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The comprehensive guide to the world's leading tax firms

Allen & Overy has a good practice across the board in Luxembourg and possesses a strong tax team, too. It is led by Jean Schaffner, and has three partners and 12 fee earners after losing Mathilde Ostertag to Stibbe in September 2011 and Aude Tusamba ... [more]

Allen & Overy has a good practice across the board in Luxembourg and possesses a strong tax team, too. It is led by Jean Schaffner, and has three partners and 12 fee earners after losing Mathilde Ostertag to Stibbe in September 2011 and Aude Tusamba to Linklaters in April 2012. The office is strong in M&A, private equity and finance work particularly, and counts among its clients names such as Société Générale, Hutton Collins and Westbrook Partners.

One good representative deal saw Schaffner and Marie Junius-Gaston advising the European Investment Bank on a unique type of deal related to the VAT treatment of monetising 300 million EU allowances; that is, rights to emit tons of carbon dioxide, under the NER 300 (New Entrant Reserve 300). This work entailed the initial appraisals and the individual sales, and completed finally in summer 2011.

Allen & Overy has also set up Luxembourg desks in other jurisdictions to increase its network this year, including a Latin America desk in Buenos Aires and an Asia Pacific desk in Hong Kong.

Ernst & Young has a large tax presence in Luxembourg, with a team of 25 partners and 220 other fee earners led by national director Marc Schmitz, head of financial tax Dietmar Klos and international tax head Frank Muntendam. Like others in the market, ... [more]

Ernst & Young has a large tax presence in Luxembourg, with a team of 25 partners and 220 other fee earners led by national director Marc Schmitz, head of financial tax Dietmar Klos and international tax head Frank Muntendam. Like others in the market, the firm has extended its network this year with the opening of a Luxembourg tax desk in Hong Kong.

Clients are keen on the firm, as one said: "I am very happy with the services provided. This is not just about quality; the people involved do a very good job for the client and help in due time with good support."

"Elmar Schwickerat, who gives a very client-oriented service with a very high quality and personal involvement, impressed me," commented another client.

The firm has also benefitted from a number of fee earners returning to the fold after absences for a variety of reasons.

"Ernst & Young have had people returning and have regained presence in the market," observed one peer.

The firm's indirect service line has been busy this year, including advising an American e-commerce client which is establishing its European headquarters in Luxembourg. Yannick Zeippen is still working on this transaction.

Another notable matter was the advising of a global technology group in restructuring to produce a centralised business model, work that included New York partner Jurian Wouda Kuipers.

In corporate matters, the practice has been advising a Polish group on an acquisition of a copper mining company in Canada and also worked for a large Belgian group on the €1 billion acquisition of a retail group.

KPMG is led by Georges Bock in Luxembourg, who oversees a team that saw 32 new professionals join the firm and only 13 leave this year. Philippe Neefs, the head of KPMG's transfer pricing practice, is recommended, as is Bock, who is the recipient of ... [more]

KPMG is led by Georges Bock in Luxembourg, who oversees a team that saw 32 new professionals join the firm and only 13 leave this year. Philippe Neefs, the head of KPMG's transfer pricing practice, is recommended, as is Bock, who is the recipient of praise from clients.

"Outstanding work was and is delivered by KPMG, especially by Georges Bock and Frank Stoltz. Besides the outstanding knowledge it's the personal engagement and integrity combined with creativity for successful solutions which fit into the specific needs that is good," commented one client.

Another client was also happy: "In this matter, the service was optimum and they went beyond what was contractually stated. It could not have been better. I guess it is the first time I've ever made that statement about a consultant – I am quite a critical person and want value for my money!"

KPMG has worked on some very valuable transactions over the past 12 months. Neefs completed transfer pricing analyses for Fiat Finance and Trade and Fiat Industrial Finance Europe.

James O'Neal led the Luxembourg tax planning side of a multiple-entity Luxembourg holding and finance structure. These 10 Luxembourg entities had subsidiary operations across the globe.

