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Law firm alliances are widespread, but it can be difficult to judge how good a network is for specialized financial advice. IFLR has analyzed the research used for the latest edition of its corporate finance law directory, the IFLR1000, to reveal the top networks for financial law advice. By Nigel Savage

The Capital Markets Board (CMB) communiqué on principles regarding proxy voting at the general assembly of shareholders meetings of publicly held joint stock corporations, proxy solicitation, and tender offers is the main piece of legislation regulating the obligation to launch a tender offer when one party or parties acting together, directly or indirectly, acquires 25% or more of the share capital and voting rights or control of a publicly held joint stock corporation.

On September 29 2005, the Serbian parliament adopted the new law on voluntary pension funds. The law is the legal basis for the establishment and operation of voluntary pension funds and their management companies, which are being introduced in Serbia for the first time. The law also governs so-called retirement savings plans, defined as contracts for the benefit of pension fund participants, entered into between employers or their associations on the one hand, and management companies on the other. To allow enough time for the existing pension funds to bring their operations in line with the new law, and to allow regulators to adopt the necessary implementing bylaws, the new law is scheduled to enter force on April 1 2006.

Stephen Christopher, Mallesons Freshfields Bruckhaus Deringer and Mallesons Stephen Jaques advised on the HK$9 billion syndicated financing of Hutchison Telecommunications International. Stephen Christopher led the Mallesons team acting for the group of 13 mandated lead arrangers, which included ABN Amro as documentation bank and Standard Chartered Bank as facility agent and security trustee. Freshfields was counsel to the borrower.

Andrews Kurth and Vinson & Elkins helped Basic Energy Services float on the New York Stock Exchange (NYSE). Andrews Kurth advised the company, which provides services and equipment to oil and gas well sites across the southern and western US states, on the $250 million initial public offering (IPO). Vinson & Elkins acted for the lead underwriters Credit Suisse First Boston and Goldman Sachs.

Linklaters and Freshfields Bruckhaus Deringer advised on the first issue of bonds with warrants by a European issuer since 2001. The €500 million issue of fixed-rate step-up notes with warrants by Espírito Santo Financial Group (ESFG) is one of the largest non-mandatory convertible (equity-linked) deals of 2005. It is also the first Luxembourg listing of notes with warrants since the implementation of the Prospectus Directive. Linklaters, led by London partner Keith Thompson, advised manager Lehman Brothers. Freshfields acted for ESFG.

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