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Clifford Chance


France

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

Clifford Chance

Clifford Chance has one of the market’s top public-private partnership (PPP) practices. The firm is involved in major road, rail and other transport projects, advising on issues such as bids or refinancing and handling sensitive litigation. The practice is representing the Ministry of Environment and Energy in dealing with the complex issues challenging the construction of the new Nantes Airport, as well as acting for the Ministry of Transport and Ministry of Foreign Affairs in managing problems relating to the Perpignan-Figueras new high-speed rail project. Vinci, Eiffage and EDF Energies Nouvelles are also clients. David Préat ranks among the best in his field. Counsels Marion Roquette-Pfister and Gauthier Martin are also key figures.

Leading individuals

David Préat - Clifford Chance

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Aviation
Other recommended firms - ranked: tier 1

Clifford Chance

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Banking and finance
Banking and finance - ranked: tier 1

Clifford Chance

The ‘quick and responsive’ team at Clifford Chance provides comprehensive expertise across all types of products, including those with a capital markets element. The practice is one of the market’s largest, with some 50 lawyers involved, and notably advises lenders and borrowers with the financing of large LBOs and projects. It assisted PAI with B&B’s acquisition financing, acted for Natixis and the other lenders to Ardian’s consortium on the financing of its bid for Airport Nice Côte d’Azur. Key figures in the team include: Thierry Arachtingi, Daniel Zerbib and Benjamin de Blegiers, who is ‘a real dealmaker who shows perfect understanding of borrowers’ needs’.

Leading individuals

Daniel Zerbib - Clifford Chance

Thierry Arachtingi - Clifford Chance

Next generation lawyers

Benjamin de Blegiers - Clifford Chance

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

Clifford Chance

Clifford Chance provides ‘high-quality support thanks to a very professional and experienced team’. The firm runs a very prominent securitisation practice acting for arrangers and issuers; recent work includes advising on publicly listed securitisations of financial assets and on project and infrastructure loan refinancing through securitisation. Highlights included assisting GE Money Bank with the issuance by Sapphire One Mortgages FCT-2016-1 of debt securities – the first public securitisation of debt consolidation mortgage loans in France. It also assisted Natixis with the refinancing of intra-group loans via a French securitisation company issuing BMTN – the first listing of securities by a French securitisation company. The team also advises on derivatives. Jonathan Lewis and Frédérick Lacroix are the key names in the practice; counsel Julien Rocherieux is recommended for his ‘listening skills and attention to clients’ needs’.

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 4

Clifford Chance

Clifford Chance recently advised on key merger control matters and notably obtained an EC phase two clearance of Airbus Safran Launchers’ acquisition of Arianespace. The team is also handling highly sensitive tax-related state aid cases. Of counsel Michel Petite is recommended. Emmanuel Durand joined De Pardieu Brocas Maffei and Patrick Hubert is now at Orrick Rambaud Martel.

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Employment
Employment - ranked: tier 2

Clifford Chance

Clifford Chance provides ‘state-of-the-art legal services’, including ‘good responsiveness, effectiveness and understanding of cases’. The team advises many international companies, especially in the context of restructuring, site closure, mass redundancy and related litigation. It is assisting Allia with the closure of two plants in France. The practice also advises on transactions and assisted Brakes with the acquisition of Davigel. Practice head François Farmine has ‘good understanding of his clients’ situations’.

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Insolvency
Insolvency - ranked: tier 3

Clifford Chance

Clifford Chance has ‘an extremely available team with great experience’. The practice represents creditors, shareholders and debtors, often in the most complex matters. It has been assisting the French Ministries of Transport and Foreign Affairs with the insolvency of the high-speed rail concession between Perpignan and Figueras. The firm also represented Racing Club de Lens Football Club with its pre-pack sale. Reinhard Dammann is ‘a major influence to help change the current legal environment’. Counsel Gilles Podeur is also recommended.

Leading individuals

Reinhard Dammann - Clifford Chance

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Media and entertainment
Media and entertainment: sports - ranked: tier 1

Clifford Chance

Clifford Chance has ‘good knowledge of the different parties involved in the sporting area’. The firm has a prominent practice in football, where it regularly handles the most sensitive matters. It defended Michel Platini in the FIFA-gate case and acted for the Ligue de Football Professionnel regarding governance issues and the commercialisation of the Coupe de la Ligue game broadcast rights. The firm also advises sport federations and event organisers. Paris Eiffel Jumping, the Ligue Nationale de Basketball and the Fédération Française de Tennis are clients. Yves Wehrli and Thibaud d’Alès are the key contacts.

