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Clifford Chance

1 RUE D'ASTORG, 75008 PARIS, FRANCE
Tel:
Work +33 1 44 05 52 52
Email:
Web:
https://www.cliffordchance.com

France

Administrative and public law
Administrative and public law - ranked: tier 1

Clifford Chance

Clifford Chance routinely handles France’s largest and most sophisticated public law contract matters and is involved in headline ongoing road, rail and internet greenfield projects. The practice acts for sponsors, investors and the French state and is ‘at the market’s forefront in preventing any possible conflict of interests - which is a major safety insurance for clients’. It notably assisted Transdev-led biding consortium with the Paris-Charles de Gaulle Airport Express rail project, as well as advising Eiffage Concessions on the bidding for the RCEA road concession project. The team is also handling highly sensitive matters dealing with performance issues affecting several high-profile PPPs, especially in the high-speed rail sector. It notably advised Lisea as project concessionaire on performance difficulties regarding the new Tours-Bordeaux high-speed rail link. The firm also recently completed several brownfield transactions, notably in the energy sector, and is advising on large renewables offshore projects. The French Ministries of Environment and Justice, Meridiam and EDF EN are other clients. The ‘excellent and creative’ practice head David Préat ranks among the best in his field. Also recommended are counsels Marion Roquette-Pfister and Gauthier Martin.

Leading individuals

David Préat - Clifford Chance

Next generation lawyers

Gauthier Martin - Clifford Chance

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Aviation
Aviation - ranked: tier 2

Clifford Chance

Clifford Chance regularly handles a wide range of high-value corporate instructions for Airbus, often with a strong international component. Fabrice Cohen and Dessislava Savova, who has expertise in commercial contracts, are the key names. The promotion of Sandrine Colletier to counsel in May 2017 has further increased the group’s strength in arbitration. Recent work includes advising Airbus on the disposal of Vector Aerospace and its subsidiaries to StandardAero Aviation and assisting Airbus with the global reorganisation of the Airbus Group.

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Compliance
Compliance - ranked: tier 1

Clifford Chance

Clifford Chance advises many leading French and international companies on the setting up of Sapin II anti-corruption programmes. The practice is also assisting several high-profile corporations with internal investigations concerning market abuse, corruption and EU law issues, and advises large companies and financial institutions on Iranian sanctions matters. Pfizer, Pernod Ricard and Club Med are clients. Thomas Baudesson, Katrin Schallenberg and counsel Charles-Henri Boeringer are the key contacts.

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Derivatives, structured finance and securitisation
Derivatives, structured finance and securitisation - ranked: tier 1

Clifford Chance

Clifford Chance assists financial institutions, corporates, insurers, asset managers, private equity funds and public entities such as European institutions with a broad variety of matters, with expertise spanning repackaging and factoring alongside more classic securitisation, derivatives and structured finance matters. Alternative market financing products are another key strength. The group, led by Jonathan Lewis and Frédérick Lacroix, undertakes domestic and cross-border work, with its capabilities in English, French and US law a major asset. Recent highlights include acting for GE Money Bank on refinancing a loan portfolio, which involved assisting with three sets of public RMBS securitisations by SapphireOne Mortgages with a total value exceeding €2bn. Together with the firm’s wider capital markets team, the department advised Carrefour on a non-dilutive cash-settled synthetic convertible bond issue and the corresponding equity options to hedge Carrefour’s risk exposure. Other work includes advising the European Investment Bank on the purchase of Class B1 and B2 notes issued by SC Poland Consumer 16-1. Crédit Agricole, Deutsche Bank and the European Stability Mechanism are other clients. Counsel Julien Rocherieux is also noted.

