Shearman & Sterling LLP > London, England > Firm Profile

Shearman & Sterling LLP > The Legal 500 Rankings

Finance > Acquisition finance Tier 2

‘Able to leverage strong commercial awareness in combination with legal skills to deliver truly innovative solutions’, Shearman & Sterling LLP‘s lender-focused practice is adept at structuring M&A mandates utilising debt throughout the capital structure. Although the team maintains strong ties with commercial and investment banks and is often engaged in large-cap mandates using an integrated bank and bond approach, in recent years it has made more strides in the private credit space, primarily as a result of some astute recent hires. Both team head Sanjeev Dhuna and Rahul Chatterji, who joined in the summer of 2021 from Allen & Overy LLP and Milbank, respectively, have made a significant impact in the space as a result of their connections with numerous funds and prowess at structuring cross-border direct lending transactions from unitranche up to more complex PIK, first and second lien structures. The arrival in June 2022 of Shameer Shah from White & Case LLP further strengthens the firm’s leveraged finance capabilities, in light of his direct lending expertise. Philip Stopford and Korey Fevzi left for Cravath, Swaine & Moore LLP in March 2023.

Finance > Debt capital markets Tier 2

Shearman & Sterling LLP has 'an extremely experienced debt capital markets team'. The firm assists issuers, underwriters and sponsors with the full spectrum of debt capital markets transactions, both public and private, including equity-linked notes, investment grade offerings and liability management transactions. Trevor Ingram is the firm's EMEA capital markets team leader, and he focuses on international transactions including US federal law securities. He specialises in high yield and investment grade issuances and frequently works for clients in emerging markets including the Middle East and South Africa. Leveraged finance and capital markets specialists Marwa Elborai and Pawel Szaja are 'exceptional partners with excellent sector knowledge, skills and commercial acumen'.

Finance > Derivatives and structured products Tier 2

At Shearman & Sterling LLP, ‘the team is extremely helpful in explaining quite technical legal points to non-experts in a way that makes the real-world impact straightforward to understand‘. Clients remark that the firm is  ‘highly commercial and diligent in their approach to documentation and transaction management‘. The London office handles derivatives and structured finance transactions under both English and New York law, and it has particularly expertise in equity financing transactions. The ‘very solutions-oriented‘ Patrick Clancy and James Duncan (who is ‘a go-to partner for derivatives, in particular corporate equity derivatives‘) lead the practice. Clancy plays a major role in advising clients on LIBOR reform, and Duncan frequently handles structured finance aspects of M&A, asset finance and leveraged finance transactions. Counsel Sara Couling handles the full range of English law derivatives transactions, complex and bespoke structured finance products and debt capital markets.

Finance > High yield Tier 2

Shearman & Sterling LLP has ‘a very efficient, reactive and knowledgeable team that is good fun to work with‘. One client remarks that it is ‘adept at moving at pace dealing with complex issues‘ and ‘can play the central advisory role while being capable of pivoting a deal to get the client’s desired outcome‘. The firm frequently plays role in high-profile deals, acting predominantly for lenders through its  integrated bank and bond team. Its market-leading leveraged finance capability sees it act for private equity sponsors, commercial banks, investment banks, mezzanine and second-lien providers, and corporate borrowers on complex leveraged and acquisition financings. Practice head Ward McKimm and newly promoted partner Gordon Houseman acted for banks, among them HSBC, as initial purchasers of TalkTalk Telecom Group’s offering of £110m in notes. Key partner Marwa Elborai acted for Barclays Bank as sole global coordinator of a combined £915m offering Deuce FinCo plc. Head of EMEA capital markets Trevor Ingram and associate Evangelia Andronikou have ‘the ability to understand a client’s business and respond to requests to deliver a transaction, sometimes at very short notice‘.

Industry focus > Emerging markets Tier 2

Shearman & Sterling LLP's capital markets practice is viewed by one client as 'the leading team in the Middle East, and their knowledge, proactivity, engagement and holistic approach to transactions set them apart from the competition'. The firm advises across the spectrum of emerging markets work including project finance and development, leveraged finance and M&A, and is frequently active in Africa, the Middle East, Central Asia and numerous other emerging markets. Ben Shorten, who returned to London from Singapore in 2021, leads the project development and finance practice, following the retirement of Nick Buckworth. He has extensive experience advising on megaprojects in the Middle East. He acted for NEOM Company in Project Helios, a $6.5bn project to create a world-scale green hydrogen and green ammonia production facility in Saudi Arabia. Key partner Sanja Udovicic led a team advising IFC and KfW IPEX on the $1.2bn financing of the Acu LNG to Power Project in Brazil. Of counsel  John Inglis supports sponsors and financial institutions in the development and financing of a range of energy and natural resources projects. Capital markets partner Pawel Szaja handles both debt and equity transactions, including ADNOC's $1.64bn combined offering of existing shares and equity-linked bonds.  Iain Elder moved to DLA Piper.

