Drawing upon ‘an excellent understanding of current market conditions’, as well as conversant with the latest technologies, Latham & Watkins is well-positioned to provide a ‘commercial and balanced view’ to its impressive roster of funders (banks and credit funds) and borrowers (sponsors and corporates) on the completion of cross-border deals across geographies. Recognised as ‘titans of the leveraged finance market.’ Dominic Newcomb is also ‘a leader in the field’, with extensive experience in advising financial sponsors on utilising debt throughout the capital structure to facilitate cross-border M&A transactions. Of the more junior partners, the ‘impressive’ Charles Armstrong also has a strong reputation among funds, including portfolio companies, for handling the financing to facilitate bolt-on acquisitions, as well as for general refinancing purposes. On the lender side, Dan Maze has strong ties with leading investment banks, which he and Manoj Bhundia advise on bank and bond facilities among other products. Maze also handles work for private credit funds, an area of the practice which was substantially enhanced by the arrival of Fergus Wheeler and Paul Yin from Akin in November 2023. Tania Bedi heads up the team alongside Maze and is noted for her debtor and creditor expertise, while veteran banking lawyer Stephen Kensell continues to handle some fee-earning work alongside his broader management duties. The team was further strengthened in July 2024 by the arrival of a trio of acclaimed lender-side leveraged finance partners from Cahill Gordon & Reindel LLP, namely Jonathan Brownson , Joydeep Choudhuri, and Prue Criddle. Joseph Kimberling, Sam Hamilton and Jayanthi Sadanandan have left the firm to join Sidley Austin.

Building from an already market-leading practice at legacy firm Allen & Overy, post-merger A&O Shearman is an even more compelling offering, particularly for sponsor clients, given its enhanced US presence and pedigree. The arrival of Shameer Shah through the merger also strengthens the firm’s creditor-side credentials, particularly regarding private credit, which bolsters a market-leading banking offering. Nicholas Clark has deep ties with many leading banks and regularly advises banking syndicates on big-ticket leveraged finance mandates. Denise Gibson also has excellent market knowledge, enabling her to effectively advise both traditional lenders as well as credit funds as lenders on high-value sponsor-backed deals. On the borrower front, Neil Sinha is ‘very close to the market’ and consequently ‘gets the best terms’ for financial sponsors, recently on refinancings and repricings as well as new money M&A deals including those implementing bank and bond structures and accessing the TLB market. Other key lawyers include Matt Moore, who excels at advising lenders on leveraged finance and structured growth market transactions; private equity-focused debt finance expert Robin Harvey; and Annette Kurdian, who acts for lenders in the crossover of leveraged and infrastructure finance. Former private capital sector lead Philip Bowden  joined Proskauer Rose LLP in July 2024.

Drawing upon the expertise of a ‘strong bench of individuals’ with a ‘detailed understanding of the latest market trends and norms’, Clifford Chance LLP has been well-positioned to navigate a relatively turbulent market, providing often highly bespoke and complicated structuring advice to funders and borrowers. The ‘very knowledgeable and efficient’ Peter Dahlen has excellent traction among banks funding big-ticket leveraged finance deals for sponsors across a range of industry sectors and geographies. Emma Folds is also very well attuned to the requirements of large banking clients, as well as some private credit funders, regularly advising them on corporate-led M&A financings as well as on general corporate borrowing. Nicholas Kinnersley is a very versatile finance lawyer and is a ‘steady hand’ for both corporates and sponsors, using his deep leveraged, infrastructure and corporate financing experience. Julia House has a balanced offering among banks, corporates and sponsors, while the ‘super responsive and proactive’ Katherine Sinclair, who was recently promoted to partner, has been instrumental in building up the team’s private credit fund client base. David Robson heads up the overarching banking and finance group and regularly handles both leveraged and event-driven financings for a creditor-focused client base, including many utilising the TLB product. Taner Hassan joined Paul, Weiss, Rifkind, Wharton & Garrison LLP in May 2024 to head up its European leveraged finance offering.

