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

Very much viewed as a classy outfit of almost aristocratic bearing, Elvinger Hoss & Prussen is a top-ranked law firm that is among the frontrunners as market leaders in Luxembourg, a status evidenced by its top tier positions here.

Comparisons with Magic Circle firm Slaughter and May abound, with partners making a link between the outlook of the two firms that do interact on a non-exclusive 'best friends' basis. "Elvinger is a very, very fine firm. It is friends with Slaughter and May, who are of course very special," says one, while another adds: "Elvinger, Hoss & Prussen are old-fashioned, in a good way, definitely the Slaughter and May of Luxembourg."

Another competitor compliments the strength in depth of the teams there: "It is the quality at every level that is impressive. It's not just that the partners are good, they all are!"

Clients echo these sentiments too, as one says: "They are very nimble and creative in an international context. We have never had a deal that has failed for the lack of them coming up with a solution. They are very creative thinkers." Another puts it very succinctly: "Elvinger is first-rate, the best."

The firm's primary capital markets deal this year was acting for the third-largest Russian food retailer O'Key on the listing of its Luxembourg holding company in London. The deal is unique in that it represents one of the first listings of a Russian business group's Luxembourg holding company in London since the financial crisis. The IPO itself raised €295 million, giving O'Key a market cap approaching a figure of €2.1 billion, and completed in November 2010.

The firm has also maintained an active corporate capability, with senior partners Jean Hoss and Philippe Hoss taking the lead on advising on the merger of Acergy and Subsea 7, a marine development company. The transaction completely successfully in January 2011 for a sum that remains confidential.

The turn of the year was a productive time for the M&A team, as Philippe Hoss and Francois Felten advised Quilvest Group as it merged two wealth management units based in France and Switzerland with the Luxembourg private bank Compagnie de Banque Privee. The deal entailed the creation of a new holding company, entitled Quilvest Wealth Management, that will administer the three combined banks, who now cumulatively manage close to €11 billion. The transaction completed in December 2010.

In banking, the firm has been advising the Banque de Luxembourg on an ongoing basis with regard to its issuing of fiduciary certificates as well as providing a team led by leading lawyer Pit Reckinger to advise Fastnet, a subsidiary of Crédit Agricole, on a restructuring of the former as part of a relocation of a section of Fastnet's business to the BNP Group. The value for this deal remains confidential and it closed in September 2010.

"EHP has good contacts and a good level of knowledge. As a whole its knowledge is wide-ranging," says one client, summing up the firm's investments practice quite neatly.

Other clients are pleased with the level of engagement and speed of communication with the team there too: "They were usually very quick to respond to our queries, much better than previous firms," comments a Ucits (Undertakings for Collective Investment in Transferable Securities) client.

Partner Michel Mengal has been very active this year, getting involved on the vast majority of standout work the team has acted on.

The highlight was arguably advising Barclays Wealth, as it merged its Barclays Luxembourg Portfolios Sicav (société d'investissement a capital variable), which used the Euro and the Dollar, with the Barclays Luxembourg Portfolios Sicav that used Sterling. This competed in December 2010, with the new fund encompassing ten sub-funds managing over €2.3 billion worth of assets.

Practice head Jacques Elvinger also got his hands dirty this year advising, alongside Sophie Laguesse, a private equity manager from Swiss Singapore who was structuring a Sicar (société d'investissement en capital à risqué - a vehicle for collective venture capital investments) that is being geared towards investing in district energy funds in China.

The team there also boasts a well regarded partner, Jerome Wigny, who many have praise for. "Jerome Wigny should be on your leading lawyers list. He is outstanding," says one, while another competitor agrees with this: "Jerome Wigny at Elvinger is very, very good."