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Rankings published in 2026
Banking and finance
Tier 1
19 firms ranked
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Tier 1

Allens
20 practice areas
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Gilbert + Tobin
20 practice areas
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Herbert Smith Freehills Kramer
20 practice areas
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Mallesons
20 practice areas
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Tier 2

Ashurst Perkins Coie
20 practice areas
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Clayton Utz
20 practice areas
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MinterEllison
19 practice areas
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Tier 3

A&O Shearman
18 practice areas
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Arnold Bloch Leibler
9 practice areas
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Baker McKenzie
17 practice areas
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Clifford Chance
22 practice areas
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Corrs Chambers Westgarth
20 practice areas
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Hamilton Locke
9 practice areas
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Norton Rose Fulbright
19 practice areas
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Tier 4

DLA Piper
18 practice areas
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Gadens
10 practice areas
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Johnson Winter Slattery
13 practice areas
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Notable

Maddocks
12 practice areas
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Thomsons
10 practice areas
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Capital markets
Tier 2
15 firms ranked
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Tier 1

Clayton Utz
20 practice areas
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Mallesons
20 practice areas
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Tier 2

A&O Shearman
18 practice areas
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Allens
20 practice areas
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Ashurst Perkins Coie
20 practice areas
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Gilbert + Tobin
20 practice areas
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Herbert Smith Freehills Kramer
20 practice areas
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Tier 3

Baker McKenzie
17 practice areas
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MinterEllison
19 practice areas
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Tier 4

Clifford Chance
22 practice areas
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Corrs Chambers Westgarth
20 practice areas
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DLA Piper
18 practice areas
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Hamilton Locke
9 practice areas
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Norton Rose Fulbright
19 practice areas
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Notable

Maddocks
12 practice areas
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M&A
Tier 1
20 firms ranked
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Tier 1

Allens
20 practice areas
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Gilbert + Tobin
20 practice areas
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Herbert Smith Freehills Kramer
20 practice areas
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Mallesons
20 practice areas
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Tier 2

Ashurst Perkins Coie
20 practice areas
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Clayton Utz
20 practice areas
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MinterEllison
19 practice areas
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Tier 3

A&O Shearman
18 practice areas
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Baker McKenzie
17 practice areas
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Corrs Chambers Westgarth
20 practice areas
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DLA Piper
18 practice areas
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Hamilton Locke
9 practice areas
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Tier 4

Arnold Bloch Leibler
9 practice areas
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Clifford Chance
22 practice areas
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Johnson Winter Slattery
13 practice areas
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Maddocks
12 practice areas
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Mills Oakley
2 practice areas
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Norton Rose Fulbright
19 practice areas
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Thomsons
10 practice areas
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Notable

Peloton Legal
1 practice area
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Projects
Tier 1
19 firms ranked
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Tier 1

Allens
20 practice areas
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Clayton Utz
20 practice areas
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Herbert Smith Freehills Kramer
20 practice areas
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Mallesons
20 practice areas
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MinterEllison
19 practice areas
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Tier 2

Ashurst Perkins Coie
20 practice areas
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Corrs Chambers Westgarth
20 practice areas
View profile
Gilbert + Tobin
20 practice areas
View profile

Tier 3

A&O Shearman
18 practice areas
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Baker McKenzie
17 practice areas
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Clifford Chance
22 practice areas
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DLA Piper
18 practice areas
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Norton Rose Fulbright
19 practice areas
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White & Case
4 practice areas
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Tier 4

HWL Ebsworth Lawyers
8 practice areas
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Hamilton Locke
9 practice areas
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Johnson Winter Slattery
13 practice areas
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Jones Day
9 practice areas
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McCullough Robertson
6 practice areas
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Restructuring and insolvency
Tier 2
18 firms ranked
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Tier 1

Ashurst Perkins Coie
20 practice areas
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Clayton Utz
20 practice areas
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MinterEllison
19 practice areas
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Tier 2

