Under the guidance of Katrina Buckley, A&O Shearman advises a varied mix of debtors, creditors, investors and officeholders as stakeholders in high-profile situations, running the gamut from formal insolvencies and restructurings at one end through to more transactional work at the other – including special situations and distressed M&A. As well as the core team’s deep substantive knowledge in the space, it is also noted for its ‘good connectivity across the firm’, both in terms of international resources (which have been enhanced in the US, in particular, post merger) and complementary practice areas (including litigation, corporate and finance), ensuring that it is able to provide a highly co-ordinated offering spanning geographies. A hallmark of the practice is also its ability to handle innovative, often first-in-market, situations, as was recently demonstrated by Nick Charlwood's work alongside the Amsterdam team which involved the first-ever parallel Dutch WHOA and English scheme proceedings. Joel Ferguson and Nick Lister ‘are very knowledgeable, proactive and user friendly’, with the former leading a multi-disciplinary team alongside Buckley for a high-profile administration. Consultant Randal Weeks also has tremendous gravitas in the industry, while at the more junior end of the spectrum Kevin Heverin, who joined the firm following the merger, adds further expertise including in relation to special situations matters. The team was further strengthened by the hire of Karen McMaster from Milbank in April 2024.

Displaying ‘a very collaborative approach’ which draws from the expertise of complementary practice groups, as well as international offices, Akin provides ‘strategic guidance’ on complex cross-border matters and is ‘very strong at managing creditor group dynamics’. Although the firm continues to pick up some debtor mandates, including several involving complex Russian sanctions-related issues, the team remains best-known for its bondholder work, both in the context of primary and secondary credit investors. ‘Class act’ Emma Simmonds offers ‘sensible and commercial advice’ to bondholders, including pension funds, CLOs and hedge funds, on both stressed and distressed situations and excel in maximising returns for stakeholders in challenging circumstances. James Terry is ‘very strategic in his approach to delivering client solutions’ and is noted for his expertise in the oil and gas/offshore market. Jacquie Ingram ‘is very technical and always on top of the detail’, and her arrival in January 2024 from Milbank further enhances the firm’s creditor-side credentials, in light of her strong traction among par and secondary investors and her expertise at delivering solutions in complex cross-border mandates. Tom Bannister and Sam Brodie are also key members of the team, handling work for institutional and distressed investors. The vastly experienced Barry Russell co-heads the team alongside Terry.

Implementing a 'collaborative approach' to work in the space, across both practice areas and international offices, Clifford Chance LLP remains very well-positioned to advise creditors and debtors on complex domestic and cross-border restructurings and insolvencies across a broad swathe of industry sectors. This multi-disciplinary approach was recently underscored by John MacLennan's high-profile work, alongside the firm's market-leading asset finance practice, for a leading airline lessor on a cross-border restructuring. On the creditor front, although the team has continued to develop its funds offering, it remains particularly well-placed to advise banks (including where it papered the original loan documentation) on complex debt restructurings, with 'skilled negotiator' Iain White acting for revolving credit facility (RCF) lenders. Team head Philip Hertz is well-versed at handling both transactional work in the space, including distressed M&A, and more formal insolvency techniques, including schemes of arrangement. David Towers and Melissa Coakley's broad-ranging prowess includes core focuses on South African and Middle Eastern situations respectively.

The ‘hardworking’ team at Kirkland & Ellis International LLP provides ‘commercial, practical and user-friendly advice’ to a varied mix of creditor and debtor stakeholders on many of the highest-profile European restructurings in the market. The firm’s stellar roster of private equity sponsor clients continues to bring a significant volume of instructions, both from a defensive standpoint for portfolio companies as debtors and for these funds as investors in restructuring situations. In this context, the team is well-versed in utilising a myriad of restructuring/insolvency tools, including schemes of arrangement and UK restructuring plans, as well as in relation to clients outside the private equity sphere, including corporate debtors and ad-hoc creditor groups. Kon Asimacopoulos is frequently at the forefront of the most high-profile cross-border mandates for both companies and investors, taking on work involving complex financial products throughout the capital structure. Sean Lacey is valued by bondholders for credit-led restructurings, as well as for special situations, where he is appreciated for his ‘balanced consideration of legal, commercial and broader relationship issues’. Versatile restructuring lawyer Elaine Nolan has experience of working for a range of stakeholders on the creditor and debtor front and has developed a particular niche in utilising CVAs in retail insolvencies. Partha Kar co-heads the team alongside Asimacopoulos.

Led by Bruce Bell, the ‘experienced and professional’ seven-partner team at Latham & Watkins has the strength-in-depth to handle a wide range of mandates for an eclectic client base including debtors, creditors and sponsors. Much of the work is of a cross-border nature (where the firm is aided by a sizeable US and European network) and runs the gamut from balance sheet restructurings, liability management exercises and capital raisings, through to formal insolvencies utilising a variety of UK and international processes. The team is also very well-versed at advising on products throughout the capital structure, including a considerable volume of high-yield restructurings for collateralised loan obligations (CLOs). Yen Sum is at the forefront of much of this private-credit-related work and is ‘fantastic at managing relationships across difficult stakeholder groups’, with clients benefitting not only from her private practice experience but also her in-house expertise for an investment bank. Praised for her ‘ability to think outside the box’, Jennifer Brennan is also key to the firm’s success in the private credit space and excels in devising strategies for funds seeking to realise value in stressed and distressed situations. David Wallace is also a key member of the team. Simon Baskerville joined Willkie Farr & Gallagher (UK) LLP in December 2023.

