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

Cravath, Swaine & Moore LLP

Finance > High yield Tier 1

Cravath, Swaine & Moore LLP has 'very strong knowledge of the market and excellent technical knowledge'. The firm has a highly regarded international bond practice, in which high yield transactions are a major component. It acts for both corporate issuers and investment banks in some of the market's most high-value and high-profile transactions, an example of which is the work of George Stephanakis for the initial purchasers in the £2.25bn and £500m million 144A/Reg. S high yield note offerings by Bellis Acquisition Company plc and Bellis Finco to finance the acquisition of ASDA, the third-largest grocery retailer in the UK. Philip Boeckman leads the practice and has spent more than 20 years in London advising on capital markets transactions including high yield bridge, bond and other leveraged finance transactions. Alyssa Caples 'has very strong technical knowledge and takes a sensible commercial approach' and European counsel Margaret Rallings is an emerging talent in cross-border high-yield debt and equity offerings, and M&A deals.

Practice head(s):

Philip J. Boeckman

Other key lawyers:


‘Very strong knowledge of the market and excellent technical knowledge.’

‘Aylssa Caples has very strong technical knowledge and takes a sensible commercial approach.’

‘Phillip Boeckman is excellent.’

Key clients



Burford Capital

Casino Group

Deutsche Bank


Goldman Sachs



J.P. Morgan

Morgan Stanley


Work highlights

  • Represented the initial purchasers in the £2.25bn and £500m million 144A/Reg. S high yield senior secured and senior notes offerings of Bellis Acquisition Company plc and Bellis Finco plc, entities indirectly beneficially owned by TDR Capital and Mohsin Issa CBE and Zuber Vali Issa CBE. Proceeds of the offering will be used to finance the acquisition of ASDA, the third-largest grocery retailer in the United Kingdom. The notes will be listed on The International Stock Exchange.
  • Represented INEOS Finance plc in its €325m 144A/Reg. S high-yield senior secured notes offering, guaranteed by INEOS Group Holdings S.A., INEOS Luxembourg I S.A., INEOS Holdings Limited and certain of their subsidiaries.
  • Represented the initial purchaser in the €75m  144A/Reg. S high-yield senior notes offering of Inter Media and Communication S.p.A., the sole manager and operator of the media, broadcast and sponsorship business of its parent company F.C. Internazionale Milano S.p.A., one of the most iconic European football clubs.

Finance > Debt capital markets Tier 3

Cravath, Swaine & Moore LLP represents corporate issuers, investment banks and financial sponsors across a range of offerings, including investment-grade and high-yield corporate bonds, sovereign and supranational debt offerings, privatisations, real estate financings and asset-backed securities, whether global or targeted specifically at US investors. It is particularly well known for its work on Yankee bonds for UK and European issuers. Philip Boeckman leads the capital markets practice, George Stephanakis is co-head of the EMEA capital markets practice and he recently advised Richemont on its $600m in private convertible notes issued by Farfetch. Alyssa Caples is a key adviser to corporate clients such as British American Tobacco, notably on its recent $6.25bn registered notes offering. The firm's other recent work includes advising European Investment Bank on a $1.5bn offering of a Climate Awareness Bond.

Practice head(s):

Philip Boeckman


‘Knowledge of the subject matter, practical experience and feeling for assessing circumstances accurately; availability of the team even in Covid times was excellent.’

Key clients

AngloGold Ashanti

BAE Systems

British American Tobacco


The European Investment Bank







Work highlights

  • Since March 2020, the firm has represented the European Investment Bank in eight registered notes offerings totalling $24.5bn, including its $1bn registered notes offering of a Sustainability Awareness Bond (SAB) and its US$1.5 billion registered notes offering of a Climate Awareness Bond (Green Bond).
  • Represented B.A.T Capital Corporation and B.A.T. International Finance p.l.c. in its $6.25bn registered notes offering, and the Firm represented B.A.T Capital in its $2.4bn registered notes offering.
  • Representing Compagnie Financière Richemont SA, as U.S. counsel, in connection with its global strategic partnership with Alibaba Group Holding Limited and Farfetch Limited. As part of the global partnership, Alibaba and Richemont will invest $600m in private convertible notes (PIPE) issued by Farfetch. Alibaba and Richemont will also invest $500m in Farfetch China, taking a combined 25% stake in a new joint venture.