Leading individuals

Yves Wehrli - Clifford Chance

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Mergers and acquisitions
Mergers and acquisitions - ranked: tier 2

Clifford Chance

Clifford Chance advises many leading French and multinational corporations. The practice fields over 40 lawyers and is regularly involved in large transactions, especially in the energy, financial services and defence sectors. It recently assisted EDF Energies Nouvelles with the acquisition of Dong’s 30% stake in Eolien Maritimes France and the subsequent sale of 50% of the acquired share capital to Enbridge. It also advised Mondelēz on the sale of its French confectionery business. Airbus, Carrefour and L’Oréal are also clients. Fabrice Cohen, the ‘serious and technical’ Gilles Lebreton, Mathieu Remy, Thierry Schoen and Laurent Schoenstein are the key names in the practice. Marianne Pezant was promoted partner.

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Project finance
Project finance - ranked: tier 1

Clifford Chance

Clifford Chance has ‘excellent’ expertise and is particularly recommended for the most complex projects. The firm often advises export credit agencies and commercial lenders on the financing of Africa’s largest power projects and also assists state entities; acts on projects in France and Europe, covering oil and gas, conventional energy and renewables, as well as transport and other infrastructure in France and Africa. Highlights included advising the Maltese government on the development and financing of a 215MW gas-fired power plant and an LNG storage and degasification facility, as well as assisting the lenders with the financing of the 450MW Azura-Edo IPP project in Nigeria. Anthony Giustini, Daniel Zerbib and public law expert David Préat are market-leading figures, as is the ‘very responsive and highly knowledgeable’ Nikolaï Eatwell. Delphine Siino Courtin, ‘dealmaker’ Benjamin de Blegiers and Richard Tomlinson are also recommended.

Leading individuals:

Anthony Giustini - Clifford Chance

Nikolaï Eatwell - Clifford Chance

Next generation lawyers

Benjamin de Blegiers - Clifford Chance

Delphine Siino Courtin - Clifford Chance

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Real estate
Real estate - ranked: tier 1

Clifford Chance

The ‘quick, efficient and practicalClifford Chanceoutperforms others on a consistent basis’. The 12-lawyer team ‘functions as a business partner, bringing in all necessary expertise and making sure everything is taken care of’. The firm advises leading French and international investors on headline investments in the office, logistics and hotel sectors., including many portfolio acquisitions. Recent highlights include assisting Logistis investment fund with the €200m acquisition of the Corridor portfolio and advising Westbrook Partners on the sale of a trophy building located on Avenue des Champs Elysées. Practice head François Bonteil ranks among the best in his field. Alexandre Couturier and the counsels Anne-Sophie Plé and Karen Bortolotti are also recommended.

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 provides ‘good responsiveness and accurate analysis’. The ten-lawyer team has strong M&A, LBO and property tax expertise, including knowledge of property funds. Highlights included advising GE on the sale of GE Money Bank and acting for Asian investors on the acquisition of Sofitel Le Faubourg hotel in Paris. The practice also handles tax litigation. Alexandre Lagarrigue is recommended along with the ‘adaptable and responsive’ Eric Davoudet.

Leading individuals

Eric Davoudet - Clifford Chance

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France: Banking and finance

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

Clifford Chance

Clifford Chance provides ‘very professional, timely and to-the-point advice’. Headed by Frédérick Lacroix, the seven-lawyer team assists banks and financial institutions with regulatory matters, including in the context of M&A and restructuring. The practice assisted GE Capital with GE’s exit from the financial services sector and its sale of GE Corporate Finance Bank SCA. Counsel Sébastien Praicheux is another name to note.

Leading individuals

Frédérick Lacroix - Clifford Chance

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France: Capital markets

Debt
Capital markets: debt - ranked: tier 1

Clifford Chance

Clifford Chancealways provides the right advice’. The ‘responsive’ 15-lawyer team advises banks and issuers on large, complex DCM mandates domestically and internationally, notably including corporate and public sector bond issuances, as well as complex hybrid bonds and emerging markets transactions. It assisted Credit Suisse and Morgan Stanley with Solvay’s triple-tranche issuance, comprising €1bn bonds, $1.6bn of Rule 144A bonds and €2.25bn of senior bonds. The team is led by US-qualified attorney Alex Bafi and Cédric Burford, who provides ‘prompt and smart responses’.

