A&O Shearman ‘has a deep technical and commercial knowledge on complex derivatives’. Practice head Guy Antrobus, who focuses on risk transfer transactions and synthetic securitisations, leads a practice packed with well-established practitioners and emerging partner talent, whose expertise spans the entire waterfront of the market. Parya Badie ‘sets the gold standard for excellence in legal practice’, and has a long and successful track record in complex and highly structured trades with a particular emphasis on significant risk transfer products, bespoke funding trades and structured credit. Ross Stewart is seen by one client as ‘the pre-eminent structured derivatives partner in the market’, showcasing particular expertise in equity financing. The ‘exceptional’ Paul Allan concentrates on credit derivatives, strategic equity transactions and securitisation hedging, while Sara Couling ‘provides timely, concise and practical advice’ on derivatives in leveraged, acquisition, infrastructure and project financing transactions. Tanya O’Hagan is praised for her ‘top-class legal skills and commercial attitude’, and stands out for advice on structured credit, repacks, capital relief trades, emerging markets and sustainability-linked deals. Of Counsel Patrick Clancy is a highly experienced figure recommended for his capabilities in equity financing transactions.

Ashurst is ‘creative in finding legal solutions’, and stands out for its ‘flexibility and pragmatic, solution-driven mindset’. Alex Biles leads the global markets team that spans across UK and the US jurisdictions, and he oversees the derivatives and structured products practice led by James Coiley and Michael Logie, who provides ‘excellent pragmatic and commercial advice’. The firm has one of the largest practices in the City, and is a trusted advisor to leading investment banks, as well as a host of major buy-side clients and private capital managers. Among its standout practitioners are Daniel Franks, who handles the full range of complex derivatives, structured finance, securities lending and repos; James Knight, who ‘goes above and beyond to ensure his clients are kept happy’ and advises leading investment banks on credit, rates and equity derivatives; and Kerion Ball works on capital-driven synthetic risk transfer transactions, as well as commodity and equity-linked derivatives. Jeffrey Yow is ‘a rising star and a go-to counsel for structured products’.

Clifford Chance LLP stands out for ‘exceptional client services, availability and quality of execution’ across the full range of derivatives and structured products, from simple hedging to synthetic securitisation, and all associated regulatory matters. Practice head Timothy Cleary sets the tone with his in-depth knowledge of synthetic securitisation, and significant risk transfer. He frequently assists Santander with its synthetic instruments, with recent work covering retail mortgages, consumer loans, auto loans, SME loans and large corporate loans. Jessica Littlewood also excels in synthetic securitisation and risk transfer trades, and her recent deals include structured notes for UBS AG. Paget Dare Bryan‘s work includes repackagings, credit and equity derivatives, FX and interest rate hedging, and total return swaps. Anne Drakeford handles everything from credit and equity-based derivatives to bespoke structured solutions and synthetic CDOs. Will Winterton is an expert on counterparty risk management, margin and clearing issues. Daniel Shurman joined from A&O Shearman in 2024 to boost the firm’s focus on strategic equity solutions.

The ‘outstanding team’ at Linklaters LLP has ‘first-class legal skills and is best in the market at matter management’, according to one client. ‘This is one of the strongest and most technically proficient teams’, notes another. The team is jointly led by David Phillips , a key contact for various financial institutions and corporates alike, and Deepak Sitlani, who draws praise from clients for his 'incredibly deep market knowledge.' Additionally, the ‘technically strong’ Leanne Banfield excels in sustainable and credit-linked instruments; Vinay Samani is heavily involved in establishing carbon trading businesses. The ‘exceptionally talented’ Simon Firth and Michael Voisin are market stalwarts with extensive experience in market infrastructure, fintech and complex derivatives and structured products. The firm has a strong practice in OTC derivatives, and provides top-tier advice on regulatory matters, and it has notable expertise in equity derivative products, on which Doug Shaw is a recognised expert.

