A&O Shearman
UK ‘magic circle’ law firm Allen & Overy is one of London’s leading law firms and ranks highly across almost all of our ranking tables. The firm is known for its specialism in bank lending, debt capital markets, derivatives and large-scale financial restructuring.
Focusses / specialisms
The firm is well versed and a clear market leader in bank lending, structured finance and securitisation and derivatives and restructuring and insolvency.
Key clients
The firm’s key clients includeYorkshire Building Society, Together Financial Services, Arion Bank, Goldman Sachs, NatWest, Santander, Standard Chartered, BofA Securities, Vauxhall Finance, PSA, Moonpig, Eurowag, Softline, TUI and Network International.
Client Feedback: 32nd edition (2022/2023)
Bank lending
“They provide insightful suggestions on timely basis to ensure a successful execution. They are always available and helpful.”
Capital markets : Structured finance and securitization
“Very knowledgeable on developments in the market, deep knowledge of our programmes, responsive, excellent on ad-hoc requests, efficient through issuance and update processes, good strength in depth across team.”
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton established its London office in 1971. The firm has over 100 lawyers across the globe.
Focusses / specialisms
The firm is strong across banking, capital markets and corporate and M&A. The London team is best known for its banking, debt and equity capital markets and private equity funds practices. In the banking space the firm has a strong borrowing side practice and acts on a range of significant bank-bond or capital markets linked deals.
Key clients
The firm’s key clients include Euronext, Cascade Investment, Cerberus Capital Management, Tempur Sealy International Sixth Street, Monograph Capital, Conduit Capital, Coller Capital, Credit Suisse, LBO France, ArcelorMittal, LivaNova, MDC Partners, The Hellenic Republic (Greece), Government of Barbados, The Republic of Argentina, and Nectar Capital.
Clifford Chance
“Magic Circle” law firm Clifford Chance is headquartered in London and has more than 32 offices globally.
Focusses / specialisms
Areas of focus for the firm include bank lending on the borrower, lender and sponsor side. The firm has experience in key industries including banks, technology, energy and resources, healthcare and real estate.
Key clients
Some of the firm’s key clients are Unilever, easyJet, Barclays, HSBC, ITV, Halfords, Virgin Money, London Stock Exchange Group, Citigroup, Coca-Cola, Mondelēz, Pfizer, MasterCard and Philip Morris.
Client Feedback: 32nd edition (2022/2023)
Capital markets : Debt
“Getting results - by taking time to understand the issues and challenges faced, and suggesting how these can be overcome.”
M&A
“Experienced, creative and solution focused.”
Cravath Swaine & Moore
Cravath Swine & Moore is one of the premier New York firms operating in London and in-line with that its strengths lie primarily in New York governed capital markets issues, both debt and equity.
Focusses / specialisms
The firm’s strength undoubtedly lies in capital markets and high yield, unsurprising given the firm’s NY law bench strength. The firm represents corporate issuers, investment banks and financial sponsors across a range of offerings, including offerings of investment grade and high-yield corporate bonds, sovereign and supranational debt offerings and securitisations.
Key clients
Some of the key clients of the firm include AngloGold Ashanti, Casino Group, Cineworld, The European Investment Bank, Prosus, Barclays, BNP Paribas, Burford Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Goldstory, JP Morgan, Lion Capital, Morgan Stanley, NH Hotel Group, Picard Groupe, Premier Foods and Sappi.
Client Feedback: 32nd edition (2022/2023)
Capital markets : Debt
“Deliver top quality work on time every time.”
Leveraged finance
“They represent the utmost of professionalism. Despite having to execute the transaction twice, they showed continued dedication and commitment to a successful transaction for nearly 6 months.”
Herbert Smith Freehills
Herbert Smith Freehills is headquartered in London and combines UK based law firm Herbert Smith and Australian law firm Freehills.
Focusses / specialisms
In banking, the firm acts for borrowers, lenders and sponsors. Area of work for the firm include restructuring and insolvency. The firm is also recognised for its activity in the energy and oil and gas sectors.
Key clients
Key clients for the firm include Acacia Research, Airtel Africa, Anglo American, Anglo Pacific, Ardonagh Group, ArcelorMittal, Associated British Foods, Atlassian Corporation, BAE Systems, Barclays, BlackRock, Virgin Atlantic, General Mills UK, Bharti Global and TXU Europe Group.
Client Feedback: 32nd
edition (2021/2022)
M&A
“Agility, common sense, client and outcome focused. Particularly good at stakeholder management during multi-party negotiations.”
Project finance
“Strong sector knowledge combined with a willingness to think outside the box to deliver innovative structures that meet both sponsor and lender demands; very focused on client drivers even when unusual.”
Latham & Watkins
Latham & Watkins
is one of the largest US firms in London and is considered one of the market leaders in areas such as leveraged finance and in particular high yield debt.
Key areas of work for the firm include banking, project finance, M&A, private equity, debt capital markets, high-yield capital markets, structured finance and securitisation and restructuring and insolvency.
Industry sector strengths are in distressed investments, insurance-related assets, music and publishing royalties, student loans, pharmacy and health care receivables, solar assets, and marketplace receivables.
Key clients for the firm include
Ardian, CVC,
Permina, Platinum Equity, Blackstone,
Stenn Assets UK,
Credit Suissa, Bank of America,
J.P. Morgan, Goldman Sachs and Public Power Corporation.
