A&O Shearman is an elite transatlantic firm formed in May 2024 from the merger of Allen & Overy and Shearman & Sterling. The firm advises on high-end banking, capital markets and corporate/M&A mandates, leveraging an integrated UK–US platform. Denise Gibson serves as the firm’s first UK Managing Partner and is supported by standout practitioners including Robin Harvey, Annette Kurdian and Greg Brown.

The firm is recognised as a global market leader in equity and debt capital markets, with one of the deepest and most experienced finance benches in London. The London team is particularly noted for its expertise in IPOs, rights issues and high-yield and investment-grade bond offerings and is consistently at the forefront of innovation. The firm also has Tier 1 capabilities across bank lending, M&A, project finance and development, restructuring and financial services regulatory.

Key clients
3i, Absa Bank, Apollo, Apax, Ares, Aviva, Barclays, Bridgepoint, Brookfield, Canaccord Genuity Group, Central Bank of Cyprus, Citigroup, CVC, Davidson Kempner, Deutsche Bank, Exponent, Goldman Sachs, Goldman Sachs Alternatives, Intuit, Intercontinental Exchange, International Consolidated Airlines Group, JP Morgan, Mubadala, Nomura, PAI Partners, Republic of South Africa, Santander, SwapAgent, Tradeweb Europe, UK Finance, Zopa Bank

Highlights
Led by esteemed practitioner John Kicken and supported by the sponsor-side finance team, A&O Shearman advised Froneri on its USD 5bn debut high-yield bond and incremental loan financing, marking the largest-ever European underwritten dividend recap and the largest-ever single-asset continuation fund transactions in Europe to date. The deal was recognised as “High Yield Deal of the Year” at the IFLR Europe Awards 2026.

The team also won “Equity Deal of the Year” for its role on the Magnum Ice Cream Company Triple Listing; one of the most ambitious and complex equity listings in the market. A&O Shearman is consistently at the forefront of innovation in capital markets and has one of the deepest and most experienced finance benches in London.

The finance team advised a consortium of 15 banks in connection with Verisure’s new financing package supporting Verisure’s recent EUR13.7bn IPO, marking the largest public HoldCo PIK in connection with an IPO in 2025.

The firm also has a market leading financial services regulatory practice, led by Bob Penn, recipient of the Market Reform award at the IFLR Europe Awards 2026. The team advises leading financial institutions on complex regulatory change projects, including CRD VI implementation for global banks, and reforms to the UK bank ring-fencing regime for UK Finance.

Testimonials
“We value the team’s deep expertise in e-money regulation, as well as its strong capabilities in corporate matters and strategic litigation.” – Financial services regulatory

“A&O Shearman stands out for its exceptional responsiveness and availability, combined with a consistently high level of expertise. The team performs particularly well under tight timelines and demonstrates in-depth knowledge across all areas on which we have engaged them.” – Bank lending

“The team features exceptional partners and senior associates with outstanding technical expertise and the ability to resource large teams across multiple transactions simultaneously.” – Bank lending

“Accessibility, speed of response and experience on comparable projects were particularly valuable. The team also excels at explaining complex concepts in clear and accessible terms.” – Bank lending

“We are highly satisfied with the services provided by A&O Shearman and have maintained a strong working relationship with the team for more than a decade. They consistently deliver exceptional work, demonstrating both technical expertise and a deep understanding of our business needs. Beyond specific engagements, they proactively provide valuable guidance on regulatory developments that may affect our business, helping us stay ahead in a complex and evolving environment. Their professionalism, reliability and commitment to client success make them a trusted and valued partner.” – Capital markets

“The team demonstrates great knowledge of our business and corporate structure, combined with a highly approachable and responsive manner.” – Capital markets

“The team, led by Theo Trayhurn, has an excellent understanding of the market, including current trends and future developments. Theo and his colleagues combine strong commercial judgement with a pragmatic, solutions-focused approach across multiple jurisdictions. Theo in particular excels at understanding complex business issues and translating them into practical legal solutions. The team communicates effectively, is exceptionally responsive and demonstrates the highest level of professionalism.” – Capital markets

“The team combines excellent market knowledge, a deep bench of talent, strong commercial acumen and extensive industry expertise.” – Capital markets

“The expertise and quality of client service provided by Odysseas Theofanis and Brad Weyland are particularly impressive.” – Capital markets

“A&O Shearman provides deep experience of the UK market and excels at advising on the complexities of our innovative business model. The team is highly regarded by regulators and is able to engage directly with them on our behalf when required.” – Financial services regulatory

“The team is highly responsive and readily available. Their deep technical knowledge is complemented by a practical approach to applying the law to real-world issues and challenges.” – Financial services regulatory

“The team stands out for its ability to identify practical solutions, provide timely responses and demonstrate strong knowledge of the sector.” – Project finance

“A&O Shearman is a trusted adviser on structured products transactions across Europe. Sally Onions is particularly exceptional, combining deep technical expertise with a highly commercial and practical approach. She is consistently focused on finding solutions and has been involved in many landmark transactions in Greece and across Europe. What sets Sally and the wider team apart is their reliability, ability to identify key legal and commercial issues quickly, and sound judgement in navigating complex situations. Tim Monahan has also delivered excellent results on several transactions. More broadly, the firm has the depth, scale and experience to act as drafting counsel on large and complex transactions involving multiple counterparties and workstreams.” – Structured finance and securitisation

“The team is distinguished by its responsiveness, willingness to take on work at short notice, speed of execution and expertise in significant risk transfer and complex structured finance transactions.” – Structured finance and securitisation

Alston & Bird is a US-headquartered international law firm with a strong reputation for capital markets and finance work. The practice is led by senior partners with deep expertise in structured finance and regulatory matters, regularly acting for banks, funds and corporate issuers. 

