The Legal 500

Flick Gocke Schaumburg has an enviable reputation within the market as a boutique tax law firm whose expertise runs the gamut of the sector, and a very large number of fee-earners including many tax advisers and CPAs. The client base is ‘excellent’, with some ‘very prestigious’ name; it ranges from international corporations and national companies (from sectors such as telecoms, utilities, insurance, transport, electrical and construction) to leading German families. The team as a whole has a ‘very good reputation’, and lawyers of note include Thomas Rödder in corporate tax; Detlev Piltz in tax litigation and international matters; and the nationally respected figure of Harald Schaumburg. The firm is aiming to build its profile internationally and extend its expertise to areas other than tax.

Freshfields Bruckhaus Deringer’s large team is led by Christian Ruoff, and witnessed an upturn in M&A-related tax advice, with restructuring and refinancing work also remaining significant areas. The group has an impressive portfolio of clients that includes Porsche Automobil Holding, Deutsche Bank, Volkswagen and Deutsche Post. Recent highlights include acting for Thyssen Krupp Marine Systems in the complex takeover of the shipbuilding group Blohm + Voss; and representing Merckle/VEM Vermoegensverwaltung on the sale of the Merckle/ratiopharm group to an Israeli company, in a €3.6bn deal. Tobias Teufel is now partner at the firm and specialises in bank and investment taxation. Stephan Eilers and Norbert Schneider are recommended.

Linklaters LLP’s team, led by Sebastian Benz, had a busy year, and is noted for its ‘high-quality’, multi-jurisdictional advice. The firm acted for Banco Santander on the €555m acquisition of the German retail section of Swedish bank SEB; for Unicredit Bank on the acquisition of Bank Austria’s investment banking arm; and for a consortium of banks including Commerzbank and RBS on the restructuring of Schaeffler’s loan liabilities, the largest corporate restructuring to date in Europe. Oliver Rosenberg and Jens Blumenberg are recommended.

Allen & Overy LLP’s busy four-partner team was strengthened by Heike Weber being made partner, joining the well-respected figures of Eugen Bogenschütz, Gottfried Breuninger and Asmus Mihm. The team saw an increase in tax-related restructuring and distressed situation mandates, and assists a full range of clients from SMEs to multinational enterprises. Key mandates included advising the Vural Oeger family on the sale of the OEGER-TOURS Group to Thomas Cook. The team also advised a bank consortium on the €8.5bn refinancing of Porsche SE, and Pamplona Capital Management on the acquisition of a minority share in WEPA Industrieholding.

Hengeler Mueller’s four-partner team is ‘among the very best’ and saw a rise in innovative tax restructuring work post financial crisis. The department has also continued to develop international relationships in growing markets with a new interest in Germany, such as India and China. Major deals in 2010 included acting for Porsche Automobil Holding on the acquisition of a 49.9% stake in Dr Ing Porsche by Volkswagen, and for WestLB on a €77bn bad bank structuring and transfer scheme. In a high-profile move, the well-respected Stefanie Beinert joined the firm as a partner. Friedhelm Jacob and Martin Klein are recommended.

P+P Pöllath + Partners is known for its private equity and M&A-related tax work. It assisted The Apax Foundation on its acquisition of a share in Finance in Motion; Barclays Private Equity on the tax aspects of its reinvestment in Neumayer Tekfor; and Brockhaus Private Equity on the acquisition of Biopharm/Resorba Group. The Munich team has an excellent reputation, and the Berlin and Frankfurt offices are also highly regarded. Andreas Rodin, Alexander Pupeter and Thomas Töben are recommended.

Clifford Chance has, in common with others, seen an increase in restructuring-related deals. Key mandates included acting for Aurelis Asset on its €900m loan refinancing, led by Hubert Schmid. Stefan Menner is a leading VAT and restructuring specialist, and clients also recommend Stefan Behrens, who specialises in real estate and M&A-related matters.

Achim Dannecker heads the practice at Gleiss Lutz, which was boosted by the firm’s opening of its sixth German office, in Hamburg, in 2010. Recent work includes advising Morgan Stanley on the sale of Frankfurt’s Park Tower to RREEF; itelligence AG on its cross-border takeover of Dutch company 2B Interactive; and Adolf Wuerth & Co and other subsidiaries of the Wuerth Group in a range of tax matters. Alexander Werder and Michael Marquardt are recommended.

