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Linklaters LLP

Living Wage
ONE SILK STREET, LONDON, EC2Y 8HQ, ENGLAND
Tel:
Work 020 7456 2000
Fax:
Fax 020 7456 2222
DX:
10 LONDON CITY EC3
Email:
Web:
www.linklaters.com
Abu Dhabi, Amsterdam, Antwerp, Bangkok, Beijing, Berlin and 25 more

Top-tier Firm rankings

Firm Rankings


London: Corporate and commercial

Commercial contracts
Commercial contracts - ranked: tier 3

Linklaters LLP

Linklaters LLP has expertise in the advisory and contentious aspects of large sourcing contracts. The firm is also experienced in helping clients transform their business through digitisation, advising on the application of new technologies in different ways and the use of data. Richard Cumbley leads the practice and is known for handling complex commercial outsourcing projects. He can call on the expertise of Marly Didizian, who advises on complex service procurement contracts, multi-jurisdictional outsourcings and large-scale commercial agreements, with particular specialisms in business process outsourcing and supply chain management. Also notable is TMT and IP expert Georgina Kon, who has experience in outsourcing and advises customers and suppliers in the public and private sectors on innovative and critical matters.

Practice head(s):Richard Cumbley

Other key lawyers:Marly Didizian; Georgina Kon

Testimonials

'Consistently bright and focused lawyers who get engaged in the issues and work with you to find a solution'

Key Clients

J Sainsbury plc

Nestle UK Ltd

Morgan Stanley Infrastructure

Vodafone

Citibank N.A.

Work highlights

  • Advising J Sainsbury plc on its outsourcing and cooperation agreements with Walmart Inc.
  • Advised Nestle on its "lighthouse" digital warehouse transformation project.
  • Advised MSI on its successful bid to become the provider of network infrastructure services to the mobile operator of Portugal Telecom (MEO).
  • Advised Vodafone in relation to its strategic collaboration with IBM, which will allow the two companies to jointly offer clients the latest hybrid cloud, AI, 5G, and software defined networking capabilities.
Leading individuals

Marly Didizian - Linklaters LLP

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Corporate tax
Corporate tax - ranked: tier 1

Linklaters LLP

Linklaters LLP's tax group excels in a number of areas, notably: corporate demergers and group unifications; M&A transactions; securitisations and structured finance; funds and private equity work. The group also has significant Fintech expertise, with experience advising major financial institutions on the tax implications of interbank blockchain technology. The team is led by Yash Rupal, who clients rate for his ability to handle commercial transactions in addition to managing tax controversies. Other key team members include financial institutions taxation expert James Morgan and Mavnick Nerwal who is an expert in the global financial sponsors sector.

Practice head(s):Yash Rupal

Other key lawyers:Mark Kingstone; Dominic Winter; Mavnick Nerwal; James Morgan;

Testimonials

'Yash Rupal manages to combine technical excellence with genuine commerciality. He is extremely client focused and is instrumental in ensuring his clients obtain sound legal and commercial advice'

'Yash Rupal brings unparalleled experience, industry knowledge and insight and has built an extremely impressive team in Silk Street'

'James Morgan's understanding of tax issues is extensive, which compliments his client engagement skills'

'Linklaters' tax practice is among the best in the City of London'

Key Clients

Lloyds Banking Group

Barclays

Vodafone

Goldman Sachs

BP

Work highlights

  • Advised on several high-value, high profile demergers and group unifications for Unilever, Old Mutual, Mondi, Investec
  • Advised Dialog on the sale to Apple of certain technology assets
  • Advised Goldman Sachs on its second largest ever sale and leaseback
  • Advising on both UK and Belgian tax aspects of the redomicile of the Euroclear group to Belgium
Leading individuals

Dominic Winter - Linklaters LLP

Yash Rupal - Linklaters LLP

Next Generation Partners

James Morgan - Linklaters LLP

Mavnick Nerwal - Linklaters LLP

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EU and competition
EU and competition - ranked: tier 1

Linklaters LLP

Linklaters LLP‚Äôs ‚Äėimpressive‚Äô competition group handles significant high-value mergers and advises clients on complex investigations conducted both by the competition market authorities as well as by regulated sector authorities. Particular sectors of focus for the team include mining, energy and infrastructure, healthcare and pharmaceuticals, retail, financial services, energy, utilities, fintech, and private equity. In the pharmaceutical space, the team worked closely with the firm‚Äôs offices in Belgium and the US in obtaining unconditional clearance across multiple jurisdictions for client Takeda in relation to its recommended ¬£46bn offer for Shire; with recently promoted counsel¬†Anna Mitchell¬†leading a London-based team on this matter. On the retail side, UK practice head¬†Nicole Kar¬†and Simon Pritchard¬†acted for Sainsbury‚Äôs on its proposed merger with Asda. Christian Ahlborn¬†is dual qualified in the UK and Germany and led a team advising E.ON on all competition law aspects of¬† its planned asset exchange with RWE. Bringing years of competition law experience handling complex cross-border issues, Sir Christopher Bellamy QC¬†chairs the practice globally and advises high-profile clients, such as Novartis and Visa Europe. Natura Gracia¬†specialises in state aid, utility regulation and public procurement matters.¬† Former partner¬†Michael Cutting¬†departed to accept a position at the Competition Appeals Tribunal.

Practice head(s):Nicole Kar

Other key lawyers:Simon Pritchard; Sir Christopher Bellamy QC; Natura Gracia; Anna Mitchell

Testimonials

Linklaters’ competition team is helpful, extremely professional, exceptionally hardworking and very commercial. The team is also great at making complex legal concepts and processes easier for the client to understand

A very good and technically excellent team

The group’s strong technical knowledge is coupled with the unique ability to get to the commercial point as well

The team takes into account the in-house perspective, and provides hands-on advice which does not remain in the purely theoretical legal sphere but is also highly practical and pragmatic

Nicole Kar, Simon Pritchard and Helen Crossley all have fantastic strengths as individuals and blend well as a team. Their attention to detail, experience and stamina are exceptional

Christopher Bellamy is a real asset to the Linklaters group

Nicole Kar has a strong presence and strong leadership skills

Simon Pritchard’s strength lies in his ability to handle highly technical issues in an excellent manner

A true standout, Natura Gracia is absolutely brilliant

Key Clients

Takeda Pharmaceutical Company

Sibanye-Stillwater

E.ON

KPMG

Advent International Corporation

ION Investment Group

Intu Properties

Thames Water/ Anglian Water

Work highlights

  • Assisted Sibanye Gold with obtaining unconditional Phase I clearance by the CMA of its high-profile acquisition of Lonmin, a UK publicly-listed producer of platinum group metals.
  • Advising E.ON on all competition aspects, including multiple filings with the European Commission and national European authorities, required for the client's planned exchange of assets with RWE Aktiengesellschaft (RWE).
  • Acting for KPMG LLP in relation to the CMA’s market study into the statutory audit market in the UK, which was launched on 9 October 2018.
  • Advised Advent International Corporation on the merger control aspects of the recommended cash offer of £1.2bn for Laird by AI Ladder, a wholly-owned indirect subsidiary of funds managed by Advent.
  • Advised Intu Properties on the CMA review process regarding a failed £3.4bn merger bid with Hammerson.
Leading individuals

Christian Ahlborn - Linklaters LLP

Natura Gracia - Linklaters LLP

Nicole Kar - Linklaters LLP

Simon Pritchard - Linklaters LLP

Sir Christopher Bellamy QC - Linklaters LLP

Next Generation Partners

Anna Mitchell - Linklaters LLP

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Equity capital markets ‚Äď mid-large cap
Equity capital markets ‚Äď mid-large cap - ranked: tier 1

Linklaters LLP

The London ECM group at Linklaters LLP quarterbacks many of the firm's high-profile cross-border equity highlights, working in conjunction with colleagues across its extensive North and South American, European and East Asian office network. Clients have noted in particular the team's deep bench and strong pedigree of ECM specialists. At the senior end sits John Lane ('a doyen of UK corporate finance') and Jason Manketo ('one of the best US securities lawyers in London'), while on the more junior end of the partnership James Wootton 'has already developed a strong name for himself', and newly promoted partner Tom Thorne is 'continuing the line of top-class capital markets partners'. In addition to the team's work on foreign exchanges, the firm's peers have also noted its strong reputation in significant London Stock Exchange listings.

Practice head(s):Jason Manketo; John Lane

Other key lawyers:James Wootton; Pam Shores; Mike Bienenfeld; Tom Thorne

Testimonials

'Seamless execution from partner to junior level.'

'One of London's most trusted firms for complex regulatory and transactional matters in the capital markets space.'

'At the very top of the equity capital markets tables.'

'The firm's partners are consistently among the most experienced and the most commercially minded in the market.'

Key Clients

Unilever

Metro Bank

Standard Chartered

UBS

RBS

BNP Paribas

Credit Suisse

Barclays

Lloyds

Allied Irish Bank

En+ Group

ContourGlobal

Work highlights

  • Advised Old Mutual plc on the separation of Quilter from Old Mutual plc and for its listing, and the separation of Old Mutual plc into a subsidiary of Old Mutual Limited, and for its listing.
  • Represented Unilever PLC and Unilever NV in its simplification from its dual-headed legal structure, PLC and NV, into a single holding company incorporated in the Netherlands and listed in London, Amsterdam and New York, and on its share buyback programme.
  • Advised the banks on the IPO of Funding Circle Holdings plc.
  • Advised LeasePlan, one of Europe’s largest car leasing companies with a fleet of 1.8 million vehicles, on its plan to float on the Euronext stock exchange.
  • Assisted Shurgard Self Storage with its €575m initial offering to institutional investors and subsequent listing of the shares of the Luxembourg parent on Euronext Brussels.
Leading individuals

Jason Manketo - Linklaters LLP

John Lane - Linklaters LLP

Next Generation Partners

James Wootton - Linklaters LLP

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Financial services: contentious
Financial services: contentious - ranked: tier 1

Linklaters LLP

Linklaters LLP has a well-established reputation for advising multinational banks and asset managers on complex multijuristictional issues, handling the full range of both contentious and non-contentious matters. On the non-contentious side, areas of specialism include Brexit advice, ring-fencing and the growing fintech industry. Martyn Hopper leads the contentious and non-contentious financial regulatory teams respectively, which work closely together - an example being the 'insightful and influential' Nikunj Kiri, who acts in both areas. Also notable is 'bright, excellent communicator' Alison Wilson, who has extensive bank sector and contentious regulatory expertise. Focusing on non-contentious matters, Michael Kent is well regarded for handling projects involving consortia of banks or asset managers; while Peter Bevan has particular expertise in new product development, trading issues such as market abuse and regulatory structuring advice. Also notable are fintech specialist Harry Eddis; newly promoted Sebastian Barling; and Julia Dixon, who co-led the firm's team advising PwC on the administration of stockbroker Beaufort Securities, which was placed into insolvency following an application by the FCA. On the contentious side the department has particular expertise in relation to enforcement investigations, as well as solo-PRA and joint PRA/FCA investigations in the wholesale banking and insurance sectors. Also recommended are counsels Alastair Holt and Elizabeth Dowd and managing associate Raza Naeem.

Practice head(s):Martyn Hopper

Other key lawyers:Nikunj Kiri; Alison Wilson

Testimonials

'Linklaters is consistently uncomplicated, helpful, practical, effective, strategic and professional'

'Associates and senior associates are often a real strength - enthusiastic, professional and highly capable'

'Service is seamless and effective, both in very small and large teams'

'Strength in depth with impressive array of bright individuals from partner down to paralegal and support'

' The team shows consistent quality, impressive strength in depth and very good understanding of the sector'

'Alison Wilson is extremely available, pragmatic and helpful, across the spectrum. Her ability to simplify and command knowledge from deep history of a matter is a great asset'

Key Clients

Nordea Bank Abp

Work highlights

  • Acted for two of the six firms originally placed under investigation following the FCA’s thematic review into the fair treatment of long-standing customers in the life insurance sector.
  • Advising Nordea Bank on an appeal brought at the Board of Appeal of the European Supervisory Authorities against the decision of the Board of Supervisors of the European Securities and Markets Authority, which fined the bank €495,000 for a regulatory breach.
Leading individuals

Martyn Hopper - Linklaters LLP

Nikunj Kiri - Linklaters LLP

Next Generation Partners

Alison Wilson - Linklaters LLP

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Financial services: non-contentious/regulatory
Financial services: non-contentious/regulatory - ranked: tier 1

Linklaters LLP

Linklaters LLP has a well-established reputation for advising multinational banks and asset managers on complex multijuristictional issues, handling the full range of both contentious and non-contentious matters. On the non-contentious side, areas of specialism include Brexit advice, ring-fencing and the growing fintech industry. Martyn Hopper leads the contentious and non-contentious regulatory teams respectively, which work closely together - an example being the 'insightful and influential' Nikunj Kiri, who acts in both areas. Also notable is 'bright, excellent communicator' Alison Wilson, who has extensive bank sector and contentious regulatory expertise. Focusing on non-contentious matters, Michael Kent is well regarded for handling projects involving consortia of banks or asset managers; while Peter Bevan has particular expertise in new product development, trading issues such as market abuse and regulatory structuring advice. Also notable are fintech specialist Harry Eddis; newly promoted Sebastian Barling; and Julia Dixon, who co-led the firm's team advising PwC on the administration of stockbroker Beaufort Securities, which was placed into insolvency following an application by the FCA. On the contentious side the department has particular expertise in relation to enforcement investigations, as well as solo-PRA and joint PRA/FCA investigations in the wholesale banking and insurance sectors. Also recommended are counsels Alastair Holt and Elizabeth Dowd and managing associate Raza Naeem.

Practice head(s):Martyn Hopper

Other key lawyers:Nikunj Kiri; Michael Kent; Peter Bevan; Harry Eddis; Sebastian Barling; Julia Dixon; Alastair Holt; Raza Naeem

Testimonials

'The team has a strong reputation for being tapped into UK regulatory issues'

'Linklaters is able to draw on experience to deliver value'

'Nikunj Kiri has a good practical sense of perspective, able to deliver value at often short notice'

'Harry Eddis has intellectual rigour and an impressive grasp of the more complex end of the regulatory spectrum'

'Janis Dunnicliff is a key member of the team who adds significantly to its firepower'

Key Clients

PricewaterhouseCoopers LLP

Softbank Group Corp

Work highlights

  • Acting on a project to develop a new inter-bank payment system which aims to achieve instant settlement of inter-bank payments - through the transfer of digital tokens known as “Utility Settlement Coins”  - between participants on a private blockchain.

  • Assisting various leading investment and retail banks on their implementation of and compliance with the Senior Managers and Certification Regime (SMCR), and worked extensively with three leading insurers in relation to the transition from the Senior Insurance Managers Regime (“SIMR”) to the SMCR.
  • Acting as fund counsel to SoftBank Group Corp. (SoftBank) on a range of matters following the launch of the SoftBank Vision Fund, which saw the establishment of the world’s largest technology investment fund and the largest ever private fundraise.
Leading individuals

Harry Eddis - Linklaters LLP

Martyn Hopper - Linklaters LLP

Michael Kent - Linklaters LLP

Nikunj Kiri - Linklaters LLP

Peter Bevan - Linklaters LLP

Next Generation Partners

Julia Dixon - Linklaters LLP

Sebastian Barling - Linklaters LLP

Rising stars

Alastair Holt - Linklaters LLP

Raza Naeem - Linklaters LLP

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M&A: upper mid-market and premium deals, £500m+
M&A: upper mid-market and premium deals, £500m+ - ranked: tier 1

Linklaters LLP

Linklaters LLP advises clients across a broad range of complex cross-border M&A transactions, frequently above the £1bn mark. Clients include a large number of household names, a large proportion of which are FTSE100-listed companies. The firm's sector expertise is exhibited through an array of distinct work highlights, including Takeda's takeover of Shire in the pharmaceuticals sector, which managing associate Sarah Flaherty advised on, and Sainsbury's proposed merger with Asda in the retail sector, in which the highly-regarded Iain Fenn acted for Sainsbury's. Fenn was also the lead name when the firm advised Old Mutual on its £12bn demerger. The 'professional' Aedamar Comiskey heads the global corporate practice, while Matthew Middleditch is chairman. Fionnghuala Griggs, partner since May 2017, is particularly experienced in Fintech and has  advised private companies in this sector on complex schemes of arrangement, in addition to advising financial service groups on Brexit. Derek Tong, who was recently promoted to partner,  heads the UK technology transactions team. Senior partner Charlie Jacobs maintains an active role as boardroom adviser to many of the firm's high-profile clients. Departures include that of experienced M&A partner Roger Barron.

