IFLR 1000
The Guide to the World's Leading Financial Law Firms

Ashurst's good reputation was upheld by its advice to the banks financing the acquisition of FoodVest by Lion Capital and those backing the financing for the purchase of the Porterbrook Rolling Stock leasing business.

Ashurst has been promoted to tier four on the back of positive reviews by peers and clients alike. The firm has strengthened this year with the hire of corporate telecoms partner Dhana Doobay from Clifford Chance.

This year, Ashurst was mandated by Lehman Brothers' management to advise on the sale of its European investment banking division to Nomura. It was also present on Bank of America's acquisition of Merrill Lynch and the sale of a €1 billion stake in Weather Investments to a consortium.

Ashurst's strength in project finance lies in its regional offices. Deals out of France and Spain have impressed the market and proven to be influential in maintaining the firm's second tier position.

In France, partner Sophie Pignon-Xardel is on all three of the top deals this year. Firstly, she helped advice Vinci Construction on the financing of the PPP (public-private partnership) contract in relation to the €26 million ocean and surfing museum in Biarritz, and the Vinci and Keolis consortium on the concession to restore Mont Saint-Michel's bay. She was also involved in representing the consortium formed by Altitude Telcom and Alcatel on the PPP broadband contract with the Gironde mixed syndicate.

In Spain, Ashurst worked for Itinere and Citigroup on the refinancing of the AP1 toll road and Kaupthing Bank Luxembourg on the project financing of a wind power plant in Puerto Real.

Ashurst is relatively small but doing some remarkable, unusual cases and making the headlines relatively often. The team however did expand this year, with Euan Burrows and Annick Vroninks promoted to partner in May 2008.

"I like their style and approach. They are very efficient and solution-driven," says one client. "They have a dynamic practice which has an excellent service. I can highly recommend them to any first-timer in Brussels."

Ashurst played a huge role in advising Abbey on state aid and merger control issues arising from the acquisition of the retail branch network and savings business of Bradford & Bingley.

On the merger control side, it was involved in the acquisition of a $12.6 billion stake in Norilsk Nickel by United Company Rusal, a deal which required competition clearances in seven countries.

The firm also acted on two of the Article 22 references to the European Commission in 2008, Danisco and Arsenal Capital Partners. Both of them were ultimately cleared. Julian Ellison and Matthew Hall were counsel to Ineos when it acquired several operations of BASF.

Duncan Liddell represented the Royal Bank of Scotland before the European Commission in connection with their investigations of the MasterCard and Visa payment schemes.

"The Brussels practice consists of the former Liedekerke [competition] practice," says a rival partner. "That gives them a good knowledge of the local Belgian market, but they also have people like Matthew Hall and Julian Ellison."

Ashurst's reputation as a smaller, acquisition finance-focused boutique may be one that the firm is working hard to shirk, but peers and clients still recognise its prevalence within this area. Though, the firm has recently added an impressive restructuring capacity to its arsenal.

"Our experience working with Ashurst was top quality, they are really top drawer," says one blue-chip banking client. "For restructuring in Paris and acquisition finance they are extremely strong. James Collis is just a top quality lawyer; clear thinking, precise advice extremely thorough and commercially minded.

The client adds: "I would also say, in France, that the firm has a very well respected restructuring lawyer - Jean-Pierre Farges."

Illustrative of the firm's capability is its continuing mandate advising Mecachrome. Diane Sénéchal is the partner leading on the international restructuring, which involves companies in France and Canada, and entailed structuring the first debtor-in-possession financing in France.

Like Allen & Overy, Ashurst is a well-known global law firm with a sterling reputation for financing. Though the firm's corporate capability should not be underestimated, Ashurst is a player on both public and private mandates.

Partner Yann Gozal advised Bank of America on the French aspects of its €10 billion acquisition of Merrill Lynch.

The firm's funds capacity was further strengthened by the arrival in September, 2008 of Xavier Comaills, whose experience fundraising international funds ensures the firm a solid private-equity standing.

