Firms To Watch: Banking and finance

Launched in 2022, Baharav Law is a new banking and finance boutique established by high-profile sector specialist Ronen Baharav —formerly group head at Lipa Meir & Co.
Since the firm's formation in 2018, Yigal Borochovsky & Co.'s banking practice has come on in leaps and bounds, with growing capability in regulatory and financing matters.

Banking and finance in Israel

Agmon & Co. Rosenberg Hacohen & Co.

Agmon & Co. Rosenberg Hacohen & Co. houses a comprehensive banking and finance practice, which advises banks, non-traditional lenders and corporate borrowers on commercial lending, project finance and derivatives. On the regulatory front, the team recently impressed with its involvement in several pathfinder mandates. Most notably, it advised Leumi Bank on a landmark credit agreement with the Bank of Israel, which represented the first time the Bank of Israel provided a credit facility secured by a mortgage portfolio. Group head Yona Goshen-Gottstein brings to bear strong hands-on experience following in-house stints at several major banks. Senior associate Itamar Shimonovitz recently arrived from S. Horowitz & Co, while associate Aluma Zernik joined a fintech company.

Practice head(s):

Yona Goshen-Gottstein

Other key lawyers:

Itamar Shimonovitz


A very good knowledge and understanding of the banking and capital market regulatory regimes in Israel.’

The team is very professional and available.’

Adv. Yona Goshen-Gottstein is our partner and provided support in regulatory matters.’

Demonstrates perfect understanding in finance and banking. Yona is a great specialist in banking and finance.’

Ms. Yona Goshen-Gottstein (partner) and Mr. Itamar Shimonovitz (associate) give us full support at any time needed. Yona is super professional and has high-level knowledge in the relevant area of our activity.’

Key clients

Leumi Bank

Bank Hapoalim Ltd

Discount Bank Ltd.

Mizrahi Tefahot Bank

CitiBank Israel and CitiBank Group Global

Menora Mivtachim Insurance Company

Harel insurance company Ltd.

Amitim Veteran Pension Funds

Migdal insurance company Ltd.

Altshuler Shaham Investment House

ICIC the Israeli Credit Insurance Company Ltd.

Meitav Dash Investment House

Generation Capital Ltd.

Klirmark Capital

Doral Group

Ratio Oil Explorations (1992) Limited Partnership

Delek Group

Delek Drilling, Limited Partnership

Navitas Petroleum, Limited Partnership

JP Global Power Ltd.

Oram Investments and Development (2008) Ltd



Ofek Capital Co-operative Association

Work highlights

  • Acted for Leumi Bank in a complex mandate involving a credit agreement with the Bank of Israel secured by a mortgage portfolio.
  • Represented Menora Mivtachim and Amitim, as lenders, in the project financing of the Ramat Gavriel and Alon Tavor power plants, worth a combined NIS1.3bn.
  • Advised Discount Bank on several credit insurance policies in the field of export and import to developing countries, valued at over $200m.


FISCHER (FBC & Co.) is highly regarded for its close relationships with Israeli and foreign lenders. It also routinely acts for borrowers, particularly in the real estate and energy spheres. On the transactional front, it handled a string of acquisition and syndicated financings over the past year for both banks and non-traditional lenders, including Bank Hapoalim, Harel Insurance Group and Bank Leumi. Among its regulatory strengths, the firm is increasingly visible in the non-bank lending space, where it counts Tarya P2P and Hamazpen among its clients. Group head Miri Kimhi advises on both transactional and regulatory issues, with notable strength in structured finance products. The team includes the 'excellent' Dikla Lavy-Fischer as well as new commercial head Orit Israeli, who joined from Amit, Pollak, Matalon & Co. Advocates and Notary and is noted for real estate and infrastructure finance.

Practice head(s):

Miri Kimhi

Other key lawyers:

Orit Israeli; Dikla Lavy-Fischer


‘The team is very experienced in banking and finance transactions and regulation. They are very attentive, responsive and exact in their legal advice as well as proactive and original in their proposed solutions to various problems.’

‘Open-minded and think out of the box. Availability around the clock. Extremely professional.’

‘Professional people, available, creative, operate to promote transaction and find solutions. Managers of rough but responsible negotiations, which protects us.’

‘Miri Kimhi, the head of the financing team is super professional, with a lot of knowledge and ability to find creative solutions.’

‘When it comes to legal advice regarding banking and finance issues – FISCHER is always our first choice! Miri Kimhi and Dikla Lavy-Fischer’s professionalism is impeccable, they are highly dedicated, are always available for us and have profound understanding of both the legal and business aspects of each transaction.’

‘I have mostly been advised by partners Miri Kimhi and Dikla Lavy-Fischer and their team. They are both brilliant lawyers, a pleasure to work with both professionally and personally, provide the best service and always available. They excel in what they do, and it makes our experience with FISCHER an excellent one.’

‘Dikla Lavy-Fischer is an enthusiastic, results-oriented, highly talented legal professional. She has a strong and deep business understanding and extensive hands-on experience. Her understanding of the law and in particular of commercial financing enables her to accurately understand our needs as a lender.’

‘The primary work is with the lawyer Adv. Dikla Lavy-Fischer. Highly experienced and professional. Her work is excellent and at a very high level, and she is dedicated, precise, service-minded and accessible.’

Key clients

Bank Hapoalim B.M.

Bank Leumi Le-Israel

Israel Discount Bank & Discount Capital

Bank Mizrahi Tefahot

JP Morgan N.A.

Harel Insurance Group

Amitim Pension Funds

Menora Mivtachim Insurance Group

Clal Insurance Group, Finance Division

Phoenix Insurance Group, Credit division

Tarya P2P Ltd.

Menif – Financial Services Ltd

Mashav Initiating and Development Ltd.

Mivtach Shamir Holdings

Sonol Israel Group

Danya Cebus Ltd.

Bayit Bakfar Group

OPC Energy Ltd.

Generation Capital Ltd.

