Financial Services: UK-wide

This prominent domestic firm continues to impress with its strong advisory practice, which focuses on building societies and retail services providers. Recently the firm has expanded its workload to include a considerable amount of payment service work. In this rapidly growing area it has advised on the first mobile payment applications launched in the UK. The five-partner team represents a mainly UK-based clientele, which includes Yorkshire Building Society, Aviva and MoneySuperMarket.com.

KEY INDIVIDUALS David Heffron is the key contact.

This magic circle powerhouse offers its global clientele a superb service coupled with an impressive network, maintaining its position as one of the strongest choices for financial services work. The seven-strong contentious practice has seen a decided uptick in the number of FSA cases coming through, as well as work relating to international sanctions and a glut of mis-selling cases. On the advisory side the firm continues to assist clients with their adaptation to the growing number of regulations emerging from the financial crisis. Allen & Overy is increasing its ability to advise on the interactions between US and EU reform, with a closer integration between its international offices, leading clients to state: "It is one of the only firms I have encountered that comes close to having a handle on the difficulties of managing cross-border legal and compliance risk." Recent highlights include advising GE Corporate Finance Bank in the UK and France on its regulatory authorisation and compliance requirements, including Capital Requirements Directive and Basel II issues. Clients also say that the derivatives service system is "by a long way the market leader."

KEY INDIVIDUALS Banking, finance and regulatory litigation head Calum Burnett is "definitely at the top of the tree" in the contentious field, with sources praising him for his extensive expertise and ability to "inspire a great deal of confidence."

"Impressive" regulatory expert Bob Penn assists clients with their advisory needs including regulations, capital requirements and Basel III and MiFID issues (Markets in Financial Instruments Directive).

Damian Carolan has a strong practice in EU-related regulations such as the MiFID and on high-end complicated clearing and settlement projects. He is commended for being "technically excellent." 

In-house counsel are especially full of praise for Arnondo Chakrabarti, who they say is "very sensitive to our needs." He advises on the contentious side, with a focus on market abuse and fraud cases.

Banking litigation luminary Tim House is also a prominent figure in this area, where his overlapping skills are much in demand.

Ashurst's financial services team has established itself as a strong choice for both contentious and non-contentious issues, combining "brilliant service with highly knowledgeable partners." Active clients in the stellar roster include Bain Capital, Merrill Lynch and JPMorgan, as well as the FSA, which it advised on MF Global's bankruptcy administration. Another significant project for the practice was assisting LCH.Clearnet with the development of its credit default swap clearing platform. On the contentious side it advised David Einhorn and Greenlight Capital Fund in the high-profile FSA proceedings relating to insider dealing. Client service is a strong point, leading a client to comment: "We received a Rolls-Royce service from Ashurst. The team is highly competent, approachable and efficient." On the international front it is also well prepared to advise clients, with the recent merger with Blake Dawson opening up capabilities across four continents.

KEY INDIVIDUALS James Perry leads the financial institutions group, and is applauded as a "superb lawyer with great clients," one of whom adds: "James's extensive knowledge of UK financial services regulation, where it has come from to the very latest developments, is quite simply awesome."

Edward Sparrow is best known for acting for and against the FSA, especially on cases involving senior employees. He advised a number of former executive and non-executive directors of RBS in relation to the drafting of the FSA's report into the bank's failure.

Clients are especially fond of Rob Moulton, who they describe as "the best in the market at working with small to mid-cap firms." They add: "Nobody knows the regulators, rules, issues and the rest like he does." 

One of the key strengths of this practice is its unrivalled global network, enabling it to service clients' needs on a global scale. Its highly rated contentious practice remains a centre of excellence, despite the departure of Ian Mason, and it continues to advise the FSA on various matters. A trend on the advisory side is the increasing prevalence of e-money and payment services instructions, an area where the team is gaining a real foothold. Sources say: "The team excels at project management and complex product offerings, as well as FSA and business investigations." It has also proved a popular choice for advising on the consolidation of banking laws in the Middle East, working with Riyad Capital, Samba Capital and NCBC.  

