Milbank > London, England > Firm Profile

Milbank > The Legal 500 Rankings

Finance > High yield Tier 1

Milbank has ‘a team of exceptional individuals who are distinguished by their in-depth knowledge of the high yield market and their ethos and professionalism‘. One client notes that ‘the people are friendly, helpful and set and achieve quick deadlines to make the deals smoother‘. Though not the largest group in the market, the practice focuses on the most complex and high-value deals, often cross-border in nature. Practice head Apostolos Gkoutzinis is ‘the guru of the high yield market‘ and one client says that ‘there is no other high yield partner in London with greater and deeper connections inside the Greek market‘. Gkoutzinis and Rebecca Marques advised the underwriters of the $5bn bond and loan financing for Brookfield’s acquisition of Modulaire Group. Key partner Tim Peterson acted for Ferroglobe PLC in the restructuring of the company’s senior notes, which included extensions of maturity and additional debt and equity capital. Part of the transaction was a private placement of $40m of super senior notes. Emerging partner talents Randy Nahlé and the ‘star addition to the partners’ group‘ Ana Grbec play pivotal roles in the practice.

Finance > Transport finance and leasing Tier 1

Milbank is a ‘heavy-hitter‘ in the aviation space and handles a range of financing and corporate work for a varied mix of stakeholders including airlines, lessors, banks, manufacturers and funds. On the financing front, the team, which is led by ‘market-leaders’ James Cameron and Nick Swinburne, is well versed in advising on bank and bond financings (including on New York-law governed high yield), as well as on often highly structured mandates, including as they relate to asset backed securities. Much of the recent work the team has handled has been informed by the liquidity crisis facing aviation stakeholders as a consequence of reduced passenger demand following on from the pandemic; some of this has been in the context of new money financings, however, a considerable amount has been in relation to major distressed scenarios, where the team is particularly well placed to assist by virtue of its ability to work seamlessly with the firm’s overarching restructuring group, as well as its top notch US Chapter 11 offering.

Finance > Acquisition finance Tier 2

Led by Suhrud Mehta, the ‘friendly and helpful’ team at Milbank has ‘great market knowledge’, developed as a result of many years’ experience advising a lender-focused client base across a range of  complex multi-jurisdictional acquisition finance mandates, frequently incorporating sophisticated intercreditor relationships. In this context, one of the team’s core strengths is its ability to advise on both European and US law governed loans and high yield bonds, a corollary of which is also its effectiveness at structuring deals in light of the continued convergence of covenant structures on both sides of the Atlantic. Alexandra Grant provides ‘excellent advice’ to many of the firm’s highest-profile investment bank clients as underwriters on large cap cross-border mandates. Other recommended practitioners include Sarbajeet Nag and Miko Bradford, both of whom provide expert guidance to the firm’s core banking clients, as well as to private equity sponsors on pan-European and transatlantic leveraged finance transactions.

Finance > Corporate restructuring & insolvency Tier 2

Co-headed in London by Nick Angel, Milbank 's restructuring practice remains best-known for its creditor /bondholder work, where clients benefit from ‘tremendous knowledge’ of  the underlying financing documents, including New York law-governed high yield, and a ‘very creative mindset’, which is primarily focused on securing value for clients without having to go into a formal insolvency process. Fellow joint practice head Yushan Ng remains pivotal to the firm’s success on the bondholder side, which continues to thrive on behalf of hedge fund clients but is also increasingly picking up mandates from CLOs and traditional asset managers. In addition, the team also continues to generate some opportunistic bank side instructions in core sectors for the wider firm, for example, in the aviation finance space. It is also increasingly gaining traction on the debtor side, driven largely off private equity relationships (for portfolio entities).

Finance > Islamic finance Tier 2

Milbank‘s ‘clever, hardworking and knowledgeable’ team is well versed across the spectrum of Islamic finance structures, which it deploys to good effect on behalf of funds and banks engaged in work across firmwide sector and practice area strengths, including project finance, asset finance and restructuring. In this regard, the team, which is headed by John Dewar, is very effective at knitting together both conventional and Islamic finance structures to satisfy all stakeholders on a deal. Dewar recently had a key role in relation to the firm’s work for the senior creditors on the $11bn restructuring and debt reprofiling of the Sadara Chemical Company – the first ever rescheduling of a project financing involving export credit agencies, Islamic banks and sukuk bondholders, and the largest Sharia-compliant restructuring in Saudi history and the wider Middle East. Special counsel Munib Hussain provides ‘practical legal solutions‘ in the project finance space, and also regularly provides Islamic finance input when the firm’s market leading aviation finance practice requires input necessitating Sharia-compliant structures.

