The trade, commodities and export finance practice at Allen & Overy LLP builds on the firm's market-leading structured finance expertise, and one client notes that it has 'excellent knowledge of derivatives'. The firm is called upon to handle complex and innovative financing structures, including those that use traditional trade finance techniques in novel ways such as blending them with other forms of banking product. In 2018, the practice also handled a number of restructurings and litigations in the trade and commodity finance space, and it is regarded as one of the leading advisers on distressed structures and regulatory matters. Greg Brown, who recently advised on financings in Russia, Africa, India, Turkey and the Middle East, and Catherine Lang-Anderson, who frequently advises leading banks, are among the firm's standout practitioners. Derivatives and structured finance specialist Richard Tredgett and head of the firm's ECA practice Lorraine Bayliss are also recommended.

'It is known as a top law firm in the market and has a great position in the market', remarks a client of Dentons. The firm's depth of expertise in banking and finance, energy and natural resources, as well as its presence in emerging markets gives its London team a strong standing in the market. Head of banking and finance Paul Holland leads the commodities, trade and upstream finance group  and deals with export credit financing and asset financing. In his team, Celia Gardiner has a long-standing reputation as one of the leading lawyers in the market and she frequently advises lenders and borrowers on financing transactions in the production, transportation and sale of commodities and in receivables financing and invoice discounting transactions. She also handles pre-export financing facilities, structured prepayment arrangements, borrowing base facilities and other working capital facilities for  traders, receivables financing, and restructuring and workouts in the natural resources sector. Howard Barrie rejoined the firm from Eversheds Sutherland (International) LLP in 2018, and clients describe him as 'among the top lawyers in his field with enormous talent and experience'. Tim Pipe, who handles financings in the energy sector and in emerging markets, is also recommended.

Herbert Smith Freehills LLP climbs to the top tier this year, having cemented its prominent position in large, complex and highly structured transactions in the energy market. It is 'very service-oriented and will do everything it can to support clients in the best way possible', remarks a client who notes that it 'demonstrates a keen desire to better understand the business and the needs of the client'. The practice is led by the 'client-driven' William Breeze and leading light Thomas Bethel, who specialises in oil and gas finance and is among the most experienced lawyers in English law reserve-based lending transactions. The firm had a role in the majority of market-leading RBL deals in recent years, acting for leading energy companies and trading houses, as well as a large roster of banks that includes HSBC, BNP Paribas and ING. It also handled prepayment and pre-export financing facilities with a value in excess of $10bn between 2016 and 2018.

Hogan Lovells International LLP has 'excellent knowledge of the sector combined with practical legal solutions that work for the business of the borrower and lenders'. The practice is led by trade and export finance specialist David Leggott, who has extensive experience advising banks and trading companies on transactions in emerging markets such as Russia and the CIS, sub-Saharan Africa and Latin America, and banking partner Andrew Taylor, whose practice covers the UK, Europe and emerging markets. The practice acts for both lenders and borrowers including banks, commodities traders, multilateral institutions, regional and development banks, ECAs and governments. In 2018, it handled transactions for key market players including Afreximbank, Deutsche Bank, International Finance Corporation and Société Générale. Its transactional work encompasses trade finance instruments such as Letters of Credit, bills of exchange, bills of lading, demand guarantees, pre-export finance, limited recourse prepayment structures and borrowing base financings across oil and gas, metals, agri-commodities and many other sectors.

The global banking practice at Linklaters LLP comprises banking, finance and restructuring lawyers for whom trade finance is a key focus. The team in London, led by 'practical and diplomatic' partner Mirthe Van Kesteren, handles the full spectrum of work including borrowing base facilities, prepayment facilities, PXF facilities, receivables-backed and other commodities-based financings. The firm's trade finance specialists are part of a dedicated global commodities practice with in-depth industry knowledge and direct involvement in cutting-edge financing techniques and ground-breaking commodities transactions, disputes and regulatory issues. Clients remark that the firm is 'very responsive, able to provide specialist advice within short time periods and highly knowledgeable in the field'. Toby Grimstone, who has a strong track record in pre-export and prepayment financings, ECA-backed financings, borrowing base facilities and other secured and structured financings, is highly recommended. The practice counts Lloyds Bank, ING Bank and Glencore among its clients.

