Allen & Overy remains one of the top choices for banking litigation in London, with an incredible bench and a raft of "fantastic cases." ISDA (International Swaps and Derivatives Association) master agreements are still one of the key specialisms of the team, and it acted for ISDA in its intervention in four appeals that were heard together by the Court of Appeal in December 2011. Other areas where the team excels are structured product litigation, where it frequently represents leading global investment banks. Clients speak happily of the "consistent and pragmatic" service, and the "level of technical excellence that you can take for granted" at Allen & Overy.

KEY INDIVIDUALS Peers see Tim House as "a great god of the industry." He is undoubtedly one of the leading names in the field, and "continues to impress" as one of the "best in the market." He advises on a broad range of issues, including contentious regulatory matters.

Litigation practice managing partner John O'Conor is a "pure banking litigator" who advises on broad range of banking, finance and securities disputes as well as regulatory matters.

Head of financial litigation Calum Burnett is a leading contentious regulatory lawyer with a strong banking litigation practice, where he is also considered a "standout name."

Observers say that Andrew Denny is a "go-to litigation lawyer for complex products which might appear to become problematic." He advised a syndicate of banks in proceedings seeking repayment of approximately USD150 million from an Indian conglomerate.

Peter Watson is seen as an "absolutely superb" practitioner. He advises numerous international banks and financial institutions on the impact of Libyan and Syrian sanctions.

Commentators say Mona Vaswani is "focused and determined," with peers adding that they "wouldn't like to be against her." She acted for an international investment bank in proceedings before the LCIA on currency option contracts entered into with an Indian counterparty who raised allegations of mis-selling and breach of Indian law.

New addition to the rankings Arnondo Chakrabarti is "technically superb, completely unflappable and incisive." His practice encompasses contentious regulatory and fraud issues.

Marc Florent earns plaudits for being "extremely clever and a great strategist," and for his skills in managing complex litigation. He is active in banking litigation as well as insolvency matters.

This magic circle heavyweight is "deservedly one of the big beasts of the City," with a huge "number and depth of impressive litigators." The team acts on some of the most complex and high-profile banking disputes and investigations, with an increase in multi-jurisdictional disputes, especially in areas such as the Middle East, the CIS and CEE. International arbitration forms an increasingly important part of the workload, and here it advises an international bank as the trustee under a bond issue, where it is pursuing London arbitration proceedings and related international court actions against the issuer and guarantors.

KEY INDIVIDUALS Ian Moulding is "the star of the practice" and is admired for both his fantastic technical advice and his commerciality. He represents the trustee arm of HSBC in a USD60 million claim in London against a Ukrainian bank under a guarantee.

Widely respected as one of the leaders of the field, Simon Davis continues to excel in this area, and constantly impresses with his client-oriented service. He continues to assist Standard & Poor's with a wide range of regulatory and litigation issues in the UK and Europe.

Matthew Newick is "incredibly well known and well regarded" by interviewees, who highlight him as an excellent litigator. He recently defended SEB against a large commercial claim of over EUR100 million, brought by a hedge fund.

Roger Best is a highly experienced senior litigator with excellent technical skills. His practice encompasses banking, contentious regulatory and fraud issues. Sources describe him as "a good technical partner" and "really exceptional."

"Standout name" Jeremy Kosky has a broad commercial litigation practice and frequently acts for both domestic and offshore financial institutions and banks.

Global head of litigation and dispute resolution Jeremy Sandelson impresses as "a fantastic operator." 

Kelwin Nicholls is one of the rising stars of the Clifford Chance bench, who specialises in the derivatives field. Sources comment: "He has got great potential," adding that "he has a cool head and is a hard worker."

Helen Carty is another promising up-and-comer, who advises a major international on a range of issues relating to local authority derivatives in Italy. Market observers see her as "one of the stars in the future."

