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

	Cleary Gottlieb Steen & Hamilton Freshfields Bruckhaus Deringer Linklaters Slaughter and May
	Allen & Overy Ashurst Clifford Chance Gleiss Lutz Hogan Lovells Latham & Watkins Skadden Arps Slate Meagher & Flom Van Bael & Bellis White & Case
	Arnold & Porter Baker & McKenzie Bonelli Erede Pappalardo Bredin Prat Cuatrecasas Gonçalves Pereira Gibson Dunn & Crutcher Gide Loyrette Nouel Hengeler Mueller Herbert Smith Jones Day McDermott Will & Emery/Stanbrook O'Melveny & Myers Shearman & Sterling Sidley Austin Stibbe Uría Menéndez Wilmer Cutler Pickering Hale & Dorr
	Bird & Bird Covington & Burling Eubelius Garrigues Loyens & Loeff Macfarlanes Mannheimer Swartling NautaDutilh Norton Rose Salans Squire Sanders Hammonds Vinge

Stibbe's competition practice is boosted by its leading corporate practices in Amsterdam and Brussels and by its alliance with Herbert Smith and Gleiss Lutz.The team has had some changes.... [more]

Stibbe's competition practice is boosted by its leading corporate practices in Amsterdam and Brussels and by its alliance with Herbert Smith and Gleiss Lutz.

The team has had some changes. In September 2010, leading lawyer Marc van der Woude left the firm to become one of the 27 judges at the EU general court, serving as both a loss to the firm as well as a mark of achievement. Peter Wytinck steps into his shoes.

Wytinck gets solid feedback from clients, with his ability to show "more knowledge than other firms" in certain areas. "He would make sure the solutions he came up with were workable in the context of the case, and that is what we appreciated. He takes time to study the file and understand the facts," says a client.

"The only thing," says one client, "is that unlike other law firms Stibbe did not have that much of an international network".

Stibbe acted in a number of the market's notable transactions. It counselled Tessenderlo Chemie in the first hybrid settlement to secure a 60% reduction in fines following the animal feeds phosphates cartel investigation. It also acted in the first private damages claim brought by the EU Commission against an elevator manufacturers' cartel. The firm was advising elevator manufacturer Schindler in the Belgian courts.

The firm was advising Charles River Development in a case against alleged abuse of dominance by Bloomberg. The firm was also engaged by France Telecom to advise on state aid matters.

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	Allen & Overy Cleary Gottlieb Steen & Hamilton Linklaters
	Baker & McKenzie Clifford Chance Freshfields Bruckhaus Deringer
	Eubelius NautaDutilh Stibbe White & Case
	Altius Ashurst Laga Liedekerke Loyens & Loeff
	Lydian Simont Braun

Although Stibbe moves down a tier this year, the firm boasts market leading expertise in structured finance under Ivan Peeters, referred to by some competitors as 'Mr Securitisations', and a top class offering in the equity markets, with corporate partners Jan Peeters and Pascal Vanden Borre.A clear sign of Ivan Peeters' standing in the market was that he was engaged by the government to work on a new covered bond law.... [more]

Although Stibbe moves down a tier this year, the firm boasts market leading expertise in structured finance under Ivan Peeters, referred to by some competitors as 'Mr Securitisations', and a top class offering in the equity markets, with corporate partners Jan Peeters and Pascal Vanden Borre.

A clear sign of Ivan Peeters' standing in the market was that he was engaged by the government to work on a new covered bond law. He also gets glowing praise from clients. "[Ivan] Peeters is highly intelligent, has a strong ability to analyse, is very good on the regulatory aspects and can think in other categories than the superficial ones," says another client.

"It is a fine firm to work with and well-known," says one client and another agrees: "We had a problem with a product we had sold to corporates and banking clients and all of a sudden we were faced with lots of files and had to get someone to re-examine the whole process of commercialising, prospectus, regulatory framework... [Ivan] Peeters gave total advice, he had to do it quickly and managed to do it at very high quality, with all aspects covered - we didn't lose one case."

