A&O Shearman has a long-established reputation as a firm working in the most innovative areas in the securitisation market, and its work for arrangers, bank originators and alternative credit providers, asset managers, hedge funds, private equity funds, and corporates remains at the cutting edge. An example is Tom Constance‘s advice to Ares Management’s Alternative Credit Funds on the market-first securitisation of a portfolio of subscription finance facilities to mid-market private equity firms. Practice head Sally Onions leads a ‘highly competent and trustworthy team’, in which the ‘industry legend’ is a key adviser to both bank and non-bank originators. Daniel Hill has a thriving UK RMBS and covered bond practice, and Lucy Oddy stands out for CMBS and RMBS deals. Iona Misheva assists on a broad range of structured finance transactions across commercial real estate, whole business, receivables and residential mortgage loans in the UK and across Europe. CLO specialist Franz Ranero moved to Latham & Watkins and James Goldfinch resigned from the partnership in 2025.

At Clifford Chance LLP, ‘the expertise of the team covers the full spectrum of the market’ and clients note that it is ‘top-tier legal engineering in the financial world’. The firm continues to be active across the entire spectrum of securitisation, and practice head Maggie Zhao stands out for her advice to originators, arrangers and investors on all forms of structured debt. Her recent work includes groundbreaking auto receivables and car rental deals. Christopher Walsh and Kevin Ingram are long-standing market leaders, with expertise in debt securitisation, asset-backed commercial paper conduits, and portfolio acquisitions. Adam Craig continues to build his reputation across public securitisations and private bi-lateral financings. Emma Matebalavu is global head of financial markets and specialises in mortgage finance transactions, while Simeon Radcliff has a particular focus on multi-jurisdictional trade receivables finance. Blake Jones joined from Paul Hastings LLP in 2024 to ramp up the firm’s capability in European CLO offerings and risk retention compliance. The ‘practical and solutions-driven’ Simi Arora-Lalani is highly recommended.

Latham & Watkins continues to invest in developing a strong bench across all of the areas of the securitisation market. The arrival of the CLO team from A&O Shearman in 2025, bringing across experienced partners Franz Ranero and James Smallwood, bolsters the practice. The group, led by global co-chair of structured finance Jeremiah Wagner, now boasts eight partners. Wagner recently handled a landmark £600m deal for Barclays that constituted the first public securitisation of data centres in EMEA. The ‘creative and solution-focused’ Sanjev Warna-kula-suriya is a key adviser to private equity sponsors, hedge funds, commercial and investment banks, and corporates on innovative capital raising and investment transactions. Thomas Cochran, who is ‘client-friendly, thoughtful and is able to think outside the box’, is experienced in first-of-kind transactions, particularly esoteric structured product transactions. He recently assisted investment manager Ares on its strategic collaboration with ABN AMRO in relation to a €1.3bn loan portfolio. Steve Curtis frequently focuses on deals involving infrastructure, regulated utilities, commercial real estate, and operating assets.

Linklaters LLP has ‘the outstanding securitisation team in the City’, according to one client. The firm maintains a broad practice that handles high value, market-leading transactions covering the full spectrum of asset classes. Practice head Andrew Vickery focuses on NPLs, REOs, RMBS, CMBS, ABS, and covered bonds. He recently worked with emerging partner talent Lucy Sidey to assist Cerberus with the securitisation of a mix of residential mortgages and unsecured personal loans, which included the issuance of £1.5bn in notes. Thomas Quoroll is ‘a technical superstar, calm, methodical, and goal-orientated’. He focuses on performing and non-performing loan portfolio sales, and asset-backed public and private financing. Adam Fogarty ‘knows when to be hands-on and when to let the associates take the reins’. Real estate and ESG structured finance specialist Alexander Shopov, utility and whole business securitisations expert Reza Taylor, and Aditi Srivastava, who has in-depth knowledge of receivables financings, are among the many highly regarded practitioners in the group, which is supported by a strong team of associates.

