The Legal 500

Within Antitrust, tier 5

Allen & Overy LLP has been busy advising on cartel investigations and leniency applications. It advised CTS Eventim during de-merger investigations following its acquisition of See Tickets Germany, and acted for Rosneft on merger notifications and a foreign investment notification regarding the acquisition of a stake in a German refinery from Petróleos de Venezuela. Ellen Braun leads the group, which provides ‘a high quality of advice at reasonable cost’.

Within Bank lending, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP’s ‘very proactive and customer-focused’ team has ‘outstanding legal knowledge’ and responds ‘extremely fast’. Furthermore, it commands a vast network of banking sector contacts and is an excellent choice for new finance and deals involving restructuring. It advised Commerzbank as co-ordinator of a syndicated €2bn credit line for EnBW. On the expanding borrower side of its practice, the team recently advised Schaeffler Group on a €12bn refinancing package and acted for Bayer on a €3.5bn five-year revolving credit facility. Neil Weiand is ‘a strong negotiator’ with ‘excellent market knowledge’, and Peter Hoegen is also particularly recommended.

Within Project finance, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP enjoys a good reputation for large-scale infrastructure projects and energy matters, including renewables. It recently advised a German financial institution on the financing of a power project in Central America, and an international bank on the project financing of a solar energy project in Italy. Norbert Wiederholt ‘actively suggests tailor-made solutions in tricky situations’.

Within Capital markets , Allen & Overy LLP is a second tier firm,

Allen & Overy LLP is ‘extremely committed, fast, and always on top of market developments’. It advised on various IPOs, including that of Hapag-Lloyd, and demonstrated its excellent institutional contacts when it was instructed to advise Deutsche Bank, J.P. Morgan and Morgan Stanley as joint global co-ordinators and lead bookrunners on Porsche Automobil Holding’s €5bn capital increase. US law expert Gernot Wagner ‘gets deals done and handles complex and difficult situations’, and Oliver Seiler is ‘technically very strong’ and ‘one of the few pre-eminent practitioners in Germany’.

Within Large deals, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP’s practice has been boosted with five new partners, and is appreciated by clients for its ‘commercially minded approach’. It has increasingly been involved in large international mandates, such as advising Merck on its acquisition of Biotest’s global microbiological monitoring business, comprising assets in Europe and overseas; Hapag-Lloyd on selling its stake in TUI; and Alliance Boots on its bid for German pharmaceuticals distributor Andreae-Noris Zahn. Hans-Christoph Ihrig is ‘the kind of adviser you learn to appreciate if times get rough’. Jan Schröder recently joined from Hogan Lovells International LLP.

Within Mid-sized deals Leading individuals

Within Dispute resolution , Allen & Overy LLP is a second tier firm,

Allen & Overy LLP’s team is ‘quick and precise’ and has ‘great commercial awareness’. This growing team, which has been expanding its reach among financial services clients, represented a German insurance company and its foreign parent company in the enforcement of certain claims, defended German banks against claims alleging the mis-selling of financial products, and represented a telecoms service provider in ICC arbitration. Arbitration expert Daniel Busse gives ‘practical advice’ and is ‘very thorough in his evaluations’.

Within Employment , tier 4

Hogan Lovells International LLP suffered a blow when two of the team’s flagship partners, Hans-Peter Löw and Thomas Ubber, joined Allen & Overy LLP. However, the firm has been rebuilding and brought in compliance expert Tim Wybitul from Mayer Brown LLP. Hendrik Kornbichler heads the team, which ‘clearly spells out risks and benefits’. Recent instructions include advising HRE on the implementation of a new remuneration system for 800 employees, and Honeywell on restructuring.

Within Restructuring, Allen & Overy LLP is a second tier firm,

The competencies of Allen & Overy LLP’s ‘innovative and flexible’ team go ‘far beyond legal advice’, say clients. Traditionally known for its banking expertise, the firm has also made inroads with corporate mandates and advice to investors. Recent instructions include advising Schaeffler on a €12bn refinancing package; PrimaCom on the restructuring of its financial liabilities; and the steering committee on the restructuring of Pfleiderer Group. Peter Hoegen is ‘an excellent negotiator and mediator’, and Walter Uebelhoer shows ‘outstanding legal and commercial qualities’.

Within Investment funds ,

Norton Rose LLP has been advising clients on the implementation of UCITS IV, recently advised three capital investment firms regarding new regulations regarding real estate funds, and advised clients on liability issues pertaining to investor information. Martin Krause is ‘able to combine regulatory, tax and economic aspects’ when providing advice. Staff changes saw Frank Herring, one of the team’s most recognised partners, move to Allen & Overy LLP, but Ludger Verfürth joined from DLA Piper.

Within Private equity , tier 4

Willkie Farr & Gallagher LLP’s ‘young but well established team’ has an impressive track record in mid-cap deals. Recent highlights include advising 3i on its acquisition of Amor; Cognetas on the sale of Scholz & Friends; and AXA Private Equity on the sale of CABB to Bridgepoint. The ‘extremely busy’ Mario Schmidt and the ‘very active and visible’ Stefan Jörgens are recommended, but Michael Bernhardt moved to Allen & Overy LLP.

Within Public sector Other recommended firms

Within Real estate, tier 4

Allen & Overy LLP’s prominent real estate finance team advised FSG Immobilien on the refinancing of an existing €265m loan agreement, and the transactional team advised Corestate on a joint venture to buy a real estate portfolio comprising 153 residential properties. Olaf Meisen and practice head Cornelius Fischer-Zernin are recommended.

Within Structured finance and securitisation , Allen & Overy LLP is a third tier firm,

Allen & Overy LLP has notable expertise in covered bonds programmes, where it represents several leading clients, and in the derivatives arena. Barclays instructed the team to advise on a €900m covered bonds programme and the team continues to advise Eurex on creating a derivatives clearing platform. Other clients include Citigroup, Unicredit, SEB and Société Générale. Okko Behrends is recommended.

Within Tax , Allen & Overy LLP is a second tier firm,

Allen & Overy LLP has one of Germany’s leading practices and this is underpinned by its practice worldwide: indeed, Munich-based Gottfried Breuninger is the firm’s global head of tax. Recent instructions include advising the syndicate of banks on Porsche’s €5bn capital increase by way of a rights issue; Evonik Industries on the implementation of a group-wide contractual trust arrangement; and Merck on its acquisition of the microbiological monitoring business of publicly listed Biotest. Eugen Bogenschütz is also recommended.

Within Telecoms Other recommended firms