A&O Shearman has ‘deep knowledge of the law and a problem-solving approach to complex legal matters‘.  Particularly strong in structured and debt finance, project development, sovereign debt, and restructuring, the firm also handles arbitrations, regulatory, and M&A matters in frontier markets. Finance and restructuring partner Kathleen Wong and trade, commodities and export finance specialist Greg Brown oversee the ‘positive, proactive, efficient and organised‘ emerging markets group in London. Head of the export credit agency practice Lorraine Bayliss takes the lead on many complex multi-jurisdictional matters, and US corporate finance partner Sachin Davé handles equity and debt offerings, including Rule 144A, Regulation S and other private placement transactions. Emerging talents Oleg Khomenko and Catherine Lang-Anderson are standout practitioners for complex cross-border financing transactions and trade finance respectively. In the junior ranks, Milan Sýkora is a key adviser to lenders and borrowers in Africa, the Middle East, and CEE.

Baker McKenzie has a deep bench of talent across multiple practice areas, and its London emerging markets group works hand-in-hand with teams across the firm’s vast international network, which includes offices in Asia, Europe, CIS, the Middle East, and Latin America. The firm has a long-established presence in four of the five BRICS countries, and nine of the ten largest developing economies. Trade, export and commodity financings are a mainstay of its work, with Luka Lightfoot one of the market’s leading advisers to financial institutions, multilaterals, commodity traders, exporters, producers, and corporate borrowers. The capital markets practice, in which Megan Schellinger is a standout partner, frequently acts for emerging markets issuers, while the energy, mining and finance group, which includes key partner Philip Thomson, often takes the lead on large-scale projects. Banking specialist Sarah Smith is advising a DFI as lender on a loan/repurchase programme established to improve the liquidity of sovereign bonds issued by African nations. Nick Tostivin departed the firm in April 2024.

Clients of Clifford Chance LLP appreciate its ‘responsiveness, diverse experience, cultural sensitivity, and problem-solving mindset‘. A standout adviser on commodities and trade financing, margin lending, LPNs, sovereign loans, commercial loans, and EC- and MLI-backed financing, Leonard Cleland oversees the emerging markets group in London, which is active in the CIS, Eastern Europe, the Middle East and Africa. The firm also has a strong India practice. Across all emerging markets it provides support in corporate matters, capital markets, project finance, banking, structured finance and international arbitration. Among the many standout practitioners are infrastructure finance partners Simon Williams, Jeremy Connick, Kayode Oladipo and Olamide Oladosu, who are heavily involved in projects in Africa; capital markets specialist Deborah Zandstra; and co-head of the energy transition group Russell Wells. Zandstra acted for a major global bank on a $656m Galápagos marine conservation-linked bond, used to finance a debt conversion for Ecuador. This innovative debt-for-nature swap is the third of its kind for the firm, following similar deals for the Seychelles and Barbados.

Dentons is sought after for its experience in banking and finance, capital markets, corporate M&A, and TMT projects in emerging markets. The work of the London group spans Africa, the Middle East, CEE, Latin America and the Caribbean, and the CIS region. The firm’s ‘fantastic team with great market and commercial knowledge‘ is led by head of banking and finance Paul Holland, who is an expert in export credit, trade finance and asset finance. Debt capital markets specialists Nick Hayday, Cameron Half, and David Cohen devote much of their time to deals in the developing world. Colm Ó hUiginn is ‘one of the genuine legal experts in the nascent green hydrogen sector’. John Inglis is ‘an exceptional energy project finance lawyer in London, with a track record of successfully structuring and executing complex financing deals‘. Banking partner James Ingham advised an international bank on a $100m and €93m dual-currency facility agreement for The Government of The Republic of Kenya.

Herbert Smith Freehills LLP ‘understands emerging markets in an impressive way‘, and ‘has a deep bench of local counsel and strong relationships in many jurisdictions, particularly in Africa‘. Global co-head of the Africa Group Martin Kavanagh also takes a lead on projects in many emerging markets. Kavanagh is currently assisting the Government of Malawi on a PPP model for a proposed 350MW hydropower project, on the Shire River. Also key are head of global M&A Gavin Davies, who has a particular focus on tech, telecoms, financial services and industrial sectors; UK head of both the arbitration and energy practices Craig Tevendale; global head of debt capital markets Amy Geddes; and head of the civil fraud practice Jeremy Garson. Emerging talent Dhananjaya Chak leads the India finance practice, which frequently handles infrastructure and energy projects.

