Led from London by Mike Davison and also able to draw upon considerable resources throught the North of England and Scotland, in particular, Addleshaw Goddard is well-positioned to provide cost-effective, ‘commercial, responsive and client-focused‘ advice to a lender-focused client base across the full spectrum of their ABL/receivables requirements. Recognised as a ‘market-leader in his field’, Davison’s versatility in the space is a particularly strong selling point to clients which appreciate his financing transactional smarts, as well as his advice on product development, as well as on their strategic corporate transactions in the space. Based out of the firm’s Manchester office, the ‘exceptional’ Harold Brako leverages his overarching finance litigation expertise and knowledge of the ABL product to provide an ‘excellent service’ to the firm’s impressive roster of clearing banks, independent funders (as well as for IPs) in the context of contentious work, including insolvency matters. Manchester-based legal director Lauren Priest-Stephens has excellent ties with lenders and borrowers in the North West market and has been taken on more of a concerted leadership role following the departure of Simon Prendergast to Dentons in February 2022.

Appreciated by clients for its ‘commerciality and attention to detail’, as well as its aptitude at ‘establishing the art of the possible’, Mayer Brown International LLP remains best-suited to advising lender clients on complex debt financing solutions where the ABL product is utilised either on its own or alongside other financing techniques to facilitate often highly bespoke solutions. A considerable volume of the work has a cross-border complexion, either in the context of US-originated deals or European deals for US-owned lenders; in this regard the team has been at the vanguard of the migration of US techniques/terms to the European market. Dominic Griffiths has ‘a broad knowledge base and a lot of authority in the market’ acting both on behalf of conventional banks, and alternative credit providers which are increasingly willing to utilise ABL and receivables financing techniques in the context of direct lending mandates. Griffiths co-heads the team alongside Alex Dell, whose ‘unrivalled in-depth knowledge of the ABL market’ enables him to provide ‘excellent commercially focused advice’ to clients across a balanced mix of transatlantic mandates, as well as on more conventional domestic matters. Senior associate Ravi Amin is also a key member of the team and is building up a considerable following among clients as a result of his ‘intimate knowledge of the ABL market’, as well as his ‘ability to explain complex legal concepts in a clear and concise manner’. 

Drawing upon the expertise of practitioners primarily based out of its regional offices, including Manchester, Leeds and Birmingham, DLA Piper is particularly adept at advising funders (including both bank-owned ABL arms as well as independent ABL funds) and borrowers on domestic syndicated and bilateral ABL transactions. In this context, the firm is able to provide a “cradle to grave service”, with advice running the gamut from new money transactional work to the restructuring of ABL facilities. Manchester-based partner Joseph Frew is ‘very well regarded regionally’ both for transactional work, as well as in the context of assisting funders on the development of template documentation for ABL facilities. Leeds-based partner Sarah Day co-heads the team alongside Frew and has a strong track record of advising both on relatively commoditised domestic mandates as well as highly structured and cross-border financial transactions, including ABL and corporate finance transactions.

Although it is narrower in scope than some of its peers in the ranking, Morgan, Lewis & Bockius UK LLP has a strong reputation advising on transatlantic ABL transactions for longstanding clients, including Wells Fargo, as well as  for a growing number of newer US funders making their first forays into the UK and European market. ‘Superb’ dual New York and UK-qualified team head Georgia Quenby has been integral to the firm’s success in the market and is appreciated for her ability to structure complex deals involving sophisticated intercreditor relationships. In this regard, Quenby is also well versed at protecting clients against future exposure in a distressed scenario and in the event of this happening, is well equipped to advise on the restructuring of ABL debt products. Victoria Thompson‘s dual US and UK qualifications also lend themselves to work on cross-border mandates with a transatlantic complexion, although her workload also includes advice for funds and alternative capital providers in the sector.

