Cravath, Swaine & Moore LLP > London, England > Firm Profile

Cravath, Swaine & Moore LLP

Finance > High yield Tier 1

Cravath, Swaine & Moore LLP is a firm that focuses exclusively New York law deals, predominantly for issuers, though it is also active on the underwriter side The firm has ‘perfect knowledge and understanding of existing documentations and market practices, strong negotiation skills, and the ability to innovate to reach the best possible deal for the client‘. It has has notable expertise in executing complex, cross‑border high yield bonds issued in multiple currencies. London managing partner and co-head of EMEA capital markets Philip Boeckman is ‘a very commercial, pragmatic and knowledgeable individual‘ and clients remark that he is ‘consistently available, calm and solution-focused‘. Key partner George Stephanakis represented the initial purchasers in a £500m 144A/Reg S high-yield senior secured notes offering of Bellis Acquisition Company plc, of which Asda is a subsidiary. Alyssa Caples represented Picard Groupe S.A.S., Lion/Polaris Lux 4 S.A. and Picard Bondco in connection with a €1.71bn 144A/Reg. S high-yield sustainability-linked fixed rate/floating rate senior secured and senior notes offering. European counsel Margaret Rallings played a key role in the firm’s work for Premier Foods Finance plc in its £330m Reg S high-yield senior secured notes offering.

Practice head(s):

Philip Boeckman


‘Perfect knowledge and understanding of our existing documentations and market practices.’

‘Strong negotiation skills and the ability to innovate to reach the best possible deal for the client.’

‘Most of the interactions I have are with George Stephanakis for whom the above remarks are applicable.’

‘Philip Boeckman is a very commercial, pragmatic and knowledgeable individual in this area. He is consistently available, calm and solution-focused.’

‘Strong commitment to timetable, long-term relationship, extremely knowledgeable in financial markets, strong institutional knowledge which makes every new deal very smooth.’

Key clients


Casino Group

Credit Suisse

Goldman Sachs


J.P. Morgan

Lion Capital

Morgan Stanley

NH Hotel Group

Picard Groupe

Premier Foods


Work highlights

  • Represented the initial purchasers in the £500 million high-yield senior secured notes offeringof Bellis Acquisition Company (ASDA).
  • Represented Picard Groupe in a €1.71 billion high-yield sustainability-linked fixed rate/floating rate senior secured and senior notes offering.
  • Represented NH Hotel Group in its €400 million high-yield senior secured notes offering.

Finance > Debt capital markets Tier 3

The team providing legal advice is very responsive', say clients of Cravath, Swaine & Moore LLP, adding that 'the approach taken is to develop practical solutions following the question'. Co-head of the EMEA capital markets practice Philip Boeckman has a broad ECM and DCM practice. Counsel Lawrence Verhelst acts for corporate and sovereign issuers and financial institutions in US and international capital markets transactions, including high yield and investment grade debt. Both are 'very knowledgable and they listen and develop legal solutions that are practical'. In 2021, Boeckman represented the European Investment Bank in four registered notes offerings with a total value of $15bn. George Stephanakis  , who co-leads the EMEA finance practice, acted for AngloGold Ashanti in a $750m registered notes offering, and assisted Casino Group with a cash tender offer for its 2025 and 2026 EMTN notes.

Practice head(s):

Philip Boeckman

Other key lawyers:

Lawrence Verhelst; George Stephanakis


‘The team providing legal advice is very responsive. The approach taken is to develop practical solutions following the question. The knowledge of the area of law in question and the market practice related thereto is very high.’

‘Philip Boeckman and Lawrence Verhelst are the main contacts. They are very knowledgeable. They respond to question in a very short time. They listen and develop legal solutions that are practical.’

‘Excellent and practical technical knowledge.’

‘Ability to communicate difficult or technical concepts and understand corporate priorities.’

‘Very “on market “; no messing; support execution.’

‘Philip Boeckman is excellent.’

