Capital Markets: Structured Finance, Securitisation & Derivatives: London

Allen & Overy "stands in a different league" in this space, according to market sources. This talented team has been at the forefront of major developments on the derivatives side, representing the International Swaps and Derivatives Association (ISDA) in a Court of Appeal case challenging its Master Agreement and the key derivatives principles it enshrines. Its lawyers also act on behalf of the ISDA credit derivatives determination committee, and have advised extensively on Eurozone economic uncertainty surrounding Greece. In securitisation matters, the team has been highly visible in the covered bonds area, acting as counsel to four major Australian banks on sweeping regulatory changes. Deutsche Bank, RBS and UBS have also engaged the team to act on Northern Rock's first public securitisation since the economic crash. The firm has been able to attract mandates from some of the most significant players in the market through a valuable combination of global networks, technical knowledge across a range of asset classes and being "very proactive about client management," according to impressed interviewees.      

KEY INDIVIDUALS Global head of international capital markets David Krischer acted on the Northern Rock public securitisation, and has a wealth of capital markets experience, having advised upon some of the most significant CMBS and RMBS transactions across Europe in recent years.

Market sources reserve some of their most enthusiastic praise for derivatives expert and head of practice David Benton, who has had "a wonderful year," according to interviewees. He has been "a stabilising influence" and "incredibly impressive," leading the team representing ISDA against challenges to its Master Agreement and advising on credit derivatives issues in general. He excels at guiding clients through "contentious and difficult decisions."  

Angela Clist has substantial experience in the covered bonds area and has acted for numerous high-profile banking clients.

Derivatives expert Edward Murray remains a key figure in the team acting on behalf of ISDA, and currently represents the organisation in the UK Treasury's banking liaison panel. He is described by sources as a "top lawyer" in this sphere.

Global head of securitisation Salim Nathoo recently advised three financial institutions as arrangers and lead managers on a buy-to-let RMBS originated by Paragon, representing the first transaction of its kind since the economic crash. 

Richard Tredgett has a solid reputation in the market, with one observer noting that "people rate him highly." Of late he has been advising extensively on the hedging of covered bond issues and securitisations.

Franz Ranero is acknowledged by sources as "technically very good." "He develops very close relationships with business people," adds one impressed interviewee. Ranero's practice concentrates largely on structured finance and products.

Anthony Drake-Brockman maintains an active practice in the retail structured products area, advising numerous banking clients on sophisticated pan-European and tax-efficient structures.

Vanessa Hardman recently advised Lloyds TSB and Bank of Scotland on the restructuring of their master trust programmes. She has an excellent reputation in covered bonds and RMBS and is an experienced partner in the securitisation team.

Christian Lambie is lauded by sources as "one of the great and the good" in this sphere. He regularly works on secured funding transactions for clients drawn from the energy and infrastructure sectors.

Securitisation partner Timothy Conduit receives positive feedback from market sources who praise his leadership on complex deals. BAA Group subsidiary BAA Funding recently engaged him to advise upon the debut issue of USD1 billion ten-year Rule 144A bonds.    

Daniel Shurman has a broad practice covering derivatives and structured finance, advising the likes of Citi and Morgan Stanley on structured products and methods of improving liquidity.

David Wakeling is a talented member of the derivatives and structured finance group who is described by interviewees as "very thoughtful" and someone who is very useful to "bounce ideas off."

This firm houses a "real depth of talent" within this practice group, and the team is regularly sought out to handle some of the most high-value and complex mandates. Clifford Chance has a stellar reputation for providing "the whole package," and its lawyers are widely acknowledged for their technical prowess. Recently, the firm has been engaged to act for Northern Rock as the originator in an RMBS securitisation worth £1.2 billion. The firm is admired for the calibre of its staff down to the most junior members, who provide valuable support to partners when handling the "very big, complex transactions," which often cover multiple jurisdictions. Of late, the team has acted as counsel to arrangers UBS and RBS on a £3 billion covered bonds transaction for Skipton Building Society. On the derivatives side, the firm offers seamless co-ordination between derivatives, tax and litigation specialists, and frequently counsels on innovative and cutting-edge work, such as advising ISDA on Shari'a-compliant profit rate swap documentation. Key clients include Deutsche Bank, JPMorgan and Credit Suisse.