The practice at Norton Rose Fulbright is 'dedicated and incredibly knowledgeable with a positive attitude and approach towards its clients'. The trade finance practice sits alongside a respected commodities transactional and advisory service, with complementary expertise in shipping, insurance, derivatives, regulation, regulatory investigations, fintech and dispute resolution. The scope of its work covers the full spectrum of trade finance structures including pre-export and prepayment financings, committed and uncommitted transactional trade finance facilities, borrowing base facilities, commodity repos, invoice discounting structured Letters of Credit transactions. Global head of trade finance Nicholas (Nick) Grandage, who works from both the London and New York offices, key partner Andrew Wood and senior associate Richard Wilkes are 'very knowledgeable in the area of trade finance and provide exactly the support needed - they make a great team but equally the associates working are very good'. Davide Barzilai returned to London from the firm's Hong Kong office to add expertise in ECA financing, supply chain financing, and structured trade and commodity finance. Conor Foley, who is co-head of the firm's global government relations and public policy practice, and derivatives partner Nigel Dickinson also play key roles.

The trade finance practice at Reed Smith LLP grew in 2018 and climbs the ranking. The arrival of Omar Al-Ali from Simmons & Simmons adds more than 15 years' experience in structured trade and commodities finance and commercial lending. Jonathan Solomon, who is 'an exceptional partner and an expert in this field', leads a trade finance practice that operates distinctly from the firm's banking group and in which all of the members have specialist practices in this area of law. The practice works closely with the firm's energy and natural resources group, which has in-depth knowledge of the commodities markets, giving it the ability to advise on the full spectrum of trade finance structures including limited recourse prepayment facilities, borrowing base and warehouse finance structures, repo transactions, pre-export finance, structured supplier finance, complex credit support arrangements for trading activities and secured trade finance across all hard and soft commodities. It frequently acts for major banks, funds, corporates and commodity houses. Counsel Ildar Bagautdinov and associates Patrick Sutton, Olga Newman and Jade Fawcett are recommended in the London office, which works closely with specialist trade finance practitioners in Chicago, Houston and Singapore.

During the five years since the firm opened its London office, Sullivan & Worcester UK LLP has built up the largest dedicated trade finance practice in the City. The primary focus of the office is trade and export finance, and it has six specialist partners including seasoned practitioners Geoffrey Wynne, Simon Cook and Mark Norris, who 'stand out from the rest of the market for their in-depth capabilities and specialisation in trade finance'. Clients also remark that the firm has 'genuine interest in trade and export finance and is keen to contribute to the industry dialogue' and is 'highly responsive and thought-provoking, with a very commercial approach'. The firm counts major trade finance banks and other financial institutions, funds, corporate borrowers, agents and trustees, and national and international corporations among its clients. Marian Boyle leads the firms' UK insurance and disputes practices, making her the main point of contact for trade finance litigation. Managing associate Hannah Fearn, who frequently acts for leading banks in syndicated and bilateral pre-export commodity financings, and senior associate Sam Fowler-Holmes, whose experience includes structured and unstructured trade finance Europe, the CIS, Africa and Asia, also play key roles in the practice.

White & Case LLP focuses on highly complex and innovative trade finance deals across a range of different products and at different phases of the commodities cycle. The firm has strong structured finance and capital markets capability, as well as a strong presence in emerging markets, and practice head Christopher Czarnocki is well known across the market for his skills in trade and commodity finance. He frequently acts for global financial institutions, ECAs, corporates and sovereigns such as the Ministry of Finance and the Ministry of Energy in Ghana, and numerous oil companies including Ghana National Petroleum Corporation. Partner Tom Bartlett plays a central role in the practice, advising lenders and borrowers on trade finance, including reserve-based lending transactions, across sectors such as oil and gas, energy, mining, infrastructure, petrochemicals and telecoms. James Hardy is a specialist with 15 years' experience in advising both lenders and borrowers in the emerging market on commodity finance transactions.

The trade and export finance practice at Baker McKenzie, which sits in the firm's banking group, climbs the rankings. It acts for financial institutions, corporates and government entities in financings throughout the EMEA and CIS Regions, as well as Latin America. It focuses predominantly on commodities and infrastructure financings, including transactions in the transport and telecoms sectors. It regularly handles multi-sourced financings, including ECA-backed facilities, in which it acts for both ECAs and arrangers. In the current climate, the firm's highly-rated sanctions practice is closely involved with the activities of the trade finance team. 'It is able to leverage its wide network of international offices to provide expert local law advice on issues as they arise, which is particularly beneficial in the inherently cross-border area of trade finance', remarks one client. Practice head Nicholas Tostivin and rising star senior associate Luka Lightfoot are the standout practitioners in London.

