United States

The most current iteration of Clifford Chance came about in 1987 after the merger of Coward Chance and Clifford Turner. Today, the full service firm has 32 offices spread throughout Africa, the Americas, Asia-Pacific, Europe and the Middle East. In the United States, the firm has offices in New York and Washington DC. 

Focusses/specialisms 

 Clifford Chance has a dedicated team to aviation financing and so is quite prevalent in the aviation industry. It is also prevalent in the real estate industry, especially in the New York office, given the firm’s dedicated real estate practice. The practice represents REITs, real estate developers and real estate investors in acquisition and financing related matters for commercial, industrial and residential properties.  

In the banking practice, the firm represents borrowers and lenders in export trade facility, credit facility and term loan agreements. The financing was used for acquisition financing, real estate financing, refinancing, project financing and general corporate financing.  

The debt capital markets team represents underwriters and issuers in sovereign bond, investment grade bond, hybrid bond, green bond and high yield bond offerings. On the equity capital markets side, the team also represents underwriters and issuers in secondary issuances, share offerings, at-the-market programs and tender offers. In the derivatives practice, the firm represents issuers in forwards, swaps and other derivatives. The structured finance and securitization team represents borrowers and lenders in CLOs, mortgage backed securitizations and receivables backed securitizations. 

The M&A team represents strategic and private equity acquirers and sellers in acquisitions, joint ventures and mergers across many industries.  

The project development practice advises developers and financial sponsors in the oil and gas, infrastructure, energy and port industries. Many of these projects are cross border and based in outside jurisdictions. 

In restructuring and insolvency, the team represents administrative agents, trustees and debtors in international financial restructurings and US based Chapter 11 and 15 proceedings. 

Key clients 

Some of the firm’s key clients include JP Morgan, Wilmington Savings Fund Society, Goldman Sachs, US International Development Corporation, Citibank, Cortland Capital Markets Services, Credit Agricole, Mizuho Bank and Siemens. 

Client feedback: 32nd edition (2022/2023)  

Capital markets: Debt 

“Clifford Chance is very experienced in the bond underwritings that we do. They are knowledgeable, well-organized and responsive. I feel secure working on transactions with them as my counsel.” 

“Incredibly responsive, smart, experienced.” 

The history of Davis Polk dates back to 1849 with its founding in New York. Over 170 years later, the firm has grown to 10 total offices spanning four continents. In the United States, Davis Polk has offices in New York, Washington DC and the Silicon Valley. It has standout practices in banking, capital markets, regulatory financial services, M&A and restructuring and insolvency.  

Focusses/specialisms  

In addition to its standout work nationwide in banking, capital markets, M&A and restructuring and insolvency, the firm does notable work in project finance, hedge funds, registered funds and private equity. Notably, the New York office is one of the best in the region for financial and corporate practice areas. 

The banking team works on commercial and leveraged matters, representing borrowers and lenders in acquisition, DIP and corporate financings, in addition to refinancings. In regulatory financial services, the firm provides advice to banks, trade associations and financial institutions regarding M&A acquisitions, capital markets trading and US monetary legislation such as Dodd-Frank, the Volcker Rule and Basel III. It also advises clients on fintech, blockchain and cryptocurrency matters.  

The firm represents issuers and underwriters in all areas of capital markets. On the debt capital markets side, the team advises clients in high value convertible, investment grade and high yield bond offerings. On the equity capital markets side, the firm advises on IPOs, private placements, follow on offerings, secondary offerings, direct listings and common share offerings. In derivatives and structured products, the team represents clients in the banking and financial institution industry on structured products issuance programs, forwards, options, swaps and margin loan facilities. The registered funds practice advises banks and financial institutions regarding compliance, structuring and implementation of ETFs, hedge funds, mutual funds, private equity funds and other types of funds. 

The M&A team represents strategic acquirers and sellers in high value acquisitions, mergers, privatizations and joint ventures across a wide array of industries. The firm also has a separate private equity practice dedicated to advising private equity firms in acquisitions, sales, investments and portfolio restructurings. The private equity practice also works on funds matters, representing private equity funds in formations and fundraising. 

In restructuring and insolvency, the team represents debtors, creditors and trustees in out of court financial restructurings and Chapter 11 bankruptcy and restructuring cases.  

Key clients  

Key clients for the firm include HSBC, BNP Paribas, BBVA, Comcast, Texas Instruments, Tyson Foods, Credit Suisse, Natixis, Goldman Sachs, PIMCO, General Electric, Heineken, Purdue Pharma and Citibank. 

The history of Freshfields dates back to the 1700’s in the UK. Since then, the firm’s reach has expanded to offices in Europe, Asia, Australia, South America, North America and Africa. Its presence in the United States began in 1977 with its opening of its New York offices. In the 40 years since, the firm has expanded to offices in Washington D.C. and the Silicon Valley.    

Focusses/specialisms 

 Freshfields’ US presence is growing in strength and is well known for its banking, capital markets, M&A and project finance practices. Given the international nature of the firm, many of its clients and matters are cross border in nature.  

In banking, the team represents borrowers in acquisition and corporate financing, in addition to project financing. Many of its clients are private equity firms participating in buyouts. In project financing, the team is experienced in the infrastructure and energy industries.  

The capital markets represents issuers and underwriters in debt and equity matters. Debt capital markets deals include investment grade and high yield bond offerings. Equity capital markets deals include IPOs, PIPEs and public acquisitions involving SPACs.  

In M&A, the team acts for buyers and sellers in public and private acquisitions. It also works on mergers, recapitalizations and divestitures. 

Key clients 

Some of the firm’s key clients include Bank of America, Babcock & Wilcox, Acosta, Banco Itau, Helios Health, JP Morgan and Malaysia Airlines Group. 

Client feedback: 32nd edition (2022/2023)  

M&A 

“Smart. Commercial. Efficient. Clear.” 

Mayer Brown is a large international firm that entered into its current form through three cross-border mergers in the first decade of the twenty-first century. Firstly, in 2002, US firm Mayer Brown & Platt (established in Illinois in 1881) merged with UK firm Rowe & Maw (formed in 1895 in London), then the combined entity merged with Johnson Stokes & Master (opened in 1863 in Hong Kong) in 2007. Today the firm’s network covers 277 offices spanning three continents. In the US, where the firm has several of its largest branches, it has a presence in six states and teams based in Charlotte, Chicago, Houston, Los Angeles, New York, Palo Alto, San Francisco, Salt Lake City and Washington DC. 

Focusses/specialisms 

Broadly for work across the US the firm is known for its outstanding work in derivatives, structured financing and securitization and in energy sector project development and finance, but it is active and strong in other areas of financial and corporate transactional work. 

The banking team acts for borrowers and lenders in project, sustainability, acquisition and corporate financing, in addition to refinancing matters. In project financing, the team works on projects in the infrastructure and renewable energy industry, mostly related to transportation infrastructure, solar and wind energy projects. 

In the capital markets area, in addition to the firm’s high-quality work in structured finance and securitization and derivatives areas, it also has expertise in investment grade and high yield debt and equity issues. It represents both issuers and underwriters in corporate, green and high yield bonds, CFTC advice, structured bond issuances, index launches, follow on offerings, IPOs, share offerings and ATM offerings. 

In M&A the team has experience with reverse mergers, joint ventures, asset sales, as well as public and private acquisitions. It advises private equity and strategic buyers and sellers. 

In project the projects space the firm represents developers, project sponsors, borrowers and lenders in project financing and development, and does outstanding work in the energy industry. 

The restructuring and insolvency team represents administrative agents, debtors, creditors and trustees in Chapter 11, Chapter 7 bankruptcy cases, financial restructurings and insolvencies.  

Key clients 

Key clients for the firm include HSBC, Bank of Nova Scotia, International Swaps and Derivatives Association, CIBC, BMO Capital Markets, Bank of America Merrill Lynch, Nestlé, Prologis, John Hancock Life Insurance, Berkshire Hathaway, Barclays Bank and Deutsche Bank. 

Client feedback: 32nd edition (2022/2023)  

Restructuring: Restructuring and insolvency 

“Rx experts who are creative in structuring and able to move large syndicates towards a goal. Always available to speak to the Agent and other syndicate members. The transaction contained complex matters (litigation, regulatory, swaps) that Mayer Brown displayed excellent expertise.” 

“Very knowledgeable on the chapter 11 process. Ability to provide sound advice on restructuring options and strategy.” 

Since its founding in 1873, Morgan Lewis has massively expanded from one office in Philadelphia to 31 offices across three continents. In the United States, there are 17 offices across 11 states.   

