‘Abreast of the latest financing innovations and market positioning’, Clifford Chance LLP provides ‘a high-quality and business-oriented work product’ to lenders, funds, lessors and manufacturers involved in the financing and leasing of a broad swathe of asset classes throughout the transportation sector. Aviation remains its sweet spot, however, and aided by a myriad of strong practitioners throughout its international network and enhanced by lawyers in complementary practice groups, including finance, restructuring and corporate, the team excels in handling complex and often highly structured mandates. Here, despite the recent retirement of the legendary William Glaister, the firm’s well-established succession planning has borne fruit, with the likes of the ‘outstanding’ Richard Evans, who has a  ‘vast knowledge of all finance structures’, and Ranbir Hunjan, who ‘knows the industry like no other’, being two of the principal figures now engaged in the highest-profile work handled by the group. The ‘hugely hardworking and unflappable’ Oliver Hipperson heads up the overarching asset finance team and, as well as being key to much of the aviation work, is also extremely well-versed in advising on big-ticket maritime and offshore matters. Rail group head Paul Carrington additionally covers the aviation market, handling financing, leasing and restructurings. At a non-partner level, Chris Hardisty excels in advising on bank-funded and export-credit-backed financings in the aviation sector, while Lara Attarzadeh is garnering plaudits from clients for her ‘incredibly diligent and responsive‘ approach.

Drawing upon strong core aviation finance capability in London and New York, and also able to leverage broader corporate, finance and restructuring competence, Milbank remains at the forefront of the market for lessors, banks, investors and operators across the full spectrum of their cross-border finance and leasing needs. In particular, the team excels in handling complex and novel transactions which are often heavily structured, as well as recently undertaking more secured lending mandates by virtue of a recent dip in capital markets activity. Nick Swinburne is ‘incredibly knowledgeable’ across a range of financings and broader corporate transactional work in the sector, including in the context of portfolio acquisitions for lessors and the utilisation of Japanese operating lease with call option (JOLCO) structures. James Cameron, who co-heads the team alongside Swinburne, has ‘excellent knowledge of the industry and is great for large transactions’, where he is able to corral the expertise of ‘an excellent bench of associates’, including the ‘bright and efficient’ Tom Jackson. Mark Leverkus departed for Gibson, Dunn & Crutcher in April 2024.

Combining longstanding transportation industry expertise with deep experience of handling structured and complex cross-border financings and commercial arrangements, the 'technically solid and approachable' team at Norton Rose Fulbright remains well-placed to add value and 'offer strategic advice and industry colour' to an eclectic mix of stakeholders across all transportation classes. The team remains at the vanguard of the shipping sector, working alone as well as alongside offices in maritime centres across Europe and Asia to provide 'cost-effective and pragmatic' advice to lenders and owners, including for cutting-edge sustainability-linked loans. 'Very knowledgeable' shipping head Simon Hartley is the 'ultimate safe pair of hands', particularly in relation to bank-side deals within the cruise sector, and has handled a number of recent mandates regarding the financing of eco-friendly vessels. As well as conventional shipping work, Eleanor Martin is also very adept at handling restructuring matters in this space. Matthew Bambury is gaining recognition in the sector through providing 'an exceptionally reliable service', and as well as developing his own workload also works alongside Hartley on cruise ship matters. Aviation head Duncan Batchelor is 'well connected' in the sector and is 'on top of all the latest industry developments', ensuring he is very able to take on complex new money deals (including transactions utilising novel financing products) as well as restructurings/refinancings. As well as lender work, Owen Mulholland has strong ties with a number of major airlines and excels at handling financing transactions which use both commercial and export-credit-backed debt. The 'exceptional' Will Alete is also recommended, as is the 'diligent and creative' Dan Cowdy, while the 'technically brilliant' Georgie Field is gaining plaudits from alternative lenders, lessors and airlines alike.

With ‘impressive depth’ at both partner and associate level, Watson Farley & Williams LLP has the resources and expertise to provide ‘tailored legal solutions’ to stakeholders on financing and leasing across the full swathe of transportation assets. Shipping is in the firm’s DNA, and acting on its own as well as drawing upon support from lawyers based in key international maritime centres, including Singapore, Hamburg and Athens, the team, under the guidance of George Macheras, is involved in many of the largest and most sophisticated cross-border financings in the market. Kavita Shah has an excellent grounding in both new money and refinancing work for banks and operators and acted alongside Macheras for various banks on the unwinding of their financings to a Russian state-owned shipping company. A ‘trusted, kind and gentle adviser’, Kate Silverstein has developed a strong grounding advising LNG operators, as well as handling conventional shipping matters. ‘A fountain of knowledge on all things aviation finance’, Jim Bell has continued to grow that side of the practice, which sees instructions from an expanding roster of banks, lessors and manufacturers. The ‘exceptional’ Chris Mitchell is ‘at the top of his game’ handling complex financings which use commercial and capital markets debt to facilitate the delivery of new airlines and portfolio acquisitions, inter alia. Other key practitioners include the ‘commercially astute’ Patrick Moore, whose broad palette of asset finance matters includes helicopter financings; the ‘effortlessly capable’ Jane Keith; Lindsey Keeble, who still handles some maritime finance work alongside her duties as managing partner; Gary Walsh, who specialises in maritime asset finance; and the ‘very insightful’ Louise Mor, who has expertise in the rail sector. As well as the team’s fee-earning work, it also recently developed the well-received Global Aviation Resource Index, an online legal analytics tool.

