The Legal 500

Allen & Overy LLP’s debt capital markets practice is ‘very good from plain vanilla to complex issues’. Led by François Poudelet, the team consists of US-qualified Diana Billik, English law expert Dan Lauder and ‘rising star’ Hervé Ekué, who is praised for his ‘very responsive and committed commercial approach’. The 18-lawyer team serves a large client base of financial institutions and some corporations, recently assisting Société Générale on its $1bn issuance of undated deeply subordinated notes, and BNP Paribas and Natixis on BCPE’s exchange offers of Tier 1 securities. The firm also handles derivative work, and has leading securitisation expertise in Fabrice Faure-Dauphin and Christophe Jacquemin.

Cleary Gottlieb Steen & Hamilton LLP ranks as ‘one of the top firms for ECM work’. Thanks to a versatile team that is always ‘very well aware of the latest innovations and entrenched within the local business community’, the firm handles both high-end equity and debt matters in French and US law, acting for large corporations and leading financial institutions. Key figures include Pierre-Yves Chabert, John Brinitzer, Marie-Laurence Tibi, Valérie Lemaître and Andrew Bernstein. The firm assisted Goldman Sachs, RBS and Natixis on Technicolor’s offerings, PPR and CFAO on CFAO’s IPO and the underwriters on Total’s $500m SEC-registered offering.

Freshfields Bruckhaus Deringer LLP is ‘ideal for sophisticated corporate finance transactions’. Patrick Bonvarlet and David Revcolevschi lead the 14-lawyer ECM team, advising issuers and underwriters. The practice assisted Accor as majority shareholder on the Lucien Barrière IPO project, and handled several IPOs on foreign markets, including in Hong-Kong and Frankfurt. The debt and structured finance practice, led by Hervé Touraine, is also well-regarded with the ‘very valuable’ Dougall Molson and Fabrice Grillo. The firm stands out for its securitisation expertise, which ranks among the market’s first three practices. Highlights included advising BNP Paribas and HSBC on a pan-European securitisation restructuring for Dow Chemical under new US accounting rules.

Gide Loyrette Nouel A.A.R.P.I. is ‘among the only few French firms able to compete with Anglo-Saxon firms on ECM transactions’. The ‘strongly experienced and brilliant’ Arnaud Duhamel is recommended, as is the equally ‘brilliant’ Jean-Marc Desaché, a ‘good adviser for tricky French corporate issues’. DCM is also a strong field of expertise, notably when ‘the public sector is involved’, through Hubert du Vignaux, who has a ‘good feeling of what is important at the end for the trade’. But structured finance is truly the area where the firm excels with Alban Caillemer du Ferrage, who was instructed by LCH Clearnet to assist on the conception and legal issues regarding the launching of its clearing service for credit default swaps in the Euro zone.

Linklaters LLP’s ‘outstanding’ 26-lawyer team, led by Philippe Herbelin, has ‘strong experience and excellent knowledge of market regulations’. ‘All six partners are deeply involved in transactions and listen to their clients’ needs’. The firm’s ‘superb debt practice’ counts in its ranks one of the leading figures in the field in ‘senior statesman’ Gilles Endréo, while the ECM practice is equally well regarded through Herbelin, Séverin Robillard and US-qualified Luis Roth. Cenzi Gargaro, who advises on a broad range of transactions, and structured finance expert Bertrand Andriani are also recommended. The team had a very strong year in the debt area, advising on a record number of transactions. It assisted Société Générale as arranger and the dealers on the establishment of Areva’s €5bn EMTN programme, and the dealer-managers on Aéroports de Paris’ exchange offer. On the equity side, the firm was involved in the market’s largest IPOs, assisting the underwriters on Rusal’s listing on Euronext Paris and Medica on its IPO. It also represented Michelin on its €1.2bn share-capital increase.

Led by Jacques Naquet-Radiguet, Shearman & Sterling LLP’s five-partner practice is a leader in ECM, the firm advising large corporations and financial institutions on French, UK and US law. Bertrand Sénéchal and Robert Treuhold handled one of the market’s only major ECM transactions in 2010 through their assistance to Deutsche Bank and Lazard-Natixis on Theolia’s share-capital increase. The firm also advised on major high-yield transactions, the team assisting Rhodia on its high-yield offerings, and has a leading employee offering practice for CAC 40 companies, led by Sami Toutounji and a dedicated team of seven lawyers.

Bredin Prat has great expertise in ECM combined to a leading securities litigation practice, through Didier Martin, Olivier Assant, Patrick Dziewolski and Olivier Saba. The team is adept at advising large issuers, assisting CFAO on its IPO on Euronext Paris and UC Rusal on its initial listing on Euronext Paris. Finance expert Raphaële Courtier is also active in the practice, and assisted Magnesita on its $400m high-yield bond issuance.

Clifford Chance has leading securitisation and structured finance capabilities in Frédérick Lacroix and Jonathan Lewis. The team recently advising the arrangers on a multi-jurisdictional securitisation for Europcar. On the debt side, Cédric Burford is the practice driver and assisted Société Générale on Cegedim’s first bond issue.

Darrois Villey Maillot Brochier handles high-profile ECM offerings and IPOs, acting for major corporate issuers. The team is made up of practice head Pascale Girard, Marie-Noëlle Dompé and Benjamin Burman, who deals with US law aspects. Highlights included advising Lucien Barrière on its contemplated IPO on Euronext.

In 2010, Debevoise & Plimpton LLP’s team, led by Raman Bet-Mansour, Marc Castagnède and Pierre Clermontel, mainly advised on bond and high-yield issuancess acting for large corporations such as Pernod Ricard, Alstom and Rexel. The firm also handles share-capital increase work, assisting Vilmorin on its €300m share-capital increase. It also acts for banks and is adept at advising on US securities transactions.