Focusses/specialisms  

The firm has market leading teams in Massachusetts and Pennsylvania. Firm wide, it is particularly well known for its work in the structured finance and securitization, hedge funds, oil and gas projects and power project practices.   

The banking team acts for lenders and borrowers in refinancing, acquisition financing, DIP financing and general working capital financing.  

In capital markets, the firm works on the debt, equity and derivatives sides, representing issuers. In debt capital markets, the firm advises clients on investment grade, convertible and high yield bond issuances. On the equity side, Morgan Lewis acts on common share offerings, at-the-market offerings, private placements, IPOs and secondary offerings. Forward transactions are regularly seen in the derivatives market. In structured finance and securitization, the team works on RMBS, ABS and ABL matters. 

In investment funds, the firm advises investment firms, pension groups, governments and private equity firms in the formation of real estate funds, sovereign wealth funds, hedge funds, ETFs, mutual funds and other types of closed and open-ended funds.  

The M&A practice acts on the buy and sell side for strategic acquisitions and joint ventures. The firm also has a private equity practice that handles acquisitions and sale related to private equity clients.  

In the projects finance and infrastructure practice, the firm advises project developers and financial sponsors in projects in the energy, power and oil and gas industries. Many of these projects have associated acquisition components.  

The restructuring and insolvency practice advises creditors and debtors in out of court financial restructurings and Chapter 11 and 15 proceedings.   

Key clients  

Key clients for the firm include Wells Fargo, JP Morgan Chase Bank, Bank of America, Descartes Systems Group, Frontage Laboratories, American Water Works, Pioneer Investment Management, California Public Employees’ Retirement Systems, Nuveen, Park Lawn Corp, Broadway Technology, Sabre, National Grid, Prudential Capital Group, Korea Electric Power, QTCB Noteholder Group, Argentine sovereign bondholders and BNY Mellon.  

Client feedback: 32nd edition (2022/2023)  

M&A  

“Alec Dawson and team did a great job of leading this work. True Business partner on keeping everything moving positively forward. Focused of our goals with working cooperatively with the buyers to keep process from bogging down.” 

Private equity 

“Excellent market knowledge; name-brand in the sector; knowledgeable and commercial attorneys.” 

Full service corporate firm Sills Cummis & Gross is a market leader in New Jersey in M&A and restructuring and insolvency. The firm has offices in Newark and New York. 

Focusses / specialisms 

The firm’s Newark, New Jersey office is strong in M&A and restructuring and insolvency. 

In M&A, the firm works on the buy and sell side in strategic acquisitions. 

It also has experience in financing matters such as bond issuances and loan agreements and in the real estate industry. 

In restructuring and insolvency, the firm represents creditors, debtors and trustees in Chapter 11 proceedings and out of court restructurings. 

Client feedback: 32nd edition (2022/2023)  

M&A 

“Highly client-centric, practical, strategic, highly skillful, very high-quality work product, very timely, highly responsive to client needs, timelines and efficient.” 

“Sills Cummis & Gross were an integral part of our team during the sale process. They were available to our team 24/7. The project would not have been successful had we not had them with us & protecting us every step of the way.” 

 Full service firm Skadden is a top tier firm, especially in M&A, debt capital markets, structured finance and securitization, regulatory financial services, restructuring and insolvency and oil and gas projects. It was founded in New York in 1948 and the New York office remains the firm’s headquarters and largest office. It has since, however, expanded to 22 offices across three continents. In the United States, the firm has offices in Boston, Chicago, Houston, Los Angeles, Palo Alto, Washington D.C. and Wilmington.   

Focusses/specialisms 

 The firm’s New York, Washington D.C., California, Illinois and Massachusetts offices are market leaders in their regions across financial and corporate practices. It also has standout offices in Texas and Delaware. Though the firm is active across all industries, it is particularly active in technology, real estate, banking and financial services and pharmaceuticals.  

In regulatory financial services, the team advises banking and financial institutions in compliance matters related to investments, derivatives and acquisitions. The banking team acts on the lender and borrower side in acquisition finance, multicurrency finance, DIP finance, project finance and refinancing. Project finance matters are largely done in the power and energy industry, but the team also has experience in the infrastructure industry. 

The capital markets practice works on debt, equity, derivatives and securitization matters on both the issuer and underwriter side. In debt capital markets, the firm acts on investment grade and high yield bond offerings. The equity capital markets side works on IPOs, tender offers, common and preferred share offerings, follow on offerings and recapitalizations. Derivatives related matters include convertibles, options and swaps. In securitizations, the team works on commercial paper programs, receivables backed securitizations, ABS’, CLOs and mortgage backed securitizations.  

The investment funds practice works with asset management and private equity firms in fund formations, fund IPOs, and fund investments. The team works on private equity funds, REITs, registered closed end funds and hedge funds. 

The M&A team acts on the buy and sell side in high value private equity and strategic acquisitions, mergers and joint ventures. The firm also has a private equity practice that assists with private equity buyout related acquisitions.  

The project development team represents developers and financiers in projects in the oil and gas, infrastructure and energy industries.  

The restructuring and insolvency team acts on behalf of debtors and creditors in out of court restructurings and Chapter 11 and 15 proceedings. 

Key clients  

Key clients for the firm include First BanCorp, Crédit Agricole, Banco Azteca, Centene, Zillow, Bank of America, Scotia Capital, Citigroup, CEMEX, Pfizer, Morgan Stanley, PayPal, Barclays, Eaton Vance, Fair Oaks Capital, AES, BlackRock, Tennenbaum Capital Partners, Caesars Entertainment Corporation, NextEra Energy Partners, Exact Sciences, Array BioPharma, DowDuPont, The Blackstone Group, Aflac, Irish Bank Resolution Corporation, UBS, Synergy Pharmaceuticals and Stearns Holdings. 

The national firm Akerman was founded in Orlando in 1920. It now has 25 offices across 15 states, but Florida remains core to the firm and is the state where it has the largest number of offices. 

Focusses/specialisms  

The firm is best known for mid-market M&A and real estate work in Florida and is active in capital markets and restructuring. 

The firm has a national capital markets practice note that represents issuers in bond issuances, IPOs and share offerings. 

Its M&A team, bolstered by the Florida offices, represents strategic and private equity buyers and sellers in acquisition-related matters, including acquisition financing. 

It also has a notable restructuring and insolvency practice in Texas. 

Key clients 

Key clients for the firm include HIG Capital, AE Industrial Partners, AutoNation, Carrols Holdco, RumbleOn and Green Growth Brands. 

The earliest iteration of Alston & Bird was formed in 1893 in Atlanta. Since then, it has expanded to 13 offices, 10 of which are in the United States, in Atlanta, Charlotte, Dallas, Fort Worth, Los Angeles, New York, Raleigh, San Francisco, the Silicon Valley and Washington D.C. The firm has an international presence with offices in Beijing, Brussels and London. 

Focusses/specialisms  

The firm has notable banking and finance practice, based in its Atlanta, Dallas, Los Angeles and New York offices. The team represents borrowers and lenders in refinancings, acquisition, DIP and corporate financing matters. 

Key clients  

Key clients for the firm include AB Private Credit Investors, Fortress Investment Group, Home Depot, Mohawk Industries, Platinum Equity, Qatar Airways, Wells Fargo and Truist Bank. 

Client feedback: 32nd edition (2022/2023)  

Capital markets: Structured finance and securitization 

“They are experts in the capital markets space and some of the smartest and most enjoyable attorneys that I ever have the pleasure of working with.” 

Arnall Golden Gregory was founded in 1949 and has since grown to two offices in Atlanta, Georgia and Washington DC. 

Focusses / specialisms 

The Georgia team is well known for their work in the M&A practice area. 

The firm also does notable work in banking and finance and restructuring and insolvency. 

The banking and finance team represents borrowers and lenders in loan facilities, working capital credit lines, bond financing, public financing, project financing, securitizations, refinancings and acquisition financings. 

Key clients 

Key clients for the firm include Horizon Telecom, Imperial Capital, Development Authority of Fulton County, Ares Commercial Finance, American Express and Sysco. 

The most current iteration of Arnold & Porter Kaye Scholer was formed in 2017 as a result of the merger between Arnold & Porter and Kaye Scholer. The firm now boasts 14 offices in six countries. In the United States, the firm has its largest offices in Washington D.C. and New York, but also has growing offices in San Francisco, Denver, Chicago, Newark, Houston, Palo Alto and Los Angeles. The firm is often praised for its diversity initiatives and pro bono work. 

Focusses/specialisms  

While the firm does great work across its offices in banking, capital markets, regulatory financial services, M&A, private equity, project finance and restructuring and insolvency, it is its DC office that stands out for its restructuring and insolvency practice. The firm is particularly experienced in the technology, banking and financial services and life sciences industries. 