Allens
20 practice areas
View profile
Arnold Bloch Leibler
9 practice areas
View profile
Gilbert + Tobin
20 practice areas
View profile
Herbert Smith Freehills Kramer
20 practice areas
View profile
Mallesons
20 practice areas
View profile

Tier 3

Baker McKenzie
17 practice areas
View profile
Corrs Chambers Westgarth
20 practice areas
View profile
Norton Rose Fulbright
19 practice areas
View profile
Thomsons
10 practice areas
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Tier 4

Clifford Chance
22 practice areas
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DLA Piper
18 practice areas
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Gadens
10 practice areas
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Hamilton Locke
9 practice areas
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Johnson Winter Slattery
13 practice areas
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Maddocks
12 practice areas
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Linked Reviews
Financial and corporate

Herbert Smith Freehills (HSF) is an international firm headquartered in both London and Sydney following the 2012 merger between silver circle UK firm Herbert Smith and big six Australian firm Freehills. The firm has 2100 lawyers across 26 offices worldwide and in Australia has offices in Brisbane, Melbourne, Perth and Sydney. The firm also has separate offices in Sydney and Melbourne for its Alternative Legal Services (ALT) service staffed with lawyers, legal analysts and eDiscovery specialists to address high-volume, document-intensive legal work with the aid of technology. 

Focusses / specialisms

HSF is a full service firm that is strong across the transactional board with a finance practice that has a core focus on asset finance, acquisition finance, property finance and corporate finance. It is also dominant in the project financing of PPPs (public-private partnerships), social and economic infrastructure projects, and energy and resources markets, especially in renewable energy alongside its solid debt capital markets and restructuring and insolvency practices. 

Key clients

Key clients of the firm include Virgin Australia Holdings, NEXTDC, BNP Paribas, Korea Development Bank, Arrotex Group, Lendlease Corporation, NSW Treasury and The Carlyle Group. 

Research period review: 30th edition (2019/2020)

During the research period the firm’s finance practice was preoccupied with leveraged and acquisition finance transactions, asset and real estate finance; while the projects team acted in transport, wind and solar mandates. 

The debt capital markets team handled corporate and covered bond issuances while the restructuring and insolvency practice advised on recapitalisation deals, corporate and debt restructuring mandates, and insolvencies in the oil and gas and mining industries. 

The firm was hit with the retirement of finance partner Amanda Wales and the departure of restructuring and insolvency expert Peter Smith to Johnson Winter & Slattery’s Brisbane office.

Deal highlights: 30th edition (2019/2020)

