April Edition 2024 2024 IsraelDesks Presented by In Partnership with
Whichever way you slice and dice it, these are challenging times in Israel but out of adversity there is a great deal of hope, solidarity and innovation. One such country where this recently proved evident was Germany, Israel’s strongest trade partner in the EU. “There is a lot of compatibility between this big German economy and Israel’s innovation,” affirmed Ron Prosor, Israeli ambassador to Germany at the “Restart IL Economy” conference in Berlin on February 29th. In this latest edition of Israel Desks magazine, we wanted to explore the current state of play in the economic relationship between the two countries and speak to those luminaries from the legal sector who play an integral role in such crossborder deals. Experts from Herzog and ERM, as well as the German offices at Bird & Bird and FPS are among those who share their insights. In our other main feature, we examine trends with Israeli law firm EBN and the impact on Private Client work after a report by Knight Frank reported that worldwide Ultra High Net Worth Individuals’ wealth fell by 10% on average last year. Also in this bumper edition, among other articles, we are pleased to bring you the 6th Israel Desks League Tables, showcasing those magic circle firms, global powerhouses, large corporate law firms and specialist boutiques who are most active in Israel-related deals. The number of Israel Desks continues to rise – already up 20% to 160 law firms, when compared with five years ago – and in spite of the immense challenges, there are encouraging signs of economic solidarity with many countries, funds being raised, transactions being completed, and joint ventures being formed. Out of adversity comes strength and hopefully a better tomorrow for all. Follow us and if you wish to know more and contribute to our bi-monthly IsraelDesks magazine, reach out. We always love to hear from you. Lee Saunders Editor IsraelDesks
Recent Market Trends » ERM | Will Mergers and Acquisitions Make a Comeback in 2024? Trends and Outlook for Israel and the Saving Grace of the High-Tech Nation................................................................................................... 52 » The Luzzatto Group | A brief guide to AI and copyright................................ 56 » Erdinast, Ben Nathan, Toledano | Navigating Current Dynamics in the Private Client Sector in Israel............................................................................ 64 » Taylor Wessing | Securing external financing from business angels and VC investors – Tips and tricks for your financing round..................... 68 Legally Israel 100 IsraelDesks League Tables » League Tables......................................................................................................... 12 » Individual Rankings................................................................................................ 28 » Editorial................................................................................................................... 34 Jurisdiction in the Spotlight » Germany: Israel’s most important economic partner in the European Union...................................................................................................... 04 Table of Contents 12 04 50
4 Jurisdiction in the Spotlight Germany
5 Germany: Israel’s most important economic partner in the European Union Current dynamics between Germany and Israel “There is a lot of compatibility between this big German economy and Israel’s innovation,” affirmed Ron Prosor, Israeli ambassador to Germany at the “Restart IL Economy” conference in Berlin on February 29th. Bringing together major Israeli tech companies and luminaries with German-based investors, the conference showcased some of Israel’s best innovations and revealed close solidarity following the Hamas attack on Israel in October 2023 and the war that followed. The conference also launched an initiative called “Next October,” the brainchild of Israeli businessman and politician Izhar Shay, who lost his son Yaron on the first day of the war. The initiative plans to help found 1,400 new innovative start-ups for every human life lost in Israel on October 7th and continue Israel’s tradition of producing great companies, products and services. In this latest edition of Israel Desks magazine, we wanted to explore the current state of play in the economic relationship between the two countries and speak to those luminaries from the legal sector who play an integral role in such cross-border deals. “Germany is proud to be Israel’s most important economic partner in the European Union,” said Dr. Volker Wissing, MP, Federal Minister for Digital and Transport, at the Restart IL conference. “If you want to launch a start-up, you go to Tel Aviv or Berlin, that’s no longer a secret known to industry insiders. Both cities are diverse and laid back and creative and innovative and cutting edge and share an entrepreneurial sprit,” he added. Our trade relations bear witness to the strengths and potential of the two national economies. We see countless opportunities for cooperation between German and Israeli businesses, especially in the technology, renewable and infrastructure sector.” Berlin is a safe harbor for Israeli companies. Berlin is a bridge between east
6 and western Europe, providing an optimal platform for scaling up in the European market. Germany has a lot of technology hubs but Berlin clearly stands out as a melting pot, being very liberal and arty but it is maturing into an economy and a hub where these ingredients are key in fueling this. This is something also learned from the Israeli scene. Furthermore, an area where Germany is a leader is in the area of ‘hidden champions.’ More than 1,500 companies are considered hidden champions - companies off the radar but leaders in their field. Close partnerships between Israeli investors and these companies could take them to the next level globally. With more start-ups per capita than any other country, Israel has seen more than 2,000 startups, 3,000 SMEs and high-tech cos, 30 high-growth enterprises, 50 large -tech companies, and 300 R&D centers founded in the last 10 years, with hundreds of start-ups founded annually by brilliant founders. Israel has a very strong high-tech ecosystem with robust pillars: extremely strong entrepreneurs; academia; the army; government support; multinationals; and incubators - and this ecosystem feeds into itself. Hanan Haviv, head of High-Tech and Corporate partner at Herzog, who was a speaker at the Restart IL conference, points out: “While there is a lot of trade activity between Israel and Germany, over the years German investment activity in Israeli technology start-ups hasn’t reflected the prominence of the German economy. However, I see a lot of potential for cooperation between German companies and Israeli technology start-ups. “Old economy” German companies are looking to gain access to innovative technology, which is ample in Israel.” Also, Germany needs to spend resources and increase expenditure on its digital transformation, finding alternative energy solutions to mitigate the energy crisis following the war in Ukraine, and on defense solutions. These are needs that Israeli technology companies can meet over the next few years, thereby tightening ties between the tech communities of the two countries, which may lead to increases in investment and M&A activity.” The typical sectors attracting interest are software and semiconductors, needed by all advanced companies. There are other sectors with companies addressing urgent priorities in healthcare and all its associated fields, the recently more pressing needs surrounding defense, as well as climate change, foodtech and sustainability. In fact, for Israeli investors and companies, one of the big attractions of Germany - where the country is a leader - is indeed renewable energy.