The capital markets team represents issuers and underwriters in corporate bonds, sustainability bonds, share offerings, IPOs and bond refinancings. It also has a separate sovereign finance practice, which advises issuers on sovereign bond issuances. 

In addition to transactional financial and corporate transactions, the firm regularly advises clients in regulatory financial services matters. The regulatory financial services team advises clients in the banking and financial services industry on regulatory matters related to financing, acquisitions, incorporations, fund formation and securities regulations.  

Its M&A practice is largely based out of the New York, DC and San Francisco offices, in addition to its ever-growing Denver office. The team advised strategic buyers and sellers in acquisitions, mergers and joint ventures. The corporate practice also has a private equity practice that advises private equity firms on buy and sell side acquisitions and investments. 

In restructuring and insolvency, the team acts for creditors, debtors and public institutions in Chapter 11 and out of court restructuring matters. 

The structured finance and securitization practice is based in the New York, Chicago, Los Angeles, San Francisco and DC offices. It represents clients in the banking and financial services industry as both issuers and underwriters in structured notes, covered bonds, mortgage backed securitizations, receivables backed credit facilities, ABS issuances, CMBS and RMBS fund formations. 

Key clients  

Key clients for the firm include Pfizer, Cognizant, Harbour Point Capital, DC Capital Partners, Credit Suisse, Morgan Stanley, Republic of Panama, Goldman Sachs, Borden Dairy Holdings, First Republic Bank and Piermont Bank. 

Since its founding in 1919, Ballard Spahr has grown to 15 offices nationwide. Its largest office is in Philadelphia, which is also the firm’s founding city. In addition to Philadelphia, Baltimore and Washington D.C. have some of the firm’s largest offices. The Phoenix, Arizona office is highly regarded for its top tier work in the state.  

Focusses/specialisms  

Ballard Spahr is experienced in many practice areas across its offices, including M&A, banking, capital markets, project development and real estate. The banking team represents borrowers in credit facilities, loan agreements, project financing and acquisition financing. 

In capital markets, the firm represents issuers in bond offerings, share offerings and IPOs. 

The Las Vegas, Philadelphia, Minneapolis and Phoenix offices are well known for its work in M&A. In M&A, the firm represents strategic buyers and sellers in acquisition related matters. 

The project development team represents developers in P3 and private projects in the transportation, infrastructure, energy and oil and gas industries. 

Real estate is a large focus firm wide, where the team represents commercial, residential and industrial developers, investors and REITs in real estate matters such as acquisitions, financing and development. 

Key clients  

Key clients for the firm include Slang Worldwide, SVCP Management, Concrete Pumping Holdings, Healthpeak Properties, City Office REIT, Kilroy Realty, Upsher-Smith Laboratories, State Bankshares, Greystone & Co, 8minute Solar Energy, Pacific Southwest Development, VICI Properties, PNC Bank, Brixmor Propery Group, Citizens Bank Park, Cascata Packaging, SilencerCo and Kodiak Cakes. 

The most current iteration of full-service firm Barnes & Thornburg was born from a merger in 1982. Robert Grand serves as the managing partner of the firm, which has grown to 19 offices, plus a satellite office in 14 states. Barnes & Thornburg’s presence is felt most in Indiana and Michigan, where it does notable work in banking and finance.  

Focusses/specialisms  

The firm does good work in the banking and finance practice area. The team represents lenders in loan and credit facility agreements, as well as refinancing transactions. They represent many clients in the banking and financial services industry. 

Founded in 1929, Bodman is one of the leading firms in Michigan for financial and corporate law. The firm has five offices throughout Michigan: Ann Arbor, Grand Rapids, Cheboygan, Troy and Detroit. 

Focusses / specialisms 

Bodman does outstanding work in M&A and banking and finance. In M&A, the firm advises strategic buyers and sellers in acquisition related matters. It also advises clients in follow on investments. 

Though the firm has experience in a plethora of industries, it has special expertise in the automotive, technology, manufacturing and industrial industries. The banking and finance team represents lenders in credit facility agreements, loan agreements, acquisition financing and mortgage loans. 

Key clients 

Key clients for the firm include Novares, PridesCrossing Capital, Olcott Plastics, Bank of Ann Arbor, Comerica Bank, CIBC Bank, the Huntington National Bank and LevelOne Bank. 

Client feedback: 32nd edition (2022/2023)  

M&A 

“They have been our Counsel for nearly 30 years and their historical knowledge was a huge benefit.” 

Bracewell got its start in Houston, Texas in 1945. Since then, it has become a market leader in Texas in financial and corporate law. The firm has also opened an additional nine offices in three countries. In the United States, the firm has locations in Austin, Hartford, Dallas, Houston, New York, San Antonio, Seattle and Washington D.C. Bracewell has expanded its reach internationally with offices in Dubai and London. 

Focusses/specialisms  

The firm is best known in Texas, where it has the most offices and a reputation as a top tier financial and corporate practice, in addition to a notable projects practice. However, it also has a notable New York practice. Oil and gas is a big industry for the firm across all practice areas. 

The banking practice firm wide represents borrowers and lenders in DIP loans, credit facility agreements, term loan agreements, rescue financing, refinancing, trade receivable securitization facilities and project finance. In project finance, the team represents borrowers in financings within the renewable energy, infrastructure and oil and gas industries. 

The capital markets team represents issuers and underwriters in corporate bond issuances, mortgage bond issuances, green bond issuances, private share placements and public share offerings. 

In M&A, the firm advised strategic acquirers and sellers in joint ventures, mergers and acquisitions. It also represents private equity firms in acquisition and investment matters. 

The project development team works on private, public procurement and P3 projects, representing developers and concessionaries. It is very active in the energy and infrastructure industries. 

The restructuring and insolvency team advises administrative agents and debtors in Chapter 11 bankruptcy and restructuring cases. It also advises clients in out of court restructuring settlements.  

Key clients  

Key clients for the firm include Kinder Morgan, Wells Fargo, MUFG Union Bank, Apache, Altus Midstream, Evercore, Prosperity Bancshares, Western Gas Partners, Global Infrastructure Partners, Crédit Agricole, Energy & Exploration Partners and ENI Petroleum. 

Brooks Pierce McLendon Humphrey & Leonard is a notable business law firm in North Carolina. Founded in 1897, the firm has expanded to three North Carolina offices: Greensboro, Raleigh and Wilmington. 

Focusses / specialisms 

The firm is particularly active in M&A and real estate. In M&A, the firm represents strategic buyers and sellers in acquisitions and joint ventures. It also represents private equity firms in capital raises and fund formations. 

The firm has a lot of experience in the real estate industry, where it represents developers, property owners and financial sponsors. Many of its real estate transactions are related to either acquisitions or project development. The firm also combines its real estate and private equity experience through its work with REITs. 

Key clients 

Key clients for the firm include Blue Ridge Bancshares, Quincy Media, Citadel Communications, Concord Hospitality Enterprises, Atlas Stark Holdings, Weaver Investment, Pharos Hospitality and Lockwood Broadcasting. 

Client feedback: 32nd edition (2022/2023)  

PPP/PFI 

“Excellent work on all matters.” 

Brown Rudnick is an international firm best known for its work in restructuring and insolvency. It is part of The Law Firm Network and has eight offices across three countries. In the United States, the firm has six offices, each in different states. 

Focusses / specialisms 

The Boston, Massachusetts office has one of the best restructuring and insolvency practices in the region. The firm also has a notable restructuring and insolvency team in New York. The restructuring and insolvency team represents creditors, debtors and trustees in Chapter 11 cases mostly. The team does also work on other insolvency cases and financial restructurings. 

Key clients 

Key clients for the firm include the Financial Oversight and Management Board for Puerto Rico, Official Committee of Unsecured Creditors of Legacy Reserves, Boston Herald, DW Partners and term loan lenders to Pier 1 Imports. 

Founded in 1792, Cadwalader is one of the oldest law firms in America and the oldest continuing Wall Street practice in the nation. Following its first office in New York, the firm has expanded to two national offices in Washington DC and Charlotte and international offices in London and Dublin. 

Focusses/specialisms  

Though it has experience in a wide variety of financial and corporate practice areas, Cadwalader is nationally recognized for its outstanding work in structured finance and securitization, largely led by the New York team. It also has standout teams in regulatory financial services and derivatives. 

In banking, the firm represents both borrowers and lenders in credit facilities, subscription facilities, term loan agreements and acquisition financing. In regulatory financial services, the team represents banks, financial institutions and regulatory bodies in regulatory matters ranging from securities and M&A regulatory advice to assisting with major legislative changes. 

