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

Cliffe Dekker possesses an impressively varied finance practice, acting on all manner of mandates from projects to acquisition finance. It is also a firm that is gearing up to make an assault on the higher tiers according to competitors.

"Cliffe Dekker's ranking is appropriate for now. They are looking to ramp up their practice at the moment though," observes one partner.

The team also appointed a partner this year, with Ludwig Smith joining from TWB and becoming the practice head for finance and banking. This is in addition to an internal promotion of Nathisha Maharaj, who made partner in 2010. Smith was active in 2011, advising Old Mutual Investment Group South Africa on the establishment and operation of a fund for investments of $1.1 billion in affordable housing projects in South Africa.

Joz Coetzer has has been active, and advised Absa Capital on a $1.6 billion export credit facility to Telkom, a large telecommunications company in South Africa, in order to purchase mobile equipment.

Coetzer also worked as part of the team to advise HSBC in relation to the financing in December 2010 of a purchase of several hundred buses to be used in the Rea Vaya Johannesburg Rapid Bus Transit System.

In another highlight, Deon Wilken represented platinum metals company Lonmin, in $412 million financing for a BEE (Black Economic Empowerment) transaction with Shanduka Resources.

One of the biggest M&A teams in South Africa, Cliffe Dekker has a solid, and solitary, tier two position, with opinion divided as to whether it can make the jump to tier one.

"The first thing to jump out from the rankings is Cliffe Dekker. I think it could be tier one. They are quite dependent on Ian Hayes but they have featured on some good deals," says one peer, referencing the head of department Ian Hayes, a respected figure in the market.

There is the other side of the argument however, as one partner comments: "DLA are good and do a lot of transactions but they are smaller, it's not the big ticket work. They are OK in tier two."

Either way, the team has been active on some interesting deals this year. A good representative mandate involved Chris Ewing working alongside CEO Brent Williams to advise Lonplats and Incwala Resources on the $357 million acquisition by Shanduka of a 9% indirect interest in Lonplats. This was achieved through the direct and indirect acquisition of 50.03% of Incwala Resources.

Ewing had actually re-joined the practice from the position of CEO to return to a more hands-on practice and is currently chairman. His return was augmented by the hire of William Midgley as partner, who joined in January 2011.

DLA boasts a respectably strong competition practice, which is headed up by Mondo Ntlha, who is very much a hands-on partner. She is backed up by leading lawyers Nick Altini, Petra Krusche and Chris Charter, all of whom are spoken of well in the market.

Partners however do reference the fact that they haven't seen too much of the team over the past 12 months on the bigger mandates. "I don't see a lot of Cliffe Dekker, or at least they are not in any of the key cases," observes one.

The team has been actively engaged though, with Ntlha leading the way. She has been acting for Aveng, a construction company, in the first ever fast-track settlement procedure as well as bringing a handful of leniency applications too. Ntlha has also been representing Old Mutual Investment Group Property Investments in connection with an investigation into exclusive leases that were alleged to have been brokered between property developers and supermarket chains.

Charter was also engaged on significant work this year, including acting for Coca Cola South Africa, The Coca Cola Company and various Coca Cola licensed bottlers when an investigation was launched into its multi-bottler distribution setup. The issue was to what extent exclusive territories and non-compete obligations put in place limited competition, a contravention of the law, as well as allegations of horizontal relationships. Charter is defending against this investigation, which is still ongoing to date.

The team also won mandates from companies in the retail sector, one of the areas under the scrutiny of the Commission this year. Petra Krusche has been advising Shoprite Checkers after a complaint was made that the company was participating in anti-competitive practices, including but not limited to the exclusive leases case mentioned above. This case is still being investigated to date.