Revamped considerably following the high-profile departure of leading rainmaker Neel Sachdev to Paul, Weiss, Rifkind, Wharton & Garrison LLP in November 2023, Kirkland & Ellis International LLP quickly swooped on leading debt finance lawyers Ian Barratt and Sinead O’Shea from Simpson Thacher & Bartlett LLP and even more recently gained the services of Vanessa Xu from A&O Shearman. These arrivals provided additional critical mass and expertise for the firm’s pre-eminent sponsor-side-only client base. Unencumbered by lender-side relationships, the firm is able to really push the envelope for its private equity client base, enabling it to provide favourable terms in spite of challenges in the market. Drawing upon his extensive deal experience, Stephen Lucas is one such lawyer who uses his encyclopedic knowledge of financing techniques to drive deals through to completion and has been active also in a number of large take privates, as well as amend and extends. As well as handling new money deals, Kirsteen Nicol has been a vital resource for sponsor clients on portfolio management issues, as has Chris Shield, who is additionally well-versed in advising borrowers on the use of unitranche financing to fund M&A transactions. Other key practitioners include New York and English law qualified partner Evgeny Zborovsky, who excels at handling both large and mid-cap transactions; Leon Daoud, who handles mandates involving complex inter-creditor arrangements and numerous tranches of debt; and Daniel Borg, who works with a host of private equity firms on multijurisdictional matters.

Leveraging expertise ‘across all product areas’ throughout the capital structure and also able to tap into lawyers in key financial global centres throughout the firm’s network of offices, Linklaters LLP is a ‘very safe pair of hands’ for clients providing and receiving financing to facilitate M&A transactions across the world. On the lender front, the firm’s longstanding roster of high-profile banking clients, as well as its popularity with sponsors as “designated counsel”, ensures that it has been picking up work as markets have thawed, despite remaining macro challenges. Both Nick Syson and Chris Medley are particularly popular as designated counsel, with Medley being as adept at handling underwritten TLB financings as he is at advising credit funds on direct lending financings. The ‘very proactive’ Toby Grimstone has excellent insight into creditor and debtor perspectives by dint of a fairly balanced lender and corporate client roster, and regularly advises on big ticket corporate-led M&A financings, including his work for one of the largest takeovers by a UK company in 2023. Leveraged finance head Oliver Sceales is the driving force behind the firm’s private equity finance offering, regularly advising sponsors on bank and credit fund-led financing deals to facilitate cross-border M&A, including take-private mandates. Other key practitioners include Rohan Saha and Pathik Gandhi, who are both adept at advising banks and credit funds lending into sponsor-backed M&A deals, and newly appointed partner Daniel Peach, whose borrower-focused practice encompasses a significant volume of work for private equity sponsors, involving a myriad of finance products in cross-border M&A matters. Former leveraged finance co-head David Irvine joined Gibson, Dunn & Crutcher.

With ‘great technical insight’ developed over many years at the pinnacle of the leveraged finance market, Weil, Gotshal & Manges (London) LLP offers a ‘highly commercial and flexible’ service for financial sponsors and lenders seeking or providing finance to facilitate M&A mandates. The firm’s proficiency at structuring deals utilising products including bank and high-yield debt, syndicated TLB and private credit funded debt enables it to provide a ‘very holistic view’, affording it the flexibility to quickly adapt to wider market conditions. Tom Richards is one of the principal architects of the firm’s flourishing funds offering, and maintains a vibrant practice for heavyweight sponsors on their European leveraged finance activity (including public to privates), as well as on refinancing activity for existing portfolio clients. For creditor work, Alastair McVeigh provides ‘very pragmatic and client-centric advice’ to both banks and credit funds, with McVeigh offering particular credibility for a high-profile banking client, having previously spent time on the execution desks of both their leveraged finance and private credit groups. Paul Stewart is also a key member of the team, providing guidance to banks and credit funds on a comprehensive array of leveraged finance loan products within both syndicated and private debt markets. Chris McLaughlin co-heads the team alongside Richards. Infrastructure finance specialist Paul Hibbert departed for Simpson Thacher & Bartlett LLP. Reena Gogna left the firm in August 2024.