Deal highlights: 32nd edition (2022/2023)
Beauparc €700 million
financing
CD&R’s
£7
billion
acquisition of Wm Morrison
supermarkets
CVC Partners' €1.5
billion
acquisition
McLaren Group $1.36
billion
financing
Rolls Royce $1.9 billion financing
Softbank Vision
fund $4
billion
fund
financing
Client Feedback: 32nd edition (2021/2022)
Bank lending: Sponsor side
"Sam Hamilton at Latham & Watkins has been our go to person for our financings for many years. Fergus O'Domhnaill is also a key person in our team at Latham. We are incredibly happy with Latham’s services in general and Sam’s and Fergus' services in particular. In my opinion, Latham is by far the best firm in London on sponsor side financings and Sam and Fergus play a central role in that. Extremely knowledgeable and experienced, always up to date on the latest developments in the market and makes sure to build in the latest technology in the debt documents. Sam is able to combine his impressive technical skills with an excellent commercial mindset to deliver state of the art products that are tailored for our business needs. He is also a very strong negotiator and able to ensure that we get the best possible terms in every deal. He truly is a leveraged finance star and the best sponsor-side financing lawyer I have worked with. Fergus
O'Domhnaill is up and coming and is very diligent, dedicated and always walks the extra mile, combined with excellent technical skills and the ability to focus on what's commercially important."
"Exceptional knowledge of their subject matter, leading on negotiations to get the optimum deal structure and customer service that is best in class."
Capital markets: High yield
"Absolute experts; responsive; practical; gets to understand the business well."
"Client service, subject matter expertise, commercialism and pragmatism are all gold standard."
"Fantastic service, second to none legal and market expertise and balanced commercial advice."
"Second to none expertise. Commercial. Responsive. Up to date market knowledge. Balanced practice (sponsor and bank). Good client focus and assistance."
"Very experienced, consistently good and very balanced commercial and legal judgments and advice, good insights, consistently high quality team."
"Very experienced; consistently good and very balanced commercial and legal judgments and advice; good insights; consistently high-quality team."
"The most professional law firm in the street, very knowledgeable and always very helpful. "
"Very professional, dedicated, knowledgeable, producing top-quality work. I am fully confident in their ability to deliver a package with not a single issue/typo and this is worth a lot."
"Excellent lawyer, very reactive, excellent advice."
"Smart; responsive; practical."
"Stephen's experience, calm
demeanour and client focus engender great trust. Excellent."
"Extremely knowledgeable, client focused and pragmatic. He cannot be beaten for experience and solid advice."
"Strong client coverage, very strong and balanced legal and commercial judgements, a very good adviser, enormous experience. "
"Strong client coverage, very strong and balanced legal and commercial judgements, a very good adviser, enormous experience. "
"Always helpful, finding solutions and delivering. Great partner to have with you. "
"Have worked with Jocelyn for around five years. Her client service, subject matter expertise, commercialism and pragmatism are to be admired. I have nothing but positive feedback from my substantial experience of working with her."
"Exceptional knowledge of subject matter, excellent customer service - a can-do attitude with innovate solutions to resolve issues."
Mayer Brown
International firm Mayer Brown has a presence in the US, Europe and Asia.
Focusses / specialisms
Banking is a key area of work for the firm, specifically on the lender, borrower and sponsor side. The firm advises US and European banks, and key work includes lending work in the private equity sector and in asset-based lending. The banking team also handles cross-border financing transactions.
In capital markets, the firm is focused on high yield work where the firm highlights its capabilities advising on US, English and German law.
Key clients
In capital markets, the firm has working relationships with Canada Pension Plan Investment Board, Barclays Bank, Fédération des caisses Desjardins du Québec, Klesch Group, Raffinerie Heide, Progroup, Wepa Hygieneprodukte, Deutsche Bank and Westbourne Credit Management.
Research period review:
33rd edition (2023/2024)
During the research cycle the firm was active in debt capital markets.
In debt capital markets the firm’s work focused on issuer side work in note issuances. The firm’s clients came from the banking and financial services sectors.
During the research period Peter Pears joined the firm from Clifford Chance.
Deal highlights: 33rd edition
(2023/2024)
Canada Pension Plan Investment Board $50 billion note issue
Fédération des caisses Desjardins du Québec note issue
McDermott Will & Emery
McDermott Will & Emery is an international firm founded and headquartered in Chicago. It has offices in 14 locations in North America, eight offices across European countries and one office in Asia.
Focusses / specialisms
Private equity is a focus for the firm. The firm also has great experience in advising clients on debt and high yield capital markets.
Key clients
Key clients for the firm include BNP Paribas, The Bank of New York Mellon, Citibank, H.I.G. Capital, Great Point Partners, Covis Pharma, Eight Roads, Ampersand Capital Partners, Group Winncare, Tana Africa Capital, Five Arrows, Investment Partners, Searchlight Capital Partners and SilverTree Equity.
Skadden Arps Slate Meagher & Flom
Skadden has 21 offices across the globe and has an office in London.
Focusses / specialisms
Skadden has strengths in banking, capital markets and M&A. In the banking space the firm acts primarily for borrowers on acquisition and leveraged finance.
Key clients
Key clients for the firm include Arrow Global, Blackrock Financial Management, Crosstree Real Estate Partners, CTH Invest, Silver Lake, Castik Capital, Montagu, Colony Capital, JAB Holdings, I Squared Capital, LetterOne and Blackstone.
A&O Shearman United Kingdom
Shearman & Sterling is one of the more established US firms in London and has an impressive bench strength in both English and US law qualified lawyers.
Focusses / specialisms
Shearman & Sterling has a broad practice with strengths in banking and finance, debt capital markets, regulatory and M&A work. The firm has strengths across most areas of financial and corporate work and in several practice areas a well-developed bench of talent.
