Keepingan - BIIA.com SHOWCASINGEXCELLENCEACROSSALLCONTINENTS FINANCE June2011 Keepingan eyeout …

InterContinentalFINANCESHOWCASING EXCELLENCE ACROSS ALL CONTINENTS

June 2011

www.intercontinental-finance.com

Keeping aneye out

Global business,finance andlegal news

Featured ReviewsWalkers IrelandSadis Goldberg

Walkers Cayman IslandsCarroll, Burdick & McDonough LLP

Cervantes SainzHausfeld & Co LLP

Special Issue Featuring:Global Awards 2011

Award winning companiesfrom across the globe

ICFM Highly Commended Awards 2011The best law firms rated and

ranked by their own peers

Revealing the truth behind corporate lies

1122 -- 1133 BBuurrlliinnggttoonn AArrccaaddee,, MMaayyffaaiirr,, LLoonnddoonn,, WW11

welcome

June • 2011 3>> WWW.INTERCONTINENTAL-FINANCE.COM <<

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NEWS....................................................4

FEATURE

Talking through the VDI Options............8

Keeping an eye out ............................10

REVIEWS

Private Funds ......................................14

Product Liability ..................................20

Insolvency & Restructuring .................22

Competition.........................................24

TRAVEL

Brussels ..............................................28

HIGHLY COMMENDED AWARDS

Top global law firms ...........................35

GLOBAL AWARDS

Our prestigious winners ......................57

Welcome to the latest issueof InterContinental FinanceThe number of mergers and acquisitions (M&A) involving Britishmid-market targets is below the same period last year but average dealvalues remain high,according to new research.

According to the study which looked at M&A transactions with a valueof up to £500 million, 502 deals with a total value of £9.4 billion wereannounced in the year to date.Also, the number of mid-market dealswas 14.6% below the same period last year - 588 deals worth £7.6 billionwere announced in Q1 2010.

Stephen Baker, corporate finance partner at Grant Thornton UK,which carried out the research, thinks the recovery in M&A deals wasarrested in its tracks in the second half of 2010,when potential bidderstook fright in the face of uncertainty in the global economy.However,he does feel valuations continue to be higher than in 2009,with qualityassets attracting competing bids from strategic bidders, foreign biddersand private equity.

Deal numbers for Q1 2011 though represent only amodest rise of 1.6%compared to Q4 2010,when 494 mid-market deals worth £10.6 billionwere recorded. Additionally, deal numbers for Q1 2011 are also 19%higher than in Q1 2009, when 469 transactions worth £2.9 billionrepresented the lowest mid-market deal volumes since 1995.

"In terms of sectors the highest number of recent UK targets were inconsumer products and services, industrials and high technology.Butmoney can also bemade available for other sectors,”Baker points out.“The fact that we managed to secure debt financing to support AFBlakemore’s takeover of Capper demonstrates that it is possible to fundquality M&A transactions which have a strong commercial rationale.”

Christopher Jenkins – Editor

Brussels

28 ”8

global news

4 June • 2011 >> WWW.INTERCONTINENTAL-FINANCE.COM <<

InterContinentalNewsBankrate celebratesIPO and first day oftrading on NYSEBankrate, a destination site of personalfinance channels, opened for trading 17June on the New York Stock Exchangeunder the ticker symbol ‘RATE’ after itssuccessful initial public offering in whichit raised a total of $300 million in grossproceeds.

President and CEO Thomas R. Evans,joined by the company’s managementteam, visited the NYSE for thecompany’s first day of trading.

Evans said: “It’s an important day forBankrate. We are pleased to be tradedon the New York Stock Exchange.

“Returning to the public markets aftergoing private is another significantmilestone in Bankrate’s 35 year history.After diversifying our business andgrowing revenues, we look forward toBankrate’s next chapter as a publiccompany.”

As a provider of Web-based personalfinance and financial applications,Bankrate’s suite of digital brandsprovides an innovative array of financialrate data and content to consumers. Itsnetwork of companies includesBankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services,InsureMe CreditCardGuide.com,Bankaholic, CreditCards.com andNetQuote.

Scott R. Cutler, co-head of US Listingsand Cash Execution, NYSE Euronext,said: "We welcome Bankrate, Inc. injoining the NYSE’s network of premiercompanies.”

As of 31 May, 2011, NYSE Euronext(NYX) led the US market for IPOs andnew listings both in total capital raisedas well as number of transactions for2011, with $23.4 billion in IPOproceeds raised on the New York StockExchange through a total of 53 IPOS(including funds).

Irish Government Minister for Jobs,Enterprise& Innovation,Richard Bruton TD,backed thelaunch of a new feature called‘Opportunities’

on SkillPages, the skill-based social networkhaving users in over 160 countries.

The new feature launched by SkillPages on 20June enables a better way of connecting peoplelooking for skills to peoplewho have those skills.

Speaking at the official opening of thecompany’s newly-expanded headquarters inDublin, Bruton said: “I am delighted to see inSkillPages the great success that can come fromacombination of government support,partnershipwith universities and innovative people.

“We in Ireland must not only build on ourtraditional strengths to attract internationalcompanies here,but also learn from the highlyinnovative companies we already have here todrive a generation of Irish start-ups.”

Referring to the new feature,IainMacDonaldCEO of SkillPages said that members can createan ‘Opportunity’ detailing what skilled personthey are looking for. Other members of

SkillPages can then view theseOpportunities,getpresented with those that are relevant to theirown skillsets and/or forward Opportunities tosomeone they know who might be interested.

Mac Donald said: “Thousands ofOpportunities have already been created bymembers of SkillPages. These include peoplelooking for skilled people for contract work,full-time employment and for one off occasions.”

The new feature is the culmination ofextensive research by the R&D team inSkillPages with the assistance of CLARITY, thejoint University College Dublin,Trinity Collegeand Dublin City University computer scienceresearch initiative funded by ScienceFoundation Ireland.

Uniquely, people creating Opportunities onSkillPages can see how they are connected torespondents;such as if they have amutual friend,went to school together or have some other reallife connection. This enables people to dobusiness with people they have a connection toand therefore,are more likely to trust.

Raytheon receives $1.7B to upgrade Patriot for Saudi ArabiaRaytheon Company received a $1.7 billion Direct Commercial Sales contract toupgrade Saudi Arabia's Patriot Air and Missile Defense System to the latestConfiguration-3. The award includes ground-system hardware, a full training packageand support equipment upgrades.Tom Kennedy, president of Raytheon Integrated Defense Systems (IDS), said:"Raytheon is honored to provide the most technologically advanced air and missiledefense system in the world to Saudi Arabia.”The business partnership of Raytheon and Saudi Arabia spans 45 years and a numberof programmes. Raytheon first supplied the combat-proven Patriot system to SaudiArabia in the 1990s to protect the nation's critical assets. Subject to customary USregulatory approvals, work under this contract will be performed by Raytheon at theIntegrated Air Defense Center in Andover, Massachusetts and in Saudi Arabia.

US IRELAND

US

Irish Government Minister WelcomesLaunch of New SkillPages

Thomas R. Evans, president and CEO of Bankrate onNYSE trading floor

Richard Bruton, TD, Ireland minister for jobs, enterprise and innovation with Iain MacDonald, CEO, SkillPages

Access Scientific successfully completed a$10million round of financing.The roundwas led by CAC and further supported by

the company’s previous institutional investors.ASI said the funds will be used to facilitate

commercialisation of the company’stransformative new product,The POWERWAND,through the hiring of a direct sales and clinicalforce.Steve Bierman,MD,CEO of Access Scientific,

said: “The commitment from CAC and ourexisting investors will allow us to improve thehospital in-patient experience worldwide withthis groundbreaking new vascular accesstechnology.“Recently released clinical trial results on the

device prove that many patients can now haveone and only one needlestick for vascularaccess throughout their entire hospitaliszation.Blood tests can be drawn andfluids/medications administered—all through asingle POWERWAND that can last withoutcomplications for the length of the patient’s stay.”The POWERWAND is an extended-dwell,

power-injectable 3.1 inch IV catheter deliveredby means of The WAND’s proprietaryAccelerated Seldinger Technique.Rod Dammeyer,managing director of CAC,a

private equity firm headquartered in San Diego,California, said:“Nearly all hospitalised patientstoday receive IV therapy.Patients’fear of needlesis commonly known in healthcare, and thePOWERWAND will help reduce the number ofneedlesticks patients must endure throughout

their hospitalisation and should positively affectpatient satisfaction.“TheAccess Scientificmanagement teamhas

a strong and proven track record in bringingvascular access innovations to market.”Prior to introduction ofThe POWERWAND,an

independent clinical trial conducted byOrlando Regional Medical Center found thatpatients reported a 58% dissatisfaction rate dueto complications and repetitive venipuncturesassociated with peripheral IV catheters.POWERWAND patients, according to the study,instead rated their satisfaction very highly, at a9.8 out of 10 satisfaction rating.In addition to improving the inpatient

experience, the new device can help reducehealthcare workers’ risk of an accidental,potentially dangerous needlestick.The POWERWAND is the second WAND

product introduced byAccess Scientific,Inc.Thefirst is The PICCWAND,currently distributed byboth ASI andTeleflex Medical.Both products enable clinicians to perform

the Accelerated Seldinger Technique using theWAND’s proprietary all-in-one safety introducer- considered safer, simpler and faster thanstandard over-wire insertions.The POWERWAND delivers a power-

injectable,extended-dwell midline catheter; thePICCWAND delivers a Teleflex peelable sheathintroducer for insertion of peripherally insertedcentral catheters. Access Scientific plans tointroduce additional WAND iterations in thenear future.

global news


US

Access Scientific completes $10Mfinancing round

Walt Mickens is new CEOfor Queen of the ValleyMedical Center

Walt Mickens has been named Queenof the Valley’s new president and CEO.Mickens succeeds Dennis Sisto, who isretiring after a 13-year tenure at QVMCand 24-year tenure with St. JosephHealth System.Mickens has served as COO for

QVMC since 2008. He is a seniorhealthcare executive with more thantwenty-five years of experience at acutecare facilities, including teaching, faith-based, non-profit, for-profit, traumacenter and community hospitals.Joseph Randolph, executive vice

president and COO of St. JosephHealth System, said: “Walt has been anasset to our health care system andbrings significant experience that willlead Queen into the next chapter ofsuccess while continuing to provide thehighest quality of care.“He has played an intricate role in the

Queen’s impressive record of growthand development and I am confidentthat his vision will continue to build onQueen’s heritage of meeting the needsof the Napa community.”While at Queen of the Valley, Mickens

helped forge a creative partnership withUCSF Medical Center to returnneurosurgery to the Napa Valley,opened a very successful Wound CareCenter, built strong relationships withmedical staff and employees, personallychampioned the employee healthprogramme and oversaw successfuladoption of various processimprovement initiatives aimed atfinancial and operational efficiency.Mickens said: “I look forward to

continuing and expanding on thestandards of service and excellenceadvanced by Dennis that trulydistinguish the Queen as a regionalhealthcare resource. As we look foropportunities to expand our servicesand extend our mission, my goal isto focus on building a network ofcare that reaches beyond ourhospital walls.”

USA - APPOINTMENT

The Internet Corporation for AssignedNames and Numbers (ICANN) approved itslong-discussed New TLD Program. Theprogram allows any brand or community ofinterest to apply for a unique “right of thedot” top-level domain. For example, insteadof “.com,” a brand like Nike could apply for“.nike” to reinforce its brand on the Web.

Roland LaPlante, senior vice presidentand chief marketing officer of Afilias, said:

“The ICANN programme createsopportunities for brand builders to re-invent how customers experience brandson the internet.

“However, there are a variety ofchallenges in applying for, winning andrunning a dot.BRAND Web space. Onesignificant issue is time. The programmeapplication period starts on 12 January,2012, and will end on 12 April, 2012.

“Once the application window isclosed, the opportunity to apply fora dot.BRAND TLD is gone. Thereare no firm plans to accept newapplications after this round ofsubmissions closes.”

To help global brand buildersunderstand the complexICANN application process -as well as the benefits ofowning and operating a uniquedot.BRAND TLD - Afi l ias hascreated an easy-to-digestvideo and e-book to explainthe programme.

SINGAPORE

Afilias starts campaign to educate ‘brandbuilders’ on ICANN New TLD Program

Free e-Book on ICANN's New TLD Program is now available from Afilias

global news


Turkish e-Commerce founder to supportnew entrepreneursAksoy Group, the founder of sahibinden.com, considered Turkey's most visited e-commerce platform with over 2 billion monthly page views, is aiming to support promisinginternet projects through its newly established ‘Aksoy Internet Ventures’.

Aksoy Group Vice-Chairman Taner Aksoy said: "We founded sahibinden.com in 2000, andthe Turkish information technology sector has developed and undergone a major changesince then. It's a great pleasure for us to witness the whole process, especially after havingsecured a place among the most experienced companies.

“Nowadays, without a doubt, raising funds for the right project will not be so difficult insuch a promising sector. Our differentiation will be to share our vision and experience ontop of our financial support. Shortly, Aksoy Internet Ventures brings 'smart money' "

Aksoy said the company was willing to invest in a portfolio of companies diversifying risk."We are primarily considering investing in Turkey. We may get involved in projects thatdirectly target foreign markets, as well as those that are extending from Turkey to abroad."Investors who share a common vision with Aksoy Internet Ventures will also have theopportunity to co-invest in these new projects, the group said.

Aksoy Internet Ventures made its first investment to dakick.com.

Serkan ünsal, general manager of dakick.com, said his company provides a personalisedsocial calendar service which facilitates the automatic collation of all sorts of social activitiesthat might fall in to a user's field of interest.

ünsal said: "Partnering with a platform that serves more than 2 billion pages monthly (Turkeyrecord) and 22 million unique visitors per month is an unprecedented advantage for newInternet projects. The synergy of using common resources in logistics, infrastructure andtechnology will become the driving power for our success in the next term.”

Adyen,a provider of internet and mobilepayment solutions, announced theavailability of a new single-click mobile

payment pages solution for iPhone,BlackBerryand Android.

The upgraded solution providesmerchants with complete control over thelook and feel of their mobile paymentpages. The outsourced solution givesmerchants the ability to accept credit cards,PayPal and a range of other paymentmethods on their mobile

A mobile optimised version of theAdyen online payment platform is likely toallow merchants to benefit from a hostedservice that removes the burden ofsecurity and PCI compliance with theinnovative skin technology enablingmerchants to adjust everything related tothe look and feel of the mobile paymentpage, considered an important driver forincreased conversion rates.

Adyen international merchants live on itsnewmobile platform include Pathe,the largestchain of cinema theatres in the Netherlands,which uses Adyen to sell tickets to customerson its iPhone mobile application. Greetz,considered among Europe’s largest onlinegreeting card retailers, is another merchantwho has recently gone live on Adyen.

Johan vanVulpen,CEO of Greetz,said:“Moreand more of our customers have beendemanding flexibility and convenience overmobile.Adyen’s payment platforms have beendeveloped with this in mind,which made it ano-brainer for us.”

TURKEY

NETHERLANDS

Adyen launches streamlined paymentpages for iPhone, Blackberry andAndroid SmartPhones

Neil Rotherham joinsBoard of Directors ofCmed Group

Dr. Neil Rotherham will join the Board ofDirectors at Cmed Group, whichcombines contract clinical researchservices with a provider of eClinicaltechnology and solutions.Dr. Rotherham has more than 20

years of leadership experience in the lifesciences, medical, pharmaceutical andbiopharmaceutical sectors. He wasresponsible for co-founding andgrowing ClinPhone from a two-personstartup in 1993 to a 500-person globalventure that was listed on the LondonStock Exchange in 2006.Prior to co-founding ClinPhone, Dr.

Rotherham worked in thepharmaceutical industry on medicinedevelopment for BootsPharmaceuticals. His prior qualificationin medicine and training as a hospitalphysician will provide further benefits indeveloping and growing Cmed’s clinicaland eClinical technology services tobiopharmaceutical developmentorganizations.Cmed CEO Dr. David Connelly said:

“We are delighted to welcome NeilRotherham to the Cmed Group Board.Neil joins at a time of exciting newdevelopments and opportunities forTimaeus. The appointment reinforcesthe ambition and potential of our CmedTechnology business.”Dr. Rotherham said: “I have been

really impressed with the vision of Cmedand the ground-breaking approach thathas been applied to developingTimaeus. The forward-thinking andinnovative approach taken to thearchitecture of the product gives it manybenefits over the traditional systemsavailable for EDC [electronic datacapture] and data management, whichwere all designed many years ago andreflect the approach available at thattime. “

UK - APPOINTMENT

global news


Pebblebrook Hotel Trust acquired the WBoston hotel for $89.5 million.The 235-room,luxury,full-service hotel is located

in the Theatre District of downtown Boston,Massachusetts.The property will continue tobe managed by Starwood Hotels and Resorts(“Starwood”).

Jon Bortz, chairman and CEO ofPebblebrook Hotel Trust, said:“We are thrilledwith the acquisition of theW Boston and theopportunity to further expand our growingportfolio into the dynamic Boston market.

“The hotel is ideally located at theconvergence of Boston’s Back Bay,FinancialDistrict and Theatre District and is in closeproximity to a number of high-qualitydemand generators that include Class Aoffice space, some of Boston’s finest dining,upscale destination retail, theatres,medicaland educational institutions and numerouscultural venues.

“As the hotel works towards stabilisedoperations after a strong inaugural 2010, webelieve increased RevPAR penetration willoccur as the property continues to pushoccupancy and rate as it benefits fromimproving fundamentals in the Bostonmarket.”

The W Boston is located in downtownBoston where the Theatre District, FinancialDistrict and the Back Bay District meet.The

hotel is convenient tomany of the city’s primedemand generators and attractions,includingFenway Park, many of Boston’s first-ratemuseums,the NewEnglandAquarium,BostonCommon, Boston Public Garden, QuincyMarket and the historic FreedomTrail.

The W Boston marks the fourteenthacquisition for the Pebblebrook Hotel Trust,comprising over $1.1 billion of invested capitalsince completing its IPO in December 2009.

US

Pebblebrook HotelTrust acquiresW Boston

W Boston

China reconfirms Ukraineas key Eastern EuropeanpartnerThe leaders of China and Ukraine signedan agreement on Strategic Partnershipduring an official visit of China PresidentHu Jintao to Ukraine.The trade turnover between the two

countries his year has increased by80%. Ukraine considers China as one ofits top foreign policy priorities with theUkrainian leadership expecting thebilateral goods turnover to reach $10billion in 2012.Jintao said: "The friendly ties between

our two nations established historically.For nearly 20 years the diplomaticrelations between Ukraine and Chinahave been developing steadily.”In the course of the visit, the Ministry

of the Economic Development andTrade of Ukraine and Chinese Ministry ofCommerce signed a bilateral relationsProtocol on providing each other with atentative list of export-import goods.The two parties also signed an

intergovernmental agreement onproviding free assistance to Ukrainiangovernment in the amount of $12.3million.Yanukovych said that the two

countries could have a fruitfulassociation in aircraft construction andengine production.This is the first visit the Chinese

president paid to Ukraine since 2001.

UKRAINE

AOL and the IPG Media Lab announced theresults of a new study on the effectiveness andearned attention of IAB Portrait ad units versustraditional display advertising at the CannesLions International Advertising Festival 21 June.

The initial results support the hypothesis thatthe newly-approved IAB Portrait represents anevolution of digital branding in terms ofengagement, attention, emotional connectionand influence.

The six week long study focused on howdisplay advertising impacts consumers in adigital world that is inundated with marketingmessages. The new approach to displayadvertising, represented in the IAB Portrait adunit, delivered an entirely new stage of impactat every level of the purchase funnel vs.standardad units.

Jeff Levick,president ofAOLAdvertising,said:“While our internal data proved what we knewto be true, that a larger more interactive,integrated, and visually beautiful ad would bemore engaging for consumers,this research datais off the charts.

“These results prove that the ad unit is

probably the most effective brand ad units onthe Web. All measures of interactivity, visualattention, emotive response and overall adeffective metrics increased when consumersviewed the IAB Portrait, creating an emotionalconnection between brands and theirconsumers.”

The AOL/IPG study used groundbreakinganalytical tools including eye-tracking tomeasure the visual interaction with theadvertising, facial expression analysis to recordmicro-expressions as a determinate ofengagement,and bio-metric bracelets to collectdata on skin temperature and conductance,measuring the levels of user excitement whenpresented with creative messaging.

The first of its kind to combine facial coding,bio-metric feedback, then use eye tracking tosync that data with the exact point on a screenwhere the eye was fixated, the study thenvalidated these new forms of engagementtracking with traditional engagement metricsfroma livemedia campaign and a Brand Surveythrough Dynamic Logic.The study focused onthe display advertising effectiveness and brandmessaging of three IPG clients from very

different industries:Dodge,Verizon,and Zappos.

BrianMonahan,EVP,managing partner at IPGMedia Lab, said: “This is the most rigorousanalysis per pixel ever brought to bear on anonline ad. The research shows that currentmetrics don’t capture the effectiveness of newformats like IAB Portrait.New industry standardsare necessary to better measure brandingcampaign success.”

FRANCE

AOL and IPG Media Lab in landmark research on DigitalBranding evolution

W Boston

FEATURE


While the financial arguments rage (quitecorrectly) about the costs andbenefits,itis the good old foot soldiers of the IT

department who will be rapidly pushed from thetrenches into no-man’s land, setting up the newsystemunder fire and trying to ensure that it workson day one, scales up rapidly from day two andthen keeps running smoothly thereafter.Why allthe interest and pressure?

To put it simply, in today’s economicenvironment there has never been greateremphasis on“getting it right first time”.Why?

Well many organisations are going to needincreased flexibility from their staff in order tomeet a combination of cost reductions and

changes to working patterns. Savings can bemade through hot-desking, reducing premisescosts, and by making staff more efficient byreliably delivering them applications and datasecurely at their point of use. More flexibleworking applies both to when and from whereemployees work, and how easily new users canbe given the tools they need to do their job.

Technology thatempowersusers toworkremotely(as long as it is simple,quick and secure) will alsoimprove the standing of the IT department.Indeed,the perception of IT itself can be transformed fromrestrictive to progressive – but only as long as supplykeeps that one step aheadof demand.

At the risk of generating sympathy for the IT

department, the cross-fire is becoming moreintense. Having successfully held off upgradingthe desktop hardware toVista the long-promiseddesktop refresh is now under fire both frombudget reductions and increased options aroundvirtualisation and cloud computing.

As if that wasn’t enough, the carbon emissionreduction targets are still there, governance andinformation security are still on the CIO’s agendaand the executive team have all taken theconsumerisation debate so seriously that they’vedecided to try out iPads.

There’s a temptation to wave a white flag andsimply shove everything up into the cloud, butthat’s a bit like shoving everything up into the attic

Talking through theVDI optionsBy Ewen Anderson, Managing Director, Centralis Ltd

Ewen Anderson

If you were a fly on the wall at any IT department’s strategy planningmeeting this year, chances are that virtual desktop infrastructure(VDI) will be on the agenda.

when selling your house. It all looks neat and tidyat first,but you quickly find that essential items arehard to reach…

As a consequence many organisations arelooking for a journey with a number of stagesrather than a single destination. So the futuremight be desktops on demand with streamedsubscription apps and centralised data, all re-charged on a usage model, but the reality formost organisations is a desktop andapplication transformation that simply lifts thecomputing environment away from the device.

If this can make the user’s workingenvironment less costly and more flexible (andalso deliver high-speed WAN performance,multimedia and support for all theirperipherals) it might just get our beleagueredtroops over that last mile of mud and into thewarm. So what do organisations need to do toachieve what the industry increasingly calls“abstraction”?

Virtualising and centralising need to be at theheart of any strategy; allowing the organisationto deliver software and desktops as a service.But effective automation and systemsmanagement are required to ensure that everyvirtual machine is built to a known standardand that the standard can be updated in oneplace with changes distributed automatically.

Personalisation is another attractiveabstraction target. Separating the individualuser’s settings from their device and operatingsystem can have significant performance andend-user experience benefits, particularlywhen users may access their desktops in anumber of ways,such as by laptop,desktop andthin client.

Not surprisingly storage is one of the mosturgent considerations. It’s well known that thebusiness case for many of the earlyVDI projectsfell foul when the storage costs of scaling thesolution cost up from pilot to productionbecame known,as desktop virtualisation of anyscale requires a different profile of storage andsimply transferring disk images from cheapSATA devices in PCs to expensive SAN fabric isnot an option for most organisations.

What’s more surprising is the range ofanswers to the “how do I get this storage costunder control” question. Thin provisioning,cloning, de-duplication, PAM cards, cachingand a range of products and upgrades can allbe applied at a cost. But for most customersasking your storage vendor which one is rightfor you is a little too much like opening yourwallet and closing your eyes at the same time.In an emerging market it’s important to getadvice on the range of choices, implicationsand costs.

Finally, at the client end, customersincreasingly turn their attention to the costsand environmental issues of powerconsumption, cooling, disposal andtechnology refresh; any move towards athinner client has significant appeal,particularly as the local multimedia capabilityof the devices increases.

Only with a good understanding of theavailable technologies, together with existinginvestments and strategies,can an organisation

choose the right solution with any degree ofconfidence. Finding the perfect solution forindividual companies is not straightforward,although the simple rule of ‘you get what youpay for’ tends to apply. So what are the options?

Citrix’s’ integrated suite, allows both a mix ofdeliverymodels under a singleXenDesktop licenseand a range of networking product optimised forsecurity,performance andWAN delivery.

Having pretty much created the commercialvirtualisation market,VMware continues to bethe vendor of choice for most enterprise-scaleserver virtualisation projects. With a long-established record in high-availability, siterecovery and fault tolerance, VMware hasearned its place in the corporate data centre.

The VMware View desktop virtualisationoffering has seen a slower adoption, however.From both a product and services perspectivethe difference between“back end server”and“application and desktop”virtualisation has ledto a steep learning curve,butVMware now hasa product very much focussed on the VDIspace and a new protocol (PCoIP) on whichto focus innovation and development.VMware’s strength is in the“pureplay”VDI focusand the cost effectiveness of its VMware Viewproduct lies principally in this area for now.

Of course, anyone reckoning withoutMicrosoft as a major player in any corner of theinfrastructure market is always likely to bemaking a mistake. Although they have alliedthemselves very strongly with Citrix with regardto desktop virtualisation in all but the smallestaccounts,Microsoft’s Hyper-V is being adoptedin many organisations.

In addition, System Center is seeing a rapiduptake in medium through to enterprise-sizedorganisations as the most effective cross-platform management tool.Recent changes inMicrosoft client operating system and clientaccess licensing with regard to virtual desktopshas removed one of the biggest barriers toadoption, although organisations can still fallfoul of application software licensing if notadvised correctly.

Microsoft’s acquisitions around highlygraphical content suggest that they may wellhave a long term interest in developing theirown end-to-end solution, but for now the fullweight of Redmond is behind the Citrix

XenDesktop offering, which is anothercompelling commendation.

A range of application virtualisation optionsis also available, including App-V fromMicrosoft, ThinApp from VMware and Citrixstreaming.Virtualising the applications allowsthem to be streamed into the virtual machinesas they are provisioned, reducing the numberof builds needed and reducing resourcerequirements and overheads. Applicationvirtualisation can also eliminate applicationconflicts and allow multiple versions of anapplication (e.g. Office 2003 & 2007) to bedelivered to the same device.

Any organisation looking to become moreagile needs a robust, scalable personalisationsolution – particularly if they are planning amove to Windows 7 from Windows XP andseeking to retain user’s personal settings.AppSense ensures that the process of migrationand co-existence becomes much less painfuland from experience it is much easier to bringthe users along for the ride if the journey startswith virtualising them and their settings.

The latest thin clients from WYSE and IGEL,which are optimised for desktop virtualisation,are attractive for any client looking for low-energysolutions to reduce their carbon emissions.

This remote management softwareconsumes the equivalent power of a Christmastree bulb and,having no moving parts,they aresilent and very durable.Seamlessly combiningthese with the power of a full XP orWindows 7desktop is a compelling proposition.

The emergence of client–side virtualisation formobile devices later this year will add a furtherdimension to strategic virtualisation and mayfinally cure IT of one of its enduring headaches:the cost and complexity of laptop support.

But I would be guilty of being disingenuousif I did not flag up the potential hazards ofvirtualisation as an abstraction tool.Without aclear end goal and strategic vision the journeyis difficult to plan and success is hard toquantify. Increased pressure and scarceresources mean that planning and preparationmust be perfect, or else performance andproductivity will suffer. A small budget putaside for analysis can prevent costly mistakes.

Of course there can be a temptation to gofast and cheap,but for many users abstractionwill touch every part of their workingexperience and skimping on product, strategy,analysis or design is likely to deliver some veryunhappy abstracted users.

The technology to reduce costs andincrease flexibility is currently available on themarket. The next step is to convince yourfinancial controller to read from the samemenu and invest in that technology. Maybeask him just after his computer has crashed forthe fifth time.

Ewen Anderson is managing director,Centralis,an independent IT consultancy, specialising indelivering applications securely to their point ofuse. Its mission is to help customers reduce costand improve business agility through innovativesolutions backed by top-level partnership withindustry leading vendors, including Citrix,Microsoft and VMware.

FEATURE


FEATURE


Keeping an eye outRevealing the truth behind corporate liesBackground-checking financial records, balance sheets and evenkey individuals in a firm before signing a deal with them are anessential part of international business today, and may even be alegal pre-requisite. Here's our guide to the different areas ofbusiness checking available.

FEATURE

June • 2011 11

Today, a handful of commercial intelligence-gathering agencies offer services that promiseto deliver forensic due diligence on anyone

your company might be tempted to get into bed with,from small deals worth several thousand dollars allthe way up to multinational corporate takeoversinvolving billions.

Many of the services that show up in an onlinesearch work simply by querying a number ofdatabases they subscribe to,to return results based onwhat that target company has filed officially to theCompany Register,with some third-party informationadded by reference agencies who keep track ofpurchasing power and credit worthiness.

