The Legal 500

Allen & Overy LLP has a full range of expertise with particular strength in restructuring, loan negotiating and project finance, in addition to be regarded as ‘one of the top two firms in France for securitisation’ work. Assisting a client portfolio made up of leading financial banks, the practice relies on a large workforce (some 30 lawyers), led by Rod Cork, including the ‘very reliable and knowledgeable’ Fabrice Faure-Dauphin, Carine Chassol, Christophe Jacquemin and Adrian Mellor. Highlights included assisting several financial institutions of the steering committee on the CMA-CGM restructuring, PAI Partners on the financing of the acquisition of Cerba, and CACIB and the lenders on the financing of Converteam.

Ashurst LLP has a ‘very good LBO financing’ practice combined with a leading debt restructuring expertise, the firm handling high-profile cases in these areas and assisting in the design of the double LuxCo structuring scheme for LBO transactions. The ‘extremely reliable’ 19-lawyer team provides ‘tailored all-round service’ and includes Laurent Mabilat, ‘one of the best banking lawyers in France’ whose ‘strategic and global vision on a deal keeps the client happy’, Diane Sénéchal, James Collis, newly promoted partner Michael Lancaster and the ‘very forward-thinking and efficient’ Hassan Javanshir, who focuses on property finance. The firm has a strong banking client base (BNP Paribas, RBS), and advised the senior lenders on the lender-led restructuring of CPI and BNP Paribas on Monier’s debt restructuring.

In 2010, banking and finance was Clifford Chance Paris’ leading practice in terms of revenue and level of activity. The 24-lawyer team, which shows ‘excellent business acumen’, advised on major securitisation, acquisition and asset finance work, and also assisted the European Commission on its financial plan for Greece. The six-partner team includes Thierry Arachtingi, who stands out for his ‘outstanding negotiation skills’, Jonathan Lewis, Frédérick Lacroix and Daniel Zerbib. The firm advised Bank of Ireland, Lloyds, HSBC and Société Générale on the financing of the acquisition of Spotless by BC Partners.

Gide Loyrette Nouel A.A.R.P.I. shows outstanding capabilities in terms of breadth of expertise and workforce. The department totals 67 lawyers including 12 Parisian partners and benefits from an international network of offices. It has a leading property, corporate and project finance practice through Kamel Ben Salah and the ‘fantastic’ Eric Cartier-Millon. Serving a first-class client base, the firm was in demand for debt refinancing work in 2010, assisting Eurohypo, CACIB and Crédit Foncier de France on the debt refinancing of three companies holding most of the Areva tower. Jean-Guillaume de Tocqueville d’Hérouville and Stéphane Puel also stand out for regulatory and investment fund matters. Xavier de Kergommeaux, Gilles Saint Marc, Patrice Doat and newly promoted partner Christine Van Gallebaert lead a securitisation practice ranked as ‘one of the top two’ in France. Major client includes the Société de Financement de l’Economie Française – the refinancing vehicle set up for French banks as part of the French state rescue package.

Headed by Olivier Jauffret, Linklaters LLP’s team is first choice for acquisition finance deals but in a difficult market the practice diversified its range of work, attracting significant restructuring mandates and advising on syndicated loans and corporate finance. The 22-lawyer group consists of four partners including Bertrand Andriani, Nathalie Hobbs and Arnaud Fromion. It assisted Montagu Private Equity on a €60m facility loan to finance the LBO acquisition of ADB, and ING and LBO France on Terreal’s debt restructuring.

White & Case LLP’s Gilles Peigney leads an eight-lawyer practice with Raphaël Richard being the other key element in the team, while Denise Diallo was appointed partner in 2011. The department advises leading financial institutions with a strong focus on acquisition finance deals. It continued to handle restructuring work in 2010, and was also consulted on the design of the double LuxCo scheme. Highlights included assisting the lead arrangers on the acquisition of Cerba by PAI Partners and BNP, Citibank, Citigroup and Commerzbank on the acquisition of Sebia by Diacine.

De Pardieu Brocas Maffei stands out for its property finance practice and its well-established relationships with financial institutions. The 17-lawyer team delivers ‘high quality work’ and consists of five partners; Antoine Maffei, Pierre Minor, Olivier Hubert, Christophe Gaillard and Jean-Renaud Cazali. The team also has a busy asset finance practice, and advises on regulatory and restructuring deals. It acted for Société Générale on a new money facility deal in the context of MTG’s restructuring.

