Norton Rose Fulbright > London, England > Firm Profile

Norton Rose Fulbright > The Legal 500 Rankings

Corporate and commercial > Equity capital markets – small-mid cap Tier 1

Mid-market specialist Norton Rose Fulbright advises on the issuer and bank side of deals, with particular experience in the latter. The firm has an extensive global network and expertise across a range of sectors, notably the pharmaceuticals, REIT and real estate industries. The practice’s advice runs the gamut of equity and equity-related transactions, including FTSE 100, AIM and listed fund matters. Richard Sheen is a go-to name in the area and focuses on equity capital markets and investment funds work. Expert in IPOs, equity fund raisings and sponsor transactions Fiona Millington is recommended as ‘a safe pair of hands‘, and Clementine Hogarth is also active in the space - her fortes being ECM and corporate advisory work for public companies and investment banks. Raj Karia leads the group.

Finance > Islamic finance Tier 1

Led from London by the ‘fantastic‘ Farmida Bi, and also able to leverage significant resources from the firm’s Middle East offices, Norton Rose Fulbright has ‘great and broad experience’ across a range of Islamic finance techniques, often utilised to fund Sharia-compliant transactions in core areas of sector strength for the firm, including energy and transport. A ‘true specialist’ who is ‘very well-connected’, Bi is a popular choice among a number of high profile corporates, banks and sovereigns, including Pakistan’s Ministry of Finance – which she continues to advise on all its sukuk issuances. In addition, Bi, who was also recently named the firm’s global chair, has been at the forefront of efforts to utilise Islamic finance as a means of unlocking funding for ESG initiatives designed to promote the UN's Social Development Goals. Counsel Andrew Coote also continues to gain a strong name for himself in the market and regularly provides key support to Bi on mandates handled by the team. The arrival in March 2022 of Yusuf Battiwala from Dentons further strengthened the team.

Finance > Trade finance Tier 1

Norton Rose Fulbright has ‘a dedicated and knowledgeable team which is available around the clock and has excellent knowledge of trade finance and, specifically, work of IFIs‘. One client remarks that the firm’s finance practice has ‘peerless knowledge of trade finance documentation‘. Widely recognised as a go-to firm for commodity finance, derivatives and regulatory advice, the firm handles the full range of trading, trade finance, commodity physical supply contracts, shipping, futures documentation, regulatory investigations, fintech matters and disputes. It also has a major presence in the emerging area of sustainable finance. Nicholas Grandage and Andrew Wood (who is ‘a guru of trade finance, commercial in his approach‘) lead the practice. They both advised the European Bank for Reconstruction and Development (EBRD) on its award-winning Trade Facilitation Programme. Senior associates Tudor Plapcianu (who has ‘a mix of savvy technical knowledge, incredibly hard work and sheer personality’), Richard Wilkes and Mark Brighouse also have extensive experience in structured trade and commodity finance.

Finance > Transport finance and leasing Tier 1

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

Industry focus > Emerging markets Tier 1

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

Insurance > Insurance: corporate and regulatory Tier 1

Norton Rose Fulbright supports clients in relation to insurance M&A, regulatory matters, restructurings and insurtech issues. The team is also recognised for its Lloyd’s market and life sector expertise. Practice head James Bateson has a particular focus on cross-border M&A, joint ventures, distribution arrangements, restructurings, Part VII transfers, corporate governance and regulatory issues. Maria Ross handles transactional and regulatory insurance work, primarily within the life and reassurance sectors. Bob Haken specialises in discontinued businesses, restructurings, the Lloyd’s market and regulation. Nicholas Berry is recommended for his work in the insurtech space, while Matthew Foster has a growing reputation in handling insurance M&A. Noleen John  stepped down from partnership but remains active as a consultant to the practice. David Whear retired in 2022.

Projects, energy and natural resources > Mining and minerals Tier 1

Norton Rose Fulbright  is well known in the market for its top-tier financing expertise and offers clients ‘very deep project finance experience for metals and mining development in Africa'. The practice has recently been handling matters relating to the energy transition, including the mining of copper, cobalt, nickel, magnesium and lithium for use in electric vehicles and the clean energy sector. Martin McCann heads the team and is recommended for financing and restructuring work, while Raj Karia handles corporate matters for mining companies, investment banks and private equity investors. Daniel Metcalfe is another name for cross-border transactions with a focus on emerging markets. Senior associate Felicity Brown is another key practitioner.

Projects, energy and natural resources > Power (including electricity, nuclear and renewables) Tier 1

Norton Rose Fulbright is commended for its ‘deep renewables knowledge’ as the team advises across a range of practice areas including M&A, disputes, banking and finance. The practice has been active in climate regulation and policy work in addition to areas such as green bonds, corporate PPAs, CCUS and hydrogen projects. Rob Marsh heads the energy, infrastructure and natural resources team with support from Charles Whitney and Madhavi Gosavi who specialise in project financings. Julien Bocobza advises sponsors and lenders in the water and transportation sectors while Chris Down handles development and financing matters and Stephen Rigby is a go-to name for corporate finance mandates. Julien Bocobza has moved to White & Case LLP.

Real estate > Commercial property: corporate occupiers Tier 1

The ‘exceptionally talented team’ at Norton Rose Fulbright has demonstrable experience in energy, infrastructure and other long-term development projects, as well as social housing investment mandates and leverages its international network to advise on complex cross-border real estate matters. UK practice leader and leading Islamic finance specialist Wasim Khan has experience in acting for developers and banks in relation to waste to energy schemes, in addition to renewable energy and power projects, while global head of real estate Dan Wagerfield handles mixed-use developments and outbound capital from Asia. Louisa Roe, who was promoted to partner in January 2022, is praised as a ‘tour de force’ when acting for both landlords and tenants in leasing transactions, while Charlie Pinkerton advises on office and headquarter relocations. David Hawkins focuses on mixed-use developments and David Sinclair handles a range of projects in the office, hotel and infrastructure sectors.