Recent highlights include advising Deutsche Bank on the ECAPS 2 claim, securing a settlement in 2024 following earlier High Court and Court of Appeal victories concerning the Lehman Brothers insolvency waterfall. The firm also advised Qredo on its rescue financing and subsequent distressed M&A, and acted on the £370 million UK Logistics 2024-2 CMBS issuance.

Arnold & Porter is a leading international law firm with a highly regarded investment funds and life sciences practice, under the leadership of Simon Firth. The firm advises asset managers, funds and institutional investors on fund formation, regulatory compliance and complex structuring matters, with particular strength in alternative investment funds and UK and EU financial regulation. The team is also widely recognised for its life sciences expertise, acting for major pharmaceutical and biotech clients on high-value M&A and strategic transactions.

Bracewell occupies a unique position in the London market as the only international law firm exclusively focused on the energy and infrastructure sectors. The office has built a standout reputation across oil and gas, power, renewables and energy transition work, acting on some of the market’s most complex and innovative transactions.

The London team is led by senior energy specialists, including partners François Feuillat and Mark Hunting, who advise on high-value M&A, project development, and infrastructure financings. The firm is particularly noted for first-of-a-kind mandates across energy and natural resources, with a strong track record in cross-border transactions and emerging market projects.

Burges Salmon is a UK law firm with a strong national platform and a growing reputation for corporate and private equity work. The firm’s corporate practice is anchored by a deep bench of senior partners, including Andrew Mills, Danny Lee and Malcolm Donald, and is particularly well regarded for its strength in complex, mid-market M&A transactions. The team advises across a broad range of sectors including energy, infrastructure, financial services, healthcare and technology, and clients include major corporates, financial sponsors and institutional investors. 

Cadwalader, Wickersham & Taft is a US law firm with a reputable investment funds practice in London, advising sponsors and asset managers on the structuring, formation and operation of complex investment vehicles. The team includes senior practitioners such as Trent Lindsay and Richard Hanson, who bring deep experience across fund finance and capital markets. The practice is particularly strong in private equity, private credit, real estate and infrastructure funds, with standout expertise in CLOs and other structured credit products. 

Clifford Chance is a Magic Circle law firm headquartered in the UK, with Chinwe Odima-Chapman serving as the Office Managing Partner in London. The firm is distinguished by its depth of eminent practitioners, including Simon Thomas, Adrian Cartwright, Christopher Roe, Jill Concannon, and Spencer Baylin. The team is known for its technical excellence, cross-border capability and ability to deliver innovative solutions across the full spectrum of corporate M&A, finance, capital markets and investment management work. Clifford Chance has a particularly strong reputation across equity and debt capital markets, banking, private equity, funds, restructuring and derivatives, earning top-tier status across these practices and winning International Firm of the Year at the IFLR Europe Awards 2026.

Key clients
3i, Apollo, BentallGreenOak, Blackstone, BNP Paribas, Bridgepoint, Çimko, Citigroup Global Markets, CVC Capital Partners, Czechoslovak Group, Davidson Kempner Research (DRC), DL Invest, EQT, Eroski, Five Arrows, Goldman Sachs, Harbour Energy, IFM Investors, JPMorgan, Legal & General, M&G, Metlen Energy & Metals, Morgan Stanley, NatWest, Octopus Energy Generation, Permira, Rothschild & Co, Savills Investment Management, True Potential.

Highlights
Clifford Chance advised on several high profile capital markets deals including representing CSG on the issuance of $1 billion and €1 billion dual-tranche Senior Secured Notes due 2031, advising the underwriters on the high-profile Princes Group IPO as well as Metlen on its £6 billion London listing; the largest London primary listing of the year.

Clifford Chance also has a market-leading private equity practice. The team led by Spencer Baylin and Bruce Embley, advised Permira on the proposed takeover bid of JTC; among the largest UK take-private deals of 2025.

The restructuring team, led by John MacLennan advised the RCF SteerCo Group on all aspects of Intrum's balance sheet restructuring, one of the most significant in the European financial services sector. The mandate won “Restructuring Deal of the Year” at the IFLR Europe Awards 2026.

In financial services regulatory, the London and Paris teams advised LCH SA in connection with elaboration of the the clearing rules governing DigitalAssetClear, regulatory approvals and the issuance of related legal opinions for France, the Netherlands and UK, creating a new regulatory framework for the clearing of crypto derivatives.

