PFI/PPP: France

THE FIRM This firm maintains its outstanding reputation for PPP/PFI work. It is impressively visible on the high end of the market, and is especially well known for representing public authorities. One of the group's main draws is its superb capacity both on the public law and on the finance side. Recent mandates include advising the Ministry of Transport on the Perpignan–Figueras high-speed rail link concession, and acting for the European Investment Bank on the financing of the direct express railway link between Paris and Charles de Gaulle airport.

Sources say: “One of the most amazing firms in this area.” “It has remarkable expertise in PPP and the capacity to mobilise specialists in a wide range of other areas.”

KEY INDIVIDUALS On the finance side, Daniel Zerbib maintains his outstanding reputation. “He has a strong and deep understanding of the public sector and public contracts in France, and provides solutions, not just advice,” enthuse clients. 

Public law partner David Préat is “an enormously capable lawyer and a tough opponent,” acknowledge sources. “He has real vision when it comes to PPP in France, and is particularly imaginative and pertinent in the critical phases,” clients affirm.

Sources highlight "very impressive and ambitious" young counsel Benjamin de Blegiers as an increasingly visible member of the team. He focuses predominantly on the finance aspects of PPP, often working with Daniel Zerbib.

On the public law side, counsel Olivier Belondrade provides "an incredible level of availability and involvement, and faultless work," enthuse clients. Peers also recognise him as a well-respected name in the PPP/PFI field.

THE FIRM This magic circle firm enjoys a market-leading position in the PPP/PFI field. The group offers strong public law and finance expertise, and focuses on large PPP deals. Amongst recent mandates, it represented Réseau Ferré de France in the PPP concerning the high-speed rail line between Tours and Bordeaux.

KEY INDIVIDUALS Finance partner Bertrand Andriani continues to receive rave reviews on all sides. Peers concede that “everyone knows him and respects him a lot. He is a wonderful lawyer who has been in practice for many years and knows everything.” Clients point to his “natural authority – everyone listens to him. He is technically excellent, understands what the client wants, and is fair – he finds a balance between protecting his client and not upsetting the other party.”

Paul Lignières is "an extremely well-respected public lawyer who brings a lot of expertise to the team." He co-heads the firm's global infrastructure and construction group.

THE FIRM Sources agree that this international team merits a top-tier ranking, thanks to its stellar recent performance in some of the most high-profile PPPs in France. The team is best known for representing lenders, but also boasts strong public law and finance capabilities. It had a major role as lead adviser to the lenders on the Tours to Bordeaux high-speed rail line, and represented the commercial lenders and the European Investment Bank in the financing of the A63 motorway between Salles and Saint-Geours-de-Maremne.

Sources say: "Impressively visible on some vast deals of late."

KEY INDIVIDUALS Finance partner Paule Biensan is renowned for representing lenders in infrastructure transactions, both in France and in Africa. She recently advised the lenders on the Tours to Bordeaux high-speed railway project.

Sources admire leading public lawyer Jacques Bouillon for his expertise in all the non-finance aspects of PPP, including concession and construction agreements.

THE FIRM This formidable practice is especially active in the areas of transport and social infrastructure. It focuses on advising sponsors, but also represents a number of lenders. Recent instructions include advising a consortium led by Autrostrade per l'Italia on the project for the design, construction, financing, operation and maintenance of the Eco-Tax system, and assisting Mairie de Paris with the award of its major PPP and concession projects over the next four years.

Sources say: “One of the most experienced teams in terms of public law and financing linked to PPP. It provides excellent quality advice and is extremely available.” 

KEY INDIVIDUALS Leading the public law side, widely celebrated partner Thierry Laloum has been very active recently and, according to clients, "has been on so many transactions and projects that he has an excellent overview of all the problems and implications surrounding a deal. When he speaks to public sector entities it is clear to us that they trust him.”

Well-known and respected Amir Jahanguiri is a key member of the team. His areas of expertise include the financing of energy and infrastructure projects, and the financing of highly regulated projects.

Younger but increasingly prominent public lawyer Vincent Brenot has particular expertise in environment law issues.

THE FIRM The highly regarded PPP/PFI practice at this magic circle firm recently lost certain key team members to Orrick Rambaud Martel, and it remains to be seen what the impact of these departures will be. The group still benefits from strong finance and public law resources, and has established itself as a major player in the field through its impressive level of activity on major projects in recent years. The team advised the consortium led by VINCI Concessions on the EUR7.8 billion SEA high-speed line concession.

Sources say: "Consistently very active."

KEY INDIVIDUALS Highly praised senior associate Romaric Lazerges leads all the PPP matters on the public law side. His recent highlights include representing Voies Navigables de France in the Canal Seine-Nord PPP.

THE FIRM Remarkable market feedback and a formidable recent deal list see this team continue its rise up the rankings. Sources comment upon its strength on both the public law and finance front. As well as advising sponsors and lenders, the group handles a sizeable number of PPPs on the side of public entities. Major recent highlights include advising the lenders on the Ministry of Defence project, and representing VINCI Concessions in the PPP for a new stadium in Nice.

