The Legal 500

France

Administrative and public law

Administrative and public law - ranked: tier 3

Bredin Prat

Bredin Prat is praised for its ‘responsiveness, skill, creativity and strong strategic advice’. The firm provides multi-disciplinary advice, notably in relation to complex regulatory issues, and represents clients in litigation before the French courts and the CJEU. The five-lawyer team has been retained by public sector entities to assist with the reform of their status. It is also one of the few firms able to provide European public law advice and is regularly advising on new legal issues. The practice is notably advising EPSF on the current reform of the French national rail safety agencies and negotiating a co-operation agreement with the European Union Agency for Railways. The team is also acting for G.H. Mumm in a dispute with FranceAgriMer regarding public subsidies granted in the wine sector. Many leading French companies and entities, as well as international blue-chip digital corporations, are clients, notably APE, Airbnb, Groupe PSA, CCI Paris Ile-de-France and Uber. Yann Aguila heads the practice, and counsel Guillaume Froger is also highly recommended.

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Banking and finance: transactional work

Banking and finance: transactional work - ranked: tier 2

Bredin Prat

The Bredin Prat team impresses with 'a solutions-oriented pragmatic approach' and 'takes into account client needs in negotiations'. 'Dedicated, thorough and available', the group is 'very well integrated with the firm's other practices, giving it an advantage when trying to solve complex issues'. The 'seamless integration with best friends firms' is a clear asset in cross-border mandates. Borrowers provide a strong flow of instructions, but the group also regularly acts for lenders, with a notable emphasis on acquisition finance, restructuring and financings involving capital markets aspects. The team, which is led by practice head Raphaële Courtier, includes the 'very hands-on' Samuel Pariente, whose 'large horizon of transactions allows for different types of approach' 'turned towards finding the optimal alternative for both parties in fast-track mode', and Karine Sultan, who 'has a lot of relevant experience to share'. One recent standout matter saw Courtier advise Groupe Arnault on a €9bn fundraising to finance the cash component of its public offer for a 26% stake in Christian Dior. Ramsay Générale de Santé, Iliad and Core Equity Holdings are also clients of the firm.

Leading individuals

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Capital markets: debt capital markets

Capital markets: debt capital markets - ranked: tier 2

Bredin Prat

The 'incredible' team at Bredin Prat offers expertise in hybrid securities, both domestic and international, private placements, including by accelerated book building, high-yield offerings, eurobond issues and commercial paper and medium-term note programmes. Samuel Pariente assisted Ingenico Group with its issue of €600m 1.63% bonds due 2024 and Karine Sultan advised Ubisoft on a €500m inaugural bond issue with an annual coupon of 1.29%, with the order book reaching an oversubscription of 4.4 times and totalling €2.2bn. Raphaële Courtier heads the practice. Other clients include Korian and Orpea.

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Capital markets: equity capital markets

Capital markets: equity capital markets - ranked: tier 2

Bredin Prat

Bredin Prat's 'great practice' is 'well embedded in the firm's M&A group', making it the 'perfect match to advise on large and complex M&A deals with a capital markets component'. The team is noted for its 'exceptional quality and strong involvement' and 'seamless execution capabilities'. IPOs and private placements of equity securities are the practice's mainstay, and recent highlights include advising KKR on the sale of its stake in Sandro, Maje, Claudie Pierlot in the context of its IPO on the Euronext Paris. Ubisoft received advice on Vivendi's exit from the client's share capital via a €2.1bn private placement led by J.P. Morgan as well as on the associated share buy-back by Ubisoft. Other work came from Groupe Delachaux and its majority stakeholder Ande Investissement, Fosun and Banque Fédérative du Crédit Mutuel. 'Exceptional' practice head Olivier Saba 'knows how to identify issues, bring efficient and business-driven solutions, negotiate in his client's best interests and accompany the client and other advisers to the finishing line'.

Leading individuals

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Dispute resolution: International arbitration

Dispute resolution: International arbitration - ranked: tier 3

Bredin Prat

Bredin Prat is retained by large French corporations and international companies to handle commercial arbitration, including M&A-related cases. The 24-lawyer team is also highly active in investment arbitration, notably advising North African and Middle Eastern states and companies in ICSID cases relating to the energy and mining sectors, among others. It regularly acts for the Egyptian state, which recently instructed it to act on new cases. Lebanon is also a key client. The practice is also representing UC Rusal’s subsidiaries in a major ICSID arbitration with Ukraine pertaining to the expropriation of a Ukrainian aluminium plant, and Croatia in an ICSID arbitration brought by a Dutch investor relating to a biomass power plant. The practice is co-headed by the ‘exceptional’ Louis-Christophe Delanoy, who deals with cases ‘with passion and dedication’, Raëd Fathallah and Tim Portwood.

