Led from London by Simon Roberts, and benefitting from access to market-leading lawyers in offices throughout the world, the ‘well-rounded’ global loans team at A&O Shearman has the resources and expertise to ‘run deals efficiently’ for a balanced mix of investment-grade corporates and leading banking clients. The ‘highly knowledgeable and technically able’ David Campbell excels in handling novel transactions in the space, including his previous work at the forefront of LIBOR transition transactions and subsequent design of the first-ever syndicated loan based on SOFR (the US-dollar replacement for LIBOR). Greg Brown provides ‘calm, measured and commercially astute advice’ to borrowers and lenders on general corporate lending matters as well as on event-driven financings, and has been at the vanguard of sustainable finance initiatives within the syndicated loans market. Jane Glancy ‘combines technical expertise and commercial understanding’, ensuring she is well-liked by both creditors and debtors on new money deals (to include acquisition finance and general corporate lending) and restructurings. Dominique Crowley is a rising star within the team and ‘brings to every transaction a package of legal, commercial and technical ability as well as enthusiasm’.

Drawing upon a ‘detailed understanding of the latest market trends and norms’, Clifford Chance LLP has an ‘impressive knowledge of documentation nuances across multiple jurisdictions’. Consequently, it is able to impart this knowledge to a balanced mix of banks and corporates providing or receiving debt financing for working capital, M&A and event financing, and treasury purposes, inter alia. Emma Folds is abreast of developments in the syndicated loans market and is well-positioned to advise both corporates and lenders on general corporate lending and refinancing matters, as well as in relation to acquisition and infrastructure finance mandates. As part of his wide-ranging borrower practice, Nick Kinnersley regularly acts for investment-grade/listed clients on corporate lending and acquisition finance facilities, and is also one of many within the team with excellent credentials in relation to sustainability-linked financings. David Robson heads the team and excels at advising banks on big-ticket event-driven and public bid financings. 'Excellent negotiator' Peter Dahlen, who co-heads the global leveraged finance team, and Matt Dunn are also recommended.

Headed from London by Oliver Edwards and Toby Grimstone, as well as being able to leverage vast international resources, Linklaters LLP is well-positioned to advise lenders and borrowers on big-ticket syndicated cross-border financings to provide liquidity for general corporate lending facilities and corporate M&A financing. The team's expertise 'extends across all product areas, and their ability to handle complex matters is exceptional', with Edwards offering niche experience in margin lending and Grimstone excelling in handling emerging markets financings – in part a function of his strong ties with a number of mining-focused corporates. Caroline Courtney regularly advises investment-grade corporates on general corporate lending matters, including her recent work for a consumer goods multinational on numerous revolving credit facilities (RCFs); she also excels at handling work in the maritime/offshore sector. Ian Callaghan stands out for his advice on complex fund financings as well as continuing to lead on public M&A financings, margin loans and other structured loan products. The 'very user-friendly' Atish Shah is gaining a strong reputation in the market among banks and borrowers for his 'pragmatic advice' on acquisition financing and general investment-grade and crossover financing matters.

Slaughter and May provides a 'first-class service' to its pre-eminent roster of investment-grade corporates, guiding them through the full spectrum of their debt financing requirements, be it in the context of general corporate lending, event-driven financings or refinancings. The firm is also abreast of current market practice, including as it relates to sustainability-linked financings, and is also noted for its 'good use of technology in managing large exercises'. In his role as overarching finance head, Matthew Tobin handles acquisition and bid financing mandates, as well as regularly advising on sustainability-linked loans and bonds. Ed Fife handles a diverse range of work for large corporate clients, running the gamut from acquisition and bid financings through to transformational refinancings and treasury-related work. As well as her wide-ranging finance work for investment-grade corporates from a broad array of industry sectors, Caroline Phillips also regularly assists private equity sponsors' portfolio companies with their ongoing financing needs. Robert Byk is also recommended, as is the 'customer-focused and commercial' Azadeh Nassiri.

