Israel

Reviews

Practice area

IFLR1000 Reviews

Overview

Solicitors governing body: Israel Bar Association

Competition authority: Israel Antitrust Authority

Financial regulator: Israel Securities Authority

IFLR1000 ranking categories:

Financial and corporate (published October): Banking; Capital markets; M&A; Project finance

Jurisdiction overview

Israel’s legal system is predominantly based on common law although it incorporates elements of civil law too. When the State of Israel was declared independent an exact date was set to enact a constitution but a codified document has never been produced. Instead, the foundations of the country’s legal system are its Basic Laws, which govern state bodies, the parliament (The Knesset) and some civil rights.

Although geographically part of the Middle East, Israel is isolated from its compatriots in the region due to a longstanding conflict with Palestine, which is supported by other Arab nations, over who rightfully has claim to the land recognised internationally as Israel. 

Israel’s conflict with Palestine has seen Israel excluded from cross-border trade within in the region but further afield it does not have the same problem. Israel has bilateral trade agreements with Canada, the EU, EFTA, Mexico, Turkey and the US. The US, consumes around a quarter of all its annual exports, mainly in the form of pharmaceuticals, a variety of high-technology and cut diamonds. The UK and China are the two other most significant importers of Israeli produce.  

Israel’s dense legal market is diverse in terms of the size of firms but the best known and most active are typically the largest. Herzog Fox & Neeman, Gornitzky & Co, Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co, and Meitar Liquornik Geva Leshem Tal are among those with consistent strength across a range of financial and corporate practices. Other firms are more specialised. S Horowitz & Co is renowned for banking work, Tadmor & Co Yuval Levy & Co has two of the country’s strongest project finance and competition practices, for example.  

A fairly recent amendment to Israeli law saw the country’s legal market liberalised to permit foreign law firms to establish branches in Israel for the first time. 

Opening the local office of an international firm in Israel is a relatively straightforward process. The Bar Association must be notified within 30 days of its launch, the branch must employ a lawyer - foreign or domestic - already registered with the Bar and it must have complied with the standard employment, registration and tax requirements for opening any business in Israel.    

Foreign lawyers registered with Israeli Bar, and with its approval, can practice the law of their jurisdiction. Only foreigners with Israeli citizenship or resident status are entitled to requalify to practice domestic law. 

Since regulations on foreign firms in Israel were relaxed, only a few have entered the market. Among the notable arrivals from overseas was Yingke, one the biggest firms in China. It established a soft merger without financial integration with Israeli boutique firm Eyal Khayat Zolty Neiger & Co, which was rebranded Yingke Israel in 2013. US outfit Greenberg Traurig was an earlier entrant, making its move in 2011.

When assessing why foreign firms have not launched branches in Tel Aviv, Israeli lawyers generally concur. Principally, they could not charge the fees they do from abroad in such a competitive market which has no shortage of US or UK qualified lawyers. There are also those who feel international firms are concerned that entering the Israeli market directly could damage important client relationships in the wider the Middle East. 

Consolidation in the domestic legal market has been a trend in the last four years. Goldfarb Levy Eran Meiri Tzafrir & Co and M Seligman & Co was the first major deal. The two firms created Goldfarb Seligman & Co – still Israel’s largest firm by headcount. In 2014 Shibolet & Co merged with high-tech boutique Ben-Zvi. In 2013 Meitar Liquornik Geva & Leshem Brandwin and Kantor Elhanani Tal & Co joined forces to become the Israel’s third largest firm. More recently Tadmor & Co and Yuval Levy & Co merged.

Generally speaking, there is a range of commercial legal work on offer for law firms in Israel. There is a significant amount of cross-border corporate transactional work originating from the US. Mainly inbound M&A but also local company IPOs on Nasdaq, and, more recently, outbound acquisitions by domestic groups. Asian inbound investors represent another active client base.  

Recently, domestic capital markets work has been somewhat limited. Infrastructure project related advice is however a good fee generator, especially in the energy sector. Five years ago there was an abundance of solar developments, and now there have been huge gas discoveries offshore in Israel. 

For smaller firms the most reliable stream of commercial work is M&A and venture capital related advice. Outside the US, Tel Aviv is one of the world’s leading cities for high-tech start-ups thanks to the significant investment by the state in research and development, the proliferation of funding through venture lending and the country’s strong focus on education. A number of firms have built reputations for helping start-ups optimise their businesses and either eventually merging, selling or going public.    

Ben Naylor - EMEA Editor

Financial and corporate
Agmon & Co – Rosenberg Hacohen & Co

Agmon & Co – Rosenberg Hacohen & Co is the market’s leading oil and gas specialist for all manner of work required by clients in the industry and it represents the biggest stakeholders in the industry in Israel. The firm is also notable for its talented capital markets team and public M&A work. 

In the banking area the firm is active for lenders (banks and institutional investors) and borrowers on acquisition and project financing transactions. The latter type of work is where the firm generally sees its largest deals and these are typically in the oil and gas or social infrastructure sector. In terms of financing work for oil and gas clients the firm is one of only a handful in Israel experienced in advising on reserve-based lending transactions.    

In the capital markets area the firm is works on large debt and equity issues. It’s worked on the issuer side on some of the largest IPOs on Tel Aviv’s exchange recently and regularly works on large bond issues by large local banks or oil and gas companies, doing work for issuers and underwriters.   

In M&A the firm is highly experienced in the oil and gas sector deals and often works on public transactions, including demergers.  

In the project development area the firm’s work is concentrated in the oil and gas sector. The firm’s experience in the industry locally is unparalleled, having represented the sponsors on all exploration and production projects related to major Israeli gas discoveries. The team is experienced in work in all stages of oil and gas projects from initial exploration to sale agreements.  

Recent Deal Data highlights 

•Bank Leumi $640 million Tier 2 bond issue 

•Delek Automotive Systems / Harel $305 million acquisition of 70% of Veridis Group 

•Equital / JOEL Jerusalem Oil Exploration merger 

•Isracard TASE IPO 

•Israel Chemicals $600 million bond issue 

•Leviathan project 

•Ratio Oil Explorations $450 million syndicated refinancing 

•Tamar project  

Client feedback 

“Yona Goshen is the number one business lawyer in the country.” – Banking 

“My experience with Agmon is excellent. Yona Goshen is very professional and provides good legal service to ICIC. Yona's strength is her experience and her human relations.” – Financial and corporate  

“Working with them is a real delight, and we have the utmost respect for them and their work. Yona is brilliant and, together with her team, provides great service. She is very knowledgeable and experienced in regulatory matters and receives tremendous respect from the different regulators. We look for her assistance in our thought processes and decision making, where we greatly benefit from her many years of experience in the banking sector and unusual business and operational understanding. Her thinking is fresh, creative, smart and precise and is always extremely helpful.  Osnat Firster is also a wonderful and professional lawyer, and together with Saar Rosman of her team assisted us in the very urgent contract with TATA, working day and night. The close cooperation between the teams saved a lot of time and effort on our part.” – Financial services regulatory 

“We appreciate the attentiveness we receive from each and every member of Agmon's team. Agmon's lawyers know how to reach out for one another for assistance in order to provide us with a wholesome picture of the issue at hand thus allowing us to benefit from their knowledge. In terms of improvements, we recommend that Agmon sends more legal update newsletters to its clients.” – Project development 

Amit Pollak Matalon & Co

Active across all areas of work covered by the rankings, Amit Pollak Matalon & Co has a broadly strong group of practices but excels in fund formation work and has a significantly experienced restructuring team.  

In the banking and finance area the firm typically advises on a mix of corporate lending and project finance. It more often advises lenders and does work for banks and financial investors in this capacity.  

In the funds space the firm is among the market leaders in Israel by virtue of the breadth and depth of experience it has in launching funds and volume of managers it advises. It advises on open and closed funds and is particularly active in the formation of VC, PE and real estate funds, including REITs.  

The firm is has an active M&A team that often works on technology sector deals and regularly works with venture capital and private equity clients on investments and exits.  

In the restructuring and insolvency space the firm has a broad practice that is often mandated as court appointed liquidator or receiver.  

