Now headed by the ‘very knowledgeable’ Kieran Sharma, following the departure in November 2024 of Jifree Cader and Mark Knight to Davis Polk & Wardwell LLP, Sidley Austin LLP maintains a solid practice for debtors and creditors both domestically and in a cross-border context. On the company side, the team continues to work closely with colleagues in Hong Kong, helping to restructure the offshore debt of beleaguered Chinese real estate companies, including in some instances through the means of a UK restructuring plan. The strengthening of the firm’s London sponsor-focused leveraged finance practice in October 2024, following the recruitment of a high-profile team from Latham & Watkins (London) LLP, is also expected to elicit debtor mandates for distressed portfolio companies. In addition, Sharma’s own buy-side experience, having worked in-house at a major global investment firm, is beneficial to clients on opportunistic credit solutions.

The nascent London-based team at Davis Polk & Wardwell LLP, which is headed by well-respected Jifree Cader and Mark Knight, following their move from Sidley Austin LLP in February 2025, has a robust platform with which to develop a strong offering. Not only does it form an integral part of a growing UK corporate and finance offering, but it also will be able to effectively leverage the firm’s market-leading creditor-side reputation in the US. Both Cader and Knight, who both have diversified practices in all aspects of the capital structure, have recently been joined by a number of colleagues at their former firm, adding a degree of critical mass to handle transactions.

Drawing upon a ‘deep bench’ of talent, A&O Shearman is able ‘to cover all angles’ for creditors and debtors, in the context of consensual restructurings and distressed investment work, as well as increasingly in matters involving some form of creditor challenge. Indeed, under the expert leadership of Katrina Buckley, the team has been active, both company side and for dissenting creditors, defending and challenging several high-profile restructuring plans. As well as the practice’s traditionally strong traction among banks, work that both Buckley and Nick Lister regularly handle, it also continues to gain market visibility within the private credit space, reflective of the increasing importance of this asset class in major distressed mandates. Karen McMaster and the ‘exceptional’ Tim Watson are key to this fund-related work, with both regularly picking up high-profile ad-hoc committee work, in particular. Other key contacts include Joel Ferguson, whose versatile practice includes real estate restructuring expertise.

Despite the departure of Liz Osborne in September 2024, the ‘outstanding’ team at Akin remains a powerhouse in the market as a result of its deep traction among funds and its involvement in many of the highest-profile cross-border restructurings for bondholder committees. The ‘energetic and creative’ James Terry is very skilled at handling large ad-hoc creditor committee work, while also remaining a clear market leader for Norwegian and other Scandinavian restructurings in the offshore, oil and gas and shipping sectors. Emma Simmonds is adept at advising both primary and secondary credit investors, including insurance companies, credit funds and hedge funds, on both stressed and distressed situations, where she excels in realising maximising returns for stakeholders in challenging circumstances. Jacquie Ingram excels in ‘coming up with creative solutions’ on behalf of par and secondary investors, and is particularly effective advising on special situations financings, bringing a restructuring lens to lending transactions. The ‘erudite, careful and thoughtful’ Tom Bannister regularly advises institutional and distressed investors on cross-border financial workouts and restructurings. The vastly experienced Barry Russell, who ‘knows how to manage large groups of creditors with varying interests and priorities’, co-heads the team alongside Terry.

Acting on its own as well as frequently as part of a cross-office, multidisciplinary offering, the ‘attentive and knowledgeable’ team at Clifford Chance LLP excels in handling cross-border restructuring/insolvency matters involving complex capital structures. Although the firm picks up its fair share of debtor mandates, it is perhaps best-known for its creditor work, including for banks on deals where it papered the original documentation. Under the leadership of the vastly experienced Philip Hertz, the team has recently handled a myriad of recent mandates within heavily regulated sectors, including the financial services and infrastructure/energy sectors. ‘Class act’ Melissa Coakley has been key to much of this work and is noted for her indefatigable approach, leaving ‘no stone unturned in finding creative solutions’. Other core members of the team include David Towers, whose wide-ranging practice for a range of stakeholders, includes work involving Southern African situations; Iain White, whose recent work has included advice to lenders on distressed real estate situations; and John MacLennan, who continues to handle work for a leading airline lessor as a creditor on numerous aviation restructurings.

Drawing upon a highly integrated offering which combines both transactional and contentious strength, Freshfields is well-placed to advise stakeholders at all levels of the capital structure across the full range matters, from fully consensual restructurings to contentious insolvencies. While it does handle some major domestic matters, including its high-profile recent liability management exercise for Talk Talk, much of the firm’s work is cross-border, with clients benefiting from its in-depth expertise in both UK restructuring frameworks and European procedures, with parallel processes often co-ordinated to optimise outcomes. Lindsay Hingston embodies the broad nature of work handled by the firm, being as comfortable handling complex balance sheet restructurings, as mandates utilising restructuring tools, including Schemes of Arrangements and the UK restructuring plan. On the litigation front, Neil Golding excels at handling insolvency matters involving allegations of fraud, while Craig Montgomery continues to be heavily involved in highly contested restructuring plan matters. As well as continuing to pick up work for ad-hoc creditor committees, debtors, and officeholders, the arrival of Nick Fortune in December 2024 from Weil, Gotshal & Manges LLP enhances the firm’s ability to advise on complex creditor/investor mandates involving private capital solutions. Ken Baird, who led on the Talk Talk matter, is equally conversant with in-court and out-of-court restructuring processes and co-heads the team alongside Richard Tett. Noted for her particular expertise in financial services sector mandates, Emma Gateaud's recent engagements include major cross-border restructurings.  Catherine Balmond is also recommended, including on matters involving offshore considerations.

