Luxembourg

IFLR1000 Reviews

Overview

Solicitors governing body: Barreau de Luxembourg

Competition authority: Conseil de la Concurrence Grand Duché de Luxembourg

Financial regulator: Commission de Surveillance du Secteur FinancierCommissariat aux Assurances

IFLR1000 ranking categories for this jurisdiction:

Financial and corporate (published October) – Financial and corporate, Investment funds

Jurisdiction overview

A civil law society, Luxembourg is the world’s last remaining Grand Duchy and operates under a constitutional monarchy. It has one of the highest levels of GDP per capita in the world, second only to Qatar, and is regarded as a very highly developed nation by the UN.

A worldwide financial centre, Luxembourg is renowned as one the leading global hubs for holding companies and funds. Indeed, it is second only to the United States in terms of numbers of investment funds registered. It is also the most important private banking centre in the Eurozone and Europe's leading centre for reinsurance companies. In addition to the financial sector, the country also maintains a robust steel industry and has a strong reputation as a telecommunications hub.

The legal market is a mixed bag, with domestic and international firms both maintaining a strong presence. Large scale and complex matters are dealt with equally by the global and leading local practices, with some domestic firms considered to be among the very best for high-end work. The rest of the market is largely made up either of domestic or regional practices or international firms that maintain a small footprint in the jurisdiction but would cover most work there from an office in London or other European financial centre.

Individual practices tend to be relatively focused, given the refined nature of the market, with specialised corporate and M&A, banking, capital markets and fund lawyers commonplace. There are also some legal professionals who maintain an even more specific practice, looking at things like securitisation and Islamic finance in particular.

There are few strict rules around who can practice law, with EU citizenship being the only precursor to gaining a qualification. There are no restrictions on the activities of foreign law firms – other than registering with the Luxembourg Bar. There are also no restrictions for EU-registered lawyers to practice, except in relation to appearing in court where they must either be registered or act in concert with a registered lawyer. However, the provision of temporary services by a lawyer from a non-EU member state is forbidden in Luxembourg.

Jonathan Moore - Journalist - EMEA

Financial and corporate
DSM Avocats à la Cour

DSM is a Luxembourg based boutique with a team of 25 lawyers and a fairly broad focus encompassing financial and corporate transactional work. The firm is a member of five international legal networks: ALFA International, Association of European Lawyers, IBLC, SCG Legal, and Wiras.

 

Focusses / specialisms

The firm is active in the financial services regulatory spaces, advising on regulation and compliance in the banking and funds industries.

The firm is also experienced in real estate acquisition work.

 

Key clients

The firm advises clients in sectors including investment management, financials services and industrials. Its disclosable clients include Patrimundi 1869, Fiduciary Tucci & Partners, Vantage Data Centers, Tracol Immobilier, PM International, International Chemical Investors, IKO Real Estate, Tralux, Rosalia Group, and Luxembourg Capital.

 

Research period review: 30th edition (2019/2020)

During the research period the firm was active in financial services regulatory work, including advising fund clients on directives such as MIFID, and providing opinions on compliance to financial services’ sector clients.

Elvinger Hoss Prussen

Founded in 1964, Elvinger Hoss Prussen is a leading domestic firm based in Luxembourg and with an office in Hong Kong. 

 

Focusses / specialisms

The firm is strong in all areas of financial and corporate works and is mandated on large lending, restructuring, capital markets and M&A deals.  

In the banking area the firm often represents lenders, including international investment banks on acquisition and corporate financing.  

The firm has experience acting for banks as underwriters on debt and equity capital markets mandates.

The funds team ranks among the best in the jurisdiction and regularly advises financial institutions on a range of different investment vehicles

In M&A the firm regularly represents acquirers on large deals in Europe involving a Luxembourg element. 

 

Research period review: 30th edition (2019/2020)

The firm was active in lending work on the borrower, working on a number of large cross border corporate loans and acquisition financings.

In the funds space the team advised managers on the formation of real estate, private equity, mutual and regulated funds structures.

The firm’s M&A work included a high profile deals in the insurance sector, manufacturing and real estate sectors. It worked on strategic and financial sponsors 

The firm hires funds partner Thibaut Partsch from Loyens & Loeff during the research period.

 

Deal highlights: 30th edition (2019/2020)

Belron Group €850 million financing

Blue Horizon Ventures I RAIF

Crystal Almond Group / WIND Hellas €525 million 4.25% high yield

Generali €600 million acquisition Seguradoras Unidas and AdvanceCare

Ternium Brasil $500 million syndicated loan

 

Client feedback: 30th edition (2019/2020) 

Banking

“Very good technique, available, diligent and very smooth in negotiation.”

 

Capital markets : Equity

“Profound knowledge of the local legal environment, client oriented and efficient.”

 

Investment funds

“They are excellent lawyers, these people know their business inside out. They know the market trends. We have worked with EHP since the 1960s. This says everything. This law firm is the best on the Lux market, standing miles above the others, Arendt included.”

 

Private equity

“Expertise in local law.”

 

Arnaud Cagi Nicolau

“Very good investment fund lawyer. Prudent though innovative; client focused.”

 

Cintia Martins Costa

“Practical advice.”

“She has strong technical skills, communicates very well with other lawyers and client and she meets deadlines.”

