Acquisition finance Tier 1

The 'client friendly and responsive' team at Allen & Overy LLP provides 'very commercial' advice to borrowers and lenders on their acquisition finance needs, utilising financial products throughout the capital structure. The firm's longstanding and deeply entrenched relationships with many leading global commercial banks continue to generate a significant volume of high-value and complex sponsor and investment grade-led cross-border transactions, mandates that the firm is particularly well-positioned to advise on due to the depth of its finance practice around the world. Philip Bowden regularly advises banks on their most sophisticated acquisition finance mandates and draws on his deep well of knowledge across myriad financing products, including Term Loan B and hybrid leveraged and infrastructure finance techniques. Telecoms-related financings are also a key strength for Bowden, and this was recently underscored by his representation, alongside Matt Moore, of the arranger banks on the senior secured loan financings to facilitate the proposed merger of Virgin Media and O2 UK. On the borrower front, Robin Harvey has deep insight in to "what is market" within the private equity space and continues to handle a raft of mandates sourcing debt from the private credit and commercial bank space, including for Charterhouse Capital Partners and HG Capital. Denise Gibson  and Nicholas Clark  co-head the global leveraged finance offering which was recently strengthened by the arrival in May 2021 of Annette Kurdian  and Robert Burt  from Linklaters LLP. Their recruitment followed a number of departures, with former leveraged finance head Jonathan Brownson  and high yield specialist Jake Keaveny quitting for Cahill Gordon & Reindel LLP in summer 2020,  with junior leveraged finance partner Joydeep Choudhuri following a few months later. Despite the exits, the team remains strong.

Bank lending: investment grade debt and syndicated loans Tier 1

Co-headed from London by Simon Roberts and Philip Bowden, and also 'well placed to cater for all cross-border transactions' by dint of the firm's extensive international network of offices, Allen & Overy LLP's corporate lending team continues to be at the apex of the syndicated global loans market on behalf of the majority of major commercial and investment banks. Although the firm is well-placed to effectively resource much of the more commoditised investment grade lending work, in part due to the huge ranks of very capable and well-trained associates, clients also benefit from the reassurance that the 'clever and personable' team is also at the very cutting-edge of changes in the loans market. As well as the firm's work structuring some very complex and innovative ESG-related financings, this has also manifested itself in relation to the firm's work helping clients transition from LIBOR to new risk free rates. Greg Brown and senior associate Dominique Crowley have been central to the firm's work in this area and as well as effectively educating the market on this complex and dynamic subject, they have also been very active handling deals in the market and have advised on many of the first risk free rate syndicated loan transactions. Balancing 'superb technical skills with a high degree of practicality', David Campbell remains a favourite among banks lending to investment grade corporates due to his vast knowledge of the syndicated loan market, including on deals within the Nordic region. Melissa Samuel and newly promoted partner Jane Glancy are also recommended and 'help get deals over the line by seeing issues from both sides and coming up with solutions.'

Banking litigation: investment and retail Tier 1

With an impressive roster of financial institutions among its clients, Allen & Overy LLP's litigation and investigations practice benefits from 'litigators who understand the pitfalls in banking litigation'. Calum Burnett leads the team which includes Andrew Denny who is noted for his 'strong track record in banking disputes' and is actively advising clients on the litigation risk associated with the IBOR transition. Other names to note include the 'fantastic' Mahmood Lone who acts for financial institutions in a range of disputes including those with allegations of fraud or mis-selling, and Arnondo Chakrabarti who combines banking litigation, contentious regulatory matters and corporate crime expertise. The arrival of the 'outstanding' Susanna Charlwood from Shearman & Sterling LLP boosts the group's contentious insolvency and restructuring practice which includes counsel Oliver Rule. The team counts aircraft finance disputes among its niche areas of expertise for which consultant Peter Watson and recently promoted counsel Helen Biggin are names to note.

Corporate governance Tier 1

Allen & Overy LLP leverages its global corporate practice, advising a growing number of FTSE 250 and FTSE 100 companies on governance and broader strategic issues. The firm combines a dedicated AGM and annual reporting practice with strong activist shareholder and ESG capabilities, alongside representing clients in contentious litigation relating to board-level disputes. The firm also provides strategic advice on issues such as board effective reviews, in collaboration with A&O Consulting. The team is jointly led by global corporate head Richard Cranfield, a trusted adviser to a number of listed companies and financial institutions; Richard Browne, who specialises in transactional work, including hostile takeovers; and Paul McCarthy, who heads up the incentives and executive remuneration practice. Matthew Townsend leads on ESG mandates, advising clients on the emerging regulatory landscape and compliance issues, while counsels Victoria Rankmore and Kate Astley play a key role in the firm's AGM and annual reporting offering.

Corporate restructuring & insolvency Tier 1

Led from London by the ‘creative and solutions-oriented‘ Ian Field and Earl Griffith , and also able to deploy experts in complementary practice areas, including banking, litigation and corporate, Allen & Overy LLP‘s ‘practical and pragmatic‘ 12-partner restructuring team has the level of resources and expertise necessary to handle the largest and most complex mandates in the market. The firm’s engagement at the ‘cutting-edge of insolvency and restructuring‘ make it a natural choice for creditors and debtors on first-in-kind mandates, as was recently exemplified by Griffith’s representation of Virgin Atlantic on what was the UK’s first ever court sanctioned restructuring plan under the newly enacted Part 26A of the Companies Act. On the creditor front, as well as generating a significant flow of work by dint of its strong institutional banking ties, the team is also well-versed in advising funds  utilising an array of strategies to realise value from distressed scenarios. Randal Weeks  is pivotal to much of the firm’s bank-led restructuring work and also has niche expertise advising security agents and trustees on restructuring and insolvency matters. Other recommended practitioners include the ‘practical and pragmatic‘ Jennifer Marshall, who is ‘renowned across the industry as a go-to partner especially with unusual, complex situations’; Joel Ferguson, who as part of his diverse offering regularly advises administrators on enforcement and realisation strategies in formal insolvency contexts; and Tim Watson , ‘who thinks like an investor‘ (having previously worked in-house at a leading global investment management firm) and is thereby particularly well-suited to advising funds on distressed investments and restructuring.