Practice head(s):Aedamar Comiskey; Matthew Middleditch

Other key lawyers:Iain Fenn; Fionnghuala Griggs; Charlie Jacobs; Derek Tong; Jessamy Gallagher; David Avery-Gee

Testimonials

'Definitely at the top of the market'

'Strong commercial acumen; they take the time to understand the client's business and needs and communicate in layman terms'

'Their advice is practical, their turnaround time super efficient and their fee quote highly competitive'

'Aedamar is not only good fun and energetic, but very professional'

'Simon Branigan is excellent - approachable, always available, experienced and able to answer questions off the cuff'

'Jessamy Gallagher is an excellent deal lawyer'

Key Clients

Takeda Pharmaceutical Company Ltd

J Sainsbury plc

Old Mutual

Unilever plc

Intu Properties plc

Jardine Matheson Holdings Limited

UBM plc

SIX Group AG

ORIX Corporation

ION Investment Group Limited

National Grid plc

AXA S.A.

Advent International Corporation

Capita plc

Dialog Semiconductor PLC

Work highlights

  • Advised Takeda Pharmaceuticals on its £46bn takeover of Shire, including the acquisition process, debt financing and merger control reviews.
  • Advised J Sainsbury in relation to its proposed £15bn merger with Asda.
  • Advising Old Mutual in relation to its managed separation to deliver two separate entities, at total value of £12bn.
  • Acted for Unilever on the €6.8bn auction sale of its global spreads business.
  • Advised SIX Group AG as vendor on the auction sale of its payment services division to Worldline SA, sold for roughly £2.2bn
Leading individuals

Aedamar Comiskey - Linklaters LLP

Charlie Jacobs - Linklaters LLP

Jessamy Gallagher - Linklaters LLP

Next Generation Partners

Derek Tong - Linklaters LLP

Fionnghuala Griggs - Linklaters LLP

Rising stars

Sarah Flaherty - Linklaters LLP

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Private equity: transactions ‚Äď high-value deals (¬£250m+)
Private equity: transactions ‚Äď high-value deals (¬£250m+) - ranked: tier 2

Linklaters LLP

Linklaters LLP's private equity practice group 'knows the law, is exceptionally commercial without cutting corners and is also fun and pleasant to work with'. Blue-chip PE firm clients such as The Carlyle Group and Permira regularly instruct the firm. With the expertise of the firm's strong M&A, carve-out, IPO and finance practices, the team is able to advise sponsors on an incredibly broad range of entry and exit strategies. The practice also boasts strong regulatory experience, which gives clients a competitive edge during auction processes. For instance, Ben Rodham and Chris Boycott successfully represented Cerberus in the competitive auction for Worldwide Flight Services. Another major success saw Rodham and Christopher Kellett advise Canada Pension Plan Investment Board and TCV on the acquisition of a majority stake in Sportradar AG in the largest Switzerland-based buyout deal of 2018. Highly regarded by clients and rivals alike, Alex Woodward is practice head; partner Will Aitken-Davies  and managing associate Emily Cuzner, who boasts prior in-house experience at Dhabi Holdings PJSC, are also recommended.

Practice head(s):Alex Woodward

Other key lawyers:Bed Rodham; Will Aitken-Davies; Christopher Kellett; Chris Boycott; Emily Cuzner; Tracy Lochhead

Testimonials

'A first-class team; they are hungry to master the detail and are always thinking ahead from the client's perspective. They can spot the pitfalls and red flags for any deal and advise accordingly. The Linklaters team act as genuine advisers and added real value to our deals. They went well beyond legal execution'.

'The team has very good knowledge of what is happening in the market and industry, which is helpful when making commercial decisions. The team is also very pragmatic, know how to apply the law in a business context, and understand the client's needs'.

'Alex Woodward is one of the best lawyers in the city; he provides extremely commercial tailored advice that consistently hits the right notes with his clients'.

'Alex Woodward, Ben Rodham and Chris Boycott are hungry young partners who are ready to roll their sleeves up and get deals done'.

'Ben Rodham offers a rare combination of deep experience and detail orientation.  He is also simply a really good person. Emily Cuzner is highly knowledgeable and great to work with'.

' Emily Cuzner is a rising star with a skillset far beyond her years. She has great insight into incentive plans and their structuring. She was very reliable and trustworthy'.

Key Clients

The Carlyle Group

Cerberus Capital Management

Apax Partners

Hg

BC Partners

Apollo Global Management

PSP Investments

Oaktree Capital Management

TDR Capital

CDPQ

CPPIB

Montagu

Jacobs Holdings

Permira

Centerbridge Partners, L.P.

Work highlights

  • Advised PSP Investments on the €3bn acquisition by a consortium led by CVC of FIMEI S.p.A.
  • Advised Jacobs Holding AG, a Switzerland-based investment firm, on the acquisition of Cognita, a UK-headquartered global schools group.
  • Advised Canada Pension Plan Investment Board and TCV on the €2.1bn acquisition of a majority stake in Sportradar AG, a Swiss-headquartered company that collects and analyses sports data.
  • Acted for Hg's new Saturn fund which, alongside Intermediate Capital Group, acquired IRIS Software Group from HgCapital's sixth fund.
  • Advised Hg on the acquisition of IT Relation A/S from Adelis Equity Partners.
Leading individuals

Alex Woodward - Linklaters LLP

Ben Rodham - Linklaters LLP

Rising stars

Emily Cuzner - Linklaters LLP

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London: Crime, fraud and licensing

Fraud: civil
Fraud: civil - ranked: tier 1

Linklaters LLP

The Linklaters LLP team takes a multidisciplinary approach, combining the expertise of lawyers across its global network of offices, including specialists in derivatives, insolvency, financial regulation, capital markets, energy and infrastructure and competition. Clients include banks and FTSE 100 companies, which it advises on high-value multijurisdictional disputes. Satindra Dogra heads the London team - which was recently boosted by the arrival of former Director of Public Prosecutions Alison Saunders  - while Michael Bennett is global head. Other new additions to the London team include Gavin Lewis, who relocated from Hong Kong, while Teresa Laboucarie-Polak and Chris Stevenson were both recently made up to partner.

Practice head(s):Satindra Dogra; Michael Bennett

Other key lawyers:Alison Saunders; Gavin Lewis; Chris Stevenson; Christa Band; Rory Conway; Patrick Robinson; Rebecca James

Testimonials

'A strong fraud team’. 

‘The overall quality of the associates at every level makes them stand out from many rival firms in this area’.

‘Rebecca James is an extremely talented managing associate who is destined for high places’.

Key Clients

Grant Thornton LLP

PricewaterhouseCoopers

Bayerische Landesbank

Work highlights

  • Acting for Grant Thornton, the liquidators of Saad Investments Company Limited and Singularis Holdings Limited, in its ongoing defence on behalf of those companies of fraud claims exceeding $4bn.
  • Representing Bayerische Landesbank/BayernLB, which sold its majority stake in Formula One to CVC in 2006. One of BLB’s former directors was allegedly bribed by Bernie Ecclestone in connection with the sale, which has given rise to multiple sets of prior criminal and civil proceedings in England and Germany.
Leading individuals

Satindar Dogra - Linklaters LLP

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London: Dispute resolution

Banking litigation: investment and retail
Banking litigation: investment and retail - ranked: tier 1

Linklaters LLP

Linklaters LLP  is widely recognised for its expertise in banking litigation involving insolvencies, derivatives and structured financial products, misrepresentation, fraud issues, mis-selling claims and contractual disputes, lender enforcement action, and consumer credit issues. The practice acted for PricewaterhouseCoopers as the joint administrators of Lehman Brothers International (Europe) (LBIE), in claims filed in the LBIE administration by a major bank following its purchase of Lehman Brothers' exchange-traded derivatives business in 2008. It has a deep bench of partners including Christa Band, who is known for crisis management, fraud, regulatory investigations and enforcement proceedings, and Patrick Robinson, who is highly rated for matters involving derivatives and structured products disputes, fund and private equity disputes, and contentious regulatory issues. Satindar Dogra  is head of the disputes team in London. Other experienced practitioners are Rory Conway, Susana Cao Miranda, Alison Wilson and Andrew Hughes . Gavin Lewis transferred to London from the Hong Kong office in 2019.

Practice head(s):Satindar Dogra; Christa Band

Other key lawyers:Patrick Robinson; Rory Conway; Susana Cao Miranda; Alison Wilson; Andrew Hughes

Testimonials

'Forward-thinking practice with excellent strategists.'

Key Clients

Bayerische Landesbank

PricewaterhouseCoopers

Sberbank of Russia

Bank of New York Mellon

Barclays Bank

Novo Banco and NB Finance

Credit Suisse

Deutsche Bank

Grant Thornton

Work highlights

  • Acted for Bank of New York Mellon, London Branch (BNYM) in an appeal brought by the Republic of Kazakhstan and the National Bank of Kazakhstan, which arose out of BNYM’s decision to freeze over $22bn of funds and other assets of Kazakhstan. This followed a third party obtaining garnishment orders against Kazakhstan.
  • Advised Sberbank on a challenge to the recognition of Agrokor's Extraordinary Administration under the Cross-Border Insolvency Regulations 2006. The proceedings were issued in connection with the cross-jurisdictional restructuring of the Agrokor Group.
Leading individuals

Christa Band - Linklaters LLP

Patrick Robinson - Linklaters LLP

Satindar Dogra - Linklaters LLP

Next Generation Partners

Rory Conway - Linklaters LLP

Susana Cao Miranda - Linklaters LLP

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Commercial litigation
Commercial litigation - ranked: tier 2

Linklaters LLP

Linklaters LLP 'has a very strong commercial litigation team that stands out due to the quality of its associates and partners'. The practice is highly rated for its handling of large, complex, multi-jurisdictional cases from London, including contractual interpretation cases and big-ticket corporate and financial disputes that involve top-tier UK and international companies. Co-energy disputes team head Ben Carroll and Susana Cao Miranda acted for mining giant Glencore International (GI), in its defence of a breach of contract claim brought by Minera las Bambas and MMG Swiss Finance, which arose out of the sale by GI of a large copper mine in South America.  The dispute came about when alleged tax liabilities were pursued by the local tax authority and turns on the interpretation of several indemnities and complex issues of Peruvian law. Michael Bennett is global head of dispute resolution and Satindar Dogra is London dispute resolution head; other names to note in the practice include  Tom Cassels , who is known for his strength in public law and competition litigation, and Patrick Robinson who focuses on banking and financial markets disputes.

Practice head(s):Michael Bennett; Satindar Dogra

Other key lawyers:Ben Carroll; Susana Cao Miranda; Tom Cassels; Patrick Robinson

Key Clients

Glencore International

Bayerische Landesbank

Credit Suisse

Hutchison 3G UK (Three Mobile)

Work highlights

  • Acted for Three Mobile in its breach of contract claim in the Commercial Court against EE, which related to the parties' agreed rollout of network infrastructure on their shared mobile telecoms network.
Leading individuals

Michael Bennett - Linklaters LLP

Satindar Dogra - Linklaters LLP

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Commodities disputes
Commodities disputes - ranked: tier 2

Linklaters LLP

At Linklaters LLP, the commodities practice spans the firm's global network and handles regulatory, transactional and contentious matters. The firm's standing in the energy market stems from its highly regarded energy, natural resource and mining practices, which bring together expertise in London, New York and Singapore, as well as in other key financial centres such as Beijing, Dubai, Germany, Madrid, Moscow, Paris, Tokyo and Sao Paulo. From London, the focus is on commodity trading and related disputes in energy, precious and base metals. Practice co-heads Jeremy Gewirtz, who counts Essar Oil and Mercuria among his clients, and Chris Staples, who advises corporates, banks, funds and governments on strategic commodity matters, are the main contacts.

Practice head(s):Jeremy Gewirtz; Chris Staples

Key Clients

London Metal Exchange

Essar Oil (UK) Limited

Mercuria

Natixis

Goldman Sachs

RWE Trading GmbH

Thyssenkrupp AG

J.P. Morgan

Citibank

Work highlights

  • Advised Natixis SA on potential litigation arising from its commodities intermediation business and its role as finance intermediator in a sensitive transaction involving stranded metal following US sanctions against Rusal.
Leading individuals

Chris Staples - Linklaters LLP

Jeremy Gewirtz - Linklaters LLP

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Competition litigation
Competition litigation - ranked: tier 2

Linklaters LLP

Acting on the defence side, Linklaters LLP excels in handling complex multi-party litigation and represents clients in high-profile proceedings with implications for sectors such as financial services, technology, transport, and the utilities. The team has been defending Visa Europe against multiple damages actions relating to interchange fees brought by various retailers. Also notable is the group’s continued involvement in the longstanding air cargo cartel litigation, in which its acts for Air France-KLM. Tom Cassels heads the competition litigation department, where counsel Elizabeth Jordan is also highly recommended. Another key contact is Sir Christopher Bellamy, who leads the firm’s global competition group.

Practice head(s):Tom Cassels

Other key lawyers:Elizabeth Jordan; Christopher Bellamy

Testimonials

'Linklaters' litigation team delivers top-quality services, combining strong expertise with ambition to resolve its clients' issues'

'The team can act effectively in complex litigation'

'Team members score highly on all counts - strategic input, outstanding response time, and ensuring that every strategic angle is explored and evaluated'

'Tom Cassels is a highly experienced litigator and has a shrewd approach that inspires client confidence. He is truly dedicated to ensuring his clients' best interests are protected'

'Elizabeth Jordan is a standout. Highly regarded and astute in handling tactical issues, she's amazing and easy to work with.'

Key Clients

Air France-KLM

Visa

Kelkoo

Thames Water

Anglian Water

HgCapital

Accord

Goldman Sachs Group

Work highlights

  • Instructed to represent Air France-KLM in follow-on damages proceedings regarding air freight surcharges.
  • Representing Kelkoo in pursuing its high-profile claim against Google. The claim seeks damages for Google's alleged abuse of a dominant position in relation to online search and search advertising.
  • Advising Thames Water and Anglian Water on their Ofwat price control review.
  • Advising HgCapital in relation to the CMA's ongoing investigation into its involvement in an abuse of dominance case regarding excessive pricing in the pharmaceutical sector.
  • Advising the Goldman Sachs Group in relation to contribution proceedings brought by Prysmian S.p.A. & Ors , a former company which was a part of Goldman Sachs' merchant bank portfolio .
Leading individuals

Tom Cassels - Linklaters LLP

Next Generation Partners

Elizabeth Jordan - Linklaters LLP

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International arbitration
International arbitration - ranked: tier 3

Linklaters LLP

Linklaters LLP's lawyers 'demonstrate an impressive hands-on approach that is very useful during proceedings'. The practice acts for multinational companies and sovereign states in complex, high-value international arbitrations and is particularly focused on the oil and gas, natural resources and telecoms sectors. Matthew Weiniger QC is co-head of the global international arbitration practice; Tom Lidstrom is an energy sector arbitration expert, who is also recommended for post-M&A arbitration; and Ben Carroll specialises in the energy and mining sectors. In 2018, Teresa Laboucarié-Polak and Jacqueline Chaplin were appointed partner and counsel, respectively.