Peeters acted on one of the firm's top transactions last year, which saw him advising ING on a securitisation of €6 billion of portfolio loans to SMEs (small and medium enterprises).Alongside Weil Gotshal, he also advised Dutch issuer Strateurop International on the Belgian aspects of a high-yield bond issuance.

The firm got some strong equity mandates as well, with Vanden Borre advising Cellerix in a capital increase following its merger with TiGenix and helping ING and Dexia on the €40 million rights issue of REIT Montea.

Working with its leading Dutch office, the firm also advised on one of the biggest secondary offerings in the Benelux region: ING Bank's €7.5 billion rights offering.

The firm has recently gone through a period of growth, appointing a new partner and opening an office in Luxembourg, giving it full coverage across the Benelux region.

On the down side, it did suffer two departures last year, with of counsels Christoph Michiels and Tom van Dyck moving to Laga and Liedekerke, respectively.

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	Allen & Overy Clifford Chance Linklaters
	Baker & McKenzie Stibbe
	Eubelius Freshfields Bruckhaus Deringer Loyens & Loeff NautaDutilh White & Case
	Altius Ashurst DLA Piper Laga Liedekerke Lydian
	CMS DeBacker Simont Braun

For banking and finance Stibbe holds its tier two position thanks largely to its expertise in project finance and public-private partnerships (PPPs). "Since Ivan Peeters joined the firm from Freshfields it has done more and more in PPP and project finance, and it is an absolute market leader in everything to do with business law and public law," says a peer.... [more]

For banking and finance Stibbe holds its tier two position thanks largely to its expertise in project finance and public-private partnerships (PPPs). "Since Ivan Peeters joined the firm from Freshfields it has done more and more in PPP and project finance, and it is an absolute market leader in everything to do with business law and public law," says a peer.

Another peer from a top tier firm says: "They do a lot of PPPs; they are usually our opponents, we have done most of the PPPs with them and they are the best in loan finance and projects finance".

Clients give a more mixed appraisal: "They are familiar with LMA documentation and good for local transactions with international techniques," says one.

Ivan Peeters, best known as the firm's top securitisation lawyer, handles financings along with Wouter Ghijsels and, from the wings, corporate partner Jan Peeters. "Jan Peeters is less on lending, does some projects, and very bright which is why he does finance as well as corporate," says a competitor.

The firm has been working on financing for the Sanoma acquisition on the banking side, while in projects Ghijsels acted on the Flemish School project, drafting the agreement which created DBFM company Scholen van morgen in order to invest €1.5 billion by 2016 to construct 200 school buildings and renovate others.

Ghijsels also advised BPost as borrowers counsel for €300 million club loan by KBC, ING and BNP Fortis (a first for BPost) and advised Vandemoortele on a €300 million financing including a €75 million acquisition tranche for an acquisition in Netherlands by BNP Paribas, KBC, ING, Dexia and Rabobank.

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	Allen & Overy Cleary Gottlieb Steen & Hamilton Linklaters
	Eubelius Freshfields Bruckhaus Deringer Stibbe
	Baker & McKenzie Clifford Chance Liedekerke Loyens & Loeff NautaDutilh White & Case
	Altius CMS DeBacker Laga Lydian Simont Braun Willkie Farr & Gallagher
	Dechert Van Bael & Bellis

Stibbe maintains its tier two position in the market this year and 2010 saw the firm extend its reach through Benelux with the launch of a new office in Luxembourg, this is in addition to its current network as part of its alliance with Herbert Smith and Gleiss Lutz. The firm continues to lead the field out of the regional firms and continues to clinch mandates that equal those of the top tier firms.... [more]

Stibbe maintains its tier two position in the market this year and 2010 saw the firm extend its reach through Benelux with the launch of a new office in Luxembourg, this is in addition to its current network as part of its alliance with Herbert Smith and Gleiss Lutz.

The firm continues to lead the field out of the regional firms and continues to clinch mandates that equal those of the top tier firms.