Hogan Lovells (Paris) LLP’s recent merger created a comprehensive practice spanning securitisation, debt and equity transactions. In the DCM field, Sharon Lewis heads the firm’s global practice, while Philip Boys managed the Paris team. Jean-Marc Franceschi is a renowned expert for ECM work. The firm is a strong advisor for issuers, assisting EDF on its €3.2bn public retail bond issue and Carbone Lorraine on its €63.4m share-capital increase.

Latham & Watkins has a strong DCM practice in John Watson, and a team able to advise on French, UK and US law. The department assisted Compagnie de Financement Foncier on the establishment of a US medium-term securities programme. The firm also has leading structured finance expertise in Basil Zotiades, who heads the practice at global level and is regularly consulted on post-Lehman issues. He recently assisted Pernod Ricard on its multi-jurisdictional securitisation programme.

Orrick Rambaud Martel’s practice is headed by Pascal Agboyibor, a renowned expert for structured finance and securitisation work. The firm also has a growing ECM practice in the ‘reactive and wise’ Louis de Longeaux who has ‘real expertise’ in the field advising corporations. The team handles transactions advising on both the issuers and underwriters’ sides. It represented CIC and six other international banks on the increase of the €420m freight receivable securitisation by CMA CGM and Vivendi on the issuance of €750m notes.

Sullivan & Cromwell LLP is recommended for complex and large ECM transactions, with French and US law capabilities. The team, including Dominique Bompoint, Richard Vilanova, Olivier de Vilmorin and Krystian Czerniecki, acts for leading French issuers (EDF, France Telecom), while William Torchiana specialises in advising high-profile insurers and financial institutions. Recent highlights include assisting the underwriters on Axa’s €2bn share-capital increase, and EDF on a rule 144A/Regulation S offering.

Ashurst LLP is ‘one of the top firms for derivatives’, with the ‘very responsive’ Julien Bacus and counsel Hubert Blanc-Jouvan, who assist prestigious financial institutions (Goldman Sachs, JPMorgan Chase). The team advises on innovative regulatory matters, acting for LCH Clearnet on the implementation of a clearing scheme for credit default swaps. The firm also handles structured debt securities work, and is raising its profile in the ECM field through Yann Gozal, who assisted Cinven on its public tender offer for Sperian Protection.

At De Pardieu Brocas Maffei, Antoine Maffei, Pierre Minor and Olivier Hubert’s practice has a strong banking and real estate profile. The 12-lawyer team deals with structured finance, equity swap, securitisation, securities issuance and litigation work.

Jones Day’s 10-lawyer team is headed by Linda Hesse, who is hands on at advising large issuers on international deals including on the US markets. Renaud Bonnet is a good choice for start-up companies, while Charles Gavoty was appointed partner in 2010. The practice assists a strong client base of issuers on security offerings, public takeover and corporate governance work. Highlights included representing Société Générale CIB and Piper Jaffray on Stentys’ IPO on Euronext Pariss and France Telecom on a US public offering.

Norton Rose LLP’s Roberto Cristofolini and Marie-Aude Noury lead an 11-lawyer team dedicated to equity and equity-linked transactions. The practice is strongly involved on the banking side, while also handling deals for issuers. Highlights included assisting Calyon, Lazard-Natixis and Société Générale on Neopost’s issuance of €300m convertible bonds, and Mr. Bricolage and Société Générale on Mr. Bricolage’s OBSAAR issuance.

Paul, Hastings, Janofsky & Walker (Europe) LLP handles public offering, public listing and private placement work in Europe, the US and Asia. The 13-lawyer team assists major underwriters and issuers, with Aline Poncelet, Erwan Barre, Joel Simon and Samia Sellam leading the practice. Highlights included assisting Cegedim, Calyon and Société Générale on Cegedim’s rights offering, and Infovista on the issuance of BSAAR.

DLA Piper’s Anne Maréchal has in-depth knowledge of securities law and was hired by key market’s players (Chartis) to handle subprime-related matters. The four-lawyer team has French and US capabilities and also advises on employee share-stock plan. Counsel Adrien Debré is also a key element in the team. The firm assisted G7 Entreprises on ADA’s share capital increase on NYSE-Euronext.

Davis Polk & Wardwell LLP’s practice is led by Andrés Gil, who relocated from the Madrid office in 2009, while Margaret Tahyar joined the New York office. Arnaud Pérès is the other key figure in a practice covering debt and equity transactions in Europe and the US, acting for issuers and underwriters. The team assisted Technicolor on its share-capital increase, and Dexia Crédit Local on a series of notes offering transactions.

Headed by Frank Martin Laprade, JeantetAssociés AARPI’s nine-lawyer team focuses on public offering, share-capital increase and employee shareholding work. Philippe Portier and Laurent Sablé are also key elements in the practice. Highlights included advising on the €100m share-capital increase of Compagnie des Alpes.

Led by Vincent Morin and Gilles Peigney, White & Case LLP’s practice is making good progress in the debt and equity fields, the firm acting on the issuers and underwriters’ sides. Highlights included assisting BC Partners on Medica’s IPO, and Calyon, RBS and Bank of America on Rexel’s €500m offering.

Willkie Farr & Gallagher LLP’s Stéphane Sabatier has a strong focus on ECM transactions, while Eduardo Fernandez has experience advising on cross-border debt private placements. Laurent Faugérolas left the firm to join Weil, Gotshal & Manges. The team acts for issuers, assisting Schneider Electric on the update of its €6 EMTN programme and on two bond issues.