senior associate Julie Connolly is also well-regarded.

M&A: smaller deals, up to £50m Tier 1

M&A: smaller deals, up to £50m Tier 1

Infrastructure (including PFI and PPP) Tier 1

Ashurst fields a team of lawyers handling an impressive breadth of infrastructure asset classes, including energy and resources, transport and digital infrastructure, among others. It also has notable expertise in waste and biomass deals as well as in PPP/PFI projects. The group's clients comprise of government agencies, municipal authorities, funders, sponsors and contractors. Philip Vernon heads the UK's projects division and is well versed in privatisations and project financing. Mark Elsey and Terence Van Poortvliet are key contacts in matters in the transport sector, while Cameron Smith is regularly instructed in the energy field. Logan Mair advises on greenfield PPP projects.

Islamic finance Tier 1

Ashurst is best known for its expertise in shari'ah-compliant structured products, both in the bank lending space and in the global capital markets. The practice group also has experience of structuring Islamic investment funds, and is a market pioneer of sorts in the areas of Islamic fintech and blockchain. Headed by the 'very experienced' Abradat Kamalpour, the team has been increasingly involved in assisting conventional financing bodies with the development and implementation of Islamic structures as a method of diversification. In addition, the firm's Saudi Arabian association has been invaluable in securing high-value project finance mandates.

Oil and gas Tier 1

Ashurst's oil and gas practice is trusted by supermajors, smaller IOCs, NOCs, service providers, banks and national governments to handle the full gamut of matters, including midstream and upstream M&A, alternative financing, LNG import agreements and high-stakes dispute resolution. Michael Burns co-heads the global practice and is based in London with financing expert Huw Thomas and the highly recommended Julia Derrick. Senior associate Quentin Robinson recently acted on significant project development mandates in Africa.

Power (including electricity, nuclear and renewables) Tier 1

The team at Ashurst advises on the development, financing, operation, acquisition and privatisation of power and renewables projects worldwide, including conventional power, nuclear, onshore and offshore wind and solar, as well as hydroelectric, tidal and geothermal projects. Recent highlights have included Antony Skinner's team advising on the £207m restructuring and refinancing of Allington EfW facility in Kent and the Eastcroft EfW facility on behalf of FCC Environment as sponsor. As an example of its interaction with the recent influx of Asian investment into the industry, the firm advised Octopus on the disposal of its portfolio of 15 PV assets, a deal funded by Korea Investment & Securities. Global utilities head David Wadham, who is now based in Japan, is praised for his 'commercial acumen'. Tom Duncan joined from Mayer Brown International LLP to strengthen the dispute resolution facet of the practice, while project finance expert Simon Moore arrived from Simmons & Simmons .

Private equity: transactions – mid-tier – up to £250m Tier 1

The private equity practice at Ashurst, which handles a broad range of multijurisdictional deals, works closely with the firm's broader finance and investment fund practices to enhance its offering. Key partners include Nick Rainsford and corporate head Jason Radford. David Carter leads the practice in London; he recently advised private equity investor EmergeVest on the acqusition of CM Downton, one of the UK's leading logistics groups. Newly promoted partner Braeden Donnelly is also strongly recommended.

Rail Tier 1

With a 'detailed understanding of the rail sector', Ashurst has 'considerable depth of experience and has good technical legal skills'; and it houses 'some of the top rail specialists in the market'. It advises on a gamut of complex UK and global rail deals; the team handles infrastructure development, projects, rolling stock procurement, financing, franchising, regulatory and commercial mandates. It acts for public sector clients, franchisees, rolling stock and equipment suppliers, and rolling stock financiers. Naomi Horton, who 'always seeks solutions' and Jonathan Turner, who is 'very knowledgeable on the legal and regulatory aspects of the sector', advised KeolisAmey on its successful bid for, and subsequent mobilisation of, the £5bn Wales & Borders franchise, handled infrastructure transfer matters for the Core Valley Lines and advised on the procurement of four new fleets of trains for the franchise. Elsewhere, Terence Van Poortvliet provides 'efficient advice, has good strategic vision and wide experience', while Mark Elsey is 'very proactive and responsive in helping clients understand the commercial and legal nuances of complex project development contracts and structures'. Senior associate Stuart Cottis delivers 'efficient contractual negotiations in complex projects'.

