Corporate/M&A: High-end Capability: UK

THE FIRM The past year saw Allen & Overy widen its international network of offices into Indonesia, Qatar and Australia, helping the London-based team to become even better placed to support the operations of large multinational organisations. Clients appreciate the firm's overall package of talented individuals, accessibility and strong global outlook. The team's impressive client roster includes the likes of Misys, Vale and the Royal Bank of Canada, which it recently advised on the GBP963 million acquisition of BlueBay Asset Management.

Sources say: "They work hard at building client relationships whether or not a transaction is taking place. The level of service is superb and they always excel in making sure that clients' expectations are met."

KEY INDIVIDUALS In the past year Alan Paul, who specialises in domestic and international M&A, corporate governance and private equity, advised Dana Petroleum on a GBP1.8 billion hostile takeover bid from KNOC.

Jeremy Parr impresses clients with "his excellent legal ability and sensible commercial mind," resulting in "well-balanced, focused and accurate advice." His practice spans corporate and private equity transactions, privatisations and joint ventures.

Mark Wippell represented Thomson Reuters in connection with the proposed acquisition of Complinet Group.

Richard Hough is, according to clients, "an absolute delight to work with." Clients particularly value his commerciality and specialist knowledge of the Takeover Code gained during his secondment to the Takeover Panel.

THE FIRM The Ashurst team is considered by sources to be "an ideal substitute to the magic circle" thanks to a broad, pan-European network of offices. Its reputation for fielding high-quality lawyers is deemed a key reason for its involvement in a number of significant transactions. Recent examples include its advice to uninterruptible power supply providers Chloride Group on the GBP997 million takeover offer from Emerson Electric. The offer followed an earlier GBP723 million approach by Emerson and a separate GBP864 million offer by ABB, both of which also demanded the input of the Ashurst team. It also worked in close conjunction with colleagues in Munich to advise Nordic Capital on its acquisition of Britax.

Sources say: "They are the best in class at client relationship development. Even though we have a large team, they are excellent at keeping in touch with everyone."

KEY INDIVIDUALS Adrian Clark is considered to be "completely at the top of his game." He advised Merrill Lynch in relation to an GBP888 million recommended cash offer for Brit Insurance Holdings.

Stephen Lloyd advised Nordic Capital on the acquisition of Britax from funds advised by The Carlyle Group. He always has "one eye on the commercial outcome of a deal," clients say.

Charlie Geffen is well versed in transactions with a private equity theme. He recently advised on a restructuring exercise by Gala Coral.

Richard Gubbins acted for Laird, the global electronics and technology company, in its acquisition of Cattron Group International. He “understands global best practices” and offers “good ethics and a sense of discipline.”

Nicholas Holmes, who specialises in M&A, equity offerings and equity derivative work, recently assisted Nomura International, Morgan Stanley and SEB Enskilda on their role in the Kingdom of Sweden's sale of 255 million shares in Nordea.

THE FIRM With a growing cross-border presence, BLP's corporate team regularly works on deals with an international flavour. It recently advised on the purchase of a majority stake in a shopping centre in France as well as a share of an oil and gas company in Australia. Its client base is composed of organisations from a cross-section of industries and the firm continues to make strides in representing high-end, publicly listed companies.

Sources say: "It impresses with its professional and timely service, as well as its exceptional responsiveness."

KEY INDIVIDUALS M&A and corporate finance expert John Bennett acts for such clients as Tesco, Balfour Beatty and Legal & General. In the past year he advised BGC International in the business and asset acquisition of Mint Partners and Mint Equities from administrators.

David Collins looks after a number of corporate and institutional clients including PlayTech, AsianLogic, PartyGaming and CleanEnergy Brazil.

Keith Stella has a "first-class mind for providing creative and commercial solutions." He has vast experience in the hotel sector and advises Carlson, East India Hotels and Searcy. He is also a key contact in London for BLP's Russian-facing work.

THE FIRM The firm continues to represent public and private corporations, private equity houses and financial institutions engaged in a variety of recommended and hostile deals involving proposed M&A and joint ventures. Clients include BHP Billiton, ArcelorMittal and American Express.

Sources say: "This firm is synonymous with expertise, knowledge and reliability." "I was thrilled to work with the firm and am looking forward to working with them again should the opportunity arise."