Practice head(s):Matthew Weiniger QC

Other key lawyers:Tom Lidstrom; Ben Carroll; Teresa Laboucarié-Polak; Jacqueline Chaplin

Testimonials

'The practice is exceptional; it has a strong academic and professional background and is always ready to make the best argument, discuss the best strategy and guarantee the best legal representation'.

'Matthew Weiniger QC is one of the most active London lawyers in the CIS region. He understands how to tackle the most complex issues'.

'Tom Lidstrom delivers a top-class service and has a clear understanding of clients' needs and how to manage them successfully'.

'Ben Carroll is a confident leader and very experienced professional'.

Key Clients

BP

Bank of New York Mellon

Leading individuals

Matthew Weiniger QC - Linklaters LLP

Tom Lidstrom - Linklaters LLP

Next Generation Partners

Teresa Laboucarie-Polak - Linklaters LLP

Rising stars

Jacqueline Chaplin - Linklaters LLP

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Mediators
Mediators - ranked: tier 4

Katie Bradford - Linklaters LLP

Linklaters LLP's property and finance litigation head Katie Bradford is highly rated for mediating high-value property-related cases; she is also experienced in mediating claims involving trusts and probate, employment law and pensions.

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Public international law
Public international law - ranked: tier 3

Linklaters LLP

At Linklaters LLP, Matthew Weiniger QC leads 'a very talented team with vast amounts of experience' in advising clients on their substantive and procedural rights under investment treaties, as well as expertise in serving as lead counsel in bilateral investment treaties and other investment disputes across a variety of industry sectors, including telecoms, energy and utilities. The group is also able to draw on experts in trade law, WTO policy and regulations; state and diplomatic immunity; human rights law and corporate responsibility; and its sanctions team advises clients on contentious multi-jurisdictional issues, most recently in relation to sanctions frameworks aimed at Russia/Ukraine, Iran, Iraq, Syria and Libya. Lorand Bartels has extensive practical experience in trade law, especially free trade agreements.

Practice head(s):Matthew Weiniger QC

Key Clients

Bank of New York Mellon, London Branch

Work highlights

  • Representing the Bank of New York Mellon in the context of UK, Dutch and Belgian enforcement proceedings launched by Moldavian investors against the Republic of Kazakhstan and the National Bank of Kazakhstan, following the issuance of a circa $500m Energy Charter Treaty award by an arbitral tribunal seated in Stockholm.
Leading individuals

Matthew Weiniger QC - Linklaters LLP

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London: Finance

Acquisition finance
Acquisition finance - ranked: tier 1

Linklaters LLP

With 31 banking partners based in London ‚Äď many of whom have a significant focus on acquisition finance matters ‚Äď as well as being able to leverage the firm‚Äôs broad-ranging international footprint, Linklaters LLP¬†has the critical mass and geographical diversity to handle a significant volume of mandates for a balanced array of banks, private equity sponsors, credit funds and corporates. ‚ÄėAt the vanguard of market evolution‚Äô, the team is trusted by market participants to advise on the largest leveraged loans in Europe implementing covenant-lite terms, and has also been active on a spate of deals which have tapped into the European Term Loan B market. As well as work for private equity sponsors, the team regularly advises corporates on the financings to facilitate M&A transactions, including for Takeda Pharmaceutical Company on its acquisition bridge facility in connection with the acquisition of Shire Plc. The 'very strong'¬†Adam Freeman¬†heads up the leveraged finance sub-group and is a key member of the team that also includes Nick Syson¬†and¬†Annette Kurdian, who both regularly advise large investment banks on big-ticket cross-border leveraged deals, and in the case of Kurdian has successfully built up a significant roster of alternative credit providers.

Practice head(s):Adam Freeman

Other key lawyers:Nick Syson; Annette Kurdian; Robert Burt; Edward Aldred; Oliver Sceales; Daniel Gendron; Philip Spittal; Toby Grimstone; Ian Callaghan: Chris Medley

Key Clients

Credit Suisse

HSBC

Lloyds

SMBC

Goldman Sachs International

JP Morgan Securities

Citigroup Global Markets

BNP Paribas Fortis

Hg Capital

Lloyds Bank

Jacobs Holding

Cerberus European Investment

Royal Bank of Canada

Carlyle International Energy Partners

Crédit Suisse

National Westminster Bank

The Carlyle Group

Takeda Pharmaceutical Company

Work highlights

  • Advised Credit Suisse, HSBC, Lloyds and SMBC as the arrangers and underwriters of a £440m Term Loan B facility used to fund the acquisition by Hg Capital of Iris Software.
  • Advising the arrangers on the €1.3bn acquisition bridge facility for Givaudan to finance its proposed acquisition of shares in Naturex.
  • Acted for Hg Capital on the  £520m financing for the acquisition of a stake in the Access Group, one of the UK’s leading providers of software to mid-market businesses.
  • Acted as English transaction counsel to NatWest Markets and Lloyds Bank, as underwriters of the c. £1bn term loan advanced to a bid vehicle (established by Equitix and Dalmore as sponsors) in order to fund the recommended cash offer for John Laing Infrastructure Fund by the sponsors.
  • Advising the underwriters and mandated lead arrangers on the provision of financing to Melrose Plc on its public bid for GKN plc.
Leading individuals

Adam Freeman - Linklaters LLP

Annette Kurdian - Linklaters LLP

Nick Syson - Linklaters LLP

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Bank lending: investment grade debt and syndicated loans
Bank lending: investment grade debt and syndicated loans - ranked: tier 1

Linklaters LLP

'Diligent, accessible and commercial¬†‚Äď from associate all the way up to senior partner',¬†Linklaters LLP¬†provides a 'uniformly high quality of work' to a balanced spread of banks¬†and borrowers on deals throughout the capital structure, including as it relates to general corporate lending, investment grade acquisition financing, margin lending and refinancings. Philip Spittal¬†heads up the global loans team and handles a range of syndicated deals relating to general corporate lending and M&A financing. He recently advised¬†the lenders and the security agent on a secured term loan facility to Sociedad Portuaria Terminal De Contenedores De Buenaventura, for the operation of a commercial container port terminal in Buenaventura, Colombia and for the refinancing of the borrower's existing debt from the project‚Äôs construction phase.¬†Toby Grimstone¬†regularly acts for banks and borrowers on syndicated and secured bank financings, with notable niche expertise in acquisition financing and commodities-related finance work (he is Glencore's go-to-adviser on its most complex financings). In addition to his margin lending expertise,¬†Oliver Edwards¬†also handles broader financing work for banks and corporates in the context of working capital facilities, as well as it pertains to event-driven transactions.¬†Ian Callaghan¬†continues to garner a strong reputation among corporates, banks and alternative credit providers on public and private acquisition financings and cross-border syndicated lending. Managing associate Caroline Courtney¬†is 'one to watch' and has developed a strong practice among¬†lenders, corporates and sponsors in event-driven acquisitions, investment grade facilities and direct lending.

Practice head(s):Philip Spittal – Head of Global Loans

Other key lawyers:Toby Grimstone; Oliver Edwards; James Martin; Ian Callaghan; Caroline Courtney; William Evans

Testimonials

'Lawyers within the firm possess the rare skill to be able to best position the bank's interests while maintaining an amicable and constructive dialogue with the other side.'

'Their depth of knowledge and experience is not bettered.'

Key Clients

Abu Dhabi Commercial Bank

Barclays Bank

Citibank

JP.Morgan Securities

HSBC Bank Middle East Limited,

Standard Chartered Bank, DIFC Branch

Glencore

Deutsche Bank

Goldman Sachs

HSBC

ING

Morgan Stanley

Royal Bank of Canada

BNP Paribas

Industrial and Commercial Bank of China

Banco Santander

Bank of China (Luxemborg)

Banco de Sabadell

Global Loan Agency Services Limited

Work highlights

  • Advised the lenders on the $2bn unsecured financing to NMC Health plc used to refinance the existing secured facilities in full and to finance various acquisitions, including Al Fakih and as a bridge to a debut public bond or sukuk.
  • Advised Deutsche Bank, Goldman Sachs, HSBC, ING, Morgan Stanley and Royal Bank of Canada as mandated lead arrangers on a €380m refinance of the Exact cloud software group’s existing New York Term Loan B financing with a senior secured European cov-lite term loan and revolving facility.
  • Acted for BNP Paribas in its role as documentation agent on a £328.3m multi-tranche dual currency term loan facility for ICBC (London) plc as borrower and Industrial and Commercial Bank of China Limited, London Branch as guarantor for the purpose of refinancing an existing term loan facilities agreement.
  • Acted for the lenders and the security agent on a $140m secured term loan facility to Sociedad Portuaria Terminal De Contenedores De Buenaventura (a subsidiary of A.P. Møller – Mærsk) for the operation of a commercial container port terminal in Buenaventura, Colombia and refinancing the borrower’s existing debt from the project’s construction phase.
  • Advised Glencore (and a number of its affiliates) in connection with the unwinding of its joint venture with the Qatar Investment Authority  in relation the joint venture’s 19.5% stake in Rosneft, Russia's state-owned oil and gas concern and one of the largest oil and gas companies in the world.
Leading individuals

Oliver Edwards - Linklaters LLP

Philip Spittal - Linklaters LLP

Toby Grimstone - Linklaters LLP

Next Generation Partners

Ian Callaghan - Linklaters LLP

Rising stars

Caroline Courtney - Linklaters LLP

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Corporate restructuring & insolvency
Corporate restructuring & insolvency - ranked: tier 1

Linklaters LLP

With a substantial core group of restructuring practitioners based in London, as well as the ability to leverage the vast global reach of the firm and its excellence in complementary practice areas, Linklaters LLP is able to' produce restructuring, and workout advice of the highest quality', irrespective of the geographical location or client type. Spearheaded in London by the 'level headed' Richard Bussell and 'technically excellent' Rebecca Jarvis , the team is equally adept at handling restructuring and transactional-related distressed debt mandates as it is in relation to matters involving recourse to formal insolvency procedures. The 'super commercial' Bruce Bell is well-regarded for his debtor-side work, as well as on the creditor front for distressed funds. The 'remarkably bright' James Douglas  excels in contentious creditor work and is a key member of the team that also includes the 'highly technical' Nick Le Masurier, who, in addition to core creditor and debtor work, has also developed a niche in relation to bank recovery and resolution.

Practice head(s):Richard Bussell; Rebecca Jarvis

Other key lawyers:James Douglas; Bruce Bell; Nick Le Masurier; Richard Hodgson; Sarah Mook; Matthew Harding; Julia Matthews; Liam Robinson; Juliana Leite de Barros

Testimonials

'The firm is strong on technical matters and not as reliant as some others on business generated from their banking clients, which means that they live by the quality of their advice.'

'They are steeped in both restructuring and insolvency, with leading experts in the field.'

'The team is large enough to handle the most complex of cases around.'

'The experienced Rebecca Jarvis has a lot of impact in the most complex of situations – people listen to her views.'

'Richard Bussell's technical skills are of the highest quality and he combines this with pragmatic and sensible advice born of years' of experience.'

'James Douglas is remarkably bright, commercial, and presents solutions to every problem.'

'Nick Le Masurier provides balanced and pragmatic advice.'

'Liam Robinson is a rock star.'

Key Clients

Stripes US Holding, Inc.

Steinhoff International Holdings

A group of nine banks who entered into Schuldschein loan agreements with Carillion Plc

Norske Skog group

New Look Retail Group Limited

Barclays, HSBC, Lloyds, RBS and BOI – lenders to BMI Health Care

PricewaterhouseCoopers

Seven Energy Group

Grant Thornton

DIP Noteholders, Taj Noteholders & Trustee of US Liquidating Trust (Toys 'R' Us)

The joint administrators appointed to various UK incorporated Lehman Brothers companies

Sberbank of Russia and its subsidiaries

Work highlights

  • Acted for the Steinhoff group and its subsidiary, Stripes US Holding, Inc. (SUSHI), in relation to the restructuring of SUSHI's external financial indebtedness by way of an English law scheme of arrangement.
  • Advising a group of nine banks in relation to their exposure to Carillion Plc and the potential restructuring of its financial indebtedness, which amounted to approximately £1.17bn.
  • Advising Norske Skog, most recently on its attempts to secure a consensual restructuring of the group’s balance sheet by way of an exchange offer and/or consent solicitations.
  • Acting for New Look on its debt and equity restructuring.
  • Advising the senior lenders to BMI Healthcare on its recapitalisation.
Leading individuals

Bruce Bell - Linklaters LLP

James Douglas - Linklaters LLP

Richard Bussell - Linklaters LLP

Rebecca Jarvis - Linklaters LLP

Tony Bugg - Linklaters LLP

Next Generation Partners

Nick Le Masurier - Linklaters LLP

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Debt capital markets
Debt capital markets - ranked: tier 1

Linklaters LLP

Linklaters LLP's debt capital markets practice has a 40-year history in London, during which time it has become one of the leading firms for all kinds of debt product, including complex and innovative bond structures. It has one of the largest practices in the City, led by Elaine Keats, who handles standalone debt offerings, retail bonds and EMTN programmes. The firm is a recognised leader in liability management, equity-linked bonds and regulatory capital transactions. It is also a key player in emerging market debt, green bonds and the nascent area of sustainability and social bonds. Its team comprises seven UK DCM partners, two US-qualified partners and two counsels in London. Richard Levy is 'the best in town - very technical and commercial, he delivers on client needs'. Ben Dulieu is a standout practitioner for equity-linked transactions. Cecil Quillen and Carson Welsh excel in US securities and regulatory capital trades, respectively. The 'highly skilled and responsive' Richard O’Callaghan has significant MENA and emerging markets expertise. 'The team is the most knowledgeable and skilled in this area, bar none', remarks one client.

Practice head(s):Elaine Keats

Other key lawyers:Richard Levy; Ben Dulieu; Carson Welsh; Cecil Quillen; Richard O’Callaghan; Neil Dixon; Manoj Tulsiani; Arjun Muddu

Testimonials

'Linklaters provides a complete solution; it is very professional and instructive, extremely thorough in its knowledge and precise on any recommendations'.

'It is a first choice for debt offerings in the UK'.

'Richard Levy can be turned to for unusual transactions, and the availability of higher quality associates is better than the firm's peers'.

'Richard O'Callaghan is extremely knowledgeable and professional, and his advice exemplary'.

'Associate Sirae Chen sets a very high standard with her knowledge'.

'With Linklaters, you receive very fast responses from a very knowledgeable team'.

'Ben Dulieu is a lawyer everyone seeks out for equity-linked transactions'.

'Linklaters has strength across different areas including DCM, ECM, liability management and structured finance. It has a market-leading liability management practice in EMEA, which is a key strength'.

'Arjun Muddu is commercially pragmatic, diligent and innovative. He is willing to go the extra mile and, due to those attributes, is the first lawyer called when appointing counsel'.

