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

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

	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

The overall impression gained from the market in Luxembourg is that the crisis that engulfed economies around the world did not hit home quite as hard there. "The financial crisis to be honest didn't affect us as much as we thought. We were quite surprised. We have suffered a lot less than others," says one partner.

Be that as it may, there were still some remnants of crisis that did make up aspects of firms' deal flows. "There has been a lot of restructuring. There is a whole new landscape in banking in Luxembourg. There has been a lot of insolvency and liquidation work too," explains a partner, before giving a succinct overview of how it stands currently: "As a macroview of the sector, German banks are quiet and Scandinavian ones are consolidating. The French powerhouse bank BNP Paribas is still very strong."

In terms of investment, those in the market remain bullish about Luxembourg's position: "We were very active in 2010. Luxembourg is still a preferred choice for investors," states a partner, who adds: "I was a speaker at an event in London recently and it was very clear that Luxembourg was a first choice jurisdiction to invest in."

In the banking area, one partner had an interesting theory about private banking. Basically, there are a lot of private savings accounts held by "the Belgian dentist or German artisan" type who put their savings in Luxembourg. Now, the average age of private banking customers in Luxembourg at the moment is between 59 and 65 and as these people die their inheritors will come in and relocate the funds outside of Luxembourg, leading to a massive outflow of funds. The partner felt that, due to this, private banking will atrophy over the coming years, cumulatively reducing the value of the country.

M&A is even sprightlier than banking, with deals back up and running. As ever, "internal M&A is insignificant", with the country still primarily engaged with cross-border deals: "Luxembourg is the place for worldwide investments. I would say 90-95% of clients and transactions are multinational," says a partner. "We are on a crossroad, a hub for deals. That's what we do," adds another.

Having said that, the corporate scene is still having to clear up some of the wreckage from the crisis, despite new deals coming up: "The market is still focussed on some restructurings. We are seeing some pure M&A though, with financial institutions at the centre," comments a corporate practitioner.

The level of private equity activity was difficult to judge with practitioners holding different views. One partner comments: "M&A has been quite strong, though private equity is slow," while another states: "Private equity is very active at the moment, and there have been some big bank deals we have been involved in."

Another interesting trend here is the variation in investors. The US and the EU have always been frontrunners, but other regions have been getting involved too. "What we have seen is an increase in foreign investment from Asia. A Chinese group bought an Italian bank through Luxembourg for example," states one partner, while another lawyer remarks on an increase in Russian involvement: "We have seen an interesting shift in that there are more Russian investors now, especially in the real estate market."

The markets too have been fairly upbeat, with the Europe-wide trend of high-yield bond issuance replicated here. "More recently, capital markets have been active, especially high-yield bond offers. They are very popular," agrees one partner. With Luxembourg being the second-largest market for debt securities after New York, it is perhaps unsurprising that a lot of these offers are actually listed in Luxembourg.

The equity side however doesn't seem quite as vibrant, as one partner says: "Equity markets are slow. There are IPOs pending but we have to wait and see."

Lastly, there has been a drive by the government in Luxembourg to rid the country of any hint of impropriety regarding the secrecy of banking practices in the country. It's a topic that partners expand on at length, as it is an important factor in the health of the market.

"There is a reshaping of Luxembourg as a financial centre. The government for years has been moving a lot of different legislation through. The government has been very active on the topic of remuneration policies and also very active with anti-money laundering and insider dealing and any other criminal banking activity," explains one partner.

Another expands on this: "We have a certain reputation for 'grey listings' and things like that but Luxembourg has tidied itself up now. We will provide banking information upon request and if there is a suspicion of wrongdoing, not just offering it out there. It's all about market transparency."

One of the largest and most prominent firms in the Luxembourg market, Allen & Overy occupies a prime position due to market opinion reflecting its ubiquity and the scale of its deals. The firm prides itself on strength across the board and it remains in the top tiers here again this year.... [more]

One of the largest and most prominent firms in the Luxembourg market, Allen & Overy occupies a prime position due to market opinion reflecting its ubiquity and the scale of its deals. The firm prides itself on strength across the board and it remains in the top tiers here again this year.

