‘At the forefront of the market in terms of technology and terms’, Allen & Overy LLP provides ‘very high service quality’ to a lender-focused client base that includes its well-established cadre of commercial/investment banks, as well as a growing roster of credit funds. The firm’s flexibility and aptitude at advising on debt products throughout the capital structure, including bank and bond mandates, is a hallmark of the practice, as is its ability to leverage vast international resources on complex cross-border transactions. The ‘excellent‘ Denise Gibson is one of many within a ‘deep, high quality bench’ of lawyers focusing on lender mandates and is noted for her aptitude at handling both sponsor-led matters, as well as corporate-driven acquisition finance mandates. Drawing on a raft of experience in private practice, as well as in secondee roles at banking institutions, Matt Moore is highly attuned to the commercial needs of lender clients, including on structured growth market transactions and other event-driven financings. As well as her conventional acquisition finance strength, Annette Kurdian‘s varied practice also includes niche expertise advising on cross-over leveraged/infrastructure deals, in addition to working on distressed mandates. Although the firm is better-known for its lender credentials, this should by no means detract from a strong borrower practice, which, under the guidance of the ‘exceptionally commercial, knowledgeable and experienced’ Robin Harvey continues to handle new money deals for myriad sponsor clients, as well as providing refinancing assistance for portfolio companies in a challenging economic climate. At a more junior level, the ‘technically knowledgeable and very responsive’ Neil Sinha and Vanessa Xu have also been pivotal to building up the firm’s private equity brand, with both also noted for their ‘strong execution skills’. Gibson co-heads the leveraged finance team alongside Nicholas Clark, who has been central to the firm’s growth in the private credit space, including work for direct lenders on unitranche financing. Philip Bowden also still manages to maintain a vibrant transactional practice (both on leveraged and investment grade acquisition finance deals) alongside his managerial duties as global banking head.

Drawing on 'huge market knowledge' and extensive international resources, Clifford Chance LLP remains a compelling proposition for creditors and debtors on big-ticket and complex leveraged and event-driven deals.  Although the firm has gained market traction among credit funds, its strong and longstanding commercial/investment bank relationships continue to inform much of the deal flow, both in the leveraged market, as well as on corporate-led M&A deals. Emma Folds is one of many experienced partners in the team who is conversant with debt structures throughout the capital structure, deploying this knowledge to good effect across a range of transactions, running the gamut from sponsor-driven leveraged deals, through to restructurings and corporate lending mandates. In addition, along with Michael Bates and Julia House, she is also well-versed at handling infrastructure finance transactions. Dual UK and Sweden-qualified partner Peter Dahlen has strong knowledge of leveraged finance transactions, utilising both bank and credit fund-sourced debt, and has a particular niche advising on Nordic deals. While lender work remains the lifeblood of the practice, under the guidance of Taner Hassan, the firm also continues to handle a considerable volume of significant private equity-led cross-border leveraged finance matters. Hassan co-heads the overarching banking and finance team alongside David Robson, whose lender-focused practice includes both leveraged and M&A financings.

Under the leadership of the ‘vastly experienced and talented’ Stephen Lucas,  Kirkland & Ellis International LLP has firmly positioned itself at the pinnacle of the leveraged finance market for an entirely sponsor-focused client base. Unencumbered by any banking ties, the team has been able to ‘push very aggressively’ on behalf of its borrower clients, enabling them to access pools of capital in spite of the periodic closures of the syndicated loan market. Christopher Shield is the lead relationship partner with a number of the largest and most active sponsors in the market, including Bain Capital and Advent, advising both on a raft of cross-border LBOs, as well as in relation to liability management issues. English and New York-law qualified partner Evgeny Zborovsky‘s broad practice covers both mid and large-ticket mandates, with his dual qualifications adding an enhanced level of versatility and a deeper understanding of the implementation of US terms in the European market. Other recommended partners include the ‘proactive and extremely professional’ Kirsteen Nicol, whose experience includes significant knowledge of syndicated and credit fund lending; Daniel Borg, whose cross-border expertise includes large take-private mandates, LBOs and bolt-on acquisitions; and James Boswell, for acquisition infrastructure finance matters. Neel Sachdev – one of the City’s most well-known leveraged finance partners – left to launch the English law practice at Paul Weiss in summer 2023 alongside partners including fellow banking specialist Kanesh Balasubramaniam.