Ashurst climbs the ranking, drawing upon its ‘very partner-led and responsive service’, and the significant growth in the securitisation team. The notable addition is Tauhid Ijaz, who moved over from Hogan Lovells International LLP in early 2025, bringing a wealth of experience in structured finance and DCM transactions across a vast array of asset classes. This included auto loans and leases, SME loans, residential and commercial real estate, infrastructure and social housing. He joins practice head and structured debt expert Thomas Picton, who recently advised Royal Bank of Canada as arranger of an £893m public auto securitisation of auto receivables originated by Mercedes-Benz Financial Services UK Limited. Picton and head of global markets Alex Biles are ‘very commercial, very easy to deal with and a delight to work with’. The ‘exceptional’ Henry Hillind receives high praise from clients, as does corporate trust specialist Malcolm Charles.

Cadwalader, Wickersham & Taft LLP is ‘a global leader in the structured finance and securitisation space’ and its London team has a deep bench of experienced specialists. Particularly strong in the CLO market, the group also stands out for traditional ABS transactions, and the securitisation of niche and cutting-edge new asset classes in both new and established markets. It has also played a key role in developing ESG-compliant transactions. Suzanne Bell is well-versed in both public and private securitisation. Robert Cannon‘s practice spans CDOs, CLOs, mortgage securitisations and commercial paper conduits. Matthew Duncan is a key adviser to banks, credit funds, insurers, reinsurers and pension funds. Richard Hanson joined from Morgan, Lewis & Bockius UK LLP in late 2024, adding experience in bespoke finance solutions for alternative investment funds, asset managers, insurance companies and banks. Derivatives specialist Nick Shiren and ‘high-quality negotiator’ Sabah Nawaz are also vital to the London team’s CLO and securitisation work.

Dentons has ‘a strong senior team with market recognised profile and significant technical expertise’. The firm continues to invest in expanding its London group to handle an increasingly diverse array of work. Clients praise the ‘tenacity, ingenuity and commercial nous’ of the group led by Peter Voisey and Edward Hickman, who together handle a huge range of structured finance work, including public and private securitisation, covered bonds alongside warehousing transactions, loan portfolio sales, and trade finance securitisation. Voisey recently handed a £500m RMBS programme update for Coventry Building Society. Hickman also works on innovative transactions such as carbon credit securitisations. Toby Gray is a key adviser to pension funds, hedge funds and insurers, and Catriona ’Kitty’ Lloyd is one of the most experienced corporate trustee lawyers in the City. Alex Moezi joined from A&O Shearman in early 2025, bringing extensive experience in public and private deals involving mortgage loans, credit cards, consumer loans and auto loans, as well as trade receivables.

The Freshfields' structured finance group is known for its ‘intellectual curiosity, specialist knowledge, commitment and resilience’. The four-partner practice is led by Andrew Heathcote, whose broad practice spans securitisation, structured finance and debt capital markets. His main focus is on whole business, fintech specialist lender, and trade receivables securitisation issues. He recently acted for Klarna Bank on an innovative £900m buy now, pay later loan receivables deal. Flora McLean‘s expertise is in the regulatory capital and tax aspects of bespoke transactions such as warehouse financings. She acted for Barclays Bank as warehouse facility lender in a £250m deal for the financing of UK consumer regulated lease receivables originated by Hometree Finance. Mandeep Lotay splits his time between London and Amsterdam, and frequently advises on transactions in Spain, Greece, Cyprus, UAE, and Italy, as well as the Netherlands and the UK. Jenny McIvor‘s skills lie in whole-business and infrastructure securitisation deals on behalf of sponsors and finance providers.