Centerbridge Partners Europe & Gallatin Point Capital

Bareket Finance Ltd.

M.L.R.N. Projects and Trading Ltd

Allied Real Estate Ltd.

Yediot Ahronot Ltd.

Delta Galil Industries Ltd.

Golf & Co Group Ltd.

Work highlights

  • Represented a syndicate of Israeli institutional lenders, led by Harel Insurance Group, on an acquisition financing to a Maltese company for several purchases of stakes in Bayside Land Corporation.
  • Represented Bank Hapoalim, Israel’s largest bank, in the acquisition financing of Max It Finance by Warburg Pincus.  
  • Advised Bank Hapoalim on the financing of Haifa Group’s construction of a new ammonia manufacturing plant.

Gornitzky & Co.

Gornitzky & Co.'s deep bench translates into a broad banking and finance department, which covers the full range of local and international finance transactions across all industry segments. Arguably best known for its dominant lender-side practice, where it acts for the five largest Israeli banks as well as major non-bank institutional lenders, the firm also advises corporate borrowers. The team’s regulatory record is another string to its bow and it has expertise in product development and bank regulatory issues. Eli Elya led on several of the team’s recent high-profile deals, including acting alongside Inbal Badner to represent a syndicate of lenders on the NIS1.8bn financing of a real estate project. Dubi Gross is recommended for cross-border acquisition finance and other secured financing deals. Elite Elkon knows the regulatory landscape'. Idan Baki splits his practice between finance and corporate and M&A transactions.

Practice head(s):

Eli Elya; Elite Elkon; Dubi Gross

Other key lawyers:

Pinhas Rubin; Idan Baki; Inbal Badner; Ori Yitzhak


‘Gornitzky’s banking and finance team is one of the best practices I have worked with in the space. They are responsive, quick thinking and commercial.’

‘What I like about Gornitzky’s credit team is their deep knowledge in credit transactions, their ability to foresee potential risk issues and avoid them or address them ahead of time, their responsiveness and their thoroughness.’

‘Very knowledgeable about the local regulatory landscape, with personal relationships with the key regulators.’

‘Great firm with coverage across the key practice areas – M&A, private equity, capital markets, banking and project finance. Only 2-3 other firms in Israel have that broad coverage at high level.’

‘Extraordinarily knowledgeable about Israeli law, the market for domestic and cross-border financings, and the intersection between Israeli law and practice and the international capital markets.’

‘Eli Elya and Dubi Gross are the best finance lawyers I have come across in Israel, really strong client focus, both very thoughtful and constructive lawyers.’

‘Dubi Gross and Eli Elya stand out for their client commitment and innovative/creative problem solving. They do not rest until the issues are fully vetted and resolved in a mutually satisfactory manner.’

‘Elite Elkon is excellent — she knows the regulatory landscape and knows how to get deals done.’

Key clients

Israel Discount Bank


EL AL Israel Airlines Ltd.



Bain Capital Credit, LP

Navitas Petroleum Onshore LLC

Shaked Fund

Bank Hapoalim

Bank Leumi

First International Bank of Israel Ltd

Mizrahi Tefahot Bank

Warburg Pincus

Silicon Valley Bank

Clal Insurance Group

Israel Corporation Ltd.

More Investment House Ltd.

Harel Insurance Ltd.

Menora Mivtachim Insurance Ltd

Altshuler Shaham Ltd

Fattal Hotels

Amitim (Senior pension Fund)

Migdal Insurance Company

The Phoenix Holdings Ltd

Deutsche Bank

Pictet Banque & Cie

Fortissimo Capital Fund; Enercon Technologies Ltd

Work highlights

  • Advised the arranger on the Seagate real estate acquisition and construction financing.
  • Advised Bain Credit, as lender, on the Israeli aspects of the financing of the acquisition of Cardo Systems by EMK Capital.
  • Advised Warburg Pincus on a NIS700m loan from Bank Hapoalim to finance a deferred payment for the acquisition of credit card company Max IT Finance.

Herzog Fox & Neeman

Herzog Fox & Neeman‘s cutting-edge practice combines strong skill sets in transactional and regulatory work, equipping it to advise on sophisticated corporate lending and structured finance deals. Cross-border matters are a key specialism and the group recently advised a string of major foreign lenders, including BNP Paribas, Citibank and HSBC, on the Israeli aspects of margin loans secured by Israeli securities. ‘Market leaderAlan Sacks co-led the margin loan work together with impressive up-and-coming partners Ben Kanter and Nir Miller. The group also benefits from the senior experience of regulatory expert Irit Roth, structured finance partner Natalie Jacobs and Roy Nachimzon, who represents both lenders and borrowers in corporate finance transactions. Esti Hadar is also noted.

Other key lawyers:

Ben Kanter; Nir Miller; Esti Hadar


‘My impression is very positive. The team handled the deal, the negotiations, the problem solving with high attention. Professional discussions, with each lawyer contributing from their skills and experience. Very accessible.’

‘The Herzog banking team is excellent. Very knowledgeable and experienced. They have strong international and domestic practices and are particularly good on cross-border transactions.’

‘The strength of the staff in this office is their great professionalism in the field, the very high focus on clients, the desire to help at all times and the personal and dedicated care.’

‘Natalie Jacobs and Esti Hadar have been providing legal services on derivatives to us for over five years. During this period they accompanied the legal closure of many ISDA agreements. All in a very thorough, in-depth and professional manner, and also while ensuring the business good of the company.’

‘Natalie Jacobs was amazing. Robust financial knowledge of derivatives and logistics. A strong negotiator.’

‘I work mostly with Roy Nachimzon. He is an outstanding attorney. He is very smart and genuinely understands the business side. He has great negotiation skills and is always able to find solutions to complex issues.’

Key clients

HSBC Bank Plc Israel

Bank of Jerusalem

CK Hutchison Holding Limited

Bank Leumi le-Israel B.M.

Credito Ltd.