This "universally outstanding" practice continues to perform at the highest level, with an "impressive depth of individuals and knowledge." The team is equally strong across all areas of financial litigation as well as regulatory investigations. Recent focus areas include cross-border derivative swap litigation, where it has picked up a significant amount of work. Highlights for the practice include acting for Deutsche Bank on a USD250 million claim against Sebastian Holdings, and various High Court proceedings where it acted on behalf of leading investment banks. Clients consistently praise the group for being "tremendously user-friendly" and for having client relationship skills that "are second to none in this area."

KEY INDIVIDUALS Sources heap praise on Ian Taylor, saying he is "one of the best in the City," "just superb" and "one of the godfathers of the banking work." One source goes so far as to say "he is the Jonathan Sumption of the solicitors' world."

Clients say that it is "easy and straightforward" to deal with Andrew Hart, who is also known for his work in regulatory matters. Peers place him in the "top bracket" for financial litigation. He successfully advised Bank Julius Baer on a High Court litigation brought by a former client, where all charges were dismissed.

Simon Orton recently defended Barclays, BarCap and Tricorona AB in an EUR82 million High Court proceeding brought by a hedge fund. He is seen as a "hugely impressive" lawyer in this area.

Sarah Parkes led the team that recently won a victory for Credit Suisse in an £80 million claim brought by a former Egyptian private banking client.

This financial litigation department is one of the first ports of call for clients with high-end complex cases. Clients appreciate the fact that the "joined-up, multidisciplinary team" is able "to navigate us through these novel and complex issues." The team also "comes up with the advice and strategy required and it does not let you down." The team's workload consists of a lot of cases generated from the financial crisis, with mis-selling cases and jurisdictional challenges featuring prominently. The group has recently been advising Standard Chartered Bank on its USD165 million claim against the state-owned Ceylon Petroleum Company. Another highlight was the successful defence of BarCap against a EUR100 million claim brought by Cassa di Risparmio della Repubblica di San Marino relating to the structuring and sale of credit-linked notes.

KEY INDIVIDUALS Christa Band moves up the rankings this year in recognition of strong market endorsement and an excellent caseload. Sources say that "she absolutely merits her first-rate reputation," and that "she knows the law inside out whilst being incredibly commercial." Her practice focuses on banking and financial services disputes and regulatory enforcement matters.

Alan Walls is an "experienced, well-known and respected operator" in this area, according to peers. Sources also highlight his in-depth knowledge of the technical aspects: "He knows financial products extremely well."

Peers speak highly of Andrew Hughes, whom they describe as excellent, and add that he continuously manages to impress his clientele, which consists of both investment and retail banks.

Respondents deem James Gardner a "thoughtful and instinctive litigator." His work also incorporates many regulatory aspects and he advises on investigations, audit reports and disciplinary proceedings.

Patrick Robinson has developed a real specialism in litigation concerning complex financial products. Commentators say he "demonstrates a real knowledge and ability in financial instruments." 

Michael Bennett is "particularly client-friendly and responsive," according to satisfied clients. He leads the London litigation and arbitration practice.

In October 2012, Herbert Smith merged with Australian firm Freehills to become Herbert Smith Freehills. This team offers an integrated service combining pure banking litigation, contentious regulatory issues and white-collar crime. The team is often instructed on cases related to mis-selling, as well as cases involving municipalities or CDOs. The group "knows how to litigate. You can wheel Herbert Smith out and everyone will be confident." Cross-border work is becoming an important theme in the practice, with several cases involving German and Italian municipalities, and cases with transatlantic aspects.

KEY INDIVIDUALS Practice head Damien Byrne Hill is "clear, efficient and commercial," making him particularly popular with business clients. He represents Pioneer Freight Futures in its USD24 million claim against Cosco Bulk Carrier under the ISDA master agreement.

Best known for his contentious regulatory and fraud work, Robert Hunter also acts for financial institutions in banking matters.

Observers say Philip Carrington is a "brilliant strategic tactician." His practice incorporates a broad range of commercial litigation including fraud, insolvency and professional negligence.