The ‘exceptional’ team at Linklaters LLP provides ‘technically excellent and commercially-minded advice’ to creditors, debtors, investors and insolvency practitioners (IPs) in both formal insolvency matters and more transactional mandates, including special situations and distressed M&A. Much of the work also has a cross-border angle, with the firm able to provide a true one-stop-shop service by virtue of its ‘unrivalled geographical reach’.  The ‘client-focused, commercial and technically brilliant’ Richard Hodgson is also very visible at handling cross-border mandates, regularly taking the lead on insolvencies within regulated sectors. Despite her newly appointed role as co-head of the firm’s overarching global banking practice, Rebecca Jarvis remains very visible on the fee-earning front, both for company debtors and lenders as creditors, and is incredibly knowledgeable across a range of insolvency processes, as well as on restructuring mandates. Nick Le Masurier and Hodgson co-head a team which also includes ‘top-class litigator’ Chris Stevenson, who excels at handling contentious insolvency work; Matthew Harding, who handles multi-jurisdictional restructurings; and the ‘thoughtful and commercial’ Max Krasner, recently promoted to partner, who continues to gain traction among IPs, debtors and bondholders.

With numerous 'highly technical and first-class lawyers' in its ranks, Weil, Gotshal & Manges (London) LLP excels in providing 'high-quality advice on complex situations' for debtors, creditors and office holders, where it often works in a collegiate fashion with its acclaimed leveraged finance and high-yield practices. Co-headed by the 'very impressive' Neil Devaney and Andrew Wilkinson, the team excels at advising on sophisticated cross-border mandates involving layers of debt throughout the capital structure, and is adept at implementing restructurings through European processes as well as via US Chapter 11. Lois Deasey has a vibrant bondholder practice in particular, with both par and secondary investors benefitting from her 'commercial and pragmatic' advice on distressed and special situations. Gemma Sage is adept at handling restructurings and formal insolvency procedures for both debtors and creditors and is also a key member of the team, as is Mark Lawford, who is noted for his expertise at handling both out-of-court restructurings and insolvency litigation.

Able to deploy a seamless offering across Europe (including a strong emerging markets presence) and the US, White & Case LLP provides ‘very commercial, clear and pragmatic advice’ to creditors and debtors on matters throughout the spectrum of restructuring work, from balance sheet restructurings and special situations through to formal insolvencies. Under the leadership of the ‘outstanding‘ Christian Pilkington, the firm excels in providing ‘nuanced and sophisticated advice’ to funds on bespoke and complex private investments across the distressed credit space and also has a ‘particular expertise in UK schemes and restructuring plans’. The ‘extremely responsive and very pragmatic’ Ben Davies is also a very popular choice among debtors for complex cross-border restructurings, work which he combines with a vibrant creditor practice that includes work for banks and funds. Morvyn Radlow is adept at advising debtors as well as distressed investors and is a key member of a team that also includes Will Stoner, who combines ‘strong legal knowledge and commercial acumen’. Ian Wallace departed the practice in August 2024.

The 'extremely knowledgeable' team at Freshfields Bruckhaus Deringer LLP provides 'creative and very strategic' advice to stakeholders from all levels of the capital structure across the full scope of restructuring work, ranging from fully consensual restructurings to contentious insolvencies. Much of the work is of a cross-border nature, with clients benefitting from the firm's deep knowledge, not only of UK restructuring tools but also European processes, often running parallel processes for clients. Another strength is the firm's contentious capabilities, which not only manifest themselves in formal litigation but also at the front end of a deal, thereby providing an effective level of risk management. Ken Baird's own practice is reflective of the scope of work handled by the team as a whole, being as comfortable advising debtors in balance sheet restructurings and formal insolvencies as he is advising lenders as creditors on mandates. Catherine Balmond is another key member of the team that has vast experience for creditors and debtors on matters involving complex capital structures. Drawing upon 'a deep knowledge of the law and legal trends', Craig Montgomery is an 'excellent litigator' and has been particularly valuable of late as a result of the proliferation of court challenges to restructuring plans and other processes. Richard Tett co-heads the team alongside Baird.

Less reliant than some firms in the ranking on internal finance and corporate practice groups to feed the practice, Hogan Lovells International LLP has nonetheless achieved a very strong offering as a destination practice for a balanced mix of creditors and debtors. On the creditor front, as well as acting for a considerable number of banks, the team has, under the guidance of Tom Astle, developed an impressive roster of fund clients, which are appreciative of its ability to 'combine legal understanding and motivation of involved parties in order to synthesise a solid strategy'. Alex Kay is a pivotal resource to many of these funds as buy-side investors, as well as in the context of ad-hoc committees, and has developed a particularly formidable practice in relation to work/opportunities in the emerging markets. James Maltby is also recommended and has a very versatile practice for banks, credit funds and IPs, as well as successfully growing the team's restructuring trustee practice.