-Arrotex Group A$510 million unitranche facilities

-Coles Group AMTN programme 

-Eclipx Group A$340 million refinancing 

-Hornsdale 309MW wind farm

-ING Bank Australia covered bond programme

-Northern Oil & Gas Australia insolvency

-Speedcast Group restructuring 

-Sydney Light Rail PPP 

35 results35 results
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Deal Highlights
41 results41 results
Deal Name Deal Date Firm Name Jurisdiction Deal Type Lawyer Names Client Names Client Role
Commonwealth Bank of Australia - Bond Issue
2021-07-01
Herbert Smith Freehills Kramer
Australia
Bond issue
Bank of America Merrill Lynch, BNP Paribas, Barclays, Daiwa Capital Markets, Credit Suisse, Commonwealth Bank of Australia, Royal Bank of Scotland Group, Citigroup, HSBC, Deutsche Bank, JP Morgan Chase, Goldman Sachs, Morgan Stanley, Nomura, UBS
Underwriter
Commonwealth Bank of Australia - Bond Issue
2021-09-01
Herbert Smith Freehills Kramer
Australia
Bond issue
Commonwealth Bank of Australia
Issuer
APT Pipelines Ltd - Bond Issue
2021-03-01
Herbert Smith Freehills Kramer
Australia
Bond issue
APT Pipelines Ltd
Issuer
Victoria Power Networks (Finance) Pty Ltd - Bond Issue
2021-08-01
Herbert Smith Freehills Kramer
Australia
Bond issue
Victoria Power Networks (Finance) Pty Ltd
Issuer
QBE Insurance Group Ltd - Bond Issue
2021-09-01
Herbert Smith Freehills Kramer
Australia
Bond issue
HSBC, Citigroup, Barclays, Lloyds Banking Group
Underwriter
Commonwealth Bank of Australia - Bond Issue
2021-08-01
Herbert Smith Freehills Kramer
Australia
Bond issue
Commonwealth Bank of Australia
Issuer
Nickel Mines Ltd - Bond Issue
2021-09-01
Herbert Smith Freehills Kramer
Australia
Bond issue
Bank of America Merrill Lynch
Underwriter
SGSP (Australia) Assets Pty Ltd - Bond Issue
2021-06-01
Herbert Smith Freehills Kramer
Australia
Bond issue
SGSP (Australia) Assets Pty Ltd
Issuer
Victoria Power Networks (Finance) Pty Ltd - Bond Issue
2021-07-01
Herbert Smith Freehills Kramer
Australia
Bond issue
Victoria Power Networks (Finance) Pty Ltd
Issuer
WorleyParsons Ltd - Bond Issue
2021-06-01
Herbert Smith Freehills Kramer
Australia
Bond issue
WorleyParsons Ltd
Issuer
Message4u Pty. Ltd. - M&A
2021-06-09
Herbert Smith Freehills Kramer
Australia
M&A
Message4u Pty. Ltd.
Target
Wesfarmers Ltd. - M&A
2021-10-07
Herbert Smith Freehills Kramer
Australia
M&A
Wesfarmers Ltd.
Buyer
Spark Infrastructure Group - M&A
2021-08-23
Herbert Smith Freehills Kramer
Australia
M&A
Spark Infrastructure Group
Target
OMERS Infrastructure Management Inc. - M&A
2021-10-18
Herbert Smith Freehills Kramer
Australia
M&A
OMERS Infrastructure Management Inc.
Buyer
BHP Billiton Ltd. - M&A
2021-08-17
Herbert Smith Freehills Kramer
Australia
M&A
BHP Billiton Ltd.
Seller
Bingo Industries Ltd. - M&A
2021-04-27
Herbert Smith Freehills Kramer
Australia
M&A
Bingo Industries Ltd.
Target
Aventus Group - M&A
2021-10-18
Herbert Smith Freehills Kramer
Australia
M&A
Aventus Group
Seller
BHP Group Ltd. - M&A
2021-11-22
Herbert Smith Freehills Kramer
Australia
M&A
BHP Group Ltd.
Seller
Crown Resorts Ltd. - M&A
2021-11-19
Herbert Smith Freehills Kramer
Australia
M&A
Crown Resorts Ltd.
Target
Japara Healthcare Ltd. - M&A
2021-07-27
Herbert Smith Freehills Kramer
Australia
M&A
Japara Healthcare Ltd.
Seller
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New hires made in regulatory, corporate, M&A and finance practices at leading firms across the US and the UK, while German Hengeler Mueller elected two new managing partners
M&A
HSF Kramer appoints M&A trio in New York, while Vinson & Elkins opens its Brussels office and Morgan Lewis elects new chair
AI is reshaping financial services, but regulators still expect human oversight, accountability and robust governance
M&A
Lawyers at firms IFLR spoke to note transactional work across the region is largely on track but it may slow down
Capital markets and finance partner Laurent Massinon joins the firm’s finance practice, a year after the launch of its Luxembourg office
M&A
Government opens consultation on UK merger control measures, with a March 31 deadline, aiming for faster, clearer, and more predictable competition regulation
M&A
New hires were made across the corporate, PE, regulatory and finance practices in Abu Dhabi, Brussels, Sydney, Rome, London and the Cayman Islands
New hires and promotions were made across finance, PE and M&A practices in London, Singapore, New York and Santiago
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