Debt capital markets Tier 1

Allen & Overy LLP is 'the best firm in the market, definitely in a league of its own over other Magic Circle firms'. Whether under English or US law, the firm is a leader in all aspects of the DCM space, from regulatory capital deals to hybrid bonds. Practice head Jonathan Melton leads 'a very strong team in breadth and depth, with some exceptional partners and associates'. Among them are Theo Trayhurn (who is 'an excellent sparring partner and is very good at drafting technical provisions') for regulatory capital issuance by financial institutions and high-profile blue chip corporate bond issues; Jamie Durham, who excels in equity-linked transactions and liability management; standout US securities partner Sachin Davé; key advisers to lead managers and issuers Tom Grant and Peter Crossan; head of the international capital markets knowhow and training team Amanda Thomas; and Daniel Fletcher, who focuses on raising and restructuring regulatory capital for banks, mutuals and insurance companies. Grant recently led a team advising BNP Paribas on the €4.75bn and £1.25bn dual-tranche issuance of hybrid bonds by BP plc.

Derivatives and structured products Tier 1

Allen & Overy LLP has 'a very deep bench and wide-ranging practice that is able to execute complex transactions'. The firm is involved in every area of the market, from regulatory and transactional matters to the development of innovative technology solutions to help clients navigate a rapidly changing trading environments. It also has one of the largest structured finance practices in London, with many leading experts in their fields. Emma Dwyer  leads the practice and is an expert on OTC derivatives regulation. Guy Antrobus is leading numerous matters relating to banks’ implementation of Initial Margin rules. Parya Badie is a leading adviser on credit risk-sharing transactions, bespoke OTC funding trades and structured credit and equity derivatives. David Benton is an renowned expert on credit derivatives. Paul Cluley is known for his derivatives transactional, contentious and advisory experience. Tony Drake-Brockman specialises in on and off balance sheet structured products and funded derivatives. Daniel Shurman is known for equity financings, particularly strategic corporate equity derivative, margin loan and structured repo and stock lending transactions. Richard Tredgett is a senior adviser on interest rate and currency hedging.

Emerging markets Tier 1

Clients of Allen & Overy LLP praise the firm's 'precision, attention to detail and brilliant ability to protect lenders’ interests in every legal and commercial negotiation'. Emerging markets is a critical component in the firm's global strategy and, from London, the firm is heavily involved in many aspects of finance, corporate and projects work, notably in Africa, India and Central and Eastern Europe. Sanjeev Dhuna, who is chair of the India group, and Greg Brown, who handles commodities and asset financing matters, oversee the firm's emerging market work. The group calls upon the specific talents of partners from across the firm, including US-qualified international capital markets expert Sachin Davé, head of the export credit agency practice Lorraine Bayliss, co-head of the global projects group Tim Scales and upstream oil and gas expert Andrew Castle. Banking partner Kathleen Wong, debt specialist Jonathan Melton, Catherine Lang-Anderson, who handles trade and commodity finance work, and cross-border finance specialist Oleg Khomenko are also key to the practice.

Employee share schemes Tier 1

Allen & Overy LLP, as a firm, is renowned for its expertise in handling big ticket transactions, and also has a particularly strong background in the financial services sector. Technology, industrials and retail are other areas of interest. The group has a substantive international reach and has advised WPP on its share plans which spanned over 90 jurisdictions. Another differentiator is its expertise in implementing equity incentive arrangements for senior executives. Practice head Paul McCarthy advises both public and private companies, with expertise in corporate transactions such as M&A and IPO.

Employers Tier 1

Offering clients ‘an exceptional level of service’, Allen & Overy LLP's employment practice has particular strength in the TMT and financial services sectors, in which it acts for myriad household names. Led by Sarah Henchoz, who is renowned for her knowledge of complex whistleblowing and discrimination disputes and investigations, the department handles the full suite of employer-related litigation, strategic advisory projects and transactional support. It has continued to see a rise in investigations work relating to sexual harassment, race and other cultural issues. ‘Extraordinary in terms of solution-finding', Karen Seward stars in contentious arises arising in the financial services space, not least in delicate boardroom issues, sensitive management challenges, and senior executive exits. Also crucial to this lively employment practice are the 'incisive' employment specalist Vicky Wickremeratne and Robbie Sinclair, who 'never sits on the fence and takes a firm view to guide clients through difficult matters'.

Environment Tier 1

Providing a wide range of regulatory advice as well as acting on major transactions, the team at Allen & Overy LLP is ‘very knowledgeable about the latest trends and developments’ in environmental law, with particular expertise in ESG and sustainable finance work. The team regularly acts for multinational clients on complex cross-border matters and collaborates with specialists in the firm’s global environmental, climate and regulatory law group. Matthew Townsend heads the team; he is a leading regulatory compliance lawyer, advising on issues that include carbon trading and climate change as well as chemicals and waste requirements. Senior associate Tom d’Ardenne handles different facets of environmental law, with particular expertise in REACH and producer responsibility. The growing team was strengthened at partner level with the promotion of Maeve Hanna in May 2021.

