Acquisition finance Tier 1

A 'class act', Allen & Overy LLP benefits from 'deep market insight' for financial sponsors and lenders and is able to provide 'clever solutions to complex problems', utilising the full armoury of financial products throughout the capital structure. The firm has been at the forefront of the trend towards public-to-private financings during 2019, advising on a number of high profile transactions. Co-head of the global banking practice, Philip Bowden, is well-versed in the most sophisticated techniques utilised in the leveraged finance market, as exemplified by his recent representation of lenders in a mandate which incorporated conventional infrastructure financing together with leveraged finance concepts. 'Highly experienced financing lawyer' Robin Harvey has 'truly seen it all before' and is therefore able to act with great agility and precision on behalf of his impressive cadre of private equity sponsor clients. Denise Gibson  is best known for her lender side work on behalf of both commercial/investment banks, as well as a growing number of credit funds. Matt Moore is also recommended as a result of his domestic and cross-border work for the full scope of lenders, including investment banks and private debt funds.  High profile former practice head Jonathan Brownson has left for the London arm of Cahill Gordon & Reindel LLP alongside high yield specialist Jake Keaveny.

Bank lending: investment grade debt and syndicated loans Tier 1

Benefiting from deeply entrenched banking ties, and also picking up a sizeable amount of work for investment grade corporates, Allen & Overy LLP has 'deep market insight' across the spectrum of big-ticket syndicated loan mandates for the purposes of general corporate lending, working capital facilities, refinancings and to facilitate M&A transactions. The global corporate lending team is effectively 'able to gather insight from the firm's broader knowledgebase', enabling it to advise on more esoteric/bespoke matters, including deals incorporating Islamic finance facilities and Environmental Social and Governance (ESG) considerations. David Campbell  has deep knowledge of the syndicated loans market for borrowers and lenders, and is at the forefront of market developments, including as it relates to ESG-related mandates and lending facilities in the aftermath of LIBOR as the interest rate benchmark. Melissa Samuel  excels in Nordic-related transactions and is a key member of the team that also includes Simon Roberts . Former head of corporate lending Trevor Borthwick  joined Mayer Brown International LLP in April 2020.

Banking litigation: investment and retail Tier 1

With a track record for guiding leading financial institutions through a range of contentious issues from large disputes to regulatory investigations, Allen & Overy LLP 'is very often the first port of call when problems arise'. It is highlighted as 'one of the leading firms in the City for banking litigation' and benefits from the ability to leverage its transactional and non-contentious banking and finance practices both in the UK and internationally. Calum Burnett, who has a strong contentious regulatory practice, leads the team which also includes Arnondo Chakrabarti ,who combines banking litigation, contentious regulatory and corporate crime expertise. Andrew Denny has been particularly active in defending lenders involved in misselling and IBOR (Interbank lending rate) manipulation claims, while 'up and coming star' Mahmood Lone focuses on derivatives disputes. Other names to note include consultant Peter Watson and recently promoted counsel Helen Biggin, who handle aircraft finance disputes, and counsel Oliver Rule who handles finance litigation with a focus on insolvency and trustee disputes. Mona Vaswani and Marc Florent left the team to join Milbank and Baker McKenzie respectively.

Corporate governance Tier 1

Allen & Overy LLP acts across the full spectrum of corporate governance issues, with dedicated teams handling AGMs and annual reporting, shareholder activism and board disputes, Environmental, Social, and Corporate Governance reviews, and providing continuous advice to boards through its A&O Consulting platform. Additionally, the team advises corporates on issues around workplace environment, harassment, corporate culture, and environmental sustainability. The firm counts a considerable number of FTSE-listed companies as clients, including household names in financial services and retail.  Richard Browne takes the lead on transactional work, including hostile takeover defence and other issues relating to takeovers and acquisitions. Global corporate chair Richard Cranfield specialises in advising financial institutions on a range of governance issues and restructurings, with David Broadley also heavily involved in the financial services sector.  Paul McCarthy handles employee equity and executive renumeration, while Matthew Townsend advises on environmental, regulatory, and trade-related matters. Victoria Rankmore and Kate Astley  specialise in AGMs and annual reporting, with both promoted to counsel in mid-2020.

Corporate restructuring & insolvency Tier 1

Led by Ian Field and Earl Griffith , Allen & Overy LLP's 13-partner team has the critical mass and 'high level of technical expertise' to ensure that it wins  mandates advising key stakeholders in many of the most significant domestic and cross-border restructurings in the market. Active in situations throughout the capital structure, the team is able to provide integrated advice using the expertise of lawyers spread throughout the firm's network of European, Asian, Middle Eastern and US offices, enabling clients to receive the benefit of a team that can effectively implement core insolvency techniques across a range of scenarios, including US Chapter 11 reorganisations and UK schemes of arrangement. Although the firm handles work for an array of stakeholders, its strong institutional banking ties and involvement at the front end of deals, ensure that it picks up a large volume of mandates for senior creditors, including its recent role for the revolving credit facility lenders on Thomas Cook's high-profile £1.65bn restructuring. Randal Weeks  is pivotal to many of the firm's banking and funds-side mandates and is a key senior practitioner in a team that also includes the 'outstanding' Jennifer Marshall, whose 'tremendous thought leadership' regularly sees her providing key strategic advice to clients on hot-button issues in the market, including as it relates to Brexit and European insolvency related legislation.  Joel Ferguson continues to develop a strong creditor side practice for banks on restructurings and formal insolvencies, in addition to work in more niche areas including for swap counterparties in structured finance restructurings.