But what do you do when you need the inside trackon a new supplier in a remote province of China,where there are no online records available and thelocal authority is less than forthcoming with paperreturns for the company?

“Finding international company registries issometimes difficult and time-consuming and to locatethe right company for which the information isrequired, you need to conduct research at theregistries or in some countries to send a localrepresentative to obtain copies from the registry orview them on the registry premises,”Worldbox CEOAdrian Ashurst explains.

“We offer a complete service that ensures you canfind the information you need on companies in eventhe most obscure jurisdictions.”

Swiss-based Worldbox Business Intelligence’sbackground-checking service operates internationallyvia bureaus in London,Hong Kong,China and India toprovide collaborative co-ordination and extendedcoverage through an extended network of hand-picked local partners further afield.

"Ground contacts are one of the most essentialparts of the service, as they know how the wheels ofbureaucracy turn in their home countries and arewell-positioned to provide quality information heldonly in paper form,as well as electronically, thanks totheir direct access to local company registries,"Ashurst adds.

"This is a key part of handling cross-border businessenquiries, giving additional assurance and oftenflagging risks that other information suppliers with nolocal presence can miss."

It is this essential resource of having local peopleon the ground who can physically retrievedocumentation from official sources,visit prospectiveclients' offices to provide eyewitness reports abouttheir presentation and personally engage with localofficials that provides the only truly reliable overviewof who and what you are dealing with.

Business fraud is at an all-time high, so checkingyour clients out – both existing and potential – hasnever been so important. And while comprehensivebackground checking and accurate due diligence ismore cost-effective than ever, you are going to needtrusted people on the ground if you really want toknow who’s who,and what they are all about.

Questions everyone setting up a deal with a foreignor even domestic company should be asking are:How do you deal with verifying the identity ofcompanies from emerging markets where registrationdata is not available online? Do they really exist? Howdo you go about verifying the status of directors ofinternational companies? And, what procedures doyou have in place for conducting due diligence oncompanies outside your usual jurisdictions?

Ashurst states that it is not unusual to find that acompany does not exist in the jurisdiction the clientsubmitted for verification. An offshore registeredcompany with ‘Limited’ in the name can use anoperating address in London, Cyprus or Malta, andmany assume everything is in order and the companyis registered in this country.

Finding out information on companies is easier insome jurisdictions than others.

In the EU, companies' reporting is relativelytransparent - some have been slow to adapt, likeGermany - but this is increasing in pace now. One ofthe first and best was Portugal in implementing theirfinancial reporting. In the South American countries,the results are surprisingly positive in a number ofcountries,which most people do not expect.

Questions everyone setting up a deal witha foreign or even domestic companyshould be asking are: How do you dealwith verifying the identity of companiesfrom emerging markets where registration

data is not available online?Adrian Ashurst

FEATURE


Some of the worst places for being able to acquirebusiness information are: the Cayman Islands,whereone can get next to nothing from the companyregister and you have to ask the local agent for anycompany register information on a company.And,theBritish Virgin Islands, where one can get basiccompany register information like confirmation of thename, and copies of the Articles, but NomineeDirectors are often used - and to get any additionalinformation one has to ask the local agent, whichmost frequently is declined.

Then there are countries where because of theirpolitical or social state, it is almost impossible toobtain company register verification, like the Congo,Angola and other African countries in a similarsituation, as well as various Arab-world countries,which vary from reasonable to almost impossible.

Meanwhile, statistics continue to present aconvincing picture as to why doing comprehensivechecks on a target business continues to be soimportant, even within the most developed nations.

Two years ago,a survey conducted by Kroll showed30% of respondents reported the global financial crisishad increased the levels of fraud at their organisations,while 85% said their company had suffered at leastone fraud in the last three years. Fast forward to 2011and the annual cost of business fraud to the USeconomy has hit a record $700 billion to $1 trillion,while costing the UK economy $62 billion a year.

Background checking companies attempt toeliminate the prospect of dealing with such firms andindividuals by verifying the identities, financialstatements, and track histories of prospective andexisting clients rapidly and screening them againstdatabases including Politically Exposed Persons (PEP)lists,sanction lists and individual ID verification sources.

While quantitative assessments of investmentmanagers are still very important, many firms arefocusing more on qualitative assessments,also calledoperational due diligence, which can includeverification of third-party administrators, auditedfinancials, risk controls and background checks onkey personnel, as well as verification of assets.

In some areas of business it has even become lawto conduct such checks prior to starting a workingrelationship.

In financial circles, firms must now provideevidence that they have taken all reasonable steps toKnow Your Customer, to comply with FSA guidelinesaround Anti-Money Laundering; this may feasiblyinclude identifying and recording PEP connections.

Politically Exposed Persons are considered highrisk in today's regulatory environment. Regulation

requires enhanced due diligence when conductingbusiness with them, particularly when they becomepart of private banking. Heavy fines have beenimposed on financial institutions that haveconducted business with PEPs without followingadequate Know Your Customer procedures andenhanced due diligence processes.

PEPs can generally be described as a current orformer senior official in the executive, legislative,administrative,military, or judicial branch of a foreigngovernment (elected or not); a senior official of amajor foreign political party; a senior executive of aforeign government-owned commercial enterprisebeing a corporation,business or other entity formed byor for the benefit of any such individual;an immediatefamily member of such individual; meaning spouse,parents, siblings, children, and spouse's parents orsiblings or any individual publicly-known (or actuallyknown by the relevant financial institution) to be aclose personal or professional associate.

Documents retrieved by search companies aregenerally delivered to clients in their original locallanguages, or can be translated into any otherlanguage on request. These essential servicesstreamline anti-money laundering checks and identityverification processes, reducing the time and effortrequired to undertake comprehensive due diligencechecks and improve the client acceptance process."There is no need to pay out for a full investigationservice anymore,”Ashurst adds.“We, for example, aremany times more cost-effective than hiring aninvestigation agency."

Firms that provide background checks onbusinesses and individuals from university applicantsto management candidates have already seen a surgein demand this year thanks to a flood of fraudulentclaims by Chinese businessmen and applicants.

And a range of international company clientsoperating in China have found that senior people theyhad hired on the strength of their CVs did not have theexperience and/or academic qualifications requiredto fulfil their positions,after checking their credentials.

The latest Q4 Hudson Report on Employment andHR trends in China surveyed over 1,500 employersacross Asia, and found that more than two-thirds(68%) of business respondents across all sectors hadencountered candidates being dishonest about theirbackground or experience in their resumes in China,a far higher proportion than in the other marketssurveyed in Asia.

According to the report, respondents in theMedia/PR/Advertising sector were the most likely tohave experience of candidates exaggerating or

While quantitative assessments of investment managers are stillvery important, many firms are focusing more on qualitativeassessments, also called operational due diligence, which caninclude verification of third-party administrators, audited

financials, risk controls and background checks on key personnel,as well as verification of assets.

FEATURE


falsifying information in their resumes: 91% said theyhad done so. This was attributed to the very highchurn rate of workers in this industry,who often makebold claims to present themselves as being lessdeserving of the axe than their co-workers.

Respondents who said they had encounteredcandidates falsifying their resumes were also askedabout the specific areas in which dishonesty orexaggeration occurred. Remuneration packages, jobresponsibilities and achievements are the areas inwhich candidates are most likely to distort the facts.Overall, these factors were mentioned by 59% and55% of respondents, respectively.

Dishonesty about academic qualifications, citedby 42% of respondees in Hudson's report, was morethan twice as common in China as in the othermarkets surveyed.

This chimes with Worldbox's reports that they areexperiencing a sharp uptrend in the number offalsified qualifications submitted by young Chinesestudents to international universities they areapplying to study at.

Intelligence-gathering services can check all detailsin an applicant's CV on behalf of its customers andfill information requests that cannot be served byweb-based subscription services or traditional searchgiants, such as Experian.

Qiu Jialu,an HR specialist at a real estate investmentcompany, says her company is stepping upinvestigations through such companies on potentialemployees' background information. "Our company

has strict procedures for recruitment, especially forthose applying for high and middle-level positions.Now,we are planning to expand background checks onthose applying for rank-and-file positions," Qiu states.

"With the increasingly cut-throat competition,manypeople buy fake academic credentials to advancetheir careers," feels Zhu Shibo, manager of therecruitment service centre at the China InternationalIntellectech Corporation Shanghai foreign enterprisesservice company,one of the country's leading humanresources service providers.

Zhu says her centre has received unprecedentedcommissions to investigate job applicants in recentyears."The number of employers who hire our servicesfor background investigation, which usually covershighest educational qualification,criminal record andwork experience,has doubled in the past two years."

So, whether it is a comprehensive forensicexamination of a decade of financial records at anestablished blue chip company, or assessing thecredibility of a start-up in Siberia, backgroundchecking companies are providing an increasinglysought after service that often eliminates the pain ofunwelcome discoveries further down the line.

Businesses that have chosen to cut costs in theshort-term and proceed on their instincts,doing theirown limited research in-house are exposingthemselves, as the prices for such investigations canbe surprisingly affordable. So long as the adageremains: 'Buyer beware', they will continue to havetheir own essential place in international business.

PRIVATE FUNDS REVIEW


Despite there being a pick-up in the globalmacroeconomic outlook during 2010 and mostof this year, countries are still recovering atdifferent rates, particularly emerging economies.Advanced economies too are not finding thegoing easy by any length of imagination.

Indeed, across the world we have noticed a great deal of economic uncertainty, particularlyover fiscal sustainability issues and the competitiveness of certain advanced economies.

Countries of central and eastern Europe, for example, have been particularly hard-hit by theglobal crisis and are still way behind other emerging economies in terms of recovery,particularly those countries which are heavily dependent on exports.



Walkers – Ireland

About Us

“Walkers' Dublin office has grown considerably since opening inSeptember 2010,with seven partners and six associates currently inplace at the law firm and staff numbers are expected to reach 50 bythe end of 2011.Walkers operates a full service Irish law firm inDublin, alongside an integrated corporate administration service,practising in Investment Funds, Structured Products and CapitalMarkets,Asset Finance and Tax.

The Team

“Our dedicated team of experienced Investment Funds lawyers,drawn from the leading Irish based law firms,deliver clear,conciseand practical legal advice. The Walkers Dublin office productoffering is aligned with our global presence and consequently weare accessible to our clients in all time zones with the ability to offera single point of contact to our clients for our various services innine global offices.

“I am based inWalkers' Dublin office where I head the InvestmentFunds Group.Gayle Bowen is a Senior Associate in the InvestmentFunds Group ofWalkers' Dublin office.Anthony Smyth is the partnerheading theTax Group and a partner in the Investment Funds GroupinWalkers' Dublin office.Petrina Smyth is a partner in theTax Groupand the Investment Funds Group ofWalkers' Dublin office.

2011

“Since 2010 we have seen the re-emergence of fund set-ups inIreland with ETFs,UCITS managed account platforms,life settlementfunds and hedge funds to the fore. These transactions reflect arenewed optimism with respect to both the value of underlyingassets and investment opportunities.These trends should continuein 2011,however,the deficits in the US and the continued sovereigndebt issues in the Eurozone will continue to cause concern.

“The clarification of the Alternative Investment Fund ManagersDirective has been a positive development that will provideopportunities to Irish qualifying investor funds through theprofessional investor passport once effected, thus creating furtheroptions to structure investment funds transactions through Ireland.The re-domiciliation legislation also appears to be gathering somemomentum particularly in the Channel Islands.

Future

“We are extremely excited about the current opportunities in theIrish investment funds market.Walkers is ideally positioned to offeran integrated Irish legal and corporate administration service to ourinternational client base,with Ireland the EU jurisdiction of choicefor international alternative investment fund managers.”

Offering a suite of integrated services, Walkers' Dublin based Investment Funds Group hasone of the most experienced Investment Funds and taxation teams in the Dublin market.Paul Farrell, partner, at Walkers Ireland provides an insight into the firm’s working.

Paul Farrell – Walkers - IrelandTel: +353 1 470 6669

Email: [email protected]: www.walkersglobal.com

Paul Farrell



About Us

Sadis & Goldberg LLP is a leading New York based law firmfocused on delivering sophisticated and creative legalsolutions in a highly professional manner. Our firm isrecognized for its financial services practice that consists ofrepresenting several hundred investment advisers and relatedinvestment entities (including hedge funds, private equityfunds and venture capital funds).

Sadis & Goldberg’s Private Equity Group has been involved inall aspects of structuring and bringing to market a wide varietyof private equity funds, including many unique and innovative‘hybrid’ funds. Our firm is cutting edge. We recently structuredone of the first private investment funds that offers investorsaccess to private companies, such as Twitter, Zynga andGroupon. We are currently structuring a private investmentfund that will invest in tax liens sold by municipal governmentsutilizing a unique hybrid approach that combines elements ofa private equity fund and a hedge fund. We routinely representa broad array of asset classes and industries includinghealthcare, media, social networking, software, insurance,biotechnology, real estate, communications, oil and gas,renewable energy credits and water rights. We also havediverse international experience and have formed privateequity funds and/or advised clients in connection with privateequity investments in the Ukraine, China, India, Ireland, Japan,Mauritius, Central America, Cayman Islands and Bermuda.

Similarly, our firm provides regulatory and compliance adviceand representation in connection with SEC enforcementproceedings. Notwithstanding the emphasis on the financialservices industry, we also provide a full range of tax, litigation,real estate, intellectual property and corporate servicesto our clients.

The Team

Our extensive experience in representing the financialcommunity provides us significant economies of scale and thebackground to respond to most legal issues without time-consuming or costly research and analysis. Our team membersare Douglas Hirsch, Partner and Head of Litigation, StevenEtkind, Partner and Head of the Tax Group, Paul D. Fasciano,Financial Services and M&A Partner, Lance Friedler, FinancialServices Partner, Ron S. Geffner, Partner and Head of theFinancial Services Group, Steven Huttler, Financial ServicesPartner, Daniel G. Viola, Partner and Head of the Regulatoryand Compliance Group.

In addition to fund formation, we represent private equity fundsin all aspects of transactional and portfolio company work. Ourattorneys have the experience to advise on public and privatemergers and acquisitions; evaluate and advise on alternativeinvestments such as private investments in public equity(PIPEs); advise on private sales exempt from the registrationrequirements of the Securities Act 1933, review employmentagreements and non-competitive agreements; review andnegotiate agreements related to seed investments; and adviseon all aspects of regulatory compliance related to the USSecurities and Exchange Commission and Financial IndustryRegulatory Authority, such as periodic and beneficialownership filings under the Securities Exchange Act of 1934.

We pride ourselves on our creativity, knowledge of the financialservices business and the industry standards, responsivenessand availability. We give practical advice and we offer businessjudgment to assist our clients in making better businessdecisions. We see ourselves as businessmen practicing law.We actively involve ourselves with our clients businesses andoften assist them in the development of their businesses.

In a class of its ownRecognised for its financial services practice, New York-based law firm Sadis &Goldberg LLP focuses on providing legal solutions in a professional manner.Partner Ron S. Geffner oversees the Financial Services Group. Here, he providesinsight into the firm’s private equity group.

Sadis & Goldberg LLP – USA



Recent Trends

Although the last few years have been difficult for the worldeconomy, our firm experienced strong performance across allpractice areas. The firm expanded its litigation and regulatorypractices in preparation for the changing legal environmentand the government’s enhanced focus on financial regulation.

This Year

We have seen the increase of investment opportunities incomparison to 2010. This suggests more activity in privateequity companies this year. Our transaction/M&A experienceis a reflection of our firm’s relationship with the privateinvestment vehicle/financial sponsor market segment. Recentclosings include (i) a precedent setting, dedicated investmentfund focused on life settlements for a single Fortune 500company pension plan investor, and (ii) a second privateequity fund for a manager focused on real estate investmentsin Central America with two large anchor investors.

We recently represented SkyBridge Capital in connection withtheir acquisition of a registered fund of hedge funds, hedgefund seeding and hedge fund advisory businesses from CitiAlternative Investments, LLC (CAI), with total investmentsunder management and advisory of $4.2 billion.

Challenges On Hand

There have been a few challenges to the market place. Forexample, the Dodd Frank Wall Street Reform and ConsumerProtection Act will increase compliance costs for private equityfunds, not just with greater out of pocket expenses, but alsointernal staffing and enhanced operating procedures.Nonetheless, the cost of failing to comply significantly exceedsthe cost of compliance.

In such scenarios, how do we help our clients overcome suchchallenges? At Sadis & Goldberg, our attorneys possess across-disciplinary set of legal resources applied to privateinvestment vehicles and financial sponsors. Our seniorattorneys are comprised of former SEC enforcement lawyersand seasoned attorneys who started their careers at major lawfirms. All have vast levels of training and proven track recordsof professionalism, skill and diligence. We have both middlemarket/privately held company and public company literacyhoused within the same firm to the same degree.

Looking Ahead

Based upon the concentration of our collective experience, weare benefiting from the current state of the market as the dealsare smaller in size then they had been in the past. We are moreefficient and our costs are materially less than our largercompetitors, and as our larger competitors have experiencedturnover of staff, our client roster continues to multiply.

While our focused experience in the funds sector explains ourhistorical success and growth, our service delivery model itself– such as low leverage, reasonable rate structures, amongothers - has become increasingly more attractive to our marketpost-financial crisis.

I am confident about our future and believe that our principles,value and ability to focus on our clients and their needs willhelp us retain our top position.

Ron S. Geffner

“Sadis & Goldberg’s Private Equity Group hasbeen involved in all aspects of structuringand bringing to market a wide variety of

private equity funds, including many uniqueand innovative ‘hybrid’ funds.”

Ron S. Geffner • Sadis & Goldberg LLP551 Fifth Avenue, 21st Floor, New York, NY 10176

Tel: +1 212 947 3793 / 212.573.6660 (d)Fax: +1 212 947 3796

Email: [email protected]



About Us

Walkers’Global Investment Funds Group, ledby Cayman Islands-based partner Rod Palmer,offers Cayman Islands, British Virgin Islands,Irish and Jersey law advice on investmentfunds on a global basis.The Group representsone of the largest specialist offshore fundsteams worldwide, consisting of some 70lawyers in eight international offices.

We have established funds for our clientswith virtually every known style and strategy.Accordingly, our team has extensive first-hand experience in numerous structuresused in the investment funds market and hasin-depth knowledge of the practical andlegal consequences as well as thecommercial rationale behind them. Ourpractice is well established and we advisemost of the best known names in theinvestment world, whether they be assetmanagers, promoters, administrators, privateequity houses, onshore law firms orinstitutional investors.

Hedge Funds

Walkers advises 42 of the top 50 offshorehedge funds with more than $5 billion inassets under management.We act for hedgefunds and their advisers,as well as directors,trustees and institutional investors inconnection with all aspects of theestablishment, registration and the ongoingoperation of hedge funds. We areexperienced in establishing different

vehicles, including master-feeder corporateor partnership structures,managed accountplatforms, multi-series unit trusts andumbrella funds.Each structure is tailored tosuit the client’s overall objective.

Private Equity

Our Private Equity Group offers unmatchedexperience in the private equity fundmarketplace.We act for almost seventy percentof the world’s largest and most successfulprivate equity houses, advising on theformation of funds and alternative investmentvehicles and all aspects of the transactionsundertaken by them.This includes advice ongeneral partner,management and fund raisingstructures, secured lending, due diligence,mergers and acquisitions and IPOs and otherexit strategies.

UCITS Funds

Through our Irish office we act forinvestment managers, advisers and trusteesin connection with all aspects of theestablishment, registration and the ongoingoperation of UCITS funds. We areexperienced in establishing differentvehicles including ETFs,moneymarket funds,managed account platforms, fund of UCITSfunds and structured UCITS as stand-aloneproducts or umbrella funds.

Distressed Funds

Our investment funds experience andexpertise also encompasses situations

when funds become distressed due totrading losses, illiquidity or other factors. Inthis regard we have acted for the fundsthemselves, their investors (whetherinstitutional, individual or fund of funds),service providers and affected financialinstitutions.We have been involved in allmajor distressed funds cases in both theBritish Virgin Islands and the CaymanIslands.We pride ourselves on our abilityto give immediate advice of a practicalnature in a pressured, difficult and legallycomplex situation.

THE TEAM

There are 11 partners within Walkers'Cayman Islands Investment Funds Group,specialising in either hedge funds, privateequity or a combination of the two.

Rod Palmer is the head ofWalkers’GlobalInvestment Funds Group and was formerlymanaging partner of Walkers' Dubai office.Mark Lewis and Jonathan Tonge are bothmanaging partners with Walkers and seniorpartners within the Investment Funds Group.

I, Ingrid Pierce, deal with all types ofinvestment funds. I have particular expertisein unit trusts. I also advise on pre-litigationissues and all aspects of distressed funds.

Heidi deVries,formerly managing partnerofWalkers' BVI office has both Cayman andBVI funds expertise. Gwyneth Rees hasextensive experience both onshore andoffshore advising clients on all types of

Straight from the topdrawerRecognised as a leader in the offshore legal industry, Walker prides itself ondelivering clear, concise and practical advice based on an in-depth knowledge ofthe legal, regulatory and commercial environment in the Cayman Islands. RolfLindsay and Ingrid Pierce provide an insight into the firm’s private funds work.

Walkers – Cayman Islands



investment funds and all aspects ofdistressed funds. Jennifer Thomsonspecialises in both hedge funds and privateequity funds,acting for several large UK andUS-based investment managers, includingfund-of-funds managers.

Caroline Williams has a broad privatefunds practice,with a particular emphasis onprivate equity fund formation, extending toadvising on joint ventures, mergers,acquisitions and disposals and generalcorporate matters.

I, Rolf Lindsay, focus primarily on privateequity funds and their activities.My practiceencompasses the structuring of fund sponsorvehicles, the formation of alternativeinvestment funds and the consummation oftransactions undertaken by them.

Philip Millward deals with private equityand hedge funds and is experienced in theAsian market,having been a former head ofWalkers' Private Equity Group in Hong Kong.

Sheryl Dean specialises in private equity,regularly advising private equity sponsors onfund formations including the formation ofparallel funds, co-investment vehicles andalternative investment vehicles, as well asrelatedprivate equity transactions andactivities.

PRIVATE FUNDS PRACTICE INSIGHTBY PARTNER ROLF LINDSAY

Fund formation activity has reboundedstrongly around the world, and particularlyin the emerging markets. We have seen amaterial increase in the number of fundlaunches, though fundraising remainschallenging and fund sizes relatively moremodest. Investors are far more focused ondue diligence, both at the commitmentphase and in relation to portfolioinvestments and advisory committees areincreasingly prominent. They are alsoincreasingly concerned to understand howfund managers deploy their managementfees,and what succession plans are in place.

Managed account formations have beenpopular, and offer opportunities to secureinvestment funds far more quickly thantraditional broader fundraising.

In particular, we are seeing a far greaterproportion of specialist funds than hadpreviously been the case.The increase in theproportion of specialist funds raised duringthe downturn has seen transactionsconsummated in areas of specialisation thatare less exposed to global macro factors andmore dependent on regional or industry-specific imperatives. There is a particularfocus on emergingmarkets such as China andLatin America with lots of interest there:infrastructure and agriculture in Brazil; realestate,biopharma and life sciences in China.

The trend to specialisation is repeated inmoreestablished economies, such as mezzaninefinance funds,commodity based investments,venture capital funds in bio sciences and lifesciences and the growing interest in energyand natural resources in Canada.

On the deal side, there has been anexponential increase in activity in pre-IPOequity and debt financing, mergers,acquisitions and schemes of arrangement:private sellers are more realistic aboutvaluations, lenders are willing to lend againand traditional skills are being employed byprivate equity fund managers to generategenuine value in their portfolio companiesin advance of an exit.

HEDGE FUNDS COMMENTARY BYPARTNER INGRID PIERCE

New hedge fund formations continue totrend upwards in the Cayman Islands, withthe market considerably busier than it was12-18 months ago. Acting for many of theindustry's leading investment managers andfunds gives us great insight into the lateststructuring developments. One key changein fund terms we are seeing has been thevariability of lock up periods andmanagement fees, often tied to the size andthe duration of the investment.We are alsoseeing an increased number and bifurcationof service providers, including fundsappointing multiple prime brokers.

Another development, partly triggered bythe introduction of theVolker Rule in the US,has been for former proprietary desk tradersto establish their own fund managementoperations and start their own funds. Manyof them have had success in raisingsignificant amounts of capital.We expect thistrend to continue.

Generally there has been an increase inglobal regulation, as evidenced by the EU'sAlternative Investment Fund ManagersDirective (AIFMD) and the US Dodd FrankWall Street Reform and Consumer ProtectionAct, as well as the implementation of localregulations in other jurisdictions. Many ofthese regulatory changes are welcome andundoubtedly beneficial to the industry, butthere are always consequences ofintroducing new rules.One obvious practicalconsequence is an increase in the cost ofregulatory compliance. As establishedinvestment managers, the majority of ourclients are already registered with the SEC orhave internal procedures in place that aresubstantially compliant. Other clients arenow going through the process.

The final terms of the AIMFD now confirmthat non-EU fund managers will be able tocontinue marketing Cayman Islands, BVIand Jersey funds to professional European

investors. This has removed a cloud ofuncertainty for managers and is excellentnews for the industry. In preparation for theimplementation of the AIFMD, the CaymanIslands Monetary Authority (CIMA) hasconfirmed its commitment to entering intoco-operation agreements with EU regulatorsas a matter of priority.This reflects Cayman’shistory of working with regulators worldwideand is demonstrative of Cayman’s ownstrong regulatory framework. CaymanIslands' fund products continue to be highlyfavoured by our clients. Walkers hassignificant expertise in Irish fund productsthrough our office in Dublin,Ireland and weare also seeing a lot of interest in UCITS fundstructures, ETFs, money market funds andmanaged account platforms.

.

Rolf Lindsay

Rolf Lindsay & Ingrid Pierce • WalkersWalker House, 87 Mary Street, George Town,Grand Cayman KY1-9001, Cayman Islands

Tel: +1 345 914 6307 (Rolf Lindsay)Tel: +1 345 814 4667 (Ingrid Pierce)

Email: [email protected] ;[email protected]

www.walkersglobal.com

Ingrid Pierce

PRODUCT LIABILITY REVIEW


Product LiabilityReview

The EU Directive's approach to strict liability has become the most commoninfluence on law reform around the globe and there is still much uncertainty

in Europe and the US as to what the law of product liability actually is.

The 21st Century has made commerce increasingly globalised, which has ledto the necessitation for a need to synchronise the law of products liabilityacross the nations of the world. However, regretfully, efforts toharmonise have many times led to repeating the expensiveaspect of US damaging policies, ones that have imposespiralling costs on American manufacturers.

Despite the European Community recently changing itstort doctrines from a characteristically fault-basedsystem to strict products liability, there are features ofthe European legal system that lessen the effects ofeven strict liability. As a result, courts in Europe aremuch less likely to give out unpredictable anddisproportionate damage judgments as opposedto US courts, where disastrous outcomes are apossibility in too many lawsuits.

Europe has managed to stay away from anAmerican-style lawsuit outburst primarily byplacing barriers to excessive litigation. Unlesssimilar barriers to excessive litigation arecreated in the US, American companies face anongoing competitive disadvantage compared toEuropean manufacturers.

PRODUCT LIABILITY REVIEW


Carroll, Burdick & Mcdonough LLP – USA

About Us

Founded in 1948, Carroll, Burdick &McDonough LLP ("CBM") is a national andinternational business and litigation law firmoffering a customised approach to meetingthe clients’ needs. Partner Justs Karlsons hasfocused his practice on the representation ofautomobile and automotive partsmanufacturers, successfully defending incases involving automotive design andmanufacture.

He says:“We pride ourselves on dedicationto outstanding client service and apersonalized focus on our clients' specificinterests and goals.We distinguish ourselvesby our global expertise, our creative andcutting-edge approach to the practice of law,and the diverse backgrounds andachievements of our attorneys.”

In order to serve its clients better,CBM hasdeveloped and integrated custom softwaresolutions that streamline its internalprocesses, incorporating the firm’s clientsand business partners in the decision-making loop.

Karlsons says: “CBM attorneys arepassionate about the success of our clients’business. The expertise and knowledge ofour outstanding attorneys,utilising our firms'Web-based extranet computing solutions,enables us to collaborate with otherattorneys, our clients and business partners,enabling our firm to provide superiorbusiness and legal solutions with a minimumexpense of time. Our investment in theappropriate technology, training andbusiness processes enable our attorneys tomost rapidly and productively provide forour clients’ business needs.

“By combining this understanding of ourclients’ businesses with excellent legalservices and technical tools to improveproductivity and collaboration, CBMprovides value-added counsel that extendswell beyond merely providing legal advice.”

CBM's success in providing business andlegal solutions to its clients since 1948 hasearned the firm a reputation for combiningpractical business knowledge withsophisticated legal services which enablesclients and partners to meet or exceedbusiness goals. The firm continually

improves internal processes, adopting theappropriate technology and processmethodologies, while applying necessarytraining that maximises the value of the legalservices that it provides.

The Team

“Our practice groups and our teams ofattorneys form a breadth of experience andexpertise to deliver outstanding legalservices for every one of our clients.

“Our attorneys bring insight, experienceand innovation to each case,” says Karlsons.The firm presently employs over 75 lawyerswith offices in San Francisco, Sacramentoand Los Angeles, California besides Munichand Böblingen,Germany and Hong Kong.

“We represent local, regional,national andinternational clients in a diverse litigationand business practice,” says Karlsons.

He adds: “Our attorneys have beenrecognised on the local, national and

international levels for their unparalleledachievements in law, as well as theircommunity leadership and other activities.

“We have received numerous awards forclient service, substantive expertise, probono efforts, diversity activities, and manyother contributions to both the practice oflaw and the communities in which wepractice.While we greatly appreciate theseaccolades, we are most proud of what theyrepresent—recognition of Carroll,Burdick &McDonough's commitment to the bestpossible service, both to our clients and ourneighbours.”