Ashurst provides 'first-class and solutions-oriented advice' to banks and investment-grade borrowers across a range of lending activity, encompassing syndicated loans for general working capital purposes, for refinancings and to facilitate M&A transactions. Tim Rennie excels at providing 'solutions-oriented' advice to banks and borrowers on global loans, and also has niche expertise acting for financial advisers on the financing of public takeovers. In addition, Rennie also regularly advises clients on sustainability-linked financings, as does the 'very knowledgeable' Nicholas Moore. Briony Holcombe co-heads the corporate lending team alongside Rennie and Moore and has a varied practice that includes advice on working capital facilities, acquisition finance and fund finance matters. Darren Phelan has a balanced lender and borrower-side practice, and also handles work for financial advisers on public M&A financings.

Herbert Smith Freehills LLP combines 'excellent domain knowledge with commercial sensitivity and pragmatism' to good effect for a borrower-side client base, on deals running the gamut from relatively commoditised working capital facilities and refinancing requirements through to more bespoke structured mandates involving often complex inter-creditor arrangements. Many of these clients are investment grade and listed on the FTSE 100/250, and appreciate the firm's 'detailed understanding of the latest market trends', some of which is gleaned through the annual research report it conducts alongside the Association of Corporate Treasurers. Kristen Roberts is at the forefront of this research and remains at the vanguard of corporate debt trends, including as these relate to sustainability-linked loans. Gabrielle Wong is 'incisive, practical and direct in her advice' for corporates on US-law-governed debt products to facilitate M&A transactions, corporate lending and refinancings. Leveraging the firm's broader energy and infrastructure sector prowess, the team is also very adept at handling work from emerging markets (particularly Africa) which often involves multi-sourced financings. In this context, Martin Kavanagh has strong connections with a number of leading development finance institutions, as does William Breeze, who is also noted for his work in the energy sector, including in the structured commodity trade finance space. Thomas Bethel is additionally key to the firm's energy financing work and excels at advising lenders on reserve-based lending for upstream oil and gas transactions.

Mayer Brown International LLP delivers an 'exceptional quality of legal advice' to a lender-focused client base implementing debt sourced through private credit, as well as the syndicated loans market. Handling relatively commoditised corporate lending work for investment-grade borrowers, the firm also regularly advises on cross-over credits often involving multiple tranches of debt and complex inter-creditor arrangements. Leveraging its market-leading cross-border asset-based lending offering, the team, which is headed by Alex Dell, regularly advises the lead arranging bank on syndicated transactions which involve a borrowing base or receivables facility sitting alongside a term loan facility. Ash McDermott regularly utilises borrowing base facilities, as well as other secured lending products including commodity and trade financing, for emerging markets transactions. Trevor Borthwick recently retired.

Led from London by Madhavi Gosavi and able to wield vast international resources, Norton Rose Fulbright can provide 'responsive and commercially oriented' advice to an increasingly balanced mix of banks and borrower clients. The 'outstanding' Neha Khosla regularly advises clients in the oil and gas space, both in a conventional debt finance capacity as well as with regard to reserve-based lending facilities. Along with Alex Zekkos and Michael Ings, Khosla is also regularly engaged in emerging markets work and in structuring transactions which use commercial and export credit-backed facilities. Davide Barzilai's versatile lending practice ensures that he is 'very well placed to deal with projects covering different types of banking products in multiple jurisdictions’. Michael Black excels in advising banks on secured corporate lending facilities and is noted for his expertise at structuring cross-border deals utilising the ABL product.

Leveraging 'capabilities across different loan products', including UK and New York law-governed bank and bond structures, White & Case LLP is a compelling proposition for both lenders and borrowers across an array of cross-border financings, where it is able to work seamlessly with colleagues throughout the firm's impressive network on complex deals. A good amount of the team's corporate lending and corporate acquisition finance deals, however, take place within the emerging markets (EM) field, with Chris Czarnocki noted for his varied deal list for both borrowers (including sovereigns) and lenders, including on matters involving multi-sourced financings. James Hardy also excels at work in the EM sector, including for banks and borrowers implementing sustainability-linked products. The 'brilliant' Jeremy Duffy regularly handles investment-grade lending work for banking clients, as do the 'highly commercial' Richard Lloyd and the 'highly knowledgeable but very accessible' Shane McDonald. Leveraged finance expert Colin Harley heads up the overarching banking practice.

