Luxembourg

Reviews

Practice area

IFLR1000 Reviews

Overview

Solicitors governing body: Barreau de Luxembourg

Competition authority: Conseil de la Concurrence Grand Duché de Luxembourg

Financial regulator: Commission de Surveillance du Secteur FinancierCommissariat aux Assurances

IFLR1000 ranking categories for this jurisdiction:

Financial and corporate (published October) – Financial and corporate, Investment funds

Jurisdiction overview

A civil law society, Luxembourg is the world’s last remaining Grand Duchy and operates under a constitutional monarchy. It has one of the highest levels of GDP per capita in the world, second only to Qatar, and is regarded as a very highly developed nation by the UN.

A worldwide financial centre, Luxembourg is renowned as one the leading global hubs for holding companies and funds. Indeed, it is second only to the United States in terms of numbers of investment funds registered. It is also the most important private banking centre in the Eurozone and Europe's leading centre for reinsurance companies. In addition to the financial sector, the country also maintains a robust steel industry and has a strong reputation as a telecommunications hub.

The legal market is a mixed bag, with domestic and international firms both maintaining a strong presence. Large scale and complex matters are dealt with equally by the global and leading local practices, with some domestic firms considered to be among the very best for high-end work. The rest of the market is largely made up either of domestic or regional practices or international firms that maintain a small footprint in the jurisdiction but would cover most work there from an office in London or other European financial centre.

Individual practices tend to be relatively focused, given the refined nature of the market, with specialised corporate and M&A, banking, capital markets and fund lawyers commonplace. There are also some legal professionals who maintain an even more specific practice, looking at things like securitisation and Islamic finance in particular.

There are few strict rules around who can practice law, with EU citizenship being the only precursor to gaining a qualification. There are no restrictions on the activities of foreign law firms – other than registering with the Luxembourg Bar. There are also no restrictions for EU-registered lawyers to practice, except in relation to appearing in court where they must either be registered or act in concert with a registered lawyer. However, the provision of temporary services by a lawyer from a non-EU member state is forbidden in Luxembourg.

Jonathan Moore - Journalist - EMEA

Financial and corporate
AKD

The Luxembourg office of regional firm AKD opened in 2016 and works across the board on financial and corporate matters. The firm is strong in the M&A space, with private equity being a particular sector of specialism for the firm. 

While most of the firm’s recent work is confidential, it generally provides integrated international advice on matters including equity financing, restructuring and the set-up of investment funds. 

Notable staffing changes during the research period saw the departure of corporate partner Cécile Jager, who joined Bonn Steichen & Partners as a senior counsel. 

Client feedback

"Very useful critical and targeted thinking." – M&A

Allen & Overy

Allen & Overy’s Luxembourg team is recognised as one of the best firms across the board in the market.  

In the financial and corporate space its work is evenly split between banking and finance matters and M&A deals, where it regularly acts in sectors including financial services, insurance and retail.  

The firm often works for a mix of acquirers, sellers, lenders and borrowers on Luxembourg’s largest mandates within acquisition financing, cross-border mergers and bond issuances. It also has significant experience acting on various transactional queries for international private equity houses, infrastructure funds and sovereign wealth funds. 

Its funds practice covers a range of matters with UCITS and real estate funds often making up the bulk of the work. In this space the firm focuses on fund structuring and fund establishment issues, with further expertise on private equity, infrastructure, impact investing and debt funds-related questions. In recent times the firm has assisted the likes of the European Investment Bank on several national investments. 

Recent Deal Data highlights 

  • Advanzia Bank €30 million acquisition of card servicing operations of Catella Bank
  • CK Hutchison €2.45 billion acquisition of 50% stake in Wind Tre
  • GIC / PIF consortium €4.6 billion acquisition of 55% of AccorInvest

Client feedback

"Responsive, professional, pragmatic, and solution oriented." – Banking

"Strong legal advice, very good communication and accessibility, client centric, responsive, and ethical." – Banking

"They are responsive and good on technology matters." – Banking

"They provide high quality and go beyond than what is expected." – Banking

"Very structured and timely work. Practical solutions. Very reliable." – Banking

"Very swift replies. Proposals can be used in practice very well." – Banking

"Takes a commercial approach and understands the business needs of the parties involved." – Capital markets: Debt

"Experienced investment funds team with strength-in-depth. Innovative and solution-driven." – Investment funds

"Extremely proactive and responsive. Committed." – Investment funds

"Reliable, responsive and efficient." – Investment funds

"The senior level contacts are very strong and responsive. They provide satisfactory advice on fund governance and structuring matters." – Investment funds

"Pro-active, reliable, and trustworthy." – M&A

"They are one of the most professional, reactive and flexible law firms we have used." – M&A

Arendt & Medernach

Arendt & Medernach is one of the best firms in the Luxembourg market across the board. The firm regularly works on the market’s most high-profile deals and ranks in the top tier for both IFLR1000 ranking tables for the jurisdiction. 

In the financial and corporate space the firm operates almost exclusively on the lender side for banking and finance matters. In recent times the firm has further strengthened its fund financing and real estate finance expertise and regularly collaborates with a mix of investment banks, pension funds and sovereign wealth funds on transactions.  

In the capital markets space, the firm has worked as issuer’s local counsel on listings on the Frankfurt Stock Exchange.  

The firm’s investment funds team is perhaps the most active in the market on traditional and alternative UCITS and SIFs-related work. In this space, the firm regularly acts for the largest European private equity houses on a mix of establishment, investment and restructuring work. 