Key Clients

Deutsche Bank

Citi

UBS

RBS

BNP Paribas

Credit Suisse

Barclays

Lloyds

Bank of America Merrill Lynch

Morgan Stanley

Work highlights

  • Advised the joint lead managers on the issue by the University of Cambridge of a £600m dual issue consisting of £300m 2.350% bonds due 2078 and £300m index-linked bonds due 2068 referencing the consumer price measure of inflation, the CPI-linked issue being among the first of its kind in the UK bond market.
  • Advised Steinhoff on its issue of €2.6bn convertible bonds as part of its wider corporate restructuring.
  • Advised the London branch of ICBC on its recent $1.5bn issuance of green bonds, the largest green bond listing ever on the London Stock Exchange.
  • Advised Omantel, the leading telecommunications company in Oman, on the issue of an aggregate of $1.5bn secured dual-tranche 144A/Regulation S notes due 2023 and 2028.
  • Acted for Novo Banco (the Bank) with respect to its offer to holders of outstanding senior securities to tender such securities or to exchange such securities for new tier 2 notes to be issued by the Bank.
Leading individuals

Ben Dulieu - Linklaters LLP

Carson Welsh - Linklaters LLP

Cecil Quillen - Linklaters LLP

Elaine Keats - Linklaters LLP

Richard Levy - Linklaters LLP

Richard O’Callaghan - Linklaters LLP

Next Generation Partners

Neil Dixon - Linklaters LLP

Rising stars

Manoj Tulsiani - Linklaters LLP

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Derivatives (including commodities)
Derivatives (including commodities) - ranked: tier 1

Linklaters LLP

'At the very top of the market', remarks a client of Linklaters LLP who adds that 'on our most complicated trades we find their cross-border ability very useful and they are excellent at keeping on top of new regulations'. The firm is regarded as one of the leaders in derivatives clearing and related regulatory advice, margin requirements for non-centrally cleared OTC derivatives, complex CLOs, synthetic securitisations, ESMA-compliant balance sheet securitised derivatives, bespoke repackagings, longevity derivatives, fund-linked derivatives, complex equity derivatives and commodity title transfer financings. ' Industry leader' Deepak Sitlani, who is a key adviser to ISDA, leads the derivatives and structured products practice, in which standout partners include leading securitised and OTC derivatives expert Vinay Samani; Simon Firth who 'literally wrote the book on derivatives'; Paul Lewis , who has a particular focus on margin implementation for non-cleared derivatives; global head of capital markets Michael Voisin; and up-and-coming partner Mark Drury , whose broad practice covers exchange-traded and OTC derivatives, repackaged notes, hedge and mutual fund-linked products, cash and synthetic CLOs/CDOs and fund derivatives.

Practice head(s):Deepak Sitlani

Other key lawyers:Vinay Samani; Simon Firth; Paul Lewis; Michael Voisin; Mark Brown; Matthew Monahan; Toby Gray; David Phillips

Testimonials

"Linklaters is the best firm for Repackaged Note issuance because it essentially created the market standard and continues to provide leading advice and support."

"Toby Gray is an exceptional lawyer with  outstanding legal skills and the ability to balance the legal and commercial elements of each transaction. He is personable, approachable and valued by the bank's clients."

"Vinay Samani is a substantial asset, adept at dealing with complex matters . He is an outstanding lawyer with a deep understanding of the market and his clients' needs. He adopts a calm, constructive approach and backs this up with deep technical knowledge.

"Managing associate Michael Solaimani can be relied on as if he were a partner. He is exceptionally clever, precise and hardworking."

"Deepak Sitlani is the industry leader, far above all other partners at all other law firms. He has an encyclopaedic knowledge of derivatives markets and ISDA documentation. He is also very talented from a relationship management side."

"Simon Firth is an industry leader, who literally wrote the book on derivatives."

"Paul Lewis is particularly good  in tech and smart contracts. He is a pleasure to work with."

"Phoebe Coutts is a rising star on the associate side - super-smart and efficient, giving great practical advice."

"The firm has deep and extensive technical knowledge of the repack and structured market, and an impressive ability to think through commercial issues and leverage experience."

"We use the firm on our most complicated, technical trades. There is a wealth of knowledge and experience, particularly at partner and counsel level, which differentiates the practice from the rest of the market."

"Mark Drury is a future leader. An excellent negotiator with a broad range of experience and expertise ranging from cleared derivatives and futures through to fund-linked products and fund financing."

"Leanne Banfield, recently promoted to counsel, is excellent with clients and is really starting to make a name for herself in the industry."

:Structured commodity funding transactions require unique knowledge and the lawyers at Linklaters are far and away the experts in this space. You always want to engage Linklaters before your clients do."

"Michael Voisin is innovative in the derivatives space, developing new legal analysis in the clearing area that has transformed  English legal opinion."

"Mark Brown is incredibly intelligent, a huge resource."

"Paul Lewis is an innovator in the legal technology area and has helped us navigate some emerging legal issues related to smart contracts."

"Deepak Sitlani brings the whole thing together - he is a 'go-to' lawyer for all things derivatives. He is detailed and intelligent, has great sense of judgment and knows what is important to clients."

Key Clients

International Swaps and Derivatives Association, Inc.

RBS

Citi

Lloyds

Deutsche Bank

Nomura

BNP Paribas

Citigroup

Barclays

Natixis

Work highlights

  • Advising ISDA as global counsel in connection with the industry consultation and drafting of the “next generation” of ISDA initial margin (IM) collateral documentation.
  • Advising ISDA on interest rate reform and, in particular, new fallbacks in derivatives for key interbank offered rates, such as LIBOR, which is expected to be discontinued after the end of 2021.
  • Acted for ISDA on the ISDA Benchmarks Supplement, which provides market participants with the ability to enhance contractual robustness for certain derivatives which reference interest rate, equity, fx and commodities benchmarks.
  • Advised the dealers - including BNP Paribas, Citigroup, Credit Suisse and JPMorgan - on all new issuances of the first single-issuer, multi-dealer, repackaging programme and with the ongoing operation of the platform.
Leading individuals

Deepak Sitlani - Linklaters LLP

Michael Voisin - Linklaters LLP

Paul Lewis - Linklaters LLP

Simon Firth - Linklaters LLP

Vinay Samani - Linklaters LLP

Next Generation Partners

Mark Drury - Linklaters LLP

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Emerging markets
Emerging markets - ranked: tier 1

Linklaters LLP

Linklaters LLP has one of London's most prestigious banking and finance practices and acts for a stellar roster of banks, corporates, funds and governments in their financing, hedging and investment activities. The London practice handles work in Africa, the CEE, China, India, Latin America, the Middle East, Russia, Southeast Asia and Turkey. Banking and debt capital markets are key practice areas, and the firm counts development finance institutions such as African Development Bank and International Finance Corporation among its clients. Among the firm's many standout partners are Ian Andrews who advises sponsors, funders and public bodies on infrastructure financings; projects partner Andrew Jones, who leads the firm's Africa Group; Mirthe Van Kesteren, who leads the emerging markets banking and structured trade finance practice in London and co-heads the firm's CIS desk; and head of the head of the global energy and infrastructure practice Daniel Tyrer. The firm also has strong US securities law capability in Cecil Quillen. Debt specialists Richard Levy and Elaine Keats are also recommended.

Other key lawyers:Ian Andrews; Andrew Jones; Mirthe van Kesteren; Daniel Tyrer

Leading individuals

Andrew Jones - Linklaters LLP

Daniel Tyrer - Linklaters LLP

Ian Andrews - Linklaters LLP

Mirthe van Kesteren - Linklaters LLP

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High yield
High yield - ranked: tier 2

Linklaters LLP

'The firm has a small, but very strong team, led by two experienced, creative and "hands-on" partners', says a client of Linklaters LLP. The high yield practice is integrated with the firm's market-leading banking group and it acts for underwriters, financial sponsors and corporate issuers on new money high yield bond offerings and high yield bridge commitments and loans. In 2018, it handled a number of leveraged buyout (LBO) transactions including the Cerberus LBO of WFS, the Jacobs LBO of Cognita, and the Blackstone LBO of Cirsa Gaming. Practice heads Alexander Naidenov and Mark Hageman focus on high yield and acquisition finance, and both are involved in the firm's high yield restructuring practice. They also handled key bank/bond refinancings in 2018, including Naidenov's work for initial purchasers in the refinancing of El Corte Ingles.

Practice head(s):Alexander Naidenov; Mark Hageman

Testimonials

"Mark Hageman is a very experienced, available and 'hands-on' partner, who is always making extra effort to make sure his clients get the best solution."

"Alexander Naidenov is an experienced, creative and outspoken partner, who is always available and helpful, and is excellent at maintaining relationships."

Key Clients

WFS

Cognita

El Corte Ingles

Cirsa Gaming

SALT

United Group

Refresco

Guala Closures/Space

Hertz

Work highlights

  • Acting for Cerberus on the financing of its acquisition of Worldwide Flight Services from funds managed by Platinum Equity.
  • Advising Jacobs Holding AG on the financing of its acquisition of Cognita Topco Limited.
  • Advising the initial purchasers led by BAML and Goldman Sachs in a €600m high yield bond refinancing by El Corte Inglés.
  • Advising the mandated lead arrangers in connection with the financing of the Blackstone LBO of Cirsa Gaming, a leading gaming company in Spain, Italy and Latin America.
  • Advising the initial purchasers led by Credit Suisse in a CHF2.085m high yield bond refinancing by SALT/Matterhorn Telecom.
Leading individuals

Alexander Naidenov - Linklaters LLP

Mark Hageman - Linklaters LLP

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Structured products and securitisation
Structured products and securitisation - ranked: tier 1

Linklaters LLP

Linklaters LLP has 'quality right through the ranks, from the partners through their senior and junior associates, which arguably differentiates this practice from its peers', according to one client. The firm has one of the largest dedicated structured finance and securitisation practices globally, and it operates an integrated practice across the UK, continental Europe, the Middle East, Asia and the Americas. In 2018, it was involved in some of the largest securitisations in Europe, including some of the highest-profile RMBS transactions. It also acted in newly developing segments of the UK mortgage market, notably RMBS deals by non-bank UK mortgage originators, and is a prominent player in the non-performing loan (NPL) securitisationarea. Other key areas include auto-loans, led by up-and-coming partner Reza Taylor, and whole business securitisation. Andrew Vickery leads the structured finance practice, which includes leading lights such as Julian Davies, James Harbach and Adam Fogarty, as well as up-and-coming partner Alexander Shopov. The firm handles securitised derivatives, as well as SPV-based complex structured finance transactions, and among many partners specialising in derivatives and structured products are Matthew Monahan, Toby Gray, Michael Voisin, Paul Lewis and Simon Firth.

Practice head(s):Andrew Vickery

Other key lawyers:Julian Davies; James Harbach; Adam Fogarty; Mark Nuttall; Alexander Shopov; Reza Taylor; Matthew Monahan; Toby Gray; Michael Voisin; Paul Lewis; Simon Firth

Testimonials

"The firm provides quality, experience, commerciality and proactiveness."

"It has excellent RMBS coverage, particularly through Adam Fogarty."

"Very dynamic and prompt. They have a commercial approach to matters and understand our goals and priorities."

"I enjoy in particular working with Andrew Vickery because I know he will always come up up with a solution, and won't waste time in the process."

"Delivers client service, commerciality and accessibility, in particular through partners Andrew Vickery and Adam Fogarty, and importantly the team also has genuine quality in its managing associate ranks."

Key Clients

Cerberus

Apollo

Anglian Water

National Grid Plc

Greene King Plc

Belmont Green

Essar Oil

Together Money

Arqiva

RBS

Citi

Lloyds

Deutsche Bank

Work highlights

  • Assisted a consortium of the six largest UK financial institutions in providing a staple financing package in connection with the sale by UK Asset Resolution of some £11.8bn of mortgage loans originated by Bradford & Bingley, one of the largest government asset sales ever in Europe.
  • Advised NatWest Markets as lead manager on Irish financial services company Dilosk DAC’s second public RMBS transaction and the €1.2bn securitisation of Irish residential mortgage loans issued by Ulster Bank.
  • Advised Belmont Green as originator, seller and servicer on its third public residential mortgage-backed securitisation (RMBS) transaction.
  • Advised the arranger, lead managers and co-managers on Together Group’s £287m public securitisation.
  • Represented the lead manager on the €123m securitisation of a portfolio of Portuguese secured and unsecured NPLs originated by Banco Santander Totta.
Leading individuals

Adam Fogarty - Linklaters LLP

Andrew Vickery - Linklaters LLP

James Harbach - Linklaters LLP

Julian Davies - Linklaters LLP

Next Generation Partners

Alexander Shopov - Linklaters LLP

Reza Taylor - Linklaters LLP

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Trade finance
Trade finance - ranked: tier 1

Linklaters LLP

The global banking practice at Linklaters LLP comprises banking, finance and restructuring lawyers for whom trade finance is a key focus. The team in London, led by 'practical and diplomatic' partner Mirthe Van Kesteren, handles the full spectrum of work including borrowing base facilities, prepayment facilities, PXF facilities, receivables-backed and other commodities-based financings. The firm's trade finance specialists are part of a dedicated global commodities practice with in-depth industry knowledge and direct involvement in cutting-edge financing techniques and ground-breaking commodities transactions, disputes and regulatory issues. Clients remark that the firm is 'very responsive, able to provide specialist advice within short time periods and highly knowledgeable in the field'. Toby Grimstone, who has a strong track record in pre-export and prepayment financings, ECA-backed financings, borrowing base facilities and other secured and structured financings, is highly recommended. The practice counts Lloyds Bank, ING Bank and Glencore among its clients.

Practice head(s):Mirthe van Kesteren

Other key lawyers:Toby Grimstone; Rhian Roberts

Testimonials

"Mirthe van Kesteren is always available, responsive and provides detailed advice covering various scenarios."

"Mirthe van Kesteren is the lawyer I would want on my side, in particular in any negotiations. She will not allow the other side to engage you in unnecessary discussion over finer points of law, but will focus instead on practical outcomes. She can be very firm, but unfailingly polite."

Key Clients

Lloyds Bank plc

ING Bank N.V.

Deutsche Bank AG

Euler Hermes

Glencore

KAZ Minerals PLC

Work highlights

  • Advised Lloyds Bank on the extension of a $1.25bn borrowing base facility for Greenergy Fuels Limited, the second largest privately-owned company in the UK following its acquisition by Brookfield, to include Irish borrowing base assets.
  • Advised ING Bank on a $900m borrowing base facility for Gunvor that includes performance commitments related to its sustainability targets.
  • Advised ING Bank, Deutsche Bank and Euler Hermes on a major structural amendment of the Varo Borrowing Base Facility, as well as ongoing advice.
  • Advised Glencore in connection with the unwinding of its joint venture with the Qatar Investment Authority in relation to a 19.5% stake in Rosneft.
Leading individuals

Mirthe van Kesteren - Linklaters LLP

Toby Grimstone - Linklaters LLP

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Transport finance & leasing
Transport finance & leasing - ranked: tier 6

Linklaters LLP

Although asset finance is no longer a core focus for Linklaters LLP's London team, it does continue to handle a significant amount of work for existing banking and funds clients, in particular. 'Excellent' banking partner Olga Petrovic has considerable experience within the aviation and maritime sectors, including on loan and lease financings, ECA-backed debt and restructurings.

Practice head(s):Olga Petrovic

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London: Human resources

Employee share schemes
Employee share schemes - ranked: tier 1

Linklaters LLP

Linklaters LLP's 12-strong specialist incentives team provides standalone advice and transactional support to a large number of FTSE top 20 and FTSE 100 companies, top 20 global investment banks and global asset managers. The group, which is led by Alexandra Beidas, has a wealth of expertise in directors' pay, where advice is centred on issues such as the design and disclosure of directors’ remuneration, and the conduct of remuneration committees. It also provides support to global companies on the operation of their global share plans. Managing associate Cara Hegarty has over ten years’ experience of advising on the design and implementation of executive and all-employee incentive arrangements, and pay reporting requirements. In a recent development, Bradley Richardson joined as counsel from Herbert Smith Freehills LLP.