Israel Discount Bank Ltd.

Work highlights

  • Advised Pocketful on the establishment of a new digital bank.
  • Advised major international financial institutions operating in Israel on cross-border legal issues and developments in Israeli law and practice as a result of Covid-19.
  • Represented Goldman Sachs International on a unique securitisation structure allowing offshore investors exposure to a portfolio of Israeli mortgages.

Meitar Law Offices

Meitar Law Offices‘ full-service banking practice advises financial institutions, credit card companies and non-traditional finance clients on the full range of regulatory, lending and corporate matters. The team also acts for borrowers and sponsors in LBOs and other major finance transactions. Complex regulatory work has been a mainstay over the past year, and the firm’s weight in this area is evidenced by its longstanding relationship with The Association of Banks in Israel. Gal Feingold is widely recognised as a ‘market leader‘ and his financial services practice takes in banking, insurance and financing. Eyal Dotan is a key name for banking regulation and corporate governance. Judith Gal-Or, Assaf Oz and of counsel Dalia Tal are also high-profile figures, while senior counsel Vadim Tzimerman is an impressive rising star.

Practice head(s):

Eyal Dotan; Judith Gal-Or; Gal Feingold; Assaf Oz

Other key lawyers:

Dalia Tal; Vadim Tzimerman


The firm provides professional service in complicated financing transactions, with high understanding of international practices in corporate finance.

Lawyers display high-level negotiation skills and commitment to the client.’

Key clients

Bank Leumi Le-Israel Ltd.

Bank Hapoalim Ltd.

The First Digital Bank Ltd.

The Association of Banks in Israel

Israel Discount Bank Ltd.

First International Bank of Israel Ltd.

Citibank N.A.

Mizrahi Tefahot Bank Ltd.

Union Bank of Israel Ltd.

Amitim Senior Pension Funds

Max IT Finance Ltd., Max IT Credit Ltd.

Gazit-Globe Ltd.

Work highlights

  • Advised Bank Leumi on banking matters, including banking law, corporate governance and regulatory issues.
  • Represented First Digital Bank on all legal and regulatory matters related to the establishment of a new online bank in Israel.
  • Represented the The Association of Banks in Israel on various banking and regulatory matters, including on the implementation of the new Payment Services Law.

S. Horowitz & Co

The banking team at S. Horowitz & Co collaborates with the firm’s top-tier corporate practice to shine in corporate finance and equity financing transactions. The group also handles a steady stream of acquisition financings, where it leverages its private equity relationships to represent acquirers in complex LBOs, as well as project finance and aircraft finance deals. Additionally, the firm maintains a solid regulatory offering, where Anthony Bloch recently advised Bank Hapoalim on aspects of the Strum Committee Law to increase competition in the banking industry. International corporate co-chair Clifford Davis is recommended for export credit financing, acquisition finance and cross-border lending. Michelle Liberman‘s diverse practice encompasses corporate finance, project finance and distressed lending.

Practice head(s):

Anthony Bloch; Clifford Davis; Michelle Liberman

Other key lawyers:

Shlomi Delgo; Tammy Riesenberg


‘Unparalleled knowledge of the complex issues facing borrowers and lenders in the Israeli market. Other firms struggle with the myriad of issues, this firm leads on them.’

‘The range of banking instructions I have given the firm or received from the firm covers all aspects of this practice area – from export credit financing to leverage financing, from factoring to regulatory work, from trade financing to synthetic financings – they seem to me the only firm that professionally and at a consistently high standard covers all the bases.’

Anthony Bloch, is, domestically, one of the best lawyers I have come across in Israel. He is the number one external counsel for Bank Hapoalim (largest Bank in Israel) and, having worked with him, I can understand why he is so trusted.’

‘I have found Clifford  Davis to be perennially excellent – he is one of the only lawyers in Israel I know who can work on cross-border financings and is aware of not only Israeli law issues but English law, New York law and so on. He’s like a walking Wikipedia (except accurate)! A truly fantastic lawyer and a pleasure to work with.’

‘Cliff Davis – cool, calm and collected. Can drive the deal and pull others along with him. Always delivers.’

Key clients

Francisco Partners LP

Bank Hapoalim B.M.

Israel Discount Bank Ltd.

First International Bank of Israel Ltd.

Mizrahi-Tefahot Bank Ltd.

TA Associates

Bank Leumi Le’Israel Ltd.

The Phoenix Insurance Company Ltd.

Pathfinder Strategy Fund

MUFG Bank Ltd. (Mitsubishi UFJ Financial Group)

Work highlights

  • Advised US private equity house Francisco  Partners on the $600m foreign bank-led LBO of Israeli company MyHeritage.
  • Represented a syndicate of lenders (Bank Hapoalim, Israel Discount Bank, First International Bank of Israel, Union Bank of Israel and The Phoenix Insurance Company) in the $350m refinancing of a publicly traded borrower, secured by guarantees of the borrower’s subsidiaries.
  • Represented a syndicate of senior lenders, led by Mizrahi-Tefahot Bank, on a NIS1.1bn refinancing transaction to replace loans and credit lines granted in connection with the construction of two private power plants.

Erdinast Ben Nathan Toledano & Co. with Hamburger Evron

Erdinast Ben Nathan Toledano & Co. with Hamburger Evron secures praise for its ‘refuse-to-lose attitude‘. The group has a strong track record in representing corporate borrowers and institutional investors in domestic and cross-border corporate finance matters. It is also increasingly active for lenders, particularly non-traditional lenders such as insurers and private equity clients. Additionally, the group’s merger with Hamburger Evron & Co boosted its firepower on the real-estate finance side. Doni Toledano is a key contact for both M&A and banking, and specialises in corporate finance transactions. Dan Sella and Roy Gross, who co-head the banking and finance practice alongside Toledano, are also noted.