KEY INDIVIDUALS Head of the European and London financial services group Arun Srivastava has an "immense knowledge of the UK financial services sector," whose strength lies in "understanding the client business model easily." He advises on both contentious and non-contentious matters.

Assisting him is Georgia Chrysikopoulou, who has impressed a range of clients: "A rising star not just at the firm but also in the financial services legal space generally. She is not only one of the best juniors around from a legal perspective, she is also one of the best for client management across all of the firms." 

This firm is "undoubtedly a growing force" in the financial services area with an expanding team and reputation. Interviewees say it provides "clear and precise advice together with more general strategic considerations," and highlight the core of leading individuals on the contentious side. In one of the headline cases of the past few years, it successfully defended HSBC Private Bank against the USD300 million claim brought by the Shahs, which the High Court dismissed completely  in May 2012. Its work for individuals under investigation or who are at the receiving end of FSA enforcement actions is widely recognised to be of the highest quality.

KEY INDIVIDUALS Practice head Sidney Myers is deemed one of the luminaries in financial services disputes, with clients commenting: "He is somebody you'd want on your side having a go at regulators; you feel comfortable with him on your side."

Nathan Willmott also has a strong reputation in this area, with extensive experience of advising banks, funds, companies and individuals on regulatory investigations.

On the advisory side, Nick Kynoch is praised for his "commercially acute, practical advice," while another source adds: "He doesn't waffle - he just delivers business-savvy answers." 

This compact yet fully formed contentious practice focuses its energies almost exclusively on FSA investigations and enforcements. Its ability to bring practical FSA experience is much appreciated by its clientele, who say it provides "high levels of service - prompt response times, deep industry knowledge and an acute awareness of how issues impact our business." Of increasing importance is the advisory practice, where it capitalises on its strong US links to advise clients there on both UK and EU regulatory developments.

KEY INDIVIDUALS Helen Marshall's previous experience at the FSA gives her an invaluable insight into the regulator's stance, and makes her "highly effective on big regulatory investigations."

Peter Bibby is invariably described as one of the leading individuals in this area, with an "excellent breadth of knowledge." A source expands: "He is really brilliant, he can drive the FSA into submission because he is always on top of all of the details." 

This Bristol-based firm makes a point of its financial services practice, which has a solid reputation in acting for private clients, financial advisers, pension trustees, networks and the FSCS. It is equally comfortable handling contentious issues, often relating to financial mis-selling and collective litigation.

KEY INDIVIDUALS Deeply experienced Robert Morfee has "an excellent and flexible approach on financial services litigation," sources say.

Clifford Chance undoubtedly remains at the very pinnacle of the financial services market, with an incredible depth and breadth of experience and expertise, and a cadre of market-leading individuals. The firm can offer its sterling client list unrivalled resources, a comprehensive global network and the cutting-edge advice that the firm is justifiably known for. The advisory practice recently assisted the International Swaps & Derivatives Association (ISDA) with the proposals for a range of regulations on OTC derivatives (EMIR), short selling and sovereign credit default swaps, market abuse reform and reform of the MiFID, highlighting its involvement in issues which resound throughout the market. The contentious team is increasingly in high demand, with regulators in Europe, the USA and the UK taking an increasingly aggressive and collaborative approach, and the firm has been retained as lead counsel by Barclays and RBS for the much-publicised LIBOR investigation. Clifford Chance's ability to provide market-leading advice across jurisdictions is an invaluable asset to clients. Besides acting for leading financial services firms, it is increasingly asked to represent CEOs, risk directors, compliance officers and board members of such firms.

KEY INDIVIDUALS Christopher Bates is "the top one" in the non-contentious area. He is acknowledged as one of the leading intellects in the field, a position he effortlessly combines with an extraordinary grasp of technical detail.

Global head of regulatory enforcement, Roger Best is another leader in the field. He "has real stature in the market," and "knows how things should be run." Prominent clients also speak highly of his intellectual curiosity, which they deem "an incredibly useful resource."