The versatile and balanced practice at Latham & Watkins has the strength-in-depth to handle a tremendous volume and range of work for creditors and debtors funding acquisitions utilising debt from the thriving private credit and the syndicated/institutional investor markets. Consequently, the firm, which also has broad international resources in Europe and its US headquarters, has an excellent perspective of market norms and “pinch points” from both sides of the table, and  in the recent volatile market has been a welcome ‘oasis of knowledge’ for lenders and sponsors. Stephen Kensell and Sam Hamilton are two of the most well-respected practitioners in the market, with Kensell providing succour to lenders providing debt to both corporates and sponsors on their M&A activity, and Hamilton drawing on a wealth of experience for sponsors across myriad finance products. Dominic Newcomb and Jayanthi Sadanandan  are also both highly skilled at handling borrower work, with both sponsors and corporates benefiting from their wealth of knowledge on funding solutions throughout the capital structure. On the creditor front, Dan Maze  has strong traction for banking and credit fund clients, as does Manoj Bhundia.  Tania Bedi , whose versatile client base includes banks, funds and corporates, co-heads the overarching finance team alongside Maze. Joseph Kimberling is also recommended. A four-strong team of lawyers including  Mohamed Nurmohamed  and Ross Anderson left for Paul Hastings LLP in summer 2022.

Drawing on expertise across pure leveraged finance, corporate lending, structured finance and restructuring, the ‘extremely efficient and collaborative’ team at Linklaters LLP provides ‘high-quality work’ across the full range and life cycle of financial transactions to banks, funds and investment grade corporates. This versatile and holistic approach ensures that it is ‘able to deliver at an extremely high level on a hugely complicated breadth of transactions’, running the gamut from bank and bond structures, and TLBs, through to unitranche facilities and PIK financings. The ‘highly commercial’ Oliver Sceales  has deep traction among sponsors, which are appreciative of his ability to ‘deliver market leading terms in an incredibly user friendly and dynamic fashion’. Lauded for his ‘commercial acumen and constructive approach’, Pathik Gandhi ‘is well respected by the lender community’, ensuring that he is a popular choice both on leveraged finance deals, where he is instructed bank side, as well as where the lender is a counterparty. Chris Medley excels in providing lender side advice on sponsor-backed leveraged deals, both for banks on large underwritten TLB transactions, as well as for credit funds on unitranche financings. Other recommended practitioners include seasoned banking lawyer Nick Syson , whose work at the vanguard of the market has included the development of the now well-established European cov-lite leveraged loan product; Rohan Saha, for his work across products for banks and credit funds; and David Irvine, who co-heads the leveraged finance practice alongside Sceales.

Simpson Thacher & Bartlett LLP remains a very popular choice for its strong and loyal private equity client base, which are appreciative of the firm’s ability to elicit the most favourable terms, utilising the full spectrum of financial products, from bank and bond financings through to unitranche facilities. Clients also benefit from the team’s deep knowledge of US-style documentation, with New York-qualified practitioners in London well-placed to advise on European terms which increasingly mirror those more typically found in the US leveraged market. Although the firm’s mainstream leveraged finance work has suffered something of a dip in volume levels, particularly on high-value bank and bond financings, the team – as well as handling a significant volume of liability management work – has also been well hedged by virtue of its prowess working on infrastructure financings. Shahpur Kabraji is the key name to note. Former practice head Ian Barratt and partner Sinead O’Shea left in October 2023.

Drawing on deep product knowledge throughout the capital structure and taking on instructions from a balanced roster of debtor and creditor-side clients across the spectrum of deal sizes, Weil, Gotshal & Manges (London) LLP‘s banking practice has maintained strong deal flow in spite of the economic and geopolitical headwinds facing the market. On the borrower front, Tom Richards  has strong ties with many large private equity sponsors, including Advent and Bain Capital, which are appreciative of his willingness to fight their corner on deals whether or not the firm itself was involved in the underlying corporate aspects of the M&A. On the lender side, as well as her deep connections with commercial/investment banking clients, Reena Gogna has also successfully broadened her practice to include work for a myriad of private credit funds. Other recommended practitioners include Alastair McVeigh, for credit fund work, and Paul Hibbert for infrastructure finance, as well as practice co-head Chris McLaughlin.

