A&O Shearman has 'impressive size and capacity' and is widely regarded as a dominant force in the securitisation market. The firm has a stellar track record that includes precedent-setting transactions in all asset classes, including RMBS, CMBS, consumer loans, corporate loans, auto loans and leases, trade receivables and project finance as well as transactions regarding the public sector, warehouses and infrastructure. The practice, led by Salim Nathoo, also has great presence in whole-business securitisations and corporate structured funding, including infrastructure and project bond-related matters. Lucy Oddy is closely involved in RMBS transactions, and Sally Onions is a trusted adviser on covered bonds, RMBS, whole-business deals and much more. Receivables financing specialist Tim Conduit recently handled a green bond programme which was the first of its kind to be listed in Zambia. Emerging talents Iona Misheva and Daniel Hill also play central roles in the practice. The firm continues to build out its CLO practice, with specialist John Goldfinch joining from Milbank to work with Tom Constance and 'grand master' Franz Ranero. Clients describe 'a unique team with client service-oriented attitude combined with deep knowledge of law, jurisdiction specificities and market trends'.

Clifford Chance LLP is 'still at the top of the market, with great strength in depth'. The firm handles all forms of public and private residential and commercial real estate financing, as well as pan-European portfolio acquisitions and financing, marketplace lending platforms, forward flow arrangements, structured SME financing, auto and fleet securitisations, credit cards, consumer loan and receivables financing, repackaging and restructuring. Practice head Maggie Zhao, who is a standout adviser to both originators and arrangers, leads a group replete with talent and experience. Market veteran Kevin Ingram focuses on debt securitisation, principal finance, and ABCP deals; Christopher Walsh, who has in-depth experience in structured debt transactions, handles complex NPLs; Jessica Littlewood leads the busy European cash CLO practice; global head of financial markets Emma Matebalavu specialises in mortgage finance; and Simeon Radcliff, who is recommended for trade receivables deals, recently handed a first-of-kind sustainable securitisation in Kenya. Emerging talent Adam Craig frequently acts for issuers and arrangers in public securitisations and private bilateral financings.

Linklaters LLP has a deep bench of securitisation partners in London, as well as a strong team of associates handling innovative, complex and multi-jurisdictional structures across all asset classes. 'Its people are exceptionally talented and a pleasure to work with', notes one client. Led by Mark Nuttall, the group includes standout practitioners in Adam Fogarty, who handled £1.75bn in issuance under an RMBS master trust programme; mortgage-backed, loan portfolio and covered bonds specialist Andrew Vickery; Alexander Shopov, whose work includes receivables finance and RMBS deals; covered bonds and utility securitisation expert Reza Taylor; Thomas Quoroll, who advised an alternative investment firm on a €1bn portfolio acquisition; and emerging talents Aditi Srivastava and the 'very dedicated' Lucy Sidey. The whole team 'showcases the ability to deliver complex transactions in a timely and orderly fashion, across public and private financings', and clients praise its strong collaboration skills. Mark Drury joined Reed Smith LLP.

Cadwalader, Wickersham & Taft LLP is known for being ‘very responsive, professional, collaborative, and good at helping clients navigate tricky topics‘. It has one of the leading CLO practices, as well as being a prominent adviser on a broad range of ABS transactions and securitisations, particularly those involving niche and novel asset classes. The firm has a deep bench of nine securitisation and structured finance partners, who are ‘approachable as well as knowledgeable, and sensitive to clients’ commercial pressures‘. Among them are CLO guru David Quirolo; Suzanne Bell, who advised the originator on the issuance of £450m in notes under a master trust  programme; Robert Cannon, who handles mortgage securitisation and commercial paper conduits;  RMBS innovator Matthew Duncan; Nick Shiren, who handles residential and commercial mortgage transactions; and CLO specialists Daniel Tobias, Alexander Collins and Claire Puddicombe. Sabah Nawaz, who advises private equity funds, banks and corporate borrowers on securitisation and debt issuance, is also recommended. Stephen Day left the firm in late 2023.

