A&O Shearman has ‘a first-class team with a deep bench that is technically excellent with a keen commercial approach.‘ The firm is active in every corner of the derivatives and structured products market, particularly in novel and emerging areas of structured finance and regulatory. The ‘very commercial and pragmatic‘ Guy Antrobus leads the practice and focuses his practice on risk transfer transactions and synthetic securitisations. Parya Badie has a stellar track record that includes innovative transactions, a prime example being the first synthetic securitisation based exclusively on UK ESG assets. Up-and-coming partners Paul Allan, who focuses on credit derivatives and equity derivatives, and structured credit and repack specialist Tanya O’Hagan are key members of the practice. Sara Couling frequently advises borrowers and lenders on fixed income and FX derivatives in connection with leveraged, acquisition, infrastructure and project financing transactions. Ross Stewart in equity financing through margin loans and derivatives. Patrick Clancy is recommended for bespoke structured finance products. Former practice head Emma Dwyer and Daniel Shurman departed the firm in early 2024. Andrew Sulston retired in November 2023.

For both derivatives and structured products, Ashurst is widely regarded as one of the leading firms in London, not least because its six-partner team is one of the largest in the City. Working with regulatory, tax, and litigation specialists, they frequently act for major investment banks and highly active buy-side clients, including DFIs, central banks, and private capital managers. Michael Logie is head of the global markets group, in which the derivatives and structured products team resides. Logie focuses on structured products platforms, while standout practitioner James Coiley has a broad practice that spans credit and other fixed income derivatives, repackagings, TRS, and other collateralised funding structures. Structured finance specialist Daniel Franks and Jonathan Haines, who assists financial institutions with securities financing and derivatives, are leaders in their fields. James Knight increasingly focuses his practice on complex collateralised funding transactions for investment banks financing credit funds and counterparties in emerging markets. Kerion Ball advises on synthetic risk transfer transactions and credit risk mitigation arrangements, as well as commodity and equity-linked derivatives.

Clifford Chance LLP’s derivatives and structured products practice is composed of ‘dedicated lawyers who provide great insights into derivatives, regulations, and market standard positions, and deliver clear, pragmatic and business-focused advice‘. Practice head Timothy Cleary and key partner Jessica Littlewood are widely renowned as market-leading experts on synthetic securitisation and risk transfer transactions, in which the firm has seen significant growth. Paget Dare Bryan is a standout derivatives partner whose innovative work includes advice on carbon inventory forward and repo transactions. Faizal Khan and Will Winterton are called upon for their knowledge of bespoke equity-linked financing structures involving derivatives, repos, and securities lending. Anne Drakeford, who is ‘prepared to roll up her sleeves to get the deal done’, handles complex OTC fixed income, credit and equity-based derivatives. Emerging partner talent Jeremy Walter is ‘a true expert in derivatives clearing‘. The firm hired Daniel Shurman from A&O Shearman in 2024 to strengthen its equity derivatives offering.

Linklaters LLP provides ‘top-tier service, reliable and commercial advice, and pragmatic solutions‘. Practice head Deepak Sitlani ‘remains at the top in the derivatives world, combining his market knowledge from his work with ISDA with strong transactional and advisory skills‘. Sitlani’s group is home to acknowledged leaders in their fields. Among them are Simon Firth, for the structuring and documentation of derivatives transactions; Michael Voisin, who is an authority on platforms for margining, collateral transformation and FX trading; Vinay Samani, who has extensive experience in OTC and securitised derivatives; structured derivatives and capital markets specialist David Phillips; and Doug Shaw, who focuses on equity and credit-linked derivatives. Emerging partner talent Leanne Banfield is ‘extremely responsive and commercial‘ in her advice on repackagings and credit-linked products. In 2023, Mark Brown retired, and Matthew Monahan , Toby Gray, and Mark Drury departed the firm.