Acting for a borrower-focused client base that includes heavyweight private equity sponsors, Freshfields Bruckhaus Deringer LLP has strong visibility in the market, regularly acting on complex matters involving debt throughout the capital structure and sourced from banks as well as private credit funds. Aled Batey is one of the main contacts for handling leveraged finance mandates for key sponsor clients and, as well as working on some big-ticket public-to-private mandates, has also been active in a fairly moribund market in bolt-on work and refinancings for portfolio companies. With excellent insight into lender-side commercial drivers from her time in-house at a global investment bank, Carol Van der Vorst is also a key member of the team and regularly advises financial sponsors on complex and innovative large-cap financings, including those utilising bank/bond and other multi-layered debt and hybrid capital structures. Alex Mitchell co-heads the team with Batey and as well as handling conventional leveraged finance work is also well-versed at advising on infrastructure and IPO financings.

Milbank's practice effectively marries high-level technical/legal knowledge with deep commercial understanding for a creditor-focused client base. Under the expert leadership of the vastly experienced Suhrud Mehta, the team is regularly engaged in high-profile big-ticket deals, where it is able to draw upon bank and bond expertise as well as a nuanced understanding of a myriad of finance products including European and US-style documentation. Investment banks continue to inform a significant portion of the deal flow, however, the firm has also made strong inroads into the private credit market. Here the firm is regularly involved in the less commoditised mid-market deals, with Mehta, Alexandra Grant and recently promoted partner Laura Bonamis handling high-profile work for credit funds financing acquisitions. Sarbajeet Nag is also a key member of the team.

Despite recently losing rainmaking banking lawyer Luke McDougall to Davis Polk & Wardwell LLP in May 2024, the ‘very knowledgeable’ team at Paul Hastings LLP still has the critical mass and expertise to handle a tremendous volume and range of mandates in the market for a lender-focused client base, having built up its loans and capital markets offering over the last two years with some marquee hires. Now led by ‘very smooth operators’ Ross Anderson and Mohamed Nurmohamed, the team maintains a stellar client list of leading banks which are appreciative of its ability to provide ‘commercial and well-balanced advice’ on jumbo deals, through its experience of English and New York law products and ability to work on widely syndicated TLBs, high-yield bond mandates and unitranche solutions. In addition, the team is abreast of the flourishing private credit market, with the ‘excellent’ Karan Chopra particularly noted for his work in the space. Reena Gogna joined the team in August 2024 from Weil, Gotshal & Manges LLP, bringing her expertise in debt restructurings and senior debt financings.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has made a huge splash in the market following some marquee hires during 2023 and 2024 which has propelled it into the upper echelons of the market for borrower-side work. The first of these hires and the one that laid out the firm’s ambitions in the market was the arrival in late 2023 of debt finance market-leader Neel Sachdev from Kirkland & Ellis International LLP. Sachdev’s strong ties with multiple private equity heavyweights has already led to a pipeline of work at the firm both on new money M&A deals and bolt-ons, as well as refinancings. Taner Hassan‘s arrival in April 2024 from Clifford Chance LLP was also a major boon for the firm and he now co-heads the team alongside Sachdev.

In a period of transition following the departure in November 2023 of core team members Ian Barratt and Sinead O’Shea to Kirkland & Ellis International LLP, borrower-focused firm Simpson Thacher & Bartlett LLP still maintains a strong offering on the funds front and the corporate front for fund finance matters. On the leveraged finance side, Shahpur Kabraji now heads the team, which has historically strong expertise advising sponsors and their portfolio companies on the full spectrum of financial products, from bank and bond financings through to unitranche facilities. The arrival of Paul Hibbert from Weil, Gotshal & Manges (London) LLP in March 2024 is a notable hire in light of his acumen at handling borrowers, including private equity sponsors and their portfolio companies, on complex acquisition and leveraged finance matters in the infrastructure space.

With deep knowledge of European and US-style financing techniques, White & Case LLP is ‘well-versed in handling complex capital structures and transactions across various jurisdictions’ for lenders and borrowers across mid-cap and large-cap deals. On the lender front, although the team remains active for a number of leading investment banks, it has perhaps gained most prominence in recent years within the private credit space. Much of this success can be attributed to the work of the ‘exceptional’ Gareth Eagles, who has been a “first-mover” in the space and consequently has tremendous connections in the sector as well as ‘deep insight into industry trends’. For borrower work, team head Colin Harley provides ‘solutions-oriented and practical’ advice to sponsors, both on new money mandates and refinancings, where he is adept at utilising debt throughout the capital stack including super senior RCF, TLB and second lien. Other key practitioners include the ‘exceptional’ Jeremy Duffy who has ‘an ability to get deals closed’ for a bank-focused client base; the ‘highly technical’ Emma Foster who regularly partners with Eagles on private credit work; the ‘incredibly knowledgeable’ Richard Lloyd who handles leveraged finance work for banks and funds as lenders; and Martin Forbes, who covers borrower-side work for investment firms.

