United Kingdom

A&O Shearman is an elite transatlantic firm formed in May 2024 from the merger of Allen & Overy and Shearman & Sterling. The firm advises on high-end banking, capital markets and corporate/M&A mandates, leveraging an integrated UK–US platform. Denise Gibson serves as the firm’s first UK Managing Partner and is supported by standout practitioners including Robin Harvey, Annette Kurdian and Greg Brown.

The firm is recognised as a global market leader in equity and debt capital markets, with one of the deepest and most experienced finance benches in London. The London team is particularly noted for its expertise in IPOs, rights issues and high-yield and investment-grade bond offerings. A&O Shearman is consistently at the forefront of innovation in capital markets, with standout strength in MTN programmes, high-yield financings and ESG-linked products, and a long track record of advising on market-defining transactions across EMEA.

Clifford Chance is a Magic Circle law firm headquartered in the UK, with Chinwe Odima-Chapman serving as the Office Managing Partner in London. The firm is distinguished by its depth of eminent practitioners, including Simon Thomas, Adrian Cartwright, Christopher Roe, Jill Concannon, and Spencer Baylin. The team is known for its technical excellence, cross-border capability and ability to deliver innovative solutions across the full spectrum of corporate M&A, finance, capital markets and investment management work. Clifford Chance has a particularly strong reputation across equity and debt capital markets, banking, private equity, funds, restructuring and derivatives.

Cravath, Swaine & Moore is one of the premier New York firms operating in London. The firm is recognised for its lender-side finance practice and has acted on some of the biggest leveraged finance transactions in the European market this year. Its London team is also sought after for complex capital markets mandates, including high yield, SEC-registered offerings and Rule 144A transactions. 

Key clients 

Key clients include European Investment Bank, BAE Systems, British American Tobacco, INEOS, IWG, Goldstory, Drax, Picard, AngloGold Ashanti, Campari, Lifezone Metals, Tata Technologies, Investcorp, Marlin Equity Partners, Francisco Partners and Altamir

Highlights 

Cravath represented the lead arrangers and initial purchasers in the €1.9 billion bank/bond financing supporting the public-to-private acquisition of Applus+ by TDR Capital and I Squared Capital. This transaction won “Loan Deal of the Year” at the IFLR Europe Awards in 2025.

The finance team, led by Philip Stopford, acted as lead counsel to the arrangers (Belron) in connection with one of the most widely followed leveraged finance transactions of 2024: a $4.7 billion term loan facility and a €2 billion term loan facility made available to Belron Finance 2019 LLC and Belron UK Finance PLC, indirect wholly-owned subsidiaries of Belron Group SCA.

Cravath represented the initial purchasers in connection with the 144A/Reg. S high-yield senior secured notes offering and concurrent cash tender offer of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider.  The notes were listed on The International Stock Exchange.  

Personnel Changes 

Jackson Lam and Margaret Rallings were promoted to partner effective January 2025. Jackson, formerly European counsel, focuses on complex cross-border leveraged finance transactions, syndicated lending, and alternative and subordinated financing products. Margaret represents leading financial institutions, private credit funds, and corporate issuers and borrowers in capital markets and leveraged finance transactions. Joji Ozawa joined as European counsel in January 2025 from Milbank. 

Testimonials 

“While historically a bonds practice, Cravath have built out their loan capabilities in recent years and are now a go-to firm for both bonds and loans” – Banking and finance

“Cravath has one of the most experienced teams in the high yield market” – High yield

“Outstanding lawyers in the team” – High yield

“The Cravath team are capable of handling high-value, complex and sophisticated corporate, capital markets, and financing work” – Corporate and finance

“George Stephanakis is highly regarded and has unparalleled expertise in bonds” – Banking and finance

Dechert is a global, full-service firm with 900 lawyers globally and 160 lawyers in the London office, which opened in 1972. The firm is particularly noted for its lender-side banking and mid-market finance work, with strong capabilities in private credit. Recent hires from Orrick have added strength to Dechert’s structured finance offering, particularly in CLO work. The firm advised on over 90 CLO deals in 2024 with total deal value exceeding US$39.5 billion. 