The banking team in particular comes in for praise from competitors, as one partner comments: "Allen & Overy have a young team but they are extremely professional. It's impressive." In terms of size, one of the bigger banking deals the team completed over the past year was advising the arrangers on a senior facilities agreement provided to Wind Telecomunicaziono and other bodies within the Wind group. Representing a value of around €3.93 billion, the transaction was finalised in November 2010.

A high profile deal saw the team acting for the major online retailer Amazon as it looked to expand into Luxembourg. A team headed up by leading lawyer and managing partner Henri Wagner advised Amazon with regards to the regulatory concerns to do with registering as an electronic money institution, an essential step for any online company wanting to do business in the country, as well as liaising with the regulator for that sector, the Commission de surveillance du secteur financier.

The capital markets team at the firm is also headed up by Wagner and it has been mostly involved on the debt side this year. It could not be said that Wagner is a hands-off managing partner, as he was involved in the vast majority of the notable deals the firm worked on, including advising DZ Privatbank in relation to setting up a Multi-Issuer Euro Commercial Paper Programme, a deal with a total value of almost €25 billion.

The popularity of high-yield bonds is reflected in the firm's deal list too, with a team advising TMD Friction Finance on the issue of Senior Secured Notes, set at 10.75% and with a maturity date of 2017, on the Multilateral Trading Facility market of the Luxembourg Stock Exchange. This deal was worth €160 million overall.

On the corporate side, the M&A team has not let the side down at all, acting on some complex international deals. This team is also singled out for praise, with clients attracted by its all-round strength: "I can't actually pinpoint anything as a weakness. They gave professional, accurate advice," says one, while another singles out leading lawyer Fabian Beullekens: "He is very good, and extremely professional."

A particular feather in the M&A team's cap involved it acting on one of the largest and most high-profile deals in the market last year. A team steered by Beullekens advised KBC Group in the sale of KBL European Private Bankers, an institution among the largest private banks in Luxembourg, to the London-based conglomerate Hinduja Group. The transaction was very high profile, and completed for a final value of €1.35 billion.

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"Arendt & Medernach is a super firm," says one partner, showcasing the esteem in which the firm is held in the market. With a significant presence across all the practice areas, the firm retains its lofty positions after another solid year.... [more]

"Arendt & Medernach is a super firm," says one partner, showcasing the esteem in which the firm is held in the market. With a significant presence across all the practice areas, the firm retains its lofty positions after another solid year.

The firm is particularly strong in the banking and capital markets areas, with founding partner and head of the banking group Philippe Dupont the recipient of effusive praise from both clients and competitors. "Philippe Dupont is a bigshot, and is an excellent technician," says a rival partner, while a banking client adds: "Mr Dupont is a very smart person and can understand quickly any issues. He is also very pragmatic, which is good."

The positive view of the firm runs right to the top too, with a partner commenting that founding partner, leading lawyer and chairman of the management board Paul Mousel is "convincing, charming and a multi-practitioner".

In banking, some of the firm's work revolved around using the double Luxembourg holding company, or 'Double Luxco', structure, which lawyers at the firm had a hand in standardising and developing. On one such deal they advised the senior and mezzanine lenders relating to the purchase of Cerba European, a French lab testing company. This deal completed for an eventual value of €287 million.

In a similar deal, partner Ari Gudmannsson, who also led on the Cerba mandate, advised Societe Generale and associated credit institutions on an acquisition, through a Double Luxco structure, of the Novacap Group, a deal whose value remains confidential.

Capital markets work came thick and fast for the firm, with some large cross-border deals completed. The team advised 3W Power Holdings, a company that had moved its registration to Luxembourg from Guernsey last year, in respect of a number of legal issues to do with the listing of its shares on the Frankfurt Stock Exchange, a deal that completed in December 2010.

