Banking & Finance: London

This firm's banking practice continues to make strides with its excellent lender-focused mid-market practice. Leveraged finance and acquisition finance are both strong points of the firm, and its workload also encompasses some private equity sponsor and borrower mandates. In this field it recently advised HSBC as mandated lead arranger on the Electra Partners-sponsored acquisition of Sentinel Performance Solutions. Clients say that the five-partner team makes it "simpler to make the commercial decisions as there is the confidence and the knowledge there." Another client describes the firm's advice as "market-relevant and always with the bank's interests at heart." Other key clients include Santander and Barclays.

KEY INDIVIDUALS John Cutler is noted for his strengths in the leveraged finance area, recently advising HSBC on the provision of bilateral facilities to Christie's International. Lenders appreciate that "he knows us very well, he knows our precedents and what we will do and what we don't do."

Formerly based in Manchester, Amanda Gray now heads up the firm's nationwide corporate banking team out of London. She brings with her an excellent reputation. Sources note her "very reflective and composed" delivery, as well as her "attention to detail and commerciality."

This broad practice incorporates a wide range of mandates with a distinct focus on emerging markets. The firm benefits from its strong presence in Russia and the Commonwealth of Independent States (CIS), where clients benefit from its local knowledge and expertise. The team continues to act for key clients LUKOIL and VimpelCom, whom it has assisted on a range of top-end transactions. It acted on the USD2.5 billion bridge loan facility provided to VimpelCom, one of a number of major deals the firm has handled for the company. Clients admire the team's approach: "Akin Gump represents our interests in a firm and aggressive way. It understands our business and commercial needs and is very responsive to our requests."

KEY INDIVIDUALS Frederick Heller has an excellent Russia and CIS-focused practice, which revolves around Russian telecoms giant VimpelCom. He led on several of the company's major transactions throughout 2011, such as the USD2.5 billion bilateral term loan from Sberbank. Clients and peers speak of him highly: "I think he is excellent. If I was a corporate and I had a big financing I would want him. I think he very eloquently argued VimpelCom's point; he is a very effective negotiator."

Allen & Overy remains one of the key fixtures at the top end of the banking and finance space, with a superb practice noted for its strength and depth across the board. Clients highlight the firm's technical excellence, as well as the consistently impressive quality of the team and its ability to "bridge the gap between legalese and commercial reality." Banks say that "the team there knows more about our own debt instruments than our Treasury people." The firm consistently acts on some of the most impressive transactions in the market, with recent highlights including acting for Barclays as facility agent and documentation bank on BHP Billiton's USD7.5 billion acquisition of Petrohawk Energy. The leveraged finance side of the practice also continues to perform at the highest level, with several major transactions such as CVC's acquisition of Delachaux.

KEY INDIVIDUALS "All-round talent" Simon Roberts is known for his extensive knowledge of bank-related work. Clients emphasise that "he knows the banks and knows what the points of the debate will be. You get clear and succinct advice."  

Global banking chairman Michael Duncan is a highly regarded name in the field, with a depth of experience handling all types of lending transactions. Sources recognise him to be "one of the big names" in the market and he is described as "sensible and good to work with."

Stephen Kensell is unanimously acclaimed as a fantastic lawyer who is "one of the age-old names in the field." He has recently advised Deutsche Bank and HSBC on the financing of CVC's public-to-private acquisition of Delachaux.

Timothy Polglase has a "strong grip on debt work" and impresses sources with his "dedication to the cause: he gets in the trenches and fights on our behalf."

George Link's practical advice and long-standing banking law experience mean he can "explain why things are going a certain way. When we needed to find the middle ground he was great."

Robin Harvey handles a range of work in the leveraged finance area, such as PAI partners' acquisition of Swissport, financed through senior secured notes and super senior revolving credit facilities. Peers recognise him as a "very strong" name in the market.

Clients appreciate Trevor Borthwick's ability to "not only understand what the client wants, but also to balance out what is sensible and realistic." His practice incorporates a wide range of transactions, including securitisation, derivatives and leveraged finance. He recently advised Marks & Spencer on its £1.325 billion revolving credit facility.

Peers see David Campbell as a promising name in the field, with a strong track record in international transactions, describing him as "sensible and excellent to work with."

Sanjeev Dhuna advises on syndicated loans, and leveraged and investment grade acquisition financings.   

Ashurst continues to be a leading name in the mid to high-end space, with a balanced practice that is equally adept at covering lender, borrower and sponsor work. It recently advised a syndicate of banks on the debt facilities provided for Charterhouse Capital's USD950 million acquisition of Environmental Resources Management from Bridgepoint Capital. The team is described as "technically excellent but also commercial with its advice," and clients also speak highly of its "expertise on the cross-border aspects." Prominent panel appointments include RBS, Lloyds TSB, Barclays and HSBC. On the sponsor side the practice advised the Gala Coral Group on the £1.45 billion refinancing of its existing bank facilities with high-yield notes, senior secured notes and senior facilities.

KEY INDIVIDUALS Mark Vickers is unanimously acknowledged as one of the leading authorities in leveraged finance and as a "phenomenally experienced lawyer in the field." A client adds: "He is the grand-daddy of the leveraged market; he wrote half of the standard text."

Head of international finance Nigel Ward is "one of the top names, known for top-drawer work," according to peers. He is widely admired for his transactional expertise in major LBOs and cross-border transactions. In 2011 he advised a group of banks on the CHF2 billion club loan to the Renova Group.

Helen Burton's leveraged and acquisition finance practice continues to impress observers, who describe her as "a great negotiator." She led the team that advised on Gala Coral Group's refinancing and on assisting Intermediate Capital Group with its bilateral facilities.

"Thoughtful and dedicated" up-and-coming partner Nicholas Benham has "strong experience in the lending market in the UK and EU." He is known for his work in domestic and cross-border leveraged finance transactions.

Sponsor-side mandates have been a key growth area for Baker & McKenzie, alongside its traditionally well-developed borrower and lender practice. Its presence on primary and secondary buyouts among private equity firms in the Nordic countries is a recent and prominent development. Its global coverage is a particular draw for its corporate clientele, which includes names such as Carlsberg, whom it assisted with an £800 million revolving credit facility. The team is highlighted as "timely and efficient" and of "superb quality."