The strong M&A team has acted on acquisitions, sales and spin-offs. The firm has notably been active within the aviation, financial services and insurance sectors during the research period. 

Recent Deal Data highlights 

  • Cinven acquisition of Partner in Pet Food
  • Knorr-Bremse FSE IPO
  • Vermillion Aviation portfolio $950 million refinancing 

Client feedback

"Good expertise and knowledge of the Luxembourg law." – Banking

"Very impressed with the quality of advice received throughout, and the responsiveness of the team to meet our timelines." – Banking

"The firm were responsive and commercially focused." – Capital markets: Structured finance and securitisation

"Strong and detailed processes, respects deadlines and provides excellent advice." – Investment funds

"The firm has a strong understanding of the Japanese market, in particular to the structuring needs of Japanese investors. It is able to support tight timelines and is very responsive. The firm's strong relationship with the regulators contributed greatly to the swift launch of our funds." – Investment funds

"Very strong support - great practical advice." – Investment funds

"Excellent work. Very strong knowledge and connections." – M&A

"Responsive and has good industry knowledge." – M&A

Adrian Aldinger

"Provided market leading support for debt funds operating in Luxembourg."

Thomas Allain

"Very responsive and quickly understood our commercial needs."

Camille Bourke

"Good network and knowledge - and is also known for being responsive and professional."

Michèle Eisenhuth

"One of the most respected lawyers in Luxembourg for her strong knowledge of the regulatory environment. She is at ease in negotiating with the regulator, and has a strong commitment to deliver first-class service and solutions for her clients."

Shekhar Guin

"Very responsive and supportive. Took us step by step to ensure our understanding. Greatly contributed to our learning curve."

Philippe Harles

"High quality, responsive and pragmatic."

Stéphane Karolczuk

"Responsive, well informed and keeps up with the latest market developments. He has a very strong foundation and knowledge in Luxembourg funds."

Isabelle Lebbe

"She is bright, responsive, and a great representative and advocate."

Pierre-Michaël de Waersegger

"Very professional and has good expertise."

Ashurst

The Luxembourg office of Ashurst is recognised for its investment funds work.  

The firm has been active and involved for investment groups in a mix of private equity, debt and credit, real estate and infrastructure funds during the research period. 

The international firm opened its Luxembourg office in October 2018, with former London-based specialist Isabelle Lentz becoming managing partner. A key addition saw the arrival of investment funds partner Antonios Nezeritis from Wildgen. 

Recent Deal Data highlights 

  • Five Arrows direct lending fund
  • ICG Europe Fund VII 

Client feedback

"Responsive and knowledgeable." – Investment funds

Baker McKenzie

The Luxembourg office of Baker McKenzie is best known for its strong acquisition and project finance work.  

The firm has particular expertise on real estate matters, which have prominently featured in both the financial and corporate and investment funds teams’ recent mandates. 

Often working on cross-border matters, the firm’s banking team regularly advises on bridge financings, capital market raisings, and financial restructurings. Additionally, the team holds a strong connection with financial institutions acting as global custodians and sub-custodians, and has acted for them on a range of safe custody of assets, clearance and settlement of trade mandates. 

Other recent highlights within the investment funds space has seen the firm advise on AIFMD-compliant fund formation matters and work for Asian private equity houses on fundraising activities in Europe. 

Recent Deal Data highlights 

  • Invesco Real Estate €1 billion financing
  • Invesco Real Estate €789 million acquisition of Capital 8
  • Mitsubishi UFJ A$4.13 billion acquisition of the global asset management business of Commonwealth Bank of Australia   
Bonn & Schmitt

Bonn & Schmitt is best known for its strong M&A and private equity work in Luxembourg. The firm is particularly active in the real estate sector, with its banking and investment funds work also being noted. 

The firm regularly assists private equity clients in the acquisition of real estate properties across Europe. It also has expertise on exit strategies utilised by private equity firms following divestments. Other areas of transactional work where the firm has been active includes project financing and share capital restructuring, across a mix of sectors such as energy, financial services and pharmaceuticals. 

In the funds space the firm has been active on a wide range of investment vehicles, with the creation and restructuring of UCITS making up the bulk of the work. 

During the research period investment funds partner Jeannette Vaude-Perrin departed to join Kleyr Grasso. 

Recent Deal Data highlights 

  • Capvis acquisition of majority stake in Amann Girrbach-Group
  • EQT €2.5 billion acquisition of Suse
  • EQT / PSP Investments €2 billion acquisition of Azelis 

Client feedback

"The cooperation was very good, despite the odds of the deal. The firm were very accommodating to the demanding client and always looked for the most efficient solution." – Banking

"The team has been very responsive and professional as well as very strong on delivery." – Banking

"Very proactive team made of competent and dedicated lawyers. Always available and provides interesting, goal-oriented suggestions for the delivery of the job." – Investment funds

"Good relationship with regulators which helped in having quick responses in case of questions." – M&A

"The firm provides consistently high quality and commercially-oriented advice." – Restructuring and insolvency

Laurent Henneresse

"He has been very positive and reactive in seeking pragmatic solutions."

"It was excellent to work with him. He was super accommodating and responsive."

Alex Schmitt

"He is a highly experienced lawyer who knows both the legal framework and the functioning of the local court system. He gives excellent advice, which is technically up to date on the legal side, and is commercially driven."

Amélie Thevenart

"Pragmatic, goal-oriented, fully dedicated, and always available with very useful advice."

Armel Waisse

"Worked well and was always available, also at the short notice."

Bonn Steichen & Partners

Bonn Steichen & Partners has strengths in banking, M&A and investment funds work. 

