CMS comes recommended in the equity capital markets (ECM) space for being ‘proactive, efficient and pragmatic in delivering advice’. The large-scale team is noted for its strong UK, European and Asian coverage as well as its robust showing with regard to US securities advice, owing to its integrated securities law capability. The group’s deal flow sees the team advising issuers listed on both the main market of the London Stock Exchange (LSE) and AIM, including a number FTSE 250 companies. Practice head Alasdair Steele frequently advises banks and issuers on both main market and AIM matters, including trading companies and listed funds and both domestic UK and overseas issuers. Jack Shepherd is praised for his ‘pragmatic, commercial and sensible advice.’

Noted for the depth of its expertise in public M&A and US securities law, DLA Piper’s ECM and public company practice is equally adept on both underwriter and issuer-side mandates, acting for companies of various sizes - from AIM 50 into the FTSE 250 - on the main market. The practice group’s recent deal flow includes a number of AIM IPOs, AIM reverse-takeovers, secondary fundraisings across the primary markets, and public takeovers. UK ECM leads Martin Penn and Robert Newman jointly chair the practice, while Karin Kirschner regularly represents issuers, selling shareholders and underwriters on IPOs, rights issues, placings, block trades and demergers.

Norton Rose Fulbright draws praise from clients for its ‘strong grasp of the commercial implications of legal points and speed to act on key points’. The London-based ECM practice advises on the entire range of equity-related transactions for a litany of issuers, from FTSE 100 to AIM, as well as being particularly strong in London listed funds. The team is also noted as an adviser to bookrunners in the space, as well as for its deep sector expertise in real estate-related transactions. Raj Karia heads up the cross-disciplinary corporate, M&A and securities practice. The highly experienced Richard Sheen is well known for his focus on equity capital markets and investment fund work, while Fiona Millington‘s broad practice sees her advising issuers and investment banks on IPOs, equity fund raisings, sponsor transactions for listed companies, and public M&A. Clementine Hogarth  advises listed companies and financial investors on the entire gamut of ECM transactions.

 

Regarded as ‘a top tier firm within the capital markets area’ possessing ‘significant experience in small/mid-cap M&A and ECM’, Pinsent Masons LLP ‘s full-service practice has a robust track record for advising on the full spectrum of UK and cross-border corporate finance transactions on behalf of corporates, investment banks, private equity houses and financial intermediaries. Practice head Julian Stanier - praised for his accessibility as well as his 'well-founded and reliable advice’ - advises issuers and investment banks on IPOs and equity fundraisings. Gareth Jones - a key name for IPOs, secondary offerings and public M&A - also regularly advises on the ongoing obligations of listed companies. Legal director Adam Cain is a further key contact.

Stephenson Harwood's ‘excellent sector and market knowledge’ makes it a key port of call for equity fundraisings and stock exchange transactions, combining the expertise of the UK-based team with the firm’s presence in Singapore, Hong Kong and Dubai to act on the full spectrum of cross-border work in the space. IPO expertise is another core feature of the team, while the group’s recent deal flow also includes private acquisitions of AIM-listed companies and public M&A transactions. AIM market expert Tom Nicholls leads a team which notably includes David Dowding, who is experienced at advising corporates, investment banks and brokers on main market and AIM IPOs and secondary fundraisings.

Acting on behalf of a stellar lineup of issuers, financial institutions, management, selling shareholders and cornerstone investors, Travers Smith LLP‘s ECM work spans IPOs, secondary issues and other transactional matters – including class 1 transactions, reverse takeovers, block trades and tender offers. The team particularly stands out for its significant long-standing relationships in the London-based investment bank market. Andrew Gillen leads the practice alongside head of corporate Spencer Summerfield. Experienced ECM practitioner Richard Spedding frequently represents public companies, investment banks, hedge funds and other financial intermediaries, whilst Adrian West is known for his work on high-profile IPOs. Elsewhere in the group, Tom Coulter maintains his broad ECM practice.

Fielding a team of ‘top quality lawyers for the mid-market’, Addleshaw Goddard is well known in the market for its ECM work, including IPOs and secondary fundraisings. As advisors to the takeovers regulator, the team is uniquely well-placed to advise on public M&A transactions, for which it has extensive expertise. Practice head Nick Pearey is supported by experienced ECM lawyer Giles Distin and mid-market public M&A specialist Simon Wood, the latter of whom is praised as a ‘go-to public takeovers lawyer’.