Debt capital markets Tier 1

Allen & Overy LLP is described by a client as ‘the leading firm in DCM, very pragmatic and rated very highly in everything it does'. Jonathan Melton heads up the team, which 'combines expert technical knowledge with exceptional awareness of the needs of its clients' businesses'. The firm is one of the most active for international debt issuances and MTN programmes, and it is notably prominent in liability management exercises, equity-linked bonds, regulatory capital transactions and subordinated debt. It also deals with particularly cutting-edge structures, as was evident when it acted for a large international bank on the world's first end-to-end blockchain bond issue. Theo Trayhurn (who is 'an excellent sparring partner and incredibly pragmatic'), the 'exceptional' Daniel Fletcher and Tom Grant provide 'unrivalled and top-class service'. Jamie Durham's expertise spans regulatory capital, emerging markets, Islamic finance and equity-linked transactions. US-qualified practitioner Sachin Davé advises foreign governments, issuers and investment banks on equity and debt offerings, including Rule 144A, Regulation S and other private placement transactions. Up-and-coming partner Peter Crossan is also recommended.

Derivatives and structured products Tier 1

Allen & Overy LLP has a market-leading practice in all areas of derivatives and structured finance, often playing a lead role in key market developments whether regulatory, technological or structural. 'The firm drafted most of the industry documentation in the derivatives space, particularly so with credit derivatives, so I wouldn't go to any other house for complex credit derivatives work', remarks one client. Its work spans complex financing structures for illiquid assets, portfolio transfers, regulatory advice and a high volume of traditional derivatives and structured finance transactions. It is currently leading the structured financing market for direct lending platforms, it has a busy practice for regulatory capital-driven synthetic risk transfer transactions, and is a key adviser on bank collateralised funding programmes. OTC derivatives regulation expert Emma Dwyer leads the practice. Guy Antrobus is a leading adviser on the implementation of initial margin regulations. Parya Badie is a 'standout partner' for synthetic risk transfer products. David Benton is a pre-eminent market expert on credit derivatives. Among the other leaders in their fields are Paul Cluley, structured products specialist Tony Drake-Brockman, equity finance partner Daniel Shurman; Richard Tredgett who is 'a most knowledgeable and experienced adviser on derivatives-related issues'; and the innovation-focused David Wakeling. Up-and-coming partners Tom Roberts and Suril Patel are also recommended.

Emerging markets Tier 1

Emerging markets work is a critical component of the global strategy of Allen & Overy LLP, which is building on its market-leading finance practice in London to handle capital markets, bank finance, project finance, corporate, private equity and, increasingly, litigation in key jurisdictions. The breadth of the firm's work goes hand-in-hand with its in-depth experience in key industry sectors, such as energy, infrastructure and natural resources. Whether for loans, bonds, debt issuances, acquisition finance or private equity work, the 'dedicated team' has a broad client base that includes export credit agencies (ECAs), development finance institutions (DFIs), investors and sponsors. Greg Brown stands out for debt financings, commodities and corporate finance. Also recommended are US-qualified capital markets partner Sachin Davé; ECA practice head Lorraine Bayliss; Africa group head Tim Scales; energy expert Andrew Castle; newly promoted partner Oleg Khomenko; and trade and commodity finance specialist Catherine Lang-Anderson.

Employers Tier 1

The employment team at Allen & Overy LLP has a standout reputation among high-profile companies from the financial services and TMT sectors. Among major team developments, Robbie Sinclair, an expert on the new regulatory regime for financial services, was promoted to partner in May 2019. Another key development was the lateral hire of Vicky Wickremeratne, who joined from Simmons & Simmons in December 2019. She brings a wealth of expertise in financial services; other strengths include cross-border matters and high-value litigation, especially in discrimination and whistleblowing. The 'one of a kind' team head Sarah Henchoz continues to be highly active on investigations of reputational importance for a number of market-leading companies. Other senior team members are Karen Seward and Mark Mansell. Alongside core work spanning litigation, strategic advisory work and transactional support, the team has grown its work in culture and conduct matters, especially in areas including bullying and sexual harassment.

Energy and infrastructure Tier 1

Allen & Overy LLP's strong bench of energy and infrastructure specialists handle the full range of work for clients in the sector, with the firm's transactional and finance expertise backed up by capabilities covering environmental, regulatory, competition, tax, employment and planning issues. The global infrastructure group is led by David Lee; former energy co-head Gareth Price was recently appointed as the magic circle firm's new managing partner.

Environment Tier 1

Allen & Overy LLP fields a sizable standalone practice, which advises clients on a variety of environmental and regulatory law matters, including Environment, Social and Governance (ESG) work, the transportation and storage of hazardous goods, corporate governance and compliance issues, and sustainability work. Sustainable finance and ESG compliance issues are increasing areas of focus for the team, which is led by Matthew Townsend, who specialises in chemicals regulation, waste, carbon and finance mandates, and energy matters, which regularly have a cross-border element. Clients span the fossil energy, nuclear power, manufacturing, mining and renewable energy sectors. Another name to note is senior associate Tom d’Ardenne.