Acquisition finance Tier 2

Benefiting from a 'deep knowledge base and a broad selection of deal and product experience among the partners', Ashurst is well-positioned to pick up a significant volume of deals for its primarily creditor-side client base. Although the firm is less visible in the jumbo cross-border mandates which typically involve a credible high yield offering, it is extremely prominent in mid-market mandates for its traditional roster of banking clients, in addition to credit funds including Hayfin and ICG. The 'very approachable and talented' Helen Burton has excellent visibility among both banking clients and credit funds, and has been at the forefront of the market advising on deals implementing the unitranche product. 'Never afraid to get his hands dirty and do the hard work', Nigel Ward handles conventional leveraged finance transactions as well as infrastructure-related acquisition finance matters.

Bank lending: investment grade debt and syndicated loans Tier 2

Combining 'high-end market and technical expertise with a friendly and open approach and unparalleled levels of client care', Ashurst provides 'legally robust and practical advice' to a balanced mix of investment grade corporate clients and banks. Praised for his 'technical prowess and pragmatism', Nicholas Moore has an excellent perspective of the investment grade lending market (both bilateral and syndicated) as a result of his involvement in many of the most significant mandates handled by the firm on behalf of both lenders and corporates. Moore recently advised MUFG Bank on the amendment and restatement of The Go-Ahead Group plc's existing multicurrency revolving credit facility, and acted for Tritax EuroBox plc on its €200m multicurrency revolving credit facility (its debut credit facility after its incorporation and listing). As well as advising on general corporate lending mandates, the 'excellent' Tim Rennie specialises in arranging the financing of public takeovers, including his recent work for Evercore Partners, JP Morgan and Nomura in relation to Takeda Pharmaceutical Company’s £46bn recommended offer for Shire plc. Benefiting from significant lender-side expertise by virtue of several secondments at international banks, senior associate Darren Phelan has a growing reputation across investment grade corporate lending, cross-border transactions and acquisition finance.

Banking litigation: investment and retail Tier 2

Ashurst's recent range of disputes includes advising banks on contractual interpretations, follow-on claims after enforcement action, defending senior individuals, and enforcement of major arbitral awards. Other areas covered are enforcement of security following borrower default, film investment schemes, fraud, deceit and conspiracy claims, freezing orders, and issues arising from restructurings and insolvencies. The  team defended Daiwa Capital Markets Europe against a $200m claim in the Supreme Court, which involved allegations of dishonesty and breach of duty. Lynn Dunne has a specialised financial institutions disputes practice that covers banking and contentious regulatory disputes, as well as insolvency and restructuring matters. Also key to the team are James Levy and Edward Sparrow.

Brexit Tier 2

At Ashurst, Helen Burton, Rob Aird and James Perry jointly lead the Brexit task force and specialise in finance, corporate and financial services work respectively. The firm takes a multi-disciplinary approach to Brexit and utilises its global network to assist clients in the UK and beyond. The group has been particularly active in the asset management, energy and transport sectors and acts for corporates, governments, trade bodies and industry associations on the full spectrum of Brexit advice, including contingency planning work, reorganisations and advisory work. Recent matters include advising an international inter-dealer broker on the restructuring of its group and trading models, assisting a financial institution with its cross-border restructuring and providing a retail bank with Brexit contingency planning assistance. Jake Green is noted for his regulatory expertise, James Coiley stands out for his structured finance and derivatives knowledge, and Matthew Saunders focuses on public international law and treaty construction issues. Newly promoted partner Tim Cant is also singled out for his market structure work.

Construction: contentious Tier 2

Ashurst's contentious team advises on a range of domestic and international disputes in the real estate, energy, transport and infrastructure sectors. The team has recently been boosted by 'fantastic recruit' Tom Duncan, who joined from Mayer Brown International LLP to lead the team. Duncan, who is described as an 'effective strategist', acts for clients across a number of jurisdictions in the Middle East, Africa and Europe. Former managing partner Simon Bromwich, now head of the firm's global dispute resolution practice, brings 'gravitas and experience' to the practice, and specialises in the resources and infrastructure sectors. He also has experience in relation to distressed infrastructure projects.

Contruction: non-contentious Tier 2

Ashurst's non-contentious offering displays strength across a range of sectors, including transport, infrastructure and energy. The London team is part of the international firm's global group, which has a presence in the Middle East, Europe and the Americas. Ben Patton, Matthew Bool and Michael Smith collectively lead the team. Smith specialises in renewable energy projects, Bool in mixed-use developments and Patton in urban regeneration projects. A notable highlight saw Patton lead a team advising Virgin Media on 'Project Lightning', the delivery of its £3bn network expansion to 3.8 million homes across the UK and Ireland.