Leading individuals

Jonathan Lewis - Clifford Chance (securitisation)

Next generation lawyers

Julien Rocherieux - Clifford Chance (structured finance)

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EU, competition and distribution
EU, competition and distribution - ranked: tier 3

Clifford Chance

Clifford Chance managed to balance the departure of former practice head Patrick Hubert and three of his associates to Orrick Rambaud Martel with the arrival of the ‘exceptional’ David Tayar, who ‘stands well above the rest of the pack’ and joined from Willkie Farr & Gallagher LLP; additionally, Katrin Schallenberg was promoted to the partnership. Along with numerous high-value merger control cases in the pharmaceutical and car rental sectors, the group is representing clients such as Teva, Ingram Micro and Volkswagen in antitrust investigations. Of counsel Michel Petite successfully obtained clearance with remedies in phase two proceedings before the European Commission on behalf of Airbus Safran Launchers with regards to its acquisition of Arianespace and Marie Pacaux is also a key contact.

Leading individuals

David Tayar - Clifford Chance

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Employment
Employment - ranked: tier 3

Clifford Chance

The ‘extremely well-connected’ Clifford Chance ‘goes the extra mile’ and is a ‘great adviser to succeed in conducting complex reorganisation projects’. The ‘always highly responsive’ eight-lawyer team provides ‘very practical and positively creative advice in complex situations’ and assists numerous industrial clients, including several automobile equipment companies, with large and sensitive restructuring projects, including mass redundancies and litigation. The team is notably representing Schaeffler as shareholder of Continental in a groundbreaking case seeking its client’s civil liability for the closure of Clairoix’s plant and also assisted Fujifilm Holdings France, Fujifilm Medical Systems France and Fujifilm Graphic Systems France with the merger of the three companies. ‘Very committed’ practice head François Farmine is ‘a fantastic professional who provides creative solutions’, ‘makes his clients’ business his own affair’ and ‘is also a nice person with whom it’s nice to work with even for long hours in a stressful context’.

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Insolvency
Insolvency - ranked: tier 3

Clifford Chance

Clifford Chance has particular experience in advising on cross-border insolvencies and one-of-a-kind matters. In recent highlights, the group represented the trustee with regards to CGG’s French and US insolvency. Practice head Reinhard Dammann is frequently consulted by the European Commission to advise on EU insolvency law harmonisation. Counsel Gilles Podeur is also involved.

Leading individuals

Reinhard Dammann - Clifford Chance

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Media and entertainment
Sports - ranked: tier 1

Clifford Chance

The sports law team at Clifford Chance is headed by Paris managing partner Yves Wehrli and supported by the firm’s corporate, project finance and dispute resolution departments. Notable work highlights include guiding the French Football Federation through the tender process for the selection of an equipment supplier, and assisting Margarita Louis-Dreyfus with the sale of well-known football club Olympique Marseille to Frank McCourt. Finance specialist Benjamin de Blegiers is advising Crédit Lyonnais, Crédit Agricole and Natixis on the refinancing of the Lille stadium and the financing of the resident football club’s capital needs. On the contentious front, the group defended World Rugby in a commercial litigation case filed by a French club challenging the international rules regarding the release of international players for competition, and Thibaud d’Alès is handling a series of disputes concerning a stadium leasing agreement and alleged losses incurred through the organisation of a major international sporting event. Other noteworthy clients include the French Tennis Association and Paris Eiffel Jumping and UEFA.

Leading individuals

Yves Wehrli - Clifford Chance

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Mergers and acquisitions
Mergers and acquisitions - ranked: tier 2

Clifford Chance

Clifford Chance’s team provides ‘excellent advice that is adapted to each individual situation’, and stands out for its partners’ ‘strong involvement in the cases’ and ‘ability to deliver important work in a short time’. The group handles domestic and cross-border transactions, with expertise spanning public and private M&A as well as joint ventures and corporate reorganisations. Fabrice Cohen, the ‘very experienced’ Mathieu Remy, who ‘combines technical expertise and editorial excellence with strong interpersonal skills, which is a major advantage in difficult negotiations’, the ‘intelligent and subtle’ Marianne Pezant, Gilles Lebreton, Thierry Schoen and Laurent Schoenstein are key names and are supported by recently promoted counsel Alexandre Merle. The group advised Europcar on the €1bn acquisition of Goldcar and acted for the Caisse des Dépôts et Consignations and CDC Infrastructure on the sale of a 15% stake in Holding d’Infrastructures de Transports. The team also assisted Cerberus Capital Management with the disposal of MCS Group to BC Partners. Other clients include Airbus Group, EDF and L’Oréal.