The CMS capital markets group is ‘extremely responsive and flexible’, and its expanding workload on derivatives and structured products for investment banks, clearing banks, insurers, alongside asset and investment managers, corporate clients, trustees and pension schemes cements its strong market position. Head of capital markets and derivatives Chris Clark is called upon by corporates, major investment banks, and other financial institutions to advise on OTC derivatives, DCM transactions and structured products, with a specific focus on derivative securities and regulatory issues. Will Dibble and ‘technical, commercial and pragmatic’ David McCallum, who made partner in 2025, are ‘go-to partners for credit-linked structured products’. The ‘extremely approachable’ Michael Cavers has notable expertise in retail structured products, and securitisation, hedging for clients including BNP Paribas. Dibble recently acted for Deutsche Bank AG London as lead counsel on its programmes for credit-linked securities, and for Citigroup in the establishment of proprietary indices on assets including commodities, gold and futures contracts.

Dentons is ‘quickly becoming a force to be reckoned with for both project and document management’ work. The firm is able to leverage its global footprint and the broad experience of its London team to not only handle day-to-day derivatives work in developed and emerging markets, but also carve out a prominent role in emerging areas such as carbon and ESG derivatives, and play a key role in the development of complex structured products. Head of derivatives Matthew Sapte has ‘a wealth of experience’ in structured finance. He recently assisted Abu Dhabi Islamic Bank with the development of a sharia-compliant repo template document as a key tool to increase liquidity for Islamic banks. ‘Phenomenal partner’ Luke Whitmore is ‘always willing to brainstorm ideas’, while Toby Gray is a highly regarded specialist in complex securitised derivative products, with a particular emphasis on synthetic securitisation, SPV-based structured finance transactions, and bespoke repackagings. Counsel Ruhi Patil specialises in synthetic securitisations, repack programmes, and credit derivatives. Karine Imbrosciano joined the firm in September 2025, while Laureen Trachez joined in July 2025.

The structured finance group at Fieldfisher is ‘diligent and makes complex issues easy to understand’. Alongside high volumes of derivatives work across all asset classes, from commodities to crypto assets, the firm is helping to develop the ever-more complex universe of market infrastructure, and handles sophisticated structured products. Emma Spiers leads the practice, which still benefits from the decades of experience of Guy Usher. The division has hired well in recent years; Emma Dwyer ‘consistently demonstrates deep expertise, unwavering reliability and a creative approach’, and Sebastian Reger has boosted its capability in regulatory matters, and advice to clients in the pensions, credit funds, and fintech sectors. In 2025, Shanthi Vignasen joined from A&O Shearman to add significant expertise in advising both banks and buy-side clients on complex structured finance and derivatives transactions in the interest rate, FX, commodities, equities, and longevity markets. Edward Miller stands out for repos and stock lending trades, and Jenny Warren is an emerging talent in structured repo trades and synthetic securitisations.

Freshfields provides ‘best-in-class advice’, and clients praise the firm’s ‘dedicated team and in-depth expertise’. The firm’s stellar corporate client-base puts it in pole position to advise on equity-related matters such as margin loans, collar financings, and derivatives-based stake-builds, as well as hedging solutions. In addition to blue-chip corporates and banks, the firm is increasingly acting for private capital providers on their usage of derivatives and structured products. Richard Hart leads the derivatives and structured products group. Hart, and standout partner James Duncan, are heavily involved in strategic equity financing transactions, including margin loans, derivatives, and structured share buyback transactions. Hart also works on OTC derivatives, and both cash and synthetic prime brokerage trades for major financial institutions, corporates and sponsors. Structured finance specialist Flora McLean frequently assists on bespoke transactions with regulatory capital or tax angles, including secured lending, stock lending, repos and prime brokerage matters.

Mayer Brown International LLP is best known for its pure derivatives work, but over the years it has increased its structured products workload and is frequently involved in securitisation. A prime example is its work for Banco Santander Chile in the Project Patagonia risk-sharing facility, a capital relief transaction to help the bank increase mortgage lending to women, and which references a $500m portfolio of corporate loans. Practice head Edmund Parker led that specific transaction, while Nanak Keswani ‘fully understands commercial imperatives and financial considerations’, concentrating his practice on OTC derivatives, repos and structured credit, alongside frequently advising banks, end users and service providers on repacks, structured repos and more. Musonda Kapotwe is an expert on financial services regulation. Peter Pears, who is best known for his DCM skills, is highly active in structured notes, which includes work on structured products programmes for North American and European banks, as well as repack programmes and associated regulatory matters.