Testimonials
“The firm's expertise is second to none. The team is highly capable and consistently responsive.” – Asset finance

“The firm’s global capabilities and expertise are of the highest quality. Its professionalism and thoughtful approach to legal risk management distinguish it from peers.” – Asset finance

“The team is technically excellent, with impressive depth of knowledge. They respond quickly to difficult questions and provide clear, well-reasoned views.” – Bank lending

“The team demonstrates strong commercial understanding and an appreciation of the wider business context.” – Bank lending

“The team is highly professional, operating seamlessly across multiple jurisdictions including Croatia, Slovenia, Poland, Luxembourg and the UK. They consistently deliver agreed work on time, communicate transparently and support clients in finding practical solutions to disputed issues.” – Bank lending

“The team is proactive, highly engaged and has a deep understanding of our documentation. They identify opportunities for improvement, provide practical advice and demonstrate excellent legal skills.” – Bank lending
“The team combines deep market expertise with a thorough understanding of our organisation, capital structure and business priorities, particularly during periods of significant change. Their extensive resources enable fast and effective execution.” – Bank lending

“The team is very responsive and consistently identifies the key issues while anticipating potential challenges before they arise.” – Capital markets

“I find Clifford Chance to be incredibly reliable and responsive, always ready to answer questions and address concerns in a constructive and friendly manner. Regardless of geography, the firm provides consistently strong representation across a wide range of products and is able to move quickly to execute transactions. The team has an excellent command of high-yield structures, legal documentation and current market terms. They also take the time to understand our business and risk appetite, enabling them to provide tailored and practical advice.” – Capital markets

“The Clifford Chance debt capital markets team comprises highly knowledgeable lawyers with extensive market experience. They are approachable and consistently provide clear, commercial and practical advice. The team is also proactive in sharing know-how and anticipating market trends and regulatory developments relevant to clients. In addition, they offer reliable and competitive pricing across the full spectrum of debt capital markets transactions.” – Capital markets

“I know the team very well but continue to appreciate how clearly they explain issues and find sensible ways to achieve our objectives. Simon Thomas brings considerable expertise which is invaluable on transactions. The team is also genuinely enjoyable to work with and demonstrates a strong commitment to its clients.” – Capital markets

“The team combines great expertise with a strong bench of lawyers. Their advice is considered, pragmatic and commercial, and they are flexible in their approach to fee arrangements.” – Capital markets

“The team stands out for its availability, cross-jurisdictional reach and strong understanding of transaction execution and syndication processes.” – Capital markets

“The firm's expertise is second to none. The team is highly capable and consistently responsive.” – Investment funds

“The team is highly knowledgeable and consistently adopts a solution-oriented approach.” – Financial services regulatory

Cravath, Swaine & Moore is one of the premier New York firms operating in London. The firm is recognised for its lender-side finance practice and has acted on some of the biggest leveraged finance transactions in the European market this year. Its London team is also sought after for complex capital markets mandates, including high yield, SEC-registered offerings and Rule 144A transactions. 

Key clients
Belron, British American Tobacco, European Investment Bank, Ferrari Group, Hammerson, International Workplace Group, Investcorp, Juventus Football Club, Marcura Equities, Marlin Equity Partners, Outbrain, RELX, Shawbrook Bank

Highlights
Cravath has a market-leading lender-side practice strengthened by the arrival of esteemed practitioners Chris Medley and Rohan Saha. The team recently represented the agents, initial purchasers, lenders and arrangers in connection with the extension and upsize of the $1.195 billion revolving credit facility and an amendment of the $1.4 billion and €1.3 billion term loan facilities made available to Aggreko.Cravath also represented the initial purchasers in connection with Aggreko’s concurrent bond refinancing, which comprised the $1.4 billion and €850 million Rule 144A/Reg. S high-yield senior secured notes offering. This deal highlights the team’s seamless transatlantic capabilities.

The debt capital markets team led by Philip J. Boeckman represented the European Investment Bank (“EIB”) in connection with six SEC registered notes offerings totaling $28 billion.The notes were listed on the Luxembourg Stock Exchange.

In equity, Cravath represented Shawbrook Group plc, in connection with its £398 million 144A/Reg. S initial public offering of ordinary shares. The offering was the largest IPO by a UK-based company on the London Stock Exchange since 2021 (excluding SPACs).

Testimonials
“While historically a bonds practice, Cravath have built out their loan capabilities in recent years and are now a go-to firm for both bonds and loans” – Bank lending

“Cravath has one of the most experienced teams in the high yield market” – High yield

“Outstanding lawyers in the team” – High yield

“Cravath have a very strong high yield team and are very active in the market” - High yield

“The Cravath team are capable of handling high-value, complex and sophisticated corporate, capital markets, and financing work” – Capital markets

“George Stephanakis is highly regarded and has unparalleled expertise in bonds” – Capital markets

Founded in 2012, boutique law firm Crefovi is a London- and Paris-based law firm specialising in advising creative and growth-stage businesses on cross-border UK–France matters. The firm is led by founding partner Annabelle Gauberti, who is well regarded for her expertise in corporate, private equity and restructuring work. The team is particularly active in private equity, venture capital and restructuring matters, with notable strength in the entertainment, media, fashion, retail and technology sectors. 

Davis Polk & Wardwell is a leading US law firm with a prominent London presence. The London office is led by Will Pearce, head of the firm’s Europe and M&A practice, alongside Gordon Milne, who joined from A&O Shearman in 2024 to lead private equity, and senior partners Reuven Young and Michael Taufner in high yield capital markets.

The firm is particularly strong in M&A, private equity, equity and debt capital markets, and high-yield finance, regularly advising on complex cross-border public and private transactions. Davis Polk is consistently ranked for ECM and DCM globally, and its London team is recognised for advising on high-profile IPOs, takeovers, leveraged financings and liability management transactions for major corporates, sponsors and investment banks.

