Kirkland & Ellis International LLP is a ‘leading law firm representing financial sponsor clients‘, and it is praised as ‘highly professional, ensuring smooth execution on highly complex transactions‘. William Burke and Cedric Van den Borren lead a ‘consistently creative and solution-oriented‘ practice, in which Tim Volkheimer, who handles leveraged finance and high yield transactions as well as bond restructurings and liability management transactions, is a key player. Emerging talent Antoine Lebienvenu has a broad debt and equity practice that sees him act in high yield bond issuance, restructurings and consent solicitations. Matthew Merkle and Deirdre Jones joined Paul, Weiss, Rifkind, Wharton & Garrison LLP, but the arrival of Marwa Elborai from A&O Shearman is a major coup, as she brings vast experience in advising sponsors, corporates, credit funds and financial institutions across multiple jurisdictions.

Latham & Watkins is known for 'best-in-class lawyers and unparalleled commitment to clients, especially in complex financing situations'. In 2022, the firm acted on 59% of all European high yield issuances, and that figure rose to 74% in 2023, showing how dominant a force it is in the market. With 17 partners in London it has a wealth of talented lawyers to choose from, among them practice head Brett Cassidy and standout partner Matthew Schneider, who handles billion-dollar private placements combining Euro- and dollar-denominated bonds; Jennifer Engelhardt, who is a prominent adviser on deals in the oil and gas market; Jocelyn Seitzman, who advises the world's biggest investment banks on LBO transactions and securities regulation; highly regarded acquisition finance and high yield specialist Francesco Lione; and Scott Colwell, who recently advised the initial purchasers of a $250m bond. Emerging talent Pat Kwak is also recommended for public and private debt and equity securities offerings, including Rule 144A transactions, with a strong emphasis on high yield debt products.

Clients of Simpson Thacher & Bartlett LLP praise the 'legal expertise, market awareness and client focus’ of the capital markets team, which is led by Nicholas Shaw, a key adviser to leading private equity firms and their portfolio companies on IPOs and high yield deals. Acting for both European issuers and investment banks, the practice calls upon the invaluable experience of Gil Strauss, who focuses on US securities law, and Carol Daniel, whose practice encompasses leveraged buyout and acquisition financing transactions as well as general corporate and securities law matters. Having been one of the main firms to introduce high yield debt products to the European market back in the 1990s, it has maintained a standout practice that continues to be involved in high-value, market-leading transactions, including cross-border restructurings and refinancings involving notes offerings.

The merger that formed A&O Shearman brought together two prominent high yield teams, though there has been some change in personnel. John Kicken leads the practice, following the retirement of Kevin Muzilla. Two legacy Shearman & Sterling partners, the experienced Trevor Ingram and the up-and-coming Gordon Houseman, plus six associates joined the group, though Marwa Elborai moved to Kirkland & Ellis International LLP, and Jeanette Cruz left the firm in late 2023. The newly reshaped practice, in which Bradley Weyland plays a pivotal role, hit the ground running with a role in six high yield deals following soon after the merger. This work included the first high yield bond in the commercial real estate sector since 2021. One client describes 'a leveraged finance and high yield powerhouse with the best integrated bank/bond practice in the market', and sees Kicken as 'hands down my go-to lawyer in the City for high yield and a respected leader in his field'. The firm remains a key adviser to the world's largest investment banks and private equity funds on leveraged finance deals.

Clifford Chance LLP has a four-partner team in London handling high yield and US securities transactions. Michael Dakin leads 'a terrific team that is building out a real presence in the London high yield space, rivalling US firms'. Focused intentionally on more complex and high-value deals, rather than seeking a high volume of transactions, the firm has developed a strong track record in acting for corporate issuers, though it also acts for large financial institutions as bookrunners and initial purchasers. The 'approachable and experienced' Jill Concannon handles bond offerings for European retailers, while newly promoted partner Drew Rundus, who is 'very proactive and works efficiently', advises on financing which includes both high yield notes and revolving credit facilities. Johannes Juette, who relocated to London from Singapore in late 2022, handles high yield as part of a broad DCM and ECM practice.

