The Legal 500

Within Banking and finance, Lex Law Offices is a first tier firm,

At Lex Law Offices, ‘the knowledge and advice is flawless’ and this responsive group shows ‘good business acumen’. Highlights included advising Arion Bank on a $275m facility to Skipti, the owner of Iceland Telecom. The firm is also representing Central Bank of Iceland on the restructuring of its €3bn loan portfolio. The team includes Adalsteinn Jonasson and the ‘resourceful’ Olafur Haraldsson.

Within Corporate and M&A, Lex Law Offices is a first tier firm,

Lex Law Offices’ premier practice advised Landsbanki Islands on its $155m investment in a 30% shareholding in Framtakssjóður Íslands; and a group of pension funds and private companies, led by the Icelandic fund management company Stefnir, on their acquisition of a 51% stake in insurance company Sjova-Almennar tryggingar. Gardar Gislason, Helgi Johannesson and Thorunn Gudmundsdottir are the key names.

Within Dispute resolution, Lex Law Offices is a first tier firm,

Lex Law Offices’ clients are quick to praise the banking litigation side of the dispute practice. The firm has attracted much work stemming from its advice to Central Bank of Iceland and the restructuring of its €3bn loan portfolio, including ongoing litigation regarding repo transactions totalling over €1bn and the enforcement of claims against collapsed Icelandic banks. Arnar Thor Stefansson, Karl Axelsson and Kristin Edwald are highly experienced litigators.

Within EEA and competition, Lex Law Offices is a first tier firm,

Lex Law Offices regularly advises its clients on all areas of competition law. It has handled numerous merger cases recently, including that of Landsbanki Islands and Arion Bank. Hulda Arnadottir is particularly experienced.

Within Legal market overview,

The small size of the Icelandic legal market has ensured that the level of demand for work has kept most firms busy despite ongoing turbulent local and global financial conditions. Much of this work has related to the collapse of several of Iceland’s largest banks, including bankruptcy-related proceedings such as refinancings, restructurings or insolvency litigation and related M&A. The high volume of creditors and debtors has meant that many firms have been afforded a seat at the table in some capacity. Iceland’s largest law firms, including BBA // Legal, Lex Law Offices and LOGOS legal services, have benefited most.

Within Maritime and transport, Lex Law Offices is a first tier firm,

Lex Law Offices’ Lilja Jonasdottir, Adalsteinn Jonasson and Jonas Adalsteinsson are ‘all very experienced in the field of maritime law’, and Jonasdottir’s ‘service is the best available in Iceland’. Clients include one of Iceland’s largest shipping companies.

Within Projects and PFI, Lex Law Offices is a first tier firm,

Lex Law Offices has a busy projects practice, particularly in energy-related matters, for which clients praise its ‘expertise and quality of service’. Highlights included advising Globe Specialty Metals on the construction of a $155m silicon production plant. Dyrleif Kristjansdottir, Gunnar Vidar and Karl Axelsson are commended for their ‘good knowledge and prompt responses’.

Within Restructuring and insolvency, Lex Law Offices is a first tier firm,

Lex Law Offices has been involved in several major restructurings and refinancings, most notably Central Bank of Iceland’s restructuring of its €3bn loan portfolio. The firm is also representing oil and gas company N1 in its restructuring. Gudmundur Sigurdsson, Helgi Johannesson and Olafur Haraldsson are recommended.

Within TMT and IP, Lex Law Offices is a second tier firm,

Lex Law Offices regularly receives work from telecoms company Nova, and also represents numerous cultural clients such as the National Museum of Iceland and the National Library of Iceland. Erla Arnadottir, Hulda Arnadottir and Ragnheiour Olafsdottir are key members of the team.