Freshfields Bruckhaus Deringer LLP remains a strong player in the field through its versatile 18-lawyer team led by Jean-Luc Michaud, and including key figures Antonin Besse and Hervé Touraine. The practice attracts high-profile restructuring work, including advising the banks on Technicolor’s restructuring. It also handles corporate finance deals, assisting Crédit Agricole CIB and BNP Paribas on the arrangement of bonding guarantee facilities for Alstom. The firm is finally renowned for its leading securitisation expertise.

Latham & Watkins’ practice head Xavier Farde leads a well-regarded leveraged finance and restructuring practice, while Etienne Gentil handles acquisition and aviation finance work. Highlights included advising ICG on the mezzanine financing of Labco, and several leading financial institutions on the financing of the acquisition of Gras Savoye.

Headed by Anne Lapierre, a specialist in the renewable field, Norton Rose LLP’s main assets are its large banking client base and its leading asset finance expertise, through key partners Georges Paterson, Martin Gdanski, Christine Ezcutari and Marc Hamilton – shipping finance expert Alain Gautron left the firm to join Stephenson Harwood in 2010. The aviation finance practice is second to none in the market, the team advising Deutsche Bank, Commerzbank and Oberbank on the financing of Lufthansa’s first Airbus A380. The firm also deals with acquisition finance work through Erwan Héricotte.

Orrick Rambaud Martel has made continuous efforts to develop its banking and finance practice, which is now regarded as ‘extremely good’ by major financial institutions. The 28-lawyer team is led by ‘very committed partners’ who ‘focus on important issues’, including practice head David Syed, Pascal Agboyibor, Diane de Moüy and Jean-Marc Zampa, who represent leading financial institutions. In 2010, the practice was busy advising on corporate banking, debt restructuring and asset finance work. It assisted Natixis and a syndicate of international banks on the arrangement of a syndicate back up line for Unedic, and Crédit Agricole CIB on the restructuring of the cruise activities of a prominent European operator.

Cleary Gottlieb Steen & Hamilton LLP handles complex and innovative work thanks to a team of highly versatile lawyers. The practice comprises six partners, including Jean-Marie Ambrosi, Marie-Laurence Tibi and Valérie Lemaitre, who principally act alongside large corporate clients, handling corporate structuring finance deals, such as assisting Accor on the financing of Edenred and Rexel in the negotiation of a €1.7bn credit agreement. The team also assisted Natixis on the financing of the acquisition of Natixis Private Equity French portfolio by Axa Private Equity.

Herbert Smith LLP’s 12-lawyer practice is led by Régis Oréal and Jacques Bertran de Balanda – former practice head Georges Dirani left the firm in 2010. The department focuses on projects and renewables in France, the team assisting BPCE on the financing of three photovoltaic power stations. The practice also advised on refinancing deals, representing Société Générale on the debt refinancing of Novacap.

Led by Richard Jadot, Hogan Lovells (Paris) LLP has a strong aviation finance practice and is developing its involvement in the project and energy fields through Michel Quéré, who joined from Dewey & LeBoeuf LLP in 2010. The team, which also includes Olivier Fille-Lambie, acts for a large banking client base. It represented Natixis, CACIB, Sumitomo Mitsui, HSH Nordbank on the financing of Air France’s first two Airbus A380, and a banking consortium including BNP Paribas and Société Générale on the financing of Société Nationale Industrielle et Minière’s mining project in Mauritania.

At Jones Day, Frédéric Gros heads up a six-lawyer team, with counsel Isabelle Maury also recommended – Philippe Billot retired in 2010. The department handles corporate and acquisition finance work, has a growing French project practice and handles financial crisis-related work including debt restructuring and toxic loan pre-litigation. The client base ranges from public institutions (Finance Ministry) to major investment banks and CAC 40 companies. The group assisted Crédit Agricole Nord de France, CIC and Société Générale on the financing of the LBO acquisition of La Foir’Fouille by Qualium, and Société Générale on the restructuring of Giraud.

Led by Jean-Marc Allix and Philippe Max, Salans’ ten-lawyer practice serves leading banking institutions on corporate, asset, acquisition and property finance work. Highlights included assisting Caisse Régionale de Crédit Agricole Mutuel Centre and Société Générale on the LBO financing for the acquisition of Bouny.

Pierre-Nicolas Ferrand manages Shearman & Sterling LLP’s five-lawyer practice, advising on restructuring, property and asset finance work. The team represented Natixis and Bawag on the acquisition refinancing of the debt held by Goldman Sachs against BUT. The firm was also involved in a major leveraged finance transaction through its assistance to Crédit Suisse, Citigroup, Morgan Stanley, CACIB and Société Générale regarding the €300m offering of high-yield bonds in the context of the acquisition of Picard by Lion Capital.