Leveraging a ‘deep understanding of the requirements of the different types of stakeholders’, Kirkland & Ellis International LLP excels at handling cross-border restructurings involving often very complex capital structures. Much of the work is fund-related, with the firm’s impressive private equity client base driving substantial instructions, both in defending portfolio companies as debtors and investing in restructuring opportunities. On the debtor front, the team excels in deploying various restructuring and insolvency mechanisms, such as schemes of arrangement and UK restructuring plans, while also supporting corporate debtors and ad-hoc creditor groups beyond the private equity sector. The ‘very experienced’ Sean Lacey ‘keeps his calm in difficult situations’ and heads the team. Other key members of the team include the ‘pragmatic and strategic’ Thomas Jemmett; Hannah Crawford, who ‘very effectively balances stakeholder management with client needs and interests’; and the ‘technically skilled’ Kate Stephenson, who excels in handling work involving restructuring plans. Partha Kar is noted for his capacity to act for creditors and insolvency practitioners as part of a wide-ranging restructuring practice.

Able to draw upon the expertise of eight core restructuring partners, as well as leveraging its impressive overarching acquisition finance offering and international reach, Latham & Watkins (London) LLP can ‘navigate the most complex deals in the market’ for creditors, debtors and investors. Yen Sum ‘excels at fostering collaboration’ between stakeholders with competing interests, which in turn ensures she is able to achieve ‘unparalleled results’ for lenders and bondholders in complex cross-border restructurings, liability management exercises and special situations. David Wallace and Jennifer Brennan are also key to the firm’s success for bondholder committees and funds, with Wallace benefiting from excellent insight into the commercial drivers of the private credit space through his previous tenure at Alcentra. ‘Highly knowledgeable’ team head Bruce Bell also handles some creditor work, but is best-known for his skill at helping corporate debtors extricate themselves from financial difficulty, including through the utilisation of Schemes of Arrangement.

With strength-in-depth at all levels of seniority and also able to draw from the expertise of market leading practitioners across complementary practice areas, both domestically and internationally, Linklaters LLP has the critical mass and resources to be able to advise on many of the largest and most complex mandates in the domestic and international market. The sheer size of the team ensures it can cover the panoply of situations, running the gamut from fund-related special situations and consensual balance sheet restructurings through to formal insolvencies, for an eclectic roster of clients across both the debtor and creditor front. ‘Technically strong’ practitioner Richard Hodgson has a very good reputation among IPs, which are appreciative of his ability to ‘find commercial solutions’, as well as for debtors, including his pivotal role for Thames Water on its complex headline-grabbing restructuring. The ‘exceptional’ Nick Le Masurier, who co-heads the team alongside Hodgson, has more of a creditor/investor focus and excels in providing ‘commercially minded advice’ to banks and funds in complex situations involving multiple stakeholders. The ‘first-rate’ Matthew Harding is very skilled at handling debtor and IP work, including within heavily regulated industries such as energy and financial services. Other key contacts include James Warboys, co-lead on the Thames Water restructuring plan, who is adept at handling work for funds; fellow Thames Water co-lead, the highly experienced Rebecca Jarvis, who handles restructuring work in her role as global co-head of the overarching banking team; contentious insolvency expert Euan Clarke, who led on the challenges to Thames Water’s restructuring plan; and ‘rising star’ Max Krasner. Recent arrivals include Mei Lian, noted for her skill in injecting new capital into stressed situations to realise value for funds clients, in particular.

Drawing upon a ‘strong bench of talent’ within its core restructuring team as well as being able to leverage expertise in adjacent areas including banking and litigation, Weil, Gotshal & Manges LLP provides ‘flexible and creative’ advice to debtors and creditors across the full spectrum of distressed mandates, from advice on out-of-court restructurings, and distressed investing through to formal restructuring and insolvency procedures. As well as his fee-earning work, which has recently included some high-profile transactions for bondholders on sovereign debt restructurings, the ‘very experienced and seasoned’ Andrew Wilkinson is recognised as a thought leader. Although he does handle some debtor mandates, including for institutional firmwide sponsor clients, the ‘deeply respected’ Neil Devaney, who co-heads the team alongside Wilkinson, is best-known for his sophisticated offering for funds as fulcrum creditors on complex pan-European restructurings. The ‘super bright’ Lois Deasey regularly works alongside Devaney for ad-hoc noteholders, with both recently advising on several large situations involving UK restructuring plans. Gemma Sage and Mark Lawford are key members of the team, with the ‘pragmatic’ Sage excelling in restructurings and formal insolvency procedures for debtors and creditors, and Lawford regarded as a ‘real expert in court led restructurings, particularly those with complex and contentious issues’.

Drawing upon strong fund connections and often working in a very cohesive fashion with lawyers across the firm’s banking, capital markets and litigation offerings, Milbank has a front row seat on many of the largest and complex cross-border restructurings for fulcrum creditors. Tremendously well-connected, Yushan Ng is the gravitational force behind much of this work, continuing to act for both par and increasingly secondary investors seeking to realise value in distressed situations, both in and out of formal insolvency scenarios. Dual New York and UK-qualified partner Sarah Levin is also involved in a significant amount of ad-hoc bondholder work, and is also highly regarded for her skill at effecting distressed M&A solutions, as well as on restructuring matters with a significant US nexus. The arrival of Ian Wallace from White & Case LLP in August 2024 further consolidates the firm’s existing strength on the creditor front, as well as providing wider bandwidth, in light of his considerable debtor side experience. Sinjini Saha co-heads the team alongside Ng.

Acting on its own as well as synergistically alongside the firm’s M&A, acquisition finance and capital markets teams, Simpson Thacher & Bartlett LLP advises a fairly balanced mix of debtors, investors and creditors on domestic and cross-border restructurings, involving often highly complex capital structures and a myriad stakeholders with competing interests. On the debtor front, the ‘technically robust’ team, which is headed by the well-respected Adam Gallagher, picks up a number of mandates for distressed portfolio companies of the firm’s private equity sponsor roster. The team also excels in handling ad-hoc committee work for banks and funds, as well as advising credit funds providing private capital in stressed situations. James Watson is highly skilled in overseeing both transactional – including special situation mandates – and formal insolvency matters, offering tailored solutions to a broad spectrum of creditor and debtor clients. Marc Hecht is also recommended and is gaining increased market visibility as a result of some recent high-profile mandates for debtors and bondholders.