Recent Deal Data highlights 

•Amazon Web Services $152 million acquisition of stake in CloudEndure  

•aMoon II 

•Comasco acquisition of 50% of Universal Motors Israel 

•Firstime Ventures II  

•Freshmarket TASE IPO 

•TV Channel 10 / TV Channel Reshet 13 merger 

Client feedback 

“APM are organized and provide a high quality of work.” – Investment funds 

“The firm has a deep bench with a number of talented and technically very able fund practitioners. One of the top two or three fund legal teams in Israel in my experience. Less strong on open-ended funds than closed-ended funds.” – Investment funds 

“Excellent team which draws upon experience from a background of lawyers representing many fields and nationalities.” – Investment funds 

“Great working together. Maya Issacharov was leading the effort.” – Investment funds 

“Very good. Accurate. Dedicated. Fund was established and is running smoothly.” – Investment funds  

“Highly professional and immediately responds.” – Investment funds 

“Strengths: the managing partner Yonatan Altman. He is Smart, has a strategic mind, and is anything but the usual lawyer. Yonatan fought with us and was loyal to us - his client - even at a price of risking his relationships with the strongest forces in the Israeli market. He is someone you can trust on a rainy day. Also APM specialty in investment funds is a very strong one and I fully recommend it to other funds.” – Investment funds 

“Excellent. Very responsive, professional, thorough and friendly.” – Investment funds 

“Boundless energy; great support from Ariel Frank who is available almost 24/7 for us. He is the relationship and we followed him there.” – M&A 

“Very good.” – M&A 

“Very professional team in funds formation.” – Private equity 

“Very professional and responsive. The firm also tries a lot to help us develop our business by offering cooperation with other clients.” – Project development 

AYR – Amar Reiter Jeanne Shochatovitch & Co

AYR law firm is a local firm active in banking and finance and restructuring and insolvency transactional work. 

During the research period in banking and finance most of the firm’s transactions were in project or real estate financing, advising the borrower, in real estate, transport, energy and commercial infrastructure sectors. An example was advising Gindi Tower Tel Aviv, a real estate company as borrower, in the financing for luxury residential towers and an office building in Tel-Aviv.  

In restructuring and insolvency, the firm advised as trustees and receivers in stay of proceedings processes. It formed rehabilitation plans and debt settlements with creditors. 

In insolvency and corporate recovery, two partners, Amit Lederman and Idan Miller, joined the firm from Amit Lederman & Co. 

Recent deal data highlights 

•Beitar Ellit public transportation lines 

•Gindi Investments NIS1 billion financing  

•Gindi Towers Tel Aviv NIS6.7 billion financing 

•Ashbal Technologies bankruptcy 

Client feedback 

“Very good.” – Banking  

“Timely and quality work. Bringing us to the finish line well prepared and with a good outcome.” – Investment funds 

“Our lawyer Yoav Caspi has an excellent analytical ability that helps dismantle the components of the agreement and reach agreed-upon formulations on both sides, and mainly prevents crises that may cause the cancellation of the transaction.” – M&A 

Barnea Jaffa Lande & Co

Barnea Jaffa Lande & Co has strengths in M&A and project development.  

During the research period in banking the firm almost exclusively represented banks and advised them on regulatory matters and Israeli banking activities, including receivables financing, factoring, commercial warrants, financial technology and investment consulting. 

In capital markets the firm had mainly regulatory and compliance advice roles for companies listed on the Tel Aviv Stock Exchange and Nasdaq, particularly related to securities law, enforcement programs, and Israel Securities Authority procedures. It also represented the underwriters in public offerings on Nasdaq. 

In M&A the firm advised on the sell and buy side of acquisitions. Highlights for the firm were advising International Flavors & Fragrances in its merger with Frutarom Industries. 

In project development the firm advised on oil and gas, transport, road infrastructure, power, water and renewable energy projects, many of which are public-private partnerships. Though many clients are confidential, some of the key clients include Pan-Mediterranean Engineering Company (PMEC), GE, Poran Shrem, China Harbour Engineering Company (CHEC), Netivei Israel and Mabat Lanegev. 

The firm hired Hagit Ross from Zitvar & Co and Hadar Israeli from Paul Weiss Rifkind Wharton & Garrison as partners in capital markets. 

Recent deal data highlights 

•Check-Cap Nasdaq IPO 

•Medigus TASE IPO  

•Negev IDF training campus 

•International Flavors & Fragrances $7.1 billion acquisition of Frutarom 

Client feedback  

“Barnea, especially Ariella Dreyfuss, is fantastic to work with. I am always impressed with their ability to negotiate deals that really benefit and look out for their clients’ best interests at all times. Their quality of work is exceptional.” – Capital markets: Equity 

“Very professional; working in a very high phase.” – Financial and corporate 

“Excellent feedback on services provided by the law firm. Strengths: creative thinking, strong negotiation skills, experience and true partnership.” – Investment funds 

“Extremely responsive and professional. Have recommended them to several friends.” – M&A 

“The Barnea team is always very responsive with legal advice that is on point, pragmatic, easily digested and very useful for the client. They are a great part of the team, do not step on toes and are always looking for more ways to help.” – M&A 

“Great work, very responsive and very commercial.” – Private equity 

“Good quality job. Reactive and proactive, available and has a good understanding of needs.” – Project development  

“Highly professional, committed, great service and wise advice.” – Project development  

“They give highly professional support in many aspects of the contracts: technical, commercial, insurance, legal and more.” – Project development  

“Very solid firm and extremely capable with international clients.” – Project finance 

“The project finance team is highly qualified and put its heart and mind into their work. Nitzan Goldreich is an up-and-coming star, quiet and as thorough as they come. Under the leadership on Inon Yogev.” – Project finance 

“Barnea are very professional, easy to use and knowledgeable about the practice in Israel, having been on all manner of infrastructure projects in Israel for many years.” – Project finance 

Epstein Rosenblum Maoz

Epstein Rosenblum Maoz law firm has strengths in banking and finance, M&A and project work.  

During the research period in banking and finance the firm advised lenders and borrowers in LBO acquisition financing, secondary debt purchases, secured credit facilities, and real estate financing. 

In project finance work the firm advised lenders and project companies in the financing agreements and lending facilities for renewable energy solar projects, the development of Leviathan gas reservoir, a tender for Alon Tavor power plant, and a large-scale agriculture project in Angola. It also advised a lender in the insolvency-related breach and refinancing of a power plant project. 

In M&A and private equity the firm advised buyers and sellers in aviation, manufacturing, cyber security and technology, robotics, jewel certification and real estate sectors. It also advised in a metal industry LBO acquisition and a technology and software merger.  

In project development the firm has advised in the tendering processes for projects in renewable energy, gas, transport, solid waste treatment and desalination. 

Eran Mizrahi joined the firm as a partner in real estate and banking from Zehavi Blau. 

Recent deal data highlights  

•Fosun Group $100 million acquisition of International Gemological Institute  

•Kedma Capital $100 million acquisition of Iskoor Metals Group 

•The Phoenix Insurance Company €50 million acquisition of Citi Bank, Morgan Stanley and RBC debt  

Client feedback  

“Excellent service; they are incredibly knowledgeable, have an excellent capacity to work with international counsel and work directly with international clients.” – Banking  

“They are very strong in working in the international markets. Their weakness which is also their advantage is their mid-size.” – Investment funds 

“ERM showed and provided high negotiation skills, understanding, knowledge, awareness of our needs and performance skills.” – Investment funds 

“One of the best law firms when it comes to project finance and having a comprehensive understanding of all the regulatory issues. Their high-level experience in working with the government is particularly useful and helped to push the project forward despite a number of challenges. Though there are additional high-level experienced law firms, ERM brings in their manners, attitude and very high level of service.” – Project finance 

“I highly recommend retaining ERM's legal services. The team worked tirelessly on learning the subject matter and subsequently formed the best legal strategy that yielded optimal results. Aside from the professional aspect, on the day to day level, the team was always available for any question or need that arose regarding the deal.” – Real estate 

“The firm is very strong in their competence and focus to get a deal done, home in on the important aspects, and give in on minutiae that is not so important. They are always expanding and growing their depth of lawyers to keep up with the great opportunities that they have, keeping the focus on their special customer service and friendship with their clients will be key.” – Real estate 

Erdinast Ben Nathan Toledano & Co

M&A and transactional private equity and energy project development work are core strengths of Erdinast Ben Nathan Toledano & Co, and it consistently secures roles on large deals of these types.   

The firm is most obviously active in the lending area on work related to acquisitions it is advising on. The team is often assists sponsors or strategic buyers on financing M&A deals or investments, or on post-acquisition refinancing. 

In capital markets work the firm is experienced on the debt side, mainly in advising Israeli issuers on bond sales. 

The M&A practice is often instructed on high-end Israeli cross-border and large headline domestic deals. The team often works for private equity firms on Israeli investments and exits. The firm has recent experience on large banking, energy, and technology deals.  

The projects team frequently works for developers on large power and transport projects in Israel.  

The firm is active on restructuring deals, mostly representing creditors on local cases.  

Recent Deal Data highlights

•Champion Motors / Mobileye / Volkswagen Group joint venture 

•CVC $1 billion acquisition of Lumenis 

•Mizrahi Bank / Union Bank merger 

•Netafim refinancing 

•NSO management / Novalpina Capital acquisition of 70% stake in NSO 

•Permira acquisition of NDS’ Israeli business 

•Spectrum Equity $135 million acquisition of Offensive Security 

Client feedback 

“Highly professional, knowledgeable, high-quality service, high availability for any of our needs.” - Capital markets: Equity

Fischer Behar Chen Well Orion & Co

Fischer Behar Chen Well Orion & Co consistently secures roles on large lending, capital markets and M&A deals. The firm represents a number of Israel’s largest institutional investors on their transactional activities in Israel.  