At Dentons, ‘the team’s key capabilities and strengths lie in its ability to understand innovative new derivative products and market practice‘. Active across the full range of derivatives, the firm is increasingly involved in complex and innovative areas of the market, including crypto derivatives, deal-contingent swap transactions, and securities lending. Practice head Matthew Sapte is a standout adviser on Islamic derivatives, ESG-compliant instruments, and OTC derivatives across a host of asset classes. Emerging talent Luke Whitmore focuses on the prime brokerage and futures markets. In late 2023, the firm hired the vastly experienced Toby Gray from Linklaters, whose expertise in securitised derivatives, synthetic securitisation, SPV-based structured finance transactions, and bespoke repackaging, notably for Japanese banks, expands the firm’s capability into structured products. Gray is also a key adviser to pension funds and hedge funds, and recently advised one fund client on a £170m first-loss tranche of credit protection on a £2bn tailored portfolio of loans.

Fieldfisher continues to build out its derivatives and structured finance practice, which is highly regarded for a team that is ‘friendly, personable and fantastic to work with, alongside being excellent on the technical side‘. The practice, which is now led by trading documentation, structured trades, and regulatory expert Emma Spiers, hired former A&O Shearman practice head Emma Dwyer in May 2024, adding market-leading knowledge of derivative products, market infrastructure and regulation. Dwyer joins highly rated derivatives expert Guy Usher, netting and collateral specialist Edward Miller, and Sebastian Reger, who acts for both buy-side and sell-side clients on derivatives, structured finance and debt capital market transactions. Reger recently advised a major insurer on a £2bn longevity swap. Up-and-coming partner Jenny Warren also plays a central role in the practice, which has deep knowledge of repo, securities lending and structured derivative transactions.

Freshfields Bruckhaus Deringer LLP climbs the ranking this year, having continued to reinvest in its finance practices, notably its derivatives and structured products group. The arrival of James Duncan from A&O Shearman in mid-2023 increased the firm’s capacity for strategic equity financing transactions, including margin loans, derivatives, structured share buyback transactions, and more. Lead partner Richard Hart‘s expertise in structured equity transactions, prime brokerage, structured stock-lending and repo transactions, coupled with Flora McLean‘s understanding of bespoke transactions with a regulatory capital or tax angle, give the firm a strong offering for its growing roster of corporate, bank, and private equity clients. Matthew Dodwell‘s work on the hedging of a €4.9bn corporate transaction demonstrates the firm’s strength at counsel level. Clients remark that the firm has ‘excellent knowledge of the product area, with a strong understanding of market practices‘ and is ‘extremely client-focused‘.

The ‘very committed and knowledgeable‘ Hogan Lovells International LLP is known for ‘clear communication and a proactive, hands-on attitude‘. The firm is known for its regulatory and transactional expertise, as well as its presence in cutting-edge areas of the market, notably the influx of digital assets and blockchain technology into structured finance. Global head of corporate and finance James Doyle is the standout partner. Doyle recently assisted a major French bank with the update of its innovative programme for secured structured products through a Luxembourg securitisation company, and numerous structured product drawdowns. Jennifer O’Connell is ‘very knowledgeable across a broad range of products and runs a very tight ship with her associates‘. O'Connell handles structured products designed for the retail market, repackagings, and derivatives as part of structured finance and lending transactions. Kit Johnson leads one of the most prominent trustee practices in London.

Mayer Brown International LLP has ‘a flexible and commercial approach and does not enter into pointless legal point-scoring exercises‘, according to clients. Known for its in-depth knowledge of derivatives, thanks largely to the acknowledged expertise of practice head Edmund Parker, the firm is also becoming more active in complex structured products. Parker is increasingly involved in insurance-linked synthetic securitisations and credit-linked notes. Up-and-coming partner Nanak Keswani concentrates his practice in OTC derivatives, repos and structured credit transaction for investment banks, end users, and service providers. Keswani particularly focuses on repackagings, structured repos, TRS and other collateralised funding structures, risk transfer, structured note programmes and finance-related hedging. Musonda Kapotwe, who has extensive in-house experience at Barclays, is a key adviser on large-scale, cross-border regulatory implementation projects. Chris Arnold departed in January 2024.

