'One of the go-to-firms in the market for handling big-ticket asset finance mandates', Allen & Overy LLP's five-partner team has expertise across the gamut of transportation assets. The practice is, however, best known for its expertise within the aviation space, where it is well placed to handle the most sophisticated mandates in the market by virtue of its ability to leverage its strong capital markets and structured finance expertise, as well as a wide-ranging international network. Global head of aviation finance, the 'very bright' Paul Nelson is regularly involved in innovative and complex deals, including his recent work for UKEF and ING Bank on the Japanese Operating Lease with Call Option (JOLCO) financing of a Boeing 737 aircraft for Avianca; notably, this was the first UK Export Finance-backed JOLCO financing for a Latin American carrier. Harry Upcott has strong ties with many operating lessors and has recently been very active advising on several big-ticket portfolio transactions. Outside of the aviation sector, Kevin Young has a strong pedigree within the shipping sector and has recently advised numerous different funds on the acquisition of shipping portfolio loans. The 'responsive and knowledgeable' Mario Jacovides heads up the overarching global structured and asset finance group, which also includes Jonathan Bevan, who has 'vast rail experience'.

Led by William Glaister, Clifford Chance LLP's five-partner team is best known for its 'absolutely superb' aviation finance offering, where it acts for an eclectic roster of clients, including lessors, banks, funds, export credit agencies, manufacturers and operators. 'A go-to-firm for implementing novel structuring ideas', the team remains at the cutting edge of developments in the industry, and, aided by a vast global platform, it is well-suited to the cross-border nature of many of the biggest-ticket mandates in the space. Ranbir Hunjan has advised lenders and arrangers in connection with numerous complex financings of commercial aircraft, including advising on the establishment of Airborne Capital, a new aviation leasing platform. The 'excellent' Oliver Hipperson is well versed at handling financings across both the aviation and shipping/offshore sectors, including his recent work for Maersk Drilling on the $1.55bn financing of 20 offshore drilling rigs by an Export Credit Agency (ECA)-backed term loan and revolving credit facility. Paul Carrington is recommended for his rail finance work, while senior associate Richard Evans is 'incredibly knowledgeable' in the aviation sector.

Benefiting from an 'unquestionably deep sector knowledge, coupled with a down-to-earth and practical approach', Norton Rose Fulbright's 11-partner team has the critical mass to handle a tremendous volume and range of mandates across all transportation asset classes. Aided by offices in key strategic locations, including Singapore and Greece, the firm remains a 'powerhouse' in the maritime sector, where the 'brilliant' Simon Hartley has an excellent practice; particularly within the cruise ship space (for both owners and lenders) as exemplified by his recent work for Société Générale on the €2.6bn French ECA-supported receivable purchase and post-delivery financings to acquire three cruise vessels for MSC Cruises. Team head Harry Theochari has vast knowledge and experience of financings within the maritime sector (he has been particularly focused of late on acting for new fund entrants into the market), and Eleanor Martin excels at work in the offshore sector. Duncan Batchelor and Simon Chamberlain are two of the primary practitioners within the aviation finance sub-group, which is noted for its 'business-oriented approach and knowledge of market standards'. On the rail front, Tom Johnson is a 'very fine practitioner' whose broad client base encompasses train operating companies, government entities, financiers and rolling stock owning companies, while the team recently secure a major boost with the hire of highly rated rail finance specialist Simon Gwynne from Hogan Lovells International LLP. At an associate level, Will Alete and the 'business-oriented' James Collins are particularly noteworthy.

Led by the 'high-calibre' James Cameron and Nick Swinburne, Milbank's 'very impressive' two-partner team excels in handling highly structured aviation finance and leasing transactions, where it can add value through its ability to draw upon the firm's strong UK and US capital markets capability, as well as complementary practice areas including tax, finance and M&A. In a complex matter which involved JOLCO equity, the team advised Citibank, as arranger, on British Airways' $608.5m Enhanced Equipment Trust Certificate (EETC). Aircraft trading projects and portfolio acquisitions/dispositions also remain a real strength of the firm, where as well as partner involvement it is also able to call upon a 'very capable and high performing team of associates'. Although the team is undoubtedly best known for its aviation sector strength it also continues to develop a burgeoning presence in the shipping sector, particularly in relation to capital markets mandates and portfolio acquisitions. Associate Jonathan Cripps is noted for his ship finance expertise and is a key member of the team, which also includes 'highly commendable' special counsel Richard Walton, who is recognised for his ability to handle complex, structured financing transactions, including the growing non-US EETC market.