Although it has recently suffered some personnel setbacks, including the departure of Karen McMaster to A&O Shearman, Milbank still maintains an 'incredibly focused' offering to its core base of funds clients as bondholders in large-scale cross-border restructurings. In this context, the 'absolutely fabulous' Yushan Ng has, over his many years in practice, gained a market-leading reputation for both par and increasingly secondary investors seeking to realise value in distressed situations, both in and out of formal insolvency scenarios. The 'super-bright' New York and UK-qualified Sarah Levin also continues to gain traction in the market among funds clients, which are appreciative of her transactional prowess, including as it relates to distressed M&A, as well as her ability to realise value through insolvency tools including pre-packs. Sinjini Saha co-heads the team alongside Ng.

Very effectively leveraging the firm's stellar private equity sponsor client base  and also picking up an increasing volume of standalone restructuring mandates throughout Europe, Simpson Thacher & Bartlett LLP's 'very commercial' team continues to gain market share since the establishment of the practice in May 2021. As well as defensive debtor-side work for sponsor portfolio clients, the team, under the 'outstanding' leadership of Adam Gallagher, has also developed strong ties with credit funds providing private capital in stressed situations. The 'highly commercial and creative' James Watson is adept at handling both transactional and formal insolvency matters for a varied creditor and debtor client base and 'knows how to get deals done'. Marc Hecht is 'extremely responsive, commercial and thoughtful', including for matters relating to offshore insolvency and restructuring regimes, and is a key member of the team, as is 'rising star' Nikita Kumar, who 'has an ability to understand complex issues first time and at speed'.

Drawing upon ‘outstanding technical skills’, in addition to ‘solid commercial and tactical nous’, Slaughter and May remains best-known for its company- side offering, including a considerable volume of advice to the boards of large plcs experiencing financial difficulties. A good deal of this has a political angle, with regulated businesses in the energy and financial services sector being key clients. Notably, the ‘thoughtful and personable’ Tom Vickers recently advised a UK bank on the consequences for its financial position after its US parent was placed into receivership.  A ‘reassuring presence in difficult situations’, team head Ian Johnson has deep expertise at helping companies navigate challenging economic conditions, and as well as advising on balance sheet restructurings is also very well-versed at utilising the full range of insolvency tools, including the use of Chapter 11 for UK-based businesses. The ‘bright and effective’ Tim Newey is also recommended as a result of his company-side work and his roles for office holders on insolvency matters. Evelyn Fleming is another key member of the team.

The ‘deeply experienced’ team at Ashurst ‘knows the market intimately’, both from a formal insolvency perspective and in the context of more transactional work; consequently it is a popular choice among a varied array of stakeholders, particularly on mandates in the mid to upper-mid-market. Team head Olga Galazoula exemplifies this eclectic mix of work and is a ‘fierce client advocate’ for IPs and debtors, as well as funds which she advises on distressed investments and non-performing loan (NPL) acquisitions in Southeast Europe. Drew Sainsbury is also a ‘leader in the restructuring field’ and has developed particular expertise at dealing with regulated financial services clients, where he is able to leverage the expertise of the firm’s broader regulatory function. ‘Very pragmatic’ contentious insolvency/restructuring lawyer Lynn Dunne has also been central to the firm’s success in the financial services space, as has the ‘technically very strong and thorough’ Richard Bulmore, who has recently taken key advisory roles for the boards of directors of a number of plcs. Inga West is also recommended, while the well-respected Giles Boothman continues to handle some fee-earning work in his role as senior consultant.

Under the leadership of the ‘outstanding’ Ben Larkin, Jones Day‘s ‘very experienced and knowledgeable’ team has gained particular market recognition for insolvency matters with a contentious angle. A ‘very commercial and enormously experienced restructuring lawyer’, Larkin himself is, however, equally at home handling non-contentious work for a range of stakeholders, including creditors, IPs and corporates. Similarly, David Hardinghas superb non-contentious smarts and is well-versed at utilising varied European restructuring tools to best serve debtor clients, in addition to advising funds as creditors/investors on restructuring and distressed investment opportunities. Adam Brown is an ‘exceptionally clever and strategically astute’ insolvency litigator, whose expertise has included high-preference claim and asset tracing matters. Hannah Plumb assists Larkin in non-contentious restructurings and contentious insolvencies.

Drawing upon ‘great experience and knowledge’ of formal insolvency processes, as well as balance sheet restructurings and special situations, Mayer Brown International LLP provides a ‘pragmatic and solutions-focused’ service to a range of creditors, debtors and investors. In this context, the team is able to deliver holistic solutions, often working collaboratively with relevant practice groups across the firm’s full-service offering, including real estate and structured finance, as well as with international offices on cross-border mandates. Praised for her ‘ability to see the wood for the trees and to drive deals to completion’, Amy Jacks has a versatile offering for officeholders, banks and corporates, and is particularly effective at handling mid-market deals. Devi Shah is ‘very experienced’ across a range of non-contentious and contentious matters, including as these relate to pensions and insurance restructurings. Michael Fiddy co-heads the team alongside Jacks and Shah, and is particularly accomplished at advising on real estate restructurings.

Under the leadership of Jifree Cader and Mark Knight, Sidley Austin LLP has achieved considerable success acting as a standalone team as well as by effectively leveraging other key practice areas and international offices at the firm. This is best exemplified by its continued work for beleaguered Chinese real estate companies, where the team works alongside the firm's Hong Kong capital markets practice which advised on the original high-yield debt issuances now in need of restructuring in light of market conditions. The team is also active in UK and European situations, where as well as company-side work it also regularly acts for distressed investors and creditors.