Linklaters LLP‘s London office works closely with its teams across its global network, as well as local law firms with which it has a formal alliance to reach key markets, to deliver legal services to clients involved in Africa, CEE, India, Latin America, the Middle East, CIS, Southeast Asia, and Turkey. Its work spans banking and finance, capital markets, corporate transactions, energy and infrastructure projects, and dispute resolution. Among the many active partners in London are corporate specialist Hugo Stolkin and US-qualified capital markets expert Yaroslav Alekseyev, who handle matters in the CIS and CEE regions; global energy and infrastructure group Daniel Tyrer, who advised a refining company wholly owned by the Kingdom of Bahrain on a $6.5bn financing to expand an existing refinery; head of Islamic finance Neil Miller; and global energy sector leader James McLaren, who continues to be involved in projects in China.

‘Highly professional, pragmatic with a global reach‘, Norton Rose Fulbright is truly embedded in emerging markets work for major corporates, borrowers, sponsors, investment banks, government bodies, ECAs, multi-laterals and off-takers. Leveraging its extensive global network of offices, the firm is prominent in mining, oil and gas, power and renewables, infrastructure development, and commodity trading in jurisdictions across Africa, the Middle East and CIS region and Latin America. Martin McCann, who has extensive experience in infrastructure, mining, commodities and project finance, is head of the London emerging markets group. Madhavi Gosavi and Daniel Metcalfe are key advisers on the development and financing of energy and infrastructure projects, and Charles Whitney handles project financings involving ECAs, particularly in the CIS region, Central Asia and the Middle East. Corporate partners Raj Karia, who is part of the firm’s mining and minerals practice, and Bayo Odubeko are among the many partners keenly focused on emerging markets work.

At White & Case LLP ‘the team is solidly collegial, innovative, responsive and overall, a force to be reckoned with‘. The firm has one of the broadest and most active emerging markets teams in London, acting for the world’s largest commercial banks, DFIs, sovereigns, state-owned entities, commodity traders, energy companies, and multinational corporates on deals across the Americas, Africa, CEE, CIS and the Middle East. The practice, which is home to US- and English law-qualified partners, handles sovereign and corporate loans, leveraged finance, export credit matters, structured trade and commodity finance, sustainability-linked loans, project and debt finance, and much more. The firm is ‘unique in its ability to problem-solve and ensure its clients achieve their desired outcomes in challenging jurisdictions‘. The deep bench of talent includes US-qualified debt specialists Melissa Butler and Ian Clark; English law debt experts James Hardy and Stuart Matty; energy partner Philip Stopford; banking partner Christopher Czarnocki; head of the Africa group Mukund Dhar; projects partner Mark Castillo-Bernaus; international finance lawyer Jason Kerr; and the ‘patient, detailed, hardworking‘ Judith Olloh , who focuses on energy, infrastructure and project finance.

Ashurst‘s London emerging markets group provides ‘invaluable pragmatic, robust advice‘ on project development, project finance, M&A, capital markets, dispute resolution, competition and antitrust, real estate, tax and much more. Head of the Africa group Yann Alix and head of Africa project finance Matthew Wood are the lead partners. Alix recently advised on the development and financing of a large potash project in Morocco. As well as a strong flow of work in Africa, the firm is growing its presence in other emerging markets and its new India desk, co-led by Kalpana Unadkat and Shishir Mehta, formerly of Khaitan & Co LLP in Mumbai, represents a major investment. The firm also hired Sanja Udovicic from A&O Shearman in May 2023. Udovicic handles energy, natural resource, infrastructure, telecoms and media projects in Europe, the Middle East and Asia. Energy and resources sector lawyer Quentin Robinson, and head of international arbitration Matthew Saunders are among many London partners handling a strong flow of emerging markets matters.

The London office of Baker Botts (UK) LLP is highly regarded for the financing and refinancing of large projects across Africa and the Middle East. Practice head Stuart McIntyre is a key adviser on energy and infrastructure project development, as is Alex Kerr. McIntyre, who ‘excels in navigating complex financial transactions and regulatory landscapes‘, and Nicholas Jones acted for a major development finance institution on a $35m loan to a state-owned bank in Uzbekistan. TMT specialist Stuart Blythe has been assisting a leading African digital connectivity and infrastructure provider on a $30m equity investment. Projects expert Mark Rowley is handling a $42bn natural gas and LNG development in Tanzania. Rob Butler left the firm in July 2024. Departures in 2023 include Shashank Krishna and Nick Collins.