On the debt side, the firm advised Q-Cells Malta in connection with a cash sale of bonds. Q-Cells International Finance has convertible bonds carrying a 1.375% rate which are due in 2012 and listed on the MTF Market of the Luxembourg stock exchange, and Q-Cells Malta wished to buy these back. They did so, acquiring an aggregate nominal amount of bonds to the tune of €281.8 million, completing the transaction in October 2010.

It is arguably in M&A though where the firm had its landmark deals. Leading lawyer Jean-Marc Ueberecken led a team that advised Vista Equity Partners as it sold business solutions provider Ventyx to ABB, an international company involved with power and automation capabilities. The deal closed in May 2010 for a final value of almost €845 million.

The most high profile deal though was assisting Mohammed Al Fayed, through UK firm Herbert Smith, on the sale of world famous department store Harrods to the investment section of the Qatari Investment Authority. The transaction was worth €1.7 billion on completion, and was confirmed in May 2010.

The only slight blemish on the firm's overall excellent year was some comments that hinted at communication issues arising between lawyers.

"One thing the firm could improve on is the communication between lawyers and partners. As they are getting quite large this chain can sometimes break down," comments a client.

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Despite some whispers about the firm falling away a little in the market, the overall opinion appears to be that it continues to be a solid tier two proposition which has remained active throughout the difficult periods. The firm is actually very long-standing, with an enviable pedigree and record: "They were pioneers in M&A in Luxembourg in the 1980s, definitely.... [more]

Despite some whispers about the firm falling away a little in the market, the overall opinion appears to be that it continues to be a solid tier two proposition which has remained active throughout the difficult periods.

The firm is actually very long-standing, with an enviable pedigree and record: "They were pioneers in M&A in Luxembourg in the 1980s, definitely. They continue to have very prestigious clients, such as Goldman Sachs, for instance," remarks one competitor, while another agrees: "Bonn Schmitt Steichen is a well established firm. They are very active."

The firm is full service, but does possess a specific strength in both capital markets and M&A work especially. Clients speak to the quality of the firm in the debt markets and securitisation in particular.

"On a securitisation deal in Luxembourg, Bonn Schmitt Steichen would be my first choice," says one, while another comments: "For me they are a market leader, and are the top level in structured finance transactions."

Allied to this, clients also praise its lawyers' proactive outlook: "They looked to detect legal obstacles early and then get round them."

In the markets, the deals the team have been working on does display this securitisation expertise, as they advised two of the biggest banking names out there on huge transactions. Leading lawyer Laurent Lazard led on both, on one advising BNP Paribas on a €20 billion securitisation programme through a continuous issuance of notes to the public. In a similar deal, Lazard is acting for Citibank on a number of notes issues as part of a €15 billion structured note programme.

In more traditional debt markets work, a team fronted by partner Pierre-Alexandre Degehet advised ArcelorMittal, a global steel company headquartered in Luxembourg, on a registered offering of debt securities worth an aggregated principal of €2.1 billion in a number of different notes with different maturities and coupons. The deal closed completely in March 2011 and the monies generated will be used to repay loan instalments.

In M&A, a standout deal reflected the worldwide trend toward electronic money transactions that has been developing over the past few years. The team advised Advent International, as it teamed up with a fellow private equity firm Bain Capital to acquire the payment service provider RBS WorldPay from the RBS Group. The new entity that has emerged from this deal will be called WorldPay, and will be one of the biggest companies of its kind in the world. The deal closed for a confidential amount in October 2010.

Partner Alan Steichen led on this transaction and is highly regarded by peers: "He is one of the very best, and is absolutely tireless. He is also an excellent tax lawyer as well as a top corporate practitioner too," comments one competitor.