Dentons has 'one of the most dedicated securitisation practices in the market, where client service is at the heart'. The firm continues to build on its strong track record in landmark public and private securitisations, forward flow arrangements, mortgage loan deals, trade receivables, corporate loan and trade finance transactions, and auto loan securitisations. Peter Voisey, who has 'built a very capable and experienced team that is able to cope with many transactions across several asset classes', and Edward Hickman, who has notable expertise in loan portfolio sales and emerging markets transactions, are the lead partners. The firm is highly regarded for advice on corporate trust matters, largely thanks to Catriona ’Kitty’ Lloyd. The hire of Toby Gray from Linklaters LLP in late 2023 significantly bolsters the practice's capability in complex securitised derivative products and other structured finance instruments.

Freshfields Bruckhaus Deringer LLP joins the ranking having rebuilt its structured finance and securitisation practice in recent years. 'The team's depth of knowledge and experience in securitisations involving esoteric assets and/or significant underlying operational business involvement is exceptional', notes one client. The group now advises corporates, investment banks, insurance firms, private equity funds and fintech companies on innovative and bespoke deals in all major asset classes, among them mortgages, commercial real estate, trade and lease receivables, consumer loans and SME loans. Practice head Andrew Heathcote leads a four-partner group having returned from Asia in 2021 to join experienced practitioners Flora McLean, who handles bespoke transactions with a regulatory capital or tax angle, and Mandeep Lotay, who works from both London and Amsterdam. Newly promoted Jenny McIvor, who focuses on whole-business and infrastructure deals, completes the senior team. Clients also praise the 'expertise and dedication' of the firm's strong team of associates.

The structured finance team at Herbert Smith Freehills LLP is 'great – so helpful and easy to work with'. The London office continues to handle market-leading and innovative transactions, including RMBS, equity release mortgage-backed transactions, asset finance and SME lending deals, and warehousing matters. Michael Poulton is 'brilliant at cutting through complex issues and helping clients get deals over the line'. He recently advised a European bank on owner-occupier mortgage loans secured over property in England and Wales, as well as a billion-pound RMBS deal. Poulton co-leads the practice with Joy Amis, who is a respected adviser on public and private securitisations, portfolio acquisitions and forward flow transactions in the UK, Europe and worldwide, and veteran Jake Jackaman, whose practice includes whole-business securitisations, development loans and other receivables deals. The group also has a strong bench of associates, among them Victoria Salisbury and Charlene Kong.

Latham & Watkins has ‘a very client-focused practice which is not just focused on executing transactions but also on giving a good overall client experience‘. The firm has invested heavily over the years and now has one of the broadest practices in the market, including a strong manager-side CLO team. Chair of global structured finance and securitisation Sanjev Warna-kula-suriya is active in CLOs, as well as CMBS and other structures. Jeremiah Wagner is praised for his ‘outstanding legal knowledge, creativity, commercial acumen and client support‘ on the full range of securitisations and asset-backed US-registered public offerings. He works closely with Patrick Leftley, who is a key adviser to banks, asset managers and corporates on ABS deals. Thomas Cochran frequently handles innovative structures and recently advised the operator of a leading shopping and financial services app in the Middle East on a first-of-its-kind receivables securitisation. Stephen Curtis specialises in structured debt and securitisation financings.

Clients of Mayer Brown International LLP praise the 'high quality of the team, its deep domain expertise, and its capacity to meet tight deadlines'. Well-versed in securitisation across the full range of asset classes, the firm is notably involved in deals involving new asset classes, such as its key role acting for banks in the €3bn financing of an acquisition of a portfolio of buy-now-pay-later receivables. London managing partner Dominic Griffiths remains closely involved in transactional matters, and he co-leads the practice with David O’Connor, who is highly regarded for advising global investment banks on RMBS and CMBS transactions. Ronan Mellon, who is 'very constructive in dealing with complex issues', is a key adviser on CLOs, which are also part of Neil Hamilton's broad practice alongside RMBS and CMBS. Banking and finance partner Charles Malpass focuses on real estate and NPL deals.