Although it is less visible on the jumbo financings that require both loan and high yield offerings, Ashurst has excellent market traction within the mid to upper mid-market on behalf of lenders and sponsors. While it also has excellent relationships with traditional banking clients, the firm has been particularly visible within the private credit space. In this regard, Ross Ollerhead is a popular choice for key investor clients which are appreciative of his ability to advise on new money deals, as well as on more distressed situations. Laura Ho is also very adept at handling credit-fund-led leveraged finance deals as well as acquisition finance work in the infrastructure space for both borrowers and lenders. Douglas Murning is well-versed at handling work in the private debt space, as is Helen Burton, who maintains a very strong relationship with a global asset manager. Senior partner Nigel Ward has vast experience in infrastructure financings, among other types of lending mandates, and is part of the overarching global loans group headed up by Mark Edwards.

Cravath, Swaine & Moore LLP has hit the ground running since the establishment of its London-based UK law loans team in March 2023 which effectively complements a pre-existing New York law high yield team. Focusing squarely on creditor-side mandates, chiefly for large investment banks but also for some credit funds, the ‘outstanding’ team has a strong profile for large-cap deals and has in a relatively quiet market handled some high-value sponsor-backed matters. Team head Korey Fevzi has a ‘deep understanding of the market’ and is a key member of the team, alongside Philip Stopford, who has a ‘sensible approach to transactions’, and Chantelle Dovey, who provides support in cross-border financings involving the European market.

The 'very experienced' team at Dechert LLP provides 'commercial' advice to a fund-focused client base acting both as lenders and borrowers. Consequently, in spite of relatively challenging M&A conditions in 2023, the firm has been relatively well hedged, able as it has been to handle a considerable amount of portfolio work, including in the context of consensual reorganisations. Philip Butler 'has real presence in the market', particularly among credit funds providing the financing to sponsors to facilitate M&A in the mid-market. David Miles is also well regarded for his utilisation of alternative debt products including his work at the forefront of the unitranche product. Drawing upon his 'very technical' knowledge, Bishoy Eskander is also well-liked by credit funds, who appreciate his 'deep market insight and how to avoid terms creep to protect the lender's position'.

As comfortable handling work for financial sponsors and corporate borrowers as it is lenders, the ‘very experienced’ team at Hogan Lovells International LLP ‘excels at handling work across multiple banking products and markets’. On the creditor front, the firm remains very active in the mid-market for a flourishing credit fund client base and is adept at utilising the full range of debt products typically used in the space, including unitranche. In addition, the firm’s longstanding core banking clients regularly instruct the team on a standalone basis, as well as on deals where they are providing the super senior strips of debt alongside debt funds. Team head Paul Mullen and Jo Robinson are pivotal to the firm’s success in the direct lending field, with Robinson also skilled at advising on Annual Recurring Revenue (ARR) growth financing to tech businesses. In addition to her role as UK managing partner, the vastly experienced Penny Angell also maintains a strong fee-earning offering, including work in relation to the financing of insurance M&A. Francis Booth is experienced at handling direct lending transactions and is a key member of the team.

Leveraging a deep firmwide understanding of the funds industry, including associated fund formation and fund finance, Macfarlanes LLP has deep insight for private equity sponsors as borrowers and private credit funds lending to facilitate M&A in the upper-mid market, with Andrew Perkins heading the team. Kirstie Hutchinson has an excellent understanding of debt products throughout the capital structure, knowledge which she imparts to good effect to borrowers and lenders on leveraged/acquisition finance mandates as well as more general financing work, including investment-grade lending. Malcolm Hitching also regularly advises sponsors, borrowers and alternative capital providers on acquisition finance deals across a range of sectors.

