Contact details

David Stephens

T: +44 20 7809 2268 M: +44 7702 155 640 Email David | vCard Office: London


Rail finance law firm of the year 2019 - sixth consecutive year

Rail finance law firm of the year 2019 - sixth consecutive year

David Stephens Associate

Contact details

David Stephens

David Stephens

T: +44 20 7809 2268 M: +44 7702 155 640 Email David | vCard Office: London

David is a mid-level associate in Stephenson Harwood’s award winning and market leading rail team, within the finance practice group. He has worked in-house and has a clear understanding of client perspectives.
  • Profile
  • Services
  • Sectors

David has experience in a wide range of transport and utilities projects, including in the road transport, telecommunications and energy sectors.

David advises both public and private sector clients on a comprehensive suite of rail matters, including franchising arrangements, rolling stock financing, manufacture, supply and maintenance contracts, and regulatory matters. He also advises owning groups and incumbent franchisees on all aspects of the day-to-day operation of their franchises.

Before joining Stephenson Harwood, David worked as in-house counsel at Elexon, the body responsible for administering Great Britain’s £1.5 billion wholesale electricity imbalance market. David brings his experience gained in this highly regulated sector rail regulation matters.

Earlier, David spent 4+ years advising an Australian road transport regulator on the design of Australia’s first national regulatory regime for heavy vehicles. This major reform replaced fragmented state-based transport regulations developed over the previous 100 years.

David also has an interest in aviation law and is acknowledged in the 5th edition of Aviation Law in Australia as a contributing reviewer.

"It was a pleasure to work with David on a complex and fast moving project that required timely, expert, legal advice combined with a collaborative team approach – all of which he provided in huge quantity."

Mark Witham, Head of Commercial Development, HS2 Ltd

  • Regulation
  • Rail finance
  • Projects and infrastructure

Railway operations

Offering tailored advice on the operation of the rail industry and its regulation, including franchising matters.

Railway station licensing

Acting for a major operator in a complex station licensing dispute with the Office of Rail and Road (ORR) involving the interaction of UK and European laws in relation to passenger rights.

Railway access charging

Acting for a rail franchisee with respect to complex changes to Station Access Conditions and designing a mechanism for revenue sharing at an independently operated station.

Intergovernmental negotiation

While in Australia, led the negotiation of intergovernmental agreements with six state and territory governments for the delivery of A$110 million in annual regulatory enforcement effort.

More: Regulation

Rolling stock financing

Acting for a lender in relation to the financing of a new fleet of EMUs, including advice in relation to manufacture, maintenance and leasing contracts relating to the fleet.

Depot financing

Acting for a rail operator exploring private financing for major depot modification works.

Rolling stock leasing

Advising on operating leases for existing and new rolling stock units and amendments during the term of the relevant lease.

New rolling stock

Advising on the manufacture, modification, refurbishment and maintenance of rolling stock.

Railway station development

Acting for an operator in respect of a new railway station development.

Railway depot construction works

Advising a rail operator on major depot modification works.

  • Rail and road

Rail franchisees

Advising owning groups such as Arriva, Abellio and Trenitalia and their TOCs on various matters relating to bidding for, operating and demobilising rail franchises including direct awards. Advising TfL on the management of the Crossrail concession agreement.

Ticketing and Settlement Agreement

Advising a major rail franchisee on its obligations with respect to the Ticketing and Settlement Agreement, in the context of various initiatives relating to the introduction of smart ticketing.

Covid-19 Emergency Agreements

Acted for Abellio operators Greater Anglia, East Midlands and West Midlands in relation to Covid-19 Emergency Recovery Measures Agreements (ERMAs).

Rolling stock

Advising manufacturer, operator and financier clients in relation to the manufacture, funding and leasing of rolling stock.

Facilities Management

Assisting a major rail operator with the procurement process for a single contractor to perform all of its Hard and Soft Facilities Management requirements.

More: Rail and road


Rail finance law firm of the year 2019 - sixth consecutive year

Rail finance law firm of the year 2019 - sixth consecutive year

Latest news & insights

10 Jun 2021

From Insights

DfT plan to 'transform the railways for the better' released

The Department for Transport (DfT) has announced the launch of a new plan to "transform" railways in Great Britain: the Williams-Shapps plan. In a piece first publishe..


20 May 2021

From Insights

Williams – This time it'll be "Great"…

Today – 20 May 2021 – saw the much anticipated publication of the Williams Rail Review (the Review), in the form of a White Paper entitled "The Williams-Shapps Plan fo..


01 Jul 2020

From Insights

2019 Rail franchising Litigation judgment – key points

The long-awaited High Court judgment in the "2019 Rail Franchising Litigation" case has been handed down, with Mr Justice Stuart-Smith dismissing the claims brought by..


28 May 2019

From Insights

Williams Rail Review update 5 - who wants what? A summary of key themes

This is the fifth in our series of updates on the Williams Review of the rail industry.


15 May 2019

From Insights

Williams Rail Review update 4 - RDG calls for "generational upgrade", while passengers tell Williams that travelling is the luck of the draw

This is the 4th in our series of updates on the Williams Review of the rail industry (the Review).


25 Apr 2019

From Insights

Williams Rail Review update 3 - freight, “metroisation” and “radical” reform

This is the third in our series of updates on the Williams Review of the rail industry.


© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.