Belgium

“Magic Circle” firm Allen & Overy is among the largest law firms in the world with 44 office locations globally. The firm’s Belgian offices are in Antwerp and Brussels. 

Focusses / specialisms 

The firm’s financial and corporate offering in Belgium is top tier, with market-leading competence possessed in banking, capital markets, M&A and project development. 

The banking team has a roughly equal split between sponsor and borrower side work and provides a comprehensive service to large banks, corporate borrowers and issuers on all types of financing work. The firm also has a top-flight financial services regulatory practice to complement its transactional and advisory work. 

In capital markets the firm is strong and highly active across debt, equity, derivatives and structured finance. It has traditionally been recognised for its underwriter-side work but has in recent years increased the number of issuer-side representations. 

Its market leading M&A team has a prolific deal flow and roles on most of the large Belgian transactions. The team is strong in both the French and Dutch parts of Belgium and boasts the most active private equity practice in the country. 

The firm is also well recognised for its projects practice, which is strong in both infrastructure and energy. Comprised of dedicated lawyers based in Brussels and Antwerp, the firm has pioneered the development of public-private partnerships and greenfield in the Belgian legal market and has played a role in every major PFI and PPP in Belgium. 

Key clients 

Key clients include Belfius Bank, ABN AMRO, ING Belgium, KBC Bank, Kharis Capital, Natixis, Immobel, Argenta Spaarbank, Bank of America, International Swaps & Derivatives Association, JP Morgan, Lineas, Kartesia, Société Générale, Crédit Agricole, Recticel, QSR Platform and La Lorraine Bakery Group. 

Client feedback: 32nd edition (2021/2022) 

Project development: Energy 

“A&O Belgium is a very well established name in the DBFM(O)market and as such has a wealth of experience that it can use to its advantage in advising us. They have a hands-on and efficient approach and are able to think alongside us to tackle challenges (e.g. group internal) and provide solutions.” 

M&A 

“Strong experience in international M&A, very reliable and qualitative service. Also strong in brand building by providing training to young PE professionals.” 

With offices in Antwerp and Kortrijk, Argo is a Belgian boutique law firm established in 2013. 

Focusses / specialisms 

The firm has an active banking practice which predominantly focuses on debt finance, asset-backed finance and financial regulatory work. 

The practice is well known for its work for private equity funds, with recent work provided on acquisition finance for the financing of new investments and for funded add-on acquisitions. Whilst borrower- side work has been a key pillar of the banking team’s work, as it has historically enjoyed strong relationships with large corporates and listed companies, the team has increasingly been securing mandates as a lender-side counsel for banks. 

The firm’s financial services regulatory practice has been an area of strengthening. The team’s work mostly focuses on assisting investment funds on fund structuring mandates, as well as advising on the launch and structuring of consumer credit and leasing programmes, but also increasingly includes M&A and capital markets regulatory work. 

Key clients 

Key clients include Goldman Sachs, KBC, BMW, Belfius, Asteria Group, Alro, VPG, CMB, Aurify Brands, Quaestor, Sofindev, Smile Invest, Waterland, CboeGlobal Markets, Phoenix Asset Management Partners,Exmar,Down2Earth Capital, Vectis Private Equity, Incofin Investment Managers, Lightspeed POS, Savaco and Tapestry Global Compliance Partners. 

Client feedback: 32nd edition (2022/2023) 

Financial services regulatory 

“Down-to-earth approach with pragmatic answers to the topics. Approachable. Transparent. Supportive. Thinks together with the business.” 

Ashurst is a multinational law firm founded in London in 1822. The firm has locations in 15 countries, among which is its Brussels office. 

Focusses / specialisms 

In banking the firm is recognised for its real estate financing practice which, working alongside the firm’s real estate team, completes a high volume of transactions each year. 

In M&A the firm’s focus is also on real estate work, but the team also boasts a strong offering in the digital economy sector, where it has expertise related to corporate investments in the AI sector. The firm also often works for international associations. 

In capital markets, the firm is active in debt and frequently advises on bond issuances, derivatives, securitisations and structured product offerings. 