Norton Rose Fulbright is 'technically brilliant in terms of pure securitisation', and has a strong track record in high-value, unusual or first-of-a-kind transactions. Its work spans covered bonds, trade receivables, SME lending and restructurings, as well as residential mortgage and CRE structured finance deals. Head of capital markets Peter Young and lead securitisation partner David Shearer lead a strong group of partners, among them the vastly experienced Christian Lambie, and Peter Noble, whose work for one major Canadian bank included more than $5bn in covered bond issuance. Shearer recently acted for a global investment bank as arranger and dealer in connection with a €10bn covered bond programme. Rae Parsons is also a key member of the practice, having assisted Shearer with two separate programme updates and maturity extensions for a European issuer's multibillion-euro covered bond. The team works closely with the firm's infrastructure finance group on renewable energy financings, which led to its involvement in one of the first solar securitisations in Europe.

Paul Hastings LLP has a deep bench of securitisation partners who exhibit particular prowess in the CLO market, in which the firm is one of the most prominent players. The practice is led by real estate finance partner Miles Flynn, CLO specialist Cameron Saylor, and market veteran Paul Severs, who has been in the securitisation market since it was first developed in the UK and Europe. He is currently advising a fund on the proposed sale of a mortgage company and its separation from a group holding £8bn in securitised assets, The team is boosted by the broad-ranging experience of Diala Minott, whose CLO expertise sees her act for many of the largest fund managers in Europe, though she has a particular focus on US managers developing European strategies. Victoria Morton is noted for RMBS and loan portfolio acquisitions, while structured credit specialist James Baillie handles CLOs. Restructuring expert Mei Lian has extensive experience in the Greek securitisation market. In mid-2024, the firm hired CLO specialist Brian Maher from Weil, Gotshal & Manges (London) LLP.

Reed Smith LLP 'stands out for the team's ability to get straight to the point without overcomplicating issues, making the legal process more understandable and less stressful'. The practice is best known for its work on the trustee side, but it has a broad range of mandates for issuers, arrangers and originators. EMEA managing partner Tamara Box oversees the work of experienced partners including Simon Hugo, who is a key adviser to global investment banks acting as arrangers in complex securitisations; trustee specialist Sarah Caldwell; and Nick Stainthorpe, whose work encompasses warehousing, receivables finance and supply chain finance deals. The addition of Mark Drury from Linklaters LLP significantly boosts the firm's profile in CLOs, risk retention structures and financings, repackagings and fund financing transactions. Emerging talent Andrzej Janiszewski, who shows 'an unwavering commitment to their clients' best interests', is among a strong crop of junior partners, which includes forward flow and NPL adviser Nathan Menon.

Sidley Austin LLP has a deep bench of securitisation lawyers handling complex and innovative deals. The firm has a long pedigree in the market and continues to adapt to clients' needs, currently focusing on bilateral securitisations across many asset classes, as well as maintaining an active CLO practice. Head of the global finance group Rupert Wall is a key adviser to some of the biggest CLO managers in the world, though he also acts for collateral managers, arrangers and investors. His pure securitisation work includes a €500m direct lending deal for a global investment bank. Emerging talent Emilie Stewart is highly active in real estate-backed and NPL transactions. In the junior ranks, Azeem Sulemanji is tipped for a bright future, having been heavily involved in CLOs, large auto securitisations and significant NPL deals. Nick Brittain retired from practice.

Simmons & Simmons is highly regarded in the securitisation market by clients and peers alike, having been a key player since the inception of the European market. It focuses predominantly on innovative transactions, whether high-value public deals of small private trades. Head of structured finance and derivatives Michael Lorraine 'commands the respect of his peers and his calm and authoritative approach'. Asset-backed finance and securitisation specialist Amer Siddiqui has a particular focus on RMBS and CMBS transactions, as well as handling covered bonds and warehousing arrangements. Kathryn James is notable for both public and private securitisations, particularly those involving consumer loans, residential mortgages, and SME assets. The firm advises arrangers, lenders, borrowers, note issuers, originators, servicers and trustees on domestic and cross-border deals, which also include trade receivables structures, and portfolio acquisitions and disposals.