Afforded greater partner strength following Jason Taylor's recent internal promotion and the arrival in December 2023 of the highly regarded Simon Baskerville from Latham & Watkins, Willkie Farr & Gallagher (UK) LLP has the resources and expertise to service a vibrant and balanced mix of stakeholders across the full range of restructurings and workouts, in both domestic and cross-border settings. The team has an ‘innovative approach to structuring solutions to complex problems’ which has manifested itself in relation to work on UK restructuring plans (including for regulated businesses), niche advice to convertible bondholders on their rights in restructurings, and work with the US offices to advise on the English law aspects of Chapter 11 cases. The ‘technically excellent’ Graham Lane, who co-heads the team alongside Baskerville, is particularly effective at representing funds looking to capitalise on restructuring opportunities and to protect and optimise existing investments. Iben Madsen and the ‘exceptionally bright’ Edward Downer are also adept at working with fund clients, with all the aforementioned partners often working in a collaborative fashion with the firm’s broader private equity and capital markets teams. Alexander Roy became in-house counsel for a financial services firm.

CMS provides 'good, honest and trustworthy advice' to a balanced mix of IPs, banks, corporates and funds across a range of situations throughout the distressed curve, from formal insolvencies and multi-stakeholder restructurings through to special situations mandates. Team head Martin Brown's own practice exemplifies this versatility, and he is consequently able to bring superb insight into deals, having been active on both creditor/investor and debtor mandates. As well as his more transactional special situations aligned work, Glen Flannery is also an extremely accomplished lawyer in relation to UK-based formal insolvencies, including acting for the Official Receiver on matters of national interest. Of counsel Kelly Rothwell is additionally recommended.

Acting on its own as well as being able to draw upon subject matter experts across the firm’s banking, real estate, regulatory and corporate offerings, Dentons provides ‘sound and sensible advice’ to banks, IPs and debtors across the gamut of restructuring, insolvency and distressed investing. Although it does handle some cross-border mandates, the team remains best-known for its UK work, where it is able to lean into ‘first-rate technical knowledge’ across a myriad of insolvency processes, including schemes of arrangement and restructuring plans. Susan Moore, who is a name to note for contentious insolvency matters, rejoined the firm from Faegre Drinker Biddle & Reath to head the team. Ian Fox has ‘tremendous experience in high-profile and demanding cases’. Tessa Blank is noted for her contentious work in the private sector as well as for government entities. Of the more junior members of the team, recently promoted partner Luci Mitchell-Fry has deep and broad knowledge, including on schemes and restructuring plans with a cross-border element, while the ‘very bright and hardworking’ Jonathan Sears excels in handling contentious matters, including for office holders and creditors.

With a sizeable London and regional presence, as well as benefitting from experts spread throughout the firm’s global network of offices, the ‘highly approachable and hardworking’ team at DLA Piper is ‘able to resource matters appropriately’ for officeholders, creditors and debtors in both domestic and multi-jurisdictional restructurings and insolvencies. The firm has been engaged in a number of restructuring plan workouts, with David Manson promoting their use for both domestic debtors and foreign entities after establishing the necessary jurisdictional nexus. Manson also excels at more transactional special situations mandates. For contentious matters, Chris Parker brings ‘commercial acumen and gravitas’ to bear for clients in regulated sectors and excels in handling complex cross-border fraud and asset recovery matters for office holders. Team head Jonathan Richards is particularly adept at handling private equity-related restructurings, including debtor work for portfolio companies. Tim Dawson and David Ampaw are also recommended.

Headed by the ‘outstanding’ John Whiteoak, Herbert Smith Freehills LLP has forged a particularly strong reputation advising corporates as debtors (including board members) as well as officeholders on high-profile insolvency processes. Combining broader commercial disputes prowess with restructuring smarts, Whiteoak is best-known for his contentious work in this context, including work with regard to director disqualification proceedings, preference claims and increasingly contested restructuring plans. Kevin Pullen and John Chetwood both have vast expertise across a myriad of insolvency processes, including restructuring plans, CVAs and schemes of arrangements, with the former also offering niche expertise in relation to PFI/PP restructurings. Natasha Johnson is another key member of the team.

The 'incredibly responsive' team at Macfarlanes LLP provides 'solutions-focused and highly technical advice' to a wide range of creditors, investors, debtors and IPs, primarily on mandates within the domestic market. Funds account for a significant volume of work, including firmwide private equity sponsors eliciting portfolio restructuring mandates as well as credit funds as holders of debt and in a special situation context. Team head Jat Bains is 'a fountain of knowledge' on formal insolvency processes, as well as more transactional work in the space, including in the context of distressed M&A and loan-to-own strategies. Paul Keddie is 'technically brilliant and incredibly responsive', and provides added insight on restructuring/insolvency matters by dint of his own IP qualification.

