Milbank > London, England > Firm Profile
Milbank Offices

100 Liverpool Street
LONDON
EC2M 2AT
England
Milbank > The Legal 500 Rankings
Finance > Islamic finance Tier 1
Drawing on strong lender relationships, Milbank regularly advises banks on new money and restructuring mandates involving Islamic finance structures. Many of these deals are cross-border, with Shariah-compliant debt sitting alongside other conventional funding often for the purposes of facilitating large-scale energy and infrastructure projects in the Middle East. John DewarPractice head(s):
John Dewar; Munib Hussain
Key clients
NCB Capital
Al Rajhi Bank
Alinma Bank
Riyad Bank
HSBC Saudi Arabia
MUFG (Malaysia)
National Bank of Kuwait
Islamic Development Bank
Abu Dhabi Pension Fund
Emirates Islamic Bank
ADCB
Work highlights
- Advised the underwriting banks on a first-of-a-kind $11.5bn GMTN Programme (including a Formosa tranche) and an innovative first-of-a-kind $1.5bn sukuk issuance which utilised a proportion of the shares owned by GreenSaif Pipelines SARL (a Blackrock entity) in Aramco Gas Pipelines Company LLC (owned 51% by Saudi Aramco and 49% by GreenSaif Pipelines) as the assets in a wakala-Murabaha sukuk issuance.
- Advised Japan Bank for International Cooperation (JBIC), Public Investment Fund of Saudi Arabia (PIF) and commercial and Islamic banks as the lenders in connection with the financial completion of the Rabigh Phase 2 Project.
- Advised the financing sources on the financing in connection with CVC Capital Partners’ acquisition of a minority stake in GEMS Education. The firm advised on the structuring of both the Islamic and conventional financing options.
Finance > Transport finance and leasing Tier 1
Drawing upon strong core aviation finance capability in London and New York, and also able to leverage broader corporate, finance and restructuring competence, Milbank remains at the forefront of the market for lessors, banks, investors and operators across the full spectrum of their cross-border finance and leasing needs. In particular, the team excels in handling complex and novel transactions which are often heavily structured, as well as recently undertaking more secured lending mandates by virtue of a recent dip in capital markets activity. Nick Swinburne is ‘incredibly knowledgeable’ across a range of financings and broader corporate transactional work in the sector, including in the context of portfolio acquisitions for lessors and the utilisation of Japanese operating lease with call option (JOLCO) structures. James Cameron, who co-heads the team alongside Swinburne, has ‘excellent knowledge of the industry and is great for large transactions’, where he is able to corral the expertise of ‘an excellent bench of associates’, including the ‘bright and efficient’ Tom Jackson. Mark Leverkus departed for Gibson, Dunn & Crutcher in April 2024.Practice head(s):
James Cameron; Nick Swinburne
Other key lawyers:
Tom Jackson; Andy McAdam
Testimonials
‘They are able to draw upon an excellent bench of associates meaning that work is appropriately allocated.’
‘James Cameron has excellent knowledge of the industry and is great for large transactions which involve a strong team of associates.’
‘Nick Swinburne is a truly excellent leader in aviation finance. Incredibly knowledgeable and a strong choice for our complex transactions.’
‘Nick Swinburne – stood out among competitors as counsel for a new Japanese structure.’
‘The excellent Tom Jackson is bright and efficient.’
Key clients
Abelo (formerly Elix Aviation Capital)
AerCap
Aergo
Aircastle
Air France
Ares
Avolon
Bank of China Aviation
Barclays
Barings
BBAM/NBB
BNP Paribas
Brookfield
CALC
CDB Leasing
Centerbridge
Citibank China Merchant Bank
Chorus Aviation
CMB Financial Leasing
Credit Suisse
Crédit Agricole Corporate and Investment Bank
Deucalion
Deutsche Bank
Development Bank of Japan
Finance > Acquisition finance Tier 2
Milbank's practice effectively marries high-level technical/legal knowledge with deep commercial understanding for a creditor-focused client base. Under the expert leadership of the vastly experienced Suhrud MehtaPractice head(s):
Suhrud Mehta
Other key lawyers:
Key clients
Goldman Sachs
Bank of America
Barclays
UBS
BNP Paribas
Citigroup
Credit Suisse
RBC / NatWest
Jefferies
SoftBank
Park Square
KKR Credit
Carlyle Credit
HPS
CVC Credit
Work highlights
- Advised the mandated lead arrangers in connection with Swissport’s implementation of a refinancing and dividend recapitalisation transaction including a new €1.25bn equivalent term loan B facility and $250m revolving credit facility.
- Advising a group of ten private credit funds on the £1.25bn financing for EQT’s £4.5bn cash offer to acquire Dechra Pharma plc.
- Advising the financing sources on Permira and Blackstone’s private credit loan financing for a voluntary tender offer to acquire all of the outstanding ordinary Class A shares in Adevinta ASA.
Finance > Corporate restructuring & insolvency Tier 2
Although it has recently suffered some personnel setbacks, including the departure of Karen McMaster to A&O Shearman, Milbank still maintains an 'incredibly focused' offering to its core base of funds clients as bondholders in large-scale cross-border restructurings. In this context, the 'absolutely fabulous' Yushan NgPractice head(s):
Yushan Ng; Sinjini Saha
Other key lawyers:
Kate Colman; Sarah Levin
Testimonials
‘The team is lean, incredibly focused and absolutely top quality from the junior to the senior end of the spectrum.’
‘Yushan Ng is absolutely fabulous.’
‘Sarah Levin is a super-bright young partner.’