Stephan Geibel leads the busy department at Hogan Lovells International LLP, which benefited from the firm’s opening of a Berlin office, headed by Jens-Uwe Hinder, and now includes four partners. The practice deals with many energy and real estate related tax matters, but has also seen an upturn in distressed debt and M&A transactions. It advised BayWa on the acquisition of a 87.7% stake in RENERCO Renewable Energy Concepts, and Marcol Deutschland on the acquisition of Germany’s largest private clinic operator Median with Advent International. The department is strong in insurance, and notably assisted AXA LM on the acquisition of BF Rueck. Michael Dettmeier and Christoph Küppers are recommended at this ‘top-notch’ firm.

Baker & McKenzie delivers ‘great advice’ at ‘short notice’. The team, headed by Christian Brodersen, worked for a US-listed pharmaceutical enterprise on the development of the first fast-track audit in Hesse, which enabled it to avoid large transfer price adjustment costs. The team also assisted a major international company on a rare and complex change of legal form from KGaA to GmbH. Clients appreciate the ‘competitive’ rates offered by the firm. Nicole Looks is recommended.

CMS Hasche Sigle’s practice is headed by the well-respected Wolf-Georg Freiherr von Rechenberg. It provides a ‘full-service approach’ to a broad range of industrial and commercial clients, and is adept at handling ‘complex situations’. Highlights included advising a major hotels company on preserving losses carried forward in the course of a merger, and a mobile advertising provider on share transfer, restructuring and finance structures. It also assisted a bank on several restructuring and property projects. The firm has an excellent reputation as a leader in mid-market transactions.

Cleary Gottlieb Steen & Hamilton LLP’s team, led by Daniel Weyde, delivers a ‘very good service’. It provided tax counsel to Citi and Deutsche Bank, among others, on the offering of €64.9m new preferred shares in Volkswagen, and also advised Wendel and Helikos on the €200m Reg S/Rule 144A IPO of Helikos. The team is strong in M&A tax and also restructuring deals; ESCADA recently engaged the team on its financial restructuring and recapitalisation plan.

Dewey & LeBoeuf LLP’s team is headed by Bernulph von Crailsheim, who demonstrates ‘good knowledge and good product understanding’. The team advised RBS on complex structured products in certificates and investment funds, and Macquarie Financial Products Management on the implementation of two closed-end infrastructure funds.

Haarmann Partnerschaftsgesellschaft Rechtsanwälte Steuerberater Wirtschaftsprüfer has a ‘superb’ reputation in tax that stems from the renowned figure of Wilhelm Haarmann, and has a wide-ranging practice. The firm advised various major clients on the acquisition and restructuring of competitors, and advised others on the German CFC rules, following a judgement of the European Court of Justice. The team also works for SME clients, recently advising one on complex tax issues involved in a €100m business sale. The advice is always ‘client-tailored’, and Michael Graf is ‘outstanding’; his counsel is ‘straightforward, practical and reliable’.

Latham & Watkins LLP’s team of four partners delivers ‘a very good level of service’, and excels in restructuring and other transactions. Highlights included acting for BC Partners Apollo Global on the €3.5bn sale of its jointly controlled company, Unitymedia, to Liberty Global; and for Capvis Equity Partners on the joint leveraged acquisition of Kaffee Partner Group. The firm is also active in motor company restructuring and related tax work. Stefan Süss is a ‘favourite’ of clients at this ‘top-notch’ practice, and Thomas Fox is also recommended.

The team at McDermott Will & Emery Rechtsanwälte Steuerberater LLP has a very good reputation for tax litigation, particularly practice head Dirk Pohl. Operating on a multi-jurisdictional level for both large and SME clients, the practice has recently acted for an international pharmaceutical concern on VAT matters before the Baden-Württemburg Fiscal Court, and advised Deutsche Bahn on wage tax issues. Gero Burwitz is a recommended figure.

Milbank, Tweed, Hadley & McCloy LLP’s formidable team is headed by Rolf Fueger, and specialises in acquisition and financing structures and corporation tax. Among an impressive array of deals, the firm acted for Axel Springer on a joint venture with Switzerland’s Ringier for their Eastern European publishing activities. It also advised MAN on the intended divestiture of an affiliated company and a majority stake in Ferrostaal to the International Petroleum Investment Company. Clients recommend Thomas Kleinheisterkamp and Norbert Rieger.

Jointly headed by Georg Edelmann and Lutz Schmidt, Noerr LLP has sought to expand its transactional and structuring tax capabilities throughout its newer German offices. The team acted for Veronis Suhler Stevenson and GMT Communications Partners on the sale of their interests in Pepcom, the large cable TV operator, to STAR Capital Partners. It also advised Kennametal, the engineering components supplier, on its tax audit, and assisted Lidl on tax matters relating to a takeover in Eastern Europe.