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Despite some whispers about the firm falling away a little in the market, the overall opinion appears to be that it continues to be a solid tier two proposition which has remained active throughout the difficult periods. The firm is actually very long-standing, with an enviable pedigree and record: "They were pioneers in M&A in Luxembourg in the 1980s, definitely.... [more]

Despite some whispers about the firm falling away a little in the market, the overall opinion appears to be that it continues to be a solid tier two proposition which has remained active throughout the difficult periods.

The firm is actually very long-standing, with an enviable pedigree and record: "They were pioneers in M&A in Luxembourg in the 1980s, definitely. They continue to have very prestigious clients, such as Goldman Sachs, for instance," remarks one competitor, while another agrees: "Bonn Schmitt Steichen is a well established firm. They are very active."

The firm is full service, but does possess a specific strength in both capital markets and M&A work especially. Clients speak to the quality of the firm in the debt markets and securitisation in particular.

"On a securitisation deal in Luxembourg, Bonn Schmitt Steichen would be my first choice," says one, while another comments: "For me they are a market leader, and are the top level in structured finance transactions."

Allied to this, clients also praise its lawyers' proactive outlook: "They looked to detect legal obstacles early and then get round them."

In the markets, the deals the team have been working on does display this securitisation expertise, as they advised two of the biggest banking names out there on huge transactions. Leading lawyer Laurent Lazard led on both, on one advising BNP Paribas on a €20 billion securitisation programme through a continuous issuance of notes to the public. In a similar deal, Lazard is acting for Citibank on a number of notes issues as part of a €15 billion structured note programme.

In more traditional debt markets work, a team fronted by partner Pierre-Alexandre Degehet advised ArcelorMittal, a global steel company headquartered in Luxembourg, on a registered offering of debt securities worth an aggregated principal of €2.1 billion in a number of different notes with different maturities and coupons. The deal closed completely in March 2011 and the monies generated will be used to repay loan instalments.

In M&A, a standout deal reflected the worldwide trend toward electronic money transactions that has been developing over the past few years. The team advised Advent International, as it teamed up with a fellow private equity firm Bain Capital to acquire the payment service provider RBS WorldPay from the RBS Group. The new entity that has emerged from this deal will be called WorldPay, and will be one of the biggest companies of its kind in the world. The deal closed for a confidential amount in October 2010.

Partner Alan Steichen led on this transaction and is highly regarded by peers: "He is one of the very best, and is absolutely tireless. He is also an excellent tax lawyer as well as a top corporate practitioner too," comments one competitor.

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It is widely acknowledged in the market that Clifford Chance, formerly entitled Kremer Associes with Clifford Chance, felt the crisis more than its other rivals. The firm has moved to address this perception over the last year however, becoming more active in its areas of strength and completing some very interesting and technical deals.... [more]

It is widely acknowledged in the market that Clifford Chance, formerly entitled Kremer Associes with Clifford Chance, felt the crisis more than its other rivals. The firm has moved to address this perception over the last year however, becoming more active in its areas of strength and completing some very interesting and technical deals.

Although CC is full service, and can boast a top-drawer investment practice, it is its banking expertise that is most widely spoken of, with a strong team including respected leading lawyers and partners Steve Jacoby and Mark Mehlen.

"Clifford Chance is pushing at tier one in this area," concedes one competitor, while another focuses on leading lawyer Steve Jacoby specifically: "He is a very smart guy."

Clients agree with this: "This team really stands out in Luxembourg - Steve Jacoby is a very capable individual," says one, while another likes how accessible they make their services: "Their approach is very solution-orientated. They know all the law but look to give user-friendly advice."

It is perhaps no surprise then to see this team active on some very significant deals, including a number put together under the 'Double Luxco' structure, a way of working which the team there had a hand in developing in connection with White & Case's Paris office.

On one highlight mandate Marc Mehlen led a team advising BNP Paribas, HSBC, Natixis and Société Générale as the mandated lead arrangers of an acquisition financing for Carlyle to buy Groupe B&B Hotels. The deal was highly technical, entailing a good deal of work related to financial collateral legislation, but the deal is expected to complete late September 2011 for a figure of around €250 million.