Key clients

AngloGold Ashanti

British American Tobacco

Casino Group


The European Investment Bank

J.P. Morgan


Work highlights

  • Since March 2021, the firm has represented the European Investment Bank in five registered notes offerings totaling $16.5 billion, including its $1.5 billion offering of a Climate Awareness Bond (Green Bond).
  • Represented Prosus in its $3.25billion senior notes offering and its concurrent €1.75billion senior notes offering under its $12billion global medium-term note programme.
  • Represented AngloGold Ashanti in its $750million registered notes offering.

Finance > Acquisition finance

United States > Intellectual property > Patents: litigation (full coverage)

United States > Finance > Financial services regulation

Cravath, Swaine & Moore LLP’s bank regulatory offering is led by David Portilla, and handles matters encompassing matters relating to banking, cryptoasset, digital currency and M&A transactions. The firm’s reach was further enhanced by the opening of a new office in Washington DC led by Jelena McWilliams, who joined in July 2022 from her previous role as the chairman of the Federal Deposit Insurance Corporation. In August 2022, Elad Roisman  joined the firm from the SEC, bringing with him extensive knowledge of reporting and disclosure obligations and corporate governance.

Practice head(s):

David Portilla

Other key lawyers:


Government experience & ability to understand and adapt to the client’s specific needs. Also availability to deal with any type of problem with thoughtful advice.

Key clients



Credit Suisse



Financial Services Forum


Morgan Stanley

Securities Industry and Financial Markets Association

Silicon Valley Bank

Texas Capital Bancshares


Work highlights

  • Advising to Cowen in connection with its pending $1.9bn acquisition by TD Bank.
  • Advising Texas Capital Bank in connection with the $3.4bn sale of BankDirect Capital Finance to Truist.

Cravath, Swaine & Moore LLP is widely recognised as one of the preeminent law firms in the world. Each of its practices is highly regarded and its lawyers are recognised for their commitment to the representation of their clients’ interests.

The firm: Founded in 1819, Cravath provides legal advice to companies located around the world. The firm has a rich, century-long legacy of commitment to Europe and has maintained a dedicated London office and team, one of the largest contingents of US lawyers in the city, since 1973. Our international finance practice encompasses English law-qualified lawyers who advise on the English law aspects of UK and cross-border financings.

Types of work undertaken: Cravath’s London office is uniquely positioned to advise on the full spectrum of leveraged financings, including high-yield bond offerings and direct lending, syndicated loan and other types of acquisition financing transactions, as well as restructurings and distressed financings. Our international bank and bond practice is one of the most highly regarded in the world and the Firm has consistently ranked at or near the top since market inception.

We regularly advise corporate issuers and borrowers, investment banks, financial sponsors and alternative lenders on a wide range of high-yield, bridge and other bespoke debt financings, including many offerings by first-time issuers and some of the most complex or novel transactions. Our lawyers have handled many of the initial high-yield bond financings in Europe, as well as many significant recent leveraged bank financings. We have introduced innovations such as the standard intercreditor provisions used in Europe, loan options in lieu of bond financings, “all-bond” structures and the first toggle notes used in Europe.

Other offices: New York, Washington, D.C.