Debt capital markets Tier 2

Ashurst has a diverse practice that acts for issuers, underwriters, sponsors, lenders, trustees, agents and credit enhancement providers across all areas of debt capital markets. It is best known for advising underwriting banks on corporate investment grade, financial institution and emerging market debt transactions, as well as corporate issuers on Eurobonds. It also handles the treasury and funding activities of global financial institutions, and assists sponsors and underwriting banks with innovative infrastructure transactions. The team also has a strong track record in emerging market debt transactions for corporate and sovereign issuers, and handles new issuance and defaults for corporate trustee and agency institutions. The firm's leading lights include practice head Anna Delgado; emerging market financings specialist Francis Kucera, who handles deals in Eastern Europe and the CIS region; Derwin Jenkinson, who handles complex UK transactions and cross-border European and international financing transactions; corporate trust specialist Malcolm Charles; and up-and-coming partner Alexander Biles, whose broad practice encompasses project bonds, regulatory capital issuances for banks and insurers and liability management transactions.

Derivatives (including commodities) Tier 2

Ashurst has one of the leading derivatives practices in London thanks to its deep bench of recognised specialists in key asset classes. Its broad portfolio of work includes advice on regulatory reform and clearing, hedging transactions, credit derivatives, strategic equity derivatives, repos, securities lending and structured funding, as well as Islamic derivatives, commodity derivatives, prime brokerage and margin loans. Practice head Michael Logie's group handles transactional and advisory work on all major OTC derivative product types affected by new margin rules, and has significant experience assisting clients with regulations such as European Market Infrastructure Regulation (EMIR) and Dodd-Frank. James Coiley is known for his expertise in credit derivatives, repackaging of financial assets, total return swaps and other collateralised funding structures. Jonathan Haines is a leading OTC derivatives specialist acting for major dealers in the market. Newly promoted partners James Knight, who advises banks on the structuring and documentation of complex financing transactions, and Kerion Ball, who has a particular focus on commodity and corporate equity derivatives and bespoke commodity and equity-linked financings, are highly recommended.

Equity capital markets – mid-large cap Tier 2

In the face of a sluggish domestic IPO market, Ashurst has kept busy advising on secondary offerings in connection with acquisitions and rescue transactions with distressed issuers. That said, the team was engaged by Tritax EuroBox in one of the last large IPOs to be completed before the market slowdown toward the end of 2018. Historical strengths of the practice group include real estate, real estate funds, and energy and natural resources, and while the team has been recognised for its bank relationships in particular, the team has been increasingly pushing its issuer-side work. The group is headed by Nicholas Holmes, 'a highly respected senior statesman in the London ECM market', while Jennifer Schneck leads the firm's 'strong US securities practice'.

Equity capital markets – small-mid cap Tier 2

In the face of a sluggish domestic IPO market, Ashurst has kept busy advising on secondary offerings in connection with acquisitions and rescue transactions with distressed issuers. That said, the team was engaged by Tritax EuroBox in one of the last large IPOs to be completed before the market slowdown toward the end of 2018. Historical strengths of the practice group include real estate, real estate funds, and energy and natural resources, and while the team has been recognised for its bank relationships in particular, the team has been increasingly pushing its issuer-side work. The group is headed by Nicholas Holmes, 'a highly respected senior statesman in the London ECM market', while Jennifer Schneck leads the firm's 'strong US securities practice'.

EU and competition Tier 2

Representing large corporates at both UK and EU levels, Ashurst fields a strong team working across all competition law disciplines. In addition to  providing advice on high-profile investigations conducted by the CMA and the European Commission, the team also assists clients with investigations carried out by sectoral regulators exercising their concurrent jurisdiction. As evidenced by the department’s work highlights, the group has built particularly strong sector-specific expertise in financial services, but also has experience in pharmaceuticals, technology, retail, and energy. Team members' skillsets are complemented by their ability to draw on the expertise of the firm’s in-house economist group, which is another unique characteristic setting the group apart in the market. Practice co-heads Nigel Parr and Euan Burrows have established a reputation based on solid contentious and non-contentious work. ‘Great leader’ Duncan Liddell has been singled out by clients for his work advising companies on investigations alleging anti-competitive behaviour. Ross Mackenzie and counsel Charles Hammon are also recommended.

