Herbert Smith Freehills LLP is 'extremely responsive, supportive, and knowledgeable', and clients remark that the partners 'master the transactions until last detail and give consistent assistance not only from legal perspective but also from market practice'. The firm is known for handling innovative securitisation structures rather than focusing on volume, and it continued that trend in 2022. Joy Amis, who is 'a partner you can rely whether you need to bring pragmatic results or you need to find unlikely solutions to non-standard problems', acted for Morgan Stanley as arranger and sole lead manager in a €493m RMBS transaction backed by a portfolio of Spanish mortgage transfer certificates, which represent represent economic rights in respect of residential mortgage loans granted to individuals domiciled in Spain. Michael Poulton provides 'sensible and pragmatic advice' and is a key adviser to Pepper Money, a leading non-bank mortgage lender in the UK, for which he handles the full lifecycle of securitisation from warehouse transactions to public RMBS transactions, through to the call and refinancing of previously issued public securitisations. The other key partner is Jake Jackaman, who assisted Allianz Global Investors with a €46m financial lease securitisation. Senior associates Victoria Salisbury, who has 'excellent technical and market knowledge', and Charlene Kong also play key roles in the practice.