Key clients
Key clients of the firm include Frostkrone Food Group, Ardagh Metal Packaging Finance, VIA Outlets, Aztiq, GLOBALFOUNDRIES US, ADNOC Global Trading CVC Capital Partners, EQT Partners, Cinven, BC Partners, DBAG, CapVest, Actic, Trill, Coller Capital, Oakley Capital, EMH Partners, Mid Europa Partners and Bridgepoint.
Alston & Bird
Global firm Alston & Bird has over 800 lawyers in 13 countries, with a presence in London, Brussels and Europe.
Focusses / specialisms
The firm is involved in financial services work, banking and derivates capital markets. The firm advises on M&A matters involving joint ventures, divestitures and bank investments. Debt and high yield capital markets work are areas of specialism for the firm.
Key clients
Key clients for the firm include The Bank of New York Mellon, US Bank. Intertrust Group, Apex Group, the Federal Reserve and the Consumer Financial Protection Bureau.
Client Feedback: 32nd edition (2022/2023)
Banking and finance
“The A&B team are hand's on, reliable and incredibly hardworking. They are adept at finding solutions and are great problem solvers.”
“Commercial, well organised, efficient and focused on getting the deal done.”
Arnold & Porter
Arnold & Porter established its London office in 1997.
Focusses / specialisms
The firm is best known for its investment funds practice in the UK with a strong focus on hedge fund matters. The firm is active in financial services matters and regularly serves clients in the renewable energy sector.
Key clients
Key clients of the firm includeRepublic of Nigeria, Republic of Turkey, Republic of Kenya, Republic of Azerbaijan Curzon Funds, IPM Informed Portfolio Management, K2Q Capital, Cardean Bell, Credicorp Capital, Haven Cove SICAV, MFW - Multi Family Wealth, PrimeXtend, ShadowFall Capital & Research, Temporis Capital, York Capital Management and MacKay Shields/MacKay Shields UK.
Client Feedback: 32nd edition (2022/2023)
Investment funds
“Very quick to understand the scope of the project, working closely with us in conversations with the consulting firm advising on the restructuring. Always available to assist when needed and flexible in allocating time to us.”
M&A
“Extremely responsive, knowledgeable about the sector and the services required and very proactive.”
Ashurst
Headquartered in London, Ashurst employs over 1,600 lawyers across the globe. The firm has 30 offices across 20 countries and is present in the UK, Europe, Asia, Australia, the Middle East and North America.
Focusses / specialisms
Ashurst has a large financial and corporate team and covers work in all the key practice areas. The firm is particularly strong in banking and projects work, with specialities in energy and infrastructure.
Key clients
Key clients of the firm include Petra Diamonds, McLaren Group, Salerno Pompei, Abu Dhabi National Oil Company, Studio City Finance, Dexia Credit Local, NagaCorp, Deutsche Bank, Barclays, BNP Paribas, Citibank, Credit Suisse, Goldman Sachs, JPMorgan, Santander and Morgan Stanley.
Client Feedback: 32nd edition (2022/2023)
Financial services regulatory
“Ashurst show great commercial understanding - they understand our aims and are able to apply a complicated web of financial regulation to our fintech style proposals in a timely manner. They also show impressive understanding of the digital assets applications in the financial services industry.”
Project development : Energy
“Market leading practice, containing real experts. Proven track record, well positioned to advise on cross border projects. Strong presence in a number of countries. Provides very timely and excellent advice and are willing to go the extra mile.”
Bracewell
Bracewell has offices in London, Dubai and the United States.
Focusses / specialisms
The firm has a focus on work in the energy sector and actively serves clients on project development matters in energy, infrastructure and power. The firm is also active in bank lending on the sponsor side.
Key clients
The firm’s key clients include AES, Aramco Trading, Azura Power, BP International, Africa Oil Corporation, Amandi Energy, Beacon Offshore Energy, Black Gold Consulting, Fieldwood Energy, Independent Oil and Gas, International Petroleum, Sequa Petroleum, SierraCol Energy, Storegga Geotechnologies, Tailwind Energy and Yemen LNG Company.
Client Feedback: 32nd edition (2022/2023)
M&A
“Very commercially minded and able to grasp both the legal and commercial issues to deliver pragmatic advice.”
Project development : Energy
“They have always been attentive and responsive and have always shown knowledge of intricate details of the contractual arrangements.”
Brown Rudnick
Founded in 1948,
Brown Rudnick is an international law firm headquartered in Boston with offices across the United States and Europe. Its London office was opened in 1997.
Focusses / specialisms
The firm is known for its global restructuring and insolvency practice where it assists clients in distress across a plethora of industry sectors including oil and gas, hospitality and manufacturing.
Key clients
Some of the firm’s key clients are C&J Clark International, Amicus Finance, Mt Gox, Creditforce and Queensgate Investments.
Client Feedback: 32nd edition (2022/2023)
Insolvency
“Knowledgeable, extremely commercial and lateral thinking, responsive. Always makes me feel like their top priority. Team is my go-to with regard to any insolvency / restructuring work.”
Restructuring
“Excellent knowledge and experience. Precision analysis and solid, common-sense advice.”
Burges Salmon
Bristol based firm Burges Salmon is an independent law firm in the West of England.
Focusses / specialisms
The firm is active in private equity work, capital markets, investment funds and M&A. The firm’s sector strengths include transport, energy, hotels and food and beverage.