Practice head(s):Alexandra Beidas

Other key lawyers:Cara Hegarty; Bradley Richardson

Testimonials

'What distinguishes this team from other law firms I have worked with in the past is how pragmatic its advice is. Clearly, the team at Linklaters contains experienced subject matter experts in their respective fields, but conversations with them are never around "but the law says..."; instead, they are always solution-oriented, practical, and constructive. They always give the impression we are all on the "same team" and they remain committed to looking out for us as clients. We really enjoy working with them'

'Alexandra Beidas is well-known in the market for her in-depth knowledge of regulatory remuneration'

'Charmaine Yeoh's knowledge of structuring complex employee carry/co-invest schemes across multiple jurisdictions never ceases to amaze me! She is quick on her feet, can hold her own in a debate, and owns the room when she speaks'

'Linklaters is second to none in terms of knowledge and capability'

'Cara Hegarty is simply the best in the business in this area - she is responsive in a crisis and works with us in new areas without being phased at any sort of request'

Key Clients

Anglo American

BAE Systems

BP Plc

Old Mutual

RSA

Vodafone

Lloyds Banking Group

Capita

Quilter

Diageo

Metro Bank

Reckitt Benckiser

Takeda Pharmaceutical Company Limited

Work highlights

  • Acted for Schneider Electric on the reverse takeover of AVEVA Group plc, a FTSE 250 listed industrial technology company.
  • Acting for J Sainsbury Plc (Sainsbury’s) on its proposed combination with ASDA Group Limited (ASDA), a wholly owned subsidiary of Walmart Inc. (Walmart) that holds the ASDA group, to create an enlarged business.
  • Acted for Kier Plc on a high-profile rights issue, which included advice on the adjustments to its employee share awards and options, and how the holders of forfeitable shares and SIP shares could participate in the rights issue.
  • Advised Takeda on the recommended acquisition of the entire issued and to be issued ordinary share capital of Shire Plc (Shire).
  • Advised Capita Plc on its high-profile £701m rights issue and general matters in connection with the announcement of its new strategy and publication of its annual report and accounts under new leadership.
Leading individuals

Alexandra Beidas - Linklaters LLP

Rising stars

Bradley Richardson - Linklaters LLP

Cara Hegarty - Linklaters LLP

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Employment: employers
Employment: employers - ranked: tier 1

Linklaters LLP

Linklaters LLP’s employment and incentives practice handles the full range of top-level employment law matters, including big-ticket litigation, strategic employment advisory work, remuneration and investigations in the financial services sector, equality and discrimination issues and Brexit-related matters. The team has been developing specialist expertise in advising start-ups and tech businesses. Nicola Rabson, who has 'incredible instincts for the right course of action', heads the practice, while counsel Simon Kerr-Davis is another name to note.

Practice head(s):Nicola Rabson

Other key lawyers:Alex Beidas; Simon Kerr-Davis

Testimonials

'Linklaters has extensive crisis management experience on high-profile public issues. The remuneration side of the practice (Alex Beidas) is unmatched.'

'The team are very human and pragmatic with a wide range of expertise and they will throw everything at a matter when needed.'

Standout individuals are Nicola Rabson for litigation and crisis management - her instincts for the right course of action are incredible. Simon Kerr-Davis has a breadth of knowledge and is hugely intelligent. Clients, both internal and external, love him for his human approach and sensible, articulate advice. Judith Sutton is an up and coming managing associate - she works like a Trojan and is able to see the bigger picture.'

Key Clients

Commerzbank

Deutsche Bank

Invesco Perpetual

Morgan Stanley

Credit Suisse

National Grid

Sainsbury’s

Capita

Mizuho

Unilever

Work highlights

  • Advised Astrea Asset Management on defence against four high value claims involving unfair dismissal, breach of contract, disability discrimination and TUPE.
  • Created bespoke training programme for the London workforce of Mizuho International as part of a diversity initiative at the Japanese bank.
  • Drafted bespoke contracts for IK Investment Partners' top-tier employees in numerous jurisdictions.
Leading individuals

Nicola Rabson - Linklaters LLP

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Pensions (non-contentious)
Pensions (non-contentious) - ranked: tier 1

Linklaters LLP

Pensions liability management is a core aspect of Linklaters LLP’s practice, with the team led by Claire Petheram (succeeding the recently retired Ruth Goldman) having advised household-name scheme sponsors, insurers and trustees on longevity swap transactions, buy-ins, buy-outs and scheme mergers. The practice also advises on ring-fencing mandates, post-Lloyds equalisation issues, pension wind-ups and funding solutions. Mark Blyth leads the contentious offering with significant expertise in high-profile regulatory disputes, disputes involving the exercise of trustee powers, Pensions Ombudsman applications and contentious issues surrounding pension liabilities.

Practice head(s):Claire Petheram; Mark Blyth

Testimonials

'Claire Petheram is pragmatic, solutions driven, authoritative and commercial. She has excellent communication skills and is a pleasure to work with'

'An excellent team with a great group of partners and strength in depth'

'True specialists in pension litigation'

'Mark Blyth is enormously experienced, with excellent judgement and good interpersonal skills. He is exceptional'

'Mark Blyth is at the very top of the profession'

'Lorna Mitchinson is very solid and a safe pair of hands'

'Alasdair Smith is competent and reliable'

'Geoff Egerton is thoughtful, hardworking and a pleasure to work with'

Key Clients

British Airways plc

Coats UK Pension Scheme

Barclays Bank

Merchant Navy Ratings Pension Fund

Southern Water

Law Debenture

Uniq pension scheme

Work highlights

  • Advised Marks and Spencer Pension Trust Limited in relation to two buy-in contracts with a combined value of £1.4bn.
  • Advised the Trustee of Rentokil Initial 2015 Pension Scheme in connection with a buy-in covering 14,200 members in a £1.6bn deal with the Pension Insurance Corporation.
  • Advised Sainsbury’s in relation to the pensions aspects of its proposed merger with Asda.
Leading individuals

Claire Petheram - Linklaters LLP

Tim Cox - Linklaters LLP

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Pensions: dispute resolution
Pensions: dispute resolution - ranked: tier 1

Linklaters LLP

Pensions liability management is a core aspect of Linklaters LLP’s practice, with the team led by Claire Petheram (succeeding the recently retired Ruth Goldman) having advised household-name scheme sponsors, insurers and trustees on longevity swap transactions, buy-ins, buy-outs and scheme mergers. The practice also advises on ring-fencing mandates, post-Lloyds equalisation issues, pension wind-ups and funding solutions. Mark Blyth leads the contentious offering with significant expertise in high-profile regulatory disputes, disputes involving the exercise of trustee powers, Pensions Ombudsman applications and contentious issues surrounding pension liabilities.

Practice head(s):Claire Petheram; Mark Blyth

Testimonials

'Caire Petheram is pragmatic, solutions driven, authoritative and commercial. She has excellent communication skills and is a pleasure to work with'

'An excellent team with a great group of partners and strength in depth'

'True specialists in pension litigation'

'Mark Blyth is enormously experienced, with excellent judgement and good interpersonal skills. He is exceptional'

'Mark Blyth is at the very top of the profession'

'Lorna Mitchinson is very solid and a safe pair of hands'

'Alasdair Smith is competent and reliable'

'Geoff Egerton is thoughtful, hardworking and a pleasure to work with'

Key Clients

British Airways

Coats UK Pension Scheme

Barclays Bank

Merchant Navy Ratings Pension Fund

Southern Water

Law Debenture

Uniq pension scheme

Work highlights

  • Represented British Airways in landmark proceedings against the trustees of its pension scheme over their decision to implement costly annual pension increases in excess of those provided by statute.
  • Represented Southern Water in a regulatory dispute over the exercise of the pension regulator’s scheme funding powers.
Leading individuals

Mark Blyth - Linklaters LLP

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London: Insurance

Insurance: corporate and regulatory
Insurance: corporate and regulatory - ranked: tier 2

Linklaters LLP

Linklaters LLP's corporate insurance practice acts for an impressive roster of prestigious clients, with insurance experts operating as part of the magic circle firm's market-leading corporate practice. For the past two years, the firm has led the Mergermarket rankings for insurance sector deals for both volume and value. Major recent work has included assisting on Old Mutual on its £12bn demerger. while it has also been serving as sole legal adviser to the Association of British Insurers in relation to Brexit, analysing matters of particular importance to the UK insurance industry. While long-serving partner Victoria Sander left to join Latham & Watkins, Duncan Barber remains the firm's point person for the sector, working alongside corporate duo Dan Schuster-Woldan and Kanyaka Ramamurthi.

Practice head(s):Duncan Barber; Dan Schuster-Woldan; Kanyaka Ramamurthi; Matthew Middleditch; Aedamar Comiskey

Key Clients

Ageas

Amlin

AXA

Lloyds Banking Group

Prudential

QBE

RSA

Rothesay Life

Swiss Re

Athene

Royal London

Assured Guaranty

Generali

Work highlights

  • Advised Old Mutual plc on its managed separation which delivered two separate entities into the hands of Old Mutual plc shareholders.
  • Acting for AXA on the sale of AXA Life Europe, a closed book variable annuities provider regulated in Ireland.
  • Advised Rothesay Life on its acquisition of a £12bn portfolio of UK annuities from Prudential in the largest deal of this type in the UK.
  • Advising the Generali Group on the disposal of its entire shareholding in Generali Nederland (and its subsidiaries) to ASR Nederland, one of the leading insurance groups in the Netherlands, for €143m.
  • Advised Jardine Matheson in relation to the sale of its 40% shareholding in JLT, in connection with the £4.3bn acquisition of JLT by Marsh.
Leading individuals

Duncan Barber - Linklaters LLP

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London: Investment fund formation and management

Hedge funds
Hedge funds - ranked: tier 3

Linklaters LLP

Linklaters LLP has a strong capability in the hedge funds sphere, with clients valuing its ability to deliver a mix of fund structuring, regulatory and tax support. Under the leadership of global investment funds head Matthew Keogh, the firm attracts a significant flow of work from clients such as Alcentra, Brevan Howard, Squarepoint and Och-Ziff. Keogh and others advise Deutsche Bank on hedge fund products it manages, and provide ongoing support on AIFMD and business-critical Brexit-related issues. The firm also has a growing investor practice, and generates work from more than 20 pension funds and other institutional investors. Rahul Manvatkar made partner in May 2019. Senior partner Jonathan de Lance-Holmes is another key figure.

Practice head(s):Matthew Keogh

Other key lawyers:Rahul Manvatkar; Jonathan de Lance-Holmes

Key Clients

Alcentra

Brevan Howard

Deutsche Bank

KKR Credit Advisors (US) LLC

LIM Advisors

Man Group

Moore Capital

Squarepoint

Och-Ziff

Next Generation Partners

Rahul Manvatkar - Linklaters LLP

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Private funds
Private funds - ranked: tier 3

Linklaters LLP

'Great support from other groups within the firm such as tax, financial and regulatory' reinforces the four partner-strong investment funds team at Linklaters LLP, which is led by key partner Matthew Keogh. In addition to a robust Luxembourg presence, the firm also boasts a significant LP offering, with investor-side mandates constituting at least 30% of the London team's total workload. In a major ongoing mandate, Jonathan de Lance Holmes and newly made-up partner Rahul Manvatkar are advising SoftBank Investment Advisers on the operations and subsequent closings of the world's largest technology fund valued at $98bn. The 'creative, flexible, hands-on and commercial' Tom Alabaster is recommended given the insight he can offer from his previous in-house experience at The Carlyle Group. 'Highly capable associates' are also part and parcel of the practice;  among them managing associates Clare Baker and Charmaine Yeoh. Baker specialises in representing institutional investors, while Yeoh has prior experience at the firm's Hong Kong office.

Practice head(s):Matt Keogh

Other key lawyers:Tom Alabaster; Clare Baker; Charmaine Yeoh; Jonathan de Lance Holmes; Rahul Manvatkar

Testimonials

'Excellent legal expertise combined with deep industry and market knowledge. The work is high quality and the team are very sensitive to client's needs and goals'.

'Very good at identifying the most appropriate solution for each particular client and situation'.

'Tom Alabaster has an understanding of how things work in Asia and is very flexible and creative in addressing the peculiarities of the market and investors here. The team is also highly responsive and willing to work around time zone differences'.

'What makes the practice unique is the calibre of individual practitioners who work very well together to provide seamless service to clients. The attorneys are always responsive and provide high quality advice, and are also very friendly and personable individuals. Overall an absolute pleasure to work with'.

'Tom Alabaster is very comfortable across a range of subject matters. He instils confidence in his clients and brings an aura of calm. Given his in-house experience, he really understands the client's perspective and provides great client service'.

'Matt Keogh is excellent in every way. He has exceptional legal knowledge, a deep understanding of the asset management world and provides top level service to his clients'.

'Clare Baker is a standout associate. An extremely knowledgeable lawyer with a solutions-based approach, she provides excellent service to clients.  She is always approachable and engaged'.

'Charmaine Yeoh is outstanding - hardworking, responsible and good at drafting'.

'Jonathan de Lance Holmes is a true expert in his field'.

'Rahul Manvatkar has been a great lawyer to work with, providing high quality advice while remaining personable and approachable in manner'.

Key Clients

SoftBank Investment Advisors

KKR

Nexus Point

Oaktree

Cinda International Holdings Limited

23 Capital

Macquarie

Permira

British Business Bank

Deutsche Bank

Vannin Capital

Wilmcote Holding

Work highlights

  • Advising SoftBank Investment Advisers on ongoing operation and further closings on the world’s largest technology fund which initially closed with c.$93bn of capital and now has capital commitments of over $98bn.
  • Act for British Business Bank (BBB) and its subsidiaries in relation to proposed investments into seven venture capital funds, with BBB making commitments of up to £230m.
  • Advising Deutsche Bank in relation to various alternative investment products. The firm acts as fund counsel and provides ongoing support to DB Asset Management in respect of their closed-ended products, including the German Access Fund.
  • Advised Marwyn on the applicable marketing rules in various EEA and non-EEA jurisdictions where shares of Wilmcote Holdings plc would be marketed to investors with a view to securing equity financing for Wilmcote’s proposed acquisition of a life sciences company.
  • Advised Vannin Capital on matters of English law and regulation in the context of its IPO.
Leading individuals

Matt Keogh - Linklaters LLP

Tom Alabaster - Linklaters LLP

Next Generation Partners

Rahul Manvatkar - Linklaters LLP

Rising stars

Charmaine Yeoh - Linklaters LLP

Clare Baker - Linklaters LLP

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Real estate funds
Real estate funds - ranked: tier 1

Linklaters LLP

Highlighted by one client for its 'practical approach', Linklaters LLP's real estate funds activity is conducted by the firm's broader investment funds practice . Besides a core roster of real estate asset management clients, certain sovereign wealth funds also instruct the team, which additionally boasts a growing Limited Partners (LP) offering. Mandates for private real estate funds constituted the majority of the firm's recent work, diversified by some listed real estate fund mandates. The London office has access to Luxembourg vehicle-specific expertise, thanks to the firm's robust Luxembourg office. Open-ended fund and illiquid asset specialist Matthew Keogh is team head; recently made-up partner (May 2019) Rahul Manvatkar works across the full range of open-ended and closed-ended vehicles and is noted for his funds regulatory expertise.

Practice head(s):Matthew Keogh

Other key lawyers:Rahul Manvatkar

Testimonials

'When our team was unaware of all the legal nuances of the local market, LInklaters' practice was great help in getting the ball rolling'.

'Rahul Manvatkar gets to the core and solution of each specific request'.