Dechert is a global, full-service firm with 900 lawyers globally and 160 lawyers in the London office, which opened in 1972. The firm is particularly noted for its lender-side banking and mid-market finance work, with strong capabilities in private credit. Recent hires from Orrick have added strength to Dechert’s structured finance offering, particularly in CLO work. The firm advised on over 90 CLO deals in 2024 with total deal value exceeding US$39.5 billion. 

Key clients  

Alcentra, Apollo Asset Management, Ares Management Limited, Baring Asset Management, Bank Audi, Bentley System, BlackRock, Blackstone, Estancia Capital Partners, Exiger Limited, Gemcorp Capital Management, GIC, Graham Partners, KKR, Metric Capital Partners, MidEuropa, Warwick Capital Partners 

Highlights 

Dechert’s debt, equity and M&A teams advised Ares Management on the sale of DCS Holdings Group by way of a merger between the Daisy Group and the Wavenet Group. Wavenet is worth over GBP 1 billion after the merger, with Macquarie as the largest individual shareholder. The deal closed in June 2024.     Dechert advised the Kingdom of Bahrain on the issuance of US$1 billion 7.5% Notes due 2036 and US$1 billion Trust Certificates due 2031 under its Global Medium Term Note Programme and Trust Certificates Programme. The joint lead managers for both tranches were Citigroup Global Markets, Emirates NBD Bank, First Abu Dhabi Bank, HSBC Bank, J.P. Morgan Securities, National Bank of Bahrain, and Standard Chartered Bank. 

Dechert advised Barings on the structuring and launch of Barings inaugural Euro Middle Market CLO 2024-1 DAC, a market-first transaction. The CLO, valued at €380 million, was backed by a portfolio of European middle-market senior secured loans and rated by S&P and Fitch. 

Personnel Changes 

In June 2025, Dechert added a four-lawyer team from Orrick, led by Sushila Nayak and James Jirtle to bolster capabilities in CLOs, securitisations and private debt. Nicholas Tomlinson joined as a partner in the corporate department from Gibson Dunn in February 2025. 

Dechert added Linklaters’ high yield and US securities finance partner Colin Chang to its capital markets team.  Partner Anthony Lombardi joined the team from DLA Piper in October 2024.   

Leveraged finance duo Philip Butler and David Miles, who previously co-led Dechert’s global leveraged finance practice departed the firm for Mayer Brown in July 2025. Private equity partner Mark Evans also joined Mayer Brown that month.

Testimonials 

“Dechert are private credit specialists, with an impressive client roster including Ares Management” - Private credit

“Sam Kay is a very capable lawyer specialising in private equity funds work” - Private equity funds

“Dechert have had a strong hedge fund practice for many years” - Hedge funds 

“Dechert is a reputable firm with high-quality lawyers” - Private equity funds 

Fieldfisher is an international law firm with a strong reputation for advising clients in highly regulated and innovative sectors. The team is led by senior practitioners including Emma Dwyer and John Budd, and is distinguished by its market-leading financial services regulatory and capital markets expertise. The firm is particularly strong in derivatives, structured finance, securitisation and complex regulatory matters, with notable expertise in CLOs, securities financing and private credit. 

Headquartered in New York City, Fried Frank established its London office in 1970. The firm now has over 800 lawyers globally.bIn the London market, the firm is best known for its work in private equity and investment funds. The London practice is led by senior partners including James Renahan, Andrew Rearick and Kate Downey.

The firm is particularly well known for high-end sponsor work, advising leading global private equity houses on complex cross-border acquisitions, fund formations and continuation vehicles. The team advises sponsors across buyouts, secondaries and fundraises. 

Gibson, Dunn & Crutcher has built a formidable reputation in the UK market for high-end finance and private equity work, advising many of the world’s most active sponsors, sovereign wealth funds and institutional investors. The London practice is supported by well-seasoned practitioners, including Wim De Vlieger, David Irvine, Presley Warner and Kavita Davis, who have stellar reputations in the market.

The team is particularly strong in private equity buyouts, leveraged and acquisition finance and complex high-value M&A transactions, with deep sector expertise spanning energy, infrastructure, technology and financial services. 

Greenberg Traurig was founded in 1967 and established its London office in 2009. The firm’s London team includes senior figures such as Paul Maher, Fiona Adams and Henrietta Walker, and is widely recognised for its depth in real estate funds, private equity and restructuring work.

The firm is especially noted for its market-leading expertise in real estate fund formation, credit funds and GP-led secondaries, as well as its strength in restructuring and special situations. Greenberg Traurig is also highly active in M&A and complex restructurings, acting for sponsors, lenders and corporates on high-value, multi-jurisdictional mandates across Europe and beyond.

Herbert Smith Freehills Kramer is a leading global law firm headquartered in London. The firm combines deep City roots with an international reach spanning Europe, the US and Asia-Pacific. The UK practice is led by managing partner Ewan McIntyre, supported by a highly regarded senior bench including Malcolm Lombers, John Taylor, David D’Souza and Eleanor Shanks in private equity, and Jenny Stainsby, Clive Cunningham and Hywel Jenkins in financial services regulation. The firm is particularly strong in M&A, private equity and financial services regulatory work, acting for major financial institutions, sponsors and global corporates.