TMT (technology, media and telecoms) > Fintech Tier 1

Norton Rose Fulbright’s multidisciplinary practice combines the firm’s strengths in the financial services and technology sectors; this allows for collaboration across the banking, insurance, financial services regulatory, IP/IT, corporate, payments, disputes and tax departments. The practice handles the breadth of work in the fintech space including advice on P2P platforms, payment systems, regtech and insurtech issues, artificial intelligence, smart contracts, blockchain and cryptocurrencies. Global head of fintech Sean Murphy advises on investments, acquisitions and joint ventures in the fintech sector. Co-head of payments Victoria Birch focuses on fundraisings, investments and acquisitions as well as the legal and regulatory issues relating to the deployment of blockchain and distributed ledger technology. Hannah Meakin leads the firm’s regulatory fintech offering and is also an expert in cryptocurrencies and tokens. Nicholas Berry completes the leadership team and oversees the insurtech practice. Beyond partner level, counsel Albert Weatherill is another key member of the department. Charlotte Rowlandson departed for Allen & Overy LLP in 2021.

TMT (technology, media and telecoms) > IT and telecoms Tier 1

In the technology space, Norton Rose Fulbright is well-known for acting on large-scale innovative projects, mandates involving emerging technology including AI and blockchain, regulatory matters, and digital infrastructure projects, as well as contentious matters. The telecoms team is also strong in assisting communications providers and financial institutions on a range of matters, including competition and regulatory advice, disputes, network sharing and outsourcing issues, and licence bids. Sean Murphy is head of the technology sector and global head of the firm’s fintech group, and has a thriving practice, assisting clients with international corporate matters in the technology space, as well as the development of technology for financial services. Oliver Stacey leads the communications group with substantial experience in handling M&A, joint ventures and fibre and cable projects, while James Russell leads the IT and outsourcing department with expertise in onshore and offshore technology. Daniel Metcalfe is also of note for his work in the telecoms space, especially regarding towers, cable and fibre issues, and data centre deals. Zayed Al Jamil moved to Clifford Chance LLP in May 2022.

Transport > Aviation Tier 1

Norton Rose Fulbright advises on a range of areas including aircraft transaction disputes, competition issues, Brexit matters, data protection work and insurance claims. The team also advises on the risk within operating leases, deals with EC261 claims and works for a number of airlines on disputes arising out of aviation cyber attacks. Patrick Farrell leads the contentious aviation practice with support from Annabelle Wheeler, while global head Duncan Batchelor handles a variety of commercial matters. Robin Springthorpe and Charlotte Winter focus on litigation and international arbitration proceedings. Ian Giles has expertise in antitrust and competition work, while Dan Cowdy advises on all aspects of aircraft acquisition, ownership and operation.

Corporate and commercial > Equity capital markets – mid-large cap Tier 2

Norton Rose Fulbright’s sweet spot is mid-market deals, particularly those related to emerging markets and the pharmaceuticals, REIT and real estate sectors. Other specialisms for the firm include energy, infrastructure, technology and financial services industry deals. Advising on the issuer and bank side, the practice is also recommended as ‘excellent at solving problems, combined with a real focus on the client and collaborating with other advisers’. Raj Karia leads the practice and can call on the expertise of Thomas Vita, whose strength is advising on international securities transactions and London ECM work.

Corporate and commercial > Financial services: contentious Tier 2

Norton Rose Fulbright, hailed by one client as a ‘superb, world-class firm with outstanding ability at all levels’, is especially well-regarded for its sanctions, market abuse, AML, authorisation and permission, ESG, financial promotion, fraud and whistleblowing capabilities. Katie Stephen is also regarded as a market leader for s166 reviews, money laundering issues, retail mis-selling work, consumer credit matters and market disclosure affairs, having garnered experience before the FCA, Ofgem, PRA, FRC and AIM, among many other regulators. Elsewhere, David Harris, who co-heads the team alongside Stephen, has a distinguished level of proficiency in cross-border investigations and has overseen a number of parallel investigations which intersect the DoJ and SEC in the US.

Corporate and commercial > Financial services: non-contentious/regulatory Tier 2

Norton Rose Fulbright leverages ‘deep knowledge of fintech, digital assets and blockchain technology’, among other areas. The practice is equipped to act across both the wholesale and retail financial services sectors, honing its focus on governance, conduct and market affairs. Jonathan Herbst is renowned for his knowledge of bank structuring, commodity derivatives, custody and relevant M&A considerations, while Hannah Meakin is a go-to for fintech, commodities derivatives and market infrastructure mandates; the pair co-lead the team alongside Katie Stephen who fronts the complementary contentious practice. Imogen Garner leads the buy-side offering, catering to asset and wealth managers, custodians and depository banks, while, at counsel level, Matthew Gregory serves as a policy development specialist, having previously been seconded to HM Treasury. Albert Weatherill garners praise as an ‘expert in the crypto space‘.

Corporate and commercial > VAT and indirect tax Tier 2

Norton Rose Fulbright covers an array of corporate and finance transactions with VAT considerations, including advising clients on the impact of Brexit and import and export of goods. Dominic Stuttaford leads the team and regularly advises insurers on Insurance Premium Tax in relation to increases in IPT rates. Chris Bates brings more than 30 years of experience in financial transactions related to transport, property and IP, amongst other areas.

