The Legal 500

Although an established leader for decades, France’s largest tax team (172 tax lawyers including 61 partners) at CMS Bureau Francis Lefebvre has never ceased to be at the cutting-edge of tax practice. Following the introduction of the preliminary constitutional question in 2010, Stéphane Austry has brought four out of the seven tax matters referred to the Constitutional Council and was also involved in the first recovery cases of tax exemption considered as state aid by the EU Commission. Serving a large number of the CAC 40, the firm has sound experts in all areas of tax, and handled more than 400 matters in 2010 regarding the abolition of tax havens through Pierre Dedieu, Luc Jaillais, Olivier de Saint Chaffray and Richard Foissac. Stéphane Gelin, Bruno Gibert, Bruno Gouthière, Jean Guilmoto, Edouard Milhac, Pierre-Sébastien Thill, Lionel Lenczner, François Charpail, Michel Collet and Pierre-Jean Douvier are all leading tax specialists.

The tax boutique Arsene Taxand, chaired by Frédéric Donnedieu de Vabres, is made up of 13 partners including Michel Taly, Antoine Glaize, who leads the transfer pricing practice, Denis Andres, who is in charge of the tax M&A and private equity practice, and the ‘very well experienced and pragmatic’ François Lugand, who supervises the tax property division. In 2010, the firm continued to make significant hires, including former tax adviser to the Finance Ministry Nicolas Jacquot, and Mirouna Verban and Frédéric Teper, who joined respectively from Dechert and Ernst & Young Société d’Avocats. The firm’s portfolio is made up of leading French (Total, Danone) and foreign (Accenture) groups and private equity funds (PAI, Rothschild). Highlights included assisting Schneider Electric on structuring in 20 countries, Sebia managers on the LBO by Cinven, and Simon Property and Ivanhoe Cambridge on the sale of assets to Unibail.

‘Exceptional firm’ Bredin Prat has a ‘first-class’ 13-lawyer team, which has unmatched expertise for corporate M&A work, and benefits from its ‘very good relationships with the tax authorities’. The practice is led by the ‘remarkable’ Renaud Streichenberger, whose ‘legal opinions are the authority’, and includes Edouard Sicot, Sébastien de Monès, Pierre-Henri Durand, the ‘very creative and innovative’ Yves Rutschmann and newly promoted partner Julien Gayral. The team handles the tax aspects of M&A, private equity and property transactions and advises on management incentives. Highlights included assisting Natixis on the implementation of a guarantee mechanism, and Banque Fédérative du Crédit Mutuel on its acquisition of Monabanq and of the majority control of Cofidis.

Through practice head Siamak Mostafavi, Allen & Overy LLP has exceptional finance and capital markets tax expertise. The ten-lawyer team also includes Mathieu Vignon and Jean-Yves Charriau, a leading light for tax property work, who joined from CMS Bureau Francis Lefebvre. The department represents the world’s largest financial institutions and has in-depth knowledge of the energy sector. Highlights included assisting the core sponsors on the launch of Marguerite Fund.

Baker & McKenzie SCP has a ‘strong team’ made up of some 40 lawyers and comprising six partners. Christine Daric and Olivier Mesmin lead a superb tax property practice, the team advising on key transactions such as the sale of shopping mall Cap 3000. The firm offers corporate tax expertise through Pierre-Yves Bourtourault, Guillaume Le Camus and Véronique Millischer, and tax litigation in Eric Meier. The department assisted Veolia on the merger of Veolia Transport with Transdev.

Cleary Gottlieb Steen & Hamilton LLP’s transactional expertise is highly regarded thanks to France’s leading corporate tax lawyer Gilles Entraygues, and partner Anne-Sophie Coustel. Arnaud de Brosses left the firm. The practice handles top M&A, capital markets, finance and restructuring tax work, acting for the largest French and international companies (Alstom, Coca-Cola, Lagardère). The team assisted Accor and Edenred on the spin-off of Accor’s services business, and Veolia on the merger of Veolia Transport and Transdev.

Clifford Chance has a ‘really good quality’ 15-lawyer team led by Eric Davoudet, and including Julien Ruderman, Eric Zeller and Alexandre Lagarrigue – Laurent Vallée joined the Justice Ministry. The team stands out for the variety and innovative range of work it handles, including transactional, property, VAT and employee benefit matters. It assisted Natixis on the creation of France’s first securitisation company under the new securitisation law, and Caisse des Dépôts et Consignations (CDC) on the structuring of the Inframed fund.

Strong on M&A, private equity and structured finance taxation, Freshfields Bruckhaus Deringer LLP’s ten-lawyer team was able to adjust its practice, turning to restructuring and work in the emerging markets in the downturn. The three-partner group includes practice head Cyril Valentin, managing partner Antoine Colonna d’Istria and Eric Thomas. It assisted Danone on its joint venture with Unimilk, and the senior lenders on Technicolor debt restructuring.

