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

	Egorov Puginsky Afanasiev & Partners Sorainen Vlasova Mikhel & Partners
	Borovtsov & Salei Businessconsult Stepanovski Papakul & Partners
	Arzinger & Partners Cerha Hempel Spiegelfeld Hlawati
	Glimstedt Law Group Argument Trust Law Group
	Company Legal Technologies JurZnak Revera Consulting Group

The biggest news this year came in July when Magisters officially merged with Russian firm Egorov Puginsky. The Belarus team remains largely unchanged and will trade under the Egorov name.... [more]

The biggest news this year came in July when Magisters officially merged with Russian firm Egorov Puginsky. The Belarus team remains largely unchanged and will trade under the Egorov name.

After exponentially building up its practice since its merger with local firm Beljurbureau in 2008, the firm finally breaks through to the top tier this year with a clutch of notable deals and the backing of those in the market. "Magisters are really serious competitors for us," concedes one peer.

The real landmark deal this year for the firm was acting on the debut Eurobond issues, in which a team, led by leading lawyers Anna Rusetskaya and managing partner Dennis Turovets, advised BNP Paribas, RBS, Deutsche Bank and Sberbank on two separate issues, with aggregated values of $1 billion and $800 million respectively. Being selected as the sole Belarusian counsel, opposite Allen & Overy and White & Case for the joint lead managers, makes this a feather in the firm's cap.

The firm also managed to get some sizeable project finance mandates for developments in the power sector. In one, the team advised the Eurasian Bank of Development on the $100 million financing for the proposed Polotskava Hydro Energy Station, including helping the client navigate the communication process with government ministries in energy and finance. This work also made use of Magisters's other offices in Moscow and Kiev.

Another deal along these lines took on an eastern dimension as Chinese investors along with the Belarusian government, arranged a financing programme for state-owned entities. Magisters acted as Belarus counsel on the deal, which provided financing for the reconstruction of two further hydroelectric plants at Berezovskaya and Lukomljskaya and infrastructural improvements to the terminal building and runway at Minsk National Airport.

The firm has also continued to grow in size, adding three new associates to its already established team in Minsk.

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	White & Case
	Baker & McKenzie Dewey & LeBoeuf Salans SNR Denton
	Aequitas Norton Rose VSB Partners
	Egorov Puginsky Afanasiev & Partners Michael Wilson & Partners
	Chadbourne & Parke

The biggest news this year came in July 2011 when the firm merged with Russian firm Egorov Puginsky. The Kazakh team remains largely unchanged and the firm will trade under the Egorov name.... [more]

The biggest news this year came in July 2011 when the firm merged with Russian firm Egorov Puginsky. The Kazakh team remains largely unchanged and the firm will trade under the Egorov name.

The firm continues to build market share in country. Established in January 2009, the firm lacks the historical presence of its competitors. Interestingly, the firm decided to open its office in the second largest city in Kazakhstan, Astana. As a result, it has become the only European law firm represented in the capital. The departure of Marta Khomyak made way for Kirill Ratnikov. Kirill, the head of the M&A/Corporate Practice of Magisters in Moscow and the CIS-wide Infrastructure and PPP (public-private partnership) Practice takes to the helm in Astana. "Magisters have done some financing but I've not come across [them] much," says one partner, with another adding: "Magisters, we never see them do any work. They're good in Ukraine."

Perhaps the distance between Almaty and Astana accounts for reports of low visibility, however, a glance at Magisters deal list reveals that it has been active in the last twelve months. The firm is advising Impregilo, Todini, Salini and IL&FS Transportation Networks on Kazakhstan's biggest PPP project. In a project valued at €1.1 billion, the firm is advising in a project which includes the reconstruction of the 301km Almaty-Khorgos toll road.

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	Freshfields Bruckhaus Deringer Linklaters White & Case
	Cleary Gottlieb Steen & Hamilton Clifford Chance Herbert Smith Skadden Arps Slate Meagher & Flom
	Akin Gump Strauss Hauer & Feld Allen & Overy Baker & McKenzie CMS Russia Debevoise & Plimpton Dewey & LeBoeuf Hogan Lovells Latham & Watkins Salans
	Alrud DLA Piper Egorov Puginsky Afanasiev & Partners Norton Rose
	Goltsblat BLP Nektorov, Saveliev & Partners Russin & Vecchi Vinson & Elkins

Egorov Puginsky Afanasiev & Partners is very much a firm on the up. It was built around its corporate capability and had a very exciting year.... [more]

Egorov Puginsky Afanasiev & Partners is very much a firm on the up. It was built around its corporate capability and had a very exciting year.

"Egorov Puginsky is a pure Russian law firm and is very close to the government. They are well-known and are strong in M&A," explains one peer

"Egorov is very ambitious, and looking to hire international lawyers," says another, a comment made to look quite understated when you consider that recently the firm agreed to merge with Magisters, creating the largest firm in the Russia and CIS region. As it is, Egorov stands as very much a firm to keep an eye on in coming years.

In terms of work, the best among a clutch of multi-billion dollar deals was its activity on the Danone merger with Unimilk. This deal, which took in operations across Russia, Belarus, Azerbaijan, Kazakhstan and Ukraine, created the new market leader for dairy products in the CIS and closed for $2.4 billion in November 2010. The deal also went on the win the IFLR magazine's 'M&A Deal of the Year' award for 2011.