In February 2009 Comaills put in a stellar performance despite the difficult market, advising CDC Entreprises in relation to the creation of the Fonds de Modernisation des Equipements Automobiles, which raised €600 million on its first closing.

Ashurst is a strong domestic player in project finance but lacks visibility on the international market, say peers. While clients note a discrepancy in the practice's level of experience compared to the top tier firms, Ashurst's commitment to its clients is prized.

"Ashurst is more on LBO side but on the project finance side of things they are good and they pay a lot of attention to make sure you are a happy client, but in terms of quality and speed of practice I would rank Clifford Chance higher than Ashurst," says one client. "Also, Ashurst has had a couple of people leave, which doesn't help."

In November the firm advised Vinci Construction France on the financing of the €26 million PPP (public-private partnership) contract for the ocean and surfing museum and exhibition space in Biarritz, and the Biarritz Marine Museum.

Ashurst has a significant presence in banking in Italy, but its capital markets practice has not yet caught up with its reputation internationally, according to peers.

But that is not to say that the firm is not active, competitors say that the Ashurst has been visible on debt issuances.

In December 2008 head of Ashurst's Milan Office Daniele Raynaud led on a deal advising Fondiaria-SAI on the €200 issue of performance bonds to AGEA, the Italian government agency responsible for the distribution of EU agricultural subsidiaries to Italian producers.

Ashurst has put in an impressive performance over the past two years, building strong relationships with leading banks, according to commentators.

But the drought in acquisition finance and the departure of a four-lawyer team, which included partner Maura Magioncalda, to Pedersoli in May 2009 has cast a shadow over the future of the practice and obstructed a tier two promotion.

"Ashurst has done well in the last few years in terms of mid-market deals," says a rival. "But it has just lost a banking partner to Pedersoli and, because the department is small, we will have to see what the impact will be. But certainly the firm has been very active in the mid market."

Ashurst has reinforced its practice, promoting international finance practitioners Paul Stewart and Lorenzo Vernetti as partners in June 2008 and May 2009 respectively.

Managing partner Riccardo Agostinelli still leads the practice, which according to clients provides an effective service. "Working with them was quite good," says a client of the firm. "I think that the service provided is very efficient. We receive quick answers that are complete and precise. We use them mostly for acquisition and structured finance. Agostinelli has been our point of contact in several cases and we are more than satisfied."

Agostinelli led on a mandate advising Banca Popolare di Verona as arranger and agent in the €30 million financing granted, together with Cassa di Risparmio di Lucca Pisa Livorno, to I2 Capital Partners for the acquisition of the Franco Vago Group.

Ashurst is a mid-market focused firm which has the support of renowned banking and private equity practices, say competitors.

And the firm wins some noteworthy mandates. In June 2008 Partner Mark Sperotto led on the deal advising a private equity consortium which comprised Apax, TA Associates and Madison Dearborn Partners on the acquisition of a €1 billion minority stake in telecommunications company Weather Investments.

Ashurst is the best firm in the mid market according to competitors. The firm's project finance department is lauded for its technical nous, but the smaller practice is often edged out of the largest transactions by Gianni Origoni and Allen & Overy.

Yet Ashurst remains active, particularly in infrastructure where the firm's head of energy, transport and infrastructure Franco Vigliano is regarded as a point of reference for the area by both peers and clients.

"Franco Vigliano has a very wide knowledge of the legal framework," says one client. "He was involved in the past with changing the law for infrastructure so he's very good in technical and legislative matters. He also has a very good knowledge of public administration work and has good contacts among institutional operators."

Ashurst is known as a predominantly lenders' side firm and has an excellent reputation among banks. In September 2008 Vigliano advised a group of banking clients, which included UniCredit Infrastrutture, UniCredit Corporate Banking and Banca Intesa Infrastrutture, on an amendment to the €56 million project financing of the Castelfranco Veneto and Montebelluna hospitals developed by Asolo Hospital Service.