Fintech Tier 2

Ashurst's 'proactive and pragmatic' fintech team focuses predominantly on acting for global banks, financial services clients and corporations, but also carries out work for large-scale technology and social media clients in matters spanning open banking, digital payments, crypto exchanges, token-based products, p2p lending, and AI wealth management solutions. The group has a strong track record of advising major banks on the creation and launch of new financial platforms, including online banks and digital SME finance management and lending platforms. In addition, the team advises companies on early and late stage fundraising rounds and major incoming investments. On the regulatory side, the firm advises clients such as banks and trading platforms on FCA compliance and authorisations often relating to MiFID II and the Payment Services Regulation. David Futter specialises in technology procurements and collaborative partnerships in the fintech space, generally concerning the development of digital platform based financial products.

Insurance: corporate and regulatory Tier 2

Ashurst's 'exceptional' team revolves around the leadership of 'highly commercial and user friendly' Adam Levitt , a 'real expert in his field'. As co-head of Ashurst's global insurance industry group, his focus lies on corporate transactions for insurance companies and banks; he and his team cover M&A, restructurings, portfolio transfers and insurance-linked securities. The practice has picked up a number of major new clients in recent months, and key recent work has include advising advising European insurance giant Generali on the sale of its entire shareholding in Generali Worldwide Insurance Company and Generali Link to Life Company Consolidation Group. Senior associate Akiko Morioka is also regarded as a 'rising star'.

Mining and minerals Tier 2

Ashurst's mining experts are particularly known for their work on M&A and fundraising mandates, African project development, as well as advice to companies in the mid-tier/junior sector. The multi-disciplinary group is led by Yann Alix, who works for an enviable client roster active in Francophone Africa as well as Europe, Latin America and Central Asia. Matthew Wood recently joined the team as head of the African project finance sub-team from White & Case LLP's Abu Dhabi office.

Planning Tier 2

Under the leadership of the highly-praised practice head Trevor Goode, Ashurst’s planning team undertakes some of the highest value and complex housing-led development projects on the market, including a suite of garden village proposals throughout the UK. A diverse roster of public and private sector clients instruct the team to advise on build-to-rent schemes, CPO applications, social housing regeneration, Transport and Works Act orders, and major urban mixed-use regeneration programmes. Owing to its close interface with the corporate team, the practice often advises high-profile commercial clients on significant NSIPs and acquisitions in the energy sector (including offshore windfarms). Retail-led planning advice is evidenced by the firm’s retention of Westfield to the client roster. The team also fields experience in complex issues surrounding tall buildings, heritage sites and build-to-rent schemes. Highly praised senior associates Charlie Reid and Ben Groves provide solid support on the full range of issues.

Property finance Tier 2

Ashurst is noted for its strength in complex development finance and cross-border matters, as well as real estate capital markets transactions, hybrid financing and debt-on-debt work, particularly financing pan-European non-performing loan (NPL) portfolio acquisitions. The firm has also been active advising on transactions involving Korean investment into the European property market. Clients include a range of lenders and borrowers. The practice is led by the ‘brilliant‘ and ‘frighteningly clever‘ Ruth Harris; Sarah Watkinson, who has a strong reputation for loan portfolio deals; and Jessica Jenner, whose expertise includes advising sponsors on the acquisition of and investment in ‘trophy’ real estate assets.

Property litigation Tier 2

Noted for its 'long history of providing first-rate advice', Ashurst's 'strong' team led by 'remarkably sharp mind' Alison Hardy, who is rated as 'being very commercial in her approach and extremely user-friendly', handles a broad range of property litigation for an equally broad client base including technology companies, corporate occupiers and property companies as well as investment funds, commercial landlords, occupational tenants, retailers and banks. Its offering includes assistance with dilapidation claims, rights of light issues, break options, restrictive covenants and insolvency-related matters alongside telecoms sector work and disputes arising form the interpretation of contractual documents and agreement terminations. Iain Travers retired from the partnership in August 2018 and now acts as mediator.

Tax litigation and investigations Tier 2

Ashurst has a well-regarded tax disputes team that is described by one client as  'gold standard' and 'faultless'. The firm has particular strength in contentious VAT matters, as well as a dedicated state aid contentious tax offering, which represents a variety of multinationals and governments on EU-related matters. Partner and chartered tax adviser Nicholas Gardner heads the overall team and is supported by financial services tax expert Paul Miller and Alexander Cox, who has experience handling both direct and indirect tax disputes.