Equity capital markets - mid-high cap Tier 1

Allen & Overy LLP fields a deep bench of English and US equity capital markets experts, which advises issuers, investment banks and financial advisers on some of the largest and most complex transactions in the UK and EMEA. It is a first port of call for big-ticket listings, and other high-profile equity fundraisings and transactions. In one highlight, Michael Bloch (who made partner in 2019) and Jeff Hendrickson were among the advisers to Credit Suisse International on a €1.2bn block trade of shares and related €500m equity collar transaction. David Broadley, who is the head of the UK ECM practice, specialises in acting for issuer clients in the financial services sector. Adam Wells is the head of the US corporate finance practice. James Roe and senior associate Eimear Coady are other key names in the team.

Financial services: contentious Tier 1

Allen & Overy LLP provides clients with a ‘wealth of technical and practical experience' ranging from major regulatory investigations to high profile disputes, as well as multi-jurisdictional and multi-regulator matters. The firm’s regulatory and criminal expertise covers anti-corruption and bribery, anti-money laundering, antitrust and sanctions, with notable experience in the senior managers and certification regime (SMCR) . Calum Burnett leads the practice and is known for domestic and cross-border regulatory investigations and enforcement proceedings. The ‘quality of partners and associates in the team is outstanding', including Eve Giles, who specialises in cases relating to international and domestic corruption, cartels, fraud, money laundering, insider dealing, market abuse and extradition; Mahmood Lone, who focuses on high profile investigations into alleged market abuse and manipulation; and newly promoted partner Sarah Hitchins, who has particular strength in acting for financial services firms and listed companies.

Financial services: non-contentious/regulatory Tier 1

The ‘experts on all areas of financial services regulation’ at Allen & Overy LLP provide an ‘incredible breadth of knowledge’. The firm’s domestic and international experience covers Brexit related matters, Fintech, bank resolution and insolvency, governance, prudential and financial market infrastructure. Damian Carolan leads the team and has ‘outstanding technical expertise which he applies in a clear and commercial manner’, particularly in derivatives, securities regulation, the development of new markets and the regulation of financial market infrastructure. Also notable are Bob Penn, who advises banks, asset managers, market infrastructure providers and financial institutions; Ben Regnard-Weinrabe, who leads the payments law group; Kate Sumpter, who handles regulatory-driven structural change projects for international banks; Etay Katz, who has Fintech and transactional experience; and counsel Joanne Owens, who is a ‘standout performer in consumer finance matters’.

Fintech Tier 1

Allen & Overy LLP has particularly strong credentials in financial services regulation, as well as a wealth of experience advising traditional and emerging technology platforms and services on all aspects of their operations, underlined by its high-profile Fuse tech incubator, which has now been running since 2017. The practice is also well-equipped to advise a diverse range of clients on insurtech matters, investment and fundraising. Ben Regnard-Weinrabe is co-lead on the firm's fintech initiative; he works alongside Jane Finlayson-Brown, who has a strong track record of advising companies on information technology, including data exploitation. Etay Katz specialises in assisting financial services companies with regulatory compliance in the UK and various other jurisdictions.

Fraud: civil Tier 1

Allen & Overy LLP's team of 'excellent litigators' represents claimants and defendants, including large corporates and financial institutions, in multijurisdictional fraud cases involving bribery, embezzlement, corruption and many other areas of financial crime. Jonathan Hitchin's expertise includes representing clients in cross-border corruption cases and criminal investigations brought by the SFO. Mahmood Lone specialises in advising financial institutions facing allegations of fraud or mis-selling of financial products. Brandon O’Neil is dual-qualified in the UK and New York, enabling him to act for clients in parallel proceedings involving asset tracing and fraud. Associates Helen Biggin and Juliet de Pencier are both very active in international fraud disputes. Former partner Mona Vaswani left the practice to join Milbank in 2019.

Corporate restructuring and insolvency

Commercial litigation: mid-market

Infrastructure (PFI and PPP) Tier 1

'Clear market leader' Allen & Overy LLP has a strong infrastructure team able to operate across the full range of work from fundraisings to acquisitions and PPP deals, but with particular strength in investment work. Global infrastructure group head David Lee is backed by a sizeable practice that includes M&A specialists Richard Evans and Sara Pickersgill, as well as Jonathan Bevan and Jocelyn Land and 'outstanding' capital markets partner Tim Conduit . The team's notable mandates include advising a Macquarie-led consortium on the UK infrastructure project Silvertown Tunnel, as well as playing a role in offshore wind projects such as advising JP Morgan Asset Management on the refinancing of the Beta and Dynamo wind farm portfolios of Ventient Energy.

Insurance litigation: for policyholders Tier 1

Allen & Overy LLP acts for policyholders across a wide range of insurance disputes, including D&O claims, property damage matters, professional indemnity cases and construction cover work. The team's client roster includes a high volume of international businesses, and the practice works alongside the firm's global network of offices to handle cross-border matters. In addition to acting for clients in court cases, the group also has experience in arbitration proceedings. The practice is jointly led by Joanna Page and Richard Farnhill; Page is experienced in acting for clients in the Commercial Court and arbitration proceedings, while Farnhill is dual qualified in English and Wales and New York.

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

With a 'phenomenally successful' bench and regular involvement in high-end trials before UK and EU courts, Allen & Overy LLP remains a premier name for patent litigation, fielding a team whose 'brainpower and litigation firepower are not exceeded anywhere'. On the life sciences side, Marjan Noor, Marc Döring and senior associate Rafi Allos handle revocation actions and  Supplementary Protection Certificate (SPC) validity proceedings, while Neville Cordell recently advanced infringement claims for transgenic mouse technology in a headline Supreme Court proceeding. Mark Heaney takes on disputes in the technology sector, including Standard-Essential Patents (SEP) and fair, reasonable and non-discriminatory (FRAND) licensing litigation for household names, while Mark Ridgway is the key name for trade secrets litigation. Jim Ford and Nigel Parker have a full-service commercial IP offering for collaboration and R&D negotiations and IP-rich M&A support. The Belfast-based Science Analyst team provides further technical know-how for complex contentious and non-contentious applications.