KEY INDIVIDUALS Simon Jay is described as "an impressively commercially driven lawyer." In the past year, Jay has provided M&A advice to TPG on the acquisition of fashion retailer Republic and led the London team that advised Google on an offer for Swedish company Global IP Solutions.

THE FIRM Clients recommend this magic circle firm for the strength and depth of the team and its ability to handle a variety of leading corporate matters. Recent mandates include advising the Energy International division of EDF on a GBP17 billion combination with GDF SUEZ's Energy International division. It also represented Man Group on the GBP1.1 billion purchase of fellow hedge fund GLG Partners. Its impressive client roster also includes Deutsche Telekom, Kraft, Warburg Pincus and Goldman Sachs.

Sources say: "We value their advice a great deal because it is pragmatically commercial and always tailored to us and our circumstances." "The team is composed of quality partners and associates that are willing to invest in client relationships and able to tell you how to find solutions to problems."

KEY INDIVIDUALS Timothy Lewis is singled out for "providing sensible solutions." He recently advised Norbert Dentressangle on the GBP196 million purchase of transport group TDG from DouglasBay Capital.

David Pearson is described by clients as "a great all-rounder who understands his clients' needs." He advises on corporate finance, takeovers and private equity. Highlights include advising one of the joint owners of SAV Credit on the disposal of the business to Värde Partners.

David Pudge specialises in domestic and international M&A deals and has expert knowledge of public takeover offers. His clients include Man Group and International Power, which Pudge advised on the headline GBP17.1 billion investment by GDF SUEZ.

Steven Fox recently joined the firm from Ashurst and is singled out as "absolutely terrific for funds-related work."

THE FIRM CMS climbs the rankings thanks to positive reviews from appreciative sources. The corporate team continues to win instructions to advise on major transactions in the transport, energy and life sciences sectors. Standout highlights include advising MetLife on its USD16.2 billion acquisition of American Life Insurance, which involved co-ordinating advice from the firm's offices in Bulgaria, the Czech Republic, Hungary, Romania, Serbia, Slovakia and Ukraine. Other clients include BP, Scottish & Southern Electricity, Simple Health & Beauty and the Department for Transport.

Sources say: “The firm is very focused on providing excellent customer service and advice that is both responsive and practical."

KEY INDIVIDUALS Clients appreciate that Louise Wallace is able to "step into their shoes and look at matters from their perspective." The highlight of her work in 2010 was advising Camelot in connection with its GBP389 million sale to the Ontario Teachers’ Pension Plan.

THE FIRM DLA Piper has earned recognition for its skill in handling both mid-market and high-end transactions. Practitioners recently acted for Santander in the EUR3.1 billion acquisition of a majority stake in Bank Zachodni WBK and acting on the GBP955 million sale of Pets at Home to US-based private equity house KKR.

Sources say: "They have made great progress in ensuring a better understanding of our business." "It takes a proactive approach and provides high-quality advice on multi-jurisdictional matters."

KEY INDIVIDUALS Clients value Charles Severs for his high level of professionalism and responsiveness. He recently advised shareholders of Sophos on the USD830 million sale of a majority stake in the company to Apax Partners.

THE FIRM The group provides corporate advice to both domestic and foreign-headquartered companies, private equity houses and financial institutions. Recent highlights include acting on the takeover of Castle Support Services by Swiss-listed Sulzer Holdings. Clients are impressed by this team's offering of "a quality level of service without the magic circle price tag."

Sources say: "The team is always more than willing to help, and partner time is never a problem."

KEY INDIVIDUALS Mark Spinner heads the practice.

THE FIRM Clients have no hesitation in describing Freshfields as a premier corporate practice. The firm has a reputation for working on some of the most significant deals in the market. Standout deals last year included advising Zhejiang Geely Holding Group on its acquisition of Volvo Cars and representing HSBC Rail UK in the restructuring and refinancing of its rail leasing business. Other clients include JPMorgan, BP and CVC Capital Partners.

Sources say: "They think far ahead, anticipate what we will need to do next and are always a step ahead of the game." "They are pragmatic and creative when it comes to finding alternative solutions, take a risk-based approach and, most importantly, really understand the organisational context and the sector in which we operate."