Key clients
Ad Hoc Group of Noteholders of Adler Group SA
Ad hoc group of noteholders of Food Delivery Brands S.A. (FDB, fka Telepizza)
A group of senior lenders to the Keter Group
Ad hoc committee of noteholders of Tele Columbus AG
Ad Hoc Group of 1L Lenders to Wittur Holding GmbH A
Strategic Value Partners/Schoeller
Ad hoc group of senior lenders to Farfetch
Haya Real Estate
Roche
Ad hoc group of noteholders and shareholders to Codere
Ad hoc group of majority bondholders of senior secured stock issued by Intu Debenture plc
Finance > High yield Tier 2
Milbank has carved out a prominent role in the European high yield market, in which it acts for both corporates and underwriting banks and is particularly well known for advising first-time issuers on bond deals and underwriters on LBOs. Rebecca Marques draws on vast experience of complex financings, leveraged buyouts and high yield bond restructurings. Ana Grbec is known for 'outstanding client service, and deep knowledge of the product and market trends'. Practice head Apostolos GkoutzinisPractice head(s):
Apostolos Gkoutzinis
Other key lawyers:
Testimonials
‘Ana Grbec – outstanding client service, deep knowledge of the product and market trends.’
Key clients
Kier Group
Saipem SpA
Together Financial Services Limited
Jaguar Land Rover Automotive plc
Public Power Corporation S.A.
Allwyn
Canary Wharf Group
PeopleCert Wisdom Issuer plc
Goldman Sachs
BNP Paribas
HSBC Bank plc
Morgan Stanley
Citigroup
BofA
JP Morgan
ION
Frigoglass
Work highlights
- Represented the initial purchasers in connection with Ardonagh Finco Ltd’s offerings of $750m senior secured notes due 2031 and €500m senior secured notes due 2031 and Ardonagh Group Finance Ltd’s offering of $1bn senior notes due 2032.
- Represented the initial purchasers and lenders in connection with (i) the debut offering by Borr IHC Ltd, Borr Finance LLC and certain other subsidiaries of NYSE and Oslo Stock Exchange-listed Borr Drilling Ltd of $1,025m in an aggregate principal amount of senior secured notes due 2028 and $515m in an aggregate principal amount of senior secured notes due 2030 and (ii) a $180m multi-currency super senior revolving credit facility.
- Represented the initial purchasers and lenders in connection with the debut offering by Benteler International AG of €525m of 9.375% senior secured notes due 2028 and $500m 10.500% senior secured notes due 2028, in parallel to the provision of an €810m term loan and a €250m revolving credit facility.
Projects, energy and natural resources > Infrastructure: Project finance and development Tier 2
Deploying a ‘collaborative and solution-oriented team’ capable of ‘responding to the needs of projects at different stages’, Milbank is called upon by leading lenders and sponsors for market-first projects across the EMEA region. The firm is regularly engaged on energy transition mandates, counting green steel, EV battery, and ethanol plant-related matters among its workload, and possesses extensive project bond experience. Team head John DewarPractice head(s):
John Dewar; Matthew Brown
Other key lawyers:
Testimonials
‘Staffed with capable and self-starting associates. Able to manage a wide set of stakeholders under immense time pressure. Able to provide counsel based on big picture commercial reality and not get unnecessarily bogged down with legal minutiae.’
‘Matthew Brown is commercial and responsive. He knows when to push, pull, pause and pivot.’
‘Milbank deploys a lean and capable team, responding to the needs of the project at different stages. The team is very collaborative and solution-oriented regardless of what side of the deal they are on.’
‘Matthew Brown is an absolute star – he is very commercial, always looking for the best way to get the deal done effectively and efficiently and ever present.’
‘Matthew Brown, Rachel Croft and the project finance team at Milbank are brilliant. They are a great complement to eachother’s strengths making them a stellar team bringing key competence, commerciality and breadth of experience both in terms of the industry and project management. Cannot rave more about them.’
‘Matthew Brown is exceptional. He has a wonderful mix of being very commercial whilst navigating the risk-mitigating world of law brilliantly. He is great with clients and the other side alike, and is unmatched. Rachel Croft is one of the best lawyers I have ever encountered. She has an uncanny ability to know and remember the exact effect of a commercial change on each provision of the myriad of documents and is a tremendous asset. She and Matthew together are an unstoppable team.’
Key clients
JP Morgan
Standard Chartered Bank
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank
Nippon Export and Investment Insurance
Japan Bank for International Cooperation
International Finance Corporation
Societe Generale
Norinchukin Bank
BNPP
European Bank for Reconstruction and Development
Public Investment Fund
BPIFrance
Breakthrough Energy Catalyst
EIB
H2 Green Steel
EIG Global Energy Partners
Work highlights
- Advised the lenders and export credit agencies in connection with the US$690m financing of the Amunet 500MW onshore wind farm.
- Advised on the $5bn financing for the expansion of Northvolt Ett. This transaction marks the largest green loan ever secured in Europe.
- Advised H2 Green Steel on its $4bn financing for the world’s first large-scale hydrogen production and green steel plant.
Corporate and commercial > Equity capital markets: mid-large cap Tier 3
Milbank’s London team chiefly advises on international IPOs and secondary offerings, leveraging strengths in US securities matters and close client relationships in the Nordic and Middle Eastern markets to handle issuer- and underwriter-side fundraising and privatisation transactions. David Dixter is well-regarded for his ability to handle IPOs and liability management transactions across the EMEA region and co-heads the team with Apostolos GkoutzinisPractice head(s):
David Dixter; Apostolis Gkoutzinis
Testimonials
‘David Dixter has good communication skills, as well as excellent judgement and analytical skills.’
‘David Dixter is a very responsive and can-do partner.’
Key clients
Kalera AS
Storskogen Group AB
Acast AB
Goldman Sachs Bank Europe SE
J.P. Morgan AG
Carnegie Investment Bank AB
Danske Bank A/S
Jefferies
ABG Sundal Collier AB
Nampak
Credit Suisse
BNPP
BofA
Deutsche Bank
Nordic Capital
Work highlights
- Advised the underwriters in connection with the initial public offering and Athens Stock Exchange listing of Athens International Airport S.A., Greece’s biggest IPO in over 15 years.
- Advised Goldman Sachs Bank Europe SE, Jefferies and Zürcher Kantonalbank as Joint Global Coordinators on the capital increase of Meyer Burger Technology AG raising gross proceeds of approximately CHF 250 million.
- Acting for the Managers in connection with the demerger of Svitzer from Maersk.