Leveraging the firm’s blue riband roster of listed corporate clients, Slaughter and May continues to receive a high proportion of its restructuring-related instructions for debtors, where it is able to provide ‘pragmatic solutions that reflect the commercial circumstances’. Much of this recent work has been in relation to conducting liability management exercises, as a number of these clients are facing impending debt maturity dates. ‘Creative and thoughtful’ team head Ian Johnson is key to the firm’s success on the company side, and as well as handling more transactional-centred matters also excels at gaining the best results for clients through the effective use of restructuring tools, including for UK-headquartered businesses seeking to access Chapter 11 US protection. Claire Cooke has been key to the firm’s liability management work, as has the ‘technically skilled and very commercial’ Tim Newey, while a growing funds offering includes Edward Couzens, who brings added insight through his secondment at a hedge fund.

Led by the ‘highly professional’ Olga Galazoula, the ‘hands-on and collaborative’ team at Ashurst works well with other interconnected teams, including finance, regulatory and litigation, to provide ‘high-quality advice’ to participants at every level of the capital structure, including on some complex cross-border mandates involving challenging stakeholder dynamics. Funds work continues to inform some of the deal flow, leveraging strong mid-market private credit fund relationships garnered from the leveraged finance team as well as cultivating its own ties as private capital solutions continue to play an increasingly important role in modern day restructurings. The ‘calm and measured’ Ru-Woei Foong is key to this work, including as it relates to distressed investing and bespoke lending opportunities. The firm also has a very strong presence in regulated industries, with Drew Sainsbury praised for his ability to ‘distil complex legal issues into clear advice’, particularly as it relates to officeholder and debtor work in the financial services industry. ‘Highly regarded litigation expert’ Lynn Dunne is also a key contact, as is Simon Clarke, for bank-side distressed real estate matters; Inga West, who has ‘deep technical knowledge on insolvency matters’; and the ‘very thorough’ Richard Bulmore who excels in handling high-profile cases with a significant UK strategic or national public importance. Giles Boothman retired from the partnership, but remains as a senior consultant.

The ‘switched on and client friendly’ team at Jones Day acts on its own, as well as at times alongside practitioners from across the firm’s global network, to ‘seamlessly deliver work product’ for creditors, investors, debtors and officeholders across a wide range of domestic and cross-border transactional and contentious matters. Drawing upon ‘an excellent marriage of legal analysis with commercial strategy’, team head Ben Larkin is very adept at advising on complex restructuring mandates, involving debt throughout the capital structure, including an increasing amount for private equity funds, both for portfolio clients as well as in the context of distressed opportunities. David Harding also handles a considerable amount of fund work and excels in advising debtors and creditors utilising European insolvency processes. The ‘commercially astute’ Adam Brown  is very skilled at handling insolvency litigation and has, in recent years, handled a number of high-profile cases for administrators/liquidators in the retail sector. Hannah Plumb, who was recently on maternity leave, is also recommended.

The ‘pragmatic, resourceful and creative’ team at Mayer Brown International LLP covers the full range of work throughout the distressed curve, from special situations through to formal insolvencies. In both cases the firm is able to draw from broader firmwide complementary resources, including across finance, corporate and pensions, as well as excelling on cross-border mandates where it works well with other global offices. Combining strong commercial instincts with technical knowledge, the ‘highly experienced’ Michael Fiddy is very effective at handling complex matters involving multiple stakeholders, including within the real estate sector. The ‘very user-friendly’ Amy Jacks has a versatile practice that includes work for IPs, debtors and creditors. She co-heads the team alongside Fiddy and Devi Shah, who is particularly skilled at handling restructurings in the highly regulated pensions and financial services sectors.

Often working in a very cohesive fashion with the firm’s private equity, banking and capital markets offerings, as well as lawyers from across its European and US offices, the ‘innovative and progressive’ team at Willkie Farr & Gallagher (UK) LLP is excellent at finding ‘commercial angles’ for investors and creditors across the spectrum of stressed, distressed and cross-border restructuring mandates. The ‘responsive’ Graham Lane has been key to the firm’s success, including on special situations strategies, and has an excellent relationship with private equity, hedge and private credit funds, which he advises across a raft of complex situations, including in the French market. The well-connected Simon Baskerville co-heads the team with Lane and has a broad offering that also features funds-related work (including as ad-hoc creditor committees), as well as debtor mandates, some of which is spawned from firmwide institutional private equity relationships. The ‘highly commercial and strategic’ Edward Downer is also recommended for his distressed debt investment expertise. Iben Madsen departed the team in December 2024.

With many core restructuring lawyers in the London-based team, and also benefiting from access to a strong regional presence, CMS has the strength-in-depth to handle a significant volume of mid-market mandates for a varied mix of stakeholders. The team’s collaborative approach with sector experts and other complementary practice groups is also a strength and is a particularly compelling offering for debtor work, where a full-service approach is often key. Timea Scholey has recently handled a number of notable pan-European company-side mandates, while Glen Flannery continues to maintain an excellent reputation advising debtors in matters with a nexus to the government, as well as being the firm’s relationship partner for the Official Receiver. On the creditor/investor front, as well as continuing to receive work from clearing banks, the team also continues to gain traction among funds for special situations/distressed investing. Here, Kelly Rothwell  is the key contact. Martin Brown departed the team in late 2025.