Key clients 

Key clients include Berlin Hyp, Barclays, Deutsche Bank, DBS Bank, Morgan Stanley, Credit Suisse, Goldman Sachs, Facebook, Petra Diamonds, CVC Partners, UniCredit Bank, Renewi, Dexia Crédit, Intermediate Capital Group, Tritax EuroBox, Valesco Group, Citi Global Markets, Apollo and Cerberus. 

Client feedback: 32nd edition (2022/2023) 

Banking 

“Very thorough, provide solid legal advice, very personable.” 

Astrea is a boutique Belgian law firm with a team spread between Antwerp and Brussels offices. It was founded in 2006. 

Focusses / specialisms 

In the financial and corporate domain, the firm’s focus is on banking and M&A work. 

Its banking team specialises in financing work including secured lending, asset-backed finance, consumer finance, real estate project finance and refinancing, as well as financial services regulatory engagements. Sectoral strengths include automotive and real estate. 

The firm has one of the largest Antwerp-based corporate and M&A teams. It advises buyers, sellers and investors on a high volume of transactions, and has a strong international reach with a wide network of international law firms and dedicated German and French desks. 

Key clients 

Key clients include Toyota, Mazda, Rio Tinto, Eurofins, Synopsys, HubSpot, Group Bernaerts, Efico, NatWest, Lloyds, UniCredit Leasing, Commerzbank, Kindred (Unibet), DMS, Archimed, Cook Medical, Plastiflex, Geo Square, DPG Media, Seafrigo, Allia, Unitank, Ford Credit Belgium, Argenta Bank and Enercon. 

Client feedback: 32nd edition (2022/2023) 

M&A 

“Committed, professional.” 

“Responsive, cost effective, really smart and humble.” 

Baker McKenzie, established in 1949 and headquartered in Chicago, is one of the largest law firms in the world by both headcount and revenue. 

Focusses / specialisms 

The firm’s banking offering is among the market’s best, with key competence possessed in leveraged/ acquisition finance, real estate finance and syndicated lending. The firm has also recently made strides in trade and export finance and asset-based/borrowing base lending. Apart from lending work, the firm is active in restructuring and regulatory work. 

In capital markets, the firm is visibly strong in equity work but also has an active debt and securitisation practice. The firm is well known for the quality of its issuer and underwriter-side work in Belgium and globally and maintains an excellent relationship with stock exchanges and regulators. The firm also has a highly capable fund formation practice, with a distinct focus on venture capital, private equity and real estate closed end funds. 

In M&A the firm is among the top advisers in the market. It assists on a high share of the country’s most impactful transactions spanning both private and public deals. 

Key clients 

Key clients include ING, BNP Paribas Fortis, KBC, Belfius, Bridgepoint, Hermes, Waterland, TA Associates, Goldman Sachs, Samsonite, Traxys, Biocartis, Degroof Petercam, MDxHealth, Resilux, argenx, JP Morgan, Fortino Capital, Kempen & Co, M80 Capital, FPIM, EDF, Ergon Capital Partners, Deutsche Lufthansa and Galapagos. 

Client feedback: 32nd edition (2022/2023) 

Capital markets: Equity 

“Within BeNeLux, Baker McKenzie is one of the most experienced advisers in capital markets. They can also rely on their international network, staying abreast of new evolutions and practices. Their partners are very hands-on and are pragmatic in finding legal solutions.” 

M&A 

“Pragmatic, business-oriented, solution-driven.” 

Established in New York in 1946, Cleary Gottlieb Steen & Hamilton is an international law firm with offices in the Americas, Europe and Asia. Its Belgian presence dates back to 1960 when it opened its Brussels office. 

Focusses / specialisms 

In Belgium, the firm is especially strong in M&A, with banking and capital markets also being areas of activity. 

The banking practice focuses mostly on cross-border transactional and advisory work rather than commoditised or purely national work. The firm’s client list is broad and includes blue chip Belgian and international issuers, state-owned companies, large banks and international private equity houses. 

A hallmark of the firm’s top-tier M&A practice is its international focus, as it is often appointed as a lead transactional counsel on deals covering multiple jurisdictions.  

An area of relative strength in the capital markets practice is debt, but the firm is also highly active in equity. The firm’s recent work includes significant issuer-side engagements, as well as advice to many prominent international and Belgian financial institutions on the bank or joint lead manager’s side. 