Energy and natural resources are the principal focus of Bracewell (UK) LLP, where the emerging markets group is ‘technically very good, always available and easy to work with‘. Lead partner Jason Fox is currently acting for the senior lenders in the financing of a proposed acquisition involving major hydrocarbon interests in Nigeria, alongside Oliver Irwin, who advises lenders and sponsors on cross-border projects across a broad range of industries. Transactional lawyer Eimear Murphy, who focuses on upstream oil and gas financing, is among the firm’s many talented practitioners, as is newly promoted corporate partner Nicholas Neuberger, who frequently advises on energy transition projects. Olivia Caddy and Tom Jamieson also have significant project development and finance experience in the energy sector. For Adam Blythe, upstream, midstream, and downstream M&A, and project development are the main areas of activity. Solicitor advocate John Gilbert focuses on litigation and arbitration.

Cleary Gottlieb Steen & Hamilton has worked in emerging markets since the firm's inception nearly 80 years ago, and so has a long track record in Africa, China, Eastern Europe, Russia, India, Pakistan, Latin America and the Middle East. The firm remains one of the leading advisers to sovereign wealth funds on a host of finance projects and restructurings. It also acts for state-owned entities, public and private corporations, private equity and leveraged buyout firms, and institutional and private investors, as well as banks and financial advisers. Its work spans project finance, capital markets, privatisations, M&A deals, private equity investments, and international arbitration and litigation. Among the standout practitioners are Tihir Sarkar and Nallini Puri, who handle cross-border M&A; Polina Lyadnova, who recently handled a $3.8bn liability management exercise for an Indian mining company; capital markets specialist Sebastian Sperber; and private equity partner Michael Preston.

Debevoise & Plimpton LLP has a broad focus on emerging markets from London, where partners act on matters in Africa, Eastern Europe, Russia and the CIS, and, increasingly, in Latin America. The work spans investments, M&A, projects, disputes and joint ventures for major financial institutions, private equity firms, international strategic investors, governments, energy and natural resources companies, telecommunications companies and African corporates. Geoffrey Burgess, who is ‘an exceptional lawyer, very pragmatic, very commercial‘, is active in M&A in Africa, where Patrick Taylor is a key name in commercial and investment treaty arbitration. Chair of European and Asian litigation Lord Peter Goldsmith KC is also recommended. Goldsmith KC acted for an oil major in its largest ever litigation, which concerned alleged oil spills in the Niger Delta. Alan Kartashkin has in-depth experience of the Russian market. International counsel Vera Losonci is recommended for equity and debt offerings.

The London office of Mayer Brown International LLP has broad exposure to emerging markets through its work on anti-bribery and corruption, sanctions, arbitration, litigation, financing, IP and corporate matters. The firm’s energy group is advising the largest infrastructure group in Bangladesh on a long-term LNG supply deal. Head of the Africa and mining practices Ian Coles, natural resources and infrastructure partner Rachel Speight and finance partner Ashley McDermott are the key practitioners.  Speight recently assisted an FDI on the $100m financing of an equity investment in an integrated logistics project in Uganda. Massimo Amoruso joined from Clifford Chance LLP in March 2024, and handles investments in energy, petrochemicals, infrastructure, and telecoms projects across Europe, Asia and the Middle East.

At Morgan, Lewis & Bockius UK LLP, the banking, finance and capital markets handle major transactions across a range of jurisdictions, among them Africa, Turkey, and the CIS region. The work encompasses project and trade finance, aviation finance, and sovereign bond issuance. The firm is also active in international commercial disputes, international arbitration, insurance recovery, and white-collar matters in emerging markets. Its dedicated Africa practice brings together a multidisciplinary team to handle investment agreements, trade, construction, project finance, joint ventures, capital markets issuances, regulatory matters and more. It has particular expertise in the LNG, mining, power, and telecommunications sectors. Carter Brod, who is dual-qualified in US and English law, advises on high-profile bond offerings. Brod worked on the first ever debt-for-nature swap in Africa. Bruce Johnston handles banking and finance matters in EMEA.

Reed Smith LLP is known for its ‘proactive and pragmatic approach to structuring and working with multiple parties to get a transaction over the finish line‘. Arbitrator and litigator Gautam Bhattacharyya leads the firm’s India group, which frequently acts for local and international banks, and large Indian corporates in key industries such as technology. Banking and finance partner Patrick Sutton frequently handles trade and commodities finance, including structured trade deals, project finance and structured inventory finance in Africa, the Americas, the Middle East, Asia, and Europe. Kyri Evagora, who is co-chair of the global energy and natural resources group, is a key player in substantial commodities disputes, including multi-jurisdictional commercial litigation and international arbitration.