The ‘very experienced‘ team at Proskauer Rose LLP is focused solely on private credit and alternative debt products to finance M&A deals. Consequently it has close awareness of market trends and expertise across the full range of debt products throughout the capital structure, from senior and junior debt tranches to equity. The majority of the work remains in the mid market, however, the firm continues to regularly pick up larger deals as well. A leading direct lender in the market is a core client of the firm, with Alexander Griffith regularly acting for it across a range of mandates including financing for public-to-private deals, as well as on refinancings. Of the more junior partners, Harriet West is gaining market recognition in part due to her skill at working on novel transactions, including work for private credit lenders on unitranche mini-bond financings of Italian assets, while Daniel Hendon continues to advise across a range of new money deals and distressed/special situations. Phil Anscombe has a ‘very commercial mindset’, which he exploits on behalf of clients structuring mid and larger cap deals. Faisal Ramzan is also a key member of the team and is noted for his skill at structuring deals often involving complex intercreditor arrangements. The practice was boosted in July 2024 by the hire of Philip Bowden from A&O Shearman as global finance co-head and London leveraged finance head, along with acquisition finance specialist Megan Lawrence.

Drawing upon a ‘great diversity of transaction experience across multiple asset classes and throughout the capital structure’, Sidley Austin LLP provides ‘super commercial and very responsive’ advice to a borrower-focused client base engaged in new money deals as well as refinancing work for portfolio companies. James Crooks ‘brings a huge amount of market insight and knowledge to every transaction’, ensuring that he is able to ‘guide clients deftly through how and where to push on terms’. Bryan Robson, who is ‘renowned for his strategic thinking and keen business acumen’, co-heads the team alongside Crooks. The practice was recently bolstered by the arrival of Joseph Kimberling, Sam Hamilton and Jayanthi Sadanandan , who joined from Latham & Watkins.

Capitalising on its strong relationships with clearing banks, alongside various alternative capital sources and private equity sponsors, Addleshaw Goddard  has insight into the needs of both borrowers and lenders. This ensures it is well positioned to facilitate the financing of mid-market transactions from its London base and regional offices. Team head Alex Dumphy encapsulates this balanced approach and provides 'sound counsel' to creditors and debtors utilising debt throughout the capital structure. Ewen Scott is also a key member of the team and is appreciated by sponsors and lenders for his 'balanced, technical and calm counsel' on mid-market mandates.

Instructed by a fairly balanced mix of sponsors, corporates and lenders, Baker McKenzie has developed excellent awareness of the commercial drivers and what is “market” on both the creditor and debtor sides. As well as being skilled at advising on big-ticket bank and bond financings, the team is also very well-versed at advising on private credit funded deals where it is adept at handling a myriad of products including super senior, unitranche and first out/last out. Nick O’Grady has a versatile lender-side practice that includes work for banking syndicates as well as direct lenders, while for borrower instructions Matthew Cox is a popular choice among private equity sponsors on cross-border mid-market deals. Ben Wilkinson co-heads the team alongside O'Grady and Cox.

Led by 'two very dynamic partners' and aided by 'very well-trained associates', Cadwalader, Wickersham & Taft LLP has quickly established itself as a strong firm in the leveraged finance market on behalf of a robust and growing roster of private credit funds. The 'incredible' Smridhi Gulati 'knows the market perfectly', ensuring that she is able to best serve her lender-side client base on mandates involving debt throughout the capital structure. The  'commercially minded and legally knowledgeable' Matthew Smith co-heads the team alongside Gulati.

Recently enhanced by the arrival of market-leading leveraged finance lawyer Luke McDougall from Paul Hastings LLP in May 2024, Davis Polk & Wardwell LLP has greater resources with which to service its strong roster of lender and borrower clients. McDougall is particularly adept at handling big-ticket bank and bond deals for investment banks, enhancing and adding further synergies to a lean team that is already well-versed at handling large transatlantic deals deploying New York and London law financing techniques. Team head Nick Benham has a strong reputation for lenders (banks and credit funds) and also has niche expertise in handling public bid finance, where he often works alongside the firm’s strong M&A team.