Crime, fraud and licensing > Fraud: civil Tier 2

Norton Rose Fulbright has 'lawyers of the highest quality at all levels with a particularly strong, new generation of partners‘. The team’s fraud and asset tracing expertise also encompasses knowledge of insolvency, white-collar crime, cyber-fraud, and bribery and corruption mandates. Ruth Cowley leads the firm’s commercial disputes and investigations practice. Barrister Harriet Jones-Fenleigh is a specialist in ancillary relief measures, while Radford Goodman is often sought out by banks and insolvency practitioners. James Lockwood was promoted to partner in January 2022.

Dispute resolution > Commodities disputes Tier 2

Norton Rose Fulbright has ‘a fantastic commodities disputes practice with some market leading partners, and it is involved in some of the most high-profile cases‘. The firm ‘provides well-resourced teams that are very able to handle the most complex litigation in this field‘. In the disputes and litigation practice led by the ‘unflappable, disarmingly intelligent‘ Holly Stebbing, commodities are a key focus. The firm provides legal advice across the commodities supply chain to financial institutions, commodity trading houses, national and international mining and energy companies. Stebbing focuses on disputes in the energy and natural resources sector, particularly on Africa, while Ruth Cowley, Antony Corsi, international arbitration specialist James Rogers and commercial litigator Harriet Jones-Fenleigh are among the partners for whom commodities constitutes a significant proportion of their caseload.

Employment > Pensions (non-contentious) Tier 2

Norton Rose Fulbright's lawyers receive plaudits from clients for their 'breadth and depth of experience, ability to draw on different competencies across the team, pragmatic approach, connections in the market'. The group is able to assist employers, trustees, insurers, lenders and providers with the spectrum of pensions issues, with an active pensions-related transactions practice, an employer advisory workstream that involves funding negotiations, trustee engagement and information sharing, as well as liability management and de-risking. On the trustee side, the team advises on all legal aspects of the administration and management of schemes, with particular expertise in regulatory issues. Lesley Browning  heads the department, with a varied practice that includes day-to-day regulatory and governance issues, corporate transactions and matters relating to scheme mergers and custody agreements. Shane O’Reilly  is also well-regarded for regulatory and transactional issues, and has recent experience in GMP equalisations. In July 2021, the group was joined from the pensions regulator by counsel Graeme Tricker.

Finance > Asset based lending Tier 2

The ‘practical and extremely user-friendly’ team at Norton Rose Fulbright has ‘excellent knowledge of ABL market trends’, a corollary of its impressive deal flow in the domestic and international markets. This work runs the gamut, ranging from relatively commoditised bilateral working capital facilities, through to structured financings where the ABL product sits alongside high yield bonds and conventional lending facilities. Praised for his ‘in-depth knowledge of ABL and cross-border lending’, team head Michael Black takes the lead on many of the most significant mandates, a significant proportion of which are generated from his close relationship with core US funders JP Morgan, Wells Fargo and Bank of America.

Finance > Debt capital markets Tier 2

The debt capital markets practice at Norton Rose Fulbright is 'up-to-date with market trends and practices' with one client remarking that the practice is 'highly organised, professional and responsive'. The firm has a broad practice that encompasses investment grade and emerging markets debt, transactions for sovereign and supranational issuers, project bonds, debt restructuring, corporate trust matters, Islamic finance and a niche Canadian debt issuance practice. Practice head Peter Young handles debt offerings under both English and New York law. Farmida Bi is now global chair of the firm, and focuses on sustainability and corporate social responsibility. In the DCM space, her work is predominantly concerned with corporate trustee advice, sovereign debt, project bonds and restructurings. Peter Noble is best known for advising Canadian issuers and their dealers in the international debt markets, though he has a broader European DCM practice. Emerging partner talent Kirstin Russell acts for corporate trustees and agents in the UK, US and Asia on a wide range of debt instruments.

Finance > Derivatives and structured products Tier 2

Norton Rose Fulbright acts predominantly for global investment banks, among them JP Morgan and Bank of America Merrill Lynch, though it frequently advises Asia-Pacific, Middle Eastern and Islamic banking clients. Peter Young leads the capital markets group, in which the derivatives and structured products practice sits. The ‘responsive and pragmatic‘ Nigel Dickinson is the key partner in that practice and he stands out for his advice on swap bifurcations, TRS and repo financings, CLO hedging and repackaging transactions. He assisted JP Morgan as swap counterparty on a securitisation which comprised the issuance of seven classes of collateralised notes linked to an underlying portfolio of UK auto loans. Yusuf Battiwala, who joined from Dentons, brings extensive experience in derivatives, structured finance and Islamic finance practice. Clients note that he ‘is able to combine conventional derivatives expertise with sharia principles and so is one of the best advisors for Islamic structured products‘. The practice also features covered bond and structured finance partner David Shearer, market infrastructure, derivatives and fintech specialist Hannah Meakin and global head of financial services regulation Jonathan Herbst. Daniel Franks moved to Ashurst in 2022.

Finance > Securitisation Tier 2

Norton Rose Fulbright has a strong focus on residential mortgage-backed transactions, both domestic and cross-border, though it is also recognised for its expertise in covered bonds, trade receivables and SME lending. David Shearer leads the practice and clients remark that he ‘has a keen eye for detail and his advice is always very helpful without being overly dogmatic‘. He acted for Al Rayan Bank in the successful redemption and unwinding of its groundbreaking £250m sharia-compliant UK RMBS Tolkien Funding Sukuk No.1 plc. He also assisted Africa Finance Corporation with the securitisation of its participation in a loan facility through a platform established by Tradeteq. The vastly experienced Sandrine Sauvel is highly regarded by her peers for advising arrangers, originators, trustees, rating agencies and monoline guarantors. Counsel Rae Parsons is lauded by clients for her work on receivables financings, RMBS, auto-lease receivables, and credit card receivables structures. She worked with Shearer on the amendment and restatement of a note purchase facility for 777 Partners.