The firm has a strong banking practice with the team recently acting on complex loan facilities and ring-fencing transactions for international banks.  

In the M&A space the firm excels within the private equity sector, where it regularly works on the buy side for Advent International. 

The firm also works closely with venture capital firms, and notably represented Index Ventures on a mix of acquisitions, sales and financial investments in the e-commerce, fintech and security sectors. 

The investment funds team has the capability of acting on a number of different funds, with real estate being a particular area of focus. Recent work has included acting on establishments, financing, mergers and restructuring of funds. 

Recent Deal Data highlights 

  • Advent International $3.25 billion acquisition of the distributed power business of General Electric
  • Global Infrastructure Partners €1.94 billion acquisition of Italo–Nuovo Trasporto Viaggiator
  • Pfizer restructuring 

Client feedback

"I think the law firm provides a very good level of service with respect to a range of Luxembourg legal matters." – Banking

"Rapid, business minded, professional." – Banking

"Very experienced lawyers - good communication between various desks within the firm." – Capital markets: Debt

"Very fast and good responses, and provides to the point advice." – Capital markets: Structured finance and securitisation

"A great firm that consistently provides high quality advice. The corporate team is very responsive, solution-orientated and thorough." – Investment funds

"Excellent quality and has a strong practical approach." – Investment funds

"Responsive and has good lawyers." – Investment funds

"The firm does excellent work and is very responsive." – M&A

"Hands on firm, good quality, available." – Restructuring and insolvency

Nuala Doyle

"Very knowledgeable of general banking and finance matters."

"Very professional, respects time frames, and is well introduced with the regulator and the Luxembourg Stock Exchange."

Linda Harroch

"Excellent communicator, organiser, delivers on time and on budget."

"Excellent lawyer. Very user-friendly."

"Provides an excellent service in relation to key clients."

Laurent Lazard

"Hands-on approach, very accessible and provides good responses to queries."

Evelyn Maher

"Good lawyer with a strong business acumen."

Brucher Thieltgen & Partners

The team at Brucher Thieltgen & Partners is recognised for its banking and finance work. 

Within the banking area the firm typically acts on transactional and regulatory work for international and domestic banks. Although most of the firm’s deals are confidential, it has recently worked for large corporate clients on cross-border financial investments, real estate financings and financial restructurings. 

Client feedback

"Experienced lawyers in banking. Responsive and precise." – Banking

"Reliable and provides competent advice." – Banking

"They are able to think creatively in order to found claims and legal arguments. They are responsive and responsible in their conduct." – Banking

"Good quality and service." – M&A

"Very reactive and to the point." – M&A

Chevalier & Sciales

Chevalier and Sciales is best known for its investment funds work, while it also has a credible offering in the financial and corporate space. 

Though most of the firm’s work is confidential, it provides advice to clients on matters including financial investments, cross-border mergers and insolvency. 

In the investment funds space the firm supports clients on matters including the establishment of funds, listings on markets and the migration of offshore funds to Luxembourg. 

The firm moved to new premises in Luxembourg City during September 2018, following its recent expansion in number of staff. 

Clément Konrad & Partners

Clément Konrad & Partners is active across banking, M&A and investment funds work. 

In the M&A space the firm notably represented Aberdeen Standard on a mix of acquisitions and sales in the real estate sector. Other recent active sectors for the firm for transactional work included private equity deals, renewable energy and logistics. 

The firm’s investment funds team acts for clients on a range of establishing, financing and structuring private equity and real estate funds. 

Clifford Chance

Clifford Chance’s Luxembourg team is strong in all types of financial and corporate transactions. In particular, the team is best known for its expertise in the banking, M&A and investment funds practice areas.  

The firm is equally strong across banking and M&A work, often attracting several of the market’s largest transactions. The firm has been particularly active in supporting corporates on real estate financing in recent years, as well as on securitisation and financial services regulatory questions.  

Private equity and strategic acquisitions are further strong areas for the firm, where it has recently acted across the banking, energy and technology sectors. 

The funds team is particularly strong in alternative funds, and is often involved in the establishment and structuring of real estate, private equity and infrastructure funds. It also has strength when it comes to cross-border matters, especially for Asia-Pacific related queries.  

A notable arrival during the research period saw investment funds specialist Emmanuel-Frédéric Henrion join from Linklaters. 

Recent Deal Data highlights 

  • Adobe Systems $1.68 billion acquisition of Magento Commerce
  • BGL BNP Paribas €270 million acquisition of ABN Amro Luxembourg
  • EQT €1.046 billion acquisition of Saur 

Client feedback

"Good knowledge, resources and speed." – Banking

"Very good. Efficient, high quality output, and always finds the solution to solve problems quickly." – Banking

"The investment fund team combines a deep knowledge of the relevant regulatory aspects, both locally in Luxembourg but also a from a cross-border perspective." – Investment funds

"They did a great job. Very competent, business friendly, and available." – Investment funds

"Extremely satisfied with their skills, the level of support and advice as well as their reactivity. Beyond the strategic and legal advice, they were also very helpful in providing administrative support." – M&A

"Has provided reliable, consistent support to on issues relating to private funds in Luxembourg. Their strength is that they are able to advise on Luxembourg specific issues with a global perspective." – Investment funds

"Provides excellent client service and demonstrates a strong ability to provide top quality advice with an international perspective. Their team is well integrated with the global funds team." – Investment funds

Dentons

International firm Dentons is strong in all financial and corporate areas in Luxembourg. The firm is strong on M&A matters and is active on advising on refinancing and securitisation transactions. 