Key clients  

Alcentra, Apollo Asset Management, Ares Management Limited, Baring Asset Management, Bank Audi, Bentley System, BlackRock, Blackstone, Estancia Capital Partners, Exiger Limited, Gemcorp Capital Management, GIC, Graham Partners, KKR, Metric Capital Partners, MidEuropa, Warwick Capital Partners 

Highlights 

Dechert’s debt, equity and M&A teams advised Ares Management on the sale of DCS Holdings Group by way of a merger between the Daisy Group and the Wavenet Group. Wavenet is worth over GBP 1 billion after the merger, with Macquarie as the largest individual shareholder. The deal closed in June 2024.  
 
Dechert advised the Kingdom of Bahrain on the issuance of US$1 billion 7.5% Notes due 2036 and US$1 billion Trust Certificates due 2031 under its Global Medium Term Note Programme and Trust Certificates Programme. The joint lead managers for both tranches were Citigroup Global Markets, Emirates NBD Bank, First Abu Dhabi Bank, HSBC Bank, J.P. Morgan Securities, National Bank of Bahrain, and Standard Chartered Bank. 

Dechert advised Barings on the structuring and launch of Barings inaugural Euro Middle Market CLO 2024-1 DAC, a market-first transaction. The CLO, valued at €380 million, was backed by a portfolio of European middle-market senior secured loans and rated by S&P and Fitch. 

Personnel Changes 

In June 2025, Dechert added a four-lawyer team from Orrick, led by Sushila Nayak and James Jirtle to bolster capabilities in CLOs, securitisations and private debt. Nicholas Tomlinson joined as a partner in the corporate department from Gibson Dunn in February 2025. 

Dechert added Linklaters’ high yield and US securities finance partner Colin Chang to its capital markets team.  Partner Anthony Lombardi joined the team from DLA Piper in October 2024.   

Leveraged finance duo Philip Butler and David Miles, who previously co-led Dechert’s global leveraged finance practice departed the firm for Mayer Brown in July 2025. Private equity partner Mark Evans also joined Mayer Brown that month.

Testimonials 

“Dechert are private credit specialists, with an impressive client roster including Ares Management” - Private credit

“Sam Kay is a very capable lawyer specialising in private equity funds work” - Private equity funds

“Dechert have had a strong hedge fund practice for many years” - Hedge funds 

“Dechert is a reputable firm with high-quality lawyers” - Private equity funds 

Herbert Smith Freehills Kramer is a leading global law firm headquartered in London. The firm combines deep City roots with an international reach spanning Europe, the US and Asia-Pacific. The UK practice is led by managing partner Ewan McIntyre, supported by a highly regarded senior bench including Malcolm Lombers, John Taylor, David D’Souza and Eleanor Shanks in private equity, and Jenny Stainsby, Clive Cunningham and Hywel Jenkins in financial services regulation. The firm is particularly strong in M&A, private equity and financial services regulatory work, acting for major financial institutions, sponsors and global corporates.

Latham & Watkins is a global transactional powerhouse and one of the largest US firms in London, forming a core hub of the firm’s international platform. The London finance practice is led by senior figures including Dan Maze (sponsor-side banking) and Brent Cassidy (high yield), supported by a deep bench across leveraged finance, capital markets, restructuring and M&A. The firm is particularly dominant in private equity finance, high yield and complex cross-border restructurings, advising sponsors, banks and credit funds on the market’s most innovative and high-value transactions.

Mayer Brown is a leading international firm with a strong presence in London. The firm is widely recognised for its leading structured finance and securitisation practice. With 40-plus lawyers globally, the firm offers one of the largest derivatives practices of any firm world-wide. The team advises issuers and investors on CLOs, RMBS, CMBS and trade receivables deals. The London team also handles significant mandates in leveraged and acquisition finance, fund finance, and real estate finance, with a growing profile in private credit and direct lending.

Key clients

Barclays Bank, Banco Santander, ISDA, Fédération des caisses Desjardins du Québec (FCDQ), QNB Bank, Islandsbanki, Goldman Sachs International, CDPQ 

Highlights

The derivatives team, led by partner and global practice head Ed Parker, represented Banco Santander Chile in an innovative credit risk sharing facility. This capital relief transaction involved collaboration with IFC and PGGM to achieve capital relief for the bank while increasing mortgage lending to women in Chile, a financially underserved segment. The transaction utilised derivatives and synthetic securitisation technology. This matter represents a pioneering approach in emerging markets, mobilising private capital alongside MDB investment to enable larger and longer-tenor credit risk sharing facilities. 