Key clients
AddLife, Ardonagh Group, International Finance Corporation, Pension Insurance Corporation, Petra Diamonds, Waterland Private Equity

Highlights
The finance and restructuring teams advised Petra Diamonds Limited on a comprehensive restructuring of the company's existing debt, including its existing high-yield bonds issued by an English subsidiary and its South African law governed bank facilities. This transaction was recognised as “Impact Deal of the Year” at the IFLR Europe Awards 2026.

Herbert Smith Freehills Kramer has a market-leading project finance team. Led by Matthew Job, Tom Marshall, Tim Healey and Tim Briggs, the firm advised the lenders to the winning consortium led by STRABAG and Equitix for the pathfinder £3 billion Haweswater Aqueduct Resilience Programme (HARP). This was one of the largest project finance infrastructure projects in the UK to close in 2025.

The private equity team acted as longstanding adviser to The Ardonagh Group on its agreement for investment by funds managed by Stone Point Capital (Stone Point). The deal represents the group's largest and most significant fundraise to date.

Testimonials
“The team are consistently expert, professional and always excellent to work with. They are collaborative and highly motivated to facilitate successful transactions for us and our clients, providing clear, practical guidance and technical expertise throughout. The team is very well organised, with highly effective communicators, and is a real pleasure to work with.” – Bank lending

“Excellent. The team understands our business, is extremely knowledgeable and consistently reliable.” – Bank lending

“We always feel in excellent hands with Will Nevin. He is very accessible and becomes involved at exactly the right stage of transactions. The trust he places in his team is clear and well deserved, and together they operate an excellent, highly professional and effective practice.” – Bank lending

“Fast, high-quality work, strong attention to detail from the partner team and deep partner involvement throughout the matter. The advice is practical and commercial, and with HSFK, any deadline can be met without compromising the highest standards of work.” – M&A

“HSFK has a deep bench of experienced partners with significant M&A expertise and specialist sector knowledge, including in areas such as the UK water sector. The firm effectively leverages expertise across multiple practice areas to ensure that questions and issues are dealt with quickly and efficiently.” – M&A

“The team is extremely knowledgeable, understands both the market and our business, and is easy to work with. Their approachable nature contributes to achieving better outcomes.” – M&A

“John Taylor is a top-quality corporate and M&A practitioner, an effective negotiator and a trusted adviser who provides highly practical advice. He is consistently available and able to meet even the most demanding deadlines.” – M&A

“Gavin Williams is exceptional at cutting through complexity to deliver clear, practical and commercial advice on M&A matters. He is a calm and steady presence throughout transactions, helping keep the focus on commercial priorities rather than distractions. He is an excellent lawyer and a trusted adviser.” – M&A

Hogan Lovells is a global, full service law firm, with a particularly strong presence in the UK market. It has a long-established reputation as one of the leading firms for project development and finance, and is well regarded for its financial services regulatory expertise.

The London team, including Malcolm Parry, advises sponsors, governments and financiers across the full project lifecycle, from development and structuring through to financing and delivery. The team regularly advises on first-of-a-kind matters across energy transition, infrastructure, financial markets and regulatory reform.

Hunton Andrews Kurth has a market-leading energy and infrastructure practice with a strong focus on project development and project finance across Europe, the Middle East and Africa. The London team has been significantly strengthened by senior hires including Charles Morrison, Dimitri Papaefstratiou, Ayesha Waheed and Simon Collier.

The firm is widely recognised for its expertise in large-scale power, renewables and infrastructure projects. It advises sponsors, lenders and governments on PPPs, project financings and development mandates, with particular strength in energy transition, renewables and emerging markets. Hunton is well known for delivering first-of-a-kind and award-winning projects.

King & Spalding has over 1300 lawyers across 24 offices globally. The London team is supported by rising leaders including Amin Doulai, Alon Blitz and James Connor, who are recognised for their expertise in lender-side private credit and mid-to-upper-market financings. The firm has built a strong reputation across private credit, leveraged acquisition finance, and high-yield capital markets work, advising many of the world’s leading financial sponsors, banks and asset managers.

 

 

Kirkland & Ellis is an American law firm, founded in Chicago. The firm has offices across North America, Europe, the UK and Asia. In the London market, the firm has an unrivalled reputation in private equity, sponsor-side finance, high-yield, and restructuring. The London office is anchored by senior figures including Cedric van den Borren and Marwa Elborai in high yield and leveraged finance, and Sean Lacey, widely regarded as one of Europe’s leading restructuring lawyers. Kirkland & Ellis is best known for advising sponsors on complex leveraged buyouts, refinancings and sponsor-led restructurings, regularly acting on the most sophisticated and innovative cross-border mandates in the market. 

Latham & Watkins is a global transactional powerhouse and one of the largest US firms in London, forming a core hub of the firm’s international platform. The London finance practice is led by senior figures including Dan Maze (sponsor-side banking) and Brent Cassidy (high yield), supported by a deep bench across leveraged finance, capital markets, restructuring and M&A. The firm is particularly dominant in private equity finance, high yield and complex cross-border restructurings, advising sponsors, banks and credit funds on the market’s most innovative and high-value transactions.