Traditionally best-known for its work for officeholders and lenders on domestic restructuring and insolvency matters but increasingly active in cross-border mandates through increased collaboration with key offices in Europe and the US. Dentons has strong coverage across a wide array of contentious and non-contentious matters. Team head Sue Moore is a ‘great strategic thinker’ who is appreciated for her ‘very collaborative’ approach. Moore is one of many in the team that are well-versed at handling complex insolvency litigation matters, with Ian Fox being another notable name, including as it relates to global asset recovery. Other key contacts include the ‘highly experienced’ Luci Mitchell-Fry, Tessa Blank and the ‘very bright’ Jonathan Sears.

Under John Whiteoak‘s leadership, Herbert Smith Freehills Kramer LLP has garnered a formidable reputation on behalf of corporate debtors—including board members—as well as officeholders on complex insolvency processes. With a strong foundation in commercial disputes and restructuring expertise, Whiteoak is particularly noted for his contentious work, including as it relates to director disqualification proceedings and preference claims. Leveraging the firm’s skills at the front end of projects and infrastructure matters, the team also regularly handles work when there is some distress, with Kevin Pullen having niche expertise on PFI/PPP restructuring matters. ‘Established heavyweight’ John Chetwood is well-versed in many formal insolvency processes, including on restructuring plans, recently working as part of a cross office team for Sumitomo as one of the principal creditors of the Ambatovy Nickel Project in Madagascar in the successful use of a restructuring plan.

Leveraging strong traction among IPs and the firm’s institutional funds clients, the ‘exceptionally bright team’ at Macfarlanes LLP continues to pick a significant pipeline of both transactional centred restructuring work and formal insolvency mandates. ‘Very accomplished’ team head Jat Bains provides ‘practical advice’ to stakeholders across a range of restructuring-related matters, including as it relates to distressed M&A opportunities for investors and providing strategic advice to private credit funds as creditors in distressed situations. The ‘very skilled’ Paul Keddie is the principal contact for formal insolvency work and as well as regularly handling work for officeholders has also picked a considerable amount of debtor-side work in the retail space, including numerous situations that have utilised the restructuring plan.

Norton Rose Fulbright is adept at advising creditors, debtors and investors engaged in matters throughout the distress curve, adding particular value in firmwide areas of sector strength, including transport, energy and financial services. Many of the mandates are multi-jurisdictional, where the firm is particularly well suited to act, in part due to its vast international network of offices. The ‘user friendly’ Mark Craggs  is ‘technically and commercially very strong’, attributes which endear him to a wide array of stakeholders on non-contentious and contentious matters, including on formal insolvency procedures. Team head James Stonebridge is able to leverage his broader banking and finance to good effect on restructuring mandates, as well as being well-versed on the use of formal insolvency tools, including on restructuring plans.

Fuelled by exponential growth at a partner level over the past few years, the ‘exceptional’ team at Paul Hastings LLP has the strength-in-depth to handle a significant range and volume of distressed cross-border mandates for a creditor/investor-focused client base. Funds are the lifeblood of the practice, whether it be assisting them on new money financings or in the context of restructuring procedures. William Needham, who joined in 2024 from KKR, heads the team. Other key practitioners include Helena Potts, who excels in handling formal and informal cross-border restructurings/refinancings; Jessica Ling, for secondary and par investors; and Tom McKay, who provides versatility across restructuring, insolvency and special situation matters.

Displaying ‘a great balance of legal knowledge and practical application’, Paul, Weiss, Rifkind, Wharton & Garrison LLP‘s newly formed restructuring team has hit the ground running since bursting on to the legal market in September 2024, following the marquee hire of the ‘calm and composed’ Liz Osborne from Akin. As well as bringing her own fund connections with her following the move, Osborne has also been effectively able to leverage the London office’s blossoming leveraged finance offering, as well as the firm’s market-leading US presence to pick up the European elements of Chapter 11 processes. Other key contacts include ‘deal-maker’ Kai Zeng, whose recent experience as an investment director at Blantyre Capital adds insight into the commercial drivers of special situations funds. The arrival of Nick Charlwood from A&O Shearman in June 2025 is another major statement of intent in light of his versatile offering.

Leveraging its firmwide institutional relationships with banks and corporates which elicits a significant flow of restructuring work, and also viewed as a destination practice by IPs on formal insolvencies, Pinsent Masons LLP continues to generate a significant volume of primarily mid-market domestic work. In addition, under the leadership of Steven Cottee, the team has effectively expanded its fund offering, gaining an increased amount of distressed investment matters, invariably with multi-jurisdictional elements. Cottee has a diverse practice that touches on all the aforementioned elements, as well as also having a niche specialism advising professional services entities (including law firms) on their restructuring needs. Although he is now in a consultancy role following his recent retirement from the partnership, Charles Maunder remains active in the team.

Leveraging the resources of practitioners in key regional business centres as well as a growing presence in some important European and Middle East offices, the ‘commercially aware’ London-based team at Addleshaw Goddard is well-positioned to advise on both mid-market domestic work, and an increasing volume of larger cross-border mandates. Much of the increased levels of international work is driven by a heightened focus on funds, where Karl Clowry and Scott Morrison, the latter who joined from Orrick, Herrington & Sutcliffe (UK) LLP in August 2024, both excel. The practice also maintains excellent relationships with clearing banks and IPs, with ‘practical and pragmatic’ team head Fraser Ritson and the ‘committed’ Anna Hodgson both very skilled at guiding these clients through domestic situations, in particular. Leeds-based Andy Bates heads up the national practice.

Bryan Cave Leighton Paisner‘s expansive practice provides strategic counsel to creditors, investors, and debtors across a wide range of restructuring and insolvency matters. The firm frequently collaborates with specialists in finance, corporate and real estate, ensuring well-integrated and effective solutions are achieved. This collaborative approach is exemplified by team head Richard Obank‘s expertise advising on distressed real estate matters, where he frequently works alongside subject matter experts in the field at the firm. Marc Trottier also handles some work within the real estate sector, including for secured lender creditors, as well as developing market-leading restructuring expertise within the sports arena. Colin Ashford is the main contact for contentious matters, work which includes defending insolvency practitioner conduct claims.