KEY INDIVIDUALS Habib Motani possesses a broad skill set in the area of derivatives and structured products and has recently advised numerous banks, such as Citi, Goldman Sachs and JPMorgan, on a series of equity derivatives transactions. He has also spearheaded the team's advice to ISDA on Islamic profit rate swaps under the Shari'a-compliant Master Agreement.   

Kevin Ingram is known as "one of the most experienced securitisation lawyers in the market. He is setting the standard in the industry." Clients rely on him to construct "complicated, sophisticated legal solutions."

Simon Gleeson supports clients on regulatory matters related to derivatives, including clearing and settlement.

Securitisation specialist Peter Voisey is "excellent and provides a very good service. He can translate legal documentation into practical language and deal with things in a commercial way."

Steve Curtis has cultivated a strong reputation in the securitisation space and was recently mandated by Barclays to advise on the £2.36 billion Associated British Ports refinancing. He is renowned as an authority in structured debt transactions.  

The highly experienced Claude Brown is regarded in the market as an "excellent derivatives lawyer." He is able to expertly guide clients through methods of mitigating credit risk.

Sources appreciate Andrew Coats's "reassuring presence in meetings and difficult negotiations." He is further praised for his consistency in providing a stellar service to his clients. Deutsche Bank recently engaged him to act on a longevity swap involving up to £3 billion of pension fund liabilities.

Christopher Bates is proficient in advising clients on regulatory implications, particularly in the derivatives space.

This "absolutely fantastic" team has a market-leading position in this sector, and is frequently the recipient of high-value and complex instructions from key financial players including Lloyds TSB and Bank of Scotland. The lawyers are visible across the full spectrum of asset classes, and the London office utilises the firm's impressive global footprint to offer joined-up advice to clients from Frankfurt to Tokyo. As traditional banks attempt to de-leverage their balance sheets, Linklaters is sought after to act on covered bond issues for private equity and infrastructure funds looking to make acquisitions using securitisation financing. On the derivatives side, pension fund clients benefit from the team's extensive experience in longevity swaps, an increasingly popular method of hedging risk. Demonstrating its acumen in the area, the team recently advised Lloyds TSB and Bank of Scotland as originators on a £1.6 billion PFI loan securitisation. This was a first-of-its-kind CLO in this asset class, designed to fund infrastructure projects in the UK. "They are efficient and handle multiparty transactions well," enthuses one interviewee.

KEY INDIVIDUALS Jim Rice is held in high esteem by his peers and continues to lead the global capital markets group at Linklaters.  He specialises in securitisation work.

Sources identify Simon Firth as a "spectacular lawyer" who demonstrates prowess on both the "technical and academic side of things." He concentrates his practice on derivatives and has been a valuable source of counsel to financial institutions on the implications of the credit crisis.

Michael Voisin is particularly visible in this space, with experience in a range of derivative types including credit, equity and longevity derivatives.

Long-standing derivatives partner Pauline Ashall is able to advise clients on OTC and securitised derivatives and has excellent knowledge of collateral, repo and prime brokerage products.

Michael Canby receives glowing endorsements from market sources, with one interviewee labelling him "absolutely fantastic." He has developed an admirably broad capital markets practice with extensive expertise on a wide range of financial products, and a particular focus on securitised and OTC derivatives.

Founder and formerly global head of the structured finance group at Linklaters, Julian Davies attracts recognition for his extensive experience in this sphere and his specialist expertise in structured project financing.  

James Harbach is well liked by clients, who have been "very impressed by him." He continues in his role as head of the structured finance group, and is particularly well regarded for his securitisation work.

Anne Hoe was mandated by Lloyds TSB and Bank of Scotland to act on the £1.6 billion securitisation of PFI loans, a cutting-edge CLO in the UK.

Paul Lewis is identified by sources as an "outstanding derivatives lawyer." He concentrates his practice on structured credit products, repackaged notes, and mutual and hedge fund-linked products.

Vinay Samani is a strong presence in the structured finance sphere, with a great depth of knowledge in securitised fund derivatives and exchange-traded products.

Deepak Sitlani has handled a significant volume of transactions relating to OTC derivatives of all varieties of late.