KEY INDIVIDUALS Practice head Bernard Sharp is rated for his "excellent knowledge of the current market atmosphere, coupled with in-depth understanding of lending practices." His recent work encompasses a range of cross-border transactions, with several LBOs in the Nordic health sector.

Frances Okosi recently advised HSBC on a USD194 million export credit agency-supported facility for Transporte Masivo de Panamá, one of several multi-jurisdictional matters she has recently handled. Clients describe her as "very on the ball and she looks at how things can be best resolved."

Nick Tostivin is a solid negotiator who "defends what we negotiate, and tries to best explain the position to the counterparty." He frequently handles general banking acquisition finance mandates, acting for banks on LBOs and restructurings.

This practice has an increasingly strong reputation for banking work, with a rapidly expanding team that handles anything from syndicated lending, acquisition finance and Islamic finance assignments. Clients appreciate the team's growth, saying that the firm has now "improved its depth with partner hires." The "flexible, commercial, responsive and helpful" service is widely appreciated, as is the team's ability to co-ordinate across several countries. The firm has expanded upon its traditionally strong real estate borrower client base, advising a range of corporates such as Thames Water, whom it assisted with a set of facilities including a £750 million revolving credit facility and a £320 million debt service reserve liquidity facility.

KEY INDIVIDUALS Andrew Bamber advises on a range of mandates, including sponsor-led transactions as well as acquisition financing and some restructuring files. Peers see him as a sensible and skilled lawyer. In October 2011 he acted for Rontec Investments on the acquisition of Total's downstream and marketing operations.

Marc Palley is a well-established lawyer in the corporate finance field, with experience covering any issue in this sphere. He advises long-standing client Tesco and also recently assisted Thames Water with its facilities.

Observers see Emma Howdle-Fuller as an "approachable, friendly and commercial" practitioner. Her practice covers both banks and borrowers.

Associate Daniel Finch handles leveraged acquisitions, general corporate banking facilities and asset-based finance assignments. He has already won the admiration of peers, who say that he "does a great job" for his clients.

The banking team at this firm is principally active on multi-jurisdictional asset-backed lending transactions, acting for a variety of lenders in Europe. The Balkans and the Black Sea regions in particular are areas of interest to the firm, and it handles a significant volume of transactions in the general CEE area. Clients are full of praise for the "responsiveness and value for money" that the team provides.

KEY INDIVIDUALS Projects and acquisition finance expert Andrew Hallgarth's "thorough, knowledgeable and to-the-point" approach earns him plaudits from a range of sources. A client adds: "I'm really impressed: he's very nice to work with, good with the client, business-oriented and never loses his calm."

Trystan Tether has a long-standing practice in the financing area and has wide-ranging experience in advising both borrowers and lenders. Peers say they "have a lot of time for him."

"Dedicated and responsive" associate David Wallis is making a name for himself on banking and security matters.

Since publication, David Wallis has left this practice.

The focus of Cleary's banking practice is centred on its high-end borrower and sponsor clientele, where it acts for prominent names such as TPG and African Minerals. Emerging markets are a key focus for the team, and the firm acts for a range of natural resources companies on major financings. A notable transaction in this area was the USD4.75 billion pre-export loan provided to RUSAL. Interviewees speak positively of the "tremendous attention to detail, quick turnaround times" and high standard of service of the team. The firm is internationally considered a leader in advising sovereign states in this field.

KEY INDIVIDUALS Andrew Shutter is "incredibly knowledgeable about the market and credit agreements, and knows realistically what you can get and he knows what is important." Andrew is known for his expertise on international debt matters, and was part of the Cleary team appointed by the Greek state as its counsel on debt matters.

Glen Scarcliffe led the London team that assisted ArcelorMittal with the extension of its USD4 billion revolving credit facility. He is "impressive, pragmatic and technical but down to earth," according to a source. 

David Billington was raised to the partnership in January 2012 and has already impressed commentators, who describe his input on matters as "really rather excellent."

The team at Clifford Chance remains one of the outstanding practices in the City, with an incredible breadth and depth of service in all key areas. The massive department has experienced a steady flow of high-end refinancings, investment-grade work and significant activity in the amend and extend area, as well as leveraged finance. The firm continues with its expanding emerging markets coverage, with a recent opening in Casablanca. Peers and clients both have no doubt about the practice's position: "It's clear that it is right on top of the market and it knows exactly what is going on." A source was especially impressed by "its ability to throw in the resources and specialisations in different areas, and the individuals would always be up to speed whenever it brought new people in." The team acted on one of the headline-grabbing deals of 2011, the USD12.5 billion refinancing of SABMiller/Foster's, as well as a range of other big-ticket transactions such the EUR2.5 billion facility provided by Barclays Capital and Nordea Bank Finland to Fortum.

KEY INDIVIDUALS Michael Bates "will tell you what is important and what isn't and he has the ability to cut to the chase and push things along," clients say. He is one of the firm's most visible lawyers, and has a sterling track record in handling cross-border and structured finance deals. He recently acted for Commerzbank as the mandated lead arranger on the EUR1.2 billion revolving loan facility to Vestas Wind Systems.

Global head of finance Mark Campbell is commended as a "technically extremely able" practitioner, and as someone who "knows the loan market inside out." He advises on leveraged finance and syndicated lending issues.

Charles Cochrane has a "massive intellectual capability, and the uncanny ability to think one step ahead," earning him the moniker "two-brains" from one admiring client. Sources highlight him as a go-to person for highly complex and demanding situations that require a creative solution.

Well known for his "top-notch" expertise in private equity sponsor work, Alan Inglis recently acted for EQT on several issues including the fund's acquisition of Dometic Group, involving SEK6.6 billion of senior facilities and a EUR200 million PIK bond.

Peers regard James Johnson as a standout name in the field who "more than anything else is pragmatic and knows how to get a deal done."