Norton Rose Fulbright provides ‘excellent support, insight and expertise across all aspects of bilateral derivatives’. The firm has many strings to its bow, among them strong banking relationships for structured total return swap and repo financing, in-depth emerging markets sovereign financing knowledge, and market-leading Islamic derivatives insight. Nigel Dickinson, who is a key adviser to investment banks on complex, cutting-edge transactions, and derivatives, repo transactions and structured products specialist Yusuf Battiwala, who is 'user-friendly, always available, provides commercially focused advice', lead the practice. Dickinson recently assisted Natixis and a syndicate of hedge providers with a $375m multi-sourced financing and hedging programme. Global head of financial services and regulation Jonathan Herbst is particularly adept in custody and clearing. Hannah Meakin is a highly regarded regulatory expert, who focuses on market infrastructure, derivatives and fintech. Newly promoted James Kent is ‘extremely responsive and keen to get involved’. He handles OTC derivatives, securities financing transactions and structured notes across multiple asset classes, including equities, credit and interest rates.

Clients of Reed Smith LLP appreciate its ‘level of engagement and ability to adjust to ongoing requests and amendments in complex international transactions’. Tamara Box oversees the work of the structured finance group, which includes vastly experienced partners Claude Brown, who is heavily involved in cutting-edge ESG matters, and Brett Hillis, who handles a broad range of energy, commodity and environmental products, alongside regulatory specialist Chris Borg. Brown helped structure master documentation for flexible FX forward for Volopa Financial Services. ‘Excellent problem solver’ Nick Stainthorpe and Daniel Birch are highly respected for their structured finance expertise. The multi-talented Tariq Rasheed, who works on derivatives, clearing, prime brokerage arrangements and structured products, recently assisted Bank of America Merrill Lynch on facility-linked hedging, securitisation swaps and deal-contingent hedging. Elizabeth Stroud is a recognised derivatives specialist with in-house investment bank experience. She combines ‘top-quality technical legal expertise with great industry knowledge’. Iman Roy is a key adviser to corporates on derivatives regulation.

Sidley Austin LLP may not have the largest team in London, but the quality of its work in derivatives and structured products in undeniable. The group, led by Rupert Wall, ‘benefits from his exceptional skills and knowledge in his field’. Wall is head of the firm’s global finance group, and he is sought after for advice on repacks and structured note issuances, as well as regulatory capital and liability management trades. He recently assisted HIG Capital with amendments to an existing structured fund financing backed by private credit loans and involving the issuance of structured notes from a Luxembourg issuer. He is ably supported by the ‘extremely helpful and knowledgeable’ Netanya Clixby, who is a trusted adviser to numerous buy-side and sell-aide clients on ISDA master agreements, prime brokerage documentation, securities lending and repurchase agreements.

Travers Smith LLP ‘stands head and shoulders above its peers’, primarily combining ‘their legal expertise with outstanding commercial understanding and industry insight’, according to one client. The firm is best known for its buy-side practice, and it acts for insurance companies, asset managers, funds, fintechs, pension schemes and blue-chip corporates on derivatives matters, though it is increasingly acting for banks. ‘Very attentive and thoughtful’ practice head Jonathan Gilmour handles both derivatives and structured products, and he frequently assists sophisticated financial institutions, investment and asset managers, PE houses, challenger banks, and occupational pension schemes with complex matters. He recently worked with emerging talent Nicholas Baines on secured fuel and unsecured foreign exchange hedging arrangements for infrastructure manager Ancala Partners LLP. Peter Hughes assisted Bentley Motors with its £880m buy-in of the Rolls-Royce & Bentley pension fund, which required new arrangements concerning the scheme’s existing longevity swap. Sana Dossa is also highly regarded.

The structured capital markets group at Baker McKenzie is ‘highly cost-effective and extremely prompt’. It is particularly active for buy-side clients, among them sovereign wealth funds, hedge funds, pension schemes, and large multinationals. It is also sought after for both transactional and regulatory advice by investment banks and private equity firms. Head of structured capital markets Simon Porter has skilled individuals in his team, including James Tanner, who is ‘a master in the field’. Alongside his main focus on securitisation, he handles derivatives and structured products, and cross-border restructurings. Iolie Calochristos focuses on OTC derivatives and structured products, including interest rate and currency swaps and options, total return swaps, equity derivatives, securities lending transactions, and repos. Matthew Dening now works from the Riyadh office.