Mark Brown is able to advise clients on an impressive range of products, including commodity, equity and FX-linked products.  

Charles Clark is a long-standing partner at the firm with a wealth of experience in securities and derivatives transactions, including many with an international aspect.

A rising star in the securitisation group, Mark Nuttall maintains a strong practice, covering transactional activity for a range of financial markets clients. He is particularly well known for his work in the area of structured retail debt.   

This dynamic team is noted for its involvement in some of the most sophisticated bespoke transactions in the market. Each member of the team has a broad spread of knowledge across numerous asset classes, enabling them to approach clients' needs holistically. This has proved to be a particularly attractive feature for the team's emerging markets clients, who operate in an ever-evolving and fast-paced economic and regulatory environment. One recent highlight saw lawyers advising Associated British Ports (ABP) on a £2.36 billion debt refinancing, a transaction notable for its complex funding structures and its successful completion in the prevailing economic climate. Market sources praise the "quality of lawyers and breadth of practice" apparent in all interactions with the team. The firm's standout regulatory practice is also closely integrated and frequently advises on European Market Infrastructure Regulation (EMIR) matters.

KEY INDIVIDUALS Marcus Mackenzie is regarded as a "leader" in securitisation. He headed the team advising on the ABP refinancing, and has attracted positive commentary from market sources: "He is extremely knowledgeable and can recall all the relevant cases and benchmarks."

Head of department Simeon Rudin is frequently engaged on complex, multi-jurisdictional work covering the full spectrum of structured finance and derivatives products.

Securitisation specialist Alan Newton is skilled at building and maintaining highly productive relationships with clients. One satisfied client says: "He has an all-encompassing understanding and appreciation of our company. Very helpful."

David Trott is noted as a significant figure by market sources, especially on securitisation matters. He was also heavily involved in the ABP refinancing and has a diverse finance practice.  

Sidley Austin is a highly regarded presence in this field, and has built a number of "deep relationships" with clients in this market. The team has witnessed buoyant levels of activity in the CMBS restructuring area, and recently acted on a EUR5.13 billion restructuring for German Residential Asset Note Distributor (GRAND) as well as handling a CMBS transaction for Eurohypo. Its lawyers are described as "commercial in their approach, very responsive, extremely able and thorough." On the derivatives side the team has been providing advice on big-ticket litigation in relation to recent regulatory changes, as well as handling longevity derivatives matters for key clients. Market sources have been impressed by the way the firm is able to integrate the insurance team on longevity swaps transactions, and note that such deals are "co-ordinated seamlessly." Other highlights have seen the team acting on both the buy and sell sides of highly structured disposals, including auto and real estate loans.

KEY INDIVIDUALS Matthew Dening is gifted with "an ability to explain things clearly," which has proved popular with his client base. He recently led the team handling a £3 billion reinsurance longevity swap involving the Rolls-Royce pension scheme.

Graham Penn is lauded as an oracle of CMBS restructuring, having "carved a very good and important niche" in the area. He was the lead partner on both the GRAND and Eurohypo transactions.

Securitisation specialist John Woodhall is "responsive and commercial and works well with all the team. He leads the co-ordination and makes sure everyone knows what's going on."

Elizabeth Uwaifo regularly advises alternative investment funds, banks and other financial markets participants on methods of mitigating risk. She covers a broad range of finance products within her practice, with considerable expertise across the full spectrum of structured finance, securitisation and derivatives.

The capital markets team at Simmons & Simmons is lauded for its ability to "think tactically and strategically" and achieve the "optimum solution" on behalf of its clients. The firm serves a diverse client base, covering both the buy and sell sides of transactions, acting for key financial institutions such as Bank of America Merrill Lynch, JPMorgan and BlackRock. The team has cultivated a standout practice in the structured products area as well as notable expertise in exchange traded derivatives. Its practitioners are frequently asked to advise on pervasive regulatory changes in the structured finance and derivatives spaces, and are praised for their pragmatic approach to business: "They are happy to give advice which may not be what the client wants to hear." One recent instruction from Allianz Insurance saw the team counselling on liquidity swap transactions in relation to EUR750 million of insurance assets. Lawyers at the firm were also involved in the high-profile BlueCrest refinancing.