VAT and indirect tax Tier 2

The team at Ashurst advises clients in the finance, corporate and property sectors on strategic and transactional VAT and SDLT, assisting with joint ventures, developments and on- and off-shore real estate funds, investing in both the UK and across Europe. It is also instructed in a variety of precedent-setting VAT, state aid and customs duty disputes. Practice head Simon Swann specialises in real estate tax,  Alexander Cox is a veteran of the funds market and Tim Gummer, who is also a chartered tax adviser, focuses on real estate and oil and gas taxation.

Commercial contracts Tier 3

The 'extremely responsive, nimble and creative' Ashurst focuses on commercial contracts within the digital economy, specialising in compliant data use and exploiting new enabling technology and connectivity. The firm is also experienced in complex procurement and outsourcing transactions. The 'brilliant and practical' Nick Elverston co-leads the team with the 'very astute' Christopher Bates, who has expertise in strategic projects and procurements for the medium to long term and is increasingly active in advising on partnering agreements and relationships with third parties as a means to further their digital agendas. The team advised Prudential in a project to retender two substantial outsourced service areas - facilities management and catering - each through competitive tender. Both procurements were undertaken in respect of Prudential's entire property portfolio across the UK.

Commercial litigation Tier 3

Ashurst has a 'consistently excellent team of dispute lawyers, with  a hands-on approach from partners, supported by a first-class team of associates'. The practice regularly manages commercial agreement disputes, while growth areas include follow-on damages claims, data litigation, procurement cases, judicial review and corporate investigations. Head of the firm's global dispute resolution practice Simon Bromwich specialises in the resources and infrastructure sector, with a particular emphasis on construction disputes; London dispute resolution department leader James Levy's practice covers complex, high-value disputes for corporations and financial institutions; while Jon Gale specialises in high-profile and complex commercial and regulatory disputes, particularly in the digital economy, transport and financial services sectors. Former counsel Jessica Neuberger left for Eversheds Sutherland (International) LLP , while the highly regarded Edward Sparrow is now a consultant and chairman of the City of London Law Society.

Commercial property: retail Tier 3

At Ashurst, the firm's bench of real estate lawyers are ‘extremely adept at tackling complex issues’ and display an ‘unrivalled attitude to supporting their clients’. On the development side, the team is active in the logistics, build-to-rent and private rented sectors and demonstrates prowess on urban regeneration and major development schemes. Investor clients span Europe, the Middle East, Australia, North America and Asia, particularly South Korea, Japan, China and Singapore, and entrust the group to handle the full range of asset management and cross-border investments. The team represents both corporate and government occupiers on the leasing of industrial, retail and headquarter buildings and also supports a number of household retailers on the full range of real estate matters, including planning and construction. The group notably continues to advise Westfield on phase 2 of the Westfield London development project in White City, which is extending the shopping centre by over 500,000 sq ft. David Jones is a ‘stand out’ in the investment field and tailors his practice towards international real estate M&A and joint ventures, while Hugh Lumby is another recommended name. Recently promoted partner Tim Regis is recommended for regeneration schemes and joint ventures while 'tenacious and attentive' senior associate Julie Connolly is also well-regarded.

Commodities disputes Tier 3

Ashurst has a global practice that encompasses lawyers in London, Frankfurt, Dubai, Hong Kong, China, Singapore, Australia and the US who have expertise in physical commodities and commodity derivatives trading and financing. Dispute resolution is a key element of this practice, which acts for producers, traders and investment banks. In London, the team handles contentious matters arising from commodities trading, structured finance transactions, project and acquisition financings, and M&A deals in the energy sector. Key to this practice is work for investment banks and trading houses on bespoke, long-term physical trading arrangements, which can also lead to litigation or arbitration. Oil and gas expert Philip Thomson leads the practice and specialises in the development and financing of LNG plants, pipelines and petrochemical facilities, as well as commodity trading transactions.

Competition litigation Tier 3

Ashurst acts for both claimants and defendants in national and international courts in the UK and across Europe. The team handles a large volume of Article 101 of the Treaty on the Functioning of the European Union (TFEU) matters, which prohibits cartels, and advises clients on multiple issues in the trucks, automotive, pharmaceutical and financial sectors, among others. The group is also adept at advising on abuse of dominance proceedings under Article 102 TFEU, with a team led by Nigel Parr acting for Intel on an abuse of dominance case at the EU General Court. Euan Burrows heads the department, where Duncan Liddell is also a key figure.