Ashurst is a leverage-finance focused firm with a high level of technical knowledge and a competent group of lawyers, according to competitors.

The practice is led by Gonzalo Jiménez-Blanco who, in May 2008, headed a deal along with Juan Hormaechea, advising Citigroup and Inmobiliaria Colonial shareholders on the restructuring of their €2 billion debt and the transfer of 30% per cent of their stake in Colonial to creditor banks.

Ashurst's corporate department is led by Jesús Almoguera. According to competitors the firm benefits from referrals from its international network, but has also done a "tremendous job over the past few years" integrating in the local market.

Two of the firm's standout deals of 2009 include advising TDF on the sale of its 65% stake in television signal operator Axión to abertis, and advising the international manufacturing group ACC on the sale of its Spanish subsidiary. María José Menéndez led on the first deal while Jesús Almoguera led on the second.

Ashurst stands above its closest rivals as the most active firm in tier four, acting for banks and sponsors in infrastructure and energy projects.

"Their work's been great," says one client of the firm. "They are very diligent and efficient, and they know the very particular legal system here very well and are very client focused."

The firm has three partners who act regularly on project deals; head of project finance and public law Gonzalo Jiménez-Blanco, Juan Hormaechea and Jose Christian Bertram. In March 2009 Bertram advised Itinere and Citigroup on the refinancing of the AP 1 toll road.

"They are knowledgeable, legally strong and the outcome was always satisfying," says one client of Ashurst. "It is not a mass practice so their service and attention is quite personal."

Ashurst's banking practice in Stockholm is modestly sized and there is a feeling in the market the Stockholm branch mainly functions to serve foreign, mostly US, investors and banks seeking legal advice in Sweden.

Nevertheless, rival partners agree a tier three position is justified because of the firm's quality. "In terms of deal flow and size, I say tier four," says one partner. "But their quality is definitely the level of tier two or three, so I think it is justified."

Ashurst attracted two big American banks as clients this year, the Bank of America and JPMorgan, when they sought legal advice on the financing of Nasdaq's public bid for the OMX Nordic Stock Exchange.

"I do not see them a lot," says one rival partner. "I think they are stronger on the M&A side but they often act for American banks and companies seeking business here in Sweden."

Ashurst had a fairly quiet year, with a large proportion of their work being referral work coming in from London. The firm welcomed Jon Ericson who joined as a partner from Nordea Corporate Finance.

The firm acted for the Åhléns Group when it took over the company Department and Stores Europe. Ashurst also acted for EQT when it made an unsuccessful bid to buy Vin & Sprit from the Swedish state.

Ashurst's steadily build-up of its relationships with investment banks over the past few years has paid off of late, with many clients noting that they are using the firm for equity capital markets work a lot more than they used to.

"We find they're doing a lot more recently," says one investment banking client. "They form part of a pack of very good firms - with Linklaters and Freshfields out in front." Another investment banking client adds: "When it comes to it they can do the deal cheaper than the magic circle, and just as well."

Nicholas Holmes attracts much of the market's attention for his steady supply of underwriter roles, and is said by peers to be particularly liked by clients. And the clients agree: "We use Nick Holmes a lot - he's very good," says one. Steven Fox is also noted by peers as a strong practitioner, while new partner Marie Elena Angulo is known for her US-focussed work.

One highlight saw Holmes work alongside Angulo to act for the underwriters on Imperial Tobacco's £5.4 billion rights issue. The due teamed up again to advise the sponsors and bookrunners on Lonmin's $457 million rights issue. Holmes also advised JPMorgan Cazenove as bookrunner on a £32.9 million cashbox placement for Big Yellow Group.

Holmes and Angulo were not limited to the underwriters' side either, advising Autonomy Corporation on its £225 million placement as part of its acquisition of Interwoven.

