Belgium > Legal market overview
Belgium spent most of 2011 without a government, and so no new legislation has been implemented since the resignation of former Prime Minister Yves Leterne in April 2010. Despite the political situation, the Belgian legal market remains relatively stable – albeit competitive – particularly owing to the sheer volume of work attracted to Brussels as the seat of the EU. While the transactional market of 2010 was diminished by the consequences of the 2008-09 financial crisis, 2011 saw a significant rebound in M&A, restructuring and capital markets deals, although the anticipated revival of the IPO market did not materialise and private equity remained slow. In the competition sphere, the number of EU merger control notifications has increased sharply and the number of phase II proceedings is also up from 2010, indicating a more rigorous approach to merger reviews. Numerous cartel investigations took place in 2011, one of which saw the fourth settlement to be reached since the cartel settlement procedure was introduced.
Dexia Bank’s problems in 2011 provided Cleary Gottlieb Steen & Hamilton LLP, Liedekerke Wolters Waelbroeck Kirkpatrick, Stibbe and Laga with key roles in restructuring the Franco-Belgian institution. Another major hit to the economy came from ArcelorMittal’s decision to partially close an east Belgian steel plant and lay off hundreds of workers, although this provided work for employment law practices.
High-profile lateral hires in the market included Field Fisher Waterhouse poaching employment partner Stefan Nerinckx from Laga, and NautaDutilh recruiting Pascal Faes from Van Bael & Bellis to bolster its tax department. Linklaters’ competition team lost former department head Johan Ysewyn to Clifford Chance and Alec Burnside to Cadwalader, Wickersham & Taft LLP. Niche IP firm Hoyng Monégier LLP absorbed a number of partners from the dissolved Howrey LLP.
K&L Gates LLP and Wilson Sonsini Goodrich & Rosati were recent arrivals in the market, while new trade practices were launched at Holman Fenwick Willan LLP and Berwin Leighton Paisner LLP, following moves from VVGB Advocaten/Avocats and Gide Loyrette Nouel A.A.R.P.I., respectively.