Jim MacHale assisted the mandated lead arrangers on a USD280 million loan to OMERS Private Equity for the acquisition of the V Group. Peers say he is "impressive, very pragmatic and well respected by his clients."

Peers emphasise Nicola Wherity as someone who is great to work across from, with one source noting: "She always wows me. She is a complete standout for me; the overall package is great."

Roderick McGillivray acts for several private equity clients including CVC, whom he represented in the EUR300 million acquisition financing of RAET.

Robert Lee handles syndicated loans, MBOs, structured financings and corporate restructurings, both domestic and cross-border. He is noted for his commercial approach and sector knowledge.

Emma Folds's remit is LBOs and acquisition financing, with a focus on the European market. She advised Citigroup Global Markets and BNP Paribas on two large facilities for WPP.

A "user-friendly lawyer with whom you can have a discussion," Karen Hodson's recent work includes a EUR900 million multicurrency revolving credit facility for stainless steel manufacturer Outokumpu.

New entry Taner Hassan is active on sponsor files, especially LBOs and acquisition finance. He recently assisted Arle & Stork Technical Services on its acquisition of RBG.

Senior partner Malcolm Sweeting remains one of the best-known names in the market, with an incredible depth of experience in financing issues.

CMS is expanding upon its strong track record in acting for both lenders and borrowers and upon its fantastic CEE presence. The "sensible and co-operative" team acts for a broad range of clients, with banks such as Lloyds TSB, RBS, National Australia Bank, Santander and Barclays all on the client roster. Cross-border financings are an especially strong part of the practice, an area where it recently advised a group of banks including RBS, Commerzbank, Commonwealth Bank of Australia and Barclays on the £230 million club financing for Chemring. The firm also acted for Deutsche Bank on a big-ticket EUR2 billion multi-jurisdictional financing facility.

KEY INDIVIDUALS John Naccarato is a key figure in the practice, and leads on a range of finance issues for both lenders and borrowers. His experience and technical expertise are seen as a real asset on transactions. 

Peers widely regard banking and international finance head Will Meredith as a solid operator in the banking field, with a deep knowledge of the key issues.

Alex Patience recently advised Lloyds TSB on its EUR100 million refinancing of Service Point Solutions. Observers appreciate that he is "very easy to deal with."

Peter Crichton recently joined the firm from DLA Piper. He brings considerable expertise in leveraged and restructuring transactions.

This emerging player is a new addition to the rankings, with a practice that is active on general lending and acquisition financing. The team also benefits from the firm's wider expertise in structured finance and funds. The US-UK connection is a particular draw for clients, as is the depth of the team: "The back-up was splendidly arranged and everyone was knowledgeable." Highlights for the team include acting for the Bank of Ireland on the USD1.1 billion purchase of Bank of Ireland shares from the Irish government by North American investors. Other prominent client include Natixis, whom it advised as lead arranger, facility agent and initial senior note purchaser on the issue of EUR533 million senior secured and subordinated notes by Hayfin Ruby Luxembourg.

KEY INDIVIDUALS James Waddington and Corinna Mitchell are the key contacts for the department.

Dentons' substantive banking department is well known for advising lenders on syndicated lending, commodity and trade finance, restructuring and Islamic finance. The firm is present on several key banking panels, acting for leading international and domestic banks such as Barclays, RBS and Citi. The team's advice is "technically spot-on," and it is commended for its excellent service: "What I like is the client focus: the team knows what we want and it understands the market." One of the most significant transactions for the team in the past year was the USD800 million syndicated loan to Gazprom, where it advised the Bank of Tokyo-Mitsubishi UFJ as co-ordinator and facility agent.

Subsequent to publication, SNR Denton LLP, Salans LLP and Fraser Milner Casgrain LLP merged to form Dentons in April 2013.

KEY INDIVIDUALS Isaac Felberbaum is highlighted for his strong client service skills and experience in this area. He has recently advised on several Turkish issues, including two facilities for Garanti Bank worth USD234 million and EUR576 million.

Catherine Astruc acts on a broad range of finance mandates including acquisition and leveraged finance, general corporate lending, workouts and restructuring.

The 19-strong banking team at DLA has a solid reputation on mid-market transactions, where it acts for an impressive list of lenders including Barclays, RBS, HSBC and Investec. Leveraged finance is a core area for the firm at the moment. Clients consistently underline the strength of the partner pool: "The interaction and quality at partner level is outstanding. They know how to judge and manage a negotiation." Sources add that the team's advice is "absolutely concise and straight to the point."

KEY INDIVIDUALS Practice head Philip Butler has an incredible depth of experience in the area, and has "invented many of the legal concepts that you deal with," according to sources. This enables him to "really understand how and why the law was written in this way, which makes a real difference."

David Miles is equally well regarded for his expertise in this area, prompting a client to highlight him as "the best lawyer I use in the mid-market." He frequently acts for lenders in the leveraged finance area.

Alexander Griffith is "well connected with the private equity market" and is described as a "commercially minded and thorough" practitioner. He frequently represents sponsors on leveraged finance deals.

Associate to watch Daniel Hendon has impressed a range of respondents who see him as a "rising star" at the firm.

With a contraction in the leveraged market Dundas & Wilson has refocused its practice more towards the restructuring and refinancing area, alongside its bread-and-butter work in the mid-market space. It primarily advises lenders, and acts for many key domestic banks such as Santander, Lloyds TSB and Clydesdale Bank. The healthcare sector has kept the team busy, alongside work in the project finance and property finance areas. Observers appreciate that "the Dundas approach is a bit more consensual and relaxed, but effective," and the team comes in for praise for being "sensible and getting things moving."

KEY INDIVIDUALS Hugo Coetzee is the main contact for clients.

This banking team handles a range of mid-market instructions, with corporate lending a core focus area. Clients say they appreciate the firm's efforts at maintaining important relations. The firm acts for both borrowers and lenders, and has recently expanded its range of panel appointments with new wins from National Australia Bank and DEPFA BANK amongst long-standing clients HSBC and Barclays. A key mandate was the £400 million refinancing of Greene King, where it acted for the borrower.