On the receiving end of fulsome praise is the "impressive" Carlos Conceicao, whose time at the FSA has proved of great benefit to clients. He currently represents a senior management individual facing an FSA disciplinary action for potential breaches of its Principle 1 (integrity) and Principle 6 (skill, care and diligence).

Peers highlight Simon Gleeson as a "creative and commercial" practitioner, who is without a doubt one of the leading figures on the advisory side. He is especially strong on the highly technical and esoteric parts of the regulatory framework.

Head of commercial litigation Simon Davis is a well-recognised name in the market, known for his effective problem resolution skills and his incredible work rate.

Dermot Turing's focus lies in issues relating to payments issues and technical clearing sales. He also has a strong reputation for futures and options work.

Market observers say derivatives-focused contentious lawyer Matthew Newick is a "superb all-rounder" who is "great at the big picture but not afraid of the detail."  

CMS has a large group dedicated to financial services work that "has gone from strength to strength." Its flexibility, ability to adapt to changing conditions and seamless product that covers both sides of regulatory issues are much admired. Its clientele consists of a broad range of institutions and spans both the retail and wholesale sectors. It is deemed to be "extremely strong" on insurance-related matters.

KEY INDIVIDUALS Peers are full of praise for Simon Morris, who is a "high-profile character in the market." A source adds: "I would definitely send advisory work to him; very competent, you can't go wrong there."  

Dechert's practice is known for the expert advice it provides to its impressive list of asset management and funds clients. It assists with the set-up of funds, distribution operations and management companies in various jurisdictions, as well as with the creation of a range of structured products and funds, including closed-end, open-ended, domestic and offshore funds.

KEY INDIVIDUALS Peter Astleford is admired for his superlative regulatory funds expertise, as well as his commercial acumen.

This regulatory team greatly benefits from the extensive DLA network, enabling clients to draw upon the firm's global expertise. Its clientele consists of prominent banks, including Barclays, RBS and Standard Bank, as well as financial institutions. Clients comment that "DLA is prepared to take a commercial long-term view and make major investments in client relationships." Emblematic of its ability to advise across jurisdictions was assisting with the regulatory approvals and providing general UK regulatory advice in connection with a cross-border bank acquisition.

KEY INDIVIDUALS Michael McKee is a well-known name in this field, with a strong track record in advising on EU issues.

Dundas & Wilson's ability to advise on both sides of the Scottish border is a great asset, according to sources. It regularly advises leading financial institutions and banks, bringing its specialist knowledge to bear. It advised Standard Life on a £30 million outsourcing deal with BT.

KEY INDIVIDUALS The "excellent" Philip Mackay has a strong reputation for advising life insurance companies.

Eversheds is without a doubt the leading firm in the authorised funds sector, where it recently advised Legal & General Group on the transfer of the management of 25 funds and associated products to Barclays Wealth. It also offers clients the benefit of its comprehensive network of regional offices, enabling it to offer a quality cost-effective service.

KEY INDIVIDUALS Michael Wainwright is rated for his knowledge of insurance-related matters. 

Peers speak enviously of Pamela Thompson's incredible market share in the funds space.

This financial services and funds team has a strong track record in providing innovative solutions, products and services to a client list with a heavy element of asset management and insurance companies. It has advised on distribution models, outsourcing, novel products and investor activity, amongst others.

KEY INDIVIDUALS On the contentious side Duncan Black is "strong in his knowledge of the industry, which is quite specialist. He picks up concepts incredibly quickly and will be able to create the litigation out of it." He has a particular focus on hedge funds and asset managers.

Financial services and funds group head Kirstene Baillie is admired by peers and clients alike for her succinct legal and regulatory advice, particularly with regards to new funds products and services.

Freshfields competes at the very top of the financial services field, with "market-leading" expertise, and an "incredibly impressive" team that has both strength and depth. The team advises the Bank of England on the overhaul of the UK's regulatory framework, highlighting the esteem in which the practice is held by the market. It also assists an impressive range of institutional bodies with their responses to FSA and European consultations. The contentious group has had an equally busy year, with a 50-strong team devoted to helping leading global banks, insurers and asset managers on the most complex and significant multi-jurisdictional investigations and regulatory enforcements. In this field it represented Credit Suisse in an FSA enforcement action relating to its systems and controls surrounding the sale of SCARPs to retail advisory clients.