Simon Clarke has a "tough, intellectually rigorous approach" that is appreciated by his clients. They add that he is "incredibly hard-working, dedicated and thoughtful."

Despite the departure of Graham Huntley, Hogan Lovells remains one of the prime destinations for clients seeking a top-class service. The "consistently strong" firm is especially well known for its strength on retail and wholesale banking, with a satisfied client stating: "The team is just outstanding – it is one of the premier firms in my line of work." Sources from the Bar add: "As counsel you feel pretty privileged to work with the team as it is just so incredibly bright." Work highlights include various Lehman and swaps litigations.

KEY INDIVIDUALS Practice leader Jon Holland is "brilliant and dominant" in this area, and is described as a "legend in the field." His vast experience and technical prowess make him a favourite choice for many City institutions and banks.

Andrea Monks has had a fantastic year, with sources invariably describing her as a "rising star" with a "terrific practice." She is especially popular amongst major domestic and international banks. A client adds: "She is thorough, conscientious, reliable and a delight to work with."

Philip Parish advises on contentious regulatory matters as well as pure banking litigation. He acted for Moscow-based MFK Bank on a USD150 million claim brought by investment fund Spinnaker. 

Louise Lamb provides a "fantastic service," in the view of several interviewees, who also add that she is a specialist on more complex banking issues.

This "extremely commercial" City practice attracts mandates from major domestic and international banks and institutions in banking, regulatory and insolvency proceedings. Derivative swaps, Islamic finance and structured finance litigation continue to be areas where the firm excels. The team is "excellent at getting to grips with the tricky legal issues at stake," and is commended for its "strong level of partner involvement." A work highlight for the practice was acting for CitiCorp Trustee Company in its role as the delegate of the trustee under a sukuk, on its attempt to recover USD650 million owed to Certificate holders.

KEY INDIVIDUALS Sources highlight Paul Morris's technical expertise and his "clear, concise and consistent" approach to matters. Business clients include key financial institutions, who say that he "has the ability to deal with complicated facts and distil them down in a remarkably short time."

Michael Godden is an experienced lawyer with a "good grip on all the legal issues." He advised the joint liquidators of Britannia Bulk on a £22 million claim.

This US-originated litigation firm's stated aim is to act for the buy side against the sell side, acting for smaller actors against big investment banks that develop and sell products. In this area the group "stands head and shoulders above the rest of the firms taking on conflict work." Its clientele consists of leading institutional investors, banks and funds seeking redress. Clients describe the rapidly expanding practice as "impressive, smart and efficient," and "in a different league." It is developing into a City heavyweight on the litigation front, and is expanding its international footprint with offices in Moscow and Germany. The London office has been diversifying its workload, with more cases coming from Russia and the fallout from the Irish banking troubles.

KEY INDIVIDUALS Sue Prevezer is a favourite amongst peers, who say her "ability for dialogue is immensely valuable." She is admired for her excellence in all fields and is a "standout" performer.

London co-managing partner Richard East is "absolutely excellent," and a "banking litigator of note." He is advising Derek Quinlan on a £660 million shareholders' dispute regarding the ownership and control of Coroin Limited.

Robert Hickmott is known for his insolvency litigation expertise, with sources stating that he is "very impressive."

This team continues to act on a significant amount of structured product litigation, frequently related to ISDA-based products. The "large and talented litigation team" is also a leader in the funds area and can draw upon this knowledge for technical support. It is lauded for its "commercial and even-handed approach" and for never "over promising or under delivering." The client roster is predominantly made up of large banks, funds and asset managers, including names such as RBS, Barclays and Falcon Private Bank.

KEY INDIVIDUALS Robert Turner "deserves his reputation" as one of the City's leading lights in this field, with sources calling him "one of the most ferocious litigators" in the market.

Richard Bunce covers work relating to debt capital markets and financial services litigation. Commentators say he is "absolutely excellent in terms of ability."