The firm regularly acts for acquirers and sellers on cross-border M&A matters, working closely alongside its global offices. The firm often collaborates with private equity houses on their investments, and notably worked with Terra Firma on its purchases and sales with other European investment groups.  

On financing mandates the firm works for both lenders and borrowers on a mix of acquisition financings and corporate refinancings. 

The investment funds team regularly acts for both banks and financial institutions on a range of different vehicles including private equity and real estate funds. In recent time the team has developed a particular expertise in bridge financings for investment funds, especially on large value transactions. 

During the research period corporate partner Delphine Tempé departed to join Kleyr Grasso. 

Recent Deal Data highlights

  • F2i €1.3 billion acquisition of RTR solar portfolio
  • Terra Firma consortium acquisition of Parmaco
  • Vestas acquisition of Szczevin e-commerce centre 

Client feedback

"High service level and good personal attention." – M&A

"Very good business acumen." – M&A

"Very happy with the work. Very reactive. Understands business constraints and clients' needs and comes up with pragmatic and efficient solutions." – Project development

"Provides high quality deliverables in good time." – Restructuring and insolvency

Deynecourt

Deynecourt has strengths in areas including banking and private equity in the Luxembourg market. 

In the banking and M&A area the firm regularly works on mandates within the real estate sector. Notably, the firm recently assisted a real estate investment fund finance the acquisition of several European real estate targets, and then helped an investor set up a real estate financing vehicle for a land acquisition matter. 

The firm acts within the investment funds space on a mix of establishment, structuring and exit mandates, often for private equity and real estate investment funds. 

Recent Deal Data highlights 

  • Geneva Management Group €10 million financing
  • King William Street €75 million financing
  • MG Projects €80 million financing 
DLA Piper Luxembourg

The Luxembourg office of DLA Piper has strengths in areas including banking, capital markets and M&A, and often acts on local elements of cross-border matters.  

The firm’s banking and M&A team regularly works on international transactions for clients. Other mandates include roles on group restructurings for multinational companies, setting-up management incentive plans and private equity acquisitions and exits. 

In the investment funds area the firm advises on the structuring, implementing and launch of investment fund schemes for a number of clients including Generali Real Estate and Harbert Management Corporation. 

Recent Deal Data highlights

  • atHome acquisition of Accessit
  • iCON Infrastructure Fund acquisition of 48.75% stake in South East London Combined Heat and Power
  • Sonae IM acquisition of a majority stake in Excellium 

Client feedback

"A deep commercial understanding. Provided practical and useful advise." – Banking

"A very reliable partner for any cross-border transactions involving Luxembourg entities. They are very experienced, solution-driven and, if required, are able to provide pragmatic solutions to meet the client's needs. They are also very responsive and are able to provide results within a short time frame." – Banking

"Overall, we had a good experience. The replies to the e-mails were strong and quick." – Banking

"Provides brilliant and practical advice in banking and insurance regulatory matters. Has sound knowledge and is highly responsive." – Banking

"Timely communication. Good knowledge and large network." – Banking

"Very efficient and professional. A good working knowledge of the legal landscape." – Banking

"Very competent and professional." – Capital markets: Debt

"Very good technical knowledge and great flexibility." – Capital markets: Debt

"Local team which is well organised with perfect skills." – Investment funds

"Practical approach, on-time delivery, and strong negotiations." – Investment funds

"Professional, diligent, hard working, and offers strong international expertise." – Investment funds

"The team goes above and beyond and ensure that deals run smoothly. This demonstrates their in-depth knowledge and experience." – M&A

"Their work is highly appreciated. The documents produced are very professional and understandable. In addition, we do appreciate the permanent availability of the staff." – M&A

"Very good. Responsive, thorough, and has a strong commercial sense, which helps a lot during negotiations." – M&A

"Pragmatic, understanding and extremely responsive in day-to-day business." – Project development

DSM

The team at DSM Avocats à la Cour has an expertise in the M&A area, where it advises on a wide range of financial transactions governed by Luxembourg law. 

Across the banking area the firm generally advises borrowers on contract drafting, loan documentation and regulatory matters. In the M&A area, the firm has been involved predominantly in the real estate sector, where it has acted for both acquirers and sellers on pan-European mandates. 

Client feedback

"Availability and responsiveness levels are perfect." – Banking

"Professional, and has a good knowledge of local regulation." – Project development

Elvinger Hoss Prussen

One of the leading domestic firms in Luxembourg, Elvinger Hoss Prussen has strengths in all financial and corporate areas and ranks among the country’s best firms. 

The firm acts on many of the largest mandates in the country for lending, restructuring, capital markets and M&A work.  

In the banking area the firm often represents lenders, and collaborates with international investment banks across matters such as acquisition financing and corporate refinancings.  

In addition the firm also has experience acting for banks on debt and equity capital market mandates. In the M&A area the firm regularly represents acquirers on large corporate investments in Europe involving a Luxembourg angle. 

The funds team also ranks among the best in the jurisdiction and regularly advises financial institutions on a range of different investment vehicles. 

Recent Deal Data highlights 

  • CPP Investment Board / TCV €2.1 billion acquisition of a stake in Sportradar
  • Nassef Sawiris / Wes Eden £30 million acquisition of Aston Villa Football Club
  • Silver Lake $3 billion acquisition of ZPG 

Client feedback

"Provides high quality work. Good overall knowledge of different law fields." – Banking

"Very responsive and efficient." – Banking

"The firm was very professional, responsive and reactive to all the deadlines. The firm helped us reach all our goals by limiting our legal risks." – Capital markets: Equity

"They have a solid legal background and they are very precise and outstanding in their execution." – Investment funds

"Highly satisfied with their services. Their lawyers are first class and their level of service and commitment is outstanding." – M&A

"Their service is top notch and their lawyers are first class." – M&A

Frédéric Clasen

"Professional and reactive."