Key clients
Key clients of the firm include Premier Miton Group, Virgin Group, Zetland Capital, Bluefield Solar, Hermes GPE, Syntegra Capital Investors (ex Soc Gen team), Ipex Capital, Braavos Capital GP, DeaconCapital, Pygmalion Capital Advisers, QSix, Praesidium SGR, SQ Invest and Hamilton Hotel Investors.
Client Feedback: 32nd edition (2022/2023)
Financial restructuring
“Extremely proactive with emphasis on the sector knowledge. Client engagement is excellent.”
Financial services regulatory
“First rate knowledge of the FS market with efficient, practical and pragmatic advice to ensure a satisfactory outcome.”
Cadwalader Wickersham & Taft
Cadwalader Wickersham & Taft is one of New York’s oldest law firms and has a presence in London.
Focusses / specialisms
Cadwalader has a focus on financial restructuring work and is also active in the structured finance and securitisation space.
Key clients
The firm’s key clients are Hudson Executive Capital, Bow Street, Mantle Ridge, Senator Investment Group, M&G Investment Management, Elliott Management Corporation, Sachem Head Capital Management, D E Shaw & Co, Corvex Management, Pershing Square Capital Management, Soroban Capital, Mason Capital, Avis Budget Group, Avianca Airlines, Aramark and USA Technologies.
Client Feedback: 32nd edition (2022/2023)
Capital markets : Structured finance and securitisation
“Very good service and access to partners. The team is also very professional and up to speed.”
Investment funds
“Very knowledgeable and consistently steady and trustworthy application.”
Cahill Gordon & Reindel
Founded in 1919, New York based law firm Cahill Gordon & Reindel has an office in London and Washington D.C.
Focusses / specialisms
The firm has a focus on restructuring and insolvency work, and capital markets. The firm assists clients on high yield market work and represents clients in leveraged finance matters.
Key clients
The firm has working relationships with Citigroup Global Markets, Deutsche, Bank of America, iHeart Media, Credit Suisse, Morgan Stanley, Orleans Homebuilders and Falcon Investment Advisors.
Client Feedback: 32nd edition (2022/2023)
Capital markets : High yield
“Cahill represented the banks and they were very collaborative. They looked as the engagement as a team approach and worked as a partner to get the transaction done in an efficient and smooth process.”
Cooley
American international law firm Cooley set up a London office in 2015.
Focusses / specialisms
Key areas of work for the firm include equity capital markets where the firm advises on IPOs, follow-on offerings, private placements and rights issues mainly for technology and life sciences, venture capital companies and aviation.
Key clients
Key clients for the firm include
Exscientia,
WeRock, Valneva Autolus, Therapeutics, Bavarian Nordic, Bicycle Therapeutics, Immunocore, Endava, Pharming, RenalytixAI, Scancell, Silence Therapeutics, Wizz Air Holdings, Zealand Pharma, Berenberg, Cowen & Company, Jefferies Group and JP Morgan.
Crefovi
Founded in 2012 Boutique law firm Crefovi operates in London and Paris.
Focusses / specialisms
The firm is active on a mix of corporate, private equity and restructuring work having cross-border element spanning between the United Kingdom and France. The firm is focused on advising the creative industries as well as the fashion sectors.
Key clients
Some of the key clients of the firm are Luxe Dressing, furry toys, Rakuten TV Europe, Kaleidoscope, Scentsplit and Blue Sky Hospitality.
Davis Polk & Wardwell
New York firm, Davis Polk & Wardwell has a presence in London. The firm also has offices in Washington D.C., Paris, Madrid, Beijing and Tokyo.
Focusses / specialisms
Davis Polk has a strong debt practice and is also active in capital markets and the corporate space. The firm receives work from the UK and European markets but also benefits from work coming from its home base in the US.
Work various across practice areas, particularly within capital markets where the team moves between debt and equity mandates.
Key clients
Some of the firm’s key clients are NatWest Markets, Reliance Industries, Signature Aviation, CM.com, Delek Group, Ocado, eDreams ODIGEO, Credit Agricole, JP Morgan, Roche Holdings and Royalty Pharma.
Debevoise & Plimpton
Global firm Debevoise & Plimpton has offices across three continents and is present in London.
Focusses / specialisms
The firm has a focus on financial and corporate work and the firm has a strong investment management practice that includes investment work and private equity acquisitions and financings. Other areas of work include banking, investment funds and private equity work.
Key clients
Key clients for the firm include Albacore Capital, Allianz, All Seas Capital, Blue Water Energy, Boyu Capital, Development Partners International, ICG, Oaktree, Novum Capital, Pantheon, 17Capital, Deutsche Bank, Goldman Sachs, ING, Investec and SMBC.
Dechert
International firm Dechert, has more than 900 lawyers across the globe. The firm opened its London office in 1972 and now has over 160 lawyers in the London office.
Focusses / specialisms
The firm advise clients on a broad spectrum of structured finance, derivatives and securitisation transactions. It is perhaps best known in the UK for its debt capital markets and funds work, particularly work relating to sovereign debt issues. The London team is best known for its work on debt capital markets, private equity and investment funds work.
Key clients
Key clients for the firm include Fondazione Enasarco, Athene and Cheyne Capital Management (UK).
Fieldfisher
Fieldfisher has 24 offices across 11 countries. The firm has a network of offices in France, Germany, Ireland, Italy, Luxembourg, Netherlands, Spain and the UK.
Focusses / specialisms
The firm focuses on banking lending, derivatives and securitisation capital markets and retail funds work and has industry knowledge on securities lending, asset management and structured derivates work.
