Milbank > London, England > Firm Profile

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 Dewar is at the forefront of many of the highest-profile matters handled by the team and is particularly skilled at handling first-of-its-kind transactions involving creative structuring and often very complex inter-creditor arrangements. Munib Hussain co-heads the team alongside Dewar and is well-versed at handling a range of Shariah-compliant structures, including sukuks and Murabaha facilities, often acting alongside Dewar on transactions as well as working with other practice groups, including aviation finance, on structures that require input from an Islamic finance perspective.

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.

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 Mehta, the team is regularly engaged in high-profile big-ticket deals, where it is able to draw upon bank and bond expertise as well as a nuanced understanding of a myriad of finance products including European and US-style documentation. Investment banks continue to inform a significant portion of the deal flow, however, the firm has also made strong inroads into the private credit market. Here the firm is regularly involved in the less commoditised mid-market deals, with Mehta, Alexandra Grant and recently promoted partner Laura Bonamis handling high-profile work for credit funds financing acquisitions. Sarbajeet Nag is also a key member of the team.

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 Ng has, over his many years in practice, gained a market-leading reputation for both par and increasingly secondary investors seeking to realise value in distressed situations, both in and out of formal insolvency scenarios. The 'super-bright' New York and UK-qualified Sarah Levin also continues to gain traction in the market among funds clients, which are appreciative of her transactional prowess, including as it relates to distressed M&A, as well as her ability to realise value through insolvency tools including pre-packs. Sinjini Saha co-heads the team alongside Ng.

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 Gkoutzinis is regarded as a global thought leader on transactions involving Greek banks and issuers. He assists initial purchasers with debut offerings of bonds for financings, including in the oil and gas sector.

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 Dewar is well-equipped to advise multilateral and export credit agencies, commercial and multilateral developmental investment banks, and financial sponsors on sophisticated, multi-sourced project financings, and is also a highly experienced Islamic finance practitioner. Co-head Matthew Brown has a similarly broad finance practice and takes the lead on a number of energy transition mandates, earning praise for his ‘commercial’ outlook and focus on ‘(getting) a deal done effectively and efficiently’. Munib Hussain has recently advised on blockbuster oil and gas projects in the Middle East, covering the financing, refinancing and development aspects for a range of regional and international banks. A ‘tremendous asset’ to clients, Rachel Croft’s extensive finance practice is focused on the energy transition, while Seyda Duman‘s broad portfolio of work includes digital infrastructure, mining and minerals, and oil and gas work. Kilian De Cintré left the firm to join Vinson & Elkins RLLP in November 2023.

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 Gkoutzinis, who has driven the practice’s recent growing caseload of IPOs in the Greek market.

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 Warbey and Robert Wyse-Jackson ‘have really great market knowledge from their position as pre-eminent manager counsel in the market‘. Claire Bridcut is a key adviser on bespoke structured lending transactions for major banks and private equity funds.

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 Warbey‘s team, in which the ‘especially user-friendly‘ Claire Bridcut is a standout practitioner. Although the firm lost John Goldfinch to A&O Shearman, clients note that the team remains ‘very solution-focused and commercial‘.

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 Dewar is well-regarded in the space for his work on the development and financing of energy projects. Seyda Duman has extensive experience advising commercial banks, export credit agencies and other financial institutions.

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 Dewar, who is praised by lenders and sponsors alike for his adept handling of multi-sourced financings, stands at the helm, alongside Matthew Brown, who regularly leads on development and financing mandates relating to oil and gas, in addition to hydrogen and renewables. Munib Hussain is a first point of contact for ECAs, multi-laterals, and commercial and Islamic banks looking for assistance with international projects and energy and infrastructure financing matters. Alex Brightman is another key contact in the group.

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 Dewar and Matthew Brown. Dewar is noted for his expertise in renewables and energy transition projects, both in the UK and internationally, while Brown brings significant experience to the table, particularly in the development and financing of major transitional energy projects, such as those in the battery, green steel, hydrogen, and alternative fuels sectors. Munib Hussain, who was promoted to partner in January 2023, advises on complex lower carbon power generation projects, while special counsel Seyda Duman is another key contact for cross-border renewable energy project financings. Chris Taufatofua left the practice and is now at Vinson & Elkins RLLP.

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.

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.

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 Stait is at the forefront of high-profile litigation in the sector, as well as regulatory disputes and investigations. Mona Vaswani boasts a ‘legendary’ contentious financial services practice, representing international banks, financial institutions and private lenders. Tom Canning is another name to note, along with William Charles. Rosy Villar advises on disputes related to distressed loan and bond transactions. Mark Padley and Emma Hogwood are also active members of the team.

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 Stait is noted for his continued role in high-profile interchange fee and LIBOR manipulation litigation. Clients regularly call upon Andrea Hamilton to appeal CMA and European Commission decisions, while Emma Hogwood is adept in matters involving concerning evidential and procedural requirements.

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 Stait leads the team and is a key port of call for TMT entities on complaint resolution, international arbitration, and litigious matters. Another key member of the team is Tom Canning who counts financial institutions, satellite operators, as well as IT and telecommunication companies on his client roster.

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.

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 Stait regularly handles banking disputes.

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.

Crime, fraud and licensing > Fraud: civil Tier 5

The principal figure in Milbank‘s civil fraud practice is Mona Vaswani, an expert in high-profile civil fraud and asset tracing matters. ‘One of the best in the business’, Vaswani’s experience includes acting in High Court claims in the financial sector, including cases involving allegations of fraud. She additionally conducts internal inquiries and investigations for corporate and banking clients. Conrad Marinkovic also acts in international civil fraud matters, while Julian Stait heads the firm’s London litigation and arbitration team.

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 Stait includes international arbitrations. The department further includes Peter Edworthy, who ‘does whatever is needed in the advancement of his client’s cause’, and Vasiliki Katsarou, who works on several of the firm’s arbitration cases.

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 Stait is praised as an ‘extremely experienced and commercially savvy partner’. ‘Excellent litigator’ Mona Vaswani is an expert in breach of fiduciary duty, unfair prejudice and joint venture disputes, while Tom Canning specialises in dispute resolution in the Middle East. Emma Hogwood and Mark Padley are also contacts in the team.

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 Grandolfo, who helms the group, possesses extensive experience in the domain of debt, high-yield and equity related mandates, while Giles Kennedy is routinely entrusted by clients active in the sectors of tech, telecoms and real estate. Terrence O’Donnell is noted for his strengths in managing IPOs, share placements and high-yield bonds.