At Allen & Overy LLP, ‘the team excels at focusing on commercially relevant rather than legally abstract points, and it has a definite finger on the pulse of market positions‘. One client remarks that it ‘consistently delivers on schedule and is skilled at bringing in experts from other areas as and when required‘. The firm has a dedicated trade, commodities and export finance practice, which handles high-value, complex and innovative mandates. It is also at the leading edge of sustainability-linked lending, having handled landmark transactions such as the £450m sustainability-linked supply chain finance programme for Tesco plc, the first to be rolled out by any UK retailer, on which the firm advised Santander. Catherine Lang-Anderson, who ‘has lots of positive energy, provides innovative thinking and is highly engaged with stakeholders on all sides‘, led that deal. Banking partner Greg Brown is a key adviser on receivables purchase arrangements, and structured finance partner Richard Tredgett and Daniel Shurman also play key roles in the practice. Head of the ECA practice Lorraine Bayliss acted for UK Export Finance on a $600m facilities agreement that represented the first green transition loan ever backed by the UK government.

The trade and export finance practice at Hogan Lovells International LLP is known for ‘attention to detail, high-quality deal documents, and excellent legal due diligence‘. Clients note that ‘the team is very responsive and attentive to client requirements, and has deep breadth of expertise in banking and finance which adds value to transactions‘. The firm has extensive experience in trade finance instruments such as letters of credit, bills of exchange, bills of lading, and demand guarantees, as well as structured finance, sustainable financing and emerging markets transactions. David Leggott, who is ‘responsive, solution-oriented and recognised for his breadth of experience in cross-border financing‘, and banking partner Andrew Taylor lead the practice. Taylor’s highlights include advising San Francisco-based fintech Taulia Inc. on the establishment of its innovative multi-funder supply chain financing platform. Senior associate Philip Beswick ‘drives transactions on and deftly covers off all the moving parts to get us to the finish line‘.

Norton Rose Fulbright has ‘a dedicated and knowledgeable team which is available around the clock and has excellent knowledge of trade finance and, specifically, work of IFIs‘. One client remarks that the firm’s finance practice has ‘peerless knowledge of trade finance documentation‘. Widely recognised as a go-to firm for commodity finance, derivatives and regulatory advice, the firm handles the full range of trading, trade finance, commodity physical supply contracts, shipping, futures documentation, regulatory investigations, fintech matters and disputes. It also has a major presence in the emerging area of sustainable finance. Nicholas Grandage and Andrew Wood (who is ‘a guru of trade finance, commercial in his approach‘) lead the practice. They both advised the European Bank for Reconstruction and Development (EBRD) on its award-winning Trade Facilitation Programme. Senior associates Tudor Plapcianu (who has ‘a mix of savvy technical knowledge, incredibly hard work and sheer personality’), Richard Wilkes and Mark Brighouse also have extensive experience in structured trade and commodity finance.

Reed Smith LLP ‘consistently shows a depth of knowledge across a wide range of disciplines‘ and clients note that the energy and natural resources ‘really takes the time to understand the commercial drivers of the transaction and the risks clients need covered, and tailors advice and documentation accordingly‘. The firm is particularly well known for handling both hard and soft commodity financings globally, advising both major banks and international commodities trading houses. Lead partner Jonathan Solomon ‘does a fantastic relationship role in ensuring the right experts are brought in as required‘. Newly promoted partner Patrick Sutton is a commodities specialist with considerable depth of expertise in sophisticated trade finance work. He focuses heavily on deals for alternative lenders in the space where trade finance meets structured finance. Partner Daniel Birch and associate Liz Stroud joined from Allen & Overy LLP, bringing experience in acting for multinational investments banks and other leading financial institutions, on a variety of highly substantial and strategically significant transactions.

Sullivan & Worcester LLP has ‘deep expertise in trade and working capital finance in the UK market, and a good understanding of how technology is evolving in this space‘. One client remarks that the firm is ‘widely recognised as the best and most prestigious law firm in the trade finance space, its knowledge is unrivalled and it covers all areas from the plain vanilla of LCs, guarantees and receivables finance, to the most complex structured trade finance‘. The firm has the largest dedicated team in trade finance in London and is involved in the full range of work, including the development cutting-edge trade finance platforms. Geoffrey Wynne (who is ‘very present and active within the whole market‘), Simon Cook (who ‘has a good commercial understanding of the market‘), infrastructure finance partner Mark Norris and the ‘commercially minded and clear‘ Sam Fowler-Holmes are the key practitioners. Wynne and managing associate Hannah Fearn acted for the ITFA Insurance Committee on its development of a Basel III trade credit insurance policy form.