Demonstrating ‘really strong credentials in the ECM space’, the team at Ashurst maintains a broad practice that spans a full range of ECM transactions, particularly de-mergers where they act on behalf of issuers, shareholders and large investment banks. US securities advice is another forte of the practice group, anchored in large part by Stuart Rubin - a ‘very trusted pair of hands for anything US securities law related to ECM transactions’. He co-leads the team with Nicholas Holmes and Simon Bullock. Holmes is a well regarded figure for all aspects of ECM transactions, while the ‘excellent’ Bullock has over 15 years of experience advising on equity capital market deals, including IPOs, rights issues and equity placings.

Bryan Cave Leighton Paisner‘s ‘responsive and solution orientated’ team is highly experienced in the entire spectrum of equity capital markets work, including IPOs, follow-on listing and public M&A – in addition to fully integrated US securities law advice. Richard Werner  and Tom Bacon jointly lead the department following the departure of former practice head Alexander Keepin to Simmons & Simmons in February 2023.

‘Highly collaborative and extremely responsive‘, Eversheds Sutherland (International) LLP advises corporate entities, brokers and investment funds on a range of domestic and cross-border matters, namely main market and AIM transactions that encompass potential IPOs, reverse takeovers, fundraisings, and M&A deals – both public and private. Corporate head Richard Moulton co-leads the team with Stephen Nash, a ‘very pragmatic‘ adviser who is a key name for all things ECM and public company takeover transactions. Other key figures include Alistair Cree, based in Manchester, and Mark Roe, whose advice spans public company and corporate governance advice. All named lawyers are based in London unless specified otherwise.

Praised for its ‘exceptional market knowledge’, the team at Fieldfisher is noted for its capability to handle complex, cross-border work spanning multiple jurisdictions - particularly in the energy and natural resources sectors. Practice head Brad Isaac is a key name to note for such mandates, and also has considerable experience advising on ECM transactions related to healthcare and life sciences. Edward Westhead is recommended for his tech sector acumen, while Dominic Gurney-Champion is highly regarded as ‘a superb professional’.

Gowling WLG’s ECM offering combines a strong funds practice with a separate team that advises on both Main Market and AIM transactions, with the latter having key experience of acting on landmark IPOs and major transactions in the space. Other core specialisms include technology mandates, cross-border matters and work on behalf of mining companies listing on AIM. Practice head Charles Bond has over 30 years of ECM experience across a wide variety of sectors. Jeffrey Elway - a 'very knowledgeable partner with a wealth of experience' - is also recommended.

Praised for being ‘very attentive to client needs’ and ‘very knowledgeable on subject matter’, K&L Gates LLP is a key name in the marketplace for AIM transactions, advising complicated corporate structures, international tax and securities issues, and multiple international stock exchanges. Other defining characteristics of the practice include its focus on international cross-border work and strength advising US companies, alongside deep sector expertise in energy, mining, financial services, fintech, technology, life sciences, and real estate. Practice leader Paul Tetlow has extensive experience acting for companies, sponsors, NOMADs and brokers – particularly in the energy sector. James Green is another important contact within the group for energy and natural resources-driven work.

Particularly noted for its work with investment companies such as REITs, Macfarlanes LLP has a broad ECM practice with demonstrable experience across all manner of transactions.  The team is headed up by seasoned practitioner Richard Burrows, who is especially recommended for his expertise in tech-oriented deals. Other names to note include Harry Coghill and Mark Slade, both of whom have significant experience in public offerings. Former practice co-head Robert Boyle is no longer at the firm.

Osborne Clarke LLP’s capital markets offering has an extensive track record in AIM transactions, and is well-versed at acting on a full range of mid-market deals, with noted expertise in IPOs, secondary offerings and public M&A. Financial services, technology, media & communications, life sciences, and healthcare and energy are among the sub-sector expertises of the practice. Head of equity capital markets Jonathan King has over 25 years of experience advising on all forms of public company equity financings and public M&A transactions. Ed Nisbet has experience advising public companies and investment banks on all forms of corporate finance and public M&A transactions. Seasoned financial services partner Mark Wesker is also recommended.

The international capital markets practice group at Bird & Bird LLP benefits from the reach of the wider international corporate group, advising on a wide array of cross-jurisdictional capital markets transactions, including listings on both AIM and the Main Market of the LSE. IPOs, secondary fundraisings, public and private takeovers, and restructurings are key specialisms of the ‘very professional team’. The practice is headed up by Clive Hopewell, who focuses on equity financings and IPOs and is noted as a ‘fantastic operator, who as well as being a great lawyer is also very commercial’.

