IFLR 1000
The Guide to the World's Leading Financial Law Firms

Mourant Ozannes is considered as the market leader alongside Carey Olsen, with one client quite clear in their assessment: "I've got quite a bit of experience using a variety of lawyers in the UK and overseas. Mourant Ozannes is the best to be honest."

The impact of the merger between legacy firms Mourant du Feu & Jeune and Ozannes last June divided opinion among clients. "I think probably it will help the firm, because it means they have more lawyers," says one, "they have great strengths and depths, they're increasing their expertise and would be available in various jurisdictions." Although all agreed that the outcome was positive, the practical impact was harder to judge: "It really depends on the individual, rather than the firm as a whole." another points out. "Guernsey is a small legal market, there aren't a lot of choices, but when you find a good people to use, you tend to stick to them, that is really a matter of choice."

Within capital markets, one of the biggest deals led by partner Paul Christopher was London & Stamford Property's share trading on the LSE, worth $736.6 million. Christopher impressed clients with his "creativity". "He's a creative lawyer, he has got a good legal brain, he often comes up with thoughts that I have never thought of, which is a very positive thing. The advice I get from him is solid, helpful and constructive," says one.

In addition, partner David Moore worked on the property fund Regency Court Property's £20 million share listing on the Channel Islands Stock Exchange. The fund is one of a small number of closed-ended investment schemes that focuses on seeking investment opportunities in the Channel Islands.

Another outstanding mandate, this time in M&A, saw partner Andrew Walters advise on the acquisition of the entire issued share capital of Corazon Capital Group by Collins Stewart Holdings, which gives significance within the offshore wealth management sector.

On the restructuring side, partners Gavin Farrell, Mark Torode, and Jessica Roland worked alongside Simmons & Simmons on the reorganisation of BlueCret Capital, one of the Europe's largest hedge fund managers.

Mourant has consolidated its leadership alongside Carey in the funds market this year. "Tier one is Carey Olsen and Mourant Ozannes, and I would agree with that," says one competitor.

This is substantiated by client feedback, with partners Andrew Walters and Gavin Farrell singled out for praise. "Technically, they're 100%, they're very proactive. They understand the requirements of investment funds thoroughly. They provide a number of suggestions to achieve the aim," says one client.

Last year, Walters advised on the establishment of a £270 million collective investment scheme and admission of its share to trade on the main market of the LSE. The fund was the second largest London-listed investment fund offer in 2010.

In the private-equity area, Farrell headed the team advising the establishment of a closed-ended fund, with a $420 million capital commitment investing in international offshore oil and gas service industry. "I understand that Gavin Farrell has been listed as a leading lawyer in investment funds, and he's very good there," says one rival.

In terms of the team's quality, one client says: "Their legal knowledge is very comprehensive, extending beyond the Guernsey jurisdiction itself. They're able to understand other jurisdictions' structures, and can suggest structures that you don't have in the market. Basically they have both national and local capacities."

One of the biggest deals last year saw partner Darren Bacon working on the formation and launch of iCON Infrastructure Partners, a €1 billion closed-ended infrastructure fund investing primarily in Europe and North America.

Another highlight saw partner John Lewis advising on the formation of Clarion ICC, a structured product platform for the issue of preferred securities.

The merger between Mourant du Feu & Jeune and Ozannes last year has not brought much impact to the island, as most rivals say they do not see any difference between the newly merged firm and the former Mourant du Feu & Jeune. "I'm not sure bringing them together necessarily moves the firm that much," says one. "If you need Jersey advice, the fact that Mourant merged with a Guernsey firm, or a Japanese firm, an Australian firm, or an American firm, it doesn't really mean anything. This is Jersey, isn't it?"

However if nothing else the merger has brought greater manpower and a wider network to a firm (in the form of the former Ozannes), which already possessed a market leading position in key areas of financial and corporate work.

With IPO listings playing an increasingly large role in the market the team found themselves advising on a $1 billion LSE IPO listing of the mining company Vallar, one of London's biggest IPOs in 2010. Another substantial deal saw the team advise on the proposed £500 million -1 billion LSE IPO of Engyco, which would create Europe's first listed independent solar power utility. Partner Jacqueline Richomme worked on the deals and is recognised by the market: "She has always been very well-known and very well recognised," says one rival.

One of the busiest aspects of the firm's practice, in line with the market, has been redomiciliations. Last year Michael Williams headed the team advising AEA technology group on just such a deal as well as on the Jersey law aspects of the group's recent corporate restructuring.

The team has also advised on a number of cash box structures with partners James Hill and Jonathan Walker, leading on most deals. The team has given Jersey advice on the structures, which facilitate fund raisings through share placings, open offers and rights issues to its clients. The deals in total raised $6.25 billion in new equity capital in 2010.

Hill was also involved in another highlight as the firm acted for Heritage Oils on its $1.45 billion disposal of the oil-rich Lake Albert Basin in Uganda to Tullow Oil.

Mourant Ozannes has been regarded as the best firm in Jersey in terms of its funds practice. Competitors are quite generous towards the firm's quantity and quality of work. "We acknowledge that Mourant is probably the strongest competitor," says one, while another adds: "We all agree that Mourant should be in the top ranking, and if you look at the statistics, the largest [firm] is Mourant."

The merger between Mourant du Feu & Jeune and Ozannes last June produced differing views among its clients. While some believe the firm will benefit from the increased manpower, others don't expect much change: "It really depends on the individual, rather than the firm as a whole," says one.

Others were waiting for the dust to settle: "Mourant is OK, but going through a bit of merger, so I'd rather stay away until the merger settles down. Though I cannot think it's [the disruption] long term," says one client.

One of the biggest deals saw the team advise Axa private equity in relation to the acquisition of a $1.9 billion portfolio of limited partnership interests in private equity funds from Bank of America. It is considered as one of the largest secondary private transactions in history.

Elsewhere the market saw partner Jacqueline Richomme acting for Bank of America Merrill Lynch on the spin out to a new real estate private equity firm Peakside Capital, which has interests in the general and investment manager of the Bosphorus real estate fund I, worth €204 million. "Jacqueline is definitely a good funds lawyer and she has got a very good reputation," says one rival.

Another highlight saw partner Joel Hernandez heading the team, advising Henderson Global Investors on the Jersey aspects of the establishment of the Clof II Jersey property unit trust. The closed-ended trust is a dedicated feeder vehicle for Henderson's central London office fund II, targeting property investments principally in the City, Midtown and West End areas of London.