Cadwalader, Wickersham & Taft LLP has ‘comprehensive knowledge’ on the structured finance market, and although its primary focus is on CLOs and ABS, its London team retains significant expertise in derivatives and structured products. Besides CLOs, Robert Cannon‘s work for arrangers, originators and asset managers encompasses CDOs. Nick Shiren is vastly experienced in derivatives, including credit default swaps, credit-linked notes, total return swaps, currency and interest rate swaps, repos and more. He is a key adviser to leading investment banks, arrangers, issuers and collateral managers in transactions throughout Europe and the US. Emerging talent Sabah Nawaz assists banks, sponsors, originators and issuers with a diverse range of international structured finance, securitisation, debt capital markets, refinancing and restructuring transactions.

Dechert LLP ‘s structured finance practice handles everything from structured products and derivatives trades to litigation and enforcement. In the global financial services group- led by Gus Black- there is a strong bench of derivatives specialists. Karen Stretch ‘understands how to engage and guide clients effectively’. She handles advisory and transactional derivatives, regulatory compliance matters, trading and benchmarks, and fund finance and capital markets transactions. She is a key adviser to Cheyne Capital Management on its open and closed-ended fund products. John McGrath is sought after by both banks and buy-side clients for advice on enforcement and restructuring of derivatives, securitisations and other structured financings. Abigail Bell has notable expertise in hedge and hybrid structures. Counsel Richard Chapman provides ‘flexible, cost-effective advice with no compromise on quality’.

Gide Loyrette Nouel LLP has a strong cross-office structured finance offering that gives it ‘a strong advantage for European multi-location clients’. Active in both mature and emerging markets, the firm is adept in high-profile strategic equity derivatives and risk management transactions for investment banks, financial sponsors and corporates. It is also highly regarded for structured credit derivatives, structured repos and reverse repo transactions to refinance structured notes and ABS transactions. The banking and finance group is led by Dimitrios Logizidis, and the team recently handled hedging arrangements for a €1.5bn debt refinancing. Karine Imbrosciano left the firm in September 2025.

Herbert Smith Freehills Kramer LLP has ‘a very responsive team, committed to the client and transactions’. The recent merger with US law firm Kramer Levin brings together a buy-side focused US practice with a London sell-side group that has ‘very knowledgeable lawyers and is highly reputed in the City’. Lead partner Nick May and counsel Nick Rutter are the standout practitioners, with their work comprising highly structured, complex and multi-jurisdictional transactions for multinational investment banks, blue-chip corporates, fund managers, and insurance companies. The firm has notable expertise in strategic equity derivatives, and its broad exposure to the energy sector brings significant structured finance work from that industry.

Jones Day has built a strong platform in London, which is now a key hub in its global financial markets practice. Chris Arnold leads the London derivatives practice, which works closely with colleagues in Paris and New York. Globally, the firm is on the panels of more than 40 banks, including all major French banking groups, as well as many of the largest US investment banks. The pan-European structured finance group works as a fully integrated team across key financial centres in France, Germany, Italy, the UK and Spain to provide seamless service. Arnold recently advised Standard & Poor’s as Standard Reference Obligation Administrator to the Credit Derivatives Determinations Committees (DCs) responsible for making determinations affecting the global CDS market. Seasoned practitioner Ed Nalbantian has a strong focus on OTC derivatives.

Latham & Watkins continues to build its structured finance offering in London, its latest move being the hire of the CLO team from A&O Shearman. That team will work alongside a well-established derivatives, equities and structured products group led by corporate equity derivatives and structured equity financing specialist Jeremy Green and Dean Naumowicz, who frequently assists banks with hedging, acquisition, and financing strategies relating to equity positions. The partners are supported by a strong team of counsels in the form of Delyth Hughes and Yana Nastyushenko, as well as six associates. The team recently advised Vertex Bioenergy on the hedging of a long-term sustainability linked financing.

Macfarlanes LLP ‘stands out for their deep sector knowledge with a very client-facing and pragmatic approach’. The firm maintains a strong buy-side focus, and is a key adviser to investment and hedge funds, banks, pension funds and insurers, high-net-worth individuals and corporates on trading, hedging and financing transactions. It increasingly acts for credit funds on SRT financing solutions including the use of repo, TRS and other instruments to transfer risk. The ‘accessible, commercially pragmatic’ Will Sykes and Chris Acton, who ‘can always be relied upon in a crunch’, are the lead partners. Their team continues to look after the trading needs of US, UK, European, UAE and HK market participants, thanks to an in-depth knowledge of local regulations.