7 “Israel and Germany have strong economic ties, especially in the high-tech sector. While the war has caused some German investors to view Israel with greater restraint, we expect that investments in Israel, especially in the hightech sector, will stabilize quickly,” said partner Dr. Nina Cohen, head of the Israel Desk at FPS, a leading independent commercial law firms in Germany. Ron Abelski, partner and head of the German desk at Israel law firm, Epstein Rosenblum Maoz (“ERM”) agrees: “In the initial weeks following October 7th, German investors, like their foreign counterparts, exercised caution regarding ongoing transactions in Israel. “We received ‘pens down’ instructions on two deals we were actively pursuing prior to the onset of the conflict. However, amidst this temporary pause in commercial activities, what stood out was the unwavering bond between German investors and the Israeli entrepreneurs they partnered with. Despite the challenges, collaboration persisted, with solidarity despite uncertainty. Witnessing the continued support from German investors during such tumultuous times was truly inspiring. Moreover, these trying circumstances fostered stronger ties and a deeper understanding between investors and entrepreneurs. Entrepreneurs being called up for reserve duty underscored the unique challenges faced by Israeli businesses, further strengthening the bond between partners. Now, we are observing a gradual return to “business as usual” and German companies continue to display keen interest in Israeli technologies. Particularly amid funding shortages, the market presents opportunities for investment and potential acquisitions at more favorable valuations than previously seen.” Andrea Schlote, Munich-based Counsel in the Venture Capital team at Bird & Bird agrees: “One might think that investors are unsettled by the war and that investment is declining as a result. However, experts assume that there will be no change in the long term, especially with the largest investors, such as SAP, VW and Siemens. We expect German companies to invest primarily in high-tech, cybersecurity and defence tech start-ups which would be related to the tax breaks that will apply to 2026. The tax concessions are granted if it is proven that the company is research and Unwavering bond and a gradual return to business as usual
8 The optimism is felt too in Germany Transactions well under way development intensive within the meaning of Israeli legislation. However, foodtech, agro-tech and e-health are also a big part of Israel’s innovation ecosystem, which is why investments from German investors will surely also be made in this sectors.” “There are several start-up hubs which have been established to bring together German and Israeli institutions,” adds Dr. Nina Cohen of FPS. She continues: “One recent example is the innovation hub created by the German Israeli Business Association. The Israeli Trade Missions, the German Israeli Chamber of Commerce, organizations like ELNET and many more are also very active in bringing Israeli and German know how together. As a law firm we support our German clients getting access to Israeli innovation and Israeli start-ups in expanding their presence in Germany. While the objectives of the innovation hubs vary, generally they are focused on bringing Israeli innovation together with industry-leading German family owned or mid-market companies (the “Mittelstand”). The German companies benefit from Israeli innovation and cutting-edge technologies. In return, Israeli start-ups receive a foothold in the German market and easy access to the broader European market.” “Successful joint innovation has been achieved in areas as diverse as urban development, mobility, infrastructure, IT, data protection and food tech. Based on the success we have observed to-date, we expect continued growth in the number and size of joint hubs.” In December 2023, Israel announced a cooperation agreement for 2024 with Germany to promote energy and cyber projects. Signed during the COP28 conference in Dubai, the pact highlighted joint efforts to advance energy efficiency, security, and renewable infrastructure expansion, with particular emphasis on electric vehicles and hydrogen technology. The cybersecurity aspect of the agreement involved knowledge sharing and collaborative efforts in establishing a joint situation room, marking a concerted effort to strengthen
9 bilateral cooperation in critical sectors for both nations. With a transition from industry to technology taking place in Germany, companies are also looking for opportunities in Israel, especially in AI, Quantum Computing, SaaS, and all advanced technology sectors that are relevant for the German market. “We represent nearly half of the DAX-30 companies in Israel, with many of them managing innovation hubs or corporate venture capital arms that actively operate within the country,” states ERM’s Abelski. “These CVCs and innovation hubs as well as Mittelstand-companies, show particular interest in the areas of cybersecurity, mobility, and artificial intelligence.” “These are hot areas generally, and while Israeli tech has excelled in these in recent years, the interest does not necessarily deviate from the general current attitude towards tech investments. However, there are specific areas that are more indicative of the special nature of the Israeli tech market in the eyes of German investors. Israeli healthtech is such a key area of activity and cleantech/sustainable energy solutions are gaining ever-greater prominence as interests for investments. German investors closely monitor trends and have also taken a particular interest in Industry 4.0.” In the last few years, there have been multiple deals signed across a range of sectors, as Germany and Israel have forged significant partnerships across defense, pharmaceuticals, energy, and cybersecurity. By the end of 2021, Germany’s Schwartz Group had already bought Israeli cyber company, XM Cyber. In June 2023, the medical device sector saw LTS LOHMANN TherapieSysteme AG acquire Sorrel, an Israeli wearable injection device business, as part of its strategic expansion into innovative drug delivery systems. Before the current war, in September 2023, Germany embarked on its largest military export deal with Israel, approving a €560 million procurement of the Arrow-3 air defense system, sealing a commitment totaling €4 billion. Schlote at Bird & Bird, who focuses on German and international VC and venture lending transactions, highlighted a key trend. “There have been notable investments into Israel from investors with a German HQ. For example, Aurora Labs secured USD63 million through a Series C financing round in part from Porsche Automobil Holding SE. Aurora Labs’ AI-based Vehicle Software Intelligence has reinvented how automotive companies, Tier-1 suppliers, silicon vendors and enterprises develop, certify and diagnose software, and conduct over-the-air updates. Ctrl, a London, UK and Tel Aviv based provider of a workspace that allows revenue teams to charge their CRM and customer workflows with automation, AI tools and integrations, raised USD9M in funding from investors, including Earlybird Venture Capital GmbH & Co KG.