Led by the ‘astute and tenacious’ Suhrud Mehta, the ‘very knowledgeable’ team at Milbank ‘has a good understanding of the market’ across both bank and bond financings, as well as on direct lending products. Consequently, it is a popular choice among leading banks (UBS and Goldman Sachs) and credit funds (KKR Credit and CVC Credit), where it is appreciated for its European and US high yield and loans expertise, in particular. Sarbajeet Nag continues his upward trajectory in the market, and is noted for his technical and commercial nous for lenders utilising debt products throughout the credit spectrum to facilitate sponsor-backed and corporate-led acquisition finance deals. As well as her conventional leveraged finance prowess, Alexandra Grant is well regarded for infrastructure financings.

Paul Hastings LLP has been on upward trajectory in the leveraged finance market for the last decade, with a series of astute recent hires reaching its apogee in 2022 with the recruitment of a team of high-profile finance lawyers from top-tier outfit Latham & Watkins. Consequently, the firm now has the critical mass and product knowledge, particularly in the big-ticket lender side bank and bond market (where it is well-versed in advising on European and US-style documentation), to provide a truly credible alternative to its magic circle and white shoe US firm competitors. Luke McDougall has been at the forefront of the firm’s push for increased market visibility and remains a popular choice among leading investment/commercial banks on large underwritten deals. He now co-heads the team alongside new recruits Ross Anderson and Mohamed Nurmohamed, who are both able to draw on significant cross-border leveraged finance experience across a diverse array of financial products. The ‘unassuming but super effective’ Adrian Chiodo is also a valued member of the team and is effectively able to leverage his New York and English law qualifications for a lender-focused client base that includes a substantial number of credit funds.

The ‘very responsive’ team at White & Case LLP has ‘strong expertise in leveraged finance’ for lenders and borrowers, which are appreciative of its versatility structuring deals utilising debt throughout the capital structure, including US/UK financings. The ‘exceptional’ Jeremy Duffy has excellent traction among core firmwide banking clients, including Deutsche Bank, which he has recently advised on the debt financing to facilitate several separate data centre acquisitions. The ‘very approachable and knowledgeable’ Richard Lloyd is well-versed in a range of debt products, including bank/bond, syndicated and second lien, and regularly works alongside Duffy on key bank-side cross-border leveraged finance transactions. Under the guidance of UK and US-qualified partner Gareth Eagles, the team has also established a market-leading offering on the direct lending front for leading fund clients including CVC Credit and Bridgepoint Credit. Martin Forbes takes the lead on much of the most significant borrower-side work, primarily on behalf of private equity sponsors.

Drawing on longstanding banking relationships and the strength of its position as an early mover in the credit fund market, Ashurst is well-placed to provide ‘pragmatic and efficient’ advice to lenders providing liquidity to corporates and sponsors within the mid-to-upper-mid-market acquisition finance market, in particular. Ross Ollerhead ‘gets what lenders care about’ and has been pivotal to the firm’s strong standing in the private credit field, gaining a foothold with many funds, including BlackRock and Pemberton, on both new money situations, as well as in a distressed scenario. ‘Top finance lawyer’ Doug Murning provides ‘very market-savvy’ advice to credit funds on both pure LBO mandates, as well as in special situations, work which he combines with a niche net asset value (NAV) lending offering. Laura Ho ‘has strong technical skills and displays a balanced approach’ for both credit funds as lenders, as well as for a sponsor-focused client base on infrastructure finance deals. Newly appointed London office managing partner Helen Burton and senior partner Nigel Ward are also hugely experienced practitioners within the team. Mark Edwards  heads the overarching banking team.

Following the recent retirement from the partnership of John Markland, Dechert LLP‘s work for its fund-focused client base focuses almost entirely on their role as lenders on acquisition finance mandates. In this context, practice co-heads David Miles  and Philip Butler  have a ‘great depth of knowledge’, having been involved from the earliest days of the growth of the product, with both capable of handling a range of deals across sectors and quantum for key clients including Ares and Barings. Clients are also appreciative of the overarching ‘team dynamic’, as well as the ‘ability to bring in resources and expertise from other areas of the firm as needed during the course of a transaction’. Smridhi Gulati joined Cadwalader, Wickersham & Taft LLP in April 2023.

