Milbank’s Global Aviation Finance Team Ranked #1 in Airfinance Journal’s Legal Survey

Milbank LLP’s Transportation and Space Group won global top honors in Airfinance Journal’s Legal Survey, which examines the most active law firms in the aviation industry and deal complexity to produce an overall ranking. The publication’s editor noted that “Milbank secured the number one spot in 2020 with its aviation team ‘firing on all cylinders,’ particularly with a strong performance in North America, Latin America, commercial loans and capital markets.”

The survey is the most comprehensive of its kind, offering deep insight into the aviation market and indicating which law firms are most sought out for matters involving certain product types and regions. Milbank’s global aviation finance team, led by partners in the United States, London and Asia, was credited for working on 117 deals in 2020, topping all other firms.

Partner Drew Fine, Practice Group Leader of the firm’s Transportation and Space Group, commented, “We had a high level of activity globally, particularly in North America, Latin America, Europe and Asia. The COVID-19 pandemic resulted in airlines having unprecedented liquidity needs. During the year, we saw both innovation and the largest airline financings in history.”

Mr. Fine also noted, “With COVID effectively closing down aviation, airlines needed to generate liquidity in a quick and efficient manner. Initially, we worked on 364-day liquidity financings and that led to longer-term financings. The dire need for liquidity led to innovation resulting in loyalty program financings, initially for United Airlines, but then for Delta Air Lines, Spirit Airlines and others. The loyalty program financings were among the largest financings for airlines in history.”

Milbank’s top placement in Airfinance Journal’s survey follows the firm’s recognition for its innovative work on 11 award-winning deals at the publication’s Deal of the Year awards, which spotlight the most complex aviation deals over the last year. Milbank was also recently recognized at the Airline Economics Awards for its work on 19 award-winning aviation deals.