US partner Daniel Bushner was also active, working along with Anthony Clare to act for William Hill on its £350 million rights issue, and teaming up with Nigel Stacey to act for Morgan Stanley and Deutsche Bank on Colt Telecom's £178 million open offer. Bushner also teamed up with Angulo and Jeffrey Sultoon to advise the banks on the Max Property Group's £200 million Aim listing.

Ashurst moves down a tier this year after competitors noted that the firm is not as visible in the market as its peers in the fourth tier. While the firm this year hired Islamic finance expert Abradat Kamalpour from Dechert, Gonzalo Fernandez moved to Field Fisher Waterhouse, while Steve Harris and Richard Kendall also moved on. One client who mandated the departed partners in the past says he might use the firm a bit less now the partners have departed, however "it will very much depend on the resourcing".

However, the firm still has a number of solid debt lawyers on staff, with one client singling out debt capital markets head Anna Delgado for her responsiveness and accessibility. Associate Paula Clarke is also noted by a client as a rising star.

One of the firm's highlights this year was advising South Staffordshire Water on £35 million of index-linked bonds due 2051, and acting for ANZ Bank in relation to the debt guarantees given by the Australian and New Zealand governments.

Bank of America was also a strong client, instructing Ashurst on the UK debt capital markets elements of its $44.3 billion acquisition of Merrill Lynch, and in relation to the Federal Deposit Insurance Corporation guarantee in the US.

Ashurst has held its own this year in an increasingly difficult derivatives market, with peers noting that though the firm has suffered a drop in volume of late, it still pops up on significant matters. "They're as hungry as ever," says one peer. Ashurst showed its commitment to the practice area by hiring Abradat Kamalpour from Dechert in October 2008 to boost the firm's Islamic finance-linked derivatives.

The firm is a particular hit with clients, who praise its pragmatic and commercial approach to transactions. "They're very, very efficient," comments one client. "I know many partners and associates there and always find them very efficient, very creative and they deliver things on time."

Peers praise Chris Georgiou and Chris Whitely, while James Coiley is singled out by clients for his efficiency and commercial sense. "What's remarkable about James is that he has a very good understanding of the economics of a transaction - he gets the cash flows of the transaction, which can often be difficult to understand," says a client. "He also has a good understanding of the legal issues - these two things together make working with him very efficient."

The Lehman Brothers insolvency provided a lot of work for Ashurst, with Georgiou advising clients on the initial close-out of the market master agreements, and Coiley acting on the unwinding of a number of structured debt obligations.

Another of Coiley's highlights this year was advising Goldman Sachs as arranger of CELF Synthetic Loan Partners' synthetic CDO of loan credit default swaps, which were sold on a roadshow basis. Georgiou led a team advising a leading Japanese bank on its €11 billion notional total return swap, which was designed to provide regulatory capital relief for a leading UK bank; while Jonathan Haines led a team counselling a pre-meltdown Lehman Brothers on the structured equity elements of China Aluminium's stake-build in Rio Tinto shares - the largest ever dawn raid of the shares of a UK-listed company.

Michael Logie worked with ISDA this year, providing a paper with regard to the Lehman Brothers minibonds controversy and the distribution of structured products in Hong Kong.

Ashurst is known for its strength on CDO and CLO transactions, but with the market for these financing structures struggling over the past year, some commentators question how the firm will position itself going forward. However others note that the firm has kept on winning work in this area even in a difficult market, particularly to clear companies' balance sheets and to access European Central Bank (ECB) liquidity schemes.

"Ashurst in the CLO market was up there as a top player - they were punching above their weight," says a competitor. "They are doing very well as they have adopted the thought leadership and hold the industry's hand regarding the rules that the ECB collateral swaps require. It's pretty specific though, leveraged loan cash CLOs, but they've done very well in a limited market."