Herbert Smith Freehills Kramer LLP has a ‘highly effective, diverse, technically capable, reliable and commercially astute team’. The firm’s 2025 merger with legacy firm Kramer Levin ties the UK group to a prominent US securitisation practice with a reputation for innovative, first-of-kind deals. That complements the strengths of the London team, which has seen an uptick in equity release/lifetime mortgage transactions, as well as maintaining a steady flow of work across other asset classes. Michael Poulton leads the UK securitisation team and clients praise his ‘ ability to remain calm and decisive when challenges arise’. He recently advised arrangers Lloyds Bank Corporate Markets plc and Santander on West Bromwich Building Society’s £495m RMBS deal. Clients appreciate the ‘great technical knowledge’ of standout partner Joy Amis, who excels in public and private securitisation, portfolio acquisitions and forward flow transactions, domestically and cross-border, and counsel Charlene Kong who also handles warehouse lending deals. Victoria Salisbury is also highly regarded by companies.

Mayer Brown International LLP‘s structured finance practice is ‘smart, swift, and a joy to work with — this team makes complex deals feel effortless’. The firm continues to invest in its full-spectrum offering, which encompasses mortgage-backed securities, bespoke and hybrid trade receivables deals, CLOs, and transactions involving esoteric asset classes. Dominic Griffiths and the ‘commercially sharp and pragmatic’ David O’Connor lead the group with new hire Chris McGarry, who joined along with Adam Farrell from White & Case LLP in early 2025 to boost the firm’s profile in the CLO market. McGarry and Farrell have hit the ground running with their work for CVC, one of the top three European CLO managers, on a €502m deal being just one example. The firm also has standout practitioners in Ronan Mellon, who handles SME loans, trade receivables, project financing, CLOs, and other UK and cross-border transactions, and Neil Hamilton, who is a key adviser to arrangers, originators, servicers, and investors on deals in  a wide variety of asset classes, as well as complex regulatory issues.

Norton Rose Fulbright has a strong track record in covered bonds, trade receivables, SME lending and restructurings, as well as mortgage-backed securitisation. In the capital markets group led by Peter Young, head of securitisation David Shearer leads an experienced and highly skilled team. He exemplifies the firm’s strength in infrastructure transactions, with a prime example being his work for consortium Consorcio Panamá Cuarto Puente on the $1.42bn financing for the fourth bridge over the Panama Canal, which involved the securitisation of government-backed payment rights. Christian Lambie is a vastly experienced securitisation lawyer, and Peter Noble acts for Canadian issuers and their dealers, and his work encompasses covered bond programmes. Counsel Andrea Salsi joined from Hogan Lovells International LLP in 2024, and has valuable expertise in warehouse financing, portfolio acquisitions, and both public and private securitisations. The firm also stands out for its work on sharia-compliant finance structures, and clients praise its ‘deep knowledge of Islamic finance married to securitisation’.

Paul Hastings LLP‘s ‘global reach, expertise at all levels, and innovative practices set it apart’, and clients remark that the London securitisation team is ‘highly responsive to client needs, offering practical and business-oriented solutions’. The group has a dominant position in the European CLO market, having played a key role in almost half the deals in the market in 2024, either for managers or arrangers. Beyond CLOs, the firm also has a strong position in asset-backed finance deals for large sponsors, including advice to Apollo on a €1.5bn private securitisation to finance the acquisition of Beequip. Brian Maher, who joined from Weil, Gotshal & Manges (London) LLP in late 2024, led that deal. The firm is also active in equipment lease, SME, CMBS, and RMBS deals. Market veteran Paul Severs, and lead CLO partner Cameron Saylor are leaders in their fields. Up-and-coming partners James Baillie and Victoria Morton are highly regarded for CLOs and RMBS respectively.

At Reed Smith LLP, ‘the team is so experienced and polished’ providing ‘practical solutions and swift and efficient execution’. The firm handles bespoke, cutting-edge work in key areas such as trade receivables, but also performs well in asset classes including real estate and auto loans. Tamara Box leads the structured finance group, in which Sarah Caldwell is a key adviser on cross-border RMBS and CMBS transactions. Simon Hugo has in-depth knowledge on defaults, distressed investing, and special situations. Mark Drury has in-depth knowledge of the CLO market and his recent work includes advising Sound Point Capital Management on its €452m cash flow CLO securitising a portfolio of primarily European senior secured leveraged loans and bonds. Clients note that he is ‘much more hands-on than the Magic Circle partners’. Nick Stainthorpe‘s ‘deep market knowledge and expertise are invaluable’.