Equity capital markets – mid-large cap Tier 1

Allen & Overy LLP has an outstanding track record in high-profile and complex IPOs and other equity fundraisings seen in the UK and EMEA. The London team has a mix of English and US securities law expertise, putting it on a strong footing to handle transactions of the utmost complexity and significance for corporate issuers, banks and financial advisers. The first-rate group includes US corporate finance partner Adam Wells and James Roe, who were among the advisers to the global coordinators and joint bookrunners, together with other syndicate members, on the IPO and listing on the Warsaw Stock Exchange of Allegro.eu in 2020; at the time of listing, this was the largest-ever IPO in Poland. In a more recent highlight, Michael Bloch and others acted for the underwriters (led by the joint global coordinators) on the offer of Global Depository Receipts by China Yangtze Power Co., Ltd and admission to trading on the Shanghai London Stock Connect Segment of the London Stock Exchange. David Broadley is the firm’s head of UK equity capital markets; Jeff Hendrickson and senior associate Eimear Coady are also recommended, as is recently promoted counsel Harsha Kumar.

Financial services: contentious Tier 1

Allen & Overy LLP's team is situated in the litigation and investigations department, representing global financial institutions in bet-the-company regulatory investigations and disputes. The group also has a strength in criminal issues, with experts in cases involving allegations of bribery, corruption, money-laundering antitrust and sanctions violations - areas of expertise for Eve Giles. Calum Burnett heads the group and is often called upon in cross-border regulatory investigations and enforcement proceedings. Promoted to partner in May 2020, Sarah Hitchins is increasingly known for matters involving whistleblowing and non-financial misconduct. Mahmood Lone is an expert in benchmark rate manipulation cases.

Financial services: non-contentious/regulatory Tier 1

According to clients, Allen & Overy LLP's team is 'very plugged into the financial services market and industry bodies', which gives it the edge across the area of financial regulation; handling issues relating to financial market infrastructure, prudential regulation, recovery and resolution planning, payment, fintech and consumer finance. Practice head Damian Carolan ('who always brings new perspectives or ideas to technical issues') is known for his work on derivatives and securities regulation and financial market infrastructure. 'Market leader' Bob Penn has developed a name for himself in work related to European financial services reform. 'Pro-active' Kate Sumpter is an expert in regulatory-driven structural change projects for international banks. Ben Regnard-Weinrabe has played an integral role in developing the firm's fintech regulatory offering. Senior associate Kelesi Blundell is building a broad, well-respected practice which includes advising on recovery and resolution planning and Brexit-related issues, while counsel Joanne Owens, who sits in the consumer finance group where she is an expert on retail financial services regulation. In May 2021, Nikki Johnstone, who is another key name in the fintech regulatory practice, was promoted to partner; while the group lost Etay Katz to Ashurst.

Fintech Tier 1

Allen & Overy LLP's strong connections with financial services authorities see it remain at the forefront of regulatory issues shaping the fintech arena. In addition, its regular involvement in major fintech projects ensures that the firm maintains a strong profile among traditional and emerging technology platforms. Ben Regnard-Weinrabe, who heads up the practice, focuses on payments, retail banking and consumer finance matters. Etay Katz left for Ashurst in May 2021.

Fraud: civil Tier 1

Known for its multijurisdictional expertise, Allen & Overy LLP is well regarded for its 'strength in depth, and the ability to field a team with capacity to analyse and handle the largest, most difficult and complex matters'. Drawing from the firm’s strength in white-collar crime and commercial litigation, the practice handles a range of fraud issues notably asset tracing, bribery, embezzlement, deceit and corruption, as well as being active in interlocutory matters, including freezing, disclosure, search and seizure orders. Jonathan Hitchin is a senior litigator with experience handling fraud matters. He leads the team that includes counsel Helen Biggin, who advises on complex, multijurisdictional fraud claims for claimants and defendants, as well as assisting corporates on internal fraud investigations. Another key name in the area is senior associate Juliet de Pencier, who focuses on cross-border dispute resolution and enforcement, with a specialisation in civil fraud.

Infrastructure Tier 1

The broad infrastructure practice at Allen & Overy LLP covers infrastructure fundraising for greenfield and brownfield, PPP, acquisitions, refinancing and sales. The firm advises on all infrastructure asset classes including airports, roads and tunnels, rail, ports, social, utilities, renewables and digital infrastructure. A distinguishing factor of the practice is its ‘incredible ability to work to tight time frames and still provide extremely high quality advice’. David Lee specialises in infrastructure and energy related matters, acting for sponsors, funders and the public sector. He co-leads the team with Sara Pickersgill, who handles  domestic and cross-border M&A transactions, auction sale processes and consortium arrangements across the spectrum of infrastructure, energy, utilities, telecoms and digital infrastructure asset classes.

Insurance litigation: for policyholders Tier 1

Praised for its ‘strength and diversity of experience in all aspects of contentious insurance’, Allen & Overy LLP acts for policyholders in insurance litigation matters involving directors and officers (D&O), professional indemnity, business interruption claims and fraud cases. The team is well-placed to draw on the firm’s capital markets, finance, tax and regulatory expertise, and acts for clients in arbitration proceedings, as well as court cases. ‘Highly experienced’ Joanna Page, who works across a broad range of insurance matters, jointly heads the practice with ‘razor sharp’ Richard Farnhill, who has expertise in the overlap between insurance and financial services disputes. Counsel Russell Butland is also a key contact in the team.

Insurance: corporate and regulatory Tier 1

Allen & Overy LLP, which is equally strong undertaking life and non-life insurance mandates, is prominent in some of the largest UK and international M&A deals in the industry. The firm also has a stand out reputation advising clients on longevity swap and longevity risk transfer transactions; Kate McInerney is a key contact in this space. In addition, advice on regulatory issues (including on Solvency II matters) is another driver of activity. Philip Jarvis, who is the global head of the insurance practice, advises clients on insurance derivatives, outsourcing of insurance services and distribution agreements, among other matters. Parya Badie, Tom Grant and Daniel Fletcher are other key individuals.

