June Edition 2025 2025 IsraelDesks Presented by In Partnership with
In a time of geopolitical turbulence and economic uncertainty, Israel’s legal and business sectors continue to demonstrate remarkable resilience and innovation. This special edition brings together insights from senior lawyers recognized as Leading Individuals in the 7th Israel Desks rankings, alongside contributions from global and Israeli firms that offer both strategic guidance and practical expertise on today’s most pressing challenges. Israel’s legal and business outlook in 2025 is defined by resilience, complexity, and renewed opportunity. Regional stabilization and the expansion of the Abraham Accords are poised to drive cross-sector investment, particularly in AI, defense, and life sciences. At the same time, tighter scrutiny on IP transfers and shifting U.S. trade policy are prompting clients to seek more strategic, cross-border legal guidance. Despite global M&A headwinds, Israel’s tech and Defense Tech ecosystems remain active, with landmark deals such as Google’s acquisition of Wiz highlighting the market’s continued strength and adaptability. Welcome to the latest edition of IsraelDesks magazine. Freshfields, DLA Piper, A&O Shearman, Davis Polk, Greenberg Traurig, and Bryan Cave Leighton Paisner share their perspectives on market trends, legal risks, and opportunities across M&A, tech, defense, regulation, and foreign investment. Alongside these views, we are proud to feature a collection of expert articles covering AI compliance, training, and copyright, tax, litigation, cross-border M&A, foreign investment and much more. Encouragingly, the number of Israel Desks worldwide has risen by 20% in the past five years, now totaling over 160 firms. Transactions are closing, capital is flowing, and strategic collaborations are deepening. Out of complexity comes clarity—and this edition reflects how legal foresight and cross-border cooperation are continuing to shape Israel’s business future. We hope you enjoy this issue. To contribute to future editions, please reach out—we’d love to hear from you. Lee Saunders Editor
Leading Individuals in the Spotlight » IsraelDesks Q&A Leaders .................................................................................... 4 04 Recent Market Trends » ERM | Strategic Opportunities for Israeli Startups in Europe’s Expanding Defence Market . . . . . . . . 50 » DLA PIPER | Top 10 State Tax Issues Affecting Israeli Companies with Operations in the U.S. .....54 » PAUL HASTINGS | European Commission and AI: Guidelines on Prohibited Practices...................62 » Irwin Mitchell | FDI in the UK: Opportunities and challenges for Israeli businesses.......................... 70 » PEARL COHEN | Harmonization of Israeli Patent Prosecution with Foreign Jurisdictions...............74 » S.HOROWITZ | The Doctrine of Fair Use and training AI models - The Position of the U.S. Copyright Office v. The Position of the Israeli Ministry of Justice..............................................78 » ASSERSON | Security for Cost – a key tool for defendants.......................................................84 » TAYLOR WESSING | Dealonomics – Inside the dynamics of global M&A.......................................88 » Greenberg Traurig | Don’t Kill the Exit Deal – Issues to consider as a Startup Founde.................92 » KOBRE & KIM |Propel Fuels Victory.......................................................................................96 Legally Israel 100 IsraelDesks League Tables » League Tables.................................................................................................. 12 » Individual Rankings........................................................................................... 26 » Editorial........................................................................................................ 30 Table of Contents 12 50
4 Leading Individuals in the Spotlight IsraelDesks Q&A Leaders
5 As 2025 rolls on, what trends in Israel do you believe foreign clients should be watching closely? In this edition of IsraelDesks magazine, we turned to those lawyers ranked as Leading Individuals in our IsraelDesks rankings to help unpack the key questions facing foreign clients and investors with interests in Israel. Their perspectives are grounded in day-to-day client work and offer a practical lens on shifting dynamics—whether it’s the implications of US tariffs, the resilience of the Israeli tech ecosystem, growing interest in defense and AI sectors, or the legal complexities around IP transfers and cross-border deals. In a time of heightened geopolitical uncertainty and cautious deal-making, these voices help clarify where risks lie, where opportunities are emerging, and how international players can stay one step ahead. Adir Waldman, Freshfields: “When people hear ‘Israel’ today, their perceptions are often shaped by political views or the lens of their own communities – typically focusing on the war. With over 15 years of on-the-ground experience advising both local and international clients, we offer a more nuanced perspective of the realities here. Regional stabilization efforts – especially among a growing coalition of countries that prioritize economic development over ideological divisions – are poised to unlock significant business opportunities. These could produce spillover effects across sectors including aviation, tech, finance, and agriculture. We anticipate an increase in large-scale inbound investment into Israel is not a matter of if, but when. The timing will be impacted by a number of issues including the war in Gaza, regional geopolitics and internal policymaking.” Jeremy Lustman, DLA: “Israel is at forefront of the AI revolution. As AI continues to become more ubiquitous, I believe it is important for foreign clients to be following how various technologies are being subject to more scrutiny and regulation, and to ensure that they stay legally compliant. In addition, in light of what President Trump is doing geopolitically in the Middle East, both with respect to the war and more broadly vis-à-vis various
