High-quality legal, regulatory and public policy services for financial institutions.
Our global Financial Services Practice provides high quality legal, regulatory and public policy services to a wide range of participants in the financial services sector, including, Financial institutions, capital sources and other financial intermediaries, their investors, suppliers and customers, end-users of financial services (e.g., corporate borrowers) and regulatory authorities.
Our team includes several former regulators and former executives and internal legal counsel at financial institutions and other financial intermediaries. Team members are trained to listen to and understand client needs, provide practical, solution-oriented advice and deliver value. We consistently win awards and accolades for providing exceptional client service and representation.
Core client services are described below under Focus Areas.
Our clients also receive fully-integrated, seamless support from professionals in our other practice groups who have extensive experience representing financial services companies (see Related Services).
Our clients include:
Commercial, investment and merchant banks, trust companies
Alternative sources of capital (e.g., private equity and mezzanine funds, hedge funds and sovereign wealth funds)
Insurance companies
REITs
Investment advisers, mutual funds
Financial infrastructure organizations (e.g., clearinghouses, data repositories, exchanges, trading platforms)
Multilateral and export credit agencies
Specialty finance companies
Broker-dealers, underwriters, financial advisors
Borrowers, issuers of debt, equity and hybrid securities
Sovereigns, governmental agencies, regulatory authorities
Financial guarantors
Payment systems and financial technology companies
ABS issuers, originators, servicers, trustees, etc.
We operate one of the most active and sophisticated capital markets practices in the legal industry, particularly on behalf of the financial services sector. Since the start of the financial crisis in 2008, we have helped financial services enterprises raise well over US$50 billion of capital and liquidity through scores of public offerings and private placements of virtually every type of equity, debt and hybrid security. Our lawyers have deep experience with regulatory capital requirements and regularly represent underwriters and issuers including banks, insurance companies, specialty finance companies, REITs, BDCs and other financial enterprises.
We provide day-to-day support, transactional support, and crisis management service to a wide variety of financial services enterprises on corporate governance, enterprise risk management and related securities and financial regulatory compliance.
Our Debt Finance team has extensive expertise with all types of debt financings, such as senior secured first and second lien loans, unitranche and mezzanine loans. Our ABL practice is among the most active in the world, and we routinely advise clients on cross-border transactions and on industry-specific financings involving regulatory issues (e.g., aviation, energy, healthcare, insurance). Domestic and international clients include banks, alternative capital sources and insurance companies.
Our financial services lawyers and public policy professionals advise dealers and end-users on transactions involving the full range of derivative products and related regulatory requirements. We also advise clients on the most important regulatory and policy issues facing them today, including the implementation of new CFTC rules related to the negotiation, execution, clearing and reporting of swaps and security-based swaps.
Our insurance lawyers are some of the most seasoned and experienced professionals in the industry, representing clients on matters ranging from complex, high stakes disputes, to regulatory compliance and public policy to corporate transactions, such as mergers and acquisitions and capital transactions. Our depth of expertise and practical know-how translates into better results and greater value for our insurance industry clients.
We operate a leading global practice in financial services mergers, acquisitions, joint ventures and consortium transactions. We are active in virtually every segment of the financial services sector (e.g., banking, insurance, brokerage, asset management, specialty finance and financial technology). Our financial services M&A lawyers work closely with our regulatory, tax and other specialist colleagues to identify and address risk, optimally structure transactions and obtain required approvals as quickly as possible.
Our financial services lawyers and public policy professionals combine strong public policy experience with exceptional technical proficiency to advise clients in the financial services sector on the most important regulatory and policy issues facing them today. Our team works closely with commercial and investment banks, insurance companies, broker-dealers, trading platforms, trade repositories, critical financial market infrastructure and other participants in capital markets.
Our global Project Finance team is expert in advising project sponsors, governments, banks, investors, contractors, funds and export credit agencies in bringing projects to financial close in a manner that employs best practices globally to minimize legal risks and avoid unintended consequences. We are experienced in all types of financing for infrastructure projects and our integrated global response team is active around the world.
Our lawyers have developed a leading regulatory practice that represents the full spectrum of the financial services industry on matters relating to regulatory compliance, antitrust and enforcement issues in the US, UK and around the globe. We help clients in gaining approvals for transactions, domestic and international investigations, regulatory enforcement proceedings and civil and criminal litigation, authorizations and arbitration arising from breaches of applicable legal, regulatory, antitrust and compliance requirements and investigations before all financial regulatory agencies.