Intellectual property: patents (contentious and non-contentious) Tier 1

Leveraging its significant global footprint, Allen & Overy LLP’s London IP litigation practice has been making an impact in expansive, multijurisdictional patent litigation for global telecoms and technology clients. Neville Cordell ('an extremely sophisticated and astute lawyer'), Mark Heaney ('a ferocious appetite to ensure the best outcome for his clients'), 'class act' Mark Ridgway and the 'bright, extraordinarily charming and tactically astute' senior associate James Fox continue to be instructed on big-ticket FRAND and SEP litigation for household-name companies. Marjan Noor and senior associate Rafi Allos have secured numerous wins in the life sciences sector relating to UK patent revocation actions. The firm's dedicated transactional IP offering includes co-head Jim Ford, who acts for cutting-edge AI companies, and Nigel Parker, who is noted for handling strategic collaborations and M&A deals for pharmaceuticals and biotechnology clients. Bespoke in-house technology tools such as the A&O Collaborate platform — which senior associate Zoe Grant advised on the development of — assist with multijurisdictional patent coordination projects. Marc Döring has retired from the firm.

Intellectual property: trade marks, copyright and design Tier 1

Leading a hugely successful global IP practice at Allen & Overy LLP, the 'incredibly bright and engaging' David Stone represents an impressive roster of sports clubs, entertainment companies and electronics multinationals in high-profile trade mark infringement and passing off litigation. The team has a notable trade secrets offering, having recently defended medical devices manufacturers in complex litigation, with the 'incredibly bright and charming' Neville Cordell a key figure. The commercial IP element is equally as broad under Jim Ford and Nigel Parker, whose client portfolio comprises impressive names in technology, pharmaceuticals and automotives. Stone also leads on design rights litigation. Financial services is also a strong sector, with new client wins continually being added to the roster. Impressive senior associate Adrian Dykes directly assists prestigious clients including Coca-Cola, Warner Media and Samsung. The practice is heavily invested in Allen & Overy’s Fuse platform, which assists innovative tech startups with legal and regulatory guidance.

Islamic finance Tier 1

Allen & Overy LLP's first-rate team in London is a core part of the firm's global Islamic finance practice, which advises Islamic banks, export credit agencies and corporate borrowers on a wide range of innovative transactions. Jamie Durham, Sajjad Khoshroo and Sajjad Juma are key contacts.

Water

Life sciences and healthcare Tier 1

Allen & Overy LLP has 'a Rolls-Royce team for the very biggest and most important disputes', while also expertly handling substantial transactional mandates. London commercial IP head Jim Ford is co-chair of the global life sciences group, working in tandem with Laëtitia Bénard in Paris. IP litigator Marjan Noor is highly regarded for her 'unparalleled experience combined with warmth and tenacity'; she is one of a number of key names in a team which is able to handle the full spectrum of matters for life sciences clients, covering corporate, commercial, IP, finance, capital markets and disputes. Notable recent work has included advising GlaxoSmithKline on a €1bn deal with German biotech company CureVac to co-develop mRNA-based vaccines for infectious diseases - for that, Noor, corporate partner Matthew Appleton and IP specialist Nigel Parker led a large team which also included highly regarded senior associate Rafi Allos (described as 'a partner of the future'). Mark Ridgway and Neville Cordell are key names for patents and trade secrets litigation

Oil and gas Tier 1

Allen & Overy LLP's team has extensive expertise in the full lifecycle of oil and gas assets. The practice handles significant international financing transactions across upstream and midstream oil works, and continues to be strong in greenfield development work. Widely considered a market leader in this space, Troy Edwards now leads the group alongside energy disputes lawyer Mark Levy, with the team advising governments, lenders and developers on large-scale energy projects. Lorraine Bayliss is the name to note for ECA financings, and has a broad practice handling international project finance matters and secured lending transactions for both borrowers and lenders in the power, infrastructure and oil and gas markets. Other key members of the practice include Andrew Castle, John Geraghty and global managing partner Gareth Price. Associate Cathy Gilmartin is also recommended.

Pensions (non-contentious) Tier 1

Allen & Overy LLP's pensions teams offers 'technically excellent' practitioners that have advised on a number of industry significant matters in recent times. The firm's non-contentious practice offers a 50/50 split between employer and trustee clients, with the team advising on areas of pensions law such as liability management, board-level strategic advice, and rectification projects with significant financial risk. Andy Cork is a key player in the practice and advises some of the UK's largest pensions funds. The wider practice is led by Neil Bowden and the team was recently involved (in both a contentious and non-contentious capacity) in the industry test case regarding Guaranteed Minimum Pension (GMP) equalisation, representing Lloyds Banking Group Pensions Trustees. Bowden and Jane Higgins, boast significant experience in both non-contentious and dispute resolution work and 'personify the best attributes of a partner.' Jason Shaw's extensive pensions litigation experience continues to support the centious part of the practice. 'Reliable'  technical expert Jessica Kerslake was promoted to partner.

Power (including electricity, nuclear and renewables) Tier 1

Allen & Overy LLP's practice group is singled out for its strength in greenfield developments, and advises clients on the full lifecycle of energy assets, including financings, international transactions, and construction matters. The team handles a wide range of matters across emerging markets, particularly in the Middle East, and has been advising UAE client Masdar on the £466m refinancing of its equity stake in London Array. The practice is co-led by Troy Edwards, Mark Levy and Judith Kim, and includes industry expert Chris Andrew, oil and gas lawyer Andrew Castle, and Sheila Connell. Thermal power and renewables work is led by Mark Walker. Former energy co-head Gareth Price is now the magic circle firm's global managing partner, but maintains a busy practice. The team also recently bolstered its global project finance and renewables offering with the hire of a six-partner team from Akin Gump Strauss Hauer & Feld LLP in the US.