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Project finance
Project finance - ranked: tier 1

Clifford Chance

The ‘extremely professional’ Clifford Chance is ‘above the pack’, ‘provides high quality work’ and is ‘the best in town and gives clients real value for money’. The firm provides ‘superb in-depth analysis and knowledge of project finance’ work and its ‘ability to link legal and commercial aspects is outstanding’. The 38-lawyer team stands out for its leading capabilities on both domestic and international projects, but is also involved in large transport and construction projects in Africa and Turkey: notably, the practice is assisting HSBC and sponsors Meridiam and Rönesans with the project bond financing of the Turkish Elazig health campus, and several lenders with the financing of the Turkish Bursa health centre. In France, the practice is involved in most of the country’s few ongoing large greenfield projects, including advising Transdev’s biding consortium on the Paris-Charles de Gaulle Airport Express rail project. Other work included high-profile instructions in the energy sector, including involvement in many of France, Europe and Africa’s landmark power, hydropower, gas, renewables and pipeline projects: it is assisting the Maltese Government with a 215MW gas-fired power plant and a LNG facility project. Practice heads Anthony Giustini, Nikolaï Eatwell and Daniel Zerbib are some of the market’s finest advisers. David Préat is a key name for public law matters in France and abroad and also strongly recommended are Delphine Siino Courtin and Benjamin de Blegiers, who is ‘a must when it comes to M&A transactions in the energy and infrastructure sectors’. Richard Tomlinson is also involved.

Leading individuals

Anthony Giustini - Clifford Chance (energy)

Daniel Zerbib - Clifford Chance (energy)

Nikolaï Eatwell - Clifford Chance (energy)

Next generation lawyers

Benjamin de Blegiers - Clifford Chance (energy)

Delphine Siino Courtin - Clifford Chance (energy)

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Real estate
Real estate - ranked: tier 2

Clifford Chance

The very strong Clifford Chance is second to none for advising leading French, Anglophone and more recently Asian investors on high-end office, retail and logistics building and portfolio transactions and further stands out for its ability to coordinate large-scale pan-European transactions. The 12-lawyer team has an impressive track record and was recently involved in many high-profile transactions: it assisted AEW Europe with the share-deal acquisition of 102 Avenue des Champs-Elysées, as well as Icade with its tender offer for Eurazeo's majority stake in ANF Immobilier and resale of a Marseille-based property portfolio. LaSalle Investment Management, Prologis, PGGM, Union Investment Real Estate and AXA Investment Managers are other notable clients. François Bonteil is one of the market’s most sought after advisers, while Alexandre Couturier is following in his footpath.

Leading individuals

François Bonteil - Clifford Chance

Next generation lawyers

Alexandre Couturier - Clifford Chance

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Tax
Tax - ranked: tier 2

Clifford Chance

Clifford Chance’s 13-lawyer team combines top M&A, property and fund structuring tax expertise and advises many leading French and international financial institutions, investment funds and corporations. Highlights included advising CACEIS on the restructuring of its European activities, GE Capital on the sale of GE Money Bank, Ardian France on the structuring of its first real estate fund, and Carlyle Group on the sale of the future Grand Central building in Paris. The practice also handles sensitive litigation and tax investigations. Eric Davoudet and Alexandre Lagarrigue are strong advisers. Counsels Jitka Susankova and Britta Hardeck are other names to note. Charles-Henri de Gouvion Saint-Cyr joined Goodwin.

