Law firm of the year: Latham & Watkins

Latham & Watkins tripled the value of sustainable finance transactions it advised on in 2021.

The New York-based firm was voted law firm of the year after advising on more than 60 sustainable finance transactions with an aggregate value of over $37 billion throughout 2021, an increase of 236% from 2020.

Highlights of pioneering work the firm took part in include:

  • The largest ever sustainability-linked bond: advising joint bookrunners in relation to the finance arm of Italian gas company Enel's $4 billion sustainability-linked bond.
  • The largest ever ESG-linked credit facility in the US at $4.1 billion for US private equity firm The Carlyle Group.
  • The first ever high yield sustainability-linked bond in Europe: advising the pool of initial purchasers in relation to Greek electricity firm Public Power Corporation's €650 million sustainability-linked senior notes.
  • The first ever sustainability-linked bond by a private equity issuer: advising US firm EQT on its €500 million bond.
  • The first attempt at developing a sustainable public equity offering: advising the underwriters in US "eco-friendly" footwear brand Allbirds' initial public offering.

Following the firm's re-election as a member of the Green Bond & Social Bond Principles Advisory Council, it is the only law firm to have served on the council since its inception. Latham & Watkins has advised the executive committee which oversees the principles on green bonds, social bonds, sustainability-linked bonds, and sustainable finance more generally.

Latham & Watkins was also appointed as a member of the World Business Council for Sustainable Development's 'Shaping Sustainable Finance Policy Working Group'.