10 Trigo, an Israel-based computer vision company building the infrastructure for autonomous retail stores and retail analytics raised USD100 million in an equity financing round in October 2022, from investors including REWE Group. The investment was to scale deployment of autonomous urban supermarkets across Europe and the U.S., enter new geographies, and develop its comprehensive store and inventory management software application suite, StoreOS™. In August 2022, Groundwork BioAg, a leading producer of mycorrhizal inoculants with broad benefits for mainstream agriculture, has completed, with an investment by BASF Venture Capital GmbH among others, an USD18 million Series B raise. In April 2022, vHive, an Israeli developer of a cloudbased software that allow organizations to operate autonomous drone fleets, secured USD25 million in Series A funding round. The financing was led by PSG equity LLC. Octopus Ventures and Telekom Innovation Pool (TIP), Deutsche Telekom’s strategic investment fund, also participated in the round.” While the deals will continue to flow, the cultures are a harmonious blend. ERM’s Abelski adds: “As someone who was born and raised in Germany but has called Israel home for the past 26 years, I may be biased, yet I earnestly believe in the remarkable synergies shared by Israeli and German companies and entrepreneurs.” Abelski adds: “Quoting a long-standing friend and former CEO of the IsraeliGerman Chamber of Trade and Commerce, Grisha Alroi-Arloser: ‘Israelis can teach Germans how to fly, while Germans can teach Israelis how to land.’ This statement concisely encapsulates the harmonious blend of both cultures. Whilst Germans are renowned for their meticulous organization, long-term thinking, and conservative approach, Israelis exemplify agility, improvisation, and outside the box thinking, often without even acknowledging the existence of a box. These cultural and interpersonal disparities boost technology companies to the next level. The bond is also amplified by many German investments in Israel being strategic. As such, there is a confluence of interests. German strategic investors tend to be more engaged in the companies they invest in, as they have more relevant knowledge, and bring vital expertise to the table. The nature of the relationship “Israelis can teach Germans how to fly, while Germans can teach Israelis how to land.”
11 becomes a two-way street, proving beneficial both to the investors and to the entrepreneurs, as technology, knowledge, and interests align.” While acknowledging generalizations, Dr. Thomas Schnülle-Weingart, associate partner at FPS, adds: “From our experience, the biggest difference between Israeli and German investment culture is risk appetite. Germans tend to be risk averse and seek certainty in their investments. In turn they are often more comfortable accepting more modest returns. Israelis are far more accepting of risk and in turn tend to seek deals with higher return potential.” “Understanding this difference is essential to tailoring deals and communicating opportunities across cultures. Risk appetite also appears in approaches to development and new projects. Israelis are more willing to take risks and simply try new ideas. Failure is not seen as negatively by Israelis. Germans, tend to invest a lot of thought and effort to ensure their developments are successful. While these two approaches may seem diametrically opposed, when properly brought together they are quite complementary. As always, open communication is key.” Abelski of ERM agrees: “The most prominent cultural distinction between Germany and Israel lies in communication style. In Germany, a ‘yes’ is unequivocal, and a ‘no’ is absolute, whereas in Israel a ‘yes’ may turn into a no, while a ‘no’ is rarely a definitive no. This requires understanding both cultures and being able to bridge between them.” As such, any transactional lawyer dealing with German-Israeli transactions must understand German expectations and Israeli deliverables, and vice versa. Furthermore, despite similarities between Israeli and German contracts law (as the Israeli one took inspiration from the German) there still exist notable differences in the legal frameworks of both countries, encompassing nuances in legal due diligence processes and SPAs, as the corporate ecosystem is vastly different between the two countries. Adept legal representation is crucial to significantly streamlining the deal-closing process, turning it into a smoother endeavor.” With such commercial, economic and cultural synergies in place, we look in awe and admiration at the Next October initiative launched. By this coming October, these partnerships may well have brought even more technological innovation to the global stage. There are differences to pay attention to
12 League Tables
13 Israel Practice 617 22 Israel Capabilities Lawyers Affiliated with Israel Practices Law firms with presence on the ground Join IsraelDesks group on LinkedIn to expand your network Israel Practice firms HQ US UK Other 10% 70% 20% 2023 100 60
14 A Word from Israel Desks: Overview We are pleased to bring you the 6th Israel Desks League Tables, showcasing international law firms that are major destinations for Israeli clients, and are a hub of valuable experience in Israel-related deals. Today, there are approximately 160 law firms with an Israel Desk, a striking 20% increase from the number of firms back in 2019. While 2023 was undoubtedly plagued with challenges from judicial reforms and the subsequent protests to the start of a war, the Israeli traits of resilience, innovation, and boldness have shone brightly in the commercial and legal sphere, as much as elsewhere. Already in 2024, there are encouraging signs of economic solidarity with many countries, funds being raised, transactions being completed, and joint ventures being formed. This strength out of adversity is underlined by the data showcased in the latest Israel Desks rankings. With ranked law firms ranging from magic circle firms and global powerhouses to smaller boutiques and new entrants, we have over 50 lawyers who shine across 11 practice areas and industry sectors, a testament to the amount of work carried out by international law firms involved in Israel-related matters. As a regular fixture in the rankings, we continue to have both Value and Volume tables for M&A and Capital Markets to reflect those law firms that handle a large volume of general corporate and capital markets work, as well as those who are involved in high-value transactions and offerings. Law firms are ranked in order of volume or value but our “Elite” ranking spotlights those who particularly stood out with the largest number of matters and those with the highest value matters in what remains a competitive and vibrant market. We reviewed the firms’ submissions, collected feedback and votes from the most prominent lawyers in Israel, and looked at various factors, such as on-the-ground representatives, relationships with domestic firms, and, where possible, visits to Israel. This allowed us to identify those Leading, Prominent, Recognized, and Notable practitioners abroad, who take a proactive, instrumental, and hands-on role with respect to Israel. Furthermore, with such a huge raft of lawyers involved, those lawyers referenced in the editorial are recommended in Israel Desks rankings. Congratulations to all!