Partners Rob Flanigan and Peter Pears led the team advising the United States International Development Finance Corporation (the US government’s international development bank) as political risk insurer in connection with a USD1 billion financing for El Salvador for the repurchase of USD1.031 billion of its outstanding bonds at discount from par. The transaction was the world's largest debt buyback for river conservation and closed in the last quarter of 2024.

James Taylor and Peter Pears also led on Fibabanka's debut additional Tier 1 transaction and tender offer for two tranches of outstanding Tier 2 bonds, highlighting the ability of the Mayer Brown, London team to flexibly manage and co-ordinate large public debt capital markets transactions for its clients. This was the first-ever public sub-benchmark AT1 offering of a Turkish financial institution.

Personnel Changes

In July 2025, Mayer Brown hired three senior partners from Dechert, including leveraged finance duo Philip Butler and David Miles, who previously co-led Dechert’s global leveraged finance practice, and private equity partner Mark Evans.

Structured finance duo Chris McGarry and Adam Farrell, and corporate trustee partner Kevin Ng, both from White & Case, joined in early 2025.

Capital markets partner Bernd Bohr moved to Norton Rose Fulbright in May 2024 and senior associate Robyn Llewellyn joined Cadwalader in February 2025.

Testimonials

2025

“Mayer Brown are especially proficient in covered bonds and they do a lot of work in Europe, including Türkiye. They are the go-to firm for these deals” - Covered bonds

“Mayer Brown are renowned for their structured finance practice, and are top of the market when it comes to securitisation” – Structured finance

“The team have deep technical expertise in CLOs, RMBS and CMBS transactions and are very active in the market” – Derivatives

“The team are very technical, commercial and practical” – Derivatives

“James Taylor is a very capable lawyer and highly recommended” - Covered bonds

“Ed Parker is a leading name in the market for derivatives work” – Derivatives

Testimonials

2024

“Knowledgeable, flexible and commercial” - Asset finance

Alston & Bird is a US-headquartered international law firm with a strong reputation for capital markets and finance work. The practice is led by senior partners with deep expertise in structured finance and regulatory matters, regularly acting for banks, funds and corporate issuers. 

Recent highlights include advising Deutsche Bank on the ECAPS 2 claim, securing a settlement in 2024 following earlier High Court and Court of Appeal victories concerning the Lehman Brothers insolvency waterfall. The firm also advised Qredo on its rescue financing and subsequent distressed M&A, and acted on the £370 million UK Logistics 2024-2 CMBS issuance.

Arnold & Porter is a leading international law firm with a highly regarded investment funds and life sciences practice, under the leadership of Simon Firth. The firm advises asset managers, funds and institutional investors on fund formation, regulatory compliance and complex structuring matters, with particular strength in alternative investment funds and UK and EU financial regulation. The team is also widely recognised for its life sciences expertise, acting for major pharmaceutical and biotech clients on high-value M&A and strategic transactions.

Bracewell occupies a unique position in the London market as the only international law firm exclusively focused on the energy and infrastructure sectors. The office has built a standout reputation across oil and gas, power, renewables and energy transition work, acting on some of the market’s most complex and innovative transactions.

The London team is led by senior energy specialists, including partners François Feuillat and Mark Hunting, who advise on high-value M&A, project development, and infrastructure financings. The firm is particularly noted for first-of-a-kind mandates across energy and natural resources, with a strong track record in cross-border transactions and emerging market projects.

Burges Salmon is a UK law firm with a strong national platform and a growing reputation for corporate and private equity work. The firm’s corporate practice is anchored by a deep bench of senior partners, including Andrew Mills, Danny Lee and Malcolm Donald, and is particularly well regarded for its strength in complex, mid-market M&A transactions. The team advises across a broad range of sectors including energy, infrastructure, financial services, healthcare and technology, and clients include major corporates, financial sponsors and institutional investors. 

Cadwalader, Wickersham & Taft is a US law firm with a reputable investment funds practice in London, advising sponsors and asset managers on the structuring, formation and operation of complex investment vehicles. The team includes senior practitioners such as Trent Lindsay and Richard Hanson, who bring deep experience across fund finance and capital markets. The practice is particularly strong in private equity, private credit, real estate and infrastructure funds, with standout expertise in CLOs and other structured credit products. 