Through its 18-lawyer team, Gide Loyrette Nouel A.A.R.P.I. has a good breadth of expertise, spanning M&A, banking, property, private client and litigation. The team consists of Richard Beauvais, Olivier Dauchez, Gilbert Ladreyt, Laurent Modave, Guillaume Goulard and newly promoted partner Guillaume Jolly. It advised UFG Real Estate on the acquisition of a hotel portfolio from Accor.

At Linklaters LLP, the ‘excellent and very reactive’ Edouard Chapellier leads a strong transactional practice, dealing with the market’s largest corporate and finance transactions. The six-lawyer team also includes the recommended Thomas Perrot. Highlights included advising CDC on the merger between Transdev and Veolia Transport.

Mayer Brown’s advice is ‘priceless for private equity transactions’. The 16-lawyer team, led by Laurent Borey, is ‘among the very few able to deal with figures’ and has developed a ‘tax structure memorandum that is a unique tool for negotiations and the running of the business’. The ‘superb’ and ‘extremely reactive’ five-partner team also has a private-client practice led by Pierre-Olivier Bernard. Olivier Parawan and Benjamin Homo are strongly recommended, as is fund expert Sabina Comis, who stands out for her ‘very practical approach’, ‘actual courage’ and ‘total honesty’. Highlights included assisting Carlyle on the acquisition of Gianonni.

Tax and M&A star partner Gauthier Blanluet leads a first-class transactional tax practice at Sullivan & Cromwell LLP. The practice has recently expanded its portion of stand-alone work, taking on restructurings and litigations. It represented Technicolor and Eutelsat on their respective debt restructuring, and advised Renault-Nissan on its alliance with Daimler.

Willkie Farr & Gallagher LLP’s practice is led by the ‘very good’ Pierre Ullmann and Marie-Hélène Raffin, who is ‘quite perfect in terms of restructuring work and tax knowledge’. The five-lawyer team focuses on transactional matters. Montefiore and Oaktree are key clients.

Ashurst LLP’s Catherine Charpentier and Nadine Gelli are adept at advising funds on fund structuring and LBO transactions. The four-lawyer team also handles debt restructuring work, representing the senior lenders on the restructuring of Saint-Gobain Desjonquères and CPI. The practice was also instructed by 70 Spanish investment funds and investors to launch claims against the French State regarding the French withholding tax on dividends.

De Pardieu Brocas Maffei has a 12-lawyer team with leading expertise in property tax. The practice is co-led by Bernard Boutemy and Emmanuel Chauve, who is regarded as ‘one of the market’s top advisers for property tax’, and also includes Sarah Espasa-Mattei, Alexandre Blestel and newly promoted partner Marie-Laure Bruneele. The team advises property companies and financial institutions on strategic matters, assisting Altarea-Cogedim on its joint acquisition of Aldeta, which owns Cap 3000 shopping-mall.

Debevoise & Plimpton LLP’s Pierre-Pascal Bruneau runs a practice with a strong private equity and fund focus. International counsel Eric Bérengier is also recommended. The practice advised Wendel on the sale of its shares in Legrand.

Herbert Smith LLP has a compact three-lawyer team, which advises on strategic matters, notably in the real estate, energy and restructuring areas. Practice head Jean-Luc Calisti and of counsel Jérôme Le Berre were involved in France’s largest property deal in 2010, acting for Predica on the acquisition of shopping centre Cap 3000.

The ‘very good’ Vincent Agulhon leads Jones Day’s six-lawyer practice – Christopher Potter left the firm while Emmanuel de la Rochethulon was promoted partner. The practice offers strong expertise in M&A and property matters. It assisted Pfizer on its restructuring and ABP on the joint acquisition of Cap 3000 shopping mall.

Latham & Watkins’ practice has a strong private equity focus. The eight-lawyer team, including Xavier Renard, Olivia Rauch-Ravisé and Olivier Delattre, also handles debt and structured finance transactions. Highlight included assisting Axa Private Equity on the acquisition of Go Voyages. Former practice head Christian Nouel joined SarrauThomasCouderc.

Scotto & Associés’ practice is made up of Wilinski Scotto & Associés’ former team, led by Jérémie Jeausserand, a ‘very technical and business oriented lawyer who comes up with solutions’, and enhanced by four major additions; tax patrimonial specialist Henri Bardet, who joined from CMS Bureau Francis Lefebvre, corporate tax expert Alex Burri, who arrived from Taj, and Marc Vaslin, who was previously at SarrauThomasCouderc and now manages the patrimonial department and Yann de Kergos who left Dechert. The seven-lawyer practice is hands on at advising on management packages and private equity transactions. It assisted the management team on the LBO on Picard.

Shearman & Sterling LLP’s three-lawyer practice is led by the ‘excellent’ and all-round tax adviser Niels Dejean. The team handles transactional matters while also generating stand alone work. Highlights included acting for Société Générale in the creation of Amundi.

Weil, Gotshal & Manges’s Stéphane Chaouat specialises in LBO structuring and transactional tax, assisting funds and large industrial groups. The four-lawyer team also deals with litigation and tax property work.