Leading individuals

Cédric Burford - Clifford Chance (debt capital markets)

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Equity
Capital markets: equity - ranked: tier 2

Clifford Chance

Clifford Chance is ‘top of the range for equity capital markets work across Europe’, particularly for banks. The team has ‘a commercial approach’ and is ‘able to deal with complex transactions’ across French, UK and US law, often representing banks. Recent work includes advising Société Générale on Amundi’s IPO and a Rule 144A private placement in the US, as well as assisting Credit Suisse and Morgan Stanley with Solvay’s €1.5bn rights issuance with a Rule 144A placement in the US. The ‘outstanding’ US-qualified attorney Alex Bafi is ‘extremely experienced across geographies and a variety of transactions, and able to handle delicate issues in a deal through a very professional approach’. Aline Cardin and Gilles Lebreton are also highly regarded.

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France: Dispute resolution

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

Clifford Chance

Clifford Chance is retained by large French and international corporations, investment funds and banks. The firm handles sensitive commercial, corporate and banking cases. It is also deals with product liability cases in the healthcare sector. Recent highlights include defending JPMorgan Chase in a dispute with ADP regarding the acquisition of a stake in Turkish airport operator TAV, and successfully representing SFR before the Court of Appeal in unfair competition litigation with Free Mobile. Carrefour, Airbus and Novartis are also clients. Jean-Pierre Grandjean, Thomas Baudesson, Diego de Lammerville and Thibaud d’Alès are recommended.

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

Clifford Chance

Clifford Chance has a busy commercial arbitration practice covering energy, aviation and corporate law. The team is also involved in multibillion-dollar case in the mining sector. Leading French and international corporations are clients. Jason Fry co-heads the firm’s international practice. Simon Greenberg and Jean-Pierre Grandjean are other names to note.

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Stock market litigation
Other recommended firms - ranked: tier 1

Clifford Chance

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White-collar crime
Other recommended firms - ranked: tier 2

Clifford Chance

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France: Industry focus

Energy
Industry focus: energy - ranked: tier 1

Clifford Chance

Clifford Chance has ‘excellent’ expertise and is particularly recommended for high-profile projects. The firm often advises export credit agencies and commercial lenders on the financing of large African power projects – such as the financing of the 450MW Azura-Edo IPP project in Nigeria – and also routinely assists state entities. It is handling energy projects in France and Europe, and is particularly active in the oil and gas and renewable energy sectors. Highlights included advising the Maltese government on the development and financing of a 215MW gas-fired power plant and an LNG storage and degasification facility. Anthony Giustini, the ‘very responsive and highly knowledgeable’ Nikolaï Eatwell, Daniel Zerbib and public law expert David Préat are leading market figures. Delphine Siino Courtin, ‘dealmaker’ Benjamin de Blegiers and Richard Tomlinson are also recommended.

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Healthcare and life sciences
Other recommended firms - ranked: tier 1

Clifford Chance

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France: Private equity

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

Clifford Chance

Clifford Chance has strong experience of advising leading investment funds on the structuring and fundraising of a wide range of funds, including private equity and private debt funds. The practice assisted Montefiore with the creation of a fourth LBO fund and acted for Bpifrance Investissement on the creation of a fund to invest in French funds which focus on distressed investments. Xavier Comaills is a market-leading figure. Counsel Tiana Rambatomanga is a rising star and tax experts Alexandre Lagarrigue and Eric Davoudet are other names to note.

Leading individuals

Xavier Comaills - Clifford Chance

Next generation lawyers

Tiana Rambatomanga - Clifford Chance

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LBO
Private equity: LBO - ranked: tier 2

Clifford Chance

Clifford Chance advises leading private equity houses, such as Apax Partners, Carlyle and KKR on large LBOs. Highlights included assisting PAI Partners with the €800m acquisition of B&B Hotels, advising CD&R on the buyout of BUT and assisting Cinven with the sale of Prezioso. Fabrice Cohen, Gilles Lebreton and Laurent Schoenstein are the key names in the practice. Marianne Pezant is now a partner.

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Further information on Clifford Chance LLP

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

United Arab Emirates

Offices in Abu Dhabi and Dubai

Afghanistan

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 Dusseldorf, Frankfurt, and Munich

Algeria

Spain

Offices in Madrid and Barcelona

France

Offices in Paris

Ghana

Hong Kong

Offices in Hong Kong

Indonesia

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

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

Thailand

Offices in Bangkok

Tunisia

Turkey

Offices in Istanbul

United States

Offices in Washington DC, New York, and Menlo Park

Legal Developments by:
Clifford Chance LLP

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.