Clifford Chance LLP focuses on large and complex structured trade finance deals and its dedicated trade finance practice advises leading banks, trade and industry associations, commodity trading companies and other corporates participants on high-value and innovative transactions and regulatory matters. Its work encompasses Letters of Credit, performance bonds and bills of exchange, export finance, Islamic Finance, sanctions and much more. Leading light Leonard Cleland, who has broad experience in emerging and developing markets, from CIS, Eastern Europe to the Middle East and Africa, and Simon Williams, who specialises in domestic and cross-border financing with a focus on infrastructure assets and the emerging markets, are the standout practitioners. Together they are known for advising leading commodity houses, export credit agencies, funds and banks on high-profile and market-first deals.

'The firm is knowledgeable and experienced, and always takes a practical approach', remarks a client of Clyde & Co LLP. The practice is an integrated part of the firm's global commodities team, which advises clients on all aspects of the commodities supply chain. Practice head Robert Parson is a leading light in the market and clients remark that 'he commands great respect across and is a giant in trade finance legal circles' . He acts for a broad spectrum of clients in the international trade, commodities, energy and natural resources sectors, including major banks, traders and exporters, in complex cross-border financing arrangements. Senior associate Geraldine Butac is 'highly respected' for her work in trade and commodity finance for banks, specialist financial institutions and corporates. The firm's growing expertise in alternative financing sources, including bonds, CDOs and emerging capital markets, is a key element in its work for leading trading houses and international financial institutions including the European Bank for Reconstruction and Development (EBRD).

Hill Dickinson LLP joins the ranking having hired a respected commodities and trade finance group from Eversheds Sutherland (International) LLP in 2019. The team, which is built around respected partners Mark Aspinall and Paul Sinnott, brings extensive experience in trade finance transactions and disputes to a firm with a strong position in the commodities markets. The firm acts for banks and trading houses in high-value and complex structured transactions. Sinnott's work from 2018 included advising banks and traders on multiple trade finance deals up to $250m in value, and the production of bespoke commodity trade finance documentation for a leading Geneva bank. In 2018, Aspinall, while at his previous firm, won a $22m gasoline financing case against the owner of an oil trader, which resulted in the lifting of a High court freezing order.

Trade finance is a key element in the work of the banking and finance practice at Jones Day. Practice head Edwin Borrini represents lenders and borrowers on a broad range of trade and commodity finance transactions, with particular emphasis on pre-payment, PXF and advance payment structures as well as other secured lending deals relating to all types of commodities. The firm acts for financial institutions including ICBC Standard Bank plc, Industrial and Commercial Bank of China Limited, Macquarie Bank, Bank of China, British Arab Commercial Bank plc in pre-export, pre-payment, reserve-based lending structures and commodity trading facilities, particularly across Africa and CIS states. It also counts large trading houses among its clients and it advised Trafigura on its receivables securitisation programme. It also acts for corporates such as Total and US Steel. The practice has particular expertise particular expertise in oil, metals and agricultural products, and recently worked on transactions in Kazakhstan, Nigeria, Côte d'Ivoire, Mali, Burkina Faso, Tanzania, Mozambique, Malawi, and South Africa.

Simmons & Simmons is active in all of the key sub-sectors of the trade finance market including structured trade and commodity finance, account receivables and supply chain finance, and ECA-backed transactions, as well as handling Islamic finance and providing regulatory advice. Among its clients are banks, trading companies, niche trade finance providers and trade-focussed funds, and the firm continued to grow its roster of clients in 2018. the firm's highly regarded securitisation practice is key to its offering in structured transactions, and the firm also brings its expertise in commodities, energy and emerging markets to bear on its trade finance work. Omar Al-Ali moved to Reed Smith LLP but structured trade and commodity finance specialist Matthew Cox recently returned to London from Singapore. Head of asset-backed finance and securitisation Michael Lorraine and managing associate Rose-Anna Burnett, who focuses mainly on energy and developing markets finance transactions, are also active in the trade finance market.

In the last five years, Taylor Wessing LLP has established and grown a dedicated trade finance team in the UK, which now advises on a broad range of trade finance products. Its work encompasses receivables financing, supply chain financing, commodity-related guarantees and discounting structures, pre-export financing, private placements, Letter of Credit facilities, and asset-based lending. Its practice covers a diverse range of industries but has particular experience in the oil and gas, telecoms and automobile sectors. Among its clients are banks including Santander and Deutsche Bank, funds, corporates and export credit agencies, who call on both the trade finance hub in London and the firm's network of offices in 20 countries. The practice, which is led by banking and finance partner Elizabeth Gaunt, frequently applies its expertise in areas such as structured finance and private equity to create bespoke trade finance transactions. Lerika Joubert uses her wide knowledge of corporate finance, trade and receivables finance, leveraged and acquisition finance, derivatives, asset-based lending and litigation funding to advise clients on trade finance structures.