Presiding Partner Faiza J Saeed
Managing Partner of London Office, Co‑Head of the Capital Markets Practice for EMEA Philip J Boeckman
Co‑Head of the Capital Markets Practice for EMEA George A Stephanakis
Philip Boeckman photoMr Philip BoeckmanPhilip J. Boeckman is a partner in Cravath’s Corporate Department and serves…
Roberto Bruno photoMr Roberto BrunoRoberto Bruno focuses his practice on cross‑border, sophisticated and high‑profile debt (including high‑yield)…
Alyssa Caples photoMs Alyssa CaplesAlyssa K. Caples is a partner in Cravath’s Corporate Department, focusing on…
Korey Fevzi photoMr Korey FevziKorey Fevzi is a partner in Cravath’s Corporate Department.  Mr. Fevzi advises…
Jackson Lam photoMr Jackson LamJackson Lam focuses his practice on complex cross‑border leveraged transactions, syndicated lending…
Nicoleta Lupea photoMs Nicoleta LupeaNicoleta D. Lupea focuses her practice primarily on advising clients in mergers…
Virginie Marier photoMs Virginie MarierVirginie Marier focuses her practice on capital markets transactions, including cross‑border high‑yield…
Margaret Rallings photoMs Margaret RallingsMargaret R. M. Rallings serves as European counsel in Cravath’s Corporate Department.…
George Stephanakis photoMr George StephanakisGeorge A. Stephanakis is a partner in Cravath’s Corporate Department and serves…
Philip Stopford photoMr Philip StopfordPhilip Stopford is a partner in Cravath’s Corporate Department.  He focuses his…
Lawrence Verhelst photoMr Lawrence VerhelstLawrence J. Verhelst serves as European counsel in Cravath’s Corporate Department. He…

Diversity and Inclusion

At Cravath, we believe that excellence and diversity go hand in hand.

Our Firm is made up of individuals with different backgrounds, perspectives and experiences, enabling us to provide the highest level of legal representation to our clients. We see each incoming class of associates as the next generation of Firm leaders, and thus place great importance on drawing talent reflective of not only the law school population, but also the larger community in which our clients operate. Our commitment to diversity goes beyond recruiting. From facilitating interactions between our women attorneys and alumnae to empowering our affinity groups in their interactions with lawyers across all levels at the Firm, our dedication to promoting diversity and fostering inclusion is woven throughout our culture. We firmly believe that by cultivating an environment that enables lawyers to reach their full potential, we maintain a vital advantage in an increasingly complex and fast‑changing legal landscape.

Reflective of our commitment to diversity and inclusion, Faiza Saeed is our Presiding Partner, which makes us one of only a handful of large law firms led by a woman. Additionally, 11 out of 20 of our most recently elected partners are women, including three women of color. Our 2020 summer associate class is 59% women, 40% people of color and 9% LGBTQ+.

For more information about diversity and inclusion at Cravath, visit our website.

Pro Bono

Challenging pro bono work has long been a cornerstone of our practice. It is a fundamental part of who we are and it is critically important to those whom we help. The full resources of the Firm are brought to bear in support of every pro bono matter, whether the client is a low‑income single mother or a coalition of U.S. Congress members.

Our pro bono work also provides a meaningful way for our lawyers to develop and strengthen their legal skills. Associates and summer associates are strongly encouraged to take on pro bono clients, and they’re instructed to provide them with the same top‑tier representation we offer our paying clients. Under a partner’s supervision, associates have taken the lead in cases where they represent domestic violence survivors, political asylum seekers, hospitalized children, wrongfully convicted inmates, victims of racial and gender discrimination, and many others. Associates have provided transactional advice to non‑profit organizations, and they have worked on precedent‑setting litigation in areas that range from civil rights to copyright law. From defending the first Native American tried for the murder of a white man to helping establish the Miranda doctrine, our attorneys have achieved landmark victories in civil rights cases that have changed society for the better. Pro bono opportunities are readily available to lawyers in all the Firm’s practice areas.

Our legal services partners include the ACLU, American Immigrant Representation Project, Brennan Center for Justice, CAIR NY, Center for Global Enterprise, City Bar Justice Center, Disability Rights Advocates, Her Justice, Human Rights First, Immigration Equality, Lambda Legal, Lawyers Alliance, Lawyers Committee for Civil Rights Under Law, The Legal Aid Society of New York, Legal Services NYC, New York City Anti‑Violence Project, New York Lawyers for the Public Interest, New York Legal Assistance Group, Sanctuary for Families, Trustlaw, Volunteer Lawyers for the Arts, and Volunteers of Legal Service, and many of them have recognized the Firm with awards for our pro bono work.

For more information about pro bono at Cravath, visit our website.