Practice head(s):

Doni Toledano; Dan Sella; Roy Gross

Other key lawyers:

Shay Dayan


‘Very experienced team that also knows “international” standards in M&A and financing transactions very well. Highly committed and commercial lawyers with a “refuse-to-lose” attitude, who really solve problems for their clients.’

‘The team at EBN is an outstanding team, super professional and up-to-date. The team’s strength is its wide scope of knowledge of new and changing regulations and the ability to serve various issues.’

‘Strong capabilities and knowledge in various types of financing transactions with a special expertise in real estate financing and cross-border financing. Wide experience in representing institutional investors (insurance companies, provident funds, pension funds, etc.) in financing transactions and deep knowledge of the relevant regulatory applied to such institutional investors.’

‘The individuals are knowledgeable and extremely creative in their thinking. I see them as deal makers who are committed to the success of any transaction they handle. I also noticed the high level of availability.’

‘Doni Toledano, Dan Sella, Shay Dayan . All are super lawyers and I almost always try to work with them. There were deals where their office did not lead the M&A part, but I asked that the credit agreement part will be done by them.’

‘I worked with banking partner, Adv. Roy Gross. Adv. Gross has a high level of service and a good ability to manage high volumes of work in a short time.’

‘Roy Gross is a very professional, experienced and creative problem solver. Calm but determined.’

‘Roy Gross and his team at EBN are very responsive, pleasant to work with and highly skilled in the financing field. He is very business-oriented and always aims to find a creative solution for his clients.’

Key clients

Mizrahi-Tefahot Bank Ltd.

The Phoenix Insurance Company Ltd.

Meitav Dash Investments House

Menora-Mivtachim Insurance Company

Hellman and Friedman LLC

Netafim Ltd.

Ayalon Insurance Company

More Investment House

Yalin Lapidot Investment House

Yesodot Fund

Bain Capital Credit, LP.

Carasso Motors Ltd.

Eco City Group

Work highlights

  • Acted as local counsel to Hellman and Friedman on a $300m facility from Owl Rock Capital to support its $1.1bn acquisition of Israel-headquartered Checkmarx.
  • Represented D&A 2 on the financing of its NIS800m acquisition of Ispro – The Israel Properties Rental Corp.
  • Acted for Netafim in numerous engagements with local and domestic banks and financing institutions, including the IFC, for the financing of Netafim and its subsidiaries’ activities in Israel and abroad.

Goldfarb Seligman & Co.

Goldfarb Seligman & Co. is best known for representing major corporate borrowers and lenders in corporate finance, structured finance and factoring transactions. The team also links up with the firm’s premier infrastructure practice to shine in project finance. Ariel Rosenberg is sought after for his experience in factoring transactions and regulatory matters. Rami Sofer combines expertise in corporate, finance and infrastructure law and is widely recognised as a market leader in project finance. Dubi Zoltak is recommended for corporate finance.

Practice head(s):

Ariel Rosenberg; Rami Sofer; Dubi Zoltak

Other key lawyers:

Doron Segal; Orit Kremer

Key clients

Isracard Group

Warburg Pincus LLC

Goldman Sachs

JP Morgan

Credit Suisse



Deutsche Bank

A consortium of leading international banks, including Morgan Stanley, Goldman Sachs, Deutsche Bank, Citigroup, Credit Suisse, Citibank, ING, Credit Agricole, Stifel Financial Corp and more.

J.P. Morgan Securities LLC, Barclays Capital Inc. and Jefferies LLC as underwriters.

Bank Hapoalim B.M.

The Arison Group

Arison Investments Ltd.

Arison Sustainability Ltd.

Mizrahi Tefahot Bank Ltd.

Israel Discount Bank Ltd.

Discount Capital Ltd.

The First International Bank of Israel (FIBI) Group

Excellence Nessuah Brokerage Services Ltd.

Amitim Pension Funds

The Phoenix Insurance Company Ltd.

Psagot Investment House

Altshuler Shaham Ltd.

IDT Financial Services Ltd.

Menora Mivtachim Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd.

IBI Investment House Ltd.

Elco Ltd.

International Beer Breweries Limited

Pagaya Investment Israel Ltd.

Israir Airlines & Tourism Ltd.

Shufersal Ltd.

Property and Building Corp.

Negev Natural Gas Ltd.

Alon Energy Centers Ltd.

Israel Aerospace Industries Ltd.

Rafael Advanced Defense Systems Ltd.

Virtu Financial Inc.

The Shlomo Group

Credit Path Ltd.

Keshet Broadcasting

Lumen Capital Ltd.

Lahav Fund Two, Limited Partnership

Gibui Eitan Ltd.

Tapugan Industries Ltd.,

Marlin Equity Partners

Borderfree Inc.

Mitralix Ltd.

Ormat Technologies Inc. and Ormat Industries Ltd.

Canada Israel Group

Jordache Enterprises, Inc.

Israel Canada Hotels Ltd.

Shapir Civil and Marine Engineering Ltd.

Champion Motors Ltd.

The Gindi Group

Leopard Group

Asia-Hadera-Israel Ltd.

Acro Real Estate Group

Allied Real Estate

Shani Shenhav Ltd.

ECI Telecom Ltd.

Credit Shop Ltd.

Harel Information Technologies Ltd.

Tadbik Ltd.

Start-ups in financing agreements and VC loans.

Various Fintech companies and initiatives.

Zanlakol Ltd.

SBges EPC JV, a joint venture established by GES of the Azrieli Group and Shikun & Binui Group of the Arison Group


Arena Star Group Ltd.

Work highlights

  • Advising on the establishment of two large non-bank credit providers, including agreements with local and international financial institutions to ensure lines of credit.
  • Advising numerous clients (Canada Israel, Allied Real Estate, Menora Mivtachim, Discount Capital and others) on real estate finance transactions with banking and non-banking entities.
  • Advising on mezzanine financing agreements for various projects, including the NIS4.2bn acquisition of the Ramat Hovav power plant.

