The structured finance group at Fieldfisher is ‘diligent and makes complex issues easy to understand’. Alongside high volumes of derivatives work across all asset classes, from commodities to crypto assets, the firm is helping to develop the ever-more complex universe of market infrastructure, and handles sophisticated structured products. Emma Spiers leads the practice, which still benefits from the decades of experience of Guy Usher. The division has hired well in recent years; Emma Dwyer ’consistently demonstrates deep expertise, unwavering reliability and a creative approach’, and Sebastian Reger has boosted its capability in regulatory matters, and advice to clients in the pensions, credit funds, and fintech sectors. In 2025, Shanthi Vignasen joined from A&O Shearman to add significant expertise in advising both banks and buy-side clients on complex structured finance and derivatives transactions in the interest rate, FX, commodities, equities, and longevity markets. Edward Miller stands out for repos and stock lending trades, and Jenny Warren is an emerging talent in structured repo trades and synthetic securitisations.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘The team are a pleasure to work with. You always enjoy working with Fieldfisher. They are diligent and make complex issues easy to understand.’
‘Emma Spiers - I always enjoy working with Emma. She has a great personality to work with and will fight your corner on a negotiation if required. Edward Miller - very technically strong on derivatives and margin.’
'I have worked with Emma Dwyer and Steven Burrows and on numerous regulatory matters. They consistently demonstrate deep expertise, unwavering reliability and a creative approach to problem solving. Expertise in Capital Requirements Regulation (CRR) Article 305(2) “look-through” opinions is particularly standout. These opinions enable firms clearing trades through central counterparties (CCPs) to apply optimal risk weighting for exposures on cleared transactions – provided strict conditions are met.'
'Emma Dwyer is one of the foremost experts in structuring and delivering CRR opinions. Her technical mastery of the EU and UK CRR and related regulations, combined with a pragmatic understanding of CCP clearing structures, is second to none. Emma’s work in this niche area is not only meticulous and authoritative, but also highly attuned to regulatory expectations. Beyond their subject-matter expertise, Emma and Steve’s client service qualities are exemplary. They excel at breaking down complex regulatory requirements into clear, comprehensible advice. Even on highly technical points of capital regulation, their guidance is straightforward and actionable.'
'Clarity of Advice: They distil complex regulatory concepts into plain language and clear guidance, enabling swift and informed decision-making. Written opinions and advice are concise precise, eliminating ambiguity. Exceptionally responsive. They understand the time-sensitive nature of regulatory queries and has often delivered urgent opinions on short notice without sacrificing thoroughness. Clients can rely on them to meet tight deadlines while maintaining high quality. Advice reflects a deep familiarity with market practice and the realities of the financial services industry.'
'They stay current with evolving market trends and Emma Dwyer is a regular panel speaker at industry forums, solutions are not just legally sound but also commercially sensible and in line with industry standards. Emma and Steve Burrows possess a keen insight into regulatory developments. They are often ahead of the curve on new rules and regulatory changes, which allows them to proactively advise clients. This foresight has helped us stay compliant and adjust strategies well in advance. Together, these qualities make Emma and Steve’s advice both highly practical and reliable and typically delivered with exceptional clarity and speed and informed by a real understanding of the market context and regulator’s intent.'
Key clients
- Bank of America
- Citigroup
- FIA (major derivatives and clearing trade association)
- Goldman Sachs
- ICBC Standard Bank
- Jefferies
- LCH (a member of the London Stock Exchange Group)
- Munich Re
- Nomura
- UniCredit
Work highlights
Acted as lead counsel to the Trustees of a major UK pension scheme on the restructuring of a complex legacy transaction with a deal value of approximately over GBP £1 billion.
Worked with the FIA on its response to the ESMA consultation paper to help shape the scope of the active account requirements under EMIR 3.0.
Performed due diligence on Credit Suisse's sale of a bespoke portfolio of equity derivative transactions to assist our client in pricing this portfolio and the various bespoke features thereunder.
Lawyers
Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Practice head
Emma Spiers
Other key lawyers
Guy Usher; Emma Dwyer; Shanthi Vignasen; Sebastian Reger; Edward Miller; Jenny Warren; Steven Burrows