Key Clients

Aermont Capital

LaSalle Investment Management

CBRE Global Investors

BlackRock

Barings

ProLogis

Royal & Sun Alliance

Katara Hospitality

Future Fund Board of Guardians

Round Hill Capital

Aviva Investors

InfraRed

Emaar Properties

Lendlease

Work highlights

  • Acted for Aermont on the raising of their fourth opportunistic real estate Fund, Aermont Capital Real Estate Fund IV SCSp.
  • Provide ongoing regulatory advice to ProLogis, including in relation to the marketing of their Delaware fund (USLF), which has an investment objective of combining attractive current income with long-term capital growth by investing in operating logistics real estate assets in the US.
  • Acted for Royal & Sun Alliance  in relation to their investment into AB Commercial Real Estate Debt Fund III.
  • Advised Round Hill Capital on forming a Luxembourg joint venture with Kohlberg Kravis Roberts for investment in European student accommodation.
  • Provide ongoing advice to InfraRed, including in relation to amending the LLP Agreement in respect of InfraRed Capital Partners (Management) LLP.
Next Generation Partners

Rahul Manvatkar - Linklaters LLP

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London: Projects, energy and natural resources

Infrastructure (including PFI and PPP)
Infrastructure (including PFI and PPP) - ranked: tier 1

Linklaters LLP

Linklaters LLP enjoys a stellar reputation in the infrastructure area. It is a go-to firm for a variety of clients, such as infrastructure funds and private equity houses but also public entities, on matters including project finance and construction, acquisitions, refinancings and disposals. The team is jointly led by Ian Andrews, who is well versed in secondary infrastructure deals,  Jessamy Gallagher, who specialises in acquisitions in the infrastructure and energy sector, and Stuart Rowson, who is a key contact in financings.

Practice head(s):Ian Andrews; Jessamy Gallagher; Stuart Rowson

Other key lawyers:Julian Davies; Ross Schloeffel

Key Clients

Macquarie

IFM

First State Investments

DWS

OMERS Infrastructure

PSP Investments

National Grid

Allianz

Cerberus

Capman Infrastructure

ACP

Work highlights

  • Acted for Secured Creditors Lloyds Bank, HSBC, Barclays, European Investment Bank, on a refinancing by Connect Plus, which was tasked with managing London’s M25 motorway.
  • Advised IFM Investors on the €2bn sale of its minority stake in 50Hertz to China State Grid in two separate transactions.
  • Assisted a consortium of Allianz Capital Partners, AXA Investment Managers and OMERS with the financing of their bid for the acquisition of a 49.99% stake in Altice's 'fibre to the home' business, which provides high speed internet to consumers across France.
  • Advised Budapest Airport and its shareholders on the amendment and extension of its existing €1.4bn debt facilities.
  • Acted for the purchasers Sunsuper and TCorp on their joint acquisition of a strategic stake in Bristol and Birmingham International Airports from Ontario Teachers’ Pension Plan Board.
Leading individuals

Ian Andrews - Linklaters LLP

Jessamy Gallagher - Linklaters LLP

Stuart Rowson - Linklaters LLP

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Mining and minerals
Mining and minerals - ranked: tier 1

Linklaters LLP

A wide range of big-name clients turn to the dedicated mining team at Linklaters LLP for support on complex, high-profile and novel legal issues. The team, jointly led by senior partner Charlie Jacobs , Toby Grimstone , David Avery-Gee and Andrew Jones, boasts particularly strong capabilities across corporate, finance and contentious work, and recently provided English law advice to US mining tools maker ESCO on its $1.3bn takeover by London-listed engineering giant Weir Group.

Practice head(s):Charlie Jacobs; Toby Grimstone; David Avery-Gee; Andrew Jones

Testimonials

'Linklaters shows strong industry experience underpinned by deep relationships with key industry players.'

'This is an experienced team with sufficient depth and knowledge base possessing great tenacity and discipline during the toughest periods of the deal.'

'The team at Linklaters is known for its consistent work quality and engagement on all levels, as well as its great communication and interpersonal skills.'

'Toby Grimstone is one of, if not the most reliable lawyer to have by your side for complex and challenging deals. His impressive ability to keep calm and composed and carry on under immense pressure whilst producing quality work and negotiating well makes him a clear standout.'

Key Clients

Glencore

Anglo American

Rio Tinto

ArcelorMIttal

Gold Fields

KAZ Minerals

Sibanye Gold

Evraz

Endeavour Mining

Newcrest Mining

Work highlights

  • Acted as English law counsel and global antitrust counsel to ESCO in connection with its acquisition by Weir.
  • Advised Endeavour Mining Corporation on all legal aspects of the disposal of 80% of the Tabakoto gold mine in the Republic of Mali to BCM Investments Limited.
  • Acted for Glencore in a claim brought against it by MMG Swiss Finance and Minera Las Bambas in the English courts, which arose out of Glencore's sale of a Peruvian copper mine in 2014.
  • Acted as US counsel to Gold Fields Limited on its joint venture with Asanko Gold.
  • Acted for the lead managers on the issuance of $1.6bn in new bonds as part of Metinvest's refinancing of $2.3bn of debt.
Leading individuals

Andrew Jones - Linklaters LLP

Charlie Jacobs - Linklaters LLP

David Avery-Gee - Linklaters LLP

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Oil and gas
Oil and gas - ranked: tier 2

Linklaters LLP

Linklaters LLP is well known for acting for numerous international oil and gas companies and leading lenders and sponsors, including financial institutions, wealth funds and private equity houses, on their M&A, development and financings of oil and gas assets, from exploration blocks to oil storage facilities and refineries. A varied client roster including majors such as Eni, BP, Total, Gazprom, Essar and Rosneft continues to appoint the full-service team, led by Fiona Hobbs and Daniel Tyrer, to advise across the full spectrum of the oil and gas sector. In recent highlights, the group assisted LetterOne Holdings with the $21bn merger of its oil and gas subsidiary DEA Deutsche Erdoel AG with Wintershall Holding GmbH. Ilia Ditiatev has extensive experience in projects in Russia and the CIS.

Practice head(s):Fiona Hobbs; Daniel Tyrer

Key Clients

ExxonMobil

Eni

CNPC

Galp

Kogas

ENH

LetterOne Holdings S.A.

Rosneft

National Grid

Macquarie

Work highlights

  • Advising the Area 4 consortium (led by ExxonMobil and Eni as operators) on the development of the Rovuma LNG project, which will produce, liquefy and sell natural gas from the gas fields of the Area 4 block offshore Mozambique, and its related long-term sale of LNG.
  • Advised LetterOne Holdings S.A. on all legal aspects of the $21bn merger of its oil and gas subsidiary DEA Deutsche Erdoel AG with Wintershall Holding GmbH to form a leading independent oil and gas company headquartered in Western Europe.
  • Advised Essar Oil (UK) Limited on the acquisition and inventory financing of the Kingsbury and Northampton Terminals and the stock of oil products held within them.
  • Advising Rosneft on its concession with the Kurdistan Regional Government of Iraq to operate the main oil export pipeline in Kurdistan and in relation to the award of five production-sharing contracts in the Kurdistan Region and oil prepayment agreements.
  • Advised Macquarie and Swisslife on the €591.2m refinancing of Società Gasdotti Italia S.p.A., comprising bank facilities and the European Investment Bank (EIB) debt.
Leading individuals

Daniel Tyrer - Linklaters LLP

Next Generation Partners

Ilia Ditiatev - Linklaters LLP

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Power (including electricity, nuclear and renewables)
Power (including electricity, nuclear and renewables) - ranked: tier 1

Linklaters LLP

Linklaters LLP has the ability to support clients on every aspect of wind power projects and regularly advises on the planning and development of UK offshore assets. The magic circle firm's full-service offering handles OFTO sales, equity sell-downs, refinancings and decommissioning, among other matters, both at home and abroad. In recent highlights, the group oversaw the development of Moray and Triton Knoll, two of the three UK offshore wind projects to receive Contracts for Difference (CFDs) in the latest government round, and has been acting for the sponsors on the financing of a new lignite fired power station in Kosovo. Key partners include the 'super smart' Jeremy Gerwirtz, 'Mr Renewables' John Pickett, the 'commercial and knowledgeable' Richard Coar and Charlotte Morgan , who also leads the firm's UK Government offering. Long-serving global projects head Bruce White recently retired from the partnership and now serves as a consultant.

Practice head(s):Jeremy Gerwirtz; John Pickett; Richard Coar

Other key lawyers:Charlotte Morgan

Testimonials

'Linklaters has specific sector expertise. The team is a trusted partner for banks and sponsors alike, with good strength throughout.'

'Jeremy Gerwirtz is super smart, accessible and knowledgeable.'

'John Pickett is known as 'Mr Renewables'. He is very knowledgeable on the sector and is always accessible.'

'Richard Coar is very commercial and knowledgeable, particularly on renewables. He is very approachable and a real pleasure to work with.'

Key Clients

Triton Knoll Offshore Wind Farm Limited

Moray Offshore Wind Farm (East) Limited

EDP Renováveis

Diamond Green Europe Limited

Department of Business Energy and Industrial Strategy

Equitix Investment Management Ltd

Dalmore Capital Limited

ENGIE

China Three Gorges Corporation

Pensions Infrastructure Limited

Cory Riverside Energy

ContourGlobal Kosovo LLC

SSE Copenhagan Infrastructure

China Resources

Equinor ASA

Abu Dhabi Future Energy Company PJSC

Green Investment Group

OGCI Climate Investments LLP

Brockwell

Covanta

Innogy SE

Octopus Investments

Work highlights

  • Advising BEIS in relation to four UK based nuclear projects (Horizon, NuGen, Sizewell and Bradwell), and the sustainable funding model which will be used for future projects beyond Horizon.
  • Advised the vendor (and, separately, the lenders to one of the unsuccessful bidding consortia) on the sale of 100% of Cory Riverside Energy, in which Strategic Value Partners was the majority selling shareholder, to a consortium led by Dalmore Capital.
  • Acted for a consortium of Dalmore Capital and Pensions Infrastructure Platform in respect of their acquisition (and related financing) of a 49% minority stake in EDF Energy Renewables Limited’s UK wind generation portfolio comprising 24 wind farms with a total capacity of approximately 550MW.
  • Acting for the sponsors on the development and financing of a new 470MW lignite fired power station in Kosovo.
  • Serving as lenders counsel to a club of financiers including Korean Export Credit Agencies, Multilateral and Development Financial Institutions, Islamic Development Bank, and local and international commercial banks on a project to construct, own, manage and operate a solar power station with a gross capacity in Konya’s Karapinar district in Turkey.
Leading individuals

Charlotte Morgan - Linklaters LLP

Jeremy Gewirtz - Linklaters LLP

John Pickett - Linklaters LLP

Richard Coar - Linklaters LLP

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Water
Water - ranked: tier 1

Linklaters LLP

At Linklaters LLP, the dedicated water team covers all facets of the sector including M&A, financing, competition and regulations. Michael Cutting recently retired from the profession and was replaced as head of water regulation by Natura Gracia, who now jointly leads the practice with structured finance partner Julian Davies. Finance specialist Reza Taylor  is relationship partner for a number of major water companies.

Practice head(s):Julian Davies; Natura Gracia

Other key lawyers:Mark Nuttall; Reza Taylor; Elisabeth Johnson

Testimonials

'This is a strong team that has a leading advisory role in the water sector built on experience from the past decade. From partner to associate the service is high quality in analysing issues and paying attention to detail when executing transactions.'

'Mark Nuttall's knowledge and experience is invaluable when called upon and this is reinforced day to day by James McGivern and Lizzie Johnson as managing associates. All are professional at all hours of the day and when managing the sometimes unrealistic demands of their client!'

Key Clients

Anglian Water

Assured Guaranty

South East Water

Southern Water

Sutton and East Surrey Water

Thames Water

The Royal Bank of Scotland

Welsh Water

Yorkshire Water

Indaqua

Work highlights

  • Advising six of the seven securitised water companies on CayCo Onshoring. This involves the replacement of Cayman-incorporated companies in their finance groups with English-incorporated companies.
  • Advising Thames Water and Anglian Water on their next Ofwat price control review.
  • Acted for Allianz Global Investors as Noteholder Representative on behalf of certain Allianz affiliates on their purchase of €50m 4.30% Secured Senior Private Placement Notes due February 2028 issued by Portuguese water and wastewater concession holding company Indaqua.
  • Advised Southern Water on its group-wide capital restructuring, swap restructuring and refinancing.
  • Following the Green Bond issuance by Anglian Water in 2017, Linklaters advised Anglian Water on a further five Green Bond issuances (c.£600m) over the year into different markets (the US private placement market, the UK public market and a direct investment by an institutional investor).

Leading individuals

Julian Davies - Linklaters LLP

Natura Gracia - Linklaters LLP

Next Generation Partners

Reza Taylor - Linklaters LLP

Rising stars

Elisabeth Johnson - Linklaters LLP

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London: Public sector

Administrative and public law
Administrative and public law - ranked: tier 3

Linklaters LLP

Linklaters LLP’s public law strength lies in handling judicial review claims for the firm’s high-profile commercial clients. Unique recent mandates in this field involved proceedings in the Competition Appeal Tribunal concerning significant corporate mergers, challenges to competition decisions imposed by Ofcom and challenges to new gambling regulations implemented by the Department for Digital, Culture, Media and Sport. The team has a strong presence in the fields of infrastructure and utilities, often advising on issues such as pricing reviews, public procurement and judicial review defence. Further clients are drawn from a diverse range of sectors, including financial services, technology, charities and advertising, to which the team led by Tom Cassels regularly provides advisory support on firm-wide transactions.

Practice head(s):Tom Cassels

Key Clients

Sainsbury's

Hutchison 3G UK Ltd

Barclays Bank

Lendlease Group

Children’s Investment Fund Foundation (UK)

Thames Water Utilities

Work highlights

  • Acted for Sainsbury's in its successful judicial review concerning the Competition and Markets Authority's investigation into the client's merger with Asda Group.
  • Acted for Hutchison 3G UK Ltd in three judicial review proceedings against Ofcom concerning its decision to impose competition measures in the Public Sector Spectrum Release programme.
  • Acted for Barclays Bank as an interested party in a judicial review brought against KPMG.
  • Handled Thames Water Utilities' business plan submission to Ofwat as part of the regulator's 2019 price review.
Leading individuals

Tom Cassels - Linklaters LLP

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London: Real estate

Commercial property: corporate occupiers
Commercial property: corporate occupiers - ranked: tier 1

Linklaters LLP

Linklaters LLP's ‚Äėexcellent' real estate team¬†represents domestic and international investors, developers and occupiers on premium investments, high-value regeneration and developments and lettings. Practice head Andy Bruce¬†is highly recommended and experienced in financing, development, acquisition, letting and disposal matters across the UK and Europe. In a recent highlight for the practice, a team led by Patrick Plant¬†advised Malaysian investors on the ¬£1.6bn purchase of a stake in the Battersea power station redevelopment project. Simon Price¬†has notable experience with structured investments and is also possesses expert knowledge of the hotels sector, while the 'exceptional' Martin Elliott¬†leads the development team.

Practice head(s):Andy Bruce

Other key lawyers:Patrick Plant

Testimonials

'The team has an excellent working knowledge of our company's structures and requirements. Advice is always timely and concise. The practice has a very thorough and expert knowledge of the development process.'

'Martin Elliott is exceptional in his knowledge of the real estate process and our companies needs. He surrounds himself with excellent associates, notably Richard Liversedge, Kathryn Griffiths and Kate Pearson.'

'Patrick Plant is knowledgeable and well respected. His advice is well balanced and commercial - he understands when to push and when to give.'

'Linklaters have an excellent real estate development and construction team that provides practical advice on all relevant matters for real estate lenders.  They are able to tailor their advice for a lender (rather than, say, the developer or owner).'