Baker McKenzie LLP provides a versatile offering to lenders and a growing roster of corporates across the full scope of debt finance products, including those governed under New York and UK law, which ensures it is well positioned to handle big-ticket syndicated corporate lending work and event-driven financings. Nick O’Grady regularly advises large banking syndicates on cross-border acquisition finance and corporate lending transactions and excels in structuring deals in a manner which melds both English and New York law style covenants and documentation. The team also handles emerging markets work, including within Africa, with Luka Lightfoot particularly skilled at advising banks and export credit agencies on providing financing to corporate borrowers and sovereigns across an array of trade and project finance mandates. Former team head Nick Tostivin departed for Pinsent Masons LLP in March 2024.

Working alone as well as often alongside practitioners in key firmwide international offices, Cleary Gottlieb Steen & Hamilton's fluid partner-led London banking and finance offering, which is overseen by Edward Aldred and Jim Ho, is well-positioned to advise its borrower-focused client base across a variety of financing transactions. Work ranges from syndicated lending to high-yield financing, and from pre-export financing to recapitalisations. Many of the borrowers are investment-grade quality, including a number of sovereign governments, with the team increasingly active in relation to sustainability-linked financings. Reflective of the firm's generalist ethos, Polina Lyadnova is well-versed at handling both new money and distressed/restructuring matters, where she draws upon deep knowledge of debt products throughout the capital structure, particularly for emerging markets matters.

CMS provides 'very responsive and commercial advice' to a lender-focused client base that includes UK and international banks. Team head Patrick Donegan excels at providing 'clear and sensible advice', including on funding transactions within the infrastructure and energy sectors. Other sector specialisms include financings within the TMT industry, an area in which Charles Kerrigan has developed a market-leading reputation, including for work regarding funding for fintech platforms. Alex Patience is also recommended and regularly handles sustainability and ESG-related financings.

Tapping into 'very strong market knowledge' across a range of territories, developed through many years' experience of handling cross-border corporate lending and syndicated transactions for banking clients, Dentons provides 'very focused' advice, prioritising deal execution ahead of needless academic point scoring. Providing 'top-flight Magic Circle quality' at a cost-effective price point, Simon Middleton has very strong Nordic banking ties and regularly advises on syndicated and bilateral transactions for general-lending and event-driven purposes on behalf of investment-grade corporates in the region. As part of his broad finance offering, James Ingham regularly handles syndicated lending work in emerging and developed markets. Catherine Astruc is also recommended.

Although it does handle some mid-market lender-side leveraged finance  work, DLA Piper's primary focus for corporate loans/syndicated lending is for borrowers which are appreciative of the firm's 'sound and pragmatic advice'. Team head Mark Dwyer has 'encyclopaedic knowledge on almost any type of financing', ensuring that he is extremely well liked by investment-grade and listed corporates for their financing needs, including in the context of certain funds financing. 'Commercial and considerate of the holistic picture when it comes to deliverables', Mei Mei Wong is also a key member of the team and regularly works alongside Dwyer on borrower deals.

Although much of Hogan Lovells International LLP‘s lending work is for credit funds in the lucrative mid-market leveraged finance space, it still maintains strong broader bank relationships, regularly advising them on syndicated lending new money and refinancing transactions. Much of this work relates to lending to highly regulated businesses, including pensions and insurance companies, where the firm displays an ‘excellent balance of technical knowledge and commerciality’. Penny Angell remains pivotal to the firm’s success in the space and is noted for her ‘ability to propose solutions to complex problems on short turnaround’. Paul Mullen heads the banking and finance practice globally from London. Matthew Cottis recently retired.

Simmons & Simmons provides 'commercial and solutions-focused advice' to both banks and corporates across a range of general corporate lending and acquisition finance matters. Kirsty Barnes, who is noted for her 'common-sense and practical advice’, and the 'fantastic' Elliot Beard are both key to the firm's success in the space and regularly advise listed corporates and large private companies on big-ticket syndicated transactions. Helen Hagan heads up the overarching banking and finance practice.