The firm does a lot of lending work for institutional investors (insurers mainly) as both the borrower and the lender. It also has experience advising on the borrower side of large acquisition financings and syndicated loans. 

The firm’s funds lawyers advise on the formation of venture, private equity and real estate funds mostly.  

The capitals markets team is strong in debt and equity work. It has recent issuer side IPO experience and has worked on the sell and buy side of conventional and hybrid bond issues, working for institutional investors as issuers on some deals. The firm was active on a number of debt issues by US real estate companies issuing debt in Israel recently.    

In M&A the firm is involved in large strategic deals – both cross border and domestic – and has recently worked on a number of high-profile banking and financial services and energy sector deals.   

In the project area the firm has experience on large scale energy and transport projects advising sponsors. 

In the project finance area the firm is experienced in lender side work, particularly relating to power projects but also other infrastructure. 

Recent Deal Data highlights 

•Bezeq $145 million bond issue 

•Generation Capital TASE IPO 

•Government of Zambia $420 million trade financing 

•Ithaca Energy $300 million mezzanine syndicated financing  

•Migdal Insurance $188 million hybrid bond issue 

•State of Israel $515 million block trade of Bank Leumi stake 

•Warburg Pincus acquisition of Leumi Card

Client feedback 

“I worked closely with Ms. Miri Kimhi, a partner in FBC's Corporate Department and the co-head of its banking and finance practice. Miri is an excellent partner to work with and a fantastic service provider. Miri is very professional and experienced, provides business oriented legal advice and always striving to "out of the box" solutions. She is also very pleasant to work with, very dedicated and always responsive.” – Banking  

“Extremely professional. Very dedicated.” – Banking  

“The services provided by the law firm are highly professional and are based on vast experience of the firm partners and associates. Since the law firm has skill and knowledge in a few practice areas, the services include wide perspective and can cover different issues. The team-work of the firm is impressive, and the services are always provided in due course.”- Capital markets: Debt 

“Fantastic, precise, adaptive and responsive.” – M&A 

“Fast work, good communication.” – M&A  

“Highly effective, sound advice.” – M&A  

“Overall, excellent guidance and counsel. Efficient and fair fee structure.” – M&A 

“FBC was very good at identifying legal issues and communicating issues to our client effectively. They were also very responsive at all hours. The team also provided commercial advice and solutions to sticking points.” – M&A 

Avraham Well

“Avremi is a unique, one-of-a-kind attorney with extraordinary problem-solving skills, patience and knowledge.” 

“Fantastic M&A attorney, good interpersonal relationship allows for smooth and efficient negotiating and drafting.” 

Miri Kimhi 

“Extremely good lawyer.” 

“I worked closely with Ms Miri Kimhi, a partner in FBC's corporate department and the co-head of its banking & finance practice. Miri is an excellent partner to work with and a fantastic service provider. Miri is very professional and experienced, provides business-oriented legal advice and is always striving for out-of-the-box solutions. She is also very pleasant to work with, very dedicated and always responsive.” 

Nitzan Sandor 

“Very professional, with impressive experience and very good ability to think out of the box in order to find creative solutions. She is highly devoted and attentive to our needs as their client.” 

“Excellent! Always provides the most professional and kind service.”  

Raz Tepper 

“Overall, a very competent and capable partner that’s knowledgeable about M&A transactions.”  

“Raz provided clear, concise and commercial advice.” 

Zohar Liss 

“High quality.” 

Gissin & Co

Gissin & Co is recognised for its restructuring and insolvency work, a core focus for the firm.  

During the research period the firm’s work was mainly in restructuring and insolvency matters, in which it advised distressed and collapsed companies, joint liquidators, creditors and bond trustees restructuring, the realisation and sale of assets, and insolvency proceedings.  

Recent deal data highlights 

•BSR Europe liquidation  

•Gindy Investments restructuring 

•Urbancorp restructuring 

Goldfarb Seligman & Co

Goldfarb Seligman & Co is among the market’s leading firms for capital markets work and M&A, and has a strong funds team.  

The capital markets team is experienced on the debt and equity side, and notable for its international work. It often works for Israeli clients on US transactions (equity deals by Nasdaq listed clients, for example) and US companies on Israeli transactions, including bond issues by US real estate companies). 

The firm is recommended for funds work, and works on the formation of most structures common in Israel, including private equity and real estate funds.  

The firm has a strong M&A offering that often works on large public and private transactions. It is always particularly active in the high-tech sector on headline deals but represents local and international brands from a range of other industries and has recently secured roles on prominent banking transactions.  

Recent Deal Data highlights 

Fast Lanes PPP 

Isracard TASE IPO 

QlikTech $560 million acquisition of Attunity 

Saidoff acquisition of 47% in Shikun & Binui 

Symantec Corporation acquisition of Luminate Security 

Temasek Holdings $250 million acquisition of Sygnia Consulting 

Tufin Software Technologies NYSE IPO 

Warburg Pincus acquisition of Leumi Card 

Gornitzky & Co

Gornitzky & Co is among Israel’s largest and leading firms, and is often seen advising on prominent banking, capital markets, M&A and project deals.  

The firm has an active lending and finance team that often features on large syndicated loans, acquisition finance and debt restructuring on either the borrower or lender’s side.  

The capital markets team is more active than most firms on the market on the equity side, often advising on deals related to Israeli companies listed in the US in addition to those trading on the TASE. The firm is also active on the debt side, working for arrangers and issuers on bond sales mostly. 

The firm’s M&A team is notable for the volume of cross-border deals involving the US it is involved in. It’s often seen on both public and private deals and works for strategic buyers and financial sponsors.  

In the projects area the firm is noted for its energy regulatory expertise and has advised developers on succession of large power projects over recent years. Utilities is another sector where the firm has substantial project work experience.  

Recent Deal Data highlights 

•Adler Real Estate €708 million acquisition of ADO Group 

•Ashalim 231MW thermo-solar power plant 

•InMode Nasdaq IPO 

•International Flavors & Fragrances $7.1 billion acquisition of Frutarom 

•Israel Ports Development & Assets Company TASE IPO 

•Netanya sewage treatment plant 

•Warburg Pincus acquisition of Leumi Card 

•Ze'elim 120MW photovoltaic power plant 

Client feedback 

“We are extremely satisfied with the work Gornitzky have done for us over the years. The team, led by Eli Elya, is business focused, smart, and very diligent. They are an absolute fire-and-forget on many issues.” - Banking 

“Very good firm, deep and strong relationships with local players including the regulators.” – Banking  

“Highly proficient. Very insightful as to negotiations points.” – Banking 

“High quality legal work. Very helpful in negotiation with the client.” – Banking 

“Very professional and personally engaged. Team worked with company in tight partnership.” – Capital markets: Debt 

“Idan Baki led the proceedings against a lawyer in London in a professional and good manner.” – Capital markets: Debt 

“Very professional and always thinks of how best to help the client.” – Capital markets: Structured finance and securitisation 

“Very professional, responsive, flexible and pleasant people in every team. No negative feedback.” – Financial services regulatory 

“Elite Elkon was a pleasure to work with. She is very knowledgeable and practical. We often work on both sides of a deal and it is always a pleasure.”  - M&A 

“Very good, very deep local connections.” – M&A 

“They were responsive, particularly on the corporate side.” – M&A 

“Review of transactional documentation and guidance on Israeli law issues arising. Quick pick up of what was needed, pertinent points raised, quick turnaround on documentation and good follow up.” – M&A 

“The firm has an in-depth understanding of the regulatory framework for power projects in Israel. Since the firm is also extremely savvy in the oil and gas industry in Israel, they are able to properly advise clients regarding the ancillary regulations that apply to a power project in Israel.” – Project development 

“The law firm is experienced with a wide view of the project finance and utilities sector in Israel and abroad. The lawyers in the practice are all original thinkers with exceptional capabilities.” – Project finance 

“The firm's restructuring and insolvency practice is led by Kfir Yadgar, who is also the firm's managing partner and a well-experienced attorney. The firm's work is very professional, efficient and to our full satisfactory.” – Restructuring and insolvency 

Gottlieb Gera Engel & Co

Gottlieb Gera Engel & Co is recognised for its work in M&A and is active in asset finance. 

During the research period the firm advised on the structuring of aircraft operating lease agreements, financing and related purchases. However, all deal details are confidential. 

In M&A the firm worked closely with The Menora Group, a large institutional investor, in the execution of their investment program, direct venture capital style investments in hi-tech Israeli companies and real estate fund investments. 

Osnat Issan, a partner in aviation finance, leasing and regulation, joined the firm from CAL Cargo Air Lines.  