15 1 DLA Piper 24 2 Freshfields Bruckhaus Deringer 22 3 Greenberg Traurig 15 4 White & Case 13 5 Latham & Watkins 10 6 Bryan Cave Leighton Paisner 7 6 Goodwin 7 7 Clifford Chance 6 8 Bird & Bird 5 8 Sullivan & Worcester LLP 5 9 Baker & McKenzie 4 9 CMS 4 10 Royer Cooper Cohen Braunfeld LLC 3 10 Squire Patton Boggs 3 11 Allen & Overy 2 11 Davis Polk 2 11 Gowling WLG 2 11 Skadden 2 12 Cleary Gottlieb 1 12 Wiggin and Dana 1 M&A Volume Elite Position Law Firm Volume
16 1 Freshfields Bruckhaus Deringer 17,110 22 2 Latham & Watkins 10,100 10 3 DLA Piper 3,702 24 4 Cleary Gottlieb 3,600 1 5 Greenberg Traurig 2,758 15 6 White & Case 2,551 13 7 Baker & McKenzie 2,226 4 8 Sullivan & Worcester LLP 1,103 5 9 Davis Polk 680 2 10 Clifford Chance 460 6 11 Skadden 348 2 12 Royer Cooper Cohen Braunfeld LLC 280 3 M&A Value Position Law Firm Value ($M) Volume Elite
17 1 Sullivan & Worcester LLP 36 2 Greenberg Traurig 34 3 Freshfields Bruckhaus Deringer 13 4 Latham & Watkins 8 5 Chapman and Cutler 7 6 White & Case 6 7 Bryan Cave Leighton Paisner 5 8 Allen & Overy 4 8 Carter Ledyard & Milburn 4 8 Davis Polk 4 8 Skadden 4 9 Baker & McKenzie 3 9 Clifford Chance 3 10 DLA Piper 2 10 Taylor Wessing 2 11 Cleary Gottlieb 1 11 Goodwin 1 11 Gowling WLG 1 Capital Markets Volume Position Law Firm Volume Elite
18 1 Freshfields Bruckhaus Deringer 7,768 13 2 Baker & McKenzie 4,800 3 3 White & Case 3,525 6 4 Latham & Watkins 2,533 8 5 Skadden 1,947 4 6 Davis Polk 1,544 4 7 Sullivan & Worcester LLP 1,364 36 8 Allen & Overy 909 4 Capital Markets Value Elite Position Volume Law Firm Value ($M)
19 1 DLA Piper 23 2 Charles Russell Speechlys 12 3 Herrick 7 3 Taylor Wessing 7 4 Asserson 6 4 Bryan Cave Leighton Paisner 6 5 Fox Rothschild 5 6 CMS 4 6 Freshfields Bruckhaus Deringer 4 6 Wiggin and Dana 4 7 Bird & Bird 1 Private Clients and Tax Elite Position Law Firm Volume
20 1 Greenberg Traurig 214 2 DLA Piper 194 3 Asserson 62 4 Bryan Cave Leighton Paisner 25 5 Squire Patton Boggs 19 6 Taylor Wessing 12 7 CMS 11 8 Bird & Bird 6 9 Fox Rothschild 5 10 Carter Ledyard & Milburn 1 10 Pillsbury 1 10 Wiggin and Dana 1 Employment Position Law Firm Volume Elite
21 1 Asserson 42 2 Freshfields Bruckhaus Deringer 35 3 Greenberg Traurig 24 4 DLA Piper 20 5 Bryan Cave Leighton Paisner 15 5 Zeichner Ellman & Krause 15 6 DAC Beachcroft 12 7 Taylor Wessing 11 8 Fox Rothschild 9 9 Pillsbury 8 10 Clifford Chance 6 11 CMS 4 12 Herrick 3 13 Allen & Overy 1 14 Ashurst 1 14 Carter Ledyard & Milburn 1 14 Dechert 1 14 Gowling WLG 1 Litigation and Arbitration Position Law Firm Volume Elite
22 1 Greenberg Traurig 11 2 Bird & Bird 10 2 DLA Piper 10 2 Freshfields Bruckhaus Deringer 10 3 Pillsbury 9 4 Charles Russell Speechlys 5 4 Fox Rothschild 5 5 Bryan Cave Leighton Paisner 4 5 CMS 4 5 Taylor Wessing 4 6 Clifford Chance 3 7 Gowling WLG 2 8 Goodwin 1 8 Wiggin and Dana 1 IP Position Law Firm Volume Elite
23 1 Greenberg Traurig 19 2 DLA Piper 16 3 Pillsbury 12 4 Bird & Bird 8 4 Wiggin and Dana 8 5 Taylor Wessing 7 6 Bryan Cave Leighton Paisner 4 6 Fox Rothschild 4 7 CMS 3 8 Carter Ledyard & Milburn 2 8 Freshfields Bruckhaus Deringer 2 Patents and Trademarks Position Law Firm Volume Elite
24 1 DLA Piper 180 2 Greenberg Traurig 170 3 Bird & Bird 63 4 Goodwin 50 5 Sullivan & Worcester LLP 46 6 Bryan Cave Leighton Paisner 44 7 Pillsbury 31 8 Freshfields Bruckhaus Deringer 28 9 Taylor Wessing 27 10 CMS 18 11 Fox Rothschild 15 12 Squire Patton Boggs 14 12 Zeichner Ellman & Krause 14 13 Wiggin and Dana 13 14 Ashurst 7 15 Chapman and Cutler 3 16 Clifford Chance 2 Hi-Tech Position Law Firm Volume Elite
25 1 DLA Piper 65 2 Freshfields Bruckhaus Deringer 26 3 Baker & Mckenzie 18 4 Dechert 13 5 Clifford Chance 12 6 Zeichner Ellman & Krause 11 7 Taylor Wessing 10 8 Greenberg Traurig 7 9 Bryan Cave Leighton Paisner 6 10 Bird & Bird 4 10 CMS 4 10 Pillsbury 4 11 Ashurst 3 12 Herrick 2 13 Fox Rothschild 1 13 Latham & Watkins 1 13 Wiggin and Dana 1 Banking & Finance Position Law Firm Volume Elite
26 1 Freshfields Bruckhaus Deringer 19 2 Clifford Chance 10 3 Allen & Overy 6 4 DLA 4 5 Bryan Cave Leighton Paisner 2 5 CMS 2 5 Fox Rothschild 2 5 Pillsbury 2 6 Ashurst 1 Energy & Infrastructure Position Law Firm Volume Elite