Key clients
Ares Management, Astorg Partners, Azule Energy, Bain Capital, Bank of America, Barclays, BC Partners, Biffa, Blackstone, BNP Paribas, Bridgepoint, Bridgepoint Credit, Carlyle, Citi, Citigroup, CityFibre, Colisée Group, CVC, CVC Credit, DAZN, DeepOcean, Deutsche Bank, DoorDash, Energy Capital Partners, EQT, EQT Group, evoke, Gigaclear, Goldman Sachs, Hellman & Friedman, HPS Investment Partners, IK Investment Partners, Ingenico, Intermediate Capital Group, International Capital Group, Invesco, Ivanhoe Mines, Ithaca Energy, Jersey Telecom, JP Morgan, Kem One, Kingsway Capital, KKR Credit, KKR Credit Advisors, Lloyds Bank, Onex, Park Square Capital, Permira Advisors, Platinum Equity, Schleich, TA Associates, The Carlyle Group, TPG Capital, Tullow Oil, Victoria

Highlights
Latham & Watkins, led by banking & private credit partners, Dan Maze and Hendrik Smit, advised the institutional lenders and arrangers on the senior secured loan and bond financing for Clayton, Dubilier and Rice’s (CD&R) bid to acquire a 50% controlling stake in Opella, the consumer healthcare business of Sanofi. This transaction was recognised as “Private Equity Deal of the Year” at the IFLR Europe Awards 2026.

The sponsor-side banking team advised EQT Group on the financing of its landmark take-private of Fortnox AB, a transaction valued at approximately US$5.5 billion, a deal which stands out as one of the most consequential Nordic technology transactions in recent years and one of the largest take-private transactions of 2025.

Francesco Lione leading the high yield team advised Deutsche Bank as the initial purchasers in SoftBank Group's US$4.2 billion multi-tranche senior notes issuance. The transaction represents the largest high yield offering outside of North America in 2025 to date.

Testimonials
“Excellent expertise on the product as well as on the specificities of the industrial sector relevant to the transaction.” – Banking and finance

“Top-tier expertise, seamless execution, high standards and a strong level of engagement with the business.” – Capital markets

“Hugh O'Sullivan has developed some of the market's leading precedents over recent years and knows the documentation inside out. He can be trusted to deliver top-of-the-market terms while maintaining strong relationships through his friendly, pragmatic and collaborative approach.” – Capital markets

“Alex Despotovic is highly knowledgeable, calm under pressure and consistently responsive.” – Capital markets

“Eyad Latif provides strategic advice, focuses on the issues that matter most and has a strong ability to simplify complex legal concepts.” – Capital markets

“Comprehensive service offering, strong technical expertise and an excellent team.” – M&A

Mayer Brown is a leading international firm with a strong presence in London. The firm is widely recognised for its leading structured finance and securitisation practice. With 40-plus lawyers globally, the firm offers one of the largest derivatives practices of any firm world-wide. The team advises issuers and investors on CLOs, RMBS, CMBS and trade receivables deals. The London team also handles significant mandates in leveraged and acquisition finance, fund finance, and real estate finance, with a growing profile in private credit and direct lending.

Key clients
Banco Santander, Barclays Bank, BNP Paribas, CDPQ, Cheyne Capital, Fédération des caisses Desjardins du Québec (FCDQ), Goldman Sachs International, ISDA, Íslandsbanki, İşbank

Highlights
Peter Pears led on the establishment of a Tokenized Securities Program for the issuance by Société Générale of digital Notes for sale under Rule 144A or 3(a)(2) to investors in the United States. The programme is a ground breaking and innovative platform permitting the issuance of a range of tokenised, digital notes on the issuer native digital platform.

The debt capital markets team also represented İşbank on the issuance of $100 million Floating Rate Digitally Native Notes due 2030 – a first for any bank or corporate in Türkiye. This transaction introduced a new framework for issuing and settling digital bonds in both Türkiye and Europe.

The derivatives team led by global practice head Ed Parker, advised Oaktree Capital Management on its acquisition of credit-linked notes in a landmark significant risk transfer transaction with Deutsche Pfandbriefbank AG (pbb). This matter demonstrates the team’s market-leading expertise in advising investors on complex, cross-border SRT transactions.

Testimonials
“The team combines deep knowledge and expertise with a genuine effort to understand our business. Their advice is practical, pragmatic and tailored to our commercial objectives.” – Financial services regulatory

“The team stands out for its expertise and availability.” – Capital markets

“James Taylor is highly available and brings exceptional expertise to every matter.” – Debt capital markets

“Angeli Sunmonu provides clear, concise and easy-to-understand advice.” – Structured finance

2025
“Mayer Brown are especially proficient in covered bonds and they do a lot of work in Europe, including Türkiye. They are the go-to firm for these deals” – Debt capital markets

“The team have deep technical expertise in CLOs, RMBS and CMBS transactions and are very active in the market” – Debt capital markets

“The team are very technical, commercial and practical” – Debt capital markets

“James Taylor is a very capable lawyer and highly recommended” – Debt capital markets

“Ed Parker is a leading name in the market for derivatives work – Debt capital markets

“Mayer Brown are renowned for their structured finance practice, and are top of the market when it comes to securitisation” – Structured finance

McDermott Will & Emery is a Chicago-founded international firm with a fast-growing London practice that has become a serious player in private equity, finance and funds. The London team is led by managing partner Aymen Mahmoud, supported by senior partners including Fatema Orjela, Jason Zemmel and Sebastien Bonneau, and is particularly strong on sponsor-side private equity, leveraged finance and hedge fund work. The firm is widely recognised for its sector specialisms in healthcare, life sciences and financial services. 