In capital markets, the firm represents banking and financial institutions on derivatives, ABS, CLO, swaps, repo facilities, exchangeable extendible money market certificates and other types of structured financing products. Clients act as both issuers and underwriters. 

The investment funds practice represents national and global financial institutions in fund formations and investments. 

In M&A, the firm represents private equity and strategic buyers and sellers in acquisitions, mergers and financial investments across a multitude of industries. 

In restructuring and insolvency, the firm advises creditors in Chapter 11 restructuring cases.  

Key clients  

Key clients for the firm include the Federal Reserve’s Alternative Reference Rates Committee, the Security Industry and Financial Markets Association (SIFMA), Coöperatieve Rabobank, BNP Paribas, HealthCare Royalty Partners, Assured Guaranty, MBIA, Nearwater Capital, Bank of America Merrill Lynch, Mantle Ridge, Hudson Executive Capital, Argonaut Insurance, Morgan Stanley Capital Group, National Founders and Structured Finance Association.  

Client feedback: 32nd edition (2022/2023)  

Investment funds: Hedge funds 

“Smart, reliable, accessible, personable.” 

Since its founding in New York in 1919, corporate and litigation firm Cahill Gordon & Reindel has become a market leader in high yield debt and banking. It also added offices in Washington DC and London. The firm is consistently recognized for its pro bono and diversity and inclusion efforts, especially with women and people of color.   

Focusses/specialisms  

In addition to Cahill’s top tier banking and high yield debt practice, it has outstanding debt and equity capital markets teams. The firm’s New York office has one of the best capital markets teams in the region.  

In the banking practice, the team represents lenders in various types of credit facility and loan agreements to support acquisition financing, refinancing and other general corporate financing. 

In debt capital markets, the team represents initial purchasers and underwriters in investment grade and high yield bond issuances. The equity capital markets team represents administrative agents and underwriters in common, preferred and secondary share offerings. 

The M&A team represents strategic buyers and sellers in acquisitions, joint ventures, spin offs and company formations. 

The restructuring and insolvency team represents creditors, administrative agents and debtors in out of court financial restructurings and Chapter 11 bankruptcy and restructuring cases.  

Key clients  

Key clients for the firm include Citibank, BNP Paribas, JP Morgan Securities, Morgan Stanley, Wells Fargo Securities, Gaming & Leisure Properties, BMO Capital Markets, Deutsche Bank, Credit Suisse, Jefferies, Envigo International Holdings, ICON, S&P Global, Falcon Investment Advisors, 1-800-Flowers and Kawa Capital Management.  

Founded in 1928, Cole Schotz is a notable law firm in restructuring and insolvency. It has expanded to seven offices nationwide in: Hackensack, New York, Wilmington, Baltimore, Boca Raton, Fort Worth and Dallas. 

Focusses / specialisms 

Some of the firm’s strongest restructuring and insolvency teams are in the Hackensack, Baltimore and Wilmington offices. The restructuring and insolvency team firm wide represents sponsors, debtors and creditors in Chapter 11 and Chapter 7 insolvency cases. It also represents debtors in out of court financial restructurings. 

Key clients 

Key clients for the firm include Maremont, the official committee of unsecured creditors of The NORDAM Group, Westwind Manor Resort Association and Crown Bank. 

Client feedback: 32nd edition (2022/2023)  

Project finance  

“Incredible team of intelligent and thoughtful attorneys who put the client first.” 

M&A 

“They are the best Attorney’s we’ve ever used.” 

Though its headquarters are in New York, Debevoise & Plimpton is a global firm with 10 offices spanning three continents. In the United States, the firm has offices in New York and Washington DC. It is a leading firm in private equity, with outstanding M&A, regulatory financial services and banking practices. 

Focusses/specialisms  

Aside from its top tier work in private equity, Debevoise & Plimpton does great work in registered funds, restructuring and insolvency, M&A, regulatory financial services and capital markets.   

In banking, the team represents borrowers and lenders in refinancing and acquisition finance transactions. In regulatory financial services, the firm advises trade associations, banks and financial institutions in compliance related to acquisitions, divestments and monetary regulations such as Basel IV and the Volcker Rule. 

The capital markets team advises clients on both the issuer and underwriter side. In debt capital markets, the team represents clients in investment grade bonds, high yield bonds and recapitalizations. The equity capital markets team sees tender offers, secondary offerings and common share offerings. In the investment funds practice, the firm represents private equity firms in fund formations.   

In the private equity practice, the firm advises private equity firms in high value buy and sell side acquisition related matters.   

Key clients  

Key clients for the firm include Financial Services Forum, American Express, The Carlyle Group, Morgan Stanley Capital Partners, Westpac Banking, Clayton Dubilier & Rice, Gogo, Warner Music Group, AXA, Brighthouse Financial, KKR, Credit Suisse, Blackston and Canada Pension Plan Investment Board. 

Client feedback: 32nd edition (2022/2023)  

M&A  

“Debevoise, and Eddie Rishty in particular, are not only highly responsive, deeply knowledgeable, and diligent, they regularly come forward with practical business-oriented questions and solutions.” 

Capital markets: Equity 

“Great execution, strong expertise and very responsive.” 

Global firm Dechert has 26 offices spread out over three continents. In the United States, the firm has offices in Austin, Boston, Charlotte, Chicago, Hartford, Los Angeles, New York, Orange County, Philadelphia, Princeton, San Francisco, Silicon Valley and Washington D.C. This growth stems from decades of expansion, with the most current version of the firm’s name dating back to 1962. Dechert got its start in Philadelphia, but the New York office is their largest in the United States. Though the firm is active across financial and corporate law, its registered funds work has generated the most recognition as a top tier practice.   

Focusses/specialisms  

In addition to its outstanding registered funds practice, Dechert also has notable restructuring and insolvency, private equity, hedge fund, M&A, capital markets, regulatory financial services and banking practices. Markedly, its M&A team in the Philadelphia office is a market leader in Pennsylvania.  

The banking practice represents borrowers and lenders in credit facilities and term loans associated with project financing, acquisition financing and general corporate financing. The team is very prevalent in the real estate and banking and finance industries. 

The capital markets team operates in the debt, equity and securitizations space, where the team represents issuers and underwriters. The debt capital markets team advises clients in convertible, investment grade and high yield bond issuances. The equity capital markets team advises on IPOs, at-the-market programs, public offerings and private share placements. In securitizations, the firm advises on mortgage backed securitizations, CLOs and CMBS matters.  

In investment funds, the team acts for issuers in private equity, hedge, feeder, mutual and ETF funds. It works on fund formations and fund raises, as well as buyout and compliance related matters. 

The M&A team represents private equity and strategic acquirers and sellers in asset acquisitions, company acquisitions, privatizations and mergers. In addition to acquisitions, the private equity team advises private equity clients in company investments. 

The restructuring and insolvency team advises creditors and debtors in out of court financial restructurings, Chapter 11 and 15 cases.  

Key clients  

Key clients for the firm include Citigroup Global Markets Realty, Freddie Mac, Crown Holdings, B&G Foods, Amkor Technology, FS KKR Capital, Bain Capital Specialty Finance, Main Street Capital, Credit Suisse, Starwood Property Trust, GIC, Covis Pharma, Morgan Stanley Capital Partners, Antares Capital Advisers, Eagle Point Credit Management, Purdue Pharma and State Farm Mutual Automobile Insurance. 

One of the world’s largest law firms, Dentons is truly a global law firm, with over 190 locations across over 75 countries. In the United States, the firm has offices and partnerships in 43 cities. 

Focusses/specialisms  

Though the firm is full service, in the United States it has a standout structured finance and securitization practice, as well as a notable restructuring and insolvency practice. 

The structured finance and securitization practice has particular expertise in the real estate industry, where it excels at RMBS transactions, as well as other mortgage and real estate backed securities. It also works on securitizations in the banking and financial services industry. The team can represent issuers and lenders equally. 

In restructuring and insolvency, the team largely works in the healthcare, energy, mining, automotive, manufacturing, banking and financial services industries. Most of the team is based in its Atlanta, Boston, Chicago, Cincinnati, Dallas, Evansville, Honolulu, Houston, Indianapolis, Kansas City, Los Angeles, Louisville, New York, Orange County, Pittsburgh, Salt Lake City, San Francisco and Washington D.C. offices. It acts for creditors and debtors in Chapter 11, 9 and 15 cases, as well as out of court restructurings and distressed acquisitions. 

Key clients  

Key clients for the firm include Credit Suisse, JP Morgan, Cantor Fitzgerald, Fortress Investment Group, Deutsche Bank, Goldman Sachs, Verity, Travelers, Astria Health, Ohana Real Estate Investors and Sturm Ruger & Company. 