Stephenson Harwood's 13-partner team has the strength-in-depth to provide a 'pragmatic and commercial service' to a broad range of stakeholders in the shipping and rail sectors. The 'vastly experienced' Mark Russell, 'very talented' Ian Mace and 'reliable and capable' Jonathan Ward are key practitioners in the maritime space (with Ward particularly strong on new money deals and restructurings with a Chinese nexus). Following a spate of major restructurings, new money finance deals have started to become more prominent again in the shipping market; the firm has picked up its fair share of these, including Mace's recent work for shipping company Team Tankers International on a $220m senior secured credit facility. The 'responsive' Richard Parsons leads on the aviation front and has a strong following among banks and operating lessors. As well as her general leasing expertise, the 'super experienced' Lisa Marks also assists on rail finance matters.

Benefiting from a 'substantial knowledge of the market and law', Watson Farley & Williams LLP consistently demonstrates a 'deep level of understanding across a broad range of marine transactions' for financiers, shipowners and operators. With 14 partners handling ship financing matters out of London and also able to leverage a substantial international offering -  with practitioners in situ in key shipping locations including Athens, Singapore and Hamburg - the team has the strength-in-depth to handle the full array of traditional ship financing matters for banks. It also acts for a growing cadre of alternative finance providers (including private equity funds, pension and insurance companies), which are increasingly active in the space. Recognised as the 'best in her area', Lindsey Keeble 'really stands up for her clients', and has particular expertise in the cruise and liquified natural gas (LNG) sectors; she recently advised longstanding client MSC Cruises on a €2.5bn ECA-supported financing package for three new vessels. 'Very smart, dependable and hardworking' senior associate Richard Smith is gaining a strong reputation and was a key member of the firm's work for Cerberus on its purchase of a portfolio of shipping and aviation loans from HSH Nordbank. On the aviation front, the team has undergone a significant degree of reorganisation following the departure of several partners, including former team head Rex Rosales in August 2018 to Herbert Smith Freehills LLP, and is now headed by the 'exceptional' Jim Bell following his arrival from Bird & Bird LLP in October 2018. Bell is particularly noted for his debt capital markets expertise and his strong ties with numerous Dublin-based lessors.

Although it is active in other asset classes, Dentons' five-partner practice is particularly accomplished at handling financings and leasing transactions for lessors, airlines, manufacturers and lenders in the aviation sector. An enviable roster of airlines, including Emirates and Qatar Airways, continue to provide a significant volume of instructions to the team, with the 'excellent' Serge Sergiou recently advising the former on its ECA-supported financings of two A380s - the first ECA financing for Airbus Aircraft since 2016. Nick Chandler heads the team, which also includes the 'vastly experienced' Greg Kahn and Sarah Dyke, who is 'very knowledgeable in the corporate jet sector'.

Led out of London by the 'very commercial' Graham Tyler and also benefiting from a presence in many key global jurisdictions, including the US and Asia, Pillsbury Winthrop Shaw Pittman LLP provides a 'knowledgeable and pragmatic service' across a range of complex aviation finance mandates. These include ECA-backed financing, EETCs, cross-border leasing and portfolio trading. Following on from his innovative work for Oaktree Capital on its acquisition of 18 aircraft from Investec, Tyler continues to act for the asset management firm on its acquisitions and financing of a new number of aircraft as it builds up a second portfolio. The 'practical and responsive' Debra Erni is noted for her 'wide range of experience with a number of market participants'. Erni is particularly active within the Asian lessor market, where she is distinctly tapped into Japanese participants by virtue of her 'in-depth knowledge of unique Japanese corporate culture and legal concepts'.