Corporate restructuring & insolvency Tier 3

Leveraging the firm's broader financing capability, which is well plugged into the traditional banking and alternative lending ecosystem, and also benefiting from a 'strong core breadth of technical knowledge', Ashurst is well-placed to handle work for an impressive range of creditor and debtor stakeholders. Team head Giles Boothman has a 'tremendous depth and breadth of knowledge', and as well as work for debtors on domestic and cross-border mandates (including recently for Interserve and Johnson Press on their respective restructurings), is also particularly active for US-based funds in loan-to-own distressed acquisitions. The 'superb' Olga Galazoula is pivotal to the firm's work for funds looking at distressed investment opportunities in southern Europe and has been particularly active on the buy side for funds seeking to acquire Greek NPLs.

Corporate tax Tier 3

Ashurst's team combines tax generalists with sector-specific expertise to offer clients a strong service on both domestic and international tax issues. The department is led by Alexander Cox, who focuses on funds and M&A; Paul Miller is noted for financings and restructurings; Simon Swann is a real estate tax expert; and Nicholas Gardner advises on taxes related to energy and infrastructure, as well as general corporate tax.

Employee share schemes Tier 3

Ashurst specialises in advising on the incentives aspects of complex corporate transactions across multiple industries and jurisdictions, as well as acting for plc clients on issues relating to remuneration concerns. The firm is also experienced in preparing clients for remuneration governance changes. Senior consultant Nicholas Stretch joined from CMS in 2019 and leads the practice. He advises on the incentives aspects of corporate transactions as well as on the design and implementation of incentive arrangements for executives and employees. His team advised oil and gas exploration and production company Serica Energy plc on its acquisition of BP's interests in various North Sea oilfields and associated infrastructure.

Environment Tier 3

Ashurst advises clients active in the defence, energy, infrastructure, waste and chemical sectors, and is experienced in advising on the acquisition of power plants. The team regularly assists with environmental approval strategies, investigations, due diligence and compliance-related issues. Other areas of expertise include the drafting of environmental reports regarding the construction and purchase of infrastructural sites, and counsel Eleanor Reeves regularly advises on environmental and safety regulatory regimes.

Financial services: contentious Tier 3

Known for its international strength and broad practice, Ashurst is able to cover a full remit of contentious and non-contentious advice for financial services clients. Jake Green , who advised Goldman Sachs on the launch of its first online retail bank, Marcus by Goldman Sachs, co-leads the non-contentious regulatory team alongside  James Perry . The practice also includes Tim Cant, who has expertise in providing financial services regulatory advice to a range of investment managers, trading venues, njmiujand banks; and counsel Lorraine Johnston, who specialises in aspects of financial regulation related to the fintech and regtech spaces. Tom Connor leads the contentious arm of the group and focuses on internal and regulatory investigations for financial services clients. His department has particular experience in market abuse and competition law matters and includes David Capps, who handles financial regulatory enforcement matters and internal investigations, as well as banking and finance-related disputes. The highly regarded  Edward Sparrow , who is chairman of the City of London Law Society, retired as partner in 2018 but retains a senior consultant role at the firm.

Financial services: non-contentious/regulatory Tier 3

Known for its international strength and broad practice, Ashurst is able to cover a full remit of contentious and non-contentious advice for financial services clients. Jake Green , who advised Goldman Sachs on the launch of its first online retail bank, Marcus by Goldman Sachs, co-leads the non-contentious regulatory team alongside  James Perry . The practice also includes Tim Cant, who has expertise in providing financial services regulatory advice to a range of investment managers, trading venues, njmiujand banks; and counsel Lorraine Johnston, who specialises in aspects of financial regulation related to the fintech and regtech spaces. Tom Connor leads the contentious arm of the group and focuses on internal and regulatory investigations for financial services clients. His department has particular experience in market abuse and competition law matters and includes David Capps, who handles financial regulatory enforcement matters and internal investigations, as well as banking and finance-related disputes. The highly regarded  Edward Sparrow , who is chairman of the City of London Law Society, retired as partner in 2018 but retains a senior consultant role at the firm.

High yield Tier 3

Ashurst joins the ranking having established its high yield practice with practice head Anna-Marie Slot now headquartered in London, while also working through the firm's Hong Kong office. The practice handles the full range of high yield transactions from new issuance stage through to liability management and refinancings, as well as leveraged transactions including bridge to bond facilities and Term Loan B deals. The focus is on supporting its clients in the EMEA region, particularly in key sectors such as oil and gas or renewable energy, and works closely with the firm's corporate and restructuring groups. It acts for financial institutions including Barclays, Credit Suisse and Morgan Stanley, as well as corporate and private-equity entities such as EnQuest and Johnstone Press. Tamer Bahgat and  leveraged finance specialist Natalia Sokolova are also driving the development of the practice.