Weil, Gotshal & Manges (London) LLP has a small team in London comprising only two partners, but its dominance in manager-side CLO transactions means it is a major force in the securitisation market. Head of the London structured finance and derivatives practice Jacky Kelly leads an 'experienced, approachable, practical and commercial’ team that acts for some of the world's biggest CLO managers. The practice also has a strong stable of associates, not least Luke Stowe and Emily Firmston. Kelly and Stowe recently acted for a leading manager client on the amendment of two CLOs to allow for the acquisition of loss mitigation obligations. Kelly also advised a global investment bank on a trade receivables-backed ABS issuance of just under $1bn. Brian Maher joined Paul Hastings LLP in mid-2024.

White & Case LLP has built a broad securitisation practice over the years, and its hire of Adam Farrell from Paul Hastings LLP in 2023 added extra skills in CLOs, RMBS, CMBS and trade receivables. In the CLO market, the firm is recognised as a leading adviser on ESG structuring, having pioneered the structuring of transactions as Article 8 financial products under the EU Sustainable Finance Disclosure Regulation. As well as CLOs, the firm advises banks, sponsors, issuers, investors and service providers on regulatory matters, RMBS, covered bonds, CMBS, whole-business deals, and structures based on auto loans, inventory and esoteric assets. Key adviser to banks and private equity funds Chris McGarry leads 'a personable and bright team that goes the extra mile'. Debashis Dey, who works from both London and Dubai, acted for a global investment bank in a $150m warehouse securitisation, while the 'good-humoured and solution-oriented' Tom Falkus, whose work encompasses NPL portfolio acquisitions, advised a major car rental company on an extension to its €1.2bn securitisation platform.

Addleshaw Goddard ‘provides exceptional support on complex transactions‘. Its growing practice is based around the vast experience of practice head Rachel Kelly, who has attracted bigger and more complex transactions to the firm in the last three years. Zoe Connor is a highly experienced specialty and alternative finance lawyer whose recent workload encompasses forward flow arrangements and ESG-related joint offerings. Carl Posern, who handles funding for fintech lenders, structured ground rent financings and significant risk transfer transactions (SRTs), and Taymour Keen, who is ‘down to earth and respected by colleagues and counterparties‘, also play key roles in the practice. The firm’s work in public and private securitisation covers all business sectors and major asset classes, including RMBS, consumer loans, trade receivables and whole-business deals.

Ashurst has 'a very proactive and engaged team', which acts for issuers, arrangers, dealers, funders, originators, trustees, agents and special purpose vehicle managers across warehouse transactions and public deals regarding a multitude of asset classes. Michael Logie oversees the global markets practice, with Thomas Picton taking the lead on securitisation. Picton, who is 'a star in the European securitisation space', acted for an electric vehicle company in a £550m transaction to fund development. Other key members of the team are Malcolm Charles and Ciaran Vinaccia, who handle corporate trust and agency matters in the CLO market; Alexander Biles, who focuses on covered bonds; and the 'exceptional' Henry Hillind.

Baker McKenzie's London securitisation group has a 'strong, well-staffed team providing excellent client service', and clients report that the lawyers are 'approachable, easy to work with, and can describe complex structures simply'. Simon Porter leads the structured capital markets group and the corporate trust practice, in which Sarah Porter and Jeremy Levy are highly recommended. Levy recently advised a European e-bikes and bicycle parts company on a €100m trade receivables securitisation. Global chair of derivatives Matthew Dening and emerging talent James Tanner also play crucial roles in the practice.