Key clients
Key clients for the firm include Aros Kapital, Business Lending Residential Funding 4, Fiduciam Nominees Baillie Gifford, Bank of America, Cantor Fitzgerald Europe, Citigroup, Commerzbank, Danske Bank, Deutsche Bank, Goldman Sachs, ICBC Standard Bank, Intesa Sanpaolo, Jefferies, JP Morgan, Landesbank Baden-Württemberg, Nomura International, Rokos Capital Management and Société Générale.
Client Feedback: 32nd edition (2022/2023)
Bank lending : Lender side
“They have a great team of professionals, who are really dedicated to their clients and their best interests. Always there to negotiate best terms and ensure risks are minimised.”
Capital markets : Structured finance and securitisation
“High expertise/experience in bilateral/bespoke secured debt transactions.”
Fried Frank Harris Shriver & Jacobson
Headquartered in New York City, Fried Frank established its London office in 1970. The firm now has over 500 lawyers globally.
Focusses / specialisms
In the London market, the firm is best known for its work in banking, investment funds and private equity with evident strengths in finance work along with private equity and investment funds work.
Key clients
The firm has built client working relationships with Wafra, Bank of America, Goldman Sachs, Citi, AEA Investors, American Securities, Blackstone, Citadel Investments, Goldman Sachs, Accel Partners, Balderton Capital, Cambridge Innovation Capital, Copenhagen Infrastructure Partners, Crescent Capital Partners, Greencoat Capital, Kennet Partners, Mid Europa Partners and OpCapita.
Gibson Dunn & Crutcher
Founded in Los Angeles in 1890,
Gibson Dunn & Crutcher has over 1,300 lawyers in 20 offices across the United States, the Middle East, Asia and South America. The firm’s London office has been in the market for over 30 years.
Focusses / specialisms
The firm has a focus on private equity, M&A and capital markets. The firm has US and UK capabilities in these areas, focusing on mid-market work. The firm also work on the buy and sell side of leading private equity funds for financial sponsors.
In the banking space, the firm’s focus is on advising borrowers and sponsors on acquisition financings.
Key clients
The firm regularly work with Apollo Global Management, Blackstone, Brookfield, Centerbridge, Investcorp, CITIC Capital, Lone Star and Platinum Equity.
Goodwin Procter
Founded in 1912 Goodwin Procter is multinational law firm with over 1,800 lawyers across 13 locations in the United States, Europe and Asia.
Focusses / specialisms
The firm has experience in working on corporate restructurings through court proceedings including scheme of arrangement, restructuring plans, CVAs and insolvency proceedings, out-of-court enforcements and consensual processes. The team’s advice spans across a plethora of sectors including technology, healthcare, financial services, investment fund and real estate.
Key clients
The firm’s key clients include LionRock Capital Partners, HIG, Sound United, Stellex Capital Partners, Angelo Gordon, ICG, Madison Pacific Trust, Kroll, InterPath, Global Ports Holding, EY, Hudson Advisors/LoneStar, Alvarez & Marsal, FRP, Goldman Sachs and Bridgepoint Credit.
Client Feedback: 32nd edition (2022/2023)
Financial restructuring
“Subject matter experts whilst retaining a commercial overview at all times coupled with excellent client service.”
Gowling WLG
Gowling WLG operates in the UK, the Middle East and Africa.
The firm has a key focus on project development and project finance work, and is busy across the energy, natural resources and digital infrastructure sectors.
The firm’s clients include Bacanora, Bushveld Minerals, Brockwell Energy, AMEA Power, Gas and Electricity Markets Authority, Statkraft Markets, GuarantCo, Kansai Electric Power Corporation, Co-operative Energy, Highview Power, Sumitomo Corporation, Department for Business, Energy and Industrial Strategy, Energy Storage Africa, Almar Water, Octopus Renewables Infrastructure Trust, Allied Irish Bank, Triple Point Energy Infrastructure Company, Gravis Capital, Bioenergy Infrastructure Group and Investec Bank.
Client Feedback: 31st edition (2020/2021)
"Concise and clear communication. User-friendly to access. Background knowledge of partner."
"Clear advice, commercial, cost-effective, supportive and patient."
"Excellent quality, punching above its weight and good value."
"Sector-specific knowledge. Responsive. "
"Commercial grasp of the key issues and problem-solving."
Greenberg Traurig
Greenberg Traurig was founded in 1967 and established its London office in 2009. The firm has over 80 lawyers working in the UK and globally.
Focusses / specialisms
The firm has a focus on banking, capital markets, M&A and restructuring work. Some of the firm’s industry strengths are automotive, aviation, media, real estate, entertainment and technology.
Key clients
The firm’s clients include AstraZeneca, Rentokil Initial, Smiths Group, Intercontinental Hotels Group, Cromwell European Real Estate Fund, Bracco Imaging, Vista Equity PartnersThe Bank of New York Mellon, Deutsche Bank, Global Loan Asset Services, US Bank, Invesco, TMF and Fabrix Capital.
Client Feedback: 32nd
edition (2021/2022)
Capital markets : Equity
“GT provide a pragmatic brand of advice which is both technically strong but also takes into account commercial objectives and regulatory pressures.”
King & Spalding
King & Spalding has over 1,100 lawyers across 23 offices globally. The firm is headquartered in Atlanta, but has a presence in Europe, the UK and Asia.
Focusses / specialisms
The firm has a focus on financial service regulatory work and is well known for its work in the energy and oil and gas sectors. Banking and finance, projects and M&A are also areas of activity in the London office.