KEY INDIVIDUALS Top-ranked Simon Orton is a "go-to" practitioner in this area, lauded for balancing "tenacity with intellectual thoughtfulness." His work for major banks such as JPMorgan and HSBC is held in the highest regard.

"Industry leader" Michael Raffan leads the relationship with the Bank of England, and is deeply respected by all sources. Clients appreciate that "he dispenses legal advice in a user-friendly way."  

David Scott is a key part of the contentious regulatory team. He specialises in banking and financial services litigation and regulatory proceedings.

The "excellent" David Rouch is widely admired for his strengths as a technical and practical lawyer in product structuring and their manufacture, and distribution networks. He has advised various banks on financial product intervention.

Andrew Hart assists his investment banking clients on a wide range of regulatory issues, including cross-border contentious matters.

Mark Kalderon "really knows his stuff" in the non-contentious field. He advised JPMorgan on the setting up of a new European prime brokerage platform, in conjunction with Freshfields' global offices.

Commercial and banking litigation luminary Ian Taylor is also widely recognised as a strong name for contentious regulatory issues.

James Smethurst enters the rankings on the back of strong endorsements from the market. His practice is centred on assisting wholesale and retail financial services clients with retail issues.

This leading City litigation specialist is widely seen as "one of the best in the City in terms of contentious financial services work," where the firm's ability to "stand between the contentious and non-contentious" is much appreciated by its clientele. It continues to be one of the first destinations when major institutions need representation against FSA enforcements or investigations. This was illustrated when the firm was instructed by UBS on the Adoboli investigation, where the bank lost USD2.3 billion due to unauthorised trading. Herbert Smith has an increasingly strong offering on the advisory side as well, where it advises on issues such as payment services and electronic trading platforms. Its clientele is composed of leading investment and retail banks, as well as major insurers such as Prudential and Zurich.

KEY INDIVIDUALS Clive Cunningham joined the team from Taylor Wessing in mid-2011, and is a significant addition to the advisory team. His focus areas are wealth management, banking, payment services and securities regulation.

Nikunj Kiri is commended for his excellent understanding of how banks operate, as he has "seen life from the inside of banks as well as outside."

This group's impressive work on retail banking and consumer issues - where it has advised on terms and conditions reviews for major banks, regulatory approvals and insurance-related issues - sees it move up the rankings. The contentious side of the practice has been especially active, and it is seeing an increasing number of cases requiring advice across various jurisdictions. It represents Prudential in a claim brought by Dominion relating to investments handled by Prudential. The firm's excellent international coverage plays into this area, and its ability to bring local, yet integrated, expertise is much prized by clients.

KEY INDIVIDUALS Philip Parish recently represented RSM Robson Rhodes in a disciplinary action brought by the Accountancy & Actuarial Discipline Board, relating to alleged auditing failures by iSoft. He is also seen as a top choice for banking litigation mandates.

Jon Holland is widely praised for his tremendous grasp of technical detail and his abilities as a litigator, and is commended for his wide regulatory knowledge.

Rachel Kent leads the advisory practice, and is widely respected for her skills and experience regarding corporate and commercial transactions, regulatory issues and financial products.

Contentious specialist Ailbhe Edgar has an extensive track record in regulatory disputes and investigations, including judicial review proceedings.

Emily Reid leads the commercial and retail banking team in the financial institutions group, and is deemed "strong on the consumer finance side."  

Despite the departure of leading name Stephen Pollard, Kingsley Napley maintains its reputation as a natural choice for contentious matters with a criminal bent. The team has vast experience in dealing with hearings involving the Regulatory Decisions Committee and the Upper Tribunal, as well as advising individuals who are under investigation by international agencies. One of the firm's recent high-profile instructions was the successful defence of Christopher Hossain on the Blue Index case, relating to an FSA insider dealing investigation.

KEY INDIVIDUALS Louise Hodges' practice centres on contentious FSA criminal and regulatory matters, serious fraud and corporate crime. Peers admire the way she "cuts through all the nonsense." 