This stellar banking team also concerns itself with capital markets work and it can boast some interesting deals here too. Managing partner Christian Kremer was also involved, leading teams on two large deals. On one the team advised AZ Electronic Materials with regard to a premium listing on the LSE's listed securities market. There was also an IPO of its ordinary shares, a massive offering that, valued at almost €984 million, represents one of the top five big ticket IPOs in Europe that year. This closed in November 2010.

Speaking of big ticket, the firm is also advising, on an ongoing basis, the European Financial Stability Facility (EFSF), a Luxembourg-based special purpose vehicle (SPV) whose shareholders are the member states of the Eurozone. The EFSF provides loans to distressed Eurozone members under the European Financial Stabilisation Mechanism, and issues bonds to refinance these loans. The first placement happened in the early stages of 2011, for a value of €5 billion, with the overall debt value said to be approximately €27 billion. A high profile and political deal, involving CC offices in Frankfurt and Paris, it very much stands out in the market.

The scale of deals continues into the M&A practice, with Christian Kremer very active here. On its main corporate deal partner Claudie Grisius took the lead, advising International Power on its reverse takeover, a tactic that enabled the company to merge with the international energy division of GDF Suez. In this way, International Power remains listed in London, with GDF Suez owning 70% of the new, larger company. This deal was one of the largest power deals in 2010, completing in the summer for an estimated value of almost €20.5 billion.

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US firm Dechert have had a presence in Luxembourg since 2001 and make it a strategic point to make their transatlantic and international network work for clients. The office's managing partner is Marc Seimetz.... [more]

US firm Dechert have had a presence in Luxembourg since 2001 and make it a strategic point to make their transatlantic and international network work for clients. The office's managing partner is Marc Seimetz.

Last year the corporate team advised on a high profile M&A deal in the energy sector as two Luxembourg companies combined their operations with a German energy concern for a value of around €1 billion.

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Very much viewed as a classy outfit of almost aristocratic bearing, Elvinger Hoss & Prussen is a top-ranked law firm that is among the frontrunners as market leaders in Luxembourg, a status evidenced by its top tier positions here.Comparisons with Magic Circle firm Slaughter and May abound, with partners making a link between the outlook of the two firms that do interact on a non-exclusive 'best friends' basis.... [more]

Very much viewed as a classy outfit of almost aristocratic bearing, Elvinger Hoss & Prussen is a top-ranked law firm that is among the frontrunners as market leaders in Luxembourg, a status evidenced by its top tier positions here.

Comparisons with Magic Circle firm Slaughter and May abound, with partners making a link between the outlook of the two firms that do interact on a non-exclusive 'best friends' basis. "Elvinger is a very, very fine firm. It is friends with Slaughter and May, who are of course very special," says one, while another adds: "Elvinger, Hoss & Prussen are old-fashioned, in a good way, definitely the Slaughter and May of Luxembourg."

Another competitor compliments the strength in depth of the teams there: "It is the quality at every level that is impressive. It's not just that the partners are good, they all are!"

Clients echo these sentiments too, as one says: "They are very nimble and creative in an international context. We have never had a deal that has failed for the lack of them coming up with a solution. They are very creative thinkers." Another puts it very succinctly: "Elvinger is first-rate, the best."

The firm's primary capital markets deal this year was acting for the third-largest Russian food retailer O'Key on the listing of its Luxembourg holding company in London. The deal is unique in that it represents one of the first listings of a Russian business group's Luxembourg holding company in London since the financial crisis. The IPO itself raised €295 million, giving O'Key a market cap approaching a figure of €2.1 billion, and completed in November 2010.

The firm has also maintained an active corporate capability, with senior partners Jean Hoss and Philippe Hoss taking the lead on advising on the merger of Acergy and Subsea 7, a marine development company. The transaction completely successfully in January 2011 for a sum that remains confidential.