Milbank has been active serving clients in London for over 40 years. The firm has over 140 lawyers across Europe, Asia and Europe and a market leader in leveraged finance, capital markets, project development and project finance. The firm’s London practice is led by Suhrud Mehta (banking), Apostolos Gkoutzinis (high yield) and Matthew Brown and John Dewar (projects). Milbank is especially renowned for sponsor and lender-side leveraged finance, high yield bonds and innovative bank/bond structures, as well as marquee energy and infrastructure projects. The firm regularly advises leading banks, private credit funds and sponsors on Europe’s largest and most sophisticated financings.

Morgan Lewis & Bockius operates in London and has offices across North America, Europe and Asia. The firm has a broad transactional platform spanning banking, private equity, capital markets and restructuring. The London practice is led by Mark Geday (private equity) and Paul Denham (banking), with key partners including Tim Corbett, Tom Wozniak and Iain Wright across M&A and capital markets. The firm is particularly well regarded for leveraged finance, fund finance, private equity and emerging markets work, and has a strong reputation in hedge funds and financial services.

Key clients
Advanz Pharma, Air Street Capital Management, Avenue Capital, Bank of America Merrill Lynch International, BNP Paribas, Capitolis Advisors, Destek Bank, Elevata Ventures, Entrepreneur First, Federated Hermes GPE, Fiba Enerji, Freedom Holdings, Greater Sum Ventures, Hoxton Ventures, Kyrgyz Republic, Lincoln Peak Capital, MSP Sports Capital, Nebius Group, NewDay Cards, Principal Financial Group, Prudential, PSG Equity, Redwheel Asset Management, Replimune Group, Republic of Suriname, Seedcamp Investment Management, uniQure

Highlights
The debt capital markets team is particularly noted for its work on debut bond transactions by emerging markets issuers, including advising Kyrgyz Republic on a $700 million sovereign bond offering, Kyrgyzstan’s first ever international securities offering and representing Republic of Suriname in its $1.575 billion sovereign bond offering.

Morgan Lewis is active in mid-market M&A, representing MSP Sports Capital in relation to the sale of its interest in McLaren Racing to McLaren Group Limited. The team, led by Robert Hutton also advised Searchspring Holdings in its acquisition of Klevu OY; a cross-border, technology-driven deal.

In structured finance, the team led by Theresa Kradjian acted as counsel to Merrill Lynch International, Barclays Bank, Deutsche Bank and HSBC Bank plc on Virgin Money/Clydesdale Bank’s issuance of £300 million Series 2025-1 notes under Clydesdale’s Lanark RMBS master trust programme. This reinforces the firm’s leading role in complex UK RMBS transactions and its strong relationships with top-tier global investment banks.

Testimonials
“The team stands out for its expertise and depth of knowledge.” – Capital markets

“Carter Brod is solution-oriented, punctual and highly commercial in his approach.” – Capital markets

“The team combines strong technical expertise with very responsive service and an unparalleled understanding of our business.” – Investment funds

“The team offers strong professional expertise and excellent service at a reasonable cost.” – Investment funds

“The partners are highly knowledgeable and responsive, while maintaining proactive communication throughout engagements.” – Investment funds

“The MLB team consistently strives to find solutions to potential issues and roadblocks. They are highly responsive and provide clients with confidence that all work is being progressed efficiently and effectively.” – Investment funds

“Simon Currie has excellent knowledge of investment funds and is an exceptionally capable lawyer. In an increasingly specialised market, he is equally comfortable advising on investment management, fund structures and regulatory matters.” – Investment funds

“William Yonge is highly knowledgeable and a go-to expert on fund-related matters. He is fast, reliable and always gets straight to the point.” – Investment funds

“Thoughtful and insightful lawyers with strong judgement, helping us focus on the issues that matter most.” – M&A

Morrison & Foerster is a global law firm with a reputation in technology-driven M&A, capital markets and finance. The London office is led by managing partner Andrew Boyd, with senior figures including Gary Brown, co-chair of the firm’s global M&A group, and Scott Ashton, who leads the firm’s debt capital markets practice. The firm is particularly strong in technology, AI, fintech and life sciences transactions, and is recognised for its expertise in derivatives, private placements and ESG-linked financings. 

Reed Smith is a full-service international firm with offices across the UK, US, Europe, Middle East and Asia. The London practice is led by senior figures including Brendan Gallen (funds), Philip Taylor and Tom Whelan (private equity), Michael Young (M&A), and Chris Borg and Robert Falkner (financial services regulation). The firm is particularly well regarded for complex cross-border private equity transactions, fund formation and finance, and sector-driven M&A, with notable strength in energy, media, financial services and transport. The firm has a broad practice, covering banking, capital markets and regulatory work.

Simpson Thacher & Bartlett is a New York-headquartered elite US firm, with over 10 offices globally and a long-standing presence in London. The firm has a market-leading reputation across private equity, banking and restructuring. The London practice is led by senior figures including Adam Gallagher (restructuring), Ben Spiers (private equity), Nicholas J Shaw and Shahpur Kabraji (leveraged finance). Owing to its integrated UK-US platform, the firm is particularly dominant in sponsor-side leveraged finance, high-end restructurings and complex private equity transactions, acting for many of the world’s largest sponsors and credit funds. 

