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

What has kept Guernsey practitioners particularly busy over the past year has been an increasing work flow from the M&A market, as one corporate lawyer points out: "It's Quite interesting in M&A transactions, there's a pick up which demonstrates that Guernsey is still a choice for business." Another partner agrees: "We see more local M&A work. It seems there is a lot of activity at the moment in Guernsey."

In addition, firms have seen an increasing number of foreign companies taking advantage of Guernsey vehicles to raise funds for purchasing assets in emerging markets, such as China, Russia and India.

"We're seeing it as a trend as well, It's clearly driven by investors' choice," says one practitioner. "Being the Guernsey vehicles with underlying assets, they're seeking listing on the London Stock Exchange in order to promote themselves to investors."

Another talking point was the approval in May of the jurisdictions ability to list its companies on the Hong Kong Stock Exchange. The benefit of such a development is, as one practitioner points out, "to attract investors in Asia into companies which are in the European time zone, but not within the European tax area".

On the banking side, firms are still seeing a lot of restructuring and refinancing work due to the financial crisis. Although things are picking up compared to one year ago, transactions are still taking a long time. "Banks are much more cautious than they used to be in terms of lending," says one partner.

However, this has led to competition between the banks for the good deals, as one corporate lawyer says: "If you have a deal which doesn't have attractive terms, then there's no bank will be interested obviously, but if you have a really attractive deal, then you're going to have a few banks competing for and looking to get that work."

Another talking point over the last couple of years has been the 2008 Company Law and its subsequent amends

Now the dust has settled on the legislation, practitioners think it has some credibility though they do not believe it has made a great deal of difference. "Overall, I would say it has had a neutral and a lightly positive response because of the additional flexibility and the outcomes you can achieve with that," says one partner and indeed it seems to be the additional flexibility that is valued most. "It has provided a lot of benefits for companies who want more freedom to distribute capital and to restructure, this makes our law more flexible, we certainly see the benefit of that."

In the equity capital markets, law firms have received very little work. "The market has been tight, there has been very very few IPOs, we've started to see a little bit more over the last six months." However, the bond market is more active as one lawyer explains: "We've done a lot bond listing and loan listing, but not the IPOs."

Carey Olsen has been referred to as "a very experienced law firm" with partner Andrew Boyce coming in for particular praise. "He can handle all clients' matters with competence. He's reliable, knowledgeable, and responsive," says one. "Even now he's a partner overseeing transactions, he is fully engaged at all stages of the legal process."

One of the notable deals led by Boyce last year was advising Stenham Asset Management on their acquisition of Montier Partners, worth $3 billion. Carey's role in this transaction was to advise on the Guernsey legal and regulatory aspect of the deal.

The firm has also strengthened its financial and corporate practice, hiring partner Christopher Anderson from Bedell Cristin. He specialises in buy out, mid-market and secondary funds, as well as the establishment and regulation of captive insurance and reinsurance structures.

In line with the market, partner Ben Morgan and senior associate Richard Bowry have been busy with restructuring work with the duo advising on the pre-IPO restructuring of AZ Electronic Materials on the LSE, which raised £382 million.

In the M&A market. Graham Hall, advised the Close Brothers Group on the sale of its trust, fund administration, asset management and banking businesses in Jersey and Guernsey to Kleinwort Benson. The transaction was worth £29.1 million.

Hall remains a favourite among clients with one describing him as an "icon".

Mourant Ozannes is considered as the market leader alongside Carey Olsen, with one client quite clear in their assessment: "I've got quite a bit of experience using a variety of lawyers in the UK and overseas. Mourant Ozannes is the best to be honest."

The impact of the merger between legacy firms Mourant du Feu & Jeune and Ozannes last June divided opinion among clients. "I think probably it will help the firm, because it means they have more lawyers," says one, "they have great strengths and depths, they're increasing their expertise and would be available in various jurisdictions." Although all agreed that the outcome was positive, the practical impact was harder to judge: "It really depends on the individual, rather than the firm as a whole." another points out. "Guernsey is a small legal market, there aren't a lot of choices, but when you find a good people to use, you tend to stick to them, that is really a matter of choice."

Within capital markets, one of the biggest deals led by partner Paul Christopher was London & Stamford Property's share trading on the LSE, worth $736.6 million. Christopher impressed clients with his "creativity". "He's a creative lawyer, he has got a good legal brain, he often comes up with thoughts that I have never thought of, which is a very positive thing. The advice I get from him is solid, helpful and constructive," says one.

In addition, partner David Moore worked on the property fund Regency Court Property's £20 million share listing on the Channel Islands Stock Exchange. The fund is one of a small number of closed-ended investment schemes that focuses on seeking investment opportunities in the Channel Islands.