Among such major mandates, Jan Peeters advised Goldman Sachs on the €1.2 billion secondary buyout of Ontex, the largest ever buy-out in Belgium. Fellow partner Vorlat led the team working alongside alliance partner Herbert Smith (Paris) and US firm Simpson Thacher & Bartlett to advise on the Belgian aspects of KKR's $2.38 billion acquisition of Pfizer's Capsugel division, a deal which involved ten jurisdictions in Europe, Asia and Latin America.

Marc Fyon helped Auchan transfer $2.28 billion in assets as part of a restructuring programme, and Pascal Vanden Borre acted for Spanish biotech company Cellerix in its merger with TiGenix.

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	Allen & Overy Arendt & Medernach Elvinger Hoss & Prussen Linklaters
	Bonn & Schmitt Bonn Steichen & Partners Clifford Chance
	NautaDutilh OPF Partners
	Noble & Scheidecker Stibbe

	Allen & Overy Arendt & Medernach Elvinger Hoss & Prussen Linklaters
	Bonn & Schmitt Bonn Steichen & Partners
	Clifford Chance Loyens & Loeff NautaDutilh OPF Partners
	Kleyr Grasso Associes Molitor Wildgen
	Dechert Stibbe

Stibbe opened its doors in Luxembourg September 2010 and have managed to hit the ground if not running, at least moving at a good pace. Although set up as a firm that covers all areas, Stibbe's main deals have come in the markets and M&A areas, including advising Investindustrial's Luxembourg concern Global Entertainment on a joint investment with Palladio Finanziaria in order to obtain Global Games, an Italian acquisition vehicle.... [more]

Stibbe opened its doors in Luxembourg September 2010 and have managed to hit the ground if not running, at least moving at a good pace. Although set up as a firm that covers all areas, Stibbe's main deals have come in the markets and M&A areas, including advising Investindustrial's Luxembourg concern Global Entertainment on a joint investment with Palladio Finanziaria in order to obtain Global Games, an Italian acquisition vehicle. It is intended that this vehicle could then be used to acquire other shares and stakes directed by those two investors. This deal, overall, was said to be valued at €140 million. [hide]

	Allen & Overy Clifford Chance De Brauw Blackstone Westbroek
	Freshfields Bruckhaus Deringer Linklaters NautaDutilh Stibbe
	Loyens & Loeff
	Baker & McKenzie CMS Derks Star Busmann Houthoff Buruma Simmons & Simmons
	AKD Boekel De Nerée Van Doorne

Stibbe moves up a tier this year. It is “right at the top for equity capital markets” says one competitor while others says Stibbe has “an outstanding equity capital markets practice, especially on the issuer side” and “a very good team for equity”.... [more]

Stibbe moves up a tier this year. It is “right at the top for equity capital markets” says one competitor while others says Stibbe has “an outstanding equity capital markets practice, especially on the issuer side” and “a very good team for equity”. Derk Lemstra has the strongest market reputation but other practitioners are often recommended by commentators, among them equity lawyer Heleen Kersten and on the debt side Jaap Willeumier.

Although largely an M&A transaction, arguably the firm’s biggest role saw it advise NYSE Euronext Amsterdam (it has advised Euronext since its inception) on its combination with Deutsche Börse. The ongoing deal has an extensive capital markets component and due to the parties involved does much for the firm’s capital markets profile. Willeumier and team were handling the Dutch aspects working alongside Wachtell Lipton Rosen & Katz (on US law) and Milbank Tweed Hadley & McCloy (in Germany).

Lemstra almost secured the first healthcare IPO in Amsterdam since the start of crisis in 2008 advising Agendia, however was postponed in May 2010. With Rogier Raas, Lemstra had more luck, this time advising Morgan Stanley, Deutsche Bank Securities and Goldman Sachs as underwriters on the IPO of the Russian online search engine Yandex. Yandex listed on Nasdaq in May 2011 for $1.3 billion.

The deal above reflects the firm’s strong underwriter practice, which also saw Lemstra advise Morgan Stanley, Deutsche Bank and JPMorgan as underwriters on the equity issue through an accelerated book-build offering by Aegon. The deal raised €2.25 billion in February 2011 and will help Aegon refund securities provided by the Dutch state.