The turn of the year was a productive time for the M&A team, as Philippe Hoss and Francois Felten advised Quilvest Group as it merged two wealth management units based in France and Switzerland with the Luxembourg private bank Compagnie de Banque Privee. The deal entailed the creation of a new holding company, entitled Quilvest Wealth Management, that will administer the three combined banks, who now cumulatively manage close to €11 billion. The transaction completed in December 2010.

In banking, the firm has been advising the Banque de Luxembourg on an ongoing basis with regard to its issuing of fiduciary certificates as well as providing a team led by leading lawyer Pit Reckinger to advise Fastnet, a subsidiary of Crédit Agricole, on a restructuring of the former as part of a relocation of a section of Fastnet's business to the BNP Group. The value for this deal remains confidential and it closed in September 2010.

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Kleyr Grasso is a well-regarded firm that has carved itself a solid niche within the market and in particular in the corporate space.

 “Kleyr Grasso are very competent,” comments one competitor, while another adds: “They are in M&A and are good in litigation.... [more]

Kleyr Grasso is a well-regarded firm that has carved itself a solid niche within the market and in particular in the corporate space.

 “Kleyr Grasso are very competent,” comments one competitor, while another adds: “They are in M&A and are good in litigation.”

The corporate team includes managing partner Marc Kleyr, who works across a wide range of corporate and commercial areas.  While the details of much of the firm’s highlight work remains confidential, it is clear the team has been busy. On one deal Kleyr Grasso was engaged by an alternative asset management company with regards to performing due diligence on a number of direct and indirect equity interests that were being targeted by the former. The team also advised a US-listed food packaging company as it restructured itself in Europe.

The banking team at the firm renders ongoing advice to a number of high-profile clients within the country, including some of the top retail banks and possessing a specialty in leasing work for vehicle hire companies and the like.
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The Luxembourg outpost of this magic circle firm has an outstandingly experienced team on the ground and despite some movements, including partner Freddy Brausch moving to managing partner and leading lawyer Janine Biver stepping back to become of counsel, market opinion is unanimous in agreeing that the firm should continue its stay in the upper tiers.Biver herself is the subject of consistent praise from peers: "Janine is quite a long-standing lawyer, and has always been one of the best.... [more]

The Luxembourg outpost of this magic circle firm has an outstandingly experienced team on the ground and despite some movements, including partner Freddy Brausch moving to managing partner and leading lawyer Janine Biver stepping back to become of counsel, market opinion is unanimous in agreeing that the firm should continue its stay in the upper tiers.

Biver herself is the subject of consistent praise from peers: "Janine is quite a long-standing lawyer, and has always been one of the best. She is a major banking lawyer," comments one.

Another competitor takes a broader look at the firm's capabilities: "They are technically very good, I will say that."

In terms of deals, a lot of Linklaters's work remains beneath a cloak of confidentiality due to its ongoing nature.

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Loyens & Loeff is an established Benelux firm, headquartered in Rotterdam but who maintain a large presence in Luxembourg. The firm has had something of an unsettled year, with a vast number of comings and goings.... [more]

Loyens & Loeff is an established Benelux firm, headquartered in Rotterdam but who maintain a large presence in Luxembourg. The firm has had something of an unsettled year, with a vast number of comings and goings.

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Molitor is a relatively young firm that has built itself a solid client base composed of both local and international companies. It is strongest in both banking and M&A, and the majority of its notable work comes from both these avenues.... [more]

Molitor is a relatively young firm that has built itself a solid client base composed of both local and international companies. It is strongest in both banking and M&A, and the majority of its notable work comes from both these avenues.

A team led by partners Laurent Fisch and Oliver Gaston-Braud helmed most of the important M&A deals, including advising a Chinese investment fund as it acquired, through a holding company registered in Luxembourg, the luxury brand Cerutti, an ongoing deal that is said to be worth approximately €50 million.