Finance > Derivatives and structured products Tier 3
The ‘commercial, innovative and practical‘ structured credit group at Milbank is best known for its work on CLOs, but it also has a full-service derivatives practice that acts for the firm’s project, leveraged and aviation finance clients in Europe and Asia on large-scale hedging transactions. Practice head James WarbeyPractice head(s):
James Warbey
Other key lawyers:
Claire Bridcut; Robert Wyse Jackson; Chris Burke
Testimonials
‘Commercial, innovative and practical.’
‘James Warbey and Robert Wyse Jackson are an excellent duo – commercial, innovative and practical; and always available.’
‘We recently started engaging more closely with their London team; principally James Warbey and Rob Wyse Jackson. They have really great market knowledge from their position as pre-eminent manager counsel in the market and that applies on both sides of the Atlantic.’
‘James Warbey represented us on the discussions on swap provisions in relation to intercreditor amendments. He was very knowledgeable and provided good market led advice.’
‘James Warbey: whilst not involved in the day to day nitty-gritty, James was there to provide well thought through advice on relevant issues and market colour. You feel very comfortable that he knows his stuff and the market in this context.’
Key clients
Advent International GmbH
EBRD, SMBC and Societe Generale
Standard Chartered
Japan Bank for International Corporation
NEXI
The International Finance Corporation
International Finance Corporation
Sumitomo Mitsu Banking Corporation
Sumitomo Mitsui Trust Bank Limited (London Branch)
Gulf International Bank
BNP Paribas
Credit Agricole Corporate and Investment Bank
CaixaBank
Mizuho Corporate Markets
National Australia Bank Limited
Société Générale
Sumitomo Mitsui Trust Bank, Limited, New York Branch
Piraeus Bank S.A.
National Bank of Greece S.A.
J.P. Morgan Securities LLC
H2gs Ab
MUFG Bank, Ltd., Singapore Branch
Work highlights
Finance > Securitisation Tier 3
The structured credit group at Milbank is one of the leaders in CLO and Greek securitisation transactions. As well as acting for many of the largest and most active investment managers on European deals, the firm’s busy CLO practice also advises prominent investment banks acting as arrangers. In fact, CLOs account for around 70% of the work of James WarbeyPractice head(s):
James Warbey
Other key lawyers:
Testimonials
‘The team is very agile and can work on a range of matters. They are very solution-focused and commercial while still ensuring that they give top legal advice.’
‘They are willing to challenge the status quo and competitors’ views while having deep experience in the sector. The partners are very responsive and solutions focused. Claire Bridcut is especially user-friendly.’
Key clients
AXA Investment Managers US Inc.
Bain Capital Credit U.S. CLO Manager II, LP.
Cross Ocean Adviser LLP
Trinitas Capital Management, LLC (WhiteStar)
PGIM Loan Originator Manager Limited and PGIM Limited
Capital Four CLO Management II K/S and Capital Four Management Fondsmæglerselskab A/S
KKR
Bridgepoint Credit Management Limited
BNP Paribas
Park Square Capital, LLP
Polus Capital Management
Nassau Corporate Credit (UK) LLP
Public Power Corporation S.A.
Attica Bank S.A.
Industry focus > Emerging markets Tier 3
Projects, energy and natural resources > Mining and minerals Tier 3
Milbank’s mining team is best known for its work advising lenders in this space and is particularly strong in project financing. The team has deep expertise, and its dedicated mining team works closely with its New York office, providing its clients with further expertise and a strong international focus. John DewarPractice head(s):
John Dewar; Matthew Brown
Other key lawyers:
Testimonials
‘Extreme knowledge in the sector, both in legal and commercial terms, on the background of numerous precedents and close cooperation with its NY practice.’
‘John Dewar stands out for his non-confrontational yet persistent style of drafting and negotiating, always open to clients’ requests and pursuing their interests with great stamina.’
‘Sector understanding, relevant experience, and results orientated.’
Key clients
KfW IPEX-Bank GmBH
EBRD
IFC
EDC
National Bank of Greece
Piraeus Bank
Work highlights
- Advised on the Hellas Gold project financing, which marks a pioneering venture in the financing landscape for mining projects in Greece.
- Advised on the financing of the Oyu Tolgoi Copper and Gold Mine project in Mongolia.
- Advised H2 Green Steel on its $4 billion financing for the world’s first large-scale hydrogen production and green steel plant.
Projects, energy and natural resources > Oil and gas Tier 3
Milbank advises on a range of matters concerning infrastructure, oil and gas, energy transition and power. John DewarPractice head(s):
John Dewar; Matthew Brown
Other key lawyers:
Testimonials
‘The team are leaders in the field.’
‘Matthew Brown is constantly available and consistently delivers top-end work. He is an excellent negotiator and pleasant to deal with.’
Key clients
JP Morgan
Export-Import Bank of Korea
BNPP
Lumina Capital Management
Work highlights
- Advised on EIG’s $1.5bn project bond refinancing of Saudi Aramco’s oil pipeline infrastructure and Blackrock’s $4.5bn project bond and sukuk (Islamic Bond) offerings.
- Advised the lenders on Energos Infrastructure’s acquisition of two Dynagas FSRU’s which will help bolster Germany’s energy independence, as well as bring cost-efficiencies and lower carbon power generation.
- Advised Export-Import Bank of Korea (KEXIM) and the Finance Party in connection with Reliance Industries’ financing of its share of the construction of the Floating Production Storage and Offloading unit’s by Samsung Heavy Industries Co Limited.
Projects, energy and natural resources > Renewables Tier 3
Milbank is a strong choice for a range of sponsors, export credit agencies, and commercial banks seeking guidance on complex energy transition projects, often spanning multiple jurisdictions. The team is well-versed in a variety of renewable energy projects, with a focus on the development and financing of solar, wind, battery storage, and green hydrogen. The project, energy, and infrastructure practice is jointly chaired by John DewarPractice head(s):
John Dewar; Matthew Brown
Other key lawyers:
Key clients
EIB
Societe Generale
Japan Bank for International Cooperation
Nippon Export and Investment Insurance
BNPP
Breakthrough Energy Catalyst
H2 Green Steel
EIG Global Energy Partners
Work highlights
- Advised the lenders and export credit agencies in connection with the US$690 million financing of the Amunet 500MW onshore wind farm.
- Advised on the $5 billion financing for the expansion of Northvolt Ett.