Intellectual property: trade marks, copyright and design Tier 1

Allen & Overy LLP’s IP team has impressive expertise in the field of trade secrets litigation, as evidenced by Neville Cordell and Marc Döring’s multijurisdictional defence concerning complex medical formulas in the life sciences sector . Practice head and 'IP guru' David Stone and Cordell handle big-ticket contentious matters in the digital sphere, including domain name disputes, digital copyright litigation and trade mark infringement proceedings against video game developers. Stone is also a go-to name for EU design law. Jim Ford and Nigel Parker head the commercial IP practice, handling high-value joint ventures and commercial agreements involving extensive brand name rights and licensing terms. The global client base comprises well-known names in the fast food, FMCG, media and entertainment, sports, travel and consumer electronics industries.

Islamic finance Tier 1

Allen & Overy LLP's market-leading Islamic finance team in London is an integral part of the global Islamic finance practice. It serves as a one-stop shop for leading Islamic banks, export credit agencies, development finance institutions, sponsors and corporate borrowers. The group's expertise in high-profile, complex and innovative transactions spans a multitude of areas, including project finance, asset finance, derivatives and structured finance mandates. Jamie Durham is particularly knowledgeable about sukuk issuances. In 2019, notable highlights included Lorraine Bayliss and counsel Sajjad Khoshroo advising the export credit agencies (CESCE, K-Exim, K-Sure, SACE, UKEF) and banks on the $4.2bn financing of the expansion and modernisation of the Bapco refinery. Senior associate Sajjad Juma, whose practice is split between London and Dubai, is also highly recommended.

Oil and gas Tier 1

Allen & Overy LLP fields an impressive energy and natural resources team with 'fantastic M&A expertise' and 'breadth of capabilities' throughout the entire life cycle of an asset, and particular depth in upstream and midstream oil and gas matters. Global managing partner Gareth Price is the go-to adviser for all energy sector participants on structured finance and corporate transactions. Other key partners include Andrew Castle, John Geraghty and Troy Edwards. Lorraine Bayliss has a notable reputation in international project finance and secured lending transactions, acting for both borrowers and lenders.

Pensions (non-contentious) Tier 1

The 'market-leading' non-contentious pensions team at Allen & Overy LLP is headed up by Neil Bowden, who has substantive experience in liability management. More broadly, the offering is split on a 50/50 basis between employer and trustee clients and covers legal areas such as advice on major strategic decisions and high-profile rectification projects (with an emphasis on those featuring significant financial/industrial risk). A recent highlight for the firm has been representing Lloyds Banking Group Pensions Trustees against Lloyds Bank in the industry test case regarding GMP equalisation. Key personnel include Jane Higgins, who has a 'remarkable breadth of experience', the 'authoritative and very commercial' Andy Cork, and technical expert Jessica Kerslake. On the contentious side, the firm's offering includes 'very reassuring' counsel Jason Shaw. He has proficiency in litigation involving the rectification of documents, professional negligence and claims by trustees against both administrators and advisers.

Power (including electricity, nuclear and renewables) Tier 1

Allen & Overy LLP's practice is led by Gareth Price, who is highly regarded for handling all aspects of the development, acquisition, disposal and funding of energy assets, particularly in emerging global markets. The team is able to draw on a solid network of industry specialists, including Chris Andrew, Sheila Connell, Mark Walker, Troy Edwards and John Geraghty, who have outstanding combined expertise in conventional, low carbon and thermal power matters, renewables issues and nuclear energy work. The multidisciplinary group assists with a range of mandates from consenting and planning matters through to construction, financing, operation and disposal work.

Property finance Tier 1

Fielding a strong five-partner team, Allen & Overy LLP is ‘a market-leading firm’ which ‘works on the biggest and most complex transactions and provides excellent and user-friendly advice’. Arthur Dyson focuses on senior and mezzanine financings, often in a pan-European context, and Paul Flanagan has a similar focus, with a strong emphasis on advising investment banks and private equity funds. The ‘incredibly knowledgeable’ Mark Manson-Bahr is another key name in the market for Europe-wide instructions, and is able to draw upon his previous experience in the firm’s Frankfurt office. Loan portfolio sales are a key strength of both Simon Roberts, who advises a number of international banks, and David Oppenheimer, whose broad expertise also includes handling intercreditor arrangements. At junior level, senior associate Peter Mailer, who is very strong on cross-border financings, is also recommended.

Public international law Tier 1

Allen & Overy LLP's public international law (PIL) practice 'has incredible breadth and expertise'. It is highly sought after by states and international organisations, including international financial institutions, for the full range of PIL matters. Its scope of work covers disputes arising out of bilateral and multilateral investment treaties, human rights law, WTO issues, international treaties and conventions, international sanctions regimes, and sovereign immunity. Other notable areas of strength are boundary disputes, space law, international anti-terrorism conventions, trade issues, and trafficking and modern slavery matters. Mark Levy QC heads up the PIL practice in London, which also showcases Suzanne Spears, whose contentious practice encompasses investment treaty arbitration and state-to-state disputes. Also key to the group are investment treaty specialists Kate Davies and James Freeman, human rights working group chair Andrew Denny, and Matthew Townsend, who co-heads the global sanctions practice. Sarah Garvey is a highly regarded counsel, and strong support at the senior associate level is provided by Naomi Briercliffe, Guled Yusuf and Katrina Limond. 