Watson Farley & Williams LLP has a specialist focus on the commodities market, coupled with long-standing expertise in complex finance structures, which gives it a firm footing in commodities and trade finance transactions. The practice, led by Joe Levin, who frequently advises lenders and sponsors on project, borrowing base and other structured financings, handles both contentious trade finance matters and complex financings, particularly in the specialist sectors of mining, metals, soft commodities, oil and gas, power and renewables. London is the hub of the firm's trade finance activity and the team handles transactions in commodities-producing regions such as Africa, Asia and Latin America, as well as Western and Eastern Europe. Senior associate Sarah Lunn and associates Shaakir Daud and Oliver Acland play central roles in the practice.

Addleshaw Goddard acts for clearing banks, overseas banks and funds in trade finance transactions. Mike Davison leads the finance and projects team, in which the firm's trade finance expertise resides. His work includes receivables financing and supply chain financing, Shariah-compliant deals and commodity finance arrangements. Partners Michael Barnett and Richard Clayton handle contentious trade finance matters. Rising star associate James Tarleton plays a key role in asset-based lending, trade finance and specialty finance transactions. One client remarks that the firm's practice has 'real titans in this field with wide ranging experience and expertise of all forms of trade finance transactions and disputes'.

Trade finance is an integral part of the lending group's practice at Fieldfisher, which advises on a range of transactions in relation to commodities as well as other sectors and asset classes. Features of its work include prepayment finance, documentary and standby Letters of Credit, export and pre-export facilities, reserve-based lending, borrowing base structures, inventory finance and receivables finance. In 2018, the firm became more involved in assisting banks, commodity trading houses and producers on prepayment financings and related off-take arrangements. It also advised on alternative financing techniques such as metals streaming arrangements and inventory management facilities. Practice head Oliver Abel Smith has particular expertise in trade and commodity finance and asset finance in the energy and natural resources sector.

Mayer Brown International LLP joins the ranking this year, having invested in specialist trade finance expertise to build up the depth of expertise in its London office. Partner and emerging markets expert Ashley McDermott joined from Clifford Chance LLP to join practice head and co-head of asset-based lending Alex Dell in a practice that works for banks, funds, corporates and players in the fintech sector in relation to complex global receivables finance structures. Among their clients are ING, Africa Finance Corporation, Klesch Group and Credit Agricole. The firm's recent work includes off-balance sheet receivables purchase facilities in relation to receivables originated in Australia, Belgium, Denmark, Luxembourg, Romania, South Korea and the UAE. It has in-depth expertise in the increasingly important areas of export and agency finance, and structured trade  and commodity finance.

Penningtons Manches Cooper LLP is a firm that is highly attuned to the logistics of shipping and trade, thanks to its specialist focus on those areas, as opposed to banking work. Its trade finance practice comprises a small, hands-on team that handles bespoke deals requiring a high level of technical knowledge and experience in the sale, transport and insurance of commodities. Grant Eldred leads the practice, in which contentious and transactional matters are handled by an integrated group. Head of finance Eldred specialises in banking law including bilateral and syndicated secured and unsecured lending, trade finance and banking regulation and compliance. Lisa Hillary handles disputes arising under sale contracts, charterparties and bills of lading as well as the international trade of commodities and marine insurance, and George Mingay is recommended for disputes within the commodities sector relating to oil and gas, metals and mining, and soft commodities.

Stephenson Harwood joins the ranking this year, as its large commodities practice, led by Haris Zografakis, has a strong position in the trade finance market. The firm has extensive experience in transactional work across the whole of the commodities cycle from the extraction of raw materials through to end use, providing advisory, transactional and contentious services to clients in the physical commodities, trade finance and derivatives markets. It has notable expertise in coal, crude oil and petrochemicals, LNG, ferrous and non-ferrous  metals, and mining. Its extensive client base includes major trading houses such as Vitol and Mercuria, banks such as Macquarie and Rabobank, power companies, mining companies including Vedanta, and national oil companies. 'We really appreciate his support', says a client of Jonathan Spearing. David Lacey is well versed in structured trade and invoice discounting transactions, and Rubin Weston represents lenders and borrowers on major financings.