Drawing upon 'strong technical knowledge' within the fund space in particular, Debevoise & Plimpton LLP is well-positioned to advise private equity sponsors and their portfolio companies on the full scope of their financing activities at a fund level, including new money deals as well as in a refinancing context. Alan Davies has an 'immense amount of market knowledge' which he imparts very effectively for a range of clients including private equity managers and corporates, across the full scope of the capital structure. The 'very commercial and calm' Pierre Maugüé also has a strong reputation among borrower clients as does Thomas Smith, who co-heads the team alongside Davies and Maugüé and is best-known for his fund finance offering.

Drawing upon 'strength and depth' in London, as well as being able to leverage regional UK resources and lawyers based throughout its international network, DLA Piper is well-positioned to advise a varied mix of lenders and borrowers on acquisition finance mandates within the upper-mid market. As well as securing strong core banking relationships, the team continues to be active in the private credit market, with Richard Normington adept across a range of financing structures in the space and the 'attentive' Charlotte Lewis-Williams adding further credibility to the team following her arrival in September 2023 from Pricoa Private Capital. On the borrower front, the 'very knowledgeable' Mark Dwyer and the 'well-connected' Mei Mei Wong are particularly experienced in advising corporates on the financing to facilitate their M&A activity. Neil Campbell is active on the creditor and debtor front in relation to sponsor-backed deals and is another key member of the team that is headed by real estate finance expert Toby Barker.

The 'very strong' team at Fried, Frank, Harris, Shriver & Jacobson LLP 'combines deep technical knowledge, strong negotiation skills and a commercial mindset' to ensure that transactions are completed in an efficacious way, irrespective to which side of the table they are on. The arrival in March 2023 of the 'exceptionally commercial and solutions-oriented' Chris Barron from Dickson Minto WS has galvanised the firm's borrower-side debt financing credentials, in light of his exclusively sponsor-focused workload, complementing a recently enhanced M&A offering. Neil Caddy additionally handles some sponsor work, although his workload is more eclectic and includes a considerable volume of mandates for private credit funds as lenders. Jons Lehmann is also adept at advising on sponsor-related work although much of that is focused on servicing lenders on the provision of fund financing. All of the aforementioned practitioners also benefit from access to the firm's strong US resources, ensuring that the team is well-positioned to advise on transatlantic deals and those tapping into a US investor base.

Goodwin continues to perform well for private equity and venture capital/growth finance funds providing funding to borrowers, including in core areas of firmwide sector strength, such as tech and life sciences. As well as handling new money deals for sponsors and in relation to bolt-on acquisitions, the firm is also adept at advising portfolio companies on refinancing matters. Simon Fulbrook, who has deep knowledge in funding transactions utilising debt throughout the capital structure, is 'excellent to work with', ensuring that deals are efficiently executed. Hugh O’Sullivan co-heads the team alongside Fulbrook.

Appreciated for its 'desire to work collaboratively with the client', Mayer Brown International LLP provides 'commercial and legally astute advice' to a borrower-focused client base on mid-market leveraged finance deals utilising debt products throughout the capital structure. The 'fantastic' Andrew Crotty handles private equity sponsor work, as does team head Stuart Brinkworth, who also offers strong credentials for credit funds providing the financing. On the bank front, the team leverages its broader structured finance offering, regularly providing the financing package of acquisition finance deals involving hybrid debt structures, including ABL facilities.

‘Abreast of all the key mid-market and large-cap leveraged and corporate loan debt products’, including the requirements of the US market when financing European deals, McDermott Will & Emery UK LLP is a popular choice for funds as lenders and borrowers on domestic and cross-border deals utilising debt throughout the capital stack. ‘Outstandingly intelligent’ team head Aymen Mahmoud is ‘focused on efficient deal execution’ and is appreciated for his ‘pragmatic and solutions-driven’ service. Mark Fine is also a key member of the team and alongside Italian-qualified counsel Giulia Venanzoni provides ‘great strategic insights’ on leveraged finance deals. Christopher Kandel joined the team from Morrison Foerster in June 2024, as did John Burge.

Under the leadership of UK and New York law-qualified Michael Kazakevich, Ropes & Gray continues to generate much of its acquisition/leveraged finance mandates from its solid roster of borrower clients, among them a leading multinational telecoms behemoth. In addition, the firm remains active for a number of financial sponsors, working on its own as well as alongside international offices on sizeable new money deals and on refinancing matters for portfolio companies. Alex Robb is conversant across a broad array of financing structures including bank/bond, unitranche, first lien/second lien and holdco PIK structures, which he executes effectively on many sponsor-backed deals, while the return of Benoit Lavigne in January 2024 from King & Spalding LLP is a welcome boost to the firm on the creditor front in light of his strong private capital credentials.