Acting on its own, although invariably as part of a multidisciplinary, cross-office offering, including with lawyers from the firm’s New York headquarters, Fried, Frank, Harris, Shriver & Jacobson LLP‘s sweet-spot lies in its ability to navigate complex cross-border restructuring and insolvency mandates for a varied array of stakeholders. As well as representing corporates and officeholders on balance sheet restructurings and insolvency processes (including matters with contentious issues), the ‘very pragmatic’ Ashley Katz is also very skilled at advising funds on their distressed investment activity. Geoff O’Dea co-heads the team alongside Katz following his move from Goodwin Procter in January 2025. He adds additional special situations expertise (including on distressed investing and financing) as well as deep knowledge across many restructuring tools including Schemes of Arrangement. Mandip Englund joined Travers Smith LLP in April 2025.

Since its establishment in January 2024 following Lisa Stevens‘ move from Freshfields, Gibson, Dunn & Crutcher has successfully gained market share for a creditor-focused client base on some significant cross-border situations. Stevens, who heads the team, is ‘knowledgeable on UK but also on wider European restructuring matters’, often working closely with the firm’s strong Paris restructuring team. In addition, the team is regularly engaged in transatlantic mandates, often working with the New York office, and excels on advising on liability management exercises and out-of-court restructurings for creditors on mandates involving UK and US-governed finance documents. The arrival of highly experienced practitioners Chris Howard and Presley Warner from Sullivan & Cromwell LLP in March 2025 further enhances the team.

Mirroring the firm’s broader transactional growth out of London, Goodwin often works in a synergistic way alongside venture capital, private equity and real estate functions, in particular for creditors/investors, IPs, and debtors across a range of transactional and more formal insolvency processes. Leveraging the firm’s resources in the US, a good deal of the work has a transatlantic angle, with noted sector strengths within the tech and life sciences arena. ‘Well-versed in insolvency legal knowledge’, team head Simon Thomas provides ‘effective and calm’ support to a myriad stakeholders, including funds and IPs. Emily Lockhart has ‘excellent technical expertise and commercial nous’ and is also a key contact. Geoff O’Dea joined Fried, Frank, Harris, Shriver & Jacobson LLP in January 2025.

The ‘knowledgeable and customer-focused’ team at Greenberg Traurig, LLP advises an eclectic mix of debtor, creditor and investor stakeholders across an eclectic mix of work throughout the distress/stress curve. Vastly experienced team head John Houghton combines black letter law insolvency knowledge with a strong commercial understanding of market dynamics, ensuring he is well-placed to advise on consensual restructurings, investor-led deals as well as work for debtors, including those that utilise the UK restructuring plan and Schemes of Arrangement. Much of the work has a multi-jurisdictional component, with the team often working alongside practitioners throughout the firm’s international network, including in areas of sector strength such as real estate. Other key practitioners include the ‘first-rate’ Hannah Blom-Cooper, whose work spans the insolvency and fraud fields; Aaron Harlow, who is the 'epitome of professionalism', and the ‘well-rounded’ Rupert Cheetham.

Taking an ‘holistic view’ to matters that aligns with the firm’s collaborative cross-practice approach, McDermott Will & Schulte has ‘a depth and breadth of skills to handle complex multi-faceted’ domestic and cross-border restructurings and insolvencies for creditors and debtors. Praised for his ability to ‘oversee a range of activities whilst also being able to engage with the minutiae’, Mark Fennessy is very skilled at handling special situations-related matters for investors as well as for asset managers with regard to distressed portfolio companies. In addition, he regularly handles work for GLAS as bond trustee, as does Sunay Radia, who is also closely aligned to private credit fund clients, a growing strength for the firm as a whole. The recent arrival of the ‘exceptionally smart’ Alex Wood, following a short stint in academia, and Kathleen Wong, from A&O Shearman, provides additional firepower to a growing team. Aymen Mahmoud co-heads the team alongside Fennessy.

Noted for its trial-ready capabilities, litigation-focused powerhouse Quinn Emanuel Urquhart & Sullivan, LLP excels in handling highly contentious insolvency and restructuring cases for clients as both claimants and respondents. Under the leadership of ‘heavyweight practitioner’ Richard East, the team has strong traction among officeholders, regularly acting for them in hostile cases where issues of fraud are alleged and to realise assets for secured creditors, as well as through a contingency planning lens. The team also excels in representing funds, and in both cases often works alongside colleagues across the firm’s international network on highly complex cross-border mandates involving issues of court recognition. Insolvency veteran David Ereira joined in 2024 from Paul Hastings LLP, and has since handled some challenges in relation to restructuring plans. Other key contacts include the ‘highly intelligent yet commercial and business focused’ Yasseen Gailani and Karabeth Ovenden, who ‘has boundless energy which is channelled in a laser focused way’, including on Middle East mandates.

Drawing upon a cohesive offering across restructuring, litigation and fraud, Stephenson Harwood is well-positioned to advise stakeholders on all issues arising in connection with financial distress, restructuring, and insolvency. ‘Very proactive’ team head Julian Cahn is key to the firm’s success on contentious insolvency matters and regularly picks up high-profile work for administrators and trustees in bankruptcy in often very complex cases involving, inter alia, allegations of fraud and dissipation of assets. The ‘practical and pragmatic’ Tal Goldsmith is also highly skilled at advising on contentious matters and is particularly noted for her expertise at recovering assets for clients on large-scale cross-border mandates. For non-contentious work, the ‘fast thinking’ Ian Benjamin has a good standing among a myriad stakeholders, including creditors and investors, while the arrival of Daniel Andrews from Triton Partners in September 2024 strengthens the team’s special situations prowess among private capital providers.

