A&O Shearman's trade finance practice is 'top of the market, with superb legal knowledge, and great understanding and appreciation of commercial intent'. The firm is called upon by major trading houses and many international banks, as well as alternative funders, to handle complex and often structured trade finance deals. Catherine Lang-Anderson, who leads the global trade and commodities finance practice along with structured finance partner Daniel Shurman, is a key adviser to both traditional and alternative lenders, as well as borrowers, multilateral institutions and traders. Lang-Anderson and banking partner Greg Brown are 'the best debt financing lawyers in London', according to one client. Head of the ECA practice Lorraine Bayliss frequently leads complex cross-border transactions for multi-lateral finance institutions, a recent example being her work for senior lenders and cover providers on a $4.2bn greenfield financing for the world's first large-scale green steel plant and Europe's first giga-scale electrolyzer in Sweden. Banking specialists Oleg Khomenko and Niamh Dennehy-Maher are also heavily involved in trade finance transactions.

The small but highly specialised team at Hogan Lovells International LLP is 'precise, pragmatic, solution-oriented'. London is the hub of the firm's global trade finance practice, and its key partners are regarded as market leaders Banking partner Andrew Taylor, who is 'very practical and has a deep understanding of our products and structures', and David Leggott, whose work covers the financing of a diverse range of commodities such as oil, steel, zinc, copper, soybeans, coffee, sugar tobacco, and cocoa, are the standout practitioners, supported by four dedicated trade finance lawyers. The firm has particularly strong relationships with DFIs and global investment banks, though it also has a strong presence on the borrower side acting for commodity trading houses and major corporates. The firm is also key adviser to export credit agencies and government bodies, providing advisory services and transactional support on complex deals in emerging markets. Its work encompasses the oil and gas, metals and agri-commodities markets, as well as the full range of major structured product types, including pre-export finance, limited recourse prepayment structures, borrowing base financings and reserve-based lending.

Clients of Norton Rose Fulbright's finance practice are impressed by the 'expert market knowledge of supply chain financing and breadth of legal knowledge across a large number of jurisdictions'. The firm has a long track record in structured trade finance transactions and is taking a lead role in helping clients transition to digital transactions. It recently advised a global bank on structuring a new B2B payment solution based on receivables financing instruments. It also has one of the leading trade-related fintech practices, notably handling supply chain finance, and securitising trade receivables. Global head of trade finance Nicholas Grandage and newly promoted partner Tudor Plapcianu 'have excellent market knowledge and are both very personable and easy to deal with'. Andrew Wood recently acted for a multinational oil and gas exploration company in its oil marketing and off-take contracts with a major global trading house, alongside $400m in notes for liability management purposes. Mark Brighouse, who handles pre-export and prepayment transactions, Islamic finance, ownership and receivables finance and asset based lending, and structured finance partner Yusuf Battiwala also play pivotal roles in the practice.

Widely regarded as one of the leading firms in trade finance, Reed Smith LLP 'has both the breadth and the depth of experience and expertise required for the most highly structured and bespoke products'. One of a handful of global firms heavily involved in the commodities sector, it handles an extensive portfolio of physical commodities transactions, commodity and energy derivatives trading, complex trade finance structures, regulatory matters, and related disputes. Vastly experienced head of EMEA and SE Asia commodities finance Jonathan Solomon oversees the London trade finance practice, in which specialists Daniel Birch and Patrick Sutton are the key partners for day-to-day transactional matters. Birch handles physical commodities transactions and structured notes. Sutton is particularly active in receivables financing transactions. Newly promoted partner  Elizabeth Stroud handles complex matters across the full spectrum of commodities markets. Paul Skeet, who advises numerous energy majors and commodities trading houses, and structured finance specialist Zachary Scott are also integral parts of the practice.

Sullivan & Worcester LLP is 'best in class - the partners are opinion leaders in the trade finance industry'. Known for having the largest group of specialist trade finance partners, and handling all kinds of transactions from the traditional to the highly structured, the London team works closely with the firm’s US-based trade and export finance practitioners. The deep bench of trade finance specialists and thought leaders includes Geoffrey Wynne, who co-chaired the ICC Drafting Committee writing the Uniform Rules for Digital Trade Transactions; Simon Cook, who frequently handles transactions across Africa, the Middle East, Asia and the CIS; Mark Norris, who has 'a strong focus on finding commercial solutions and significant experience in Africa'; and Sam Fowler-Holmes, who has extensive experience in supply chain finance. Head of the UK insurance and disputes practices Marian Boyle is 'hugely experienced and tough when necessary'. Daniela Barrdear, who joined from Hogan Lovells International LLP in late 2023, has a strong track record in advising both banks and non-bank financial institutions, as well as development finance institutions, multilateral organisations, and borrowers.