Gross Law Firm – GKH

Gross Law Firm – GKH packs a punch in the regulatory area, where it has notable experience in credit cards, structured finance, investment issues and securities matters. The sizeable practice counts many of Israel’s largest banks among its clients, and it also acts for major foreign banks and financial institutions. Group head Ofer Hanoh handles regulatory and transactional matters, with expertise in cross-border work. Ran Ben-Ari specialises in advising on the regulatory aspects of derivatives and structured products. Ido Amir is recognised for his growing reputation in mobile and online payment processing and credit cards.

Practice head(s):

Ofer Hanoh

Other key lawyers:

Ran Ben-Ari; Yigal Binyamini; Roy Reiss; Ido Amir


Excellent practical approach. High level of professionalism and acquaintance with the legal framework and the regulatory environment, particularly Ofer Hanoh.’

Key clients

FIBI- First International Bank of Israel

UBS AG and UBS Israel

Bank Leumi

Mizrahi Tefahot Bank

Israel Discount Bank

The Association of Banks in Israel

Morgan Stanley

Banco Itaú Brazil

Clal Insurance group

Edmond De Rothschild Bank, Edmond De Rothschild Bank (Israel)

Phoenix Insurance Group

Teachers’ Educational Funds

Bank of America Merrill Lynch

AIG Israel

FIBI Holdings Ltd.

Gilad Pension Fund

Bank Hapoalim

Arison Holdings

JP Morgan

IBI Investment House


Zeidler law firm (Dublin)

Paz Oil Group

Shikun & Binui

SunTrust Bank

Poalim Equity / Poalim ventures

Investment Houses Association

Bank Hapolaim (Switzerland)

Menora Insurance Group

Excellence Nessuah Investments House

Amitim – Pension Funds

Partner Communication Ltd.

Association of Life Insurance Companies of Israel Ltd.

Aura Investments

Hever Soldiers and Veterans Ltd.

Harel Insurance Group

Bank Massad

Leumi Partners

IDB Development Corporation

Elron Electronic Industries


Real Forex


Union Bank of Israel

More Investment House

Zorlu Enerji Elektrik retim A S

Kali group (insurance broker and investments)



Work highlights

  • Advised Bank Leumi on new capital markets initiatives, including on the establishment and operation of its new digital portfolio management company, ‘Videa’.
  • Represented Arison Holdings in the process of receiving a holding permit for Bank Hapoalim and in the biggest decentralisation process in Israel.
  • Advised UBS AG on financial regulation in Israel concerning wealth management activities, among other matters.

Tadmor Levy & Co

Tadmor Levy & Co. scores highly for its ‘great knowledge in legal and regulatory matters‘. The team advises banks, credit card companies, institutional investors and online payment providers on the full range of issues. Its ability to draw on the wider firm’s signature strength in the regulated industries translates into particularly strong skill sets in regulation and banking litigation. Project finance is also a sweet spot. Opher Levy is recognised for his emphasis on credit card matters. Amir Scharf advises on transactions, regulation and corporate governance. Associate Guy Fuchs has a focus on payment services.

Practice head(s):

Opher Levy; Amir Scharf

Other key lawyers:

Aviad Lachmanovitch; Ricky Brenner; Guy Fuchs


‘The team is very qualified and professional and has great knowledge in legal and regulatory matters, as well as market practices.’

‘Amir Scharf, the head of the team, stands out and is very knowledgeable and helpful in finding solutions to complex matters. We trust in the legal advice provided by the team, which has never failed us with inaccurate or incomplete information.’

Key clients

Max It Finance Ltd. (formerly known as Leumi Card Ltd.)

Leumi Bank Ltd.

Bank Hapoalim Ltd.

Discount Bank

Mimun Yashir (Direct Financing)

Credit Suisse Financial Services (Israel) Ltd.

Ramat Negev Energy Ltd. and Ashdod Energy Ltd.

Peilim Investment Portfolio Management

Smart Advanced ATM Services, Keren HaTamar Ltd.

Global Factoring Ltd.

Neema Shefa Ltd

ERN Clearing House

Tranzila Ltd.

Cardcom AcquiringLtd.

Up Capital Finance Ltd.

Opal Balance Investments Ltd.

W.i.c worldcom Finance ltd



Work highlights

  • Advising Max It Finance on matters relating to regulation, corporate secretarial services and class actions.
  • Advising Bank Hapoalim, as lead arranger of the senior debt, on the NIS3.2bn expansion of the Cross-Israel Highway.
  • Acted for Ramat Negev Energy and Ashdod Energy on a NIS1bn project refinancing.

Yigal Arnon – Tadmor Levy

Yigal Arnon & Co's practice is weighted towards financing transactions, where it mainly acts for lenders. It is also frequently called upon to advise on local and international regulatory issues. The group counts most of Israel's major banks as clients. It also acts for foreign banks and financial institutions, credit card companies and high-profile corporate borrowers. Shiri Shaham is widely admired for her diverse practice, which spans finance transactions, regulatory matters and complex cross-border issues. Corporate finance specialist Simon Weintraub and regulatory expert Yuval Shalheveth are also recommended.

Practice head(s):

Shiri Shaham; Yuval Shalheveth; Simon Weintraub

Other key lawyers:

Avi Anouchi

Key clients

Bank Hapoalim Ltd.

Israel Discount Bank Ltd.

Harel Insurance Company

C.A.L. (I.C.C – Israel Credit Cards) Ltd.

Michlol Urban Renewal Ltd.

BNP Paribas


El Al Israel Airlines Ltd

JPMorgan Limited

Michlol Urban Renewal Inc.

Phoenix Insurance

Migdal Insurance

The Association of Israeli Banks

Work highlights

  • Represented HSBC Bank and BNP Paribas, together with a syndicate of lenders, on Ratio Oil Exploration LP’s $650m loan refinancing.
  • Advised Harel Insurance Company on a $121m credit line agreement provided to OPC Energy to finance its acquisition of the CPV group of US companies.
  • Acted as Israeli counsel to JP Morgan and Morgan Stanley on a $675m bridge financing facility which was used to fund Energean’s purchase of Kerogen’s 30% shareholding in Energean Israel Limited.