Regulatory investigations and corporate crime (advice to corporates) Tier 1

Allen & Overy LLP continues to expand its global investigations practice to meet the rise in enforcement activity by worldwide anti-corruption, sanctions, financial services and antitrust authorities. It often handles cross-border and business critical investigations for large multinationals. The practice is well regarded for its expertise in local anti-bribery laws, data privacy laws, and investigative rules and procedures. The team is headed by Arnondo Chakrabarti, who handles the full gamut of corporate crime matters and counts FTSE 100 companies and global financial institutions as clients; Jonathan Hitchin is renowned for multi-jurisdictional corruption cases, cartel investigations and related private damages claims; while white-collar expert Eve Giles handles international and domestic corruption, cartels, fraud, money laundering, insider dealing, market abuse and extradition matters.

Securitisation Tier 1

'The clear leader in European securitisation and loan portfolios, representing the majority of bidders in competitive sale processes', remarks a client of Allen & Overy LLP. Another notes that it has 'excellent subject matter knowledge, good business expertise and dedication to meet challenging timetables'. The firm has a deep bench of talent advising all parties on precedent-setting transactions involving all asset classes, including residential mortgages, commercial mortgages, consumer loans, corporate loans and CLOs, auto loans and leases, trade receivables, public sector, project finance and infrastructure. In 2019, its cutting-edge work included River Green Finance 2020 DAC, which was the first European CMBS structured as a green bond. Salim Nathoo leads the securitisation practice, in which the leading lights are the vastly experienced Sally Onions; Lucy Oddy, who is 'always very response, which is very impressive considering how many deals she works on'; Tom Constance; and the 'smart, capable and practical' Tim Conduit. Structured finance partners Franz Ranero and Suril Patel focus heavily on CLOs as part of an integrated practice involving the London and New York offices. Angela Clist is now head of the firm's Legal Services Centre in Belfast.

Trade finance Tier 1

Allen & Overy LLP has a dedicated trade and commodity finance team in London, which is part of its market-leading banking group. Its work focuses on complex and innovative financings in the trade and commodity space on behalf of major banks, commodity trading houses and large corporates. As well as transactional matters, it is also prominent in the restructuring of existing structures and in litigation arising from distressed situations. Its growing workload in this area is, in part, due to the addition of private equity funds, commodity traders, borrowers and banks to its client base. Up-and-coming partner Catherine Lang-Anderson leads the practice and she has experience in structured commodity finance, trade finance, receivables purchase and supply chain structures. Banking partner Greg Brown handles a wide range of debt finance with a particular focus on trade, commodities and emerging markets. David Campbell in the firm's restructuring group is heavily involved in borrowing base and other trade finance transactions in distressed scenarios.

Transport finance and leasing Tier 1

Led from London by the 'knowledgeable and experienced' Mario Jacovides and also able to tap into the expertise of lawyers throughout the firm's extensive global network, Allen & Overy LLP is well-positioned to provide a comprehensive service. It advises lenders, lessors, operators and funds across the spectrum of cross-border transportation asset finance matters. It is best known for its prowess within the aviation sector, where its ability to handle highly structured deals at the top end of the market differentiates it from many of its peers. 'Exceptional' aviation finance head Paul Nelson 'has deep knowledge across an array of financing structures' and regularly takes the lead on the most sophisticated and often groundbreaking mandates in the market, including his recent advice to KEB Hana Bank on its first Islamic finance transaction of aviation assets and first financing for Kuwait Airways. Harry Upcott  has 'first-rate expertise across the spectrum of aircraft leasing and financing issues', including as they relate to tax-based debt and leasing structures, as well as portfolio trading and financings. While he also handles aviation deals, the 'thorough, measured and inventive' Kevin Young  is best known for his financing of shipping assets, particularly on behalf of private equity funds. Jonathan Bevan leads on the rail side.

Water Tier 1

Allen & Overy LLP’s team has a well-established position in the water sector and sits as part of the firm’s global infrastructure group allowing it to draw on specialists in a wide range of areas covering waste and wastewater projects. The group’s recent workload includes a number of financing matters where practice head Tim Conduit, who has vast experience in bond, bank and institutional debt markets, is the key name.

Commercial litigation: premium Tier 2

The commercial litigation team at Allen & Overy LLP offers 'sharp, focused and reliable' advice across a range of disputes work and is adept at navigating the crossover between commercial litigation and investigations. With the ability to leverage the expertise of its non-contentious colleagues and international network, the team deploys an integrated approach in complex and cross-jurisdictional disputes. Calum Burnett, who specialises in contentious regulatory issues, leads a team which includes Lawson Caisley, who counts fraud and white-collar crime, cybersecurity breaches and shareholder disputes among his areas of expertise, and Jonathan Hitchin who focuses on disputes arising from corporate transactions and insolvency. Alice Englehart has a breadth of expertise in commercial litigation, employment tribunal proceedings, and internal investigations while Richard Farnhill and senior associate Maeve Hanna are highlighted for their energy and technology sector expertise respectively. Counsel Sarah Garvey who has particular EU law and state immunity expertise and Helen Biggin (who was also recently promoted to counsel) are other names to note.