The 'technically very strong' team at Norton Rose Fulbright excels in handling complex multi-stakeholder restructurings/insolvencies in sector areas of strength for the firm as a whole, including transport, energy and financial services. Many of these are multi-jurisdictional mandates, where the team is well-placed to act by virtue of its impressive global network of offices. Team head James Stonebridge is noted for his 'innovative thinking' which recently came to the fore on his work, alongside the firm's Amsterdam office, for a committee of secured creditors on a restructuring of a Dutch shipping company, involving an English law scheme of arrangement in parallel with a Dutch WHOA. The 'fantastic' Mark Craggs is a 'technically strong, commercial and user-friendly lawyer'.

In step with the firm’s overarching growth in the finance sector in recent years, the ‘very diligent and responsive’ team at Paul Hastings LLP is an important resource to a variety of banks, funds and corporates for stressed and distressed restructuring and investment opportunities. Much of the work is multi-jurisdictional, with the team often working alongside its colleagues in Europe and the US to provide a fluid and holistic service to clients, irrespective of geographical boundaries. In this regard, Helena Potts is recognised as ‘a superb specialist in English and cross-border restructurings’, and is noted for her work across formal and informal restructuring processes. The ‘excellent’ Mei Lian reflects the firm’s transactional approach to work in the space and excels at handling complex mandates often involving financial products throughout the capital structure. Lian co-heads the team alongside William Needham, who recently joined the firm from KKR where he was head of European restructuring. Crispin Daly advises on cross-border administrations.

Drawing upon well-established connections with clearing banks and IPs, as well as continuing to develop its presence among the fund community, Pinsent Masons LLP has excellent traction in the mid-market across a range of restructuring and insolvency work. Team head Steven Cottee is well-versed across a range of insolvency procedures, including the relatively newly enacted restructuring plan, which he has promoted as a viable and useful option for mid-market debtors to utilise. Cottee also excels at work in regulated sectors and maintains his market-leading reputation for handling law firm insolvencies. Fusing his ‘rich experience with a blend of creativity, commerciality, credibility and pragmatism’, Charles Maunder is popular among boards of directors and corporates for distressed situations and complex restructurings, while Andrew Robertson advises both creditors and debtors on insolvency and restructuring proceedings.

Led from London by Fraser Ritson and also benefitting from strong regional coverage, Addleshaw Goddard provides 'commercial but deeply technically knowledgeable advice' to IPs and creditors across a range of mid-market UK mandates, including in the real estate, retail and energy sectors. The firm's strong clearing bank and specialist lender ties, for example in the ABL space, continue to elicit a considerable volume of work, while Karl Clowry, who is a  'steady hand through complex situations', continues to develop the firm's cross-border offering, including on highly structured situations.

The ‘fantastic’ team at Bryan Cave Leighton Paisner provides ‘cost-effective, commercial and responsive advice’ to creditors, investors and debtors across a myriad of restructuring and insolvency mandates, often working alongside complementary practice area experts, including in the finance and corporate groups, to very good effect. Team head Richard Obank has very good connections with IPs and excels in guiding them through often complex multi-stakeholder restructurings. Obank is also adept at advising fund clients investing in distressed situations, as is Marc Trottier, who ‘helps deliver solutions to complex and challenging situations’. Colin Ashford is also a key member of the team, particularly for contentious insolvency matters.

Acting as a standalone team as well as often in collaboration with the firm's well-established US offering, Cleary Gottlieb Steen & Hamilton's growing London practice is gaining recognition among creditors and debtors for its capacity to provide 'creative and thoughtful' advice on complex multi-jurisdictional out-of-court restructurings. The 'extremely clever' Alastair Goldrein is particularly accomplished at handling emerging markets work, including for funds who are looking to realise value in existing insolvencies and restructurings, or who are interested in acquiring distressed businesses. The 'incredibly smart and thoughtful' Polina Lyadnova also regularly handles emerging markets matters, and co-heads the overarching team along with Goldrein and the vastly experienced and 'highly strategic' Solomon Noh.

Leveraging the firm's well-established lineage in the asset management space and also able to tap into its broader international network, Dechert LLP has gained most of its traction in the market through working for funds seeking to realise value in cross-border distressed situations. Team head Adam Plainer has vast experience and knowledge across a variety of restructuring tools, as well as being adept at handling more transactional strategies, including distressed M&A mandates. The 'exceptional' Kay Morley is also key to the team's success for funds, including in a special situations context and on loan-to-own strategies.

Working often in collaboration with the firm's New York office, Fried, Frank, Harris, Shriver & Jacobson LLP's compact team excels in providing bespoke 'highly commercial' advice on complex cross-border restructurings and insolvencies for a broad array of stakeholders. Team head Ashley Katz leads from the front and 'excels in providing innovative solutions', including for fund clients, which benefit from the team's fluid multi-disciplinary approach drawing from the firm’s broader corporate, finance and litigation offerings. The 'impressive' Mandip Englund is a key member of the team and 'delivers exceptional levels of client service' to funds and IPs.

Mirroring the growth of Goodwin‘s London office across other transactional practice areas, including private equity and venture capital, the firm’s restructuring offering is an increasingly compelling proposition for fund clients, as well as other stakeholders, including IPs and boards of directors, across a range of restructuring and insolvency mandates. Credit funds also provide a fertile source of work, an area that Simon Thomas, who provides ‘practical and very solutions-focused advice’, combines with his private equity portfolio debtor work. Geoff O’Dea co-heads the team alongside Thomas and is ‘absolutely top of the market for complex restructuring transactions’, aided by Tony Horspool.