Founded in 2012, boutique law firm Crefovi is a London- and Paris-based law firm specialising in advising creative and growth-stage businesses on cross-border UK–France matters. The firm is led by founding partner Annabelle Gauberti, who is well regarded for her expertise in corporate, private equity and restructuring work. The team is particularly active in private equity, venture capital and restructuring matters, with notable strength in the entertainment, media, fashion, retail and technology sectors. 

Davis Polk & Wardwell is a leading US law firm with a prominent London presence. The London office is led by Will Pearce, head of the firm’s Europe and M&A practice, alongside Gordon Milne, who joined from A&O Shearman in 2024 to lead private equity, and senior partners Reuven Young and Michael Taufner in high yield capital markets.

The firm is particularly strong in M&A, private equity, equity and debt capital markets, and high-yield finance, regularly advising on complex cross-border public and private transactions. Davis Polk is consistently ranked for ECM and DCM globally, and its London team is recognised for advising on high-profile IPOs, takeovers, leveraged financings and liability management transactions for major corporates, sponsors and investment banks.

Fieldfisher is an international law firm with a strong reputation for advising clients in highly regulated and innovative sectors. The team is led by senior practitioners including Emma Dwyer and John Budd, and is distinguished by its market-leading financial services regulatory and capital markets expertise. The firm is particularly strong in derivatives, structured finance, securitisation and complex regulatory matters, with notable expertise in CLOs, securities financing and private credit. 

Headquartered in New York City, Fried Frank established its London office in 1970. The firm now has over 800 lawyers globally.bIn the London market, the firm is best known for its work in private equity and investment funds. The London practice is led by senior partners including James Renahan, Andrew Rearick and Kate Downey.

The firm is particularly well known for high-end sponsor work, advising leading global private equity houses on complex cross-border acquisitions, fund formations and continuation vehicles. The team advises sponsors across buyouts, secondaries and fundraises. 

Gibson, Dunn & Crutcher has built a formidable reputation in the UK market for high-end finance and private equity work, advising many of the world’s most active sponsors, sovereign wealth funds and institutional investors. The London practice is supported by well-seasoned practitioners, including Wim De Vlieger, David Irvine, Presley Warner and Kavita Davis, who have stellar reputations in the market.

The team is particularly strong in private equity buyouts, leveraged and acquisition finance and complex high-value M&A transactions, with deep sector expertise spanning energy, infrastructure, technology and financial services. 

Greenberg Traurig was founded in 1967 and established its London office in 2009. The firm’s London team includes senior figures such as Paul Maher, Fiona Adams and Henrietta Walker, and is widely recognised for its depth in real estate funds, private equity and restructuring work.

The firm is especially noted for its market-leading expertise in real estate fund formation, credit funds and GP-led secondaries, as well as its strength in restructuring and special situations. Greenberg Traurig is also highly active in M&A and complex restructurings, acting for sponsors, lenders and corporates on high-value, multi-jurisdictional mandates across Europe and beyond.

Hogan Lovells is a global, full service law firm, with a particularly strong presence in the UK market. It has a long-established reputation as one of the leading firms for project development and finance, and is well regarded for its financial services regulatory expertise.

The London team, including Malcolm Parry, advises sponsors, governments and financiers across the full project lifecycle, from development and structuring through to financing and delivery. The team regularly advises on first-of-a-kind matters across energy transition, infrastructure, financial markets and regulatory reform.

Hunton Andrews Kurth has a market-leading energy and infrastructure practice with a strong focus on project development and project finance across Europe, the Middle East and Africa. The London team has been significantly strengthened by senior hires including Charles Morrison, Dimitri Papaefstratiou, Ayesha Waheed and Simon Collier.

The firm is widely recognised for its expertise in large-scale power, renewables and infrastructure projects. It advises sponsors, lenders and governments on PPPs, project financings and development mandates, with particular strength in energy transition, renewables and emerging markets. Hunton is well known for delivering first-of-a-kind and award-winning projects.

King & Spalding has over 1300 lawyers across 24 offices globally. The London team is supported by rising leaders including Amin Doulai, Alon Blitz and James Connor, who are recognised for their expertise in lender-side private credit and mid-to-upper-market financings. The firm has built a strong reputation across private credit, leveraged acquisition finance, and high-yield capital markets work, advising many of the world’s leading financial sponsors, banks and asset managers.