At Simmons & Simmons, energy sector project finance is a core strength, but the firm also handles financing and M&A deals in the TMT, life sciences, and financial services sectors across many emerging markets. Iain Duncan, who is head of energy, natural resources and infrastructure, and John Sayers, whose work on bilateral, syndicated and structured lending includes commodities, trade and export finance, and renewable energy projects, oversee the firm’s emerging markets work. ‘His industry knowledge is unparalleled‘, say clients of energy, infrastructure and finance partner Marc Fèvre. The firm continues to make strong hires with significant emerging markets experience, including senior projects and project finance lawyer Joanne Elson, who moved from Herbert Smith Freehills LLP in January 2024, and is active in the renewable power, infrastructure, and oil and gas sectors. Elson joins Simon Kenolty, who acts for lenders, sponsors, financial investors, procuring authorities, and contractors on energy projects in Europe, the Middle East and Africa.

Trinity International LLP is the only emerging markets boutique law firm in the City. Its work is primarily focused on Africa, though it also handles corporate and project finance transactions in Latin America, Central Asia, Southern Asia, the Middle East, and Eastern Europe. ‘They have a very practical attitude to deals and getting the deal done‘, say clients of the key partners, among them Paul Biggs and Simon Norris, who handle major projects in the mining, agriculture, energy, transport, and infrastructure sectors; head of corporate Conrad Marais; project finance specialist Kaushik Ray; head of private equity Hugh Naylor; and emerging talent Jo Sykes, who handles projects in the energy and infrastructure sector. The firm continues to handle landmark deals, a recent example being Fiona Gulliford‘s work on the first renewable IPP in the Maldives, and Biggs’ advice on Africa’s first floating solar IPP, which is located in the Seychelles.

Bird & Bird LLP focuses on finance and financial regulation in emerging markets, where it acts for commercial banks, alternative lenders, special opportunity lenders, and development banks in a variety of transactions, notably aviation, asset, energy, sports and Islamic finance. ‘Very sharp and versatile‘ practice head Andrew Hallgarth is a key adviser to DFIs, and recently handled loans totalling $250m to Egypt’s third-largest bank to strengthen its capital position and grow its climate finance business. Hallgarth is ‘business-oriented and can find innovative, smart and elegant solutions even to the most difficult issues‘.

Charles Russell Speechlys LLP‘s London office has distinct teams focusing on key regions for emerging markets work, and is particularly strong in private capital transactions. Clients note that ‘the team’s adeptness at managing cross-border transactions and resolving intricate legal issues in emerging markets is truly commendable‘. Adrian Mayer leads the Africa group, Hamish Perry the Caribbean desk, Robert Reymond the Latin America team, with Richard Kiddell stepping in to lead on matters involving India since the departure of Rupa Lakha in early 2024. Mayer led advice to an investor on a strategic deal with Nigeria’s leading provider of digital infrastructure to help it reduce its carbon footprint.

Dechert LLP is known for ‘efficiency, deep commitment of its lawyers, transparency and good governance‘ in debt capital markets work in emerging markets. Head of international capital markets Patrick Lyons, the ‘indispensable‘ Jennifer Rees and standout associate Amy Rees ‘make up a formidable team that is available to advise clients with complex structuring of both bonds and sukuk‘. They recently handled a $2.5bn bond issue in Morocco for the lead arrangers. Laura Brank leads the emerging markets M&A practice from London, which recently advised major European corporates on the sale of assets in Russia.

The London office of Fieldfisher is home to a dedicated emerging markets team that brings together finance, corporate, capital markets, regulatory and disputes expertise. ‘An absolutely stellar firm with real expertise across a wide range of disciplines‘, say clients. The firm advised the Kazakh sovereign wealth fund on the IPO of the country’s national air carrier. Project and asset finance partner Matt Hinxman, corporate and energy partner Nodir Sidikov, and head of the Africa desk Cecily Davis lead the group, which also calls on the skills of commercial crime specialist Quinton Newcomb, CIS corporate lawyer Anastasiya Kapustina and many others.

The projects and infrastructure practice at Gowling WLG ‘has an impeccable understanding and experience of challenges faced when doing banking deals in emerging markets‘, and clients praise the team for providing ‘solution-oriented and pragmatic advice‘. The bench of partners includes head of international projects Jonathan Brufal; corporate energy specialist Gareth Baker; project finance experts Andrew Newbery and Imran Mufti; head of natural resources Charles Bond; impact finance lawyer Alasdair McKenzie; and standout international arbitration partner Gordon Bell. McKenzie helped to set up the world’s first climate-focused guarantee company to provide $1bn in climate finance for developing countries.