'Small but perfectly formed', Greenberg Traurig, LLP advises debtors, creditors and investors across a wide array of work, from special situations and amend and extend transactions through to administration processes. Although the team – which also regularly works alongside international offices throughout its European and US network on cross-border deals – is sector agnostic, it is particularly effective in the real estate field, where it is able to leverage the firm's overarching subject matter knowledge and strong client base that includes real estate funds. Team head John Houghton is 'experienced and knowledgeable' across a range of formal processes and more transactional work, and has been particularly active in relation to the use of the UK restructuring plan, including in restructurings involving foreign debtors. Drawing upon his former transactional finance grounding, Rupert Cheetham excels in consensual workouts and schemes, while Hannah Blom-Cooper 'has a wealth of experience in contentious insolvencies'.

The 'extremely responsive and knowledgeable' team at McDermott Will & Emery UK LLP provides 'very commercial and pragmatic' advice to stakeholders in complex cross-border restructurings and insolvencies, often working alongside other offices in the firm's network and complementary practice areas. Recognised as 'a brilliant strategist', Mark Fennessy is pivotal to the team's success in the market, with a practice that 'goes far beyond straightforward restructuring cases, to include often very difficult special situation scenarios', as well as taking on a continued flow of work for the firm's core client, a global debt administrator. Fennessy and Aymen Mahmoud co-head a team that also includes King's Counsel Marcia Shekerdemian, who is a senior consultant at the firm.

Drawing upon ‘a powerful combination of legal skills and real trial experience’, litigation heavyweight Quinn Emanuel Urquhart & Sullivan, LLP excels in handling cross-border contentious insolvency work for IPs and creditors. Team head Richard East is a ‘superstar litigator’ who is able to elicit favourable results for clients as defendants or plaintiffs engaged in hostile restructurings, often involving complex inter-creditor arrangements and sophisticated financial documentation. The arrival in January 2024 of the vastly experienced David Ereira from Paul Hastings LLP affords the team greater bandwidth in light of his superb track record handling a range of restructuring and insolvency matters.

Although it is a relatively small core team in London, Skadden, Arps, Slate, Meagher & Flom (UK) LLP is often engaged in high-profile mandates, working in a co-ordinated fashion with finance, corporate and litigation practitioners, as well as other international offices. As well as regularly handling bondholder committee mandates, the team also often works alongside its accomplished US practice on Chapter 11 debtor work, much of which flows from the firm's stellar corporate client base. Team head Peter Newman has detailed knowledge of US and English restructuring and insolvency procedures and how these interact with various jurisdictions in continental Europe. Dual UK and US-qualified partner Nicole Stephansen is also a key member of the team and excels in providing creative capital solutions for distressed  companies.

Under the leadership of the 'technically gifted, strategic and tenacious' Julian Cahn (who also handles personal insolvency matters), Stephenson Harwood has gained most of its acclaim for work on behalf of IPs dealing with complex contentious insolvency mandates, often involving allegations of fraud. The 'technically robust' Tal Goldsmith is regularly involved in cross-border insolvency cases involving both inbound and outbound recognition and concurrent proceedings in multiple jurisdictions. For non-contentious restructuring and insolvency matters, Ian Benjamin provides 'very commercial and user-friendly advice' to a variety of stakeholders including funds, officeholders and lenders.

Effectively combining 'deep sector expertise and situational experience', Eversheds Sutherland (International) LLP provides 'insightful and commercial advice' to debtors and creditors across a wide range of restructuring and insolvency matters. Team head Carl Allen 'quickly gets to the heart of complex matters and builds consensus among stakeholders', ensuring he is a popular choice among IPs, corporates and lenders in insolvencies across a plethora of industry sectors, including energy, where he has developed a particular niche in relation to the "supplier of last resort" regime. The 'outstanding' Alex Rogan has 'really good experience around schemes and restructuring plans', which he has promoted to resolve international restructurings.

The 'very knowledgeable and responsive' team at Fieldfisher draws upon deep technical knowledge and a commercial approach, developed over many years' experience in the market advising a variety of stakeholders in complex restructurings and insolvencies across a range of industry sectors. The team is, however, perhaps best-known for its contentious capabilities, with the 'fantastic' Kit Jarvis regularly assisting IPs to maximise returns for creditors in situations that have involved alleged fraudulent behaviour by the debtor, as well as picking up an increased volume of instructions by bridging financiers seeking to enforce debts. Stewart Perry also has excellent litigation instincts, which he combines to good effect with his non-contentious offering to provide a 'results-driven service' for clients. The Manchester office also includes numerous notable practitioners including Michelle Shean and Chris Keane, who joined the firm in January 2024 from Clarke Willmott LLP.

The 'dynamic and responsive' team at Taylor Wessing LLP provides 'highly effective' advice to creditors, investors, debtors and office holders across a variety of contentious and non-contentious insolvency matters. Team head Nick Moser excels in handling contentious matters, including those involving allegations of fraud, some of which arise in an asset-based lending context. Amy Patterson is 'highly knowledgeable' at handling real-estate-related cross-border restructuring and insolvency mandates, while Stephen O’Grady leverages the firm's broader venture capital credentials to good effect on tech-related mandates, including in the crypto space.