Property finance Tier 1

The sizeable real estate finance team at 'top-tier firm' Allen & Overy LLP is 'by far and away the best in terms of expertise, client service and commercial advice' and its 'ability to project manage multi-disciplinary and multi-jurisdictional matters is key'. The team handles senior, mezzanine and development financing, the sale and acquisition of real estate loan portfolios, and complex financings and restructurings across Europe. Following the retirement of Arthur Dyson, the team is led by the 'truly exceptional' Mark Manson-Bahr, who is adept in transactions in the pan-European arena, and Simon Roberts, who acts for both banks and borrowers, with expertise in advising banks on large-scale real estate loan portfolio transactions. Among other key contacts, David Oppenheimer has a broad client base and wide-reaching expertise in complex transactions, and Peter Mailer, who was promoted to partner in May 2020, is active in national and cross-border mandates.

Public international law Tier 1

Allen & Overy LLP's 'uniquely varied practice' covers the full range of public international law (PIL) matters for states and international organisations, including financial institutions. In addition to representing clients in litigation and investment treaty arbitration cases, the team is highly rated for its expertise in international business-related human rights law, sanctions regimes, sovereign immunity and state succession issues, along with trade and WTO matters. 'Excellent advocate' Mark Levy QC leads the PIL practice in London, which includes Suzanne Spears, who co-heads the firm's global business and human rights group with Andrew Denny. James Freeman acts for clients in high-profile investment treaty arbitration cases. Matthew Townsend is a co-head of the global sanctions practice and also has notable expertise in export controls, customs law and trade agreements, among other matters. Kate Davies and counsel Sarah Garvey are other names to note. In 2020, Naomi Briercliffe and Guled Yusuf were promoted to counsel.

Real estate funds Tier 1

Allen & Overy LLP maintains an active practice on behalf of major institutional fund managers, for whom it advises on operational issues and secondary investments of existing funds. It has also advised on launches of new distressed asset funds during the Covid-19 pandemic. Elsewhere, the firm has an active investor-side practice, and it advises international financial institutions on capital commitments and fund strategies. The team is led by Matthew Huggett, who acts for fund clients on high-value capital raisings and investments. Nick Williams works with major institutional managers on capital raisings and major joint ventures. Paul Sampson undertakes a mix of sponsor and investor-side mandates. Dominic Von Wulffen has notable regulatory expertise, including AIMFD structuring, while senior associate Emma Danforth has a growing practice handling club deals, joint ventures and fund-of-fund arrangements.

Securitisation Tier 1

'The securitisation team is top-notch, with an excellent grasp of legal issues but also of the commercial and soft transactional issues', says a client of Allen & Overy LLP. The firm excels in all areas of the securitisation market across all asset classes, though it has particular expertise in whole business securitisations and corporate structured funding, including infrastructure and project bond-related work, and it is a leading legal advisor in the covered bonds market. Salim Nathoo leads the global securitisation group, which has a very deep bench of partner talent in London. Tim Conduit is particularly skilled in financing in the project and infrastructure sector, while Lucy Oddy frequently advises financial institutions, funds, private equity firms and corporates on asset-backed transactions. Sally Onions acts across the securitisation space, her work spanning covered bonds, consumer loans, RMBS, CMBS and auto-financings. Tom Constance advises on both term and conduit financings, while Franz Ranero and Suril Patel focus on CLOs. Newly promoted partner Iona Misheva, who is 'client-focused, very thorough and collaborative', handles commercial real estate, whole business, receivables and residential mortgage transactions.

Trade finance Tier 1

Allen & Overy LLP is known worldwide for its expertise in banking and finance, and its work in trade, commodities and export finance is of the highest calibre, due to its involvement in the most high-profile and innovative deals in the market. In 2020, the firm acted for DnB ASA, Norway's largest financial services group, in a $5bn revolving credit facility for Lundin Energy AB, and assisted IFC with a $2bn working capital facility programme to provide funding to emerging banking clients for on-lending to small to medium-sized businesses. Catherine Lang-Anderson, who is 'an incredible lawyer, very commercial and good with people' and Greg Brown, who 'goes above and beyond to close out a deal', are the lead practitioners, with support from derivatives specialists Richard Tredgett and Daniel Shurman. 'The team is dedicated and focused - the market leader', remarks one client.

Transport finance and leasing Tier 1

Benefiting from vast industry knowledge and also able to draw upon the firm's strength in various complementary practice areas, including capital markets and restructuring, Allen & Overy LLP's five-partner team is well-positioned to advise a varied mix of stakeholders across the full range of transportation assets, from a new money as well as a distressed perspective. Paul Nelson heads an aviation sub-group that is emblematic of the eclectic nature of the firm's workflow, including as it does work for lessors, export credit agencies (ECAs), commercial banks and funds, throughout the full life cycle of aviation finance. Nelson is frequently involved in the most complex, often heavily structured finance mandates undertaken by the team, including his recent work for a Dubai-based lessor on the establishment of a Reg S/Rule 144A Sukuk programme and the subsequent debut issuance of $750m trust certificates. Harry Upcott is also a pivotal member of the team, particularly in light of his ability to effectively represent a vibrant lessor client base across a range of portfolio deals and leasing transactions. The 'excellent' Kevin Young  has a strong reputation advising both bank and non-bank lenders on the financing/refinancing of vessels, including cruise ships, while for rail work Jonathan Bevan is the main contact. Mario Jacovides heads up the firm's overarching structured and asset finance offering that regularly draws from the expertise of lawyers based across the wide international network of offices on cross-border mandates.

