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

Liedekerke joins the rankings this year after recommendations from peers and a consensus that the firm does have a regular footing in the capital markets.

Its most high-profile practitioners in the field were Patrick della Faille and Thierry Tilquin, however in May 2010 della Faille left for Lydian and the firm recruited a new partner in Tom Van Dyck, a former of counsel with Stibbe.

Following the addition of Van Dyck, the firm also recruited Liesbeth Denturck from Clifford Chance in September 2010 and Gaetane Schaeken, after five years with Linklaters and Freshfields, as a senior associate in the firm's London office in April 2011.

Van Dyck and Tilquin led on the firm's major deals through 2010 and 2011. Tilquin advised Befimmo on a €150 million public bond offering and the Federal Participation and Investment Company indirect subscription of shares for €60 million.

Van Dyck acted with Philippe Malherbe for Warehouses Estates Belgium (a REITs listed company) on a €30 million share capital increase and Alterfin on its public share offer for €20 million, a first ever by a microfinance company.

Liedekerke is best known for its M&A work, however it has been pushing hard to expand its finance practice over the past year. The firm opened a dedicated financial services practice in May 2010 and hired Tom Van Dyck from Stibbe's banking and finance department. It has also been focussing on its advisory practice.

In the banking field the team is led primarily by Jan Vincent Lindemans, who over the past year has won mandates from banks and borrowers, one of which saw him including advise ABN AMRO on an acquisition finance agreement of €120 million for HealthCity Fitness Group's acquisition of Passage Fitness.

Lindemans also assisted Vision IT Group and a consortium of banks on €12 million financing for various acquisitions, Den Braven Beheer on a €70 million finance scheme with ING Bank and M&S Mode on a €55 million refinancing package with Rabobank.

Thierry Tilquin also led finance deals, and recently helped Invesco Property Income Trust restructure a 2007 financing with RBS worth €30 million.

Liedekerke moves up a tier this year in response to a consistent impression by the market that the firm is fully capable of handling very big high-profile transactions and providing top class advice.

A number of the partners are praised for their abilities, among them Thierry Tilquin and Philippe Malherbe (who combines corporate and tax). Outside corporate but still an asset on deals with an environmental angle, is Bernard Deltour. "They certainly have good people and are well respected, we see on big transactions and they do a very good job," says a peer.

According to one client: "A notch up is Philippe Malherbe's tax, corporate and commercial advice; he came up with quite brilliant advices on how to do what we needed. There are fewer than 20 companies in Belgium that have done what he came up with in the last decade and it was the perfect solution; a good example of the quality, definitely very innovative and creative."

Tilquin also draws praise from across the market: "Tilquin is a very sophisticated guy and can deliver a level of advice that the other tier four firms would only dream of," says another competitor. In contrast to many of the other leading firms, point out some competitors, Liedekerke has a looser structure more based on individuals than on teams.

In 2011 the firm advised AG Real Estate Group on two takeover bids and one counter bid relating to real estate certificates for €80 million. In April 2011 the firm was mandated by Weil Gotshal & Manges to advise as bidder on the Belgian aspects of the auction for Pfizer's €2.3 billion sale of Capsugel.

In early 2010 the firm also worked alongside Hogan Lovells and IFM to establish an €810 million joint-venture between Elia and IFM and advised BNP Paribas Assurance on its acquisition of Fortis Emeklilik.