Key clients 

Key clients include Bekaert, Bpost, ING Bank, Goldman Sachs, Bank of America Merrill Lynch, JC Flowers, Altus Capital, Infrabel, ArcelorMittal, Eurofima, Anheuser Busch InBev, Barco, Umicore, UBS, Swift, CVC Capital Partners, TPG, General Motors, Goodyear and Texas Instruments, Elia, Ontex and Befimmo. 

Part of the “Magic Circle”, Clifford Chance is among the largest and most well-recognised law firms around the world. The firm’s track record in Belgium goes back to 1968, and today the firm fields a large team in its full-service office in Brussels, 

Focusses / specialisms 

The firm has a prominent position across a multitude of financial and corporate areas in Belgium. 

In banking, the team has one of the top financing practices in Belgium, which is frequently seen on high-value projects and infrastructure financings, leveraged and acquisition financings, corporate loans, derivatives transactions, financial collateral arrangements and complex restructuring mandates. 

The capital markets team is also among the best in the country. It advises issuers and lead managers on a wide range of high-profile transactions including bonds issuances, EMTN programmes, equity offerings and IPOs. 

In M&A, the firm advises both buyers and sellers on large, most often cross-border, matters spanning key sectors of the Belgian economy. 

In the projects space, the firm advises on some of the most impactful and complex infrastructure project developments both in Belgium and abroad in various sectors, from energy to telecoms infrastructure. The team’s infrastructure team has recently been exporting its expertise on a global scale, supporting landmark work all over the world. 

Key clients 

Key clients for the firm include Eneco, Azelis, Choice, Société Générale, Kingspan, Antin Infrastructure, Eurofiber, EQT Infrastructure, AVAIO Capital, Macquarie, Thyssenkrupp, Elia Group, ING Belgium, BNP Paribas Fortis, Belfius, AB InBev, European Investment Bank, the Belgian state, Crédit Agricole Corporate & Investment Bank, Bank of America, JP Morgan and MUFG. 

Client feedback: 32nd edition (2022/2023) 

M&A 

“The lawyers of Clifford Chance were very professional and quick to respond, this made the process much easier.” 

Project development: Energy 

“The law firm provides comfort and confidence to the customer, they allocate sufficient time to understand the project and the needs of the customer, they become an active part of the team in complex projects like ours and are going beyond their duty in providing legal advice. They always respond quickly to the calls and requests even if they have to do it during a short break while in another meeting. Clearly, they have a lot of experience in interconnectors, and they are able to provide pragmatic solutions for complex problems. Their business mindset and attitude to be balanced in negotiations help us succeed our goals.” 

Deloitte Legal, the legal arm of the global professional services firm Deloitte, has a country-wide presence in Belgium with lawyers located in the firm’s offices in Antwerp, Brussels, Ghent and Kortrijk. 

Focusses / specialisms 

Banking advice is among the key pillars of the firm’s financial and corporate advice in the country, with the firm possessing comprehensive expertise in transactional financing and regulatory work. 

Capital markets, especially debt, is an active area for the firm as well. Key focus areas in the space include structured finance advice, advice on raising funds in the USPP market, sustainable finance work and fintech. The equity capital markets team also works on secondary share offerings while the firm is also active in advising on securitisation and structured finance deals. 

The firm is also visible in transactional M&A, where it advises across the full life cycle of varied transactions such as acquisitions, buyouts, divestments, corporate governance and reorganisations. 

The firm has a blooming practice in the energy and infrastructure field, with the team working on large-scale public infrastructure projects. 

Key clients 

Key clients include Cartamundi, KeBek Private Equity, Montea, Alcopa, Melexis, Radisson, Home Invest Belgium, Sweco Belgium, Xior Student Housing, Aphea.Bio, Indigo Diabetes, LeasePlan Corporation, Vebego International, Aquafin, Aurelius Equity Opportunities, UZ Leuven, Sweco Belgium, KBC, Degroof Petercam, Care Property Invest, BeeBonds and European Investment Bank. 

Client feedback: 32nd edition (2022/2023) 

M&A 

“Responsive, pragmatic, easy to work with.” 

Project development: Infrastructure 

“They have a high level of know-how, offer smooth communication in various languages and, above all, can think along with the commercial requirements of the client's internal business.” 

Eubelius, founded in 1994, is a large Belgian independent law firm. The firm operates offices in the Belgian cities of Brussels, Kortrijk and Antwerp. 