Key clients
The firm’s key clients include European Investment Bank, EDF, Japan Bank for International Cooperation (JBIC), Total, Bandwidth Cloud Services, Borealis, Future Earth, Hidroelectrica de Cahora Bassa, JERA, Korea East West Corporation, Korea Electric Power Company, MODEC, Mitsui OSK Lines and Nigerian National Petroleum Corporation (NNPC).
Kirkland & Ellis
Kirkland & Ellis is an American law firm, founded in Chicago. The firm has offices across North America, Europe, the UK and Asia.
Focusses / specialisms
The firm is active in private equity, high yield capital markets, bank lending on the sponsor side, real estate funds and restructuring and insolvency. The firm specialises in advising private equity and financial sponsor clients.
Key clients
Key clients for the firm include Antin Infrastructure Partners, Blackstone, Advent International, Alteri, Altor Private Equity, Apollo, Ardian, Bain Capital, BC Partners, Carlyle, Centerbridge Cinven, EQT, GoldenTree, Hg, KKR, Lion Capital, Lone Star, Madison Dearborn Reuters, PAI Partners, Partners Group, PSP, Sun Capital, SK Capital, Strategic Value Partners, TDR Capital and Triton.
Macfarlanes
Macfarlanes is a London based law firm with lawyers working solely across the UK.
Focusses / specialisms
The firm is active in financial and corporate work, where M&A and private equity are key areas of work for the firm.
Key clients
Key clients for the firm include Aberdeen Standard Investments, Alchemy Private Equity, August Equity, Caledonia, Charme Capital, Epiris, Exponent, GHO Capital, Graphite Capital, Hayfin, JC Flowers, Keyhaven Group, OpCapita, Origin Equity Group, Silverfleet Group and Waterland Private Equity.
Client Feedback: 32nd
edition (2021/2022)
Investment funds : Private equity funds
“Their investment management group is excellent. Responsive quality advice delivered succinctly and pragmatically. They are innovative, developing expertise in ELTIFs and LTAFs and work well as a team.”
Private equity
“Experienced and stable team with strong technical capability and in-depth market knowledge.”
Milbank
Milbank has been active serving clients in London for over 40 years. The firm has over 140 lawyers across Europe, Asia and Europe.
Focusses / specialisms
The firm is very active on bank lending, capital markets, project developments and finance, private equity and M&A work. The firm’s bank lending work focuses mainly on lender and borrower sides while the capital markets team works mainly on high yield and structured finance and securitisation deals.
Key clients
Key clients for the firm include National Bank of Greece, United Group, Otto Group, OneWeb, Park Square Partners, Badin Hill and Piraeus Bank.
Client Feedback: 32nd
edition (2021/2022)
Leveraged finance
“Milbank has the best team on the street. Smart, intellectually honest, knowledgeable, deep bench, commercially savvy. A-Team for leveraged finance.”
“They are excellent and first class. Commercial advice, helpful, always available to answer questions.”
Morgan Lewis & Bockius
Morgan Lewis & Bockius operates in London and has offices across North America, Europe and Asia.
Focusses / specialisms
The firm has a focus on debt and equity capital markets, banking, financial services, M&A and project finance work.
In banking, the firm advises lenders, borrowers and debt investors on financing and restructuring matters, including syndicated lending, leveraged and investment-grade financings.
Key clients
Key clients for the firm include Avenue Capital, Bank of America, Cerberus/CHL, Citigroup, Pantheon, GSR Go Scale Capital, Abrams Capital, Ameriprise, Ares Capital, Argyle Street, Auramet, KKR, Colony, EH Global, Fidelity, Freeman Sprogli, GAM, Gores, Greenlight, GSO, Harbert, La Salle, Topaz, Metlife, OM Asset Management, PCP Far Point, Silver Pepper, SK Partners, Sound Point, TIAA-CREF, Triarii Capital and Weiss.
Client Feedback: 32nd
edition (2021/2022)
Banking and finance
“Excellent practical legal advice. Clear and concise guidance and solutions.”
M&A
“Excellent practical legal advice. Clear and concise guidance and solutions.”
Morrison & Foerster
Morrison & Foerster is an international law firm with offices across the globe, including London.
Focusses / specialisms
Strengths for the firm primarily lie in finance and capital markets and the firm has a particular specialism in advising on derivatives. The firm also advises creditors, debtors and other finance parties including banks and non-banks trustees. Other areas of work include advising distressed investors on hedge funds and private equity funds.
Key clients
Key clients of the firm include Breedon Group, TT Electronics, Corbion, Medios, Scottish Mortgage Investment Trust, Beach Point Capital Management,Bardin Hill Investment Partners, SoftBank Vision Fund, Eastlight Community Homes, City of London Investment Trust, Bellway Homes, ING Bank and PwC.
Peace Crowell
Peace Crowell is a boutique law firm with offices in London and San Diego. The firm works with clients in the Middle East, Hong Kong and the US.
Focusses / specialisms
The firm is experienced in project development and project finance. A strength of the firm’s work lies in the nuclear power sector.
Key clients
The firm primarily serves clients in the energy and nuclear power industries.
Research period review: 31st edition (2020/2021)
During the research period, the firm was busy with project development and project finance work.
In project development, the firm advised a client in the nuclear power industry in connection with upsizing a loan facility. Other work included advising on joint venture arrangements.
Deal highlights: 31st edition (2020/2021)
Barakah nuclear energy plant
Client feedback: 31st edition (2020/2021)
M&A
"Stunning resilience."
Project development
"Flawless work and perfect knowledge of the regulation."
