Finalists: Allen & Overy (highly commended); Eversheds Sutherland.

Reed Smith's advisory work on the world's first healthcare development impact bond helped it notch the pro bono and CSR initiative of the year award.

The firm's pro bono social impact finance group acted as lead counsel on the deal, which was designed by Palladium (which specialises in social impact projects) to reduce infant and maternity-related deaths in the Indian state of Rajasthan. The bond's structure allows investors – in this case led by the UBS Optimus Foundation – to provide upfront funding to improve the quality of care and access to it in up to 440 private healthcare facilities in the region, with USAID and MSD for Mothers repaying the bond based on its outcomes. The baseline target is to bring 360 facilities up to scratch over three years, which could save more than 10,000 lives over five years.

The bond boasts a number of other firsts: a structure that has multiple outcome funders and multiple service providers to implement the project (which will be managed by Palladium), while multiple investors are able to back the project (all the service providers co-invested in the bond). "It's a creative bit of lawyering to put private capital to public good," noted a judge.

To return to the full list of winners click here.