The ‘extremely approachable and knowledgeable’ team at Hogan Lovells International LLP provides ‘exceptional client service’ to a creditor-focused client base that includes a high proportion of credit funds engaged in lending within the mid to-upper-mid market. Team head Paul Mullen  has been instrumental to the firm’s growth in this area, and his broad transactional nous, that includes expertise across a range of direct lending products, means the firm is also regularly instructed to advise clients on developing new and innovative products in the market. Jo Robinson  also has significant experience in the space, particularly in relation to the unitranche product, as does the ‘very user friendly’ Francis Booth. The firm also continues to handle work for conventional banks, with vastly experienced practitioners Penny Angell  , who also serves as UK managing partner, and Matthew Cottis  particularly skilled in relation to the financing of regulated insurance companies.

Fund instructions form much of Macfarlanes LLP‘s acquisition finance work, whether it be work for credit funds lending to sponsors, or private equity funds as borrowers in M&A. In this context, the firm also benefits from a one-stop-shop service, having in some cases set up the original fund through its strong fund formation practice. Drawing on ‘superb legal knowledge and experience’, Malcolm Hitching has ‘the ability to think creatively and commercially’, ensuring that mid-market sponsors receive an excellent service on their leveraged finance mandates. Kirstie Hutchinson is also highly accomplished on behalf of fund clients as borrowers, while team head Andrew Perkins takes the lead in most of the firm’s most significant credit fund lender work.

Focused almost entirely on private credit fund-related work, the ‘highly experienced and commercial’ team at Proskauer Rose LLP has developed a market-leading offering for very active funds, including Ares and Alcentra, which are appreciative of its ‘ability to know when to push and when not to push depending on deal dynamics and the counterparties involved’. Although mid-market financings remain the cornerstone of the practice, it has successfully followed its clients, some of which are writing increasingly bigger cheques to facilitate M&A extending into the upper-mid-market and beyond. This was recently exemplified by the ‘attentive and commercial’ Alexander Griffith‘s and Harriet West ‘s advice to Ares on the financing for the “take-private” acquisition by Epiris and Astorg of Euromoney Institutional Investor plc. Faisal Ramzan co-heads the team alongside Griffith and is noted for his expertise at handling complex domestic and cross-border transactions, often involving multiple tranches of debt. Daniel Hendon  is also recommended. Ben Davis joined Eversheds Sutherland (International) LLP in July 2023.

 

 

Leveraging its well-established ties with clearing banks, as well as a number of alternative capital providers and private equity sponsors, Addleshaw Goddard has an excellent understanding of the requirements of both borrowers and lenders, which they are well-placed to assist on the financing of mid-market deals both from London and its regional offices. Team head Alex Dumphy  is well-versed at structuring deals utilising debt throughout the capital structure, including senior debt facilities, unitranche funding, TLB facilities and super senior facilities. The team is also able to leverage the firm’s market-leading asset based lending (ABL) prowess to good effect, with ABL debt products increasingly being used alongside conventional leveraged debt products to fund M&A transactions.

Drawing on deep knowledge across the spectrum of English and New York law-governed loans and bonds, including TLB, direct lending (both unitranche and US private placements) and high-yield bonds, Baker McKenzie‘s ‘highly engaged’ team is well-positioned to represent lenders and borrowers across a range of cross-border leveraged finance deals. Although the firm was weakened somewhat on the direct lending front following Matthew Smith‘s departure in April 2022 to Cadwalader, Wickersham & Taft LLP, this was offset by the arrival in March 2023 from Orrick, Herrington & Sutcliffe (UK) LLP of Anthony Kay, whose broad leveraged finance practice includes some credit fund work. Ben Wilkinson is particularly effective at advising investment banks on cross-border acquisition finance deals with complex capital structures and has significant experience in transactions with a Nordic and German complexion. On the borrower front, Nick O’Grady  is ‘an extremely competent acquisition finance lawyer’, as is the ‘extensively experienced’ Matthew Cox , who co-heads the team alongside Wilkinson.