The trade finance team at Baker McKenzie is 'always accessible and understands the commercial issues'. The firm combines expertise in traditional trade financing options with experience in highly structured deals, and frequently acts for financial institutions, corporates, and government entities in financings in the EMEA and CIS Regions, as well as Latin America. Much of its work focuses on commodities, oil and gas, and infrastructure projects, in which the London group handles multi-sourced export financings, including those backed by DFIs and export credit agencies. Practice head  Luka Lightfoot, who focuses heavily on cross-border export and project finance, and structured trade finance, is 'technically sound and a great negotiator'. He leads the practice with structured finance specialist Jeremy Levy. Lightfoot recently acted for a global financial institution on a deal in Tanzania backed by UK Export Finance. Nick Tostivin joined Pinsent Masons LLP.

The commodities, trade and upstream finance practice at Dentons 'has obvious expertise and engages collaboratively throughout deals'. The team brings together expertise in project finance, OTC securities, export credit finance and Islamic banking to complement its core skills in trade finance instruments, for which Ian Clements is the main practitioner. He handles syndicated and bilateral borrowing base, pre-export and structured prepayment financings. Mark Cheney is a key adviser to investment banks, commodity trading houses and utilities on complex trading transactions in the energy sector. Asset-based lending specialist Simon Prendergast is highly regarded for receivables financing transactions, and the 'solution-driven' James Francis is also active in export and asset finance matters. The firm is a trusted adviser to leading international banks, ECAs, and corporate borrowers.

The financial markets and products group at Fieldfisher houses niche trade and commodity finance expertise in the firm of practice head Oliver Abel Smith, who works closely with 'very thoughtful and technical ' structured finance specialist Dougall Molson and debt finance expert Stephen Moller. Together with Hannah Rowbotham they form a 'highly affable and available team, providing practical and commercial advice'. Covering commodities and other asset classes, the firm handles pre-payment finance, documentary and standby letters of credit, export and pre-export facilities, reserve-base lending, borrowing base deals, inventory finance, and receivables finance. It serves a diverse client base, which features banks, commodity trading houses and also producers, which it assists with pre-payment financings and related off-take arrangements. It is also able to call upon the firm's deep expertise in related areas such as mining, oil & gas, power and renewables, banking and finance, regulatory, and derivatives to support its work in the commodities area.

The global trade finance team at Mayer Brown International LLP is 'knowledgeable, has wide coverage in Europe, and is capable of meeting challenging deadlines'. Advising banks, funds, corporates and fintech companies on a wide range of trade finance transactions, the firm is particularly focused on cross-border matters, and lawyers in London work closely with colleagues in Asia, Europe, Latin America and the US to handle inventory monetisation deals, syndicated finance structures, trade receivables and non-recourse receivables structures, and transactions backed by national export credit agencies. Head of banking and finance Alex Dell and 'fantastic individual' Charles Thain have 'very broad knowledge of complex receivables purchase and payables finance structures'. Ashley McDermott's practice is dedicated to complex, cross-border loan financings, notably in emerging markets, as well as export and agency finance, and structured trade and commodity finance.

Squire Patton Boggs has cemented its position in the London trade finance market since hiring an experienced team in 2021. Clients remark that it has 'a very talented team of lawyers with absolutely impeccable knowledge of trade finance and its intricate nuances'. Much of that experience stems from lead partner Robert Parson, who is not only a key advisor to the joint ICC UK/UK Government initiative to exploit the passing of the Electronic Trade Documents act 2023, but also acts for banks and non-bank financiers, funds, commodity traders, producers, credit insurers and many other participants on structured trade and inventory finance and the use of financial instruments such as letters of credit, bills of exchange and promissory notes. He is supported by talented senior associates Geraldine Butac and Jennifer Greengrass, who are heavily involved in trade and commodity finance deals.