Widely seen as a market-leading practice, Linklaters offers clients a "top-quality," tailored and highly integrated service that covers the full spectrum of financial services issues. The team's ability to provide innovative and precedent-setting solutions in an ever-changing regulatory landscape ensures that it receives continuing instructions from leading banks. Sources say it delivers "the highest-quality technical legal advice on the hardest legal issues." The contentious side of the practice is equally strong, and has handled significant investigations over the course of the year. In terms of the workload, it is increasingly busy with market infrastructure advisory work, as well as OTC derivatives issues.

KEY INDIVIDUALS The "ferociously clever" Peter Bevan is one of the best-regarded practitioners on the non-contentious side, who works closely with Linklaters' investment banking clientele.

Clients cannot speak highly enough of Michael Kent, describing him as belonging to the "best of the best." He is "excellent at navigating an ever-changing field in terms of regulatory changes." 

Christa Band covers banking litigation and regulatory disputes, and has an especially active workload in the mis-selling area.

Another key member of the contentious team is James Gardner, who specialises in regulatory investigations and banking disputes.

Andrew Hughes is an experienced commercial litigator who frequently assists clients with regulatory investigations and commercial disputes.

Carl Fernandes relocated from Hong Kong in 2011, and he has made a significant impact. His "tremendous financial services practice" has a strong cross-border focus, with Asia a particularly strong element.

Harry Eddis is an up-and-coming partner in the advisory group, who clients praise for his "commercial understanding" and methodical approach.

The Macfarlanes financial services department continues to go from strength to strength, and has attracted a great spread of new clients and instructions. The team has also undergone a significant transformation, with several lateral hires and internal promotions. The group has recently received a considerable number of mandates relating to board-level advice on strategic regulatory and compliance issues. Another milestone for the team was its first ever 'skilled person' appointment under Section 166 of the FSMA.

KEY INDIVIDUALS David Berman attracts praise from sources for "understanding the difficulties from the client's perspective." He principally advises on the non-contentious side and counts Macquarie Bank and Foreign & Colonial amongst his clients.

Timothy Cornick offers seamless advice on any funds-related regulatory issues.

Investment funds and financial services group leader Bridget Barker is widely admired for her knowledge of regulatory matters that relate to both domestic and offshore funds.

Known for its expertise in banking, insurance and asset management, this Edinburgh firm has a deservedly fine reputation for its non-contentious work. It is a leading force in the Scottish market, known for its high-end service. Insurance and wealth management work have been mainstays for the team recently, and it advises clients such as Aviva and Aberdeen Asset Management.

KEY INDIVIDUALS Sources say Michael Livingston is "as good as you will get in Scotland." He splits his time between the Edinburgh and London offices, and is recommended for insurance and banking work.  

The "insightful" David Young works on private equity funds, general insurance, regulatory matters and collective investment schemes.

Norton Rose's "team of real experts" has a well-deserved reputation for excellence in the financial services field, with an equally strong offering on both the non-contentious and contentious sides. Its 22-strong non-contentious group focuses on asset management, hedge funds, banking and market infrastructure issues, as well as FSA applications and processes, regulatory infrastructure and ongoing compliance monitoring. In 2011 it set up BaltEx, the Baltic Exchange's freight derivatives trading platform. The contentious side is equally well regarded, and is frequently instructed on high-end FSA investigations and enforcement actions. It also advises the subjects of skilled persons reports under Section 166 of the FSMA.

KEY INDIVIDUALS Peers say that Jonathan Herbst is "a very strong name in this area" and that he has "built a great business" at Norton Rose. Amongst his highlights from last year was advising CME Clearing Europe on FSA recognition and other clearing projects.

Dorian Drew advises on FSA investigations and enforcement actions, frequently in opposition to the regulator.

Peter Snowdon is another well-known name in the field, whose practice has a strong cross-border element. He also covers passporting issues, money laundering and retail banking, besides financial services regulatory matters.