'Siobhan Burton is excellent and always provides practical and useful advice.'

'Siobhan Burton is a very strong performer'.

'Excellent service; commercially aware advice; always available to client and quick turnaround of documents.'

'Martin Elliott and his team provide a great service to clients, with a thoroughly professional and friendly approach.  Readily available and excellent advice.'

Work highlights

  • Acting for Glencore on the pre-let of its new UK HQ from Great Portland Estates.
  • Acting for an investment bank on the development and subsequent sale and leaseback of its new European HQ.

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Commercial property: development
Commercial property: development - ranked: tier 1

Linklaters LLP

Linklaters LLP's ‚Äėexcellent' real estate team¬†represents domestic and international investors, developers and occupiers on premium investments, high-value regeneration and developments and lettings. Practice head Andy Bruce¬†is highly recommended and experienced in financing, development, acquisition, letting and disposal matters across the UK and Europe. In a recent highlight for the practice, a team led by Patrick Plant¬†advised Malaysian investors on the ¬£1.6bn purchase of a stake in the Battersea power station redevelopment project. Simon Price¬†has notable experience with structured investments and is also possesses expert knowledge of the hotels sector, while the 'exceptional' Martin Elliott¬†leads the development team.

Practice head(s):Andy Bruce

Other key lawyers:Patrick Plant; Martin Elliott

Testimonials

'The team has an excellent working knowledge of our company's structures and requirements. Advice is always timely and concise. The practice has a very thorough and expert knowledge of the development process.'

'Martin Elliott is exceptional in his knowledge of the real estate process and our companies needs. He surrounds himself with excellent associates, notably Richard Liversedge, Kathryn Griffiths and Kate Pearson.'

'Patrick Plant is knowledgeable and well respected. His advice is well balanced and commercial - he understands when to push and when to give.'

'Linklaters have an excellent real estate development and construction team that provides practical advice on all relevant matters for real estate lenders.  They are able to tailor their advice for a lender (rather than, say, the developer or owner).'

'Siobhan Burton is excellent and always provides practical and useful advice.'

'Siobhan Burton is a very strong performer'.

'Excellent service; commercially aware advice; always available to client and quick turnaround of documents.'

'Martin Elliott and his team provide a great service to clients, with a thoroughly professional and friendly approach.  Readily available and excellent advice.'

Key Clients

Lendlease

Richardsons Capital

Meyer Bergman

Deutsche Bank

Barratt Group (Wilson Bowden Developments)

Work highlights

  • Acting for a joint venture of Malaysian investors on the £1.6bn acquisition of the commercial assets comprised within Phase 2 of the wider seven-phase Battersea redevelopment project, one of London’s largest redevelopment sites.
  • Advised Lendlease on the entry into a 50/50 joint venture with Starwood and the subsequent acquisition by that joint venture of a 100% interest in The Silvertown Partnership which holds an interest in Silvertown Quays, a £3.5bn urban renewal project in East London.
  • Advised Lendlease on its £2bn+ ongoing regeneration of Elephant & Castle, London, comprising 300,000 sq m of new build and mixed-use development.
  • Advised Richardson’s Capital on various matters including logistics facilities at South Normanton Avonmouth; student accommodation at Brayford Wharf, Lincoln and related sites; and mixed-use development at Milburngate, Durham.
  • Acted for a US media company on its acquisition and development of an iconic new European HQ in London and development of an adjacent speculative office building.
Leading individuals

Andy Bruce - Linklaters LLP

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Commercial property: hotels and leisure
Commercial property: hotels and leisure - ranked: tier 2

Linklaters LLP

Linklaters LLP's ‚Äėexcellent' real estate team¬†represents domestic and international investors, developers and occupiers on premium investments, high-value regeneration and developments and lettings. Practice head Andy Bruce¬†is highly recommended and experienced in financing, development, acquisition, letting and disposal matters across the UK and Europe. In a recent highlight for the practice, a team led by Patrick Plant¬†advised Malaysian investors on the ¬£1.6bn purchase of a stake in the Battersea power station redevelopment project. Simon Price¬†has notable experience with structured investments and is also possesses expert knowledge of the hotels sector, while the 'exceptional' Martin Elliott¬†leads the development team.

Practice head(s):Simon Price

Other key lawyers:David Watkins

Testimonials

'The team has an excellent working knowledge of our company's structures and requirements. Advice is always timely and concise. The practice has a very thorough and expert knowledge of the development process.'

'Martin Elliott is exceptional in his knowledge of the real estate process and our companies needs. He surrounds himself with excellent associates, notably Richard Liversedge, Kathryn Griffiths and Kate Pearson.'

'Patrick Plant is knowledgeable and well respected. His advice is well balanced and commercial - he understands when to push and when to give.'

'Linklaters have an excellent real estate development and construction team that provides practical advice on all relevant matters for real estate lenders.  They are able to tailor their advice for a lender (rather than, say, the developer or owner).'

'Siobhan Burton is excellent and always provides practical and useful advice.'

'Siobhan Burton is a very strong performer'.

'Excellent service; commercially aware advice; always available to client and quick turnaround of documents.'

'Martin Elliott and his team provide a great service to clients, with a thoroughly professional and friendly approach.  Readily available and excellent advice.'

Key Clients

Mandarin Oriental Holdings

Oyo Group

Sydell Group

Katara Hospitality

Cerberus

Work highlights

  • Advised a consortium member on its investment in a €6.4bn global portfolio of approximately 900 hotels.
  • Advised Katara Hospitality, the hotel arm of the Qatari Government, on the acquisition of the Grosvenor House Hotel on Park Lane.

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Commercial property: investment
Commercial property: investment - ranked: tier 1

Linklaters LLP

Linklaters LLP's ‚Äėexcellent' real estate team¬†represents domestic and international investors, developers and occupiers on premium investments, high-value regeneration and developments and lettings. Practice head Andy Bruce¬†is highly recommended and experienced in financing, development, acquisition, letting and disposal matters across the UK and Europe. In a recent highlight for the practice, a team led by Patrick Plant¬†advised Malaysian investors on the ¬£1.6bn purchase of a stake in the Battersea power station redevelopment project. Simon Price¬†has notable experience with structured investments and is also possesses expert knowledge of the hotels sector, while the 'exceptional' Martin Elliott¬†leads the development team.

Practice head(s):Andy Bruce

Other key lawyers:Tom Watkins; Simon Price

Testimonials

'The team has an excellent working knowledge of our company's structures and requirements. Advice is always timely and concise. The practice has a very thorough and expert knowledge of the development process.'

'Martin Elliott is exceptional in his knowledge of the real estate process and our companies needs. He surrounds himself with excellent associates, notably Richard Liversedge, Kathryn Griffiths and Kate Pearson.'

'Patrick Plant is knowledgeable and well respected. His advice is well balanced and commercial - he understands when to push and when to give.'

'Linklaters have an excellent real estate development and construction team that provides practical advice on all relevant matters for real estate lenders.  They are able to tailor their advice for a lender (rather than, say, the developer or owner).'

'Siobhan Burton is excellent and always provides practical and useful advice.'

'Siobhan Burton is a very strong performer'.

'Excellent service; commercially aware advice; always available to client and quick turnaround of documents.'

'Martin Elliott and his team provide a great service to clients, with a thoroughly professional and friendly approach.  Readily available and excellent advice.'

Key Clients

CK Asset

Round Hill Capital

KanAm

Oaktree

Lendlease

Meyer Bergman

Cerberus

Abu Dhabi Financial Group (ADFG)

AustralianSuper

Triuva

CBRE Global Investors

Barratt Group (Wilson Bowden Developments)

Work highlights

  • Acted for Lendlease on its joint venture with Starwood Capital to acquire the £3.5bn Silvertown Quays urban renewal project in London.
  • Represented CBRE Global Investors in respect of all property dealings by the Pan-European Core fund across Europe including the significant retail pre-lets at Angel Central Islington in connection with a major ongoing re-modelling of the centre.
  • Represented Permodalan Nasional Berhad and the Employees Provident Fund on their acquisition of a stake the Battersea Power Station redevelopment for €1.76bn.
  • Acted for CK Asset on its unsuccessful bid for the Network Rail commercial property portfolio comprising over 5,000 railway arches units.
  • Acting for KanAm on various matters including the asset purchase of 3 Copthall Avenue, the share purchase of the SPV owning the freehold property at 30 Moorgate, and the financing of the Moorgate acquisition.
Leading individuals

Andy Bruce - Linklaters LLP

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Environment
Environment - ranked: tier 1

Linklaters LLP

Linklaters LLP provides regulatory advice on health and safety regulations and compliance with EU regulations. The firm also assists with the construction of green buildings and the installation of energy efficient low carbon energy technologies, and advises on trading schemes for environmental commodities. Practice head Vanessa Havard-Williams specialises in international soft law sustainability standards, and the drafting and negotiation of environmental and social contracts. Rachel Barrett was promoted to partner in May 2018 and regularly assists with project development and the financing aspects of energy projects.

Practice head(s):Vanessa Havard-Williams

Other key lawyers:Rachel Barrett

Key Clients

Linde

Unilever

Thyssen Krupp

Bahrain Petroleum

Cummins

BC Partners

CK Hutchison

Work highlights

  • Advising Linde on the environmental aspects of the client’s $90bn merger with Praxair, which creates the largest industrial gas group worldwide
  • Advising Unilever on the €6.8bn auction sale of the client’s global spread business, which involves advice on separating various business from a health, safety and environmental perspective
  • Advised ThyssenKrupp in relation to the environmental and health and safety aspects of a proposed joint venture with Tata Steel, which involved the analysis of potential decommissioning liabilities associated with certain sites such as Port Talbot
  • Advising Bahrain Petroleum Company on the environmental and social aspects of the financing of the expansion and modernisation of a refinery in Bahrain
  • Advised Cummins on the environmental aspects of a bid for the acquisition of General Electric Company’s distributed power business, which included carrying out due diligence and analysis of contamination issues
Leading individuals

Vanessa Havard-Williams - Linklaters LLP

Next Generation Partners

Rachel Barrett - Linklaters LLP

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Property finance
Property finance - ranked: tier 2

Linklaters LLP

Linklaters LLP has a strong international client base, particularly on the lender side, including commercial and investment banks and debt funds; on the borrower side, the firm advises a number of developers. The team has been particularly active in complex, pan-European transactions; senior and mezzanine lending; acquisition and development finance, involving assets ranging from offices to hotels and student accommodation; and refinancings. The team also advises on matters involving CMBS issuances and NPL portfolios. Steve Smith leads the practice and has a particular focus on structured and distressed transactions; Mark O’Neill and Scott Simpson are also key contacts.

Practice head(s):Steve Smith

Other key lawyers:Mark O'Neill; Scott Simpson

Testimonials

'Steve Smith is excellent and stands out for his negotiation skills and commercial steer.'

Key Clients

Angelo Gordon

Apollo

ARES

Citibank

Deutsche Bank

JP Morgan

Oaktree

PIMCO

Prologis

Royal Bank of Canada

Starwood Capital

Wells Fargo

King Street

LBG

Tyndaris

LaSalle Investment Management

THRE

DRC

Deutsche Pfandbrief Bank

Bank of America Merrill Lynch

Work highlights

  • Acting for LaSalle Investment Management and DRC Capital, as the lenders, on the financing of Global Student Accommodation (GSA)'s acquisition of a Spanish student accommodation portfolio.
  • Acting for TH Real Estate, as arranger, and TIAA, as senior lender, on a facilities agreement between OSM Limited, as borrower, and others for the refinancing of existing debt used for the acquisition of Old Spitalfields Market.
  • Advising Prologis, as the borrower, on an investment and development facility agreement with Deutsche Pfandbriefbank for the acquisition and development of multiple industrial and distribution properties in England.
  • Advising Chariot Group BV and its subsidiaries on the financing of the acquisition of a Polish real estate portfolio from funds managed by Ares Management L.P., AXA Investment Managers – Real Assets and Apollo Rida.
Leading individuals

Mark O'Neill - Linklaters LLP

Steve Smith - Linklaters LLP

Next Generation Partners

Scott Simpson - Linklaters LLP

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Property litigation
Property litigation - ranked: tier 3

Linklaters LLP

Working in close conjunction with various other departments within the firm, Linklaters LLP's property litigation expertise is brought to bear in distressed real estate disputes arising out of CVAs, administrations and liquidations but the team is equally well placed to handle rent review disputes, where it frequently acts for major office and hotel occupiers, dilapidation and rights of light claims. 'Excellent' counsel Frances Richardson is the main contact following partner consultant Katie Bradford's retirement. The 'exceptionally strong, very practical and commercially astute' Chris Stevenson was elevated to the partnership in May 2019.

Practice head(s):Michael Bennett; Frances Richardson; Satindar Dogra

Other key lawyers:Michael Bennett; Chris Stevenson; Satindar Dogra; Tom Cassels

Testimonials

'Linklaters provides an excellent, all-round service to clients and is able to handle the biggest issues.'

'Incredible depth and breadth of experience. Exceptional attention to detail and resourcing.'

'Provides consistency throughout many jurisdictions.'

'Genuinely invests in the relationship with the client.'

Key Clients

Bulgari Hotels

Mary Ward Settlement

Lendlease

CBRE Global Investors

Bloomberg

MEAG Munich ERGO

Work highlights

  • Represented Mark Charles Batten and Stephen John Le Page (former partners of PwC) in their capacity as the former joint administrators of A M Holdings, in a claim brought by AMH (a Guernsey incorporated company) before the English High Court following the claimant's administration under Guernsey law. The claim relates to the conduct of the administrators, particularly in relation to the sale of a portfolio of central London properties collectively known as the Leadenhall Triangle, previously owned by AMH.
  • Defending Prime Hotels (UK) against a claim brought by Firstcall Services, a company which previously provided security officers to the Bulgari Hotel, alleging that the hotel had wrongfully terminated the agreement between them.
  • Acted for Mary Ward Settlement in successfully obtaining a possession order against persons unknown, who were illegally occupying the client’s unused office premises.

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London: Risk advisory

Brexit
Brexit - ranked: tier 1

Linklaters LLP

Linklaters LLP fields a global team of experts, led by global competition chair  Christopher Bellamy QC and corporate partner  Lucy Fergusson  to advise clients on the full range of Brexit-related risks and strategies. The cross-practice group is particularly active with financial services clients, handling a variety of issues including contingency planning and cross-border reorganisations .Other  key names in this group include global head of finance and projects Michael Kent, Peter Bevan, who leads the financial regulation group, and global co-head of fintech Harry Eddis. Deepak Sitlani and Mark Brown are the primary contacts for capitals markets-related issues, Nicole Kar heads up the UK competition group, and Charlotte Morgan leads the global energy and infrastructure practice.

Practice head(s):Sir Christopher Bellamy QC; Lucy Fergusson

Other key lawyers:Michael Kent; Peter Bevan; Harry Eddis; Deepak Sitlani; Mark Brown; Nicole Kar; Charlotte Morgan

Leading individuals

Peter Bevan - Linklaters LLP

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Corporate governance
Corporate governance - ranked: tier 1

Linklaters LLP

Linklaters LLP's risk and resilience team provides global risk management, regulatory and governance advice to clients. The group primarily focuses on governance and compliance models, board advice, risk assessments, investigations, reporting and disclosure, and crisis management. Key practitioners  include co-head Vanessa Havard-Williams, who also leads the firm's sustainability practice and has expertise in human rights issues; co-head and corporate partner Tom Shropshire, who splits his time between London and the US; and Michael Bennett, who is global head of the dispute resolution group. Tom Cassels is also a key name for contentious work, Rachel Barrett is an expert in compliance and risk management issues, Richard Cumbley focuses on data and privacy matters, and Satindra Dogra handles fraud investigations and bribery work. Managing associate Lucy Blake is also noted for her financial crime and fraud knowledge.