Sidley Austin LLP‘s global finance practice is ‘knowledgeable, efficient, and genuinely enjoyable to work with’, and its securitisation specialists in London continue to deepen their expertise in key areas of the market. Lead partner Rupert Wall is ‘a leader in structured finance’ and clients praise him as ‘brilliantly sharp and relentlessly driven’. He is active in the CLO market for the likes of CVC, Permira and Spire Capita, as well as advising on complex and often esoteric securitisation. A prime example is his work for JP Morgan on the £233m securitisation of art loan receivables, a highly novel asset class. Azeem Sulemanji has a particular focus on European CLOs, but as part of a broader practice that spans numerous structured finance, securitisation and structured lending transactions. He recently assisted new client LGT Capital with closing its inaugural CLO warehouse. Luke Stowe, who joined as counsel from Weil, Gotshal & Manges (London) LLP in late 2024, is a key adviser to CLO managers.

Weil, Gotshal & Manges (London) LLP is ‘a one-stop shop for structured finance work’, thanks to its strength in funds, securitisation, private equity, tax and regulatory matters in both the UK and the US. The firm is also strong in receivables financing and fintech deals, as well as having a leading manager-side role in CLOs. The firm is also taking a lead on strategic partnerships between banks and credit funds using securitisation techniques. For instance, it acted for Santander in its tactical co-investment structure with Eliant Trade Finance to create a $1bn platform for the origination of global supply chain finance receivables. Highly respected practice head Jacky Kelly, who is praised for providing ‘innovative and creative solutions’, led that transaction. Newly promoted partner Andrew Lauder, whose practice spans both structured finance and derivatives, is a key adviser to both investment banks and large asset managers. He worked with Kelly on a €402m CLO for Pemberton, which has a strong focus on ESG-compliant structures. Brian Maher moved to Paul Hastings LLP in late 2024.

Addleshaw Goddard‘s structured finance group is ‘very approachable and clearly very experienced’. It continues to grow its junior ranks to handle a growing volume of work across many different asset classes. An example is its work for Vanquis Bank in its £1.5bn entry into the second charge mortgage lending market through forward flow arrangements. Zoe Connor and newly promoted partner Olga Friedmann played pivotal roles in that deal. Connor co-leads the practice with Carl Posern, who focuses on funding for fintech lenders, structured ground rent financings, and SRT transactions, while Taymour Keen is ‘very sharp in his legal analysis’.

Baker McKenzie ‘provides an exceptional service that is head and shoulders above its competitors’, according to one client. The firm has an increasingly broad securitisation practice, though it is best known for its work on the trustee side, and practice head Simon Porter is widely acknowledged as an expert in this field. Clients praise the firm’s ‘efficiency, expertise, and responsiveness’, not only in trustee work, but also as adviser to sponsors, originators, arrangers in deals backed by consumer finance assets, trade receivables, residential mortgages, auto loans, and more. Jeremy Levy is a key adviser to many private equity firms. Sarah Porter frequently acts for banks in specialty finance and debt restructuring matters. Global chair of derivatives Matthew Dening also plays a key role in the practice.

Bryan Cave Leighton Paisner climbs the ranking due to its strong CMBS practice and its growing involvement in innovative areas of the securitisation market, not least the back-leverage financing of UK and European commercial real estate loans, which has picked up since the entrance of private equity debt funds into the market. Will Trotman is a key adviser on structured real estate finance. ‘His focus on the important aspects of a deal’ is a central element of his approach according to companies. Eleanor Hunwicks frequently acts for major international lenders in the real estate aspects and servicing of commercial mortgage loans. She recently assisted CBRE as servicer of a €248.9m pan-European CMBS.