Amit, Pollak, Matalon & Co. Advocates and Notary

Amit, Pollak, Matalon & Co. Advocates and Notary's diverse practice has strong recent experience in project finance and banking litigation. International work is another strength and the group is prized for its 'deep knowledge and experience of the US markets'. Former group head Orit Israeli left to join FISCHER (FBC & Co.). Livnat Ein-Shay Wilder recently arrived from the Bank Leumi Group and now jointly steers the department alongside hi-tech specialist Yoav Etzyon and litigator Sharon Lubezky-Hess.

Practice head(s):

Yoav Etzyon; Sharon Lubezky Hess; Livnat Ein-Shai Wilder

Other key lawyers:

Nadia Davidzon


‘Local market expertise, with deep knowledge and experience of the US markets (where many international deals in Israel happen).’

Key clients


Bank Hapoalim Ltd.

Israel Discount Bank Ltd.

The Phoenix Insurance Company Ltd.

Bank Leumi Le-Israel Ltd.

Shaked Partners Fund

Finnovest Ltd.

Liquidity Capital

Bank Mizrahi-Tefahot Ltd.

Mashav Energy

Consortium of companies: Construcciones Y Auxiliar De Ferrocarriles, S.A., Caf Investment Projects S.A., Shapir Civil and Marine Engineering Ltd. And Noy 3 Infrastructure And Energy Investments L.P.

A consortium led by: Hangzhou Jinjiang Group Co. Ltd. and Ford Municipal Systems Ltd.

Work highlights

  • Advised Splitit on its $150m receivables funding facility from Goldman Sachs Bank USA.
  • Represented a consortium, led by Hangzhou Jinjiang Group, in the pre-qualification process for a BOT project, under a government tender.
  • Acted for a consortium (comprising CAF, CAF Investment Projects, Shapir Civil and Marine Engineering and Noy 3 Infrastructure And Energy Investments) in the Haifa-Nazareth Light Rail PPP project.

Epstein Rosenblum Maoz (ERM)

Epstein Rosenblum Maoz (ERM) finds favour for its ability to provide ‘practical and commercial solutions’. The group secures a wide range of real estate financings, corporate financings and restructurings — for both lenders and borrowers. Additionally, the firm's highly rated energy practice supplies a steady flow of project finance deals. Amnon Epstein is an ‘expert in his field‘ and focuses on finance and projects. Itai Yonai is noted for structured finance and derivatives.

Practice head(s):

Amnon Epstein

Other key lawyers:

Itai Yonai; Itamar Lev; Jeremy Seeff


‘ERM has the professional abilities of a well-established international firm with the personal attention of a boutique firm. It has all the necessary expertise to advise a full process in various projects in the financial arena. My group enjoyed their services in processes such as M&A, hedge fund establishment, options of employees, real estate deals, and more.’

‘The team at ERM was recommended to me by a colleague and I also had a very positive experience dealing with them. They were very responsive and provided practical and commercial solutions throughout.’

‘They manage the process rapidly and efficiently. They protect me as a client from costly mistakes. They are fully available, including in night hours, later than the usual working day, and always with a very personal attitude.’

‘Jeremy Seeff has deep industry knowledge and is very responsive and commercially-oriented. I would highly recommend Jeremy.’

Key clients


Arbel Fund

Ayalon Insurance

Altshuler Shaham

Bank Discount

Bank Leumi (Israel) and Bank Leumi (UK)

Bank Hapoalim

Bank of America Merrill Lynch

Bank of Cyprus Group

Barclays Bank PLC

BNP Paribas


DBS Bank (Hong Kong)

Deutsche Bank

Goldman Sachs

Guggenheim Credit LLC

Harel Insurance Company

JBIC Japan Bank for International Cooperation

Macquarie Bank

Mizrahi Bank

Monarch Alternative Capital


Ruby Capital

Societe Generale

The Phoenix Insurance Company

Work highlights

  • Advised Natixis on its $150m amended and restated oil financing transaction.
  • Advised Altshuler Shaham, as lender together with Investec, on a £90m syndicated loan to finance a real estate development in London.
  • Acted as Bank Leumi’s sole panel firm in respect to renewable financings and advised on loans worth NIS2bn over the past year.

Lipa Meir & Co

Lipa Meir & Co stands out for its niche strength in true sale opinions and credit insurance. The firm also acts for both lenders and borrowers in more traditional financing deals, particularly corporate finance, real estate finance and project finance. Yariv Shalom has niche expertise in structuring true sale transactions.

Practice head(s):

Yariv Shalom

Key clients

Bank Hapoalim Ltd.

Bank Leumi Le Israel BM

Harel Group – Insurance, Assets and Investments


Sufrin Group

Allied Group

ICIC – The Israeli Credit Insurance Company

Weiss Group

Israel Discount Bank Ltd.

Ayalon Insurance Company Ltd.

Arbel Fund LP

Menorah Mivtachim Insurance Ltd. (“Menorah”)

The Kibbutz Economies Group (“KEG”) and Bituach Haklai Central Cooperative Society Ltd.

Cogito Capital Fund

Klirmark Capital Ltd.

Mizrahi Tefahot Bank Ltd.

Work highlights

  • Advised Kibbutz Economies Group, together with insurance provider Bituach Haklai, on a mezzanine financing.  
  • Acted for Harel Insurance Group on a range of finance transactions.
  • Represented Mizrahi-Tefahot Bank in several matters involving sovereign lending.

M. Firon & Co Advocates and Notaries

M. Firon & Co Advocates and Notaries is valued for its ‘knowledge, legal skills and deep understanding of the market‘. Sources commend the team’s strength in regulatory matters, particularly in the fintech space, as well as project finance. Real estate finance and structured finance are also areas of note. Tamar Firon-Smorodinsky impresses with her ability to ‘pull quick solutions out of her sleeve and get out of tough spots‘. Oded Ofek is noted for his funds expertise.

