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

NautaDutilh is praised by clients for its equity capital markets work in particular. "We do a lot of work with them and the experiences have been very positive," says one client. "We did two major IPOs with their team and I think they are one of the best in Belgium. They have a very in-depth relationship with the finance authorities – that is very helpful."

One of the firm's highlights this year saw Dick Van Gerven advising Federale Participatie- en Investeringsmaatschappij as underwriter on KBC Bank's €3.5 billion issue of debt instruments.

Dirk van Gerven and his team also acted for the Belgian-based renewable energy company Thenergo on its dual listing on Euronext Brussels and Euronext Paris in August 2008 – which included a proposed €80 million public offering that was subsequently cancelled due to worsening equity market conditions.

Benoît Feron is also leading a team advising software and consulting company BSB in connection with its €21 million IPO on Alternext Brussels.

NautaDutilh moves up a tier this year after commentators noted it has been particularly visible in the Belgian market over the past couple of years. "I think they are ranked too low. You see them a lot," says a rival partner. The Dutch/Belgian firm has showed it is capable of attracting big international clients and gains a substantial amount of referral work from London, Paris and Munich.

The firm's project finance team, led by Didier de Vliegher, is particularly respected within the market. But since the credit crisis kicked in last year Nauta has focussed more on restructuring and refinancing work.

Yvette Verleisdonk has been especially visible this year, advising Svenska Handelsbanken in the €6.95 billion financing to Leaf Finance for its acquisition of the CSM Sugar Confectionary division from CSM. Verleisdonk and her team are also advising the Smithfield Group on Belgian and Dutch legal aspects of the $550 million acquisition financing for the European meat business of Sara Lee Group Europe.

The firm's restructuring work is also lauded by clients: "We did a major restructuring with them," says one. "Quite complicated and technical, but it went smoothly. There was a good speed of work, they were very professional and everything was on time."

One of Nauta's highlights this year was advising David Lloyd on Belgian aspects of the restructuring of real estate and business departments, as well as the financing of the group's companies in Belgium.

NautaDutilh's specific focus on the Benelux countries is being noticed by a number of foreign firms. Their Brussels M&A team is becoming more and more a point of reference for many practices that have no representation in Belgium, meaning their referral pipeline is strong. "Their English is excellent, which really helps in technical and difficult cases," one client says.

Nauta's highlights this year include acting as counsel to KLA Tencor in its €316 million public takeover bid for Icos Vision Systems and advising Eon Ruhrgaz on its unsuccessful bid for Suez's stake in Distrigas.

The Dutch-Belgian firm also assisted Novolyte Technologies in its acquisition of the Belgian part of Ferro Corporation and acted for Louis Vuitton in negotiating a joint venture.

"Nauta is very business minded and pro-active," says one client. "Overall, a highly trusted firm that I would recommend." After having moved up to tier one last year, NautaDutilh has managed to stay there with positive recommendations from clients and rival partners.

Partner and head of the capital markets department Petra Zijp is praised by clients. "I have very good experiences with Zijp," says one client. "She is very user-friendly, sensible and professional. She has a very strong commitment." Nauta is one of the few Dutch firms which has an international network, with capital markets partners Gaike Dalenoord in London and Elizabeth van Schilfgaarde in New York.

On the debt side, the firm advises Dutch issuers such as Bank Nederlandse Gemeenten, SNS Bank and Van Lanschot Bankers on their debt issuance programmes. Walter Schellekens also advised the Nigerian Bank Guaranty Trust Bank on the establishment of an MTN programme.

"Nauta has a very strong securitisation department," one rival partner says. "Willem Ruys is very good and efficient."

"NautaDutilh is very good," says a rival partner. "You mostly see them on the lending side; they have very strong links with the Dutch banks."

One key client that characterises NautaDutilh's reputation is its role assisting De Nederlandsche Bank (DNB). Partner Pim Rank and his team advised DNB on a number of occasions, mostly as a result of the financial crisis.

"Pim Rank is a very devoted and integer lawyer," says one client. "He is always supportive and involved."

The firm advised DNB on its capital support to ING, SNS Reaal and Aegon, and provided advice to the bank during the roll-out of the deposit guarantee scheme for Landsbanki in the Netherlands.

Larissa Silverentand advised Fortis Bank on all regulatory matters worldwide in relation to a partnership between Fortis and the Chinese bank Ping An, which was subsequently scrapped in September 2008.

"It is the kind of firm banks go to when they had difficult legal questions," says one rival partner. "They have a lot of knowledge, their quality is great. And with Larissa Silverentand they have a new star."

NautaDutilh has slipped down to tier two after many in the market noted that the firm has failed to capitalise on the success of its role on the ABN Amro sale in 2007. While the deal went very well, peers aren't convinced that the firm has the ability to repeatedly attract the same quality of deals it did during the boom times.

The firm however did have some strong roles this year, advising Deutsche Bank on its acquisition of 10% of ABN Amro's commercial banking activities in The Netherlands.

"I have very good experiences with NautaDutilh. I think they give good value for money," says one satisfied client. "They have a pleasant approach. They are strong practical as well legally. They are good at finalising things quickly."

Nauta acted for the municipality of Amsterdam when it sold a 9.6% interest in Dutch energy production and supply company Nuon to Sweden's Vattenfall for €900 million. In October 2008 NautaDutilh also represented LVMH Moët Hennessy-Louis Vuitton when it took over luxury yacht builder Royal van Lent Shipyard.

"I worked with Christiaan de Brauw. I find him a very pleasant, practical man," says one client. "He does not make things more complicated than necessary and he has a hands-on mentality. He does things himself."

"My experiences with NautaDutilh are very good," says one client. "I like their price-quality balance. They are quick and always achieve on time. They have good knowledge of PPS [public-private partnership] projects and are well informed."

While NautaDutilh has had to recover from the retirement of partners Vanessa van Baasbank and Lieuwe de Boer in recent years, the firm has rebuilt its profile with a number of new partners. "A team of young dogs has aggressively attacked the market, and with success," says one rival partner. "I saw them quite a lot this year, and given the economic situation, it is impressive."

Last year, NautaDutilh was representing a group of lenders, including the Royal Bank of Scotland and Fortis Bank, on the financing of the second Coen tunnel and the West-Circle motorway (Westrandweg) for €700 million. Partner Arjan Pors also led a team advising Intergen on the €500 million refinancing of the Rijnmond power plant project in July 2008.

"I worked with Erik Geerling," says one client. "He is knowledgeable and his standards are high."

"They are very good at last-minute jobs. I can always call and rely on them whenever I need them most," says one client about NautaDutilh's restructuring and insolvency team. "They are legally very strong."

Robert van Galen is still representing Yukos and its Dutch subsidiaries in its long-running bankruptcy proceedings which attracted attention worldwide (and the disapproval of the Russian authorities) when Dutch courts ruled several times in favour of Yukos. "He [Van Galen] does the Yukos case. That is big," says a rival partner. "He attracts a lot of attention with that, because he is doing a very good job." Thijs van Zanten is also mentioned by a number of peers as rising star.

Van Galen is advising ABN Amro, Fortis Bank, Rabobank and ING Bank in the restructuring of the Kroymans Group, a big player in the automobile industry. Promethean Investments, a large creditor of the company Jomed, is also represented by Van Galen in several proceedings against disputed creditors totalling €80 million.

NautaDutilh is also counsel to the Dutch Central Bank in connection with the resolution of the downfall of Van der Hoop Bankers.

"They are very much focussed on the financing side, mostly with banks as clients," says one rival partner. "They must do a very good job, because the banks seem to be coming back"