Dechert LLP is 'very responsive, always going the extra mile to make sure they get the full extent of the answers for their clients'. Head of structured finance and real estate Aparna Sehgal oversees the London office’s securitisation team, which is active in CMBS, RMBS, CLOs, loan-on-loan deals, repo securitisations and other structures. Aaron Scott, who joined from Paul Hastings LLP in 2023, boosts the firm's structured credit and CLO practice. He advises CLO managers and arrangers, and recently handled the issuance of €409m in notes for an asset manager. He joins experienced partners John McGrath and Richard Pugh, who act for both banks and buy-side clients.

DLA Piper has 'built a strong position in structured derivatives, warehouse and public securitisation transactions', and is praised for 'excellent commercial understanding of clients' needs'. Steven Krivinskas, who acts for both financial institutions and borrowers, including many in the fintech sector, and global co-chair of financial services Mark Dwyer are the standout practitioners. Emerging talent Marcus Lovatt 'combines a strong intellect with a convivial manner and excellent transactional instincts'. Industry veteran Vincent Keaveny and CLO specialist Kos Vavelidis, who recently joined from Paul Hastings LLP, also aid the firm's depth and growth in the securitisation market. Martin Bartlam left for an in-house position in late 2023.

At Fieldfisher, 'the individuals generally stand out by the high quality of their work and strong commitment to clients'. Head of financial markets and products Guy Usher oversees the work of Alex Campbell's bond issuer team, which is heavily involved in a LIBOR remediation project that involves more than 40 legacy public securitisations. The loan servicing team is led by Marsili Hale, who has notable expertise in the housing sector. Peter Knust leads on corporate trust matters, while Stephen Moller acts mainly for originators and specialised lenders. Asset-based financings specialist Dougall Molson and newly hired derivatives specialist Sebastian Reger from Travers Smith LLP also play key roles in the team.

The structured credit group at Milbank is one of the leaders in CLO and Greek securitisation transactions. As well as acting for many of the largest and most active investment managers on European deals, the firm’s busy CLO practice also advises prominent investment banks acting as arrangers. In fact, CLOs account for around 70% of the work of James Warbey‘s team, in which the ‘especially user-friendly‘ Claire Bridcut is a standout practitioner. Although the firm lost John Goldfinch to A&O Shearman, clients note that the team remains ‘very solution-focused and commercial‘.

Morgan, Lewis & Bockius UK LLP has a strong four-partner practice in London, led by Theresa Kradjian, who frequently assists investment fund managers and other financial institutions with UK RMBS, covered bonds, US and European ABCPs, credit card deals and more. She recently handled the issuance of £75m in notes under an RMBS deal. Merryn Craske is 'a leading expert in EU and UK securitisation regulation'. Richard Hanson is a key adviser to alternative investment funds and asset managers on structured finance and securitisation, while real estate finance specialist Julian Goodman focuses on CMBS and RMBS. Lisa Cargill  departed in late 2023.

Pinsent Masons LLP has ‘a growing team with excellent skills and experience‘. Practice head Edward Sunderland acts for originators in NPL securitisations, though recent work also includes advising a syndicate of senior lenders on UK-focused consumer transactions, and assisting with the winding down of a development loan deal. Market veteran Ian Falconer has experience in trade receivables transactions involving commodities and energy, and frequently advises fintech platforms on the securitisation of receivables payments. Emerging talent Alexis Hayworth and ‘very knowledgeable’ new hire Harjeet Lall, a securitisation specialist previously at Mayer Brown International LLP, are key to the expansion of the firm’s work.

Slaughter and May has ‘an incredibly strong team with understanding of not only securitisation, but other relevant areas such as derivatives and corporate finance‘. The firm’s multi-specialist approach sees its key partners handle a wide variety of finance transactions, but practice head Richard Jones and key practitioners Oliver Wicker, Guy O’Keefe and Caroline Phillips are also vastly experienced in public and private deals. Robert Byk also plays a key role in the practice. The firm works with financial institutions, investment funds, insurers, pension funds and sovereign entities, but is best known for its advice to corporate issuers.