Norton Rose Fulbright has ‘excellent in-depth knowledge of structured products and derivatives‘ and is praised as ‘highly commercial and pragmatic‘. The firm is known for its advice on structured total return swap and repo financing, emerging markets transactions, Islamic derivatives practice, and securitisation hedging. Its structured products work also encompasses large repack programmes for global banks, as well as the issuance of structured notes. Nigel Dickinson, 'one of the best practitioners in the field', and Yusuf Battiwala co-lead the practice, which benefits from the extensive knowledge of global head of financial services and regulation Jonathan Herbst. Also playing pivotal roles in the practice are market infrastructure, derivatives, and fintech specialist Hannah Meakin, covered bond and structured finance expert David Shearer, and key adviser to Canadian issuers Peter Noble.

Reed Smith LLP has a deep bench of derivatives lawyers, including many specialists in the hedging of commodities trades. The practice is known for ‘strong personal involvement of senior partners, and innovative analysis of complex and unique situations‘. Practice head Tamara Box oversees the work of Claude Brown and Brett Hillis, who are strong on commodities-related matters, and regulatory specialist Chris Borg. Also key are structured finance partners Nick Stainthorpe and Daniel Birch, and the multi-talented Tariq Rasheed, who handles matters concerning clearing, prime brokerage arrangements and structured products. Sarah Caldwell and Iman Roy also play central roles in the practice. Commodities derivatives partner Prajakt Samant now works from the Singapore office. The firm has invested in some significant hires, with the ‘exceptionally talented‘ Mark Drury and up-and-coming partner Jennifer Ellis joining from Linklaters LLP in late 2023.

Sidley Austin LLP climbs the ranking this year and is best known for its expertise in structured products, notably repackagings, synthetic securitisations, and regulatory capital trades, as well as related contentious matters. It is also highly active in structured products involving direct lending loans, and commercial real estate assets. This work accompanies the work of its strong regulatory advisory practice, and a growing volume of work on derivatives for corporates and private equity clients. Structured products partner Rupert Wall is the standout practitioner, with recognised derivatives specialist and senior associate Netanya Clixby emerging as a real talent in the practice. Clixby's work spans advice on ISDA master agreements, prime brokerage documentation, securities lending, and repurchase agreements for both buy-side and sell-side clients. Nick Brittain retired from the firm.

Simmons & Simmons has an enviable reputation for both derivatives and structured products work, acting for some of the leading banks in the market on hedging, prime brokerage, regulation, clearing, collateral, and transactions across all asset classes. The practice is led by financial services law and regulation expert Craig Bisson and transactional expert Oliver West, who frequently handles derivatives and repos. The practice is replete with talent, including structured finance specialist Paul Browne  and Sean Bulmer , who handles securitised and OTC derivatives. As well as emerging partner talents such as Eucharia Bragg and Marcin Perzanowski, the firm now has additional expertise in securitised derivatives thanks to the hire of Matthew Monahan from Linklaters LLP in late 2023. Perzanowski recently advised a major US bank as collateral manager and custodian on the $100m restructuring of a liquidity and sustainability facility designed to increase the liquidity of African sovereign Eurobonds, and to encourage investment in Africa under the Sustainable Development Goals (SDG), including green bonds.

Travers Smith LLP focuses predominantly on buy-side derivatives, and is a go-to adviser to alternative asset managers and pension funds. A growing proportion of the firm’s work is for large investment banks, which seek out its expertise in private capital and pension fund matters. Practice head Jonathan Gilmour is ‘technically very sound, provides clear advice.’ Gilmour works with emerging talent Joseph Wren, who has ‘great organisational and negotiations skills‘, to advise the trustees of a £23bn pension scheme. The ‘solution-focused, pragmatic, highly engaged‘ Nicholas Baines and Sana Dossa are widely regarded as the future of the practice.