Loyens & Loeff is a top-drawer law firm with a good reputation in the Benelux region. Its tax team in Luxembourg is big for a law firm, with six partners, including Jean-Pierre Winandy, the recommended head of the TP group, overseeing 40 other professionals. ... [more]

Loyens & Loeff is a top-drawer law firm with a good reputation in the Benelux region. Its tax team in Luxembourg is big for a law firm, with six partners, including Jean-Pierre Winandy, the recommended head of the TP group, overseeing 40 other professionals. It has also boosted its numbers this year with almost a dozen hires from firms such as Oostvogels, Ernst & Young and PwC.

"Loyens has a large reputation, good people and they publish a lot," commented one peer, reflecting on the top tier.

The firm has practitioners covering all areas of tax, and uses the Loyens network to carry out cross-border work. It is recommended for corporate, litigation, VAT, structured finance and funds work. On VAT matters, Michael Lambion is mentioned by many in the market as a top practitioner.

ATOZ – Taxand is part of the Taxand network, and has a team in Luxembourg numbering 74, with 10 partners. Founding and managing partner Keith O'Donnell leads the practice, which specialises in high-end advisory work. Its clients include LaSalle Investment ... [more]

ATOZ – Taxand is part of the Taxand network, and has a team in Luxembourg numbering 74, with 10 partners. Founding and managing partner Keith O'Donnell leads the practice, which specialises in high-end advisory work. Its clients include LaSalle Investment Management and the Carlyle Group.

"ATOZ is a fine firm," commented one competitor.

It was for the Carlyle Group that the firm did some notable work this year. Olivier Remacle led a team that advised the group as it acquired RAC, the motoring services company, from Aviva, one of many insurers looking to dispose of non-core businesses, for £1 billion ($1.6 billion). Another partner, Jamal Afakir, was also active in the financial sector, advising Coditel and Altice on the former's €250 million debt refinancing.

Though the firm does not actively pursue litigation work it has been working on a big disputes case for a US asset manager, for whom the team is filing claims in 12 European jurisdictions.

Bonn Steichen & Partners is a new firm that came about from the dissolution of longstanding law firm Bonn Schmitt Steichen. That firm ceased operations on January 1 2012, with the partners choosing to go their separate ways. The highly respected tax ... [more]

Bonn Steichen & Partners is a new firm that came about from the dissolution of longstanding law firm Bonn Schmitt Steichen. That firm ceased operations on January 1 2012, with the partners choosing to go their separate ways. The highly respected tax practitioner Alain Steichen heads this practice, and a good number of his old tax team joined him at the new firm.

"The tax component [at the old firm] was Steichen. He generates the work, and they could be tier one," commented a partner, and another peer goes further: "Steichen was the trophy partner at that firm and most of the partners went with him."

The firm advised on a cross-border merger between Italy 1 Investments and another confidential Italian company as well as acting for Bain Capital and Advent International on the purchase of RBS World Pay from the RBS Group, a multibillion Euro transaction.

Most notably, Steichen's team also advised on Nestlé's acquisition of Pfizer's nutrition business, a deal worth $11.9 billion.

Deloitte is an active presence in the Luxembourg market, and one of those tipped as the closest to pushing through to the top tier. The team, featuring 22 partners and 350 other professionals, is led jointly by Raymond Krawczykowksi and Georges Deitz, ... [more]

Deloitte is an active presence in the Luxembourg market, and one of those tipped as the closest to pushing through to the top tier. The team, featuring 22 partners and 350 other professionals, is led jointly by Raymond Krawczykowksi and Georges Deitz, the former being the head of the private-equity practice of the firm and both being experienced corporate tax professionals.

This team is acknowledged by those in the market too, as one partner said: "Deloitte is strong on private equity."

A notable piece of work for the firm over the past 12 months or so was the Samsonite International IPO on the Hong Kong stock exchange, which included both structuring and VAT work and which Krawczykowski advised on.

Indirect and transfer pricing work have been increasingly busy areas for the firm in recent years. Christian Deglas put together a VAT compensation mechanism for Intelsat in December 2011, and in November 2011 Stephan Tilquin carried out a restructuring to comply with new transfer pricing requirements applicable to financial institutions in Luxembourg.