Dechert LLP has invested heavily in its London team with the recent recruitment of Sushila Nayak and James Jirtle from Orrick, Herrington & Sutcliffe (UK) LLP. Nayak will lead the firm’s CLO offering, which was already increasing its market presence. Aaron Scott recently led a team that advised Barings on the launch of the first-ever EU private credit CLO, a €380m offering backed by a portfolio of European middle-market loans. The growing use of securitisation technology in back-leverage and fund finance transactions continues to play to the strengths of experienced partner John McGrath, who is also a key adviser to both banks and buy-side parties on performing and non-performing financial products often involving enforcement or restructuring. Richard Pugh is a go-to adviser on CMBS, term asset-backed securitisations, and securitised lending.

Fieldfisher‘s London structured finance team provides ‘timely, accurate and practical solutions to challenges’ and clients note that it is ‘highly responsive and easy to work with’. Practice head Guy Usher oversees a diverse practice where the work encompasses everything from Alex Campbell‘s handling of a major GBP and USD LIBOR remediation project involving 30 legacy public securitisations, to Peter Knust‘s specialist advice to corporate trust and corporate service provider clients. Marsili Hale is ‘an expert with deep industry knowledge and market-leading technical skills’. Stephen Moller has completed more than £1bn of transactions structured finance and securitisation transactions over the last two years, including a £100m deal for a UK pension provider, while Sebastian Reger focuses on clients in the pensions, credit funds and fintech sectors.

McDermott Will & Schulte is ‘rapidly making its mark in the European market’, advising on ‘innovative transactions’. Its work on the securitisation of esoteric assets such as insurance-linked securities, life settlements, loans secured by fine works of art complements its growing presence in the busy CLO market, building on the firm’s strong US CLO practice. Stuart Axford, who has in-depth knowledge of ABS involving assets such as residential and commercial mortgages, auto loans, aircraft, sports loans, supply chain finance, cryptocurrencies and NFTs, and CLO expert Martin Sharkey, who is ‘accessible, has good product knowledge and is very user-friendly’, lead the group. Polly O’Brien‘s broad specialty finance practice also encompasses securitisation, derivatives and structured products.

Milbank has ‘a strong team with a broad practice’ that encompasses CLOs, often acting for investment managers, and Greek securitisation transactions. The firm counts Bain Capital, KKR and BNP Paribas among its flagship clients. James Warbey, Claire Bridcut, Robert Wyse Jackson and Chris Burke all have an established presence in the European CLO market. Warbey, who played a lead role in the first CLO 2.0 transaction after the global financial crisis, remains a key presence in the space. Bridcut, who is ‘willing to take positions rather than follow precedent where appropriate’, acted for Bridgepoint Credit Management Limited as the collateral manager in the €326m issuance of CLO notes.

Morgan, Lewis & Bockius UK LLP is known for its ability to manage cross-border transactions for clients in the US, UK, EMEA and Asia. Theresa Kradjian leads the London structured transactions group, leveraging her in-depth knowledge of UK RMBS, covered bonds, US and European ABCP, credit cards, equipment leases, and much more. The key partner is Merryn Craske, who is ‘a leader and a person you can trust’. She is a key adviser to banks, originators, alternative investment funds, private equity firms, and other securitisation and structured finance transactions across many diverse asset classes. The arrival of Dasha Sobornova from Akin deepens the firm’s capability in CLOs and fund securitisations. Richard Hanson moved to Cadwalader, Wickersham & Taft LLP. Julian Goodman sadly passed away in December 2024.

Paul, Weiss, Rifkind, Wharton & Garrison LLP joins the ranking having made notable investments in its UK securitisation group. The practice is led from New York by head of global financial services Anastasia Peterson, who is heavily involved in the development of the London team, which hired David Thomas from Slaughter and May in late 2024. Peterson, who is ‘a trusted advisor and someone who can get things done’, acted for Apollo in the financing for its $8bn acquisition of assets of Credit Suisse’s Securitised Products Group, as part of the bank’s restructuring, and its ongoing financings as part of the Apollo Global Management ecosystem. Thomas recently advised NewDay Cards on its joint venture with Lloyds Bank.