RP Richter & Partner’s three-office team is headquartered in Munich and is ‘respected in the market’, offering a broad tax service to a range of long-term and notable clients The practice has expanded recently, notably in real estate. Wolfgang Richter heads the team, and both he and Sven Fritsche are ‘frequently seen’ by peers.

Rödl & Partner delivers ‘solid-quality’ advice and has a large network of offices throughout Germany, with the Nuremberg base being of note. Areas of expertise include mid-sized auditing and retail accounting, and it has a loyal client base of Mittelstand and family-owned firms. Bernd Rödl, Christian Rödl and Peter Bömelburg are recommended.

SJ Berwin LLP’s tax practice has notable expertise in the area of private equity, where the firm has been so successful, but offers the full range of tax services. Notable clients are drawn from the mid-cap sector and include 3i, which the team advised on the €580m sale of MWM Holding, and Bavaria Yachtbau, advised on its takeover. Andreas Söffing heads the German private clients team, and Rüdiger Knopf is also recommended.

Shearman & Sterling LLP’s two-partner team is led by Reinhard Stockum and shows a ‘high degree of efficiency and creativity’. The team assisted Aabar Investments on tax and structuring advice in its acquisition of a 9.1% stake in Daimler; and Sal. Oppenheim on its €1.2bn sale to Deutsche Bank, and also the sale of its derivatives business to Macquarie Capital (Europe). Johannes Frey is recommended.

Streck Mack Schwedhelm is a boutique firm with a very good name in tax litigation matters. Based across offices in Cologne, Berlin and Munich, the team notably advises clients with foreign-held assets. Recommended individuals include Joerg Alvermann, Rolf Schwedhelm and Alexandra Mack.

Andreas Knebel heads the ‘professional’ three-partner team at White & Case LLP, which delivers ‘timely feedback in a client-friendly manner’. The firm notably advised the City of Hamburg and the State of Schleswig-Holstein on the restructuring of HSH Nordbank, and also advised a consortium of banks led by Commerzbank on the tax implications of investor claims. The team, which fosters excellent international links, is ‘very flexible’ and the ‘availability of top partners is very good’. Clients rate Josef Große Honebrink.

Ashurst LLP, under Klaus Herkenroth, has a broad-based practice and is ‘very good value for money’, with clients appreciating good levels of partner contact. It acted for RBS as lead manager of a consortium of banks on the financial restructuring of CPI Group, as well as advising the bank on the sale of RBS Factoring to GE Capital. It also advised Commerzbank on its sale of several subsidiaries.

Friedrich Hey heads the practice at Debevoise & Plimpton LLP, which has expertise in structuring cross-border acquisitions and increasingly in tax controversy work, coupled with a focus on US/Germany cross-border tax planning. Recent mandates include advising Dover on German tax matters, including reorganisations, acquisitions and divestitures. The team also assisted Ingenico on the tax aspects of the €290m acquisition of payment services provider easycash.

Heuking Kühn Lüer Wojtek has a growing team and a commitment to entrepreneurialism. The practice advised a German IT and media company on significant M&A-related tax matters, and also acted for Geers Hoerakustik & Co on the €100m takeover of the HoerGut group and the sale of the client’s holding. Dieter Bohnert and Marion Sangen-Emden are recommended.

Honert + Partner is a boutique firm based in Munich and Hamburg, and has expanded its practice on the corporate side. The firm generally represents smaller sellers and has a good name in the mid-cap sector. Jürgen Honert is recommended, and Jochen Neumayer brings together tax and corporate expertise in a ‘pragmatic and to-the-point’ way.

Munich-based firm Peters, Schönberger & Partner has a good name in dealing with family-owned businesses and succession matters. It also offers extensive advice to Mittelstand businesses and handles advice covering other jurisdictions, as well as audit instructions. Christopher Schönberger and Bernhard Winterstetter are recommended.

Sibeth’s department is led by Rupert Klar and has a wide-ranging practice across all areas of commercial and transactional taxation, notably real estate matters. Clients include several closed-end real estate funds. Through its membership of the MERITAS network, the firm is able to offer both domestic and cross-border advice.

Weil, Gotshal & Manges’ two-partner team includes of Tobias Geerling in Munich and Jürgen Börst in Frankfurt, and has been increasingly busy in restructuring work alongside its other broad-based capabilities. The team advised Change Capital Partners on the tax structuring of the acquisition of German fashion retailer Hallhuber, and the CPI Group on its cross-border reconstruction. Deals also included several closed-end foreign real estate transactions.