Practice head(s):

Tamar Firon-Smorodinsky

Other key lawyers:

Ronen Maor; Oded Ofek; Timor Pesso; Asher Sofan


‘Extremely experienced and well coordinated. They know how to create the best legal product in terms of financial, commercial and legal aspects and close it with all the parties involved.’

‘We use M. Firon as our focal law office. I managed a business that managed funds as a GP and LPs giving finance and the firm served us in all aspects thereof of the business – regulation and financing. I manage my own business today in the fields of financing and other business and M. Firon continues to give me legal services in all the aspects of the business.’

‘We have worked with M. Firon for at least three years. They give us services for everything we need regulation-wise as well as corporate and agreements and so forth – in essence, everything! The team is professional and serves us very well in real time and we find them very commercially aware and certainly fair in tariffs.’

‘Our only team in infrastructure and project finance. We chose them carefully many years ago and never had any regrets. They have the best combination of knowledge, legal skills, deep understanding of the market, meeting the client’s needs, availability and a pleasant attitude.’

‘Tamar Firon-Smorodinsky is an unbelievable super-lawyer. When it comes to infrastructure projects, as well as all related finance and banking matters, she really knows how to get things done and she is also a master of the business and the legal aspects of such complicated projects.’

‘The project finance team headed by Tamar Firon-Smorodinsky is unique because of its ability to quickly collect the relevant information, analyze it, go to the bottom of things, connect all the dots and compose with a legal document which includes every aspect and covers all bases.’

‘Oded Ofek is simply the best lawyer you can ask for in the field of financial services and fintech companies, I cannot count the number of times his words and advice of wisdom paved the right track for our company to walk in. I cannot believe any other would do or have the knowledge to do the same – as simple as that.’

‘Oded Ofek is top notch, a maverick, full of expertise and know-how, and we are rendered full legal services that answer all of our needs to the fullest, including legal novel legal opinions concerning the new law and of how to operate in these novel times.’

Key clients

Direct Finance

Discount Bank

Leumi Bank


The Phoenix Insurance Company

Harel Insurance Company

Hanan Mor Group

Ashtrom Group

Peninsula Group


UBank Trust Services Ltd.

Opal Balance

S.R. Acord

The Credit Providers Association in the Chamber of Commerce


Work highlights

  • Represented Phoenix Insurance Company in the formation of a new financing company with Leader and More, which will provide finance of up to NIS2bn for small and medium real estate projects and developers.
  • Advised Harel Insurance Company in approximately NIS1bn worth of refinancing transactions with EDF.
  • Advised UBank on ISDA agreements.

Shibolet & Co.

Shibolet & Co.‘s top-tier energy and infrastructure practices ensure that the firm is frequently involved in major project finance deals. It is also well versed in acquisition finance, real estate finance and cross-border transactions. New York and Israel-qualified Alon Ziv is highly regarded for project finance. Gadi Ouzan is noted for corporate lending and funds work. The group was recently boosted by the arrivals of project finance specialist Shlomit Hess, who joined from Yehuda Raveh & Co., and Nilly Alshech Raviv, who was formerly at Mizrahi-Tefahot Bank.

Practice head(s):

Alon Ziv

Other key lawyers:

Gadi Ouzan; Shlomit Hess; Nilly Alshech Raviv

Key clients

Igudan – Dan Regional Association for Environmental Infrastructure

El Al Israel Airlines Ltd.

Wells Fargo Capital Finance LLC

The Phoenix Holding Ltd.

Goldman Sachs

Morgan Stanley

Leumi Bank Limited

BNP Paribas Israel

Bank HaPoalim

Clal Insurance Ltd.

Harel Insurance Company Limited

Menorah Insurance Ltd.

Altshuler Shaham Ltd.

The Interdisciplinary Center Herzliya

Ashtrom Group

Ellomay Capital Ltd – Renewable Energies

Silicon Valley Bank

Bank Leumi US

Israel Discount Bank Ltd.

Halman Aldubi Pension and Provident Funds Ltd.

Work highlights

  • Advised Goldman Sachs and Morgan Stanley on the financing of Qlik’s acquisition of the shares of Attunity, which involved a total financing package of $1.5bn.
  • Advised Menora Mivtachim on the financing, together with Bank Mizrahi, of the $70m acquisition of Texas oil fields by Navitas Petroleum.
  • Advised Clal Insurance on the financing, together with a global syndicate of lenders, of a $6bn LNG business in Louisiana.

Weksler, Bregman & Co., Advocates

Weksler, Bregman & Co., Advocates has a prominent regulatory practice, which enjoys close relationships with major local banks and financial institutions such as Mizrahi-Tefahot Bank and the Tel Aviv Stock Exchange (TASE). On the transactional side, the firm has a robust real estate finance offering. Ora Dvir is particularly noted for her regulatory background — she was formerly in-house at The Bank of Israel. Ofer Yankovich handles a mix of banking, corporate and securities work. Eran Shuster is also noted.

Practice head(s):

Ora Dvir; Ofer Yankovich; Eran Shuster

Other key lawyers:

Sharon Drori Wichilievski; Michal Goren

Key clients

Mizrahi Tefahot Bank

The Tel Aviv Stock Exchange (TASE)

Bank Hapoalim Ltd.

Otsar Hahayal

UBank (part of FIBI Group)

Gottex Group

Israel Discount Bank Ltd. (IDB)

Mercantile Discount Bank Ltd. (Mercantile)

First International Bank of Israel Ltd. (FIBI)

Massad Bank Ltd. (MBL)

Africa Israel Residences Ltd. (AFR)

AFI Properties Ltd. (AIP)

HSBC Bank (Israel)

IGI Investments (Izaki Group – Renanot Enterprises and Investments Ltd.)