Commercial litigation: premium Tier 2

Allen & Overy LLP's 'superb' litigation and investigations team has 'an excellent reputation for high-quality work'. Praised for its 'integrated ability to offer advice across multiple specialties' it draws on its strong transactional practices and global network in complex and cross-border issues. It benefits from partners with a breadth of commercial litigation experience including Alice Englehart and Jonathan Hitchin , while Richard Farnhill specialises in complex contractual disputes in the energy, utilities and financial services spaces. Among its counsel ranks, Helen Biggin counts aircraft detention and repossession and fraud disputes among her areas of specialism and Sarah Garvey has particular expertise in conflict of laws, state immunity issues and EU laws. The practice was bolstered by the arrival of 'superstar' Susanna Charlwood from Shearman & Sterling LLP, who has particular experience in the aviation, mining and private capital sectors, and the promotion of Maeve Hanna who has a breadth of experience in cross-border corporate disputes. Lawson Caisley joined White & Case LLP.

Commercial property: corporate occupiers Tier 2

Magic circle firm Allen & Overy LLP is home to real estate lawyers with notable expertise in corporate structuring and are equipped to advise on holding company transactions in addition to asset-only deals. The team is headed by Christopher Woolf, who has succeeded the recently retired Imogen Moss, and leverages a track record consisting of over £12bn worth of investment deals throughout the UK and Europe. In addition to cross-border transactions, the group is also home to a dedicated headquarters department which represents financial institutions and corporates alike, as well as a development projects practice which has supported a number of private equity firms on major London-based redevelopment and refurbishment projects. Nick Saner delivers niche expertise in transactions relating to offshore property holding structures and is one of the key junior partners within the group; so too is the recently promoted Emma Willoughby who supports landlords and tenants in the leasing and management of their real estate investments and is well-versed in student, senior living and hospitality sectors, among others.

Commercial property: investment Tier 2

Allen & Overy LLPMagic circle firm Allen & Overy LLP is home to real estate lawyers with notable expertise in corporate structuring and are equipped to advise on holding company transactions in addition to asset-only deals. The team is headed by Christopher Woolf, who has succeeded the recently retired Imogen Moss, and leverages a track record consisting of over £12bn worth of investment deals throughout the UK and Europe. In addition to cross-border transactions, the group is also home to a dedicated headquarters department which represents financial institutions and corporates alike, as well as a development projects practice which has supported a number of private equity firms on major London-based redevelopment and refurbishment projects. Nick Saner delivers niche expertise in transactions relating to offshore property holding structures and is one of the key junior partners within the group; so too is the recently promoted Emma Willoughby who supports landlords and tenants in the leasing and management of their real estate investments and is well-versed in student, senior living and hospitality sectors, among others.

Corporate tax Tier 2

Allen & Overy LLP‘s tax department is ‘solutions driven‘ and specialises in corporate, financial, and real estate tax work and advises clients on the tax aspects of M&A, capital markets, structured finance and real estate transactions. Vimal Tilakapala heads up the UK tax practice and advises clients on corporate tax issues with an emphasis on domestic and international finance-related tax. Senior partner and corporate tax specialist Lydia Challen has a broad practice that covers M&A, corporate reorganisations and private equity tax. Christopher Harrison leads the global tax practice has deep financial services expertise and advises clients on bank taxation and tax-related financing transactions. Clients praise the team for its ‘good-humoured, calm and measured‘ approach.

Data protection, privacy and cybersecurity Tier 2

The Allen & Overy LLP team has ‘fantastic expertise in privacy and data protection’, and is recommended for data breach and cybersecurity matters, regulatory investigations and litigation. Its client roster includes a host of multinational, data-rich companies in the technology, telecoms, media and sport, financial services and travel sectors, among others. Through its online legal subscription business aosphere, the firm recently launched Rulefinder Data Privacy, a tool that provides analysis of global data privacy obligations across key jurisdictions. Jane Finlayson-Brown co-heads the team alongside Nigel Parker; Finlayson-Brown handles all aspects of data protection and digitalisation work and issues around emerging technologies, while Parker deals with cybersecurity issues.

EU and competition Tier 2

Allen & Overy LLP has a deep pool of experienced competition practitioners, allowing it to advise a broad range of high-profile international companies on corporate transactions and behavioural issues. The London practice is lead by Mark Friend;  who is described by one client as 'one of the standout competition and regulatory lawyers in the UK', Friend's expertise spans all areas of competition law, from merger control through to state aid, cartel investigations and litigation. Philip Mansfield splits his practice between Brussels and London, and is particularly experienced in the  tech sector, having obtained regulatory approval for complex mergers and joint ventures before both the UK and EU regulators. Other key team members include Dominic Long and counsel Thomas Masterman. January 2021 saw the departure of global co-head of antitrust Antonio Bavasso, who has joined Simpson Thacher & Bartlett LLP.

High yield Tier 2

'The firm has global coverage and strength in the high yield space', remark clients of Allen & Overy LLP. It is the leading European firm advising on high yield transactions and in 2020 it handled 83 deals with a total transaction value of €54bn. In addition, it frequently handles Term Loan B deals, which feature high yield covenants. 'Top-tier lawyer' Kevin Muzilla leads the practice and is recommended for his 'legal expertise, out-of the box thinking, very good knowledge of the market'. Matthias Baudisch is a key adviser to underwriters on high yield bond offerings and he has extensive experience in the financing of public and private acquisitions. Key partner Jeanette Cruz has 17 years' experience in advising issuers, financial sponsors and underwriters on Rule 144A/Regulation S high yield bond offerings. The 'very engaged and commercial' John Kicken recently advised the underwriters of Altice France’s offering of €500m million senior secured notes due 2025.