When we deliver these services, we have real experience from industry-focused experts on how to deal with regulatory matters, disciplinary action and enforcement measures. Team members include alumni from important financial services regulators and who held leadership and senior staff positions in many of them. Our industry-leading Public Policy Practice Group is fully integrated with our regulatory lawyers, enabling us to take a proactive approach to regulatory matters for our clients’ benefit. Our regulatory experts also work closely with our litigation colleagues dealing with major investigations into financial regulatory matters. In short, we deliver both the regulatory knowledge and experience and the skills necessary to advise our clients on handling issues that are very much at the top of our clients’ agendas.
The practice covers a wide range of domestic and international regulatory matters, a sampling of which includes mergers and acquisitions, Dodd-Frank Act and the Volcker Rule, Basel III capital requirements, European Market Infrastructure Regulation, Foreign Corrupt Practices Act and anti-bribery, Bank Secrecy Act, consumer protection laws and regulations, consumer credit legislation, payment services law and practice, commodity and derivatives trading, swap dealer rules, regulatory examinations and state aid and procurement.
We provide day-to-day support, transactional support and crisis management service to a wide variety of financial services enterprises on corporate governance, enterprise risk management and related securities and financial regulatory compliance. For example, we routinely advise clients with respect to the satisfaction of fiduciary duties, periodic and event reporting, and stock exchange listing requirements. Also, we assist financial services enterprises and their boards with director training, internal and regulatory investigations and enforcement actions, as well as independent committee representations.
Our regulatory enforcement and white collar team is fully integrated with our securities and financial regulatory compliance team to ensure that we are prepared to provide the highest quality assistance in challenging, as well as mundane, circumstances.
Examples of the corporate governance and securities regulation services we regularly provide financial services enterprises include:
Periodic and event reporting with securities and financial regulators and stock exchange listing requirements
Proxy solicitation and executive compensation advice
Board and committee structure and committee charter drafting
Activist shareholders and shareholder engagement
Section 16 compliance and related-party transactions
Board training on corporate governance and enterprise risk management
Internal and regulatory investigations and enforcement actions
Market abuse and other ongoing obligations for listed issuers
Our global Debt Finance team has the expertise to structure and close the types of financings required by our domestic and international clients, including alternative debt capital sources, e.g., hedge funds, private equity and mezzanine funds, and sovereign wealth funds. Our clients include the full spectrum of lenders providing debt capital, as well as corporations, funds, sponsors, collateral trusts, financial guarantors and securitization vehicles needing the most current debt capital facilities available in the debt capital markets. We are recognized for cross-border financings, global asset based lending and multi-tiered debt capital transactions.
Our lender clients include commercial and merchant banks, equipment financiers and lessors, specialty asset financiers and trade receivable purchasers and factors.
We routinely counsel clients on all types of debt facilities, including club and broadly syndicated secured financing, leveraged capital and asset based financings property financing, subordinated mezzanine, second lien and unitranche facilities, and institutional and private market note placements.
With offices in 20 countries and more than 75 debt finance lawyers located throughout our offices, we are specialists in cross-border financing and multi- jurisdictional financings.
Our Debt Finance team structures the full range of intercreditor arrangements and bifurcated collateral structures associated with such multi-tier debt financings as well as the collateral packages necessary for cross-border financings and specialized assets collateral.
We advise clients throughout the entire life cycle of debt facilities from origination to restructuring and, in conjunction with our Restructuring & Insolvency Group, during bankruptcy.
Our expertise is also applied to advise clients on industry-specific financings, including those involving regulatory issues (e.g., aviation, energy, healthcare, maritime and insurance).
We represent our debt finance clients in making non-control structured equity investments (e.g., convertible debt, debt with warrants and minority equity co-investments).
Our Derivatives & Structured Finance team regularly advises all types of end users and dealers of derivative instruments across the complete range of derivative instruments and asset classes and in relation to structuring and negotiating complex and bespoke financing arrangements, including under the ISDA, GMRA, GMSLA and LMA framework documentation.
Our derivatives experience goes beyond merely negotiating ISDA documentation and reviewing confirmations. We provide a comprehensive service to our clients, advising them on the structural, legal, regulatory, documentation and practical considerations that arise in derivatives and structured finance transactions.
We have in-depth experience with derivatives in the context of structured finance, public finance, energy trading and supply, corporate treasury, regulatory, tax, bankruptcy and litigation. Our team also has notable expertise and extensive experience in the derivatives and structured finance aspects of project finance, infrastructure, leveraged finance, acquisition financings, asset-based finance and capital markets. We have a wealth of experience in equity financing transactions involving equity derivatives and margin loans, and our lawyers have regularly acted for both lenders and borrowers in such transactions.
