Lakatos Köves & Partners drops a tier this year. The firm is generating some heated discussion as it surfaces after Clifford Chance, its former parent firm, exited the market....
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Lakatos Köves & Partners drops a tier this year. The firm is generating some heated discussion as it surfaces after Clifford Chance, its former parent firm, exited the market. It still maintains a close and beneficial relationship with the magic circle firm. In other recent changes, the team saw partner and head of banking Gábor Felsen leave and promoted Péter Köves to management.
Despite challengesthe firm is pleasing clients, with one describing it as "innovative with pronounced knowledge" and another describing its communication as "really by the book". It recently advised the underwriters, Deutsche Bank Securities, BNP Paribas and Citigroup Global Markets, with regard to the Republic of Hungary's €2 billion 6.375 per cent notes due in March 2021 and €530 million 7.625 per cent notes due in March 2041.
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This year, Lakatos Köves & Partners move down a tier after peers note decreased visibility and loss of market share. "Lakatos is local counsel to international law firms," says one partner, adding: "They're not involved in big ticket deals or have a substantial international or cross-border practice"....
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This year, Lakatos Köves & Partners move down a tier after peers note decreased visibility and loss of market share. "Lakatos is local counsel to international law firms," says one partner, adding: "They're not involved in big ticket deals or have a substantial international or cross-border practice". "I don't think Lakatos is a significant player. They seem a little under subbed," says another partner. The firm has also suffered from departures in recent times.
However, peers have made mention of the reputation that Richard Lock has built for himself with one describing him as "well known".
Clients shared a similar attitude with peers of the firm. "They are okay but not the best," says one client, adding: "They're very good in what they did but I would have liked more". Nonetheless, there were clients who were satisfied with its performance. "[It was a] very positive experience, good efficient teamwork," says another client.
Despite the above, this year, Lakatos Köves & Partners have in fact been involved in the M&A aspects of the highest profile financial restructuring in Hungary. In a deal worth €1.2 billion, the firm advised Permira and BorsodChem with regard to the restructuring of Borsodchem debt and then the acquisition of full control over BorsodChem by Wanhua.
The firm was also involved in the Aviva cross-border merger of a Hungarian subsidiary, which in the end was aborted. Nevertheless, the Hungarian corporate and regulatory process had completed. It was the first approved cross-border merger process in the Hungarian insurance sector and enabled the firm to leverage the know-how it acquired during the ING cross border merger in 2009.
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Hit by the key departures of Gábor Felsen, Eszter Kamocsay-Berta and István K_vári, Lakatos Köves & Partners is battling to maintain its portion of the market and the firm this year moves down. The trouble the firm faces has been a big topic of discussion among market commentators....
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Hit by the key departures of Gábor Felsen, Eszter Kamocsay-Berta and István K_vári, Lakatos Köves & Partners is battling to maintain its portion of the market and the firm this year moves down. The trouble the firm faces has been a big topic of discussion among market commentators. Despite the losses, the firm has been active this year, especially in the real estate sector, and is involved in some interesting deals. One of these saw the firm advise Walker and Williams Investment Group with regard to the €148 million financing of the development of the Tópark Center. The project is currently one of the largest real estate development projects in Hungary.
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