KEY INDIVIDUALS David Boyd is best known for his work on the borrower side, having handled both the Greene King refinancing and the refinancing of Dairy Crest's £170 million and EUR150 million facilities.

Head of banking Indraj Mangat advises on international project finance and trade finance transactions, with a focus on the Middle East. He is also the key individual for Islamic finance issues. 

Nick Swiss also attracts praise, and recently represented Barclays Corporate, the lead arranger, on two club facilities with a combined value of £475 million.

This new entry into the rankings focuses on lenders with a particular expertise in asset, acquisition, receivables and trade finance. The firm also offers an integrated CIS service from its London office, in addition to its Japan and China desks, and has a strong focus on multi-jurisdictional work. Observers say the firm "provides an exemplary service to clients, combining urgency with an admirable eye for detail." The team has recently been acting for Silicon Valley Bank on a raft of lending transactions.

KEY INDIVIDUALS Andrew Evans has an "incredibly in-depth knowledge" of the field, and clients value the dedication and responsiveness in his approach. He has recently assisted Silicon Valley Bank with various issues.

The Freshfields banking team continues to act on some of the headline deals in the market, with an especially strong showing in advising its stellar sponsor clients on acquisition financing. Highlights in this area include Cinven's £125 million acquisition of Guardian Financial Services. The group is also visible in the high-end corporate lending space, acting on several big-ticket refinancings such as Zurich's new EUR2.5 billion revolving credit facility. "The accuracy of the advice was on the money," a client says, with another source adding that the team has the "firepower" to handle anything. Other key clients include CVC, JPMorgan and ING amongst others.

KEY INDIVIDUALS Sean Pierce is a "mainstay of the field" on the sponsor-led work, according to peers. His work also encompasses general lending, restructuring and acquisition finance. He handles various matters for Cinven.

Neil Falconer covers a broad spectrum of finance work, advising on anything from investment-grade work through leveraged financing to restructurings.

Observers appreciate Martin Hutchings' level-headedness, with one stating: "Even when it got hectic he stayed calm, and he was focused on resolving issues."  Hutchings recently assisted a hedge fund with the USD610 million buy-back of partnership interests.

Alex Mitchell advised the arrangers on Com Hem's acquisition by BC Partners, a deal involving EUR287 million in senior notes and SEK3.492 billion senior secured notes.

Peter Hall acts on a range of issues in the banking area and clients appreciate the fact that he "knows our business very well and he is very thorough." 

In October 2012, Herbert Smith merged with Australian firm Freehills become Herbert Smith Freehills. The firm earns high praise for the strength of its banking team, which covers both lender and borrower assignments. On high-end transactions the team is "phenomenal," and "it really takes the case to heart, and bends over backwards for clients." Clients also appreciate the carefully tailored service, partner attention and the "brilliant speed of execution." The 12-partner group handles everything from general corporate lending to project finance, as well as Islamic finance. The firm has renewed its focus on emerging markets, with places such as India and Africa being strong growth areas. The client roster is filled with significant FTSE 100 companies and leading banks including Credit Suisse and Essar Energy, for whom the team acted on the USD2 billion acquisition financing of a UK refinery.

KEY INDIVIDUALS Finance practice head Malcolm Hitching retains his position as one of the best regarded finance practitioners in the area. He represents both borrowers and lenders in corporate and acquisition financings, including LBOs.

Ian Yeo led the Herbert Smith team on the refinancing of Associated British Foods' £1.15 billion facilities. He also has a strong emerging markets focus, and has structured cross-border deals in a variety of jurisdiction including Frankfurt and Moscow.

Sources say Ewen Fergusson "succinctly analyses the pros and cons of negotiating our position," and that he is "clearly very expert in his knowledge, and good at coming up with specific solutions."

The firm's strong international coverage, deep resources and balanced borrower and lender practice continues to make it a significant player on a range of banking mandates. The team continues to grow and now includes 21 partners. It excels at advising on the top end of the mid-market in leveraged and acquisition finance, where it acts for clients such as Ares Capital Europe. Other areas of expertise include asset finance, project finance and trade finance amongst others. On the lender side it acted for Deutsche Bank on the provision of EUR400 million of facilities to the SIFSA group. The standout transaction for the team was advising SABMiller on its highly publicised £7.8 billion acquisition of Foster's Group, where Hogan Lovells advised on the non-Australian aspects of the deal.

KEY INDIVIDUALS Practice head Matthew Cottis is a "great name in the market" whose "experience speaks for itself." Unanimously well regarded, he is an immensely experienced lawyer, whose technical know-how and gravitas in acting for lenders are widely acknowledged.

Penny Angell is lauded for her "incredibly detailed" approach and her ability to "drive to get to the final goal." She led on the team's most significant transaction, the SABMiller acquisition financing. She also advises on a range of lender matters, including a recent £275 million facility provided by Lloyds TSB for an acquisition financing.

Stuart Brinkworth acts for both domestic and international lenders and sponsors on leveraged finance deals, including private equity-backed LBOs. Peers describe him as "a safe pair of hands" with a constructive approach to getting deals done.

Seen as a "commercially minded" and pragmatic lawyer, Paul Mullen often handles leveraged finance assignments, with an expertise in real estate finance. He recently acted for Ares Capital Europe as one of several lenders on the refinancing of Bright House. 

Colin Craik represents lenders and borrowers in cross-border financings, with Saudi Arabia-based Kingdom Holding being a prominent client.

Jones Day benefits from its ability to advise on both sides of the US and London divide, and has core strengths in structured finance, property finance and cross-border emerging markets transactions. In the emerging markets area it has experienced an uptick in activity in deals coming from Africa, especially in asset-based lending and pre-export trade finance as well as project financing. The practice is evenly split between lender and borrower mandates, with a clientele that includes RBS, Macquarie Bank and Goldman Sachs. Clients say that the firm provides excellent and "well-honed" advice and commend its "well thought-out and reasoned approach."

KEY INDIVIDUALS Sources note Edwin Borrini's close involvement in transactions and his diligent client service and support: "He is very sharp. He picks up things quickly and helps you through the process."