Joachim Cour

"He is very skilled in fund formation with a solid legal background and deep industry sector knowledge."

Toinon Hoss

"Excellent lawyer. Her advice is to the point and helps us navigate structuring in Luxembourg. It is a pleasure to work with her since she is sincere, straightforward and is always looking for pragmatic solutions."

"She is an excellent lawyer. She has long-standing and extensive knowledge in Luxembourg law and is able to explain even complicated legal matters in a way that I understand them. While been a legal expert, Toinon is also very pragmatic and highly results-oriented."

"Solution-oriented, very committed."

Karl Pardaens

"He is very flexible, open to new projects, and has a strong capital markets background."

Pit Reckinger

"Knows our company very well and can anticipate our needs. Very good expertise in banking law. Very committed to finding the best solution for his client."

GSK Stockmann

GSK Stockmann has a strong offering across the board in Luxembourg and is best known for its strong M&A and private equity work. In recent times the firm has been active in sectors including manufacturing, pharmaceuticals and real estate. 

The firm regularly acts on transactional matters for large corporates and private equity houses on a mix of acquisition and sales mandates, notably working with EQT several times during the research period. The firm is also strong on matters involving inbound investment into Europe through Luxembourg vehicles, especially from China. A notable deal saw the firm represent a Chinese bank on arranging a trade finance loan using Luxembourg law rather than English law in a pioneering move. 

The investment fund team frequently assists clients in relation to the set-up and formation of alternative investment funds and UCITS. The team handles the drafting and negotiation of fund documents of such fund vehicles in Luxembourg. 

Recent Deal Data highlights

  • CPP Investment Board / TCV €2.1 billion acquisition of a stake in Sportradar
  • Kingston Technology Corporation €200 million financing
  • Sivantos / Widex merger

Client feedback

"The firm performs equally well on small and large files. Expertise and pragmatism help to get things done." – Banking

"Efficient advice in all areas. Fast and effective cooperation." – Capital markets: Equity

"Provides efficient advice with excellent results." – Capital markets: Equity

"Overall, we are very pleased with the services provided. The services have being very methodical, which we see as a strength." – Investment funds

"Very competent and pragmatic approach, with a wide scope." – Investment funds

Arne Bolch

"Has a deep knowledge of the funds business. Very solution-oriented."

"He is very knowledgeable in handling complex subject matters. He is willing to go the extra mile to find the right solution for our requirements, which we see as big strength."

Philipp Mößner

"He always provides efficient and practical results. Communication skills are brilliant."

"He is an excellent lawyer with very good knowledge in the sector and brilliant communication skills."

Marcus Peter

"Accessible and ready to propose a practical and legally sound solution."

"Very knowledgeable and pragmatic."

"Very professional, client focused, and responsive."

Hogan Lovells

Banking and M&A work are clear strengths of international firm Hogan Lovells in Luxembourg. The firm often works on local aspects for large deals completed by the firm’s global network. 

The firm has recently been active within the real estate M&A space, and has worked on a mixture of acquisitions and sales for property funds. Other strong areas for the firm include debt capital markets and restructuring where it has worked for lenders. The firm works particularly closely with its four German offices, providing assistance on cross-border deals. 

The investment funds team advises banks, funds and asset managers on matters regarding the set-up, restructuring or regulation of funds. In this space the firm have recently been particularly active on work involving real estate investment funds. 

Recent Deal Data highlights 

  • CapitaLand €245 acquisition of Main Airport Center
  • Mapletree $1.1 billion acquisition of Prologis property portfolio
  • Pepper Money acquisition of Optimum Credit 

Client feedback

"Very well coordinated approach. A very commercial and client focused way of execution." – Banking

"A specialised team of individuals who take the effort to listen." – Capital markets: Debt

"Deep expertise and high professionalism." – Investment funds

"Commercial and understand their client's needs well. Solution oriented and proactive." – M&A

"Detail oriented, smart, creative, and highly engaged lawyers that are able to weigh risks and think outside the box." – M&A

"Very good quality of service. Commercial and professional. Seamless service on cross-border aspects of transactional work." – M&A

Kleyr Grasso

Kleyr Grasso is renowned in Luxembourg for its strengths in M&A and restructuring and insolvency work.  

In the banking space the firm regularly acts for private equity and hedge fund businesses on structured finance mandates. In M&A, the firm acts for both acquirers and sellers on transactions across the board including in the aviation, financial services and manufacturing sectors.  

The firm also has a credible offering in the debt capital markets and restructuring space, often working for issuers and corporates undergoing reorganisation. 

The investment funds team focuses on handling the inward real estate investments of clients into a variety of Luxembourg-registered vehicles. 

Notable staffing changes during the research period include the arrival of corporate partner Delphine Tempé from Dentons. Going the other way, corporate partner Patrick Chantrain left the firm. 