The firm won large equity mandates from NXP Semiconductors and Tornier but two debt deals are worth mentioning. In one, Gerhardt Vels, Hans Witteveen and Lemstra acted for Ziggo on a €1.2 billion senior unsecured notes issue due May 2018 and a placement of €750 million senior secured notes due 2017. In the second deal, Willeumier advised Enel on a Rule 144A/Reg S € 25 billion Global MTN programme listed on the Irish Stock Exchange.
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	Allen & Overy Clifford Chance
	De Brauw Blackstone Westbroek Linklaters Loyens & Loeff NautaDutilh
	Freshfields Bruckhaus Deringer Houthoff Buruma Simmons & Simmons Stibbe Van Doorne
	AKD Baker & McKenzie Boekel De Nerée CMS Derks Star Busmann DLA Piper Norton Rose
	Hogan Lovells Kennedy Van der Laan Stek

Stibbe maintains its position in the market. "They understand the business we do and the expectations we have so they can get the proper finance for us," says one client, with another adding: "they are dedicated, if I ask them a question I want a response within a day and they can do that".... [more]

Stibbe maintains its position in the market. "They understand the business we do and the expectations we have so they can get the proper finance for us," says one client, with another adding: "they are dedicated, if I ask them a question I want a response within a day and they can do that". Nevertheless financing and banking "is not really a key strength of Stibbe's," says a client.

Jaap Willeumier, "a very good technical lawyer" who "does what you ask him to do and when you ask him to do it" says a client, led on all of the big deals, often with senior associate Joannes de Bont supporting. Hans Witteveen leads the finance group in London. The firm acts more often on the borrower side and about a quarter of its resources are aimed to bank regulatory under Rogier Raas.

On the most standout deals saw the team advised TomTom, securing a forward start agreement on for a €250 million term facility and €150 million revolving facility to mature in 2016. In December 2010 the firm sealed another finance deal for Wavin, which comprised amendments, restatement of and a forward start facility agreement totalling €475 million.

In December 2010 Willeumier advised Marel on a €350 million refinancing agreement and troubled company Gamma Holding on three facilities totalling €295 million from a group of banks. The firm also acted in a real estate financing (and new money deal), advising NIBC Bank and a consortium of lenders on a €320 million loan to property fund Amvest.

On the regulatory side the firm continues to advise NYSE Euronext (it has been Euronext's counsel since its inception).

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	Allen & Overy De Brauw Blackstone Westbroek
	Clifford Chance Freshfields Bruckhaus Deringer Loyens & Loeff NautaDutilh Stibbe
	Houthoff Buruma Linklaters
	Baker & McKenzie CMS Derks Star Busmann DLA Piper Lexence Simmons & Simmons Van Doorne
	AKD Boekel De Nerée Hogan Lovells Norton Rose
	Kennedy Van der Laan

Stibbe moves up following solid market feedback and strong client endorsement. "Very pleased, precise, they meet deadlines, communicate well and they have good thinkers so certainly that brought added value," says one client.... [more]

Stibbe moves up following solid market feedback and strong client endorsement. "Very pleased, precise, they meet deadlines, communicate well and they have good thinkers so certainly that brought added value," says one client. Feedback is mixed on its market position but peers say it is there on quality. Heleen Kersten had an especially strong year.

It is "a little more hands on than the global firms," says a client. The firm's history in the market is also a key to its success. "They all work together very well, tonnes of experience, vast corporate memory, very solid, very professional, very academic," says one global client, adding that "what distinguishes Stibbe is that they know us so well".

However, there are some minus marks. One client believes the firm reactive rather pre-emptive: "They wait for people to come to the office then give the best service... they could be more proactive and design tailor made information packs for clients, for instance".

The firm has advised Euronext since its inception and has continued to act for NYSE Euronext on its proposed $24 billion combination with Deutsche Börse. Wachtell Lipten, Rosen & Katz and Millbank Tweed are managing the case overseas with Stibbe handling Dutch aspects. The firm also assisted Unitas Capital, alongside global counsel Weil Gotshal & Manges, on the Dutch aspects of its €525 million acquisition of Hyva Holding from 3i Group.