Client feedback  

“The firm is a unique firm in the Israeli space due, amongst other reasons, to the firm's strong cross-border expertise and professionalism. The partners of the firm, led by Charles Gottlieb, all have international backgrounds and more importantly are extremely experienced in structuring, negotiating, managing and (most importantly) concluding intricate cross-border transactions in an efficient and hands-on approach. The partners are accessible and remain involved in the transaction from start to finish. It is often difficult to find legal advice in Israel from someone who is an expert in his/her field with an international background and are also accessible - with the GGE team I always felt in good hands knowing that their proficient advice will steer my team and the transaction in the right direction.” – Asset finance 

“The firm provides practical advice with a quick turnaround. Roy Engel is an outstanding lawyer who provides great technical solutions while also providing exceptional counselling.” – Capital markets: Equity 

“Extremely professional, efficient, and detail oriented.” – Investment funds 

“Excellent. Efficient.” – M&A 

Greenberg Traurig

Greenberg Traurig is recognised for M&A work.  

During the research period the firm advised on investments in real estate, insurance, fin-tech and agri-tech and healthcare sectors. In M&A the firm advised on the buy side of acquisitions. It was the US advisor to Canon, a Japanese computer manufacturing company, in its acquisition of BriefCam, a video analysis company. It also advised Harel Insurance Company in a joint venture investment to acquire real estate.

Hamburger Evron & Co

Hamburger Evron & Co is a local firm active in real estate financing and restructuring and insolvency. 

During the research period, in banking and finance, most of the firm’s main transactions were in real estate financing. The firm advised multiple lenders in real estate construction projects, including advising clients Bank Leumi L’Israel, Bank Hapoalim, and Discount Bank. 

In restructuring and insolvency work the firm advised Union Bank of Israel in receivership processes and as a creditor in the bankruptcy proceedings of Eliezer Fishman.

Harpaz Oren Adler & Co

Harpaz Oren Adler & Co law firm is recognised for its work in project development. 

During the research period the firm had notable transactions in railway infrastructure, renewable energy, and desalination and construction sectors. A highlight for the firm was advising SEMI in a project for the electrification of Israel Railways’ heavy rail network. Other clients include Electra Energy, the Ashtrom Group, Menolead Systems and Commonwealth Dynamics. 

Tomer Saar and Matthew Nachom, formerly from IAI Asia and IDF respectively, joined the firm to work as counsels in energy and infrastructure. 

Client feedback 

“Sharon Adler is an extremely skilled and experienced attorney, specializing in large infrastructure projects and the negotiation of large PPP agreements.” – Project development 

“We’re extremely satisfied by the support and guidance provided with the HOA & Co firm. All three partners were highly engaged with our company.” – Project development 

“The level of service is excellent. Very short response times and outstanding business acumen and industry knowledge. The firm has a strong team that can address a wide range of issues in construction, commercial, corporate and construction litigation.” – Project development  

“Law firm is well organised, and business focused.” – Project development  

“High knowledge of public contracts and projects. Good skills in complex negotiation.” – Project development  

“Professional team in the PPP world, both in litigation and commercial.” – Project finance 

Herzog Fox & Neeman

As evidenced by the firm’s rankings, Herzog Fox & Neeman has quality and experience across all its teams working in areas covered by the ranking tables.  

In the banking area the firm advises most of the country’s large banks on regulatory and lending matters and is experienced on cross border acquisition financings, advising foreign banks.  

Project finance area is an area where the firm excels and it does not have many competitors with equivalent experience locally. The firm has worked for sponsors and lenders on the financing for large energy and transport projects, including plenty of BOTs and PPPs. The firm also advises clients on the development of these projects.  

In capital markets area the firm advises on a number of debt programmes and issues by large Israeli corporations on ether the banks or issuers’ side. Its experienced on the equity side too and has recently advised the issuers of several IPOs.  

The firm’s funds team is notably experienced in the formation of real estate, venture and private equity funds. It works for managers and sponsors.  

In M&A the firm is commonly seen on large cross border deals and often represents foreign buyers.  

The firm is active in the restructuring and insolvency area. It mostly works for creditors and debtors in cases involving locally based companies.  

Recent Deal Data highlights 

•Beer Breweries $359 million acquisition of Clover Industries  

•BlackRock TASE listing of 15 ETFs 

•Delek Automotive Systems / Harel $305 million acquisition of 70% of Veridis Group 

•Israel Electric Corporation $1 billion 4.25% bond issue 

•Nvidia $6.9 billion acquisition of Mellanox Technologies 

•PepsiCo $3.2 billion acquisition of SodaStream 

•Tel Aviv Stock Exchange TASE IPO 

•Teva Pharmaceuticals Industries $4.5 billion bond issue 

Client feedback 

“Great team lead by Mark Phillips. Business-oriented, high-level service that’s detail minded.” – Asset finance 

“Excellent.” - Banking 

“I got a very good and professional service especially from the partner Roy Nachimzon.” – Capital markets: Debt 

“Great subject matter expertise, good contacts with the regulator permitting fast solutions, good accessibility and quick turnaround, very reasonable fees.” – Financial services regulatory  

“HFN's main strength as opposed to other large law firms we work with around the world, was the fact that we had one single attorney managing and coordinating all legal services, namely Zac Rechtschaffen. Zac's deep understanding of financial matters was extremely helpful in navigating our projects in the Israeli market.” – M&A 

“I have a long history with this firm from when I was the CEO of a traded company in the past. It's a very professional firm, especially in M&A and capital markets, very responsive to their clients and they charge reasonable prices. The value for money is high. I have nothing to recommend for improvement.” – M&A 

“They are the number one firm and some of their people are very responsive.” – Private equity 

“Excellent impression. The lawyers' strength is professionalism, short response time and service orientation.” – Project finance 

“Excellent, thorough, deal closing oriented.” – Project finance 

“The project finance team is very professional, familiar with relevant regulation and business oriented. They excel in providing solutions to complicated events.” – Project finance  

“Very professional and connected. Updated on relevant legal and commercial terms, but fees are high.” – Project finance 

“A very professional firm with an outstanding service. Mr Yaniv Dinovitch, particularly, is a very knowledgeable, experienced and devoted lawyer with great understanding of corporate law and insolvency situations.” – Real estate  

“Worked closely with Yaniv Dinovitch and found him to be excellent both as a litigator and an insolvency specialist. Very keen mind, responsive to client needs and personable - the complete package. He brought others in from his firm as appropriate and the advice given was always very sensible.” – Restructuring and insolvency 

“The firm in general and the insolvency practice (domestic and international) in particular, is truly excellent and at the highest professional level, having the undoubted capability to deal with the most complex domestic and cross-border insolvency issues.” – Restructuring and insolvency 

“The team is excellent and professional. It can be described as first class in every respect. It consistently meets tight deadlines and I have full confidence in knowing that however difficult the challenges and the complexities of the work, this will be dealt with. The team was exceptional in its ability to master the complexities of this case and to provide succinct summaries, advice and strategies. The team’s advice was both practical in nature and undoubted in its legal abilities and soundness of its recommendations. I am very satisfied with their services.” – Restructuring and insolvency  

Eran Wagner 

“Very professional and pleasant to work with.” 

Liat Maidler 

“Hard working, focused and watches out for client's best interests. Has very good subject matter knowledge and is accessible.” 

Mark Phillips 

“Mark is highly skilled, provides excellent solutions to complex situations. Very trusted and great in personal skills. It’s a real pleasure working with him.” 

“Excellent lawyer and person. Very practical and knowledgeable.” 

Roy Nachimzon 

“Very professional and loyal to the customer.” 

Yaniv Dinovitch 

“Absolutely top rate. Very responsive, intelligent, sensible, reliable and personable - the complete package.” 

“Extremely responsive. Very impressive legal skills and highly professional in insolvency with a very sharp instinct. Undoubted legal expertise and knowledge, and has the ability to deal with the most complex domestic and cross-border insolvency issues.” 

“An excellent lawyer and litigator with expertise in corporate law. Very devoted, professional and knowledgeable.” 

Zecharia Rechtschaffen 

“FN's main strength as opposed to other large law firms we work with around the world, was the fact that we had one single attorney managing and coordinating all legal services, namely Zac Rechtschaffen. Zac's deep understanding of financial matters was extremely helpful in navigating our projects in the Israeli market.”  

H-F & Co

H-F & Co law firm is active in capital markets and M&A transactional in the high-tech sector. 

During the research period the firm mainly advised cyber start-ups in financing rounds. Some highlights include advising public transport mobile app, Moovit App Global, on series D financing; capital raising, joint venture agreement and investment agreements for Kaiima Bio-Agritech, an agro-tech start up; a Series A investment rounds for XM Cyber; and a series of investment and share sales transactions for Vast Data, a storage start-up. 

Recent deal data highlights 

•Mimecast $88 million acquisition of Solebit Labs  

•Moovit App Global $50 million Series D financing 

•TytoCare $35 million Series C financing round 

Client feedback 

“H-F & Co is by far the best high-tech legal team I have ever worked with in Israel and USA. Very high service level and responsiveness. Always a great resource to leverage on anything from funding and M&A to day-to-day commercials and employment issues.” – Investment funds 

Horn & Co

Horn & Co law firm is active across the corporate space, with strength in high-tech M&A transactions. 