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Dispute resolution: White-collar crime

Dispute resolution: White-collar crime - ranked: tier 1

Bredin Prat

Bredin Prat is handling a diverse and high-profile caseload spanning criminal tax, securities, technology, industrial, international corruption, money-laundering and public procurement cases. Representing HSBC's Swiss subsidiary, the firm advised on the conclusion of France's first judicial public interest agreement (CJIP). The practice is also representing Uber France and Airbnb in separate high-stakes cases directly addressing the companies' ability to operate in France. It is also defending a former Altran CFO in a complex securities and criminal case. Many other high-profile French and international companies and banks are also clients and turn to the firm for their most sensitive cases. The highly regarded Eric Dezeuze is praised for his ‘exceptional professional, technical and interpersonal skills’. Jean-Daniel Bretzner and Guillaume Pellegrin are also key contacts.

Leading individuals

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EU, competition and distribution

EU, competition and distribution - ranked: tier 1

Bredin Prat

Bredin Prat's team advises on EU competition mandates, French antitrust investigations, dawn raids and follow-on damage claims. Olivier Billard continues to lead the group representing Fnac Darty in landmark litigation against the French Competition Authority (FCA) regarding the allegedly incorrect implementation of Fnac's commitments in the context of its takeover of Darty, and Marie-Cécile Rameau teamed up with him to advise the same client on its merger clearance filing to the FCA for its buying alliance with Carrefour in the white and brown goods sector. Yelena Trifounovitch is representing Johnson & Johnson in an appeal to the FCA regarding its decision to fine the client and its subsidiary €25m for an abuse of dominant position in the pharmaceutical sector, while senior counsel Hugues Calvet and Pierre Honoré - who shares his time between Brussels and Paris - successfully obtained the cancellation of all dawn raid operations carried out on the Darty premises by the FCA in 2013 through an appeal. Also notable is the team's work for Uber before the European Court of Justice to determine whether the banning of the Uber mobile app is compliant with EU law. Robert Saint-Esteben and Marc Pittie retired from the legal profession.

Leading individuals

Next Generation Partners

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Employment

Employment - ranked: tier 1

Bredin Prat

Bredin Prat is praised for its ‘extraordinary responsiveness, efficiency, expertise, strategic approach and availability’. The 20-lawyer team, which has ‘very high level technique’, acts for leading French and international companies. It recently worked on the implementation of several mass-redundancies and workforce transfer projects and handled subsequent litigation and assisted with the negotiation of new collective voluntary departure schemes. The team, which has ‘great knowledge of the IT sector and is able to adapt quickly to that environment’, is also handling high-stakes litigation for e-companies. It is notably defending Uber in litigation concerning claims initiated by numerous drivers and the French social security collector agency challenging the status of its drivers. The practice is also handling a major case relating to back-dated profit sharing payments and has extensive experience advising on high-profile M&A transactions. It notably assisted Tata Steel with the setting up of a joint-venture with Thyssenkrupp, and Italian shipbuilder Fincantieri on the employment elements of its acquisition of 50% of STX France. Engie, Illiad and Saint Gobain are also clients. Practice head  Pascale Lagesse has ‘no weak points’: she is ‘responsive, an excellent negotiator and litigator and has a wide network’. Cyril Gaillard has ‘excellent pleading skills’, Laëtitia Tombarello is ‘available, listens, understands clients' needs and is result oriented’ and counsel Jérôme Cordier is also noted.

Leading individuals

Next Generation Partners

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Insolvency

Insolvency - ranked: tier 1

Bredin Prat

Bredin Prat fields a team of ‘exceptionally competent and imaginative lawyers who are also straight-forward and down to earth, loyal and transparent’. The ‘fully dedicated’, ‘high-profile professionals’ have ‘strong business acumen and strive to find viable solutions’. The firm stands out for its ability to handle highly specialised situations thanks to its capability to put together state-of-the-art insolvency, corporate and financing expertise. The team was recently involved in prominent matters spanning LBO and listed companies restructurings alongside different stakeholders. The practice is notably representing Areva in its one-of-its-kind conciliation proceedings. It also advised Fraikin’s senior lenders on the restructuring of the company’s LBO debt and acted for Jaccar Holding in the Bourbon case. The core nine-lawyer team is led by the experienced Nicolas Laurent and ‘incredible lawyer’ Olivier Puech, who ‘combines creativity and toughness in negotiations’ and whose ‘extensive experience and networking are key to hit the right milestones in difficult conciliation procedures’. 

Leading individuals

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Mergers and acquisitions

Mergers and acquisitions - ranked: tier 1

Bredin Prat

The 'outstanding team' at Bredin Prat is 'always committed to clients' needs' and stands out through its ability to 'gather legal competences in very specialised areas of M&A in a seamless team' and being 'supported by very strong practices to deliver M&A transactions in all their components'. It consistently attracts the biggest transactions in the market, covering a broad spectrum of sectors, and succeeds in fielding a strong domestic caseload in addition to 'being particularly well equipped to advise on cross-border transactions'. Recent highlights include advising Delfin, controlling shareholder of Luxottica, on the €47bn merger of Luxottica and Essilor, a matter jointly led by Sébastien Prat and Florence Haas. A recent domestic stand-out instruction saw Olivier Assant and Clémence Fallet advise Direct Énergie on the acquisition of 74.33% of shares by Total. Patrick Dziewolski demonstrates 'a very sharp appreciation of situations and negotiation dynamics'. Barthélémy Courteault, Benjamin Kanovitch, Didier Martin, Matthieu Pouchepadass and Kate Romain are also recommended. Other clients include Air Liquide, Orano, Danone and the Banque Fédérative du Crédit Mutuel.