Recent Deal Data highlights 

  • Garflex acquisition of Fulflex
  • Héroux-Devtek €137 million acquisition of CESA
  • Samsonite €350 million 3.5% bond issue 

Client feedback

"Excellent work and quick turn around." – Banking

"Highly professional. Has a high knowledge of the local finance and property market." – Banking

"Very responsive and knowledgeable with respect to all our questions and concerns." – Banking

"Very skilled, quick and thorough." – Banking

"A consistently high standard of work, with good attention to detail. A consistent team of well-qualified experts." – M&A

"Provided very detailed and qualitative work." – M&A

"Extremely satisfied with the professional, prompt and pragmatic approach of the firm." – Restructuring and insolvency

Linari Law Firm

Linari Law Firm is active in the Luxembourg market across the financial and corporate board.  

In recent highlights within the M&A space the firm acted for the acquirer on cross-border, renewable energy and real estate transactions, and represented a private equity client on its strategic exit.

Client feedback

"Excellent knowledge of the Luxembourg securitisation framework and it has a good ability to understand complex structures." – Capital markets: Securitisation and structured finance

"Top quality, responsive team, commercial advice given at all times. Constantly impressed with how up-to-date the team are on local legislation changes and proposals, right across the board - we always feel like we're on the inside track." – Capital markets: Securitisation and structured finance

"The firm have been extremely reactive to our needs with a professionalism that comes from a seasoned senior team." – Investment funds

Guillaume Deflandre

"Commercial, responsive, super-efficient, solutions-focused."

Aleksejs Ketovs

"A very poised diligent lawyer, where precision and in-depth understanding of clients are simple for him"

Vincent Linari

"He has the capacity to analyse the situation from an entrepreneurial point of view and then transform it into the necessary legal approach."

"Knowledge of the local legal framework is very good. Quick understanding of complicated structures and has the ability to deliver within short time frames."

"Responsive, commercial, thoroughly up-to-date with the local market and local law and regulation."

Luther

Luther’s Luxembourg office is best known for its strong, cross-border M&A work. 

The firm works on local law aspects for acquirers and sellers on high-value matters across the board, with recent involvement in the manufacturing, real estate and transport sectors. The firm also has a credible offering within the banking and restructuring space. 

In the investment funds space the firm advised the likes of BGL BNP Paribas, Square Asset Management and Sustainable Growth Management on regulatory matters and issues focusing on the set up and structuring of funds. 

The most prominent change to the team this year saw the arrival of banking partner Bob Scharfe from Hogan Lovells. 

Recent Deal Data highlights 

  • Altice $3 billion 5.875%, 8.125% notes issue
  • Auctus Capital Partners acquisition of Robert Bürkle Group
  • Stirling Square Capital acquisition of Verescence 

Client feedback

"Excellent law firm - appreciate the comfort of having a team of experienced lawyers and counsel from different backgrounds and expertise looking out for your best interest." – Banking

"Quick and useful feedback to the questions asked. Very reliable. Effective and practical approach to solve issues." – Banking

"The firm was very responsive and attentive to ours and the client's needs. They were always available. They are knowledgeable in this space and seemed to have a good working relationship with counsel to the borrower." – Capital markets: Structured finance and securitisation"

"Client and result-oriented." – M&A

"Strong technical and business skills, we got clear practical advice at all times and the full commitment of the team." – M&A

"Very responsive. Offers thorough legal advice on deal structuring and execution assistance." – M&A

"Very responsive, high quality." – M&A

"Very responsive and solution-oriented." – M&A

"Available, reactive, great communication." – Restructuring and insolvency

Aurélien Latouche

"Available to assist and is very reliable."

"Excellent professional."

"He has a very profound understanding of deal structuring matters and provides very useful guidance, which is not always obvious to get from legal counsels."

"Impressed by his excellent legal knowledge, his reactivity and strong commitment into every piece of work."

"Very responsive, on top of matters."

Mathieu Laurent

"He has provided excellent services and put his excellent knowledge of the Luxembourg legal framework on full display."

"One of the most competent, professional and noteworthy lawyers I have had the pleasure of working with."

"Permanent availability, quick response and provides overall excellent advice."

"Very knowledgeable, which makes it easy for him to be result-oriented."

Bob Scharfe

"He and his team have a broad set of experience and are sufficiently qualified to handle our most complex asset backed financing transactions. He is very responsive and always meets deadlines."

"Very proactive, solution focused, pragmatic and has very high knowledge. Totally committed with a very good network in Luxembourg and abroad."

Marie Sinniger

"She is a real professional and she makes all legal matters simple for us. Highly recommend her services."

"Very client-oriented and very effective."

Selim Souissi

"Great availability and knowledge."

"Very responsive, high quality, with pragmatic solutions."

Eric Sublon

"Deal-maker, brilliant, easy to work with."

"He is a very knowledgeable lawyer. He enjoys an excellent reputation, and serves many high end clients. I have worked with him on multiple engagements - always to my entire satisfaction."

Molitor Avocats à la Cour

Molitor is recognised for its strong M&A work in the Luxembourg market, regularly advising a range of corporate and private equity clients on the Luxembourg aspects of their transactions.  

The firm regularly completes M&A transactions for acquirers and sellers across a range of sectors, most notably within banking, real estate and technology. Further areas of strength for the firm are project development and restructuring. The firm’s recent deals are all confidential.

NautaDutilh

Benelux firm NautaDutilh has a strong financial and corporate offering across the board in Luxembourg. 

In the banking area the firm has regularly assisted international investment banks and alternative lenders on large-cap acquisition financings to clients by offering advice on Luxembourg law.  

In a notable capital markets mandate, the team advised the issuers on an IPO on the Swiss Stock Exchange.  

In the investment funds space the firm specialises in the establishment and structuring of a variety of funds including RAIFs, SIFs and UCITS. Recent highlights for the firm included working on the set-up of lending, private equity, real estate and infrastructure funds. 