During the research period the firm advised INX Limited on a SEC regulated registration statement for the public coin offering of blockchain assets. It also advised in a Nasdaq public offering of Vascular Biogenics. 

In M&A the firm advised Anima Biotech in a research and collaboration agreement with Eli Lily, and advised a buyer in an acquisition. It also advised on technology-based asset purchase agreements.  

Recent deal data highlights 

•Kitov Pharma $13.5 million acquisition of Famewave  

•Pontifax VC $75 million investment in Prevail Therapeutics  

Client feedback 

“Excellent firm law with expertise in biotech and pharmaceutical.” – Financial services regulatory 

Katzenell Dimant

Katzenell Dimant is a boutique law firm active in M&A and investment funds work. 

During the research period in investment funds the firm advised funds in cryptocurrency, agro-tech, medical device and biomed and high-tech sectors on their establishment, structuring and investments. 

In M&A the firm advised both the buyers and sellers in acquisitions and acted in mergers in the learning technology and gaming sectors. Transactional highlights for the firm include representing sellers Steadymed in its sale to United Therapeutics, and Cyber Secdo in its sale to Palo Alto Networks. 

Recent deal data highlights 

•United Therapeutics $216 million acquisition of Steadymed 

•Palo Alto Networks $84 million acquisition of Cyber Secdo 

Client feedback 

“They are very professional and responsive to our needs.” – Investment funds  

“We have used the firm since inception and up until recently when the company was acquired in Q1. The firm handled all corporate legal matters including funding, due diligence, five subsidiaries, employment and commercial. We love the personal service, attention to details and the deep understanding that Einat Katzenell and the team has of our business. We always felt that Einat was truly committed to our success and is focused on what is important for the business.” – Private equity. 

“Strengths: professional, very business oriented, quick to respond.” – Private equity 

“Excellent advice and excellent services.” – Restructuring and insolvency 

Krispin Rubinstein Blecher

Krispin Rubinstein Blecher & Co is recognised for its project work. 

During the research period in project development the firm mainly advised on conventional and renewable energy projects, including advising Emek Habacha Wind Energy on the construction of 30 wind turbines in eight jurisdictions. The firm advised on multiple joint ventures related to project work and EPC contracts.

Lipa Meir & Co

Lipa Meir & Co law firm has a leading restructuring and insolvency practice and good projects offering. 

In banking and finance the firm advised lenders and borrowers in credit facility work, and project and real estate financing. 

In capital markets work the firm represented companies in raising capital transactions, by private placement and public offerings, and in listing shares on Nasdaq. Key clients the firm represented in capital raising include transport start-ups Rail Vision and Foresight, the cyber security solutions provider Safe-T Group, and IPC Oil and Gas Holdings. 

In M&A the firm advised multiple funds in investments and share acquisitions.  

In project development and finance the firm has advised on infrastructure, real estate, water desalination, renewable energy, power, sports infrastructure and agriculture projects, from tender bids to financing, construction and operation. The firm advised key client the Ministry of Defence in the PPP tender processes for its IDF technology campus and Ofek Rahav multi-unit camp projects. 

In restructuring and insolvency, the firm advised distressed companies, creditors and as trustees in insolvency and liquidation proceedings. The firm advised in the insolvency of the Eurocom Group, The Mega Group and Alon Israel Oil Company.  

Client feedback 

“Very good. Creative, professional and prompt reaction.” – M&A 

“The lawyers' conduct was extremely professional and empathic. All along the way there was a trust that the lawyers would be able to save the college from economic collapse.” – Restructuring and insolvency 

M Firon & Co

M Firon & Co is active across the corporate and financial space, with particular strengths in project financing, debt capital markets,  

During the research period, in banking and finance, the firm’s main transactional work was in real estate project financing, advising lenders and borrowers. The firm worked closely with Ashdar and Kachcan.  

In capital markets work the firm represented the issuers of both private and public issuances of debentures and shares. It also advised in share exchange investment agreements. A firm highlight was advising the TASE listed Industrial Buildings Corporation in its statutory merger with controller shareholder Jerusalem Economy. 

In investment fund work the firm advised on formation, particularly for technology growth, and real estate and urban renewal financing.  

In M&A the firm represented buyers and sellers in acquisition work. A firm highlight was representing Elbit Systems in all stages of the privatisation of Israel Military Industries.  

In project development the firm mainly advised in tenders for BOT projects, like for new army logistic centres, real estate and commercial buildings over railway complexes, and the construction of tunnels and underground stations in a light rail project in Tel Aviv. It also advised on the construction of the new Haifa port.  

In restructuring and insolvency work the firm advised shareholders in restructuring, multiple creditors and debtors in bankruptcy and insolvency proceedings and as trustee in stay of proceedings.  

Itzchak Blau and Tammy Wagner-Segev joined the firm as partners in capital markets from Zehavi Blau & Co.  

Recent deal data highlights 

•Elbit Systems NIS1.9 billion acquisition of Israel Military Industries 

•Industrial Buildings Corporation / Jerusalem Economy merger 

•Haifa Port  

•Kachcan NIS110 million financing  

Client feedback 

“I am pleased with their services. I think the human resources make the difference. The team is truly professional and has unique specialty in the field of practice. We use Firon as our focal law office.” – Asset finance 

“I refer to the relevant department. Although the firm is huge and considered one of the biggest "one-stop-shop" firms in Israel, we feel "at home" with the firm’s capital markets investment and institutional entities department and are provided with personalized service. They are professional and escort you from ‘A to Z’ in day-to-day issues and in transactions. It's a hands-on department, leading the way and helping us go through. We are greatly satisfied with the services. We are counselled in all-around services in the fields of our ordinary business, mutual funds and portfolio management. It includes ongoing legal advice on day-to-day legal issues and special transactions such as an innovative transaction in the mutual funds field in which a project of smart beta indices tracking mutual funds to be the first joint venture in Israel in which an index coordinator and index operator is a third party other than the TASE. This is the first ever transaction in the mutual funds field in Israel in which a mutual fund tracks a smart beta index.” – Capital markets: Debt 

“Very professional, high services” – Capital markets: Structured finance and securitisation 

“Excellent service. Timely and accurate. Good attention to detail and ability to protect our interests.” – Investment funds 

“First tier. Best in investments and funds in Israel. Innovative, experienced and client oriented.” – Investment funds 

“I think, in our field of business, the fact that the firm has an exclusive and specific department that is specialized in the field of investments and mutual funds is a real added value and it is led today by the best lawyer in the field in my opinion: Oded Ofek. We feel that we have upgraded our legal services, and that we found a "home" that contrary to its size gives us a warm and safe feeling with a hands-on approach. Given the matter, the "one-stop-shop" aspect of the office gives us certainty that Firon shall have the abilities to facilitate any other legal services pertaining to services.” – Investment funds 

“We have all-around service in the fields of our ordinary business, mutual funds and portfolio management. It includes ongoing legal advice and transactions of acquisition of companies, mutual fund managers and portfolio management companies during recent years. We e are provided with personalized service and I think their service is brilliant and top notch. I feel safe with their legal advice and I know I’m in good hands which is of great importance.” – Investment funds 

“Excellent and knowledgeable staff.” – Investment funds 

“Professional, knowledgeable and great service.” – M&A 

“Very professional; always available; good team; good connections globally.” – M&A  

“Good firm. High quality. Practical.” – M&A 

“Very responsive, very knowledgeable.” – M&A 

“Professional and responsive.” – M&A 

“First rate. Responsive, super capable, extremely creative.” – M&A 

“Very professional. Understand the industry and thus also the commercial aspects of the contract.” – M&A 

“Highest standard, international acumen, invaluable experience.” – M&A 

“Best in the country. Responsive, pragmatic, brilliant and creative.” – M&A 

“One of the largest law firms in Israel. Extremely professional in all law areas they practice. The legal service combines both legal and commercial understanding.” – M&A 

“We have been using the firm for decades. It is the only firm we truly trust, in Israel and globally as well. The firm's professional standards are as high as they come, and we are extremely satisfied with their service.” – M&A 

“Best in Israel.” – M&A 

“As a fellow lawyer I cannot stress enough how impressed I am with the level of service provided by Firon.” – M&A 

“The firm is devoted. The thing I find most unique is their strong attachment to my company, the professional and personal way they operate and their ability to deliver in a very short span of time.” – M&A 

“This is a strong team which boasts original thinking, industry and market knowledge, hard work and uncommon responsiveness. They are client oriented and will do everything to meet our deadlines, demands and expectations. They have a wide understanding of our needs on a different level and see the ‘whole picture’ together with us.” – Project development  

“During our period of working together I have learned to appreciate Firon's hard and professional work regarding all aspects of the matter at hand. Firon's team is well experienced and very familiar with the legal considerations regarding all legal aspects of the project as a whole and each local project separately, thus rendering impressive and prompt legal service.” – Project development 