- Advised H2 Green Steel on its $4 billion financing for the world’s first large-scale hydrogen production and green steel plant.
Transport > Aviation Tier 3
Milbank acts for a client roster composed of airlines, lessors and banks across JOLCO transactions and PDP financing amid a range of structured aircraft finance deals, while also overseeing the acquisitions and disposals of large aircraft portfolios. Jointly leading are James Cameron and Nick Swinburne, with the former being the key contact for asset finance and leasing transactions, and the latter taking on portfolio deals in addition to structuring asset and receivables-backed transactions. Andy McAdam is also recommended for financing and restructuring mandates in the aviation sector.Practice head(s):
James Cameron; Nick Swinburne
Other key lawyers:
Testimonials
‘Nick Swinburne stood out among competitors as counsel for a new Japanese structure.’
‘Excellent bench of associates, meaning that work is appropriately allocated.’
‘Nick Swinburne is a truly excellent leader in aviation finance. Incredibly knowledgeable and a strong choice for our complex transactions.’
‘On virtually every deal that matters, deep bench, commercial minded.’
‘James Cameron is an excellent commercial lawyer, able to add value to transactions and protect clients.’
Key clients
Abelo
AerCap
Aergo
Aircastle
Air France
Ares
Avolon
Bank of China Aviation
Barclays
Barings
BBAM/NBB
BNP Paribas
Brookfield
CALC
CDB Leasing
Centerbridge
Citibank
China Merchant Bank
Chorus Aviation
CMB Financial Leasing
Credit Suisse
Crédit Agricole Corporate and Investment Bank
Deucalion
Deutsche Bank
Development Bank of Japan
Embraer
Export Development Canada
Fortress
FPG
HSBC
IAT Leasing
Investec
Itasca
JP Morgan
KKR
M&G Investments
Meta
Morgan Stanley
MUFG
Natixis
Nomura Babcock & Brown
NORD/LB
Novus Aviation Capital
Oaktree
ORIX
PIMCO
Silverpoint
SMBC
SMBC Aviation Capital
SNB Capital
Standard Chartered
Strategic Value Partners
Stratos
TrueNoord
TUI
volofin Capital Management Ltd
Genesis Leasing Limited
Carlyle Aviation Partners
Castlelake
ING
Société Générale
Corporate and commercial > Private equity: transactions – high-value deals (£500m+) Tier 4
Milbank‘s private equity team works with an ever-growing list of clients in connection with cross-border public and private M&A, fund management, and exits. Team head Andrej Wolf has a strong track record of working alongside some of the world's foremost financial sponsors and asset managers, handling multijurisdictional acquisitions and disposals, secondaries, carve-outs and restructurings. Co-head Jordan Simpson acts across the full spectrum of PE transactions and has recently advised on complex deals in growing areas such as edtech and sports, while James McClymont, who also maintains a broad practice, demonstrates engagement in the healthcare, insurance and luxury consumer space. Lara Watt is a popular choice for a number of mid-market stalwarts, and has deep experience advising on primary and secondary buyouts, bolt-ons, and carve-outs.Practice head(s):
Andrej Wolf; Jordan Simpson
Other key lawyers:
James McClymont; Lara Watt; Paul Buchan; Jamie Duncan; Catriona Mather
Testimonials
‘Excellent PE expertise. Great communication and expectation management. Very commercial and yet practical.’
‘Jordan Simpson is very knowledgeable and responsive and has a large and very quick legal brain. Robbie Hay has potential star quality and a great manner.’
‘Do whatever it takes to get the job done. Excellent PE skills and expertise, and able to impart this in a clear and transparent manner.’
‘Tight-knit team with high level of client service and clear, concise communication. Very commercial approach and completely trusted to get to the right answer for the client. Low-ego team that eschews self-promotion. The definition of a trusted adviser.’
‘Jordan Simpson is highly commercial and can cut through the most complex legal matters to uncover the real issues and resolve them. A voice of reason even during the most contentious deal negotiations. Paul Buchan is a technically skilled and highly competent lawyer; very hardworking and skilled at refocusing advisers on what matters. Jamie Duncan and Catriona Mather are very strong associates who performed well in executing a complex deal.
Key clients
A&M Capital Europe
Cerberus European Investments
Charterhouse Capital Partners
Compass Partners
Intermediate Capital Group
Investindustrial
PAI Partners
Park Square Capital
Stirling Square Capital Partners
Strategic Value Partners
Summit Partners
Sun European Partners
The Carlyle Group
Värde Partners
Vitruvian Partners
Work highlights
- Representing Vitruvian Partners, on the sale of IFGL to Cinven.
- Representing Strategic Value Partners on its acquisition of APCOA from Centerbridge.
- Representing Stirling Square on the sale of Outcomes First to TPG Rise.
Dispute resolution > Banking litigation: investment and retail Tier 4
Its transatlantic capabilities see Milbank advise on banking litigation and investigations in both the UK and the US. The team advises banks and lenders on competition and fraud claims, criminal investigations and enforcement actions. Practice head Julian StaitPractice head(s):
Julian Stait
Other key lawyers:
Mona Vaswani; Tom Canning; William Charles; Rosy Villar; Mark Padley; Emma Hogwood; Michael Bingham; Peter Edworthy
Testimonials
‘Mona Vaswani’s practice is legendary, and she continues to get brilliant results for tough, demanding clients.’
‘The banking team at Milbank is second to none. There is exceptional quality at every level, which is hard to find, combined with impressive sector knowledge reflecting the breadth and depth of experience in the team. The team works extremely well together and communicates very effectively with both clients and counsel.’
‘Julian Stait, the lead partner, is one of the most experienced litigators in the London banking market. He is a go-to for large, international clients with complex cases. His judgement is extremely sound, he always asks the right questions and sees the key issues, and he is excellent on strategy, as well as being a first-rate lawyer.’
‘Emma Hogwood, special counsel, is one of the most impressive solicitors I have worked with. She is exceptionally bright, has a frightening attention to detail, and runs the most difficult cases with ease. She works extremely well with counsel, always thinks through points before raising them and is all round an absolute pleasure to work with.’