Well versed in structuring deals which use debt products throughout the capital structure, including syndicated TLB, second lien and high yield bonds, Skadden, Arps, Slate, Meagher & Flom (UK) LLP regularly advises on leveraged/acquisition finance matters for the firm’s institutional array of big-ticket corporates as well as numerous high-profile financial sponsors and family offices. Team head Pete Coulton is a versatile finance lawyer whose work covers big-ticket syndicated mandates for sponsors and investment-grade corporates, while Clive Wells handles financing particularly for life sciences clients. The ability to service the firm’s funds clients was recently enhanced by the arrival of Sebastian FitzGerald from Willkie Farr & Gallagher (UK) LLP in January 2024.

Leveraging ‘stellar experience and knowledge of current market practice’, Slaughter and May is very well-equipped to advise its borrower-focused client base across the full array of their financing needs, including to facilitate big-ticket M&A mandates. Although it does handle a small amount of private equity work, the majority of the firm's deal flow originates from its market-leading corporate practice which counts an impressive volume of FTSE 100/250 clients at its disposal. Lawyers within the team are well-versed in advising across the gamut of financing products, including TLBs, unitranche, and loan/high yield bond hybrid structures, as well as offering a strong “certain funds” public bid finance practice. Team head Matthew Tobin is recommended.

Often working closely with its strong London and Paris private equity groups, the partner-led team at Willkie Farr & Gallagher (UK) LLP delivers 'outstanding results' for funds on mid-market European leveraged finance matters, as well as in the context of stressed/special situations-related work. Team head Ashley Young has recently handled a number of take-private mandates for sponsor clients and while he is far better known for his borrower expertise, he also handles a small amount of direct lending work for key funds clients. Daniel Gendron is also a key member of the team whose fund-based workflow includes new money mandates, refinancing work for portfolio companies and special situations mandates.

While it does handle some lender transactions, Bryan Cave Leighton Paisner is best known for its borrower work, including on behalf of core institutional corporate clients, both on new money deals as well as on refinancings and amendments to the original documentation. As part of his broad-ranging commercial lending expertise, Derek Hrydziuszko regularly advises investment-grade corporates on acquisition finance mandates, as does team head Emma Howdle-Fuller.  Shanan Dunstan is adept at delivering innovative solutions for both banks and borrowers utilising a myriad of financial products, including ABL, which regularly forms part of the underlying finance package in relation to mandates handled by her.

Acting on its own as well as frequently alongside its New York office, Cleary Gottlieb Steen & Hamilton is able to provide combined UK and US-law governed debt products to a borrower-focused client base that has recently been enhanced by several notable hires on the corporate/M&A and private equity front. Edward Aldred, who joined from Linklaters in May 2023, enhances the firm's ability to handle the leveraged finance mandates accompanying the borrower work and is noted for his 'very impressive technical and client management skills'. Aldred co-heads the team alongside Jim Ho, whose broad finance practice includes a substantial volume of debt finance work for sovereigns.

With strength-in-depth in London, key UK regional centres including Manchester, and abroad, CMS is well-positioned to provide ‘cost-effective’ advice to corporates, funds and lenders on mid-market acquisition finance mandates both domestically and in a cross-border setting. The firm is active in key targeted sectors, with team head Patrick Donegan particularly noted for his ‘clear and sensible advice’ to funds in the infrastructure space and Charles Kerrigan recommended for his skill at handling financing work for lenders and borrowers in the TMT sector. Other key practitioners include the ‘smart and ego-free’ Tom Siggers; the ‘very approachable and helpful’ John Dawson; and Olivia Crundwell, who has the ‘ability to explain complicated ideas in simple terms’.