27 1 Asserson 63 2 Greenberg Traurig 60 3 DLA Piper 24 4 Herrick 20 5 Taylor Wessing 18 6 Bryan Cave Leighton Paisner 11 7 Chapman and Cutler 6 7 Zeichner Ellman & Krause 6 8 CMS 4 9 Bird & Bird 1 9 Carter Ledyard & Milburn 1 9 Cleary Gottlieb 1 9 Clifford Chance 1 9 Gowling WLG 1 Real Estate Position Law Firm Volume Elite
28 Individual Rankings
29
30 Prominent Ari Berman Pillsbury Colin Diamond Paul Hastings Josef Fuss Taylor Wessing Louis Glass CMS Lee Noyek Allen & Overy Tali Sealman White & Case Mark Selinger Greenberg Traurig Daniel Turgel White & Case Yossi Vebman Skadden Name Leading Michael Kaplan Davis Polk Joshua Kiernan Latham & Watkins Jeremey Lustman DLA Piper Jonathan Morris Bryan Cave Leighton Paisner Joey Shabot Greenberg Traurig Adir Waldman Freshfields Bruckhaus Deringer Name Law Firm Name Law Firm
31 Recognized Guy Ben-Ami Carter Ledyard & Milburn Yariv Ben-Ari Herrick Clarissa Coleman DAC Beachcroft Gary Emmanuel Greenberg Traurig Meira Ferziger Greenberg Traurig Michael Friedman Chapman and Cutler Odia Kagan Fox Rothschild Etay Katz Ashurst Mayan Katz Goodwin Miram Lampert Squire Patton Boggs Adam Meisels Bird & Bird David Metzger Clifford Chance Adam Snukal Greenberg Traurig Name Law Firm
32 Trevor Asserson Asserson Tom Beaudoin Goodwin David Becker Baker & McKenzie Susannah Fink Gowling WLG Adam Fleisher Cleary Gottlieb David Gitlin Royer Cooper Cohen Braunfeld Steven Glusband Carter Ledyard & Milburn Alexander Gold Charles Russell Speechlys Oded Har-Even Sullivan & Worcester LLP Kenneth Henderson Bryan Cave Leighton Paisner Lee Hochbaum Davis Polk Daniel Ilan Cleary Gottlieb Adam Levin Dechert Ziva Robertson Charles Russell Speechlys Anthony Rosen Bird & Bird Daniel Rubel Zeichner Ellman & Krause Joel Rubinstein White & Case Michael Sabin Clifford Chance Jason Saltzman Gowling WLG Richard Scharlat Fox Rothschild Bill Schnoor Goodwin Michael Sweet Fox Rothschild Notable Name Law Firm
33 Let us help improve the odds for your firm and your lawyers to earn the recognitions they deserve. Tier One Rankings has only one focus: to help you succeed with your directories and awards submissions. Services Contact us Submissions Outsourcing Submissions Editing Workshops Strategic Content Creation
34 Editorial
35 Allen & Overy With the merger of Allen & Overy ("A&O") and Shearman & Sterling approved in October 2023, A&O has been present in Israel for more than 25 years, offering one of the strongest Israeli practices globally, with 50 partners catering to esteemed Israeli clients in cross-border M&A and international capital markets. Notably, the firm's expertise extends to pivotal sectors such as energy and infrastructure, where it performs very well, and financial institutions, private equity, technology, real estate, and life sciences. The Israel Group thrives under the role of senior corporate lawyer Lee Noyek, who provides a comprehensive array of services including corporate finance, M&A, joint ventures, public takeovers, and IPOs. A key asset to the firm's Israeli offering lies in its profound experience in the energy and infrastructure sector, spearheaded by prominent London partner Ed Moser. Ashurst With an understanding of the Israeli market, Ashurst’s Israel Group has worked on transactions involving Israeli clients reaching outside of Israel and nonIsraeli clients transacting in Israel. Heading the Israel Desk is London partner Etay Katz, senior partner in the Financial Regulation practice. In 2023, the firm advised on a slew of investments into Israeli start-ups on behalf of venture capitalists. Asserson UK-based Asserson maintains a formidable presence in the Israeli market, anchored by its Tel Aviv office. Fronted by Trevor Asserson, the team excels in UK legal services for Israeli clients, taking top spot in both litigation and arbitration and real estate, and with an exceptional record in employment, where it is also ranked in the Elite category. Hadie Cohen specializes in addressing employment concerns for Israeli companies, while co-head of the Dispute Resolution practice, Baruch Baigel has a notable track record in handling high-profile UK High Court cases, with several involving Israeli clients or individuals based in Israel. Yisrael Hiller heads the U.S. Dispute Resolution division, bringing expertise in contract, shareholder, and construction disputes to Asserson's extensive clientele.