International arbitration Tier 2

Allen & Overy LLP's long-established London-based arbitration team is constantly sought out for commercial arbitrations, as well as investor-state matters, and the group particularly stands out for its premier energy disputes practice, including gas price arbitrations. It is also active in arbitrations concerning banking, finance and complex financial products, as well as infrastructure and construction projects, TMT matters and IP issues. Energy disputes specialist Mark Levy QC leads the international arbitration group, which showcases Kate Davies McGill, who has extensive expertise in both international commercial and investment treaty arbitrations; Suzanne Spears, who acts under all the major arbitration rules; and James Freeman, who is 'on top of all the detail of cases'. Notable growth includes the elevation of commercial and investment treaty arbitration experts Naomi Briercliffe and Guled Yusuf to counsel in 2020, while construction arbitration specialist Sunil Mawkin was promoted to counsel in May 2021.

International business reorganisations Tier 2

At Allen & Overy LLP, the global reorganisations group focuses on multi-jurisdictional, complex M&A including carve outs, spin offs, post-acquisition integrations, joint ventures, redomiciliations and international reorganisations. The cross-departmental practice draws on expertise from across the firm and benefits from A&O's wider global network when advising on cross-border mandates; it recently assisted WPP with a pre-sale reorganisation covering 90 jurisdictions. Gillian Holgate and counsel Rakesh Rathod jointly lead the team.

M&A: upper mid-market and premium deals, £500m+ Tier 2

Boasting a deep bench of experienced lawyers and a sizeable global footprint, Allen & Overy LLP is regularly drafted in by an impressive roster of FTSE-listed multinationals and major overseas companies on high profile mandates. Since 2015, A&O’s corporate/M&A practice has advised on more than 1,770 deals worth more than £1.3trn and it has significantly grown its share of FTSE 100 and 250 clients over the last 10 years as it is moved to strengthen its corporate team. Over the course of the past 12 months, Dominic Morris' team has handled a flurry of high profile M&A and other strategically significant transactions, including advising Liberty Global on its deal with Telefónica SA to merge Virgin Media and O2. Morris has a particular focus on outbound work for US corporates, while global corporate head David Broadley routinely advises clients on high-profile acquisitions and disposals. Seth Jones is a key contact for public takeovers and public M&A more broadly, leading the team on many of the firm's biggest instructions of the year. Claire Coppel advises clients on a range of public and private M&A, with recent highlights including multi-jurisdictional deals for energy companies and business services providers.

Pensions: dispute resolution Tier 2

Allen & Overy LLP‘s pensions teams offers ‘technically excellent’ practitioners that have advised on a number of industry significant matters in recent times. The firm’s non-contentious practice offers a 50/50 split between employer and trustee clients, with the team advising on areas of pensions law such as liability management, board-level strategic advice, and rectification projects with significant financial risk. Andy Cork is a key player in the practice and advises some of the UK’s largest pensions funds. The wider practice is led by Neil Bowden and the team was recently involved (in both a contentious and non-contentious capacity) in the industry test case regarding Guaranteed Minimum Pension (GMP) equalisation, representing Lloyds Banking Group Pensions Trustees. Bowden and Jane Higgins, boast significant experience in both non-contentious and dispute resolution work and ‘personify the best attributes of a partner.’ Jason Shaw‘s extensive pensions litigation experience continues to support the contentious part of the practice. ‘Reliable’  technical expert Jessica Kerslake was promoted to partner.

Rail Tier 2

Allen & Overy LLP is a key resource for clients seeking advice on complex rail transactions; the firm also has notable expertise in infrastructure, concessions and rolling stock. Practice leader Jonathan Bevan focuses primarily on infrastructure matters, also covering major transactions and financing. Tim Conduit is a capital markets specialist, including the financing of PPPs. Global infrastructure co-head Sara Pickersgill is 'a trusted advisor with commercial approach.'

Regulatory investigations and corporate crime (advice to corporates) Tier 2

Allen & Overy LLP has built ‘a good track record over a number of years’ and stands out for its ability to handle both civil and criminal issues arising in domestic and cross-border investigations into money laundering, corruption and sanctions violations. The team is well-equipped to handle multi-jurisdictional mandates thanks to the firm’s growing presence in the US and Asia; at the beginning of 2021, it also expanded its offering with the hire of Susanna Charlwood from Shearman & Sterling LLP. Clients facing more significant investigations benefit from access to the firm’s dedicated team of in-house document and media reviewers in Belfast. The department is spearheaded by former criminal and public law barrister Arnondo Chakrabarti, cartel investigations expert Jonathan Hitchin, and Eve Giles , who is praised for her ‘strength in depth’.

Tax litigation and investigations Tier 2

Allen & Overy LLP‘s tax team has ‘high quality individuals‘ with ‘considerable experience of complex tax issues‘. Its work covers all aspects of tax disputes, including pre-litigation advice and negotiations with HMRC, and court proceedings and investigations. The practice is notably active in sectors such as financial services, consumer, retail, energy and transport. Vimal Tilakapala, who heads up the UK tax practice, has extensive experience of handling finance-related tax issues. Chris Harrison, who also has a strong background in finance, assists clients with structured finance transactions. Another key individual is corporate tax lawyer Lydia Challen, who advises on M&A, corporate reorganisations and private equity tax. The ‘hardworking‘ Charles Yorke is highlighted for his expertise in the financial services, oil and infrastructure sectors.

Competition litigation Tier 3

Allen & Overy LLP's competition litigation team, which sits within the firm's wider antitrust practice, is involved in many of the largest cases in the market, including those relating to the foreign exchange markets the heavy trucks industry and interchange fees. Mark Friend leads the London competition practice; his practice spans all areas of contentious and non-contentious competition law. Philip Mansfield is a co-head of the global group. Among the firm's 'fine roster of associates', Rachel Donelan stands out as 'a future star'. Antonio Bavasso departed to join Simpson Thacher & Bartlett LLP in January 2021.

Construction: non-contentious Tier 3

Allen & Overy LLP's non-contentious construction team offers significant expertise in energy, real estate and infrastructure projects, and can draw on the support of other teams at the firm to provide a one-stop shop for clients in need of development transactions. Beyond this, it is also well regarded for its strong international clientele. Troy Edwards heads up the team, advising on a number of large-scale public and private infrastructure projects. Mark Walker is also a noted construction specialist, particularly for energy-related projects.

