Baker & McKenzie, Hogan Lovells and Macfarlanes are among the firms competing to be named Law Firm of the Year at this year's British Legal Awards.

Also shortlisted in the flagship category for the awards, which take place at Old Billingsgate Market in the City of London on 27 November are Clyde & Co, Mishcon de Reya and elite New York firm Sullivan & Cromwell.

The shortlist, which is unveiled today, will see a host of leading law firms, legal departments and individuals competing across a wide range of categories, including eight focused on practice areas and the highly competitive Law Firm Innovation Award.

In-house legal teams recognised in the shortlist include the banking and credit team at the Financial Conduct Authority while Volkswagen, AIG, Nationwide Building Society and LV= are among the leading companies and financial institutions represented.

Natalie Jobling, of Network Rail, Simon Dowson-Collins, of HarperCollins, and Thomas Cook's Craig Stoehr line up for General Counsel of the Year alongside Neil Harnby, of Royal Mail, Greg McMahon, of Mitchells & Butlers, and Michael Rasumson, of Baker Hughes.

Firms receiving more than one nomination in the practice area categories include Freshfields Bruckhaus Deringer, which is shortlisted for banking, finance and restructuring; and competition and regulation, and Herbert Smith Freehills, which is named three times: for the commercial; TMT; and litigation and dispute resolution awards.

US firms shortlisted for practice area awards include Jones Day (litigation and dispute resolution) and Latham & Watkins (European legal team).

The awards, which are hosted by Legal Week, will be judged by an independent judging panel, headed by Alasdair Douglas, chair of the City of London Law Society. This year's judges include BAE Systems group general counsel Philip Bramwell, former Simmons & Simmons senior partner Dame Janet Gaymer, a non-executive director on the management board of the House of Commons. and Carol Hui, general counsel and group company secretary of BAA.

Major winners last year included Freshfields Bruckhaus Deringer, which was named Law Firm of the year, ITV's Andrew Garard, who was won the General Counsel of the Year category and Linklaters, which secured M&A Team of the Year.

Click here to see the full shortlist
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Related:British Legal Awards 2013: who won what – and why…