Full-service firm Duane Morris got its start in Philadelphia, but has since expanded to 29 offices over three continents. In the United States, the firm has 22 offices spread through the country. Though the firm is headquartered in Philadelphia, the New York offices are among the firm’s largest.    

Focusses/specialisms   

With 22 offices spread out across the country, it is safe to say that each of Duane Morris’ locations have different expertise. Throughout the firm, there are teams in the banking, capital markets, M&A and restructuring and insolvency practices.    

The banking practice has teams of note in Florida, Illinois and Pennsylvania. It represents borrowers and lenders in credit facilities and term loan agreements for general working capital financing, acquisition financing, construction financing and real estate financing. The Florida offices specializes in real estate financing.   

The firm’s capital markets teams represents issuers in share offerings, tender offers, SPAC formations and bond issuances. The teams also represent private equity firms and companies with debt and equity investment financing. Many of these capital markets transactions support larger M&A and/or financing transactions.    

In M&A, teams represent strategic and private equity clients in acquisitions on both the buy and sell side. It also advises clients in privatizations, joint ventures and mergers. Given its geographic reach, the firm has experience in all industries. Some of these acquisitions are public M&A transaction and have an associated capital markets transaction.   

The restructuring and insolvency practice has teams in New York, Los Angeles, Chicago, Philadelphia, San Diego, San Francisco, Boston, Atlanta, Miami, Pittsburgh, Newark and Wilmington. The teams represent debtors, trustees, receivers and creditors in Chapter 11 bankruptcy and restructuring proceedings.    

Key clients   

Key clients for the firm include CIBC, Wells Fargo, Pennsylvania Turnpike Commission, Centennial Bank, Synovus Bank, JP Morgan Chase Bank, Quality Carriers, Altman Specialty Plants, New England Compounding Pharmacy, the Government Employees’ Retirement System of the Virgin Islands, Pipeline Health, Nueva Generacion Manufacturas, Clock Spring Company, Pipeline Health, Camden Partners, iAnthus Capital Holdings, Intermarket Communications, JDP Therapeutics, Catalent, National Gas & Electric and AT&T.   

Client feedback: 32nd edition (2022/2023)  

M&A  

“Knowledge of our business and practical advice.” 

Restructuring: Restructuring and insolvency 

“Expert advisor, litigator and thought leader in the area of BK.” 

Foley Hoag was founded in 1943 in Boston. That office remains the firm’s headquarters and largest office. However, since its founding, it has added offices in New York, Washington D.C. and Paris. In addition to its physical global presence, the firm is a part of LexMundi.   

Focusses/specialisms  

Foley Hoag’s Boston office is a market leader in M&A in the region, but also does great work in banking and debt capital markets. In banking, the team advises borrowers in term loans and credit facilities for general financing, project financing and acquisition financing. 

The debt capital markets team represents issuers in investment grade bond issuances. 

In M&A, the team represents private equity and strategic buyers and sellers in acquisition, merger and joint venture related matters. Though the firm has experience in a variety of industries, it is particularly prevalent in healthcare, life sciences, pharmaceuticals and technology.   

Key clients  

Key clients for the firm include Biogen, Sensata Technologies, Indigo Ag, Thermo Fish Scientific, Alexion Pharmaceuticals, Recorded Future, OnShape, New-Indy Containerboard, Entegris, JMC Capital Partners at ezCater.  

Client feedback: 32nd edition (2022/2023)  

M&A 

“Hard workers; collaborative internally and externally; responsive; creative problem solvers; critical depth of substantive skills.” 

“Very insightful, good negotiator, attention to detail.” 

The most current version of Fried Frank stems from 1971, but has roots dating back to the 1890’s. The firm has four offices, two national and two global: New York, Washington DC, London and Frankfurt. New York serves as both the oldest and largest office.   

Focusses/specialisms  

The firm has an outstanding hedge fund and private equity practice. Its DC office notably has a stellar M&A team. More broadly, the firm does also focus on banking, capital markets, M&A and restructuring and insolvency.   

In the banking practice, the firm represents borrowers and lenders in asset based lending, incremental facilities, term loans and credit facilities. These are used for refinancing, acquisition finance, inventory financing.  

The capital markets team represents issuers and underwriters alike in debt, equity and derivatives. On the debt side, the team has experience in investment grade, high yield and convertible bond issuances. These bond issuances are often tied to acquisition financing. In equity capital markets, the team directs clients on IPOs, follow on offerings and common stock offerings. In derivatives, the firm has experience in accelerated stock repurchases, open market repurchases, swaps, options and futures. Often, the firm will also advise on related regulatory issues.  

In investment funds, the firm advises financial institutions with closed and open ended fund formation. It also advises in the formation of alternative funds including real estate, high frequency trading, exchange and hedge funds as well as ETFs.  

The M&A team represents strategic acquirers and sellers in acquisitions, mergers and joint ventures. There is also a dedicated private equity team that advises private equity firms on acquisitions, both on the buy and sell side. It also advises private equity clients in investments.  

The restructuring and insolvency team advises property landlords, creditors and debtors in financial restructuring, distressed sales and Chapter 11 and 15 proceedings.   

Key clients  

Key clients for the firm include Mayo Clinic, Blackstone, Goldman Sachs, Sinclair Broadcast , Hitachi, Stella Point Capital, Onex, Citibank, Under Armour, Merck & Xo, Bank of America Securities, Clarivate Analytics, Deutsche Bank, Simply Good Foods Company, Wells Fargo, Grupo Televisa, Invesco, T-Mobile, Bain Capital, Brookfield Asset Management, Blackrock, Permira, Seritage Growth Properties, Solace Capital Partners and Lewis Frankfort. 

GableGotwals is a leading full-service firm in Oklahoma. The firm has offices in Tulsa and Oklahoma City and is one of the largest firms in the state.   

Focusses / specialisms  

GableGotwals has an outstanding financial and corporate practice. Its partners represent clients in bond issuances, Chapter 11 bankruptcy cases, acquisitions, divestments, loan agreements and joint ventures. It is particularly active in the oil and gas industry.  

The firm is also active in capital markets and M&A, representing buyers and sellers in transactions, and in capital markets typically the firm represents issuers.   

Key clients  

Key clients for the firm include ONEOK, White Star Petroleum, Mid-Con Energy Partners, Commerce Bank and Hogan Taylor. 

Gibson Dunn was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington D.C. Its greatest presence is in California, where it has five offices throughout the state.   

Focusses/specialisms  

The firm maintains a strong presence in California, where it has top tier M&A practices in Southern California. Additionally, its Denver, D.C., Dallas and Houston offices are standouts in their respective states in corporate practice areas.  

The banking team acts on the borrower side of financing transactions such as multicurrency credit agreements, term credit facilities, ABLs and construction loan facilities. These transactions are part of larger acquisition finance, project finance, construction finance or refinancing matters.   

In regulatory financial services, the team represents banks and financial institutions in regulatory advice regarding Federal Reserve policy compliance, derivatives and corporate governance matters.   

Gibson Dunn also has a depth of experience in capital markets on all sides. In debt capital markets, the firm acts for issuers and underwriters in investment grade, high yield, convertible, fixed rate and floating rate bond issuances. On the equity capital markets side, the firm also represents issuers and underwriters in IPOs, common share offerings, convertible preferred stock offerings and at-the-market equity programs. The capital markets team also frequently advises clients in the banking and financial services industry about derivatives issuances, specifically swaps and futures. These transactions also usually have a regulatory component with which the regulatory financial services team will assist.   

Most of the standout investment funds team is based in New York, where it assists private equity and asset management firms in fund formation. There is a frequent crossover between the investment funds and private equity practices due to the clientele. 

The M&A practice deals with public and private strategic acquisitions and joint ventures on the buy and sell side. It has large pockets of partners in the practice in the New York, Los Angeles, Washington D.C., Dallas, Houston, San Francisco, Palo Alto and Denver offices, who frequently involve each other in cross border matters.  

The private equity practice is based in California, New York, Washington and Dallas. It advises private equity firms on both the buy and sell side in high value acquisitions and joint ventures, ranging from $100 million to $5 billion.  

The project development team is highly skilled in the infrastructure industry, where it represents sponsors and developers in project acquisitions, financing, bidding and construction. Additionally, the team has a lot of experience working on PPP projects.   

In restructuring and insolvency, the firm advises creditors and debtors in out-of-court financial restructurings, Chapter 11 and 15 proceedings.  