Sources speak highly of the team's focus on client service and the close partner involvement: "We have a lot of confidence that they will tell us the best advice and keep our best interests in mind." The department sees a considerable amount of cross-border instructions in its core areas, especially real estate financing, corporate lending and Islamic finance. The client base encompasses a diverse list of banks, corporates and financial institutions including names such Hatfield Phillips, BlackRock and Bank Sarasin. The 16-person group recently advised Vitol on an USD850 million trade receivables secured financing.

KEY INDIVIDUALS Stephen Moller advises on various issues in the banking area, with a particularly strong practice in structured products and asset-based lending.

New entry Richard Hardwick earns plaudits for his meticulous attention to detail and his ability to "spot things we might have missed," interviewees remark. Another client adds: "He has been instrumental in ensuring we get banking agreements that we can live with and that give us flexibility to act."

Tom Armstrong is "an associate to keep your eye on" who is noted for his "proactive and responsive" service. 

This US firm has a fantastic depth of expertise in acting for sponsors in the leveraged and acquisition finance space, and counts leading private equity houses such as Bain Capital and Sun Capital amongst its impressive clientele. Despite the downturn the firm remains a powerhouse in this area, with a significant deal flow, including acting for Bain Capital and Hellman & Friedman on the EUR1.6 billion financing for the acquisition of Securitas. Sources highlight the depth of the partner bench, as well as the "great focus on client service and relationships." Another strong point is the firm's "commercial understanding and capabilities, as it always sees through what matters and what doesn't."

KEY INDIVIDUALS Seen as one of the leaders in the field, Stephen Gillespie is "arguably the best finance lawyer for LBO financing in London: he is technically superb, he is commercially astute and he inspires confidence in everyone. His reputation in the marketplace makes people accept when he is hammering home a point," a clearly satisfied client says.

"Detail-oriented, flexible and always reachable," is how sources describe John Markland. He advised Apax Partners, Madison Dearborn Partners and TA Associates on the highly visible VimpelCom merger, where he led the team that negotiated the USD1.8 billion loan note secured on VimpelCom public stock.

Market observers consider Philip Crump an "extremely talented" lawyer whose "tremendous attention to detail" and "completely unassuming" nature make him stand out from the pack. He was instrumental in getting the firm added to the Montagu Private Equity panel.

Neel Sachdev led on Bain's acquisition of Securitas, and wins praise for "always looking for innovative solutions and aiming for market-leading terms."

Latham & Watkins' peerless high-yield practice enables it to complement its general finance offering, and it has become a go-to firm for mixed bank/bond financings. The team has historically had a strong focus on leveraged finance, where it acts for both lenders and borrowers. Peers mention the firm as a "powerhouse" in this area, that produces a "phenomenal quality of work." Transatlantic financings are another core strength, and the firm takes advantage of the greater liquidity of the US market in this area. The team advised Deutsche Bank as one of the co-ordinators on one of the largest LBOs of recent years, the EUR3.6 billion acquisition of Polkomtel by Spartan Capital Holdings.

KEY INDIVIDUALS Christopher Kandel is in "a different class" and is recommended for highly complex mixed bank and bond assignments. His practice is focused on cross-border leveraged transactions, such as the Polkomtel acquisition.

James Chesterman is "great in the leveraged space" according to various sources, who also commend him for his expertise in asset-backed lending and restructurings.

Widely seen as a "talented lawyer," Dominic Newcomb advises on issues ranging from domestic and international leveraged finance to mezzanine and bridge debt financings. He represented Nomura and Deutsche Bank in the provision of USD3.4 billion senior secured credit facilities to a global pharmaceuticals company.

Jayanthi Sadanandan's star is in the ascendancy at the firm, with peers seeing her as an incredibly promising lawyer: "She is not only technically amazing, but also a great person to work with. If I was in-house I would always use her."

Ross Pooley advised BC Partners on the £555 million super senior revolving credit facility and the issuance of senior secured notes for the acquisition of Phones4U. He is complimented as a smart, up-and-coming lawyer.

Linklaters maintains its position as one of the top global financial powerhouses, with a formidable and diverse practice. The team's core strengths remain high-end leveraged finance and investment-grade lending alongside more traditional corporate lending. The integrated high-yield practice offers clients a seamless service on combined bank/bond loans, an increasingly popular area of the market. The team also benefits from the expertise of the other prestigious practices across the Linklaters platform, making it a one-stop shop for complex cross-border transactions of all hues. On the lender side Linklaters acted on the headline BMW transactions, a multicurrency EUR6 billion revolving credit facility. The private equity sponsor area is another growth area, where the firm advised on the £1 billion leveraged acquisition financing of RAC. The firm has "the biggest teams, biggest client bases and biggest deals" and is generally "one of the strongest everywhere." 

KEY INDIVIDUALS Chris Howard is a key figure in the Linklaters team, known for his strategic and considered approach. He is best known for leveraged finance and restructuring work, recently acting on The Carlyle Group's acquisition of RAC. Sources say he is "appreciative of the broader picture and very commercial."

Head of banking Gideon Moore has extensive experience in leveraged finance and corporate lending transactions. Described as "a class act on the lending side" and as "commercial and logical," he is widely seen as a standout name in the field.

Nick Syson co-heads the leveraged practice and is widely considered a top name for private equity sponsors. Peers respect him as a "very bright lawyer" who is "pragmatic and knows how to get a deal done." He acted for the lenders on the CHF2.2 billion acquisition of Orange Switzerland by Apax Partners-advised funds.

Adam Freeman is praised for his excellent client service and for his flexible and in-depth advice, and for having a "fantastic balance of commercial knowledge and legal guidance." LBOs and restructurings form the backbone of his practice.

Brian Gray covers a broad mix of mandates, with restructuring and leveraged finance files featuring prominently. He was promoted to co-head of leveraged finance as of January 2012.

David Ereira is well regarded for his skills in handling consensual restructurings and leveraged finance transactions for both sponsors and lenders. He assisted PwC as administrators on the Lehman Brothers insolvency.