Peters & Peters' reputation in this area is built upon its ability to combine its market-leading criminal practice with a strong regulatory understanding. The team has "built up strength across the board," with a niche in acting for individuals who face FSA investigations. The firm undoubtedly has "key expertise in this area," and it has expanded on this by adding former FSA enforcement and supervisory lawyers to the team.

KEY INDIVIDUALS The "figurehead" of the practice is Monty Raphael QC, who is without doubt one of the UK's foremost fraud and white-collar crime lawyers, whose expertise is greatly prized in the defence of individuals under regulatory investigation.

This US-firm has undergone an impressive transformation over the past year, nearly doubling in size to 16 lawyers. It is an increasingly prominent force in the field, and was mandated by the UAE Ministry of Finance on the reform of the financial services and insurance framework in the Emirates. One of the key strengths of the team is its ability to advise clients on both sides of the Atlantic, with both practices providing a top-notch full service. One of the other highlights for the practice was acting for NASDAQ OMX on its joint bid of USD11.3 billion for NYSE Euronext.

KEY INDIVIDUALS Barnabas Reynolds is widely admired for his strong US-centric cross-border practice. He "obviously has a great reputation," and is commended for building up the practice into a real player in the City.  

The Simmons & Simmons regulatory practice has "managed to diversify its offering away from its traditional hedge fund clients and has built a very strong practice servicing the larger investment banks." Market observers highlight several areas of strength besides its funds expertise: market infrastructure, consumer protection and compliance monitoring. Its contentious practice is one of the preferred choices for several retail and investment banks, as well as being the City's foremost asset management litigation firm. The team is "friendly, approachable and a pleasure to deal with," and "in tune with the requirements of our global operations," a satisfied client adds.

KEY INDIVIDUALS Darren Fox is "the best guy in the business" for hedge fund issues, and is the first port of call for any fund needing regulatory assistance.

Recently made partner, Richard Sims continues to impress sources with his work in the contentious field: "He is absolutely superb, incredibly efficient and incisive. He nailed the issues right from the outset."

Charlotte Stalin has had a fantastic year, cementing her reputation as a lawyer to watch. She attracts praise for her knowledge of both the UK and EU regulatory frameworks. She "gets what managing cross-border legal and compliance risk means in practice," sources say.

Robert Turner is a highly respected commercial litigator known for his strong work in both the banking litigation and contentious regulatory fields.

Jonathan Melrose's practice encompasses market infrastructure, asset management and instruments, commodities and derivatives issues.

Associate to watch Richard Withers impressed clients with his "sound risk judgement," and for being "practically minded as well as technically strong."  

The funds sector remains a mainstay of SJ Berwin's workload, where it is rightly described as "one of the leaders in the funds-focused regulatory space." Its formidable expertise and international coverage enable it to advise clients on a range of cross-border regulatory issues. Clients say it has "tremendous commercial awareness," and in terms of service the team is "knowledgeable, focused and credible." Apax Partners, AXA and SVG Advisers are some of the clients on its roster.

KEY INDIVIDUALS Tamasin Little "deserves a lot of recognition for her work" in the regulatory field, observers say. Her vast experience in the funds space is much commented upon.

David Calligan is best known for acting for US and European brokers and investment managers. He is especially knowledgeable on M&A issues.

Slaughter and May's corporate-focused financial regulations team is invariably seen as "great on quality," as well as "extraordinarily thorough and extremely good." It focuses its energies on assisting clients with both advisory and contentious issues, and has a well-deserved reputation for providing comprehensive, innovative and top-quality advice. Its stellar client list speaks for itself, with HM Treasury, American Express and Prudential all instructing the firm. The contentious space also figures prominently, and in this area it continues to act on the fallout from the collapse of the Icelandic banking sector.

KEY INDIVIDUALS Observers say that Elizabeth Barrett has a "thoroughness of approach that would give the client and the regulator the confidence that any investigation or report produced by her can be relied upon."

Peers have "an enormous amount of time and respect" for head of the financial regulation group Ruth Fox. She advised Palamon Capital Partners on the regulatory aspects of its sale of SAV Credit to Värde Partners. She is also a member of the Financial Markets Law Committee. 