KEY INDIVIDUALS David Roylance was recently mandated by an arranger to act on numerous managed collateralised swap obligations, a transaction type rarely seen since the economic crash. He has also worked on total swap returns facilities over the course of the year. One interviewee notes that he is "very good, commercial and responsive."

Market sources are "always impressed" with the skills and knowledge of structured finance head Jonathan Hammond. 

For his clients, Simon Schiff exemplifies the positive features that attracted them to the firm, namely pragmatism, responsiveness and commerciality. BlueCrest instructed him on its refinancing and he has also recently advised Deutsche Bank on a new structure for financing mortgage portfolios.

Ian Sideris possesses "good commercial sense. It's not straight out of the box legal advice, it's contextual," explain sources. He has also acted for Deutsche Bank on an exchange traded commodities programme.

Jeremy Hoyland was recently appointed managing partner of the firm and is widely respected for his capital markets experience, especially related to asset-backed securities and securitised derivatives. 

Alan Davies enjoys a wide-ranging structured finance and derivatives practice and has acted on numerous cross-border transactions involving OTC derivatives and securitisation.  

This firm possesses acknowledged strength in securitisation and frequently represents significant financial institutions such as Bank of America Merrill Lynch, Morgan Stanley and Deutsche Bank. The team here is particularly sought out to advise upon "very technical, one-off, complex transactions," especially in the structured products and credit derivatives spaces. The team was recently instructed by Crédit Agricole CIB to act on the construction of a mirror portfolio, and related prime brokerage documentation, in order to facilitate the disposal of credit correlated market risk. The firm's lawyers co-ordinate seamlessly on multi-jurisdictional matters and are able to cover relevant transactional as well as regulatory issues for international clients, thanks to the firm's strong and growing global network. Market sources also commend the firm for representing "excellent value for money" in this sphere. 

KEY INDIVIDUALS David Quirolo receives copious amounts of positive feedback this year: "He knows everything, has done everything and knows everyone in the market," enthuses one client. He is further praised for his expertise in CLOs: "His ability to hold our hand, help us get to the right outcome and give us that institutional knowledge was crucial."

James Coiley led the highly complex and innovative Crédit Agricole project, co-ordinating with lawyers from the New York, Paris, Luxembourg and Frankfurt offices of the firm, as well as across multiple disciplines.  

Finance partner Mike Logie has a broad practice covering structured finance and derivatives and is recognised for his knowledge of structured products. An investment banking client of the firm recently instructed him to advise on the setting up of a retail structured products programme in Singapore.

Christopher Georgiou is highly active in the repo area and also counsels clients on credit derivatives, OTC derivatives and stocklending.

Jonathan Haines, a partner in the derivatives group, is also acknowledged for his expertise in repo. He regularly advises key clients such as Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs.  

This strong and cohesive team maintains an excellent reputation, representing some of the most significant financial institutions active in the market, including BNY Mellon, Crédit Agricole and BNP Paribas. The dedicated trustee practice attracts plaudits from sources: "They bring a really good balance of trying to put the trustee in a position where a practical decision can be made, whilst at the same time protecting their interests." This has proved a particularly valuable specialism for Hogan Lovells, as it continues to act on the unwinding of a USD12.5 billion synthetic debt repackaging programme established by Lehman Brothers. The team has found itself increasingly involved in banking institutions' use of derivatives in longevity protection transactions, which is widely perceived as a growing trend in the market. BNP Paribas recently engaged the team to act on a sophisticated structured products programme worth EUR20 billion, through Luxembourg-based entity SecurAsset. The "exceptional partners" who make up the practice are commended by clients for their "brilliant recall of everything we've done in the past."

KEY INDIVIDUALS Head of department David Hudd is reputed to be "strong. He is very good, with lots of experience." His practice is impressively broad, covering structured finance transactions, derivatives and securitisations.  

Tauhid Ijaz has an excellent track record in the securitisation space. Of late, he has been acting on behalf of Lloyds TSB on the potential securitisation of its PFI loan portfolio worth £1.5 billion, as well as an auto loan portfolio securitisation.

