The ‘highly successful team’ at Balcioglu Selçuk Eymirlioglu Ardiyok Keki Attorney Partnership provides ‘responsive and solutions-oriented advice’ to lenders and borrowers seeking or providing finance to facilitate a myriad of objectives, be it in the context of ongoing working capital/general corporate lending purposes, as well as large event-driven transactions. The team, which is led by the vastly experienced Barlas Balcıoğlu, regularly advises lenders (working alongside the London office of its associated firm Dentons) in the context of syndicated dual currency term loan facilities to capitalise Turkish banks. As well as regularly being involved in the aforementioned interbank lending activity, Balcıoğlu is also noted for his real estate and project finance prowess and is well-versed at advising on both commercial bank-sourced financing as well as by International Finance Institutions (IFIs). Günhan Yalçın advises financial institutions and corporate borrowers across a myriad bilateral and syndicated financing transactions and is a key member of the team that also includes highly valued counsel Ceyda Aydın. Burcu Boso left the firm in January 2025.

Leveraging deep institutional firmwide ties with a myriad international banks and IFIs, in particular, and also able to draw upon expertise of lawyers spread throughout the Clifford Chance network of offices, CE Partners in association with Clifford Chance excels in advising lenders on big-ticket multi-jurisdictional financings. A large proportion of this workflow relates to the funding of projects throughout the infrastructure and energy sectors, an area of particular expertise for team head Sait Eryılmaz . Eryilmaz is also regularly involved in capital markets matters for a more balanced mix of issuer and arranger clients; he recently advised Şişecam on its $1.1bn Reg S/144a Eurobond issuance through its UK subsidiary, Sisecam UK PLC. Counsel Gökçe Uzun combines deep local expertise with a strong grounding in international market practice (she has local law, New York and UK qualifications), ensuring she is a very popular choice to advise international lenders providing financing on big-ticket project finance matters.

The ‘experienced and knowledgeable’ team at Esin Attorney Partnership, Member Firm of Baker & McKenzie International, a Swiss Verein provides an ‘outstanding service’ to creditors and debtors across a myriad domestic and cross-border new money/refinancing transactions. Appreciated by clients for its ‘distinctive blend of expertise, innovative approaches, and client-centric solutions’, the team is well-placed to provide bespoke one-stop-shop advice on cross-border mandates, leaning into the firm’s association with the vast Baker McKenzie network of offices. The recent addition to the Istanbul office of Simon Morgan also enhances its ability to advise on cross-border matters, with Morgan able to provide English law advice to both lenders and borrowers seeking or providing financing in the local time zone. Drawing upon ‘strong legal and industry knowledge’, team head Muhsin Keskin is able to provide ‘clear and practical solutions’ on transactional and regulatory work, and as well as advising on bank lending work is also extremely skilled at handling both debt and equity capital markets work for issuers and underwriters. Zeki Nizam Cebe also regularly handles capital markets work, alongside his regular bank-side workflow on major Turkish infrastructure public-private partnership deals.

As the first international firm established in Turkey, the 'responsive' team at GKC Partners (in professional association with White & Case) has deep experience in the local market and is consequently able to provide a 'top-tier service' to a lender-focused client base across a plethora of domestic and cross-border financings. Team head Güniz Gökçe has strong ties with domestic and international commercial banks, as well as IFIs which she regularly advises on big-ticket new money (including to facilitate local and cross-border M&A) and restructuring mandates. 'Excellent in seeing the bottom line', Ateş Turnaoğlu is also very accomplished at handling cross-border transactions, particularly in the context of syndicated loans provided for the purpose of infrastructure and energy projects. The team also has a market-leading reputation for both issuers and underwriters within the equity and debt capital markets, where it is appreciated for its ability to provide 'a good service on both local and international law'. Derin Altan spearheads this work and 'has a very pragmatic approach that helps clients through complex transactions', including on corporate bond issuances and on IPOs.

Acting on its own as well as often alongside key offices in the network, including London, Gedik & Eraksoy is particularly skilled at advising domestic and international financial institutions on bilateral and syndicated loan facilities, both in a new money and refinancing context. The team is also very accomplished at handling multi-sourced financings, involving IFIs and commercial banks, to facilitate large-scale domestic infrastructure and energy projects. Team head Umut Gurgey is at the forefront of this work and is also noted for his capital markets prowess, including advice to arrangers/underwriters on sustainable bond issuances and on Tier 2 bond issuances for banks. Senior associate Dilsah Gurses is also recommended, particularly in relation to syndicated, leveraged and acquisition finance matters. Hakki Gedik recently retired.