 

Brown Rudnick LLP has significant experience representing AIM-listed companies, advising on takeover code matters and acting on both issuer and underwriter-side mandates. IPOs, secondary fundraisings and public M&A transactions are core specialisms of the practice, which is headed by Lena Hodge, who is particularly recommended for her work with US sponsors. Neil Foster is well known for his expertise in technology sector transactions.

 

The ‘very experienced‘ team at Charles Russell Speechlys LLP, which is noted for its specialist expertise in the technology and hydrocarbon sectors, acting on behalf of companies, advisors and AIM NOMADs on a full range of matters. Takeovers are a key strength for the practice, which is also well versed in M&A, share offerings, company reorganisations, financings, venture capital, private equity and joint ventures. Practice head Andrew Collins – ‘careful, thorough and wise‘ – is a highly experienced adviser whose wide-ranging capabilities span the full gamut of ECM work. Collins is regularly supported by fellow key contact Paul Arathoon, who frequently handles corporate finance work for public companies.

‘A well-led team with excellent strength in depth', Dentons draws praise from clients for its broad sector coverage and geographical reach, which it leverages to act in emerging markets overseas. The group has a demonstrably strong track record of handling small and mid-market IPO and secondary fundraising work for a range of issuers, sponsors, nominated advisers, brokers, underwriters and lead managers. Neil Nicholson  heads the team, drawing on his expertise to advise clients in relation to the UKLA Listing Rules, the AIM Rules of the London Stock Exchange and the UK Takeover Code. Darren Acres and Verity Kent are further important points of contact within the practice.

Hill Dickinson LLP is well-versed at advising issuers nominated advisers, sponsors and brokers on Main Market, AIM and AQSE transactions, both domestic and cross-border – particularly those stemming from the pharmaceuticals and life sciences, medical cannabis, energy and natural resources sectors. Michael Bennett is a specialist in M&A and capital markets transactions.

With a reputation for being ‘tenacious, deal driven and understanding the client’s commercial imperatives’, Mayer Brown International LLP represents a host of issuers, investment banks, sponsors, placement agents and selling shareholders on the full-suite of ECM transactions. The group's regular workload includes public offerings and private placements, stock exchange listings, capital reorganisations, share buy-backs, and demergers, to name a selection. Practice head Kate Ball-Dodd is an expert on corporate finance, M&A, equity fund raisings and joint ventures, among others.

Reed Smith LLP frequently advises on a range of of domestic and cross-border capital-raising transactions, including public and private market securities offerings, acting on behalf of large, mid-cap and emerging companies. Underwriter-side mandates are also a key area of expertise for the team. Practice head Delphine Currie has significant experience in IPOs on both the Main Market and AIM, as well as in secondary fundraisings, and broader regulatory advice.

With noteworthy expertise in the natural resources sector, Armstrong Teasdale frequently acts for companies, investment banks, brokers and other financial advisers on domestic and cross-border ECM transactions, while also advising on public M&A deals. Joan Yu, who leads the team, is a key name to note for AIM transactions as well as for public takeovers, reverse takeovers and secondary offerings.

Burges Salmon LLP  acts for a robust client-base comprised of AIM-listed companies on fundraisings and other transactions, including public M&A, IPOs, secondary fundraisings, demergers and capital reorganisations. The team is also noted for its advice in relation to regulatory and compliance issues. Corporate expert Nick Graves leads the team alongside Rupert Weston, who focuses his practice on corporate finance and equity market transactions.

Known for its industry-specific expertise across the life sciences, technology, energy and financial services sectors, Covington & Burling LLP‘s capital markets practice group draws on extensive US securities knowledge to advise across the full spectrum of cross-border ECM transactions. Corporate practice vice-chair Gregor Frizzell leads the team, which also includes Simon Amies, a highly experienced partner with more than 25 years in the ECM space.

DAC Beachcroft LLP‘s capital markets practice is noted by clients for its ‘breadth of specialities’, such that they ‘offer a one-stop-shop service’ to its client-list of issuers, NOMADs and brokers. AIM listings are a core pillar of the group’s work in the space, whose regular workload also includes a number of cross-border transactions. Practice head and seasoned ECM practitioner Jonathan Deverill - 'outstanding at what he does' - is a key name to note for such matters.

Dechert LLP‘s corporate and securities practice group is noted for its equal strength across UK ECM and US securities deals, advising on complex cross-border equity transactions – particularly those on behalf of issuers in the life sciences sector. Patrick Lyons leads the international capital markets team from London.