Led from London by the ‘highly intelligent’ Carl Allen and also able to draw upon considerable regional and international resources, Eversheds Sutherland (International) LLP is well-placed to advise stakeholders across a range of domestic and cross-border restructuring and insolvency work. Although the team remains steadfastly sector agnostic, in recent years Allen has picked up a raft of work for officeholders in energy-related matters and has become recognised as an authority of the “Supplier of Last Resort” regime. Other key contacts include Alex Rogan, who has developed particular expertise with regard to the use of restructuring plans on cross-border matters and the ‘practical and commercial’ Zoe Aarons, who excels in maximising returns for funds and banks as secured creditors.

Drawing upon a wealth of technical expertise and deep market knowledge, the ‘client-focused and commercial’ team at Fieldfisher remains a very popular choice for officeholders and debtors, in particular, across a range of contentious and non-contentious insolvency/restructuring matters. As well as continuing to pick up a considerable volume of domestic mandates, particularly within the property sector, the team is also gaining more traction in the market for cross-border deals, including on energy and mining-related matters. Stewart Perry is skilled at handling work throughout the distressed curve, using his technical knowledge across different insolvency/restructuring tools to drive solutions both in and out of court. Kit Jarvis, who excels in handling cross-border contentious insolvency matters; Robin Spender, who handles restructuring and refinancing work as part of his broad finance offering; and Manchester-based Michelle Shean co-head the team alongside Perry.

Taylor Wessing advises creditors, investors, debtors and office holders across a variety of restructuring work and formal insolvency procedures. ‘Outstanding’ team head Nick Moser is very skilled at advising on complex contentious insolvency matters, including those involving allegations of fraud. Leveraging the firm’s overarching tech and life sciences expertise, the ‘hardworking’ team is also adept at handling IP-rich restructurings, with Stephen O’Grady developing a niche advising on crypto-related matters. Amy Patterson is also skilled at advising on tech-related mandates, as well as on contentious and non-contentious insolvency matters within the real estate sector.

The ‘highly technical and client-centric’ team at Alston & Bird LLP is skilled at advising creditors, investors, trustees and officeholders, in particular, across a range of formal insolvency matters as well as more transactional work, including those utilising special situations strategies. Team head Phillip Taylor is ‘able to navigate difficult stakeholder issues’ for a range of clients, including credit funds and officeholders. Anna Nolan is also a key contact and is adept at finding solutions for clients through consensual means such as liability management exercises, as well as through formal restructuring tools, including restructuring plans and schemes.

With a core team which is headed out of London by Sarah Smith and Priyanka Usmani and often working closely alongside restructuring lawyers across the global network, as well as being closely intertwined with the firm’s broader finance and litigation functions, Baker McKenzie is effectively able to advise debtors, creditors, and investors on a diverse array of cross-border restructuring and insolvency matters. The firm is active across all stages of the distress curve, from special situations and distressed debt engagements. Kevin Heverin joined the firm from A&O Shearman in June 2025. William Swan departed the team in July 2025.

‘Conversant with products and debt structures right the way through the capital structure’, Cadwalader, Wickersham & Taft LLP‘s restructuring practice has gained most traction for private funds clients either where they were involved in the original finance which has become stressed or in the context of hybrid capital solutions to realise value in distressed scenarios. ‘Smooth operator’ Bevis Metcalfe is the principal contact for this work and is noted for his ‘incredible technical and strategic skill’. Metcalfe co-heads the team alongside Gregory Petrick, who splits his time between London and New York.

Led by the ‘very commercial’ Roger Elford, Charles Russell Speechlys LLP has gained a strong reputation among IPs in relation to highly contentious insolvency matters. The ‘very clever’ Jamie Tilling is also key to much of this work, particularly where there are allegations of fraud and on cross-border mandates when asset tracing is required. The vastly experienced Alison Goldthorp is skilled at advising directors’ boards on restructuring and related advice on their fiduciary duties, while Hanh Nguyen is adept at advising on distressed M&A mandates.

Led from London by the vastly experienced Joe Bannister and also able to leverage regional resources from Bristol, in particular, DAC Beachcroft LLP provides a ‘pragmatic and supportive’ service to corporates, lenders and IPs on both transactional and balance sheet-related restructurings as well as formal insolvencies. As part of his varied client roster, Bannister also regularly advises public bodies facing stressed counterparties, and has over the years handled many insurance-related situations. Notably, Bannister recently advised the directors of Thames Water on its high-profile restructuring.

Under the leadership of the vastly experienced Patrick Corr, Faegre Drinker Biddle & Reath has, since the London team was established in 2020, developed a strong offering for corporates and funds, in particular, on cross-border strategic opportunities and situations throughout the distress curve. On the debtor front, much of the work flows from the firm’s US base for firmwide institutional health and life sciences companies on balance sheet restructurings to help manage exposure to product liability claims. On the investor/creditor side, the real estate sector is a very fertile source of work, with Gary Bellingham and Buvini Kularatne both particularly skilled at realising value for funds investing in distressed assets in the space.

Under the leadership of the ‘helpful and proactive’ Rick Brown, HFW provides IPs with high-quality legal counsel, particularly in complex, high-value contentious insolvency cases. The ‘well-organised and proactive’ team excels in handling matters at the intersection of fraud and insolvency, with Brown bringing notable expertise in cases involving offshore jurisdictions. Although the team is industry agnostic, it brings particular value to matters within firmwide sector areas of strength, including transport, as exemplified by its recent work in the aviation sector for aircraft leasing companies. Other key contacts include David Chalcraft and Neil Chauhan.