Liability Defence Practice

Karlsons has also acted as nationalcoordinating counsel for the defense of classaction and unfair trade practices, and hassupervised defense appellate activitiesrelating to products liability and discoveryissues, including those specific to foreigncorporations, such as jurisdiction, service ofprocess and foreign discovery.

He has defended actions involvingtrademark protection, patent infringement,medical malpractice defense, and defenseof manufacturers of medical equipment inproducts liability cases. He hasrepresented a variety of manufacturers inmass tort litigation cases, involvingasbestos and asbestos-containingcomponents, such as automotive frictionproducts including brake linings andbrake pads and serves as nationalcoordinating counsel on phenolic resincompounds.

In addition,Karlsons has acted as counselto the Government of Latvia and participatedin cross-border litigation in negotiation of oillicenses on its behalf. He is active in theLatvian business community and a memberof the Latvian-American Bar Association,Latvian Lawyer’s Society and LatvianAdvocates College.

Fluent in German, Latvian and Russian,Karlsons also defends consumer product,recreational equipment, forklift, man liftand other material handling equipmentmanufacturers. He received his J.D. fromStanford University Law School and hisB.A., cum laude, from Yale University.

Justs Karlsons • Carroll, Burdick & McDonough LLPTel: + 1 415 989 5900


An international business and litigation law firm serving clients in the US and across the world in awide scope of matters, Carroll, Burdick & McDonough has grown

dramatically in recent years. Justs N. Karlsons, partner at Carroll, Burdick & McDonoughprovides an insight into the firm’s liability defence work.

Justs Karlsons

INSOLVENCY & RESTRUCTURING REVIEW

22 June • 2011

Insolvency &Restructuring

ReviewIn the current economic climate, businesses of allsizes have to deal with issues arising from thefinancial pressures on them, their suppliers andcustomers. Businesses may have to deal withdebt recovery, insolvency and restructuring.The notion currently doing the rounds amongst opinion makers and experts is that given the

global state-of-play only the strong will survive.

Indeed, the global financial crisis has compelled emerging and developing economiesaround the world to recognise that an efficient and effective insolvency system is a critical partof a nation’s financial architecture. These economies have accepted that it is perennial tosolidity in commercial associations and financial systems, and elementary to economic growth,creation of wealth and the encouragement of both enterprise and investment.

Insolvency issues arise often; however, the variety of different types of insolvency, optionsand consequences presents a minefield for anyone unfamiliar with this complex area.Therefore, it is now a well-established fact that where a jurisdiction consists of a powerful cadreof insolvency professionals, who ascribe to the absolute top standards combined with theappropriate oversight, the insolvency system operates successfully and resourcefully.

>> WWW.INTERCONTINENTAL-FINANCE.COM <<

INSOLVENCY & RESTRUCTURING REVIEW


Cervantes Sainz – Mexico

Cervantes Sainz was founded by specialised attorneys looking tomeet the complex and sophisticated needs of its clients. The firmserves the local, national and international interests ofbusinesses, institutions and individuals throughout Mexico.

Says Sainz: “We strive to maintain working relationships withlaw firms across the US and Canada, Latin America, Europe andAsia to serve the international needs of our clients.”

Cervantes Sainz works across a wide range of transactions forforeign investors and multinational companies with interests inMexico, as well as for most prominent Mexican businessmenand entities.

“Our clients also include small andmedium-sized companies,”says Sainz. “We provide legal advice and represent all kinds ofbusinesses in every stage of development, from establishedlarge corporations to emerging entrepreneurial individuals andcompanies and start-up ventures, both Mexican and foreign.”

The Team

“Our firm is composed of prestigious lawyers with years ofexperience in both transactional/corporate as well as litigationmatters,” Sainz specifies. “The firm’s client and practice variety ismatched by the diversity of our lawyers.

“Indeed, as lawyers of lawyers, we have handled complexlitigation for clients of the most important Mexican firms and workon a day-to-day basis with most respected international law firmsin various types of cross-border transactions. Our dealmakersand litigators possess vast knowledge, strategic thinking and thebroadest array of innovative problem-solving techniques for anoptimum, lasting outcome.”

Insolvency And Restructuring Practice

Sainz was selected by Latin Lawyer as one of Mexico's toplawyers and by The International Who's Who of Insolvency &Restructuring Lawyers 2009 as one of the world's pre-eminentinsolvency and restructuring lawyers.

Sainz has also been referred to by Chambers Latin America:Guide to the World's Leading Lawyers 2010 as one of Mexico'spremier insolvency and restructuring lawyers.

Chambers said he 'has a solid grounding in M&A work and isactive in some of the major restructurings underway in Mexico...he handles cross-border insolvencies both in and out of court,

and is widely praised by sources as 'an astute commercial lawyer– he has an excellent knowledge of the Mexican legal system,and he really speaks his clients' language''.

The firm was awarded with the World Finance Legal Award2010 in the category of Best Insolvency & FinancialRestructurings Team in Mexico, and with the CorporateInternational Magazine Global Awards 2010 as the InsolvencyLegal Advisory Firm of the Year in Mexico.

Sainz is the author of multiple articles and publications intransactional, corporate and insolvency matters. Among others,he was selected by Latin Lawyer Reference to contribute to theMexico chapter for 2009 and 2010 on restructuring.

In the restructuring and insolvency arena, among otherinsolvency matters both domestic and cross-border, herepresented: the ad-hoc committee of foreign-secured creditorsin the $800 million cross-border restructuring of the debt ofSatmex; Grupo Iusacell in its $650 million cross-borderrestructuring of its debt; the ad-hoc committee of bondholders inthe cross-border insolvency procedure of Corporacion Durango;the ad-hoc committee of the noteholders in the restructuringprocess of Cementos Chihuahua; and the ad-hoc committee ofcreditors in the Mexican legal aspects of the US insolvencyprocedure of Tower Automotive.

Among other restructuring and insolvency matters, Sainz iscurrently representing: the ad-hoc committee of noteholders inthe cross-border insolvency procedure of Satmex; the ad-hoccommittee of bondholders in the cross-border insolvencyprocedure of Comercial Mexicana; Grupo Iusacell Celular, SA deCV, in the cross-border restructuring procedure of its new debt;an important creditor in the bankruptcy procedure of the Mexicanairline Alma; and certain creditors in the cross-border insolvencyprocedure of Majapara, a Mexican foreign exchange broker.

His professional activities include being a member of theMexican Bar Association, American Bar Association, andIberoamerican Institute of Insolvency Matters. He is also aprofessor of business law and commercial contracts at theIberoamerican University and a regular speaker at internationalconferences and seminars on Mexican business legal issues,particularly on matters dealing with restructurings, insolvencyprocedures and foreign investment. He is also a certifiedmediator at the Instituto Mexicano de la Mediación and on theboard of a prominent private financial group and several publicand private corporations.

Alejandro Sainz – Cervantes SainzTel: +52 55 9178 5046

Fax: + (52) (55) 5540-3433Email: [email protected]

www.cervantessainz.com

Mexico-based Cervantes Sainz specialises in domestic and international businesstransactions and controversies. Co-managing partner Alejandro Sainz provides

an insight into the firm’s insolvency and restructuring defence work

COMPETITION REVIEW


CompetitionReviewThe world’s economy becomingglobalised means that unioninvestigations are increasingly likelyto be faced simultaneously inmultiple jurisdictions.The end user goods segment remains one of the main sectors to beclosely examined by the UK and European competition regulators.Enforcement activity at EU and national level continues. Both withinthe UK and across continental Europe there are a number of keycompetition and regulatory law developments that will impact on allconsumer goods companies. The European Commission hasbacked competition authorities to maintain forceful and lucidenforcement in this sector.

COMPETITION REVIEW


Hausfeld & Co LLP together with itssister firm Hausfeld LLP, basedin Washington, DC, act almost

exclusively for claimants and is consideredamong the leading firms in this area of law.

Specialising in competition and financialservices litigation in the European Office ofHausfeld & Co LLP, Partner AnthonyMaton leads the Hausfeld & Co LLP team.He has extensive experience of complexinternational dispute resolution includinglitigation, arbitration and mediation in anumber of different jurisdictions. He hasalso acted for Governments, in regulatoryinvestigations, for multinationals and forprivate business, and has worked in the US.and extensively throughout Europe, theMiddle East and the Gulf.

Othermembers of his team include PartnerLianne Craig, who advises on internationalcomplex dispute,resolution across a range ofsectors,with particular expertise in financialservices; and Ingrid Gubbay, who is aCounsel for Hausfeld & Co LLP practicesanti-trust,consumer and human rights law.

“Our clients benefit from the extensiveinternational experience of our lawyers.We adopt a practical and commercialapproach to achieve the best results for ourclients,” says Maton.

Elucidating the reason for his firm’ssuccess, Maton says: “We advise andassist our clients in advance of judicialprocesses in out-of-court settlementattempts and guide them through the courtproceedings whenever necessary. We arevery successful with this approach.”

Operating out of London, UK, Hausfeld& Co LLP act for claimants seekingcompensation for losses in relation to anumber of price fixing cartels, in claimsin the High Court and CompetitionAppeals Tribunal and in a number ofconfidential settlement dialogues.

Its attorneys have experience pursuingglobal antitrust cartel damage claimsthrough litigation or settlement negotiationson behalf of small, medium and largebusinesses, as well as multinational clients

located on multiple continents, includingseveral among the Fortune Global 500,Forbes Global 2000,and BusinessWeek andInterbrand 100 Best Global Brands.

Says the Chairman of Hausfeld LLP, the USsister-firm of Hausfeld & Co., MichaelHausfeld: “For these companies and manyothers,we seek to recover overcharges for theirdirect and indirect purchases from cartelsoperating in numerous global markets.Hausfeld & Co LLP is a boutique claimantlitigation firm specialising in competition,financial services, consumer and humanrights law.

“Since our London launch, the firm hasbeen at the forefront of private enforcement ofcompetition law in Europe and involvedin a number of high profile cases that havesought to define the limits of the developinglaw in this area.”

Currently representing clients locatedacross the globe who are pursuing recoveriesfor competition violations in the US, Europeand around the world, Michael Hausfeldis one of US’ top civil litigators. His careerhas included some of the largest and mostsuccessful class actions in the fields ofhuman rights, discrimination and antitrustlaw, recovering billions on behalf of hisclients spanning his career.

Gets thecompetition goingA London litigation practice specialising in competition, financial services, andconsumer law, Hausfield & Co LLP adopts a practical and commercial approachto achieve favourable results for its clients. Hausfeld & Co LLP Partner AnthonyMaton lends an insight into its Competition/Antitrust practice area

Hausfield & Co LLP – UK

“In addition, we are at theforefront of the developinglaw in the area of privateenforcement against cartels.This presents challengesthat we are uniquelysuited to address”

COMPETITION REVIEW


Hausfeld is renowned for his negotiatingprowess on behalf of his clients and wasrecently profiled in “Done Deal: Insightsfrom Interviews with the World’s BestNegotiators”along with former US Secretaryof State James A. Baker III and US SenatorBill Bradley. He has also recently beenappointed as co-chair of the American BarAssociation’s prestigious InternationalCartel Task Force.

Asked to explain what is the most satisfyingaspect of the Competition Law team,Matonpoints out: “According to Joaquin Almunia,vice president of the European Commission,there is an estimated amount of over €20billion per year in unrecovered damages ofinfringements of EU antitrust law alone.

“Our role at Hausfeld & Co LLP is dedicatedto assisting private companies recover anyantitrust damages that are a result of violationsof EU antitrust law.

Hausfeld & Co LLP’s previous publicsuccesses include: a global settlementachieved with Parker ITR S.r.l. in relation tothe marine hose cartel and a settlementachieved in the air passenger price fixingcartel between British Airways and VirginAtlantic. Both settlements were said to havebeen achieved without litigation needing torun its full course (and the settlement termsremain open to further claimants).

“In conjunction with Hausfeld LLP wehave a global model dedicated to handlinglarge and small litigation matters in order toensure that business and individual clientsin Europe and around the world areafforded greater access to redress forviolations of EU antitrust law. Ensuring asuccessful closure for our clients is verysatisfactory for us.”

Over the past 12months,Hausfeld &Co LLPhas commenced a number of new cases inEurope and been retained by a number ofnew clients, many of which are globallyrecognised multinational corporations.

“We believe our potential for furthergrowth is still increasing, and our growingreputation as market-leaders in the fields inwhich we specialise has been a major factorin this growth,” says Maton. “As morebusinesses discover how dramaticallyantitrust violations impact their bottom line,we believe that our firm will be called uponto assist such companies in a global capacity.”

Adding further, Maton says: “In addition,we are at the forefront of the developing law inthe area of private enforcement against cartels.This presents challenges that we are uniquelysuited to address, given our collectiveexperience in antitrust law, settlementnegotiations and litigation on a global field.

“We have also been at the forefront inovercoming jurisdictional, legal, and culturalobstacles in the pursuit of these recoveriesthrough pre-litigation settlements both insideand outside the US that provide economicrecoveries (including commercial resolutions)and cooperation, US individual and classlitigation, and EU litigation funded andinsured by third parties.”

“We continue to deal robustly with legalchallenges brought by defendants seeking totest the boundaries of the developing law.We also seek to educate defendants in themerits of early commercial settlement andhow this can be achieved. This ofteninvolves looking at issues relating tocontribution as between defendants who arejointly and severally liable for the loss sufferedby claimants as a result of illegal cartel activity.”

Nurturing plans to expand its practice overthe next few years both in terms of the numberof lawyers and the breadth of work it isundertaking, Hausfeld & Co LLP aims tocontinue on its current growth and develop itsmarket leading claimant cartel litigationpractice. The firm will also be focusing onthe growth of its financial services litigationpractice, undertaking work against banksand other financial institutions.

Michael D. Hausfeld

Hausfeld & Co. LLP12 Gough Square, London, EC4A 3DW, UK

T: +44 207 665 5000F: +44 207 665 5001


Lianne Craig

Ingrid GubbayAnthony Maton


Founded by Charles of Lorraine, a descendant ofCharlemagne in the 10th Century, modernBrussels started life as a Fort town on the SenneRiver. It is now the administrative capital ofBelgium, the seat of the European Union and thehome of NATO headquarters with a population ofmore than one million inhabitants.

Just as there are two official languages here(French and Flemish), there are also twosides to Belgium’s largest city. Brussels is a

business hub and home to many local andglobal multinational business headquarters butit’s also a cultural, gastronomic andarchitecturally diverse city, proud of itsimpressive lineage and looking to the future.

Famous for chocolate,waffles,Lambic beer anda quiffed cartoon character called Tintin,Brussels also has a wealth of attractions forvisitors with a diverse selection of museums,architecture in styles from medieval to post-modern,great food and shopping opportunitiesrunning the gamut from antique markets tocouture boutiques.

MUST SEE PLACES

The Grand Place

At the end of the 11th century,an open air marketwas set up on amarshland next to the Senne River,to serve the inhabitants of the nearby fortress.Fivehundred years later, the Grand Place was anestablished city square dominated by the City Hallwith its 96 metre high tower on one side and theseat ofDucal power,theMaisonduRoion theother.

Now a UNESCO World Heritage Site, the GrandPlace is undoubtedly one of the most beautifulsquares in Europe.

The Mannekin Pis

What this little bronze statue lacks in size, itcertainly makes up for in celebrity.Situated a fewhundred metres from the Grand Place, The

BrusselsA tale of two cities

Atomium

Marolles Antiques Market

Town Hall

Manneken Pis

TRAVEL - BRUSSELS

TRAVEL - BRUSSELS


Mannekin Pis has become a symbol of Brusselsand as such is on display everywhere, fromrestaurant frontages and posters to every souvenirshop in town.But the actual bronze statue of alittle boy peeing into a fountain is easily missedamongst the crowds thronging around the centralsquare, even though it’s been there since 1618.There is a popular tradition to dress the statue inseveral changes of clothes a week.There are over400 different costumes,which can be viewed in apermanent exhibition in the City Hall.

Magritte Museum

Boasting the world’s largest collection of art byBelgian Surrealist René Magritte, this newlyopened museum is a treat. The collectioncontains over 200 pieces including drawings,sculptures, oil paintings as well as other mediasuch as advertising posters, photographs,musicscores, correspondence and films, someproduced by Magritte himself.Amongst the mostfamous works on display are The Return (LeRetour),The Domination of Lights (L’empire desLumières) and The Secret Player (Le JoueurSecret).The museum is housed in the AltenlohMansion,a refurbished neo-classical residence onthe Place Royale in the heart of the city.

SHOPPING

Shopping in Brussels is certainly not limited tochocolates,beer and lace,though all of these areworth checking out for their quality andcraftsmanship.Discover an eclectic mix of high-

end boutiques, high street favourites andeverything from food to antiques at Brusselswealth of outdoor markets.

Shopping Streets - Brussels’answer to London’sBond Street and Paris’s Rue Faubourg,theAvenueLouise is at the centre of the city’s most exclusiveshopping district, set around the Boulevard deWaterloo and Rue Antoine Dansaert.This is theplace to shop for fashion labels such as Armani,Hugo Boss and Chanel. It’s also the place to seehow this season’s haute couture looks on, asmodelled by Belgium’s aristocracy. For thecommoners,there’s a pedestrian only street calledthe Rue Neuve which has a great selection ofshops and a large shopping mall called City2.

Shopping Arcades - Brussels has a variety ofshopping arcades offering high quality brandsand luxury items. Normally housed inside oldbuildings, these are a perfect haven for escapingtheweather.Just off the Grand Place,the GalleriesSt-Hubert is Europe’s first ever covered shoppinggallery, opened in 1847 and offering littleboutiques selling chocolates, accessories(including Delvaux handbags),music and books.

Brussels Markets - There are hundreds of openmarkets operating throughout the week in smallsquares all over the city.These generally offer eitherfreshvegetables,handmadecheese,eggsand freshlychopped meat or antiques and bric-a-brac for thehome.One of the best of these is on the Place duGrand Sablon,which has aweekly antiquesmarketas well as some of the best chocolate shops inBrussels,all set around a pretty square.

GETTING AROUND

From the airport

Brussels National Airport is only 12 kilometres (7miles) from the city centre, making it one ofEurope’smost accessible terminals. For up to dateprices,check www.b-rail.be.

There is a taxi rank outside the Arrival Hall.Thefare into town will be around €35.

From Brussels mainline stations

There are three main rail stations in Brussels –Brussel-Nord, Centraal and Zuid (in French,Bruxelles Nord, Centrale and Midi). All of thesestations havemetro lines connecting them tootherparts of the city as well as bus and tram stops.

In the city

Thecity centre andmost of its attractions are easilywalkable. There is an efficient public transportsystem comprising the metro, trams, premetro(trams that sometimes gounderground)andbuses.Go to www.stib.be for more information onBrussels public transport network.

Brussels Card

It might be worth investing in this tourist pass,which offers free travel on all public transport inthe STIB network as well as free entry to over 30museums and other discounts.

For further information about visiting Brusselsplease contactTourism Flanders-Brussels on 0207307 7738 (Live Operator Line, Mon–Fri) or visitwww.visitflanders.co.uk for more details.

Railbookers offer packages including railtravel to Barcelona – for further information

call 020 3327 0800 or www.railbookers.comRESTAURANTS

La Cite du DragonChee deWaterloo1180 Brussels+32 (0)2 375 8080www.citedudragon.beMost of Brussels Chinese restaurants are low-profile places better suited to a quicktakeaway than a business lunch. Not so LaCite du Dragon, an outcrop of exoticismamid the filling stations and furniturewarehouses of the oldWaterloo road.It is bigand showy with the intimate charm of ahotel atrium,but the food is not bad and theambience seems to impress the localbusiness fraternity.

La Maison du CygneRue Charles Buls 21000 Brussels+32 (0)2 511 8244www.lamaisonducygne.beThis grande dame of Brussels'sinternationally recognised restaurants hasone Michelin star and overlooks the Grand-Place from the former guild house of theButchers Guild.The menu has haute cuisineBelgian and French classics. Because of itslocation,the restaurant is usually crowded atlunchtime,but dinner reservations are likelyto be available.

La Porte Des IndesAvenue Louise 4551050 Brussels+32 (0)2 647 8651www.blueelephant.comLa Porte des Indes in widely celebrated asthe best Indian restaurant in Brussels. Set ina beautifully converted Ixelles mansion onthe heaving Avenue Louise, La Porte desIndes is decorated in rich wood carvings,warm red-toned colour scheme, masses offlowers and lush paintings, and Colonialstyle Indian furniture.The costumed waitstaffmake the setting complete.This is anothersuccess from the Blue Elephant group, soyou know the ingredients of the highestquality.

Restaurants and bars on evening streets of Brussels

HOTEL - HOTEL AMIGO


One of the leading luxury hotels in Europe, Hotel Amigo hasbeen recently refurbished. The hotel’s location provides forbeautiful views overlooking the main square and cathedraland easy access to all the city’s wonderful sights.

HotelAmigoBrussels stylishly upmarket stay

HOTEL - HOTEL AMIGO


Superbly located in the very heart ofBrussels, adjacent to one of the mostbeautiful squares in Europe, Grand Place,

close to Brussels' financial district and withineasy walking distance of the antiques district ofLe Sablon, Hotel Amigo now provides a stylishand central base from which to explore the city.

Indeed,the hotel is just off Grand Place in thecentre of Brussels with many of Brussels' bars,shops, restaurants, sights and attractions astone’s throw away from the place.

PLACE TO STAY

The hotel has 174 individually-decoratedbedrooms with king-size beds with one of thebedrooms and suites being individual in style,space and luxury, with some offering viewstowards Grand Place and others extensiveviews over the rooftops of Brussels. All therooms though are equipped with the latesttechnology and facilities for both business andleisure guests.

Hotel Amigo offers a variety of bedroomsand suites,which are individual in style.Somerooms have views through to the Grand Place,whilst others look out over the churches andspires of the city. Good-sized bathroomscontain mosaic details in red or green tomatch their marble vanity tops, and figures ofHergé's characters Tintin, Snowy the dog andCaptain Haddock enliven the walls with atouch of humour.

Classic Rooms

All the rooms have a king-size bed withcomfortable chairs andwriting desks.In-room airconditioning,marble bathrooms,computer andfax connections with digital and analogue lines,dual-line phones, voice messaging, interactivesatellite television,minibar,safe and trouser press.Some have views over the town hall.

Deluxe Rooms

Larger than the Classic rooms, the DeluxeRooms offer the same facilities and different cityor courtyard views.

Executive Rooms

Spacious bedrooms with a self-containedseating area in addition to all the facilitiesoffered in all our rooms.

INTERIORS

Throughout Hotel Amigo, the style depicts thefresh, modern interiors synonymous with theRocco Forte Hotels brand whilst retaining thehotel's character and charm. The hotel’s newfitness centre comes equipped with the latestexercise machines.

CONFERENCE ROOMS

The hotel has also invested in expanding andequipping its conference facilities to serve top-end business meetings with six fully-equippedmeeting rooms,a ballroom and Business Centre.

RESTURANT & BAR

Dedicated to the delights of Italian cuisine,Ristorante Bocconi has received a number ofawards and comes rated as one of the bestplaces to eat in Brussels. The place servescreative Italian and Mediterranean cuisine in anatmosphere meant to create a relaxing,comfortable and contemporary feel to it.

From August 2010, the restaurant will see anew menu compiled by AdrianoVenturini andFulvio Pierangelini, the best known chef in Italy,who preaches:“simplicity is the most importantthing in the kitchen.” Like so many of today’sleading chefs, he is happy to pass on hisknowledge and expertise to others and acts asan art culinary advisor to the hotels of theRocco Forte Collection.

Bar Amigo, the hotel’s in-house bar, offers abroad selection of cocktails that could serve asan aperitif. Its interior is contemporary with itsparquet floor and leather furniture in dark redand anthracite.It also hasmusic playing at the bar.

Railbookers offer packages including railtravel to Barcelona – for furtherinformation call 020 3327 0800 orwww.railbookers.com'

HOTEL AMIGO

Rue de l'Amigo, Brussels 1000, BelgiumTel: +32 2 547 4747Fax: +32 2 513 5277E-mail:[email protected]

Cool and clever gadgets and gizmos can turn us on, particularlythe ones that surprise us with their extraordinary shapes, formsand features. And the day you give into these superlativeelectronic devices you will wonder how on earth you everlived without them in the first place? InterContinentalFinance promisesto select a few ofthe choicest onesfor you every issuestarting with this one.

GADGETS & GIZMOS


Gadgets &Gizmos

NBA’s Portland TrailBlazers adds PlanarVideo Walls to enhancearena experienceEstablished NBA franchise, the Portland TrailBlazers, has chosen the Specialty displaysolutions provider Planar Systems Clarity MatrixLCDVideoWall System to boost fan excitement,brand loyalty and sales of season tickets at theRose GardenArena.

Planar’s Clarity Matrix video wall isprominently featured in the newRip City UnitedHeadquarters on the main Rose Gardenconcourse.This area was designed as a specialcustomer service location where the video wallwill showcase different content to appeal topotential season ticket holders and provide

existing ones with a variety of uniquemembership services.

The 132 square-foot Clarity Matrix LCD videowall features information about exclusive eventswith players and alumni,highlights season ticketholder discounts, and provides high-resolutionvideos and images fromTrail Blazers games.Thenearby 30 square-foot ClarityMatrixWall of Famedepicts life-sized images of players.

PortlandTrail Blazers CIO Chris Dill said:“Thesize, resolution and format of the Clarity Matrixmedia walls generate a level of energy andexcitement that simply isn’t possible with anyother type of display.

“They let Rip City United visitors follow larger-than-life game action away from the arena andallow us to service these important customers ina manner that is both personal and impactful.”

Oakley to release specialedition Transformers:Dark of the Moon 3DGlassesOakley is releasing limited edition 3D glasseswithcustom graphics to commemorate the debut of“Transformers: Dark of the Moon,” a muchanticipated 3D feature film. Available now, theOakley 3D Gascan Transformers Limited Editionoffers unparalleled performance to provide theultimate 3D entertainment experience.

This special edition of Oakley 3D glasses carriesgraphics inspired by the movie,which will debutin the US on 29 June. One side of the frame ishighlighted by the AUTOBOT SHIELD icon whilethe other carries the emblemof theDECEPTICONshield icon.Enriched with more film-inspired art,a custom Microclear bag is included for lenscleaning and frame storage.

Oakley 3D Gascan is the world’s first 3Deyewear that is“optically correct,”a term that doesnot refer to prescription correction.Conventionalnon-prescription lenses can distort vision butOakley HDO 3D technology takes advantage ofthe company’s decades of optical innovation tomaximise vision with clarity and fidelity whileproviding truer alignment of 3D images.The lenscurvature gives the wearer a wide field of viewwhile virtually eliminating glare and reflections.

Oakley 3D glasses have earned officialcertification by RealD, the world’s most widelyused 3D movie technology. In addition tomaximizing the 3D cinema experience,Oakley ispursuing partnerships with manufacturers ofhome 3D systems that utilize passive polarizationtechnology.This will allow consumers to use thesame glasses for 3D entertainment in the homeand the cinema.

Panasonic Toughbook toaddress market void bydelivering enterprise-grade android tabletProvider of collaboration, information-sharingand decision-support solutions for governmentand commercial enterprises Panasonic SolutionsCompany plans to deliver an enterprise-gradeAndroid tablet to themarket in the fourth quarterof this year.

The new Toughbook tablet willaddress a current gap bydelivering a productdesigned with security,functionality and real-world reliability in mind.By delivering this purpose-built business solution, thenew Toughbook tablet isexpected to appeal to a widevariety of users, including missioncritical government personnel, highlymobile field forces, SMB’s looking for acompetitive edge,security conscious ITmanagersand bottom-line focused CFOs.

Froma functionality standpoint,theToughbooktablet will avoid the typical glossy screens -foundon current tablet offerings - that are all butunreadable in outdoor environments. TheToughbook tablet will include a high brightness,daylight viewable screen so that mobile workers,inmarkets like field service,home healthcare andpublic safety, can easily see critical data andoperate the device regardless of lightingconditions.

The new tablet will also include an activestylus,allowingmobile workers in sales,customer service and mobilepoint-of-sale environments tocapture signatures on thedevice’s 10.1” XGAmulti-touchdisplay.

Enterprise-class mobilecomputing requires aheightened level ofdevice security that is notcurrently available in today’s tabletmarket.To address this need, the newToughbook tablet.

GADGETS & GIZMOS


Banjo brings calm tosocial networking chaosBanjo,a PaloAlto-based company empoweringsocial networking users with the ability to findwhatmattersmost to them,has launched a newsocial discovery service.

Banjo helps users explore social and localconversations across social networks and zero inon the most relevant updates happening nearby.It allows for social exploration no matter wherethe user is located, regardless of social networkand without the need for an update or check-in.

How Banjo Works

Banjo harnesses publicly-available social andlocal information and gives users the ability tofilter that content based on their interest andlocation.While the possibilities of engagingwithnew connections are endless, here are a fewways users can take advantage of theserendipity created with Banjo:

Meet up with Friends and Colleagues: Sayyou’re at London Heathrow airport and didn’tcheck in,tweet or make a social post,but your

friend tweets about his flight being delayed.With Banjo,you can quickly discover that yourfriend is only a few gates away.With these real-time updates,Banjo allows you to never missan opportunity to connect.

Discover Hidden Gems: Perhaps you’re ona summer trip, visiting NYC, and wonderingwhere to eat, but you’re not familiar with thearea.A quick check of Banjo reveals someoneraving about a hip,new restaurant, and whileyou’re enjoying lunch there,you also discovera fabulous shoe sale going on just a fewblocks away.

Explore beyond your boundaries: Do youlive,work,or travel in a small townwithout a lotof activity? Even if none of your friends orpeople nearby are updating their socialnetworks, Banjo still allows for exploration ofwhat’s happening elsewhere.No longer are youlimited to the boundaries of your localnetworks; Banjo is “elastic” and allows you tocheck out what’s going on three, 30 – or even3,000 –miles away.Pick your favourite spots andtake a peek; because with Banjo, the rippleeffect is what you make of it.

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Make sure you have your award diplayed for your clients and potential clients to see.