Senior partner Colin Passmore is widely respected for his extensive experience in litigating for major UK banks. Sources say he is a "very urbane guy" who is "very easy to deal with."

"Excellent" junior partner Caroline Hunter-Yeats has built an impressive track record advising wealth management firms and high net worth investors.

Marc Thorley focuses on the retail banking end, and interviewees praise him as "a strong and commercial-minded lawyer, who is strategic in his thinking."

Insolvency cases and regulatory litigation with cross-border elements are particular strengths of this compact yet "uniformly excellent" team. Slaughter and May continues to act on issues relating to the Icelandic bank collapse, advising both Glitnir Bank and the Financial Services Compensation Scheme (FSCS). Other noteworthy cases include assisting Euroclear in defending a multimillion-euro claim for breach of contract and negligence brought by KfW.

KEY INDIVIDUALS Highly rated Deborah Finkler is "the person you send your big pieces of nasty litigation to" as "she will defend clients to the last dying breath." She has been leading the team's advice to Glitnir.

Respondents recommend Ewan Brown as "the man that banks send their incredibly detailed and complicated pieces of litigation to."

Richard Swallow covers a broad range of issues relating to financial litigation, including banking litigation, insurance and reinsurance disputes.

The London office of this important domestic player continues to impress with its "first-class service" and "detailed and innovative thinking on cases." The firm frequently acts for major UK clearing banks, and counts Barclays amongst its clientele. The workload focuses on everything from claims relating to subrogation rights under guarantees, to regulatory classification of clients, to the Brussels regulations on jurisdiction.

KEY INDIVIDUALS Peers describe Mark Gill as a "savvy street fighter," with a satisfied client stating: "His success rate and service have been first-class." Another adds: "He is incredibly gifted – a walking encyclopaedia."

Slightly more junior is Michael Barnett, who handles matters for a spread of retail and investment banking clients. Sources say he is "a good strategist and an excellent people person."

Ashurst's financial services litigation team continues to act for its impressive list of banking clients on both banking and regulatory matters, both domestically and internationally. Banks say: "The team is extremely understanding of what is required from an in-house perspective." The group continues to advise on matters relating to the Lehman's collapse, as well as acting for other regular clients such as BNP Paribas, Commerzbank and Credit Suisse.

KEY INDIVIDUALS Top-ranked Edward Sparrow is "exceptional," sources assert. He "has years of experience and is totally pragmatic, sensible and commercial." He has recently advised RBS in connection with the FSA's report into the bank's near collapse.

On a more junior level is Ben Tidswell, who is "tough and really solid," according to interviewees. He also handles insolvency and competition disputes.

Thomas Connor made partner in March 2012, and continues to impress as one of the rising stars of Ashurst's bench. Sources say his promotion is "thoroughly deserved."

Bingham McCutchen's practice in this field is especially well known for its creditor work, where it has a leading practice acting for bondholders affected by the financial crisis. The "effective and thorough" ten-lawyer team handles a huge spread of work that takes in investment banking, distressed debt, structured products and cross-border issues. It recently acted for Credit Suisse on its USD1.2 billion claim against Abu Dhabi Commercial Bank relating to a credit default swap.

KEY INDIVIDUALS Clients say that Natasha Harrison is "extraordinarily accessible" and that she has "the ability to step out of the law framework and be commercial." She has recently advised the holders of USD20 billion worth of bonds issues by three insolvent Icelandic banks.

Former Simmons & Simmons managing partner Mark Dawkins joined the firm in September 2011 and brings a vast array of experience to the team. Aside from his strong technical knowledge he is "great at calming the waters and being objective."

Banking litigation is a core focus area for this growing 28-strong team, which has a strong presence in the conflict-free area. The team's caseload consists of a considerable amount of cross-border work, with the transatlantic angle of great importance. Recent work includes advising KfW Bankengruppe on a USD50 million claim against Euroclear. The team "excels at bringing a suit against someone who has behaved unfairly in a contract," clients say.