Able to tap into 'huge market experience' and enhanced by the arrival in July 2023 of 'super client-focused' Mark Moody from Winston & Strawn LLP, White & Case LLP now has the critical mass and expertise to handle many of the most important cross-border aviation finance mandates in the market. Moody, who is according to one client 'in a class of his own', solidifies the firm's already strong ties with lessors and financial institutions, in particular, and further strengthens the team's capabilities in the export-credit-backed market, which is seeing greater new money activity following a significant slowdown in the aftermath of the pandemic. 'Skilled veteran' team head Justin Benson also has vast knowledge in the sector, with a practice that largely mirrors Moody's and 'willing to roll up his sleeves' for clients across a range of complex finance and leasing work. Of the more junior members of the team, Rishi Raheja and James Turner, who both joined the practice in 2023 alongside Moody, 'are very efficient and capable deal managers in addition to being great substantive attorneys'.

The ‘approachable’ team at Dentons has ‘extensive know-how of different financing structures’, ensuring that it remains well-placed to advise both borrowers and lenders across a broad swathe of new money and refinancing mandates in the transportation space. Clients from the aviation sector continue to generate most of the deal flow, with the four-partner London-based team being very well-placed to handle cross-border mandates by dint of its vast international network, including a rapidly growing Dublin office which has been particularly useful for leasing-related work. Stephen Temple has excellent insight in the sector, informed by his eclectic client mix which includes airlines, lenders and lessors; he continues to advise a core airline client on multiple financing and leasing transactions. Paul Holland provides ‘a commercial perspective to the points of law’ for a Middle Eastern-focused client base. James Francis is recognised as a ‘fabulous asset to the team’, regularly working alongside Holland on matters for a longstanding airline client as well as for other airlines and lessors, where he brings particular expertise in export credit financings. Sarah Dyke co-heads the team alongside Temple and handles some corporate jet, helicopter and yacht financing work alongside her broader commercial aviation offering. The vastly experienced Serge Sergiou also handles some fee-earning work in his role as consultant.

Leveraging the expertise of ‘seasoned legal practitioners with decades of experience in aviation matters’ and also recently enhanced by the arrival of Debra Erni from Pillsbury Winthrop Shaw Pittman LLP, Holland & Knight (UK) LLP is well positioned to cover the full range of aviation-related transactional matters, including aircraft procurement, leasing and finance. A significant amount of the work handled by the team is for lessors, with Erni’s arrival enhancing this skillset, particularly in light of her connections with Japanese leasing companies. Team head Victoria Koob is also ‘really knowledgeable in the leasing space’, and alongside the ‘pragmatic and solutions-driven’ Richard Sharman has been active advising creditors on a number of high-profile Chapter 11 restructurings (working alongside the firm’s US offices), as well as assisting them in matters arising from sanctions placed on Russia. Robert Ricketts has an ‘exceptional knowledge of the industry’ and a diverse workload that includes financing work and advice on regulatory, commercial and operational concerns. Michael Holt assists the team in cross-border leasing mandates, as well as gaining recent experience advising creditors on repossessions.

With strength-in-depth in London as well as being able to access expertise in the US and Asia, Pillsbury Winthrop Shaw Pittman LLP has strong traction among lessors, airlines, funds and banks across a wide range of cross-border finance and leasing structures. 'Responsive and solutions-oriented' team head Graham Tyler is a strong choice for leasing companies and funds on their portfolio acquisitions and financings; he recently advised an asset manager on the acquisition of a 16-cargo aircraft portfolio with debt finance supplied from a non-bank lender. As well as advising on conventional financings, Antony Single also regularly advises on Islamic finance structures for lenders and borrowers and leverages strong relationships with a number of Middle Eastern banks funding transactions in the aviation sector. Chris Knight is also recommended for his 'practical and business-oriented advice'. Debra Erni joined Holland & Knight (UK) LLP in January 2024.

