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By Carlos Enrech of Monereo, Meyer & Marinel-lo Abogados

Arthur Cox

Short-listed firms Allen & Overy Clifford Chance Freshfields Bruckhaus Deringer Lovells Norton Rose Shearman & Sterling In a disappointing year for project finance globally, with deal volume down 45% from 2001 levels, Europe provided a few bright spots with 32 deals totalling $7.3 billion.

Short-listed firms Allen & Overy Cadwalader, Wickersham & Taft Clifford Chance Linklaters Slaughter and May Travers Smith Braithwaite Skadden, Arps, Slate, Meagher & Flom Unlike some of the other areas covered by IFLR's annual awards, 2002 was a boom year for insolvency and restructuring practitioners and one of the most difficult areas in which to pick a winner.

Short-listed firms Allen & Overy Freshfields Bruckhaus Deringer Slaughter and May Sullivan & Cromwell Allen & Overy worked on many key European deals in 2002, most notably advising Imperial Tobacco on its €5.8 billion ($6.3 billion) acquisition of Reemtsma, a complex multi-office transaction that was further complicated by a prolonged antitrust examination by the European Commission. The firm also advised on the sale by Edison of its 53.66% stake in Provimi (one of the 10 largest leveraged buyouts in France in 2002) and of its 54.69% stake in Cereol. Both deals involved multiple jurisdictions, complex pricing structures and (in the latter case) the inclusion of specific non-competition indemnity provisions.

Short-listed firms Allen & Overy Freshfields Bruckhaus Deringer Davis Polk & Wardwell Linklaters Shearman & Sterling Sullivan & Cromwell Cleary, Gottlieb, Steen & Hamilton Allen & Overy extended tier I debt into yet more jurisdictions in 2002. The firm has now closed 12 tier I firsts in the past few years. Involvement with the BAA auction process also showed the firm is at the cutting edge of innovation on other types of debt capital markets deals. Highlights during 2002 included the Alpha Bank deal, the first Greek tier I issue and a particularly difficult deal involving the expansion of Greek banking supervisions, and Landesbank of Schleswig-Holstein, the first tier I issue for a German Landesbank.

Short-listed firms Cleary, Gottlieb, Steen & Hamilton Davis Polk & Wardwell Freshfields Bruckhaus Deringer Linklaters Last year was a bad year for initial public offerings and an especially bad year for initial public offerings that were anything but ordinary. But Cleary, Gottlieb, Steen & Hamilton helped push through two deals in emerging markets that stood out. The $238 million initial public offering of Wimm-Bill-Dann was a landmark deal for Russia and the $132 million privatization of Jordan Telecom was a tricky deal in a tough market. The firm also advised on the €636 million Alstom rights offering.

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