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HIGHLY COMMENDED

Welcome toInterContinental Finance’s

Highly Commended Awards 2011

Congratulations to all the winners of InterContinental

Finance magazine’s prestigious ICFM Highly

Commended Awards, the true measure of a global

law firm’s real success.

In this special issue we celebrate the firms that have

been voted by our readers as the best in their field.

The ICFM Highly Commended Awards celebrate

excellence and innovation among the world’s top law

firms and is a good indicator of a firm’s tangible and

intangible value.

Wewould like to thank all thosewho took the time to

vote, and congratulations again to all our winners –

you are indeed the true champions of your profession.

The list of this year’s winners including:

Popovici Nitu & AsociatiiTop Multi Disciplined Law Firm - Romania

Annunziata AsscoiatiTop Finance, Insurance & CommercialLaw Firm - Italy

Karaca AssociatesTop Multi Disciplined BoutiqueLaw Firm - Turkey

KPMGBest Accountancy Firm - Spain

LGS LawTop Corporate & CommercialLaw Firm - Indonesia

Vellani & VellaniTop Corporate & Ip Law Firm - Pakistan

ICFM HIGHLY COMMENDED TOP TIER 2011

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Intercontinental Finance’sHighly Commended Top Tier Firms 2011

A.S.Papadimitriou & Partners Law Firm -GreeceA&L Goodbody - IrelandAAA Legal Services - EstoniaAccuracy,Corporate FinanceAdvisory -EuropeAdams &Adams - SouthAfricaAddleshaw Goddard LLP - UKAddtech - SwedenAdepetun Caxton-MartinsAgbor &Segun - NigeriaAdepetun Caxton-MartinsAgbor &Segun - NigeriaAdvohellas - Dr Ziouvas & Partners -GreeceAfschrift - BegiumAird & Berlis LLP - CanadaAkademia Rozwoju SystemówSieciowych - PolandAkerman - USAAleman,Cordero,Galindo & Lee -PanamaAllen & Gledhill - SingaporeAllen & Gledhill LLP - SingaporeAllen &Overy - RussiaAllen &Overy - PolandAllensArthur Robinson - AustraliaAmarchand &Mangaldas & SureshA.Shroff & Co.- IndiaAmarjit &Associates - IndiaAmica Law LLC - SingaporeAndrew BrownQC,Bankside Chambers- New ZealandAnnunziataAsscoiati - ItalyAntrak Capital - UKAOHall - UKAokiAdvogadosAssociados - BrazilAon - SouthAfricaAppleton Luff - SingaporeArifa - PanamaArnold Bloch Leibler - AustraliaArntzen de BescheAdvokatfirmaAS -NorwayArthur Cox - IrelandASAR -Al Ruwayeh & Partners - KuwaitASB Law - UKAshe,Rafuse & Hill,LLP - USAAshland Inc - USAAshurst - UKATGAccess - UKAttorneys at law Borenius Ltd - FinlandAvellum Partners - UkraineAvon Rubber - UKAvramopoulos & Partners - GreeceAwford Legal - AustraliaAxinnVeltrop Harkrider LLP - USAAzure Capital Limited - AustraliaB P Collins LLP - UKBaer & Karrer - SwitzerlandBahamas Financial Services Board -BahamasBailey Cavalieri LLC - USABaker &McKenzie - SpainBaker &McKenzie - SwedenBaker &McKenzie LLP - USABaldwins Intellectual Property - NewZealandBank Of Montreal - CanadaBanner Jones - UKBarrera,Siqueiros yTorres Landa,S.C -MexicoBCCCAttorneys-at-law LLC - SwitzerlandBCF - CanadaBDO LLP - UKBDO Zelmenis&Liberte - LatviaBeca - New Zealand

Bedell Group Services Limited - JerseyBelmore McIntosh Neidrauer - CanadaBeltrae PartnersvIrelandBencis Capital Partners - BeneluxBenjamin Law Firm - LuxembourgBennett Jones - CanadaBersayAssocies - FranceBiaggi &Messina - Dominican RepublicBiedecki - PolandBinghamMcCutchen - USABinghamMcCutchen LLP - USABirchamDyson Bell LLP - UKBiro Oktroi Roosseno - IndonesiaBizlink Lawyers & Consultants -VietnamBlake Dawson - AustraliaBlake,Cassels & Graydon LLP - CanadaBoehmert & Boehmert - GermanyBonelli Erede Pappalardo - ItalyBonilla MontanoToriello & Barrios -GuatemalaBowman and Brooke LLP - USABowman Gilfillan - SouthAfricaBRD-Groupe Societe Generale -RomaniaBredin Prat - FranceBridgehead - NorwayBridgehead - UKBrigard & Urrutia - ColombiaBrightThings PLC - UKBrinks Hofer Gilson & Lione - USABritish Columbia InvestmentManagement Corp. - CanadaBroad & Cassel - USABross & Partners -VietnamBrown & Page - SwitzerlandBufeteAguirre - BoliviaBugge,Arentz-Hansen & Rasmussen -NorwayBurges Salmon - UKBurnet,Duckworth & Palmer LLP -CanadaButler Rubin Saltarelli & Boyd LLP - USAByrneWallace - IrelandC.R.& F.RojasAbogados - BoliviaCagamas Berhad - MalaysiaCamSemi - UKCareyY CiaAbogados - ChileCareyY CiaAbogados - ChileCarlton Fields - USACarrillo &Asociados - GuatemalaCederquist - SwedenChangTsi & Partners - ChinaChapmannTripp - New ZealandCheryl Andrews MarketingCommunications - USAChoate Hall & Stewart LLP - USAChristopher Lee & Co - MalaysiaCHSH Cerha Hempel SpiegelfeldHlawati - AustriaCHSH Cerha Hempel SpiegelfeldHlawati - BelarusClarendon Lawyers - AustraliaClarke Silvergate,P.A.- USACleary Gottlieb Steen &Hamilton LLP -UKCliffe Dekker Hofmeyr Inc - SouthAfricaClifford Chance - GermanyClifford Chance - UKClifford Chance - UAECLP Law Firm - NorwayCMS - Bureau Francis Lefebvre - FranceCMS CameronMcKenna - CzechRepublicCMS CameronMcKenna v.o.s. - UKCMSHasche Sigle - Germany

CMS Legal - RussiaCMS Legal - RussiaCMS von Erlach Henrici AG - GermanyCobbetts LLP - UKColler IP - UKCompass Rondelli Advisers - ItalyCondon & Forsyth LLP - USAContrast Law - BelgiumConyers Dill & Pearman - BermudaCooper Industries plc - USACoreco Group - UKCorredor &Asociados Ltda.- ColombiaCosarAvukatlik Burosu -TurkeyCottons CharteredAccountants - UKCox Castle & Nicholson LLP - USACox Smith - USACozen O'Connor - USACPH Law - DenmarkCravath,Swaine &Moore LLP - USACreel,Garcia-Cuellar,AizaY Enriquez -MexicoCross Equity Partners - SwitzerlandCuatrecasas,Goncalves Pereira - PortugalCugia Cuomo &Associati - ItalyCV Capital LLP - UKD' EssenAssessoria em Comunicação -BrazilDavid Gray Solicitors - UKDavies Collison Cave - AustraliaDaviesWard Phillips &Vineberg LLP -CanadaDe Simone & Partners - ItalyDeacons - Hong KongDebevoise & Plimpton LLP - USADeep and Far - TaiwanDeloitte - CanadaDeloitte - IsraelDetail Commercial Solicitors - NigeriaDFMG Solicitors - IrelandDickinson Dees LLP - UKDiligencia - UKDLA Phillips Fox - AustraliaDLA Piper Italy - ItalyDLA Piper USA - USADMKisch - SouthAfricaDoma ski Zakrzewski Palinka - PolandDomnern Somgiat & Boonma LawOffice Ltd.- ThailandDorsey &Whitney - Hong KongDorsey &Whitney - CanadaDuaneMorris LLP - USADuMoulin Black LLP - CanadaE.Blum& Co - SwitzerlandEaton Corp - USAEckert Seamans Cherin Mellott,LL - USAEclipse Group - USAEdward Nathan Sonnenbergs - SouthAfricaEimer Stahl Klevorn & Solberg LLP - USAElWelily - EgyptElias ParaskevasAttorneys 1933 - GreeceElla Cheong - Hong KongEnviron - UKEnVent S.p.A.- ItalyENWC -AustriaEric EricssonAdvokatAB - SwedenErnst &Young - ColombiaErnst &Young - Czech RepublicEstudioAlegria,BueyFernández,Fissore&Montemerlo -ArgentinaEstudio BEeccarVarela - ArgentinaEstudio Echecopar - PeruEversheds Bianchini - ItalyFBCManby Bowdler LLP - UKFeinzaig Scharf & van der Putten (FSV) -

Costa RicaFenchurchAdvisory Partners Limited -UKFenech & FenechAdvocates - MaltaFenwick &West LLP - USAFenwick Elliott - UKFerraiuoli LLC - Puerto RicoFidu Center - CyprusFiebinger Polak Leon - AustriaField FisherWaterhouse LLP - UKFineurop Soditic - ItalyFirstWesternTrust Bank - USAFisher Jones Greenwood LLP - UKFladgate LLP - UKFoley & Lardner - USAFoley Hoag LLP - USAFord &Warren Solicitors - UKFox Lawyers - UKFragomen,Del Rey,Bernsen & Loewy -SingaporeFragomen,Del Rey,Bernsen & Loewy,LLP - USAFranklinCovey - GlobalFraser Milner Casgrain LLP - CanadaFreehills - AustraliaFreshfields Bruckhaus Deringer LLP -USAFried,Frank,Harris,Shriver & Jacobson -UKFusion Corporate Finance - UKG.Elias & Co - NigeriaGanado &Associates - MaltaGarayarAsociados - SpainGeorge Etomi & Partners - NigeriaGeorge Z.Georgiou &Associates -CyprusGibbs & Bruns LLP - USAGibson,Dunn & Crutcher LLP -SingaporeGide Loyrette Nouel - FranceGilbert +Tobin - AustraliaGlobal Life ScienceVentures - GermanyGold Fields - SouthAfricaGoldberg Kohn Ltd - USAGoldfarb,Levy,Eran,Meiri,Tzafrir & Co.,LawOffices - IsraelGonzález Calvillo,S.C.- MexicoGough,Shanahan,Johnson &Waterman,PLLP - USAGrantThornton New Zealand Ltd - NewZealandGrasty Quintana Majlis & Cia - ChileGreen Crescent Insurance Company -UAEGrimaldi Associati - ItalyGroupama Insurances - UKGSC Solicitors - UKGuevara & Gutiérrez S.C.- BoliviaGunderson Dettmer StoughVilleneuveFranklin & Hachigian,LLP - USAHaagstate Advocaten - NetherlandsHabif,Arogeti &Wynne - USAHadef & Partners - UAEHadef Partners - UAEHadiputranto,Hadinoto & Partners -IndonesiaHandley Law - UKHannes SnellmanAttorneys Ltd -FinlandHanni Rosenzweig & Co.- IsraelHanson Renouf - JerseyHarrisMoure - USAHausmaninger Kletter - AustriaHaver &Mailaender - GermanyHelphire Group Plc - UKHenry DavisYork - Australia

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Henry Hughes,Patent &TrademarkAttorneys - New ZealandHeuking Kühn LüerWojtek - GermanyHeymann & Partner - GermanyHighwire Consulting - UKHill & Knowlton - UKHogan Lovells - Hong KongHogan Lovells - USAHogan Lovells - UKHolland &Hart LLP - USAHolman FenwickWillan LLP - UKHolme Roberts & Owen LLP - USAHonigmanMiller Schwartz and CohnLLP - USAHW Fisher & Company - UKHuhmann - GermanyHylton &Hylton - USAHyman,Phelps &McNamara,P.C. - USAIK Investment Partners Ltd - UKIndochine Counsel -VietnamING Belgium - BelgiumIntegreon - USAInteractiveTechnology Solutions - USAInter Tax - SwitzerlandIrell & Manella LLP - USAIronFX Financial Services Limited -CyprusISOLAS - GibralterIT Law Group - FranceJ.SagarAssociates - IndiaJacksonWalker L.L.P. - USAJanssen BroekhuysenAdvocaten -NetherlandsJavelin Group Ltd - UKJenner & Block LLP - USAJohnson & Bell - USAKanga & Co - IndiaKantor,Elhanani,Tal & Co - IsraelKaraca Associates - TurkeyKashish IP Group - MauritiusKerres Partners - AustriaKinamik - SpainKing & Spalding - USAKiortsis &Associates - GreeceKirkland & Ellis LLP - USAKoutalidis Law Firm - GreeceKPMGAdvisory Limited - BermudaKPMG - SpainKPMG - UKKramer Levin Naftalis & Frankel LLP -USAKrogerus - FinlandKromann Reumert - DenmarkKrys Global - OffshoreLake Pointe Partners - USALandis Communications Inc - USALarrain Rozas Lackington Rencoret &UrzuaAbogados - ChileLaurie & Brennan LLP - USALaw Firm GencsValters - The BalticsLeach RhodesWalker - UKLedbetterWanamaker Glass LLP - USALee & Ko - South KoreaLee & Li - TaiwanLegance - Studio LegaleAssociato -ItalyLeitnerLeitner - AustriaLenz & Staehelin - SwitzerlandLester Aldridge LLP - UKLeumi ABL - UKLewis &McKenna - USALGS Law - IndonesiaLichtman & Elliot,PC - USALiepa Skopina Borenius - LatviaLindholmWallgren,Attorneys Ltd. -FinlandLinklaters - PolandLinklaters LLP - PortugalLloyds Banking Group - UKLloydsTSB Commercial Finance - UKLowis & Gellen LLP - USA

LowndesAssociates - New ZealandLoyens Loeff - NetherlandsLuatViet -VietnamLuiga Mody Haal Borenius - EstoniaLuke &Associates - BotswanaLuminate LLC - USALydian - BelgiumM&MBomchil - ArgentinaMacfarlanes LLP - UKMachadoAssociados - BrazilMacIntyre Hudson LLP - UKMackrell Turner Garrett - UKMallesons Stephens Jacques - HongKongManham Ben – Isle of ManMannheimer Swartling - SwedenMaples & Calder - Cayman IslandsMarroquin Rosenberg &Asociados -GuatemalaMattos Muriel KestenerAdvogados -BrazilMaxwellWinward LLP - UKMayer Brown JSM - Hong KongMcCann FitzGerald Solicitors - IrelandMcKool Smith - USAMcMillan - CanadaMetaswitch Networks - USAMichael Hwang Chambers - SingaporeMiddletons - AustraliaMills & Co - UKMills & Reeve LLP - UKMindtree - IndiaMinter Ellison Lawyers - AustraliaMontgomery,McCracken,Walker &Rhoads LLP - USAMore Fisher Brown - UKMorgan,Lewis & Bockius LLP - USAMorvillo,Abramowitz,Grand,Iason,Anello & Bohrer,P.C. - USAMoscowitz &Moscowitz,P.A.- USAMotta,Fernandes Rocha - Advogados -BrazilMound CottonWollan & Greengrass -USAMS Mishra - IndiaMundie eAdvogados - BrazilMyersThompson P.A.- USANaschitz Brandes - IsraelNautaDutilh - BelgiumNegri &TeijeiroAbogados - ArgentinaNeinver - SpainNestor Nestor Diculescu KingstonPetersen - RomaniaNeves,Soares & Battendieri - BrazilNextWave Partners - UKNishimura &Asahi - JapanNoble & Scheidecker - LuxembourgNorrbomVinding - DenmarkNorthernTrust - USANorthernTrust - GuernseyOakley Capital Private Equity L.P - UKOgier - JerseyOhno & Partners - ChinaO'Melveny &Myers LLP - USAOostvogels Pfister Feyten -LuxembourgOpenJawTechnolgies - IrelandOrigin Enterprises Plc - IrelandOriogun - USAOscos Abogados - MexicoOussi Law Firm - SyriaP+P Pöllath + Partners - GermanyPalacios &Asociados - GuatemalaPavia eAnsaldo Law Firm - ItalyPBD Consulting - UKPCF Solutions - UKPeckar &Abramson - USAPekin & Pekin - TurkeyPenkov,Markov & Partners - BulgariaPeregrine Communications Group -UK

Peroni SosaTellechea Burt & Narvaja -ParaguayPeters & Peters - UKPinheiro Neto - BrazilPinnacleWorldwide - USAPlutaAbogados GmbH - SpainPoledna Boss KurerAG - SwitzerlandPopovici Nitu & Asociatii - RomaniaPorton Group - EuropePratt &Yungblut,P.C.- USAPricewaterhouseCoopers - AustraliaPricewaterhouseCoopers - GermanyPricewaterhouseCoopers - SingaporePrince Evans Solicitors - UKPublicis Groupe - FrancePunter Southall Transactions - UKPysdens Solicitors - UKQuarles & Brady - USAQuevedoAbogados - ArgentinaRaczkowski - PolandRaidla Lejins & Norcous - EstoniaRaiffeisen InvestmentAG -AustriaRaja,Darryl & Loh - MalaysiaRajah &Tann LLP - SingaporeRandMerchant Bank - SouthAfricaRaposo Bernardo - PortugalRavindranAssociates - SingaporeRawlinson &Hunter - UKRedlink - FranceRentsch PartnerAG - SwitzerlandRobic LLP - CanadaRodriguez Molnar &Asociados - SpainRodriguez Rueda,S.C.- MexicoRogers Communications Inc - CanadaRogers Joseph O'Donnell - USARomulo Mabanta Buenaventura -PhilippinesRonan Daly Jermyn - IrelandRoschier - FinlandRoschier - FinlandRoschier - SwedenRSMAPiK - UkraineRSMTenon - UKRuiz Soroa & Zabaleta - SpainRussin,Vecchi & Heredia Bonetti -Dominican RepublicSadis & Goldberg - USASaffery Champness - GuernseySagars - UKSagicor Financial Corporation -BarbadosSaint Island International Patent & LawOffices - TaiwanSalans - PolandSalomon Partners – RussiaSantamarinaY Steta - MexicoSaxe LawOffice - USASaxinger,Chalupsky & Partner - AustriaSchellenbergWittmer - SwitzerlandSchulte Roth & Zabel LLP - USASelmer - NorwaySeneca Partners,Inc.- USASensimed - SwitzerlandSeward & Kissel LLP - USAShearman & Sterling LLP - USAShearn Delamore & Co - MalaysiaSherman &Howard L.L.C.- USAShield UK Ltd - UKShook Lin & Bok LLP - SingaporeShulmans LLP - UKSimmons & Simmons LLP - UKSimpson Grierson - New ZealandSkadden,Arps,Slate,Meagher & FlomLLP - USASKRINE - MalaysiaSlaughter &May - UKSmart & Biggar - CanadaSNR Denton - UAESpayne Lindsay & Co,LLP - UKSpoor & Fisher - SouthAfrica

Squire Sanders & Dempsey - SpainSRS Legal - PortugalStamford Law - SingaporeStarfishVentures - AustraliaStek Law - NetherlandsStephenson Harwood - UKStrachan Partners - NigeriaStuarts Law - Cayman IslandsStuber Law - BrazilStudio Legale Pierallini - ItalySugarSync - USATabacks - SouthAfricaTadmor & Co - IsraelTark Grunte Sutkiene - LithuaniaTauw - NetherlandsTaylorWalton LLP - UKTekil Law -TurkeyThatcher Stone - USAThe Carlyle Group - USAThommessen - NorwayThomson Snell & Passmore - UKThomsons Lawyers - AustraliaTinSoldier Marketing - SouthAfricaTLT Solicitors - UKTowersWatson - UKTozzini Freire - BrazilTrench,Rossi eWatanabeAdvogados -Associated with Baker &McKenzieInternational,SwissVerein - BrazilTronAbogados - MexicoTroutman Sanders - USATwiggy Liu - Hong KongUdo Udoma & Belo-Osagie - NigeriaUhthoff GomezVega & Uhthoff -MexicoUlhoa Canto - BrazilUltizen Games LTD.- ChinaUSAA Real Estate Company - USAVani Chetty Competition Law - SouthAfricaVellani &Vellani - PakistanVentura Garcés & López-Ibor - SpainVenture Finance - UKVerrill Dana LLP - USAVieira deAlmeida &Associados -PortugalVinson & Elkins - USAViriathus - USAVodafone - UKWalek &Associates - USAWalker Morris - UKWalkers - Cayman IslandsWaselius &Wist - FinlandWatson,Farley &Williams - UKWatson,Farley &Williams - SingaporeWatson,Farley &Williams -ThailandWebberWentzel - SouthAfricaWeil,Gotshal &Manges LLP - USAWeinhold Legal - Czech RepublicWerksmans - SouthAfricaWhite Reasor - USAWiersholm - NorwayWikborg Rein - NorwayWilkie Farr & Gallagher LLP - FranceWillheimMueller - AustriaWilmerHale - USAWingate Partners - USAWistrand - SwedenWolfTheiss - AustriaWormser,Kiely,Galef & Jacobs LLP -USAWrays - AustraliaWright Counsel ColinWright - HongKongXavier,Bernardes e Braganca - BrazilYellow Pages Group - CanadaYigal Arnon & Co - IsraelZiegler - USAZobella - PhilippinesZuora - USA



AfschriftTel: + 32 2 646 46 36Fax: + 32 2 644 38 00


Top Tax LawSpecialist Law Firm

BELGIUM

Based in Brussels,Afschrift’s tax teamprovides the full range oftax-related advice,including tax planning,negotiation and corporatesupport, although it is bestknown for its litigation workAlthough Afschrift advises on non-contentious matters, the practice ismore noted for its "extremely effective litigation practice" where itrepresents Belgian and international clients in both direct and indirecttax cases and in the defense of taxpayers in litigation with the taxauthorities,which includes criminal cases.

Created in 1994 as a boutique firm by Thierry Afschrift and hispartners and with offices in Madrid, Geneva, Luxemburg, Antwerpand Tel Aviv, the firm covers all areas of tax law.Most of its clients aresmall to mid-sized enterprises as well as industrial and commercialcompanies,banks,estate companies,public bodies and individuals.

Afschrift, a professor and deputy judge at the Court of Appeal ofBrussels,has been named the Best Tax Lawyer-Belgium 2009 byWorldFinance Magazine. He is also the Founder-Chairman of the Masteron Tax Management - Solvay Brussels School of Economics andManagement-U.L.B. With over 30 years of experience in domesticand international tax law, he leads the firm’s practice and advisesmajor Belgian and foreign companies and banks.

Listed in www.worldfinance100.com,the firm’s lawyers focus on taxand white collar crime law. Afschrift's11 partners allow for depth inthe team.They engage in all aspects of national and international taxplanning and financial instruments taxation consultancy; additionally,the firm also handles important litigation cases on the tax, corporateand white collar crimes fields,before Belgian and EU Courts.

SaysThierryAfschrift:“Our firm is specialised in every field of the taxsystem:direct and indirect taxation,companies’and private individuals’taxation,national and international tax law.

“In any of these fields, our lawyers see to defend in any case thetaxpayers’ interest in the strict respect of the law.These principles areapplied not only in consultations prior to actions planned by the clientsas well as in the related contracts, but also in the lawsuits with taxadministration,being at the administrative or the judicial stage.”

According to Afschrift, the firm has adopted a boutique format dueto tax law requiring constant and almost exclusive practice of the taxlaw,a high lever of confidentially,and a personalized service.

“Although EU governments constantly set new tax measures,constantly raising taxation,mainly by trying to abolish bank secrecyand make an intrusion in taxpayers private life,our lawyers help theirclients to overcome difficulties and prepare the future in the mostadvantageous tax way,”Afschrift says.�

Thierry Afschrift

Aon South AfricaTel: +27 11 944 7407

Fax: +27 11 944 8105Email: [email protected]

www.aon.co.za

Top Risk Solutions FirmWORLDWIDE

A preferred choice in riskmanagement solutions, AonSouth Africa designs riskmanagement solutions forglobal clientsA leading provider of risk managementservices, insurance and reinsurancebrokerage, human capital andmanagement consulting, and specialityinsurance underwriting, Aon South Africa employs over 1,500professionals in 17 offices across South Africa. Its parent companyAon employs over 2,000 staff on the African continent.

Established in 1996 through the acquisition of a number of nicheinsurance broking and consulting operations,Aon South Africa hasan extensive regional network and is represented in all majorcentres.With its head office based in Sandton, Johannesburg,Aonserves large national and multinational groups, medium to largeorganisations, state-owned enterprises, and individuals.

QED Actuaries and Consultants are a 100% owned subsidiary ofAon Hewitt in South Africa and part of the Global Aon network. Itspecialises in providing actuarial services to long term (life) andshort term (property and casualty) insurance companies andemployee benefit schemes.

The senior management team consists of five UK and SouthAfrican qualified actuaries well-experienced in their chosen area.The team is headed by Craig Falconer who has nearly 20 yearsexperience each in life actuarial consulting in South Africa and thebroader African continent.

Says Falconer:“We have a strong and dedicated team at all levels.Our actuarial services to these organisations are extensive andinclude valuations, product development, benefit design, assetliability and capital modeling, due diligence work, business plans,risk management, implementing Solvency 2.

“QED is the actuarial hub for Aon Hewitt Africa and services areprovided to over 20 countries in Africa.We are one of the largestactuarial firms in Africa with over 80 insurance clients and 400pension schemes.”

Falconer’s team serves an extensive and diversified clientele thatincludes Discovery Life and Munich Re.Falconer adds:“We are alsothe main actuarial adviser to insurers and/or pension schemes inKenya, Zambia, Lesotho and Malawi where we are proud to beassociated with large clients like British American,UAP and CFC Lifein Kenya.

“Our other smaller markets include Mauritius, Ghana, Rwanda,Tanzania, Namibia, the Seychelles and the Caribbean. Clientschoose us because of our professional reputation,experience andproven track record in South Africa and the broader Africancontinent.”�

Craig Falconer

One of Italy’s top law firms,Annunziata e Associati pullsout all stops when it comes tomeeting client goalsFounded in 2000 by four partner andemploying a staff of 18, the Milan-basedAnnunziata e Associati specialises in finance,insurance and commercial law. The firm’sfounding members and partners are FilippoAnnunziata, Francesco Di Carlo, EdoardoGuffanti, and Giovanni Sagramoso, allprofessionals with longstanding experience inthe areas of expertise.

The firm provides advice on corporate andcommercial law and it assists in litigation bothfinancial and non-financial companies. Itcounts among its clients several leadingdomestic and international financial andinsurance companies. It has acquired over theyears significant experience in the analysis ofinnovative transactions and products, in theincorporation of corporate vehicles, in activelycooperating with the Italian supervisoryauthorities and in litigation matters. Aspecific area of competence is in the field ofinvestment funds, on which the firm has arecognised leadership.

Annunziata also founded Studio Annunziatain 1993.A professor of Diritto dell’economia atthe University of Bologna and professor ofDiritto dei Mercati e degli Intermediari atBocconi University, Milan, he has authoredmany publications, including three books onthe regulation of stock markets and financialmarkets in general.

Annunziata has acquired specificknowledge on collective portfoliomanagement (with particular regard toalternative investments) and investment

services. His main practice areas are thebanking, financial and insurance industries,with a focus on the comparison of legalsystems and application of internationalmodels and structures. He also providesadvisory services, with particular regard tocompany law issues and to listed issuers. Hispractice includes insolvency proceedings andcrisis-management procedures, for financialand non-financial entities and his services as aspeaker is frequently called for at domesticand international conferences on financialmarket matters.

Di Carlo joined Studio Annunziata in 1999after several years practice at other firms,including a leading international organisation.With significant experience in collectiveportfolio management (specifically alternativeinvestments, private equity and real estatefunds), derivative and structured financialinstruments, unit and index-linked policiesand anti money-laundering legislation, heholds offices mainly in financial companies.He is a contributor to legal journals andbusiness newspapers, and he is a frequentspeaker at conferences regarding his areas ofspecialisation. He has been professor of“Diritto degli intermediari finanziari” at theUniversity of Bologna. He is Chairman of theLegal Committee of the Italian Private BankingAssociation (Associazione Italiana PrivateBanking – AIPB). He is member of the ListedCompanies Governance Committee of theInstitute of Chartered Accountants in Milan.

Guffanti joined Studio Annunziata in 1996and has acquired significant experience inbanking and investment services and unit andindex-linked insurance policies.He also dealswith issues in connection with personal dataprotection legislation. He is a contributor tomanuals, legal journals and business

newspapers and a frequent speaker atconferences on his areas of specialisation.Heis also a professor of Commercial Law at theMaster courses in Business Administration(MBA) of Bocconi University,Milan and chairsthe Bank and Financial IntermediaryCommittee of the Institute of CharteredAccountants in Milan.

Sagramoso practiced at the Milan and NewYork offices of a major Italian law firm from1988 and 1992, during which he developed asignificant international experience withcorporate transactions and commercial lawin general. He subsequently continued hispractice with Studio Sagramoso which in2006 merged with Annunziata e Associati.Hispractice includes commercial, corporate,financial and bankruptcy law. He has beenproviding trial assistance and advisoryservices to listed companies, banks, assetmanagement companies and investmentfirms on corporate law,banking and financialmarket matters.He has acquired a significantexperience in financial market litigation andcoordinates the firm’s litigation team. Heis a speaker at conferences on his areasof specialisation.

Among Annunziata e Associati’s most recentand successful deals was the advice itrendered to a prominent Italian bankinggroup regarding the launch of an exchangetakeover bid for the amount of €138,000,000.The team proposed holders of index-linkedinsurance policies with Icelandic bankssecurities as the underlying contract toexchange each policy with zero couponsenior bonds issued by the holding bank aswell as a potential cash balance.