Key clients  

Key clients for the firm include Marriott International, Berkshire Hathaway Energy, Fox, Wells Fargo Securities, Goldman Sachs, Bank of America, US Chamber of Commerce, Capital One, Leonard Green & Partners, JP Morgan Asset Management, WndrCo, RedBird Capital Partners, The Williams Companies, PepsiCo, NTE Mobility Partners Segments 3, Denver Great Hall, AIG and Aetna.  

Despite having been founded in Miami in 1967, Greenberg Traurig has quickly become a truly international firm. It currently has 40 offices spread over three continents. In the United States, the firm has 30 offices across 17 states.  

Focusses/specialisms  

While the firm is well known globally for its work in business law, it is a standout particularly in Arizona, Nevada and Florida, where it has the most offices.  

In the banking practice, the firm acts on the lender and borrower side for credit facilities and secured term loans as part of large refinancing, acquisition financing and general working capital financing.  

The M&A team represents strategic sellers and acquirers in acquisitions, restructurings, mergers and joint ventures across a diverse set of industries. The corporate team also has a distinct private equity practice that works in conjunction with the M&A practice to represent private equity firms in acquisitions on the buy and sell side. Specifically, the Las Vegas office has a thriving real estate practice, where it represents developers and REITs in real estate development, financing and acquisition. 

The firm also does wider project development work in the energy and oil and gas industries. It represents developers in project acquisition and development. There is a separate project finance team that advises developers in project financing transactions.   

Key clients  

Key clients for the firm include Coöperatieve Rabobank, SJL Partners, Schlumberger Holdings, International Finance Bank, City of Fort Lauderdale, City of Doral, Element Solutions, CNS Network, J2 Acquisition, Blue Wolf Capital Fund, Capital Contractors Holding Company, Arlington Capital Partners, Cleveland Clinic Foundation, BioTelemetry, Watsco, Mike Tyson, Hi-Rez Studios, Third Pole Therapeutics, Monarch Casino & Resort, Full House Resorts, Reading International, Blackstone REIT, Centre Partners Management, Resorts World Las Vegas, Alaska Gasline Development, Oil and Gas Climate Initiative Fund, Texas LNG, Apex Clean Energy, BayWa and ConEd.   

Client feedback: 32nd edition (2022/2023)  

M&A  

“Proactive problem solvers, have experts in all categories that are always focused on how to solve issues and get the deal done.” 

“Excellent at thinking through unusual situations and coming up with effective solutions.” 

Greenspoon Marder is a 40-year-old firm based in coastal southern Florida. 

Focusses/specialisms 

The firm specializes in real estate finance, representing financial institutions as lenders and corporate entities as borrowers often. The firm is also skilled in the automotive, transportation, hospitality and restaurants, sports and entertainment and technology industries. 

Key clients 

A few of the firm’s key clients include BB&T, Truist Bank and Valley National Bank. 

Client feedback: 32nd edition (2022/2023)  

Bank lending: Borrower side 

“Knowledgeable and great business sense (i.e., focusing on what was important and problem solving - deal making).” 

Founded in 1966, Hall Estill is a distinguished full-service firm with five offices across three states. The firm has more than 150 lawyers between offices in Tulsa, Oklahoma; Oklahoma City, Oklahoma; Denver, Colorado; Fayetteville, Arkansas and Bentonville, Arkansas.   

Focusses / specialisms  

Banking is an active area for the firm, typically advising banks and financial institutions in loans and credit facilities.   

The firm has expertise in real estate and M&A. In M&A, Hall Estill represents strategic buyers and sellers in acquisition related matters across numerous types of industries including industrial, manufacturing, oil and gas and financial services.  

Key clients  

Key clients for the firm include Mammoth Energy Services and ERP Industrials. 

With 13 offices spread through Alaska, Colorado, Wyoming, Nevada, Idaho, Montana, Utah, New Mexico and Washington D.C., Holland & Hart is a highly regarded business firm. The firm was founded in 1947 in Denver, which remains the firm’s largest office. It is the largest Colorado-based firm as well as the largest firm in Wyoming.   

Focusses/specialisms  

The firm does exceptional work in financial and corporate practice areas, as well as in project development. Of note is that within the corporate practice firm wide, 50% of the partners are women.   

The firm also has experience in capital markets, representing issuers in bond issuances, equity funding and recapitalizations.   

In the M&A practice, the firm represents strategic sellers and acquirers in company acquisitions, asset acquisitions and strategic partnerships.  

The firm’s project development and finance practice largely works on project financing. It represents developers in power purchase agreements, project acquisitions, acquisition financing and project funding. It is well known within the energy industry.  

Key clients  

Key clients for the firm include Roaring Fork Wind, Flying Cow Wind, MGM Resorts, Duke Energy Renewables, Summit Turquoise, Webroot, DCP Midstream, Caliber Midstream Partners, Jalex Holdings and Bow River Capital.   

Founded in 1993, Kasowitz Benson Torres has since grown to 10 offices in eight states. The firm is headquartered in New York City, where it also has the largest office. Additionally, it has lawyers in Atlanta, Denver, Houston, Los Angeles, Miami, Newark, San Francisco, the Silicon Valley and Washington D.C.  

Focusses/specialisms  

The firm is known for its work in restructuring and insolvency and real estate. In real estate, the firm represents real estate developers, investors, lenders, REITs and property owners in matters including construction financing, joint ventures, acquisitions, mortgage loans, refinancing and development. Its clients work on residential, commercial and industrial developments, especially in New York. 

In restructuring and insolvency, the team represents debtors, creditors and trustees in financial restructurings, Chapter 11 and Chapter 7 bankruptcy proceedings among numerous industries.  

Key clients  

Key clients for the firm include GFI Capital, Midtown Equities, Arbor Realty Trust, iStar, Fred’s, the Renco Group, Fairfax Financial Holdings and TPG Capital.  

Client feedback: 32nd edition (2022/2023)  

M&A  

“Aggressive, quick study/understanding of our industry, superb command of case law and litigation process. Nice, smart people.” 

Private equity 

“Kasowitz attorneys are extremely attentive and responsive. They are business minded advisors who advocated aggressively for the things we are focused, while maintaining a perfect balance of the legal issues.” 

Since its founding 135 years ago in 1885, King & Spalding has grown to 22 offices across three continents. In the United States, the firm has 11 offices, with its first office Atlanta serving as the firm’s headquarters.   

Focusses/specialisms  

King & Spalding is a market leader in corporate law in Georgia, but also has a strong presence in North Carolina. Firm wide, it has an especially strong oil and gas project development practice.  

In banking, the firm represents borrowers and lenders in credit facilities and term loans for refinancing, acquisition financing and general corporate financing. 

The capital markets team has experience on the debt side representing both issuers and underwriters in investment grade, convertible and high yield bond issuances. The team also has experience in structured finance and securitizations, where it advises underwriters and lenders mostly in esoteric securitizations. 

In M&A, the firm advises clients in strategic acquisitions, mergers and joint ventures. The team acts on both the buy and sell side. In conjunction with the M&A team, the private equity practice advises private equity firms in buy and sell side acquisitions. The private equity team is highly regarded with their work in the energy, oil and gas, infrastructure, healthcare and life sciences industries, especially regarding acquisitions. 

The investment funds team is concentrated globally but within the US, has offices in Boston, Chicago, Dallas, Houston, Los Angeles, New York, Palo Alto, San Francisco and Washington D.C. With the help of the private equity team, it advises REITs, private equity and financial services firms in fund formations. 

In the projects practice, members advise financial sponsors and developers in projects in the oil and gas, infrastructure and energy industries. This includes construction, financing and acquisition.   

The restructuring and insolvency practice maintains US teams in New York, Atlanta, Chicago and Houston. It represents government entities, debtors and creditors in distressed M&A transactions and Chapter 11 proceedings.  

Key clients  

Key clients for the firm include Crédit Agricole, Citizens Bank, GSO Capital Partners, SunTrust Banks, Total System Services, Carter’s, Barclays Capital, Credit Suisse Securities, RBC Capital Markets, TSYS, Americold Realty Trust, BlueMountain Capital Management, Greystar Real Estate Partners, Prologis, Asana Partners, Government Development Bank of Puerto Rico Debt Recovery Authority, Monitronics, Jack Cooper Investments, Anadarko Petroleum, Bayport Polymers and NextDecade.  

Founded in 1909 in Chicago, Kirkland & Ellis is a leading US and international firm with an intentional presence spanning 15 offices across three continents. The firm has its largest concentration of offices in its native jurisdiction with branches in Boston, Chicago, Dallas, Houston, Los Angeles, New York, Palo Alto, San Francisco, and Washington DC.   