Adept at advising on the full range of products across both the bank lending front, as well as in the capital markets, independent full-service heavyweight Paksoy is a popular choice among banks and corporates, as well as referring international law firms, to structure complex, often first-of-kind domestic and cross-border transactions. The firm’s visibility on both sides of the table ensures that it has excellent insight from both creditor and debtor perspectives, ensuring it is able to successfully push for the best terms for their client while remaining ‘pragmatic and results-focused’. Sera Somay reflects this balanced client perspective and remains very active for corporates and lenders (including commercial banks and IFIs) seeking or providing financing, including an increasing amount linked to sustainability/green metrics. The vastly experienced Ömer Çollak spearheads the firm’s capital markets offering, advising a balanced mix of issuers and underwriters across the full spectrum of products, including on IPOs, high yield debt and hybrid products. Beril Paksoy and Merve Kurdak, who were both recently promoted to counsel, are both also skilled on the transactional front, with Kurdak also adept at handling fintech regulatory matters.

Combining ‘a deep understanding of the regulatory framework with an ability to navigate complex financial structures’, ASC Law Office has a ‘strong track record in structuring large-scale financing agreements’, particularly within the energy sector and on infrastructure investments. Drawing upon a deep understanding of international standards, Levent Yetkil is key to much of this work, where he excels at advising on major cross-border transactions often involving both commercial and development bank funding. Yetkil is also noted for his ‘strategic insight and extensive knowledge of Turkish insolvency regulations’, ensuring that he is a very safe pair of hands navigating multi-party negotiations and high-stakes financial restructurings. The ‘practical and client-friendly’ Okan Beygo heads the team and is able to provide excellent insight to stakeholders across transactional and regulatory work by dint of his experience in both private practice and in-house. ‘Valued for her meticulous attention to detail and hands-on approach’, Fulya Sert Topçu is also a key member of the team as is Ela Sarı, who is particularly skilled at handling derivatives transactions.

With an excellent grasp of both Turkish and Common Law legal concepts, Bezen & Partners provides 'a very high quality service' to domestic and international lenders and borrowers on often very complex multi-jurisdictional new money and refinancing matters. Led by 'exceptionally skilled' English-law qualified partner Yeşim Bezen, the team has undoubtedly gained most acclaim over the years for its project finance prowess, including within the renewable energy sector. Here, the firm is often required to provide financing solutions utilising both commercial bank debt and development bank-sourced debt, an area that the 'highly responsive, commercially savvy, and incredibly thorough' Banu Bölükemini is particularly adept - in part due to her prior secondment at the EBRD. Murat Soylu  is well-versed at handling financial services regulatory matters, knowledge with which he deploys to good effect on a standalone basis as well as in relation to his transactional capital markets.

The ‘responsive’ team at well-established independent firm Çakmak Attorney Partnership provides ‘high-quality’ Turkish law advice to lenders providing finance to facilitate a range of projects in regulated sectors, including energy and mining. Devrim Ergun has entrenched relationships with international banks and IFIs, regularly advising them on event-driven financings, as well as handling work for underwriters on bond issuances and across a range of regulatory matters. Gökhan Okan is ‘deeply knowledgeable’ at handling project/infrastructure finance matters, although he has more of a domestic bank focus which he also advises on their day-to-day regulatory needs. Other areas of transactional expertise include export finance, corporate lending and acquisition finance.

Drawing upon 'deep legal knowledge' across a range of financing products, including Shari'ah-compliant techniques, Erdem & Erdem Law Office is well-placed to advise a fairly balanced mix of corporates and borrowers seeking or receiving funding for a variety of purposes. İbrahim Onur Baysal spearheads the firm's capital markets offering and is able to provide deep regulatory insight, in part due to his previous tenure at the Capital Markets Board of Turkey; he has recently handled numerous IPOs for issuers. Ercüment Erdem also handles regulatory and transactional capital markets work (chiefly within the DCM space), and co-heads the overarching finance team alongside Baysal and Ozgur Kocabasoglu, who excels at transactions with a nexus to China.