Ashurst has been expanding aggressively over the past year, hiring 12 partners from strong US structured finance and securitisation firm McKee Nelson in February 2009, and subsequently transferring Michael Smith to New York. Ashurst also hired Islamic finance expert Abradat Kamalpour from Dechert and promoted David Quirolo to partner. However it wasn't all one-way traffic, with partner Steve Harris leaving the firm in 2009.

One of Ashurst's highlights this year saw James Coiley work alongside McKee Nelson to advise Goldman Sachs International as arranger of CELF Synthetic Partners - the first synthetic CDO of loan credit default swaps to be sold on a roadshow basis.

Michael Smith was very active this year, advising Lehman Brothers as arranger regarding the Leoforos CDO, which comprised notes with a value of €1.6 billion. The structure allowed Lehman to access ECB funds using US dollar-denominated repo capital sourced from its US operation. Lehman Brothers also instructed Smith as placement agent on Clio European CLO's issue of €716 million multi-tranche notes secured on a portfolio of loans and structured finance securities.

Lehman Brothers International (Europe) mandated Smith as arranger and initial purchaser of the issue by Thalia European CLO of €1.1 billion of multi-tranche notes secured on a portfolio of loans and structured finance securities. IKB Deutsche Bank Industriebank also instructed Smith regarding Bacchus 1, which comprised €454 million and €500 million of notes.

Ashurst's focus on leveraged deals has seen it take a hit volume-wise this year, especially with the effective exit of strong client Royal Bank of Scotland from the market. "They made tremendous strides last year, but like the magic circle they may have invested too heavily in those areas," says one peer.

Nevertheless the firm is still seen as the home of some prestigiously talented banking and finance lawyers, in particular Mark Vickers. "He's an exceptionally good lawyer, a thoroughly nice guy and very sensible," says one peer.

Vickers' highlight this year was advising HSBC as financial advisor on the financing of Vale's high-profile $88 billion bid for mining company Xstrata. While the deal was eventually abandoned, it showed that the firm still has the capability to work on the big-ticket deals in the market.

The firm's banking team works closely with its prominent private-equity team, with one highlight seeing Jane Fissenden advise the banks on the financing of Lion Capital's acquisition of Foodvest Group.

James Hogben was active this year on the lending side, advising the banks on the acquisition financing for the purchase of Classic Hospitals. Hogben also teamed up with Nigel Ward to advise the banks on the financing of the acquisition of the Porterbrook Rolling Stock leasing business.

Ashurst also showed it was flexible enough to work on the mid-market borrowers' side, when Helen Burton advised Autonomy Corporation on the $200 million financing for its acquisition of US software company Interwoven.

"I have received an expert, pro business and very timely service," says one client about Ashurst's regulatory offering. Backed by a strong corporate team, the firm's financial services regulatory work is lauded by one client for its "breadth of technical expertise, pro business advice [and] clear concise advice."

Clients particularly praise the form for its very commercial approach, its UK knowledge and regulatory relationships and its highly responsive nature.

James Perry receives very strong praise from clients for his all-round client service and technical skills. "He is fabulous! He makes himself available at all times, his fees are most reasonable and his advice is highly regarded," says a client. "His superior analytical skills, breadth of knowledge and experience are invaluable to us. He has earned the respect of some very difficult business leaders in my firm."

The client continues: "He is unfailingly diplomatic, even where we are manifestly in error. It would be difficult for us to find this same level of service elsewhere so I no longer refer matters to other firms." Glynn Barwick and Wilson Thorburn are also noted by the client for their strong work.

One highlight this year saw the firm's financial institutions group advise Abbey National on the accelerated auction of Bradford & Bingley's savings and deposit business. Clive Tucker and James Perry advised on the regulatory aspects of the transaction, which saw the UK government take a large proportion of Bradford & Bingley into public ownership.

Ashurst has also advised financial sector clients regarding the FSA's "skilled person" reports, short-selling restrictions and "variations of permission", and is advising clients on the regulatory aspects of the Lehman Brothers collapse.

"Ashurst is simply perfect for me," adds a client.