Focusses/specialisms  

In the areas of transactional work the firm is renowned – both domestically and abroad – for its expertise in advising financial sponsors on leveraged finance borrowing, high yield debt issues and acquisitions and exits. Financial restructuring expertise in general is another specialism. The firm practices and client base in the US are, however, more diversified than this. Geographically, at a state level, the firm’s offices in California, Illinois, New York and Texas are comparably strong and each has teams at, or close to, the top of the markets in their areas.   

The banking team represents borrowers in acquisition financing, project financing, liability management, financial restructuring, DIP lending, working capital financing, revolver loan agreements and term loan agreements. It also represents clients in the banking and financial services industry on regulatory matters related to compliance. 

In capital markets work the firm advises both issuers and underwriters in corporate bond offerings, high yield bond offerings, IPOs, share offerings and follow on offerings. The team also has experience in structured finance and securitization, representing issuers in ABS’ including auto loan receivables and trade receivables. 

The M&A team represents strategic and private equity buyers and sellers in billion dollar transactions across all industries. In fact, the firm has one of the largest private equity practice areas in the country, where the team represents private equity clients in acquisitions and investments. Private equity is a core sector of activity and expertise for the firm, and it has notable clients in the oil and gas and banking industries.  

In project finance and project development, the team has expertise in the oil and gas and energy industries, where it often advises developers.  

The globally renowned restructuring and insolvency group advises debtors in financial restructurings and Chapter 11 cases.  

Key clients  

Key clients for the firm include AbbVie, Bain Capital Private Equity, Indigo Natural Resources, Citigroup Global Markets, Boeing, Grubhub, Goldman Sachs, Bristol-Myers Squibb Company, GlaxoSmithKline, KKR, Blackstone, Forever 21 and iHeartMedia. 

Founded in 1971, Kleinberg Kaplan has 50 years of experience in financial and corporate law. Despite only having one office in New York, it has gained national recognition and frequently works on matters throughout the United States. 

Focusses/specialisms  

The firm is best known for its highly regarded hedge funds practice, but it also has a notable M&A practice. The investment funds practice acts for fund managers in fund formations for hedge funds, private equity funds, feeder funds and offshore funds. It also works with fund managers on acquisitions, investments, restructurings and other corporate matters. 

The M&A team works on mergers, strategic investments, financing rounds and PIPEs, where it represents largely investors. Most of its clients are in the banking and financial services industry and many of its matters are private equity related. 

Key clients  

Key clients for the firm include Rockefeller & Co., Rosemawr Management, Paradigm Opportunities, Sandia Holdings, Cambiar Management and Mittleman Brothers. 

Client feedback: 32nd edition (2022/2023)  

Investment funds: Hedge funds 

“Very responsive, fairly priced and quick to work.” 

“KKWC is client first, I always feel they have my best interests at heart and that I have a key partner rooting for me in my corner. As a new fund, they are direct in assessing the risks and opportunities for my business, and also offer a comprehensive set of professionals who can address any and all pertinent issues related to hedge funds.” 

New York based Luskin Stern & Eisler was founded in 1989. It is a boutique firm specialized in restructuring and insolvency and banking.   

Focusses/specialisms  

Luskin Stern & Eisler is well recognized in banking and restructuring and insolvency, where it maintains its legal offerings. In the banking practice, the firm advises lenders in acquisition financing, refinancing and general corporate financing. 

The restructuring and insolvency practice acts for creditors in Chapter 11 and 7 proceedings.   

Key clients  

Key clients for the firm include BNP Paribas, Citibank, Morgan Stanley, Bank of America, Sony Music Entertainment, Santander, Coöperatieve Rabobank, Brown Brothers Harriman, Viacom, Puerto Rico Financial Oversight and Management Board and Société Générale.  

Founded in 1866, Milbank has grown to 12 offices worldwide. In the United States, the firm has offices in New York, Los Angeles and Washington D.C. It is a market leader in infrastructure project development, project finance and restructuring and insolvency.  

Focusses/specialisms  

While the firm has an outstanding national restructuring and insolvency practice, it is a market leader in the restructuring practice in California.   

Milbank’s banking and capital markets practices includes asset financing, specializing in the aviation industry. The banking team advises borrowers and lenders in acquisition finance, aircraft leases and warehouse financing. Its aviation team is very prominent in the market and works on a lot of aircraft financing matters. 

The debt capital markets team advises underwriters and issuers in investment grade, high yield, convertible, Eurobonds, global and green bond offerings. The equity capital markets practice also represents underwriters in follow on offerings, common share offerings, preferred share placements and IPOs. In structure finance and securitizations, the firm is proficient in CLOs and ABS’, representing firms in the banking and financial services industry.  

The M&A practice acts on the buy and sell side in private equity and strategic acquisitions. It also participates in other corporate transactions including mergers, private equity investments and joint ventures.  

The restructuring and insolvency practice represents creditors and debtors in Chapter 11 bankruptcies and out of court financial restructurings.  

In addition to the aviation industry, the firm also has a specialty real estate practice. It represents REITs, investors and developers in real estate related transactions including development, financing and acquisitions.   

Key clients  

Key clients for the firm include NCB Capital, Citibank, Crédit Agricole, Deutsche Bank Securities, Export Development Canada, JP Morgan, Goldman Sachs, BNP Paribas, Santander, RB Capital Markets, TD Securities, Park Square Capital, Marble Point Credit Management, KKR, BlackRock, QIC Global Infrastructure, Mitsui & Co, Apollo Global Management, PIMCO, HPS Investment Partners, Sumitomo Mitsui Banking Corporation, official committee of unsecured creditors for PG&E, Ambac Assurance and the Raymond Sackler family.   

Research period review: 32nd edition (2021/2022) 

Throughout the most recent research period, the firm was active in the banking , M&A, restructuring and real estate industries. In banking, the leveraged finance team acted for arrangers and lenders largely in in acquisition financings, but also in corporate financings and recapitalizations. The project finance team acted largely on the lender side, but also supported borrowers. The projects the team worked on financing were in the energy and infrastructure industries, with most of the projects related to traditional energy. 

The M&A team acted on both the buy and sell side in private equity buyouts and public acquisitions. The team worked across a number of industries, including aviation, where the firm is considered to be a to a leader. 

The New York office in particular was very active in real estate, representing borrowers and lenders in real estate financings. It also represented clients in acquisitions and joint ventures. 

In restructuring and insolvency, the team acted for debtors and creditors in Chapter 11 and out of court restructurings. 

In terms of lateral moves, banking partner Marc Hanrahan retired, while partner Kamal Nesfield moved over from Latham & Watkins. On the M&A team, partners Andrew Fadale and Richard Presutti joined the firm from Schulte Roth & Zabel. 

Deal highlights: 32nd edition (2021/2022) 

Avianca Airlines Chapter 11 

Hellman & Friedman $1.175 billion financing  

Maverick Aviation Partnership $4 billion acquisition of AMCK Aviation’s aircraft portfolio 

Morris Nichols Arsht & Tunnell, founded in 1930, is considered one of the top firms for restructuring and insolvency work in the Delaware market. The firm is also a top firm for M&A in Delaware. Based in Wilmington, the firm is a member of TerraLex, a legal network which has over 600 offices in 100 countries.   

Focusses/specialisms 

The firm has a robust M&A practice, where often advises on alternative entities matters and serves as Delaware co-counsel on giant international deals. The firm works in a range of sectors and advises both acquirers and sellers. 

The firm remains a go-to firm for clients partaking in or approaching Chapter 11 bankruptcies. The firm advises a range of parties including debtors, creditors, acquirers and committees. 

Murphy & King is a regional market-leading firm in restructuring and insolvency in Massachusetts. It was founded in 1980 and has since added an office in New York. 

Focusses/specialisms 

The firm has a top-tier restructuring and insolvency team. It represents debtors, trustees, creditors and property owners in Chapter 11 and 7 proceedings, distressed M&A and out of court restructurings. 

Key clients 

Key clients for the firm include Cashman Equipment, KCST USA, IDL Development and Bright Star Ventures. 

Founded in 1983, Pachulski Stang Ziehl & Jones is a boutique restructuring and insolvency firm with a large presence throughout the United States. It has five offices across the country, in Los Angeles, San Francisco, New York, Wilmington and Houston.  

Focusses/specialisms   

Being a firm completely dedicated to restructuring and insolvency, the firm represents clients on matters related to that practice area. The team represents clients on all sides including creditors and debtors in out of court restructurings as well as Chapter 9, 11 and 15 proceedings.  

Key clients   

Key clients for the firm include Neiman Marcus Group Creditors’ Committee, J. Crew Creditors’ Committee, Dine Brands Global and Fuse Media.   