Philip Spittal's work encompasses a range of mainstream banking instructions, including syndicated lending, acquisition and leveraged finance, and property and development finance for both lenders and borrowers.

Jeremy Stokeld acts on mainstream transactions, including domestic and cross-border syndicated lending, secured and structured financing. Peers describe him as "a very good lawyer" and "a good chap to work with."

Stuart Thomas co-heads the mainstream banking practice and is admired for his strengths in investment grade lending.

Annette Kurdian "cuts to the chase and tell you what the best option is." In conjunction with the Linklaters Milan office, she advised the lenders on the EUR985 million LBO of Gruppo Coin.

Up-and-comer Toby Grimstone is commended as a standout lawyer for his "heavily relationship-oriented" approach.

The Macfarlanes banking practice is well known for its excellent offering in the mid-market space, where it is a prominent player on acquisition and fund finance files. Private equity sponsors constitute a significant part of the workload, and it acts on complex fund transactions. Key clients in this area include Ares Capital and Haymarket Financial. In the traditional lending space it advised UBS on a syndicated loan. Partner attention is one of its key strengths, and sources also appreciate the fact that the team takes "a lot of time upfront to understand the commercial complexities of the deal."

KEY INDIVIDUALS The "excellent" Julian Howard is commended for his expertise in the sponsor area, although his practice covers a wide range of mandates. He recently acted for UBS on a multibillion-dollar syndicate facility.

Bronwen Jones is a "commercial and astute lawyer" and heads the firm's investment fund practice. She advises on a range of issues, especially acquisition finance transactions, investment fund facilities and workouts and restructurings.

Andrew Perkins is praised for his excellent commercial outlook, with sources describing him as "very well considered, very calm and collected as well. The time he spent to understand the commercial drivers was really valuable."

Mayer Brown continues to be a notable presence in both the borrower and lender space, with expertise on cross-border transactions. It covers a broad range of jurisdictions, with Europe and emerging markets featuring prominently. The team excels at asset-based lending mandates, one of the core strengths of the practice. Other key focus areas include project finance and natural resources. The clientele consists of both leading corporates and banks, including names such as JPMorgan, Wells Fargo and GE Capital.

KEY INDIVIDUALS Dominic Griffiths is the first port of call for clients.

This 14-strong team acts primarily on top-tier leveraged finance transactions, and offers clients an exceptionally strong service on cross-border deals. The practice is geared towards handling lender instructions, and it counts leading banks such as Goldman Sachs, JPMorgan, Credit Suisse and Barclays Capital amongst its clients. Mixed bank and bond financings and mezzanine lending are other specialisms of Milbank's. One source describes the team as "able to do the trickiest parts of the deals. It is the firm who you will call for something complicated; it is very sophisticated." Another source adds: "The team is very much on the up at the moment. It covers me as a client extremely well." The team acted on the headline public-to-private acquisition of Autonomy by Hewlett-Packard, where it advised Barclays Capital as sole underwriter on a sum of £5 billion.

KEY INDIVIDUALS Suhrud Mehta leads on the majority of the firm's major transactions, including the huge Hewlett-Packard/Autonomy deal. Sources say his "technical knowledge on senior, mezzanine and intercreditor was perfect, he knew it inside out."

Timothy Peterson joined the team in 2011 and covers mezzanine and borrower-side instructions as well as a range of cross-border deals. An interviewee commented: "His commercial acumen is outstanding."

This 188-strong practice is weighted towards working for lenders on issues such as acquisition finance and restructuring as well as specific areas of expertise such as project finance, asset finance and Islamic finance. Cross-border transactions are a particular specialism, with Africa a key growth market for the team. In this region it acted on several large-scale syndications such as the USD650 million term financing for Etisalat Nigeria. The firm has also recently made strides in the Nordic region, where Thomas Gardfors has been instrumental in advising borrowers. Commentators praise the firm as "absolutely superb, helpful, commercial, a delight and a pleasure to work with," and appreciate that "when something goes wrong they are great at picking things up."

KEY INDIVIDUALS Michael Ings has a depth of expertise in issues relating to telecoms financings and restructurings, and is commended for his experience in cross-border transactions. He recently advised Standard Chartered on two debt facilities provided to Helios Towers Tanzania.

Olswang's growing practice in the banking field has impressed observers with the depth of its sector knowledge and excellent transactional and restructuring departments, especially on real estate-related instructions. The integrated cross-departmental service focuses on delivering "seamless" and partner-led advice. HSBC, Eurohypo, RBS and ED&F Man are some of the significant names in the client portfolio.

KEY INDIVIDUALS Moni Mannings has a strong sector knowledge in property-related investments and development financings. She advises on both domestic and cross-border mandates, and recently acted on a significant transaction related to the London Olympics.

Pinsent Masons has strengthened the banking team considerably, with lateral hires at both partner and associate level. The firm is an increasingly visible player in the investment-grade lending space, as well as covering leveraged and acquisition finance for its banking clientele. Syndicated lending is another important area, where it acted on USD550 million of facilities provided to Spectris. Sources note that the team always provides "the right level of support, and always puts the right resources on transactions," and provides a closely integrated offering across several areas. The client base principally consists of leading UK clearing banks.

KEY INDIVIDUALS According to sources Christopher Tart is "excellent at explaining the legal aspects of clauses and the commercial impacts." 

This highly diversified practice is weighted towards borrowers, covering everything from asset-based lending to ship finance alongside traditional areas such as leveraged and corporate finance. Cross-border instructions are especially key to the practice, with the US and France key destinations. The team's versatile approach earns it praise from clients: "It's incredibly flexible and prompt; it truly is a partner for us." A recent key piece of work was the £300 million refinancing of TelecityGroup. Reed Smith also acts for Bridgepoint Advisers, The Bank of New York Mellon, Calyon and Siemens.

KEY INDIVIDUALS Practice head Phillip Slater is "fantastic to work with" say peers, adding that "he gets things done, and knows how to get answers." His practice focuses on corporate lending and leveraged finance.  

