Banking, Finance & Capital Markets: Denmark

Commentators see Accura as a relatively borrower-driven banking and finance practice, partly due to the firm's strengths in M&A and real estate. However, the group continues to advise local and international lenders in relation to refinancing, restructuring and enforcement. Sources recommend the firm for acquisition finance in particular. Clients highlight the team's scope and skill, describing it as "highly esteemed and well known in the Danish business world; we can rely on the group instead of having in-house counsel." The firm is rapidly becoming a force in the field of capital markets. The team acted as Danish legal counsel to the global co-ordinator, Handelsbanken Capital Markets, and the joint global co-ordinator, JPMorgan, in connection with Jyske Bank's rights issue at the Copenhagen Stock Exchange. Kim Toftgaard is noted for both his financing and capital markets expertise, and recommended by interviewees as an "excellent, business-minded practitioner." He advises major Danish and foreign banks, listed corporate entities and private equity funds on the financing and structuring of bond issues. Clients praise Thomas Weincke as "a dynamic and creative thinker, extremely sharp on lots of transactions and prepared to work all hours." Another important member of the practice is Kåre Stolt, who represents management teams and private equity funds as well as industrial and commercial companies.

The already substantial banking and finance team here has been boosted by a number of additions of late. It maintains a broad practice, including a mix of traditional banking and finance mandates and restructuring work in both domestic and cross-border contexts. "The team provides great value for money and takes practical and commercial concerns into account when dispensing legal advice," say clients. Key instructions include acting on a number of acquisition finance transactions for Barclays Private Equity, Investcorp and Nordzucker; the team also advised Amagerbanken and Mezzanin Kapital. Steen Halmind is a highly experienced practitioner and the most notable figure within the team. Morten Krogsgaard is recommended by clients as personable and easy to work with. The 19-strong capital markets group is also well recognised in the Danish marketplace. It benefits from the expertise of the meticulous Steen Jensen, who consistently provides "solid, to-the-point advice which works," according to clients. He acted for the Norwegian company Affitech in a reverse takeover and merger with the Danish listed biotech company Pharmexa. Niels Erik Nielsen specialises in stock exchange law, public offerings and delistings. Regina Andersen has made a name for herself in recent years and acted for Bang & Olufsen on its recent rights issue on the OMX.

Formed following the merger of two well-established local outfits, this firm has a reputation for quality. Its practice encompasses transactional, regulatory and contentious matters in the banking and finance arena. Highlight mandates include acting for the Private Contingency Association in relation to the takeover of Roskilde Bank by the Danish Central Bank. Henrik Dahl is praised by sources for his "abundant technical skill and constructive approach to problems." The capital markets team has attracted such high-profile clients as NORDEN and Sjælsø Gruppen. Henrik Rossing Lønberg is seen by some as one of the most promising young capital markets lawyers in Denmark, and acted for Dampskibsselskabet NORDEN on a EUR95 million accelerated book-built offering of shares. The team also includes the experienced Mogens Ebeling, whom peers regard as a very technically skilled practitioner. He acted for SEB Enskilda Corporate Finance on the IPO of shares in Danish airline Cimber Sterling Group. Also recommended is Mogens Thorninger, who clients say "has a talent for explaining complicated legal concepts to non-lawyers." He advises on all aspects of M&A transactions and private equity-related investments.

This firm joins the rankings having benefited from the synergies with its M&A practice and developed its profile in this area. "The outfit is becoming an increasingly significant player in this market," sources agree. "I've received excellent all-round service and the team has distinguished itself by its speed and cost-effectiveness," noted a client. The team handles both domestic matters and mandates with an international element. Recent successes include acting for Novo in relation to a number of investments, and assisting Landic Property Denmark with a DKK420 million refinancing. Further clients include Kaupthing Bank, SEB and Bank of America. Managing partner Anders Hansen heads the firm's transactional department.