Since its founding in 1877 in Pittsburgh, Reed Smith has grown a market leading firm in Pennsylvania and New Jersey. It has also expanded to 30 offices across three continents. In the United States, the firm has 18 offices in 10 states. Pittsburgh remains the firm’s headquarters and is one of its largest offices.   

Focusses/specialisms  

Reed Smith is best known in Pennsylvania and New Jersey for its powerhouse financial and corporate teams. The firm excels in the mid-market area. 

In banking the team advises borrowers and lenders in acquisition financing, refinancing and general working capital financing. 

In capital markets, the team has experience in equity matters, representing issuers in common stock offerings and PIPEs. The firm also has a structured financing practice, where the team has expertise in CLOs, RMBS’, commercial mortgage loans, ABS’ and securitizations.  

The M&A practice is mainly based in the New York, Chicago, Los Angeles, Princeton, Pittsburgh, Philadelphia, San Francisco and Silicon Valley offices. It acts on the buy and sell side in strategic acquisitions.  

The restructuring and insolvency team represents trustees, creditors and debtors in out of court restructurings and Chapter 11 and 15 proceedings.  

Key clients  

Key clients for the firm include Santander, Hutchinson, Wind Point Partners, Acrotech Biopharma, Vista Outdoor, Avis Budget Group, Carmeuse Lime, BNY Mellon, LDR Industries, Oakfabco, Shore Suven Pharma, Robindale Energy Services, KeyBank and South Carolina Electric & Gas Company.   

Ropes & Gray was founded in 1865 in Boston. It has since expanded globally to 11 offices in three continents. In the United States, the firm has offices in Boston, Chicago, New York, San Francisco, Silicon Valley and Washington D.C. It is best known for its work in the United States in regulatory financial services, private equity and registered funds.  

Focusses/specialisms  

The firm’s Boston office is market leader in the region in banking, capital markets and M&A. However, the entire firm is active in financial and corporate practices.  

In banking, the firm represents borrowers and lenders in acquisition financing, refinancing and general corporate financing.  

The capital markets practice has experience on both the issuer and underwriter side in debt, equity, derivatives and structured finance and securitizations matters. In the debt capital markets, the firm works on investment grade and high yield bond offerings. On the equity capital markets side, the team has experience in IPOs, share offerings, share buybacks and follow on offerings. In derivatives, the team works on hedges and regulatory CFTC compliance. Structured finance and securitizations work includes ABS’, CLOs and whole business securitizations. 

In the investment funds practice, the firm primarily works with private equity funds, hedge funds and registered funds in fund formation, investments and fund raising. 

The private equity and M&A practices advise clients on the buy and sell side in acquisitions, mergers and joint ventures.  

The restructuring and insolvency team represents creditors, debtors and trustees in out of court restructurings and Chapter 11 proceedings.  

Key clients  

Key clients for the firm include Bain Capital, Golden Gate Capital, Genstar Capital, IQVIA, Surgery Partners, Michaels Stores, Morgan Stanley, Goldman Sachs, Beam Therapeutics, Wright Medical Group, Domino’s Pizza, Planet Fitness, Dunkin’ Brands Group, BlackRock, Paine Schwartz & Partners, CCMP Capital, Ashmore Investment Advisors, Athyrium Capital Management, PIMCO, Baring Private Equity Asia, TPG Capital, Audax Group, Deutsche Bank Securities, PJT Partners, Veeam Software, the Baupost Group, Elliott Management and Marathon Asset Management.   

Simpson Thacher was founded in 1884 in New York, where it still maintains headquarters. The New York office is also the firm’s largest, but it has since expanded to 10 offices across three continents. In the United States, it has offices in New York, Houston, Los Angeles, Palo Alto and Washington D.C. It is best known for its top tier work in banking, debt and equity capital markets, M&A and private equity.  

Focusses/specialisms  

The firm’s New York office is a market leader in financial and corporate practices and the California offices are market leaders in capital markets.   

In regulatory financial services, the team advises banks and financial institutions in compliance related to acquisitions and equity investments. The banking practice represents borrowers and lenders in acquisition financing, refinancing, project financing and general corporate financing. The project financing practice is very active in the oil and gas, infrastructure and energy industries.   

The capital markets team advises both issuer and underwriters on matters in debt, equity, derivatives and securitizations practices. In debt capital markets, the team has expertise in investment grade and high yield bond offerings, as well as green bonds, Eurobonds and convertible bonds. The equity capital markets side often works on IPOs, follow on offerings, share offerings, at-the-market programs, secondary offerings, share buybacks and convertible preferred stock offerings. In derivatives, the team is experienced in margin loans, forwards, options, swaps and concurrent bond hedge and warrants. The structured finance and securitization team works on ABS’ and CLOs.  

The firm also has a robust investment funds practice that advises clients in fund acquisitions, fund formations, fund financing and investments. The team has experience with private equity funds, hedge funds and REITs. 

The firm’s M&A practice contains a private equity practice that represents private equity firms in buy and sell side acquisitions, mergers and joint ventures in addition to equity investments. The M&A practice also advises non private equity firms in high value buy and sell side acquisitions, mergers and joint ventures.  

Key clients  

Key clients for the firm include Morgan Stanley, Goldman Sachs, JPMorgan Chase, Twenty-First Century Fox, Mars, Credit Suisse, FedEx, HSBC, RBS, Citigroup, BMO Capital Markets, KKR, Alibaba, Barclays, Softbank, Ares Management, Blackstone, Toronto Dominion Bank, Platinum Equity Capital Partners, CVC Capital Partners, First Reserve, PG&E, Microsoft, Dell, AIG Global Investments, MUFG and Energy Capital Partners.  

Client feedback: 32nd edition (2022/2023)  

Investment funds: Registered funds 

“They are at the forefront of the market on asset management with respect to regulations and impacting such regulations with the SEC.” 

Smith Anderson is a business and litigation firm founded in 1912 with one office in Raleigh, North Carolina. 

Focusses / specialisms 

The firm is active in M&A and banking. 

In banking, the firm represents borrowers in financing matters such as non-dilutive financing. 

The financial and corporate team is also experienced in equity capital markets related transactions. 

The M&A team represents private equity and strategic buyers and sellers in divestitures, mergers, acquisitions and joint ventures. It has expertise in the healthcare, gaming, technology, life sciences and pharmaceutical industries. 

Key clients 

Key clients for the firm include Precision BioSciences, Cree, First Citizens Bank & Trust, Novan, Epic Games, Quotient Sciences and Descours & Cabaud. 

Spencer Fane is a national firm with 383 attorneys across 23 offices. The firm was founded in 1879 and has 21 practice areas. 

Focusses / specialisms 

The firm has a strong banking practice with experience in agriculture and agrifinance. 

Taft Stettinius & Hollister has over 100 years of experience, dating all the way back to 1885. The firm is headquartered in Cincinnati, but has 10 other offices in Chicago, Cleveland, Columbus, Dayton, Delaware (Ohio), Denver, Indianapolis, Minneapolis, Northern Kentucky and Phoenix. 

Focusses / specialisms 

The firm’s Indianapolis office is a market leader in Indiana in the financial and corporate practice. 

In banking the team advises lenders and borrowers in real estate financing, acquisition financing, refinancing and general working capital financing. 

In the corporate and M&A practice, the firm acts on the buy and sell side in strategic and private equity acquisitions, joint ventures and mergers. Many of the acquisitions are related to wider real estate transactions. 

The firm also occasionally advises issuers in bond offerings as part of corporate financing as well as private equity funds in portfolio investments. 

Key clients 

Key clients for the firm include Federal Home Loan Bank of Cincinnati, American Municipal Power, Chiquita, Steel Warehouse Company, ForeverCar Holdings, CENX, Cummins, Hopebridge, Zotec, AMG Holdings, Edgewater Capital Partners, Jumpstart, Minnesota Vikings, Stemonix and Northmarq Capital. 

The Delaware Counsel Group, founded in 2004, is located in Wilmington but has an international presence through its participation in the International Network of Boutique Law Firms. It also has the distinction of being a part of The National Association of Minority and Women Owned Law Firms and is the only certified woman-owned business law firm in Delaware.  

Focusses / specialisms  

The firm represents clients in general transactional and regulatory corporate matters including debt capital markets, investment funds, banking and finance and M&A. It is often on the issuer side of transactions for capital markets and financing transactions.   

In M&A it often represents strategic acquirers. The firm also has a lot of cross border experience – many of its transactions involve other jurisdictions including Europe, Africa, Australia and South America.  

Key clients  

The firm exclusively advises Delaware based clients including Aegon, HSBC securities, Pricoa, Gap, AFP Capital, Plaintree Systems, ECP Investments and Morgan Stanley.