Leading individuals

Next Generation Partners

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Tax

Tax - ranked: tier 1

Bredin Prat

Bredin Prat is ‘unique due to its tax partners' outstanding technical skills and unconditional engagement’. The 21-lawyer team ‘listens to its clients, adapts itself to their constraints, finds practical solutions’ and provides ‘a very high level of expertise which is adapted to multinational companies’. The practice handles the full spectrum of tax work: it houses ‘high-level M&A tax professionals’, has ‘exceptional experience in tax audit’, is ‘very knowledgeable in litigation’ and ‘manages very complex matters mixing REIT tax regime corporate and real estate constraints’. The first-rate team advises on the largest listed and non-listed M&A transactions as well as on private equity deals. Recent highlights include assisting Axa with the acquisition of XL; Engie with the sale of its 70% interest in EPI; PSA with the acquisition of Opel/Vauxhall; and Direct Énergie with its purchase by Total. The practice is also representing leading US internet companies, as well as French companies and banks in major tax reassessment cases touching on permanent establishment, corporate tax income and financial scheme issues. It was successful before the Court of Appeal in the high-profile Wildenstein tax fraud case for the eponymous Guy Wildenstein. Practice head Yves Rutschmann ‘delivers exceptional and tailor-made services’. Sébastien de Monès provides 'clear advice’, has ‘an incomparable track record in the French REIT regime, covering all tax aspects of real estate complex transactions’.  Pierre-Henri Durand, who is ‘a high level professional in M&A tax’, ‘is fully committed to his clients', who place 'a very high level of trust’ in him. Julien Gayral ‘is very smart, always provides good suggestions and adds a lot of value in discussions’. Anne Robert is also noted. Jean-Florent Mandelbaum was promoted to the partnership.

Leading individuals

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France: Dispute resolution

Dispute resolution: Stock market litigation

Dispute resolution: Stock market litigation - ranked: tier 1

Bredin Prat

Bredin Prat has a strong track record of acting in the most high-profile stock-market disputes, and also deals with market abuses and wrongdoings and other regulatory enforcement sanctions. It is currently acting in many of the market's rare major public offer cases. The practice is also defending companies and their executives in investigations relating to insider dealing and the communication of misleading information. It acted for former Altran CFO Michel Friedlander before the French stock-market authority, Autorité des marchés financiers (AMF), regarding misleading information accusations. Eric Dezeuze, Didier Martin and Jean-Daniel Bretzner are high-profile names in the practice. Sylvie Morabia is very experienced and ranks among the best in her field.

Leading individuals

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Dispute resolution: commercial litigation

Dispute resolution: commercial litigation - ranked: tier 1

Bredin Prat

Bredin Prat has a ‘thoughtful team of litigators’ who ‘think in a strategic way and suggest smart alternative moves’, are ‘extremely thorough', and 'know how to engage effectively with the judiciary and court procedures’. The firm is handling many of the market's most high-profile corporate, M&A and commercial cases. It has an impressive client base made up of leading companies and banks in addition to major US companies, including new technology players. The practice recently achieved significant outcomes in several cases: it successfully defended Foncia in one of France's first attempted class actions, which the court found inadmissible, and also assisted Orano with settling a high-stakes dispute with TVO relating to the construction of an EPR nuclear reactor plant in Finland. The firm is also defending Airbnb against proceedings initiated by the city of Paris, and Uber against claims initiated by 3,200 Parisian taxi drivers. It is also representing Technicolor in a dispute with Canal+. Jean-Daniel Bretzner is a ‘first-class litigator who thinks on his feet, always has his clients' best interests in mind’ and ‘drafts high-quality summons’. Florian Bouaziz and Guillaume Pellegrin are also key contacts. Ève Duminy was promoted to partner.

Leading individuals: Corporate and commercial litigation

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France: Private equity

Private equity: LBO

Private equity: LBO - ranked: tier 2

Bredin Prat

Bredin Prat acts for investment funds and companies alike, including family offices and smaller funds. Led by Benjamin Kanovitch and Florence Haas, the group advised Core Equity Holdings on the acquisition of ID Verde while Barthélémy Courteault led a team assisting TDR Capital with its acquisition of Buffalo Grill from Abénex and Nixen. In other work, the group handled several transactions for Tethys Invest, including the acquisition of a stake in Galileo Global Education. It also handled work for Eurazeo, Groupe Delachaux and KKR. Olivier Assant, Patrick Dziewolski and recently promoted partner Adrien Simon are also noted.

Next Generation Partners

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