‘Mona Vaswani is outstanding and is a top pick for any client with a knotty dispute, particularly in the fraud sector.’
‘Mona Vaswani is superb. She has excellent judgement and gives clear and decisive advice.’
‘The practice includes some highly transactional-minded litigators, which is helpful as they can also understand the commercial drivers of a situation and get involved in a broader sense.’
‘Tom Canning (partner) and Michael Bingham (associate) are two stand out individuals. They are friendly, hyper intelligent and very easy to work with – I trust their advice blindly as it has never proven to be even slightly questionable to date.’
Key clients
Coöperatieve Rabobank U.A.
Visa Inc.
Visa International Service Association,
Visa Europe Limited
Visa Europe Services LLC
Visa UK Limited
Apollo Global Management
Frigoglass Group
Dispute resolution > Competition litigation Tier 4
Milbank is noted for its high levels of activity in the financial services sector, where the team is leading on a number of complex competition law disputes and investigations. The firm’s trial experience ranges from appeals in the Supreme Court to class action litigation. Julian StaitPractice head(s):
Julian Stait
Other key lawyers:
Andrea Hamilton; Emma Hogwood; Cormac Alexander; Mark Padley; Emily Norton
Testimonials
‘I am an economist instructed by Milbank. The team is very pleasant to work with. They are professional but also have a nice personal touch and you can clearly see that they collaborative and have a great internal dynamic.’
‘Mark Padley is an outstanding lawyer with a very strategic outlook and maturity.’
‘I have worked closely, and for some years, with Julian Stait’s litigation team at Milbank (in particular, Julian himself, Mark Padley and Emily Norton). They are consistently excellent. Their attention to detail and strategic thinking regarding the development of litigation is flawless. They are always alive to the relevant issues in a case, no matter how complex. And they are friendly and a pleasure to work with.’
‘The Milbank team is incredibly strong, bringing their skills from commercial litigation to bear in the competition sphere as well. The team works like a well-oiled machine: the associates are brilliant and can be counted on to work very hard, proactively and independently, to deliver what needs to be done. And the partner delivers excellent strategic direction and supervision.’
‘Julian Stait is one of the wisest and most insightful partners I have ever worked with in commercial or competition litigation. He has extremely reliable good judgement – he is one of the few people you can always count on to make a case-winning point. What really separates him from the crowd is his ability to step back from the minutiae of the litigation and find a commercial solution to a difficult legal problem.
‘I have worked with Mark Padley for many years now, since he was a junior associate, and he has always impressed me. He is a real star in the making and can be relied on to shepherd a crucial part of a case through to fruition.’
‘Good sector coverage and experience across multiple categories of litigation, including financial, public, and competition.’
‘Julian Stait is super experienced and strategic, very smart. Mark Padley is very good too.’
Key clients
Visa Europe
Coöperatieve Rabobank
Brugg Kabel
Work highlights
TMT (technology, media and telecoms) > IT and telecoms Tier 4
The ‘high-powered, well integrated, and slick team’ at Milbank is particularly experienced in technology disputes. Julian StaitPractice head(s):
Julian Stait
Other key lawyers:
Testimonials
‘The high-powered, well integrated, and slick team always has its eye on the detail as well as the bigger picture.’
‘The practice is extremely hard working – every problem is examined in depth and with care. They have great knowledge and experience of the industry and of disputes. They are very strong across all levels.’
‘Julian Stait is an extremely experienced and commercially savvy partner who is uncannily good at strategy and can also do deep legal analysis.’
‘Julian Stait is senior and hugely experienced; he is involved in the detail and always adds value.’
Key clients
Credit Suisse
Direct Line Group
Maxis
TCS
WPP
Drax Group plc and Drax Energy Solutions Limited
Work highlights
Corporate and commercial > Corporate tax Tier 5
Milbank's tax offering works closely alongside the firm's transactional teams, advising on M&A, financial restructurings, and private equity matters. The group boasts niche expertise in aviation taxation, including leasing transactions and portfolio acquisitions. Alan Rafferty, noted for his strength in cross-border and international matters, co-leads the department alongside Russell Jacobs, whose particular area of expertise is corporate finance. Andrew Callaghan is a key name, with aptitude in private equity matters.Practice head(s):
Alan Rafferty; Russell Jacobs
Other key lawyers:
Testimonials
‘Very strong technical team with very strong German tax capabilities.’
‘They know the market, precedent transactions and needs of their clients. They are on the ball and value input from other practitioners.’
‘I recently worked with Alan Rafferty. He is knowledgeable, pleasure to work with and has a good understanding of issues in other jurisdictions involved.’
Key clients
JP Morgan
Breakthrough Energy Catalyst
Euronext Milan-listed Saipem S.p.A. (“Saipem”)
Eurobank S.A.
Strategic Value Partners
Frigoglass Group
Stirling Square Capital Partners
Charterhouse Capital Partners
Public Power Corporation S.A. (“PPC”)
PK Airfinance
Summit Partners
Dubai Aerospace Enterprise
Correlation One Holdings Limited
One Equity Partners
Zegona Communications plc
Network Access Associates Limited
Benteler International AG
Work highlights
Corporate and commercial > Financial services: contentious Tier 5
Milbank provides an ‘excellent client service’ to institutions and individuals facing domestic regulatory scrutiny, while the firm’s transatlantic operations uniquely position it to effectively manage tasks that have implications in both the UK and the US. William Charles is ‘especially skilled at instilling a sense of confidence in people making decisions in complex and tense circumstances’. His workflow includes regulatory and internal investigations for institutions and employees spanning a wide range of issues, including allegations of “spoofing” and misuse of price-sensitive information. In his role as head of the London litigation and arbitration team, Julian StaitPractice head(s):
Julian Stait
Other key lawyers:
Testimonials
‘They provide an excellent client service.’
‘William Charles provides invaluable guidance and is incredibly prompt in responding and giving detailed assessments.’
‘William Charles is especially skilled at instilling a sense of confidence in people making decisions in complex and tense circumstances. We value not only his legal advice but his emotionally intelligent approach to moving through contentious issues and difficult group dynamics.’