Led by Pete Coulton, Skadden, Arps, Slate, Meagher & Flom (UK) LLP's European banking group has excellent credibility among large corporates from a range of industry sectors, regularly advising them across their funding requirements, from general working capital and refinancings through to event-driven financings, including for M&A purposes. Within this context, the team is adept at structuring transactions which use debt throughout the capital structure, including syndicated TLB, second lien and private credit. Clive Wells is a key member of the team and recently advised clients including a Fortune 500 global science and technology innovator.

Offering a 'leading view of latest market activity', Addleshaw Goddard is well-positioned to advise banks and corporates providing or seeking finance to facilitate general working capital, as well as event-driven needs. The team's knowledge across a myriad of secured and unsecured debt products, including ABL, ensures that clients are well represented irrespective of their risk profile. Steve Mackie, who has a strong grounding in real estate finance and general corporate lending, heads the team that also includes corporate debt specialist Amanda Gray, who has a particular specialism in advising on ESG/sustainable finance-linked mandates.

Led by Emma Howdle-Fuller, Bryan Cave Leighton Paisner‘s flexible and nimble commercial lending team has strong credentials among lenders and borrowers for its work across a broad range of secured and unsecured debt finance products. Derek Hrydziuszko is particularly effective at assisting corporates (including those of investment-grade quality) with their financing requirements, including for general corporate lending and acquisition finance transactions. Shanan Dunstan rounds out the team at a partner level, and as part of her broad finance offering regularly advises banks and borrowers on hybrid ABL/cash-flow structures.

Although Macfarlanes LLP is best known for its mid-market leveraged finance prowess, it also handles a not inconsiderable volume of broader investment-grade lending work, particularly where there is a degree of complexity involved. Kirstie Hutchinson is key to this work and, as well as handling standalone mandates for a number of large listed corporates and private companies, she also regularly provides local law advice in a referral capacity for a major US law firm. Andrew Perkins heads the team.

Led by the very experienced Ian Borman, Winston & Strawn LLP's small but flexible finance team excels in complex and unusual cross-border lending work (including within emerging markets), where it leverages deep knowledge of debt products throughout the capital structure for a fairly balanced mix of borrower and lender clients. Recently promoted to partner, Daniela Cohen is a key member of the team and regularly handles corporate lending and acquisition finance matters often structured by banking syndicates.

Akin has significant traction among funds providing private capital financing solutions to distressed corporates, often working alongside the firm’s market-leading restructuring offering. Amy Kennedy is one of the main contacts for this special situations work (as is the ‘commercial-minded and responsive’ Mark Mansell) and she also has experience of advising on cutting-edge green and sustainability-linked financial products in the public and private debt markets. Other areas of note include Robert Aulsebrook‘s emerging markets prowess.

Bird & Bird LLP provides a 'high standard of legal advice at a cost-effective price point' to a lender-focused client base addressing the needs of borrowers within the core areas of the firm's sector expertise, which include emerging markets and sports finance. For emerging markets, the 'very sharp and versatile' Andrew Hallgarth has an excellent reputation among development banks and multilaterals providing financing within these areas. For sports finance, team head Joss Hargrave has niche expertise, particularly in relation to financing for football clubs.

Bracewell (UK) LLP is entirely focused on energy-related financings and is thereby able to provide a very focused offering to both lenders and borrowers across the full scope of financings in the space, including in the context of project and acquisition finance. 'Commercially minded' team head Jason Fox is 'best in class' for upstream oil and gas work and is one of the most prominent lawyers in the market for reserve-based lending matters. Olivia Caddy also excels at handling reserve-based lending and is particularly adept at handling work in Francophone Africa. The firm has successfully adapted to meet its clients' needs and now manages a significant number of renewable energy mandates.

Combining ‘detailed technical knowledge with an overriding commercial awareness and pragmatism’, Burges Salmon LLP remains popular among creditors and debtors in relation to investment-grade debt and syndicated loans across the firm’s sector specialisms in energy, infrastructure and real estate. Victoria Allsopp provides ‘technically strong and very commercial’ advice to borrowers within the renewable energy sector. The ‘exceptional’ Rachael Ruane and Graham Soar are also key members of the team, with both regularly handling general corporate lending work for listed companies and large private entities, while Richard Leeming focuses on real estate finance. Andrew Eaton heads the team.