The firm’s M&A team has acted for acquirers and sellers on international matters, as well as on domestic transactions between Luxembourgian companies.  

Recent Deal Data highlights 

  • PAI Partners / Baring Private Equity Asia acquisition of World Freight Company International
  • SIG Combibloc SIX Swiss Exchange IPO
  • Total Eren 162.4MW wind farm €202 million restructuring 

Client feedback

"Responsive, solution driven, practical." – Capital markets: Debt

"Excellent, responsive, 'can-do' attitude." – Capital markets: Securitisation and structured finance

"The experience was very positive. The firm was responsive and adhered to deadlines, the content of the advice was excellent and they managed the process very well." – Capital markets: Securitisation and structured finance

"Great firm, very close to the client." – Investment funds

"Very responsive, with a strong focus on material items." – M&A

"We greatly appreciated the quality of the service, their responsiveness and proactive attitude in a cross-border transaction, where the coordination with the various actors involved and the responsiveness are critical." – Restructuring and insolvency

Ann Blaton

"Excellent, highly responsive, keen to ensure ours and our clients' needs were met."

Yoanna Stefanova

"Very responsive and helpful."

Josée Weydert

"Good communication. Strong knowledge of all Luxembourg requirements."

Margaretha Wilkenhuysen

"Excellent professional. Solution driven. Responsive."

Norton Rose Fulbright

The Luxembourg office of Norton Rose Fulbright is recognised for its strong banking, capital markets and M&A work. Since its launch in 2017, the firm has worked on international mandates coming from its global network, as well as on domestic transactions between Luxembourgian companies. 

The firm’s banking team regularly advises on aviation and infrastructure finance matters for a mix of borrowers and lenders, and has the expertise to provide services related to mezzanine financing, financial restructurings and complex credit facility agreements for its clients. 

The firm is also active in the capital markets space and recently acted on the Luxembourg aspects for the issuer on a LSE IPO. 

In the M&A space the firm has supported on some large international deals for the acquirer during the research period.  

Recent Deal Data highlights 

  • Apicil acquisition of OneLife
  • JTC LSE IPO
  • Total Eren 162.4MW wind farm 
Ogier

International offshore specialists Ogier works on large, cross-border transactions and spreads its work evenly between banking, M&A and funds work in Luxembourg.  

In the banking area the firm regularly represents the lenders on multi-jurisdictional deals, by working on local Luxembourg aspects.  

The funds team regularly supports international clients with the establishment and structuring of unregulated alternative investment funds, often working with investors from the US and China. Though all of the firm’s recent work is confidential, the firm’s offshore specialisation means that it has the ability to create parallel limited partnerships or master-feeder structures in multiple jurisdictions. 

In the M&A space the firm often acts on a mix of buy-side and sell-side mandates for private equity clients in sectors such as healthcare, technology and real estate. 

During the research period the firm were strengthened by the arrival of partner Benoit Rose from CMS. Partner James Bermingham departed to join Sanne as a general counsel. 

Client feedback

"A class outfit in the large and growing fund financing market. It's biggest strength is the combination of the quality of the team and their responsiveness. They are easy to work with and it's a pleasure to instruct them on deals." – Banking

"Excellent responsiveness and clearly knowledgeable on all issues." – Banking

"Excellent. Responsive. Experienced." – Banking

"The team has excellent industry expertise and is able to provide advice with respect to all aspects of a fundraising." – Banking

"Excellent work which is delivered on time." – Investment funds

"Fantastic. Commercial. Quick turnaround." – Investment funds

"Great to work with. They are prompt, result oriented and business minded." – Investment funds

"Very good. They are technical and commercial." – Investment funds

"Very proactive and efficient in the support it has provided." – Investment funds

"Good, responsive, reliable, well organised." – M&A

"Provides very high quality work." – M&A

RJ Gaito

RJ Gaito is active in Luxembourg across the financial and corporate space. 

The firm regularly engages in transactional work for private equity and venture capital firms. The firm often represented WorkCapital during the research period, and assisted the company on its reorganisation, equity investment rounds and on its cross-border financing. 

Recent Deal Data highlights 

  • WorkCapital €20 million financing
  • WorkCapital restructuring  
Simmons & Simmons

International firm Simmons & Simmons is known in Luxembourg for its strong offering across the financial and corporate spectrum.  

The firm’s banking team has a particular focus on asset management, infrastructure and real estate mandates. It often works for a mix of borrowers and lenders on financing and restructuring matters, which often feature a cross-border element. Recent transactional highlights include assisting private equity firms purchase properties in London, and assisting on the creation of an investment vehicle designed to help provide broadband to rural areas of Croatia. 

In the investment funds space the firm has a strategic focus on alternative funds and regularly deals with the establishment and structuring of real estate, infrastructure and private equity funds. In fund finance mandates the firm represents both lenders and sponsors. 

The firm added partner Thierry Somma to its corporate team from Hogan Lovells. 

Recent Deal Data highlights 

  • 3T Cable / Connecting Europe Broadband Fund / Vahta joint venture
  • Deka £460 million acquisition of Verde office building
  • European Diversified Infrastructure Fund II 

Client feedback

"Very helpful and responsive. Everything went very smoothly." – Capital markets: Structured finance and securitisation

Stibbe

Regional firm Stibbe is best known in Luxembourg for its strong financial and corporate practice, especially on transactional matters. 

The firm is active in the capital markets space, and recently acted on the Luxembourg aspects for the issuer on a LSE IPO. 