Focusses / specialisms 

In banking, the firm is known for borrower-side work and work in real estate finance. 

It has a leading capital markets practice, where it covers the full spectrum of work in both debt and equity. It is an expert, and among the leaders, in the Belgian REIT sector. 

The financial services regulatory team has regulatory experience in insurance products, alternative investment funds, central securities depositories and market infrastructure, and particularly payment services. 

In M&A, the firm has strong relationships with corporate and governmental institutions whom it advises on recurring acquisitions and advisory work. 

Key clients 

Key clients include Dexia, Lazard, AG Insurance, Warehouses De Pauw, Pandox, Xior Student Housing, Federal Public Service Finance, Belgian Debt Agency, NMBS/SNCB, De Lijn, ING, KBC, BNP Paribas Fortis, Belfius, Aedifica, Xior Student Housing, Leasinvest and Retail Estates. 

Client feedback: 32nd edition (2022/2023) 

Capital markets: Equity 

“The response time is very short and they deliver according to the agreed deadlines.” 

M&A 

“Top-notch expertise linked to understanding the business needs resulting in timely and high-quality results.” 

Founded in 1965, Liedekerke Wolters Waelbroeck Kirkpatrick is a Belgian business law firm. The firm is based in Brussels and has had a London representative office since 2007. 

Focusses / specialisms 

The firm has a specialist banking and finance practice that has a focus on banking, financial regulation and capital markets. In banking, the firm’s specialties cover leveraged acquisition finance, syndicated lending, corporate lending, real estate and project finance and asset-based finance. It is common for the team to feature on complex transactions in Belgium. 

Part of the banking and finance practice, the capital markets team covers and is regularly active in both debt and equity. 

In financial services regulatory, the firm advises investment companies, banks, fund and portfolio managers and other regulated entities on the legal aspects of their operations. 

The M&A team is one of the firm’s key competencies. It has strong multi-jurisdictional and cross-disciplinary expertise and advises on both private and public transactions. 

Key clients 

The firm’s key clients list features such names as Euroclear, NN Investment Partners, Deutsche Bank, CGE Partners, Urbani, Veolia, Boehringer Ingelheim, Exact, Belfius Bank, Bekaert, Elia, Maxim Group, Global Graphics, Cochlear, Brussels Airlines, Postbank, Standard Life Aberdeen, ING Belgium and KBC Bank. 

Client feedback: 32nd edition (2022/2023) 

Financial services regulatory 

“Liedekerke is swiftly providing practical and straightforward legal advice notwithstanding the technical and complex legal environment.” 

M&A 

“They are very experienced, highly skilled and always respond very quickly to questions.” 

Loyens & Loeff is an international law firm headquartered in Rotterdam with offices in its home markets in Belgium, Netherlands, Luxembourg and Switzerland, as well as major international financial centres. In Belgium, the firm operates out of Brussels. 

Focusses / specialisms 

The firm works on transactions across all types of financial and corporate works. 

In banking, the firm advises banking, financial services and real estate sectors on project, acquisition and real estate financing. The firm is also visible in representing clients in the financial services sector on non-contentious regulatory work. 

M&A, where the firm fields one of the largest teams in the country, is among the key focus areas of the firm. It is strong in private equity transactions and has specific expertise in the wide-ranging areas of publicly listed companies and non-profit associations, as well as distressed M&A and M&A in conflict situations. 

The firm is also highly competitive in projects work, where it advises on energy and infrastructure projects including PPPs and project financing. 

Key clients 

Key recently clients advised by the firm include DIF, Sunrock, Zon XP, Lightsource, KiesZon, Cordeel, Eneco, Besix, ISVAG, Eiffage Benelux, Norther, KBC Bank, Pamplona Capital Management, Kersia, Broadpeak Global, Madison Dearborn Partners and Bandwidth. 

Client feedback: 32nd edition (2022/2023) 

Capital markets: Derivatives 

“Very good market/legal knowledge, client-orientated.” 

Financial services regulatory 

“High level of expertise, market and business knowledge, constructive.” 

Lydian is a Belgian full-service law firm established in 2001. The firm’s office locations are in Brussels, Antwerp and Hasselt. 