“Very communicative and knowledgeable. Deal makers.” – Project development  

“The lawyers in the firm I have worked with (Timor Pesso and Tami Firon) are highly dedicated, very professional and provide legal solutions to problems arising during project implementation, which are acceptable to both parties. They helped us a lot with the negotiations with the subcontractor and the client and governmental authorities. The team of the firm are very experienced in this kind of project.” – Project development 

“Professionals. Good service.” – Project development 

“Our company chose to work with Firon mainly because of its vast experience in many relevant fields and the ability to integrate it into a comprehensive and inclusive set of services which are tailored to our various projects and needs. The team brings special qualities to the table such as negotiations expertise, original thinking and great knowledge. We use the firm's different departments including the projects and infrastructure department, the real estate department, the litigation department and the capital markets department - all act in perfect coordination to our great satisfaction.” – Project finance 

“Clearly one of the leading teams in its field. Robust, agile and creative.” – Real estate 

“I have been working with Firon for many years. This is a great firm; the team is always accessible and provides excellent service that’s both professional and efficient. They have a great ability to see the big picture, understand our commercial needs and tailor an effective solution which suits our demands.” – Real estate 

“Excellent lawyers; extremely professional and smart, very dedicated.” – Restructuring and insolvency 

Meitar Liquornik Geva Leshem Tal

One of the largest firms in the country, Meitar Liquornik Geva Leshem Tal has strength, depth and experience across all areas covered by the ranking tables. 

In the banking area the firm advises all Israel’s large banks on compliance and supervisory law matters. In terms of lending work, the firm can often be seen on either the borrower or lender side of large corporate finance deals.  

In the capital markets area the firm is experienced and active on the debt and equity side. On the debt side it frequently represents banks as issuers, including on regulatory capital issues. On the equity side it has recently worked for Israeli companies that have undertaken IPOs abroad and in addition to some headline local deals.  

The firm has an active, highly regarded funds team experienced in advising managers and sponsors on forming real estate, private equity and VC funds.   

In M&A the firm maintains a track record of working on a good share of Israel’s largest deals and is generally at the top of annual deal value and volume charts. In 2018, for example, the firm reports it advised on 35 M&A transactions, and three of the deals were collectively worth $10 billion. The high-tech sector is an industry where the firm boasts considerable expertise. 

The firm’s project team’s is one Israel’s strongest in both finance and construction contract and permitting advice. The team has worked for the state or the private sector on large infrastructure PPPs and had roles on host of large power projects. On the finance side the firm has experience advising syndicates of local and international banks funding infrastructure builds.  

Recent Deal Data highlights 

•Adler Real Estate / JP Morgan NIS2.75 billion acquisition of ADO 

•Bank Hapoalim $1 billion Tier 2 bond issue programme 

•Citigroup $515 million acquisition of State of Israel's stake in Bank Leumi 

•Discount Bank $187 million acquisition of Dexia Israel 

•Energean Oil & Gas LSE / TASE IPO 

•Perforce Software $180 million acquisition of Perfecto Mobile 

•PepsiCo $3.2 billion acquisition of SodaStream 

•Salesforce acquisition of Datorama 

Client feedback  

“The partners working with us are highly professional, very experienced and bring us significant added value. The service level is high, the availability is very good and we are very happy with our collaboration.” – Capital markets: Debt 

“I have been a client of Meitar for nearly 20 years. I find the team to be highly professional, responsive and a true advisor. I cannot recall any major transaction in the last 20 years where they did not serve as my legal advisors. I particularly value the counsel of Dan Shamgar and David Glatt, who have been my lawyers for so many years.” – Capital markets: Equity 

“The firm has a wide range of experts that cover all major legal aspects of the client’s activities. The firm employs and is managed by highly professional experts.” – Capital markets: Equity 

“Excellent. Certainly the best in the country in this field.” – Financial and corporate 

“Very professional and knowledgeable with high quality of service.” – Investment funds 

“Very professional, knowledgeable and responsive.” – Investment funds 

“Amazing team. Each one of the team members is very professional, fun to work with and committed to our success.” – M&A 

“Highly professional, knowledgeable, experienced and responsive. Support all aspects of the transaction including corporate, securities, competition, regulatory approval and tax.” – M&A 

“Great law firm. Broad bench of experienced lawyers for any legal matter, deep understanding of the industry, and practical and effective trusted advisers.” – M&A 

“Excellent firm with experienced experts in all relevant fields.” – M&A 

“Excellent service, unbelievable level of responsiveness, high quality, in-depth, commercial overview. Highly recommended.” – Project development  

“Pro-business, professional with quick responses.” – Project finance 

“The Meitar team are one of the best teams in Israel, having familiarity with the most recent trends in Israel and abroad. Also, given the size of Meitar, the projects' team is able to rely on the expertise of the other departments at the firm, such as banking and finance, real estate, bankruptcy, anti-trust, etc.” – Project finance 

Alon Sahar 

“Alon provides the highest standard of legal services. He's a pleasure to work with, takes a real interest in our business and spends the necessary time in order to educate himself if necessary.” 

Assaf Naveh 

“He is amazing. Fun to work with, very professional and understands business requirements. He is also highly appreciated by our investors and shareholders.” 

Dan Shamgar; Shachar Hadar 

“Both are highly professional and knowledgeable in their fields of expertise.” 

David Glatt 

“David has been my lawyer for nearly 20 years - across several companies. I seek his counsel and advice on many business decisions. He is highly responsive and creative in problem solving. He leverages his network of colleagues to enhance client service as well.” 

Itay Frishman 

“Super smart and knowledgeable. Very loyal to his clients.” 

“Very smart and knowledgeable. Very committed with high level of service level.” 

Jonathan Finklestone 

“Excellent lawyer, thinks out of the box and gets really involved in the project.” 

“Jonathan is a wonderful lawyer. He has in depth knowledge of the sector, he is responsive and is always available to discuss and resolve issues. Jonathan is a problem solver.” 

Renelle Joffe 

“Renelle is unique in her ability to put at our disposal the entire Meitar A team on any given practice, to suit our immediate needs. This is extremely valuable. Renelle herself is an outstanding lawyer for commercial negotiations, with a deep understanding of the local market and stakeholders. Renelle is very accessible, would never miss a deadline or any sort of request coming from the client.” 

“Simply the best.” 

Sivan Atiram 

“Professional, creative, good negotiator and pro-business approach.” 

Yael Weiss 

“Legal expert, very responsive and pleasant to work with.”  

Yoav Nahir 

“Yoav is, in one word, a fixer. He solves every issue with out-of-the-box solutions and with a high level of analysis and risk management skills.” 

Naschitz Brandes Amir

Naschitz Brandes Amir is best recognised for its work for investors, be that seed investments in start-ups, forming VC or PE funds, or exits or IPOs. Work for private equity clients in particular is a strength.  

In the capital markets space the firm often works for Israeli clients that trade on US exchanges, especially on the equity side. It also regularly assists investors in debt issues when raising capital.   

The firm’s funds practice is experienced in advising local clients on the formation of venture capital and private equity funds. FIMI is a key clients and the firm helped it launch its sixth fund recently. 

In addition to securing a large of amount of investment work for funds the firm also works on large strategic M&A deals and has recently secured roles on several headline defence industry transactions.   

Recent Deal Data highlights 

•Aeronautics TASE IPO 

•International Flavors & Fragrances $7.1 billion acquisition of Frutarom 

•Elbit Systems $530 million acquisition of Israel Military Industries 

•Grubhub $150 million acquisition of Tapingo 

•Mellanox Technologies $811 million acquisition of EZchip Semiconductor 

•NSO management / Novalpina Capital acquisition of 70% stake in NSO 

•Taptica International / RhythymOne merger 

Client feedback 

“Naschitz did a professional job and looked after their client and the deal generally very well.” – Capital markets: Equity 

“Highly commercial, technically excellent and extremely responsive.” – Capital markets: Equity 

“Very responsive, professional proactive team.” – Investment funds 

Roi Turgheman 

“Very responsive, business minded with a can do approach. Very professional, knowledgeable and confident.”  

Tuvia Geffen 

“Highly competent and responsive. Strong understanding of international capital markets practice.” 

“An outstanding lawyer - always a pleasure working with him.” 

Pearl Cohen Zedek Latzer Baratz

Pearl Cohen Zedek Latzer Baratz is active is capital markets, investment fund and M&A. 

During the research period the firm advised on a number of bond issuers working for a mix of issuers and underwriters. 

It was active on the buy and sell side of M&A deals, including a number involving financial sponsors. 

In the funds space I worked for companies, founders, fund managers and investors in fund formation, investments and initial closings, for private equity, private impact and venture capital funds across real estate, food technologies, high-tech, and media sectors. 