Leading individuals

Alexandre Lagarrigue - Clifford Chance (property tax)

Eric Davoudet - Clifford Chance (transactional/corporate tax)

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France: Banking and finance

Bank regulatory
Banking and finance: Bank regulatory - ranked: tier 1

Clifford Chance

Clifford Chance is ‘a top-level’ practice specialising in assisting corporates and financial institutions with the regulatory facets of M&A and restructuring transactions, but is also experienced in advising public entities, including governments and international institutions, on legislative projects. The team also engages in lobbying work. Frédérick Lacroix heads the practice, with key support coming from counsel Sébastien Praicheux, whose areas of strength include Fintech-related mandates and insurance regulations. The pair handled a number of domestic and cross-border matters, such as advising Caceis on the restructuring of its European activities through mergers of the Luxembourg and Germany branches into Caceis France, which involved affiliates and branches in eight jurisdictions. Other work includes acting for BNP Paribas in lobbying the French government to amend the law relating to the hierarchy of creditors in insolvency. Other clients include the European Bank for Reconstruction and Development, FIA Europe and AXA Partners.

Leading individuals

Frédérick Lacroix - Clifford Chance

Next generation lawyers

Sébastien Praicheux - Clifford Chance

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Transactional work
Banking and finance: Transactional work - ranked: tier 1

Clifford Chance

The ‘extremely efficient’ team at Clifford Chance ‘is able to bring parties to a fair, common sense agreement based on clear explanations of the current market practice’. The group’s ‘industry specialists’ are ‘creative and add real value’, and the full-service finance practice is ‘one of the best in town’. The group has a strong focus on general corporate lending, leveraged and acquisition finance and infrastructure finance, and project and export finance, but also handles real estate and debt restructuring and sovereign lending. ‘Very good leader’ Thierry Arachtingi is ‘always composed’; he jointly heads the practice with ‘technically excellent’ duo Benjamin de Blegiers (‘a must for transactions in the energy and infrastructure sectors’) and Daniel Zerbib. The team advised the lenders to a bidding consortium on the contemplated €535m acquisition of a majority interest in Aéroports de Lyon concerning the privatisation of the airport; and acted for Rivage Investment, Société Générale and La Banque Postale Asset Management on the refinancing of the acquisition of Océa Group by Infravia Capital Partners. In the corporate mid-cap space, it assisted Société Générale and Banque Palatine with the refinancing of Daltys. Other clients include BNP Paribas, Goldman Sachs, EDF and Bridgepoint.

Leading individuals

Daniel Zerbib - Clifford Chance

Thierry Arachtingi - Clifford Chance

Next generation lawyers

Benjamin de Blegiers - Clifford Chance

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France: Capital markets

Debt
Capital markets: Debt - ranked: tier 1

Clifford Chance

Clifford Chance advises banks, multinationals and public entities on the full spectrum of debt instruments. Cédric Burford and Alex Bafi lead the department, and are supported by Auriane Bijon, who made counsel in 2017. Highlights included acting for the government of the Sultanate of Oman on a $1.5bn 144A offering in debt securities underwritten by Citigroup, J. P. Morgan, Mitsubishi UFJ Financial Group, the National Bank of Abu Dhabi and Natixis, and advising Crédit Agricole Corporate & Investment Bank on cash tender offers and consent solicitation by Crédit Agricole and Crédit Agricole Home Loan SFH regarding subordinated and covered bonds totalling €4.3bn. Other recent work includes advising Transdev Group on its first Schuldschein issuance and acting for the Caisse d’Amortissement de la Dette Sociale on the issuance of $2.5bn notes underwritten by Barclays, BNP Paribas, Crédit Agricole Corporate & Investment Bank and HSBC, which involved high-value placements in the US and advising on US securities law. Accor Hotels, Carrefour and Unibail Rodamco are also clients.

Leading individuals

Cédric Burford - Clifford Chance

Next generation lawyers

Auriane Bijon - Clifford Chance

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Equity
Capital markets: Equity - ranked: tier 2

Clifford Chance

Clifford Chance acts for corporates, financial institutions and funds, with experience spanning IPO and share capital increases as well as employee share and stock option schemes. US-law expert Alex Bafi is a key practitioner alongside Aline Cardin and Anne Lemercier. In a major highlight, the group acted for Société Générale on the IPO of its subsidiary ALD, acting for both Société Générale as shareholder and ALD as issuer. Other highlights include advising Altrafin on a share sale by accelerated bookbuilding involving institutional investors; handling the IPO and listing of Inventiva on the regulated market of Euronext Paris for Société Générale and KBC; and assisting Technip with employee share plans following its merger with FMC. BNP Paribas Fortis, Credit Suisse, Vallourec and Apax are also clients.