Working on its own as well as frequently collaborating in a multi-office and multidisciplinary manner alongside colleagues across Europe, the US and the Middle East, K&L Gates LLP is well-positioned to advise on multi-jurisdictional mandates running the gamut from formal insolvencies, through to balance sheet restructurings and special situations-related matters. Team head Jonathan Lawrence maintains a strong practice advising on distressed M&A-related work, and on restructurings with a nexus to the Middle East. Other key contacts include ‘responsive and proactive’ Clare Tanner for contentious matters, and Sonya van de Graaf, whose arrival from Katten enhances the firm’s ability to service financial institution, private credit fund, and corporate trustee clients.

Mishcon de Reya LLP is best known for its contentious insolvency expertise and is very well-positioned to maximise returns on behalf of IPs. Many of these matters include allegations of fraud/dishonesty, including in a cross-border setting. The team is also very skilled at acting for respondents, including directors of troubled companies, in disqualification proceedings. Danny Davis excels at handling cases both for and against administrators and heads up an accomplished team that also includes the vastly experienced David Leibowitz and Radford Goodman, who joined in 2024 from Norton Rose Fulbright adding further weight behind the firm’s cross-border capabilities, in particular.

Under the leadership of Kathleen Garrett, Reed Smith LLP is a trusted partner for investors and creditors, renowned for its expertise in complex balance sheet restructurings and distressed M&A strategies, with a strong international presence enabling seamless cross-border transactions. The team also adds value to clients through its skill at advising on areas of core firmwide sector focus, including financial services, transport and energy. The ‘determined and hardworking’ Linton Bloomberg is also a key member of the team with a broad practice that includes contentious and non-contentious work for officeholders, banks, and funds.

Under the leadership of Lee Sennett in London, Shoosmiths LLP strategically utilises its substantial resources in Birmingham to enhance its service to clients, which include a range of stakeholders active in the mid-market. The team has excellent traction among IPs, while securing an increasing number of mandates from funds and banks, including asset based lenders. Sennett has been active advising officeholders on insolvent situations within the retail sector, and also continues to be involved on restructuring plan work. The arrival of Jonathan Dunkley from Womble Bond Dickinson (UK) LLP in July 2024 strengthens the team’s capacity on the corporate restructuring front, while for contentious insolvency matters the ‘commercial and responsive’ Hayley Capani is particularly skilled.

With an increasingly strong London presence sitting alongside a sizeable regional and international footprint, the ‘approachable and hardworking’ team at Squire Patton Boggs is well-equipped to manage both domestic and cross-border matters, providing comprehensive restructuring and formal insolvency services to investors, debtors, creditors, and office holders. As part of a broad offering which includes advice on balance sheet restructurings and formal insolvencies, Charlotte Møller excels in advising on the enforcement of security over UK assets, particularly as it relates to non-performing loans (NPLs). Leeds-based John Alderton co-heads the team alongside Møller, and has good traction among IPs and lenders on mid-market domestic insolvency matters.

Ashfords LLP maintains a robust presence in the South West while also leveraging its London-based expertise, particularly in contentious matters. Bristol-based team head Melissa George is well-versed in helping directors and companies manage distressed situations without recourse to any formal procedures, as well as being skilled at advising IPs in formal insolvency scenarios. In London, the ‘highly commercial’ Crispin Jones is the main contact for insolvencies involving contentious issues, including as it relates to tax avoidance schemes. He is also particularly adept at advising on law firm restructurings.

Under the leadership of the ‘knowledgeable’ Caroline Cropley, Druces LLP has developed a strong offering for corporates, HNWIs, and an expanding roster of IPs engaged in restructurings, insolvencies and distressed transactions, particularly within core firmwide sector strengths, including real estate. The arrival of Jeff Roberts  from Memery Crystal in March 2025 provides added bandwidth to the team, in light of his skill at handling insolvency litigation and distressed asset recoveries.

Drawing upon a ‘deep knowledge and understanding’ of restructuring and insolvency matters, the team at boutique litigation firm Enyo Law LLP excels in handling contentious insolvency matters both on behalf of and adverse to officeholders. Recognised as an ‘exceptional tactician’, Jamie Leader has the experience and gravitas to be able to run large-scale litigation, and as well as drawing upon his own excellent client relationships, is also regularly referred work to by larger conflicted law firms. Leader co-heads the team alongside Oliver Rule, with both particularly skilled in dealing with the insolvencies of regulated financial services businesses.

Fladgate LLP‘s versatile offering encompasses work for IPs, banks, directors, funds and companies as stakeholders in both formal insolvency situations and restructuring and investment related work. Co-heads Jeremy Whiteson and Sophie Burke are both skilled across a wide range of work in the space, with both also able to leverage their broader corporate skills to good effect, including on distressed M&A transactions. Tapping in to the firm’s private wealth and venture capital prowess, the firm also handles work for high-net-worth individuals/entrepreneurs in financial distress. The ‘proactive and very hardworking’ Judith Davidge is the principal contact for contentious insolvency work.

The ‘agile and technical’ practice at Howard Kennedy LLP has a strong reputation advising debtors, creditors and investors across a range of domestic mid-market insolvency and restructuring mandates. As well as having core insolvency expertise, the team is also able to leverage the expertise of lawyers within complementary practice areas, including real estate, corporate, and dispute resolution. As part of his broad ranging insolvency expertise, team head Vernon Dennis is particularly skilled advising on strategic and advisory support for company boards when planning programmes of business turnaround or restructuring. Crispin Daly's arrival in October 2024 from Paul Hastings LLP strengthens the firm’s capacity to handle complex contentious insolvency matters both in and out of court.

The ‘knowledgeable and efficient’ team at insolvency boutique Isadore Goldman delivers an ‘exceptional client service’ across a range of corporate restructuring, personal insolvency and formal insolvency mandates. The team has excellent office holder relationships, regularly advising IPs on contentious matters, including those involving allegations of fraud against the insolvent company. Thomas Bond and the ‘vastly experienced’ Nick Oliver are key to much of this work, with both also regularly advising directors, including on the defence of insolvency-related claims and regarding disqualification proceedings. ‘Exceptional’ team head Monica Kapur has niche expertise advising IPs in cases concerning construction insolvency disputes.