 

Skadden is a US-based law firm, with 22 offices across the globe. Its London practice is led by senior figures including Lorenzo Corte in M&A, Ben Spiers in private equity, Adam Gallagher in restructuring, and Nicholas J. Shaw and Shahpur Kabraji in leveraged finance.

The firm is particularly strong in premium M&A and sponsor-led transactions, consistently advising on some of the largest and most strategically significant deals in the UK and Europe. Skadden’s private equity practice is among the strongest in the market, acting for leading sponsors such as CVC and Blackstone. Skadden also has a top-tier leveraged finance and capital markets capability, advising across the full capital structure on syndicated loans, private credit, high-yield bonds, bridge facilities and hybrid financings. Its sponsor-side finance practice is particularly strong, supported by deep US and UK law capability.

Founded in 1889 and headquartered in London, Magic Circle law firm Slaughter and May is a market leader in M&A, banking and finance, capital markets and restructuring. Key partners Caroline Phillips, Kevin Howes, Matthew Tobin and Guy O'Keefe, are widely regarded for their expertise across bank lending, debt capital markets and regulatory matters.

The team advises corporate borrowers, financial institutions and sponsors on a broad range of transactions, including investment-grade and leveraged financings, regulatory capital, securitisations and derivatives. Slaughter and May is particularly noted for its work on sophisticated refinancings, liability management and market-shaping DCM transactions, delivering partner-led advice on some of the most technically challenging and significant mandates.

Sullivan & Worcester has operated in London since 2013 and is widely regarded as the market leader in trade and export finance. The firm is particularly renowned for its lender-side work, advising banks, funds, corporates and export credit agencies on complex trade, commodity and export finance transactions. The practice is led by Geoffrey Wynne, alongside Simon Cook, Mark Norris, Sam Fowler-Holmes and Ellis Lawson.

Travers Smith is a leading London firm with standout strength in financial services regulation, derivatives and structured finance, alongside a strong corporate and private equity offering. The firm is particularly recognised for its market-leading derivatives and financial markets practice, led by Jonathan Gilmour, advising banks, asset managers, pension schemes and private capital clients on complex hedging, structured products, repo, securities lending and regulatory matters. The team is highly regarded for its work on EMIR, SFTR, margining, collateral and innovative fund-level derivative structures.

Trinity International is a London-based boutique founded in 2006, and is recognised as a leading specialist in project finance, project development, with particular strength in energy and emerging markets. Led by Paul Biggs, Simon Norris and Kaushik Ray, the firm advises on landmark power, infrastructure and PPP projects across Africa, Asia and Eastern Europe.

Trinity is especially well known for its work in renewables, thermal power, oil & gas, transport, mining and water infrastructure, frequently acting on first-of-their-kind transactions in challenging jurisdictions. The firm combines deep sector expertise with a strong policy and development focus, regularly advising on innovative financing structures and pioneering initiatives supporting sustainable infrastructure development.

Watson Farley & Williams was founded in London in 1982 and has over 500 lawyers in 15 offices. It is a leading sector-focused international firm with deep strength in energy, infrastructure, transport and maritime, supported by a strong corporate and capital markets offering.

Headed in London by Chris Kilburn, the M&A team is particularly active on complex, cross-border transactions in the energy and infrastructure sectors, advising corporates, sponsors and sovereigns on high-value acquisitions, disposals and joint ventures. The firm is highly regarded for its work in renewables, oil & gas, mining, shipping and aviation, regularly acting on landmark transactions such as major offshore wind, mining and transport projects.

Weil Gotshal & Manges is an elite US law firm, headquartered in New York. Its London office has a market-leading reputation across private equity, sponsor-side finance, investment funds, capital markets and restructuring. The firm is particularly renowned for its sponsor finance and leveraged lending practice, led by Tom Richards and Chris McLaughlin, advising top-tier sponsors on the largest and most complex European LBO financings. Weil is also a dominant force in private funds, with a deep bench advising on private equity, credit, infrastructure and real estate funds, including GP-led secondaries and GP stake transactions.

Founded in 1888, Willkie Farr & Gallagher is an international law firm with 13 offices located across six countries. The firm has a broad practice, covering private equity, restructuring, sponsor finance and capital markets. The firm is particularly recognised for its top-tier restructuring practice, led in London by Graham Lane, advising on complex cross-border restructurings, special situations and distressed investments involving sponsors, creditors and issuers. Willkie also has a highly regarded private equity platform, led in Europe by Gavin Gordon, advising leading sponsors on large-cap and mid-market transactions.

In June 2026 Winston & Strawn and Taylor Wessing officially completed their merger to form a new integrated transatlantic partnership named Winston Taylor. The new firm has offices across the US, the UK, Western Europe markets and the United Arab Emirates. 

Winston Taylor has a growing London practice with strengths across private equity, finance and M&A. The firm's borrower-side and lender-side finance practices, with expertise in leveraged finance, structured lending, asset-based facilities and restructurings, is led by the likes of Ian Borman and Aparna Sehgal. The firm also has a strong M&A practice, led by London co-chair Nicholas Usher, and capital markets co-chairs Adam Howard and Paul Amiss. The team advises on cross-border transactions across sectors including financial services, healthcare, technology and infrastructure.

Winston & Strawn's legacy offices were all absorbed into Winston Taylor, however several Taylor Wessing offices were carved out of the merger, most notably in Germany. In France and Netherlands, Winston Taylor and Taylor Wessing co-exist.