Leading individuals

Alex Bafi - Clifford Chance

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France: Dispute resolution

Commercial litigation
Dispute resolution: Commercial litigation - ranked: tier 1

Clifford Chance

Clifford Chance’s ‘super engaged and responsive’ 17-lawyer team has ‘a great fighting spirit’ and provides ‘excellent, thorough, timely, dedicated and personable service’. The practice is handling a broad range of disputes including M&A, banking, distribution, commercial and product liability matters, and is regularly instructed in high-stakes commercial litigation, especially in the retail and telecoms sectors. It is representing SFR in a sensitive dispute with Orange regarding the deployment of fibre optic technology in France, and successfully defended Jacob Douwe Egberts before the Court of Appeal in a case launched by Lavazza to stop the commercialisation of co-branded coffees. The practice also obtained a landmark victory at appeal stage for Royal Bank of Scotland in a major "toxic" loan litigation initiated by Lille Urban Community. The practice is also strong in sports-related disputes. Carrefour, Apax Partners, GlaxoSmithKline and J.P. Morgan are other clients. Jean-Pierre Grandjean is highly recognised. Other key names include Diego de Lammerville, who is ‘technically very good, provides strategic advice and demonstrates commitment and understanding of his clients’ business’, and Thibaud d’Alès, who is ‘a very strong and articulate litigator, well prepared, hardworking, and thinks out of the box’.

Next generation lawyers

Diego de Lammerville - Clifford Chance

Thibaud d’Alès - Clifford Chance

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International arbitration
Dispute resolution: International arbitration - ranked: tier 3

Clifford Chance

Clifford Chance has long-established ICC experience and also handles LCIA disputes. The 15-lawyer team advises prominent French and international companies, especially in the aviation and energy sectors and often acts in shareholder and commercial partnership related cases. Recent highlights include a multibillion-dollar mining case and a significant dispute dealing with the construction of a nuclear plant. Jason Fry co-heads the firm’s global practice. Simon Greenberg is the other key element in the practice, while counsel Sandrine Colletier is also noteworthy.

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Stock-market litigation
Dispute resolution: stock-market litigation - ranked: tier 3

Clifford Chance

Clifford Chance represents international companies, CDC 40 groups and financial institutions in AMF investigations on insider trading and communication of false company's information. Standard & Poor‘s and FXCM are clients. Thomas Baudesson, Diego de Lammerville and counsel Charles-Henri Boeringer are the key contacts.

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White-collar crime
Other recommended firms - ranked: tier 1

Clifford Chance

Next generation lawyers

Charles-Henri Boeringer - Clifford Chance

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France: Industry focus

Energy
Industry focus: Energy - ranked: tier 1

Clifford Chance

Clifford Chance is ‘the best in town and gives clients real value for money’. The firm provides ‘superb in-depth analysis and knowledge of project finance’ and its ‘ability to link legal and commercial aspects is outstanding’. The Paris hub stands out for its top capabilities on both domestic and international projects and is involved in several of France, Europe and Africa’s landmark power, hydropower, gas, renewables and pipeline projects including major domestic offshore projects and brownfield transactions. Abroad, the practice is assisting the Maltese Government with a 215MW gas-fired power plant and a LNG storage and degasification facility project. The first-class team is led by Anthony Giustini, Nikolaï Eatwell and Daniel Zerbib. David Préat is a key name for public law matters in France and abroad. Also strongly recommended are Delphine Siino Courtin and Benjamin de Blegiers, who is ‘a must when it comes to M&A transactions in the energy and infrastructure sector’. Richard Tomlinson is another name to note.