White & Case LLP has ‘great capital markets and derivatives expertise‘ and handles work across the full range of asset classes, including interest rate, credit, equity, currency and commodity derivatives, regulatory capital transactions, repurchase agreements, securities lending, synthetic investments and Islamic derivatives. ‘Responsive and reliable‘ practice head Ingrid York is a market-leading expert on repackaging and structured note transactions, and the ‘spectacular‘ Anthony Colegrave, who is dual-qualified in both England & Wales and South Africa, is a key adviser on equity derivatives and hedging solutions. Debashis Dey is praised for his advice to banks, corporates and governments on a range of structured finance matters, including private equity matters, Islamic finance and non-performing loans. Tom Falkus, who acts for arrangers, originators, asset managers, sponsors and investors, and Phillan Amin, an emerging talent in OTC derivatives and hedging matters, also play central roles in the team.

Baker McKenzie ‘provides first-class advice on both regulatory matters and transactions‘. Global chair of banking and finance Matthew Dening is ‘not an ivory tower lawyer, but a great technician‘. He is ably supported by ‘excellent lawyer, draftsperson and team collaborator‘ Iolie Calochristos. Together, they recently advised a Canadian insurance group on complex settlement arrangements for OTC derivatives positions as part of a large M&A transaction. Head of structured capital markets Simon Porter is a key adviser to corporate trustees on capital markets transactions. Structured finance and derivatives partner Jeremy Levy‘s work includes advice on structured notes programmes.

Cadwalader, Wickersham & Taft LLP is ‘very commercial and solution-oriented‘, and clients praise the team’s ‘excellent availability' and 'excellent tier of associates‘. The capital markets group, which is best known for its securitisation work, also has significant expertise in derivatives and structured products, including synthetic securitisations, ESG-compliant transactions, credit default swaps, credit-linked notes, total return swaps, currency and interest rate swaps, repos and more. Robert Cannon and recognised derivatives expert Nick Shiren are standout practitioners. Sabah Nawaz advises banks, private equity funds, pension funds and corporate borrowers on cross-border structured finance transactions. Claire Puddicombe and Daniel Tobias also play key roles in the practice.

CMS has a structured finance practice that ‘consistently delivers timely, practical and well thought through legal and regulatory support‘. The firm is active in retail structured products on behalf of leading global investment banks, and advises many institutions on proprietary indices and associated product documentation for OTC and securitised derivatives. Credit derivatives are another strong suit, whether standalone credit-linked notes or credit-linked programmes. The firm also assists sell-side and buy-side clients with regulatory matters. Will Dibble is ‘the authority on indices and structured products matters‘ and the standout partner in the practice led by Chris Clark. Retail structured products partner Michael Cavers also plays a key role in the team. Jason Harding left the firm in 2024.

Dechert LLP is a prominent adviser to fund managers on derivatives, though it handles both buy-side and sell-side work. The department acts for investment banks, commercial banks, private equity funds and credit funds in structured finance matters. Fund formation specialist Gus Black, who is co-chair of the firm’s global financial services group, oversees the work of key partners John McGrath, whose work encompasses the enforcement and restructuring of derivatives, securitisations and other structured financings, and Karen Stretch, who focuses on transactional and regulatory derivatives matters.

DLA Piper has ‘a strong practice in structured derivatives, particularly when provided to securitisations and warehouses‘. Mark Dwyer, who is global co-chair of financial services, Marcus Lovatt, who ‘combines a great intellect with a convivial manner and great transactional instincts‘, and Steven Krivinskas, a key adviser to both financial institutions and borrowers, are the principal practitioners. The partner team has strong support at associate level, with Patrick Lightbown handling structured finance and derivatives as part of his broad finance practice. Martin Bartlam left for an in-house position in late 2023, but in March 2023 the firm hired Kos Vavelidis from Paul Hastings LLP. Vavelidis has significant derivatives expertise, though his main focus is CLOs.

The London and Paris offices of Gide Loyrette Nouel LLP work closely together on structured finance matters, with practice head Karine Imbrosciano, who is dual-qualified as an English solicitor and a French Avocat à la Cour, and head of the London banking and finance practice Dimitrios Logizidis both highly regarded. Imbrosciano, who is ‘a highly skilled professional‘, has extensive experience in the UK and EU derivatives markets, but also has a strong track record of transactions in emerging markets. She acts for international investment banks, investment funds and corporates in equity derivatives financings, structured repos, clearing and collateralisation, as well as advising covered bond issuers on hedging.