Milbank ‘provides excellent service, with good market knowledge and strong advocacy’. The structured credit group is heavily involved in large-scale hedging transactions, bespoke regulatory capital, and equity derivatives matters. The firm is also adept in advising financial institutions on bespoke funding and regulatory capital structures, as well as the transfer of credit risk using synthetic securitisation structures. It also acts for borrowers, lenders and hedge providers in deals with an ESG and natural resources focus. The ‘truly top-notch’ James Warbey is ‘super-responsive and solutions-oriented’. The ‘very hands-on’ Robert Wyse Jackson continues to make his mark in complex cross-border structured finance and derivatives transactions. He frequently assists hedge counterparties and sponsors on project, leveraged and aviation financings. Alex Martin joined from Latham & Watkins to add more broad structured finance expertise.

Clients of Paul Hastings LLP remark that ‘from partner to associate, everyone is engaged’, adding that the lawyers are ‘on top of their game and yet fun to work with’. The London structured credit practice works closely with the expanding US-based derivatives team, providing coordinated cross-border structured finance advice to the likes of Morgan Stanley, Natixis, and Rand Merchant Bank. For the latter, lead partner Jason Brooks, who is ‘a great guy who is always ready to help on a deal’, handled e-packaging transactions and programme modifications to their Plover repack programme, demonstrating the strength of the firm’s repackaging practice in emerging markets. Clients appreciate the ‘commercial acumen, responsiveness’ of Brooks and his team.

Ropes & Gray LLP continues to leverage its in-depth real estate knowledge, a growing funds client base, and its ability to handle novel and bespoke transactions to cement its position as a prominent buy-side adviser. Lead partner Anna Lawry- in the asset management group- advises on OTC and on-exchange derivatives, as well as ISDA, collateral, brokerage, clearing and custody arrangements. As well as hedging transactions, she is also well-versed in cross-border synthetic investments, leveraged derivatives, structured financings, and repackagings.

Slaughter and May continues to be involved in complex credit protection, CDS and repo work, as well as an array of transactional and regulatory matters for major banks, insurers, and blue-chip UK corporates.  Ed Fife recently advised international energy and services company Centrica Plc on reporting obligation for back-to-back intragroup derivative transactions under UK EMIR, delegated reporting arrangements and the potential consequences of failing to report such transactions in accordance with relevant requirements. Richard Jones advises on derivatives in the context of securitisations, structured finance transactions, loan finance and general corporate treasury purposes. Caroline Phillips is a key adviser to sponsors, corporates and financial institutions.

Squire Patton Boggs has ‘deep expertise and a proactive approach.’ In the financial services practice- led by Paula Laird- Leona McManus is the standout partner for derivatives and structured finance issues. Clients remark that McManus ‘knows the products, the market and the law’. She focuses on English law derivative transactions across all asset classes, as well as complex and bespoke structured finance products. She has particular expertise in equity financing transactions, involving margin loans and equity collar financings, and has in-depth knowledge on the use of derivatives technology in project finance, shipping finance, infrastructure finance, leveraged finance and acquisition finance, including Islamic hedging instruments. She advised long-standing client ECI Partners LLP on acquisition financing for its buyout of pensions specialist service provider IGG.

At Weil, Gotshal & Manges (London) LLP, ‘the team is small but very focused and proactive’. The London office is best known for its work on CLOs, and Jacky Kelly is widely regarded as having ‘the perfect balance of skills, experience and credibility’. She leads the structured finance group, in which Andrew Lauder is the standout adviser on derivatives and structured products. His work spans advice on hedging by issuer SPVs, regulatory matters, representing swap counterparties, repos, and TRS funding structures. He is also adept in credit default swaps and synthetic securitisations, frequently handling complex issues relating to credit event trigger analysis, swap payment calculations and the impact on transactions. He recently acted for Astorg Partners on deal-contingent hedging for a take-private transaction.

