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

Capital markets work is one of Laga's strong suits, and following a consistent presence on mid-sized equity (ECM) and debt transactions and securitisations the firm joins the rankings this year. In May 2011 the team recruited Christoph Michiels as of counsel from Stibbe.

A major banking client recommends Benedikte Verdegem for her very good reputation, while peers comment that the firm wins "mostly ECM assigments, with David Roelens in charge most of the time. It is a very good firm, below the large international firms but still with very good professionals that know the local market and have an international practice, they do a good job for local companies".

Another client praises Roelens, saying: "He is sharp, knows the legal aspects very well but can also look for solutions, not just problems."

Roelens led on the majority of the firm's transactions last year, advising Sarens on a €45 million private placement of bonds, Montea Common on a €40 million capital increase through a public offer of shares with ING Bank and Dexia, and PinguinLutosa on a €60 million capital increase and subordinated loan subscribed to by Gimv.

The firm also acted on two RMBS securitisations.

Laga, which has a close relationship to accounting firm Deloitte, is often seen as one of the strongest of the tier four firms along with Altius. "They have a much more complete finance team," explains a peer, "they've been quite active and done some good restructuring work."

Clients find Laga a good alternative to the top firms especially in real estate work and for national deals. According to one, it is a question of "quality and price: they have a better price than other companies like Linklaters and Loyens & Loeff, but the quality is good and it is quite standard for them to produce it".

A real estate client praises the firm's expertise and client care, saying: "They very strong in real estate, very hands on, flexible and not aloof; you can call them directly." The firm's Achilles heel, arguably, is the lack of a strong network as one client says: "The network is not great, we had to use another firm in [another country], they organised it all but at a little extra cost."

Werner Van Lembergen leads on the main finance transactions and recently assisted Barclays to refinance and restructure a number of real estate companies and shopping centres, totalling €200 million of debt related to real estate assets in Brussels, Antwerp and Ostend.

In another deal, the firm advised Barco on an €85 million syndicated credit facility, and also helped the client structure a €250 million vendor financing arrangement in the digital cinema market, allowing for the conversion of many cinema screens to a digital format.

Laga's M&A team is led by David Roelens and Hilde Laga. The firm has a perhaps a slightly smaller turnover of deals than some of its competitors however the transactions it does advise on tend to be of a good size.

Peers comment that Laga works on a regular stream of private M&A and private equity deals. In 2010 the firm also grew its team, adding counsel Christoph Michiels from Stibbe.

In recent mandates, the firm advised Fujirebio on its acquisition of Innogenetics from Abbott for €120 million and Loomis on its aborted bid for Brinks Belgium.

The team also advised Pinguin Lutosa on the acquisition of Scana Noliko by GIMV for €145 million and Protime on sale of shares to SD Worx.