McDermott Will & Emery UK LLP is active in the full spectrum of finance transactions, notably structured finance, complex securitisations, debt capital markets and high yield issuance, though it also handles litigation, arbitration, sanctions, and ESG-related work in emerging markets. Lead partner Ranajoy Basu and Priya Taneja focus on capital markets, particularly in India. Litigator Andrew Savage and arbitrator Michael Darowski are key names. Corporate partner Elisabeth Moseley recently played a pivotal role in the acquisition of interests in oil and gas blocks in Angola on behalf of an Africa-focused oil and gas development, production and exploration company. Shah Jahan Khandokar is noted for his wide-ranging energy sector acumen, advising on major renewable projects across a number of markets.

The ‘friendly, engaging, proactive‘ team at Pillsbury Winthrop Shaw Pittman LLP has ‘vast knowledge of the emerging markets‘. It handles M&A deals, in- and outbound investments, debt and equity financings, and strategic investment deals.  London managing partner Matthew Oresman continues to grow the team in key areas, with white-collar crime specialist Audrey Koh joining in 2024 from Avonhurst. ‘Calm, erudite‘ head of corporate James Campbell leads the firm-wide Africa practice, while Antony Single leads the energy transition group, which is active in many emerging markets. Osama Abu-Dehays handles projects in the Middle East, notably in the commercial, technology, media and telecommunications sectors.

TLT continues to broaden the scope of its emerging markets work, and is especially active in India and the Middle East. The firm’s ‘commitment to excellence and client-centred approach truly sets it apart.’ Banking partner Peter Carney co-leads the practice with financial services disputes partner Paul Gair and insolvency specialist Kanika Kitchlu-Connolly, who is ‘an exceptional lawyer and has great client management skills‘. Gair recently advised a consortium of Indian banks on the enforcement of a judgment against a high-profile Indian businessman accused of money laundering and fraud. Indian-qualified Anand Verma and structured finance expert Rich Hughes also play key roles in the practice.

Bates Wells joins the ranking, having hired highly experienced development finance partner Joe Whitfield from Michelmores LLP in 2023. Whitfield’s experience with DFIs, coupled with the firm’s charity and social enterprise client base, positions the firm perfectly to handle impact investment work that involves several practice areas. The team, which includes M&A specialist Nirav Patel and charity law expert Oliver Hunt, works on the establishment of impact investment vehicles investing in frontier markets, notably Sub-Saharan Africa, South Asia and Latin America.

Druces LLP handles corporate and capital markets matters in the natural resources sector, notably in the Middle East and Africa, though it is also active in mining deals in Turkey, India, China and Latin America. Firmly focused on natural resources, its key partners Dominic Traynor, banking specialist Christopher Axford, and construction expert Richard Bailey see clients through from equity capital raising, through the issuance of listed debt, to acquisitions and mergers, as well as advising on project development. Jack Dervyn is heavily involved in oil and gas projects.

Michelmores LLP is active in capital markets and impact investment transactions on behalf of financial institutions, private equity funds, projects sponsors, and developers on emerging markets projects in the healthcare, agribusiness, financial services, forestry, and renewable energy sectors. ECM and resources partner Ian Binnie, impact financing specialist Harry Trick, the debt finance-focused Karen Williams, and Sara Chisholm-Batten, who handles cross-border disputes. Andrew Oldland in the commercial and regulatory disputes team acts for governments and multinational financial institutions.

New to the ranking, Olaniwun Ajayi (UK) LLP specialises in projects in Africa, and advises DFIs, national and international oil companies, banks, multilateral lenders, sponsors, and developers. The work of lead partners Gabriel Onagoruwa and Chuks Ibechukwu spans project financings, structured finance, investments, and acquisitions in the power, renewables, oil and gas, petrochemicals, mining, and real estate sectors.

At Watson Farley & Williams LLP, practice head Julian Nichol has a stellar track record in development and limited-recourse financing for independent power projects, including those involving natural gas, coal, hydro, solar, wind, geothermal, waste-to-energy and biomass technologies. The 2023 hires of finance specialist Paul Simpson from CMS, and corporate partner Tony Edwards from Curtis, Mallet-Prevost, Colt & Mosle LLP, significantly boost its capability in energy and natural resources projects in the Middle East and Africa.