Julian Craughan's commitment to his clients "makes the difference – he is a real partner to this business," comments one impressed source. Craughan has advised FCE Bank on securitisations to the value of £3.5 billion, in transactions involving teams from multiple jurisdictions.

Due to its prominent global capital markets presence, this firm has built strong and enduring relationships with investment banks at the forefront of the industry, generating a considerable number of mandates. It has translated key relationships across the Atlantic, most recently noting an increase of work on behalf of ISDA in Europe by virtue of its position as US counsel to the organisation. Key clients such as Wells Fargo, JPMorgan and Deutsche Bank all regularly engage the team across "a wide array of asset classes." The firm has developed a deep bench of "very sophisticated and committed" lawyers in this area, who are able to advise across all aspects of securitisation and derivatives. Citi recently instructed the team to advise on its credit event process, a complex settlement process involving a portfolio of synthetic CDOs, unfunded credit derivatives and repackaged notes. One satisfied interviewee summarises: "They are perfect partners for our business."  

KEY INDIVIDUALS Bruce Bloomingdale is regarded as "very user-friendly and massively knowledgeable. His client service is also impeccable. He has great respect in the market and is well known as one of the best securitisation lawyers around."

Kevin Hawken, highly commended for his regulatory expertise, has a wide-ranging structured finance and securitisation practice. He excels whether operating on a domestic or cross-border basis.  

Sources enthuse over Edmund Parker's "encyclopaedic knowledge of all things ISDA. Whatever the transaction thrown at him, he knows the technical points inside out."

Dominic Griffiths is a "hugely experienced structured finance lawyer with great strengths in multi-jurisdiction work, particularly trade receivables deals," one interviewee says. Griffiths continues in his role as head of banking and finance at the firm.  

Rising star Jeremiah Wagner is highlighted by market sources this year as a valuable member of the team. Sources say: "He thinks outside the box, provides different possible options and different avenues to explore. He is unbelievably hard-working and clever." Having previously been located in the firm's Chicago office, he is able to offer useful insight into US securities regulation.

This firm is widely acknowledged as a formidable force in Islamic capital markets and Shari'a-compliant structured products, and the "client-focused" team also houses particular strength in the asset-backed securities space. Of late, the team has acted for the National Bank of Greece on an RMBS and an auto loan securitisation, worth EUR1.75 billion and EUR600 million respectively. Its lawyers have led the way in cutting-edge developments in alternative risk transfer and insurance-linked structures. They have, for example, recently advised MyLotto on a bond worth EUR70.5 million over three years, based on a catastrophe bond structure but triggered by jackpot wins. This trend of insurance sector players departing significantly from long-established insurance-linked products plays to the strengths of the innovative team at Norton Rose. Market sources note the "responsiveness, commerciality and attention we receive" as further attractive features of this vibrant practice.    

KEY INDIVIDUALS Dean Naumowicz impresses sources with a combination of "innovation" and "deep insight" into his clients' businesses and requirements. He is "prepared to test the client's idea and talk to him about things from different angles." He recently advised BNP Paribas on numerous derivatives transactions as they took over the role of hedging provider to an existing securitisation structure.

Securitisation specialist Farmida Bi was mandated alongside colleagues in Hong Kong and Singapore to act for the Republic of Indonesia on an international sukuk issue valued at USD1 billion.  

Also a key contact for securitisation matters, Sandrine Sauvel receives praise from sources for her committed and approachable style: "It is always a pleasure talking to her and you really do feel like she will do whatever she can to help you. She comes up with innovative solutions when things get difficult."

David Shearer has substantial experience in structured finance and securitisation and has acted on behalf of a wide array of client types, including originators, arrangers and issuers.

This international firm is capable of "marshalling a lot of resources globally in a short space of time," according to impressed sources. The team utilises its considerable US and UK knowledge base to advise international clients on intricate, tailored derivatives transactions and structured finance products. For institutions such as Morgan Stanley, Nomura and Citibank it is a go-to firm for the "quirky technical issues - they are the curveball experts." Of particular note amongst many significant highlights of late was the firm's representation of Arion Bank as issuer in the restructuring of the ISK200 billion Kaupthing covered bond programme. The firm's lawyers have also provided ongoing counsel to Bank of America Merrill Lynch on the implications of ratings downgrades. The tax, corporate and real estate departments within the firm also generate a significant amount of capital markets work for this team.