The team at Stephenson Harwood has 'a lot of subject matter expertise in a niche field', and client praise its 'solution-orientated, collaborative, responsive' approach. As part of the firm's Marine & International Trade practice, the trade finance group in London calls upon experts in commodities across the whole global supply chain, including transportation, trade, distribution, storage, warehousing, logistics, insurance and, most notably, finance. The standout practitioners are the vastly experienced Philip Prowse and the up-and-coming Jameel Tarmohamed, who is 'very well-versed in his industry and has strong commercial savvy'. Coming up through the junior ranks is Andrew Green, who increasingly acts for banks, investors, and corporates, but particularly traders on commodities finance transactions. The practice frequently acts for the major commodities trading houses and some international banks in both highly structured transactions and deals involving traditional trade finance instruments such as letters of credit.

White & Case LLP has a broad finance practice in London that has built up a formidable track record in emerging markets work, not least complex trade finance transactions. Its work in high-end structured trade and commodity finance is heavily geared towards the energy sector, and it frequently acts for bank creditors, traders, exporters, sovereigns and state-owned entities, as well as prominent DFIs. Debt finance partners Christopher Czarnocki and James Hardy lead the group. Their work includes extensive advice to major corporate players in the downstream oil sector, as well as reserve-based lending and other upstream oil & gas financing transactions. Newly promoted counsel Catherine West is 'very knowledgeable and able to get things done'. The practice also draws heavily on the firm's strong  structured finance and commodity derivatives expertise to complement its upstream financing activities.

Addleshaw Goddard continues to grow its London trade finance practice, which works closely with the firm's European and the Middle Eastern offices, as well as its regional and international focus groups - notably the Africa Group - to provide transactional and litigation advice on high-value deals. Mike Davison leads a practice that acts for UK clearing banks, international banks, funds and specialist sector trade finance providers. Traditionally a lender-side practice, the firm recently rehired James Tarleton from Osborne Clarke LLP to add significant experience on the borrower side. Among the junior ranks, Batsho Nthoi is vastly experienced, having spent 11 years at Standard Chartered Bank in Botswana, South Africa and the UK.

Clients of gunnercooke LLP praise the firm's 'excellent product and market knowledge' and its 'reliable and efficient' service. Specialist commodities and finance lawyers Marc Weisberger and Veronika Koroleva (who 'provides exceptional work in developing documentation') lead the practice, which acts for lenders, borrowers and many other market participants, with a particular focus on alternative finance providers, international banks with a UK presence, and commodity traders. Since the arrival of Matthew Harvey from Gowling WLG in 2023,  Stephan Smoktunowicz joined from the same firm to add notable experience in receivables financing. The firm's market-leading blockchain and crypto practice places it at the forefront of decentralised commodities trading platform initiatives.

Hill Dickinson LLP is 'an exceptional law firm that delivers unparalleled legal expertise, outstanding client service, and impressive business savvy'. Its trade finance practice works closely with the firm's strong commodities group to advise both lenders and borrowers on bilateral and syndicated facilities, security instruments, documents credits, bills of exchange and promissory notes, and tripartite agreements between traders, brokers and financing banks. Practice head Mark Aspinall also handles structured transactions, including payables financing instruments and receivables finance. Newly promoted senior associate Olga Newman is 'a real talent, with a deep, yet practical understanding of the commercial objectives of a deal'.

In trade finance, Penningtons Manches Cooper LLP is known for its 'expertise and experience and innovation'. Clients note that it has 'very good technical experts and excellent links with other practice areas so they can provide a seamless service'. Head of financial services Grant Eldred, who is 'always responsive, practical and pragmatic', and trade finance litigation specialist Mark Sachs are the standout practitioners. The work of Ellis van der Vos encompasses bilateral and syndicated lending, international trade finance, and banking regulation and compliance matters. The team is particularly active in the London market in documenting transaction structures, sanctions and related regulatory matters for Chinese entities.

Watson Farley & Williams LLP has 'a flexible and adaptable finance practice, focusing on the commercial outcomes', and clients note that the firm is 'helpfully pragmatic in its approach'. The firm is particularly strong in reserve-based lending deals. Lead partner Joe Levin 'provides practical, solution-focused advice, and understands the commercial drivers behind a transaction'. The highly regarded Philip Beswick recently assisted Levin with a $300m reserve-based lending facility to support increased crude oil production in the Republic of Congo. Jan Mellmann, who co-leads the mining and commodities group, and global head of oil & gas Chris Kilburn are closely involved in the financing of major projects around the world.