Work highlights
Corporate and commercial > M&A: Upper Mid-Market And Premium Deals, £750m+ Tier 5
Milbank‘s London corporate practice excels in European M&A and private equity, often managing transactions in aviation, energy, infrastructure, and growth equity. Turned to by FTSE 100 and Fortune 250 companies, financial institutions, infrastructure funds and energy companies, the London team is led by Lisa O’Neill and Andrej Wolf. O’Neill draws superlative praise for her ability to handle large-scale public and private M&A, divestitures, joint ventures, reorganisations and commercial contracts, while Wolf is noted for his expertise in the private equity arena.Practice head(s):
Lisa O’Neill; Andrej Wolf
Other key lawyers:
Mark Stamp
Testimonials
‘Lisa O’Neill is by far the greatest M&A lawyer we have ever worked with.’
Key clients
Public Power Corporation S.A.
PK Airfinance
One Equity Partners
Dubai Aerospace Enterprise
Summit Partners
BC Partners
Work highlights
- Advised Public Power Corporation S.A. in connection with the completion of its acquisition of all the equity interests held by Enel S.p.A. and its subsidiaries in Romania for a total consideration of approximately €1.24bn.
- Advised PK Airfinance on its agreement to acquire the majority of an approximately $920 million portfolio of secured aviation loans from Standard Chartered, with Apollo affiliates agreeing to purchase the balance of the portfolio.
- Advised Eurobank S.A. in connection with the completion of the sale of its Serbian subsidiary, Eurobank Direktna, to AIK Banka a.d. Beograd. Eurobank Direktna was owned by Eurobank Holdings (70%) and former Direktna Banka shareholders (30%).
Crime, fraud and licensing > Fraud: civil Tier 5
The principal figure in Milbank‘s civil fraud practice is Mona VaswaniPractice head(s):
Julian Stait
Other key lawyers:
Testimonials
‘With Milbank, clients know that they are in safe hands and are solidly supported throughout the resolution of whatever issue they have taken to them.’
‘Mona Vaswani is one of the best in the business. She is commercial, practical, affable, able, and across the detail of all within her remit.’
‘Mona Vaswani is a go-to adviser in her field. Her responsiveness and proactiveness set her apart from her peers.’
‘Mona Vaswani is committed, sharp, loyal and very efficient. Clients enjoy very much working with her.’
Key clients
Pierre Mirabaud
Njord Partners SMA-Seal
NPSSF Debt Co
AIE III INVESTMENTS
Dispute resolution > International arbitration Tier 5
Milbank‘s London practice routinely acts in heavyweight disputes. The firm’s international arbitration offering is led by Tom Canning, whose track record includes arbitrations conducted under the major arbitral rules, including ICC, LCIA, SIAC, DIAC, SCC, and UNCITRAL. The wide-ranging workload of disputes head Julian StaitPractice head(s):
Julian Stait; Tom Canning
Other key lawyers:
Testimonials
‘Milbank is a very strong unit in the international arbitration and litigation spheres.’
‘An exceptionally well-organised team that has the ability to stay on top of the facts and law, from associate to partner level – the experience is unique.’
‘Everything runs like clockwork and they get a handle on developments at speed.’
‘Potential clients can rest assured that Milbank’s strength is to make strategy for the case, fill in all the potential loopholes, identify the strengths and weaknesses, and then plan accordingly. Milbank is very clear in its thinking, and its use of technology to facilitate the entire process, as well as consistent collaboration, are also outstanding and worthy of appreciation.’
‘They have strength in depth from partner level to trainees, and are an extremely polished outfit – able to compete at the highest level.’
‘Tom Canning is a class act – inspires confidence in clients and respect from tribunals.’
‘Tom Canning is an exceptional leader of cases – a pleasure to work with and substantively great.’
‘Peter Edworthy – nothing is too much trouble and he gets stuck in from the outset. Unafraid to challenge Counsel and does whatever is needed in the advancement of his client’s cause.’
Dispute resolution > Commercial litigation: premium Tier 6
Experienced in cross-border litigation, Milbank counts major corporates and financial institutions among its international clientele. Practice head Julian StaitPractice head(s):
Julian Stait
Other key lawyers:
Mona Vaswani; Tom Canning; Emma Hogwood; Mark Padley; Conrad Marinkovic
Testimonials
‘A high-powered, well integrated and slick team that always has its eye on the detail as well as the bigger picture.’
‘Julian Stait – an extremely experienced and commercially savvy partner who is uncannily good at strategy and can also do deep legal analysis. Emma Hogwood – an extremely bright lawyer who combines an incredible eye for detail with vast reserves of pragmatism.’
‘I have worked closely, and for some years, with Julian Stait’s litigation team at Milbank – in particular, Julian himself, Mark Padley and Emily Norton. They are consistently excellent. Their attention to detail and strategic thinking regarding the development of litigation is flawless. They are always alive to the relevant issues in a case, no matter how complex. And they are friendly and a pleasure to work with. Any client would be lucky to have them, and I would heartily recommend.’
‘A very strong and growing team of commercial litigators of the very highest quality, particularly strong on financial services and fraud.’
‘Mona Vaswani is a great litigator, immensely experienced and a delight to work with, particularly strong on fraud disputes. Julian Stait is another litigator at the very top of his game: experienced, thoughtful, with a great eye both for the detail and for the optimum strategy.’
‘Mona Vaswani’s practice is legendary, and she continues to get brilliant results for tough, demanding clients.’
‘Mona Vaswani’s client base is an elite group of discerning clients (including hedge funds and large consultancy firms) that have her at the top of their list for any matter that needs external counsel. Her reputation in this field is unparalleled.’
‘Mona Vaswani is an excellent litigator – responsive, hard-working, technically outstanding but also commercial. A standout partner of her generation.’
Key clients
Visa Inc., Visa International Service Association, Visa Europe Limited, Visa Europe Services LLC and Visa UK Limited
Coöperatieve Rabobank U.A.
Drax Group Plc
Direct Line Group PLC
Work highlights
India > Foreign firms Tier 2
Active across India, the UK and Asia more broadly, Milbank fields a considerable workload that spans projects, M&A and capital markets issues. The team is frequently handling matters arising from the energy, transport and telecoms industries on both a domestic and international scale. James GrandolfoPractice head(s):
James Grandolfo
Other key lawyers:
Testimonials
‘Professional and thorough knowledge.’