KEY INDIVIDUALS The "super-sharp" Patrick Clancy is highly regarded for his derivatives practice and heads the derivatives group at Shearman & Sterling. He is also a key contact for Bank of America Merrill Lynch, advising the bank on UK and US issues related to the downgrade review.

Structured finance and derivatives expert Ian Harvey-Samuel worked alongside Clancy in the firm's advice to Bank of America Merrill Lynch. He is favoured by clients for his ability to "deal with obscure technical issues. He is very knowledgeable, very responsive and we get lots of attention."

Julian Tucker spearheaded the Arion Bank transaction and is a well-known name in the securitisation market.

The skilled capital markets team at Slaughter and May covers the full spectrum of activity in this space, providing ongoing counsel to institutions such as Santander on the securitisation side and Barclays, BA and Goldman Sachs on derivatives matters. The team is "excellent at tailoring bespoke solutions" and has worked on several cutting-edge transactions of late. Of particular note, it advised on £5 billion worth of issues under the UK's first whole business securitisation of the year, representing Gatwick Airport. The firm's lawyers are increasingly encountering derivatives work in relation to restructuring and insolvency matters, and expertly adapt their advice to different client types, from banks and pension funds to state entities. Goldman Sachs recently instructed the team as arranger on a note financing to the value of USD613 million. Sources appreciate the "all-encompassing approach to transactions" practised by this group.     

KEY INDIVIDUALS Sanjev Warna-kula-suriya is highlighted by sources as "truly an amazing lawyer. His key strength is his ability to combine technically strong advice with an informal and user-friendly manner." He recently assisted Nordea Bank with its cash tender offer for secured floating rate notes worth EUR155 million.

Head of derivatives Richard Levitt enters the rankings this year after receiving an avalanche of praise from the market. He is described as "hugely experienced, hands-on and rigorous." He has recently acted on a 20-year longevity swap on behalf of an insurance undertaking.

This firm has maintained a robust capital markets practice over the past year, and offers key clients such as Investec, RBS and BNP Paribas the benefit of a considerable global reach. It has recently made strategic hires on the financial regulation side in order to stay at the forefront of structured product regulatory changes, while it has also demonstrated its capabilities in the emerging markets space, handling future-flow securitisations, repackagings and liquidity derivatives for a range of clients. Key lawyers in the team were recently called upon to counsel Blackstone's GSO Capital Partners on a complex CLO acquisition, successfully resulting in the leveraged loan investor holding in the region of EUR11.5 billion in assets. UniCredit has also mandated the team to conduct an update of its USD5 billion ABCP programme. Sources commend the team as "very solution-oriented" and "strong on the execution side."

KEY INDIVIDUALS Gavin McLean is lauded for his "massive integrity as an individual and as a lawyer." He has been active on UniCredit's ABCP programme and has maintained the firm's close relationship with key client BNP Paribas.

Senior associate Ronan Mellon is highlighted by sources as a key figure in the area of  structured finance. He has had high levels of involvement in some of the firm's most complex cases over the past year.

Derivatives specialist Ingrid York has drawn praise from sources for her work over the past year. She is qualified in New York State and New South Wales, as well as England & Wales.

Baker & McKenzie's strong reputation in this area is endorsed by enthusiastic market feedback: "The team is efficient and timely, responsive and well informed." By virtue of its position as a leading global firm, it is able to shepherd clients through the implications of international regulatory changes as well as transactional work. Its lawyers are adept at handling securitisation work on a cross-border basis, frequently advising clients even where the firm does not have a physical presence. For example, the team recently acted on behalf of Portuguese banking institution Banco Santander Totta as arranger of a EUR1 billion securitisation of consumer loans. Another key feature of the firm's workload over the past year has been securitisations involving auto loans. On the derivatives side, financial institutions have instructed the firm on numerous structures designed to address liquidity issues or raise finance.   

KEY INDIVIDUALS Securitisation specialist and head of the structured capital markets group, Vincent Keaveny receives a steady flow of work derived from his excellent relationship with Portuguese banking institutions such as Banco Santander Totta. Sources note that he is "very precise, thoughtful and extremely trustworthy."