KEY INDIVIDUALS Mark Rawlinson is described as "an incredibly accomplished lawyer with an outstanding ability to communicate clearly." He is also hailed for his leadership skills. "He makes sure his team stays focused even when under enormous pressure," clients say.

Edward Braham was recently appointed as the firm's worldwide head of corporate. He advises on a variety of corporate transactions, including private equity and infrastructure-led deals. The past year saw him represent the management of Mey Içki on the acquisition of the company by Diageo.

Will Lawes is praised for his "vast knowledge" of the financial services sector and "an ability to make clients feel as if he acts for them alone." Clients single out Lawes and Rawlinson as their "dream team" for any big transaction in the UK as they are "well placed to outsmart anybody on the other side."

Barry O'Brien continues to advise some of the firm's most reputable clients on matters including M&A, corporate governance and securities offerings. He recently represented Deutsche Bahn in a proposed cash offer for Arriva.

Julian Long focuses on private and public M&A and has expertise of the healthcare sector. He recently provided advice to BP on legal, regulatory and disclosure matters in respect of the USD7 billion disposal of assets to Apache.

Claire Wills advises on M&A, joint ventures and restructurings. Last year she represented Vallar on the USD3 billion cash and shares purchase of Indonesia’s two largest coal mining companies.

Laurie McFadden also represents both private and publicly held companies, and recently acted for Vue Entertainment on the company's GBP450 million sale to Doughty Hanson.

THE FIRM This team continues to win high-profile instructions from existing clients, as well as significant panel appointments to advise such names as Lloyds TSB, BAA, Standard Chartered Bank and, on a global scale, BNP Paribas. Major highlights include acting on Arriva's GBP1.585 billion recommended takeover by Deutsche Bahn.

Sources say: "They are commercial tigers. They have great general business acumen and know how to structure complicated deals." "It provides excellent advice that is worth every penny."

KEY INDIVIDUALS James Palmer is "a great source of answers to any question" regarding corporate law. He comes "strongly recommended for devising creative solutions to tricky boardroom situations."

Malcolm Lombers specialises in cross-border M&A transactions. He recently acted for Resolution in relation to the GBP165 million acquisition of the shares and business of Bupa Health Assurance.

David Paterson has vast experience advising numerous FTSE and major multinational companies on governance and regulatory matters.

THE FIRM The transatlantic merger that generated the Hogan Lovells behemoth is felt to have strengthened its overall international corporate offering. According to research, this combination has helped to win such new clients as News Corporation and Ford. Highlights include advising Ford on the USD1.8 billion divestment of Sweden-based Volvo Cars. Sources commend the firm for possessing great depth and breadth, complementing its expertise and ability to devote impressive resources to servicing the needs of clients.

Sources say: "The team displays constant good humour and pragmatism, a quality I have found hard to find elsewhere." "We are impressed by the quality of their work and the diligence with which they approach each task."

KEY INDIVIDUALS Steven Bryan provides advice on a variety of corporate matters, with an emphasis on deals in the energy sector. He recently acted for both Industry Funds Management and Elia Consortium in the joint acquisition of a German electricity transmission operator.

Andrew Pearson specialises in corporate transactions for clients in the consumer and media sectors, and can also advise on LSE listings.

THE FIRM Backed by the resources of the firm's US and European networks, the London office of this firm provides a full service across the gamut of corporate law. Members of the team advise the likes of Connaught, ENRC, Goldman Sachs and London & Stamford.

Sources say: "The team has a good commercial approach, is extremely responsive and is always willing to also help out on smaller matters at a reduced price." "It amply deserves its excellent reputation for providing seamless and high-quality commercial advice."

KEY INDIVIDUALS Giles Elliott advised on the acquisition of the share capital of Radial Distribution for GBP208.5 million from Warner Estates Joint Ventures and Uberior Ventures.

John Phillips recently advised Procter & Gamble on the acquisition of Sara Lee’s global air care business, a deal that involved assets located in 30 jurisdictions.

THE FIRM This team recently advised Vedanta Resources on the USD10 billion acquisition of a majority stake in Cairn India. Other highlights serve to underline the international credentials of the firm, such as its role advising Onex Partners and Canada Pension Plan Investment Board on the GBP2.89 billion acquisition of Tomkins. It also acted for Adobe Systems in its CHF255 million acquisition of Swiss management and software provider Day Software Holding.