Leveraging strong sector specific understanding, new money/restructuring capabilities and knowledge of PPP frameworks, Hergüner Bilgen Üçer Attorney Partnership provides ‘high-quality advice’ to stakeholders throughout the lifecycle of large domestic and cross-border projects. The team has recently handled numerous large healthcare projects for lenders under the Build Lease Transfer (BLT) model, complex work which often involves debt financing provided by both commercial banks and IFIs. Senem Denktaş and Piraye Kuranel Başol have been pivotal to this work, with Basol also recently advising the Istanbul Metropolitan Municipality on issuing its first Green Bond worth $715m on the London Stock Exchange. As well as her transactional expertise, Yeşim Api Şamlı also excels at guiding financial institutions on their operational regulatory needs and is a key member of the team that also includes transportation project finance expert Aslı Budak. All aforementioned practitioners co-head the overarching transactional group.

Since its foundation in March 2022, the ‘responsive, analytical and diligent’ team at ÖzmenYalçin has rapidly made in-roads into the finance market for a varied mix of banks and corporates, which are appreciative of their ability to ‘bring an-outside-the-box approach to transactions with their understanding of non-legal aspects of deals’. The firm is best-known for its capital markets expertise, with a sizeable deal flow that has meant that they are furnished with ‘the most up to date information on how regulators might respond to complex situations and advise clients accordingly’. Güneş Yalçın is particularly visible on behalf of financial institutions as issuers in the DCM market, regularly advising local banks on Eurobank issuances as well as their MTN programmes. The ‘exceptionally commercial’  Ömer Gökhan Özmen, who co-heads the team alongside Yalcin, is noted for his ECM prowess (including on IPOs and secondary public offerings), as well as his work for borrowers and lenders on club and bilateral deals to fund large projects and M&A transactions. The ‘hardworking and client-oriented’ Murat Ayyildiz excels at handling the technical aspects of the IPO work and also provides advice on subsequent ongoing regulatory compliance as a listed entity. Damla Keskin Şerbetcioğlu is praised for her ‘strong business acumen’, which manifests itself in energy-related banking and capital markets work, in particular.

Under the leadership of the ‘exceptional’ Göze Yıldırım, Pekin & Pekin continues to thrive in the market for a lender-focused client base that includes domestic and international banks, as well as IFIs. The broad offering covers project and acquisition finance transactions, as well as advice on regulatory issues, on both a standalone basis as well as in the context of M&A in the sector. Capital markets work is also a strength, with Yildirim noted for her derivatives expertise, including work for ISDA, as well as advice to the underwriters in relation to the Turkish government’s eurobond issuances.

Acting alone as well as being able to leverage the international resources of Norton Rose Fulbright (its alliance firm), Pekin Bayar Mizrahi has a strong reputation advising creditors on new money and refinancing transactions in the context of large domestic and cross-border projects, M&A mandates and for general working capital purposes. Senior partner Selin Bayar is also well-versed in handling project finance matters, which she combines with some work on the capital markets front. Meral Arabacı co-heads the team alongside Bayar and has a strong grounding in litigation which is added value from a risk management perspective when drafting finance documents as well as in the event of any subsequent disputes. Former co-head Utku Ünver left the firm post-publication.

Successfully combining ‘legal expertise with business acumen’, the ‘very professional and diligent’ team at TURUNÇ provides ‘solutions-oriented’ advice to a borrower-focused client base across a range of financing activity, from working capital facilities and receivables financing through to acquisition and project finance mandates. ‘Always up to date on the legislation and market practices’, the firm’s strong regulatory knowledge informs its transactional work (which is frequently multi-jurisdictional in its scope) as well as being of great importance on ongoing compliance issues and alike. US-trained and with extensive experience in the UK, managing partner Kerem Turunç successfully combines this international grounding with deep local expertise and ‘has an impressive ability to grasp and address complex issues with clarity’, including on the capital markets. Noyan Turunç is ‘very commercially savvy’, including for clients seeking to access the debt and equity capital markets. Ilgın Eroğlu Alyanak, who excels at advising US clients on their Turkish transactions, and İltem Dokurlar, who ‘has immense knowledge and experience when it comes to finance and capital markets’, co-head the team alongside Noyan and Kerem.

Appreciated for its skill at ‘structuring innovative financial products and navigating regulatory landscapes’, Akol Law is recognised as a ‘standout’ firm in relation to capital markets work. Although the scope of this work is broad, to include Eurobond offerings and warrant issues, the team, which is headed by the vastly experienced Meltem Akol, is best known for its work on behalf of companies on their IPO issuances. Senior associate Denizhan Budak is also a key member of the team and is involved in many of the key IPOs it handles.