Clients are keen to emphasise the exemplary qualities of Bruce Somer: "He has an in-depth understanding of the complexities of derivatives and couples it with a very good commercial understanding." He handles a diverse structured finance and derivatives workload.

Jonathan Walsh is highly visible in the securitisation market and leads the firm's global securitisation group. He focuses on conduit transactions and has assisted numerous institutions with their restructuring requirements.  

This firm is widely regarded as having carved out a "significant practice" in the securitisation space, in which it has been highly visible over the past year. Berwin Leighton Paisner acts on behalf of a wide variety of key institutions, from ratings agencies, arrangers and borrowers to private equity and real estate funds. Its lawyers have substantial experience of working closely with the firm's stellar real estate finance team, advising on commercial real estate securitisations on both a domestic and international basis. On the derivatives side, the team remains heavily involved in the Lehman Brothers fallout, advising a broad spectrum of market players on mitigation of counterparty risk within derivatives transactions.

KEY INDIVIDUALS Paul Severs is noted as an important figure in the securitisation arena. His practice covers the full spectrum of asset classes and he is also adept at advising on whole business securitisations.

CMS fields a strong team of practitioners renowned for their experience in handling pensions and longevity risk transactions and OTC derivatives. Market sources are impressed with the "expertise and depth of knowledge" demonstrated by the team, as well as its reach across not only the UK, but also Central Eastern Europe and several other emerging market jurisdictions. Recent work highlights have included ongoing advice to Allied Irish Bank on its OTC derivatives documentation and Enterprise Inns on its unique securitisation. By virtue of the presence of US-qualified lawyers on the team, CMS is additionally able to expertly guide clients through US securities issues and regulatory concerns.      

KEY INDIVIDUALS Head of structured finance and derivatives Will Dibble "is completely dedicated to his clients as well as being a top-class lawyer," according to impressed interviewees. He continues to concentrate his practice on OTC and securitised derivatives.

Jason Harding is frequently the recipient of OTC derivatives-related work from key client Allied Irish Bank.

Michael Munro is known as a "strong negotiator" with a "calm approach." He has handled a significant volume of work in the pensions and longevity risk market.

James Parker is also noted for his handling of pensions and longevity risk work, and sources note his energy, deep knowledge and proactivity. 

Dechert's capital markets practice receives enthusiastic endorsement from market sources this year, with one interviewee commenting that the team is "very proactive and commercially on the ball." The firm houses lawyers who are skilled across the full spectrum of the securitisation market, including transactions involving residential and commercial mortgages, repackagings and CDOs, amongst other financing methods. Of late, the team has been active across the UK and Europe, handling structuring work which draws upon its expertise in ABS, CDO and CMBS matters, while the firm's profile has also increased in the real estate capital markets sphere. Lawyers at the firm have recently advised a number of banks across Europe on structured finance transactions involving the disposal of assets, including financing the acquisition of a USD10 billion loan portfolio from Irish Bank Resolution (then Anglo Irish Bank).

KEY INDIVIDUALS John Gordon has a wealth of knowledge in securitisation and structured finance and he is particularly acknowledged for his buy-side transactional banking work as well as his restructuring experience.

Structured finance and derivatives specialist James Waddington "covers all the bases" and is appreciated for his skills in "reading what comes in, assessing and turning things around very quickly and effectively."

This team has experienced buoyant levels of transactional activity on both the derivatives and securitisation side, winning new clients and building on strong existing relationships with key players such as easyJet, Skandia Investment Management and Santander. Its lawyers recently followed up on last year's work with the British Airways pension scheme by counselling on a second longevity swap with Rothesay Life, worth £1.3 billion. They have also provided ongoing advice to long-standing client The Co-operative Bank on its derivatives documentation.  

KEY INDIVIDUALS Derivatives specialist Richard Batchelor has assisted with matters for BA, Skandia Investment Management and easyJet over the past year. He is visible and active in investment funds-related matters.  