Another deal which the firm is proud of isthe advice rendered to a major Italian bankconcerning the institution of a partnershipwith other financial institutions and groups,leading to the creation of the most relevantindependent market player in the Italianasset management industry, as well as one ofthe largest in Europe. The transactionconsisted in the integration of two fundmanagement companies which,on 31 March31, 2010, managed assets for an overallamount of more than €41 billion, with anoverall distribution network of more than4,000 ATMs and around 200 distributionagreements with third parties.�

Annunziata e AssociatiTel: +39 02 86984072Fax: +39 02 86984111


Top Finance, Insurance &Commercial Law Firm - ITALY

Client-service above all





Colin WrightTel: xxxxxFax: xxxxx


Colin WrightMaritime Law Association

HONG KONG

Hong Kong based Wright Counsel wasfounded by Colin Wright, a practisingbarrister based in Hong KongColin Wright has acted in many significant liquidations in HongKong, including the New China Hong Kong Group liquidation andthe Akai liquidation. He represents liquidators responsible forrecovering the assets of insolvent companies and also other partiesfacing claims in insolvencies.

According to Wright,Hong Kong remains a popular jurisdictionfor companies doing business in China and Asia generally to havetheir headquarters. As a consequence of the international natureof business in Hong Kong,Wright says insolvencies in the SpecialAdministrative Region generally involve cross-border issues.

“Until 1997,Hong Kong was a British Colony and its legal systemis based on that in force in England & Wales,”Wright says. In 1997,Hong Kong was reunified with the People’s Republic of China in ahistoric deal under which the common law is guaranteed to beapplicable for at least 50 years.The continuation of the commonlaw tradition has allowed Hong Kong to maintain its unique placeas a commercial centre. Hong Kong has a highly developed legalsystem presided over by professional impartial judges who treatlocal and foreign litigants equally.

Wright says Hong Kong’s common law heritage is reflected in thestructure of its legal profession.

Referring to its colonial past and the thus acquired heritage,Wright says:“Hong Kong’s company and insolvency legislation wasa product of the colonial era and is at present being rewritten inorder to bring it up to date with developments elsewhere in theworld. As a result of these reforms there will be expandedprocedures for companies experiencing financial difficulties to berestructured rather than simply being wound up.”

Wright says the many advantages of doing business in HongKong far outstrip the important but limited drawbacks.

“One of themost significant advantages is Hong Kong’s legal systemwhich ensures that commercial disputes are judged fairly inaccordance with the rule of law. When companies face financialdifficulties, Hong Kong’s legal system ensures an efficient and fairdetermination of the rights of the creditors.The proposed reforms toHong Kong’s company and insolvency legislation will further increasethe flexibility of the remedies available in the case of corporateinsolvencies which should be in the interests of all parties.”�

Coller IPTel: +44 870 402 1616Fax: +44 870 402 1659


Top IPManagement Firm

UK

Oxford-based Coller IPcombines patent attorneyand commercial expertiseto deliver intellectualproperty (IP) managementand valuationFormed in 2006 as a spin-out companyfrom a background of providingin-house services in a largetechnology corporate, Coller IPspecialises in the commercial management of IP, which rangesfrom IP analysis and commercialisation services through IP casemanagement – drafting filing and prosecuting patents, trademarksand registered designs – to brokering IP deals, and formal IPopinion and IP valuation services.

Founding Partners and CEO and COO of Coller IP respectively,Dr Jackie Maguire and Dr Jim Asher form the senior managementteam that brings deals to the table.

Dr Maguire advises organisations at board level on how to realisevalue from intangible assets. Using appropriate models andtechniques, she helps clients turn intellectual capital into strategicand valuable assets as well as implement plans and processes todevelop robust IP portfolios and structure deals.

Dr Asher,a physicist by background, is actively involved in clientwork on IP analysis, landscaping and commercial evaluation. Healso leads the IP Valuation practice at Coller IP, working fora wide range of clients and requirements.

“Coller IP brings together an unusual combination oftechnological, legal and commercial experience,which we refer toas our ‘TLC for IP’ approach,” says Dr Maguire.“The Coller IP teamincludes patent and trade mark attorneys, IP analysts, licensingexecutives and business development expertise. Having all of theseskills in one team provides a unique perspective on the value ofthe intangible assets that underpin a deal.”

Coller IP has recently successfully acted for a number ofinvestors and entrepreneurs including WHEB Partners with whomthey have built a good relationship.“We believe that our adviceand conclusions give clarity to the IP position of the investment andthe confidence to close the deal, knowing that key commercialIP issues had been investigated and clarified,”states Dr Maguire.

“Our experience is particularly suited to investments intechnology businesses in physical sciences, bio-sciences andengineering;we also have extensive experience of green- and clean-tech, communications and software sectors. We find that ourinput works best when we are consulted at an early stage information of a deal.We can handle back-end due diligence, but itdoes not always allow room to manoeuvre if difficult issues arisenear to a deal closure,”she adds.�

Dr Jackie Maguire



Stampe, Haume & Hasselriis Law FirmTel: +45 33 15 15 32Fax: +45 33 12 24 24Email: [email protected]

www.cphlaw.eu

Top CorporateLegal Services Firm

DENMARK

Providing advice to clients within corporatecounselling, Stampe, Haume & Hasselriiscombines with Bang and RegnarsenOperating out of centrally-located Copenhagen offices, Stampe,Haume & Hasselriis focus areas include cross-border transactionsand commercial real estate and commercial litigation. It works intandem with the law firm Bang & Regnarsen employing betweenthem a staff of 70, including some 30 lawyers.

The firm’s cross-border and real-estate team is led by seniorpartner Finn Hasselriis who brings extensive knowledge ofcommercial real estate and cross-border tax issues. He has co-funded real estate investment funds,and been the chairman of theboard of several property investment companies.

Stampe, Haume & Hasselriis cross-border transactiondepartment is headed by Terry A. Selzer, an American Attorney-at-Law with extensive international experience. Selzer’s vastexperience includes being an interim managing director of aDanish company investing in real estate in Poland and itsPolish subsidiaries.

Commenting on his firm’s unique ability, Selzer says:“Differentlanguages, cultures, legal process, taxes and market practices canmake cross-border investments seem like a complex puzzle. Ourextensive international experience and know-how can help clientssort out the pieces and complete successful transactions.

“We have successfully completed many transactions throughoutEurope.We can provide legal and commercial advice; source pan-European investment opportunities; structure transactions andfinance; and establish companies and REITs.We also take a pro-active, hands-on, on-site approach to cross border transactions soour client’s business and investments can succeed.”

According to Selzer,his firm thrives on challenges.“Overcomingthe many challenges in a cross-border transaction requirespatience. In starting a transaction and negotiation, we begin withpreparation.A key element in being able to find creative solutionsis first building trust between the parties in the transaction.”

Stampe, Haume & Hasselriis’ confidence stems from theirextensive international experience and know-how in their areas ofspeciality. “We know cross-border and real estate transactions,”points out Selzer. “With our extensive international experienceand know-how we can explain the complexities of a cross-border transaction to our clients in order to give them comfortduring the process.”

Stampe, Haume & Hasselriis future plans will stay focused onclient needs and fulfilling them to the best of its abilities.“Ourfuture plans are to continue to help our current clients and newones with their cross-border investments. We want to be seen asthe leader in cross-border and real estate transactions.”�

Deep & Far Attorneys-at-LawTel: 886-2-25856688

Fax: 886-2-25989900/25978989Email: [email protected]

www.deepnfar.com.tw

Top IP and TrademarksLaw Firm

ASIA

We are just like an uncut jadeor gem mine. If you use us, youshall soon feel like discovering

treasures and find your IP portfolioshining its light forever.

Deep In Mind, Knowledgeand Efforts, Far Goal In.



DETAIL Commercial SolicitorsTel: +234 (0) 1-2710104


Corporate & CommercialLaw Firm of the Year

NIGERIA

Based in Lagos, Nigeria'sbusiness capital, DETAIL takesa proactive long term view ascounselling clients on theirbusiness strategyNigeria’s first commercial solicitor firm tospecialise exclusively in non-court roompractice,DETAIL’s areas of specialties includeinfrastructure,PPP and project finance,real estate and construction,corporate and commercial,media, entertainment and technology,financial services and Islamic finance.

DETAIL’s senior management team includes lead partner AyuliJemide, executive partner Yemisi Ogbuaku, and partner designateDolapo Kukoyi.

The firm takes pride in immersing itself in its clients’ businessplans and roadmaps to add value to their transactions in acomprehensible and tangible manner.

Says Jemide: “Our clients vary from individuals to largecorporations in the public and private sectors across variousindustries. They repeatedly select DETAIL because we aim toexceed their expectations and therefore deliver high quality workwith dedication to their business needs.”

Among the firm’s top two recent deals, Jemide picks the sale ofFive Breweries to Heineken and the Lagos State MetropolitanTransport Authority (LAMATA) Urban Light Rail Project to elaborateas standout deals.

“In 2010/2011, we advised the Sona Group on the sale of fivebreweries to Heineken. This deal is of great importance to usbecause it marked the first time the Nigerian Securities andExchange Commission permitted a law firm to prepare and file anInformation Memorandum with the Commission for a transactionof this nature. In addition, we also saved the client upwards of$5million by transferring the real estate of the breweries on aseparate scheme from the other assets.

“The LAMATA project is Nigeria’s first state-owned urban project.Its success will change the face of transportation in Lagos.We areproud to have been chosen its solicitors.”

“Challenges are commonly faced in the course of a transactionor project,” says Jemide speaking on DETAIL’s approach to work.“Our approach is to find creative solutions through exhaustiveresearch, liaison with the regulatory authorities and negotiationwith parties amongst others.”

DETAIL has chosen to be Nigeria’s first commercial solicitorfirm specialising exclusively in non-courtroom practice.According to Jemide, the reason for the firm choosing this modelwas to ensure that it had the time and focus to provide valueadded services to its clients.�

Fiorella Alvino

G. Elias & CoTel: + (2341) 2806970-1Fax: + (2341) 2806972


Top Business Law FirmNIGERIA

One of Nigeria’s leading business law firmswith an international outlook and anoutstanding record, G. Elias & Co carries outcritical, innovative and complex worksfocused to meet client’s needsFounded in 1994, G. Elias & Co offers a wide range of services tobusiness enterprises in both the private and public sectors inrespect of diverse transactions, advisory work, regulatory work,litigation and arbitration. In each of these areas, the firm handlescorporate, commercial (including shipping and petroleum),taxation,banking, intellectual property, telecommunications andinformation technology law assignments.

The firm is active on the ‘cutting edge’of Nigerian law and legalpractice.With an impressive clientele that includes upstream oilcompanies, financial institutions, producers of brandedconsumer goods and services and information technology andtelecommunications companies, the firm’s clients cuts acrossvarious nationalities, sizes,and sectors.From global multinationalenterprises to ambitious, home-grown fledglings, G.Elias & Copromotes its very personalised service

The full-service firm maintains numerous contacts in Nigerianbusiness and government circles,and with law firms and lawyers’organisations based both in and outside Nigeria. Its threepartners Gbolahan Elias, Fred Onuobia and Segun Omoregiehave several years’ combined experience at both national andinternational level.

G. Elias & Co has been instrumental in executing somesignificant and ground-breaking work on capital marketactivities advising both actual and potential issuers,managers,underwriters, trustees, trading platform developers andsubscribers. Among its several top deals are the ones withFDHL/MT on the Central Bank of Nigeria/Bank of Industry $3.3billion quantitative easing lending, currently the largestlending ever to be carried out in Nigeria and the AssetManagement Corporation of Nigeria in its $20 billion BondIssuance Programme (which was the largest ever bondsoffering in Nigeria).

Elaborating on the reason for his firm’s success, Fred Onuobia,the managing partner, says its attributable to the firm's desire toexceed firm's client’s expectations.

“We offer our clients services of the highest quality byemphasising technical proficiency, attention to detail andcreativity in developing practical solutions to client problems.Weare known for our sensitivity to client’s business needs andconcerns as well as promptness in responding to and executingtheir requests and in dealing with business law assignments ofevery complexity,magnitude and novelty.”�



Heymann & PartnerTel: +49 (0)69 768 063 0

Fax: +49 (0)69 768 063 15Email: [email protected]

www.heylaw.de

Top MultiDisciplined Law Firm

GERMANY

Heymann & Partner wasfounded in April 2005 bypartners coming from ‘magiccircle firms’. Today, it is one ofGermany’s leading firms with aninternational reputation gainedthrough global clientsBuilt with the goal of creating a leading independent German lawfirm in the areas of M&A, private equity, acquisition financing,capital market,restructuring,real estate,IT,outsourcing,intellectualproperty, entertainment and labour law, the firm of Heymann &Partners employs 20 lawyers, eight of them as partners.

Founder Thomas Heymann was previously managing partner forGermany at Clifford Chance and Willkie Farr & Gallagher. He says:“FoundingHeymann&Partnerwas not an act of necessity.Our intentionis to work in a small and focused law firm –withoutmajor bureaucracyandhierarchy butwith high professionalism,effectiveness and efficiency.

“Most of our partners come from ‘magic circle firms’ such asClifford Chance,Willkie Farr & Gallagher, Freshfields and HengelerMueller.We collect first class adventuresome professionals.To sumup:‘Simply good lawyers’. ”

Heymann & Partner offers its clients comprehensive servicesthough it does not consider itself a ‘full-service firm’.

“We have no intentions of being a full-service firm, ” saysHeymann.“As a result of this approach,we have access to a networkof correspondent lawyers and law firms which we call inoccasionally and manage it as if we were one large integrated firm.

“Our clients have the alternative to either consult specialists fromlarge law firms who work on high juristic level or to engage theeconomic advisor who has a superior overview and negotiatingskills.We combine both.“

Heymann & Partner clintele list includes names such as Alpha,Investcorp, Trition, Morgan Stanley, Deutche Bank, ERGO,Lufthansa, E.ON,Commerzbank.

Says Heymaan:“Clients select us because we combine a veryhigh technical standard with comprehensive knowledge of marketstandards and commercial expectations.Plus they get the service asfrom a magic circle firm without the overhead.”

Among a couple of its more recent noteworthy deals,Heymannrecalls advising the consortium of Apollo,Towerbrook andYork onits successful debt-equity-swap post acquisition of senior debt ofMonier group,one of the largest debt-equity-swaps in Europe so far.

Among the other deals he remembers the IPO of Time Tailor asIssuers Counsel and the sale of Etimex solar business to Solutia.

Expanding on the reason for his firm’s success, Heymaan says:“Our goal is to strengthen our position as a leading independentGerman law firm.We were independent from the beginning.Andwe still will be in five years time.”�

Dr. Marcus HuhmannTel:+49 (0) 211 / 585 88 677Fax:+49 (0) 211 / 585 88 678

Email: [email protected]. kanzlei-huhmann.de

Top Private Equity & M&ASpecialistGERMANY

Established in2007, LegalOfficeDr. Huhmann isa boutique lawfirm based inDüsseldorf,Germany

German law firm Legal Office Dr.Huhmann specialises in corporatelaw, private equity, M&A, MBO/LBO, and hybrid capital structures(Mezzanine Capital).

Previous to that, the firm’s founder,Dr.Marcus Huhmann,workedfor over nine years as in-house lawyer for a mid-sized privateequity firm in Düsseldorf.Dr.Huhmann is well-versed in legal andfinancial matters.As a member of the IBWF (Institute of BusinessConsulting,Wirtscfhaftsförderung),he is an accredited consultantof the BVMW , the Federation of medium-sized businesses,whichDr Huhmann feels allows him to understand the problems andneeds of the middle class.

Dr Huhmann says: “I follow an interdisciplinary approach toconsulting.My long experience as a bank’s in-house lawyer has allowedme a fair insight into the financing of medium-sized enterprises.”

Speaking on clients, he says: “Clients are highly-respecteddomestic and foreign venture capitalists, private equity funds andmid-sized corporations.Most of them are regular clients.”

He adds:“We offer solution-oriented approach and also assistour clients during their investments in small and mid-sizedcompanies in Germany. The combination of outstanding legalservices with economic expertise and the ability to understandthe economical needs and the impact of legal structuring for thebalance sheet is one of the key issues for our highly- efficient legaladvice given to clients.”

Another key to exceeding clients' expectations is the ability toreact quickly to their needs. Legal Office Dr. Huhmann offerssolution-oriented approach thanks to the ability of its lawyers tounderstand economical needs and the impact of legal structuringfor the balance sheet of their clients. Due to client feedback andthe number of regular clients, it is believed that Legal Office Dr.Huhmann is set for further future success and will expand withinthe next few years.

According to Dr Huhmaan, the firm approaches challengeswith experience and creativity. Its economic expertise and aclose circle of potential investors helps the firm stand out in theprivate equity sector.�

Dr. Marcus Huhmann



Inter-Tax ConsultantsTel: +41 76 236 08 47


Top Tax ConsultantsSWITZERLAND

Founded in 1996, Inter-Tax Consultants is ateam of tax consultants, formed to bringtogether experience of international business,big four consulting and best Slovene taxpracticeInter-Tax Consultants launched its first private client managementprogramme in 1999. Its consultants hold master degrees in tax law,business administration or international law. Is is a member ofSociety of Tax Consultants,Managers Association and several otherprofessional bodies. It actively supports its clients in manyjurisdictions and regularly travel worldwide.

Its tax consulting service includes all direct and indirect taxes ofcorporations, all direct and indirect taxes of owners,managers,highnet worth individuals, domestic tax planning and optimising,representation at the tax office and appeal procedures, socialsecurity questions of owners,managers,high net worth individuals,set up of SLO.CRO,BiH,YU,ME,MK companies, tax consulting.

Its transfer pricing service includes transfer pricing group taxplanning,and production of transfer pricing documentation.

Its tax auditing includes preventive tax audits and preventivetransfer pricing audits.

Its accounting includes outsourcing and organization of youraccounting function,analysis of accounting issues,annual accountsand interim financial statements, and management reports.

Its income planning includes tax optimised income planning,active and passive income split, and expatriate and tax residenceservices.

Its international tax law includes international tax planning andstructuring for direct and indirect taxes,worldwide double taxationtreaties,EU treaties,directives,EEA agreements,multilateral tax andtrade agreements, withholding tax procedures, transfer pricingissues, intellectual property international tax planning, and realestate international tax planning

Its set up of companies,holding structures, foundations includesworldwide legal form and structure most suitable to your businessplans,direct links with over 200 worldwide law & notary offices,setup of SLO,CRO,BiH,YU,ME,MK companies,and tax and operationcosts modelling and comparison.

Its private client management programme includes appropriatestructures to achieve your business and personal goals worldwide,reinvestment tools & investment management,investment banking,active and ongoing support, tax residence,accession planning andfamily finance,and wealth protection

Its expatriate services include assignment of Slovene employeesto foreign countries, and assignment of foreign residents to SLO,CRO,BiH,YU,ME,MK countries.�

Kerres | PartnersTel: + 43 1 51660

Fax: + 43 1 5166060Email: [email protected]

www.kerres.at

Top CommercialLaw FirmAUSTRIA

Kerres | Partnerscombines top legalexpertise with a profoundknowledge of theeconomic interests of itsclientsFounded in 1996, Kerres | Partners istoday counted among Austria’s mostleading law firms. It offers a wide-range of expertise in commercial andeconomic matters, specialising inprivate clients,foundations,corporate and banking law,intellectualproperty, mergers and acquisitions as well as both national andinternational arbitration and litigation.

Since 2008, Kerres | Partners’ dispute resolution group has beenled by Dr Thomas Kainz in conjunction with partner and directorDr Christoph Kerres.

The firm’s dispute resolution group specialises in complexeconomic disputes – predominantly under company and bankinglaw – and represents its clients in court as well as in national andinternational arbitration and mediation proceedings.

It also combines consolidated legal knowledge with profoundeconomic expertise. As a consequence, the firm offers its clientsbest judicial results and sensible economic solutions.

According to Dr Kerres, the firm considers its profession aspersonal commitment to the desires of its clients.

He says:“Permanent availability,personal discussions and a closecommunication with our clients allows us to care for our clientsand to satisfy their needs to the highest level.” Due to itsgeographical position, Kerres | Partners is able to serve clientsacross the continent as well as in North- and South-America,Asiaand Australia.

Dr Kerres says his firm can look back proudly on many of itsachievements in the past two years.

He says:“One such example of this achievement could be oursuccessful representation at one of Europe’s largest mediationproceedings. In addition, we have also successfully representedclients in several well-known media-related cases.We also representnumerous aggrieved investors and have already recorded severalsuccesses in this regard.”

In one recent national court case, Kerres | Partnerssuccessfully obtained a fundamental judgment from thecommercial court for an aggrieved investor against a prestigiousmajor Austrian bank establishing a miscounselling and thus aviolation of the Austrian Code on the Supervision of Securities2007. The judgment was recently confirmed by the appellatecourt followed by a similar judgment from the commercialcourt in the year 2011.�

Dr Christoph Kerres



A full service international lawfirm with offices in Istanbuland London, Karaca &Associates has been involvedin national and internationalbusiness deals for the past14 yearsProviding legal services in disputeresolution and consulting, Karaca &Associates lawyers pride on their experienceand knowledge of all aspects of Turkish Lawand international business transactions, aswell as investment opportunities.

The firm’s niche practice areas includemergers and acquisitions, corporate andcompany law,corporate finance, shipping law,dispute resolution in tax and administrativelaw matters, public sector involved projects(PPP) and real estate development projects,banking law, contract law, property law andcommercial litigation and also providesstrategic advice for project development andinvestment opportunities.It also advises clientson and handles cases involving corporate andwhite collar crime and fraud matters.

The firm’s London office enables itinternational geographic coverage.Additionally, it has been a member of MackrellInternational,a global network of independentlaw firms, having active members in 67countries and Lexicom International,which isa network of independent commercial lawfirms based in Europe.

Karaca & Associates founder Zafer Karacahas been engaged in multi-jurisdictionproject finance, litigation and arbitrationcases for 16 years. He has advisedinternational companies in over countriesincluding the UK, EU member states, Russia,Ukraine,Azerbaijan and India.

Attributing his firm’s local and internationalsuccess to its flexible, client-oriented

approach, Karaca says: “The diversity in ourpractise areas requires a diverse expertise in aflexible multi-disciplinary style. We firmlybelieve that a lawyer must understand theworld faster and deeper than a businessmanand ensure clients get satisfied with the legalservices the firm provides.

“Our lawyers imbibe this attitude to success.They combine the understanding of Turkishlaw and culture with the knowledge of bestinternational practise. They are not onlyexperts in legal consulting matters but alsohave significant experience and reputation torepresent its Turkish and international clientsbefore Turkish courts of all levels.”

Karaca & Associates clientele varies fromindividual investors to multinationalcorporations. “Being a full-service law firmenables us to satisfy this varied clientele,” saysKaraca. “Our clients’ problems are notpredictable - they could be needing advice ontax law or labour law or shipping law.Our vastcoverage of legal areas provides them advicein most fields under one roof – which isbeneficial for them. In tax law and corporatecommercial matters we combinemultidisciplinary approaches having non-lawbackground consultants in our firm.”

Karaca adds:“Working with us save time andmoney as the big law firms are usually lost intheir confusing work flow and chargingstructures. Our firm also arrange all relevantnon-legal disciplines and sources to work inharmony. Let’s say financial consultants,marketing and human resources experts.

“In today’s complex issues are squeezed fortime - a client favours a consultant handling allits problems, i.e. from rent contract and taxadvice to corporate governance andinternational trade contracts, they want it allresolved under one roof. Imagine if the samecompany were to enter a new business such asrenewable energy and is looking for a reputedfirm in that field,they need not look any furtherthen us as we can guide them in that area too.”

Karaca & Associates established an officein London in 2010, under its subsidiarycompany Servist International Consulting(Servist Turkey), which has, over the pasteight years, been working mainly in thecorporate and business development mattersin Istanbul,Turkey.

Says Karaca: “We have observed that UKcompanies and law firms need expertconsultants in certain areas. If they look forsuch a firm in Turkey they are either tooexpensive or the time taken on building arelationship is too long.

“In order to bridge this need, Servist UKbecame determined to provide legal andstrategic consulting with regard to Turkish lawand business matters in the UK at the doorstepof British companies.This ensures that beforea British firm goes hunting for a firm to servetheir needs,we will furnish them with relevantbasics of the jurisdiction and the market beingbased in London, the heart of UK.”

Karaca & Associates’s future plans includeddeveloping its presence in the UK incorporate finance, M&A, and company lawissues.“Foreign investment and internationalbusiness transactions between the UK andTurkey have been increasing that morebusiness will follow in the next five years,”states Karaca.“Our firm is committed to pavethe way for British investors assisting them inmost updated and comprehensive way,reason why we opened our London officeApril last year.”�

Buildingoncontinuous success

Karaca LawTel: +90 212 347 10 31Fax: 90 212 347 20 95


Top Multi Disciplined Boutique Law FirmTURKEY

Zafer Karaca



Best Accountancy FirmSPAIN



KRyS GlobalCayman Islands - Tel: +1 345 947 4700 • British Virgin Islands - Tel: +1 284 494 1768

Bahamas - Tel: +1 242 327 1447 • Bermuda - Tel: +1 441 292 0818Email: [email protected]

www.KRyS-Global.com

Top CorporateAdvisory Firm

OFFSHORE

From across four Caribbean jurisdictions,KRyS Global provides local expertisecombined with global knowledgeA professional services firm,KRyS Global prides itself on providingand achieving successful results in the areas of corporate recovery,insolvency,forensic accounting and business advisory services.Thework involves, in almost all cases,significant investigations to traceand recover assets in other jurisdictions, often requiring theexercise of legal remedies.

The firm employs 40 professionals across its four offices in theCayman Islands,BritishVirgin Islands,Bahamas and Bermuda,witheach office consisting of a team of independent, dedicated andexperienced professionals with practical expertise, globalexperience and the ability to provide objective, sound advice.

Clients benefit from these close-knit teams of professionalaccountants, certified fraud examiners, insolvency professionalsand certified anti-money laundering specialists.

With a presence in four Caribbean jurisdictions, KRyS Globalis in a strong position to offer solutions in key offshore centres ofthis region.

Today, the firm’s growing international presence combined withits reputation for providing innovative solutions to complex issues,has propelled it to a leadership position in insolvency andcorporate recovery in the Caribbean.

KRyS Global’s clients vary from small, voluntary liquidationsto some of the larger,more complex cross-border engagements inthe Caribbean.

SPhinX Group of Companies and Fairfield Sentry Limited aretwo of the firm’s more notable engagements.

SPhinX Group of Companies is a hedge fund group that sufferedlosses in excess of $263 million. This engagement was the firstChapter 15 application to be opposed under the United StatesBankruptcy Code, as well as the first major liquidation inthe Cayman Islands dealing with segregated portfoliocompanies. Today, litigation to recover losses is ongoing in NewYork against 40 defendants.

Fairfield Sentry Limited was the main ‘feeder fund’ invested inBernard L. Madoff Investment Securities LLC. This engagementreceived successful Chapter 15 recognition in the United Statesdespite opposition. KRyS Global is involved in creativecross-border litigation strategies to aid in the recovery of theirclients’ investments.�

Leumi ABLTel: ++ 44 (0)1273 716200 • Mob: ++ 44 (0)7900 802774


Top Asset Lending FirmUK

The asset basedlending subsidiary ofBank Leumi (UK),Leumi ABL helpsbusinesses with timelyand much-neededfundingLeumi ABL provides workingcapital solutions to businesses byfunding against invoices,stock andplant & machinery, plus trade andproperty finance via its parent,Bank Leumi (UK). The firm wasfounded by entrepreneurs PhilWoodward and Paul Hird, both ofwhom have built businesses before.

Says Managing Director Woodward:“Both Paul, who is our CEO,and I have operated our own businesses from scratch and cantherefore well empathise with the challenges faced by our clients.”

Leumi ABL operates across a variety of sectors,providing fundingin the range £1 million to £25 million.Woodward elaborates:“Fromstraightforward invoice finance to complex multi-facility deals,wetake time to understand the individual needs of clients and havebuilt a strong reputation amongst clients and introducers for ourflexible and personal approach.”

Woodward believes his firm’s independent status is one of thereasons why clients prefer it over others.

“Clients choose us for a number of reasons with one of thembeing the fact that we are independent from the high street clearers,which gives us the ability to offer a more flexible and innovativeapproach. Secondly, being part of a major international financialgroup,we have strong support and the stability of a long establishedparent organisation.These points,together with our entrepreneurialapproach,give us the edge over many other financial providers.”

Recalling two of Leumi ABL’s recent deals,Woodward says:“Wecombined forces with our parent bank to provide a refinancingpackage to £16 million turnover doormat and textiles distributorPrimeur. The new £2.7 million ABL facility comprises a £1.5 millioninvoice discounting line provided by Leumi ABL, supported by afurther £1.2 million from Bank Leumi (UK). The new workingcapital facility will assist further growth.

“The second deal that stands out in recent times is our supportto the Management Buy In of the Manchester-based Dawson HomeGroup,a leading UK supplier of luxury home textile products,beingsold by parent Dawson International Plc.The eight-figure ABL deal,consisting of an invoice finance facility and stock finance,will helpto strengthen Dawson Home Group’s competitive position.”�

Phil Woodward



LGS law firm serves leadinginternational clients through itsJakarta office and slew of top-notch lawyersOne of the largest corporate transactions andcorporate litigation firms in Indonesia, LubisGanie Surowidjojo (LGS) was founded in 1985by Timbul Thomas Lubis, Dr M Idwan Ganieand Arief Tarunakarya Surowidjojo. All threelawyers are still practising with Dr Ganie beingthe firm’s managing partner.

LGS is a recipient of Lloyd’s Register QualityAssurance approval under the qualitymanagement standards ISO 9001: 2008 (inrelation to quality management systems) andISO 14001: 2004 (in relation to environmentalmanagement systems). Both awards areapplicable to the provision of legal services,the firm’s administrative system and othersupporting activities.

Says Dr Ganie: “LGS applies among othersthe ISO certificated (and audited) servicephilosophies such as PARA (Punctual,Accessible, Reliable, Accurate), FSC (Faster,Simpler,Cost Reduction).Our firm is driven byclient satisfaction. Client satisfaction surveys(being part of Lloyds regular audits) areconducted on a continuous basis and willaffect our continued ISO certification thatcould until now be continuouslyrecommended without any major findings.”