"High-quality firm which fields excellent practitioners, focused on efficient deal execution."
"Excellent service-oriented firm which proactively manages the deal and advocates well for its clients."
Project finance
"Peace Crowell have excellent project finance capabilities and are able to address financing issues that arise in a pragmatic and sensible manner."
"They are excellent at what they do. I have unwavering trust in their work and ethics. Their prompt response to a client's needs is second to none. "
"Flawless work and amazing knowledge of the applicable regulations."
Proskauer Rose
Founded in 1875, Proskauer Rose is an international law firm headquartered in New York with over 800 lawyers serving clients from offices located in the Americas, Europe and Asia. It has an office in London out of which it advises clients in the United Kingdom.
Focusses / specialisms
The firm is very active in M&A transactions where it advises mainly on acquisitions and sales of private and public companies across financial services, technology, business services, industrials and consumer industries.
Key clients
Key clients of the firm include 7RIDGE, Accor, AnaCap Financial Partners, Auctane, Charterhouse Capital Partners, Deliveroo, Exponent Private Equity, ICG, Investcorp, Lion Capital, One Peak Partners, Pollen Street Capital, Rubicon Partners, Synova, Toscafund and Varde Partners.
Reed Smith
Reed Smith has offices across the US, Europe, Middle East and Asia.
Focusses / specialisms
Reed Smith has a focus on banking work and capital markets. The practice also has steady workstreams across a variety of other areas including M&A, funds and restructuring. Energy, mining, media and transport are particular industry strengths.
Key clients
Key clients for the firm include Santander, ANZ, Bank of America, Bank of Ireland, Barclays, BNP Paribas,Crestline Direct Finance, European Bank for Reconstruction and Development, Alpha Associates, Partners Group, Astorg, Helios Investment Partners, Chenavari, Cardinal Group, Crescent Credit, Kasada and Nova Capital.
Ropes & Gray
Ropes & Gray is a US-based law firm and set up the London in 2010 which has now become one of the largest offices in the firm’s EMEA network.
Focusses / specialisms
The firm’s strengths lie in debt capital markets, private equity and funds. The firm’s private funds team provides clients with advice on fund formation and fund transactions, including fund raising, joint ventures, co-investments, restructurings and structured secondaries.
Key clients
The firm’s key clients include 3i, Avista Capital Partners, Arsenal Capital Partners, Baring Private Equity Asia, Bridgepoint, GHO Capital, TPG Capital, Altice Europe, Altice USA, Liberty Global, Liberty Latin America and Sotheby.
Client Feedback: 32nd
edition (2021/2022)
Banking and finance
“Efficient, technically competent, willing to go the extra mile and always makes you feel like their most important client. Make sure nothing is missed.”
Leveraged finance
“Provided best market practices including competitive terms, strategic thinking and real time advice.”
Simpson Thacher & Bartlett
New York based Simpson Thacher & Bartlett has over 10 offices globally and has a presence in London.
Focusses / specialisms
The firm is active in banking where key work includes representing lenders and borrowers, the team advice under both English and U.S. law. The team also advice on transactions and products, including senior secured loans, second lien, mezzanine and other junior debt, bridge loans and high yield bonds.
Key clients
The firm’s key clients include Apax Partners, Aston Martin, BlackRock, Bank of America Merrill Lynch, The Blackstone Group, Blackstone Real Estate Partners, Bruin Sports Capital, Cinven, Cirsa Gaming, Credit Suisse, EQT, Goldman Sachs Merchant Banking Division, Intertrust and JP Morgan.
Client Feedback: 32nd
edition (2021/2022)
Financial restructuring
“They are a new team with a solid partner team with significant magic circle and US law experience - they are passionate about client service and have a reputation for excellence.”
Slaughter and May
“Magic Circle” law firm Slaughter and May was founded in 1889 and is headquartered in London. The firm has offices in Beijing, Brussels and Hong Kong.
Focusses / specialisms
The firm is active in corporate and M&A, banking and finance, debt and equity capital markets and restructuring work.
In banking and finance, the firm advises sponsors on the financing of private equity transactions.
The firm has strengths in various areas but is perhaps best known for its corporate work. In cross border deals the firm has a unique network of ‘best friend’ firms including the likes of Hengeler Mueller in Germany and Bredin Prat in France. The firm has also cultivated relationships with a handful of US firms including Cravath Swaine & Moore, Paul Weiss and Wachtell Lipton.
Key clients
In banking and finance, key clients include Athora, British Airways (IAG), Cineworld, Deutsche Bank, Varde, Palamon, Coca Cola European Partners, ASOS, Diageo, Vodafone, Rolls-Royce, States of Jersey and MarkerStudy.
In corporate and M&A, the firm works with Burberry, Diageo, DS Smith, GlaxoSmithKline, General Electric, Rolls-Royce, Royal Dutch Shell, RSA, Standard Life Aberdeen and Vodafone.
Client Feedback: 32nd
edition (2021/2022)
Capital markets : Debt
“Strong market knowledge. excellent technical expertise. Responsiveness and commerciality.”
Restructuring
“Slaughter & May are technically excellent with a very strong understanding of the law. The firm is very well resourced with good talent at all levels. They also apply the law is a very commercial and practical way.”
Sullivan & Worcester
Sullivan & Worcester opened its London office in 2013 and has been operating for over 25 years.
Focusses / specialisms
Banking is a key area of specialism for the firm, specifically on the lender side. The firm is active in trade and export finance. Primary areas of work include legal advice on trade, export and commodity finance transactions. Other areas of work include M&A work, pre-export financings and work in the energy sector.