Sources say: "The group is enthusiastic and professional at all times, willing to handle negotiations but also knowing when to back off." "A team of high-calibre lawyers who can handle complex situations with a great sense of humour."

KEY INDIVIDUALS Graeme Sloan is the head of the team at a global level.

THE FIRM Linklaters is considered a go-to firm for high-profile deals. The team advised on GDF SUEZ’s EUR20.2 billion reverse takeover of International Power, which involved co-ordinating closely with its Paris and Brussels offices. It was also instructed in the USD23 billion Comstar-Monet 2 merger, which is the largest ever to take place in Russia, and acted for RBS in the ABN AMRO demerger and subsequent restructuring of RFS Holdings. Other clients include BP and Rio Tinto, and sources are in awe of the availability of the team.

Sources say: "A first-rate team that makes incredibly complex issues understandable quickly and efficiently without the fuss." "They analysed the matter, effectively identified the commercial points and developed a strategy on how to argue them." "The group always goes the extra mile and will bend over backwards to achieve clients' objectives."

KEY INDIVIDUALS Clients and peers describe Matthew Middleditch as "a real old-school lawyer who is clever, has great client skills and is very charming to deal with." He was one of the lead partners on the GDF SUEZ deal mentioned above.

Richard Godden continues to advise a wide range of corporate clients, professional services organisations, investment banks and other institutions.

Jeremy Parr earns kudos for "his ability to gain people's trust, even at a very senior level, and influence them."

Another very highly reputed lawyer, Charles Jacobs recently assisted ArcelorMittal in its EUR3.24 billion public demerger and spin-off of its stainless steel businesses into a company called Aperam, and the subsequent listings of Aperam on the Luxembourg stock exchange, Euronext Amsterdam and Euronext Paris.

Mark Stamp advises on domestic and international capital raising, M&A and other general corporate and corporate finance work.

Owen Clay worked on Britvic's EUR237 million acquisition of Fruité Entreprises.

With over 30 years of experience, senior partner David Cheyne commands the respect of the market. He continues to provide assistance on M&A work, joint ventures and flotations.

Since publication, Mark Stamp has joined Milbank, Tweed, Hadley & McCloy LLP

THE FIRM A mid-market powerhouse, Macfarlanes generates positive reviews for its extremely able practitioners' tackling of high-quality corporate matters. Recently the team has acted for a number of high net worth individuals on corporate matters. Highlights include representing Nathan Kirsch and his KiFin company over a hostile voluntary offer for Minerva. It has also been active in the sports sector, where it represented Manor Holdco on the sale of its controlling interest to Russian supercar manufacturer Marussia Motors.

Sources say: "I need lawyers who come up with commercial solutions. Macfarlanes did exactly that - they got to the heart of the problem and got it right the first time."

KEY INDIVIDUALS Clients turn to Charles Martin for his "great judgement and creative solutions," particularly when it comes to structuring complex private equity deals. He was involved in Dutch-incorporated company Brit Insurance Holdings' USD1.3 billion recommended cash offer by Apollo Management VII and CVC Capital Partners.

Kevin Tuffnell has a "depth of experience on wide-ranging commercial issues." He recently provided corporate advice to Four Seasons Health Care on the restructuring of GBP800 million of debt.

THE FIRM Clients are impressed by the "professional but informal culture of co-operation" within Mayer Brown that "saves time and avoids mistakes." The depth and breadth of the team is also seen as a real plus. The practice acted for Cadbury, De La Rue, Fujitsu, Thales and Royal Mail in relation to the GBP389 million sale of Camelot Group to Ontario Teachers’ Pension Plan. Other clients include Thomson Reuters, Unilever and Vue Entertainment Holdings.

Sources say: "They focus on matters that are critical to the deal rather than wasting time and clients’ money on technical niceties."

KEY INDIVIDUALS According to feedback, William Charnley "is business-savvy, technically strong and knows how to apply it."

Since publication, William Charnley has joined King & Spalding International LLP

THE FIRM Feedback gives Norton Rose a solid rating for dealing with matters at the high end of the market. The team provided assistance in a series of high-profile transactions, including ongoing guidance on the GBP10 billion merger of Orange and T-Mobile, the merger between British Airways and Iberia and the GBP2.75 billion sale of AXA’s UK life assurance business to Resolution. Clients appreciate that the firm has a strong practice in a number of specific sectors, including banking and shipping.