Kirkland & Ellis is an American law firm, founded in Chicago. The firm has offices across North America, Europe, the UK and Asia. In the London market, the firm has an unrivalled reputation in private equity, sponsor-side finance, high-yield, and restructuring. The London office is anchored by senior figures including Cedric van den Borren and Marwa Elborai in high yield and leveraged finance, and Sean Lacey, widely regarded as one of Europe’s leading restructuring lawyers. Kirkland & Ellis is best known for advising sponsors on complex leveraged buyouts, refinancings and sponsor-led restructurings, regularly acting on the most sophisticated and innovative cross-border mandates in the market. 

McDermott Will & Emery is a Chicago-founded international firm with a fast-growing London practice that has become a serious player in private equity, finance and funds. The London team is led by managing partner Aymen Mahmoud, supported by senior partners including Fatema Orjela, Jason Zemmel and Sebastien Bonneau, and is particularly strong on sponsor-side private equity, leveraged finance and hedge fund work. The firm is widely recognised for its sector specialisms in healthcare, life sciences and financial services. 

Milbank has been active serving clients in London for over 40 years. The firm has over 140 lawyers across Europe, Asia and Europe and a market leader in leveraged finance, capital markets, project development and project finance. The firm’s London practice is led by Suhrud Mehta (banking), Apostolos Gkoutzinis (high yield) and Matthew Brown and John Dewar (projects). Milbank is especially renowned for sponsor and lender-side leveraged finance, high yield bonds and innovative bank/bond structures, as well as marquee energy and infrastructure projects. The firm regularly advises leading banks, private credit funds and sponsors on Europe’s largest and most sophisticated financings.

Morgan Lewis & Bockius operates in London and has offices across North America, Europe and Asia. The firm has a broad transactional platform spanning banking, private equity, capital markets and restructuring. The London practice is led by Mark Geday (private equity) and Paul Denham (banking), with key partners including Tim Corbett, Tom Wozniak and Iain Wright across M&A and capital markets. The firm is particularly well regarded for leveraged finance, fund finance, private equity and emerging markets work, and has a strong reputation in hedge funds and financial services.

Morrison & Foerster is a global law firm with a reputation in technology-driven M&A, capital markets and finance. The London office is led by managing partner Andrew Boyd, with senior figures including Gary Brown, co-chair of the firm’s global M&A group, and Scott Ashton, who leads the firm’s debt capital markets practice. The firm is particularly strong in technology, AI, fintech and life sciences transactions, and is recognised for its expertise in derivatives, private placements and ESG-linked financings. 

Reed Smith is a full-service international firm with offices across the UK, US, Europe, Middle East and Asia. The London practice is led by senior figures including Brendan Gallen (funds), Philip Taylor and Tom Whelan (private equity), Michael Young (M&A), and Chris Borg and Robert Falkner (financial services regulation). The firm is particularly well regarded for complex cross-border private equity transactions, fund formation and finance, and sector-driven M&A, with notable strength in energy, media, financial services and transport. The firm has a broad practice, covering banking, capital markets and regulatory work.

Simpson Thacher & Bartlett is a New York-headquartered elite US firm, with over 10 offices globally and a long-standing presence in London. The firm has a market-leading reputation across private equity, banking and restructuring. The London practice is led by senior figures including Adam Gallagher (restructuring), Ben Spiers (private equity), Nicholas J Shaw and Shahpur Kabraji (leveraged finance). Owing to its integrated UK-US platform, the firm is particularly dominant in sponsor-side leveraged finance, high-end restructurings and complex private equity transactions, acting for many of the world’s largest sponsors and credit funds. 

Skadden is a US-based law firm, with 22 offices across the globe. Its London practice is led by senior figures including Lorenzo Corte in M&A, Ben Spiers in private equity, Adam Gallagher in restructuring, and Nicholas J. Shaw and Shahpur Kabraji in leveraged finance.

The firm is particularly strong in premium M&A and sponsor-led transactions, consistently advising on some of the largest and most strategically significant deals in the UK and Europe. Skadden’s private equity practice is among the strongest in the market, acting for leading sponsors such as CVC and Blackstone. Skadden also has a top-tier leveraged finance and capital markets capability, advising across the full capital structure on syndicated loans, private credit, high-yield bonds, bridge facilities and hybrid financings. Its sponsor-side finance practice is particularly strong, supported by deep US and UK law capability.