The ‘practical and extremely user-friendly’ team at Norton Rose Fulbright has ‘excellent knowledge of ABL market trends’, a corollary of its impressive deal flow in the domestic and international markets. This work runs the gamut, ranging from relatively commoditised bilateral working capital facilities, through to structured financings where the ABL product sits alongside high yield bonds and conventional lending facilities. Praised for his ‘in-depth knowledge of ABL and cross-border lending’, team head Michael Black takes the lead on many of the most significant mandates, a significant proportion of which are generated from his close relationship with core US funders JP Morgan, Wells Fargo and Bank of America.

Forming a core role within the firm’s broader banking and restructuring teams, Pinsent Masons LLP‘s ABL offering is well positioned to advise funders (including clearing banks and independents) and borrowers on origination work, as well as assisting with any subsequent restructuring or insolvency scenarios. Drawing upon established ties within the ABL ecosystem, the team - which is able to leverage resources from London and many of its regional offices - is as comfortable handling relatively commoditised bilateral working capital facilities as it is on mandates where the product is used in harness with other debt products. Team head Edward Sunderland is ‘an expert in the field’ and takes the lead on much of the highest profile origination work, while at the distressed end of the market, both Birmingham-based Amy Flavell and Gemma Kaplan combine an excellent understanding of the ABL product with broader restructuring and insolvency knowledge.

Drawing upon significant domestic and global resources, the ‘solutions-oriented‘ team at Squire Patton Boggs provides ‘responsive and knowledgeable’ advice to a balanced mix of lenders and borrowers, in both domestic and international settings. Vastly experienced team leader Paula Laird remains active on the fee-earning front and balances this with her role as head of the firm’s EMEA financial services practice. ‘Commercial and fair‘ in her negotiations with counterparties across a range of ABL finance transactions, including highly structured and bespoke matters, Laird is ‘easy to work with’, a reflection of her longstanding involvement in the space. The ‘excellent’ Tom Dell’Avvocato also continues to gain plaudits among banks, alternative lenders and corporate borrowers for his aptitude at structuring ABL deals; his increasing profile in the market was also recently acknowledged by the firm which promoted him to a director assignation.

Led from the firm’s Birmingham office by the ‘unflappable’ Jon Bew, Shoosmiths LLP provides ‘knowledgeable, helpful and prompt’ advice to a funder-focused client base across a range of primarily domestic small-to-mid-market mandates, including receivables financing, invoice discounting and factoring. Bew’s deep knowledge of the market, which is consequent on his longstanding track record, ensures that, as well as transactional work he is also regularly engaged by lenders to draft their template documentation. Natalie Barnes is also recommended.

Led from Liverpool by the ‘very responsive and practical’ Alex Chapman, Bermans‘ six-partner team has ‘great experience in the ABL world’, both from a contentious and non-contentious perspective, enabling it to provide ‘commercial and cost-effective‘ advice to commercial finance and alternative finance companies providing funding to owner-managed business and SMEs. A substantial amount of this work relates to invoice financing transactions – an area in which both Chapman and ‘very considered‘ Manchester-based partner David Gledhill are particularly accomplished.

With numerous practitioners based in London who are well versed in non-contentious commercial finance matters and also able to leverage the firm’s broader finance capabilities, Bryan Cave Leighton Paisner is well equipped to advise both lenders and borrowers seeking funding utilising ABL techniques, including on matters where it forms part of a broader debt package alongside other debt within the capital structure. Emma Howdle-Fuller heads the overarching commercial lending practice, which also includes dual UK and New York-qualified partner Shanan Dunstan, who is the main contact for work in the space, including in relation to specialist hybrid ABL/cash-flow lending structures. The firm’s global network also enhances the team’s ability to advise on multi-jurisdictional mandates.

Fielding a team of ‘experts in the ABL field’, Horsham-based firm PDT Solicitors is particularly noted for its work for funders in relation to factoring and invoice financing. Noel Ruddy has great technical expertise (he co-edits the leading textbook on factoring), which he imparts to excellent use on transactional mandates, including in the context of corporate and M&A work in the space. Dawn Shadwell co-heads the team alongside Ruddy and ‘is very alive to the commercial requirements of ABL and finance clients’.