Commercial property: corporate occupiers Tier 2

The real estate practice at Allen & Overy LLP is home to a team of ‘very knowledgeable and rounded partners’. For investment work, the team is highly regarded for its advice on the buying, selling and lease-back of assets in addition to cross-border transaction structuring and the establishment of investment vehicles. Practice head Imogen Moss brings distinguished expertise in relation to complex offshore structures and joint ventures and also specialises in major headquarter lettings; her team works closely with the wider firm's construction, planning and litigation specialists to support at all stage of development projects. Christopher Woolf, vastly experienced in UK and European investments, is noted for offering 'innovative solutions' while counsel Emma Willoughby's broad practice which spans the retail, office and industrial sectors.

Commercial property: investment Tier 2

The real estate practice at Allen & Overy LLP is home to a team of ‘very knowledgeable and rounded partners’. For investment work, the team is highly regarded for its advice on the buying, selling and lease-back of assets in addition to cross-border transaction structuring and the establishment of investment vehicles. Practice head Imogen Moss brings distinguished expertise in relation to complex offshore structures and joint ventures and also specialises in major headquarter lettings; her team works closely with the wider firm's construction, planning and litigation specialists to support at all stage of development projects. Christopher Woolf, vastly experienced in UK and European investments, is noted for offering 'innovative solutions' while counsel Emma Willoughby's broad practice which spans the retail, office and industrial sectors.

Corporate tax Tier 2

The tax team at Allen & Overy LLP has a first-rate reputation in financial tax matters, and it also has a strong capability in corporate and real estate tax work. Although transactional work comprises a large part of the practice, the team is also well-versed in standalone advisory matters. Vimal Tilakapala, who heads up the UK tax practice, is well-known for his strengths in domestic and international finance-related tax. Lydia Challen is 'a true genius in the tax world' and specialises in M&A, corporate reorganisations and private equity tax. Christopher Harrison, who is the head of the global tax practice, predominantly advises financial institutions on banking tax and tax-related financing transactions.

Data protection, privacy and cybersecurity Tier 2

Allen & Overy LLP's practice is led by Jane Finlayson-Brown and Nigel Parker, who are both well regarded in the data protection and privacy space. Finlayson-Brown is 'an expert in data privacy law', while Parker is able to combine 'outstanding technical knowledge with great commercial and common sense.' The team advises clients on a wide range of key issues including data protection compliance matters, data ethics, big data work and adtech mandates. The firm is notably active in the retail, hospitality, financial services and life sciences sectors.

Employee share schemes Tier 2

The share schemes and incentives practice at Allen & Overy LLP is headed by Paul McCarthy and offers advice on all aspects of share plans, including complex cross-border issues. Comprehensive advice is offered to clients by drawing on the magic circle firm's full-service global offering, working together with the firm's local tax, securities, employment, corporate and regulatory lawyers when necessary. The team has advised on share plans in over 75 countries, ranging from Azerbaijan to Uruguay, and has seen some significant activity relating to both the domestic and international M&A market over the last year, working on a number of large high-profile acquisitions and disposals. The firm's particular expertise in the financial services sector means financial institution clients regularly turn to the team for strategic advice on sensitive, high-risk remuneration issues and for help navigating regulatory frameworks.

EU and competition Tier 2

The ‘effective’ and ‘dedicated’ competition law team at Allen & Overy LLP ‘provides the full package of services’, advising on merger control and behavioural issues, market investigations and state aid. In light of the regulator’s expanding focus on national security concerns and consumer protection considerations, the team is increasingly being instructed in relation to foreign investments and antitrust work in these areas. A&O's high profile client base includes corporations, public sector bodies and banks, with the firm's experience spanning sectors including TMT, energy and infrastructure, and financial services, among others. Mark Friend leads the UK antitrust group, where Alasdair Balfour, Philip Mansfield, Dominic Long and counsel Thomas Masterman are also standout practitioners.

Fraud: white-collar crime (advice to individuals) Tier 2

Allen & Overy LLP is continuing to build its profile in the white collar space following its 2018 recruitment of criminal defence lawyer Eve Giles. Giles, who heads the practice, has extensive experience of fraud, market abuse and extradition matters, with the broader practice now able to advice on a range of financial crime matters, as well as both domestic and international investigations. The team is able to call on support from its global network of offices, providing a holistic approach to multi-jurisdictional matters. It has recently acted in cases involving tax fraud, money laundering, insider dealing, market abuse, anti-bribery and corruption, data protection, cybercrime and investigations that have been brought in light of the #me too movement.

High yield Tier 2

Allen & Overy LLP is the most prominent UK-headquartered law firm in the European high-yield market, with a growing presence in high-value deals for both arrangers and managers. With a number of high-yield partners and more US-qualified partners in London who are involved in the practice as needed, it has a deep bench of talent led by vastly experienced partner and global head of high yield Kevin Muzilla. He has practised in the European high-yield market since its inception and has extensive experience in advising underwriters, financial sponsors and corporate issuers. The practice is closely integrated with the firm's market-leading banking, leveraged finance, debt capital markets, corporate and restructuring groups, enabling it to cover all aspects of the capital structure including cross-over credits and emerging market high-yield transactions. Matthias Baudisch, Jeanette Cruz, and John Kicken all stand out for bond issuance, leveraged finance and acquisition finance.