Industry focus > Emerging markets Tier 2

The London office of Milbank has a track record in emerging markets financing transactions that stretches back to the 1970s, and it continues to be a key adviser on deals in Africa, Latin America, the Middle East and Asia. It has worked on more Brazilian deals than many other London firms, particularly in the LNG-to-power sector, and is prominent in both conventional and nuclear power projects in the Middle East. Lead partner John Dewar advises sponsors, project companies, export credit agencies, multilateral development banks and development finance institutions in the power, oil and gas, mining, telecommunications and infrastructure sectors. He acted for Societe Generale, SMBC, Norinchukin Bank and various ECAs in the $560m financing of the 500MW Gulf of Suez Wind II Project, which will play a key role in Egypt's renewable energy transition. Şeyda Duman and Chris Taufatofua are up-and-coming partners in the practice, while special counsel Munib Hussain focuses on multi-sourced financings involving ECAs, multi-laterals, commercial and Islamic banks.

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

Milbank is well known in the market for its considerable experience of high-profile and high-value financing deals in the oil and gas, renewables and power sectors. It advises lenders and sponsors and works closely with its New York office to advise on New York and English law. The team is jointly led by Matthew Hagopian and John Dewar, with Hagopian experienced in the development and financing of major international cross-border projects, and Dewar recommended for transactional matters EMEA, Asia and emerging markets. Special counsel Munib Hussain is well versed in international energy and infrastructure projects; Manzer Ijaz retired.  

Projects, energy and natural resources > Power (including electricity, nuclear and renewables) Tier 2

The project, energy and infrastructure finance team at Milbank is led by John Dewar who is heavily involved in cross-border matters across EMEA and emerging markets. The practice has expertise in renewables and gas-to-power deals with particular capabilities in handling Americas work with several projects undertaken in Brazil. Chris Taufatofua is experienced in advising lenders, sponsors and contractors on a variety of international project financings while associate Suzanne Szczetnikowicz has been involved in green ammonia matters.

Corporate and commercial > Equity capital markets – mid-large cap Tier 3

‘Stand-out’ partner David Dixter joined Milbank in 2021 and brought expertise in equity and debt capital markets and liability management transactions, as well as securities law and corporate governance matters. The firm’s experience runs the gamut of corporate finance transactions, notably IPOs and international equity offerings. The firm has particular strength in ECM matters in the EMEA market. Other specialisms include US securities law, high-yield matters and liability management transactions, advising issuers and underwriters across the space. Under Dixter’s lead, the practice has also established itself in the Nordic markets.

Dispute resolution > Banking litigation: investment and retail Tier 3

Milbank has a broad banking litigation practice, with a noteworthy focus on acting for wholesale and retail banks in competition-related litigation. The practice is also regularly engaged by lenders to handle disputes related to the financing of transactions and projects, as well as by committees of noteholders. The group also draws on its links to the US to handle matters with transatlantic elements. Julian Stait heads up the group and leads on disputes involving competition issues, while Mona Vaswani has recently been engaged on a number of claims related to distressed financial instruments. Tom Canning and William Charles are also key partners in the team, with broad practices in this space.

Finance > Derivatives and structured products Tier 3

Milbank has a full-service derivatives practice that frequently advises the firm’s clients in the projects, leverage finance and aviation finance sectors across Europe and Asia on large-scale hedging transactions and the negotiation of bespoke regulatory capital and equity derivatives. The firm has also become a key adviser on loan securitisation platform sales. Lead partner James Warbey is a recognised expert in European CLO transactions, and John Goldfinch focuses on CLOs, securitisations and portfolio manager M&A deals. Claire Bridcut also played a key role in that work. Jennifer Ellis – Linklaters.

Finance > Securitisation Tier 3

Milbank has one of the leading Euro CLO transaction practices in London. It frequently acts as transaction counsel for leading CLO market participants such as PGIM, KKR and Cairn as collateral managers, and BNP Paribas as arranger. In 2021 and early 2022, the firm handled 47 transactions for numerous major CLO clients, including Nassau Re and Angelo Gordon. Practice head James Warbey and key partner John Goldfinch are widely recognised as leading lawyers in the European CLO market. Warbey assisted Angelo Gordon with the €407m issuance of CLO notes by Northwoods Capital 23 Euro Designated Activity Company, which featured a triple-A loan note tranche, requiring extensive investor and trustee negotiation. Goldfinch advised Assured Investment Management LLC as investment manager and retention holder on the €359m issuance of CLO notes by Bluemountain EUR 2021-2 CLO DAC. Associate Chris Burke also focuses on CLOs and frequently acts for prolific asset managers and arrangers in both the US and Europe.

Projects, energy and natural resources > Mining and minerals Tier 3

Milbank has a strong focus on project financing work and advises clients on a range of international mining projects as well as tangential areas such as battery factories and aluminium smelting. The team is well placed to handle international work with the utilisation of its global network and often works closely with its team in New York. John Dewar heads the team and is experienced in a range of mining projects, including tungsten, copper and gold mines. Manzer Ijaz retired.

TMT (technology, media and telecoms) > IT and telecoms Tier 3

Milbank‘s team handles complex, large-scale projects and renegotiations, especially those with a contentious IT element. The practice is also active in mandates involving licensing, cybersecurity, joint ventures, and cloud computing elements, as well as advising clients from the financial services, pharmaceuticals, media and advertising sectors on the development of AI, regulatory issues and commercial matters. Julian Stait is head of the litigation practice, with a focus on high-profile and significant IT disputes, and Tom Canning is also a notable member of the litigation group. Former practice head Joel Harrison  left for Gibson, Dunn & Crutcher  in summer 2022.