International arbitration Tier 3

Ashurst 'has an incredibly strong international arbitration team that is a trusted adviser for clients'. It was recently active in disputes involving energy and resources, construction and engineering, the financial sector and investment treaty issues, as well as ad hoc and institutional arbitrations in Scandinavia and Africa-related matters. Matthew Saunders heads both the global and London arbitration groups; Tom Cummins, Dyfan Owen and Tim Reid are also highly rated, and Myfanwy Wood is a key senior associate. Tom Duncan joined from Mayer Brown International LLP, Emma Martin became partner and Amy Cable was promoted to senior associate.

IT and telecoms Tier 3

The digital economy transactions team at Ashurst handles a range of matters relating to digitalisation; its expertise spans strategic commercial transactions, acquisitions and disposals, competition and regulatory matters, data protection work, financings, real estate and tax matters, and contentious issues. Telecoms and communication experts Nick Elverston and Amanda Hale jointly lead the practice alongside technology and outsourcing specialist Christopher Bates. David Futter is also singled out for his experience advising on fintech transactions.

Pensions: dispute resolution Tier 3

The pensions offering at Ashurst, led by John Gordon, is tailored to assist the firm’s household-name commercial clients on all pensions-specific corporate transactions. Recent mandates for the team have included restructuring and insolvency exercises, refinancing arrangements, scheme mergers, insurance derisking exercises and corporate acquisitions. The practice also advises on scheme closures, funding and investment arrangements, automatic enrollment compliance, contractual issues and indexing issues.

Private funds Tier 3

Ashurst 'strikes the perfect balance between representing fund managers as clients while maintaining an excellent dialogue with investors and making them feel comfortable'. Private equity, debt and credit, infrastructure and real estate funds all lie within the scope of the practice, which receives additional support from the firm's specialist tax and regulatory teams. Besides handling core fund formation mandates, the group also offers services in tax structuring, commercial negotiations, advisory and secondary transactions. Practice head Piers Warburton  assists clients with private equity, private debt and sector specific funds. Also recommended is Nick Goddard, whose practice extends to carried interest and co-investment work.

Real estate funds Tier 3

The investment funds team at Ashurst can handle both listed and unlisted real estate funds work spanning most of the fund life cycle from fund formation, tax structuring and commercial negotiations to carried interest and co-investment schemes, secondary transactions and management spin-outs. The arrival of real estate fund specialist Nicola Hopkins from Bryan Cave Leighton Paisner LLP in January 2019 has significantly bolstered the offering. Furthermore, the firm opened a Luxembourg office in October 2018 with new partner hires in the areas of funds, tax and regulatory. It is now better placed to provide a robust cross-practice service on matters involving Luxembourg vehicles. Piers Warburton and David Jones lead the London offering together.

Regulatory investigations and corporate crime Tier 3

Ashurst is able to offer global international advice on matters including anti-bribery, corruption, financial irregularities, fraud, money laundering, sanctions, regulatory and criminal processes. Its clients include national and international corporates from sectors such as energy, infrastructure, defence and life sciences, as well as financial institutions. The firm often acts for companies caught up in investigations by bodies such as the FCA, SFO and NCA. Key practitioner David Capps focuses on internal and regulatory investigations.

Structured products and securitisation Tier 3

Ashurst joins the ranking having invested heavily in launching its UK securitisation practice. Head of securitisation Jonathan Walsh joined from Baker McKenzie in 2018 along with partner Thomas Picton from Clifford Chance LLP, to boost the firm's structured finance capability. 'Veteran securitisation expert' Walsh has more than 30 years' experience in asset-backed securities transactions for conduit sponsors, originators, lead managers and trustees. Picton acts for banks, mortgage lenders, auto finance companies, asset managers and private equity firms in the core areas of RMBS and auto ABS. The firm's work also encompasses trade receivables transactions, covered bonds, and fintech securitisations, CMBS, Islamic structures and bespoke derivatives. The group also works closely with the firm's international portfolio transaction practice in respect of portfolio acquisitions and subsequent securitisations of acquired assets. Jasmine Tiw is recognised as a leading specialist in structured products.