Key clients
Korea Trade Insurance Corporation (K-SURE)
Export-Import Bank of Korea (K-EXIM)
SACE S.p.A.
EKN
Finnvera
JSW Infrastructure Limited
HSBC Bank plc
AGP International Holdings Ltd
Deutsche Bank
Japan Bank for International Cooperation
KfW IPEX-Bank
Credit Suisse
Columbia Pacific Management, Inc.
Delhi International Airport Limited
Korea Trade Insurance Corporation (K-SURE)
Export-Import Bank of Korea (K-EXIM)
Manipal Global Health Services
Deutsche Bank
Nomura
CVC
Goldman Sachs (IBD and MBD/AWM)
Work highlights
- Advised the founding shareholder in the sale of a controlling interest of India’s Manipal Hospitals to Singapore’s Temasek. Temasek are a current shareholder of 18.13% of MHEPL (Manipal Health Enterprises Pvt. Ltd), and with this transaction, will increase their shareholding to 58.98% of MHEPL.
- Advised the founding shareholder in the sale of a controlling interest of India’s Manipal Hospitals to Singapore’s Temasek. Temasek are a current shareholder of 18.13% of MHEPL (Manipal Health Enterprises Pvt. Ltd), and with this transaction, will increase their shareholding to 58.98% of MHEPL.
- Advising The Hongkong and Shanghai Banking Corporation Limited as ECA Coordinator, and as Facilities’ Agent, the Mandated Lead Arrangers and the Original Banks as lenders counsel with respect to the expected $2.5bn covered facilities to fund the expansion of a pan-India 5G telecommunication network.
Milbank > Firm Profile
The firm: Milbank has been in London for over 40 years, assisting clients with their most complex, high-profile and ground-breaking cross-border transactional and contentious matters. Now the second largest office in Milbank’s global network, the London office has over 150 lawyers providing English and NY law advice on UK, pan-European, Asian, African and other global matters. The strength of its leading UK and US practices provides the firm with a unique ability to handle the most complex and demanding transatlantic mandates for its clients.
Types of work undertaken
Acquisition finance: The firm’s integrated English and NY law team is a leader in the market across loans, bonds, bridges and private debt. Clients include underwriters and financial sponsors, senior and mezzanine lenders, issuers and borrowers. We lead the market in advising the world’s leading banks/lenders and sophisticated borrowers on their largest and most complex billion-dollar transactions across Europe and globally.
Capital markets: The London team focuses on servicing areas where the firm is particularly strong, including initial public offerings, high-yield bonds, leveraged acquisitions, emerging market offerings, project bonds, securitisations and other types of highly structured cross-border products. We are leaders in complex high yield bond restructurings. We advise, in particular during periods of disruption in the capital markets, we advise on the capital markets, covenant and structuring aspects of complex, high-profile bond restructurings and noted for our handling of ECM matters in the EMEA market. The firm is able to structure and document capital markets offerings under both English and New York law. We continue to work on the most innovative and first of their kind deals.
Corporate: The London team represents buyers and sellers, private equity investors, strategic partners and financial advisers in the full range of M&A and strategic corporate transactions using English law both in the UK and globally. The focus is on complex, high-end and usually cross-border transactions.
Litigation, arbitration and investigations: This market leading team specialises in the resolution of complex and high stakes disputes and investigations, particularly in the financial services, energy, and technology sectors.
Tax: The practice has expertise across the entire range of corporate, income and related taxation, covering the corporate, investment funds and financial services sectors. It focuses on international, cross-border mergers and acquisitions, financial restructurings. Structured finance and capital market products and product development and, generally, assists clients from these sectors in developing tax-optimal strategies for international consortia, joint ventures and funding structures.
Islamic finance: The firm’s Islamic finance practitioners have wide experience of structuring and documenting Shari’ah-compliant financings with particular expertise in acquisition financing, project financing, Sukuk/Islamic bonds and securitisation.
Project, energy and infrastructure finance: The London team has accomplished high-profile mandates in the power, oil and gas, metals and mining, water, telecoms and satellites, and transport infrastructure sectors, and is ranked among the leaders in the London market.
Restructuring: The London offering of this core practice for the firm focuses on the largest, most complex transactions in the market. The firm represents boards, companies, banks, funds, official and ad hoc committees of creditors, individual creditors, shareholders, and other participants in bankruptcies and out of court restructurings of companies in any industry in the US, Europe, the Middle East, Africa, Asia and around the world.
Securitisation and structured finance: The firm has a market leading practice acting for a range of institutional and fund manager clients.
Transportation and space: The firm specialises in all forms of asset related financing in the transportation, satellite, shipping and infrastructure areas, acting on the sector’s largest, most complicated, innovative and often award-winning transactions. The team’s work has a global reach and deals combine finance, export credit, tax structuring, restructuring, acquisitions, competition and capital markets expertise. The range of clients is broad, from investment banks, development institutions, airline leasing companies and manufacturers to specialist funds, carriers, and regulatory bodies, and the team works across the sector from private jets to the largest of container vessels.