We are recognized for global asset-based lending (ABL), with our lawyers having a depth of expertise in the most complex structured ABL and asset finance transactions, including in new markets and/or asset classes. Our ABL practice is among the most active in the world, and we routinely advise clients on cross-border transactions and on industry-specific financings involving regulatory issues (e.g., automotive, aviation, energy, healthcare and insurance).
Our team advises on US, UK, European, Middle Eastern and Asian transactions (including cross-border and involving Islamic finance derivative products) under English and New York law, acting for international and regional banks, building societies, hedge and private equity funds, pension trustees, asset managers, alternative credit lenders, corporations, multinationals and investors. Our combined English and New York law strength gives us a global reach in derivatives and structured finance and is another key market differentiator.
We ensure that our clients are kept up to date on the important and increasingly complex and evolving financial, transactional and regulatory framework. We pride ourselves in delivering the highest-quality legal and practical advice, tailored to our clients’ needs.
We value the relationship – We are relationship-driven and committed to developing long-term relationships with our clients.
Commitment – We invest in our relationships with clients in order to develop a deep understanding of their businesses, the challenges they face and the opportunities they wish to take. We spend time getting to know each client, their people, the way they work and how they want us to work with them.
We have a dedicated and efficient team – Hands-on and partner-led at all times, we have significant experience and a proven track record.
Straightforward, practical, commercial advice – Our advice is focused on closing transactions efficiently and with minimal hassle and not over-lawyering points.
We will deliver – We have a depth of resources to ensure seamless support and can be nimble in providing whatever is needed. We are driven by achieving results for our clients.
Cross-border specialization – We have both English law and New York law derivatives and structured finance capabilities supporting transactions globally.
Sector expertise – We have dedicated corporate, regulatory, energy, commodities, maritime, aviation, healthcare, insurance, shipping and tax sector specialists, so we, as trusted advisers, can work seamlessly with our clients and their teams to ensure the right result.
Our team’s recent experience includes the following:
Major shipping and global energy and logistics solutions providers in the Asia Pacific region – Advising the buy side from a derivatives perspective, on the negotiation of financing documents related to shipping finance transactions with a view to providing client(s) with greater protections and flexibility.
Sector-focused providers of specialist infrastructure services in the UK – Advising on their first derivative transaction, including negotiating ISDA agreements and providing regulatory advice.
Various groups of lenders and hedge banks, as well as sponsor groups – Advising in connection with the interest rate and foreign exchange hedging transactions for several project finance and shipping finance transactions in Asia, the Middle East and South America, as well as infrastructure finance transactions in Europe and including Islamic hedging instruments.
UK pension trustee – Advising in connection with the entry into ISDA and GMRA trading relationships.
US leading global energy company – Advising in respect of the European Market Infrastructure Regulation (EMIR) and the determination of its status under EMIR.
Syndicate of major international financial institutions – Advising on a syndicated margin loan financing referencing UK-listed shares, including specialist advice with respect to financial collateral arrangements and enforcement.
US financial services company serving the middle market with creative and flexible capital solutions – Advising in connection with a repurchase facility referencing equities in various jurisdictions.
Major Saudi Arabian banks and institutions – Advising in relation to various derivative trading transactions (including Islamic derivatives products), with leading global banks worldwide as counterparties.
Leading European direct lender and credit asset manager – Advising on a strategically important and complex cross-group financing arrangement to be used for the basis of a major note issuance program across Europe, including the structuring and negotiation of true sale arrangements.
Various asset managers – Advising in connection with the negotiation of ISDA master agreement and credit support annex documentation, prime brokerage documentation and interest rate hedging documentation.
Multinational telecommunications company – Advising with respect to its strategically important hedging arrangements in connection with the financing for a joint venture between a cable network and a mobile phone network, creating the leading fixed-mobile provider in the UK.
Sovereign wealth fund – Advising on a third-party securitization financing for its evergreen origination platform with a leading financial services firm, with the purpose of meeting growing corporate demand for flexible capital solutions in Europe.
London-based international financial institution – Advising in relation to the structuring and negotiation of a structured finance transaction for the purpose of providing the counterparty with access to liquid assets to be able to comply with liquidity requirements.
Multinational semi-conductor producer – Structuring and negotiating an ISDA arrangement to satisfy obligations to cover the cost of CO2 certificates required by energy suppliers.
Various corporates and international investment banks – Advising on numerous syndicated and bilateral margin loan financings referencing shares listed in a variety of jurisdictions, including Canada, Germany, India, the US, the UK and the Middle East.
Corporates and investment banks – Advising corporates and investment banks in relation to equity collar financings.