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

Shearman & Sterling LLP leverages its global network to assist with cross-border deals and provide a 24/7 service to clients. Key areas of focus for the practice include project finance and development, leveraged finance and M&A. The team has recently undergone a number of changes; Ben Shorten relocated from Singapore in June 2021 and now heads the team; Rahul Chatterji joined from Milbank and Matthew Skinner joined from Jones Day. Sanja Udovicic is recommended for high-profile energy, natural resource and infrastructure transactions and has considerable experience in emerging markets, such as Africa and the Middle East. Julia Derrick joined from Ashurst in July 2021, bringing with her expertise in oil and gas-related corporate and commercial transactions. Former practice head Iain Elder left for DLA Piper, and Tim Sheddick and Anthony Lepere left for White & Case LLP, and Corrs Chambers Westgarth respectively; Nicholas Buckworth retired.

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

Shearman & Sterling LLP provides solutions to sponsors, lenders, government entities and infrastructure funds among other clients in the power sector. The team works on power project financings and development across Africa, the Middle East, Central Asia and other emerging markets. The practice is headed by Ben Shorten who is experienced in advising multilateral development banks, export credit agencies and Islamic financiers. Sanja Udovicic handles complex natural resource and infrastructure transactions while John Inglis represents sponsors and financial institutions. Associate Trinh Chubbock focuses on M&A transactions and project development across the upstream, mid-stream and downstream energy sectors.

Corporate and commercial > Financial services: contentious Tier 3

Leveraging a presence in both New York and London, Shearman & Sterling LLP’s practice is headed up by Barnabas Reynolds, a go-to for several banks, asset managers, financial infrastructure providers and insurers on a wealth of enforcement and contentious affairs. The team is also home to Thomas Donegan whose track record encompasses insider dealing, anti-money laundering, sanctions and market manipulation matters, among many others.

Corporate and commercial > Financial services: non-contentious/regulatory Tier 3

With ‘broad experience across financial services sectors’, Shearman & Sterling LLP is especially well placed to support on matters which intersect the UK, US and EU markets. Barney Reynolds fronts the practice, acting on an array of transactional and advisory matters, particularly UK and EU regulatory laws, new services, business structures and post-Brexit trade models; he is supported at partner level by Thomas Donegan whose workload spans the banking, brokerage, insurance, derivatives and commodities fields. Further key strengths include MiFID II and PRIIPS matters, regulatory-driven projects, fintech-related initiatives and economic sanctions.

Investment fund formation and management > Hedge funds Tier 3

Shearman & Sterling LLP‘s lawyers work closely with the firm’s colleagues in the US to advise institutional fund managers on a variety of hedge fund issues, including US, UK and European regulations. The team is led by John Adams , a member of the investment funds group. Phil Baynes joined the group from Weil, Gotshal & Manges (London) LLP in May 2022, adding an expert in advising institutional investors on alternative investment programmes.

Corporate and commercial > Equity capital markets – mid-large cap Tier 4

Particularly active in the Middle East market, Shearman & Sterling LLP provides ‘knowledge, proactivity, engagement and holistic approaches to transactions’, as well as being recommended for its ‘excellent relationships with all key decision makers – whether the regulator, exchanges, issuers or investment banks’. The firm’s experience includes IPOs and secondary offerings, SEC-registered offerings, private placements and spin-offs. Trevor Ingram focuses on international capital markets transactions and leads the team that includes Pawel Szaja, who has ‘a unique ability to be able to see a transaction from a macro and micro level, which is invaluable’.

Corporate and commercial > EU and competition Tier 4

Working in close collaboration with its US colleagues, Shearman & Sterling LLP‘s London office is regularly engaged on the full scope of competition law matters, ranging from merger control and FDI clearance, to EC-led cartel investigations and subsidy control compliance. The team is led by the prolific Matthew Readings, a financial services specialist who also serves as the firm’s global head of antitrust. James Webber‘s considerable knowledge of UK subsidy control regimes and state aid matters makes him a key port of call for a range of clients in the chemical, automotive, financial services, and media sectors. Mark Steenson, who was promoted to counsel in July 2021, routinely advises on both transactional and behaviour competition law matters. Senior associates Gabriella Griggs and Simon Thexton are also noted. All named lawyers are based between London and Brussels.