Cravath, Swaine & Moore LLP has a high yield practice that exhibits 'very strong knowledge of the market and excellent availability, and is very diligent'. The practice advises both issuers and underwriters, but is particularly strong in bank-side work on complex, cross-border high yield bonds issued in multiple currencies. EMEA capital markets heads Philip Boeckman and George Stephanakis, who is 'a trusted adviser who provides excellent service, and sound advice and guidance', oversee the practice, in which the 'knowledgeable, available and good to deal with' Alyssa Caples and European counsel Margaret Rallings play crucial roles. The team recently covered financings involving Euro- and dollar-denominated notes for initial purchaser clients in the retail and business-to-business information services sectors.

Linklaters LLP 'operates at the very top of the market', and clients describe a 'diverse practice with a broader focus than some of its competitors'. This approach to high yield work sees the firm act for both corporate issuers and sponsors, as well as banks. Practice head Alexander Naidenov frequently acts for leading private equity sponsors and financial institutions, and was involved in some of the most significant deals in the market in 2023. Among these was a €1bn high yield offering on behalf of a large corporate issuer, and a major bond restructuring for a large real estate portfolio company. Emerging partner talent Giacomo Reali is 'on-point all the time, driven and able to cope with the most complicated of situations'. US partner Colin Chang and cross-border leveraged finance transactions specialist Christianne Williams also play pivotal roles in the practice.

Milbank has carved out a prominent role in the European high yield market, in which it acts for both corporates and underwriting banks and is particularly well known for advising first-time issuers on bond deals and underwriters on LBOs. Rebecca Marques draws on vast experience of complex financings, leveraged buyouts and high yield bond restructurings. Ana Grbec is known for 'outstanding client service, and deep knowledge of the product and market trends'. Practice head Apostolos Gkoutzinis is regarded as a global thought leader on transactions involving Greek banks and issuers. He assists initial purchasers with debut offerings of bonds for financings, including in the oil and gas sector.

Paul Hastings LLP has 'a very strong and high-quality high yield deal team', led by the vastly experienced Patrick Bright. The firm has grown its team in recent years, with Alexander Horstmann-Caines and counsel Jemma Lohr McPherson following Bright from his previous firm in 2022 to join Maximilian Kirchner, a key adviser to investment banks, multinational companies and private equity sponsors, and up-and-coming talent Edward Holmes, who is particularly active in the sponsor and acquisition financing space. Although high-profile partner Peter Schwartz took a team to join King & Spalding LLP in early 2024, the firm continues to be a major presence in the leveraged finance market, and it frequently handles private equity sponsor-backed high yield financings alongside Term Loan B and private credit deals. Although it is primarily creditor-focused, the London group also acts for private equity sponsors and corporate issuers in new issuances, as well as restructuring and liability management exercises, including bond buybacks and exchange offers.

Ropes & Gray LLP is known for its ability to handle complex high yield financings for big repeat issuers, who frequently turn to the high yield market for debt financing, though it is also able to advise first-time issuers and underwriters. Michael Kazakevich, who is co-head of the firm’s global finance practice and advised on the largest high yield deal in the mining and minerals sector in the last decade, oversees a strong partner group that also handles work for initial purchasers and coordinators on repeat offerings. Robert Haak and London managing partner Jane Rogers lead the team in financings including the largest sustainability-linked bond to date in the digital infrastructure sector in Costa Rica.

At Weil, Gotshal & Manges (London) LLP, 'the team is super responsive, knowledgeable and well organised'. Clients also note that the firm has 'great bench strength across high yield, which is further augmented by a very strong restructuring team'. Andy Hagan, who handles both public and private high yield issuances and is 'incredibly smart, hardworking and switched on', and Gilles Teerlinck, who is a key adviser to both issuers and underwriters, are the lead partners. Their work encompasses a wide range of transactions, such as bridge-to-bond LBO financings, refinancings, P2Ps, public and private PIKs, and private high yield taps, as well as tender/exchange offers and consent solicitations. The team in London works closely with US and European offices to handle deals in the UK, Italy, France and Germany. Nitin Konchady moved to the New York office.

White & Case LLP climbs the ranking having rebuilt its practice with significant hires. The arrival of Anthony Tama from Cahill Gordon & Reindel LLP in early 2024 marks a step up in the firm's ability to assist global investment banking firms, commercial banks and public and private corporations with high yield debt issuance. Tama joins practice head James Greene, who is 'one of the smartest guys in the market', and 'smart, focused and client-centric' US-qualified partner Monica Holden, who 'always delivers a polished work product'. Newly promoted partner Anna Soroka is experienced in securities and corporate finance transactions, primarily related to high yield bonds and leveraged finance transactions.