KEY INDIVIDUALS A peer calls dual-qualified Lista Cannon "intuitively the greatest litigator I have ever seen," who "always finds the right tactical approach." Clients add: "She is someone who understands your business as a business person, which is unique."

Departmental co-head Chris Warren-Smith impresses with his "standout personality and business knowledge," sources say. He is also widely recognised for his regulatory work.  

Mayer Brown's financial litigation team is a "broad strong litigation practice backed up by a firm of global depth." This well-established practice acts for an enviable client list that includes global banks such as UBS, Standard Chartered and Nomura. The team acted for KPMG as joint liquidators of Lehman Brothers Commercial Corporation Asia on the RASCALS litigation. Another work highlight was the representation of National Bank of Australia in a USD30 million claim against the Commercial Bank of Qatar.

KEY INDIVIDUALS Ian McDonald is known for his expertise in insolvency-related cases, as well as banking litigation. He is "able to identify the key points of a case, cut through the detail and communicate this to clients."

The experienced and well-regarded David Allen has "excellent analytical skills combined with a pragmatic and commercial approach."

Up-and-coming associate Susan Rosser impresses interviewees: "She is really quite outstanding. I give her the highest marks."

Observers admire Alistair Graham for his "very responsive" and "very analytical" approach. He recently advised Deutsche Trustee Company on a large CMBS restructuring.

This group has a strong record in handling derivatives-related work, as well as continuing to be active on Lehman-related cases. It has a strong multi-jurisdictional focus to its work, acting on cases in Kazakhstan, Bermuda and the Caymans, amongst other jurisdictions. The 28-lawyer financial services litigation group advised HSBC on one of the headline cases of 2011, against the Al-Gosaibi group, where it successfully secured a judgment for HSBC in excess of USD90 million including interest plus costs on the indemnity basis.

KEY INDIVIDUALS Seen as a "tenacious opponent," Richard Spafford heads up the group. Clients appreciate that "he also takes into account other commercial factors, not just the legal side of things."

David Warne handles matters relating to both insolvency and banking litigation, and is a well-established presence in both.

Charles Hewetson is praised for his excellent client service: "My experience with him would make me very comfortable to call him up with any additional queries or issues."

This team is recognised as a strong player on pure banking litigation as well as contentious regulatory work. It continues to advise on a large amount of derivatives claims, Lehman-related issues and commercial lending disputes, and has recently expanded the number of bank panels it is appointed to. Morgan Stanley, JPMorgan and UniCredit are prominent names on the client roster.

KEY INDIVIDUALS Highlighted as a "superb big-picture lawyer," Craig Pollack also earns praise for his "strategic overview" and his "entrepreneurial flair."

Nicholas Brocklesby's "measured and thoughtful" approach earns him many fans, who commend him for being "very thorough and hard-working."

Sources speak especially highly of Alex Leitch's client-handling skills: "He is very client-driven and straddles litigation and non-litigation."

Despite the loss of Sunil Gadhia, Stephenson Harwood remains a top destination for a diverse range of contentious banking issues. The 13-partner team is also less heavily laden with conflicts, and is a popular referral firm for magic circle and US firms. One of the standout disputes for the firm was the £20 million claim against AHAB, brought by British Arab Commercial Bank, one of the highlight cases of 2011.

KEY INDIVIDUALS A source from the Bar describes leading litigator and practice head John Fordham as "the most doggedly determined instructing solicitor I have ever worked with," and highlights his "incredibly tenacity and fearlessness."

Banking and finance litigation subgroup head Sue Millar is widely respected for her recent work for the British Arab Commercial Bank, where she acted on both the AHAB claim and a claim against the Commercial Bank of Syria.

Well established in the field, Richard Gwynne continues to act on a wide spread of commercial disputes involving both litigation and arbitration.