Disputes have also provided a handful of cases for the practice, with Deglas successfully appealing against a VAT reassessment for biotech company Creabilis in January 2012.

Baker & McKenzie is a growing force within Luxembourg. The team now has two partners: the department head Andre Pesch and Christophe Clement, who joined in 2011 from Clifford Chance. A new tax director joined in the last year.The undoubted work highlight ... [more]

Baker & McKenzie is a growing force within Luxembourg. The team now has two partners: the department head Andre Pesch and Christophe Clement, who joined in 2011 from Clifford Chance. A new tax director joined in the last year.

The undoubted work highlight saw the two partners advising an international finance institution as to the tax facets of a number of structured finance deals totalling €3 billion.

In addition to this, Pesch has also advised a food products multinational on the strategic reorganisation of its IP policy.

Bonn & Schmitt is one of the two firms formed by the dissolution of the longstanding Bonn Schmitt Steichen law firm. This side of the firm now has a small tax team of one partner, Lionel Noguera, and four associates, covering all areas of tax. There ... [more]

Bonn & Schmitt is one of the two firms formed by the dissolution of the longstanding Bonn Schmitt Steichen law firm. This side of the firm now has a small tax team of one partner, Lionel Noguera, and four associates, covering all areas of tax. There is a commitment from the firm to build its associate pool, and it will be taking on at least two new people in September 2012.

Much of Bonn & Schmitt's new work remains confidential, but there are a couple of deals that give a taste of the kind of work the firm has been doing. One was with Noguera leading a team in the restructuring of a €1.3 billion of debt issued by Pagine Gialle through Lighthouse International, a securitisation vehicle. This restructuring gave the company dual residency.

The firm has also rendered a second opinion to a German investment bank on the taxable status of a 'true sale' securitisation vehicle, and also assisted a Chinese energy company on a multibillion Euro acquisition in Europe.

Linklaters is a respected law firm within Luxembourg, though some acknowledge that the tax practice there has experienced some problems in recent times. "It's a bit of an uphill struggle at Linklaters at the moment," commented one peer, and another offers ... [more]

Linklaters is a respected law firm within Luxembourg, though some acknowledge that the tax practice there has experienced some problems in recent times.

"It's a bit of an uphill struggle at Linklaters at the moment," commented one peer, and another offers a reason for this: "Linklaters lost a lot of partners, including Tom Loesch."

Laurent Schummer, a corporate partner who came in to oversee the practice temporarily, has now been replaced by a full time tax partner, Olivier Von Ermengem. He joined the practice from the firm's Brussels office and has built up its associate pool, taking on half a dozen professionals from big names such as Allen & Overy, Loyens & Loeff, Ernst & Young and Deloitte.

Through these upheavals the firm has continued to be busy, and reported growth particularly in the funds area in the last year. One good representative deal was the team's work for AXA Real Estate Investment Management, as it set up a €1.5 billion real estate fund. Laurent Schummer led on this.

Stibbe opened its Luxembourg office in 2010, but it has already established itself in the market. The tax team, which focuses on transfer pricing and corporate work, consists of two partners and three fee earners, led by Ayzo van Eysinga. Private-equity ... [more]

Stibbe opened its Luxembourg office in 2010, but it has already established itself in the market. The tax team, which focuses on transfer pricing and corporate work, consists of two partners and three fee earners, led by Ayzo van Eysinga. Private-equity clients, such as Oaktree Capital Management, have provided Stibbe with a stream of work this year. Oaktree manages around $82.4 billion worth of assets, and van Eysinga and Dirk Leermakers have advised them on, for example, the £130 million acquisition of an English shopping centre, the €600 million acquisition, refinancing and restructuring of the Italian Panrico group and the €700 million purchase and restructuring of the Fitness First group.

The same two partners also advised Barnes & Noble on the Luxembourg tax structuring of the launch of its Nook e-reader, as well as the tax issues of book sales for the device across Europe.