Major financial institution – Advising on the implementation of margining requirements for its non-centrally cleared derivatives.
Financial institutions and sponsors and borrowers on a global basis – Advising and negotiating on LIBOR transition with respect to loans, bonds and swaps.
Various corporate clients – Negotiating covered call transactions in connection with a Euro convertible bond.
Major swap dealers – Negotiating ISDA agreements with major swap dealers on both a standalone and group basis in connection with financings and refinancings.
Various corporate clients – Analysis of forward agreements under the US Bankruptcy Code.
Leading investment fund – Advising on negotiating and completing a transaction in relation to the acquisition of a large portfolio of distressed debt from two leading European banks.
Legal Directories
Newly ranked in Tier 3 for Derivatives and Structured Products – Legal 500 UK 2024
Testimonials
“The practice is largely new but shows a lot of promise with Leona McManus at the helm.”
“The wealth of experience and the extensive network in the field of derivatives and structured products means they can come up with practical and innovative solutions to every problem.”
Depth of knowledge, grasp of complexity and high standard of deliverability.
Ranked in Tier 2 for Asset Based Lending – Legal 500 UK 2024
Testimonials
“The team is very experienced and highly knowledgeable in the cross-border ABL space.”
“They have good understanding of ABL structures and practices, including innovative approaches that can be taken when putting together a multijurisdictional deal.”
“The team is very commercial and displays excellent attention to detail, additionally it works very well with its regional and international offices.”
Leona McManus is ranked as a Leading Individual in the Derivatives and Structured Products category – Legal 500 UK 2024
Testimonials
“Leona McManus is a great lawyer and a pleasure to work with. She provides timely, concise and practical advice on the matters we have worked together on. She is also an approachable person and someone who works collaboratively with other teams. I look forward to working with her again.”
“Leona McManus has worked with us for many years and we value her expertise and diligence.”
“Leona McManus demands recognition for her focus, commitment and drive to provide the best result.”
“Leona McManus provides precise and pragmatic advice. She is also resourceful and great on client care.”
“I have worked with Leona McManus whilst she was with her previous firm. She went over and above to get a difficult deal closed and was highly knowledgeable of the subject matter.”
Paula Laird is ranked as a Leading Individual in the Asset Based Lending category – Legal 500 UK 2024
Testimonials
“The exceptional Paula Laird is very experienced and knowledgeable.”
“Paula Laird is one the key figures of ABL in the London market.”
Tom Dell’Avvocato is ranked as a Rising Star in the Asset Based Lending category – Legal 500 UK 2024
Leona McManus is ranked as Up and Coming in Capital Markets: Derivatives – Chambers UK 2022, 2023 and 2024
The asset based lending practice is ranked as Band 2 Banking & Finance: Lenders: Lower Mid-Market – London (Firms) – Chambers UK 2023
Our team has a deep understanding of the FinTech sector and is able to provide practical, value-added services to clients, whether they are large financial services companies, traditional FinTech companies or newer emergent FinTech companies. We have professionals around the world who are experts in areas of key relevance to FinTech, including:
Antitrust
Intellectual property
Initial public offerings and capital markets
Joint ventures
Labor and employment
Mergers and acquisitions
Private equity and venture capital
Public policy and advocacy
Regulatory
We regularly represent clients in all areas of the sector, such as payments, platforms, software and data analytics, and we advise clients of all sizes and types, including startups, established Fintech companies, venture capital and private equity houses, telecom companies and large financial institutions, on all aspects of their FinTech business.
We operate a leading global practice in financial services mergers, acquisitions, joint ventures and consortium transactions. We are active in virtually every segment of the financial services sector (e.g., banking, insurance, brokerage, asset management, specialty finance and financial technology). Clients include sellers and buyers (strategic and financial), as well as independent committees of boards of directors and their respective advisers (e.g., investment banks issuing fairness opinions).
Our integrated financial services M&A team includes leading experts in corporate and securities law, financial services regulation, tax, employee benefits, intellectual property, restructuring, antitrust and other relevant disciplines.
Hallmarks of our global financial services M&A practice include:
Pragmatic advice and efficient transaction management
In-depth industry knowledge and experience
Deep experience with public and private acquisitions and cross-border transactions
World-class regulatory capabilities, that can help clients avoid (or minimize) problems and close transactions on time, on budget and with decreased execution risk
Successful consortium transactions (domestic and cross-border) in various sectors of the financial services market
Strong specialty finance and financial technology capabilities
Seamless coordination with our industry-leading Restructuring & Insolvency Practice and a strong track record for successful completion of transactions involving distressed or troubled targets
Structuring non-control investments in financial institutions
Our global Project Finance team is expert in advising project sponsors, governments, banks, investors, contractors, funds and export credit agencies in bringing projects to financial close in a manner that employs best practices globally to minimize legal risks and avoid unintended consequences. We have an integrated, global multi-disciplinary projects team, comprising finance, corporate, energy and resources, environmental, construction, public sector, real estate and regulatory lawyers, which provides a “one-stop shop” for our clients on project finance transactions.