Industry focus > Hospitality and leisure Tier 2

Norton Rose Fulbright utilises its global network of offices throughout Europe, the US, Canada, Asia, Australia, Africa and the Middle East to provide its clients with advice across the full spectrum of hospitality and leisure matters. Areas of expertise include branding, construction, franchising, IP, operations, planning and sustainability. The team is also well equipped to deal with matters concerning various asset classes. The practice is led by Wasim Khan. Having worked in the Dubai and Bahrain offices, Khan has a sound understanding of investor clients from the Middle East. He has a strong track record of acting for development, investment, financing and occupier clients.

Industry focus > TMT Tier 2

The cornerstone of Norton Rose Fulbright‘s TMT offering is its technology consulting practice, established in 2021 with the hire of Madeline Bailey and co-headed by Bailey and Peter McBurney. Through the team, the firm provides in-depth strategic support to clients looking to take advantage of emerging technologies, including those on the cutting edge of innovation such as blockchain, cryptocurrencies, and AI. The technology team is headed up in EMEA by Sean Murphy, who helms a practice with expertise ranging from corporate finance and M&A deals to data and fintech work. Also in the technology space, James Russell leads on matters relating to outsourcings, while Oliver Stacey heads up the UK telecoms team. Competition lawyer Caroline Thomas is also noted.

Insurance > Professional negligence Tier 2

Norton Rose Fulbright's team 'combine a high degree of legal expertise, litigation strategy and good commercial judgement'. Its lawyers handle high value claims, with a focus on the financial services and insurance sectors. The London team is able to draw on substantial support from the wider firm's vast global network, which spans Europe, the US, Asia, Australia, Canada, Africa, the Middle East and Latin America. Katie Stephen, ‘undoubtedly one of the best financial service practitioners in the City‘ and Michelle George, with over thirty years’ experience, regularly handle high value and complex commercial cases. Mike George is seen as 'a real rising star for the future.'

Investment fund formation and management > Listed funds Tier 2

Norton Rose Fulbright‘s team advises asset and wealth managers on every aspect of their listed funds, including formation, regulatory issues, as well as M&A of asset management businesses. The group is increasingly active in advising on funds investing in real asset classes such as energy, infrastructure and transport, as well as debt and insurance products. In addition to IPOs, lawyers at the firm has experience in secondary fundraisings, as issuer’s and banks’ counsel. Practice head Richard Sheen is noted for his expertise in the launch and structuring of investment funds and equity capital markets transactions, also areas of expertise for Ian Fox and Mark Lloyd Williams. Senior associate Margaret Simcock  is another practitioner of note.

Projects, energy and natural resources > Infrastructure Tier 2

The energy, infrastructure and natural resources team at Norton Rose Fulbright services a wide range of sectors and geographies, utilising the firm’s large international network. It is particularly strong in emerging markets and has a strong track record of projects work in Africa, where it acts for sponsors, developers, contractors, operators, financial institutions and institutional investors.  Martin McCann is a name to note for debt financing, greenfield projects and restructuring. Daniel Metcalfe is another key financing practitioner with experience in multi-source and multi-tranche facilities and, at the more junior end of the team, senior associate Melusi Dlamini is a name to note for PPPs and PFIs, social infrastructure and renewable energy projects. Nicolas Sirtoli was promoted to partner.

Projects, energy and natural resources > Oil and gas Tier 2

The energy, infrastructure and natural resources team at Norton Rose Fulbright is well placed to handle cross-border work by virtue of its large international network and the firm has a strong record in both developed and emerging markets. It has recently been handling a number of LNG mandates, advising on the full life cycle of projects, from inception, to financing, to operational and commercial matters. Rob Marsh heads the team which includes Holly Stebbing, a key name for litigation and disputes. Alistair Black joined from Dentons in November 2021 and brings development and finance expertise and experience in a range of energy projects. Nick Prowse left for an in-house role at Luton Rising and Neil Miller retired.

Real estate > Commercial property: development Tier 2

The ‘exceptionally talented team’ at Norton Rose Fulbright has demonstrable experience in energy, infrastructure and other long-term development projects, as well as social housing investment mandates and leverages its international network to advise on complex cross-border real estate matters. UK practice leader and leading Islamic finance specialist Wasim Khan has experience in acting for developers and banks in relation to waste to energy schemes, in addition to renewable energy and power projects, while global head of real estate Dan Wagerfield handles mixed-use developments and outbound capital from Asia. Louisa Roe, who was promoted to partner in January 2022, is praised as a ‘tour de force’ when acting for both landlords and tenants in leasing transactions, while Charlie Pinkerton advises on office and headquarter relocations. David Hawkins focuses on mixed-use developments and David Sinclair handles a range of projects in the office, hotel and infrastructure sectors.

Real estate > Construction: non-contentious Tier 2

The non-contentious construction offering at Norton Rose Fulbright is known for its deep sector focus in relation to infrastructure, civil structures, office blocks and hotels. It is also a strong practice for student accommodation projects, acting for funders both domestically and internationally. Matthew Hardwick leads the team, with particular expertise in the transport, social infrastructure, and waste sectors. Andrew Buisson specialises in PFI/PPP concession arrangements, project-financed and conventionally-funded construction contracts, as well as operation and maintenance agreements in the infrastructure, construction, and engineering sectors. Matt Hacking‘s practice offers a particular focus on African jurisdictions, advising on development and financing of large-scale projects in the mining, energy and infrastructure sectors.