White & Case LLP has deep practices in debt finance, capital markets, mining and metals, and project finance, all of which combine to bring in large trade finance mandates. Clients praise its ‘good work overall in getting support on issues related to trade finance‘ and note that key partner Christopher Czarnocki has ‘impressive commercial knowledge, is responsive to request and issues, and always comes across really well‘. The firm has a prominent role in high-end structured trade and commodity finance transactions, frequently acting for bank creditors, traders and offtakers, exporters and sellers, sovereigns, and state-owned entities such as national oil companies. Czarnocki advises Ghana’s Ministry of Finance and Ministry of Energy in a project to monetise royalties payable to the state by companies operating in the gold commodity sector. Emerging markets debt finance partner James Hardy and leading derivatives specialist Ingrid York also play pivotal roles in the practice.

The team at Baker McKenzie is ‘experienced in export financings, providing quality work and partner involvement throughout assignment‘. The firm focuses on high-value, cross-border and complex trade and export finance transactions including export credit agency finance, pre-export finance, pre-payment finance, borrowing base finance, structured receivables finance and supply chain finance. Clients praise the team’s ‘familiarity with ECA-backed financings and the fact that they respect imposed deadlines‘. Luka Lightfoot and Nick Tostivin are the lead partners. They advised Standard Chartered Bank, Societe Generale, African Export-Import Bank and Natixis on a $1.3bn syndicated financing for Sonangol, structured through a receivables off-take arrangement for crude oil.

The commodities, trade and upstream finance practice at Dentons provides ‘sound and knowledgeable advice‘ on a broad spectrum of complex and cross-border work, and it counts ING Bank, ED&F Man and Trafigura among its key clients. Lead partner Tim Pipe has extensive experience in the English law upstream oil and gas financing market and frequently works on financings and re-financings in the sector across Europe, Africa, the Middle East and South America. Simon Prendergast, who joined from Addleshaw Goddard, is regarded as a leading asset-based lending and receivables financing lawyer and he frequently advises UK and international banks, as well as numerous large corporates. Ian Clements frequently handles syndicated borrowing base, pre-export and structured prepayment financings, as well as bilateral secured trade finance facilities, receivables financing transactions, trade finance distributions and export credit financings.

Trade finance is an integral part of the work of Fieldfisher‘s financial markets and products group, which handles pre-payment finance, documentary and standby letters of credit, export and pre-export facilities, reserve-based lending, borrowing base, inventory finance and receivables finance. Practice head Oliver Abel Smith handles a range of finance transactions but has particular expertise in trade and commodity finance, and asset finance in the energy and natural resources sector. Structured finance partner Dougall Molson advised SMBC, Citi and Société Générale as joint lead managers on a new series of $300m notes of Trafigura Securitisation Finance Plc, a receivables securitisation vehicle of Trafigura Group, for which this was the sixth public ABS transaction in its programme.

Herbert Smith Freehills LLP ‘is very responsive and has very good strength in depth, striking the right balance in terms of the level of experience in the team your working with – not too partner-heavy, not too partner-light, and the associates are excellent‘. The firm frequently advised both lenders and borrowers on all forms of commodity-related financings. Thomas Bethel and energy and project finance specialist William Breeze (who has ‘ excellent legal knowledge and anticipates the commercial issues which may arise‘) are the lead partners. Breeze is also ‘a first-choice lawyer for ESG issues in the mining finance and renewables sectors‘. Senior associates Rakhee Patel and Kerry Reid also play key roles in energy, natural resources and infrastructure finance transactions.

At Hill Dickinson LLP ‘the practice is swift to react, its comments are to the point, and timelines are well respected‘. The firm climbs the ranking this year, largely due to its in-depth knowledge of physical commodities markets, and its understanding of a diverse range of instruments, among them bilateral and syndicated facilities, documentary credits, standby credits and guarantees, bills of exchange and discounting agreements. It also handles structured trade finance transactions, including pre-finance agreements, stock and inventory finance, repo financing structures, and borrowing base finance. Lead partner Mark Aspinall and associate Olga Newman are ‘a pleasure to work with and provide services in a timely manner‘. Newly hired associate Nina Rahman, previously at HSBC, has significant experience in asset-based lending and trade finance.