Commentators say this team is "smart from a tactical and strategic perspective and from a technical and legal perspective." Market sources are quick to identify the fact that the team's caseload consists of "intense, complex and high-value cases." The firm's clientele is a mix of domestic and international banks, as well as sovereigns and corporates, including RBS, the Argentine Republic and Rosneft. One of the highlights for the practice was representing the Argentine Republic in a £284.2 million claim brought by NML Capital relating to the Argentine economic collapse.

KEY INDIVIDUALS Stephen Paget-Brown is a "pre-eminent commercial and banking solicitor," sources say. Clients add: "If I need a straight, honest opinion he will be the man to deliver it."

General commercial litigator Robert Fell acts on a significant amount of banking instructions, and is admired as "first-rate" and as "a fantastic litigator."

Up-and-comer Caroline Edwards is "incredibly smart, hard-working and always there with good strong advice when needed."

Respondents say Andrew King is a "fine litigator, with great instinctive judgement on how issues will play out."

White & Case's commercial litigation group is a "high-quality operation" that acts for a range of major international investment banks and financial institutions. The team handles litigation, prolonged advisory work on disputes matters and litigation advisory work on transactional matters, where its "tactically astute" advice is in high demand. Key cases for the team include acting for Bank of Ireland bondholders, who objected to the restructuring proposed by the Bank of Ireland and the Irish government to recapitalise the Irish banking sector with the client's English law-governed bonds.

KEY INDIVIDUALS Practice head John Reynolds is well regarded for his skills in this area, and comes in for particular praise for his client service abilities. Sources describe him as "hard-working, friendly and easy to work with."

This major international player covers a range of financial disputes arising out of issues such as commercial lending, trade finance, loan notes, derivatives and debt restructurings. Clients highlight the team's ability "to communicate complex legal arguments in terms we can understand" and its "first-rate service." The firm's clientele consists of leading domestic and international banks.

KEY INDIVIDUALS Clients appreciate the fact that they are "able to discuss the pros and cons of any given situation and move forward knowing we made the right decision" with Anthony Poulton, and also single him out as a "great strategist."

Andrew Keltie's practice has a wider remit, incorporating fraud/asset tracing, corporate and banking disputes and trust litigation. He leads both the banking litigation and business crime units. He is described as "a delight" to work with.

This banking litigation team of "impressive specialists" handles a diverse range of claims, with an especially strong practice in advising on large multi-jurisdictional claims with an emerging markets element. It recently acted for HSBC Private Bank in a USD300 million claim brought by two former customers concerning a delay in processing payment instructions. Other prominent clients include Oceanbulk and Eurosail.

KEY INDIVIDUALS Segun Osuntokun leads BLP's Africa group and frequently assists financial institutions doing business in or from sub-Saharan Africa, where he is considered a leader in the field. Peers describe him as a "seriously impressive lawyer with amazing clients."

Entering the rankings is Oliver Glynn Jones, who has made a strong impression on the more junior end. He impresses not only with his strategic vision but also with his wide commercial litigation practice.

With the addition of several top names, this group is now a serious contender in the financial litigation field. In the short space that it has existed it has attracted a considerable amount of high-profile work, such as advising UBS on allegations of mis-selling of financial structures by Italian municipal authorities. Clients laud the 16-strong team for its service-focused approach: "It always make us feel that we are the centre of the attention and the team really cares for the client."

KEY INDIVIDUALS Top-rated Jonathan Kelly provides "keen and insightful, clear, concise and laser-like advice that adds value." He is widely praised for his work in this area, with a peer commenting: "He is of the highest calibre, a bit of a legend in the banking field."

The "brilliant" Sunil Gadhia joined in March 2012 from Stephenson Harwood, in what is considered an "excellent addition" to the practice. He focuses on English and international commercial litigation and arbitration.

The team at CMS continues to advise on cases connected with PPI and interest rate swap mis-selling, as well as insolvency cases. The firm's core clientele comprises domestic banks, with which it has had long-standing relationships. The firm's international coverage also makes it an attractive choice, especially in CEE.

