Sophie Waters joined Ropes & Gray in 2021 as an associate in the tax group, with a focus on corporate and international taxation. Sophie has experience of a wide range of transactions and tax issues, including corporate restructuring, mergers and acquisitions, fund structuring and investment, finance, advisory work and transactions in UK real estate. She has worked with clients ranging from major banks, public companies and institutional investors to private equity houses, investment managers and entrepreneurs. She enjoys the challenge of providing clients with clear and pragmatic advice to make sense of complex tax issues.


  • Advising Old Mutual plc on the managed separation of its £11 billion global operations into several independent businesses, including the demerger of its UK wealth management operations under Quilter plc*
  • Advising Trinity College Cambridge on the expansion of its investment property portfolio, including the development of the Cambridge Science Park*
  • Advising on the £1.5 billion IPO of Clydesdale for National Australia Bank*
  • Advising TDR Capital and its portfolio pub company Stonegate on acquisitions from the TCG, Faucet Inn and Novus Leisure pub chains*
  • Advising AgFe on its debt investments into a range of UK companies and holding structures*
  • Advising various UK universities and higher education institutions on tax issues in connection with their private placements and debt issuances*
  • Advising trustees of pension funds such as those of Tesco, Centrica, TUI and Legal & General on the tax aspects of their investments into private equity and other funds*
  • Advising a leading UK bank on a large scale HMRC investigation into the validity of its corporation tax relief claims*

*Experience prior to joining Ropes & Gray

Areas of Practice

    Ropes & Gray International LLP is a limited liability partnership registered in Delaware, United States of America and is a recognised body regulated by the Solicitors Regulation Authority (with registered number 521000).