36 Baker & McKenzie Over the past five years, Baker McKenzie’s Israel Transactional Practice has witnessed a rise in cross-border M&A and capital markets transactions relating to Israel, becoming an Elite firm in capital markets (value). London based M&A and high yield capital markets partner David Becker, formerly with White & Case, is often noted as a leading name on Israelrelated cross-border M&A, capital markets and financing transactions. Baker McKenzie also has world leading global tax, regulatory and IP advisory and litigation/arbitration practices that regularly advise Israeli multinationals on some of the most complex situations. Among a pipeline of capital markets transactions in 2023, Becker led the team advising 10 leading global investment banks as underwriter’s counsel on a USD2.5 billion sustainability linked high yield bond offering for Teva Pharmaceuticals. Flying very high in the banking category, the Israel Practice represented Bank Hapoalim in 17 separate European financings. The firm also advised Israeli backed Globe Invest and Unikmind, Teddy Sagi Group investment vehicles, on the GPB1.25 billion take private of London-listed Kape Technologies. This was one of the largest take-private transactions in 2023. Bird & Bird Led by Adam Meisels, Corporate partner in the London office, the Israel Group of global law firm Bird & Bird comprises lawyers from its 32-office network, with significant presence in the UK, Europe, Middle East and AsiaPacific regions. Prominent in the high-tech and IP space – where the firm is ranked in the Elite category - the firm’s experience cuts across many industry sectors and practice areas, such as venture capital, technology & communications, life sciences & healthcare, as well as retail & consumer, automotive, cybersecurity, financial services and fintech, and renewable energy & climate-tech. In 2023, the firm advised on the UK aspects of the sale of Israel’s global data connectivity company Webbing Solutions to Wireless Logic. The Israel Group also represented Leumi UK in providing credit facilities to Zorca Bloomsbury Ltd. for the refurbishment of two hotels into one five-star boutique hotel within the Zetter Hotel group, and Mizrahi Tefahot Bank in the loan facility to Greenwood Developments to fund the refurbishment of Cavern Walks Shopping Centre in Liverpool. With more than 25 years’ experience in technology and electronic communications, Frederique Dupuis-Toubol is a key figure in the team, as is Legal Director in the firm’s Commercial Department, Anthony Rosen.
37 Bryan Cave Leighton Paisner With nearly four decades of experience in the Israeli market and a representative office located in Tel Aviv, Bryan Cave Leighton Paisner ("BCLP") acts for more than 200 Israeli and Israel-related entities, both public and private, and across many sectors such as technology, infrastructure, real estate, food and agribusiness, manufacturing, finance, pharmaceuticals, energy, and venture capital. In 2023, BCLP has excelled in M&A, employment, litigation, and performed well in high-tech and real estate work. Leading the charge are the hugely experienced Jonathan Morris (London) and Paul Miller (Tel Aviv), together serving as co-chairs of the firm's Israel Desk, alongside Ken Henderson, (New York), who brings a wealth of corporate and securities transactional experience to the table. Notable transactions include advising on Teddy Sagi’s Unikmind Holdings’ public offer for the acquisition of Kape Technologies Plc, valuing Kape at USD1.6 billion in May 2023. In discreet litigation matters, Londonbased partners Oran Gelb, UK Head of Banking Litigation, and George Burn, Co-Lead of International Arbitration, have been actively representing Israeli clients, contributing to a busy year for the firm. Carter Ledyard & Milburn Built on the foundation of 160 years of legal service, one of New York’s oldest law firms, Carter Ledyard Milburn (CLM) has been representing Israel-based companies for over 20 years in corporate, securities, M&A, among other areas. In 2023, the Israel practice group was busiest in capital markets transactions, among others, recently advising on private placements for Scoutcam Inc. and TAT Technologies. Key figures include Steven Glusband, who also co-chairs the firm’s Corporate department and chairs the Securities practice group, and Israel-born Guy Ben-Ami, a leader of the firm’s Israeli Cross-Border practice and licensed to practice in both the U.S. and Israel. Chapman Cutler There is yet another stellar showing for Chapman Cutler, which was recognized in 2023 for its involvement in capital markets and real estate transactions, among others. Where capital markets and restructuring overlap, Chapman is at the sweet spot, acting as counsel to Israel-based Mishmeret Trust Company, Ltd. in a raft of maters, including separate restructurings of bonds issued by Zarasai Group Ltd. and Delshah Capital Ltd. In other Israel-related mandates, the Israel Group also enjoyed a presence in 2023 in the fintech sector and advised on real estate loans for Israeli lenders.