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Healthcare and life sciences
Industry focus: Healthcare and life sciences - ranked: tier 3

Clifford Chance

Clifford Chance is known for its ‘excellent service, fast and efficient responses, broad expertise in life sciences and detailed knowledge of the industry’. Counsel Marion Roquette-Pfister advised Pfizer on its market access strategy and price negotiations with the French authorities and also collaborated with the corporate team to advise Cinven on its acquisition of Labco from a consortium of investors. On the regulatory side, ‘very knowledgeable and always available’ counsel Olivier Gaillard advised Insmed on compliance issues regarding new transparency and anti-gift rules, and Thomas Baudesson handled a number of disputes arising from alleged defects in vaccines and other medicinal products as well as commercial litigation proceedings pertaining to the termination of distribution agreements. Litigation expert Marguerite Aynès was recently promoted to counsel.

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France: Private equity

Fund formation
Private equity: fund formation - ranked: tier 1

Clifford Chance

Clifford Chance’s broad practice includes the formation of funds under French and Luxembourgian law as well as the creation of pan-European investment funds. The team has experience in assisting with LBO funds, mezzanine funds and primary and secondary debt funds, but also covers venture capital funds and infrastructure funds. Xavier Comaills heads the group, which also includes real estate investment fund specialist Eric Davoudet. The team has a core focus on upper-mid and large-cap operations. Recent highlights include acting for Natixis Asset Management Subsidiary Mirova on the creation of and fundraising for its Mirova Core Infrastructure Fund II with a target value of €1bn and advising Sofinnova Partners on the creation of a new fund in industrial biotechnology. Other work includes assisting Montefiore Investment with the creation of a mid-market LBO fund focusing on European service companies, and advising Cathay Capital on the restructuring of an innovation fund. The team also acted for Cathay Capital on a rare €270m small-cap fund creation and fundraising matter. In the debt fund space, it advised Groupe Bruxelles Lambert on the structuring of and fundraising for a secondary debt fund with a target value of €850m and assisted Tikehau Investment Management with the formation of and fundraising for pan-European private debt fund Tikehau Direct Lending III. Other clients include Kartesia Advisors and Parquest Capital. Of counsel Tiana Rambatomanga joined Stephenson Harwood.

Leading individuals

Xavier Comaills - Clifford Chance

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LBO
Private equity: LBO - ranked: tier 2

Clifford Chance

Clifford Chance acts for private equity funds, banks and infrastructure funds on mid-cap to large-cap transactions, with expertise in numerous sectors including healthcare, telecoms, infrastructure and financial services. The team is a key name for complex cross-border transactions, but also handles domestic matters. Fabrice Cohen, Marianne Pezant, Gilles Lebetron and Laurent Schoenstein are the key names. In one example of the department’s cross-border strength and experience in auction processes, the team advised KKR Infrastructure on its agreement to purchase Q-Park NV from a group of institutional investors in a cross-office matter involving the firm’s Amsterdam, London and Luxembourg offices. Other highlights include advising Temasek Holdings on its minority stake investment in Axéréal Malt Holdings, in a matter that involved high-stakes joint venture negotiations to secure the liquidity and sustainability of the investment, and assisting private equity investment firm Clayton, Dubilier & Rice with its purchase of France’s largest furniture retailer But, an acquisition in consortium with WM Holding, an investment vehicle of an Austrian furniture retailer. Other major instructions came from Carlyle and Triton. Blackstone, Apax Partners and Ardian Private Debt are other clients.

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Further information on Clifford Chance

Please choose from this list to view details of what we say about Clifford Chance in other jurisdictions.