Client feedback 

“Strengths: very professional, diligent, attentive service, supportive in negotiation with investors.” – Investment funds 

“Pearl Cohen was incredibly responsive and helpful. They gave clear, helpful comments without any delay. They were the perfect local counsel for this deal in every way. They had the relevant expertise, were comprehensive and diligent, and as quick in turning around work as any firm we have worked with. It was a true pleasure working with them on this deal.” – M&A 

“Very professional. Able to provide an in-depth legal assessment as well as come up with creative solutions.” – M&A 

“Dedicated, extremely knowledgeable.” – M&A 

“We're pleased and satisfied with the assistance and services we are given.” – Project finance 

Raveh Haber & Co

Raveh Haber & Co is a boutique firm focused on fund formation, and is among the market leaders locally for work in this area. 

During the research period the firm advised on fund formation, closing, fund purchases and investments in private equity. The funds it advised of forming were mainly focused on investments in high-tech, real estate and infrastructure industry sectors.  

Recent deal data highlights 

•Noy 3 

•Electra Multifamily Investments Fund 2 

•Israel Growth Partners II 

•Yesodot Fund 2 

Rotenberg & Co

Ron Gazit Rotenberg & Co has been active in M&A and corporate transactional work during the research period.  

The firm’s notable highlights include advising a European stock exchange on its bid for control of the Tel Aviv Stock Exchange on the buy side of the acquisition of Clover Industries, a dairy company. 

Recent deal data highlights  

•Central Bottling Co $350 million acquisition of Clover Industries 

•Keshet NIS120 million acquisition of Reshet  

•Sony Corporation $212 million acquisition of Altair Semiconductor  

Client feedback 

“First and foremost, high professional level and expertise in the subject matter. Also, under the unique and stressful circumstances of the deal, they were always available to meet our needs, and have provided precise and responsive work on a short time schedule. Shirin Herzog, who led both projects is not only supervising the work delegated to junior persons but is directly and fully involved in all aspects and details of the project. This type of "boutique" personal service is not customarily available at larger firms. We were fully satisfied with the service we received and don't have any suggestions for an improvement.” – Capital markets: Equity 

“I was very pleased with the quality of the services, timing and price. Good value for money.” – Capital markets: Structured finance and securitisation 

“I have worked with Shirin Herzog for over ten years on corporate and corporate governance work in Israel. Shirin's extensive knowledge of the corporate laws in Israel coupled with her understanding of our business needs is invaluable. She is pragmatic and thoughtful in providing legal advice.” – Financial and corporate  

“They efficiently resolve matters and make introductions that are helpful to our efforts in Israel.” – Financial and corporate 

“The work was excellent. Extremely responsive and high-level analysis.” – Financial and corporate 

“Highly professional, excellent service and commitment to the job.” – Financial and corporate 

“Very impressive full-service M&A firm with excellent capabilities across commercial, regulatory, competition, litigation/insolvency and corporate governance. The lead partner (Shirin Herzog) was an exceptional advisor throughout this process.” – M&A 

“Ron Gazit Rotenberg & Co is a long-established firm based in Israel, who provide a broad range of legal services in Israel. They're dedicated to their clients and go out of their way to provide a personal and professional service. They're responsive, highly knowledgeable and professional. They're determined to achieve the client's objectives and form a tight knit team, putting the client's needs first." – M&A 

“Over the years, I have received professional advice on M&A. The lawyer I work with is Shirin Herzog, who is very professional and has extensive knowledge in the field of M&A.” – M&A 

S Friedman & Co

S Friedman & Co is active in M&A and corporate transactional work. 

During the research period the firm advised on the buy and sell side of acquisitions and advised on mergers within the technology and utility sectors. In other work the firm represented companies in financing rounds from new and existing investors.  

Efrat Shuster, formerly from Tulchinsky Stern Marciano Cohen Levitski & Co, and Amit Zarur, formerly from Shinitzer Gotlieb Samet & Co, both joined the firm as senior associates in M&A and securities. Senior associate Silvana Rendel-Beeri joined Rafael Advanced Defence Systems. 

Client feedback 

“Our company works with the corporate department at the firm. This department has always demonstrated an excellent understanding of our business and the challenges we face. I feel that the firm's lawyers are very experienced in the field, and that the advice we receive is always solution-oriented.” – M&A 

S Horowitz & Co

S Horowitz & Co is among the markets leaders in Israel for banking advice and is active in all areas of work covered by the ranking tables.  

In the lending space the firm is more often seen on the side of the banks. It has experience on large cross border syndicated loans, including acquisition and export financings.  

The capital markets team has experience on the issuer side of both large bonds issues and IPOs.  

The firm is experienced in advising on large cross border M&A deals – both public and private – in sectors including technology.  

In the projects area the firm is experienced on the finance side (working for lenders), and on the development side (working for sponsors or developers). It has advised on notable national road, rail and energy projects.  

The firm is active in the restructuring and insolvency area, mainly working for creditors.  

Recent Deal Data highlights 

•Ashdod hospital/mi northern extension 

•Jerusalem Light Railway BOT 

•Oil Refineries $350 million refinancing 

•Netafim irrigation system $200 million export credit financing 

•Ramat Negev Energy and Ashdod Energy $303 million refinancing 

•Taptica International / RhythmOne merger 

•Tel-Aviv Light Railway – Red Line

 Client feedback 

“Excellent firm, diligent lawyers with high level of expertise. Excellent client service attitude and a very high level of professionalism.” – Banking  

“Very good service. Very responsive, profound, professional and with strategic thinking.” – Capital markets: Equity 

“Excellent, professional and very pleasant to work with.” – Capital markets: Equity 

“The companies were set up in a timely manner and advice was provided in relation to compliance with the new Cayman AML regime. Questions were answered promptly, meetings set up on request and minutes provided. I was provided with all that I asked for.” – Investment funds  

“High professionalism and courtesy. Attention to details without forgetting the essence.” – M&A 

“Reliable, knowledgeable and a very safe pair of hands!” – M&A 

“Excellent quality of work, responsiveness and business-oriented mind-set. Keith Shaw (the partner working on our business) is a strong advocate for his clients.” – M&A 

Sharir Shiv & Co

During the research period in capital markets work Sharir Shiv & Co represented issuers in preferred share issuances. 

In M&A the firm advised on the sell side of acquisitions in technology and offered legal advice on joint ventures.  

Client feedback 

“They are business oriented, understand the needs of firm and how to get there from the legal perspective and they are very responsive and available whenever needed.” - Financial services regulatory 

“Sharir Shiv is a superb boutique law firm. They're focused, responsive, meticulous, efficient, and work with impeccable integrity.” - Private equity 

Shibolet & Co

Shibolet & Co has strengths in project development, capital markets and M&A. 

In recent banking and finance work the firm has advised lenders and arrangers on acquisition financing, including advising Goldman Sachs and Morgan Stanley in the financing for Qlik Technologies’ acquisition of Attunity.  

In project finance the firm acted for arrangers, facility agents, lenders, investors and security agents in energy projects. 

In capital markets, some firm highlights include representing Space-Communication, a satellite fleet operator, in a rights offering; Compugen, a clinical-stage drugs company, on a registered direct offering; Endor Software, a tech and cryptocurrency company, on an ICO, and Gilad Deposits in its IPO. 

In M&A the firm has represented buyers and sellers in acquisitions across e-commerce, fashion, technology, renewable energy, real estate, alternative medicine, gaming and automotive industry sectors.  

In project development the firm advised in conventional and renewable power plant, agriculture and railway transport projects. Some key clients were Telemenia, Effisolar Enterprises and Israel Railways.  

In restructuring and insolvency, the firm mainly worked for clients in liquidator roles in proceedings. 

Client feedback 

“The firm is one of the top law offices in Tel Aviv. Their litigation and contracts department is professionally outstanding. To top that, their service is personal & caring.” – Banking 

“Extremely knowledgeable, highly motivated and quick to respond.” – Capital markets: Structured finance and securitisation 

“We know Shibolet's team is one of the leading teams in Israel, due to both its understanding of the law and its understanding of client's business needs. It has a combination of outstanding capabilities in all three practice areas relevant to our business - hi-tech, regulatory fintech work and litigation. In our opinion this is rare in the Israeli legal market and drove us to prefer the firm over any other firm. In addition, all partners we have been working with have remarkable interpersonal skills and the level of their familiarity with our business is unparalleled.” - Financial services regulatory 

“Strong work ethics, deep domain understanding, client-first attitude and problem-solving intent.” – M&A 

“They were excellent in all fields of the deal: legal, tax, commercial and planning our steps in the LOI (letter of intent), contracts, due diligence, and their negotiation skills were outstanding. I believe that they were very important in the success of the closing.” – M&A 

“Highly responsive, practical, and also know US law.” - Private equity 

Tadmor & Co Yuval Levy & Co

Tadmor & Co Yuval Levy & Co is home to one of Israel’s leading projects teams and has been prominent on some large M&A deals over the last few years.  

The firm’s projects team has venerable position in the market as one of the state’s preferred outside counsel on large, prominent infrastructure PPP projects. The firm is vastly experienced in financing and development advice on large transport energy and utilities projects. 

In M&A the firm has recent experience on large cross border M&A deals in the banking and financial services sectors and on deals involving private equity.    