38 The compact Israel Practice is led by partner Michael Friedman, who advises Israeli financial institutions, investment funds, trustees and law firms seeking U.S.-based counsel in finance and restructuring matters. Charles Russell Speechlys London real estate partner Alexander Gold also heads the Israel Desk of Charles Russell Speechlys, which makes its entrance into this year’s Israel Desks rankings – especially proactive in private wealth, taking an Elite position in private client and tax in its debut year. London partner Ziva Robertson has also been active in private client disputes. The firm was particularly active in IP, especially trademark applications for Israeli clients. Charlotte Duly, head of the firm’s Brand Protection department, advised on applications for SWIFTERIO in the name of SWFT Technologies Ltd., as well as for Israeli private company, KORRO AI Limited. Cleary Gottlieb Headquartered in New York, international firm Cleary Gottlieb (“Cleary”) is acknowledged for its solid track record and in 2023 advised on one the landmark transactions. Brussels partner Patrick Bock led the team advising Thales, which bought Imperva, an Israel-founded leading provider of application and data security solutions, from software investment firm Thomas Bravo in a transaction valuing Imperva at USD3.6 billion. The firm’s Israel Group comprises prominent capital markets lawyers, such as Adam Fleisher, who has represented numerous Israeli clients in the industrial, defense, tech and biotech sectors. In 2023, he advised UroGen Pharma Ltd. a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancer, on a USD120 million private placement, while Israeli clients also benefit from Daniel Ilan, who has an IP, cybersecurity and privacy focus. Clifford Chance A hugely active participant in the Israeli market for many years, Clifford Chance successfully harnesses its global reach to help Israeli clients reach international markets, and international clients access Israel. Ranked in the Elite category in energy and infrastructure and strong in banking, among other areas, the Israel Group has been advising bidders and lenders on light rail projects in recent years – notably acting for HSBC and Bank Leumi on financing the construction of the Tel Aviv Light Rail (Purple Line), with
39 David Metzger, global head of Clifford Chance's Construction Group, a key figure. The Group features many other big-hitters, such as Sam Clinton-Davis, a New York based M&A and private equity lawyer acting as the Managing Associate of Clifford Chance's Israel practice. Co-head of Clifford Chance's US Funds & Investment Management Group, Hebrew-speaking Michael Sabin has an active Israel practice, advising Israel-based sponsors and investors on their fundraising and global investment activities. Highlights include the August 2023 representation of Affinity Partners, Jared Kushner's private equity fund, backed by the Saudi PIF on their first investment into an Israeli company, Shlomo Group. Furthermore, New York-based Jason Parsont, promoted to partner in 2023, maintains an active and broad corporate practice, while global head of the Restructuring and Insolvency Group, Philip Hertz is another prominent member of the team. CMS CMS stands out among European-focused law firms for having senior equity partners based in Israel, making it a key player for over 100 Israeli clients seeking overseas investment opportunities or expansion, as well as for businesses and investors aiming to strengthen their presence in Israel. With a track record of over 25 years serving Israeli clients and international entities with interests in the country, CMS solidified its commitment by establishing a Tel Aviv office in 2021. Within the Israel Group, Andrew Besser and Louis Glass are key figures. While Besser is an Israel-based and experienced real estate finance partner, acting for the three largest banks in Israel, Glass, a specialist in high-tech and VC, is one of the few international UK-facing lawyers who can lead M&A transactions in fluent Hebrew. In 2023, CMS was acknowledged for its advice to Israeli clients in the banking, energy, real estate and high-tech sectors – and also ever-present in M&A, litigation, brand protection and IP ,and employment, notably advising on hires and exits overseas.
40 DAC Beachcroft Israel is an important region for DAC Beachcroft, with 2023 seeing the Group act for a raft of clients in high-stakes litigation and arbitrations. The firm was especially prominent in class actions, litigation, product liability and contract disputes, as well as pension and shareholder disputes. The compact team features the experience of London-based trio Clarissa Coleman, Chris Wilkes and Ilana Gilbert, especially active throughout 2023. Davis Polk Comprising a team of Hebrew speakers and graduates from Israeli law schools, the 37-strong group is often involved in the country’s milestone transactions. The firm’s co-heads of the Israel Practice are head of the Corporate department, Michael Kaplan, M&A partner Lee Hochbaum, and New York litigation partner, Benjamin S. Kaminetzky, who acts for clients in complex commercial and bankruptcy litigations in courts across the U.S. Harold Birnbaum led one of 2023’s most striking M&A transactions - advising Smith+Nephew, a U.K.-based portfolio medical technology business and equipment manufacturer, on its USD180 million acquisition of CartiHeal, a privately held medical device company based in Israel and New Jersey. The target develops proprietary implants for the treatment of cartilage and osteochondral defects. Dechert Philadelphia-born firm Dechert has been involved in Israel-related matters for more than 40 years and offers a 24-strong team led by Adam Levin, who also co-heads Dechert’s Corporate group in London, while fellow London partner, Douglas L. Getter also brings experience in cross-border M&A transactions involving Israeli parties. In 2023, the team was involved in a number of capital raisings involving Israeli clients. New York global finance partner, Andrew Pontano, who also leads Dechert's Asset Finance and Securitization group, was an integral part of multiple financing transactions in 2023. Among them, he acted for Pagaya Structured Products LLC in its fourth securitization of unsecured consumer assets, as well as a USD285 million 144A Private Asset Backed Securitization backed by automobile loan receivables. Managing Partner of the Boston office and is the global Chair of Dechert’s Cybersecurity & Privacy Practice, Brenda Sharton acted for Flo Health, Inc. in a putative class action pending in Israel on behalf of all Israeli users of the Flo fertility tracking App. This dispute focused on the alleged sharing of users’ data with third-party analytics divisions.
