IFLR 1000
The Guide to the World's Leading Financial Law Firms

Bech-Bruun is the subject of some varying opinions in the market at the moment. Peers comment on the significance of its recent departures, with partners Peter Lyck and Tue Ravnholt Frandsen heading off to Hannes Snellman and Plesner respectively. But others support them and point out that that the firm is stable and continues to work on its fair share of noteworthy deals.

"Bech-Bruun is a historic firm, traditional. They are still quite strong but have a very narrow focus," comments one partner. Another agrees: "Bech Bruun is right to be in tier two, they are not tier one. They have a few good people."

The team seems to cover all the bases though, with leading lawyer Steen Jensen heavily involved across the practice. "He is very skilled. His technical skills, as well as his personality, are very impressive," says one client, while another highlights his manner: "I actually feel that we have a good relationship personally as well as work-wise."

A clear deal highlight saw the firm act, in June 2010 for Chr. Hansen Holding on its €742 million IPO, one of the largest in Denmark since 2005.

In 2011, a team led by leading lawyer Morten Krogsgaard advised Altor Equity Partners on a large recapitalisation of Sonion Investment. This transaction closed in March for an undisclosed sum.

As is the case with banking, some in the market suggest that Bech-Bruun has slightly dropped away this year. "We see Bech-Bruun less now. They have good lawyers but not the best. They have no rainmakers," says one partner, while another points to the firm's loss of manpower: "Bech-Bruun could possibly slip to tier two due to important partners leaving."

The highest profile departure was that of Niels Erik Nielsen, who is now at Lett. "Nielsen was a very dominant figure within Bech-Bruun. I mean, he drove the firm. He is very active, very aggressive, and is a very good lawyer." says one peer. Another partner is even more forthright: "Bech-Bruun, as far as we are concerned, is falling apart in M&A."

Clients however still seem more than satisfied, as one says: "I take great pleasure in using Bech-Bruun." Another praises the firm's proactive style: "I don't want the story from before, I want what's happening now and they are good at solving the problems we see and finding those we don't see. They are complex problems, but they handle them very well."

With the market seeing a pick-up in private equity exits this year, the team acted on one such deal this year. Thomas Gjol-Tronning advised IK Investment Partners and Ratos on its sale of Superfos Industries. The pre-eminent pan-European injection moulded plastic packaging producer was acquired by British RPC Group for €240 million in February 2011.

Leading lawyer Søren Meisling also advised on a large cross-border agreement between electronic payment solutions providers PBS Holding and its Norwegian counterpart company Nordito. Bech-Bruun acted for the former. The merger created the largest northern European company of this type with over 2000 employees in five countries.

Bech-Bruun has a very large restructuring and insolvency team and also possesses more lawyers than any other firm who have special relations with the Copenhagen Bankruptcy Court. This allied to its involvement in some of the year's most noteworthy deals, sees them move up to the top tier this year. "Bech-Bruun are strong here, and should be moved up to tier one," agrees one partner.

In terms of mandates, a highlight this year was simply the largest ever bankruptcy in Denmark. Acting for the creditors, leading lawyer Troels Tuxen was appointed as trustee and worked in regard to the collapse of the Landic Group of companies. Involving over 200 separate legal entities, the total balance was €3 billion. The work continues at time of writing.