The best in the business

The rankings are in, and champagne corks will be popping at Ashurst and Hogan Lovells International LLP, as both firms join the “Premier League” of property law – the top tier of this year’s Legal 500. Publication of the report is a hotly anticipated event in the legal calendar – perhaps even more so this time, as the research period of 2015 and early 2016 covers a rosy period, pre-Brexit. The report notes 2015 as a “strong year for commercial real estate in London”, driven to a large extent by foreign investment, and says that City and West End prime rents were at an “all-time high”. Ranking the profession Against that background, the Legal 500 research team analysed the work undertaken by 116 major firms – those working at the high end of the market overall, or demonstrating key strengths in particular areas of the sector – and ranking them across seven tiers. It is an exhausting process, according to Legal 500’s UK solicitors editor Alexander Boyes: “We get a significant amount of data to work through over the year. Our research involves going out to firms and conducting interviews with them as well as getting feedback from clients. It is a lot of information that we then boil down into our rankings, designed to be a snapshot of the market and the sector.” Being ranked in any tier is an accolade, and the margins between them can be very fine. “The way we approach these rankings is from a positive perspective,” Boyes explains. “We are not saying that firms in the seventh tier are not good enough to be in the first tier, but that there is a clear differentiation in the focus and scale of work between those firms. “When you are looking at the top two to three tiers, the distinctions between firms in the top tier and the second tier can hinge on one or two small factors. What we are most concerned about is the work a firm is doing and has done in the research period, then we look at the broader track record demonstrated over a medium to longer term, as well as their overall reputation in the market and the standing that they have. Secondary factors we will look at include the level of client feedback and the strength in depth in the team as a whole.” This year, the top tier grows from four firms, in 2015, to six, illustrating the increasingly competitive nature of the sector. Boyes says: “The firms that sit in that top tier are all focused on attracting work at the high end of the market. Given that there has been a significant amount of inbound investment it is reflective of the fact that firms that have maintained investment in this area even during a difficult period after 2008 are now seeing the gains. It is competitive, especially with potential market changes that arise from things like Brexit.” Congratulating Ashurst and Hogan Lovells on joining the first tier, he says: “Those two firms have shown an ability to work on the highest level mandates across several years. Their promotion is a recognition of that capability.” Looking ahead The 2016 report notes that, while the second half of 2015 evidenced a noticeable increase in appetite for major new development projects, the first part of 2016 yielded a “slowdown in the market”, as investors awaited the outcome of the Brexit referendum. It adds: “Although contentious property work is rarely at the mercy of the economy, last year’s property boom is expected to be followed by an increase in property litigation. Currently rights of light, enfranchisement and mixed-use developments are major themes causing disputes among parties.” As work on the Legal 500 2017 gets under way, it is sure to be another busy – and highly competitive – year for the sector. The Legal 500 2016 is available from www.legal500.com THE MAJOR PLAYERS The top three tiers of law firms in the category of commercial property, Firms are listed alphabetically within tiers, with green indicating change up in position from 2015 and red indicating move down in position from 2015 TIER 1  Ashurst  Berwin Leighton Paisner LLP  Clifford Chance  Herbert Smith Freehills LLP  Hogan Lovells International LLP  Nabarro LLP TIER 2 Addleshaw Goddard LLP CMS  Dentons DLA Piper