This dynamic team enjoys a stellar reputation in derivatives and structured products, and it serves an impressive client base consisting of banks, broker-dealers, end-users and asset managers. With the shift towards the compulsory central clearing of derivatives, lawyers have experienced a steady flow of work advising on compliance with the new regulatory measures. With regard to securitisation, Field Fisher Waterhouse has carved out a niche representing organisations other than the arranger, enabling the "very creative" lawyers to act on a vast range of transactions spanning from vanilla CMBS and RMBS matters to more complex and synthetic structures. "They will take on a tough issue and find a solution," notes one satisfied interviewee. Bank of America Merrill Lynch, Standard Bank and Aviva are all key clients of the firm.

KEY INDIVIDUALS Head of the group Guy Usher is showered with praise by enthusiastic sources: "He sets a very high benchmark, and is very knowledgeable and well connected. He gives very good pragmatic advice." He is regularly sought after to help solve seemingly "intractable" problems.

Edward Miller has had an excellent year, attracting positive commentary from peers and clients. He is "really capable, thorough and hard-working - value for money as well." He has recently acted on derivatives transactions for the Lehman estate.

Gonzalo Fernandez has cultivated a strong reputation in the securitisation market, handling a range of work from CDOs to credit-linked notes and repackagings.

Daniel Franks is a recent lateral hire from Allen & Overy and a notable up-and-coming partner in the derivatives and structured finance team. He is picked out by interviewees as "very good and thorough" and a "safe pair of hands."

The lawyers in this capital markets team continue to prove their technical prowess in this area, acting on behalf of major clients Blackstone, Barclays Capital and Jefferies on a variety of sophisticated mandates. The team is known for its proactive and hard-working approach, and sources note: "We never have to push them or ask when it will be done, they always come back to us first." A recent highlight saw Bank of Ireland instruct the team on the £1.23 billion sale of a residential mortgage portfolio as part of the bank's wider de-leveraging programme. Lawyers at the firm have handled a steady flow of restructuring work as well as acting on a number of derivatives disputes, and it is noted that the team is able to mobilise the firm's extensive global network to great effect.

KEY INDIVIDUALS Renowned for his "in-depth knowledge" of securitisation, Michael Poulton continues to impress market sources. "His personal strength is accessibility – he's always responsive to me as the client, at any time of the day or night, which I find invaluable," explains one interviewee.

Dina Albagli recently advised Jefferies International on a USD430 million acquisition, including funding and derivatives aspects of the transaction.

Jake Jackaman is "very impressive" when advising clients on complex structured products and he frequently acts for investment banks and issuers.

Paul Hastings fields a strong team of securitisation practitioners, maintaining its position as a go-to firm on European CMBS work. Clients such as Deutsche Bank frequently call upon this team to represent them in complex and innovative structures, with sources citing its "specialist knowledge" and "focus" as key attractive features. The team was recently mandated to act on a £210 million CMBS of a single loan, a transaction which complied fully with new US regulatory requirements. As well as handling a steady flow of restructuring work, the team is also able to offer advice to investors regarding structured investment assets and is noted for its adroit resolution of conflicts.  

KEY INDIVIDUALS Charles Roberts is well respected in the market and has been involved in several high-profile CMBS transactions over the past year. He enjoys a diverse client base including servicers and lenders and those on the buy or sell sides of loan portfolio acquisitions.  

Conor Downey is a talented finance partner with considerable experience in real estate and real estate debt restructuring, financing and securitisation.  

Neil Hamilton recently made the move to Paul Hastings from Clifford Chance. He continues to concentrate his practice on both structured products and securitisation.

Weil, Gotshal & Manges counts significant industry players such as AIG, Centerbridge and Investec amongst its diverse client base in this area. Its lawyers have continued their work on the Lehman estate, acting on numerous insolvency matters spanning multiple jurisdictions and involving a range of asset classes. On the securitisation side, the team has acted for Barclays Capital and Lloyds TSB Corporate Markets on a transaction valued in excess of USD4 billion under Barclays' Gracechurch Mortgage Funding RMBS master trust programme. The firm is particularly sought after by clients with UK/US cross-border requirements due to its standout securitisation practices in both jurisdictions.     

KEY INDIVIDUALS Identified by sources as an impressive presence in the field, Jacky Kelly has led the team on a number of high-value and significant transactions, including the Barclays Gracechurch Mortgage Funding RMBS matter.