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

Cravath, Swaine & Moore LLP fields a group of ‘superb trial lawyers with a long track record in dealing with complex patent litigation’, who are particularly well-versed in the life sciences, ‘including biologics and technology’, medical devices and telecommunications sectors. New York-based practitioners Keith Hummel, who has a ‘particular expertise in handling complex, often multi-jurisdictional patent disputes’, and Sharonmoyee Goswami are the key contacts of the practice, which brings to bear its extensive transactional expertise, and is also a solid choice for commercial litigation frequently arising from IP matters, such as antitrust and breach of license claims. Richard Stark  retired in December 2021.


The firm has superb trial lawyers with a long track record in dealing with complex patent litigation. It is particularly known for handling complex often multi-jurisdictional litigation in relation to medical devices, life sciences including biologics and technology.’

Keith Hummel is a superb lawyer with a particular expertise in handling complex, often multi-jurisdictional patent disputes. He is exceptional at complex patent matters. He is frequently called in to coordinate multi-jurisdictional patent disputes. He is incredibly knowledgeable, creative and pragmatic and an absolute pleasure to work with.’

Keith Hummel is incredible – he brings unique and effective insights to every issue, he effectively communicates internally and externally, and he delivers high-quality results without exception.’

Everyone from partners to associates are fantastic, highly responsive and deliver quality insights and work product.’

Among other talents, they have a gift for simplifying seemingly complex issues and crafting a path to a successful solution. When stakes are high in a patent case, Cravath is the team to engage.’

For individuals who stand out, I think of Keith Hummel.’

Key clients

Abiomed Inc. Inc.

Axalta Coating Systems, LLC

Blue Yonder Group, Inc.

CRISPR Therapeutics

Illumina, Inc.

Quibi Holdings, LLC

Vitaworks IP, LLC

Work highlights

  • Representing Abiomed in two patent infringement matters relating to patents for guidance systems used to place intravascular blood pumps.
  • Representing Axalta Coating Systems, LLC in patent infringement litigation filed by PPG Industries Ohio, Inc. and PPG Industries, Inc. alleging that Axalta infringes a PPG patent claiming a three-layer coating system.
  • Representing Vitaworks as plaintiff in patent litigation against several entities alleging infringement of 11 Vitaworks patents for improved methods of manufacturing taurine.

United States > Finance > Financial services regulation

Cravath, Swaine & Moore LLP substantially bolstered its expertise in non-contentious financial services regulation in February 2021 with the addition of David Portilla from Debevoise & Plimpton LLP. Portilla, a highly-regarded specialist in this area, acts for a number of trade associations in engaging with regulators and also assists banks on compliance with Dodd-Frank regulations. Portilla also works alongside the firm’s corporate practice to handle M&A transactions involving financial services companies. The firm is based in New York.

Practice head(s):

David Portilla


‘David Portilla is our go-to advisor for understanding the application of the US banking regulatory framework to our investments, as a non-US bank with activities in the US. He impresses by applying his mastery of the law pragmatically to the issues at hand.’

Key clients



ECN Capital


Managed Funds Association




Royal Bank of Canada

Securities Industry and Financial Markets Association (SIFMA)

Silicon Valley Bank

Westpac Banking Corporation

Work highlights

  • Representing ECN Capital in the pending $2 billion sale of its Service Finance business to Truist Bank.
  • Provided regulatory advice to SIFMA in connection with their response to the Basel Committee’s consultation on preliminary proposals for the prudential treatment of banks’ crypto asset exposures.
  • Representing GreenSky in connection with its pending $2.24 billion acquisitionby Goldman Sachs.

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 US 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.

Types of work undertaken: Cravath is committed to an international practice of the highest quality. Its lawyers regularly advise clients based in and outside the US on a wide range of international transactions, including cross-border mergers and acquisitions, international capital markets and bank financings and general corporate and SEC compliance matters. Cravath’s lawyers often work closely with leading law firms in Europe and elsewhere, providing advice on complex transactions that require extensive knowledge of and experience in the laws of multiple jurisdictions. The firm represents clients in litigation in US courts and in arbitrations and investigations conducted throughout the world.

