The Legal 500

BBA // Legal counts Islandsbanki and the Resolution Committees of Glitnir Bank and Straumur-Burdaras Investment Bank among it clients. Recent work includes advising NBI and Arion Bank regarding the €95m refinancing of Hagar, Iceland’s largest retail corporation; and advising healthcare company Prima Care on financing for a hospital in Reykjavik. International clients include Barclays and BNP Paribas. The team is praised as being ‘very resourceful in difficult situations’ and providing ‘outstanding value for money’; the ‘level of service is very high’.

Lex Law Offices has experience across a range of large and complex transactions, and the partners are noted for their ‘deep knowledge of each individual case’. Ólafur Haraldsson and Eva Margrét Aevarsdóttir recently advised on the ISK28bn refinancing of Sjóvá – Almennar tryggingar, one of the biggest insurance companies in Iceland; while recent work for Ragnheiður M Ólafsdóttir and Eva Margrét Ævarsdóttir includes acting for Arion Bank in its financing of Össur (a global developer and manufacturer of non-invasive orthopeadics) and Skipti (parent company of Siminn, Iceland’s incumbent telecoms company).

LOGOS legal services has been busy advising the resolution committees of the collapsed Icelandic banks on the financing aspects of restructuring plans, and is recommended for its ‘appropriate advice and knowledge’. Highlights for Thorolfur Jonsson included advising on the financing of NBI´s acquisition of assets from the estate of Landsbanki Islands, valued at ISK300bn and one of the largest funding transactions in the Icelandic financial sector. The firm also advised Icelandair Group on refinancing and restructuring matters.

Jonsson & Hall is a well-established presence in the market. Recent work includes acting on the refinancing of Hagar, Iceland’s largest retail corporation. The firm acts for a diverse range of clients, both domestic and international, ranging from small start-ups to Fortune 500 companies, banks and government institutions. Einar Sverrisson, Gisli Hall and Gunnar Jonsson lead the banking and finance practice.

Juris Law Office has a growing practice in the area, and has been particularly busy in litigation and insolvency work, acting for Arion Bank, Glitnir Bank, Islandsbanki, Kaupthing Bank and Landsbanki among others. The firm regularly advises on Icelandic banking law issues, particularly in cross-border transactions. Andri Árnason, Lárus L Blöndal and Stefán Andrew Svensson all lead on banking and finance matters.

Landslog Law Offices’ practice was strengthened and broadened by its merger in July 2010 with LM Attorneys. Islandsbanki, NBI and Arion Bank are all clients, and the firm also handles all legal affairs for SP Kef Savings Bank (Iceland). Johannes Sveinsson and Vidar Ludviksson are key names in this area.

Reykjavik Law Firm’s presence in the market has increased in recent years with the appointment of Lárentsínus Kristjánsson and Steinar Þór Guðgeirsson appointed as Chairman of the Resolution Committees of Landsbanki and Kaupthing Bank respectively, as well as other lawyers acting in winding-up committees and moratoriums. The firm is also a member of the Association of European Lawyers.

Previously known as Fulltingi Legal Services, the new-look ADVEL Attorneys at Law has a dedicated corporate and financial law practice group, led by new partner Sigurdur Valgeir Gudjonsson, to spearhead projects aimed at rebuilding local companies. Recent work includes acting for Samskip during its financial reorganisation; and advising real estate company Festing on its loan facilities with NBI and Islandsbanki. Other clients include Midengi (holding company for Islandsbanki). Gudjonsson is praised as having ‘good experience’ and being ‘very professional’.

Founded by Hreinn Loftsson in 2000, Attorneys at Hofdabakki is one of the smaller law firms in Iceland, with two partners and four associates (one of whom has previously worked at Islandsbanki and Kaupthing). The firm advises some of the largest business enterprises in Iceland.

Johannes Runar Johannsson of JP Attorneys is extremely well connected in the banking industry, and is part of the Resolution Committee of Kaupthing Bank having previously served as senior legal counsel. Recent work for Johannsson includes acting for Kaupthing in judicial review proceedings against HM Treasury in the UK’s High Court. Oskar Sigurdsson has also advised many clients in the sector, and until recently was a member of the Icelandic Financial Supervisory Authority.