Finance > Bank lending: investment grade debt and syndicated loans Tier 4

The arrival of Sanjeev Dhuna (who now heads the global finance team) from Allen & Overy LLP in July 2021 was the latest of many recent strategic hires which have galvanised Shearman & Sterling LLP‘s lender focused finance practice. While this has been most starkly felt on work within the leveraged finance space, the firm also maintains strong investment/commercial banking ties, which it advises on less commoditised, bespoke financial structuring for corporate borrowers, often involving a loan and high yield bond component.

Insurance > Insurance: corporate and regulatory Tier 4

Shearman & Sterling LLP's London team has noted expertise with regards to on insurance regulatory matters, M&A, finance and antitrust. The team is also well-regarded for its advice to insurers on Brexit-related issues. Department head Barney Reynolds advises insurance-based clients on new UK/EU regulatory laws, business structures and new services and products. Thomas Donegan and Nick Withers are also key individuals within the department.

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

Shearman & Sterling LLP has continued to build out its London offering, bringing in corporate finance specialist Magaen Morrison from Hogan Lovells International LLP in March 2022 and making the TMT and energy focused Richard Porter up to partner. Global private capital head Paul Strecker is a prolific transactional lawyer whose multiple qualifications (England & Wales, New York, California, and Hong Kong) make him ideally positioned to represent a diverse roster of clients in high-stakes, cross-border deals. Nick Withers’ broad capabilities sees him handling all manner of work, with recent highlights including high-value disposals in the mining, shipping, and insurance sectors. Senior associate Isla Smith is also recommended. Philip Cheveley left the practice to join Sidley Austin LLP in February 2023. Former Europe and Middle East M&A head Laurence Levy has now retired.

Dispute resolution > International arbitration Tier 5

‘Making a real impact on the London arbitration market‘, Shearman & Sterling LLP acts in commercial and investment treaty disputes under all leading arbitration rules. Arbitration specialist Matthew Skinner is a February 2022 partner hire from Jones Day‘s Singapore office; and at counsel level, Margaret Clare Ryan acts for both companies and states in international arbitrations. London and Abu Dhabi-based Alex Bevan is global international arbitration practice head. Garreth Wong has left for Paul Hastings LLP.

Finance > Corporate restructuring & insolvency Tier 5

'On an upward trajectory' following a series of high-profile hires in the last couple of years, Shearman & Sterling LLP's 'very ambitious team' is well-positioned to leverage the firm's loans and high yield expertise, as well as increasingly generating its own deal flow, particularly on the funds front. Team head Alex Wood has superb restructuring and formal insolvency knowledge and 'excels at finding workable solutions on complex multi-party, multi-jurisdictional transactions'. Helena Potts displays an 'excellent blend of technical ability and commercial advice', while 'whip-smart' counsel Kevin Heverin  'is exceptionally proactive in helping clients get well ahead of anticipated issues and developments', including in the context of special situations matters.

Corporate and commercial > Corporate tax Tier 6

Shearman & Sterling LLP advises on the tax aspects high value multinational transactions, with key experience in M&A, private equity, and real estate. Practice head Simon Letherman has expertise in structured finance and corporate restructurings, and works across a range of industries including energy, financial services, and technology. Counsel Michael Ward is also noted.

Tunisia > Foreign firms Tier 3

Shearman & Sterling LLP combines a track record across North Africa with a sector-focused approach, to specialise in providing support to international clients investing into Tunisia. The firm also frequently represents development banks and multilaterals, as evidenced by Paris-based Lachlan Poustie‘s advice to the lenders (including AfDB and IFC) in the headline-grabbing €435m TAV Airports restructuring. Recently promoted partner Samuel Ogunlaja, based in Abu Dhabi, co-heads the Africa group alongside Poustie.

Singapore > Projects: foreign firms

Shearman & Sterling LLP has lawyers who are skilled in the energy and infrastructure sectors including oil and gas, mining and metals, transportation, nuclear energy and renewables. The team regularly advises active sponsors and financial institutions in the market such as Masdar, The Dow Chemical Company, China Telecom Corporation and China Development Bank. Bill McCormack has particular expertise in hydro, wind and solar projects and co-heads the practice with Ben Shorten. David Clinch covers project development and project finance, while Jean-Louis Neves Mandelli has experience in supporting sponsors and lenders on development and financing.