Bryan Cave Leighton Paisner is a key adviser to credit funds, which play an increasingly prominent role in the securitisation market. ‘Client-focused, thoughtful and hardworking‘ structured and asset-backed finance specialist Will Trotman and real estate finance partner Eleanor Hunwicks are the standout practitioners. They frequently handle commercial real estate securitisations, as well as transactions linked to the issuance of securities backed by accounts receivable. Hunwicks recently acted for the special servicer on a £280m CMBS deal.

Burges Salmon LLP has a growing presence in the market, acting for originators, fintech consumer lenders, private capital investors and debt funds. Its work spans consumer assets, corporate loans, real estate loans and corporate debt, infrastructure and whole-business securitisations. Head of banking and finance Andrew Eaton oversees the work of the securitisation practice, which is led by structured finance specialist Graham Soar. James Barrett, who joined from A&O Shearman, worked with Soar to advise a bank on the exercise of the portfolio call option for a securitisation.

Eversheds Sutherland (International) LLP is experienced in forward-funding transactions, particularly in the UK and European lifetime mortgage market. Alex Mehdevy, who 'explains complex aspects in an easily comprehensible way', is a key adviser to financial institutions in funding and securitising substantial later-life mortgage portfolios. Jonathan Malim is vastly experienced in public and private securitisations, as well as structured note programmes. Clients note that the practice has ‘excellent knowledge and experience of the market, regulatory drivers and requirements for securitisations in relation to equity release mortgages'.

Gide Loyrette Nouel LLP's securitisation practice centres on experienced practice head Dimitrios Logizidis, who is 'keen to engage on new structures and solution-driven'. He works closely with emerging talent Samir Bensaker to advise financial institutions, fintech funders and multinational corporates on whole-business, trade receivable, mortgage, lease and CLO transactions. Jérémie Bismuth, who frequently handles securisations in Africa, and Alexander Tompkins are key members of a 'very knowledgeable team that is keen to look for innovative solutions'.

The structured finance group at Macfarlanes LLP has a 'great combination of transactional and businesss skills and regulatory expertise'. Lead partner Richard Fletcher is 'an outstanding legal adviser with exceptional technical knowledge'. Andrew Perkins, who heads the finance group, Kelly Wilson and Ryan Moore also play pivotal roles in the practice. Particularly well known for advising banks, alternative lenders and credit funds, the firm handles regulatory and transactional matters, notably residential and commercial mortgages, consumer loans, trade receivables and whole-business deals.

Clients of Orrick, Herrington & Sutcliffe (UK) LLP report that 'the team provides in-depth, well-thought-out advice', and that lead partner Sushila Nayak 'sees the big picture and does not get bogged down in needless arguments'. She frequently handles CLOs and the securitisation of esoteric assets for financial institutions and corporate issuers. Her work on novel asset classes includes a $125m securitisation regarding intellectual property for a TV franchise commissioned in 72 territories, including the US and UK. James Jirtle is also active in the CLO market.

Schulte Roth & Zabel International LLP has established a firm foothold in the European CLO market thanks to the vast experience of Martin Sharkey, who has 'good product knowledge and is highly responsive'. The 'commercial and very client-friendly' Stuart Axford is a recognised expert in the securitisation of many types of assets, including residential and commercial mortgages, auto loans, aircraft, sports loans, supply chain finance, cryptocurrencies and NFTs. Polly O’Brien is a key adviser to hedge funds, private equity funds, litigation funders, speciality finance companies and investment banks.

TLT joins the ranking having hired three experienced partners to form its nascent but ‘responsive and deeply knowledgeable‘ securitisation practice. Mark Thomas and Steve Downey joined from Squire Patton Boggs in 2023, and Amanda Hulme arrived from Addleshaw Goddard in 2024. Their work encompasses securitisations, structured loan products, trust structures, loan portfolio sales and acquisitions, receivables finance, asset-based lending, and structured lending and bridging. They join the vastly experienced Rich Hughes, who recently handled a £290m private future flow deal for a UK specialist lender.