Herbert Smith Freehills LLP predominantly acts for large multinational banks on high-strategic transactions, though it also advises corporates, funds, and insurance companies on structured financing techniques such as margin loans, credit derivative-based pre-payment triggers, collateralisation terms, and credit insurance policies. The team’s sole partner Nick May is ‘an excellent, reliable and practical lawyer who has the unusual craft of being able to make complex concepts seem understandable‘. Clients praise his invaluable industry experience. Nick Rutter provides sound support in advising both banks and non-bank buy-side clients on both OTC and exchange-traded derivatives.

Jones Day joins the ranking having invested heavily in its London derivatives practice. The arrival of Chris Arnold and his team from Mayer Brown International LLP to lead the group brings strong relationships with leading industry bodies and major dealers. The vastly experienced Ed Nalbantian is highly regarded for his knowledge of cross-border structured finance transactions involving OTC derivatives. Working closely with the firm’s highly rated Paris team, Arnold’s group handles key regulatory matters as well as high-value and complex transactions in both derivatives and structured products.

Latham & Watkins has a ‘knowledgeable, diligent, and professional‘ derivatives, equities, and structured products practice, which is frequently involved in strategic acquisitions of toe-hold stakes in listed companies, the monetisation of stakes in listed and unlisted companies through margin loans and derivatives, and the hedging of equity positions. ‘He is clearly one of the best derivatives lawyer I have seen in London‘, say clients of Dean Naumowicz. Naumowicz co-leads the practice with corporate equity derivatives and structured equity financing expert Jeremy Green, who is ‘highly commercial and excellent at distilling complex transactions into clear advice‘.

Macfarlanes LLP is one of the leading firms for buy-side clients, though it also has a strong prime brokerage practice advising on documentation for UK and APAC transactions. The team led by Will Sykes, who acts in trading, hedging and financing transactions, and Chris Acton, who assists hedge funds, managed account platforms and proprietary trading houses, ‘has unparalleled market knowledge and is hugely commercial and pragmatic‘. Richard Fletcher has a broad practice advising financial institutions, corporates, fund managers, investors, servicers and trustees. Supporting the partners is a strong group of senior counsel, among them equity derivatives adviser Alex Coyne, securities finance and prime brokerage expert Rob Daniell, and hedge fund specialist Christine Long.

The ‘commercial, innovative and practical‘ structured credit group at Milbank is best known for its work on CLOs, but it also has a full-service derivatives practice that acts for the firm’s project, leveraged and aviation finance clients in Europe and Asia on large-scale hedging transactions. Practice head James Warbey and Robert Wyse-Jackson ‘have really great market knowledge from their position as pre-eminent manager counsel in the market‘. Claire Bridcut is a key adviser on bespoke structured lending transactions for major banks and private equity funds.

Best known for its CLO practice, Paul Hastings LLP also has a strong flow of derivatives and structured products work, and it is praised for its ‘great client care skills, and excellent technical knowledge‘. Practice head Jason Brooks, who is ‘a superstar – highly responsive, commercially minded and very bright‘, is leading the firm’s push into derivative-linked and asset-based securities work for investment and retail banks, financial institutions, and corporates. The firm’s work on bespoke structured vehicles includes a high-profile risk retention fund practice built by Christian Parker and Cameron Saylor, who frequently act for large private equity clients.

At Slaughter and May, ‘the client ethos is all-pervasive‘. The multi-specialist finance group handles a broad range of work for corporates, though it continues to expand its bank-side business. The ‘technically brilliant‘ Oliver Wicker and Richard Jones lead the group and are highly skilled in derivatives, while standout partners Ed Fife and Guy O’Keefe are key advisers to corporates, governmental entities and financial institutions. ‘Her knowledge and attention to detail is outstanding‘, say clients of Caroline Phillips, whose recent work includes developing a secured commodity trading platform.