This compact yet well-recognised team has recently expanded. Its practice benefits from the office's long-standing focus on restructuring and insolvency. The group punches above its weight and secures instructions from an impressive client list. Clients note there are "clear advantages to using a global service provider," while also reporting that the smaller size of this team results in "extremely responsive service and good partner attention." Two individuals co-head the practice. Managing partner Troels Askerud has wide-ranging expertise and has recently acted for a number of financial institutions in relation to restructuring. "His key strengths are his broad skill set and solution-oriented approach," note clients. Søren Brinkmann is also recommended by interviewees, and is highly experienced in providing corporate finance advice to financial institutions.

This firm maintains its undisputed reputation as a top-tier player in banking and finance. "Its multi-talented team is a reliable choice in challenging times. The lawyers are always pragmatic, responsive and solution-oriented," clients agree. The team has recently been less active in acquisition financing and general financing, but regulatory matters and work relating to the rescue of Danish banks have featured heavily of late. The group represents leading Danish financial institutions as well as prestigious international clients. Key mandates include acting for Financial Stability on the takeover and provision of loan agreements to Fionia Bank and Løkken Sparekasse, and include acting for ISS Global on its intended EUR525 million raising of debt from the international bond market. Michael Steen Jensen is widely regarded as being at the pinnacle of his profession, yet is also praised by clients for his outstanding accessibility. He is renowned for his work within debt capital markets, and admired by peers for his great technical skill. Klaus Søgaard is noted for his expertise in banking and finance and capital markets. "He is brilliant to work with and technically gifted," clients report. He is vastly experienced and described by peers as the "king of equity capital markets," while clients appreciate his dynamic and personable disposition and ability to "simplify and solve problems."Jens Mathiasen is best known for his proficiency in transportation and maritime financing. Commentators agree that he is highly experienced, with strong technical skill and a loyal client base. Morten Nybom Bethe is an increasingly prominent player. Commentators unanimously highlight his expertise in regulatory matters. Many of the giants in the financial sector also turn to Gorrissen's capital markets team for assistance with transactions. The firm lately represented Vestas as issuer on a DKK6 billion accelerated book building. A quick and strategic thinker, Tomas Haagen Jensen is much admired amongst his peers, who regard him as technically outstanding. Rikke Schiøtt Petersen has continued to strengthen her profile. She is energetic and extremely hard-working, and clients comment favourably on her "positive and diplomatic approach." The practice also benefits from the profile of Niels Heering, whom sources describe as "probably one of the most influential lawyers in Copenhagen." 

This firm makes its debut in the table having impressed clients with the quality of its documentation and negotiation skills. Key mandates include acting for Dalhoff Larsen and Horneman in relation to the DKK700 million financing of its existing bank debt. The team also assisted Polaris Management with the financing of Polaris Private Equity's acquisition of shares in two Danish entities. Recent lateral hire Mikkel Fritsch is the key contact at the practice. Claus Bennetsen has recently joined the firm from Accura. He maintains a broad practice and continues to maintain his standing in this area. The capital markets team advises on everything from debt and equity deals to structured finance. Jacob Kornerup advises Danish and international enterprises in connection with M&A, funding, venture and private equity investments. He acted for Zepto Computers on its issue of a prospectus and subsequent capital increase on OMX's First North.