As lead counsel, Stibbe advised Celesio on the merger of Lloyds Apotheken into Brocacef and joint-venture between Medco and Celesio. Gerhardt Vels, Fons Leijten Björn van der Klip, Hans Witteveen and Allard Metzelaar all led on transactions.

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	Allen & Overy Clifford Chance
	NautaDutilh Norton Rose Stibbe
	De Brauw Blackstone Westbroek Freshfields Bruckhaus Deringer Pels Rijcken & Droogleever Fortuijn Van Doorne
	Baker & McKenzie Boekel De Nerée Houthoff Buruma Loyens & Loeff
	Linklaters Simmons & Simmons

Stibbe keeps its place in the second tier this year. The firm has very solid presence in projects; "still good and focussing," says one competitor, who adds that the firm has "a very strong team in Belgium as well".... [more]

Stibbe keeps its place in the second tier this year. The firm has very solid presence in projects; "still good and focussing," says one competitor, who adds that the firm has "a very strong team in Belgium as well".

The firm won a new client in 2010 in Macquarie, which Joop Janssen and David Orobio de Castro advised together with consortium partner Heijmans to build, design and operate a new tramline in the city of Groningen. The €300 million project has a DBFM(design-build-finance-maintain) / PFI (private finance iniative) structure and is a first in the Netherlands for this sort of inner-city project.

The pair was also advising on a project due to close next July 2012, acting for Arcadis, Heijmans and Rebel Group consortium to design, construct and run a new National Military Museum for €70 million.

Heijmans again turned to Janssen and Orobio de Castro for support on a DBFM project for a new Supreme Court building. In a fourth significant mandate, the pair again acted for Heijmans in consortium with DIF, Volker Wessels and Fluor for €840 million expansion works to the A15. The project has a 25 year DBFM agreement and is one of the biggest projects in the Netherlands.

The project finance team also counts on head of energy Martin In de Braekt plus finance head lawyers Jaap Willeumier. Peers note that Orobio de Castro "often works in real estate related projects".

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	Allen & Overy Houthoff Buruma NautaDutilh
	Clifford Chance Simmons & Simmons Stibbe Wijn & Stael
	CMS Derks Star Busmann De Brauw Blackstone Westbroek DLA Piper Linklaters Loyens & Loeff RESOR Van Doorne
	AKD Baker & McKenzie Boekel De Nerée Freshfields Bruckhaus Deringer Holland Van Gijzen

Stibbe, unlike most of its peers, advises on restructurings and also takes court appointments to act as bankruptcy trustees. The firm is reputedly very strong on the litigation side and Toni van Hees in particular has a strong reputation in insolvency practice and for trustee work.... [more]

Stibbe, unlike most of its peers, advises on restructurings and also takes court appointments to act as bankruptcy trustees. The firm is reputedly very strong on the litigation side and Toni van Hees in particular has a strong reputation in insolvency practice and for trustee work.

Some competitors criticise the firm for being "not the most practical firm to work with," however perhaps other firms have missed a trick as its mix of restructuring and trustee work is by and large seen as a very positive thing by clients.

In standout deals, Karen Harmsen and M&A partner Marius Josephus Jitta advised the UK administrators of the bankrupt Nortel Networks on the Dutch aspects of its ongoing global restructuring, while finance partner Jaap Willeumier and Harmsen as advisors to ATC Corporate Services in its capacity as security trustee to various securitisation programmes of BSB Bank on the bank's continuing bankruptcy procedure.

Harmsen and Rogier Raas were also busy in mid-2011 acting for two of the managing directors of Lehman Brothers Treasury, Lehman's Dutch subsidiary (and biggest subsidiary), on the vast insolvency procedures. Harmsen also worked with partner Duco de Boer to advise the Provincie of Noord-Holland, 22 other Dutch local authorities and a Dutch nuclear plant on priority creditors in the bankruptcy of Icelandic bank Landsbanki. The claims total €300 million.

One example of significant trustee work is Van Hees's appointment by the court on the bankruptcy of Indover Bank (Indonesische Overzeese Bank) and its winding up across five countries.

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