Focusses / specialisms 

The firm has an active banking practice that covers the full range of financing, from asset-based loans and acquisition finance to real estate and project finance. It represents large and medium sized Belgian and international banks and corporates and has a wide sectoral coverage. The firm also has a financial regulatory team that often works for insurers, banks, investment funds and other financial services providers. 

The M&A team specialises in mergers, acquisitions, private equity transactions and buyouts and typically acts for the mid and upper mid-market, with occasional engagements in the upper market as well. 

Projects is a distinct area of strength for the firm, as it works on a high share of the country’s large- scale developments. 

Key clients 

The firm’s key clients include Mitsubishi Corporation, Worthen Industries, Deutsche Bank, Wells Fargo, Bank of America, ING Bank, KBC Bank, House of HR, Naxicap Partners, Dana, Novelis, Coil, European Dental Group, Vivalto, LFPI, IBM, Bose, Leggett & Platt and Schäfer Group. 

Client feedback: 32nd edition (2022/2023) 

Banking and finance 

“They are knowledgeable in the field of finance, are very pragmatic and stick to their quotes.” 

Project development: Infrastructure 

“Lydian lawyers have a very high level of technical knowledge and practical know-how derived from their experience. Such experience greatly contributes to solving problems and ‘deadlocks’. A good legal day-to-day management of an asset like Pegasus Park, demands a high-quality law firm. We get that quality from Lydian.” 

Quorum is a niche Belgian law firm that specialises in corporate, M&A and tax advice. Established in 2012, the firm operates out of offices located in Antwerp, Brussels and Westerlo. 

Focusses / specialisms 

The firm’s M&A team advises a comprehensive network of clients on mergers, acquisitions, demergers, restructurings and joint ventures in both a national and international context. 

One of the defining features of the firm is its flexible support of upcoming entrepreneurs at all levels of startups and scaleups. 

In terms of sectoral focus, the firm is visible on transactions in the energy, logistics, real estate, tech and fintech sectors. 

Key clients 

The firm’s key clients list includes the likes of Brussels Airport Company, Engie, Smartfin Capital, Standard Investment, Unifiedpost, Accentis, AQ, Bennet, Equans, Dentius, WEP and Visma Nederland. 

Client feedback: 32nd edition (2022/2023) 

M&A 

“They are very pragmatic and flexible in their support.” 

“Quorum is a highly experienced, very hands-on and flexible law firm.” 

Formed by the merger of US firms Squire Sanders and Patton Boggs in 2014, Squire Patton Boggs has a global footprint with offices in 20 countries. It has had a presence in Belgium since 1974, where it currently operates a Brussels office. 

Focusses / specialisms 

Its M&A team offers a multi-jurisdictional service to clients for inbound and outbound transactions in Belgium. The firm advises a mix of corporate and institutional investors across various transaction types including M&A, joint ventures, private equity and corporate reorganisations. 

The team covers a broad array of sectors such as chemicals, transport and logistics, energy, automotive, diversified industrials, financial services, real estate and technology. 

Key clients 

The firm’s key clients include Bridgestone, Braskem, Live Nation, Primo Water Corporation ,Olin, ERM, Ashland, SK Global Chemical, SABIC, Ticketmaster, AGC Glass Europe, GIMV and Ineos. 

Client feedback: 32nd edition (2022/2023) 

M&A 

“Responsiveness; legal knowledge; industry knowledge; problem-solving skills.” 

“Pragmatic approach.” 

Van Bael & Bellis is an international law firm with main offices based in Brussels and London and an additional office in Geneva focusing exclusively on WTO work. The firm was founded in 1986. 

Focusses / specialisms 

The firm’s M&A practice in Belgium covers a swathe of mergers, acquisitions, private equity and venture capital work, joint ventures, insolvency and restructuring matters and financings relating to such transactions. 

The firm is also visible in the banking practice, with strong experience in project finance, real estate finance, leveraged finance and export finance. 

The bulk of the team’s work has a significant cross-border component. The practice has vast expertise in highly regulated sectors like financial services, insurance, aviation, pharmaceuticals, biotechnology and energy, as well as other sectors such as TMT, retail and real estate. 