Fraud: white-collar crime (advice to individuals) Tier 3

Allen & Overy LLP represents both companies and individuals in complex fraud investigations, which often raise significant multi-jurisdictional issues. The team is ‘exceptionally able to advise clients who are witnesses’; its recent work demonstrates an excellent ability to represent key witnesses in SFO investigations. The group also places a special emphasis on acting for clients in Section 2 interviews conducted by the SFO and extradition matters. The department can also rely upon the firm's capabilities in Belfast, where a team specialises in carrying out document reviews. Practice head Eve Giles was a key arrival at the firm in 2018 and remains the firm's primary specialist in this space; she is recommended for being ‘a very experienced, calm and considerate lawyer’.

IT and telecoms Tier 3

Allen & Overy LLP has strength in depth across the spectrum of technology and telecoms law. On the telecoms side, the firm handles corporate transactions, financing arrangements and commercial agreements. On the technology side, the team is well-placed to assist companies with procurement, licensing and outsourcing matters. Tom Levine leads the team, regularly working alongside counsel Andrew Kenning.

Media and entertainment (including media finance) Tier 3

Allen & Overy LLP fields a cross-departmental TMT team, which handles high-profile M&A and antitrust work in the media and entertainment sector, as well as contentious and regulatory matters. It also acts for clients on commercial mandates, including those concerning content production, distribution and licensing, and IP. David Stone and Neville Cordell are key contacts.

Mining and minerals Tier 3

Allen & Overy LLP's global mining group advises on M&A and financial transactions in the sector, in addition to tax and regulatory matters, covering a wide range of jurisdictions. Dominic Morris is a key contact.

Private equity: transactions – high-value deals (£250m+) Tier 3

The 'hard-working, diligent, attentive and diverse' team at Allen & Overy LLP act for British, American, and European buyout houses on deals, leveraging the firm's global network to handle cross-border transactions. The team additionally draws on its corporate and banking expertise to advise on complex transactions, such as those  dual track exit structures, refinancings and reorganisations. Stephen Lloyd offers clients almost three decades of experience across the full spectrum of transactions. Gordon Milne is valued by clients for his 'very commercial approach' and acts for both sponsors and portfolio companies; meanwhile, Karan Dinamani is noted for his 'incredible ability to adapt to a deal in any sector and in any geography'.

Private funds Tier 3

Allen & Overy LLP is active in the public and private credit space, advising on fundraising, funds of one structures, and downstream investments, and also maintains an active institutional investor practice, advising major international sovereign wealth and pension funds. Matthew Huggett leads the team, advising alternative investment fund managers on fund formation matters across the full range of private fund strategies, alongside joint ventures and investments. MaameYaa Kwafo-Akoto was promoted to partner in mid-2021, in recognition of her leading institutional investor practice. Dominic Von Wulffen handles fund structuring and regulatory matters, while Paul Sampson advises funds and investors on large-scale fundraisings.

Social housing: finance Tier 3

Allen & Overy LLP

Administrative and public law Tier 4

With a particular focus on the energy, financial services and TMT sectors, Allen & Overy LLP's team primarily advises private sector clients in relation to complex regulatory matters, such as the impact of Brexit on their operations, and judicial reviews. Furthermore, the team is known for advising multinational clients on the requirements of the Modern Slavery Act and its impact on cross-border trade. Team head Andrew Denny frequently assists clients with judicial reviews and public law issues arising during the course of major projects, including procurement litigation. Associate Maeve Hanna stands out for her pro bono work, including public law interventions before the Supreme Court, Court of Appeal and the High Court.

Commercial property: development Tier 4

Allen & Overy LLPMagic circle firm Allen & Overy LLP is home to real estate lawyers with notable expertise in corporate structuring and are equipped to advise on holding company transactions in addition to asset-only deals. The team is headed by Christopher Woolf, who has succeeded the recently retired Imogen Moss, and leverages a track record consisting of over £12bn worth of investment deals throughout the UK and Europe. In addition to cross-border transactions, the group is also home to a dedicated headquarters department which represents financial institutions and corporates alike, as well as a development projects practice which has supported a number of private equity firms on major London-based redevelopment and refurbishment projects. Nick Saner delivers niche expertise in transactions relating to offshore property holding structures and is one of the key junior partners within the group; so too is the recently promoted Emma Willoughby who supports landlords and tenants in the leasing and management of their real estate investments and is well-versed in student, senior living and hospitality sectors, among others.

Property litigation Tier 5

Allen & Overy LLP's property litigation team works in close co-operation with the non-contentious real estate practice, as well as other departments, which translates into multi-disciplinary capabilities, most notably in the transactional and insolvency space. Following the departure of former team head Imogen Moss in April 2020 for an in-house role, Christopher Woolf took over as head of the firm's global real estate practice, while consultant Jane Fox-Edwards is the primary contact for property litigation. Her recent work includes dilapidations matters, vacant possession strategies and right to light issues.

Belgium > Banking, finance and capital markets

Hong Kong > Dispute resolution: international arbitration

Singapore > Projects: foreign firms Tier 1

Allen & Overy LLP's sizeable projects team has decades of experience in advising on complex projects throughout South East Asia. While the core focus of the team remains the energy sector, including oil and gas, renewables, and waste-to-power facitilies, it is also involved in telecoms and infrastructure projects. In addition to advising on the development of projects, the team advises on financing and re-financings. Practice head Jason Humphreys has broad experience across this area, and also has general experience in banking and finance work. Scott Lovell focuses on energy, particularly LNG and gas, while Bimal Desai transferred from A&O's Dubai office in May 2019, bringing with him strong links to the oil industry.