Another outstanding mandate, this time in M&A, saw partner Andrew Walters advise on the acquisition of the entire issued share capital of Corazon Capital Group by Collins Stewart Holdings, which gives significance within the offshore wealth management sector.

On the restructuring side, partners Gavin Farrell, Mark Torode, and Jessica Roland worked alongside Simmons & Simmons on the reorganisation of BlueCret Capital, one of the Europe's largest hedge fund managers.

Ogier remains in the second tier in financial and corporate this year. The market suggests that the firm is still a small step behind the leading practices: "In Guernsey, we will more often use Mourant or Carey Olsen, just because we have a more developed relationship with those firms," says one client.

Last year, the team was kept busy with M&A mandates. In one example, partner Caroline Chan advised on Waitrose's acquisition of five supermarket stores from the Sandpiper CI Group in both Channel Islands. It is believed to be the largest value retail conveyances in Guernsey. Elsewhere she acted for JPMorgan on its acquisition of the private-equity administration services business of Schroders.

Clients are satisfied with Chan and her team's work: "They understand our issues, they're participating in our business meetings," says one. "They're always willing to help and they work with us quite well."

In the capital markets area William Simpson and Frances Watson acting for Justice Holdings' on its listing on the LSE. The deal was significant as it was the largest IPO on the LSE since April 2009. Elsewhere the team advised the Etalon Group, one of Russia's largest real estate developers, on its $575 million IPO listing on the LSE.

A key partner at the firm for straight finance work is Nick Gamble. In addition, partner Roger Le Tissier also advised on a holding company Series B Investco's establishment in Guernsey, in order to facilitate a reorganisation of debt holders' interest in a utility provider Jeyes.

"Collas Crill is excellent. They're responsive, they provide sound legal advice. They're widely accessible, and their fees are extremely competitive," says one client.

The firm has been in expansionist mood this year with news that it plans to open a Singapore office coming just two months after the merger between Collas Day and Crill Canavan. Though the market is still waiting to see what impact the newly merged operation will make, there is scepticism over the initial impact it is likely to have in the Guernsey market, as one rival says: "I don't know if the merger makes that much difference to them in Guernsey."

The firm's expansion in Asia has seen partner Sean Cheong leave Guernsey to head up the firm's Singapore office, which will practice both Guernsey and Jersey law. The expansion responds to the demand from institutional and private clients in Asia for Channel Islands legal services, particularly in corporate, funds, and trusts.

In terms of deals one of the biggest last year saw partner Jason Romer working alongside Clifford Chance to advise Credit Suisse on the Guernsey aspects of a further financing loan and notes structures, worth $6 billion. The fund was raised to finance the Reynolds Group's acquisition of the Pactiv Corporation (PC), and PC's subsequent merger with the group's subsidiary.

In addition, Romer has also been involved in another notable deal with partner Chris Bound, advising on all aspects of the tidal turbines development of the Alderney Renewable Energy project. The deal gives the firm valuable experience in the renewable energy sector.

In the M&A market, partner Ian Kirk and Paul Wilkes acted for a UK property development group alongside SJ Berwin to acquire a £900 million portfolio of property holdings across the UK. The duo was again involved as the firm acted for the Intertrust Group's acquisition, which was worth £130 million.

Clients had high praise for Bedell Cristin and it seems the firm is on the up in Guernsey: "I would certainly put Bedell in a higher position, because Bedell is always very helpful, rather than just giving us the law, the legal position, they're trying to think what is good for the transaction," says one client.

Like some of its peers, the firm is also looking at foreign expansion and launched an office in Mauritius last November. The new office is headed by partner Yuvraj Juwaheer, an experienced Mauritian lawyer with over 15 years of global corporate and commercial experience, and banking partner Mark Dunlop.

One of the firm's notable mandates saw it act for Wave Telecom on the merging of several of its subsidiaires.

In addition the team acted on the restructuring of a Guernsey registered insurance entity by a US private equity firm.

Partner Mark Helyar also acted for Sodium Partners on a catastrophe bond securitisation.

Appleby established its Guernsey office in April 2010 and the firm has already been seen on some decent mandates.

Over the past 12 months, partner Helen Crossley has acted for HSBC and Bank of Ireland on the Guernsey law aspects of a $91.5 million senior debt financing. The deal partly financed the acquisition of an Isle of Man company Creganna-Tactx. Elsewhere she also advised the local HSBC's financing of Legis Group Holdings, and the subsequent acquisition of the group.

Alongside the market, Appleby has also been active in the M&A transactions. A team led by Barney Lee advised Pembroke Real Estate's acquisition of two Guernsey companies, and Helen Crossley provided refinancing advice to Deka Bank in relation to the acquired companies. The mandate was worth £105 million.

Again Lee was involved in another notable deal, acting for RBS in respect of a $100 million revolving facility made available to a Guernsey private-equity fund, which is one of the leading global investors in the secondary private equity market.