United Arab Emirates

Offices in Abu Dhabi and Dubai

Angola

Australia

Offices in Sydney and Perth

Belgium

Offices in Brussels

China

Offices in Shanghai and Beijing

Czech Republic

Offices in Prague

Germany

Offices in Düsseldorf, Frankfurt, and Munich

Algeria

Spain

Offices in Madrid and Barcelona

France

Offices in Paris

Ghana

Hong Kong

Offices in Hong Kong

Iran

Indonesia

Offices in Jakarta

Latin America: International firms

India

Iraq

Italy

Offices in Rome and Milan

Japan

Offices in Tokyo

London

Offices in London E14 and London EC2R

Luxembourg

Offices in Luxembourg

Morocco

Offices in Casablanca

Malaysia

Mozambique

Netherlands

Offices in Amsterdam

Philippines

Poland

Offices in Warsaw

Qatar

Offices in Doha

Asia Pacific: Regional international arbitration

Romania

Offices in Bucharest

Russia

Offices in Moscow

Singapore

Offices in Singapore

South Korea

Offices in Seoul

Saudi Arabia

Offices in Riyadh

Tunisia

Turkey

Offices in Istanbul

United States

Offices in Washington DC and New York

Legal Developments by:
Clifford Chance

Legal Developments in France

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • The new French regulation applying to national insurance contributions for managers and shareholders

    French insurance contributions on executive and shareholder remuneration (pay + dividends) have been substantially increased by the National Insurance Funding for 2013 Act, No. 2012-1404, of 17th December 2012. Until 31st December 2012, all dividends were subject to national insurance contributions on unearned income but henceforth, under Article L136-3 of the National Insurance Code, amended by Act No. 2012-1404, certain dividends   are considered as pay received by executives and shareholders and are therefore subject to the national insurance contributions on pay. The Act also abolished the ceiling on health insurance contributions payable by the self-employed and all this means that businesses must rethink the way that they have been structured until now.
  • CHINA - PERSONAL TAXATION AND SOCIAL SECURITY : CHINESE AND FOREIGN NATIONALS ON AN EQUAL FOOTING

    The People's Republic of China has initiated an overhaul of its social security system, reformed the personal taxation regime and has extended the scope of these laws to foreigners residing in China.
  • MOROCCO TO BECOME THE LEADING FINANCIAL PLACE IN AFRICA

    The Kingdom of Morocco is supporting the ambition of becoming the leading financial place for Africa. In this context, a wave of draft laws is to be passed and implemented within the following months, amongst which, the Law No. 53.08, setting up a new financial authority, and the Law No. 54.08, reforming public offering rules, are of paramount importance to Moroccan and foreign issuers, and financial institutions.
  • ACQUISITIONS IN CHINA : ASSET OR SHARE DEAL?

    The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an increase of 21.2% compared with 2009. Seen from the West, where markets are declining, all sectors of the Chinese economy seem to be undergoing promising development and the statistics indicate that the Middle Empire will be a lasting springboard for growth.
  • Prime de Partage des Profits

    Le dispositif L’article 1er de la loi de financement rectificative de la Sécurité sociale pour 2011 oblige les sociétés commerciales de 50 salariés et plus, dont les dividendes par part sociale ou par action sont en augmentation par rapport à la moyenne des deux années précédentes, à verser une prime à l’ensemble de leurs salariés
  • BULGARIA MARKET OVERVIEW

    Types of investors The private equity (PE) funds that are active in Bulgaria are not raised or registered in the country. Some Bulgarian PE funds were raised recently, but there are no statistics as to the sources of their funding, their number, the funds that were accumulated, etc.
  • RECENT DEVELOPMENTS REGARDING COMMITMENTS

    THE PROCEDURE IS CLARIFIED, BUT MAY COMMITMENTS APPLY WITHOUT LIMIT?
  • Landmark decision by French Competition Authority in conditioned LPG case

    cartel case closed after discovery that leniency application was largely based on forgeries and rejection of collective dominant position objection.
  • 2012 supplementary budget

    The second supplementary budget published in the Official Gazette September 19, 2011 provides for two key measures that affect the deferral of tax losses and taxation of capital gains realized on the sale of equity securities .
  • Actualité législative fiscale

    Au delà des mesures applicables à l’ensemble des contribuables (telles que la limitation du report des déficits ou la réforme du mode de calcul des plus values sur cessions de participations),le plan de réduction des déficits annoncé le 24 août dernier par le gouvernement comprend des mesures qui intéressent spécifiquement les acteurs du secteur financier.