The ‘fantastic’ team at Stephenson Harwood is appreciated for its ‘proactive and very knowledgeable’ service to a variety of clients engaged in the financing and leasing of the full scope of transportation assets. Acting on its own as well as often alongside other practitioners based across offices in key maritime centres, shipping remains the team’s main calling card, with many operators and banks regularly instructing the firm across a range of new money and refinancing mandates. The ‘approachable’ Ian Mace heads up the ship finance sub-group that also includes the vastly experienced Jonathan Ward, who excels in handling work with a Chinese nexus; the ‘solutions-oriented’ Dora Mace-Kokota; and the ‘exceptional’ Jon Cripps, who is adept at handling complex matters including those involving JOLCO structures. Although the aviation offering lacks the visibility of its more mature maritime counterpart, under the leadership of Richard Parsons the practice continues to grow its airline and lessor client base, with the ‘exceptional’ James Collins being particularly effective at nurturing new clients on the lessor side. On the rail front, both Tammy Samuel and Suzanne Tarplee have well-established ties with train operators, with broad-based transactional and regulatory expertise that also includes some finance and leasing mandates.

The 'seasoned' London-based aviation finance practice at Vedder Price has strong and well-established relationships with lessors, financiers, operators and funds which are appreciative not only of its vast sector knowledge but also its ability to advise on both English and New York law debt products, often in unison with its market-leading US offering. Although it does handle some more commoditised financings, the partner-led team adds particular value on more complex and often heavily structured mandates, involving commercial and export-credit-backed debt. Gavin Hill has deep expertise at handling the financing, leasing and acquisition/sale of commercial/business aircraft and aircraft engines. Neil Poland is 'able to distil complex legal issues', including in the context of operating lease structures and export credit financings, into 'clear, reasoned and commercially focused advice' for lessors, banks and airlines. Dylan Potter is a 'safe pair of hands' on aviation finance transactions and also heads up the office's maritime and equipment finance practices. The 'professional and reliable' Derek Watson handles corporate jet work alongside his commercial aviation offering, while John Pearson continues to gain recognition for his knowledge of ESG-related aviation matters.

Composed of ‘forward-thinking, solutions-driven and vibrant legal practitioners’, Bryan Cave Leighton Paisner is best-known for its work in the rail sector, where it combines ‘deep industry knowledge’ with a strong understanding of ‘the needs of key stakeholders’. Russell Clifford is the lynchpin of the team’s work for rolling stock lessors, which are appreciative of his ‘strategic and pragmatic advice’ on procurement projects. The ‘very detail-oriented’ Jamie Wiseman-Clarke is also key to this rolling stock leasing work and ‘will not leave any stone unturned for his clients’. The smaller aviation finance offering is headed up by Anton Chambers, whose broad-ranging offering includes expertise on aircraft leasing and acquisition matters, commercial arrangements and aircraft portfolio financing facilities.

Combining ‘deep knowledge of the industry’ with expertise across an array of finance and leasing structures, HFW remains a popular choice among lenders, lessors and operators across a wide range of new money and refinancing transactions. Noted for his ‘very service-minded approach’, Swedish and UK-qualified partner Gudmund Bernitz has a broad practice that encompasses commercial loan and ECA-backed financings – including to facilitate the delivery of zero-emission vessels – as well as corporate and commercial work in the space, including as it relates to the establishment of shipping-related funds and ship building contracts. Katherine Noble ‘manages the most complicated transactions with ease’ for a lender-focused client base, including in the context of sustainability-focused projects and financings. For finance work in the aviation sector, Rebecca Quayle is ‘extremely capable and commercially minded’ and alongside David Brotherton, who now heads the sub-group in London following a long period in Singapore, has made increasing inroads into the firm’s APAC-focused lessor client base for UK-based work. Barbara Pansadoro also handles work for lessors as well as airlines and is noted for the versatility of her workload, which runs the gamut from insurance-supported deals and complex hybrid financings incorporating commercial debt and tax-based lease structures, through to aircraft and engine purchase contracts. Adam Shire heads up the ship finance team as well as handling a considerable volume of private aviation and corporate jet work.

Deploying a very collaborative approach which leans into the firm's international network of offices as well as its broader finance competence, in particular, Hogan Lovells International LLP's small partner-led team is well-positioned to advise financial institutions, operators and lessors across a range of complex cross-border aviation finance and leasing transactions. Team head Robert Fugard has vast experience in the sector and has, over his many years of fee-earning experience, developed deep knowledge of a variety of debt products which has been beneficial to clients, both on new money deals as well as in a restructuring setting. As well as handling a myriad of financing matters for airlines, Richard Goss has also been very close to a number of lessors, assisting them on everything from new money financings and as creditors on airline restructurings, through to broader transactional work including establishing new leasing platforms and portfolio trading. Outside of the aviation sector, Shalini Bhuchar handles some shipping work for funders and borrowers, as it relates to both commercial vessels and superyachts.