Main work contacts
Acquisition finance: Suhrud Mehta, Alex Grant, Miko Bradford, Sarbajeet Nag, Laura Bonamis
Capital markets/high yield: Apostolos Gkoutzinis, Tim Peterson, Rebecca Marques, David Dixter, Ana Grbec, Randy Nahlé, Trevor Truman
Restructuring: Yushan Ng, Karen McMaster, Jacquie Ingram, Sinjini Saha, Kate Colman, Sarah Levin
Litigation, arbitration and investigations: Julian Stait, Charles Evans, Tom Canning, Mona Vaswani, William Charles
Corporate and M&A: Lisa O’Neill, Andrej Wolf, Andrea Hamilton, Paul Buchan, James McClymont, Ajal Notowicz, Andrew Nuthall, Jordan Simpson, Lara Watt, Sebastian Heim
Project finance: John Dewar, Munib Hussain, Chris Taufatofua, Matthew Brown
Islamic finance: John Dewar, Munib Hussain
Structured finance: James Warbey, John Goldfinch, Claire Bridcut
Tax: Russell Jacobs
Transportation and space: James Cameron, Nick Swinburne
International offices: Frankfurt, Munich, New York, Los Angeles, Washington DC, Singapore, Hong Kong, Tokyo, Beijing, São Paulo, Seoul
Lawyer Profiles
Photo | Name | Position | Profile |
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Cormac Alexander | Special Counsel, Litigation & Arbitration | View Profile |
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Laura Bonamis | Partner, Global Leveraged Finance | View Profile |
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Claire Bridcut | Partner, Alternative Investments | View Profile |
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Matthew Brown | Partner, Global Project, Energy and Infrastructure Finance | View Profile |
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Andrew Callaghan | Special Counsel, Tax | View Profile |
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James Cameron | Partner, Transportation & Space | View Profile |
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Tom Canning | Partner, Litigation & Arbitration | View Profile |
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William Charles | Partner, Litigation & Arbitration | View Profile |
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Rachel Croft | Partner, Global Project, Energy and Infrastructure Finance | View Profile |
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Kilian De Cintré | Special Counsel, Global Project, Energy and Infrastructure Finance | View Profile |
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John Dewar | Partner, Global Project, Energy and Infrastructure Finance | View Profile |
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David Dixter | Partner, Global Capital Markets | View Profile |
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Seyda Duman | Special Counsel, Global Project, Energy and Infrastructure Finance | View Profile |
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Peter Edworthy | Associate, Litigation & Arbitration | View Profile |
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Cosmos Fung | Associate, Tax | View Profile |
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Apostolos Gkoutzinis | Partner, Global Capital Markets | View Profile |
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John Goldfinch | Partner, Alternative Investments | View Profile |
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Alexandra Grant | Partner, Global Leveraged Finance | View Profile |
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Ana Grbec | Partner, Global Capital Markets | View Profile |
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Andrea Hamilton | Partner, Global Corporate | View Profile |
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Emma Hogwood | Special Counsel, Litigation & Arbitration | View Profile |
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Munib Hussain | Partner, Global Project, Energy and Infrastructure Finance | View Profile |
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Tom Jackson | Associate, Transportation & Space | View Profile |
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Russell Jacobs | Partner, Tax | View Profile |
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Vasiliki Katsarou | Associate, Litigation & Arbitration | View Profile |
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Adrian Kwok | Associate, Alternative Investments | View Profile |
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Conrad Marinkovic | Associate, Litigation & Arbitration | View Profile |
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Rebecca Marques | Partner, Global Capital Markets | View Profile |
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James McClymont | Partner, Global Corporate | View Profile |
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Karen McMaster | Partner, Financial Restructuring | View Profile |
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Suhrud Mehta | Partner, Global Leveraged Finance | View Profile |
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Fareed Muhammed | Associate, Tax | View Profile |
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Sarbajeet Nag | Partner, Global Leveraged Finance | View Profile |
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Randy Nahlé | Partner, Global Capital Markets | View Profile |
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Yushan Ng | Partner, Financial Restructuring | View Profile |
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Lisa O'Neill | Partner, Global Corporate | View Profile |
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Mr Mark Padley | Special Counsel, Litigation & Arbitration | View Profile |
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Tim Peterson | Partner, Global Capital Markets | View Profile |
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Alan Rafferty | Partner | View Profile |
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Jordan Simpson | Partner, Global Corporate | View Profile |
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Julian Stait | Partner, Litigation & Arbitration | View Profile |
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Mark Stamp | Consulting Partner, Global Corporate | View Profile |
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Nick Swinburne | Partner, Transportation & Space | View Profile |
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Chris Taufatofua | Partner, Global Project, Energy and Infrastructure Finance | View Profile |
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Mona Vaswani | Partner, Litigation & Arbitration | View Profile |
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Rosy Villar | Associate, Litigation & Arbitration | View Profile |
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James Warbey | Partner, Alternative Investments | View Profile |
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Lara Watt | Partner, Global Corporate | View Profile |
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Andrej Wolf | Partner, Global Corporate | View Profile |
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Robert Wyse Jackson | Special Counsel, Alternative Investments | View Profile |
Legal Briefings
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The Milbank interview – Taking the plunge
In its 40th anniversary in London, Milbank London co-heads Suhrud Mehta and Julian Stait talk about the dramatic development of the Wall Street leader’s City business The office has made a series of bold lateral hires in the last three years. What is behind this? Suhrud Mehta (SM), co-London managing partner, Milbank: At one level …
Comparative Guides
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United Kingdom: Aviation Finance & Leasing
Published: December 2024
Authors: Siddharth SharmaRichard WaltonLiam Markham
This country-specific Q&A provides an overview of Aviation Finance & Leasing laws and regulations applicable in United Kingdom.
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United States: Aviation Finance & Leasing
Published: December 2024
Authors: Freyda MechlowiczZachary CroninSteve Goff
This country-specific Q&A provides an overview of Aviation Finance & Leasing laws and regulations applicable in United States.
- Finance > Islamic finance
- Finance > Transport finance and leasing
Top Tier Firm Rankings
- Finance > Acquisition finance
- Finance > Corporate restructuring & insolvency
- Finance > High yield
- Projects, energy and natural resources > Infrastructure: Project finance and development
Firm Rankings
- Corporate and commercial > Equity capital markets: mid-large cap
- Finance > Derivatives and structured products
- Finance > Securitisation
- Industry focus > Emerging markets
- Projects, energy and natural resources > Mining and minerals
- Projects, energy and natural resources > Oil and gas
- Projects, energy and natural resources > Renewables
- Transport > Aviation
- Corporate and commercial > Private equity: transactions – high-value deals (£500m+)
- Dispute resolution > Banking litigation: investment and retail
- Dispute resolution > Competition litigation
- TMT (technology, media and telecoms) > IT and telecoms
- Corporate and commercial > Corporate tax
- Corporate and commercial > Financial services: contentious
- Corporate and commercial > M&A: Upper Mid-Market And Premium Deals, £750m+
- Crime, fraud and licensing > Fraud: civil
- Dispute resolution > International arbitration
- India > Foreign firms