LGS employs the largest number of lawyersin Indonesia pursuant to ALB survey: the ALB50 Asia’s largest law firms 2009.With nearly 100lawyers, the firm structure consists of twocorporate transaction departments and acorporate litigation department. Itsengagement in both commercial transactionsand commercial litigation include antitrust,arbitration and other alternative disputeresolution (ADR). The lawyers work acrosspractices in order to bring their collectiveexperience to bear on the issues the firm’sclients face.

LGS’ corporate transactions work includesbanking and finance; foreign and domesticinvestment; infrastructure and utilities; projectfinance; antitrust; mining; shipping and shipfinance; mergers and acquisitions; capitalmarket transactions;and property.Its corporatelitigation work includes alternative disputesettlement and antitrust litigation.

The firm has handled over 300 courtlitigation cases over the last five years out of its25 years litigation practice history. Its litigationpractice makes it the largest firm in the countryin that area.Clients in its commercial litigationpractice include international names such asTemasek (Singapore),Hutchison (Hong Kong),Sime Darby (Malaysia), Goldman Sachs (US),Unilever and Newmont Mining.

Explaining his firm’s approach to clients,DrGanie says:“The client needs a most realisticanalysis of the legal position and howIndonesian courts would decide the relevantlegal issues,which can be best provided by anexperienced litigation firm that also isexperienced in commercial transactions.

“Foreign clients especially need to get acomplete picture of the Indonesian litigationprocess,time periods,milestones and remediesavailable that might differ from the law andprocesses in their own jurisdiction.

“Indonesia has laws on arbitration andalternative dispute resolution. In formal courtlitigation the parties have no control over theappointment of the judges who will hear thecase or the applicable civil procedures law. Inboth court and arbitration proceedings onlyone party can win and one party must lose.”

“The client needs to ensure that they will beinvolved,and obtain reports,on all stages anddevelopments of the proceedings in order toissue instructions as and when needed,” saysDr Ganie. “The traditional way adopted byIndonesian litigation firms was, and moreoften than not still is, that once the lawyer hasbeen instructed, reports are very rare and thelawyer will act as he will deem fit in his owndiscretion and might as a result commit clients

to legal liabilities without further orconfirming instructions.”

LGS applies sensitivity towards its clientsbilling issues,too.“We appreciate that the clientneeds to look out for a realistic estimate oflegal fees that will be incurred in the process.We are sensitive to their concerns.”

The firm’s database on the development oflaws and regulations is considered as the mostcomplete legal database in Indonesia andreached more than 20.000 laws andregulations.This legal database becomes LGS’basis to serve varied needs of its clients. Thefirm believes this practice of sharingknowledge and technological resources withclients leads to improved strategic outcomes.

In addition to a host of technology solutionsfor clients, LGS regularly publishes relevantinformation on significant legal developmentson this database, which can be accessedonline 24 hours a day worldwide.

Aside from laws and regulations, the LGSdatabase also provides legal memoranda,forms and agreements, boilerplateprovisions and litigation reports, allaccessible online to ease the business andprofessionals community to accesscomprehensive,user friendly and affordablelegal services and information.

Says Dr Ganie: “LGS always adopt aprogressive and proactive approach to thepractice of law. Utilising the latesttechnological developments and alwaysfocusing on our client’s best interests, we staycommitted to offering a wide range of legalservices and advices of the highestprofessional standard.

“Indeed, the role of lawyers in Indonesia isconstantly evolving. Recognising this ever-changing role, we strive to remain informedon the latest legal, political andsocioeconomic developments to provideadvice of the highest calibre.”�

Indonesia’s premiercorporate transactionand litigation firm

Lubis, Ganie & SurowidjojoTel: +62 21 831 5005Fax: +62 21 831 5015


Top Corporate & Commercial Law FirmINDONESIA

Dr. M. Idwan Ganie



MannBenham AdvocatesTel: +441624 639350


Top Commercial & CivilLitigation Law Firm

ISLE OF MAN

An incorporated legalpractice, MannBenhamAdvocates operates fromDouglas, Isle of Man

A full service law firm based on theIsle of Man, MannBenham Advocatesmain areas of work are non-contentious commercial andcorporate work and commercial and civil litigation.

A commercial law firm, its typical client base comprises banks,trust and corporate service providers both island-based andinternational, internet and land-based gambling organisations,public and private companies, high net worth individuals andisland-based professional firms.

Its main practice areas are non contentious corporate andcommercial work and commercial and trust litigation.In addition,italso has a private client practice that provides a full range of servicesto individuals based on and off the island.The firm’s fiduciary andcorporate administration services are provided by its wholly ownedlicensed subsidiary MannBenham Fiduciaries Limited.

MannBenham Advocates litigation team is headed by MilesBenham, who was admitted to the Isle of Man bar in 1996. InSeptember 1997,Miles Benham along with Timothy Mann formedthe firm MannBenham. Mann heads up the practices commercialdepartment.He was admitted as an Advocate on 22nd September1982 after serving five years articles with Peter Farrant,the thenVicarGeneral and Diocesan Chancellor of the Isle of Man, he wasappointed a Notary Public on the 15 November 1985.

The practice of Mann Benham was transferred to theincorporated legal practice of MannBenham Limited on the1October 2000 which in 2008 changed its name to MannBenhamAdvocates Limited. Benham is a director and shareholder of thecompany.

“Our aim is to provide a fast and efficient, cost effective service,with a personal edge,”says Benham.“Our clients are based on andoff the island and we also assist off island law firms with multi-jurisdictional litigation and insolvency work.

Due to the nature of the litigation we undertake we work closelywith our non contentious commercial and corporate lawyers.Notall disputes need end up before the courts and where possible wetry to resolve matters to a client’s satisfaction without the need forcourt proceedings.”

Based in the heart of the Island’s busy financial centreMannBenhamAdvocates is located within a few minutes’walk fromthe Court House and the Registries.“We are recommended by theLegal 500 for banking and finance,commercial,dispute resolution,investment funds and capital markets and private client, trusts andtax,”highlights Benham.�

Miles Benham

M S Mishra AssociatesTel: +91 11 29223060, +91 612 29223799


Top Law FirmINDIA

A full service law firmheadquartered in NewDelhi, M S MishraAssociates’ corecompetence lies instrategic litigation with ahuman touchIndia-based law firm M S MishraAssociates specialises in corporate law,financial law, securities law, taxation law, labour and employmentlaw, criminal defence, product liability and competition lawalongside international commercial arbitration.

The firm’s senior management consists of Managing DirectorManu Shanker Mishra and Partner P P Sharma, an ex-bureaucratwho looks after project facilitation.

Speaking on his firm’ speciality, Mishra says: “We help innegotiating the deal and the legal landscape while reducing legalrisks by harmonising regulations both vertically and horizontallyin various jurisdictions and in dealing with the anti-trust policy.

“Our strategic positioning is making an impact, by reinforcingour core competences and maintaining our distinctive identity weare set to grow in the coming years in our publications and advisory.We intend to undertake advisory to law firms on rationalisationand strategy for unique and distinctive profile.”

M S Mishra Associates recently deals involved working with afirm in developing local joint optimal strategy profile withsub-optimal global strategy which was efficient for the firm butinefficient socially yet feasible.

“The job involved helping them in setting up a legal team forregulatory compliance, and creation of mechanism for verifyingaccuracy of information for its transactions. Our advice was thatadaptive strategies required oscillators and that strategicuncertainties from transformation of co-ordinates will remain.

“As a result,optimal alignments were built from type II errors onlyfor maximal values, aligning this local strategy with sub-optimalglobal strategy built from Type I errors that needed criticalstructures. Breakdown of double line of symmetries helicalinvariants from internal debt flows and spin-offs after taxharmonisation from quasi-poles and their collision were stillmeasurable.”

Mishra believes competitive tax structure shows there is a needfor thin capitalisation rules.

He says: “Inflationary trends are a cause of worry. Financialmarkets are not sufficiently developed to handle removal of capitalcontrols and full capital account convertibility. Market failuresfrom asymmetric information and bounded rationality will beendemic if markets are incomplete.”�

Manu Shanker Mishra



Oscós AbogadosTel: +52 55 5550 2829Fax: +52 55 5550 1273


Top Boutique Law FirmMEXICO

A high-profile boutique practicethat specialises in bothdomestic and internationallitigation, Oscós Abogados hassuccessfully worked on someof Mexico’s high-profile casesOscós Abogados’ rich experience andtechnical expertise as a top-ranked boutiquefirm spans arbitration, insolvency, restructuring, creditor's rights,product liability and bankruptcy within a wide variety of industriesranging from banking, energy, oil, construction, industrial property,copyright, torts and financial services to telecommunications.

The firm has been involved in some of Mexico's major litigationand arbitration cases. It has built a strong reputation for deliveringquality results for a client list,which is impressive.

The firm set a milestone by successfully adjudicating the firsttwo cases in the world that recognised and fully enforced anothercountry's insolvency proceedings under the UNCITRAL Model Lawon Cross-Border Insolvency (adopted, inter alia, by USA, UK,Canada and Japan).

It also successfully concluded a complex RICO (RacketeerInfluenced and Corrupt Organizations Act) action proceedingwith cross-border insolvency and criminal implications in US,UKand Mexico.Members of the firm have participated in ICC majoroil arbitrations as well as major energy and construction disputes.

Oscós Abogados’ clientele represents a diversity of clientsoriginating from numerous countries.

Founder and senior partner Dario U Oscós Coria says: “Wehave foreign clients based in the UK and the US (Houston andNew York).We have also worked with clients from South Koreaand Canada. In short,we have represented individuals and firmsfrom all the major continents.Having said that,we also representthe crucial business interests of key Mexican firms bothdomestic and internationally.”

Approving of Mexico opening its borders to foreign competition,Oscos says the move is the right one forward as it revitalises theeconomy and allows for its growth.

“Basing its strategy on liberalised trade, our nation continues topush for closer trade relations with the US,Western Europe andAsia,”elaborates Oscos.

“As a result, foreign direct investment has flooded in. Privateinvestment is allowed almost in all sectors of the economy, andforeign investment is welcome. For example, 95% of the financialand banking sector is owned by overseas companies. TheMexican legal system welcomes and privileges foreign investmentin almost all sectors, including oil and energy. The changeaugurs well for the country and its businesses, including ours.”�

Dari o U Oscós Coria

PCF Solutions LimitedTel: +44 (0)1642 674085


Top Corporate M&AManagement FirmUNITED KINGDOM

Formed in 2007, PCF Solutions Limited(“PCF”) provides a range of specialistprofessional services based upon the extensiveexperience of the management teamBased in Stockton-on-Tees within the North East of England, PCFserves a wide array of clients across continents.It has built up a corebase of clients in the US,Europe and the UK.

The firm specialises in corporate and project finance, mergers,acquisitions and disposals (including post transaction integrationand interim management),business turnaround and restructuring;business planning and financial modelling; human resourcemanagement,back office services,and IT consultancy.

PCF is led by Managing Director Stephen Padgett ACA,who hasheld a number of senior positions in publically-listed companiesover the past 10 years, including chief executive officer, chiefoperating officer and finance director.

Padgett has completed finance transactions in excess of £500million in the US,Australia and the Middle East.

In 2007, Padgett created PCF to provide professional services tocompanies looking for long term strategic growth but without thein house experience to execute their vision; distressed businessesthat needed restructuring and financial solutions to turn themaround or businesses looking for operational efficiencies.

The other members of the PCF team are Technical Director PaulBarkley, Human Resource Business Solutions Paul Watts, andAccounting Services Manager JaneWalton.

One of PCF’s recent top deals was the acquisition of a supplier onbehalf of a US-listed business employing a vertical integrationstrategy, which involved approaching targets on no-names basis,filtering targets into a shortlist,carrying out commercial,operationaland financial due diligence, negotiating the terms of a deal withthe selected target,structuring the post transaction integration andhuman resource planning and securing the finance to consummatethe transaction.

Padgett says the example showcases the integrated approachand wide range of professional services that his firm has to offer.

PCF obtains new clients primarily through recommendations, ininternational locations, covering sectors such as energy, propertyand infrastructure development and the arts.

It takes a commercial, pragmatic view to provide solutions witha hands-on approach

Says Padgett:“We create value for clients by enabling them toleverage our commercial experience to execute their strategy. Forthe future, we are considering expanding into investmentmanagement. In fact, in five years time we see ourselves as a multi-office practice with strategic interests in a range of clients.”�



PwCTel: +49 69 9585-1251

Fax: +49 69 9585-926950Email: [email protected]/de/finanzinvestoren

Top Accountancy FirmGERMANY

One of the leading auditing and consultingservices organisations in Germany, PwCserves a global audience of all shapes andsizeOperating as an independent member of the international PwCnetwork, PwC audits and advises leading companies of all sizesin all fields of activity.

PwC is the common name of PricewaterhouseCoopersAktiengesellschaft Wirtschaftsprüfungsgesellschaft in Germanyand of the other, legally autonomous, member firms of Pricewa-terhouseCoopers International Limited.

Employing about 9,000 employees, the German firm of PwCgenerates a turnover of around €1.333 million from auditing andaudit-related services, tax consulting, and advice on transactions,process and crisis management.

It offers industry-specific solutions in the areas of auditing, taxconsultancy and financial advice with a capital marketorientation. It provides support on transactions, in complying withlegal and regulatory requirements, and in improving businessprocesses. Its industry specialists work together across all groups,from local or regional level. Its individual advisory services areavailable at 28 locations throughout Germany.

The firm has, in recent years, significantly expanded its MiddleMarket group, establishing a close-knit network of contacts thatallows it to serve medium-sized companies locally. Its clienteleincludes publicly-owned enterprises, associations, communityagencies and other organisations.

PwC Germany’s almost 430 partners and 6,700 specialists prideon possessing a comprehensive expertise across all major sectorsof industry, offering a host of services, each tailor-made to suitindividual client requirements.

Its experts strictly adhere to the firm’s strict policy of observingall applicable regulations on incompatible activities, such asthose prescribed by the US capital market. PwC Germany’scutting-edge auditing, tax, and advisory practices aim to helpbusinesses meet the high demands of a competitive environment.Transparency and corporate social responsibility arefundamental to the its philosophy of corporate governance. Itbelieves clear rules for management and staff are the basis forPwC’s positive reputation worldwide.

One of the advantages of PwC’s global reach is that its memberfirms are able to provide clients with professional services acrossthe world. As an independent member of this network, PwCGermany can rely on the support of other firms in the network,with their 162,000 staff in 154 countries.�

Thatcher StoneTel +1-212-332-2477Fax +1-646-873-7259


Top AviationSpecialist Law Firm

USA

Thatcher A. Stone has more than 25 years ofbroad experience in the international aviationindustry as both a litigation and a financespecialist and has during this time been citedby the International Financial Law Review,AirFinance Journal, Legal Business andEuromoney as one of the world’s leadingaviation lawyers.

Thatcher practices in NewYork City but isadmitted to pratice all over the US, includingthe USCA for the 9th Circuit.His clients includegovernments, airlines, investors, banks,passengers and airline crew all over the world.His case enforcing passenger rights, Stone v.Continental Airlines (NY City Civil Court, 2005),was picked up by hundreds of newspapersaround the globe, including theWashingtonPost,TheWall Street Journal, the NewYork Post,the NewYork Daily News, and earned himinterviews on CNN,MSNBC,ABC Radio and Fox.He regularly acts in export credit deals andas counsel for passengers with discriminationclaims.

Stone frequently teaches Aviation Law at theUniversity of Virginia Law School, a top-10 USLaw School. Thatcheris A-V rated byMartindale Hubbell,which is the highestrating they award.�

Thatcher A. Stone

Thatcher A. Stone



Founded in 1995 as one of the firstincorporated partnerships, Popovici Nitu& Asociatii brings together solid local

resources, with excellent credentials,exceptional records and distinguished careersin law,business and academia.

It is one of the main players on the legalservices market, acting primarily in privatetransactions where it generally represents theinterests of international corporations.

Through its local capabilities,Popovici Nitu& Asociatii covers a full range of legal servicessuch as banking & finance, capital markets,competition and antitrust, corporate &commercial, electronic communications, IT &media, employment & pensions, energy& natural resources, environmental law,healthcare & pharmaceuticals, insurance,intellectual property, litigation & arbitration,mergers and acquisitions/privatisation,projectfinance/PPP, concessions and infrastructure,public procurement, real estate, restructuringand insolvency, tax.

The firm’s senior management teamconsists of Senior Partner Ernest-VirgilPopovici, Managing Partner Florian Niţu andPartners Anca Irena Tudorie,Bogdan C.Stoica,Vlad Neacşu, Valentin Creaţa, Silviu Stoica,Ciprian Donţu,Alexandru Ambrozie.

With numerous green-energy developmentprojects promoted by established clients suchas Electricité de France (EDF) – EnergieNouvelle, RETD SA, Enel or Filasa & Sanafi,the firm’s Power, Energy and NaturalResources Practice Group is one of the mostactive in the market.

Maintaining a leading position in IT andtelecommunications industry,Popovici Nitu &Asociatii clients include names such asOrange, UPS and Hewlett Packard, SivecoRomania and Scop Computers among otherinternational names.

Among the firm’s largest Practice Groups islitigation and arbitration where it covers acomplete array of jurisdictional and judicialprocedures including holding high-levelmediation and alternative dispute resolutioncapabilities. Its team on litigation prides on itswide experience spanning the entire spectrumof commercial and civil disputes.

The Group’s seven litigation practicespecialised sub-groups include commercialclaims, property disputes, regulatory andpublic procedures, labour disputes, taxlitigation, IP and copyright disputes andinternational arbitration.

The firm’s top ranking has been possiblepurely as a result of its successful completionof deals and its out-of-the-box thinking when itcomes to client requirements.

“If you were to ask me about our firm’sunique selling point, I would say the answerlies in its very foundation, which translates to‘as our people make us different,we are sellingmore than just expertise’,” says Senior PartnerPopovici.“It is this factor which allows us to sellmore than the others and which is not onlylegal-technical advice.”

Elaborating further on their greatattractiveness to some top-listed names,Popovici says: “If you are looking forsubstantiation of this point, take for the much

acknowledged fact that we are the numberone M&A law firm in Romania.We don’t say it– our clients and peers do.

“In 2010 for example, DealWatch’s M&ALeague Tables ranked us first for M&A inRomania by number of deals successfullyconcluded. In addition, five of the firm’spartners have been included by ForbesRomania in its M&A Top Forbes list whichranked the first 10 lawyers who hadcoordinated the largest number of M&A dealsin 2010.”

“We are also the number one real estate lawfirm in this country. For six consecutive yearsprestigious international legal directories suchas Chambers & Partners and Legal 500 haverecognised us for our legal work in the realestate field.

“And when it comes to competition law,we are the first option. Our wide expertiseand reputation has enabled us to retainmandates in virtually all key industries. InEnergy and Natural Resources we arecurrently advising the largest private investorin wind energy in Romania on thedevelopment of wind farms and solarenergy in projects exceeding €3.5 billion.”

“For five consecutive years Legal 500 EMEAhas ranked us number one in IT&C and inlitigation and arbitration we represent clientssuch as Auchan,Cargill and Immofinanz to giveonly three examples,” continues Popovici.“Weare the only Romanian top firm whosepartners have worked in London and Paris withsome of the most reputable international firms,which allows them this ability to offer a unique

Top Multi Disciplined Law Firm - ROMANIA

Romania’s championtransaction-focused firmFocusing traditionally on the private sector and foreign investment projects, Popovici Niţu & Asociaţiiis Romania’s top-tier transactional law firm acknowledged both by clients and peers



combination of international and localapproach and expertise.”

Asked to pick some of Popovici Nitu &Asociatiilandmark deals in different practice areas,Popovici highlights the following:

In Competition:

Client: Aviva

“The investigations launched by theCompetition Council regarding a potentialcartel on market for private pension funds andhearings thereof having as object allegedillegal practices of price fixing and allocationof customers.”

Client: ArcelorMittal

“This was in connection with the investigationslaunched by the Competition Council relatedto an alleged abuse of dominant position andrestrictive practices on the steel market.”

In Real Estate

Client: Immofinanz

“We successfully advised on the acquisition ofthe companies owning Polus Constanta,Euromall Craiova Galati and West Gate Mallretail projects.”

In M&A

Client: Property Fund

“This was the largest investment fund from SEEEurope managed by Franklin TempletonInvestment London. It was about the €230million sale of its participation in CEZVanzareand CEZ Distributie (the largest electricitydistributor in Romania) to ČEZ a.s.”

In PPP

Client: Arcelor Mittal

“It was on its joint venture withNuclearelectrica (largest Romanian producerof nuclear energy) in view of construction andoperation of Cernavoda Nuclear PowerPlants III and IV, in an investment exceeding€3.5 billion.”

In Energy

Client: Filasa SAS & Sanafi

“Here we advised Filasa on the developmentof over 20 wind farms in various regions inRomania. It is one of the most important windenergy projects in Romania, which willgenerate more than 1,900 MW.”

Florian Nitu says his firm thrives onchallenges.It is one factor that drives them day-in, day out.“Challenges are part of our daily

routine,” he says. “They fuel our actions andjustify them in the same time.So we plan themas part of our live-planning process which isbased on our agile management approach.”

He believes Popovici Nitu &Asociatii’s desireto take on challenges upfront and continue togo the extra mile for its clients would servethem well in retaining existing clients andattaining new ones.

“The firm has been constantly involved inthe majority of the M&A transactions fromRomania, acting for local entrepreneurs,strategic investors and private equity funds.

“Our main scope for the following three tofive years is to become the first or thealternative first option in every industry and forevery client seeking professional commerciallegal advice in Romania.

“Today we have achieved this scope in M&A,Corporate/Commercial, Real Estate,Competition, Employment, Healthcare &Pharma, IT& Telecom, Public Procurement,Project Finance/PPP, and now we are strivingto expand our International Arbitration andTax Practices.

In 2010,we were engaged by an US investorand by the largest real estate investor from theCentral and SEE Europe to assist them in anICSID arbitration and respectively in ICCdisputes.We have also succeeded in bringingonboard a group of tax advisors who haveworked with the ‘Big 4’ for the last 10 years.Sothough it augurs well, there is, asperfectionists, still a distant to go beforebecoming the first or the alternative firstoption in these two fields.”�

Popovici Nitu & AsociatiiTel: ++40 21 317 79 19

Fax: ++40 21 317 85 00/ 317 75 05Email: [email protected]

www.pnpartners.ro

Maintaining a leadingposition in IT andtelecommunications

industry, Popovici Nitu &Asociatii clients includenames such as Orange,UPS and Hewlett Packard,Siveco Romania and ScopComputers among otherinternational names.

Ernest Popovici Florian Nitu



Viriathus LtdTel: +1 212 372 4879

Mob: +1 203 216 6227Email: [email protected]

www.viriathus.com

Best BoutiqueInvestment Firm

USA

A boutique financial servicesorganization, Viriathusprovides investment banking,equity research andinstitutional financial marketingservicesA multi-faceted global boutique financialservices organisation, Miami-headquarted Viriathus focuses onserving emerging growth companies spanning the mid,small,micro,and nano-cap markets worldwide.

“Our commitment to this segment of the market is unmatched,and the bedrock of our success is our ability to deliver highlycustomised and innovative solutions with propriety andprofessionalism,”saysViriathus Senior Managing Director and Headof Investment Banking David Batista.

The firm operates from New York, Miami, Geneva and Perthproviding bespoke investment banking services,credible research,and consulting services aimed to develop and maintaininstitutional support for its corporate clients.“The central themeto every service Viriathus provides is to do so with thehighest standards of integrity,”says Batista.

Other key individuals in theViriathus team are Managing Directorand Head of Equity Research,Maria Zervas Batista;Managing Directorand Head of Asset Management,Maxi Brezzi; Executive Director andHead of Equity Advisory, Marie Shaub Brugueras; and ManagingDirector and Global Head of Financial Marketing,Brian Leedman.

Batista believes that his firm’s boutique approach towards providingfinancial services allows it to truly become its client's trusted advisorwho can assist them throughout their development stage to attractattention and garner support from the financial community.

He says: “Clients choose Viriathus because our boutiqueapproach towards providing financial services allows us to trulybecome our client’s trusted advisor that can assist them throughouttheir development stage to attract attention and garner supportfrom the financial community.

“Our unique product and service offerings assist our clients byproviding greater access to growth capital, an improved technicalprofile, increased institutional ownership, and in turn a fairervaluation in the marketplace.”

Viriathus equity advisory practice seems well-poised forconsiderable growth due to increased interest by non-UScompanies in establishing cross listings in the US. In additioncompanies seeking to go public, regardless of venue, areincreasingly seeking out the firm’s advice of an independentadvisor to guide them through the process.”

“Like the Lusitanian warrior our firm derives its name from,we donot fear the established financial services conventions that oftenleave emerging growth companies without the sponsorship theydeserve. In fact, we take great pride in creating innovative andunorthodox solutions to complex problems.”�

David Batista

Twiggy M H Liu Law OfficeTel: (852) 2155 0288Fax: (852) 2155 0688


Top Intellectual PropertyLaw FirmHONG KONG

Founded by TwiggyLiu on the basis ofher many years’experience in theIntellectual Propertyarea, Twiggy M H LiuLaw Office is todayan expanding lawfirm of solicitorsThe firm places particular focuson Intellectual Property lawswithLiu playing an active part in the development of the intellectualproperty practice and legislation.

The firm specialises in all types of cases relating to IntellectualProperty including contentious and non-contentious, commercial,technology-transfer, Foreign Direct Investment, litigation, enforcementin Hong Kong and China and on-line disputes.

Says Liu:“We are particularly skilled and experienced in handlingIP portfolio protection and strategy planning.Through our experienceand contacts in the Greater China Region,we have developed boththe expertise and skills necessary to successfully represent client'sinterests in a manner appropriate to local practices and marketconsiderations.”

“The firm represents various multi-national corporations and quasigovernment organizations in different industries including textile,cosmetics, skin care, jewellery, healthcare, food and beverages,automobiles, hotels, entertainment, sports, pharmaceutical, Chineseherbal medicines, IT, education, lifestyle and luxurious products.Wehave been very successful in enforcing intellectual property rights inChina,Hong Kong andTaiwan;as well as on the internet.”

With a focused operation, the firm is proud of its ability to offercompetitive fees scales to clients.“Our aim is to provide cost-effectivesolutions to safeguard and enhance clients’ legal rights in the GreaterChina Region and beyond,”elaborates Liu.

“Weputheavyemphasisonefficiencyandprofessionalismin thedeliveryof services to clients in terms of both time and costs.We aim to achievethis without any compromise in the accuracy of advice, attentivenessto the individual needs of clients andour professional integrity.”

Prior to founding her own law practice in 2006,Twiggy had beenengaged in the Intellectual Property law practice for over 25 years.She set up and headed the Trade Mark and Intellectual Propertypractice of several Hong Kong law firms.Since 2004,Twiggy has beenidentified as an Asialaw Leading Lawyer by Asia Law and Practice.

The firm has also been recognised as a leading and outstandingIP firm by different international publications and organisations.�

Twiggy Liu



Vellani & Vellani continues a practice firstestablished in 1937 under the name of WaliMohammad Vellani & Co and carried onunder various names. It also incorporates thepractice formerly carried on in the firm nameof Fatehali W.Vellani & Co. Its two partners areBadaruddin F. Vellani and Ameen M. Vellani,and 25 associates.

Badaruddin F.Vellani is a partner of the firmand has been practicing as an advocate atKarachi since his return in 1982 aftercompleting his studies abroad.In January 1984he became a partner in the firm.

His legal practice has concentrated oncommercial matters, including corporate work,mergers, demerger, reconstructions,acquisitions, disinvestments, anti-trust mattersand monopolies, corporate finance, projectfinance, infrastructure projects, building andconstruction contracts, and taxation, andintellectual property matters and has includedlitigation in the courts upto the SupremeCourt.

Vellani & Vellani specialises in providingexpert legal service ranging from commercialmatters including anti-trust matters,real estate,taxation (income tax, sales tax, customs,excise), joint ventures, mergers, acquisitions,spin off and divestments,projects involving thegrant and exploitation of governmentconcessions, the setting up and operation ofmanufacturing facilities, finance (syndicatedloans, project finance, asset management,banking), trading and service companies,banking and financing transactions,syndicated loans, credit facilities, licensingand transfer of technology, the grant offranchises, agencies and distributorships, theincorporation of companies, private, publicand listed, the public floatation and listing of

securities, tender offers for listed securities tointellectual property matters (includingregistration, assignment and licensing ofpatents, trade marks, copyrights, unfaircompetition, licencing and franchising, anti-counterfeiting, and other emerging IP Rights).

Additionally, the firm conducts cases andprovides representation in courts and othertribunals before arbitrators and experts.

The firm’s client list includes regional,national and global names spread across avariety of sectors including food andbeverages, banking, finance, shipping,pharmaceuticals, chemicals, pesticides,petroleum,cement, tobacco,edible oils, soapsand detergents, tea, vehicles, computers,communications, textiles,wholesale cash andcarry distribution, coal washing, civil aviation,insurance, consumer durables, logisticalsolutions, general services and other sectors.

Says Badaruddin F. Vellani: “Our top dealsinclude advising Lotte Confectionary in theinvestment of a majority equity stake in KSSulemanji Esmailji & Sons,and advising on thehive down of International Industries Limitedand International Steels Limited.”

He adds: “From years of experience, webelieve that in order to give comprehensiveservice it is essential to understand variousaspects of our clients’ businesses.As such,wehave a wide range of practice groups whichevolve continuously to provide our clientswith expert legal and regulatory advice takinginto account the commercial aspects of ourclients’ businesses.”

Vellani & Vellani’s priority lies in buildingstrong customer relations by providing qualitywork, asserts Badaruddin F.Vellani.

He says: “It is our understanding of our

clients’ businesses that enables us to deliverthe quality of advice and service they expect.We instill in our people the desire tounderstand our clients’ businesses and needsso that we can be more effective in solvingtheir legal and business problems. Further,weoffer to customise our services for them andalways put our clients first.”