The structured finance group at Pinsent Masons LLP stands out for its ‘ability to see the big picture and think strategically’. The firm has a broad practice in both public and private deals across many asset classes, ranging from auto loans to trade receivables. Practice head Edward Sunderland frequently advises on consumer credit receivables securitisations, working closely with the financial services regulation team. Seasoned practitioner Ian Falconer is a key adviser to fintech platforms on the securitisation of receivables. Victoria Baker has extensive experience in forward flows and securitisations for speciality lender platforms. Emerging partner talent Harjeet Lall ‘very quickly gets to the key issues in a transaction’, while the vastly experienced Marcus Mackenzie leverages his in-depth knowledge when assisting issuers, borrowers, originators and credit providers.

Slaughter and May is highly praised for its ‘understanding of securitisation, commercial acumen and attention to detail’. The firm is best-known for its work for blue-chip UK corporate issuers, and is active across every major asset class. Practice head Richard Jones is ‘intelligent, hardworking and a pragmatic problem solver’. Caroline Phillips and Robert Byk are also vastly experienced in public and private deals. Guy O’Keefe‘s broad practice spans securitisation and structured finance, as well as banking and capital markets, advising issuers, borrowers, lenders and counterparties of all types, among them governments, financial institutions, and funds. Charlie McGarel-Groves is ‘always on hand to deal with urgent items’.

Eversheds Sutherland (International) LLP has ‘a great team that ensures consistency of excellent output within challenging timeframes’, with one client praising the department for its ‘unprecedented market insights’. The firm has extensive knowledge of forward-funding transactions, particularly deals providing funding to the UK and European lifetime mortgage market. Practice co-head Alex Mehdevy, who ‘knows the market and provides pragmatic advice’, leads this work.

Fox Williams LLP‘s ‘dynamic, proactive and responsive’ structured and specialist finance group joins the ranking this year, partly due to the hire of ‘commercial and pragmatic’ securitisation partner Ed Bellamy from Dentons. He brings extensive experience in advising originators, financial institutions, private credit funds, investors, servicers and other market participants on public and private deals. He joins fintech specialist Jon Segal, who has in-depth knowledge of forward flow transactions, portfolio sales, and marketplace structures, and is increasingly active for credit funds.

Gide Loyrette Nouel LLP‘s finance group is ‘ technically excellent, highly knowledgeable and detail-oriented’, and its London team is part of a global, multi-disciplinary group that advises financial institutions, corporates, investment funds, and public bodies on both cross-border and domestic transactions. Lead partner Dimitrios Logizidis typifies the firm’s ‘extremely deep securitisation knowledge’. He handles asset-backed finance securitisation and covered bonds. Emerging talent Samir Bensaker is ‘always willing to come up with creative solutions’. He recently assisted Link Financial as servicer on the acquisition of a €1.9bn French consumer and residential mortgage loan portfolio.

Macfarlanes LLP is a prominent adviser to credit fund managers, for which it has ‘one of the best securitisation teams in London’. The ‘pragmatic and calm’ Richard Fletcher leads the practice, and his work encompasses a vast array of asset classes and investment strategies, among them consumer credit, mortgages, corporate loans, SME and mid-market loans, credit cards, auto loans, and structured credit. Head of finance Andrew Perkins is an expert on the private credit market, and takes point on many of the firm’s key credit fund relationships.

TLT has a highly experienced group of structured finance partners led by Mark Thomas and Rich Hughes who have decades of experience in securitisation, structured loan products, trust structures and loan portfolio sales and acquisitions. Hughes is particularly well known for his knowledge of asset origination and warehousing deals, as well as portfolio transactions, in which Tom Ward and Bristol-based Abigail Hadfield are also highly proficient. Steve Downey is sought after for all aspects of securitisation, receivables finance, asset-based lending, structured lending and bridging, development and commercial lending.