With ‘an excellent understanding not only of the law but also of all relevant industry sectors’, CCAO can provide ‘solutions-oriented’ advice to lenders and borrowers providing or seeking finance for large-scale energy projects as well as M&A mandates. The team also excels at handling export finance transactions, an area that Onur Taktak is particularly strong, work which he handles alongside structured finance and restructuring matters. Candemir Baltalı co-heads the team alongside Taktak and is praised for his ‘good problem-solving skills’.

The team at DURUKAN+PARTNERS advises creditors and debtors on domestic and cross-border financing transactions, where it is ‘willing to think out of the box to accommodate clients’ peculiar demands’. As well as handling new money matters, the team, which is led by Begüm Durukan Özaydin is also adept at advising debtors on restructuring and insolvency matters. Furkan Ergün is also a key name to note who is skilled at advising on secured and unsecured loan transactions, refinancings, and export financing matters.

Gen Temizer Erdogan Girgin Attorney Partnership is noted for its ‘client-oriented approach’ and ‘market experience and knowledge’, making it a popular choice for lenders and borrowers across a wide array of transactional and regulatory work. Banking and finance head Ömer Erdoğan has particularly expertise in trade, project and real estate finance matters. Able to ‘navigate complex issues with precision and creativity’, recently promoted partner Dila Topuz spearheads the capital markets offering and has experience advising on IPOs and international bonds for Turkish companies.

With an ‘unparalleled ability to navigate intricate financial structures while ensuring strict compliance with local and international regulatory standards’, Kolcuoglu Demirkan Koçakli excels at handling multi-jurisdictional matters, often being called upon by foreign law firm referrers to provide the local law elements of financing involving a nexus to Turkey. Although it also handles some lender work, the growing team continues to gain the most traction among local corporates across a wide range of their financing activity, including in the capital markets space. Hasan H. Yaşar has deep ‘insight into the nuances of Turkish financial regulations’, ensuring that he is able to provide a ‘pragmatic and solutions-oriented’ service, including to issuers raising equity finance via an IPO procedure. Umut Kolcuoğlu co-heads the team alongside Yasar.

With broad regulatory coverage and also well-versed across a range of bank finance transactions, including in the context of project, corporate and asset finance matters, Lexist Law Firm is a popular choice among lenders, funds and corporates on domestic and multi-jurisdictional matters. As well as advising on ad-hoc regulatory advisory matters, including its long-running involvement in the establishment of the new Istanbul Financial Centre, the team also parlays this knowledge to good effect on M&A in the space, including on behalf of Aydın Group on the establishment of three finance companies to form the digital bank TOM. Mesut Kaya was at the forefront of both these deals and is a key member of the team that is led by Murat Erbilen, who offers excellent insight into the business sector, having himself formerly been in-house counsel at a large Turkish conglomerate. The team is also increasingly active in the capital markets field and benefits from ‘extensive knowledge of Capital Market Board regulations and current processes’. Sevde Nur Paksoy is the main contact for this work and has handled a raft of IPO listings for issuers over recent years.

Since its founding in 2021, the ‘hardworking, capable, responsive, and efficient’ boutique finance practice Okat Law has quickly made inroads into the market, gaining a reputation among lenders and borrowers for ‘achieving results while grounded in a solid legal foundation’. Key to the firm’s success is the work of ‘exceptionally capable’ founding partner Yalçın Özge Okat, whose former role at the Capital Markets Board ensures that he ‘possesses in-depth knowledge of the relevant issues’, both on the regulatory and transactional front. As well as excelling at handling issuer-side IPOs, Okat is also well-versed in broader banking (including ISDA derivatives advice) transactions and fintech-related mandates.

YBK Law Firm in Cooperation with CMS provides ‘tailored advice and support’ to domestic and international clients across a wide range of financing products, acting on its own as well as being able to work alongside colleagues from the firm’s broader international network. Having previously spent time in-house at the Turkish Capital Markets Board, Hülya Kemahlı has good insight into the regulator’s requirements and is therefore a popular choice, particularly among issuers seeking relevant approvals before IPOs. Alaz Eker Ündar takes the lead on the lending work, advising a bank-focused client base on syndicated and structured loan arrangements, as well as project finance mandates.

Although it handles its fair share of new money financings, Pelister Keki Sarac & Co is particularly adept at advising stakeholders on restructuring and insolvency matters. The scope of this work runs the gamut from formal liquidations to balance sheet restructurings, non-performing loan (NPL) transactions and fund-related distressed mandates. Kerim Pelister is experienced in corporate, finance, energy and restructuring matters and co-heads the team alongside Emre Keki, whose ‘knowledge of Turkish banking and enforcement law is excellent’.