Insurance: corporate and regulatory Tier 2

Allen & Overy LLP’s insurance practice acts for insurers and reinsurers on the corporate and regulatory sides of non-contentious insurance mandates, with a focus on life insurance matters. The group's work in this area encompasses transactions, many of which have cross-border elements, as well as some of the largest longevity swaps and longevity reinsurance agreements in the market. On the regulatory side, the practice is engaged in advising clients on Solvency II matters. Practice head Philip Jarvis is global head of insurance and has all-round experience in the field, while Kate McInerney, who became a partner in mid-2019 and was previously seconded to the Financial Conduct Authority, has expertise in matters related to Solvency II.

International arbitration Tier 2

The dedicated, long-established, London-based arbitration team at Allen & Overy LLP fields 'brilliant and utterly professional lawyers, who are always focused on the underlying commercial issues and best interests of the client'. The practice handles both commercial and investor-state arbitrations; its key features include advocacy expertise, arbitration-related litigation and energy disputes work, where gas price arbitration expert and co-international arbitration group head Mark Levy QC and James Freeman are notable names. The group is also active in arbitrations involving banking, finance and complex financial products, as well as disputes surrounding infrastructure and construction projects and IP disputes. Other experienced partners include Kate Davies and Suzanne Spears, while Naomi Briercliffe and Guled Yusuf were promoted to counsel in 2020, and Sunil Mawkin is the senior associate to note. Former international arbitration head Richard Smith retired from the partnership in 2019.

Life sciences and healthcare Tier 2

Allen & Overy LLP's team demonstrates 'a  high degree of business acumen combined with legal expertise'. Jim Ford is the global co-head of the life sciences and healthcare sector groups and he also leads the London IP practice. His expertise encompasses a wide range of IP-related transactions.  Marjan Noor is well known for her successful IP litigation practice; she has handled a number of the most complex cases involving blockbuster drugs or biologics. On the transactional side, Matthew Appleton’s varied workload includes handling M&A, joint ventures and restructurings for life sciences and healthcare companies. Partners Neville Cordell and Marc Döring, and senior associate Rafi Allos, are notable patent litigators in the team. Allos is also highly-rated for his regulatory expertise.

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

With a 200-lawyer strong corporate practice worldwide, Allen & Overy LLP has the resources to act on some of the market's highest profile transactions. As well as large public takeovers, the practice also undertakes a significant number of private M&A deals and advises roughly a quarter of FTSE 100 companies in some capacity. The firm is well placed to advise on cross-border transactions across multiple jurisdictions, as demonstrated by a role advising WPP on a disposal involving 90 jurisdictions. Dominic Morris leads the London corporate practice and has significant experience acting on domestic and international mergers and acquisitions, public takeover bids, privatisations, joint ventures and equity offerings. Corporate finance partner David Broadley is a name to note in the practice, having worked on a wide range of ECM transactions, acting for both issuers and underwriters. The team lost two partners to US rival Skadden, Arps, Slate, Meagher & Flom (UK) LLP , with both George Knighton   and Simon Toms leaving to join the firm.

Mining and minerals Tier 2

Allen & Overy LLP has a global mining practice, which advises a range of businesses encompassing mining, smelting, refining, trading and semi-manufacturing companies. The practice has M&A and financing expertise across multiple key jurisdictions. Dominic Morris is a key point of contact.

Rail Tier 2

Allen & Overy LLP provides advice on complex, cross-border, and high-value rail transactions, with a breadth of expertise extending to infrastructure, concessions, and rolling stock matters. It frequently acts for project sponsors, lessors, financiers, and train operating companies, as well as governments, and manufacturers. Department head Jonathan Bevan is an expert in infrastructure and transport financings, as well as matters relating to development, construction, PPPs, and construction, while partner Tim Conduit focuses on capital market financings.

Real estate funds Tier 2

Allen & Overy LLP provides a comprehensive service to a wide variety of market participants. Among its roster of high-calibre, longstanding clients are the largest institutional and private equity real estate sponsors, sovereign wealth funds and pension schemes. Its team's wide-ranging experience includes handling the structuring and formation of funds and joint venture vehicles, ongoing fund portfolio management issues, investments into funds, and the sale and purchase of secondary fund interests. The group also has expertise in the regulatory issues impacting the real estate funds sphere. Another significant factor in the London team's ability to deliver top advice is its access to a vast pool of resources across the firm's global network, including practitioners based in Luxembourg. Matthew Huggett, Nick Williams and Pavel Shevtsov co-head the practice. Paul Sampson and Dominic Von Wulffen were recently promoted to the partnership, and senior associate Emma Danforth is another key figure.

Social housing: finance Tier 2

Allen & Overy LLP specialises in advising on capital markets issues in the social housing space; it has advised on the vast majority of listed bond issues in the sector over the last decade. Consultant Geoff Fuller has extensive experience of advising on debt capital markets issuance and derivatives and structured finance work. Fuller worked with senior associate Amanda Lemesle Adams to advise on 14 out of the 19 listed bond issues in the sector in 2019.  Elsewhere, the broader practice covers derivatives and structured finance work. Greg Brown acts for both lenders and borrowers primarily in the context of group financing structures.

Tax litigation and investigations Tier 2

Allen & Overy LLP's contentious tax practice spans pre-litigation advice, administrative proceedings, tax litigation and HMRC investigations. Drawing on the firm's wider expertise in the area, the group stands out for handling financial tax disputes for banks and financial institutions. It is also regularly instructed in corporate and real estate tax disputes, as well as international tax investigations. Head of UK tax Vimal Tilakapala leads the team. Charles Yorke has 'outstanding commitment and involvement in the case and an excellent grasp of the technical issues', Christopher Harrison is another financial tax expert with disputes experience, while Lydia Challen is a corporate tax expert.