This prestigious domestic outfit maintains its outstanding reputation, with sources highlighting that "there is consistent quality throughout the group." It offers a full-service practice and its team is distinguished by both its size and the level of individual members' specialisation. Sources appreciate the firm's cross-border capacity through its links with overseas outfits, and that "the lawyers blend long-standing experience with up-to-date knowledge of the sector." High-profile mandates include being instructed by the Danish state to structure and implement the Danish bank rescue package. Significant capital markets mandates include being commissioned by the Danish government to assist the Danish Ministry of Economic and Business Affairs and the Ministry of Finance with an agreement on state-funded capital injection. Ranked for his skill in both banking and finance and capital markets, Kim Rasmussen is renowned as a heavyweight practitioner. Clients particularly appreciate his international experience and the exceptional quality of his documentation. Ulrik Jacobsen is also seen as a key figure within the practice, and noted for his broad experience and extensive client base. "He understands clients' needs and takes a commercial approach," sources reported. Ian Tokley is recommended by clients as "a practitioner with a star quality." Others described him as "highly skilled, with strong commercial acumen." Thomas Kaas is renowned for his skill in ship finance. Jørgen Kjergaard Madsen maintains a broad practice and is recommended as "professional, responsive and commercially oriented." Jakob Bernhoft impresses clients with his high service levels: "His responses are always prompt and he is attuned to the needs of our business." Jens Blomgren-Hansen focuses on public finance and export credit finance work, as well as investment structures and structured products. Interviewees highlight his "good understanding of the dynamics of the market." Marianne Philip's name resonates as a beacon of quality for capital markets work. Peers remark that, in addition to possessing "superb legal capabilities and commercial knowledge," she is a pleasure to work with. The firm also boasts Christian Lundgren, who specialises in M&A, company law and stock exchange regulation. Clients remark that he "possesses an outstanding ability to grasp legal complexity at high speed." They are also quick to praise the high level of individual attention they receive from Henrik Møgelmose, commenting that "he runs the projects himself, pays lots of attention to detail and handles everything personally, which is very much appreciated." Christina Bruun Geertsen has attracted the acclaim of peers and is an increasingly prominent figure within Kromann's capital markets practice, advising Danish and foreign industrials, equity and venture funds. Peter Ketelsen specialises in M&A and adjacent stock exchange law in addition to commercial and company law.

Lett Law Firm has a large capital markets practice with particular expertise in funds work and has been appointed to the panel of legal advisors to TDC. Kim Esben Stenild Høibye is the subject of exultant praise from clients who comment that he is "second to none in Denmark and has a unique balance between legal strictness and a pragmatic approach to finding solutions." He provides advice primarily on company law and capital markets, focusing on Danish and international contracts and represented PenSam Insurance in relation to bonds issued for placement to institutional buyers in Scandinavia.

This local leader continues to act on a sizeable share of the most coveted mandates in the market. It is clearly distinguished by both its substantial resources and its wealth of experience. The 20-strong team maintains a full-service practice and counts a plethora of leading local and international financial institutions and corporates among its clients. It is noted for its success in restructuring and insolvency, in addition to traditional banking and finance mandates. The group is regularly instructed on syndicated transactions across the region, and sources highlight that it is "as good as international firms for cross-border transactions." Key clients include Danske Bank, Nordea Bank Danmark, RBS and Barclays. Notable capital markets instructions include acting for DSV in connection with its placing of shares. Jørgen Permin heads the banking and finance department and maintains his long-standing position as a financing expert. Commentators agree that he is among the country's most experienced and specialised practitioners within this area. He recently assisted DONG Energy with updating its EUR3 billion debt issuance programme. Thomas Maaberg Hansen receives warm praise for his international experience and financing expertise, and for his prowess in the capital markets arena. Søren Valerius is an increasingly prominent player and comes highly recommended for complex financing transactions. Birgitte Schøtt Knudsen is appreciated for her specialised knowledge of derivatives. The capital markets practice is spearheaded by Jacob Bier, who is "an incredibly good lawyer – nothing will pass him by and no stone will remain unturned with him on board," say sources.  He is ably supported by the "bright and knowledgeable" Thomas Holst Laursen, who has "really proven his fantastic project management skills."

This local outfit maintains a compact but focused banking and finance practice and retains a dedicated base of domestic clients. Thomas Skjellerup is renowned for his experience working in this area. "He is completely dedicated and I have only positive things to say about him," reported a source. Morten Jensen is described by commentators as "a very personable practitioner and a genuine banking and finance expert." He is also noted for his expertise in capital markets. Clients say: "You can rest assured that he will give you thorough advice. He gets back to us very quickly with very well thought-out answers." The practice also boasts the pragmatic and energetic Jesper Schultz Larsen, whom clients appreciate for his quick and precise advice. The pair advised Össur in connection with the second listing and admission to trading of its shares on NASDAQ OMX Copenhagen. The capital markets team also serves major clients, such as Morgan Stanley and William Demant Holding.