White & Case LLP’s six-lawyer practice, led by Norbert Majerholc and including Alexandre Ippolito, has in-depth experience handling corporate tax matters on behalf of major corporate companies and investors. It assisted MBI International on its investment for the development of two twin-towers in France.

At August & Debouzy, Xavier Rohmer and Philippe Lorentz lead a 14-lawyer practice with a major focus on transactional tax, recently assisting RATP on its exit from Transdev.

Darrois Villey Maillot Brochier’s Yann Grolleaud manages a practice focusing on transactional taxation, while also dealing with tax audit, dispute and private client work.

de Gaulle Fleurance & Associés has a strong stand-alone practice with expertise in corporate and estate planning taxation. The seven-lawyer team, led by Henri-Nicolas Fleurance, Vincent Schmitt and Franck Bauchet, advises on tax structuring and litigation work.

All-round tax adviser Jacques Messeca manages Eversheds LLP’s four-lawyer team. The practice handles M&A, restructuring and litigation tax work, acting for companies (Domino’s Pizza) and investment funds (Bavaria Industriekapital). It is also proficient in sports tax law.

Franklin has a strong private client tax practice in Jérôme Barré – Jean-Christophe Bouchard who headed the property and corporate tax practice left the firm to create its own boutique. The 11-lawyer group advises wealthy families and individuals.

Gibson Dunn’s ‘understanding of the overall deal’ is key according to clients. The ‘excellent and responsive’ three-lawyer team is led by corporate and tax partner Ariel Harroch and newly promoted partner Jérôme Delaurière. The focus is on transactional tax, assisting funds and large corporations. Highlights included advising CACEIS on the acquisition of HSBC’s French custody-depositary business.

Hogan Lovells (Paris) LLP’s co-managing partner James Vaudoyer is a strong reference for international and property tax work, while Xenia Legendre focuses on international taxation. The duo assisted the Russian Federation on the acquisition of the Météo France building in Paris. The tax department also took on some tax litigation work in 2010. Former practice head Hervé Israël joined Holman Fenwick Willan LLP.

Moisand Boutin & Associés provides ‘acute tax expertise’ and ‘excellent follow up’. The ‘extremely human and friendly’ six-lawyer team is led by Michel-Pierre Boutin and Dorothée Traverse. Marie-Eve Chauvière, who handles VAT work, is also recommended for her ‘reactivity, efficiency and availability’. The practice advises a large portfolio of clients on transactional, price fixing and patrimonial tax matters.

Morgan Lewis’ Patrice Lefèvre-Péaron leads a three-lawyer team and a well-balanced practice between tax support and stand-alone work. The tax group represents large corporations, investment funds and private clients on transactional, litigation and restructuring matters. It also handles fund formation work.

Paul, Hastings, Janofsky & Walker (Europe) LLP’s two-lawyer team, led by the experienced and versatile Allard de Waal, focuses on transactional, fund structuring (Candover, Montagu Private Equity), litigation and restructuring tax matters. The practice represented Acument on its restructuring.

SJ Berwin’s fund structuring practice is highly regarded in the market. The team, led by ‘the dynamic’ Fanny Combourieu and Sylvie Vansteenkiste, has sound knowledge of private equity transactions. The department assisted the sellers on the acquisition of Cerba by PAI.

Sandra Hazan leads Salans’ practice in Paris and co-heads the firm’s global group. The department has good resources with 15 lawyers including five partners. Sybille Salmon-Legagneur specialises on corporate and property tax, while new hire Jean-Luc Cuadrado, who joined from DLA Piper, has a strong practice in the life-sciences field, advising leading laboratories (Bayer Healthcare, GlaxoSmithKline) on corporate transactions and handling litigations. Managing partner Benoit Giraux focuses on private clients, while François Froment-Meurice has expertise in public tax law.

SarrauThomasCouderc has a good team and recently signed a collaborative agreement with audit firm KPMG. The firm has transactional expertise in Christian Couderc, solid wealth tax capabilities through Eric Ginter, and recently strengthened its team through the hire of Latham & Watkins’ former practice head Christian Nouel, and Denis Fontaine-Besset who was previously of counsel at Orrick Rambaud Martel – Marc Vaslin joined Scotto & Associés.

UGGC & Associés is good for transactionnal, patrimonial and litigation work. The practice, led by Michel Turon, Laurent Chambaz and Antoine Gabizon, is a regular adviser to French and international groups (Pitney Bowes, CIC France) and families.

Winston & Strawn’s stand-alone practice is led by Jean-Pierre Collet, Franck Lagorce, Florence Bilger and David Colin. The 11-lawyer team has a strong focus on transactional tax. The client portfolio includes high-profile funds and companies (Amundi, EADS). It assisted Générale de Santé on the sale of its medical biology department.

New market entrant Wragge & Co has a solid team who joined from Lefèvre Pelletier & associés. The six-lawyer team includes Eglantine Lioret and practice head Pierre Apremont, a leading expert for tax property work, who recently advised on the first ever creation of an OPCI from an existing company.