Monard Law


IFLR1000 Reviews

Financial and corporate

Founded 25 years ago, Monard Law is domestic firm with presences in a variety of Belgian cities such as Antwerp, Brussels, Hasselt, Lommel and Ghent.


Focusses / Specialism

The firm is experienced across all areas of financial and corporate transactional work, with a noted strength in banking, project finance and M&A.

The firm’s banking and finance team has a niche service offering in real estate and infrastructure finance, advising clients on real estate investment, construction and development finance. This includes project finance, where the firm advises both developers and lenders on substantial PPP/infrastructure projects.

The firm has a strong foothold in healthcare and healthcare infrastructure financing having notably advised on the largest hospital financing and refinancing operation in Belgium.

The firm’s M&A team is also highly active, providing corporate support and transactional advice to clients in a plethora of sectors in Belgium.


Key clients

Noteworthy client names include Rexel Belgium, Merit Capital, Belfius Bank, Jan De Nul and Cegeka


Research period review: 31st edition (2020/2021)

The banking team was active in providing advice on governance and regulatory issues to a diverse set of clients including an investment manager, metal dealer and a wind farm.

In M&A the firm provided legal advice to repeat and new clients regarding ongoing corporate and commercial issue, as well as joint ventures, new investments and M&A projects. The firm worked on a high number of acquisitions (often cross-border), advising both acquirers and sellers.

In the PPP and infrastructure projects space, the team was involved in transactions for contractors, large Belgian banks and developers. Notable examples in this area include advice to contractor Jan De Nul on a DBFM project for a new prison in Antwerpje and the construction of six new schools, as well as involvement on the side of lender Belgium Bank on a hangar financing project.

The firm has also done restructuring work - most notably assisting Urban Estates on its global restructuring process.

Personnel changes in this research cycle in the banking and finance team saw the firm recently add senior associate Kim Swerts while partner Birgitta Van Itterbeek left in November 2020. 


Deal highlights: 31st edition (2020/2021)

Belgian school PPP programme

AGC Networks bid for IRIS branch of Canon Group

ZNA financing

Antwerp prison PPP

DC Druckchemie €20million acquisition of BluePrint Products and Hi-Tech Chemicals

Melsbroek/Brussels military airport hangar project

Merit Capital acquisition of Weghsteen assets

Stockmeier group acquisition of 51% of the shares of Innochem

Urban Estates €120 million debt restructuring


Client feedback: 31st edition (2020/2021)


"Judicial advice and contracts."

"Listened to our needs and concerns. Consensus-based attitude, contributing to a win-win solution. Appropriate protection of our rights through constructive feedback and finetuning of SHA and representations and warranties."

"Strong proactive guidance through the process, during the due diligence and SPA negotiations, as well as with the merger."

"Pragmatic expert contribution to deal making."

"Clear and uncomplicated advice."

"Our members highly appreciate the firm’s down-to-earth approach. The team is extremely professional and very accessible."

"They keep a fast pace along with the client. Short feedback loops."

"A very pragmatic approach."

"Practical and responsive to problems."

"Great team, good industry knowledge and excellent client management."

"Advised us in the agreements closed in this transaction." 


Banking and finance

"The lawyers are highly professional and also very good to deal with and are experienced in handling significant financial services disputes."


Benoit Samyn

"Combines legal knowledge with understanding of business, as he has an MBA. He is centred, stress-resilient and listens well. Knows how to ensure our rights are protected in a non-threatening way."


Jeroen Raskin

"He is very committed to clients; a serious lawyer with a human touch."


Katrien Vorlat

"Good understanding of the issue and strong knowledge of our company. Excellent skills. Perfect solutions."

"Pragmatic and business-minded, being strong in strategic business thinking and not only focused on legal matters."


Kristof Zadora

"Good client management and communication skills. Nice to work with."


Maxime Monard

"Cooperative mindset. Feels like team members are on the same project."

"Communication is top. Thinking together with the customer." 


Natalie Ulburghs

"Natalie understands Belgian corporate law in detail, and was also able to educate and explain the relevant concepts to me using an American framework, specifically that of Delaware law. That ability, combined with fluency in English, French and Dutch, was immensely valued by us."

"Very practical advice. Super responsive and very clear in communication. Did an exceptional job translating Belgian legal concepts and rules to an American lawyer."


Pieter Van den Broeck

"Practical applications and reasonable solutions. Prompt responses."

"Very comprehensive approach."

"Very hands-on and proactive. Great at client management."

"Positive contribution to problem solving and deal making."

"Easy to use advice."


Xiufang (Ava) Tu

"Very hands-on and proactive. Great communication and has a good network."