‘Their responsiveness and thoroughness in analysing any legal issue and their expertise in accurately drafting complex loan and security documentation, is unparalleled‘, says a client of Mayer Brown International LLP. The firm works for banks, funds, corporates and fintech companies in relation to complex global trade finance transactions spanning product areas such as core trade finance, structured trade & commodity finance, borrowing base finance, inventory monetisation and risk distribution. Alex Dell leads the banking and finance practice, and leads its trade finance work. Key partner Ashley McDermott acted for a syndicate of banks on the debt restructuring of Brazilian energy company Raízen, which involved syndicated pre-export finance facilities provided by the banks. McDermott and senior associate David Fraher ‘display a level of professionalism in their work that makes them stand out by its evident thoroughness and quality‘. Up-and-coming partner Charles Thain handles traditional trade finance transactions, borrowing base finance, receivables finance, supply chain and payables finance and risk distribution structures.

Addleshaw Goddard has a strong track record in the mid-market trade finance space and across the variety of working capital products on the lending side. It focuses predominantly on domestic work, acting for both borrowers and lenders, though there is a growing cross-border element to its work. Among its clients are clearing banks, overseas banks, funds and numerous specialist sector providers. Lead partner Mike Davison acted for Press Glass Group in its €265m group financing facilities provided by a syndicate of banks led by PKOP Bank Polski.

gunnercooke LLP is known for ‘good practical and legal knowledge delivered simply and clearly‘, and one client praises its ‘quality of knowledge, service and complete understanding of the underlying trade structuring processes‘. The firm continues to steadily grow its presence in the trade finance market, focusing on work for both borrowers and lenders, among them alternative finance providers, international banks with the UK presence, and commodity traders. Commodities and finance partner Marc Weisberger and Veronika Koroleva are the key figures in a practice that has ‘experience within the sector and a willingness to support and guide, based upon a strong industry and product knowledge‘.

Penningtons Manches Cooper LLP joins the ranking on the strength of lead partners Grant Eldred, who leads the financial services sector group, and trade finance litigation specialist Mark Sachs. The trade finance practice is ‘very experienced and solution-driven, and is also to-the-point and pragmatic‘. Eldred is ‘very knowledgeable and experienced, a person you can rely on to guide a file to closing‘. The firm acts for overseas banks and financial institutions that specialise in trade finance, but also advises parties across the supply chain from producers through to trading companies and end-users. It has particular expertise in transactions involving Africa and South America, as well as matters concerning Russian sanctions.

Stephenson Harwood joins the ranking having hired key lawyers from HFW. Practice heads Philip Prowse and Jameel Tarmohamed, along with associate Andrew Green, are the key practitioners who moved to the firm. Prowse is ‘always aware of the commercial aspects and of the need to break new legal ground where this is required for the project to stand out‘. He is a specialists in commodities trade finance and frequently acts for traders, banks, other financial institutions and lenders, investors, and other global supply chain participants in relation to their trade finance businesses, covering all types of finance, security and trade structures. Tarmohamed acts for banks, investors, corporates and traders up and down the global commodities supply chain in many emerging jurisdictions. ‘Their knowledge and awareness of new technologies such as blockchain systems, and the legal issues pertaining to them, were very evident and I believe market-leading‘, remarks one client.

Watson Farley & Williams LLP has ‘a friendly team with the ability to advise on a range of trade finance matters across different commodity areas, providing consistently strong service levels‘. The firm frequently advises banks, trading houses and independent companies on transactions in the commodity and upstream finance space. It is particularly strong in the energy sector, due to its experience in mining, metals, soft commodities, oil and gas and other relevant markets. Lead partner Joe Levin is ‘a solution-focused and adaptable finance partner with trade finance expertise across numerous jurisdictions, and he takes a commercial approach to help ensure deals close‘. Senior associate Jordan Joannides is another name to note. Head of the mining and commodities group Jan Mellmann and head of the global oil and gas practice Chris Kilburn are heavily involved in the practice.