Despite losing some mid-market private equity sponsor credibility with the recent departures of Chris Akinrele and Chris Hastings  to Norton Rose Fulbright and Squire Patton Boggs respectively, Eversheds Sutherland (International) LLP still handles a considerable amount of corporate-led acquisition finance work, as well as substantially enhancing its lender credentials with the recruitment in July 2023 of Ben Davis from Proskauer Rose LLP. Recognised as a 'real star' who 'fights very hard for his clients', Davis adds particular strength on the private credit front, the primary source of the funding of mid-market deals in Europe. Nick Swiss heads the team and has good traction among conventional banking clients.

Leveraging a 'detailed understanding of the latest market trends and norms' and with an 'impressive knowledge of acquisition finance nuances across multiple jurisdictions', Herbert Smith Freehills LLP regularly acts for both lenders and borrowers on cross-border transactions. On the borrower side, although corporate mandates still account for a good deal of work in the space (a function of the firm's strong institutional ties with a number of FTSE 100/250 companies), it is also increasingly active for sponsors, adding particular value in areas of firmwide sector strength including energy and real estate. The 'very pragmatic' Will Nevin continues to grow the firm's lender-side credentials and is a key member of the overarching banking and finance team that is co-led by Kristen Roberts, William Breeze and Gabrielle Wong.

Although it is relatively new to the market, the ‘results-focused and efficient’ team at King & Spalding LLP has quickly established itself as a strong leveraged finance practice, as a result of the ‘high-quality advice’ it provides to funds as lenders or borrowers seeking or providing finance on often highly complex cross-border mandates. The ‘technically strong’ Richard Kitchen heads the team and, alongside Amin Doulai who provides ‘exceptional client service’, has been central to the firm’s success since both joined in 2022, acting for key private credit funds. Former co-head Benoit Lavigne departed for Ropes & Gray in January 2024.

‘Well plugged in to the market and to current norms’, Norton Rose Fulbright provides ‘commercial and efficient’ advice to an increasingly balanced mix of corporates, funds and lenders on often challenging and highly bespoke acquisition finance mandates. A considerable amount of this work takes place within emerging markets, where the firm has a strong track record advising on energy-related acquisition finance deals, including within Africa. The ‘intelligent’ James Dunnett has niche expertise in supporting financial advisers with cash confirmations for the acquisition of publicly listed companies pursuant to the Takeover Code. As part of his wide-ranging finance offering, Michael Black, who co-heads the department with EMEA banking head Madhavi Gosavi, regularly advises US lenders on matters where the ABL product forms part of the overall financing package to facilitate an M&A transaction.

With a sizeable presence in London as well as strong credentials in key regional centres, Pinsent Masons LLP remains well-positioned to advise a fairly balanced mix of borrowers and lenders in UK mid-market leveraged finance deals. On the lender side, Max Millington has enhanced the practice's credit fund credentials since moving from Osborne Clarke LLP in 2022, while the firm's strong clearing bank relationships ensures that it is well-placed to advise on the super senior and first-out products which are often made available to support acquisition financings alongside unitranche debt. Millington also advises on some borrower work for private equity sponsors.

‘Extremely knowledgeable’ across a broad range of senior and subordinated debt products, and also noted for its ‘collaborative attitude’ between offices and across practice areas, Jones Day provides a ‘very efficient’ service to lenders and borrowers providing or seeking finance to facilitate M&A and event-driven transactions, including in the real estate, infrastructure and leisure sectors. Team head Lee Federman is ‘simply spectacular’ and provides ‘very commercial’ advice to banks, funds and corporates.

The 'technically very able' team at Stephenson Harwood provides 'commercial advice' to a fairly balanced mix of lender and borrower clients providing or receiving the financing to facilitate mid-market M&A and associated refinancings. Julie Romer has been a pivotal support on the debt finance front to a growing roster of private equity clients nurtured by the corporate team, while on the lender side she regularly advises banks on the provision of super senior facilities into unitranche structures. James Linforth heads the team.

Drawing upon a 'deep knowledge of the law and market', Taylor Wessing LLP provides a 'first-class service' to corporates and private equity firms engaged in mid-market acquisition finance mandates. A considerable portion of the work is centred on the tech sector, particularly in providing debt financing to the firm's later-stage venture-backed clients. Heather Buttle heads up the overarching banking and finance team that also includes the 'exceptional' Lerika Le Grange and Martin Yells, who both handle acquisition finance work as part of their broad-based banking practices.