Corporate: Cravath’s work with many of the world’s most significant companies has enabled it to develop a broad-based corporate practice. Clients repeatedly choose Cravath for their largest and most complex matters. The firm’s corporate lawyers represent companies in a diverse range of M&A transactions, including cross-border and US-inbound mergers, acquisitions, divestitures, spin-offs, joint ventures and strategic investments, as well as hostile takeovers and the defense of companies and boards of directors against activist hedge funds. Cravath also advises private equity firms and their portfolio companies in mergers, acquisitions, dispositions, financings and tax planning and structuring. The firm has a highly regarded capital markets practice, representing issuers and investment banks in US and non-US offerings. Cravath’s banking and credit lawyers regularly represent major financial institutions and borrowers on acquisition financings and lending transactions ranging from simple credit agreements to complex multicurrency, multijurisdictional financings. The firm provides corporate governance advice to clients facing difficult choices and evaluates complex and often unprecedented transactions under the most demanding circumstances. The financial restructuring and reorganization practice addresses a wide range of issues triggered by financial distress or insolvency. Cravath’s highly regarded environmental lawyers work with its clients on matters related to acquisition and disposition strategies, financings and regulatory compliance as well as challenges and opportunities associated with environmental, social and governance (“ESG”) issues, sustainability concerns and climate change. The firm’s IP lawyers advise clients in many corporate contexts, including acquisitions and divestitures, multiparty joint ventures and strategic investments, licensing agreements and portfolio development and exploitation. Cravath’s tax department designs tax-efficient structures for mergers, spin-offs, joint ventures and private equity acquisitions. The firm’s executive compensation and benefits department advises companies, boards of directors, compensation committees and members of senior management in a variety of compensation and benefit arrangements, as well as legal compliance concerns. Cravath’s trusts and estates lawyers work closely with US and non‑US private clients to realize their business, estate planning and philanthropic goals by advising them on the creation and administration of trusts, estates and charitable foundations.

Litigation: Clients turn to Cravath to handle their most significant and sensitive disputes and investigations across a broad range of practice areas and industries. The firm’s litigators are routinely called upon to represent clients in trials and appeals in federal and state courts, in domestic and international arbitrations, before administrative agencies and regulatory authorities, and in many other types of proceedings, including internal and government investigations and enforcement actions. The firm has extensive experience in such diverse areas of the law as antitrust, bankruptcy, corporate governance, employment, general commercial, IP, M&A, securities, tax and white collar criminal defense. Companies, boards and board committees regularly rely on the firm to handle contested transactions and guide them through the intricacies of shareholder litigation and investigations, as well as complying with applicable laws and regulations. In addition to handling antitrust litigation, the firm advises on business conduct or potential investments and represents clients in securing regulatory approvals. With respect to IP, the firm handles critical litigation involving trade secrets, patents, copyright and trademarks and frequently advises clients on national and worldwide IP strategy. In the area of securities litigation, the firm is widely recognized for handling complex and often precedent-setting cases.

Clients: Along with governments and multinational institutions, the firm’s client base includes some of the world’s best known companies and financial institutions, including: AerCap, American Express, Amgen, AngloGold Ashanti, Anheuser-Busch InBev, Ashland, Avon, AXA, Bacardi, BAE Systems, Banco Santander, British American Tobacco, Campari, Citigroup, Compagnie de Saint-Gobain, Costamare, Credit Suisse, Dassault Systèmes, Delhaize, Deloitte & Touche, Deutsche Börse, Disney, Drax, European Investment Bank, Ferroglobe, GasLog, Genpact, Goldman Sachs, Grupo Villar Mir, HDFC Bank, hibu, Honeywell, IBM, INEOS, Johnson & Johnson, Jose Cuervo, JPMorgan, Just Eat, KION, Linde, Lindsay Goldberg, Morgan Stanley, Mylan, Naspers, NCR, Nestlé, NH Hotel Group, Novartis, Peugeot, Picard, Premier Foods, PricewaterhouseCoopers, QUALCOMM, RELX, Royal Dutch Shell, Royal KPN, RWE, Sappi, Schneider Electric, Starbucks, Technicolor, Telia, UBS and Unilever.

Other offices: New York

Presiding Partner Faiza J Saeed
Managing Partner of London Office Philip J Boeckman
Mr Philip Boeckman photo Mr Philip BoeckmanPhilip J. Boeckman is a partner in Cravath’s Corporate Department and serves…
Ms Alyssa Caples photo Ms Alyssa CaplesAlyssa K. Caples is a partner in Cravath’s Corporate Department, focusing on…
Mr George Stephanakis photo Mr George StephanakisGeorge A. Stephanakis is a partner in Cravath’s Corporate Department and serves…

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.