Drawing upon ‘excellent bench strength in London and regionally’, Addleshaw Goddard has the critical mass and expertise, at both the front end and on the restructuring side, to provide ‘cost-effective, dynamic, solutions-oriented and client-focused advice’ for a lender-aligned client base, irrespective of geographical location. ‘Well-connected’ team head Mike Davison has ‘extensive knowledge in the sector’ as a result of his creditor-side focus for clearing banks, challengers and specialist lenders, ensuring that he has an excellent perspective of “what is market”, including on the UK aspects of international deals as well as for new entrants establishing a presence in the market. James Tarleton, who rejoined the firm in January 2024 following a period at Osborne Clarke LLP, also adds further strength on new money and restructuring deals for lenders and borrowers. Manchester-based Harold Brako is ‘an industry authority in the ABL world’ and excels in advising lenders on litigation involving ABL structures, including as it relates to fraud claims and asset recovery. Other key members of the team include the ‘tenacious and knowledgeable’ Anna Hodgson, for restructuring work in the sector; ‘very diligent and responsive’ Manchester-based Lauren Priest-Stephens, who handles front-end and restructuring work; Leeds-based Philippa McCarthy, who oversees ABL work in Yorkshire and the North East; and Kayleigh Brady, who is, according to one lender client, ‘already one of the best “up and coming” associates in the sector’. All named practitioners are based in London unless otherwise indicated.

Generally eschewing the more commoditised domestic lower-to-mid market mandates in favour of complex highly structured mandates, Mayer Brown International LLP is particularly well-suited to advising on cross-border mandates, often involving complex inter-creditor arrangements. Many of these are US-originated deals, where the UK team, which is headed by Alex Dell, often works alongside lawyers in Chicago and New York, or handles European deals for US-owned lenders. The vastly experienced Simon Fisher is often at the forefront of these large syndicated cross-border and transatlantic transactions, and he excels at working in a collegial way with colleagues in Europe and the US. Ravi Amin is also 'superb' at handling receivables financing and ABL transactions, as is Dominic Griffiths, whose expertise on ABL and more broadly across trade receivables and structured finance is reflective of the firm’s nimble and agile approach to work in the space. The arrival of dual UK and US-qualified Victoria Thompson, who ‘knows her way around market documents in great depth’, in September 2023 from Morgan, Lewis & Bockius UK LLP bolsters the team’s offering in the space for banks and private credit providers, both on new money deals and restructurings.

Providing a ‘unique blend of legal expertise, industry insight and a client-focused service’, Crowell & Moring U.K. LLP has rapidly been able to develop a foothold in the market since the team’s establishment over five years ago. Key to the firm’s success has been the work of team head Andrew Knight, whose longevity in the industry has ensured that he has been abreast of evolving products in the market, both through strong trade body/industry association affiliations as well as by dint of his fee-earning work. In particular, Knight has established longstanding relationships with a number of independent ABL funders, which are appreciative of his ability to ‘deliver complex and tailored solutions at the top end of the market’. ‘Bright and responsive’ counsel Seye Olufunwa is also a key member of the team, handling both new money deals and restructuring mandates, including matters demanding specialised securitisations and complex documentation.

Offering product experts in London as well as in key regional cities including Leeds and Manchester, DLA Piper provides a 'very proactive service' to a varied mix of banks, credit funds, sponsors and corporates, both at the front end and in a restructuring context. Co-heads Sarah Day and Joseph Frew have deep industry knowledge which comes into play in advising on relatively commoditised mandates and more bespoke structures, as well as product development for lenders. Clients also benefit from access to a number of adept restructuring lawyers, including Neil Riley and Birmingham-based Stephen Bottley, who are well-versed in refinancing and restructuring ABL facilities on both the creditor and debtor front. Alastair Carruthers is also recommended.

Leveraging extensive resources across its global network, Norton Rose Fulbright is particularly well-positioned to advise lenders on large cross-border ABL financings. Key to the firm’s success in the area is the work of ‘incredibly creative’ team head Michael Black, who has cultivated robust and long-lasting relationships with heavyweight US lenders, regularly acting for them on complex transatlantic deals where the ABL product sits alongside conventional bank lending and/or debt capital markets products. Notably, the firm has also picked up a growing number of borrower instructions as well as work for alternative capital providers. Alex Dunn and Helen Masri are also recommended.