With a core restructuring team led from London by the 'super-smart' Sarah Smith and Priyanka Usmani, and also able to harness the support of global restructuring, finance and M&A practitioners spread across the network, Baker McKenzie is well-positioned to advise debtors, creditors and investors across a range of cross-border restructuring/insolvency mandates. This fluid approach ensures the team is particularly effective on more transactional work in the space, with the arrival of 'first-rate' of counsel William Swan from Citibank in June 2023 enhancing its ability to handle distressed investment work in particular.

Although it does handle some creditor and company-side work, the 'very experienced and client-centric' team at Bird & Bird LLP is perhaps best-known for its advice to office holders on insolvencies, where it adds value on the contentious and non-contentious front in matters occurring in firmwide areas of sector strength, including technology, financial services, aviation and retail. 'Outstanding' team head Joss Hargrave takes the lead on the highest-profile work and is noted for his 'commercial and user-friendly' approach.

Displaying 'an incredible capacity for hard work and difficult thinking', Cadwalader, Wickersham & Taft LLP continues to gain traction among fund clients, providing private capital solutions in the context of complex cross-border restructurings. Lauded by one client as 'the epitome of what you want in a restructuring/insolvency lawyer', Bevis Metcalfe has been central to the firm's success in the area since joining the practice in 2022 and co-heads the team alongside Gregory Petrick, who splits his time between London and New York.

The ‘responsive and commercial’ team at Charles Russell Speechlys LLP  ‘knows everything there is to know about corporate insolvency and restructuring’ and is particularly noted for its work on behalf of IPs. Drawing upon ‘excellent judgement, founded on a wealth of experience’, team head Roger Elford takes the lead on much of this and excels at handling contentious and non-contentious matters, including within the real estate sector. The ‘outstanding’ Jamie Tilling is strong at handling contentious matters, including multi-jurisdictional work centred around fraud allegations. Alison Goldthorp, who has particular expertise in Part 26A plans, and the 'client-focused' Hanh Nguyen are also key members of the team.

Under the leadership of the vastly experienced Patrick Corr, the ‘technically sound’ team at Faegre Drinker Biddle & Reath provides ‘practical advice’ to IPs, funds and lenders seeking to optimise returns across a range of formal insolvency and restructuring work. Much of this is multi-jurisdictional in scope, including Corr’s work alongside Buvini Kularatne for an ad-hoc group of lenders in relation to a global cinema chain’s restructuring.

Led by the 'smart, charming and quick-thinking' Rick Brown, HFW delivers 'high-quality legal advice' to IPs, in particular, in relation to high-value contentious insolvency matters. In this context, the team is particularly skilled at handling matters where there is an overlap with fraud and insolvency, with Brown particularly accomplished at handling matters involving offshore jurisdictions. The 'technically very sound' David Chalcraft and the 'intelligent and resourceful' Neil Chauhan are additionally recommended, with both also very visible in offshore-related matters.

K&L Gates LLP provides 'sensible and astutely commercial' advice to stakeholders across formal processes and out-of-court restructurings. As part of his wide-ranging practice, 'exceptional' team head Jonathan Lawrence regularly advises US funds on distressed M&A-related work, and is also well-versed in restructurings with a nexus to the Middle East. Clare Tanner is also recommended for her contentious work in the space.

Well-versed at realising value through a myriad of often highly complex balance sheet restructurings and special situations/distressed M&A strategies, Reed Smith LLP is a popular choice for investors and creditors, including on complex cross-border matters, where it is able to leverage its broader international footprint. The team, which is led by Kathleen Garrett, is also adept at advising on formal insolvency procedures for bondholders and banks, as well as for office holders, and adds value in relation to distressed mandates within sector areas of focus for the firm as a whole, including financial services and transport. Linton Bloomberg is additionally recommended.

With a growing practice in London and also offering a strong regional and international presence, Squire Patton Boggs is increasingly well-positioned to handle domestic and cross-border work for investors, debtors, creditors and office holders across the panoply of restructuring and formal insolvency work. As part of her eclectic range of work in the space, team head Charlotte Møller provides ‘very clear advice’ to boards of directors facing financial difficulties and has also developed a niche in certain sectors including financial services (crypto in particular) and sports. Monika Lorenzo-Perez covers the retail and hospitality sectors in turn, advising on insolvencies.

Appreciated for its ability to think outside the box, the small team at Alston & Bird LLP has quickly gained a strong reputation in the market among stakeholders for its ‘solutions-oriented approach’ since the firm established its London restructuring offering four years ago. Team head Phillip Taylor ‘has been there and done it’ during his long career and excels at handling cross-border mandates for funds, office holders and companies, where he draws upon contentious and non-contentious smarts. Anna Nolan acts for corporate trustees in multi-jurisdictional matters as well as advising on the company side of mandates.

With a strong presence in the South West and also benefitting from some expertise in London, particularly on the contentious front, Ashfords LLP provides a solid service to stakeholders in relation to corporate and personal insolvency mandates. The 'commercially astute' Crispin Jones has strong connections with London-based IPs and excels in handling work relating to insolvent law firms and insolvency fraud cases. David Pomeroy, the Bristol-based team head, provides guidance to directors, lenders and administrators on distressed finances and insolvencies across multiple sectors such as retail, construction and hospitality.