While Ashurst is typically seen as having more of a private-equity focus, the firm's M&A practice is steadily gaining recognition in the UK.

Clients see the firm as one of the most proactive in London: "They are probably the leading firm in the market for making an effort to develop relationships to get to know us and our people," says one client. "Things like keeping track of who they know and don't know in different practice areas - they manage a plan to keep contact with the relevant people." The client adds: "They're systematic about meeting people and learning about them, also about setting out and visiting them."

Richard Gubbins was praised by clients for his commercial skills, while European head of corporate Adrian Clark is singled out by his peers as a pleasure to work with: "He's sensible and doesn't piss around," says one competitor.

One of the firm's highlights this year saw Clark and Gavin Gordon advise the senior management and employees of Lehman Brothers on its sale of the company's European and Middle East investment banking business to Nomura. Clark also advised Bank of America on the international securities issues surrounding its $44.3 billion merger with Merrill Lynch.

Senior partner Charlie Geffen teamed up with James Perry to advise Abbey on its acquisition of the Bradford & Bingley assets, while Michael Robins and Jonathan Earle advised Imperial Energy on its £1.4 billion sale to India's Oil and Natural Gas Company.

"They're great, very proactive, exceptional deal guys, and they've done a lot of good stuff for us," one client says.

Ashurst's biggest talking point this year was how Charlie Geffen's move into senior partner in September 2008 will affect the firm's private-equity work. Geffen is the firm's figurehead, and many commentators mention that the second rung of partners isn't strong enough to compete with the likes of Clifford Chance and Freshfields.

"When you think Ashurst you always think Charlie Geffen, but now he's moved to senior partner," says one peer. "He had people under him but they aren't as good. While they're good lawyers, they're not as good as Charlie." The peer adds: "Clients won't desert and they still have good people, but they just don't stand out."

However, Charlie Geffen showed that he's not completely out of the picture, leading a multi-jurisdictional team to advise a consortium of Apax Partners, TA Associates and Madison Dearborn Partners on the €1 billion acquisition of a minority stake in Weather Investments.

But the firm's drop this year wasn't only due to the perceived absence of Geffen - some clients believed that while the firm was strong in UK transactions, Ashurst doesn't have a strong enough European network to complete the larger, more involved work.

Nevertheless, the firm is still seen as a very safe pair of hands with a number of strong partners. Head of corporate Stephen Lloyd is seen by peers as having made a good name for himself, while Bruce Hanton's approach is also lauded: "He's understated. He's not chasing clients, but he does a bloody good job."

Gavin Gordon is also praised by one client for his commercial nous: "From a private-equity perspective, we care a lot about the commercial aspect," says one private-equity client. "The team had a good grasp of what's important for a transaction."

Bruce Hanton teamed up with Gavin Gordon this year to advise the management of Cinven on its acquisition of a 50% stake in alternative investment manager Indicus. Hanton followed this up to advise LGV Capital on the sale of Craegmoor to Advent International. Gavin Gordon led a team acting for NIBC Infrastructure Fund I on the €619 million acquisition by the Appia consortium (of which NIBC is the lead investor) of Welcome Break Group Holdings from Investcorp.

Jeremy Sheldon heads Ashurst's private funds division, which was particularly active this year. One highlight was establishing the Altor Fund III that hit its target of €2 billion and included an extended fund life and a new 'invested carried interest' concept, aligning the fund manager and investor's interests more closely.

Finally, the firm advised Lehman Brothers' European Private Equity Fund and Mezzanine Fund on issues arising from the Lehman collapse, and acted for the ICG Recovery Fund that targets businesses whose capital structure has been affected by the tight credit markets.

Ashurst had a mixed year, losing restructuring head Nick Angel to Milbank Tweed Hadley & McCloy in August 2009 and hiring Dan Hamilton from White & Case the same month. Hamilton is singled out by competitors for his approach to a transaction. "Dan Hamilton is a good lawyer and does a quality job," says one.