Recent Deal Data highlights 

•Alpha Water Fund acquisition of 30% stake in IDE 

•Bay Port Terminal 

•Cellcom Israel / Israel Infrastructure Fund acquisition of 70% in Israel Broadband Company 

•DBAG takeover of G&G Biotechnology  

•Jerusalem Light Railway PPP 

•Leumi Card NIS1.13 billion 2.19% bond issue 

•Red Sea – Dead Sea desalination PFI 

•Warburg Pincus acquisition of Leumi Card

Client feedback 

“The team is highly professional, we got answers to all our questions. The team works very efficiently and provides added value to the company business.”- Financial services regulatory 

“Strengths: professionalism, understanding needs, applicable advice, identifying opportunities and hedging risks, fast and accurate.” - Financial services regulatory 

“The company has extensive knowledge of banking in Israel and in the financial sector. The lawyers who provide us with services are very professional, available to us at any time and subject and very caring and cooperative.” - Financial services regulatory 

“Very responsive, providing professional advice and work-products.” – M&A 

“Superb.” – M&A 

Tulchinsky Stern Marciano Cohen Levitski & Co

Tulchinsky Stern Marciano Cohen Levitski & Co is recognised for its work in M&A.  

During the research period the firm advised on both the buy and sell side of acquisitions in pharmaceutical, medical device and technology sectors. One of the firm’s highlights include advising Orbotech, a high-tech capital equipment producer, in a reverse triangular merger with KLA-Tencor.  

Recent deal data highlights 

•KLA-Tencor / Orbotech merger  

Client feedback 

“Strong understanding of Israeli law and practice.” – M&A 

Vinograd & Co

Vinograd & Co is recognised mainly for its fund formation work, particularly hedge funds, but is also active in the debt capital markets area. 

During the research period, the firm advised the issuers and investors of large bond issuances.  

It also advised on fund structuring, and on a high volume of investments in different types of funds, including for the Harbourvest Partners Co-Investment Fund V, and KKR European Fund V. It represented investment houses, institutional entities, banking corporations, endowments and family offices. The firm worked frequently for hedge funds; advising on their establishment, securities and financing. 

Recent deal data highlights 

•Israel Ports Development & Assets Company NIS2.7 billion bond issue  

•Extal NIS1.05 billion bond issue 

•Israel Discount Bank NIS1.5 billion bond issue 

Client feedback  

“Very diligent and efficient. No weaknesses.” – Capital markets: Equity 

“Excellent - very responsive and knowledgeable with significant practical experience and very updated on matters relating to the financial services industry, laws and regulations. They charge a reasonable fee for their services. Team is relatively small, but even so from my point of view they are providing an excellent and timely service.” - Financial services regulatory 

“Expertise and professionalism.” - Investment funds 

“Great work and very professional.” - Investment funds 

“Vinograd & Co provide an excellent service; innovative, commercial and flexible approach. A pleasure to deal with.” - Investment funds 

“Very professional work, the firm’s lawyers are accessible and patient while efficient. Very good value for money.” - Investment funds 

“Top level of professionalism and top service level.” - Investment funds 

“Excellent quality with in-depth understanding of local and overseas regulation. Proposed efficient structures and commercially-driven solutions, maximizing efforts.” - Investment funds 

“Ronen Vinograd has an exceptionally vast knowledge about the legal aspects of alternative investment funds and limited partnerships acting as a mutual investment vehicle, both foreign and domestic. In this field, Vinograd and Co is considered a tier one law firm, in the eyes of Israeli Investment House and institutional investors. In addition, Vinograd and Co occasionally advise us on different aspects of provident fund and pension regulation.” - Investment funds 

“Great law company, very professional.” – Investment funds 

“Very professional, knowledgeable while business oriented.” – Private equity 

Weksler Bregman & Co

Weksler Bregman & Co is a full-service law firm active in M&A, capital markets and banking.  

During the research period in banking and finance the firm was active in project financing and worked closely with borrowers, including Africa Israel Properties and Africa Israel Residences, and lenders, including Massad Bank and Mizrahi-Tefahot Bank, in the financing of real estate BOT projects.  

In capital markets the firm advised on shelf prospectuses and bond issuances. It was also counsel to the Tel Aviv Stock Exchange, advising on securities law amendments and the IPO prospectus process.  

In M&A the firm advised mainly on the sell side of acquisitions in the hotel, fashion retail and energy sector. It also represented Negev Ceramics in asset sales, debt rearrangement and insolvency proceedings.  

In restructuring and insolvency, the firm advised creditors, bondholders and distressed companies on debt arrangements, liquidation, receivership and insolvency proceedings and creditor’s agreements. A firm highlight was advising Africa Israel Investments on debt rearrangement and property shares sale, and working for the creditor in the bankruptcy of Gaya Building and Development. 

Recent deal data highlights  

•Africa Israel Investments NIS5 billion debt restructuring  

•African Israel Properties NIS500 billion bond issue 

•African Israel Properties NIS352 million bond issue 

•Gmul Investment NIS250 million debt restructuring 

•Negev Group NIS700 million debt restructuring 

Client feedback 

“Excellent law firm. Professional, profound and very diligent. Have a very high level of service orientation.” – Banking  

“Highly professional and skilled, service-oriented and in-depth work.” - Capital markets: Equity 

Ora Dvir 

“Excellent!” 

Yigal Arnon & Co

Yigal Arnon & Co is a large Israeli firm involved in transactional work covered by the ranking tables but strongest in M&A and project finance. The firm has expertise in the high-tech industry and in finance work in the oil and gas sector.

In the banking and finance area the firm’s most significant work tends to be for lenders on project financings. Recently this has been most evident in the oil and gas sector where the firm secured some significant cross border work for international banks, but the firm has secured a few large acquisition finance deals on the lender side too. In the more standard lending space the firm does work for Israeli banks and corporates as borrowers and lenders. 

The firm’s capital markets team has been active on the debt side recently, generally securing a mix of buy and issuer side work on bond sales by Israeli companies on deals where the debt is listed in Tel Aviv and internationally.   

M&A is the area where the firm most frequently secures roles on large cross border deals; this is especially true of transactions in the technology sector.   

The firm has prominent restructuring and insolvency team that is appointed trustee or receiver in large insolvencies of Israeli businesses and does work for local and international creditors and large local debtors.  

Recent Deal Data highlights 

•Intel $15.3 billion acquisition of Mobileye 

•Leviathan project 

•Mexichem $1.5 billion acquisition of Netafim 

•Natural Gas Lines $330 million bond issue 

•Nvidia $6.9 billion acquisition of Mellanox Technologies 

•Orbotech $115 million takeover of Frontline 

•Stryker $220 million acquisition of OrthoSpace  

•United Therapeutics $141 million acquisition of SteadyMed 

Client feedback 

“Excellent legal and deal structure support.” – M&A 

Adrian Daniels 

“Good communication and rare to find issues with his work.” 

“Very good overall.” 

Daniel Marcovici  

“We have worked with Daniel Marcovici in this field and we recognize his deep knowledge of the subject and generally the laws of Israel.”  

David Osborne, Ezra Gross 

“For both (David & Ezra): very good atmosphere and expertise, helpful, good discussions.” 

Eliran Furman 

“Excellent lawyer. Very professional and efficient.” 

Nimrod Vromen 

“Highly professional. Business oriented, customer focused, one of the top in the country when it comes to Hi-Tech deals.” 

Orly Tsioni 

“Ms Tsioni and team have provided us through the years with first class legal services, have been extremely responsive, professional and thorough, covering all our legal requirements starting from small to very large and complex issues. We can’t think of weaknesses.” 

“Very responsive, thorough and professional.” 

Simon Weintraub 

“Simon headed the Yigal Arnon team for BioLine's debt financing in October 2018. He was knowledgeable about the field and the specific lender, always available (even when offices were nominally closed) and good at negotiation.” 

“Excellent.” 

“Excellent lawyer with many years of experience. Reliable in terms of final outcome.” 

Zysman Aharoni Gayer & Co

Zysman Aharoni Gayer & Co is particularly within M&A and capital markets.  

During the research period in capital markets the firm advised underwriters, issuers, Israeli counsel, placement agents and bookrunners in IPOs, private placement and common stock and warrants offerings. 

In M&A the firm mainly advised on the sell side of acquisitions, advising key clients Mazor Robotics and Pointer Telocation. It also advised on mergers, with a notable transaction in the medical cannabis industry.  

Two partners Abe Halevy and Ifat Nir Katz left the firm.  

Recent deal data highlights 

•Anchiano Therapeutics Nasdaq IPO 

•Bioblast Pharma / Enlivex Therapeutics merger 

•IDSystems $140 million acquisition of Pointer Telocation Systems 

•MedReleaf Corporation / Aurora Cannabis merger 

•Medronic $1.6 billion acquisition of Mazor Robotics  

•Safe-T Nasdaq IPO 

Client feedback 

“Super, effective and efficient.” - Capital markets: Equity