Indonesia > Foreign firms

Shearman & Sterling LLP stands out for its expertise in high-profile energy and infrastructure projects in Indonesia, as demonstrated by its advice to Masdar and PT PJB Investasi on the development and financing of a 145MW floating solar PV project over the Cirata reservoir. With experience across the energy, mining and metals, infrastructure and TMT sectors, the practice is also noted for its capability in M&As and capital markets transactions. Bill McCormack, who advises on the development and financing of energy and infrastructure projects, jointly leads the project development and finance practice alongside David Clinch, who focuses on projects and transactional work. Phil Cheveley spearheads the M&A team and head of Singapore’s capital markets group Andrew Schleider has considerable experience in offerings of high yield and investment grade debt securities, convertible bonds and equity. Kyungwon (Won) Lee, who leads the firm's Asia capital markets team, is another key contact.

Philippines > Foreign firms

Shearman & Sterling LLP fields a ‘very organised team’ that ‘keeps a very good track of what is happening on the projects that it works on’. It has considerable cross-border capabilities and regularly works with major conglomerates in the Philippines on key infrastructure projects and continues to be active advising Philippine clients on outbound investments. Bill McCormack has a broad range of experience in advising lenders, sponsors and other project participants and has particular strength in renewable projects, while David Clinch is a highly regarded name for energy, natural resources and infrastructure projects and deals. Philip Cheveley also plays a pivotal role in the department and Li Chen is a key name to note in the firm’s M&A practice who oversees a varied caseload of M&A, corporate and private equity matters.

India > Foreign firms

Shearman & Sterling handles a range of high-profile and high-value India-focused transactions, acting for domestic and international clients in inbound and outbound investments. Key areas of focus for the practice include capital markets, M&A, private equity, project finance, international arbitration and fund formation, and it services clients from various offices across its large international network. Hong Kong-based partner Kyungwon (Won) Lee is a key contact for capital markets work, including corporate finance and securities transactions; Singapore’s Andrew Schleider is another name to note for capital markets, drawing on over 20 years of experience advising underwriters and issuers on a range of corporate finance transactions; and Etienne Gelencsér in Tokyo is recommended for projects and energy-related transactions. Sanjeev Dhuna joined from Allen & Overy LLP in July 2021 in London, while Sidharth Bhasin and James Clayton-Payne left the firm in August of the same year.

Myanmar > Foreign desks

Spread across the firm’s Singapore, Seoul and Tokyo offices, Shearman & Sterling LLP‘s practice has demonstrable experience advising international clients on energy mandates and project developments in Myanmar. In Singapore, Bill McCormack, who focuses on renewable energy projects, jointly leads the team alongside David Clinch, who advises on transactions and projects across the energy, natural resources and infrastructure sectors. Anna Chung, who operates from the Seoul office, and Tokyo-based Etienne Gelencsér, act for lenders and sponsors on projects across the Asia Pacific region, including Myanmar, while Singapore-based Jean-Louis Neves Mandelli focuses on power projects.

Latin America: International firms > Corporate and M&A

Shearman & Sterling LLP has a long history in Latin America and a substantial global corporate practice, which is frequently deployed on Latin America mandates, including strategic M&A and private equity deals. The firm has an especially strong record in financial services, energy and infrastructure, mining and resources, and media and entertainment. New York’s George Karafotias has advised on a number of deals in the region; Austin-based Cassandra Cuéllar (who made partner in July 2022) is focused on Latin America’s emerging growth segment and undertakes a broad range of corporate transactions, particularly with entrepreneurs, venture capital  investors and corporate venture funds; while Houston counsel Gabriel Salinas is noted for oil-and-gas deals in Mexico and also has a  growing practice in green hydrogen. Since publication, Salinas has left the firm.

Singapore > International arbitration

The Shearman & Sterling LLP practice is ‘very experienced and client-oriented’ and is complimented for being ‘at the top of its game, in a very competitive international commercial arbitration landscape’. The firm represents clients in commercial and investment treaty disputes under leading arbitration rules and a range of national laws. Sector expertise includes energy, construction, mining, telecoms and technology. Emmanuel Jacomy is qualified in France, England and Wales, and Phnom Penh, and provides substantial expertise in international arbitration and litigation. He leads the team that was boosted by the 2022 arrival from Jones Day of Matthew Skinner, who is recommended as ‘very astute culturally and easy to work with’.

United Arab Emirates > Banking and finance: Corporate finance (including Islamic lending)

Shearman & Sterling LLP has a full-service finance practice, with expertise acting on domestic and multi-jurisdictional bank, project, acquisition, and ECA financing matters. It is also adept at Shariah-compliant financing and restructuring transactions. Philip Stopford, based in London, is a key name to note. Laleh Shahabi and Renad Younes have recently departed the firm.

Ghana > Foreign firms