Real estate > Environment Tier 2

Norton Rose Fulbright’s international network and expertise in multiple sectors of environmental law means the firm can work in some of the largest multi-jurisdiction cases in this area. The team’s domestic workload also encompasses some of the largest remediation and infrastructure development projects in the UK. The environment, safety and planning team is led by three specialist partners: ‘hugely experienced’ Caroline May, who chairs the Law Society Working Group on climate change; Sarah Fitzpatrick, a planning specialist who brings experience of environmental issues including habitat and species protection; and Laura Kiwelu, who works with the team on crossover renewable energy and carbon finance projects and has recently been promoted to partner. It also counts on the expertise of ‘clever and pragmatic’ special counsel Lucy Bruce Jones, whose workload includes the environmental aspects of project developments and transactions. Andrew Hedges departed the firm in November 2021.

Risk advisory > Corporate governance Tier 2

Norton Rose Fulbright is notably strong in UK Modern Slavery Act (MSA) compliance and other human rights issues and offers high-level advice on criminal and regulatory investigations. Its broad practice also provides advice on board-level governance issues, shareholder matters, risk management and regulatory matters to corporate clients and financial services companies. The team is headed up by Jon Perry and David Harris; Perry handles a range of corporate work, including cross-border transactions, with a focus on the commodities, mining and financial services sectors, and Harris is recommended for civil and criminal law investigations and proceedings before domestic and international authorities. Claire O’Donnell is a name to for governance and ethics issues, while Jonathan Herbst is recommended for UK and EU financial services law and regulations.

Risk advisory > Data protection, privacy and cybersecurity Tier 2

Norton Rose Fulbright‘s ‘practical, friendly and commercially-aware’ team regularly handles GDPR work, cyber incident responses and investigations on behalf of large corporates operating across the tech, financial services, aviation, life sciences and automotive industries. Recently, it has been increasingly busy with global compliance projects and matters related to Schrems II. The practice’s leadership is split between Marcus Evans, who has extensive experience in advising on multi-jurisdictional outsourcing deals, and Ffion Flockhart, whose expertise spans cyber risk management, incident responses and investigations. Another key name is Lara White, who is recommended for privacy compliance, sourcing contracts and IT arrangements.

Risk advisory > Regulatory investigations and corporate crime (advice to corporates) Tier 2

Norton Rose Fulbright brings to bear its multijurisdictional regulatory investigations, international trade, and white-collar criminal defence expertise in acting for an array of major global corporates and financial institutions throughout high-profile and complex proceedings, including SFO and FCA investigations, prosecutions by UK and US enforcement agencies, and internal compliance reviews relating to financial services regulations, ESG, and other emerging issues. The practice, led by the experienced duo of Patrick Bourke and Neil O’May, offers a broad range of experience, with key names including Ruth Cowley, who combines litigation and investigations expertise, David Harris, who handles regulatory compliance and cross-border investigations relating to financial crime, and Andrew Reeves, a go-to for cross border compliance work who is increasingly active on the sanctions front. Counsel Stuart Neely focuses on internal compliance investigations relating to bribery and corruption, money-laundering, fraud and ESG issues, while senior associate Claudia Culley handles high-profile mandates for financial institutions and corporates relating to regulatory breaches. Lista Cannon has moved into a senior consultant role.

Transport > Rail Tier 2

Norton Rose Fulbright has a broad client base that includes governments, rail companies, transport authorities and other companies such as cargo and rolling stock owning companies as well as train operating companies, manufacturers and leasing companies.  It has considerable international expertise and the group frequently advises on many high-profile rail transactions both in the UK and globally. The full service offering is now headed by Andrew Buisson. There have been changes to the practice with the departures of Simon Gwynne to Addleshaw Goddard and Tom Johnson to Freeths LLP, but Susanna Rogers remains a key member of the team and is highly rated for her considerable experience in advising on competition and regulatory matters in the rail sector; and counsel Louise Auty is also active in the field.

Corporate and commercial > Corporate tax Tier 3

Norton Rose Fulbright‘s ‘very knowledgeable team’ provides advice the spectrum of corporate and finance transactions. Dominic Stuttaford is head of tax for Europe, Middle East and Asia and Brazil, and has a non-contentious practice focused on transactions and corporate-reorganisations. Matthew Hodkin  covers tax structuring matters both in the UK and internationally, and has a focus on the transport and renewable energy sectors. Michael Alliston advises on M&A transactions as well as financings and asset sales. Julia Lloyd was promoted to partner in January 2021, and focuses on the tax elements of real estate financing and transactions.

Corporate and commercial > EU and competition Tier 3

Norton Rose Fulbright's competition team has an ‘international span‘ and displays broad strength and expertise, with particular focus on financial institutions, consumer brands, transport and energy. Mark Simpson, who has more than 20 years experience, leads the London team ,while Ian Giles heads up the practice across the EMEA region.  The practice is expanding in the areas of competition litigation and contentious regulatory work. Growth in the area of litigation was reflected in the promotion of Helen Fairhead to partner in January 2022, while the firm has recently added Bloomberg and Ritchie Bros. as clients.

Crime, fraud and licensing > Fraud: white-collar crime (advice to individuals) Tier 3

Norton Rose Fulbright leverages its international network to act on a range of complex domestic and global regulatory investigations and enforcement proceedings, representing individuals involved in major SFO investigations and cross-border enforcement actions. The firm combines its multijurisdictional reach with notable criminal defence capabilities - a number of senior team members able to represent clients throughout the criminal process, from initial notifications and interviews under caution through to trial. Areas of strength for the firm include fraud, market abuse, and corruption allegations, with involvement in standout LIBOR and EURIBOR investigations. The practice is led by specialist regulatory and corporate crime practitioner Neil O’May, who has notable expertise in DPAs and a successful record in domestic and international defence proceedings on behalf of high-profile individuals, alongside Pamela Reddy, who is regularly involved in high-profile financial crime and regulatory cases. Katie Stephen also offers in-house FCA expertise to clients facing market abuse and money laundering allegations.