 

Karl Pardaens

“Profound legal knowledge, practical, client oriented, efficient, transparent and reasonable billing.”

GSK Stockmann

Founded in 1997, commercial firm GSK Stockmann has branches in Luxembourg and Germany.

 

Focusses / specialisms

The firm regularly acts for large corporations and private equity houses on M&A. It is also experienced in advising on inbound investment into Europe by Luxembourg vehicles, especially by China-based clients.

In investment funds the firm frequently assists clients forming alternative investment funds and UCITs.

The firm often works for clients in the private equity and real estate industries. 

 

Key clients

Aroundtown, Bank of China, EQT, Mediobanca and Vicenda Asset Management are some of the firm’s notable clients.

 

Research period review: 30th edition (2019/2020)

During the research period the firm was active in banking, capital markets and M&A work.

In banking work the firm advised on real estate and trade financings for lenders.

In capital markets the firm advised issuers on bond issues, a capital increase and securitisations.

In the funds space the firm was most active in assisting clients in forming reserved alternative investment funds.

In M&A the firm worked on private and public deals, including several large cross-border transactions.

The firm recruited partner Marcel Bartnik Partner from DLA Piper.

 

Deal highlights: 30th edition (2019/2020)

Aroundtown €600 million capital increase

Aroundtown takeover of Immobilien

Kingston Technology €200 million trade financing

Mediobanca €100 million financing

Sivantos / Widex merger

 

Client feedback: 30th edition (2019/2020)

Banking

"Very responsive and pragmatic in proposed solutions."

 

Capital markets : Structured finance and securitisation

"Experts."

 

Financial services regulatory

"Structured expertise."

 

Investment funds

"Mr Bartnik knows our fund since the beginning."

"Flexible firm, reactive and close to the client."

"Good expertise in the funds' business and a practical approach."

"Meet deadlines; provide stable legal service."

"Partners with long experience and partnership approach with RBC and its clients"

"Precise and prompt work very friendly and competent team."

"Professionalism, trustworthy, reactive."

"Quick response times."

"Very strong on alternative fund strategies and in particular the structures and capital raising methods used for real estate and trade finance strategies."

 

Private equity

"Good quality of legal advice in most cases in a timely matter, project leading assistance."

"Prompt and constructive responses from competent professionals."

"Competence, availability, reactivity." 

 

Marcel Bartnik

"Good knowledge and practical approach."

"Competent, friendly and always on time."

"Meet deadlines; stable work; good worker."

"Industry knowledge, experience, partnership approach."

"Professionalism, reactive, trustworthy, good criteria, honest."

"Marcel Bartnik is very competent, responsive and knowledgeable. He has experience in UCITS as well as in numerous asset classes for AIFs. He is always available and provides concrete, clear and solution driven advice."

"Marcel Bartnik is very competent, responsive and knowledgeable. He has experience in UCITS as well as in numerous asset classes for AIFs."

 

Marcus Peter

"Good at grasping problems and delivering pragmatic solutions."

"Very competent, great responsiveness and constructive attitude."

"Extremely knowledgeable, good communicator. Very commercially-minded team player, contributing to firm's success."

 

Mathilde Ostertag

"Proactive proposals for solutions. Pushes forward to bring transactions over the finishing line. Excellent tax advice."

 

Philipp Mössner

"Responsive, finds solutions."

Hogan Lovells

International firm Hogan Lovells expanded into Luxembourg in 2013 after hiring a team from NautaDutilh.

Today the firm employs around 30 lawyers domestically and has access to greater resources through it international network. Its branches are mostly concentrated in Asia-Pacific, Europe and the United States but it also has offices in the Mexico, UAE and South Africa.

 

Focusses / specialisms

In Luxembourg the firm focusses on banking, capital markets, M&A corporate, private equity and tax work.

The firm has experience advising clients in the financial services, investment management, real estate, and telecommunications, media and technology sectors.

 

Key clients

Some of the firm’s key clients include Hilton and Swissport.

 

Research period review: 30th edition (2019/2020)

During the research period the firm was active in banking, debt capital markets, funds and M&A.

In the banking area the firm advised on several large cross border financings for borrowers.

In capital markets work the firm advised on a number of notable debt issues, several in the context of debt restructurings for issuers, and an innovative covered green bond issue.

In M&A the firm secured some buy and some sell side work on high profile deals involving Luxembourg targets or sellers based there.

In staffing changes corporate partner Marc Elvinger left he firm in early 2020

 

Deal highlights: 30th edition (2019/2020)

Convergint acquisition of RealConnect

América Móvil $905 million acquisition of Nextel

Nord LB €300 million 0.05% covered green bond issue

Swissport €1.635 billion debt restructuring

 

Client feedback: 30th edition (2019/2020) 

Financial and corporate

“The team is knowledgeable, hard-working and extremely helpful in suggesting key changes to deal structure.”

 

Investment funds

“Very responsive. Gives succinct practical and commercial advice. Very user-friendly and pleasant to deal with Pierre Reuter and Simon Recher are particularly helpful.”

“Very good understanding of the business, good cooperation with the FSA and the authorities in general and are doing exactly what's needed. Very customer focused.”

 

Real estate

“They are prompt, pragmatic, cost-effective and give sensible day to day commercial advice.”