Administrative and public law Tier 3

Corporate clients in the energy, TMT and financial services sectors retain Allen & Overy LLP’s public law practice for the full breadth of public and administrative law advisory services, with an emphasis on regulatory requirements affecting global supply chains. Practice head Andrew Denny and senior associate Maeve Hanna regularly represent NGOs and independent charities in high-profile interventions; recent instructions included handling High Court applications against the Secretary of State’s policy on immigration bail. Working closely with the public procurement department, the team also represents utilities companies and regulated entities in judicial review proceedings concerning transport and energy projects.

Competition litigation Tier 3

Allen & Overy LLP’s competition litigation group has a strong track record representing defendants in high-profile cartel investigations and related private damages cases. Complementing the team in London is its access to a network of offices in Asia, Europe and the US. It places a particular emphasis on cutting-edge cases in the financial services and IP sectors, among others. Mark Friend leads the London-based antitrust group. Jonathan Hitchin, who is ‘a real tiger of a litigator’, is dual-qualified to practise in England & Wales and Hong Kong.

Construction: non-contentious Tier 3

Allen & Overy LLP's team is highly active in the infrastructure and energy sectors and is praised for being 'pragmatic' and 'able to translate business needs into legal concepts'. Troy Edwards leads the practice group; he has expertise in both privately and publicly financed infrastructure projects, working with sponsors, governments and lenders. Mark Walker is also of note within the team - he is active across the UK, Europe and the Middle East on energy and infrastructure construction matters.

International business reorganisations Tier 3

Allen & Overy LLP uses its substantial experience in corporate and M&A work to handle complex multi-jurisdictional mandates spanning sales and acquisitions, spin offs, carve outs and international reorganisations. Alongside its notable global legal capacity, the firm also leverages its advanced delivery and solutions offering to assist with key matters; this includes its global resourcing platform for consultants, a dedicated legal project management office and technology solutions. Gillian Holgate is the lead practitioner for international business reorganisations and is well supported by counsel Rakesh Rathod. The pair focus primarily on spin offs, demergers, carve outs and group reorganisations. Individuals from the wider corporate group also contribute to the work both from the London office and the firm’s significant global network.

IT and telecoms Tier 3

Allen & Overy LLP is active across a range of IT and telecoms matters, including work involving M&A, regulatory and commercial issues. Tom Levine leads the team and focuses on commercial, regulatory and IP matters, advising on stand-alone projects and corporate transactions. Also notable is counsel Andrew Kenning, who advises on strategic and transformational commercial agreements in the IT and telecoms sectors.

Media and entertainment (including media finance) Tier 3

Particularly well-known for handling high-profile M&A and antitrust work in the media and entertainment sector, Allen & Overy LLP also fields a cross-department TMT team, which assists clients with a range of commercial matters (including content production, distribution and licensing, and IP issues) as well as contentious and regulatory mandates. The group includes IP litigators David Stone and Neville Cordell.

Pensions: dispute resolution Tier 3

The 'market-leading' non-contentious pensions team at Allen & Overy LLP is headed up by Neil Bowden, who has substantive experience in liability management. More broadly, the offering is split on a 50/50 basis between employer and trustee clients and covers legal areas such as advice on major strategic decisions and high-profile rectification projects (with an emphasis on those featuring significant financial/industrial risk). A recent highlight for the firm has been representing Lloyds Banking Group Pensions Trustees against Lloyds Bank in the industry test case regarding GMP equalisation. Key personnel include Jane Higgins, who has a 'remarkable breadth of experience', the 'authoritative and very commercial' Andy Cork, and technical expert Jessica Kerslake. On the contentious side, the firm's offering includes 'very reassuring' counsel Jason Shaw. He has proficiency in litigation involving the rectification of documents, professional negligence and claims by trustees against both administrators and advisers.

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

Allen & Overy LLP works with a number of major domestic and international private equity houses,  securing a consistent flow of buyout and exit work across sectors ranging from healthcare to financial services and retail. The team regularly works alongside A&O's  finance and capital markets practices to provide a full range of transactional support.  Stephen Lloyd leads the team and is  recognised for his strong transactional record advising PE houses, sovereign wealth funds, and other sponsors. Karan Dinamani works with key relationship clients on cross-border transactions and investments, while newly-promoted partner Peter Banks has a growing market presence internationally.

Private funds (including infrastructure funds) Tier 4

Allen & Overy LLP advises asset managers and institutional investors alongside pension provider and sovereign wealth fund clients, offering integrated support across key jurisdictions. The team draws upon the firm's presence in locations such as New York, Frankfurt, and Luxembourg. Matthew Huggett advises sponsors and investors on UK and international regulatory issues alongside fund formation matters, while Nick Williams prioritises real estate, as well as advising on joint ventures.  focuses on advice to financial institutions and institutional investors on EU regulatory and licensing matters.

Property litigation Tier 4

Allen & Overy LLP's strong combination of real estate and finance expertise attracts mandates from several banks and financial institutions, property investment funds, private equity houses and large corporates. The team regularly advises on contentious property investment and valuation matters, disputes arising from property developments, the Electronic Communications Code, cladding issues and retail tenant CVAs. Imogen Moss is the overall head of the real estate practice and has a transactional focus. Consultant Jane Fox-Edwards, who is the key contact for property litigation, handles landlord and tenant disputes, use of land issues and development-related litigation.

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.