A ‘partner-led practice with quick response times’, Dorsey & Whitney‘s mid-market ECM team advises AIM-listed clients on a full suite of equity transactions, displaying especially strong credentials in the technology, healthcare, publishing, gaming, services and financial services sectors. Team leader Kate Francis is praised as ‘an exceptionally strong lawyer' with 'a good ability to identify wider issues and provide commercial solutions’.

Fielding a team that possesses ‘commerciality … (which) matches its excellent legal abilities’, Druces LLP‘s equity capital markets practice sits within the wider corporate and commercial practice group. The team advises nominated advisors, brokers and management on the full spectrum of equity transactions – chiefly IPOs, secondary issuances and reverse takeovers. ‘Exceptional legal adviser’ Dominic Traynor is known for his ‘depth of experience in industry matters and general commerciality’.

Praised for its 'very commercial corporate practice', Edwin Coe LLP is highly experienced representing AIM companies and their advisers, including on secondary issuances and corporate governance issues. Head of corporate Russel Shear leads the team and handles all aspects of equity transactions. Daniel Bellau is praised for his extensive knowledge of listed companies, notably SMEs.

Fladgate LLP‘s equity capital markets practice maintains a strong emphasis on international AIM transactions across the oil and gas, mining, healthcare, technology and financial services sectors. Beyond these core focus areas, the team is noted for its presence in emerging sectors such as eSports, cannabis, and psychedelics. Practice head David Robinson is well versed in ECM work and public M&A. Paul Airley also comes highly recommended by clients.

AIM listings and fundraisings expert Richie Clark  spearheads the ECM-focused team at Fox Williams LLP. The practice is experienced on the equity financing aspects of AIM transactions, as well as in public takeovers, private M&A, regulatory and corporate governance advice.

Locke Lord LLP has experience in both AIM and main market transactions, including premium and standard listings, secondary equity fundraisings, IPOs, M&A and corporate governance, to name a selection of typical workflows. Sean Page, who leads the team, is the go-to name for public and private M&A, ECM and venture capital transactions.

Memery Crystal focuses on handling equity capital markets transactions for international companies, advising on listings on the Main Market and AIM, secondary fundraisings and dual listings. Practice head and mining sector expert Nick Davis is especially well versed in AIM listings. Chair Lesley Gregory draws high praise from clients, who regard her as a ‘super experienced, very professional’ figure who ‘gives great advice‘.

Michelmores LLP advises its international client base on a wide range of ECM transactions, with the group’s recent workload seeing the team work with companies on potential IPOs, and listed companies on fund raising and M&A, alongside restructurings. The team is headed up by Ian Binnie, who focuses on AIM and main marked-related transactions, where he is praised as ‘extraordinarily knowledgeable with a pragmatic and commercial approach’.

Praised for providing ‘a service comparable to the big London firms’, Mills & Reeve LLP represents quoted companies, nominated advisers and private companies on the entire ECM life cycle, ranging from admissions to fundraisings. The team has particular capabilities in the technology and life sciences sectors. Practice head Stephen Hamilton - 'the most pragmatic yet professional lawyer' - is a key name to note for fundraisings, IPOs, M&A, and corporate restructurings.

Penningtons Manches Cooper LLP represents nominated advisers, brokers and AIM-listed issuers on a broad range of equity transactions, including fundraisings, IPOs and reverse takeovers. Praised for his 'excellent, pragmatic advice and expertise', Seb Orton leads the team which also includes Adam Carling, an energy and technology-focused partner who arrived from Bird & Bird LLP in October 2022.

Squire Patton Boggs is active on bank-side mandates, frequently acting on cross-border work in the energy and natural resources sectors. The team also has deep expertise in the technology, industrials and consumer industries. Co-heads of department Jane Haxby and Leeds-based Hannah Kendrick are experienced in public and private M&A, fundraisings, takeovers and corporate governance. Jayson Marks is praised for his 'great expertise and experience in equity capital markets work', particularly in the worlds of oil and gas. All named lawyers are based in London unless stated otherwise.

Watson Farley & Williams LLP advises a varied mix of listed companies, investment banks, NOMADs and brokers on a diverse range of transactions, including IPOs, secondary placings, reverse takeovers and private placements. Practice head Chris Kilburn is a key name for M&A, corporate finance and commercial transactions in the energy, mining and transport sectors. 'Technically excellent and also commercially focused', corporate finance and M&A specialist Jan Mellmann is another key contact.