Ropes & Gray's dynamic 18-strong London team acts for a range of capital providers such as private equity sponsors, hedge funds and debt funds. The team's ability to advise on mixed bank and bond financings has seen it capture a growing share of this market, advising on deals such as the EUR3.16 billion acquisition of German cable TV operator KBW by Liberty Global, consisting of a EUR2.25 billion high-yield bond placing and a EUR100 million revolving credit facility. The team "looks at the law as a framework to get to the right commercial deals," clients say, and appreciate that it "thinks through all the potential issues and provides balanced thought on how to solve them."

KEY INDIVIDUALS Maurice Allen is a legendary name in the City, and brings a wealth of both experience and expertise of cross-border transactions and restructurings. He is frequently praised for his communication skills and "the ability to speak in plain language whilst going through the detail."

Co-managing partner Michael Goetz "sees transactions from the top and really directs the flow," observers state. His specialism lies in high-yield bonds and leveraged finance.

Matthew Cox enters the rankings on the back of positive market feedback. Sources say: "He is very quick-witted, and able to think on his feet. Whenever ad hoc queries pop up he can answer them quickly, and with enough gravity that you know that he knows what he is talking about." He focuses on both domestic and international leveraged and acquisition financing and restructuring.

This "extremely committed and intellectually very thorough" eight-partner group has a highly diversified offering that continues to perform strongly in all areas. The team has long-standing relationships with leading private equity sponsors such as TPG and Advent, as well as lenders such as Merrill Lynch and Citi. It is an especially credible operator in the leveraged space but is also highly active in the mixed bank and bond area, recently advising Advent on the £670 million acquisition of The Priory Group. The practice is geared towards complex cross-border instructions, with the USA, France and Germany being traditionally active jurisdictions. On the borrower side it also acted on some big-ticket instructions such as Towergate's £974 million refinancing. The client service comes in for praise from sources: "Very co-ordinated and excellent service from Shearmans."

KEY INDIVIDUALS Anthony Ward is "absolutely exceptional. He is extremely knowledgeable and experienced," an interviewee states. He is widely seen as a leader in leveraged and acquisition finance and restructuring.

Clifford Atkins leads the finance group and specialises in structured finance and restructuring. Clients describe him as "incredibly accessible" and he is commended for his strong client service. He led on the majority of the deals, including advising on the EUR770 million senior bank financing for Advent's acquisition of Oberthur Technologies.

A range of impressed clients note that Caroline Leeds Ruby is "really first-class," "stays cool under pressure" and has an "excellent business acumen." She represented Merrill Lynch as bookrunner and underwriter on the issue of EUR75 million private placement notes by Kerling.

New York and England-qualified Peter Hayes "knows his stuff and he can see through the wood to spot the trees."

This banking practice has undergone a period of significant growth recently, with the team nearly doubling in size. The "flexible and practical" 35-strong department is "cognisant of the challenges" that face its clients, observers say. It focuses on representing banks and investment funds, with names like Allied Irish Banks, Deutsche Bank, Citibank and Nordea on its roster. The team handles many cross-border matters, and has an especially strong niche in acting for Nordic banks on investment-grade and acquisition finance, representing SEB amongst others on transactions ranging from EUR100 million to EUR1 billion.

KEY INDIVIDUALS Philip Abbott is the key contact for this practice area.

This team has an exceptional track record in acting on sophisticated European financing transactions, including senior secured loans, mezzanine debt, bridge loans and high-yield bonds. The client list is nothing short of stellar, featuring leading names such as Apax Partners, The Blackstone Group, KKR and Goldman Sachs. The core of the service revolves around acting for private equity sponsors, with notable mandates such as the USD995 million acquisition of Jack Wolfskin by The Blackstone Group, and advising the joint lead arrangers and bookrunners on the USD1 billion financing of Avis Budget Group's acquisition of Avis Europe. The team is highlighted for being "exceedingly responsive" and for its technical expertise, with peers adding that it "definitely belongs at the top."

KEY INDIVIDUALS Nicholas Shaw is "one of the acknowledged experts in high-yield bond issues," and is both "technically very good" and "great at moving things forward," various sources note.

Stephen Short advises on significant European acquisition finance and other leveraged finance transactions. Clients appreciate his "hands-on" approach and his depth of sector knowledge.

Described by peers as a "fantastic lawyer," Euan Gorrie led the team that represented The Blackstone Group and N+1 Private Equity on the acquisition of Mivisa Envases.

Ian Barratt is widely seen as one of the rising stars in the sponsor area, and receives unanimous praise as a "phenomenally hard worker." One satisfied client describes him as "the best single lawyer in London in this area for his age." He frequently acts for KKR and Apax Partners on leveraged transactions.

SJ Berwin is a leading practice for mid-market leveraged, funds and acquisition finance and restructuring transactions. The ten-partner group has a strong focus on cross-border mandates, especially in Europe, where it recently assisted RREEF Pan-European Infrastructure Fund on its EUR150 million facility from Natixis. The firm also advises on alternative financing structures that involve a high-yield element such as Boparan Holdings' successful, contested £342 million offer for Northern Foods, and the subsequent issue of £740 million in senior notes due 2018. Clients say the level of partner attention is "absolutely fantastic," and that it provides "commercial and practical advice, that is succinct and easily digestible."

KEY INDIVIDUALS Christopher Fanner continues to receive ringing endorsements from the market: "He is top of his subject, really pragmatic and pushes the deal through."

Ian Borman enters the tables this year, having earned praise from market observers who say he "really understands the commercial drivers in any transaction." He is commended for his excellent technical knowledge.  

This team continues to benefit from its close relationships with several private equity sponsors, as well as its strong transatlantic links. Acquisition finance and restructurings remain the key areas of activity, and it has advised on several complex multi-jurisdictional mandates that cover both US and English law. The firm's corporate borrower base is an increasingly important part of the practice, and it recently advised Vitol Group and Helios Investment Partners on the acquisition of most of Shell's African downstream business for £1 billion. Other significant instructions for this "proactive, commercial and engaging" team have come from Doughty Hanson and J.C. Flowers & Co.