Addleshaw Goddard provides ‘practical and efficient solutions’ to transactional and regulatory issues. The ‘innovative, diligent’ Carl Posern and the ‘thorough and precise’ Paul Denham are the lead transactional specialists, advising on a variety of derivatives matters across asset classes, notably credit derivatives, foreign exchange, swap portfolio sales and complex collateral structures, as well as synthetic securitisations. The group frequently assists on product development, structuring and documentation of transactions for clients in the Middle East. Former Bank of England Deputy General Counsel Tess Kelly joined in 2024 to bolster the firm’s financial regulatory capability.

Described as ‘good to have on your side in difficult situations’ by clients, Alston & Bird LLP is highly regarded. The firm’s boutique corporate trust practice has carved out a niche in London, and works closely with the large team in the US. The department now acts for the majority of the corporate trust and agency providers in the structured products market, among them Wilmington Trust. Practice head James Fisher and New York law-qualified Natalia Souza are the bedrock of the London team, and they work with trust litigation expert Nick Brocklesby in contentious matters. Fisher ‘provides sound advice and inspires confidence’.

Burges Salmon LLP provides ‘solid, reliable advice on real estate finance and revolving credit transactions’, and also has in-depth knowledge of derivatives in the energy and infrastructure space. Lead partner Graham Soar frequently advises on ISDA master agreements and related credit support agreements, commodities derivatives, and debt securities. Alistair Rattray also plays a key role in the practice, which acts for numerous buy-side clients, including multinational listed companies and pension fund trustees, as well as banks.

Crowell & Moring U.K. LLP is praised for its ‘speed of delivery, quality of the service, and ability to think out-of-the-box'. The ‘wonderful, dedicated and very knowledgeable’ practice head Jennifer Kafcas is highly regarded for her in-depth market knowledge, and she remains a key adviser to investment banks on derivatives transactions and regulation. She works closely with Charles Wakiwaka, who advises both sell-side and buy-side clients on derivatives and structured transactions including deal-contingent instruments, repackagings, and structured notes across asset classes such as equities, credit and commodities.

Eversheds Sutherland (International) LLP specialises in advising buy-side clients, among them investment funds, insurance companies, corporates and pension schemes, on derivatives to generate investment performance or to hedge risk. Head of financial services Michaela Walker oversees the work of derivatives specialist Richard Batchelor, who recently assisted Tesco PLC Pension Scheme with the derivatives aspects of the outsourcing of its investment function to Schroeders. The firm has a broad derivatives practice, but is particularly prominent in FX energy trading. Tim Fosh, who joined from Slaughter and May in 2024, is knowledgeable in financial regulatory matters.

K&L Gates LLP has a ‘highly responsive, efficient and collaborative’ approach to transactional and regulatory matters. Ron Feldman, who is ‘proactive and consistently adds value’, is an experienced adviser to funds, corporates, and brokerages on hedging and investment matters across equity and credit derivatives. In the investment management practice, Philip Morgan specialises in financial services regulatory matters.

Katten has ‘deep industry understanding and strong technical expertise in US, EU and UK regulation’. The firm has a strong buy-side practice that spans all asset classes, including commodity derivatives, while continuing to build out its portfolio of sell-side work. It frequently acts for proprietary traders, commodity firms, crypto asset investors, alternative asset managers and hedge funds, brokers, investment banks and swap dealers, as clearinghouses and settlement banks. Carolyn Jackson and Nathaniel Lalone, who are both dual-qualified in English and New York law, lead the practice along with finance, fintech and funds specialist Neil Robson.

McDermott Will & Schulte provides a ‘timely, focused and pragmatic’ service that covers the transactional, tax, and regulatory aspects of derivatives transactions. Lead partner Vlad Maly and counsel Giacomo Bertolissi are both derivatives specialists, with Maly focusing predominantly on cross-border financings and public M&A strategies, and Bertolissi advising financial institutions, corporates, and asset managers on margin loans and capital markets transactions. Clients remark that they are ‘very economical in their approach’, and ‘think outside of the box’.

Pinsent Masons LLP makes its debut in the ranking having hired Igor Zyskind from Simmons & Simmons in 2024. Zyskind, who works closely with head of structured finance Edward Sunderland, is ‘a standout partner in the derivatives field, known for his proactive approach’. His work encompasses all manner of complex OTC derivatives, including interest rate, equity, FX, credit and commodity hedging instruments, as well as repos, securities lending transactions, structured debt instruments, repackagings and margin loans.