Squire Patton Boggs continues to benefit from the in-depth market knowledge of lead derivatives partner Leona McManus, who is a key member of Paula Laird‘s financial services group. ‘The star of the show‘, McManus is a key adviser to the firm’s private equity clients on structured finance, and is a ‘go-to partner for complex derivatives work‘. She is particularly well known for equity financing transactions involving margin loans and equity collar financings, and is additionally skilled in the derivatives and structured finance aspects of project finance, shipping finance, infrastructure finance, leveraged finance and acquisition finance, and Islamic hedging instruments.

Weil, Gotshal & Manges (London) LLP is renowned as one of the leading firms for CLOs, but it also has an active derivatives practice led by structured finance specialist Jacky Kelly. Andrew Lauder has a particular focus on TRS and repo-linked funding structures, and synthetic securitisations using credit default swaps (CDS) or financial guarantees. The work also encompasses hedging by issuer SPVs and advice on related derivatives regulation, as well as acting for swap counterparties, originators and issuer-side parties in the execution of hedging strategies.

The ‘very commercial and business-oriented‘ practice at Alston & Bird LLP has built a presence in London for structured and warehouse finance transactions, acting principally for corporate trust, agency and service provider clients. The group’s recent work spans numerous asset classes, among them auto loans, carbon credit financings, consumer credit, electric vehicle financings, and trade receivables. London partner James Fisher works closely with the firm’s US offices to handle complex matters for bank trustees and, increasingly, non-bank service providers.

At Burges Salmon LLP, the focus is on multinational listed companies and pension funds on the buy-side, though the firm also acts for trustees and banks on derivatives transactions and structured products. Head of banking and finance Andrew Eaton oversees the work of a specialist team led by Graham Soar, who works closely with directors Alistair Rattray and James Barrett to handle work related to energy and infrastructure financing, real estate finance, and pensions.

‘Client service and partner engagement especially stands out‘, say clients of Crowell & Moring U.K. LLP. Its work spans the full range of derivatives, including complex deal-contingent transactions in the M&A market. The ‘responsive and commercially-minded‘ Jennifer Kafcas and Charles Wakiwaka, who ‘provides very clear technical advice‘, have built up the firm’s presence in the market since joining in 2021, and now act for six of the largest banks active in the London derivatives market, as well as numerous private equity funds.

At Eversheds Sutherland (International) LLP, ‘the team provides timely coverage on a broad range of matters to a high level on a global basis‘. The group acts predominantly for buy-side clients, including investment funds, insurance companies, corporates, and pension schemes, though they increasingly handle balance sheet management and treasury products for retail banks. Head of financial services Michaela Walker oversees the derivatives group, in which Richard Batchelor and the ‘technically extremely solid yet pragmatic‘ Jamie Dunlop are the key practitioners.

The financial markets and regulatory practice at Katten Muchin Rosenman has a ‘deep understanding of how complex transactions work‘ and clients note that the team ‘works extremely efficiently and is highly responsive‘. The firm, which also acts for clearinghouses, is a key adviser on both exchange-traded and OTC derivatives. Carolyn Jackson, who ‘delivers insightful and practical advice‘ and US-qualified Nathaniel Lalone are the lead partners in London, alongside Neil Robson, who is a key adviser to private equity fund managers, investment advisers, broker-dealers, market makers, and proprietary traders.

McDermott Will & Emery UK LLP joins the ranking, having hired derivatives specialist Vlad Maly from Morrison Foerster in late 2023. Maly brings extensive experience in complex capital markets and derivatives transactions in the context of cross-border financings, M&A, and corporate transactions. He has notable expertise in equity-linked instruments, structured repo transactions, forward purchases, public and private convertible debt, and total return swaps.

Ropes & Gray acts as a key adviser to asset managers, alternative credit providers, hedge fund managers and private equity firms. In the asset management group, Anna Lawry handles all derivatives and structured finance matters, as well as advising on regulatory issues. Lawry's derivatives knowledge spans all major asset classes, both OTC or exchange-traded, as well as associated ISDA, collateral, brokerage, clearing and custody arrangements.