Sources say: "Norton Rose makes a genuine attempt at getting to know your business and is very pragmatic in its recommendations."

KEY INDIVIDUALS Researchers are told that Chris Pearson impresses in an understated manner. He is "commercial and firm, but equally non-point-scoring," clients say.

Robin Brooks acts for a prestigious list of clients, including BMW, Corus and Netcare. He advised the latter on the GBP2.2 billion consortium acquisition of General Healthcare Group.

THE FIRM The firm continues to provide corporate advice to standout names in the media sector including M&C Saatchi, Warner Music, Warner Bros. Home Entertainment and Universal Music. It acted for RDF Media Group on its acquisition by Paris-based company Zodiak Entertainment. The team also wins instructions in the healthcare, retail and leisure sectors.

Sources say: "Down to earth, very responsive and hard-working."

KEY INDIVIDUALS Simon Morgan specialises in providing advice to the media, professional services and financial services sectors. He recently represented BBC Worldwide in the GBP97 million sale of a 50% stake in the Animal Planet channel to Discovery.

THE FIRM This corporate practice remains highly active across its key sector core, which includes advising clients in the financial services, technology, life sciences and energy and infrastructure industries. Representing Telefónica on the GBP158.8 million sale of Manx Telecom was a key recent mandate. New client wins include Morgan Stanley, Cheung Kong Infrastructure Holdings and NBC Universal.

KEY INDIVIDUALS Edward Baker is praised for "consistently delivering good advice over a number of years." His clients include Morgan Stanley, Ernst & Young and several hedge funds.

THE FIRM The firm's offering remains an ideal choice for both high-end and mid-market deals. The London team has participated in a number of cross-border transactions including the closing of Amcor’s USD2 billion acquisition of Rio Tinto Alcan packaging businesses. It is also very active on acquisitions and disposals in the corporate real estate sector, where it advises such clients as The Crown Estate, Westfield Group and British Land.

Sources say: "With their ability to think outside the box and push each deal forward, we regard this firm as a real alternative to the magic circle."

KEY INDIVIDUALS Michael Goldberg is singled out for "his sensible and pragmatic approach." His client roster includes Delancey, Colliers CRE, Wichford, Heron and Brockton Capital.

THE FIRM Skadden climbs the rankings in recognition of its strong focus on high-value, cross-border corporate transactions. The team is particularly known for completing deals in the telecoms, media and technology sectors. Recent highlights include acting for the board of Portugal Telecom SGPS in a EUR7.5 billion bid by Telefónica for the client's 50% stake in Vivo Participações. Clients underline the practice's understanding of their business needs as a real boon.

Sources say: "Their commerciality is spot-on - they would even raise issues that we had overlooked." "Their client service is absolutely brilliant. They know that small things make a difference, down to making sure we all had cabs to take us home after a day of negotiations."

KEY INDIVIDUALS "A man of incredible intellect and amazing energy," Michael Hatchard advised News Corporation on its aborted USD11.5 billion proposed acquisition of the remaining shares of BSkyB.

Described as "one of the most effective, thoughtful and best-connected legal professionals in this field," Scott Simpson is highly regarded for "his ability to combine a thorough command of the facts, legal frameworks and a sense of creativity" to "deliver solutions where others would find only problems."

THE FIRM The team continues to win starring roles in the biggest corporate deals across all sectors. Recent highlights include advising British Airways on its merger with Iberia, a move that created one of the world’s largest airlines. It also acted for Greencore in its proposed merger with Northern Foods, which is the first instance of the Cross Border Merger Directive being used for a merger under the UK City Code on Takeovers and Mergers. Its enviable client roster includes Cadbury, Santander and Prudential.

Sources say: "To describe them as first-rate is to undervalue them - they are really that good." "They can identify an issue and propose a solution before it becomes a problem. I am yet to see anything they can't find a commercial solution to." "The practice is head and shoulders above the competition for faultless client service, in-depth market knowledge and providing a team with incredible intellect."

KEY INDIVIDUALS Feedback confirms that Nigel Boardman has a near unparalleled reputation in the City as "a real high-end corporate player who brings confidence and experience to the table."