Under the leadership of Jonathan Brownson the 'very knowledgeable' team at Cahill Gordon & Reindel LLP displays 'excellent commercial acumen' on behalf of a lender focused client base that includes many leading investment banks. Although it remains relatively new in the market and despite challenging conditions, it has already made strong in-roads into large ticket deals, which require an effective combination of underwritten loans and high yield bonds. Joydeep Choudhuri has also been key to the firm's early success as a result of his versatile finance offering, which includes work for conventional banks (including on bridge to bond and super senior revolving credit facilities), as well as a direct lending mandates for credit funds.

 

Drawing on ‘a deep understanding about the needs of private equity firms and their portfolio companies’, the ‘brilliant’ team at Debevoise & Plimpton LLP is a popular choice among borrowers by virtue of its ‘incredible knowledgeable of both bespoke finance arrangements and also the industry’. This manifests itself in the context of the team’s ability to provide a holistic offering to clients, drawing not only from core leveraged finance strength (including on New York and London-law governed products) but also its strong capability handling fund level financings. Alan Davies  and Pierre Maugüé  both regularly handle work for marquee client, Clayton Dubilier & Rice, and co-head the team alongside fund finance expert Thomas Smith .

Drawing on strong and deep relationships with UK banks and borrowers, developed over many years’ engagement in the acquisition/leveraged finance space, both from London and its core regional offices, DLA Piper has significant visibility advising on mid-market deals. In this context, the ‘superb’ Neil Campbell continues to forge strong private equity relationships, while for lender work he is particularly active on tech-related mandates, including in the context of recurring revenue deals. As well as his work for corporates on their general financing needs, Mark Dwyer is also regularly instructed on their acquisition finance requirements and has considerable experience in financing UK public takeovers of listed companies. Toby Barker heads the team.

Led from London by Stuart Brinkworth and also able to leverage significant European and US resources from across its global network of offices,        Mayer Brown International LLP is well-positioned to represent a borrower-focused client base in cross-border transactions utilising debt throughout the capital structure. Brinkworth is one of several within the team with deep knowledge of direct lending facilities (including unitranche), while the firm's broader structured finance/ABL expertise is also a valuable resource with which to structure complex M&A mandates, adding an increased level of flexibility.

Focused primarily on borrower-side work - particularly in light of ex-Goldman Sachs’ in-house counsel Carol Van der Vorst‘s move to Freshfields Bruckhaus Deringer LLP in September 2022 - Ropes & Gray LLP has deep knowledge in financings centred around both the syndicated public markets and highly structured private markets. As well as handling some work for sponsors, the team continues to regularly advise marquee clients, Altice and Liberty Global, on debt finance raising, including a considerable amount of acquisition finance due to their private equity-like instincts. The 'brilliant' Alex Robb is well-versed across a broad swathe of debt products, from unitranche to European TLB large-cap loans, and is a key member of the team that is headed by UK and New York law-qualified partner Michael Kazakevich.

 

In something of a state of flux following a number of high-profile departures, most notable of which was Korey Fevzi‘s exit to Cravath, Swaine & Moore LLP in March 2023, Shearman & Sterling LLP's London office still maintains strong lender-side relationships and is well-positioned to advise on mid-to-upper-mid-market transactions in the leveraged finance field using financial products throughout the capital structure. As well as advising the firm’s core base of banking clients, the team also continues to grow its credit fund offering, with team head Sanjeev Dhuna particularly prominent in the sector. The ‘very credible’ Shameer Shah is also a key member of the team and ‘is able to articulate complex legal jargon in simple English’, particularly in the context of direct lending transactions.

With 'a great work ethic', Skadden, Arps, Slate, Meagher & Flom (UK) LLP provides an 'exceptional service', frequently working alongside its corporate and private equity practices, on behalf of a debtor-focused client base that includes both corporates and sponsors. 'Very commercial' team head Pete Coulton 'fights for what matters' for his clients and is a popular choice on large cross-border leveraged and event-driven financings, often involving complex financing structures. Clive Wells handles some investment grade acquisition financing mandates as part of his wide-ranging finance practice.