KEY INDIVIDUALS Practice leader Duncan Aldred is a well-known presence in the market, who covers the full range of banking litigation issues including administrations, provisional liquidations, court-appointed receiverships, injunctions and mediations.

This litigation boutique has capitalised on its conflict-free position to attract a significant volume of work in recent times, often attracting referrals from leading firms. The highlight case for the firm is undoubtedly the Highland v RBS case, where it successfully defended several claims brought by RBS against the hedge fund. It is a favourite with clients, who say the team is  "brilliant, absolutely top notch," adding that "the team always sticks out its neck and lets you know where things stand." Sources also highlight the team's "transparency and clarity, the minutiae and detail it goes into. It doesn't leave a stone unturned."

KEY INDIVIDUALS Co-founder Marc Keidan provides "excellent advice and guidance combined with a high level of service," with a wide array of experience of contract claims, banking and finance disputes, partnership and shareholder disputes and civil fraud cases.

Philip Young inspires great faith amongst his clients, who sing his praises: "In his documentation he is excellent, his advice is black and white and we tend to go with everything he says. We have total faith in him."

Sinead O'Callaghan is the rising star of the practice, and has impressed a number of the team's leading clients. Sources say she is "co-operative and understanding."

This firm continues to act for an impressive list of international banks, with names such as BNP Paribas, Deutsche Bank, RBS and SocGen on the list. Like others, the ten-lawyer team is seeing an influx of interest rate swap litigation, and in one such case it defended SocGen against the Region of Tuscany in a derivative mis-selling allegation. Clients appreciate the team's "commercial" and "responsive" approach.

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

KEY INDIVIDUALS Practice leader Richard Caird has "a balanced approach and he understands how things work in-house; he can give us advice that is not purely academic," clients say.

Sam Coulthard is "amazingly good for an associate," according to interviewees. His areas of expertise include structured product disputes and corporate trustee work.

This growing practice is widely admired for its skills on the retail banking side, with clients speaking highly of the firm's ability to advise across jurisdictions. A representative example of this is the assistance provided to Alexander Zanadvorov, in the USD150 million claim brought by a London hedge fund. DLA's offices in Moscow, Frankfurt and London were all involved in the case. The team "looks at the matter as a whole and looks at different ways and can give you suggestions that you might not have seen yourself."

KEY INDIVIDUALS Highly regarded Ioannis Alexopoulos led the team that advised Swiss-based CP Credit Prive on a USD500 million fraud and conspiracy claim. The matter related to the acquisition of shares in a Kyrgyz company.

New addition Jean-Pierre Douglas-Henry joined from Lawrence Graham in late 2011, and has impressed observers as an "excellent litigator, strategic in his thinking with extremely good judgement and vision."

Nick Marsh's practice involves a significant number of disputes from the CIS and CEE, and he has worked for a range of Russian corporations and individuals. Sources say that "he has the most developed client practice in that area."

The financial institutions litigation and regulation team at Jones Day has "an exceptional commercial understanding of the transactional side of things." The focus lies on transatlantic cross-border disputes, and sees it act for leading global banks such as Bank of America Merrill Lynch, Standard Bank and RBS.

KEY INDIVIDUALS New addition Christopher Braithwaite joined from Simmons & Simmons in July 2012. He advises on banking, insurance coverage and contentious regulatory disputes and is "measured, calm and affable."

This major international firm is best known for advising on high-profile cross-border disputes, and is able to offer clients an integrated service across practice areas and offices. Latham & Watkins' clientele consists of various large financial institutions both domestically and in offshore jurisdictions such as the Bahamas, the BVI and the Cayman Islands, the Middle East, and across Europe and the USA. Peers describe the team's approach as "very effective."

KEY INDIVIDUALS Peers see John Hull as "articulate and masterly and the type of person you can have a real debate with – a fine lawyer and a gentleman."

Jumana Rahman continues to impress respondents, with one solicitor saying: "If we could hire her we would; she is great."