The London office’s primary focus is its market-leading trade and export finance practice and is the premium provider of legal advice in relation to trade, export and commodity finance transactions to major trade finance banks and other financial institutions, funds, corporate borrowers, agents and trustees, and national and international organisations.
Key clients
The firm’s key clients include Citibank, Deutsche Bank, Crown Agents Bank, International Trade and Forfaiting Association (“ITFA”), JP Morgan, Santander, Rabobank, Wyelands Bank, AMC Trade Finance, Satoshi Systems UK, Scipion Capital, Standard Chartered Bank, Standard Bank, Bankers Association for Finance and Trade (“BAFT”), UK Export Finance (UKEF), Nedbank CIB, Contracta UK, Iroko Securities and
Muse Finance.
Travers Smith
Corporate law firm Travers Smith is based in London.
Focusses / specialisms
The firm focuses on work in the financial and corporate space. The firm advises on M&A, equity capital private equity funds and financial services regulatory work.
In capital markets, the firm advises financial institutions on IPOs and on block trades and tender offers. Work comes from the technology, fintech and retail sectors.
Key clients
The firm has client relationships with Goldman Sachs, JP Morgan, Barclays Bank, Deutsche Bank, HSBC Bank, the British Steel Pension Fund, Nomura, Investec Bank, Varde Partners, The National Employment Savings Trusts (NEST), Rothesay Life, Shawbrook Bank, Pay.UK, Numis Securities Limited, Investec, Canaccord and Peel Hunt.
Client Feedback: 32nd
edition (2021/2022)
Capital markets : Derivatives
“Extremely responsive, thoughtful and engaging.”
Financial services regulatory
“They are responsive and cost effective. Team has detailed knowledge of relevant regulations.”
Trinity International
Boutique law firm Trinity International was founded in 2006 and is based in London.
Focusses / specialisms
The firm focuses on project finance, project development and banking work. The firm has a niche area of practice and advises clients on infrastructure transactions in emerging markets.
Industry sectors the firm receives work from include oil and gas, transport and infrastructure, mining, telecoms, thermal power and renewable energy.
Key clients
The firm has working relationships with Standard Bank of South Africa, Meridiam, Rand Merchant Bank, African Development Bank, DEG, Proparco, FMO, Africa Finance Corporation, Globeleq, Copperbelt Energy Corporation, Azura Power, Endeavor Energy, ENGIE, Voltalia, Scatec Solar Africa REN, Qair International, Renewable Energy Performance Platform, Facility for Energy Inclusion and AP Moller Capital.
Watson Farley & Williams
Watson Farley & Williams was founded in London in 1982 and over 500 lawyers in 15 offices.
Focusses / specialisms
Watson Farley & Williams is well known for its work in the aviation, energy and shipping sectors acting on capital markets work.
Key clients
Key clients of the firm include 88 Energy, Tower Resources, Coro Energy, Advance Energy, TORM, Aminex and Chesterfield Resources.
Weil Gotshal & Manges
American law firm Weil Gotshal & Manges is headquartered in New York and has one office in London.
Focusses / specialisms
Strengths for the London office include M&A, private equity, investment funds, banking and capital markets. The London office works mainly on all sides of banking including borrower, lender and sponsor.
The firm’s capital markets team is active in equity, derivatives, structured finance and securitisation and high yield work.
In investment funds, the firm is visible in private equity and real estate funds. The firm is also seen active in restructuring and insolvency work.
Key clients
Key clients for the firm include Advent International, Bain Capital, Stirling Square Capital, TowerBrook Capital Partners, Paprec, The Very Group, Morgan Stanley, Goldman Sachs, Highland Gold Mining, Sanofi, Eli Lilly, Kantar, Cobham, HM Government, Nissin and InPost.
Client Feedback: 32nd
edition (2021/2022)
Investment funds : Private equity funds
“They are very responsive with always excellent quality of work. They understand the business issues and are very good at providing commercial solutions.”
Private equity
“Weil are incredibly commercial and responsive. The team is very good to work with, always meets its deadlines and takes a pragmatic and sensible approach to resolving issues. They provide invaluable guidance and support through the fund-raising process.”
Willkie Farr & Gallagher
Founded in 1888,
Willkie Farr & Gallagher is an international law firm with 13 offices located in key business centres across six countries in the world. The firm has an office in London.
Focusses / specialisms
The firm is active in advising on banking, capital markets, private equity and investment funds work. The firm is seen advising on the sponsor side of banking deals while debt and derivatives are its major strengths for capital markets work. In investment funds, the firm advises mainly on private equity funds.
Client Feedback: 32nd
edition (2021/2022)
Investment funds : Private equity funds
“Excellent service; Very responsive and timely on deliverables; Good industry knowledge and experience.”
Winston & Strawn
Winston & Strawn has a London office and operates across Europe, Asia and North America.
Focusses / specialisms
Key areas of work for the London practice includes private equity, finance, and M&A. The firm represent financial sponsors and advise on finance transactions, restructurings and public to private transactions.
Key clients
The firm’s key clients include Alpha Private Equity Funds Management, Argand Partners, Atlas Holdings, Capdesia Group, Graphite Capital, Industrial Opportunity Partners, Kartesia Management and Upper90 Capital.
Client Feedback: 32nd
edition (2021/2022)
Private equity
“High degree of technical ability, creative problem solving and structuring, depth of experience, prompt delivery, competitive fees.”
“Collegiate and responsive, able to identify key issues and deliver advice in a timely and user-friendly manner.”