Led from London by the vastly experienced Joe Bannister and also able to draw upon a strong cadre of experts based in Bristol, DAC Beachcroft LLP 'combines good technical experience with commercial nous' for a range of stakeholders engaged in domestic and cross-border situations. As part of his broad expertise, Bannister has 'intimate experience of schemes of arrangement'.

The ‘conscientious and technically excellent‘ team at Druces LLP provides ‘pragmatic and commercial advice’ to corporates, high-net-worth individuals and a growing number of IPs across a range of corporate restructuring and insolvency situations. Recently promoted to partner, ‘very knowledgeable’ team head Caroline Cropley has a growing reputation in the market and is noted for her ability to use the law ‘to give her clients the best solution/advantage’. Nigel Adams and Neil Hayter are also key members of the team.

Benefitting from strong core insolvency expertise and also able to leverage experts in the litigation, real estate and banking teams, Howard Kennedy LLP‘s ‘very well integrated and collegiate’ offering provides ‘knowledgeable and strategic’ advice to IPs, creditors and debtors. Team head Vernon Dennis is an ‘excellent strategist’ and excels in board advisory work for distressed companies within the retail and hospitality sectors. The ‘extremely knowledgeable and personable’ Dominic Offord and Rachel Brown, who has ‘strong technical insolvency knowledge’, excel at handling contentious insolvency matters.

Boutique insolvency and restructuring firm Isadore Goldman provides ‘user-friendly, commercial and pragmatic’ advice to IPs, debtors/directors and creditors across a range of contentious and non-contentious corporate insolvency and bankruptcy matters. Kevin Mitchell is ‘a walking encyclopaedia of the insolvency legislation’ and he heads up a team that also includes the ‘exceptional’ Nick Oliver and Monica Kapur, who is ‘brilliant’ at navigating complex insolvency disputes and litigation and insolvency investigations.

Although it is still in its formative years, the small but growing team at Katten Muchin Rosenman has, since it was established in August 2020, gained strong traction in the market as a result of its 'approachable and responsive' mindset on behalf of officeholders, debtors, creditors and investors across both contentious and non-contentious matters. Led by the 'technically excellent and commercially astute' Prav Reddy, the team has also been able to leverage the firm's robust funds client base to good effect, as well as its broader US resources.

Since its foundation in May 2020, litigation boutique Keidan Harrison has quickly made inroads into the market, making a name for itself among corporates, funds, IPs and high-net-worth individuals for its 'innovative, commercial and hardworking' approach. Team head Luke Harrison is a 'robust and effective operator', whose higher rights of audience is also an attractive proposition for clients for contentious insolvency matters.

Commercial litigation boutique LK Law LLP excels at advising IPs on complex cross-border contentious insolvency matters, often involving allegations of fraud and the tracing and recovery of assets dissipated globally. Team head Andrew Ford and Caroline Phipps are key members of the team and both handle claimant and defendant work in the space.

Sitting within the firm's broader commercial litigation function, Mishcon de Reya LLP's 'slick and efficient' team, which is led by the well-regarded Danny Davis, is best-known for its contentious insolvency expertise on behalf of IPs. Key members of the team include the 'fiercely intelligent' David Leibowitz and the 'hugely commercial and pragmatic' Mike Stubbs, who is himself also a licensed insolvency practitioner.

Headed by Finella Fogarty, RPC delivers ‘user-friendly and cost-effective’ advice across a range of restructuring and insolvency mandates, and is particularly ‘adept at navigating fractured stakeholder dynamics’. The team, which also includes retail specialist Tim Moynihan, has developed particular skill in recent years in advising on mandates in this sector, including guiding funds on distressed opportunities.

Led by the 'exceptional' London-based Lee Sennett and also able to leverage significant resources in Birmingham, the 'responsive, transparent and pragmatic' team at Shoosmiths LLP has particularly strong credentials among IPs, as well as a growing number of funds clients. The firm is very effective at handling work in the mid-market, with Sennett gaining particular acclaim for his work on restructuring plans. The 'highly pragmatic, dependable and approachable' Hayley Capani is skilled at handling insolvency litigation.

TLT provides a 'technically strong and incredibly responsive' service to banks, IPs and directors, led from London by Andrew Lockerbie and also able to cost-effectively resource matters through using lawyers from the firm's Bristol headquarters. For contentious matters, the 'highly regarded and motivated' Kanika Kitchlu-Connolly has niche expertise in relation to the cross-over between insolvency and proceeds of crime.

Led by the 'hugely experienced and well-regarded' Frances Coulson, the  'highly commercial, efficient and experienced' team at Wedlake Bell is a very safe pair of hands for IPs, corporates and directors navigating restructuring and insolvency work in the mid-market. The team is particularly effective at handling fraud-related matters within a contentious insolvency setting, an area in which 'fierce and unrelenting litigator' Coulson excels.

The 'very commercial' team at Womble Bond Dickinson (UK) LLP has 'great expertise in the mid-market' for a range of stakeholders across a myriad of restructuring mandates and formal insolvency instructions. The relatively recent arrival of Alan Bennett from Ashfords LLP has enhanced the team's capabilities for contentious matters and cross-border restructurings, with Bennett noted for his 'uncannily accurate litigation judgement'. London team head Jonathan Dunkley is 'a very well-organised insolvency partner' who has recently advised the boards of numerous energy companies on the implementation of the supplier of last resort process.