Led by Matthew Tobin, Slaughter and May‘s borrower-focused generalist financing practice regularly handles acquisition finance mandates for the firm’s impressive roster of FTSE 100 and 250 clients, which are appreciative of its versatility across many different finance products, including TLB, unitranche and loan/high yield bonds. The team also excels at handling public takeover work, an area in which Robert Byk is particularly accomplished and well-versed at handling “certain funds” public bid finance.  

Often working alongside its corporate team, Willkie Farr & Gallagher (UK) LLP‘s debt finance practice continues to gain traction among private equity sponsors/portfolio companies, which appreciate the firm’s deep knowledge of financing structures throughout the capital structure, as well as its ability to draw on its strong international resources. A number of the transactions involve input from the firm’s Paris and Frankfurt offices, with Sebastien Fitzgerald particularly visible on such deals, both in relation to conventional par leveraged transactions, as well as in the context of special situations investing. In addition to private equity work Ashley Young also handles some lender mandates for credit funds and heads a team that was afforded further bench strength following the arrival of leveraged finance expert Daniel Gendron from Linklaters LLP in August 2022.

Less siloed than some of its peers, Bryan Cave Leighton Paisner‘s generalist finance offering has an excellent overarching perspective of market trends and debt products, ensuring that it has the flexibility to effectively advise both creditor and debtor clients across a range of leveraged and event-driven financings. Team head Emma Howdle-Fuller regularly advises banking clients on M&A-related financings, while Derek Hrydziuszko  is more skewed towards corporate borrower mandates, including for large investment grade entities. Shanan Dunstan‘s versatile offering includes a strong and growing presence in the ABL space and she regularly acts on hybrid deals where ABL products sit alongside other debt including term loans.

Established in April 2022 following the ‘commercially sharp’ Matthew Smith ‘s arrival from Baker McKenzie, Cadwalader, Wickersham & Taft LLP has quickly made an impact with a lender focused client base and is ‘building a growing presence in the private credit markets’. Clients, which include a number of debt funds, appreciate  not only its ‘strong technical and commercial understanding’ of core leveraged finance products but also the synergies provided by the firm’s broader competence in fund finance, in particular. The team’s upward trajectory was further underscored by the arrival in April 2023 of the ‘exceptional’ Smridhi Gulati  from Dechert LLP, who now co-heads the team alongside Smith.

Drawing on ‘a good depth of knowledge’ across product lines, CMS provides ‘user-friendly and pragmatic’ advice to private equity sponsors and UK clearing banks within the mid-market leveraged finance sphere. Patrick Donegan, who is particularly adept at handling deals in the energy and infrastructure sectors, heads a team that also includes TMT finance specialist Charles Kerrigan and the ‘approachable, affable and experienced’ Tom Siggers.

Conversant with a wide range of finance products, including European TLB, US TLB and New York law-governed high yield notes, Davis Polk & Wardwell LLP‘s small partner-led team is particularly adept at handling big-ticket cross-border leveraged finance transactions for banks and borrowers. Team head Nick Benham‘s broad and deep acquisition finance prowess includes niche expertise handling public bid finance, where he often works alongside the firm’s strong M&A team.

Focusing on acquisitions in firmwide core industry sectors, including tech, life sciences and property, Goodwin continues to actively advise on behalf of a growing roster of private equity funds, which are appreciative of the firm's expertise advising on debt financing techniques throughout the capital structure. Simon Fulbrook and Hugh O’Sullivan co-head the team.

Herbert Smith Freehills LLP‘s primary acquisition finance focus is advising its impressive roster of large investment grade corporates on the debt structuring to facilitate their M&A transactions, although it does handle some lender matters (particularly in relation to real estate mandates and emerging markets matters) . The team, which is co-headed by Kristen Roberts, William Breeze and Gabrielle Wong, also handles targeted funds-side work (for both private equity sponsors and sovereign wealth funds), focusing on transactions within core firmwide sector strengths including energy and infrastructure.

The ‘technically strong and commercial’ team at McDermott Will & Emery UK LLP provides ‘insightful yet very practical advice’ to funds, in lender and borrower roles, primarily within the mid-market leveraged finance sphere. Team head Aymen Mahmoud has ‘exceptional knowledge of the acquisition finance space’, and since his arrival, along with the ‘hugely intelligent and commercially savvy lawyer’ Mark Fine in May 2020, has provided huge impetus to the finance offering and gained considerable market share.