Baker McKenzie is 'an emerging franchise in high yield and leveraged finance, and it is very dedicated to clients'. Long known for its work for trustees and securities agents, the firm continues to build out a full-service high yield practice that counts top-tier investment banks, private equity sponsors and FTSE-500 global corporates among its clients. High yield specialist Rob Mathews leads the 'client-focused and commercial' team. He works with the promising Benjamin Bierwirth, who exhibits 'great client focus and enthusiasm', on million-euro financings, acting for the initial purchasers and agents. Global chair of capital markets Adam Farlow and leveraged finance specialist David Becker also stand out.

Cahill Gordon & Reindel LLP has a small high yield practice in London based around the in-depth market experience of Jake Keaveny, who focuses on leveraged buyout transactions and counts some of the world’s largest investment banks among his clients. He ‘gives great advice, and is very commercial and calm under pressure‘. Courtland Tisdale and Matthew Haar are ‘great, experienced and very available‘. Andrew Kelly joined the team from Clifford Chance LLP in autumn 2024, while Anthony Tama joined White & Case LLP in early 2024.

Freshfields Bruckhaus Deringer LLP joins the ranking due to the strong deal flow for its three-partner leveraged finance and high yield practice. The 'attentive and responsive' group, which is known for ‘good work and good advice', consists of Simone Bono, who frequently handles new bond issuance in Germany; Denise Ryan, who handles a broad range of acquisition and leveraged finance deals for sponsors and issuers; and Haden Henderson, whose work on high-profile deals includes advise to initial purchasers on sustainability-linked financings comprising both bonds and loans. The strength of the London practice stems from the firm's leading presence in M&A, finance and restructuring.

One client of Paul, Weiss, Rifkind, Wharton & Garrison LLP remarks that 'the service, standard of advice, industry knowledge, efficiency and turnaround time is above and beyond any other law firm'. The firm has invested heavily to grow its workload for private equity-backed issuers. 'Uniquely talented' head of European capital markets Matthew Merkle; key adviser to private equity sponsors, issuers and investment banks Deirdre Jones; and Nicolò Ascione, who handles high yield debt offerings and other leveraged buyout instruments, joined in late 2023 from Kirkland & Ellis International LLP. They join corporate partner Matt Friedman, who is also a member of the capital markets and hybrid capital and special situations practices.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP is one of a select group of firms that can handle the full range of public and private financings in the US and Europe, with an integrated team of New York and English law qualified partners in London. European head of capital markets Danny Tricot oversees the high yield practice, in which James McDonald is the standout partner. He recently acted for an oil and gas client in its first issuance of high yield bonds. The hire of Noel Hughes from Linklaters LLP adds significant expertise in leveraged financing, high yield debt and debt liability management transactions in both the European and US markets.

The capital markets group at Willkie Farr & Gallagher (UK) LLP includes a small but dedicated high yield group in London, led by New York-qualified Jennifer Tait. She focuses on high yield bond issuance, including private placements, as well as restructurings and distressed situations. She also supports the firm's highly active private equity group, which acts for more than 300 sponsors. Newly promoted partner David Griffiths also plays a key role in the practice, particularly for issuer and sponsor clients. The two partners recently worked with the New York team on bond-related matters, including major refinancings and restructurings.

King & Spalding LLP joins the ranking having hired Peter Schwartz from Paul Hastings LLP in early 2024. Schwartz is 'a cornerstone of the London high yield legal community – immensely experienced, super-creative and always available'. Andro Atlaga, who made the move along with Schwartz, is praised for being 'on top of every detail and completely committed to quality deal execution'. Thanks to the vast experience of its new hires, the firm's nascent practice has a stellar client roster that includes some of the world's largest investment banks and private equity funds.

McDermott Will & Emery UK LLP has a small high yield practice that calls upon debt capital markets generalists Ranajoy Basu, who heads the team, and Priya Taneja, who 'provides specific thoughtful advice'. The firm occasionally acts for issuers and arrangers, but the majority of its work on high yield products is for corporate trustees and agents. Philip Corser, who is a key adviser on securities regulations and corporate reorganisations, provides vital support to the two main partners.