As sponsors in private equity deals become ever more powerful, banking firms are having to adjust their focus. Clifford Chance had a headstart with the likes of Mark Stewart carving out a niche as specialist finance lawyers for sponsors. But 2005 was the year that Rod McGillivray definitively joined the ranks of the star borrower lawyers in the sector.

His relationship with key Clifford Chance client CVC dominated the year. Not only did he draft the private equity house’s new term sheet, but he also advised it on the financing of a series of investments in Europe, particularly in the Netherlands and Belgium.

The end of the year saw McGillivray advise CVC Capital on the financing of its acquisition of Ruhrgas Industries, involving a €1.2bn (£820m) financing arrangement by CIBC, Deutsche Bank and Morgan Stanley.