The firm strives to provide a comprehensiverange of legal advice to its multinational clientbase.It believes in satisfying its clients througha better understanding of their needs andtheir businesses, and by providing anexcellent, responsive and innovative service,says senior partner Badaruddin F.Vellani.

“We combine technical excellence in ourwork with a commercial approach and a focuson solutions. We put intense effort into ourwork and actively look for ways of building thesuccess of our clients and of the firm.We prideourselves in providing our lawyers andsupport teams with an ideal workingenvironment,from which they can provide topquality legal services.

“Our Karachi office, for example, has beendesigned to our specification and to cater tothe needs of our clients and lawyers,undertaking complex work, often to tightdeadlines, when supportive and comfortablesurroundings can make a real difference. Thefacilities we provide include an entire floor ofmeeting rooms and a superbly equippedreference library with online researchcapabilities.

“Due to our continuing success andcommitment to our values, we have builtstrong long-term relationships with ourinternational and domestic clients.”�

In service of clientsworldwide

VELLANI & VELLANITel: +92 21 3580 – 1000Fax: +92 21 3580 – 2120Email: [email protected]

www.vellani.com

Top Corporate & IP Law FirmPAKISTAN

Since 1937, Pakistan-based law firm Vellani & Vellani has beenproviding a range of expert legal services

Badaruddin F. Vellani

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Gregory P JosephCommercial Arbitration LawFirm of the Year

HERMANN RechtsanwälteWirtschaftsprüferSteuerberaterLaw Firm of the Year –Insolvency & Restructuring

ExclusiveThe full list of this year's winners,including:

”“Welcome to InterContinental Finance’s Global Awards

2011 supplement

In this special issue we celebrate the firms that have been voted by our readers as the best

in their field.

Our prestigious Global Awards are coveted because they are voted for by our readership

– there can be no better judge of a company than its peers.Within these pages we reveal

award-winning companies from across the globe that have continued to punch above their

weight throughout one of the most difficult economic periods in recent history.

We would like to thank all those who took the time to vote,and congratulate each and

every winner in InterContinental Finance's Global Awards 2011.

Charlotte KirbyEditor

WELCOME INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011

58 >> WWW.INTERCONTINENTAL-FINANCE.COM <<

Asia & Middle East

AZB & PartnersMostTrusted Law Firm of theYear – India...............................................................60

Deep & FarIP Law Firm of theYear –Taiwan ..............................................................................61

Hemant SahaiAssociatesM&A Law Firm of theYear – India

KPMGFinancial Advisory Firm of theYear – Malaysia

M SMishraLaw Firm of theYear – Litigation – India .................................................................62

Y.J.Trivedi & Co.Law Firm of theYear – Intellectual Property – India .............................................63

Europe

AFSCHRIFTLaw Firm of theYear Tax – Belgium ........................................................................65

Argos SoditicPrivate Equity Firm of theYear – FrancePrivate Equity Firm of theYear – Switzerland

Bing HodnelandLaw Firm of theYear - Construction, Real Estate,Tax,Intellectual Property,Employment, Mergers &Acquisitions and Dispute Resolution – Norway.......66

Calash LtdCommercial Due DiligenceAdvisory Firm of theYear – United Kingdom.......65

Compass Rondelli AdvisersInvestment Bank of theYear – Italy...........................................................................67

Ernst &YoungPrivate EquityAdvisory Firm of theYear – Luxembourg ......................................68

Froriep RenggliLaw Firm of the year - Sports Litigation andArbitration - Switzerland...............74

HERMANN RechtsanwälteWirtschaftsprüfer SteuerberaterLaw Firm of theYear – Insolvency & Restructuring – Germany ....................70/71

Huhmann - Boutique Law Firm of theYear – Germany

ING Belgium SA/NV LeveragedFinance Provider of theYear and Bank of theYear – Belgium

KPMG - Financial Advisory Firm of theYear – Spain.............................................69

MGRA&AssociadosLaw Firm of theYear Real Estate and Intellectual Property – Portugal ..................

PwC - Private EquityAdvisory Firm of theYear – Germany..................................67

Schalast & PartnerLaw Firm of theYear - M&A and Private Equity - Germany ..................................74

SchindhelmLaw Firm of theYear M&A and Private Equity – Germany...................................72

Skipton Business Finance - Factoring and Invoice Discounting Provider of theYear – United Kingdom..............................................................................................73

Squire,Sanders & Dempsey LLPLaw Firm of theYear Real Estate – Spain

North America

Gregory P.Joseph LawOffices LLCCommercial Arbitration Law Firm of theYear – NorthAmerica ...................76/77

Herrick...........................................................................................................................78

Oscos AbogadosInsolvency & Restructuring Law Firm of theYear – Mexico ................................79

South America

QuevedoAbogadosLaw Firm of theYear – Energy,Oil & Gas –Argentina

InterContinental Finance's Global Awards 2011 Winners

>> WWW.INTERCONTINENTAL-FINANCE.COM <<59

INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011 ASIA & THE MIDDLE EAST

Asia&TheMiddle East

Asia is home to two of the BRIC countries, India and China,and it comes as no surprise that the entries for

this region were particularly strong.

The ability of all these firms to combine in-depth local knowledgewith a good network of international partners has allowed them tocompete effectively with global firms – act local, think global is a

recurring maxim. IP and trademark protection, as expected in a regionof rapid economic growth, is a dominant theme as firms such as

Deep & Far and YJ Trivedi & Co can confirm.

ASIA & THE MIDDLE EAST INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011


About us

AZB & Partners is a leading, full service lawfirm with offices in Mumbai,Delhi,Bangalore,Pune,Chennai and Hyderabad.The firm's fullservice practice spans corporate law,mergersand acquisitions, private equity, securities,infrastructure (including mining and energy),capital markets, tax, intellectual and realproperty, media, IP, aviation, litigation anddispute resolution.The firm has a strength ofapproximately 300 personnel,which includesan integrated team of approximately 225legal professionals.

An award-winning firm

In 2010 alone, the firm has been awarded theChamber Asia 2010 "Best National Law Firm(India)" award, the "Firm of theYear (India)"by the PLC Which Lawyer? Awards, 2010 the"India M&A Law Firm of the Year" at TheM&A Atlas Awards by the Global M&Anetwork and the 2010 "Best Law Firm (India)Golden Award" by International LegalAlliance Summit.

The firm has also been voted as a winner inthe InterContinental Finance Magazine'sGlobal Awards 2010 for the "Most Trusted LawFirm of theYear – India",and has won the IFLRAsia Private Equity India Team of theYear 2010as well as Private Equity; Infrastructure andReal Estate Deal of the year.The firm won theCorporate International Magazine Global 2010Award for Insurance Law Excellence in Indiaand for Competition Law Firm of the Year inIndia. The firm has been named an Asian-Counsel 2010 Firm of the Year in India forCorporate / M&A,Energy & Natural Resources,International Arbitration, Insurance and MostResponsive Domestic Firm of theYear.

Key individuals

The founder partners of the firm are Ajay Bahl,Zia Mody and Bahram NVakil.Zia Mody is oneof India's foremost corporate attorneys. Shepassed her law degree from the University ofCambridge in 1978 and did her LLM at HarvardLaw School. Recently, Zia was voted "BusinessWoman of the Year" by Economic Times in2010. Zia was appointed as a director of TheHongkong and Shanghai Banking CorporationLimited, Hongkong, in January 2006 and wasalso appointed as a member of theWorld BankAdministrative Tribunal by the World Bank in2007. She is vice president and a member ofthe London Court of Arbitration since 2008.

Ajay Bahl is one of India's foremostcorporate attorneys. In addition to being alawyer,Ajay is a chartered accountant and haspractised in the areas of direct tax. Bahram NVakil is amongst India's foremost infrastructureand project finance attorneys and has beenacknowledged as a leading project financelawyer by most international publications forover a decade.

Why we stand out from ourcompetitors

Clients choose AZB & Partners over other lawfirms because the firm assists its clients indealing with challenges by understanding theirbusiness drivers, working closely with theirclient's major concerns, giving well balancedregulatory advice,ensuring proper due diligence,crisp drafting and swift implementation. Theability of the members of the firm to understandthe client's business requirements together withthe firm's grasp of the regulatory landscape andthe practical experienceAZB & Partners lawyershave gained, has proved invaluable in the

successful completion of challengingtransactions. The recent cross border deals ofBharti Zain and Vedanta Cairn are marqueedeals for AZB & Partners.

Looking to the future

AZB & Partners aspires to maintain the firm'sleading position as one of the top Indian lawfirms and will continue to provide cutting edgeadvice and solutions. AZB & Partners aims tobe the undisputed Go To Firm for India,and tobe their clients' trusted advisor.�

The accolades continue forAZB&PartnersInternationally renowned partners are behind the multi-award winning firm AZB & Partners

TEl +91 22 66396880 | fax +91 22 66396888

[email protected]

MUMBAIExpress Towers . 23rd floor

Nariman PointMumbai 400021

TEl +91 120 4179999 | fax +91 120 4179900

[email protected]

DELHIAZB House

Plot No. A8 . Sector 4Noida 201301

TEl +91 80 42400500 | fax +91 80 22213947

[email protected]

BANGALOREAZB House

67-4 4th Cross . Lavelle RoadBangalore 560001

TEl +91 20 40045870 | fax +91 20 40046241

[email protected]

PUNEIT Tower . Ground floor

12A Kalyani NagarPune 411006

TEl +91 44 43561453 | fax +91 44 43561853

[email protected]

chennAIAmble Side . 2nd floor

8 Khader Nawaz Khan Road . NungambakkamChennai 600006

TEl +91 40 23418798 | fax +91 40 23412207

[email protected]

hyderabad302 6-3-1219/24 . Ujwal Bhavishya

Uma Nagar . BegumpetHyderabad 500016

Law Firm of the Year – Most Trusted

INDIA

WINNER

61>> WWW.INTERCONTINENTAL-FINANCE.COM <<


Law Firm of the Year – Intellectual Property

TAIWAN

WINNER

Deep & FarTel: ++886-2-25856688 • Fax: ++886-2-25989900

Email: [email protected] • www.deepnfar.com.tw

Taiwan-based Deep & Far, led by founder and chairman CF Tsai, is strongest in patent andcounts many companies from different technology sectors, such as Delta Electronics,

Arcadyan Technology Corporation and Aten International, as its clients

The Business

Founded in 1992,Deep & Far deals with all phases of laws with a focus onthe practice in separate or in combination of all aspects of intellectualproperty rights (IPRs) including patents, trademarks, copyrights, tradesecrets,unfair competition,and/or licensing,counseling, litigation and/ortransaction thereof.

The Team

The firm’s patent lawyers and patent engineers are usually graduates fromTaiwan’s top five universities.It has a dedicated staff to provide IPR service inthe country.

In addition,hi-tech companies in the science-focused industrial park at HsinChuhadever played themost important role inbooming the economyof thiscountry.About one half of them has experiences in seeking patent to theirtechniques,and out ofmore than 60%of the patent-experienced companiesin that park have ever entrusted their IPR works to this firm. The firm alsohopes to represent international giants,e.g.InterDigital,Samsung SDI,Infineon,LCD Advanced,Carl Zeiss, Samsung,MPS,NovaLED,Schott Glas,Genelabs,Toyo Ink,Siemens,Motorola…

Focus On Intellectual Property In Taiwan

Deep & Far would like to provide services only for clients with aggressiveintentions and who would like to have valuable IP protections.The firm’sphilosophy is to provide competent legal services that sets unavailableelsewhere in themarket.Deep&Far believes that by identifying andnurturingtalent people who can deliver quality work and who have a focusedapproach they canmaintain their existing level of service.

Future Plans

Deep & Far are considering expanding their business further by expandingtheir area of work and level of service provided.�

ASIA & THE MIDDLE EAST INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011


About us

MS Mishra Associates is a full service law firm handlingcomplex litigation, commercial arbitration and the advisoryservices are only incidental to our core competence.

Key individuals

Mr Prem Prakash Sharma looks after advisory work andproject facilitation, Manu Shanker Mishra is the managingpartner looking after litigation and publishing division.Mr PSMishra, noted jurist, is our chief mentor and senior advisoralong with Mr SNP Sinha.

Why we are leaders in our field

Clients choose us for our honest appraisal, fair dealing andfocused effort, and our ability to act locally while thinkingglobally.

We have been able to reduce legal risks for our clients byvetting documents.Auditors help build models from the cashflow information of different enterprises, but as internationalaccounting standards are not always followed, there is oftentrouble with their cash flow statement,particularly in regardsto future cash flows where cyclical fluctuations and riskattachment is never accounted for. Our advice is thatbusinesses' motives should not be profit or revenuemaximisation, but should be about becoming enabled forsuch maximisations.

Agreed reference schedule gives rise to mutual as well ascurial obligations. A strong conjugate tax base of taxingjurisdictions and their order of bonding in the overlap of legalspace gives resonance structures for finding the appropriatetax base and transfer pricing.

Transfer of risks are part of international capital flows andtrading; corporates should keep in mind their future cashflows. While advising mergers or acquisitions we checkwhether there is value addition while popularising the theoryof market pulse and social choice through our publications.

What we have been doing recently

A big overseas fashion house had outsourced manufacturingas per its designs to our client. The buyer accepted initialconsignments,but three later consignments were rejected ongrounds of quality.Payments were held up and the bank calledin its loan and recalled the permission for building agreementon the pledged property. Even the raw material suppliersthreatened legal action.It took an effort to get some paymentsreleased and bank loan restructured.The dispute with localraw material suppliers were also resolved satisfactorily.

Over the next 12 months the strategic positioning of the firmwill get us more work for our core competence in litigation.The publishing division is also doing well.�

Law Firm of the Year – Litigation

INDIA

WINNER

MS MishraEmail: [email protected]

Tel: +91(0) 61 2257 3997 (Patna office) • Tel: +91 (0) 11 2922 3060 (Delhi office) • Tel: +91 (0) 40 2354 2952 (Hyderabad office)

M S Mishra

MS Mishra Associates is known for its fair dealing, focused effort andability to act locally while thinking globally

P P SharmaP S Mishra



INTRODUCTION

Y.J.Trivedi &Co.has,since its origin in 1970,todaygrown into a premier full service IP law firmwithoffices inAhmedabad,Mumbai,Bangalore,Pune,Surat and Rajasthan and an internationalliasoning office in Canada.The firm has a strongbase of well-credentialed legal and technicalprofessionals that bring vast experience andexpertise in various technical and legalbackgrounds and ensure that the firm offersexceptional counseling in all aspects ofIntellectual Property Law.

The firm truly embraces the philosophy thatonly through an in-depth understanding of theclient’s business and industry,the firmcandeliveran outcome that achieves the client’s short-termand long-term business objectives.

COMPLETE IP SOLUTIONS

The firm has, over the years, garnered stellarreputationwith its razor sharp ability to get to thenub of a problem and has always tried to comewith a possible solution that will take the clientfurther.

The firmhas amulti-disciplinary practicewitha cutting edge in contentious IP. The firmundertakes work comprising of opinion draftingon IP issues, litigations handling, internationalsearch and registrations,drafting and preparingdocuments for licensing, Technology Transferagreements,audit & valuation of IP,investigations,searches,arbitration and handling settlements.

Whether working on a precedent-setting case

or preparing opinions, the firm endeavors to beinnovative in its approach and adopts pragmaticstrategies to meet its client’s interest.

WE MAKE A DIFFERENCE

The firm stands out for its breadth and depth ofexpertise&knowledge to ensure best protectionto the IPR of its clients, comprising of a broadspectrumof corporates and industries in varioussectors, small & medium sized firms andentrepreneurs from the arena of fashion,music,food, media and the pharmaceutical industryamong others,not ignoring its growing numberof international clientele.

The firm understands that pragmatic andeffective legal advice requires an appreciationandunderstandingof the ever-changingbusinessenvironment in which the client finds itselfeveryday. The firm has garnered excellentrelationship with its clients by offering thempersonalizedandprompt professional assistance,thereby resulting in the firm winning laurels invarious fora such as:

• “Highly Commended Law Firm of the year inAsia Pacific Region for the year 2009”by IPWorld Leaders,Informa Group,U.K.

• “Patent & Trademark Attorneys of the year inIndia” by Corporate Intl Magazine’s GlobalAwards,2010.

• “Law Firmof theYear (Intellectual Property) –India, 2010” by Intercontinental FinanceMagazine

• “Law Firmof theYear (Intellectual Property) –

Asia, 2011” by Intercontinental FinanceMagazine

OUR CORE EXPERTISE

Innovative legal solutions are the firm’s hallmarkand it runsa smart,agile,cost-containedoperationready to take on today’s most complex cases.

The firm has over the years been involved inleading litigation matters with a forward-lookingapproach. The legal team has been providingsolutions to pharma companies not only inrespectof common IPdisputesof trademarksandpatent,buthaveefficiently established the rightsofthe client company for the shapeof its tablets andobtained positive order protecting the 'D' shapedtablet of its client. Not limiting their conventionalpractice,the firm has broadened its horizons andalso been protecting rights of its clients of theglamorous world such as Fashion Designing andFashioneventorganizers. Ina recentcase,the firmsuccessfully represented its client and preventedthe imitator fromusing thename,designandplanof one of the renowned fashion house.

Having established its skills in resolving thegeneral dispute and litigation, the firm was alsoinvolved inacritical and important issues relatingto trade secrets and hadwell protected the tradesecrets of its client by getting the application,filedby the other side asking for inspection of theirinvoices andotherdocuments,rejected.Thus,thefirm had been instrumental in preventing theclient’s trade secrets fromgettingdivulgedbywayof a procedure in the court of law.

The firm,presently, stands tall on the IP stageand the firm’s continuous pursuit to build areputation for its legal work while staying true tothe firm’s core values, will vouch for anexponential growth of the firm over the next 12months,on the contentious side of IP.. �

Premiere Full Service IP Law FirmProviding Innovative Legal Solutions

Y. J. Trivedi & Co.Tel: +91 79 26303777 • Fax: +91 79 26302223Email: [email protected] • www.yjtrivedi.com

Law Firm of the Year – Intellectual Property

INDIA

WINNER

EUROPE INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011


EuropeEurope has felt the global downturn especially keenly, with countriessuch as Greece, Portugal and Ireland featuring heavily in the news asbailouts and austerity measures are closely monitored across the world

for their impact. In defiance of the downturn, the winners in theEuropean sector all report continued growth as value for money

becomes more sought after than in previous years,ensuring the best continue to be consulted.

As firms throughout the continent deal with the crisis, there is anincreased need for advice on insolvency, dispute resolution and

employment matters, as evidenced by the rise in demand for servicesby companies such as Hermann RechtsanwälteWirtschaftsprüfer

Steuerberater, Ernst & Young andSchindhelm Rechtsanwaltsgesellschaft MBH.

With offices in Brussels, Antwerp, Geneva,Luxembourg, Madrid and Tel Aviv, Afschrift’slawyers provide speciality insight and expertise ininternational taxation and planning, withparticular focus on tax issues affecting bordermergers and acquisitions

The Business

Listed twice in www.worldfinance100.com and a winner of internationalawards,Brussels-basedAfschrift isaboutique lawfirmconsistingof24 lawyers.

The firm engages in all matters of national and international businesslaw and more specifically (but without limitation) in corporate law,M&A, international tax planning and litigation and financialinstruments.Its clients include industrial and commercial companies,banks,estate companies,public bodies.

The Team

The firm’s practise is led by Professor Thierry Afschrift, a winner ofWorld Finance’s Best Tax Lawyer 2009-Belgium award.With over 30years experience in domestic and international tax law, he advisessome of the major Belgian and foreign companies and banks.

Admitted to the Brussels,Antwerp and Madrid Bar, he has also been amember of Luxembourg and Geneva bars.The Founder and Chairmanof the Master on Tax Management from the Solvay Brussels School ofEconomics andManagement of the Université Libre de Bruxelles,he hasalso held the position of a deputy judge at the Court ofAppeal in Brussels.

Focus on M&A

The firm has adopted a boutique form due to tax law requiring anexclusive practice of the subject. For a client planning or realising amerger or an acquisition, it becomes an asset to know the hired lawfirm has specific in-house knowledge of corporate,M&A and tax law.

Afschrift’s boutique form allows it to keep M&A operations in anarrow circle of highly specialised,people.It also allows it to providetailored-made service, and, in particular, achieve a high level ofconfidentiality required in delicate M&A operations that could havea potential to impact on the stock market.

In addition, particularly where cross-border transactions areconcerned, the client benefits from Afschrift’s expertise in Europeantax law and its specific knowledge in Swiss,Belgian,Luxembourgian,Spanish and Israeli tax law.

Future Plans

Afschrift has expanded over the years with anexpansive client list spread across the board.

It has expanded its Belgian practice by openingnew offices in Luxembourg, Madrid, Geneva,Tel Aviv and, lately,Antwerp.

Its ambition lies in maintaining a balancebetween its expansion activities whilemaintaining the quality of service it offers.�

BELGIUM

WINNER

Spyridon Chatziginnnis - AfschriftTel: + 32 2 646 46 36 • Fax: + 32 2 644 38 00

Email: [email protected] • www.afschrift.com

Thierry Afschrift

Law Firm of the Year –Mergers & Acquisitions


INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011 EUROPE

Energy and environmental specialist Calash isexpanding globally to meet growing demand fortheir advisory services

About us

Calash originated as a commercial andoperational due diligence provider; withservices that offered investors, debt providersand stakeholders an objective review of abusiness's sustainability and ability to delivergrowth projections. In the last three years wehave diversified in response to demand forstrategic support services for both trade playersand private equity.

Our team

Calash was founded by successful energyindustry professionals who understand theoperational, managerial and commercialaspects of making a business prosper.Collectively our experience includes offshoreengineering, geology, media andcommunication, retail, supply chainmanagement,business development,operationsmanagement, project management andmarketing.Our most recent employee,Ewen MacLean,had a successfulcareer in supply chain management and organisational design beforebecomingTerminal 4 manager at Heathrow.

Why people choose our firm

Our clients explain that they choose Calash because we have the rangeand depth of experience that makes us unique and enables us to homein on key risks very quickly. We have been involved in over 300transactions since our inception in 2003, most of them energy relatedbut also in adjacent sectors such as environment, engineering andmanufacturing.One of our ongoing projects is assisting a major energyservice company who is seeking to diversify. This has required us toundertake both an internal and external review of the business beforeassistingmanagement in the development of an appropriate strategy.We are now helping management to understand the potentialacquisition targets that would help to build the company andstrengthen its business model.

Growing markets

Despite the slower than anticipated return of activity in the energymarkets,Calash has been fortunate enough to have grown in this period,in both thevolume and size of transactions that we are involved in.Although theNorth Sea is still generating high levels of activity and will continue to doso in the near future,service companies are growing their global footprintin a bid to penetrate flourishing markets, and therefore both ourtransactional and strategic work has internationalised to reflect this. Weare also seeing steady growth in offshore renewables.While this markethas been the subject of numerous false starts we are now seeing stronginterest and investment in the sector.This bodes well for Calash who,as anenergy specialist, is in an optimum position to provide advice to investorsandacquirers on thepotential risks andobstacles thatmaybeencounteredwhen entering this market.�

UK

WINNER

CalashTel: + 44 1224 637017 • Fax: + 44 1224 638941

www.calash.com

Commercial Due DiligenceAdvisory Firm of the Year

Ewen MacLean

Merlyn Gregory



Law Firm of the Year - Construction, Real Estate, Tax, Intellectual Property,Employment, Mergers & Acquisitions and Dispute Resolution

NORWAY

WINNER

Bing HodnelandTel: +47 23 31 59 90 • Fax: +47 23 31 59 99


Bing Hodneland (former Hodneland & Co) has the last six months grown both through amerger and by recruiting leading lawyers within various fields, making Bing Hodneland

a leading law firm in Norway within the practice areas of ICT law, IPR andmedia law and strengthen our position within Tax, VAT and M&A

Merger

With effect from 1.1.2011 Hodneland & Co DA mergedwith the law firm Bing & Co Advokat ogKonsulentselskap DA (Bing & Co) and changed ourcompany name to Bing Hodneland advokatselskap DA

New partners Jon Bing, Olav Torvund and CamillaSivesindTokvam,Bing & Co and its three partners havefor more than a decade been a niche law firm withmain focus on legal issues regarding ICT and IPR law.

Professor Jon Bing has for more than 30 years beenan internationally recognized expert within ICT-law,IPR and Medialaw. Bing is considered to be aninternational pioneer within legal informationsystems. He holds honorary doctorates from theUniversity of Stockholm and the University ofCopenhagen, and is Visiting Professor at KingsCollege, University of London.He has been memberof the ICANN, Board of Generic Name ServiceOrganization, and holds various positions in othernational and international institutions. Bing is also awell known fiction author with more than 20published novels and as a scriptwriter for TV- andradioseries and for the theater.

Professor Olav Torvund has more than 20 years ofexperience from the University of Oslo,with a specialfocus on copyright law,ICT-contract law and electronicmoney transfer issues.He assists within such areas, aswell as arbitrator.

Camilla Sivesind Tokvam, lawyer since 1998,workswithin ICT-contracts,copyright, trademark, trade name,privacy, e-commerce, film- and broadcasting law,telecom and public procurement within the ICT-sector.She has earlier also worked as in house lawyer in NetsAS and as CEO in the telecom company Zisson AS

New partner John Gulbrandsen

John S. Gulbrandsen became partner in BingHodneland from 1. January 2011, after 17 years aspartner in Wiersholm – a leading law firm in Norway.He has recently been ranked as leading in the field ofIntellectual Property in “Chambers Europe”, as best

lawyer in Norway within Copyright in ”Best Lawyers”November 2010 and in the national ranking byFinansavisen (Norwegian newspaper) in 2010 rankedas leading in both IPR and Media law.

New partner Frode Heggdal Larsen

Frode Heggdal Larsen became a partner in BingHodneland from 1st May 2011. He has12 yearsexperience from KPMG Law and Schjødt Law Firm.Larsen is regarded as one of Norway’s leading VATexperts and is co-editor of the books “VAT inpractice” and “Financial services and VAT”. He hasfurthermore been a lead advisor in a broad rangeof national and international M&A’s and also hasextensive experience in, Corporate law , Contractlaw , Property tax and Negotiations and disputes.Frode Heggdal Larsen will strengthen our focus inTax/VAT and M&A

New partner Jon Wessel-Aas

Jon Wessel- Aas is regarded as a leading lawyer inNorway within media law, freedom of speech, IPR andprivacy. He has for the last 11 years worked as a leadcounsel in NRK (the national Broadcaster) and hasargued many principal cases before the SupremeCourt of Norway regarding freedom of speech. He isalso a well-known blogger,commentator and chronicleauthor within freedom of speech, privacy etc.Wessel-Aas will join the company 1st September 2011.

New Associates

Sigrid Nysted joined Bing Hodneland in January 2011,after earning a law degree at the University of Tromsø.

IngridTherese Hopsø joined Bing Hodneland in March2011.She has six years experience from real estate law,from various positions within the public sector.

Stine Helen Pettersen joined Bing Hodneland in April2011.She works mainly with IPR within the music-,film-and broadcasting industry. She has experience fromworking within these industries in London and fromthe law firmWiersholm.

Benedicte Langford will join Bing Hodneland inSeptember 2011. She has 4 years experience fromBONO,the NorwegianVisual Artist Copyright Society.�

Camilla Sivesind Tokvam

Professor Olav Torvund

John Gulbrandsen

Frode Heggdal Larsen

Jon Wessel-Aas

Professor Jon Bing

The continued success ofCompass, Rondelli Advisers isdriven by its team of seniorbankers supported by strongjunior talent

About us

Compass Advisers is an investment bankingpartnership distinguished by a successfulexecution of cross-border transactions.The firmis active in North America, throughout Europe,China, India, Russia and the Middle East. Itsprofessionals provide independent,senior-leveladvice regarding mergers and acquisitions,restructuring, complex capital marketstransactions and private equity placements.

Compass, Rondelli Advisers is the exclusiveaffiliate of Compass Advisers for cross-borderM&A transactions involving Italian companies.Compass,Rondelli Advisers is headed by SaverioRondelli,who founded it in November 2006.

Why we are different

The firm has developed an in-depth coverage ofthe Italian Financial Sponsors industry,working

alongside both international anddomestic private equity funds.

Since its inception, amongstother transactions,the firm advisedCandover in the acquisition ofFerretti Group, the second largestItalian LBO of 2007 and advisedBarclays and Investcorp in theacquisition of N&W Group, thelargest Italian LBO in 2008.In 2010,Compass Rondelli Advisersadvised BS Private Equity for the€82m disposal of Tinet SpA to theUS listed company NeutralTandem Inc.

Why clients choose us

In these transactions and with all of its work,Compass, Rondelli Advisers judges its successby its ability to execute on behalf of its clients.Through independent senior-level advice, aglobal network of relationships andexperienced investment bankers, Compassprovides world-class service to its clients toguide them through complex strategicinitiatives in M&A transactions, acquisitionfinancing, restructuring programmes, andprivate capital raising financings.

The firm assists clients in performing duediligence, valuing assets and business entities,

negotiating the price andtransaction terms, providingstrategic advice regardingbidding, coordinating allactivities required in theacquisition process anddeveloping integration andbusiness plans. The firm's keysuccess factor is that it has verysenior investment bankers,supported by strong juniortalent, who personally takeresponsibility for the day-by-day development of deals.