41 DLA The global knowhow and resources of DLA ensure that it is once again ranked in multiple Elite categories and regularly involved at the top end of the Israeli market. The Israel Group took first place in M&A (volume), banking and hightech, and also earned Elite rankings in employment, litigation and arbitration, IP, real estate, and private client and tax, snapping up first place in the latter. From the U.S. to Latin America, Europe to Asia, the Israel Group counts more than 100 lawyers and almost twice as many as Israeli clients and is led by Jeremy Lustman. Tapping into his wealth of experience, he advised Kedma Capital on its acquisition of a controlling interest in Mexican company Politiv A.A. Ltd. and OpenWeb on the U.S. aspects of the USD100 million acquisition of Jeeng. He and London-based Jon Kenworthy acted for MoonActive Ltd. in its acquisition of the mobile game, Zen Match, from Turkey-based Good Job Games, and Solar Edge Technologies on the acquisition of Hark Systems Ltd. Co-chair of M&A Group, and New York corporate partner Jon Venick advised on a string of M&A transactions, including the business combination between Freightos and SPAC, Gesher I Acquisition Corp., while Phoenix partner Steven Pigeon advised Roth CH Acquisition IV, a publicly traded SPAC, on its merger with Israeli energy storage company Tigo Energy, at a company valuation of USD600 million. Fox Rothschild The Israel practice group at Fox Rothschild, boasting a team of 31 professionals, serves as a pivotal link between Israeli ventures and the expansive landscape of U.S. markets. The practice is led by Michael Sweet, Odia Kagan, and Sarah Biser, situated across the San Francisco, Philadelphia, and New York offices respectively. The experienced New York-based employment litigator Richard Sharlat is another recognized lawyer in Israel Desks. Recognized for its expertise in IP, among other areas, the firm provides strategic counsel to clients within the software, agriculture and other sectors, while also delivering robust data privacy services to companies operating in healthcare and medtech fields. Notably, chair of the GDPR Compliance & International Privacy group, Kagan (Philadelphia) brings extensive experience in facilitating cross-border transactions for Israeli startups and multinational corporations. The Group also supports Israeli families, offering assistance in family law and estate planning matters.
42 Freshfields Bruckhaus Deringer A powerful force in the Israeli market, Freshfields' Israel Group excels across diverse sectors, ranked in the Elite categories for banking and energy and infrastructure, taking first place in the latter. The Israel Group also is ranked in the Elite category in both M&A (value and volume) and capital markets (value and volume), as well as in litigation and arbitration. Spearheaded by a formidable trio of principals, the team comprises Adir Waldman, stationed in Israel, who leads a multi-jurisdictional group of Freshfields attorneys dedicated to advising Israeli clients and enterprises with interests in the region; Taryn Zucker, a partner based in New York, renowned for her extensive experience in guiding Israeli clients through capital markets transactions; and Menachem Kaplan, a seasoned partner in New York with longstanding ties to Israel. In a notable 2023 highlight, the Group represented Aristocrat Leisure, an Australian entertainment and content creation entity, in its all-cash acquisition of NASDAQ-listed Israeli NeoGames, and provided counsel to Delek Group regarding the contemplated sale of an interest in New Med Energy to BP and Abu Dhabi National Oil Co (ADNOC), culminating in a take-private of New Med, marked by the signing of a non-binding MOU in March 2023. Freshfields has also been instrumental in advising Israeli company SodaStream in various IP, product safety and competition matters across a number of jurisdictions. Goodwin Rated highly in high-tech and M&A, Goodwin's Israel Practice taps into a diverse team across various practice areas and global offices, acting for private equity and VC firms investing in Israel, entities conducting business within Israel, and investors seeking opportunities in the region. Notably, the Israel Group excels in supporting start-ups, with Life Sciences partner Mayan Katz in New York playing a pivotal role in advising BioSight on its merger with Ayala Pharmaceuticals and representing ReWalk Robotics Ltd. in its acquisition of AlterG. In the dynamic cyber sector, the team achieved significant milestones, including advising SoftBank Corp. on the initial closing of a USD100 million Series G financing for Cybereason Inc. and Charles River Ventures as lead investors on a USD40 million Series B financing for Legit Security. Other key figures include Bill Schnoor in Boston and London, a partner with a rich background in the firm's Technology and Life Sciences groups, and Thomas Beaudoin in Boston, a partner in the Business Law Department and a member of the Private Investment Funds practice.
43 Gowling WLG Multinational law firm Gowling WLG’s Israel desk is co-led by London-based Susannah Fink and Toronto-based Jason Saltzman and comprises over 40 lawyers. In M&A, the team advised Beersheba cannabis company, Atlas Biotechnologies, on a business combination, in accordance with a reverse takeover ("RTO") transaction. In patent litigation, the firm has been counseling Tel Aviv pharma company Neurim in a complex series of patent litigation cases in which validity and infringement of two of Neurim's patents has been an issue. Trademark expert Jon Parker is a key advisor from the firm’s Dubai office. Gowling WLG was formed from the merger of Canada-based Gowlings and UK-based Wragge Lawrence Graham & Co in February 2016. Greenberg Traurig One of the strongest firms of 2023, Greenberg Traurig is ranked in the Elite categories in high-tech and real estate, as well as in M&A and Capital Markets (both volume), litigation, IP and employment, where it takes top spot. Its Tel Aviv office houses over 100 professionals dedicated to its Israel Practice. Serving as a significant conduit for Israeli enterprises and innovators venturing into global markets, it also assists non-Israeli entities keen on establishing themselves in Israel. Under the guidance of Managing Shareholder Joey Shabot, who leads the Corporate department in Israel, the Israel Practice flourishes. Shabot is extensively engaged in various M&A, joint venture, and venture capital transactions with Israeli entities, in addition to litigation proceedings throughout 2023. This past year saw a cross-border team on the USD107 million acquisition by Sega Sammy Holdings Inc., a Tokyo-based entertainment, gaming and resorts company, of GAN Limited, a U.S. company with an Israel subsidiary. The Israel Group is packed with instrumental figures, such as Tel Aviv-based Lawrence Sternthal, who leads the International Real Estate department in Israel, which advised Israel’s Menora Mivtachim on the joint acquisition of a €500 million student housing portfolio in the UK together, as well as acted for Clal Insurance Company in a USD306 million Programmatic Joint Venture to buy multifamily and industrial properties in the U.S. Employment shareholder, Meira Ferziger is prolific on a raft of employment issues for Israeli clients, representing Scadafence, an Israeli developer of cybersecurity solutions, in all U.S. employment matters related to its acquisition by Honeywell. Corporate and securities partner Gary Emmanuel brings clients more than 20 years’ experience, especially in relation to capital raisings and IPOs. In 2023, he supported NASDAQ listed Akari Therapeutics on closing a Registered Direct
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