Emerging markets Tier 4

Ashurst is highly regarded for its advice to underwriting banks, corporate issuers and sovereign entities on emerging market debt capital markets transactions. Francis Kucera is the lead partner and has almost 30 years' experience in the international debt markets. In 2018, he handled the  €500m notes issue by the State of Montenegro on behalf of managers of Deutsche Bank AG, Erste Group Bank AG and Société Générale. The firm is also active in the reserve-based lending market. He also advising Banca IMI, BNP Paribas, JP Morgan and Raifeissen Bank International on a €200m notes issue by Hungarian company Nitrogenmuvek Zrt.

Fraud: civil Tier 4

Ashurst advises clients on a range of civil fraud matters including asset recovery, interlocutory applications for freezing orders, search and seizure orders, delivery-up orders and third party disclosure orders. Clients include multinational corporates, financial institutions and government entities. Angela Pearson heads the team.

M&A: upper mid-market and premium deals, £500m+ Tier 4

Ashurst advises FTSE-ranked corporates on domestic and cross-border M&A, with particular sector expertise across infrastructure, energy, banking and finance, technology and retail.  The Anglo-Australian firm's City M&A team also works closely with the technology and real estate groups. It has a particular emphasis on advising financial sponsors and investment banks on M&A matters, taking this role on many high profile mandates, including advising Deutsche Bank as lead financial adviser to 21st Century Fox on its proposed acquisition of Sky. Head of the corporate transactions team, the 'standout' Karen Davies is an expert in corporate finance, and has advised a number of financial sponsors over the past year. The equally 'excellent' Tom Mercer is noted for his strong track record in public company takeovers, and is able to advise across a broad range of sectors, with media, oil and gas and pharmaceuticals particular examples from the past year. Veteran corporate partner Adrian Clark retired from the partnership. Jason Radford  heads the firm's global corporate practice.

Media and entertainment (including media finance) Tier 4

Ashurst's media practice offers a range of expertise which includes providing corporate and financing advice, and it also handles pre-publication, copyright, broadcasting, regulatory, licensing and commercial mandates. The team is adept at handling disputes in the sector and has advised on copyright, defamation and contempt matters. The firm also has a dedicated digital economy group which assists high-profile clients on the development of complex digital strategies.

Pensions (non-contentious) Tier 4

The pensions offering at Ashurst, led by John Gordon, is tailored to assist the firm’s household-name commercial clients on all pensions-specific corporate transactions. Recent mandates for the team have included restructuring and insolvency exercises, refinancing arrangements, scheme mergers, insurance derisking exercises and corporate acquisitions. The practice also advises on scheme closures, funding and investment arrangements, automatic enrollment compliance, contractual issues and indexing issues.

Private equity: transactions – high-value deals (£250m+) Tier 4

Ashurst's global private equity group, which is co-led out of London by David Carter, handles large and complex multijurisdictional transactions, with key sectors including infrastructure, banks and alternative investment funds. The team regularly works in tandem with lawyers in the firm's equity capital markets, banking and finance to provide a more rounded offering. Key partners in the team include Nick Rainsford and global corporate head Jason Radford, who have worked together on some of the practice's biggest recent deals - including advising a consortium led by Dalmore Capital on the £1.5bn acquisition of Cory Riverside Energy - and Karen Davies, who also sits on the firm's board.

Professional negligence Tier 4

Ashurst stands out for its 'strong' financial services sector expertise and it is instructed in professional negligence disputes relating to audits, actuarial, funds, major projects, legal and pensions work. Team head James Levy is 'thoughtful and he really knows how to get a team to pull together'. Levy led advice for Daiwa Capital Markets Europe in the defence of a claim for over $200, which involved allegations of dishonesty and breach of duty.

Employment: employers Tier 5

Ashurst's employment team is singled out for its experience advising private equity and asset management clients, as well as subsidiaries of Japanese headquartered companies. The group primarily handles the employment aspects of corporate transactions, while also assisting with employee investigations, multijurisdictional workforce issues and the recategorisation of LLP members as employees. Crowley Woodford heads up the UK and European employment practice and focuses on investigations and board-level appointments and exits; Ruth Buchanan is also noted for her work for private equity clients.

Intellectual property Tier 6

The ‘results-oriented’ digital economy team Ashurst is highlighted for its expertise in intellectual property litigation, particularly relating to trade mark and copyright issues, and knowledge of licensing matters, transactional IP work and portfolio management mandates; it also has notable strength in the technology sector. The team was enhanced by the arrivals of the ‘sharp and practical’ David Wilkinson, who leads the group, and ‘bright and knowledgeable‘ senior associate Don McCombie from Clyde & Co LLP.