Dispute resolution > Banking litigation: investment and retail Tier 3

Norton Rose Fulbright frequently acts for prominent banks including HSBC, Citibank and BNP Paribas in litigation ranging from the enforcement of loans to allegations of anti-competitive behaviour. The team is instructed to represent banks as both claimants and defendants, including defending them against group claims, and regularly handles cases involving significant reputational risk. The group’s work on competition-related claims encompasses follow-on litigation and the banking litigation group works closely with the firm’s competition law team to act on these matters. Harriet Jones-Fenleigh has experience of handling very high-profile disputes, including litigation involving sovereign states, while Radford Goodman has a broad practice across insolvencies, defaults and fraud claims. Consultant Matthew Waudby has a particular focus on derivatives-related disputes. James Lockwood was made up to partner in January 2022, while Michael Godden departed the firm in March 2022.

Dispute resolution > Commercial litigation: premium Tier 3

Norton Rose Fulbright stands out for its ‘sheer breadth and depth of experience‘; with the team well placed to handle matters ranging from complex contractual claims and M&A disputes to civil fraud. The team’s leadership comprises ‘litigation superpower‘ Ruth Cowley, who heads up the commercial disputes and investigations offering, and ‘hugely talented‘ Patrick Bourke, who oversees the EMEA-wide dispute resolution group. Among the other capable practitioners within the department, Antony Corsi and Andrew Judkins are particularly recommended – with one client describing them  as 'a formidable team’.

Dispute resolution > Competition litigation Tier 3

Norton Rose Fulbright fields an ‘exceptionally dedicated and hardworking‘ team which has contentious capabilities spanning the worlds of financial services, telecoms, energy, utilities, and aviation. The antitrust and competition department is jointly chaired by EMEA head Ian Giles, a noted aviation expert, and Mark Simpson, a specialist in consumer markets. Caroline Thomas is noted for her broad TMT acumen, while Susanna Rogers‘ regulatory focus is especially concentrated in the electricity sector, where she regularly submits appeals to the CMA. The ‘highly impressive’ Helen Fairhead, who was promoted to partner in January 2022, acts for both claimants and defendants in banking and telecoms matters. Senior associates Jason Logendra and Amanda Town are also recommended.

Dispute resolution > International arbitration Tier 3

Norton Rose Fulbright‘s core team acts for financial institutions, corporations, governments and state-owned entities from sectors such as financial institutions, energy, infrastructure, technology, life sciences and healthcare. Arbitration head Sherina Petit is highly focused on India-related matters; James Rogers acts in arbitrations seated in Europe, the US, Asia and the Middle East (in addition to London); Patrick Bourke is ‘a brilliant strategist‘; and Holly Stebbing focuses on disputes in the energy, infrastructure and natural resources sectors. Matthew Buckle was recently made partner; and at associate level senior Joseph Bentley and India Furse are experienced team members.

Dispute resolution > Tax litigation and investigations Tier 3

Norton Rose Fulbright has extensive experience in advising taxpayers in relation to tax authority investigations, negotiations with tax authorities, public law remedies and matters before the major UK courts and tribunals. The team also carries out work with an international element including challenges to international group structures and tax residence. Practice head Dominic Stuttaford is an experienced tax litigator while Chris Bates is regularly instructed on HMRC investigations. Michael Alliston advises taxpayers on tax governance and compliance matters.

Employment > Employee share schemes Tier 3

Norton Rose Fulbright is particularly known for its expertise in advising financial sponsors and private equity-backed companies on the design and implementation of  incentives arrangements, with a focus on the fintech industry. Benefiting from the firm's international network, the group often handles the share plan aspects of major transactions, including corporate reorganisations, M&A and rights issuances. Leading the team is employee benefits and executive compensation specialist Matthew Findley , who is described by one client as 'one of the best professionals in relation to share schemes'.

Employment > Health and safety Tier 3

Norton Rose Fulbright‘s London health and safety team forms part of the firm’s global network of health and safety specialists, giving the firm a broad and specialised offering. The firm provides advice in all areas of health and safety, including regulatory investigations, criminal and civil law, judicial review and public health advice. Team leader Caroline May has extensive experience in both contentious and non-contentious health and safety, especially for clients in the energy, transport and construction sectors, representing large corporate clients within these sectors.

Finance > Bank lending: investment grade debt and syndicated loans Tier 3

Benefitting from well-established banking relationships, as well as a growing corporate client base, Norton Rose Fulbright has an excellent perspective of the commercial and legal needs of both lenders and borrowers, particularly in the context of multi-jurisdictional syndicated lending transactions. In this context, the team is particularly well-suited to advising on emerging markets matters (in Africa and Latin America – where it has resources in several key offices) often involving both commercial and export credit-backed debt. Much of this work takes place within the energy sector, an area that Neha Khosla has developed a particular strength, including on behalf of lenders providing financing to oil and gas companies and on reserves based lending facilities in the upstream space. Team head Michael Black is also very adept at advising lenders on cross-border corporate lending, particularly where ABL facilities are also utilised.

