The Legal 500

France

Editorial sections

 

Legal market overview

The mood is grey in the City of Light these days despite most law firms reporting a small rise in turnover for 2013. Transactional activity is in steady decline and some believe the French market will never be the same again; it is now accepted that overseas deals – notably the African market – are the new transactional drivers for French law firms.

Anxiety in the market has, however, created a high demand for non-transactional advice. Restructuring and insolvency work have become the bread and butter of a majority of law firms as cases become larger each year. Litigation is also growing as large corporations are ensnared in major proceedings and banks are being called to account before courts, while global investigations are also increasingly common. White-collar crime is another concern across all disciplines and many companies are implementing compliance programmes.

Employment advice is absolutely thriving – one major player in that area reported a 40% increase in 2013 from an already high base – as the country debates the possibility of Sunday and late evening work. Tax law also hit the headlines in 2013 – one famous casualty being former budget minister Jérôme Cahuzac, who lost his government position following revelations of tax evasion. In arbitration, Linklaters LLP and Clifford Chance – two firms that had a relatively low profile in the field in France – considerably boosted their practice with major hires, moves which confirmed the reputation of Paris as a major international arbitration platform.

The continuous transactional decline is a challenge to the business model of many law firms as clients have adapted and increased their resources in-house. Fees and remuneration are major issues as panels and flat fees are becoming the rule. Two senior figures at the Paris Bar commented: the ‘lawyer profession is suffering: we work more to earn less’; the ‘real challenge now is to survive’.

As a result, some law firms are shrinking to specialise and move away from a commoditised market with high levels of competition. Regulatory law is becoming a major trend as regulatory activity has intensified across the EU and globally. Chasing growth in emerging markets such as Africa has become an alternative strategy for some.

Gide, the leading French law firm internationally in terms of lawyer numbers, lost many high-profile figures in 2013 including its top corporate teams – with one group creating its own boutique, BDGS Associés AARPI, and another joining Lacourte Raquin Tatar. Gide responded by hiring a 19-lawyer team from Morgan Lewis LLP.

There were also a number of very significant individual moves such as the high-profile Dominique Bompoint leaving Sullivan & Cromwell LLP to join Cabinet Bompoint and Maurice Lantourne quitting Willkie Farr & Gallagher LLP to create Lantourne & Associés.

Linklaters LLP also lost its leading 15-lawyer capital markets team to White & Case LLP, which has emerged as arguably the most dynamic player currently in France – appointing 11 partners over a 12-month period. DLA Piper and King & Spalding LLP are also among the up-and-coming players, with both firms again making major hires in 2013.

A number of international firms also recently opened offices in Paris including Pinsent Masons LLP, Osborne Clarke and Brown Rudnick LLP. Risk specialised and boutique firms are also a major trend, while medium-sized French law firms are increasingly opening offices in the regions and overseas.

Global mergers have also impacted the French market: recent examples include Dentons and King & Wood Mallesons SJ Berwin, which both have offices in France.

The podium of law firms in France is made up of the following: French law firms Bredin Prat, Darrois Villey Maillot Brochier, Gide – which remains the largest French law firm internationally with some 600 hundred lawyers worldwide – and De Pardieu Brocas Maffei A.A.R.P.I; UK firms Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, and Linklaters LLP; and US firms Cleary Gottlieb Steen & Hamilton LLP – which is widely regarded as the top US firm in France – along with Davis Polk & Wardwell LLP, Sullivan & Cromwell LLP, Weil, Gotshal & Manges, and White & Case LLP.

France also has a large and expanding market of high calibre medium-sized firms and boutiques, which addresses ‘a real need’, according to clients. Among these, the following are particularly noteworthy: Cotty Vivant Marchisio & Lauzeral, Franklin, De Gaulle Fleurance & Associés, Scemla Loizon Veverka & de Fontmichel (SLVF) are very good firms while newly created BDGS Associés AARPI, Cabinet Bompoint and Dethomas Peltier Kopf Juvigny also stand out, giving high-end advice.