In the investment funds space the firm often acts for the likes of European Investment Fund and European Investment Bank on their investments, and their participation in private funds. Several of the firm’s recent deals involve a cross-border elements. 

The firm works across large deals in the banking and M&A areas, operating as the local counsel on billion-dollar deals. Private equity firms often use the firm for their strategic investments and exits in sectors such as real estate, technology and telecommunications.  

A notable staffing change saw investment funds partner Renaud Graas depart to join Van Campen Liem. 

Recent Deal Data highlights 

  • Aston Martin LSE IPO
  • GTT Communications $2.3 billion acquisition of Interoute
  • Rhône Capital acquisition of Fluidra 

Client feedback

"Highly engaged, has a deep understanding, and possesses of very dedicated teams. Excellent service." – Banking

"The firm always provided us with technically excellent and commercially - minded advice. A particular strength is their responsiveness and ability to turn round work to tight timescales, as well as their understanding of our business." – Banking

"The firm is always responsible and helpful, in all of the jurisdictions we use them. Their advice is sensible and reliable and they are a pleasure to deal with." – Banking

"The firm was fast, very helpful and very knowledgeable about equity investments in Luxembourg-based companies." – Capital markets: Equity

"Experienced team offering tailored solutions for our business. Excellent responsiveness and availability." – Capital markets: Structured finance and securitisation

Claire-Marie Darnand

"She was very responsive and knowledgeable. She worked under difficult conditions and did a superb job."

Jean-Marc Delcour

"He is reliable, helpful and has a very safe pair of hands."

Gérald Origer

"Excellent knowledge of our deal structures and internal organisation."

Steven Paridaens

"He is technically very capable and responds quickly to queries. He is adept at coming up with practical solutions and has a good understanding of our business priorities."

Strelia

Benelux firm Strelia is an active player in the financial and corporate space in Luxembourg. Industry sectors that the firm has worked in over the research period includes food services, hospitality and real estate. 

The firm has an experienced team offering corporate and M&A services to clients, and has recently associated on multiple mandates for Beacon Rail Leasing – including on two sales, its intra-group financing and restructuring, and on financial services regulatory matters. 

A notable staffing change saw the arrival of corporate partner Etienne de Crépy from Kaufhold & Réveillaud. 

Recent Deal Data highlights 

  • Platinum Equity $1.3 billion acquisition of vacation rental businesses of Wyndham Worldwide

Client feedback

"Extreme business agility and legal excellence to answer our needs." – Banking

"Flexible, available, trustworthy." – Banking

 

Vandenbulke

Vandenbulke is recognised for its focus on complex corporate finance transactions.  

The firm’s work in the financial and corporate space is largely confidential. The firm advises a range of clients including banks, investment groups and insurance funds on banking, M&A and investment funds matters. Energy and real estate matters have been particularly prominent recently for the firm, along with work within the financial services sector.

Client feedback

"Felt very comfortable with the firm and its working style." – Banking

"Great response times, flexible and has great matter expertise." – Banking

"Incredibly responsive and visible." – Banking

"The firm and its lawyers are effective, available and extremely competent." – Banking

"Very efficient and with a quick turn around time when required." – Banking

"Very responsive, very efficient, and gets the work done." – Banking

"Very responsive with a lot of experience." – Banking

"Most efficient and very professional approach to any transaction." – Capital markets: Debt

"Impressed by the efficiency of the work and pragmatism of the advice I receive. The firm is strong in developing viable strategies and guiding through their implementation." – Restructuring and insolvency

Laurence Jacques

"A pleasure to work with and her knowledge of the Luxembourg market and the issues arising from transactions are excellent."

"An excellent professional, highly skilled, and has a high sense of problem-solving towards business risks."

"Good communicator with a great attitude."

"Great client skills and matter expertise."

"Sharp, straight to the point and very knowledgeable. Extremely pleasant to deal with."

"She is quick, efficient, focused on the issues, knowledgeable and innovative. She is always available and responsive and gets things done."

"Very good, very responsive, very efficient."

Denis Van den Bulke

"Pragmatic and solution-oriented."

Wildgen

Wildgen is active across the financial and corporate space and has expertise in restructuring and investment funds work. 

The firm’s banking team is particularly active in the areas of corporate financing, bank lending and structured finance transactions for local enterprises.  

The investment funds team is active on setting up and structuring a range of different fund types, particularly on regulatory matters related to alternative funds and UCITS. 

The M&A team acts on a mix of domestic and cross-border complex transactions such as acquisitions, joint ventures, mergers and spin-offs for acquirers, sellers and targets. 

Restructuring has been a key area for the firm in recent deals, with the firm advising international clients on matters ranging from post-acquisition reorganisations to local aspects of Chapter 11 reorganisations. 

The firm opened a London representative office during November 2018 and hired Mark Shaw from Chenavari Financial Group to lead the branch. Investment funds partner Antonios Nezeritis departed to Ashurst, and corporate partner Pierre Metzler left to become a notary. 

Recent Deal Data highlights 

  • Akazoo / Modern Media Acquisition merger
  • Apergy spin-off
  • National General Insurance Luxembourg €130 million restructuring 

Client feedback

"Professional, committed, and respects time." – Banking

"They provided timely and commercial advice. Their responses were clear." – Banking

"A very good law firm, very good expertise and very responsive." – Investment funds

"Effective and efficient advise." – Investment funds

"Great knowledge and oversight on Luxembourg law, and very good connections to regulatory authorities." – Investment funds

"Highly competent. Quick response times. Friendly, and easy to approach." – Investment funds

"Proactive. Responsive. Good at risk management." – Investment funds