Litigation boutique Keidan Harrison continues to perform well in the market since establishing in 2020. Under the leadership of name partner Luke Harrison, the team regularly picks up contentious insolvency work both for and against office holders, directors and other creditors in high-profile cross-border matters. Conflict free, clients also benefit from the ability of the firm to be adverse to major banks (often picking up referral work from London firms due to their institutional relationships), as well as gaining value through Harrison’s advocacy skills by virtue of his higher rights of audience accreditation.

Entrepreneurial law firm Keystone Law has a number of strong individuals in its ranks, including Elaine Nolan, who joined in March 2025 from Kirkland & Ellis International LLP. Nolan has an excellent track record at handling distressed mandates in the retail space and is adept at advising on real estate leasehold restructurings. Matthew Hennesy-Gibbs is another key contact and excels at handling cross-border insolvency disputes.

Forming an integral part of the firm’s growing corporate, finance and investments group, which includes a particularly strong private credit offering, the ‘very commercially minded’ restructuring team at King & Spalding LLP works on its own as well as alongside US and European colleagues across a range of cross-border situations for creditors and debtors. Team head Patrick Schumann provides ‘exemplary advice’ to stakeholders, including recently representing creditors in a high-profile challenge against a restructuring plan initiated by the McDermott group.

Specialist commercial litigation boutique LK Law LLP is skilled at advising officeholders on complex cross-border disputes. Here, under the guidance of Andrew Ford, the team is particularly adept at handling cases involving allegations of fraud, as well as tracing and recovering assets dispersed internationally. Caroline Phipps is also a key contact, with both her and Ford also benefiting from expertise on the defendant side.

The small partner-led team at Marriott Harrison LLP provides a ‘very responsive service’ to creditors, investors, corporates and officeholders across the full spectrum of restructuring and insolvency matters, including complex cases involving administrations, receiverships, and distressed financial restructurings. Drawing upon ‘a wealth of experience in complex insolvency’ matters and also benefiting from new money financing expertise, team head Brett Israel provides ‘incredibly commercial advice’.

With a sizeable presence in London and also aided by practitioners throughout the Thames Valley region, Penningtons Manches Cooper LLP can provide ‘commercial advice’ to stakeholders, including IPs, across the full spectrum of restructuring, insolvency, bankruptcy and recovery matters. Many of the mandates have a contentious angle to them, with the ‘calm and reassuring’ John Adams particularly skilled at advising on fraud-related insolvency matters, including those involving digital assets. Rebecca Andrews-Walker, who is dual-qualified as an insolvency practitioner, heads up the team.

Adopting a transactional approach to work in the space which often involves collaboration with the firm’s London and US private equity and acquisition finance practices, Ropes & Gray LLP is well positioned to provide an holistic service to debtors, sponsors, lenders and creditor committees on complex cross-border restructuring transactions. Team head Matthew Czyzyk is at the forefront of this work and excels in handling transactions across the capital structure, including on special situations and liability management exercises.

RPC has good traction among corporates, lenders and IPs across a range of contentious and non-contentious restructuring and insolvency matters. In addition, under the expert guidance of team head Finella Fogarty, the firm has more recently cultivated strong expertise in retail-related mandates, providing strategic guidance to funds exploring distressed investment opportunities within the sector. Other key practitioners include Paul Bagon, who has recently handled a number of CVAs and special situations matters, and the ‘calm and measured’ Tim Moynihan, who excels at handling retail-related insolvencies and distressed M&A transactions.

Established in 2020, litigation boutique Seladore Legal is ‘going from strength-to-strength’, delivering a ‘top service at a competitive price’ to corporates, officeholders, financial institutions and funds across a range of cross-border insolvency disputes. ‘Hugely knowledgeable’ team head Simon Bushell is particularly skilled at advising on issues with an overlap to fraud, where he is appreciated for his willingness to ‘aggressively pursue points in the client’s best interests’.

Unencumbered by institutional corporate and finance relationships, commercial litigation boutique Stewarts Law LLP excels in handling contentious insolvency matters, where it is able to consequently adopt a conflict-free position. Team head Alex Jay is at the at ‘the forefront of insolvency litigation and its intersection with fraud’, regularly maximising returns for creditors on domestic and cross-border distressed and insolvent situations for officeholders.

Headed by Andrew Lockerbie in London and leveraging significant resources from its Bristol headquarters, TLT provides legal support to stakeholders across a broad spectrum of both contentious and non-contentious insolvency matters. As well as regularly advising banks on security document review and potential enforcement strategies, Lockerbie is also very skilled at acting for IPs on insolvencies within the retail, leisure, and real estate sectors, in particular.

Under the expert guidance of the ‘knowledgeable and solutions-focused’ Frances Coulson, Wedlake Bell LLP has gained a particularly strong reputation in relation to contentious insolvency matters, including where allegations of fraud are made. The team is also active for IPs, creditors, and directors on consensual mid-market restructurings/insolvencies, with Coulson and Robert Paterson also regularly undertaking cross-border mandates for foreign and domestic officeholders, and for pension trustees.

Womble Bond Dickinson (UK) LLP provides comprehensive support to a diverse array of stakeholders across a wide range of mid-market restructuring and formal insolvency matters. The team gained particular plaudits for its skill at advising on energy-related supplier of last resort work, an area that Leeds-based national team head Andy Stirk excels alongside his strength in advising on healthcare-related restructurings. Dual qualified as an insolvency practitioner, ‘outstanding’ London head Amy Gallimore  has excellent technical proficiency, including in relation to financial services-related insolvencies. Alan Bennett is also a key contact with considerable expertise in distressed law firms and cross-border insolvencies.