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	Allen & Overy Clifford Chance
	Cleary Gottlieb Steen & Hamilton Freshfields Bruckhaus Deringer Herbert Smith Linklaters White & Case
	Alrud Egorov Puginsky Afanasiev & Partners Pepeliaev Group Salans Vegas Lex
	Goltsblat BLP Nektorov, Saveliev & Partners

Egorov Puginsky Afanasiev & Partners' strength is very much in the corporate area, and corporate head Dmitry Stepanov oversees the restructuring and insolvency team for the firm. As in other areas, the firm is ambitious, as one partner alludes to: "EPA&P do push themselves very hard.... [more]

Egorov Puginsky Afanasiev & Partners' strength is very much in the corporate area, and corporate head Dmitry Stepanov oversees the restructuring and insolvency team for the firm. As in other areas, the firm is ambitious, as one partner alludes to: "EPA&P do push themselves very hard."

As well as working on the corporate restructuring of Gazenergoprombank and OJSC Bank Rossiya, advising the latter in a deal worth almost $1.5 billion, a team led by Mikhail Kazantsev and Andrey Mashkovstev advised EN+ on the restructuring of a coal mine in the Republic of Tuva, in Russia, in line with the bankruptcy proceedings that the mine had to go through prior to its acquisition. This deal closed out fully in September 2010.

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	Baker & McKenzie Sayenko Kharenko
	Asters Salans
	Chadbourne & Parke Clifford Chance CMS Cameron McKenna DLA Piper Egorov Puginsky Afanasiev & Partners Vasil Kisil & Partners
	Andriy Kravets & Partners Avellum Partners BC Toms & Co Beiten Burkhardt Gide Loyrette Nouel Grischenko & Partners Schoenherr
	Arzinger Ilyashev & Partners Integrites Konnov & Sozanovsky Lavrynovych & Partners LCF Law Group Peterka & Partners Wolf Theiss

The biggest news this year came in July 2011 when the firm merged with Russian firm Egorov Puginsky. The Ukraine team remains largely unchanged and the firm will trade under the Egorov name.... [more]

The biggest news this year came in July 2011 when the firm merged with Russian firm Egorov Puginsky. The Ukraine team remains largely unchanged and the firm will trade under the Egorov name.

 

Amid the internal and external discord that has beset the firm this year; it drops a place into the third tier. In truth, Magisters has been the subject of some animated discussion, as earlier in the year, its office suffered an armed raid from men acting on behalf of the General Prosecutor's office. In light of a criminal investigation into a client of the firm, the country's state energy company NAK Naftogaz Ukrainy, the men seized documents for that purpose in an extended search.

"Magister's clients are worried and partners feel it," another peer says, adding: "Everything is being scrutinised. The state security bureau has taken client's documents and servers, files, emails."

How these unfortunate events impact the firm's banking and finance practice has been explained in measured terms. "They had a problem. How this damaged them we don't know. We have transactions where they are hired by foreign banks. Clients still trust them," one partner said, adding: "How the event influences the practice is difficult to predict. It's not a big story in Ukraine but how foreigners see it, we'll see. But clients still take their advice."

Nevertheless, the firm has been active in the capital markets. It advised joint lead managers, JPMorgan Securities, Morgan Stanley and VTB Capital in relation to the issuance of $1.5 billion 7.95% notes due 2021 for Ukraine's external state borrowing. "I've seen them on the capital markets side. I don't think they're out of place," says one partner.

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	Baker & McKenzie Sayenko Kharenko
	Asters CMS Cameron McKenna
	Avellum Partners Chadbourne & Parke Clifford Chance DLA Piper Egorov Puginsky Afanasiev & Partners Salans Sergii Koziakov & Partners Vasil Kisil & Partners
	BC Toms & Co Beiten Burkhardt Frishberg & Partners Gide Loyrette Nouel Grischenko & Partners Ilyashev & Partners Konnov & Sozanovsky Salkom
	AS Consulting Law Firm EnGarde Attorneys at Law Integrites Lavrynovych & Partners Legum Servi Law Firm Peterka & Partners Schoenherr

The biggest news this year came in July 2011 when the firm merged with Russian firm Egorov Puginsky. The Ukraine team remains largely unchanged and the firm will trade under the Egorov name.... [more]

The biggest news this year came in July 2011 when the firm merged with Russian firm Egorov Puginsky. The Ukraine team remains largely unchanged and the firm will trade under the Egorov name.

 

The firm's recent troubles have been dealt with in greater depth above. On account of these troubles as reflected by the market, the firm drops a tier into the third division this year. Nevertheless, despite the blow the firm's image has taken, it has been involved in some notable mandates of late. The firm advised DCH on the sale of $400 million 18.57% shares and the acquisition of a loan portfolio from UkrSibbank to BNP Paribas.

"Magisters are good but it's similar to banking and finance. They've had hard times and lost their lobby in the government as they got a lot of work from the government. There is no doubt as to their professional level but they have less work," one partner says. "Magisters is a question mark at the moment. Their expertise relies on relations with politicians," another peer says. Yet another partner says: "I don't hear much about what they do. I haven't seen them for the past year. They're still a good team and are holding onto good people. They need time to bounce back. It's not the end of the world. They're big CIS (Confederation of Independent States) players but the fact is they're cutting back. Can they get some high profile work? Maybe on the banking side; M&A might be more difficult. It's a more competitive market".

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