We understand that the identification of, assessment and allocation of project risk is the key to bringing a project successfully from inception to financial close and operation, and our global practice and understanding of industry segments gives us a unique perspective concerning the risks that exist and the best practices for managing them. Our team prepares, advises on and negotiates all forms of project finance documentation, collaborates closely with our project contracts colleagues and plays a key role in managing a project development and finance transaction from procurement to close.
We work across the spectrum of industries, including transportation, water, waste, energy and natural resources, renewables, healthcare, education, government services, housing and leisure projects. Our global team supports the delivery of projects wherever business is done and projects are procured and financed, including work for many of the world’s leading energy and infrastructure proponents, investors and financiers.
Our global platform also enables us to meet client needs seamlessly and without the limitation of the work day in a particular location. Our offices are fully networked and we often take advantage of the different time zones in which our teams are based. For example, a team in Australia can be working on project finance documents during their day and then involve team members in the UK and US as the day progresses, having it back with the Australian team for their opening the next day. This can make a significant difference in expediting delivery of services and enabling our clients to timely meet the needs of their customers.
We are adept at bringing together the right team with the requisite sector and technical expertise to deliver on projects across the world. We operate as a single, integrated law firm consistent with and supportive of our collegiate and collaborative culture, in which individual lawyers readily engage with colleagues to bring to bear the most appropriate skills and resources wherever they may be needed. The importance of our culture cannot be overemphasized – it is what ensures our clients receive the best service available – not what a particular relationship lawyer or office possesses, but what our firm possesses.
Our financial services lawyers and policy professionals combine strong public policy experience with exceptional technical proficiency to advise clients in the financial services sector on the most important regulatory and policy issues facing them today. Our team works closely with commercial and investment banks, insurance companies, broker-dealers, trading platforms, trade repositories, critical financial market infrastructure and other participants in capital markets.
We can share our extensive experience in matters relating to the regulation of financial products, including over-the-counter derivatives, such as interest rate swaps, credit derivatives and equity derivatives and a broad range of insurance products.
We have significant experience related to derivatives regulation, including the implementation of new CFTC rules.
Our many professionals bring direct experience, having been thought leaders in federal agencies and the private sector, such as the former CFTC Commissioner, CFTC Division Directors, Capitol Hill senior counsel and financial trade association leadership.
We have successfully guided clients through legislative and regulatory policy debates, compliance efforts, novel enforcement cases and court challenges to regulatory agencies’ administrative procedures.
Our industry knowledge of and relationships with legislators and regulators uniquely position us to promote policies consistent with our clients’ business models and to oppose policies that are inconsistent with client interests.
Our lawyers have developed a leading regulatory practice that represents the full spectrum of the financial services industry on matters relating to regulatory compliance, antitrust and enforcement issues in the US, UK and around the globe. We help clients in gaining approvals for transactions, domestic and international investigations, regulatory enforcement proceedings and civil and criminal litigation, authorizations and arbitration arising from breaches of applicable legal, regulatory, antitrust and compliance requirements and investigations before all financial regulatory agencies.
When we deliver these services, we have real experience from industry-focused experts on how to deal with regulatory matters, disciplinary action and enforcement measures. Team members include alumni from important financial services regulators and who held leadership and senior staff positions in many of them. Our industry-leading Public Policy Practice Group is fully integrated with our regulatory lawyers, enabling us to take a proactive approach to regulatory matters for our clients’ benefit. Our regulatory experts also work closely with our litigation colleagues dealing with major investigations into financial regulatory matters. In short, we deliver both the regulatory knowledge and experience and the skills necessary to advise our clients on handling issues that are very much at the top of our clients’ agendas.
The practice covers a wide range of domestic and international regulatory matters, a sampling of which includes mergers and acquisitions, Dodd-Frank Act and the Volcker Rule, Basel III capital requirements, European Market Infrastructure Regulation, Foreign Corrupt Practices Act and anti-bribery, Bank Secrecy Act, consumer protection laws and regulations, consumer credit legislation, payment services law and practice, commodity and derivatives trading, swap dealer rules, regulatory examinations and state aid and procurement.
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