Founded in 1889 and headquartered in London, Magic Circle law firm Slaughter and May is a market leader in M&A, banking and finance, capital markets and restructuring. Key partners Caroline Phillips, Kevin Howes, Matthew Tobin and Guy O'Keefe, are widely regarded for their expertise across bank lending, debt capital markets and regulatory matters.

The team advises corporate borrowers, financial institutions and sponsors on a broad range of transactions, including investment-grade and leveraged financings, regulatory capital, securitisations and derivatives. Slaughter and May is particularly noted for its work on sophisticated refinancings, liability management and market-shaping DCM transactions, delivering partner-led advice on some of the most technically challenging and significant mandates.

Sullivan & Worcester has operated in London since 2013 and is widely regarded as the market leader in trade and export finance. The firm is particularly renowned for its lender-side work, advising banks, funds, corporates and export credit agencies on complex trade, commodity and export finance transactions. The practice is led by Geoffrey Wynne, alongside Simon Cook, Mark Norris, Sam Fowler-Holmes and Ellis Lawson.

Travers Smith is a leading London firm with standout strength in financial services regulation, derivatives and structured finance, alongside a strong corporate and private equity offering. The firm is particularly recognised for its market-leading derivatives and financial markets practice, led by Jonathan Gilmour, advising banks, asset managers, pension schemes and private capital clients on complex hedging, structured products, repo, securities lending and regulatory matters. The team is highly regarded for its work on EMIR, SFTR, margining, collateral and innovative fund-level derivative structures.

Trinity International is a London-based boutique founded in 2006, and is recognised as a leading specialist in project finance, project development, with particular strength in energy and emerging markets. Led by Paul Biggs, Simon Norris and Kaushik Ray, the firm advises on landmark power, infrastructure and PPP projects across Africa, Asia and Eastern Europe.

Trinity is especially well known for its work in renewables, thermal power, oil & gas, transport, mining and water infrastructure, frequently acting on first-of-their-kind transactions in challenging jurisdictions. The firm combines deep sector expertise with a strong policy and development focus, regularly advising on innovative financing structures and pioneering initiatives supporting sustainable infrastructure development.

Watson Farley & Williams was founded in London in 1982 and has over 500 lawyers in 15 offices. It is a leading sector-focused international firm with deep strength in energy, infrastructure, transport and maritime, supported by a strong corporate and capital markets offering.

Headed in London by Chris Kilburn, the M&A team is particularly active on complex, cross-border transactions in the energy and infrastructure sectors, advising corporates, sponsors and sovereigns on high-value acquisitions, disposals and joint ventures. The firm is highly regarded for its work in renewables, oil & gas, mining, shipping and aviation, regularly acting on landmark transactions such as major offshore wind, mining and transport projects.

Weil Gotshal & Manges is an elite US law firm, headquartered in New York. Its London office has a market-leading reputation across private equity, sponsor-side finance, investment funds, capital markets and restructuring. The firm is particularly renowned for its sponsor finance and leveraged lending practice, led by Tom Richards and Chris McLaughlin, advising top-tier sponsors on the largest and most complex European LBO financings. Weil is also a dominant force in private funds, with a deep bench advising on private equity, credit, infrastructure and real estate funds, including GP-led secondaries and GP stake transactions.

Founded in 1888, Willkie Farr & Gallagher is an international law firm with 13 offices located across six countries. The firm has a broad practice, covering private equity, restructuring, sponsor finance and capital markets. The firm is particularly recognised for its top-tier restructuring practice, led in London by Graham Lane, advising on complex cross-border restructurings, special situations and distressed investments involving sponsors, creditors and issuers. Willkie also has a highly regarded private equity platform, led in Europe by Gavin Gordon, advising leading sponsors on large-cap and mid-market transactions.

Winston & Strawn is a global law firm with offices across Europe, Asia and North America. It has a growing London practice with strengths across private equity, finance and M&A. Led by Ian Borman and Aparna Sehgal, the firm is particularly active in borrower-side and lender-side finance, with expertise in leveraged finance, structured lending, asset-based facilities and restructurings. Winston & Strawn also has a strong M&A practice, led by Nicholas Usher, Adam Howard and Paul Amiss, advising on cross-border transactions across sectors including financial services, healthcare, technology and infrastructure.