Insurance > Insurance and reinsurance litigation Tier 3

Norton Rose Fulbright has strong relationships with London based insurers and owing to its global presence, is a popular choice for overseas clients for high-value multi-party claims involving multiple jurisdictions. The practice demonstrates expertise in financial lines, property, general liability, professional indemnity D&O insurance and aviation. Moreover, it continues to expand its offering in large-scale data breaches, climate change/ESG and trade credit. Practice head Michelle George and senior consultant Adrian Mecz are the figures to note.

Real estate > Commercial property: investment Tier 3

The ‘exceptionally talented team’ at Norton Rose Fulbright has demonstrable experience in energy, infrastructure and other long-term development projects, as well as social housing investment mandates and leverages its international network to advise on complex cross-border real estate matters. UK practice leader and leading Islamic finance specialist Wasim Khan has experience in acting for developers and banks in relation to waste to energy schemes, in addition to renewable energy and power projects, while global head of real estate Dan Wagerfield handles mixed-use developments and outbound capital from Asia. Louisa Roe, who was promoted to partner in January 2022, is praised as a ‘tour de force’ when acting for both landlords and tenants in leasing transactions, while Charlie Pinkerton advises on office and headquarter relocations. David Hawkins focuses on mixed-use developments and David Sinclair handles a range of projects in the office, hotel and infrastructure sectors.

Real estate > Construction: contentious Tier 3

Norton Rose Fulbright‘s team of contentious experts advise a range of clients in the construction and engineering industry, including developers, employers, contractors, and other stakeholders. It is active in a range of sectors, including infrastructure, commercial and industrial real estate, energy, transport and logistics. It also has strength in the PFI/PPP arena. Donald Warnock and Simon Ramsden lead the team. Warnock has extensive experience advising on major construction and engineering projects, whilst Ramsden specialises in investment treaty and international arbitration alongside other forms of dispute resolution. James Rogers is also noted for his international arbitration experience.

Real estate > Property finance Tier 3

Norton Rose Fulbright has a global footprint with 58 international offices, and the London team is therefore well placed to undertake cross-border mandates for major banks and sponsors. It handles senior debt financings, mezzanine structures, development financing, and large-scale mixed-use regeneration projects. Dan Kennedy and Sarah Cullen jointly lead the ‘strong real estate finance practice’; Kennedy is strong in the aforementioned development and regeneration financing projects, and Cullen has a broad practice, advising on office, residential, retail, logistics, and student accommodation asset classes. Jennie Dorsaint has expertise in acting for lenders, arrangers, investors, administrators and debt funds.

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

Steered by EMEA head Raj Karia, Norton Rose Fulbright‘s ‘outstanding’ team is well regarded for the depth of its international network and capabilities in big-ticket transactions – most notably in the energy space. Global banking head Alan Bainbridge works with a number of financial institutions on strategic deals, with noteworthy recent engagements related to the aviation and infrastructure sectors. Paul Whitelock – who co-chairs the public M&A group – and the ‘brilliant’ Kit McCarthy are recommended for their expertise in LSE Main Market and AIM takeovers, while the ‘fantastic’ Jon Perry’s capabilities are concentrated in food, commodities, and mining. A host of issuers and investment banks regularly turn to Fiona Millington for assistance in cross-border sponsor transactions, whereas Bayo Odubeko is a key port of call for high-value emerging market deals across the worlds of oil and gas, financial services, and telecoms.

Corporate and commercial > Private equity: transactions - mid-market deals (up to £250m) Tier 4

Norton Rose Fulbright has a broad private equity practice in London, which is regularly leverages the wider firm’s expertise in the insurance sector to handle transactions and fundraisings involving companies in this market. Nicholas Berry has a particular focus on the insurance sector, while practice co-head Sophie O’Connor also handles insurance-related deals alongside acting for funds and management teams on a range of PE matters. Fellow co-head Bayo Odubeko is noted for his focus on emerging markets. David Marshall left in early 2022 forBaker Botts (UK) LLP.

Employment > Employers Tier 4

Multi-national businesses, especially those operating in the tech, life science, transport and energy sectors, utilise Norton Rose Fulbright's London office as a platform and footprint for a wide range of global employment and HR legal issues. Head of EMEA employment department, Paul Griffin has a well-earned reputation for international employment issues. Catrina Smith also handles matters with an international element and is recommended for TUPE, remuneration issues, whistle-blowing and discrimination claims.  

Employment > Pensions: dispute resolution Tier 4

Norton Rose Fulbright fields a multi-disciplinary pensions disputes and investigations group, bringing together pensions lawyers with colleagues from the litigation, financial restructuring, insolvency and consulting departments. The team focuses on representing trustee and employer clients, in cases regarding the running of a scheme, documentation, and internal and ombudsman complaints. Patrick Bourke takes the lead, also coordinating the wider EMEA practice. Lesley Browning has recent experience in negotiations with trade unions and investigations initiated by the pensions regulator, while Katie Stephen is the name to note for financial services contentious regulatory matters, often acting in pensions-related matters.

Real estate > Planning Tier 4

The ‘highly experienced’ Sarah Fitzpatrick leads the planning team at Norton Rose Fulbright with ‘clarity and a good strategic mind’. The firm is known for advising a host of clients including energy companies, institutional investors and small and medium-sized developers on mixed-use schemes. ‘Stand-out planning solicitor’, senior associate Carina Wentzel, has expertise in advising on contentious matters, another of the firm’s strengths.

Real estate > Property litigation Tier 4

The team at Norton Rose Fulbright advises a vast array of clients including investors, developers, landlords, financial institutions, joint venture partners and corporate occupiers. In addition to contentious property advice and representation, the team is also well equipped to handle alternative dispute resolution, including mediation. David Stevens is well regarded for his expertise in tenant insolvency, service charges, overage disputes and forfeiture. He heads the practice.