Primarily centred in Birmingham, Pinsent Masons LLP provides a 'cost-effective service' to a balanced mix of funders and borrowers on the provision of ABL products for general working capital purposes, as well as refinancing and acquisition finance requirements. Under the leadership of Edward Sunderland, the team 'knows the market well' and is consequently able to 'take a commercial view' on deal structuring, whether it be in the context of bilateral and syndicated ABL facilities, non-recourse receivables purchase facilities or back-to-back receivables financings. Victoria Baker, who is 'exceptional in terms of market and commercial awareness', has strong ties with a number of clearing banks, regularly acting for them on her own as well as alongside practitioners from the firm's broader overarching banking practice. Amy Flavell frequently takes the lead on restructuring/insolvency solutions involving ABL facilities and is a key member of the team, as is Manchester-based Adam Patel, who provides 'high-quality advice' on the front end of deals for funders and lenders, including an increasing number involving complex inter-creditor relationships.

The 'responsive' team at Shoosmiths LLP provides 'high-quality' advice to a creditor-focused client base across a range of ABL solutions to borrowers in the domestic market. Under the leadership of the 'outstanding' Jon Bew, the Birmingham-based transactional team has established particularly strong traction in relation to bilateral mid-market mandates, where clients benefit from its deep familiarity with documentation, enabling it to provide a 'very efficient and cost-effective' service on multiple ongoing mandates. Bew is aided by Natalie Barnes, 'who works well with the counterparty advisers' to ensure that deals progress in a timely and pragmatic fashion. On the non-contentious front, lender clients benefit from the expertise of London-based Andrew Bowden-Brown, who is able to assist on security and enforcement issues, including as these relate to fraud, asset tracing and debt recovery.

Under the leadership of the 'outstanding' Paula Laird, Squire Patton Boggs provides 'clear advice' to funders (conventional banks, specialist lenders and alternative capital providers) and borrowers providing or seeking finance which uses the ABL product. Here, the firm is particularly adept at handling complex structured mandates, often involving different tranches of debt, a good number of which involve multi-jurisdictional considerations. Other key individuals include Tom Dell’Avvocato, who has 'exceptional negotiation and problem-solving skills', and Leeds-based Tom Telford, who 'combines high-quality advice with unique commercial attitude'.

North West-based firm Bermans has a long and well-earned reputation in the invoice finance market as a result of its ability to provide ‘responsive, highly knowledgeable and cost-effective’ advice to mid-tier commercial and alternative finance companies funding domestic SME growth and investment strategies. The scope of the work is broad, running the gamut from product development and deals through to disputes/enforcement advice. Liverpool-based team head Alex Chapman has ‘deep commercial understanding’ of the sector, and provides particular strength to lenders funding acquisitions and buyouts. In Manchester, David Gledhill ‘consistently delivers technical solutions to a high standard’ at the front end of deals, while Jonathan Berkson in Liverpool ‘provides sensible solutions’ to funders on the litigation front. Manchester-based Ian Munford is also recommended.

Within Bryan Cave Leighton Paisner‘s broad-based commercial lending team, which is led by Emma Howdle-Fuller, the firm advises on a significant and growing volume of ABL work, often handling hybrid matters where the ABL piece sits alongside other debt in the capital stack. Shanan Dunstan is key to this work, regularly advising lenders and sponsors on cross-border deals involving sophisticated ABL structures which feature complex inter-creditor arrangements.

Afforded greater strength, both in the pure ABL context as well as with regard to broader finance matters, as a result of Horsham-based PDT Solicitors’ merger with Cripps in January 2024, the combined firm is an increasingly compelling proposition for both funders and corporates across a range of factoring and invoice finance matters. The ‘excellent’ Noel Ruddy has longstanding expertise in the field, which he applies both on financing transactions as well as on acquisitions and disposals in the sector. Dawn Shadwell co-heads the team alongside Ruddy and specialises in ABL-related refinancings and restructurings.

Acting on its own as well as able to leverage the firm’s impressive international footprint, Dentons advises a lender-focused client base on domestic and cross-border new money and refinancing deals, utilising the full suite of ABL techniques. Key practitioners include Ian Clements, who regularly employs ABL techniques as part of his broader structured trade and commodity finance offering, and Glasgow-based Stuart Fitzsimmons, who handles ABL work, including within the whisky space, as part of his wide-ranging finance practice. Former team head Simon Prendergast joined Mills & Reeve LLP in May 2024.