Practice head(s):Vanessa Havard-Williams; Michael Bennett; Tom Shropshire

Other key lawyers:Tom Cassels; Rachel Barrett; Richard Cumbley; Satindra Dogra; Lucy Blake

Testimonials

'Linklaters provides pragmatic advice thanks to a team you can always trust to think about the nuance of their advice.'

'The team fields really great people who are a pleasure to work with.'

Key Clients

Uber London Limited

Volvo AB

Work highlights

  • Advising multiple FTSE 100 and FTSE 250 clients on new UK corporate governance requirements including stakeholder engagement issues and remuneration work.
  • Assisting various UK private companies and subsidiaries with new Wates principles issues.
  • Handling the transition from the Senior Insurance Managers Regime to the Senior Managers Certification Regime for three leading insurers.
  • Working with UK Finance on a report on ethical values in the banking and finance sector and how governance, strategy and decision making can be informed by ethical principles.
  • Assisting with an updated version of its guide for general counsel on corporate sustainability, which includes advice on fiduciary duties, sustainability in supply chains, and the role of sustainability in crisis management.
Leading individuals

Tom Shropshire - Linklaters LLP

Vanessa Havard-Williams - Linklaters LLP

Next Generation Partners

Rachel Barrett - Linklaters LLP

Rising stars

Lucy Blake - Linklaters LLP

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Data protection, privacy and cybersecurity
Data protection, privacy and cybersecurity - ranked: tier 1

Linklaters LLP

Under the leadership of Richard Cumbley, Linklaters LLP excels at international work alongside its experience in complex UK-focused matters. The group is also recognised for its knowledge of the fintech, digital health and technology sectors; it counts Bupa, HSBC and Experian as clients. Areas of focus for Cumbley include data security incidents, privacy litigation, regulatory matters and subject access issues. Other key individuals include Julian Cunningham-Day, who has recently been active advising on GDPR projects for global clients; senior privacy counsel Peter Church, who is a noteworthy name for technology issues; and Georgina Kon, whose recent work includes advising on GDPR implications, international data flows and the privacy aspects of big data projects and digitalisation. Managing associate Alaister Johnson is also recommended.

Practice head(s):Richard Cumbley

Other key lawyers:Julian Cunningham-Day; Peter Church; Georgina Kon; Alaister Johnson

Testimonials

'The depth of expertise of Linklaters' UK team and the ability to leverage seasoned experts across Europe makes it stand out. The longevity of the partners in the team means there is continuity for businesses, even when the associates leave. As a large firm it can pull on extra resources when needed, which many other firms are not able to do.'

'Richard Cumbley, Georgina Kon and Julian Cunningham-Day are experts of many years and go-to names in the field.'

Key Clients

The Royal Free London NHS Foundation Trust

Bupa

Hyatt Hotels Corporation

SoftBank Investment Advisers

J Sainsbury PLC

The Walt Disney Company

Thomson Reuters / Refinitiv

Clarivate Analytics

HSBC

Market Axess

Glencore International AG

UBS AG

Experian Limited

BT PLC

Pricewaterhouse Cooper

Palantir

Deloitte

Leading individuals

Richard Cumbley - Linklaters LLP

Next Generation Partners

Georgina Kon - Linklaters LLP

Rising stars

Alaister Johnson - Linklaters LLP

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Regulatory investigations and corporate crime
Regulatory investigations and corporate crime - ranked: tier 1

Linklaters LLP

Linklaters LLP has a strong corporate crime offering in London, with the firm's international network and broad practice coverage meaning it is able to handle multi-jurisdictional criminal and regulatory investigations, and advise on the employment and remuneration consequences arising from investigations. Its lawyers regularly work on cross-border cases brought by regulators including the  SFO, FCA and PRA in the UK and the DOJ and SEC in the US. Clients include financial institutions, corporates and individuals. Co-head of team and global head of disputes Michael Bennett deals with financial crime investigations and regulatory risk. His highly regarded co-head Satindar Dogra, who also heads the London disputes practice, handles fraud investigations and corporate crime, including bribery, corruption, sanctions and money-laundering cases. Martyn Hopper is also highly recommended for financial regulation matters. Adding further strength to its bench, the magic circle firm added Alison Saunders as a partner from the Crown Prosecution Service, where she was  director of public prosecutions.

Practice head(s):Michael Bennett; Satindar Dogra

Other key lawyers:Martyn Hopper; Alison Saunders; Christa Band; Ben Packer; Andrew Hughes; Elly Proudlock; Susana Cao Miranda; Tom Lidstrom

Key Clients

Citi

UBS

Lloyds Banking Group

Morgan Stanley

The Royal Bank of Scotland Group

Invesco

Aviva

Work highlights

  • Acted for two of the six firms originally placed under investigation following the FCA’s thematic review into the fair treatment of long-standing customers in the life insurance sector (TR 16/2), published in March 2016. The investigations focused on, among other issues, the adequacy of disclosure of exit and paid-up charges to customers from December 2008.
Leading individuals

Martyn Hopper - Linklaters LLP

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London: TMT (technology, media and telecoms)

Fintech
Fintech - ranked: tier 1

Linklaters LLP

Linklaters LLP's fintech group acts for financial institutions and major banks, disruptive technology companies, many of which operate in the payments space, and crowdfunding platforms. The team frequently advises start-ups on the regulatory considerations of developing new digital tokens or payment systems, often based around utilising distributed ledger technology, and also advises large-scale fintech companies on setting up global banking structures that comply with regulatory standards. More broadly the practice is involved in fundraising work (ICOs/IPOs), corporate investments such as M&A and joint ventures, data governance, AI and cloud computing, and in advising on the use of blockchain platforms and smart contracts across a range of industries. Joint practice heads Julian Cunningham-Day and Richard Hay advise leading financial institutions on major technology projects, whereas Fionnghuala Griggs acts on corporate matters such as M&A and bank consortium projects. In a recent mandate, financial services regulatory partner Harry Eddis advised a Singapore-based start-up on the creation, transfer and issuance of digital tokens on a private blockchain.

Practice head(s):Julian Cunningham-Day; Richard Hay

Other key lawyers:Fionnghuala Griggs; Harry Eddis

Testimonials

"Linklaters have been hugely supportive over the last 12 months in our drive to automate the primary issuance of securities, providing their expertise in capital markets and structuring debt and swap documentation for completely automated assembly."

"Each individual lawyer at Linklaters understands the law, business context and underlying technologies in this sector. For us, Linklaters is the go-to firm in this sector." 

"The fintech team at Linklaters is able to understand how to incorporate existing law into a new business model and technological paradigm."

"Linklaters have an in-depth understanding of the fintech space."

"Richard Hay is extremely knowledgeable and stands out for his practical advice. He is one of the most outstanding lawyers I have ever worked with. In the blockchain/crypto space, there is no parallel; he understands the market, the technology and the legal issues better than anyone."

"Harry Eddis is very creative and able to describe complex legal issues simply."

Key Clients

Consortium of financial institutions: Utility Settlement Coin project

Goldman Sachs, Merrill Lynch, Morgan Stanley and Numis Securities (underwriters of Funding Circle IPO)

Work highlights

  • Advised the underwriters on the IPO of Funding Circle Holdings plc.
  • Representing a Singapore-based start-up on the creation, issuance and transfer between participants of digital tokens on a private blockchain.
  • Representing a consortium of financial institutions in the development of a new inter-bank payment system based on distributed ledger technology.
Leading individuals

Harry Eddis - Linklaters LLP

Julian Cunningham-Day - Linklaters LLP

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IT and telecoms
IT and telecoms - ranked: tier 2

Linklaters LLP

Linklaters LLP's practice has particular expertise assisting clients with  corporate and M&A, commercial, contentious and regulatory matters in the IT and telecoms sectors; it also advises on infrastructure projects and digitisation matters in the healthcare, insurance and financial services industries. The team is jointly led by Julian Cunningham-Day, who advises on a range of transactional and regulatory matters in the telecoms space; IT procurement and outsourcing partner Richard Cumbley, and telecoms expert Iain Fenn. Georgina Kon is also noted; she handles a range of issues relating to disruptive technologies, IT licence audits, the use of big data and disputes.

Practice head(s):Julian Cunningham-Day; Richard Cumbley; Iain Fenn

Other key lawyers:Georgina Kon

Testimonials

'Linklaters has a strong TMT team, from partner to junior associate, which is very commercial, pragmatic and adaptable.'

'Georgina Kon is a fantastic lawyer; she is very knowledgeable, pragmatic and provides expert guidance.'

'John Crozier brings a huge amount of experience and drives confidence and commercial focus to any negotiation.'

Key Clients

Dialog Semiconductor

A global consortium of banks

Morgan Stanley Infrastructure

Horizon Equity Partners

Infrastrutture Wireless Italiane S.p.A.

Hutchison 3G UK Ltd (“Three”)

I Squared

Work highlights

  • Advised Dialog Semiconductor on a high-profile transaction to license power management chip technology and transfer other assets to Apple.
  • Advising a global consortium of banks led by UBS on legal and regulatory issues relating to the creation of its digital currency based on distributed ledger technology, known as the Utility Settlement Coin.
  • Assisting infrastructure fund client I Squared with its bid to acquire the local fibre network assets of SFR, a French telecoms operator owned by Altice.
  • Advised a consortium led by Morgan Stanley Infrastructure on the acquisition of a 75% stake in the Portuguese towers business of MEO, a subsidiary of Altice.
  • Represented Hutchison 3G UK in a dispute brought by BT and EE against Ofcom relating to 5G auction terms.
Next Generation Partners

Georgina Kon - Linklaters LLP

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Intellectual property
Intellectual property - ranked: tier 4

Linklaters LLP

Linklaters LLP has a breadth of experience across contentious and non-contentious matters encompassing a range of sectors including the healthcare, telecoms and technology, consumer goods, financial and insurance, and industrials arenas. Practice head Ian Karet, who attracts praise for his 'unique intellectual focus', has expertise spanning patent and trade mark disputes and commercial transactions, while Nemone Franks focuses on transactional and advisory work. Recently promoted counsel Natalie Ellerby is a name to note for trade mark disputes and licensing issues. Nigel Jones retired.

Practice head(s):Ian Karet

Other key lawyers:Nemone Franks; Natalie Ellerby

Testimonials

'Ian Karet can quickly review a complex situation and come up with a concise, often imaginative, solution or proposed course of action.'

'Natalie has a great attention to detail and appears to be excellent with managing the internal associates and day-to-day management of cases.'

'Linklaters intellectual property team provides a first-class service, which is faultless.'

Key Clients

Sanofi

Regeneron Pharmaceuticals

Shire Pharmaceuticals

Merck & Co., Inc.

Takeda Pharmaceuticals

Unilever

Nestlé

Dialog Semiconductor

AXA

GlaxoSmithKline

Work highlights

  • Advising Sanofi and Regeneron as co-defendants in a complex, high-value UK patent litigation action brought by Amgen relating to monoclonal antibodies.
  • Advised on the IP elements of Takeda Pharmaceutical's $62bn takeover offer for Shire.
  • Instructed by Merck & Co. to defend a long-running, high-profile trade mark infringement and breach of contract dispute against German-based Merck regarding the use of the 'Merck' name online.
  • Advised Unilever on the high-profile auction sale of its global baking, cooking and spreads business to KKR.
  • Assisting Dialog Semiconductor with the licensing of its power management chip technology and the transfer other assets to Apple.

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Pharmaceuticals and biotechnology
Pharmaceuticals and biotechnology - ranked: tier 3

Linklaters LLP

Linklaters LLP's healthcare practice is led by TMT/IP partner Marly Didizian and corporate partner Aisling Zarraga. It  offers a full service to its clients from corporate/M&A, commercial and funding to technology and IP in combination with a global network. It also handles investigations and data-protection issues in the pharmaceutical industry. Working with US and European colleagues, Yohan Liyanage focuses on IP and is handling a number of patent disputes. Georgina Kon assists clients from a technology perspective, including with data-protection issues.

Practice head(s):Marly Didizian; Aisling Zarraga

Other key lawyers:Georgina Kon; Yohan Liyanage

Work highlights

  • Continues to act for the Sanofi group and Regeneron Pharmaceuticals Inc. as co-defendants in a complex, high-value UK patent litigation action brought by Amgen. The dispute relates to a revolutionary new class of medical treatments that lower the level of cholesterol in the body.
  • Acting for Shire Pharmaceuticals in a complex UK patent litigation action brought  by CSL Behring. The dispute relates to the treatment of a rare, life-threatening blood disorder known as hereditary angioedema.
  • Acted as lead transaction counsel on Takeda Pharmaceutical Company's $62bn takeover offer for the innovative pharmaceutical company Shire plc.
  • Advising US-based Merck & Co in defending a long-running, high-profile trade mark infringement and breach of contract dispute against German-based Merck KGaA regarding use of the 'MERCK' name (the parties were originally part of the same company but are now separate).

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London: Transport

Rail
Rail - ranked: tier 1

Linklaters LLP

The broad rail offering at Linklaters LLP draws strengths from its leading corporate, finance, real estate and regulatory expertise to advise on a range of rail mandates, such as M&A, financing, construction, real estate, franchising, rolling stock and policy issues; it has the 'capacity to deploy teams from other areas to enhance the level of service delivered'. Its clients range from government bodies, rolling stock companies, regulators, sponsors and lenders, to financiers. The team is commended for its 'commercial focus, problem solving abilities; its very strong work ethic, and its highly professional and knowledgeable approach'. Its international expertise is evidenced by its lead role in advising the lenders on the $2.73bn project financing for the $4bn construction, refurbishment and operation of a 912km railway line through Mozambique and Malawi. Fiona Hobbs has a 'wealth of experience in the rail sector' and Charlotte Morgan is noted for her infrastructure expertise, while Stuart Rowson handles finance mandates in the sector.

Practice head(s):Fiona Hobbs; Charlotte Morgan

Other key lawyers:Stuart Rowson

Testimonials

'The team has unrivalled experience of the rail sector and of acting for the various parties active in the industry'.

'The team is strong on large, complex and multi-party transactions, where it is able to act with a view to the commercial and legal implications of transactions'.

'Fiona Hobbs' capacity to manage and deliver highly complex projects involving multiple parties in multiple jurisdictions with differing legal codes and complex interactions is remarkable, as is her deep knowledge of the rail sector'.

'The team can get transactions completed efficiently and without fuss; it is very focused on getting the work done'.

Key Clients

Ontario Teachers' Pension Plan Board

Borealis Infrastructure

African Development Bank

Export Credit Insurance Corporation of South Africa

Japan Bank for International Cooperation

Nippon Export and Investment Insurance

Assured Guaranty

Department for Transport

CK Asset Holdings

Italian-Thai Development

Work highlights

  • Advised Assured Guaranty as controlling creditor in connection with a substantial corporate reorganisation of Groupe Eurotunnel SE (Getlink).
  • The team is advising the Department for Transport on £2bn of additional funding to the Crossrail project (via loans to the Greater London Authority and TfL) and associated amendments to the existing sponsor arrangements.
  • The team is advising the DfT on the procurement of rolling stock to replace rolling stock on the East Coast Main Line and Great Western Main Line, respectively.
  • Advised CK Asset Holdings (as potential purchaser) on its bid for Network Rail’s commercial estate, comprising approximately 5,500 properties in England and Wales.
  • The team is advising Italian-Thai Development, as sponsor, on the development and project financing of a major rail and port project in Mozambique.
Leading individuals

Charlotte Morgan - Linklaters LLP

Fiona Hobbs - Linklaters LLP

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