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Short-listed firms Allen & Overy Cadwalader, Wickersham & Taft Clifford Chance Linklaters Slaughter and May Travers Smith Braithwaite Skadden, Arps, Slate, Meagher & Flom Unlike some of the other areas covered by IFLR's annual awards, 2002 was a boom year for insolvency and restructuring practitioners and one of the most difficult areas in which to pick a winner.

Short-listed firms Allen & Overy Freshfields Bruckhaus Deringer Slaughter and May Sullivan & Cromwell Allen & Overy worked on many key European deals in 2002, most notably advising Imperial Tobacco on its €5.8 billion ($6.3 billion) acquisition of Reemtsma, a complex multi-office transaction that was further complicated by a prolonged antitrust examination by the European Commission. The firm also advised on the sale by Edison of its 53.66% stake in Provimi (one of the 10 largest leveraged buyouts in France in 2002) and of its 54.69% stake in Cereol. Both deals involved multiple jurisdictions, complex pricing structures and (in the latter case) the inclusion of specific non-competition indemnity provisions.

Short-listed firms Allen & Overy Clifford Chance Freshfields Bruckhaus Deringer Linklaters Allen & Overy continued to prove that you can securitize just about anything by securitizing forest land in 2002. The Tornator deal was only the fifth whole business securitization outside the UK and the first deal of its type in Finland. The firm also continued to show its dominance in the area of master trust structures, advising Abbey National and Northern Rock on deals during the year and also working on the £3.4 billion ($5.46 billion) Permanent Financing deal for HBOS, a newcomer to the securitization market.

Short-listed firms Allen & Overy Freshfields Bruckhaus Deringer Davis Polk & Wardwell Linklaters Shearman & Sterling Sullivan & Cromwell Cleary, Gottlieb, Steen & Hamilton Allen & Overy extended tier I debt into yet more jurisdictions in 2002. The firm has now closed 12 tier I firsts in the past few years. Involvement with the BAA auction process also showed the firm is at the cutting edge of innovation on other types of debt capital markets deals. Highlights during 2002 included the Alpha Bank deal, the first Greek tier I issue and a particularly difficult deal involving the expansion of Greek banking supervisions, and Landesbank of Schleswig-Holstein, the first tier I issue for a German Landesbank.

De Brauw Blackstone Westbroek

Bonelli Erede Pappalardo

By Leonard A Zax and Nestor M Davidson of Latham & Watkins, Washington DC

By Timothy Trinka, Gun Chul Do and Gi-Hyoung Oh of Bae, Kim & Lee, Seoul

By Pedro Sáragga Leal and Maria Castelos of PLMJ, Lisbon

By Jill Pittaway, Lovells