Compass, Advisers is aprivate and client-oriented firm. Its seniorpartners are focused on clients, on aneveryday basis.The firm smoothly integratesthe experience of its senior advisors –former CEOs – and industry experts,providing strategic advice with operationalinsights. The firm's advisory services arecreative, objective and offered withcomplete discretion. Additionally, the firm'sglobal network is easily accessed, facilitatingthe process for cross-border transactions.�

Saverio Rondelli, PartnerCompass, Rondelli Advisers

Tel: +39 02 303095804Email: [email protected]

www.ca-llp.com

Feel the

www.pwc.de/de/privateequity

unique. We possess invaluable industry experience combined with in-depth technical know-how. PwC’s private equity specialists

we can add value to your investment, please contact Richard Burton, phone: +49 69 9585-1251, email: [email protected]



Investment Bank of the Year

ITALY

WINNER

Private Equity Advisory Firm of The Year

GERMANY

WINNER

Luxembourg is one of the world’s leadinghubs for Private Equity transactions andfund structures. Providing with a long

lasting track record and a flexible, regulatedmarket environment the Grand Duchy hasplayed an important role in Private Equityover the last years and proved particularlyefficient in times of crises. As oftoday, Luxembourg features internationalrecognition as a pre-eminent jurisdiction forPrivate Equity and Venture Capital and gainscontinuously increasing attention by PrivateEquity firms worldwide.

Ernst &Young Luxembourg has focused onPrivate Equity since many years and set up adedicated practice with over 100professionals fully and exclusively dedicatedto Private Equity. It is the largest and leadingPrivate Equity practice on the local marketproviding audit,advisory, tax, transactions andvaluation services to the industry.While mostof the world’s largest Private Equity firms areserved by Ernst & Young Luxembourg, thelocal practice also works with hundreds ofsmall and medium-sized general partnersaround the globe.

Ernst &Young’s Private Equity professionalsaudit over 250 Private Equity funds andstructures in Luxembourg and provide therebythe highest market share with more than 47%by size of all SICARs (‘investment company inrisk capital’). Ernst & Young Luxembourg isalso a leading tax advisor on Private Equitytransactions. Ernst & Young’s professionalsadvise general partners on valuation,reportingand operational procedures,e.g. in the contextof the Alternative Investment Fund Manager(AIFM) Directive. They furthermore advisebanks and fund administrators in theimplementation of Private Equity services in

terms of accounting procedures,Private EquityIT software review, training and recruiting.

In 2010, the Ernst & Young Luxembourgoffice has been awarded three times the‘Private Equity Advisory Firm of the Year inLuxembourg’ giving proof to its unrivaled,leading position within the Private Equityindustry. The current award as ‘PrivateEquity Advisory Firm of the Year in Europe’reflects in addition Ernst & Young’s uniquelevel of integration, its global outlook andinclusive approach.

The Luxembourg Private Equity practice isfully part of a global integrated network whichhas the largest alternative investment practiceof the ‘Big Four’ on a world-wide basis and isthe worldwide market leader in Private Equity.In 2008, Ernst & Young brought together 87practices and 66,000 people to create EMEIA(Europe,the Middle East, India and Africa).Noother professional services firm has achievedthis level of integration.This structure enablesconsistency of approach and delivery.

Set-up under the leadership of Alain Kinschin 2004, today Managing Partner of theLuxembourg office and EMEIA Private EquityFund Leader, the Ernst & Young LuxembourgPrivate Equity practice has been instrumentalin the design of the SICAR law. Thanks to itsongoing involvement in thought leadershipand research activities, Ernst & YoungLuxembourg is a key supporter to the PrivateEquity industry in Luxembourg and abroad.Together with 24 other Private Equity playersand service providers, Ernst & YoungLuxembourg is one of the founding membersof the Luxembourg Private Equity Association(LPEA), which aims at representing andpromoting Private Equity andVenture Capitallocally as well as globally. Ernst & Youngfurthermore supports Private Equity industryassociations in the analysis of the impact ofthe AIFM Directive.

Against the background of a changingregulatory framework for Private Equity,Luxembourg gains increasing attention byPrivate Equity firms as a domicile of choiceand has indeed been identified as one of theprimary jurisdictions for redomiciling(unregulated) off-shore funds. In the specificcontext of the AIFM Directive, Ernst & Youngoffers tailored advise to clients wishing tocomply with the Directive’s mandatoryrequirements or wishing to maximize valueadded through organizational andoperational changes that are triggered by theDirective. The Luxembourg Private Equitypractice looks forward to further working withservice providers and general partners, locallyand abroad.�

The LuxembourgErnst &YoungPrivate EquityPractice

"Ernst & YoungLuxembourg has the

largest and leading PrivateEquity practice on thelocal market with over100 professionals fully andexclusively dedicated to

Private Equity"



Private Equity Advisory Firm of the Year

LUXEMBOURG

WINNER

Alain Kinsch, Country Managing PartnerTel: +352 42 124 8355

Email: [email protected]/luxembourg



Financial Advisory Firm of the Year

SPAIN

WINNER



About us

HERMANN Rechtsanwälte Wirtschaftsprüfer Steuerberater is a trans-regional law firm with its headquarters in Frankfurt am Main,Germany.Our clients include entrepreneurs, companies, financial institutionsand investors.

HERMANN Rechtsanwälte Wirtschaftsprüfer Steuerberater wasfounded in Frankfurt am Main in 1985, and is now present at 13locations in Germany, including Berlin, Bonn, Dresden, Hanover,Munich and Leipzig. HERMANN law firm is based on the knowledgeand long-standing experience of more than 35 lawyers, auditors andtax consultants as well as experts in business administration andother areas. Our trans-regional presence and our networks with co-operating lawyers in Hamburg,Amsterdam,Zurich and London allowus to always provide comprehensive consultancy services in thevicinity of our clients.Our inter-disciplinary teams will co-operate foryour benefit,not only regarding the substantive issues but also acrossall locations. Furthermore, as a member of the independentassociation “Lawyers Associated Worldwide“ (LAW), we have accessto competent specialists in the 80 largest economic centres of theworld, in order to comprehensively advise our clients with regard toa wide variety of jurisdictions.

HERMANNoffers clients anaward-winning serviceHERMANN Rechtsanwälte Wirtschaftsprüfer Steuerberater cites highly qualified staff andindependence as the reasons behind its success


Our typical areas of work encompass corporate, finance, labour law,restructuring and insolvency law, international law, tax law,mediation and real estate. Our multi-lingual professionals haveinternational experience or have graduated abroad, obtainedadditional qualifications as specialist lawyers for labour law, tradeand company law, tax law, insolvency law or building andarchitectural law.

As consultants, our focus is on comprehensive accompanimentduring the purchase or sale of companies, all-inclusive consultancy,in particular for medium-sized companies, and on restructuringand reorganisation of companies of all sizes, even beyond borders.Here,we act on the basis of clear analyses, and stand for short-termstringent implementation, even in complex cases, and an inter-disciplinary approach as well as sensitivity and tact.

Our strengths are our highly qualified staff, the well-establishedteams comprising lawyers, auditors, tax consultants and businessadministration experts, and – most of all – our independence.�

Law Firm of the Year – Insolvency & Restructuring

GERMANY

WINNER



HERMANN Rechtsanwälte Wirtschaftsprüfer SteuerberaterBleichstraße 2-4

60313 Frankfurt am MainTel: +49 69 91 30 92 0 • Fax: +49 69 91 30 92 30


"We act on the basis of clear analyses, and stand for short-term stringentimplementation, even in complex cases, and an inter-disciplinary

approach as well as sensitivity and tact"

Founding partnerOttmar Hermann

Following the completion of his studies, legalclerkship and employment as an assistant lecturer atJohannWolfgang Goethe University in Frankfurt,Mr.Hermann accepted a position as an attorney for alarge international law firm. In 1979 he entered into ahigh-ranking civil service position at the FiscalAuthority Office (Finanzverwaltung) where hecompleted training at the German Federal FinanceAcademy (Bundesfinanzakademie).

As an attorney, certified public account and taxcounsellor,Mr.Hermann intensely deals withrefinancing, restructuring and liquidation ofcompanies and corporate groups. In 1986 he wasappointed as an Insolvency Administrator.OttmarHermann has comprehensive experience ininsolvency proceeding settlement matters of allsizes, particularly in the continuation of medium-sized companies.

The careful, precise preparation and the promptexecution of the insolvency proceeding is part of hisessential tasks.His maxim is highest reliability,transparency and a clear concept for resolvingcomplex corporate challenges and problems underbankruptcy law.This is a function with a high degreeof responsibility, requiring a multitude ofprofessional and personal competency.

By virtue of his many years of professionalexperience,Mr.Hermann enjoys the confidence ofnumerous clients from all types of business andbanking areas. In particular, he is valued as a mostcompetent advisor in complex reorganisationconsultations.

Dealing with insolvency

Insolvencies are a factor for every business. Evenlarge corporations are not immune to it.However,with energetic and timely counsel you can avoid orcan be aware of the chances of making a comeback.

For many years, numerous professionals within ourfirm have, in part, been insolvency administratorsduring the liquidation process within insolvencyproceedings.Hence, they are familiar with all theaccompanying matters of insolvency.Therefore,weare also able to offer competent assistance to ourclients involved in or concerned with insolvency.

We can advise you whether you be a creditor,business person, shareholder or investor.We willassist you in the preliminary stages of Insolvencyand during the entire Insolvency process, inparticular in restructuring the assertion of yourguarantees, the restructuring your financialcommitments, the acquisition in the acquisition orsale of company shares or companies, and in allinsolvency law questions.

For this purpose we will compose a team ofinsolvency,banking, tax and civil procedurespecialists that will work at your side.

Ateam of more than 150 internationallylocated legal experts in 22 EuropeanandAsian cities as well as a cooperation

with one of Austria's leading law firms, SCWP,enable Schindhelm to cover all majorjurisdictions worldwide.

Founded by former partners of Pricewater-houseCoopers (PwC), Schindhelm’s legalservices are enhanced through closeinterdisciplinary cooperation with leading taxadvisors, chartered accountants andinvestment consultants.

Besides its offices in Germany, Schindhelmlaw firm is becoming increasingly recognisedinternationally.With offices in Austria,Belgium,Bulgaria, China, Czech Republic, France,Hungary, Poland,Republic of Turkey,Romania,Slovakia andVietnam,Schindhelm law firm iscontinuously extending its internationalpresence into major business- and financialcentres relevant to its clients. Establishing anoffice in Brussels in 2010 was an importantstep in expanding Schindhelm’s competitionlaw practices.

The firm's lawyers have experience inmultiple jurisdictions, including transitionaleconomies, and therefore are equipped todeliver "to the point" expert advice in cross-border transactions. Schindhelm law firm isconstantly advising on international M&Adeals in various sectors on vendor’s as well ason seller’s side.

Each client is individually counselled by apartner in charge, who is responsible forbuilding and coordinating expert teamscomprised of attorneys, tax advisors and

chartered accountants in order to deliveroptimized legal solutions to the client,and whomanages the internal information flowbetween the involved parties. This approachguarantees that the client will be relieved ofmultiple information streams coming in fromthe various parties involved and avoidsunnecessary additional expenditures.

With its large scope of legal advisoryservices,its close interdisciplinary cooperationnetwork and its international presence,Schindhelm law firm actively contributes to itsclients' continued business success.

Schindhelm law firm's business clients arepredominantly corporate enterprises. It alsoholds a long history of representingentrepreneurs and families involved inprivately-held businesses. Clients also includeinstitutions in the public service sectors suchas academic and health institutes as well asstatutory and non-profit organizations,foundations and charitable trusts.

Our areas of practice include:

Corporate & AntitrustM&APrivate Equity &Venture CapitalReal EstateTradeEmploymentLitigation & ArbitrationIntellectual Property & IT

The offices of Schindhelm respectivelySCWP are located in Beijing, Bourgas,Bratislava, Brussels, Bucharest, Budapest, Graz,Hanover, Hanoi, Istanbul, Linz, Osnabrueck,Paris, Plzen, Prague, Shanghai, Sofia, Vienna,Warsaw,Wels,Wroclaw and Zagreb.�

Dr. Christoph Bottermann, LL.M.Tel. ++49 (0)541 32 45 105Fax: ++49 (0)541 32 45 100


Schindhelm law firm is aninternational full-service law firmdedicated to providingindividually tailored legal advicefor corporate enterprises andprivate clients in all areas ofbusiness law involvingcorporate and financialtransactions as well as complexdispute resolution proceedings.



Law Firm of the Year – M&A and Private Equity

GERMANY

WINNER

Schindhelm’s internationalpresence continues to grow

Skipton Business Finance combines theflexibility and access to key decisionmakers you only get from an independent

whilst providing the vital ingredient of financialstrength that other independents cannot offer– which is why we have been voted as a winnerin the InterContinental Finance Magazine’sGlobal Awards 2010 for Factoring & InvoiceDiscounting Provider Of The Year – UnitedKingdom," says sales & marketing directorAndy Grantham.

"I would like to thank each and everyreader who voted for us in order to win thisfantastic award.

"SBF performed to exceptional levels duringone of the most difficult economic periodsever experienced. The last two years of

economic turmoil have seen unprecedentedlevels of strain on the SME sector as the bankshave proved 'unable to assist' or requireunpalatable levels of security. Through theseturbulent times SBF has stuck to the principlesof supporting owner-managed businesses byoffering a flexible and pragmatic approach toinvoice finance.

"We pride ourselves on the relationships weforge with our clients and over the last tenyears we have helped hundreds of businessesunlock the working capital in their salesledgers.We understand that many businesseswill find themselves struggling for cash assome point and we have a dedicated team ofdecision makers that can assist. There are noremote 'Corporate Lending Units' within SBF –all decisions are made by the managementteam within our regional offices.

"Independent of the main banks,we providea strong and recognisable brand whilstallowing a diversity of funding which gives

greater stability to our clients' businesses.Withno expensive shareholder dividends to pay,theethos of our business is very much focused onunderstanding our clients' businesses andassisting in creating wealth and jobs in theregions, rather than purely profit.

"If you would like to learn more about ourcompany, please feel free to call me on 0845602 9324. In the meantime, I’d like to thank allthe readers of InterContinental Finance, onceagain, for voting for us." �

SKIPTON BUSINESS FINANCESkipton office

The Bailey, Skipton, North Yorkshire, BD23 1DNLeeds office

1 Park Lane, Leeds, LS3 1EPManchester office

1st Floor, Alberton House,30 St Mary's Parsonage, Manchester, M3 2WJ.

Tel: +44 845 602 9354Fax: +44 1756 694077


"We pride ourselves on the relationships we forge withour clients and over the last ten years we have helpedhundreds of businesses unlock the working capital intheir sales ledgers"

Skipton Business Finance'saward-winning service comesfrom being an independent firmwith financial strength



Factoring and Invoice Discounting Provider of the Year

UK

WINNER



By employing the leadingexperts in their field, Schalast &Partner offers an unparalleledservice

About us

Schalast & Partner was founded in 1998 as aboutique law firm specialising in medium-sized companies and M&A. Further keycompetences are telecommunications/multimedia,real estate and employment law,inaddition to our long-standing experience in allareas of business law such as corporate,commercial or IP.If necessary,the firm is able toassist its clients in all sorts of legal procedureswhether they are private or public entities,including court actions and arbitrationproceedings.

Key individuals

Founding partner Prof Dr Christoph Schalasthas been recommended for many years instandard legal directories and was recentlyranked amongst leading M&A experts inGermany by financial newspaper"Wirtschaftswoche" (September 2010). At theFrankfurt School of Finance & Management he

is responsible for the sector Non-PerformingLoans and directs the innovative M&A masterprogram (LL.M.degree).

Partner Dr Kay Schanz draws upon previousexperience as an investment banker whileadvising mainly on M&A, IPOs, private equityand public takeovers. His book on Law andPractice of IPOs became a benchmark in legalliterature and is currently in itsthird edition.

Partner Clemens Schalast isrecognised as a leading expertlawyer for employers andfrequently acts for clients such asmajor German airlines and cablenetworks, while partner GregorWedell LL.M. has long-standingexperience in advising privateequity controlled companies withentities all over Europe.

Clients can further rely on anexceptionally strong notary office thatpossesses special expertise in the notarisationand handling of complex corporate and realestate transactions, including cross-bordercases.

Why clients choose Schalast & Partner

Clients of the firm often highlight theimpressive service orientation of the team andlaude the excellent quality of the firm's work,

which some consider comparable to the bigfirms (Legal500, ed. 2009/2010). Professionalservices of the highest quality within a lawyer-client-relationship governed by personal trustare the hallmark of the firm.

Future plans

Schalast & Partner is constantly expanding thecorporate finance and M&Apractices, and has succeeded at thesame time in extending the branchfocus beyond the areas oftelecommunication and media. Inaddition, the firm has been andcontinues to develop expertise inother fields of law: In the new marketof non-performing loans it advisesclients on matters relating to bankingsupervision in the context oftransactions and servicing.

Recently being appointedexclusive member of the international lawyersnetwork MULTILAW, the firm also continues tofurther enhance its long-standing practice ofadvising and assisting in internationaltransactions of all kind.�

Law Firm of the Year – M&A and Private EquityGERMANY

WINNER

Prof Dr Christoph SchalastEmail: [email protected],

Tel: +49 69 97 58 31 0www.schalast.com

Sponsors and athletes are well-represented by the sportsdepartment at leading law firmFRORIEP RENGGLI

About us

FRORIEP RENGGLI is a leading independentSwiss law firm which houses more than 80lawyers who regularly handle complextransactions and litigations.These professionalsadvise on a broad range of business law issuesand are focused on delivering innovativesolutions and a prompt service to clients. Forevery project, specialised teams are used toassist clients efficiently and provide a flexibleand individual service.

In the area of sports law, the firm'sprofessional focus is on the representation ofinternational, well-known athletes in all fieldsof sport and in all kind of sports law practiceareas. The firm also regularly representssponsors of sports events.


The firm's sports law practice is highly

developed. "We have a very deep knowledgeof handling disputes in high profile cases,especially in the field of doping and thefootball, cycling, equestrian sport, ice hockeyand track and field sectors, as well as in thevery important handling of mediacommunication," says Dr Lucien W. Valloni,partner at FRORIEP RENGGLI, head of thesports law department and co-head of thelitigation department of the firm.

The firm's sport dispute resolution capacityand know-how is outstanding in Switzerlandand this is the case particularly in disputes before international tribunals of associations

and civil courts as well as in front of the Court ofArbitration for Sport (CAS), and especially inappealing CAS decisions to the Swiss FederalSupreme Court.The firm's capacity in a broadrange of commercial arbitration and litigationas well as in related court and enforcementproceedings is outstanding as well.�

Law Firm of the Year – Sports Litigation and ArbitrationEUROPE

WINNER

Dr. Lucien W. Valloni - PartnerTel: +41 44 386 60 00 • Fax: +41 44 383 60 50

Mobile: +41 76 388 09 90Email: [email protected]

www.froriep.com

"We have a very deepknowledge of handlingdisputes in high profilecases, especially in thefield of doping and thefootball, cycling, equestriansport, ice hockey and trackand field sectors"

North&CentralAmerica

North America, like Europe, has been hit hard by the downturn,although the savvy have profitably changed the direction of their firms.Gregory P Joseph warns that disputes are now arising in companies

that would previously have settled such issues amicably.


INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011 NORTH & CENTRAL AMERICA

About us

Gregory P Joseph Law Offices LLC practicesexclusively in the field of commercial litigation.

Why clients know they can rely onGregory P Joseph

The head of the firm, Gregory P Joseph, is thepresident of the American College of TrialLawyers and a former chair of the LitigationSection of the American Bar Association.He iswidely recognised as one of the leadingcommercial litigators in the United States,andhas tried cases in fields as diverse as securitiesfraud,corporate takeovers,intellectual property,corporate governance, fiduciary duty, federaltaxation, tort and contract. By appointment ofthe Chief Justice of the United States,he servedfor six years as a member of the AdvisoryCommittee on the Federal Rules of Evidenceof the US Judicial Conference.

He has lectured extensively on litigationissues, including lectures for the FederalJudicial Center and National Judicial College,and at the Judicial Conferences of the First,Second,Third, Fifth, Sixth, Seventh, Eighth andNinth Circuits, US Tax Court and US Court ofClaims. Mr Joseph is the author of severalbooks,including Civil RICO:A Definitive Guide(3d ed. 2010), which the Harvard Law Reviewsays "meticulously analyzes the decisions" (vol.106, p. 1376) and Fortune calls "the leadingtreatise on RICO" (Sept. 29, 2008 at 135);Modern Visual Evidence, which has beendescribed as "the authoritative text" on thatsubject (Communication Arts, Sept./Oct. 1995,p. 45); and Sanctions: The Federal Law ofLitigation Abuse (4th ed. 2008), which is citedin the Advisory Committee Notes to the FederalRules of Civil Procedure.

He has written more than 100 articles inprofessional journals. His books and articleshave been cited in more than 200 judicialdecisions, 300 law review articles and in theofficial Notes to the Federal Rules of Evidenceand the Federal Rules of Civil Procedure.He isa member of the editorial board of Moore'sFederal Practice (3d ed.), a leading, multi-volume treatise on federal procedure.He is theSecretary of the United States Supreme CourtHistorical Society.

Other prominent practitioners at the firminclude Paul Bschorr, formerly the head oflitigation at White & Case, and Pamela Jarvis,formerly a partner at Fried,Frank,Harris,Shriver& Jacobson and an official at the Office of theNewYork State Attorney General.

Our areas of expertise

Weare focused on high stakes commercial cases,rapidly grasp highly complex financial andcommercial documents, and work closely withclients to achieve optimal results in tryingsituations. The firm represents prominent

corporations and individuals from the UnitedStates and abroad in significant commercialdisputes in American courts and in internationalandUS arbitrations.The disputes range the gamutof complex financial and commercial litigation,including securities and RICO claims;complicated contractual disputes;claims againstcorporate officers and directors; disputesinvolving,and arising out of,corporate takeovers,mergers and acquisitions; and intellectualproperty rights.The firm also represents law firmsin litigation.

We have had a series of successes in RICO,credit default swap and professional malpracticelitigation over the past 12 months.

What the future holds

It is our goal to remain the same size (16 lawyers)and to avoid conflicts that will preclude us frommajor litigations. This requires significantselectivity in case selection and frequently theneed to turn away wonderful cases.

Clients continue to feel pressure from thefinancial meltdown of 2008, and it is unlikely todissipate over thenext 12months.The fallout of themeltdown includes substantial disputes thatformerly would have been resolved amicablyamongmajor institutions inbetter ordifferent times.Because we are vigorous to avoid conflicts, westand ready to assist clients in these situations.�

CommercialArbitration LawFirmOfTheYear

"We are focused on highstakes commercial cases,rapidly grasp highlycomplex financial andcommercial documents,and work closely withclients to achieve optimalresults in trying situations"

The highly accomplished Gregory P Joseph heads up his respected firm, representing prominentindividuals and corporations from across the globe

Gregory P. Joseph Law Offices LLCTel: +1 212 407 1210 • Fax: +1 212 407 1280

Cell: +1 917 620 5499www.josephnyc.com

NORTH & CENTRAL AMERICA INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011


Law Firm of the Year – Commercial Arbitration

NORTH AMERICA

WINNER

"Greg is one of this country's leading litigators (a few years ago he served aschairman of the Section on Litigation of the American Bar Association) and is anextraordinarily prolific author in addition to maintaining an active law practice."

From the opinion in:Gregory v. Oliver, 2002 U.S. Dist. LEXIS 24730 at *5, 2002 WL 31972165 at *2 (N.D. Ill. Dec. 27, 2002))

Recent Court Opinions Citing Greg Joseph’s writings:In re Ins. Brokerage Antitrust Litig., 2010 U.S. App. LEXIS 17107 (3d Cir. Aug. 16, 2010)

In re Girardi (Franco v. Dow Chemical Co.), 611 F.3d 1027 (9th Cir. 2010)Ameriquest Mortgage Co. v. Nosek, 609 F.3d 6 (1st Cir. 2010).

United States v. Crawford, 2010 U.S. Dist. LEXIS 97538 (E.D. Mich. Sept. 17, 2010)Crest Construction II, Inc. v. On Time Auto, 2010 U.S. Dist. LEXIS 88798 (W.D. Mo. Aug. 27, 2010)

D'Onofrio v. SFX Sports Group, Inc., 2010 U.S. Dist. LEXIS 86711 (D.D.C. Aug. 24, 2010)Allen v. Devine, 2010 U.S. Dist. LEXIS 74495 (E.D.N.Y. July 24, 2010)

Recent victories:Marshall v. Milberg, LLP — RICO class action dismissed and appeal dismissed (September 16, 2010)

In re Primedia Inc. Derivative Litigation — Derivative action dismissed,Special Litigation Committee affirmed (June 14, 2010)

Citibank, N.A. v. Morgan Stanley International PLC — Judgment on the pleadings awardedin $245 million credit default swap dispute (May 13, 2010)

Lakes Entertainment, Inc. v. Milberg, LLP — multimillion dollar RICO claim dismissed (April 29, 2010)



NORTH & CENTRAL AMERICA INTERCONTINENTAL FINANCE GLOBAL AWARDS 2011


Herrick’s corporate department provides creative andinnovative solutions to help you succeed. Takeadvantage of our experience representing major

businesses around the globe and rely on the strength of ourteam.As the alternative to the mega-firms for middle markettransactions,our energy resonates in our work and our results.Below we highlight some accomplishments from this year.

Herrick's recent achievements

In a challenging debt financing environment, Herrickshepherded its private equity clients beyond theirrestructuring needs and into deploying capital foracquisitions, such as helping a private equity sponsor in itsacquisition of a US gold mining operation.We also helpedopen doors for those seeking financing, such as ourrepresentation of premier real estate operating company RXRRealty in negotiating a US$150 million convertible debt creditfacility from a prominent real estate private equity fund.

We helped form new funds in the green tech, emerging,distressed and related markets, including SBI Investment Co,Ltd, Japan’s largest venture capital firm, in creating andmarketing a US$400 million fund that will target IT andcleantech investments in Asia. And in a novel structureattractive to funds of funds looking for managed account

platform options, we are helping Wolf Asset ManagementInternational create a fund of funds that allows eachinstitutional investor to customise its own portfolio.

Herrick is a recognised leader in middle-market M&Atransactions, such as our representation of Amano USAHoldings, Inc, a subsidiary of a Japanese public company, inits acquisition of the outstanding capital stock of Accu-TimeSystems, Inc, and Dubilier & Company in its acquisition ofBluegrass Dairy & Food,LLC and in its capital raise to fund it.And in a case of first impression in Greece, we advisedPlainfield Asset Management in exchanging its equity anddebt investment in portfolio companies for securities issuedby a Greek public company.

Herrick's active sports practice represented the New YorkYankees and boxing promoter Top Rank in bringing theForeman – Cotto championship fight to the new YankeeStadium.We are lead counsel in five stadium transactions,including the New Meadowlands stadium. We are alsorepresenting the New York Cosmos in the relaunch of theirbrand and team, and an entertainment company in the rollup of six motorsports facilities and a premier motorsportssanctioning body.

For more information on Herrick,visit www.herrick.com orcontact the below.�

Law Firm of the Year – Venture Capital and Emerging Growth

NORTH AMERICA

WINNER

Irwin A. KishnerTel: (212) 592-1435


Edward B. StevensonTel: (973) 274-2025


www.herrick.com/corporate

Herrick's corporate department reports an impressive 2010

"As the alternative to the mega-firms for middlemarket transactions, our energy resonates in

our work and our results"

The Business

With a rich experience and technical expertise in handlingarbitration, insolvency, restructuring, creditor's rights, productliability and bankruptcy within a wide variety of industries thatrange from banking and financial services to telecomunications,oil and energy,Oscós Abogados’ employs a team of professionaland qualified lawyers and legal staff.

The Team

The firm is headed by Dario Oscos who has held practice ininsolvency, litigation and ADR´s since 1977. Oscos is a member ofthe American Law Institute, participating in the NAFTA InsolvencyProject,the International Insolvency Institute,Insol International,InsolEurope,International Bar Association and Mexican Bar, inter allia.

Focus on Insolvency & Restructuring in Mexico

Mexican commercial insolvency is a pro creditor regime. Ley deConcursos Mercantiles (LCM) (enacted in 2002) provides for asingle compound proceeding divided in two majorphases:conciliation, that may last up to 185 calendardays with two possible extensions of 90 days, eachsubject to some majority of creditors approval; and,liquidation in bankruptcy. The December 2007amendment provides for a pre-package settlementsor reorganisations that may be approved by courtupon simple creditor’s majority.The philosophy ofthe law is to privilege and welcome settlements andreorganisations. There is no real criminalresponsibility under this law under ConcursoMercantil that may encourage solutions.This law isintended to resolve systemic crisis experienced byMexico over the last two centuries; the bankingcrisis of 1995, perhaps being the worst crisis everexperienced.

Under Mexican Law and Jurisdiction, crossbordertransactions are recognised and enforced, except whencontrary to public policy and fundamental principles of law.Mexican Insolvency Law, enacted 2000, incorporates inChapter 12 almost verbatim the UNCITRAL Model Law onCross Border Insolvency, which is a fundamental, alreadyproven, toll for the efficient and orderly internationalinsolvency cooperation and solution of problems arisen frommultinational insolvencies.

As a result of the effects of the international crisis andeconomical recession affecting Mexican economy, there is anincrease of financial institutions, commercial, industrial andservices,entrepreneurs, merchants, families and individuals thatare being financially distressed and looking for viable solutions.Oscos Abogados intends playing an important role assistingcreditors and distressed enterprises in finding legal andpractical means to face the financial crisis with viable solutionsthat may define distress situations in an out of court settlement,

when possible, saving time and money.

The firm strongly encourages immediate out ofcourt settlements among all parties involved,debtors, creditors, workers, entrepreneurs,individuals, government, and all tax creditors.According to the Oscós Abogados the targetshould be, when viable, to keep the enterprisesas an ongoing concern to support the economychain with the alternative being to immediatelyliquidate assets in an orderly and efficientprocess, being in Concurso Mercantil or in outof court process. Oscós Abogados’ feels in itsexperience that litigation should only be thevery last resort.�

MEXICO

WINNER

Dario U. Oscós Coria - Oscós AbogadosTel: +52 (55) 12 53 01 00

Email: [email protected] • www.oscosabogados.com.mx

Law Firm of the YearInsolvency & Restructuring

Dario U. Oscos

Based in Mexico, Oscós Abogados is a boutique law firm that specialisesin both domestic and international litigation