Eversheds LLP Jones Day King & Wood Mallesons Linklaters LLP Macfarlanes LLP Mayer Brown International LLP Mishcon de Reya LLP Norton Rose Fulbright TIER 3 Allen & Overy LLP Baker & McKenzie LLP Fieldfisher Forsters LLP Gowling WLG Irwin Mitchell Olswang LLP Osborne Clarke Pinsent Masons LLP Reed Smith LLP Simmons & Simmons Slaughter and May Taylor Wessing LLP Trowers & Hamlins LLP THE BIG SIX Extracts from the report’s analysis of the top tier firms Ashurst “The practice, led by Richard Vernon, draws on the expertise of global practice head Hugh Lumby, who continued to advise key client Westfield on mandates including its jv with Hammerson to develop Croydon town centre. On the investment side, David Jones has ‘tremendous enthusiasm’.” Property finance: “Ashurst’s ‘very strong team of smart lawyers’ advised Lloyds Bank on a £185m facility to finance the development of a new retail village outside the O2 arena.” Property litigation: “Ashurst displays ‘all-round thinking’ and gives ‘proactive advice’ that is ‘beyond what you usually expect from solicitors’.” Berwin Leighton Paisner LLP “Berwin Leighton Paisner LLP is ‘head and shoulders above the rest’. The firm continued to be highly active on behalf of key clients. The team is particularly recommended for its hotels work. Construction law is a strong area of specialism.” Planning: “The seven-partner practice is ‘an incredibly strong team’.” Property litigation: “Berwin Leighton Paisner LLP is ‘commercial but also top of the class analytically’. The ‘knowledgeable and fun’ Roger Cohen and rights of light expert Wendy Miller jointly lead the ‘very strong’ team.” Clifford Chance “‘Market leader’ Jonathan Solomon is in charge at Clifford Chance, where the practice is noted as being ‘very thorough and quick to grasp complex property structures and issues’. Solomon advised key client Helical Bar on the disposal and forward-funding of the development site at One Bartholomew Close, London. In another standout deal, global co-head Adrian Levy acted for Brandeaux Student Accommodation Fund Sterling on the £1.1bn sale of its UK student property portfolio.” Property litigation: “‘Excellent-quality’ contentious advice as part of its high-end real estate practice.” Property finance: “Remarkable bench strength and market knowledge.” Herbert Smith Freehills LLP “Herbert Smith Freehills LLP’s practice has been busy with a number of infrastructure-related mandates. The team also secured new panel appointments and continued to work for developers such as Hammerson and Brookfield Property Partners.” Property finance: “Deutsche Bank, Lloyds Bank, Blackstone and Omni Capital Partners are among the clients of the firm’s ‘magnificent’ team, which is led by Simon Chadney and Gary Hommel; these ‘robust negotiators’ are praised as having ‘extensive knowledge and a no-nonsense approach’.” Hogan Lovells International LLP “Delivers a ‘first-class service’ under the leadership of global practice head Jackie Newstead, who is praised for her ‘very thorough knowledge’.” Planning: “Its ‘rock-solid and innovative’ practice is led by the highly rated Michael Gallimore, who has particular expertise in urban regeneration projects.” Property litigation: “The firm is ‘vastly superior’, attracting an enviable client roster. Nicholas Cheffings is ‘a first-rate lawyer, with an understated style who quickly gets to grips with the issues’; Mathew Ditchburn ‘combines enthusiasm with sound legal abilities and excellent judgement’; and Paul Tonkin is ‘a brilliant young lawyer’.” Nabarro LLP “Team leader and newly appointed senior partner Ciaran Carvalho advised Lendlease and London and Continental Railways on the £615m forward-funding of two buildings at the International Quarter. The team has particular strength in acting for UK REITs and counts Land Securities, Hammerson and Segro among its clients.” Property litigation: “The ‘wise, experienced, reflective’ Jennifer Rickard heads the practice, which is ‘polished and professional, with huge strength and depth in the field’. Julie Gattegno gets ‘fantastically involved’; Nick Lloyd is ‘immensely bright and original in thought’; and Nick Wood is ‘dedicated, hardworking and enthusiastic’.” THE SPECIALISTS The top tier firms in individual areas Commercial property: Development Ashurst Berwin Leighton Paisner LLP  Hogan Lovells International LLP Linklaters LLP Nabarro LLP Norton Rose Fulbright Commercial property: Hotels & leisure Berwin Leighton Paisner LLP CMS Dentons Hogan Lovells International LLP King & Wood Mallesons Norton Rose Fulbright Paul Hastings LLP Pinsent Masons LLP Taylor Wessing LLP Commercial property: Investment Ashurst Berwin Leighton Paisner LLP Clifford Chance Herbert Smith Freehills LLP King & Wood Mallesons Mayer Brown International LLP Nabarro LLP Commercial property: Retail Berwin Leighton Paisner LLP Browne Jacobson LLP Clyde & Co LLP Cripps LLP DLA Piper Dentons Gowling WLG King & Wood Mallesons Osborne Clarke Construction: contentious Berwin Leighton Paisner LLP Fenwick Elliott LLP Pinsent Masons LLP Construction: non-contentious Berwin Leighton Paisner LLP Herbert Smith Freehills LLP Pinsent Masons LLP Environment Allen & Overy LLP CMS Dentons Freshfields Bruckhaus Deringer LLP Linklaters LLP Planning Berwin Leighton Paisner LLP Pinsent Masons LLP Property finance Allen & Overy LLP Ashurst Clifford Chance Herbert Smith Freehills LLP Linklaters LLP Property litigation Berwin Leighton Paisner LLP Hogan Lovells International LLP Mishcon de Reya LLP Nabarro LLP LEADING LIGHTS The practitioners named as leading figures in commercial property Andrew Bruce Linklaters LLP Ciaran Carvalho Nabarro LLP Jeremy Clay Mayer Brown International LLP Joe Conder Goodwin Bruce Dear Eversheds LLP James Dodsworth White & Case LLP Nick Doffman Mishcon de Reya LLP Philip Freedman CBE, QC Mishcon de Reya LLP Mark Heighton CMS Stephen Hughes Mishcon de Reya LLP David Jones Ashurst Caroline King Boodle Hatfield LLP James Knox Berwin Leighton Paisner LLP Adrian Levy Clifford Chance Jon Lloyd Gowling WLG Hugh Lumby Ashurst Robert MacGregor Berwin Leighton Paisner LLP Gill McGreevy Hogan Lovells International LLP Claire Milton Berwin Leighton Paisner LLP Imogen Moss Allen & Overy LLP Jackie Newstead Hogan Lovells International LLP Ian Nisse Macfarlanes LLP Daniel Norris Hogan Lovells International LLP Thomas Page CMS Dion Panambalana Hogan Lovells International LLP Mark Payne Clifford Chance Bryan Pickup King & Wood Mallesons Chris de Pury Berwin Leighton Paisner LLP David Roberts Jones Day Donald Rowlands Herbert Smith Freehills LLP  David Ryland Paul Hastings LLP Justin Salkeld Baker & McKenzie LLP Alan Samson Gibson Dunn & Crutcher LLP David Sinclair Norton Rose Fulbright  Jonathan Solomon Clifford Chance David Taylor Pinsent Masons LLP Rob Thompson Irwin Mitchell Peter Thorne Gowling WLG Stephen Turner Baker & McKenzie LLP Tim Webb Greenberg Traurig Maher LLP Martin Wright Mayer Brown International LLP MEET THE LITIGATORS The leading figures in the category of property litigation Marcus Barclay Olswang LLP Charlotte Bijlani Norton Rose Fulbright Matthew Bonye Herbert Smith Freehills LLP Katie Bradford Linklaters LLP Ian Brierley DLA Piper Nicholas Cheffings Hogan Lovells International LLP Roger Cohen Berwin Leighton Paisner LLP Siobhan Cross Pinsent Masons LLP Danielle Drummond-Brassington CMS Will Densham Eversheds LLP Mathew Ditchburn Hogan Lovells International LLP Saleem Fazal Taylor Wessing LLP Jane Fox-Edwards Allen & Overy LLP Michele Freyne Howard Kennedy LLP Julie Gattegno Nabarro LLP Dellah Gilbert Maples Teesdale LLP Kerry Glanville Pemberton Greenish LLP Robert Highmore Charles Russell Speechlys LLP Jason Hunter Russell-Cooke LLP Brian Kilcoyne Lewis Silkin LLP Gary Lawrenson Osborne Clarke Nick Lloyd Nabarro LLP Joanna Lampert Berwin Leighton Paisner LLP Daniel Levy Mishcon de Reya LLP Emma Macintyre Mishcon de Reya LLP Michael Madden Winston & Strawn London LLP Michael Metliss Berwin Leighton Paisner LLP Wendy Miller Berwin Leighton Paisner LLP Antony Phillips Fieldfisher Natasha Rees Forsters LLP Jennifer Rickard Nabarro LLP Jonathan Ross Forsters LLP Owen Talfan Davies Fieldfisher Martin Thomas Gowling WLG Iain Travers Ashurst Andrew Walker Squire Patton Boggs Anne Waltham Gowling WLG Lesley Webber Fieldfisher Stuart Wortley Eversheds LLP