Although it has gained most market recognition for its leveraged finance offering, the new UK-law loans team at Cravath, Swaine & Moore LLP, which was founded in March 2023, also handles some broader syndicated lending/global loans work for a lender-focused client base. Here, the team, which is led by the 'highly technical and commercial' Korey Fevzi, is able to draw from the same deep knowledge of US and UK law governed debt products to provide 'tailor-made advice' on both new money and refinancing transactions. Philip Stopford is also recommended and is noted for his 'very thoughtful and professional' advice.

As part of its very fluid and flexible partner-led finance team, Fried, Frank, Harris, Shriver & Jacobson LLP regularly handles global loans work for both borrowers and lenders. The 'extremely strategic' Neil Caddy effectively 'balances legal knowhow with commercial pragmatism' on new money transactions and refinancings to ensure that clients receive optimal results, including in the context of sustainability/ESG-linked loans. Jons Lehmann also regularly handles investment-grade-related financing and refinancing matters.

Led by asset finance expert Graeme McLellan, Greenberg Traurig, LLP's banking and finance team handles some general syndicated lending and investment-grade borrower work, including in areas of core firmwide sector expertise such as real estate and transport. Leveraging his broader corporate restructuring credentials, Rupert Cheetham handles some syndicated lending work in a distressed scenario.

At Keystone Law, the 'excellent' Isaac Felberbaum has longstanding expertise in advising the arrangers on syndicated loan facilities to other commercial and multilateral development banks. In this regard, he regularly works alongside Robert Spedding, with both practitioners regularly advising a global investment bank, including on the provision of loans for Turkish banks.

McDermott Will & Emery UK LLP provides 'solutions-oriented advice' to a lender-focused client base across a range of new money and refinancing cross-border transactions. While much of this relates to private credit in the leveraged space, under the leadership of Aymen Mahmoud the team has also developed some commercial/investment bank ties. The arrival in June 2024 of Christopher Kandel from Morrison Foerster is a major boost for the team in light of his borrower and lender-side credentials and involvement in many large-cap syndicated finance transactions during his career.

While Simpson Thacher & Bartlett LLP is primarily recognised for its private-equity-focused leveraged finance expertise, the firm is also adept at applying similar English and US law financing techniques to syndicated corporate borrowing, private credit and infrastructure financing transactions. ‘Exceptional’ team head Shahpur Kabraji often advises private equity portfolio companies on the refinancing of syndicated lending transactions and has also been involved in some more general corporate borrowing work. Former practice head Ian Barratt joined Kirkland & Ellis International LLP.

Led from London by Nick Swiss and Chris Williams, as well as regularly working alongside key practitioners regionally and internationally, Eversheds Sutherland (International) LLP's corporate finance team is well-positioned to advise numerous large listed corporates and private companies on their domestic and cross-border funding requirements. The scope of this work ranges from advice on ongoing treasury needs and refinancing transactions, through to financing to facilitate an increase in working capital and for M&A activity.

Acting on its own and also regularly alongside the corporate team, RPC is particularly adept at advising borrowers from areas of firmwide sector expertise, such as insurance and retail, on their funding requirements. Edward Colville is ‘on top of new law developments’, particularly as these relate to the highly regulated field of insurance finance. Sukh Ahark heads the team.

With lawyers based in London and many key regional centres, as well as being able to leverage wide-ranging international resources, Squire Patton Boggs is well-placed to advise a fairly balanced mix of corporates and lenders across a range of corporate lending and event-driven financings. The financial services team, which is headed by Paula Laird, is adept at handling deals which use a myriad of debt products, including ABL techniques, structured finance and trade finance. Ian Yeo provides ‘responsive and solutions-oriented’ advice, particularly in the context of emerging markets transactions.

Led by James Linforth, Stephenson Harwood provides 'commercially minded' advice to creditors and debtors providing and receiving the financing to facilitate, inter alia, general corporate lending needs and M&A transactions. Although much of her work falls squarely in the leveraged finance space, the 'exceptional' Julie Romer also handles some broader corporate lending and corporate-led acquisition financing work, and has been the chief architect behind the growth of the lender-side offering at the firm.