RPC maintains its reputation as one of the first ports of call for conflict referral work, and the team has built up an impressive track record in acting against banks for corporates and investors. It handles a range of cases, with derivatives and structured products litigation featuring prominently. It has also recently strengthened the team with lateral hires. Interviewees say the team is absolutely "first-class," "really superb" and "absolutely exceptional," and that it "provides a fantastic service for clients."

KEY INDIVIDUALS Practice head Tom Hibbert is a "perfect City litigation solicitor who really understand clients," according to sources. He is also applauded for his "impressive, pragmatic and innovative" advice.

Simon Hart joined from Reed Smith in May 2012, and he brings a wealth of experience in banking disputes, financial markets litigation and regulatory investigations to the team. He is described as "very approachable" and "pragmatic."

Andrew McGregor is "user-friendly" and sources say he is "really very good with clients."

Clyde & Co's post-merger practice remains a popular choice for banks seeking to defend claims brought by disgruntled investors, as well as corporates seeking redress from banks. Derivatives claims in particular take up a significant share of the workload, where it represents clients such as BarCap, Goldman Sachs and Deutsche Bank. It provides a consistently high level of service, with clients saying: "The standout quality was the level of client care, which was exceptional." 

KEY INDIVIDUALS Banking and funds disputes practice head Paul Friedman is a "sensible and commercial" practitioner who is known for his specialist banking litigation practice.

This new entry in the rankings has a strong presence in the Lehman's area, where it received continued instructions on both existing high-profile cases and a range of new matters from the liquidators of Lehman Brothers Finance. Another key area of activity is structured finance disputes involving CLOs and derivatives, where the team's "pragmatic" and user-friendly advice is highly rated.

KEY INDIVIDUALS Andrew Lafferty is the head of the practice.

This practice retains its excellent reputation in the regulatory, restructuring and structured finance spaces, where it acts for major names such as NAB and the Saad Group. In terms of the clientele it prefers to adopt a "conflict-light" position, and will act for banks and funds as claimants against major banking institutions.

KEY INDIVIDUALS Department head David Breslin is the main contact.

This new addition to the rankings works alongside the finance and hedge funds departments which are a great repository of technical know-how for the contentious side. In terms of cases, the 12-strong team has seen a considerable amount of swaps litigation, with a distinct focus on cross-border issues. A notable highlight was representing WestLB against Nomura Bank in a dispute relating to the net asset value of securities underlying a certificate of deposit issued as part of a credit-linked structure.

KEY INDIVIDUALS Practice head Barry Donnelly handles a range of banking, finance and financial services disputes including complex derivatives and financial products litigation.

Clients highlight Shearman & Sterling's transatlantic capabilities as a particular strong point, thanks to the team's ability to draw upon the firm's strengths in both New York and London. The compact team has advised on a range of cases relating to insolvency as well as regulatory issues.

KEY INDIVIDUALS Josanne Rickard works on a broad spread of cases, with a focus on investigations and banking litigation. Respondents say she is "robust and hard-working."

Stewarts Law "occupies a strong niche" in the market, and focuses its energies on acting as a conflict referral firm. The compact team is especially well-known for its willingness to litigate against major banks, and it frequently advises hedge funds and investors in their claims. A recent highlight was the representation of Euroption in a claim against SEB relating to derivative positions.

KEY INDIVIDUALS Peers on the opposing side describe Sean Upson as a "dogged and determined opponent for his clients." He is also commended for his technical prowess: "He fully understands the case down to the detail."

Clients say this financial disputes team "hits all the buttons" in terms of technical skills, expertise and sector knowledge. It is one of the small group of City practices that takes on conflict work, and it has a strong track record in handling structured products and derivatives litigation.

KEY INDIVIDUALS Department head Shane Gleghorn is a "sensible and practical lawyer" who advises banks, financial institutions and corporates in complex litigation and regulatory disputes.

"User-friendly" Tim Strong provides a measured and responsive service in this field, and earns praise for his "awareness of institutional differences."

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