Formed as a spin-off from the now defunct Pelister Atayilmaz Enkur Law Office in March 2024, Atayilmaz Enkür Çetinkaya Öner (AECO) Law Office advises lenders (banks and IFIs) and borrowers (corporates and funds) across a wide range of financing activity. Founding partner Yafes Öner, who co-heads the team alongside Fazil Ciftci, has expansive expertise covering project finance, acquisition finance and corporate restructuring. Counsel Darius Alam has ‘deep capital markets experience’, across both regulatory and transactional matters.

Leveraging strong local business ties, particularly in the energy and industrial sector, and also regularly receiving referral work from international law firms, Çigdemtekin Aranci Günes has good credentials across a range of domestic and cross-border borrower-side financing transactions. Recognised as a ‘superlative transaction lawyer’, Gamze Cigdemtekin stands out for her ‘knowledge, tenacity and technical know-how’, particularly in the corporate finance space. Çiğdemtekin co-heads the team alongside Tuna Cakırca Engur and has niche payments regulatory expertise.

Ergün Avukatlik Bürosu is able to ‘navigate complex financing structures with clarity and efficiency’, and is a popular choice among lenders and borrowers/sponsors to represent them in PPP-based infrastructure and energy projects. Burcu Baltacıoğlu is singled out for her ‘diligent and thorough approach’, and along with Çağdaş Evrim Ergün is key to the project finance work. Lara Sezerler is skilled at handling capital markets transactions.

The ‘professional and efficient’ team at Ersoy Bilgehan Lawyers & Consultants provides ‘commercial and solutions-oriented advice’ to a lender/lessor-focused client base, as well as in a co-counsel setting with international referring law firms on the Turkish law aspects of some major cross-border transactions. Asset finance remains a core strength, particularly within the maritime sector, although the team, which is co-headed by the ‘highly experienced’ Zihni Bilgehan and Emre Ersoy (‘stands out for his sharp legal insight’), has also diversified the scope of its workflow to include an increasing volume of project finance and general corporate lending work.

Well-informed across both local and international banking and finance regulations, and also benefitting from ‘market insights and cross-border experience’, KST Law / Kinstellar Istanbul is well-versed in advising lenders and borrowers on the financing associated with major international projects involving a Turkish nexus. Appreciated for his ‘attention to detail’, English-law qualified Emre Edmund Özer provides ‘responsive and pragmatic advice to foreign banks and corporates, including on export finance matters and acquisition finance. Mert Elçin co-heads the team alongside Ozer and is also active in financial services regulatory matters.

LBF Partners provides ‘creative solutions’ for an issuer-focused client base on their IPO needs. ‘Down-to-earth and responsive’ co-heads Nusret Çetin and Elif Copur are key to this work and are also well regarded at handling financial services regulatory matters, including obtaining the necessary regulatory approvals from the CMB for asset management firms.

Moroglu Arseven acts for a roster of domestic corporates on their transactional, day-to-day corporate governance and litigation needs. The scope of the work is broad and includes project finance, asset-based lending, capital markets transactions and listing compliance. E. Seyfi Moroglu and Burcu Tuzcu Ersin co-head the team, with both having niche expertise in startup financing and fintech regulatory expertise.

Combining ‘deep legal expertise with a client-focused approach’, Mutlu Law Firm has excellent traction in the banking sector combining regulatory expertise with transactional prowess. Ümit Akkaya is key to the firm’s success in the space and is noted for his ‘deep expertise in sukuk transactions and Islamic finance’. Bekir Halaçoğlu co-heads the team alongside Akkaya, with both lawyers acting as de-facto in-house lawyers to Kuveyt Türk Katılım Bankası, the leading Islamic finance bank in Turkey operating on an interest-free basis.

Although it has limited bank lending capability, the team at Namli & Kayum & Demir Attorney Partnership is adept at advising on ECM-related mandates. Indeed, under the leadership of Kaan Demir, it has advised on a number of IPOs, as well as the pursuant compliance work for renewables and financial services companies.

Özdirekcan Dündar Şenocak Ak in partnership with Gide Loyrette Nouel‘s focus on work in the banking and finance space is in relation to advising international banks and IFIs on lending activity with a cross-border complexion. As well as advice on a range of new money mandates, covering asset and project finance, Bülent Özdirekcan is also adept at handling restructuring and insolvency matters. Arpat Şenocak co-heads the team alongside Bulent and regularly advises international banks on regulatory compliance issues pursuant to their activity in Turkey.