On another deal, the same duo led on a financing and securitisation deal for the London office of a German bank, who were in turn financing a Luxembourg private equity house who were looking at real estate in England's second city, Birmingham. This deal too is currently in process, and is valued at €68 million.

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NautaDutilh has carved itself out a solid market position, the Dutch outfit servicing a wide range of international clients. Partners note though that the firm has been conspicuous by its absence, particularly in banking and capital markets work.... [more]

NautaDutilh has carved itself out a solid market position, the Dutch outfit servicing a wide range of international clients. Partners note though that the firm has been conspicuous by its absence, particularly in banking and capital markets work.

"I don't see NautaDutilh much, though I suppose they could have a small team spread around perhaps," comments one partner, while another adds: "NautaDutilh is known well in other areas but I can only think it is in a black hole in banking as I haven't seen them."

The firm fares better on the corporate side though, as one competitor says: "With M&A, NautaDutilh is seen sometimes, yes."

The firm's deal list though suggests that they have still been active on some significant mandates, especially within the areas where it has been said the firm is close to invisible.

For instance, a team was involved in one of the largest European high-yield bond issues that took place in 2010, which went on as part of the overall reconstruction of the Wind Group. NautaDutilh advised Wind Telecom on the legal and regulatory issues within Luxembourg and the total value of the deal was said to be €6.6 billion, including €3.9 billion of new senior credit facilities and a bond issuance worth €2.7 billion.

In finance, a team advised Deutsche Bank in its role as administrative agent and joint lead arranger on the Luxembourg law issues to do with a senior secured credit facility that was extended to Bain Capital Partners. The funds represented the capital for Bain to buy the Styron Division from The Dow Chemical Company. Closing in June 2010, the transaction was worth €989 million.

In M&A, the firm assisted Apollo Global Management, a private equity concern, as it partnered with CVC Capital Partners to acquire Brit Insurance Holdings. A well-publicised and protracted deal, Nauta used its Benelux network to advise on both Dutch and Luxembourg law. The deal completed late on in the year for a figure approaching €989 million.

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Noble & Scheidecker is a firm that is growing year on year. In January 2011, the firm appointed Marie-Beatrice Nobel as the office's managing partner, a move which has been made in order to free up other partners to take a more client-facing role.... [more]

Noble & Scheidecker is a firm that is growing year on year. In January 2011, the firm appointed Marie-Beatrice Nobel as the office's managing partner, a move which has been made in order to free up other partners to take a more client-facing role.

The firm presents a solid banking and markets practice and this year did act on a sizeable high-yield bond deal and refinancing said to be worth €694 million for a confidential leading petrochemical company.

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OPF Partners is a firm with a particular focus on corporate mandates, but that seems to have dropped off the radar somewhat over the past 12 months. "OPF Partners is more concentrated on corporate work, and is not quite as visible," comments one partner, while another goes further: "OPF Partners work sporadically, they go away and now they have reappeared a bit.... [more]

OPF Partners is a firm with a particular focus on corporate mandates, but that seems to have dropped off the radar somewhat over the past 12 months.

"OPF Partners is more concentrated on corporate work, and is not quite as visible," comments one partner, while another goes further: "OPF Partners work sporadically, they go away and now they have reappeared a bit. They have also refocused on private equity work. They are playing catch-up though, and we don't see them a lot."

Despite this reaction, the firm did do some interesting corporate deals this year. The firm advised private equity investment company Terra Firma on its acquisition of marketing leading solar power business Rete Rinnovabile from Terna, the Italian grid operator. Representing a final value of €641 million, and closing in March 2011, the transaction is one of the largest solar power generation acquisitions in Europe.

Leading lawyer Isabelle Lentz also led on a large retail M&A deal, advising Apax Partners as they purchased German clothing company Takko Fashion, through a deal structured in Luxembourg, completing for a fee of €1.7 billion in December 2010.

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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]