KEY INDIVIDUALS Sources say that Clive Wells provides "top-quality advice in a range of financial deals," and that he brings a real focus to transactions. He concentrates on complex UK and international acquisition financings.

Banking group co-head Mark Darley specialises in leveraged finance, restructuring and project finance transactions, and has recently represented J.C. Flowers in the financing of its acquisition of an EUR832 million stake in CEP from PAI partners.

Pete Coulton advised Doughty Hanson on a range of issues including the EUR690 million acquisition financing of the Equity Trust Group, as well as its subsequent merger with TMF Group. His practice covers leveraged finance and restructuring matters.

This corporate powerhouse is on "top of its game" and is a premier destination for borrowers seeking tailored and creative advice on complex multi-jurisdictional acquisitions. The highlight for the team was undoubtedly the well-publicised USD7.5 billion acquisition of Petrohawk by BHP Billiton, where the firm acted for the borrower. Sources have nothing but praise for the dedication and service that Slaughter and May provides in guiding clients through transactions: "The team took the leadership on the legal front on making this facility agreement happen." Other names on the fantastic client list include corporates like AkzoNobel and Telenor.

KEY INDIVIDUALS Philip Snell is recommended for his exceptional understanding of the field, and his ability to provide succinct advice: "He understands the market very well, and understands our position as a borrower of choice." 

The "formidable" Miranda Leung is a go-to name for difficult transactions, with clients noting that she is "extraordinarily good on the complex stuff." She advises on structured finance, acquisitions and general lending.

Robert Byk is rapidly making a name for himself, with interviewees declaring: "He has a fantastic mix of legal and commercial advice" and an "incredible depth of knowledge." He advised ISS on DKK12.3 billion worth of term and revolving credit facilities.

New entry Matthew Tobin is noted for his negotiation skills, excellent business sense and ability to move deals forward. Clients say he is a "great diplomat," with a "comforting atmosphere around him."

Edward Fife made partner in early 2012, and is "someone to watch in the finance space." A source explains: "He is extremely skilled, both professionally and personally. Working with him was a great pleasure."

This 21-strong practice has "great information and background knowledge and is able to advise efficiently and clearly." Clients also say the team has expertise in non-standard financial structures, and is seen positively for the quality of its service and niche strength. Asset finance and receivables purchasing are particularly strong areas of expertise, with a significant inflow of mandates. Cross-border work is focused on the Eurozone and the Far East currently, with deals involving Singapore, France and Italy. Important clients include HSBC, Nordea and Overseas Chinese Banking Corporation.

KEY INDIVIDUALS David Lacey is a key contact.

The team at Taylor Wessing advises lenders on issues ranging from asset and receivables finance to restructuring and Islamic finance. The group is expanding its cross-border offering, with instructions coming in from Europe as well as the Middle East and Asia, especially China. Sources say the team's key strength is its ability to provide "extremely practicable and quite succinct advice." New clients include Deutsche Bank and MetLife and it was also appointed to the Santander and Westpac Banking panels.

KEY INDIVIDUALS Ross Caldwell is a recent addition from Dundas & Wilson. He specialises in acquisition finance, funds finance, property finance and structured finance.

Clients admire Martin Yells's strong negotiation skills, and see him as both tenacious and persuasive when it comes to arguments. He advised Deutsche Postbank on the restructuring of £600 million of loan facilities related to the private takeover of Minerva.

Travers Smith is well known for its exceptionally strong mid-market private equity practice, and it advises sponsors on a range of leveraged and acquisition finance matters. It also advises borrowers, recently assisting Safestore with its GBP425 million refinancing. On the sponsor side it advises an illustrious clientele such as Bridgepoint Capital.

KEY INDIVIDUALS Jeremy Walsh is a "sensible and good sponsor-side lawyer who is there to get deals done," peers say. His practice is concerned with sponsor-led leveraged and acquisition work.

Andrew Gregson is a lawyer with a significant reputation in acquisition finance and corporate workouts. He is recognised as a "well-known name" in the market.

Matthew Ayre is "an incredibly pragmatic" lawyer, who "knows what is important, and what the fall-on-the-sword points are."

This "effective and efficient" private equity powerhouse has had a strong year, with the strengthening of both the private equity and the finance practice. On the finance side it continues to consolidate its position with lateral hires at partner level, greatly adding to the firm's capabilities in leveraged and acquisition finance. The firm's extensive international coverage enables the team to capitalise on both local and US expertise when assisting its high-end private equity clientele. The team recently acted for OMERS on the £317 million acquisition of V Group. Other clients include Cinven, Citi, Oaktree Capital Management and Barclays. Sources highlight the team's "commercial approach" and its "willingness to keep things simple."

KEY INDIVIDUALS Stephen Lucas' addition to the team was one of the highlight moves in the market. He is a "class act" admired for his commerciality, technical skills and instinctive understanding of business requirements. A raft of highly satisfied clients comment: "He is a brilliant lawyer; he understands the technical legal aspects better than anyone." 

Senior associate Tom Richards recently joined the firm from Hogan Lovells. He has impressed clients with an "excellent balance between being a great lawyer but also very personable and commercial."

"A top law firm with a wide global base and a wealth of experience in many fields," is how sources describe White & Case. The group moves up in the rankings on the back of a strong performance on all sides. The high-profile addition of Jacqueline Evans has increased the depth of the bench in the high-end leveraged space. The team is at the forefront offering mixed bank/bond financing expertise, with a particular strength in emerging markets. The firm also capitalises on the strength of its network, with clients highlighting the geographical spread as a key strength.

KEY INDIVIDUALS Jacqueline Evans handles big-ticket LBOs, where she has acted for both borrowers and lenders. Clients say that "she is incredibly thorough; I feel I am in safe hands when she is drafting." Her move from Mayer Brown has "changed the standing of the practice in terms of heavy hitters," peers note.

Bank finance and capital markets group head Magdalene Bayim-Adomako focuses on acquisition finance, structured receivables and trade and commodity finance.

Sources say that Christopher Czarnocki "is obviously a port of call for any financing issues," and appreciate his flexibility in terms of accommodating client expectations.