Vedder Price continues to gain market visibility out of London; the firm is a compelling proposition for lessors, banks and airlines seeking advice across UK law-governed financing documentation as well as financings requiring a combined US/UK law financing structure (by virtue of the team's ability to leverage the market-leading expertise of its Chicago and New York offices). Although it still feeds off a steady pipeline of US originated work, the four-partner London team generates a large amount of its own work, with clients attracted to the strong pedigrees of partners including the 'superb' Gavin Hill and the 'up-and-coming' Dylan Potter.

Led by the 'responsive and talented' Russell Clifford, Bryan Cave Leighton Paisner LLP's five-partner team is particularly adept at handling financing and leasing work within the rail sector, with core rolling stock clients, Angel Trains and Beacon Rail, continuing to provide a significant workflow, both domestically and internationally. The return to London of Nigel Ward from the firm's Hong Kong office in 2018 enhances the team's capability in the aviation sector. The 'very responsive and commercial' Rebecca Quayle has successfully nurtured a strong client base in the aviation sector including banks, manufacturers, lessors and airlines.

Led by Elinor Dautlich, HFW's nine-partner team is primarily known for its 'high-calibre' shipping finance for banks and operators, which benefit not only from its 'vast subject matter knowledge' but also the team's ability to draw on the expertise of practitioners in key jurisdictions, including Singapore and Greece. The team continues to handle a significant amount of restructuring work in the sector, including its recent work for RBS as one of the creditors in the out-of-court restructuring of Danaos. Tony Rice was involved in the aforementioned deal and has vast shipping finance experience across both commercial debt financings, as well as ECA-supported mandates. Although the firm's aviation finance capability is better known out of the firm's Asian offices, including Singapore and Hong Kong, the London team, spearheaded by Adam Shire and senior associate Barbara Pansadoro, handles a significant volume of commercial, corporate and private jet financing work.

Headed by Rob Wilkins and Richard Hakes, Reed Smith LLP's asset finance team is particularly accomplished at handling new money financings and restructurings in the offshore and shipping sectors, where it is aided by offices in strategically important locations including Singapore and Hong Kong. Core areas of strength include advising banks and funds on distressed shipping loan portfolio sale and purchase transactions, as well as advice to alternative credit providers on the provision of liquidity in the market, given the lessening appetite among traditional banks. The 'highly experienced' Hakes heads up the firm's nascent aviation finance offering and has strong ties with lessors and funds in the market.

Headed by Mark Moody, Winston & Strawn LLP's two-partner team is able to provide UK and US law capability to a primarily creditor-focused aviation sector client base, including banks, leasing companies and export credit agencies. Moody continues to advise European ECAs on an "off-panel" basis on selected ECA-supported aircraft finance portfolios, particularly for Latin American-based airlines, where he 'demonstrates exceptional familiarity with local law peculiarities and how those impact on ECA-supported aircraft financings'. The team was bolstered in August 2019 by the arrival of Alison Weal from White & Case LLP.

Based out of London but also able to leverage a strong regional presence, Addleshaw Goddard provides a 'commercial and pragmatic service' across the spectrum of transportation asset classes. Following the recruitment of Clive Smith towards the end of 2017 from Osborne Clarke LLP, the firm has increased visibility in the rail sector in light of his high-profile domestic work for manufacturers, train operators, lessors and financiers on the procurement, finance, leasing, maintenance and modification of new and existing rolling stock fleets, in both the passenger and freight markets. Edinburgh-based Alan Shanks provides ship financing expertise, while Rebecca Garner heads up the firm's aviation offering.

Clyde & Co LLP's 'very responsive and co-operative' four-partner asset finance team is best known for its work in the shipping sector on behalf of operators, lessors and financiers. As well as traditional financing work within the cruise and tanker sectors, the firm also boasts several niches, including team head Stuart McAlpine's expertise on high-value LNG shipping projects and John Leonida's super-yacht expertise. The 'knowledgeable and co-operative' Mark Bisset leads on the aviation finance front for both commercial airlines and corporate/business jets.