Press releases

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Legal Developments in France

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • The new French regulation applying to national insurance contributions for managers and shareholders

    French insurance contributions on executive and shareholder remuneration (pay + dividends) have been substantially increased by the National Insurance Funding for 2013 Act, No. 2012-1404, of 17th December 2012. Until 31st December 2012, all dividends were subject to national insurance contributions on unearned income but henceforth, under Article L136-3 of the National Insurance Code, amended by Act No. 2012-1404, certain dividends   are considered as pay received by executives and shareholders and are therefore subject to the national insurance contributions on pay. The Act also abolished the ceiling on health insurance contributions payable by the self-employed and all this means that businesses must rethink the way that they have been structured until now.
  • CHINA - PERSONAL TAXATION AND SOCIAL SECURITY : CHINESE AND FOREIGN NATIONALS ON AN EQUAL FOOTING

    The People's Republic of China has initiated an overhaul of its social security system, reformed the personal taxation regime and has extended the scope of these laws to foreigners residing in China.
  • MOROCCO TO BECOME THE LEADING FINANCIAL PLACE IN AFRICA

    The Kingdom of Morocco is supporting the ambition of becoming the leading financial place for Africa. In this context, a wave of draft laws is to be passed and implemented within the following months, amongst which, the Law No. 53.08, setting up a new financial authority, and the Law No. 54.08, reforming public offering rules, are of paramount importance to Moroccan and foreign issuers, and financial institutions.
  • ACQUISITIONS IN CHINA : ASSET OR SHARE DEAL?

    The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an increase of 21.2% compared with 2009. Seen from the West, where markets are declining, all sectors of the Chinese economy seem to be undergoing promising development and the statistics indicate that the Middle Empire will be a lasting springboard for growth.
  • Prime de Partage des Profits

    Le dispositif L’article 1er de la loi de financement rectificative de la Sécurité sociale pour 2011 oblige les sociétés commerciales de 50 salariés et plus, dont les dividendes par part sociale ou par action sont en augmentation par rapport à la moyenne des deux années précédentes, à verser une prime à l’ensemble de leurs salariés
  • BULGARIA MARKET OVERVIEW

    Types of investors The private equity (PE) funds that are active in Bulgaria are not raised or registered in the country. Some Bulgarian PE funds were raised recently, but there are no statistics as to the sources of their funding, their number, the funds that were accumulated, etc.
  • RECENT DEVELOPMENTS REGARDING COMMITMENTS

    THE PROCEDURE IS CLARIFIED, BUT MAY COMMITMENTS APPLY WITHOUT LIMIT?
  • Landmark decision by French Competition Authority in conditioned LPG case

    cartel case closed after discovery that leniency application was largely based on forgeries and rejection of collective dominant position objection.
  • 2012 supplementary budget

    The second supplementary budget published in the Official Gazette September 19, 2011 provides for two key measures that affect the deferral of tax losses and taxation of capital gains realized on the sale of equity securities .
  • Actualité législative fiscale

    Au delà des mesures applicables à l’ensemble des contribuables (telles que la limitation du report des déficits ou la réforme du mode de calcul des plus values sur cessions de participations),le plan de réduction des déficits annoncé le 24 août dernier par le gouvernement comprend des mesures qui intéressent spécifiquement les acteurs du secteur financier.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • Exempted Limited Partnership Law, 2014

    The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
  • Restructuring and insolvency in Luxembourg (part 2)

    RESTRUCTURING - COURT PROCEDURES
  • Enhancements to the Companies (Jersey) Law 1991

    On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ).  This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force.  The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
  • Joost Fanoy appointed partner at BarentsKrans

    The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
  • PineBridge Acquires 50% Stake in Romatem

    PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.
    - Paksoy
  • Isbank Issued USD 750 Million Notes

    Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021. Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.
    - Paksoy
  • Halkbank Issued USD 500 Million Notes

    Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million  with an interest rate of 4.765 %  and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.
    - Paksoy
  • Turkiye Finans to Issue Ringgit Sukuk to Raise Up to MYR 3 Billion In Malaysia

    Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
    - Paksoy
  • Ziraat Bank Established GMTN Programme to Issue Bonds Worth USD 2 Billion

    Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to  USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank  pari-passu with Ziraat Bank's other senior unsecured obligations.
    - Paksoy
  • Vakifbank Sells EUR 500 Million Notes Under USD 5 Billion GMTN Programme

    Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.
    - Paksoy