Spearheaded by the 'hardworking' and 'technically astute' Christopher Kandel, Morrison Foerster's small but versatile London finance offering is well-versed at advising creditors and debtors across a range of financing structures, including a considerable and growing volume of mandates within the leveraged/acquisition finance space. Kandel's ability to advise on both English and US law-governed products is a particularly strong selling point, ensuring a degree of continuity unmatched by many other firms in the ranking. The  'incredibly responsive and highly personable' John Burge is also a key member of the team as a result of his conventional corporate finance expertise, as well as regularly advising on growth company debt finance matters.

At Norton Rose Fulbright, the ‘responsive and knowledgeable’ finance team handles a considerable volume of acquisition finance work for its creditor-focused client base. Michael Black , who co-heads the team alongside energy and infrastructure finance expert Madhavi Gosavi , has broad knowledge across myriad finance products, including a market-leading ABL offering, which he regularly deploys as a key part of the finance package to facilitate large-scale cross-border acquisition finance deals. The firm’s emerging markets prowess also regularly elicits acquisition and event-driven finance mandates for commercial and development banks.

Leveraging well-established clearing bank ties as well as a growing volume of mandates for alternative finance providers, Pinsent Masons LLP is  adept at advising on mid-market acquisition finance transactions. In this context, clients benefit from experts based in London, as well as in key regional centres, including practitioners with complementary expertise advising on ABL products – which are increasingly being used on hybrid deals in the space. Max Millington ‘is technically very strong’, and has a good perspective of the market for lenders and private equity sponsors.

At Eversheds Sutherland (International) LLP, Chris Hastings is key to the firm’s success with private equity sponsors seeking financing for acquisitions, primarily within the mid-market. As part of his role as head of the London office’s banking practice, Nick Swiss handles some lender work on acquisition finance and corporate lending transactions. The arrival in July 2023 of private credit expert Ben Davis from Proskauer Rose LLP is a significant hire for the firm in light of the increased importance private capital has in funding mid-market M&A activity.

Firmly focused on borrower mandates, primarily for a fund-centric client base, Fried, Frank, Harris, Shriver & Jacobson LLP‘s sweet-spot lies in handling cross-border transatlantic mandates, where the firm adds value not only through its ability to collaborate with US-based colleagues but also through the bank of practitioners in London with knowledge across the spectrum of UK and US law governed debt products. Neil Caddy is the principal contact for leveraged finance mandates and has expertise structuring deals using sophisticated financing techniques, including cov-lite TLB, bank/bond, second lien and unitranche products.

Jones Day provides an 'incredible service, which is legally superb and very commercial' for banks and credit funds providing financing solutions throughout the capital structure on leveraged and event-driven cross-border transactions. The 'outstanding' Lee Federman 'is technically superb, calm and composed' and has been central to the firm's success for clients, including on transatlantic deals, where he effectively leverages the expertise of the firm's New York office. Lewis Grimm co-heads the team alongside Federman.

Enhanced by a spate of recent hires, King & Spalding LLP's London offering is an increasingly credible proposition for lenders and borrowers engaged in cross-border leveraged finance mandates, particularly those involving a combination of US and UK debt products (where it can call on the firm’s long-established US platform). Richard Kitchen, who joined alongside the ‘brilliant’ Amin Doulai  from Paul Hastings LLP in August 2022, was one of the most notable of these in light of his private credit expertise. Kitchen now co-heads the team alongside Benoit Lavigne , who himself has considerable leveraged and private credit expertise on both lender and borrower fronts.

Led by Martin Yells, Taylor Wessing LLP provides ‘high-quality advice’ to corporates and private equity firms engaged in mid-market acquisition finance mandates.  A significant amount of the work revolves around the tech sector, including the provision of debt financing to later stage venture-backed clients of the firm. The ‘hardworking’ Lerika Le Grange is a ‘first-rate banking lawyer’, and is a key member of the versatile team by virtue of her deep and wide expertise across new money and distressed debt/restructuring transactions.