Increasingly active out of London and with strong well-established regional coverage throughout the UK, the 'highly knowledgeable and professional' team at Addleshaw Goddard is able to service a mix of stakeholders across a growing range of asset finance transactions. Although he is adept at handling work across various transportation asset classes, the 'diligent and detailed' Simon Gwynne is best-known for his work in the rail sector, a facet of the practice which he has galvanised since joining the firm in 2022 from Norton Rose Fulbright. In Edinburgh, Ed Watt takes the lead on much of the corporate/commercial and finance work on the shipping front, while Manchester-based Andrew Maskill primarily handles mid-ticket equipment finance/leasing mandates.

Working with a broad mix of stakeholders, K&L Gates LLP has 'good insight into the market', ensuring that it is well-positioned to advise clients across a range of aviation financing and leasing structures to enable the optimal result is achieved in often complex cross-border mandates. The 'impressively composed' Peter O'Hare is particularly effective at advising lessors, regularly working alongside the firm's Tokyo office on Japanese operating lease work. Philip Perrotta co-heads the team alongside O'Hare and often handles complex matters for parts suppliers and manufacturers.

Although it has a relatively small core asset finance offering, Linklaters LLP is regularly engaged in high-profile and complex cross-border transactions for lessors, funds, operators and banks in the maritime and aviation sectors, where it is able to leverage its international footprint and broader banking, capital markets and corporate expertise to good effect. Team head Olga Petrovic has a strong and well-established grounding in the space and is adept at handling acquisitions, insolvencies, leasings and large portfolio transactions.

Drawing upon a 'very wide knowledge of the aviation sector', Bird & Bird LLP is well placed to advise clients across commercial, operational and financing matters, often working alongside international offices. Despite now being in a consultant role, Paul Briggs 'continues to be a high-energy and creative presence in the team', often providing strategic oversight on some important matters including as they relate to sustainability issues. Leo Fattorini heads the team from Singapore.

The ‘solutions-oriented and committed’ team at CMS is well-versed at handling work for lessors, operators and banks on cross-border leasings/financings across a range of transportation assets. Appreciated for her ‘excellent commercial skills’, Gwen Edwards is the main contact on work within the aviation sector, and alongside the ‘extremely focused’ Neha Arora regularly advises lenders and borrowers on cross-border debt financing transactions relating to commercial and corporate aircraft. Splitting his time between London and Hong Kong, the ‘authoritative and extremely persuasive’ Tim Elliot is the main contact for offshore/maritime work and is particularly noted for his expertise on the FPSO financing side.

Under the expert leadership of market-leading rail finance lawyer Tom Johnson, Freeths LLP has successfully built out its offering in the space since his arrival in 2022. Clients including manufacturers, rolling stock lessors and train operating companies are appreciative of the team's ability to provide a one-stop-shop approach, through leveraging the firm's existing multi-disciplinary offering in the transport sector. The 'responsive, reliable and trustworthy' Johnson 'knows the rail industry inside out', ensuring that he is regularly top of the list for clients seeking advice on major rolling stock finance/procurement transactions, inter alia. Bristol-based Michael Bray heads up the overarching multi-disciplinary transport team and specialises in handling real estate work in the sector.

With a 'solid understanding of all aspects of aircraft financing', Morgan, Lewis & Bockius UK LLP is able to provide 'commercially driven advice' to banks, lessors and airlines across a range of matters including general financing (both conventional and Islamic), aircraft leasing, restructurings, new aircraft orders and private aviation. 'Very knowledgeable' team head Sidanth Rajagopal splits his time between the London and Dubai offices and is noted for his ability to provide 'sensible advice on the most complex matters'. Manuela Krach is also a key member of the team and is appreciated for her ability to combine 'in-depth understanding of the client's business and needs with technical excellence'.

With an ‘ability to keep up to date with ever-changing developments’, Bristol-based Burges Salmon LLP has deep knowledge of the rail industry and excellent traction among operators and rolling stock manufacturers, which instruct it across a range of regulatory, operational and finance-based transactions. ‘A leading light in the rail industry’, transport head Brioney Thomas excels in handling infrastructure, franchising and rolling stock procurement matters.

Exhibiting 'excellent customer focus and commercial understanding', Greenberg Traurig, LLP is a popular choice among clients in the rail sector across a range of domestic and cross-border finance and leasing matters, often drawing upon resources throughout the firm's wider finance practice. Graeme McLellan has 'excellent industry knowledge', which he deploys to good effect on rolling stock procurement transactions, depot financings and portfolio acquisitions/disposals.