TMT (technology, media and telecoms) > Intellectual property: trade marks, copyright and design Tier 4

Norton Rose Fulbright‘s UK IP practice covers a wide range of non-contentious matters, including commercial licensing agreements, disposals, acquisitions, and IP issues related to M&A. Commercial IP specialist Mike Knapper leads the practice, regularly advising on portfolio structuring issues, licensing mandates, technology transfers and other related matters in the life sciences, energy and technology sectors. Paul Joseph  has recently moved to Linklaters LLP.

Transport > Shipping Tier 4

Praised for its ‘strong holistic shipping practice’, Norton Rose Fulbright covers a wide range of shipping-related matters. The impact of Covid-19, decarbonisation, and sanctions are among the areas of expertise of the team led by ‘seasoned litigator’ Philip Roche. Asset finance litigation and other contentious matters are regularly handled by Charlotte Winter, often on behalf of banks, financiers, shipyards, and owners in shipbuilding. Katie McDougall specialises in sanction-related work including risk assessments and compliance procedures.

Corporate and commercial > Venture capital Tier 5

Drawing upon its broader corporate finance/private equity credentials, as well as being able to avail itself of a multi-disciplinary approach whch feeds into regulatory and IP expertise, in particular, Norton Rose Fulbright has strong credentials among investors and investees in relation to venture capital and growth equity mandates. Fintech/insurtech is a particular sector strength, an area that the firm is able to add value by virtue, not only of its transactional strength in the area but also its regulatory knowledge. Global head of the fintech practice Sean Murphy is particularly well-suited to advise both funds and start-ups in the sector and is able to draw upon a deep well of experience in the space, including during a period spent in Silicon Valley with a leading US law firm. Emerging markets venture capital work is also a strength, an area that Bayo Odubeko is particularly adept, primarily in relation to Africa-based mandates. Victoria Birch and Sophie O’Connor co-head the team.

Finance > Acquisition finance Tier 5

The 'commercial and collaborative' banking team at Norton Rose Fulbright handles a significant amount of acquisition finance work for commercial/investment banks and corporates. Much of this work is of a multi-jurisdictional nature (including within emerging markets) and also often includes complex and highly bespoke structuring, with core leveraged financing capabilities sitting alongside specialised product experience including asset based lending facilities (ABL). Michael Black  has 'in-depth knowledge of ABL and cross-border lending' and is a key member of a team that also includes the 'pragmatic and considered' James Dunnett , who has niche expertise advising financial advisers on cash confirmations pursuant to public M&A.

Finance > Corporate restructuring & insolvency Tier 5

Often working across the firm’s core sectors such as transport, energy and financial services, Norton Rose Fulbright‘s industry targeted restructuring and insolvency team excels in handling contentious and non-contentious cross-border matters for IPs, distressed investors, banks and corporates. James Stonebridge is noted for his expertise at handling shipping/offshore restructuring matters and heads up a ‘strong’ team that also includes the ‘technically and commercially very strong’  Mark Craggs and Alison Goldthorp, who displays ‘an entrepreneurial mindset‘ on behalf of directors, IPs and creditors.

TMT (technology, media and telecoms) > Media and entertainment (including media finance) Tier 5

TMT (technology, media and telecoms) > Intellectual property: patents (contentious and non-contentious) Tier 6

Norton Rose Fulbright‘s UK patent practice is led by commercial IP expert Mike Knapper. The team also engages in contentious work, with recent highlights including advising Shell on a patent infringement claim in relation to Pay at Pump technology. Notable at a non-partner level are Farah Mukaddam who was recently promoted to counsel, and senior associate Alex Redbourne. Paul Joseph has left the firm for Linklaters.

TMT (technology, media and telecoms) > Sport Tier 6

Norton Rose Fulbright is experienced in the acquisition and disposal of sports franchises, negotiation of sponsorship deals, stadium financings and developments, and regulatory investigations. Corporate lawyer and practice head Stephen Rigby has developed a niche advising overseas investors into UK football clubs, as well as handling more general sporting and commercial matters.

India > Foreign firms Tier 3

Norton Rose Fulbright has a notable practice in the energy sectors, especially regarding disputes. Sherina Petit heads the India-focused practice from London, working with key practitioners, Stephen Begley, Raj Karia, Selene Tan and Aditya Rebbapragada.

Latin America: International firms > Banking and finance

Norton Rose Fulbright has achieved further growth in restructurings and general lending for Brazilian and international banks, along with a notable uptick in ESG and sustainability-linked loans. The firm continues to be at the forefront of rail and metro financings across Latin America and remains active in renewable energy financings in Mexico and elsewhere. Its presence in Sao Paulo and Mexico City is complemented by its US offices, particularly New York and Washington DC, which have teams strongly focused on Latin America. Moreover, its London and other European offices, are integral to international bank relationships that bring the Latin America team a wealth of engagements. Sao Paulo managing partner Charles Johnson has spent more than two decades in Brazil, specialising in structured trade finance, project finance, asset finance and restructurings. Michael McCourt is another key partner in Sao Paulo, along with Daniel Spencer, who is a leader in infrastructure finance across Latin America. Sao Paulo counsel Caspar Davey, a fluent Mandarin speaker, has had a pivotal role in representing Chinese banks and sponsors in Latin America infrastructure financings, particularly in the rail sector. Raquel Bierzwinsky splits her time between New York and Mexico City, and specialises in project finance in Mexico, particularly in the renewable energy field. Washington DC partners Sarah Devine, a Spanish speaker, and Jeremy Hushon, hold strong connections to a wealth of agency lenders that are active in Latin America. London partner Giles Brand is active in offshore oil and gas financings in Brazil.