Key clients 

The firm’s notable clients list includes such names as Belfius Bank, Belgian Eco Energy, CIT Blaton, DIF Capital Partners, Parcom, Axéréal and Boortmalt, Active Capital Company, CleanLease, TPG, Federale Verzekering, Torraspapel, Noordzee Helikopters Vlaanderen, Nordic Consulting, Pool Service, Nethys, Elicio, Park Partners and CLdN. 

Van Olmen & Wynant is a Belgian independent law firm situated in Brussels. The firm was founded in 1993. 

Focusses / specialisms 

The firm’s M&A team completes a high volume of transactions each year, advising both buy-side and sell-side clients. 

Within the corporate and financial domain, the practice’s specialisms are clustered in three areas– corporate law, mergers and acquisitions and private equity and venture capital work. 

Key clients 

Key clients include ING Private Equity, 3D, Think2Act, Newion Investments, Capital-E, ABN AMRO Participaties, Wagram Equity Partners, BNP Paribas Fortis, Aveve, Aurelius, Collibra, Destiny, Tunify and Alberts. 

Client feedback: 32nd edition (2022/2023) 

Financial restructuring 

“Very dedicated and professional team. Highly skilled. Very responsive. Top cooperation.” 

“Expertise, attitude of thinking with us, continuous attention to final goal.” 

Since its formation in 1901 in New York, White & Case has extended its global reach, with a current presence in 31 countries. It serves clients in Belgium from a Brussels office. 

Focusses / specialisms 

The firm fields teams across a number of financial and corporate areas in Belgium. 

It has a well-regarded banking practice, which has historically been recognised for the quality of its acquisition and leveraged finance in the Benelux region. Other areas of strength in the area include direct lending–a new and growing area in Belgium– as well as financial restructuring and insolvency work. 

In capital markets, the firm is especially active in debt. Its coverage in the area is wide, including retail bond issues, covered bonds, EMTN programmes, debt private placements, convertibles and hybrids and structured finance. 

The corporate team covers transactions for buyers and sellers across the full spectrum of M&A work. Private equity is a key pillar for the team, where it regularly acts for international and national sponsors on cross-border transactions. 

Key clients 

Key clients include Adelis Equity Partners, Bayerische, Blackstone Alternative Credit Advisors, Bonnier Group, Oaktree Capital Management, Goldman Sachs, ABN AMRO Bank, Barclays, European Investment Bank, UniCredit, HSBC, DZ Bank, Belfius Bank, BNP Paribas Fortis, Citibank, Crédit Agricole CIB and Natixis. 

Client feedback: 32nd edition (2022/2023) 

Capital markets: Debt 

“White & Case are very proactive. They will identify early any possible obstructions on the road. They are also closely involved with the commercial/market elements of a transaction. This way they ensure that the moment the market is ready, the legal documentation is finalised. Very good in coordinating the legal workstream.” 

“Creativity. Legal accuracy. Effectiveness.” 

As one of the largest law firms in the world, DLA Piper has offices in the Americas, Asia Pacific, Europe, Africa and the Middle East. In Belgium, the firm operates out of an office in Brussels.  

Focusses / specialisms   

The firm’s Belgian team is particularly well recognised in banking, regulatory and projects work.  

In banking, the firm is best known for its top position in project, real estate and corporate finance. It is often seen on transactions in banking, energy, renewables and infrastructure.  

Its financial services and insurance regulatory practice is well recognised in Belgium and offers advice to clients on the full life cycle of regulatory matters. This ranges from authorisation and compliance matters, transactional and products advice, to investigations and enforcement, including fintech.  

The firm’s projects team is mostly known for its financing expertise on infrastructure projects.  

Key clients  

The firm’s key clients include BNP Paribas Fortis, Bank of New York Mellon, Value Retail, ING Belgium, Tikehau Capital, Riyad Capital, Deutsche Bank, KBC, ING, AXA, Colas, Carlyle, CAF, Willemen Group, Equitix, Jan De Nul, Belgian Eco Energy, Belfius Bank, SMBC and Argenta.  

Client feedback: 32nd edition (2022/2023) 

Banking and finance 

“DLA Piper has a team that's well-structured and comprising experts in their field.” 

Financial services regulatory 

“DLA has state-of-the-art expertise which they are able to deliver in a pragmatic and client-focused manner. Besides, they are very responsive towards clients. DLA is able to rapidly deploy an international team whenever necessary.”