Deborah Finkler, another highly regarded member of the Slaughter and May dispute resolution team, acts on a broad spectrum of commercial litigation.

Jan Putnis earns praise for his formidable knowledge of bank regulations. Sources assert that he is "immensely good in this area."

Junior partner Ben Kingsley is highlighted as a rising name in financial services work, and sources say he is already "very well known in this field."  

Sources are quick to praise Speechly Bircham's 14-strong financial services advisory practice, which is noted as being "particularly strong in the trading and markets area." Electronic trading platforms are an area where the firm's expertise really shines, and it assisted Digital Vega FX with the set-up of its options trading platform in this area. Contentious work has figured more prominently of late, with work relating to FSA investigations featuring strongly. Clients also say that it "understands our business and has a high degree of commercial awareness."

KEY INDIVIDUALS Vincent Mercer is known for his expertise in investment funds and trading markets. He represents 81 different clients, including prominent names such as Walkers Crisps, in relation to the collapse of MF Global.

Jonathan Bayliss' focus lies in the wealth management and private banking sectors, where his experience and knowledge is much appreciated.

New partner William Garner's background in trading and investment management is a great strength, which is "rare and which we have found enormously helpful." A client adds: "He speaks our language, cuts to the point and has a strong commercial awareness."  

The contentious practice at Stephenson Harwood is widely considered a leader in representing individuals under investigation, with sources stating: "Its knowledge of claims against individuals is incredible." The firm's prominence in this area was proved again in April 2012 when it overturned the FSA's fine on former UBS executive John Pottage in what was one of the principal enforcement cases of the past few years. Sources describe the team as "phenomenally impressive," adding that it is "careful, thorough and had good client handling skills."  

KEY INDIVIDUALS Tony Woodcock has "always been strong" in the contentious field, with an impressive track record. Peers single him out as the first person to call when facing an FSA investigation.

Financial services and regulations group leader Charlotte Hill advises clients on a broad mix of issues, and is recommended for her in-depth knowledge of the FSA.  

This 15-strong contentious practice has a solid reputation in the market for its handling of various investigations from a diverse set of regulatory bodies. One of its key strengths lies in the private banking and wealth management area, where it has an exceptional grasp of the technical aspects.

KEY INDIVIDUALS Respected banking litigator Shane Gleghorn has made a strong name for himself in the regulatory field, where his commercial advice and customer-focused approach have won many fans.

The Travers Smith financial services advisory group is a "key regulatory practice" in the non-contentious field. It has "invested heavily" in making itself a leading contender in the area, with an especially strong practice in the alternative funds and market infrastructure fields. Other areas of strength include payment services and electronic trading systems, where the firm has done some ground-breaking work. Its clientele includes leading names such as AIG, Standard Bank, Bain Capital and Lehman Brothers' administrators. It recently assisted CHAPS on systemic oversight issues.

KEY INDIVIDUALS Practice head Margaret Chamberlain is without doubt one of the doyennes of this field, much admired for her "thorough and intellectually rigorous" work. Sources also speak highly of her approachable and pragmatic style.

Mark Evans is acknowledged as an expert on clearing issues, and is widely seen as a go-to person when it comes to innovative and cutting-edge advice. 

Jane Tuckley is a highly recommended regulatory lawyer whose expertise in the alternative investment management field has seen her advise on the related EU directive.

The "excellent" Tim Lewis has a strong practice in advising on regulatory capital and alternative funds issues.

White & Case's excellent network of offices throughout Europe and the USA makes it ideally placed to advise on cross-border issues. Recent areas of activity for this "strong offering" include various instructions relating to derivatives clearing and trading platforms, and it also has a strong reputation in the bank capital, bank regulation and insolvency fields.

KEY INDIVIDUALS Commentators highlight Carmen Reynolds for her "breadth of experience and skills," and her cross-border expertise. Regulatory advice and support on transactions is one of her key strengths.

Former FSA chief counsel Stuart Willey enters the rankings this year. With over a decade of experience at the regulator he is much sought after for his in-depth knowledge of the FSA.