Dispute resolution > Competition litigation Tier 4

Milbank‘s disputes group is entrusted by some of the world’s leading corporations and financial institutions for the strength of its defendant-side competition practice. Recently, the team has continued to act for multinational payment service providers in high-value proceedings at the High Court and the CAT, as well as handling third-party cartel defence work in the industrials sector. Julian Stait is recommended for his capabilities in cross-border competition matters and cases before the English courts. Special counsels Emma Hogwood and Cormac Alexander are also noted.

Corporate and commercial > Corporate tax Tier 5

Milbank is instructed on complex corporate transactions, including M&A, joint ventures, and securitisations. The group has niche expertise in aviation taxation, which draws key clients from the sector such as Carlyle Aviation Partners. Lead partner Russell Jacobs is experienced in the gamut of corporate tax matters. Andrew Callaghan and Alan Rafferty joined the firm as special counsel in 2021, with Callaghan coming from Vinson & Elkins RLLP and Rafferty from Freshfields Bruckhaus Deringer. They join associate Cosmos Fung, who came from Gibson, Dunn & Crutcher in 2020.

Corporate and commercial > Financial services: contentious Tier 5

Milbank represents both individuals and institutions, including those involved in cross-border and FCA-led investigations. Julian Stait leads the team which is home to William Charles, an up-and-coming partner, and Charles Evans, the key port of call for several prominent global financial companies.

Corporate and commercial > M&A: upper mid-market and premium deals, £500m+ Tier 5

Roundly praised for their knowledge and expertise, the fast-growing team at Milbank works closely with the firm’s robust international network on a diverse mix of multi-billion dollar deals. The highly experienced practice co-chair Mark Stamp is especially well-versed in transactions with a strong Greek or Cypriot dimension, while fellow co-chair Lisa O’Neill is regularly engaged by a mix of listed corporates, international energy companies, and investment funds. Andrej Wolf is noted for his expertise in upper mid-market private equity deals and growth capital investments, handling transactions for clients invested in IT, aviation, sport, and real estate. The team’s lateral hiring streak continued with the arrival of Andrea Hamilton, an antitrust and FDI expert who worked for McDermott Will & Emery UK LLP until December 2021. Special counsel Andrew Reilly is recommended for his wide-ranging corporate finance acumen.

Dispute resolution > Commercial litigation: premium Tier 6

Milbank is able to leverage the joint power of capable teams on both sides of the Atlantic to act in complex, multi-jurisdictional disputes for some of the world’s leading corporates and financial institutions. In London, Julian Stait is the key senior practitioner to note.

Dispute resolution > International arbitration Tier 6

Acting for major corporations and financial institutions, as well as state and federal governments, Milbank‘s international arbitration practice regularly acts in high-stakes, large-value arbitration proceedings; and handling all its own advocacy, the practice has particular strength in the energy, infrastructure and construction sectors. The track record of global international arbitration head Tom Canning includes leading arbitrations conducted under all the major arbitral rules, while Julian Stait leads the broader disputes team. Peter Edworthy is the senior associate to note.

Crime, fraud and licensing > Fraud: civil

India > Foreign firms Tier 2

Milbank fields ‘a very coherent and excellent team’, which ‘tries to find solutions to the requirements of the client in a reasonable and professional way’. The team has particular strength in capital markets and financing, with a focus on corporate finance, and projects and infrastructure matters. The team is led by Hong Kong’s James Grandolfo and John Dewar in London; Grandolfo has over 20 years’ experience in capital markets, M&A and private equity, while Dewar offers a wealth of experience in project finance, with an emphasis on the telecoms, oil and transportation sectors. In the Singapore office, Giles Kennedy is qualified in New York, England and Wales, and New Zealand, and is a well-established capital markets practitioner. John Bona is another key name in Hong Kong.

Latin America: International firms > Projects and energy

Milbank's leading position in Latin America energy and infrastructure financings is undiminished. Its broad-based practice incorporates a wide range of energy and power, and mining and natural resources projects, as well as oil and gas, and roads and other transport infrastructure projects. The firm continues to impress in project bonds and hybrid financings involving bank and bond debt. It is also making an impression in green and sustainability-linked financings, along with portfolio acquisitions of renewables and power assets. The highly rated Daniel Bartfeld leads the global project, energy and infrastructure finance practice and has a longstanding focus on Latin America. Carolina Walther-Meade is another hugely experienced Latin America specialist with a focus on power, oil and gas, and mining projects. Jaime Ramirez has become an especially integral member of the team, leading many of the firm’s key engagements in the region; and London partner Matthew Hagopian has a strong focus on power and oil and gas, especially LNG. Roland Estevez is an established name in Latin America renewable energy project financings, while Alec Borisoff is another key partner. All named individuals are based in New York unless stated otherwise. Jonathan Green retired in December 2021.