Team leader Stephen Cooke, meanwhile, is "knowledgeable, down to earth and able to explain the Takeover Code to anyone."

Frances Murphy represents large corporates and investment banks in high-profile transactions. Her highlights include advising Santander on its agreement to acquire parts of the RBS group.

Charles Randell is considered to be "a fantastic adviser" when it comes to matters involving public sector and energy-related matters.

William Underhill is appreciated by clients for "the clarity of his advice, as well as the creative and commercial solutions he comes up with in tricky situations."

Jeffrey Twentyman is regarded as "easy to deal with and highly commercial." He advises both corporate institutions and private equity clients on a range of matters from acquisitions and disposals to joint ventures, mergers and public investments.

Andy Ryde is lauded as "an absolutely outstanding, incredibly responsive and brilliant technical lawyer."

David Johnson is deemed a "great technician" and has extensive experience in both public and private M&A transactions and equity financing.

Christopher Saul is described as "terrific with clients" and specialises in corporate finance, private equity and securities transactions.

Gary Eaborn is considered to be "very creative in finding solutions," especially in relation to M&A transactions, takeovers and corporate finance.

Robert Stern advises a broad spectrum of clients, from larger listed and unlisted companies to investment banks and smaller organisations.

THE FIRM This expanding team continues to gain popularity as a mid-market M&A adviser. In the past year the team advised several well-established clients including businessman Alexandre Gaydamak, who practitioners represented in connection with the sale of Portsmouth FC. The team also represented Highland Spring Water in the purchase of a water business from Greencore.

Sources say: "Their availability and liaising over billing have been first-class." "They are extremely good at finding what the commercial objective is."

KEY INDIVIDUALS James Robertson heads the team.

THE FIRM This corporate team has been involved in a number of high-profile deals including advice to a consortium of leading investment banks on the merger of trading platform Turquoise with the LSE. It also successfully represented Blacks Leisure against a hostile takeover approach from Sports Direct, and advised Peel Group on its partial divestment of a stake in Liverpool John Lennon Airport and equity investment in the Trafford Centre in Manchester. In addition, it has been instructed in M&A deals and joint ventures involving numerous European jurisdictions such as Finland, Switzerland and Turkey.

Sources say: "On average the guys at Travers are highly commercial and this is how they differ from their peers. They are able to advise on how to deal with issues, find solutions to those issues and look at risks."

KEY INDIVIDUALS Spencer Summerfield is "fun to work with," "bright" and offers "a good mix of commercial and legal understanding," clients comment. Others say: "His negotiating skills are some of the best we've seen."

Chris Hale is praised for his significant experience in mid-market buyouts. Clients also value the fact that he helps them with "making business introductions and unlocking opportunities."

Interviewees recognise that Andrew Gillen is "unflappable even whilst under fire from the other side" and his advice is "sound, timely and clearly communicated."

Richard Spedding represented Intec Telecom Systems on its GBP236.7 million takeover by CSG Systems International.

THE FIRM The firm is a strong performer when it comes to big global transactions. Sources are impressed by the high level of advice provided by partners as well as its strong team of associates. The team's recent highlights include advising Home Delivery Network on the acquisition of DHL Domestic from Deutsche Post. Other clients include GE Capital, Advent International and Associated British Food.

Sources say: "The team really makes an effort to respond quickly to any queries."

KEY INDIVIDUALS Michael Francies is deemed "a bright, commercially minded lawyer who understands the issues facing his clients very well." His client following includes Avista Capital Partners and Lion Capital.

Peter King recently advised on the combination of Swett & Crawford and Cooper Gay. His other highlights include advising on the privatisation of Tauron Polska Energia and a flotation of Polish insurance giant PZU on the Warsaw stock exchange.

THE FIRM The vast majority of the transactions completed by this firm's London office have an international flavour to them. Practitioners can tap into the firm's US expertise and the White & Case name is highly regarded among clients in the financial services sector. The team has an impressive track record for handling corporate deals in the energy sector, where it continues to attract such names as Petrosaudi, TNK BP and Afren.

Sources say: "It concentrates on the commercial aspects of a transaction, rather than losing itself in theoretical concepts."

KEY INDIVIDUALS Ashley Ballard leads the team.