Leveraging the firm's top-notch pedigree in the US and also housing numerous well-known practitioners in the firm's nascent London office, Holland & Knight (UK) LLP's 'client-focused' three-partner aviation finance team is picking up a significant volume of high-quality work for leasing companies, airlines and banks. The highly experienced Robert Ricketts heads the team. Praised for its 'innovative and efficient advice', the team's broad leasing and financing workflow includes complex structured finance mandates, as was recently exemplified by Ricketts' work for BBAM Aircraft Management (alongside numerous US-based lawyers) on its aggregate $612m aviation asset-backed securitisation.

Co-headed by David Baker and Beatrice Russ, Ince's seven-partner team provides 'great commercial insight' to banks and owners/operators across a range of new money financings and restructurings. The team also excels at handling transactions at the intersection of the shipping and energy sectors, and has been particularly active of late advising companies on LNG-related financings and leasing transactions. Although the group regularly handles work on its own, it is also aided by an international network, including a strong offering in Hamburg, which it frequently partners with on cross-border mandates.

Led by the 'experienced and skilled' Philip Perrotta and the 'very impressive' Sidanth Rajagopal, K&L Gates LLP's two-partner aviation finance team provides a 'high level of client care and partner attention' to airlines, leasing companies and financial institutions. It advises across the gamut of commoditised and bespoke cross-border financing structures, including Sharia-compliant aircraft leasing and insurance-backed finance. Praised for his 'attention to detail and commerciality', Rajagopal has a strong following among numerous low-cost airlines and leasing companies, particularly on cross-border deals relating to Southeast Asia, the Middle East and Africa.

'Up and coming industry specialists', REN Legal's three-partner team continues to gain market recognition for the 'excellent service' it provides to a broad range of clients including banks, operating lessors and airlines. Founding partner Norman Fraser has particular expertise advising on the acquisition and financing of portfolios of aircraft, while Christopher Jackson is well versed in aircraft and engine leasing and trading.

Spearheaded on the finance and leasing side by Brioney Thomas, Bristol-based firm Burges Salmon LLP has broad operational, transactional and regulatory rail sector expertise. Thomas often takes the lead on the firm's highest profile rolling stock finance matters for its strong borrower and lessee client base, which includes many of the country's leading train operating companies, including Merseyrail and Great Western Railway.

Since Tim Elliott's recent relocation to the firm's Hong Kong office, CMS' UK asset finance offering is largely based on work within the aviation sector, where the 'very experienced and knowledgeable' Keith Wilson is the primary contact. Praised for his 'excellent negotiation skills', Wilson advises an eclectic mix of banks, lessors and investors on the acquisition, disposal, financing and leasing of aircraft, helicopters, aircraft engines and aircraft spare parts. 'Thorough and hardworking' senior associate Rachael Visick is one of the primary contacts for shipping/offshore finance matters in London and, as well as her own workload, she often works alongside Elliot on matters with a Southeast Asia nexus.

The arrival in August 2018 of Rex Rosales and Jahnavi Ramachandran from Watson Farley & Williams LLP has afforded Herbert Smith Freehills LLP's London office a substantial aviation finance offering which was previously missing. Able to draw on the firm's broader aviation capability (across litigation, corporate and regulatory), its global network and complementary practice areas including finance and restructuring, the team has a strong footing with which to gain market share. Rosales and Ramachandran are both well respected among banks and lessors, in particular, and since joining the firm they have already expanded the scope of their client base to include firm-wide clients including Virgin Atlantic Airways.

The 'small and close-knit team' at Hill Dickinson LLP has a 'wealth of shipping finance experience' and is thereby well placed to advise both lenders and borrowers across the gamut of shipping/offshore transactions, including the financing of newbuild vessels and sale and leaseback transactions. Panos Pourgourides has niche expertise for borrowers and lenders on the financing of superyachts.

Although asset finance is no longer a core focus for Linklaters LLP's London team, it does continue to handle a significant amount of work for existing banking and funds clients, in particular. 'Excellent' banking partner Olga Petrovic has considerable experience within the aviation and maritime sectors, including on loan and lease financings, ECA-backed debt and restructurings.

Although lacking a standalone asset finance offering, numerous practitioners within Slaughter and May's banking and finance team handle financing work in the transportation sector for longstanding clients including British Airways and Rolls-Royce. Team head Andrew Johnson has experience across a range of asset finance matters, including sale and leaseback agreements, and JOLCO financings.