Sources say: "Extremely active on some major projects." "Excellent on both the public law and the finance side."

KEY INDIVIDUALS Sources identify public law expert Marc Fornacciari as a prestigious and highly active figure in the PPP field. Clients particularly appreciate his previous experience working in-house, stating that "he has excellent understanding of industry."

Leading the finance side of the practice, Jean-Marc Allix has established a robust reputation in the market. Clients applaud his in-depth knowledge of the finance aspects of PPP and his clear, uncomplicated approach.

THE FIRM The PPP/PFI team at this major French firm receives particular mention for its strong public law expertise, and predominantly represents sponsors rather than lenders. It acted for the sponsors on the bid process and contract negotiation for the A63 motorway between Salles and Saint-Geours-de-Maremne.

Sources say: "It delivers a high-level service."

KEY INDIVIDUALS Clients are extremely happy with Thomas Courtel, the standout name for PPP at the firm, and peers also hold him in high regard. He focuses on the public law aspects of deals and predominantly represents sponsors.

THE FIRM This well-established player in the PPP/PFI area represents a balance of sponsors, lenders, and public entities in a wide range of projects, including major hospitals, universities, schools, roads, trains, and airports. Recent deal highlights include advising Eiffage Concessions on the PPP to build the high-speed link between Brittany and Pays de la Loire.

KEY INDIVIDUALS Peers hold leading PPP partner Philippe Mallea in high regard, highlighting his prowess at representing sponsors and public authorities. He wins praise for his impressive level of activity, strong negotiation skills, and useful contacts with the public authorities.

Since publication, Philippe Mallea has left this practice.

THE FIRM Clients enthuse about this relatively young but increasingly successful PPP/PFI team, and peers recognise it as an impressive new contender in the market. The team benefits from the firm's long-standing strength in banking and real estate and it recently advised the European Investment Bank on the EUR800 million financing of the A63 concession.

Sources say: "It finds the details that the other side would prefer that it did not find." "Increasingly present in the market."

KEY INDIVIDUALS Peers and clients are united in their praise for partner Jean-Renaud Cazali, who leads the financing aspects of PPP. According to interviewees, "he is extremely available, pragmatic and helpful," and his impressive performance on recent deals has reportedly made him much in demand.  

THE FIRM This well-established PPP/PFI group focuses on representing public entities, and market sources continue to hold it in particularly high esteem for this activity. The team also acts for some sponsors and lenders. It is involved in a wide range of PPP, including railways, roads, hospitals, schools, university buildings, prisons, ports, airports, defence, telecoms and energy, amongst others.

Sources say: "I was very happy dealing with these lawyers. They found accurate and clear solutions."

KEY INDIVIDUALS Public law expert Ludovic Babin is one of the team's standout names, and enjoys a long-established reputation in the PPP field.  

Clients note that highly skilled public lawyer Bruno Cantier is "able to find unusual solutions and helpful compromise between all parties."

THE FIRM This firm is an increasingly prominent name in the PPP/PFI field, and has maintained a high level of activity on a variety of projects. It is particularly well regarded for its public law capacity. Amongst recent instructions, the group advised Réseau Ferré de France on the PPP relating to the construction of a portion of the TGV railway tracks from Paris to Brittany and Pays de la Loire.

Sources say: "Highly knowledgeable and constructive, it makes deals happen."

KEY INDIVIDUALS Peers applaud public law partner Philippe Delelis for his key role in building up this successful PPP practice, stating that "he's extremely good, with excellent knowledge and experience." Clients declare themselves to be highly satisfied with his advice, saying he is "an authority for public law."

Sources praise counsel Nicolas Brice for his high-quality client service and increasing visibility on the public sector side of PPP. "You can phone him any time of the day or night, and he is very clear, commercial and good at structuring projects," say clients.

THE FIRM Sources acknowledge that this PPP/PFI team is making impressive progress and has been increasing its share of the market. In addition, it recently won high-profile lawyers from Allen & Overy. The group advised the consortium led by Bouygues on the PPP for the construction of the new Ministry of Defence site known as the French Pentagon, and also acted for Bouygues on a number of stadium PPPs.

Sources say: "This team has successfully become an important player for PPP."

KEY INDIVIDUALS Highly respected public lawyer Noël Chahid-Nouraï recently joined the team from Allen & Overy, bringing with him long experience and a formidable reputation in the PPP area.

Yves Lepage has many years' experience in PPP and other domestic and international projects, and leads the firm's energy and infrastructure team in Europe. His recent highlights include advising first-rank banks on the financing of a 30-year PPP contract relating to the conception, construction, maintenance and management of 63 Highway Maintenance Agencies.

Counsel Jean-Luc Champy joined the group from Allen & Overy, where he established himself as a well-recognised player on the PPP scene, on the public law side.