Aharoni Group (M.A) development and investment Ltd

Work highlights

  • Advised Mizrahi-Tefahot Bank on compliance with banking conduct regulations.
  • Advised TASE on all regulatory aspects of its operation as a stock exchange, and also on the operations of its two clearing houses.
  • Acted for Israel Discount Bank on multiple financing transactions.

AYR – Amar Reiter Jeanne Shochatovitch & Co

AYR – Amar Reiter Jeanne Shochatovitch & Co's practice is dominated by borrower-side representations, particularly in the construction, real estate and infrastructure sectors. Yoav Caspi is recommended for his broad corporate finance focus. Assaf Lapid 'provides a personal service' and had a strong recent run in real estate financings.

Practice head(s):

Yoav Caspi; Assaf Lapid

Other key lawyers:

Tomer Altman


‘Provides a personal service, answers all questions in various legal subjects.’

‘Lawyer Assaf Lapid works with our group of companies and gives a personal service in every hour of the day via email, work phone and personal phone.’

Key clients

Bank Hapoalim

Amitim Pension Funds

Harel Group Harel Insurance Investments and Financial Services Ltd.

Clal Insurance Enterprises Holdings Ltd.

Lemonade Group

Gindi Group

Mayer Group

Fritz Companies Israel T. Ltd.

Shapir Group

More Investment House

Halman – Aldubi

A.N.G Group

Etz HaShaked Engineering

Ohad Eldar investment Ltd.

Mayer (Kesher) Real Estate England (2013), Limited Partnership

Shriki Group

Nuriel & Sons Transport Ltd.

Lahav L.R. Real estate Ltd.

Teleclal Group

Eldar Group

Work highlights

  • Represented Gindi on the financing of the purchase of a parcel of land on which the fourth tower of the Gindi TLV Project is built.
  • Advised Shapir Group on a NIS1.2bn financing for the construction of a major housing and infrastructure project.
  • Advised Halman Aldubi on a financing transaction, in which Halman gave Ampa Capital NIS120m worth of credit.

Barnea Jaffa Lande & Co.

Barnea Jaffa Lande & Co. demonstrates ‘vast knowledge of financial laws and regulations‘. The firm handles a range of banking and finance matters, with an emphasis on regulatory work, including fintech-related issues and banking litigation. Simon Jaffa, who has a focus on advising international clients, and regulatory expert Zvi Gabbay are recommended. Anat Even-Chen is a ‘strategic thinker‘.

Practice head(s):

Simon Jaffa; Zvi Gabbay

Other key lawyers:

Anat Even-Chen; Niv Polani


‘Barnea assisted me in complex legal matters regarding financial services, banking & fintech. This required Barnea team to dive into the bits and bytes of all of our activities and services alongside maintaining a high level of proficiency, deep understanding and vast knowledge of financial laws & regulations and regulatory procedures.’

‘The team has a well rounded practice, with a particular expertise in financial crimes compliance and data privacy.’

‘We are delighted to work with Zvi Gabbay and Niv Polani. We find them very responsive and they also think “outside the box”. They bring vast knowledge and work very fast and efficiently.’

‘I’ve been working primarily with partners Adv. Zvi Gabbay & Adv. Anat Even-Chen – and they stood out for their unique expertise.  I enjoyed a high level of availability (in any time of the day) and client service, rare expertise in numerous fields of laws and regulations, deep commercial understanding and a general feeling of accomplishment.’

‘I have worked with Anat Evan-Chen. Anat is a very responsive, strategic thinker who takes a practical approach to complex issues.’

‘The team is incredibly strong, with great business insight — they go beyond legal skills, particularly Simon Jaffa Zvi Gabbay and Anat Even-Chen.’

Key clients

Construcción y Auxiliar de Ferrocarriles, S.A.

BNP Paribas S.A.

Migdal Group

Brinks Israel

Blender Group

International Bank of Azerbaijan

Work highlights

  • Advised Construcción y Auxiliar de Ferrocarriles (CAF) on its interests in railway projects in Israel, including on its role as sponsor in the financing transaction for the construction and operation of the Jerusalem Light Rail’s Red and Green Lines.
  • Represented BNP Paribas in two proceedings for the approval of a class action filed with the Central District Court against a series of foreign banks.
  • Represented Migdal in its fintech activities.

Yehuda Raveh & Co.

Yehuda Raveh & Co.‘s energy and infrastructure practices supply the bulk of its finance instructions, with project finance standing as the firm’s sweet spot. The group, which acts for a healthy mix of lenders and borrowers, also advises on regulatory banking matters. Lisa Tross specialises in real estate and infrastructure finance. ‘Deal-makerRon Vered also focuses on project finance.

Practice head(s):

Lisa Tross; Ron Vered

Other key lawyers:

Miri Simons


‘Adv Ron Vered has a really good customer relation skills and availability. I can always count on him for a rapid and professional response. We have worked together for more than ten years.’

‘Adv Ron Vered is a deal maker, with rapid response times.’

Key clients

Ayalon Insurance Company

Bank of Jerusalem

The Association of Banks

Bank Leumi Le-Israel B.M

Bank Hapoalim B.M.

Israel Discount Bank

Mizrahi Tefahot Bank Ltd.

Minrav Group

Hadassah, the Women’s Zionist Organization of America Inc.

Dan Capital

Joint Venture of Israeli Financial Institutions

Tamuz Growth Fund

Amitim Group

Israel Infrastructure Fund (“IIF”)

Harel Insurance Group

First International Bank, Altshuler Shaham investment house and the Migdal Group

Menora Insurance Group

Phoenix Insurance Ltd.

Work highlights

  • Advised Bank Leumi on project financings and other financing agreements and procedures worth billions of shekels.
  • Represented a financing group, which included First International Bank, Altshuler Shaham Investment House and the Migdal Group, in the financing of the Manara Pump Storage project, valued at NIS1.5bn.
  • Acted for a group of Israeli financial institutions, as senior lenders, on the refinancing of the power plants of Ramat Negev Energy and Ashdod Energy.