6 relationships across the broader region, I expect some movement that may facilitate the expansion of the Abraham Accords and Israeli connectivity to a number of new markets.” Lee Noyek, A&O Shearman: “First on the list is always the concern over transferring IP out of Israel. That concern has only heightened recently with, for example, Broadcom’s Israeli subsidiary facing a $70m tax demand over such a transfer out of the country. Such cases reinforce the rigorous approach to the transfer of IP, with courts and tax authorities closely examining the valuation, documentation, and economic substance of such transactions. Second is war related economic uncertainty. Whilst core sectors like Tech, Defense and Energy remain robust, the uncertainty created by this forever war make investors pause, especially first-time entrants to the market. Third, Israel is not immune to global trends. With M&A depressed since the beginning of 2022, we waited nearly three years for confidence to return. By the end of 2024, it seemed the market was finally turning the corner, with the US election initially providing the certainty needed to unlock the M&A market, and many expecting a deregulation-driven M&A boom in its wake. However, uncertainty surrounding trade policy—including over tariffs and resulting trade wars—has since had a dampening effect on markets and investor confidence more generally.” Michael Kaplan, Davis Polk: “The key trends will be the continuing military / political situation in Israel – although Israel has been very resilient through the current situation – and how US tariffs will impact Israel.“ Jonathan Morris, BCLP: “Israel is renowned as being a tech-hub so nonIsraeli clients should be continuing to watch closely the local tech scene for potential investment / M&A opportunities.” Adir Waldman, Freshfields: “Cybersecurity remains a key area of interest for both investors and acquirers – an enduring trend we expect to continue. Despite the challenges of operating as an Israeli company over the past three years, the startup ecosystem has proven remarkably resilient.” Which sectors currently present the biggest opportunities or the greatest risks for international investors or companies doing business with Israeli entities?
7 Joshua Kiernan, Latham & Watkins: “The Israeli tech industry remains, in some ways, sheltered from global macro environment fluctuations. Amazing tech will always be in demand. Provided there is a degree of market stability, we expect to see a significant increase in mergers and acquisitions within the Israeli high-tech sector in 2025. While the IPO market is experiencing a more gradual recovery, This we’re on the right trajectory, and 2026 is looking to be an excellent year for Israeli IPOs.” Lee Noyek, A&O Shearman: “Despite continued uncertainties, though, developments in technology, and the need for infrastructure to support them, and data to feed artificial intelligence models, will inevitably continue to spur M&A activity. Private equity firms have many assets that need to be sold, and much capital that needs to be deployed – so their ‘wait and see’ approach needs to end at some point. And, more generally, we have a strong M&A pipeline ahead of us once the markets settle.” Within Tech, Cyber M&A remains a bright spot. FinTech is always relevant within the Israeli ecosystem. That is both because of gravity making the stratospheric valuations of earlier on in the decade more realistic and also because the new US administration’s enthusiasm for crypto is driving value in that space. Global rearmament and Israel’s successful military campaign make Defense Tech an exciting new vertical, even if it is not yet at the level of other verticals in the Israeli Tech ecosystem. Israeli innovation in Life Sciences will continue to see demand from big pharma companies. That is without mention of AI, and AI driven growth, within every dimension of the Tech ecosystem. More broadly. Energy, Infrastructure and Renewables continue to offer opportunities and albeit there is uncertainty over how the new US administration will cut subsidies. The wider financial institutions sector in Israel remains relevant and we continue to see that sector being relevant both for international players in Israel and for Israeli institutions following their clients and seeking to diversify their portfolios.” Jeremy Lustman, DLA: “At the moment, I would say that the Defense Tech, AI, and life sciences sectors are providing the greatest opportunities for international investors and companies doing business with Israeli entities.” Jonathan Morris, BCLP: “Defense Tech and Cyber are likely to be very high up the list of sectors in which investors will be concentrating their focus when it comes to Israel.
8 T is for the much-talked about tariffs – what would you say right now? Adir Waldman, Freshfields: “Across industries, clients are seeking clarity on the implications of the evolving US tariff regime. Our team includes leading US trade and export control lawyers—among them, former officials from all recent administrations—who provide practical, forward-looking guidance to help clients navigate both compliance and commercial impact.” Jeremy Lustman, DLA: With respect to US tariffs specifically, that topic is not coming up too frequently, as it applies to companies selling actual products and shipping to the US, and less so to pure technology companies, which make up the majority of our clients. With that said, tariffs are just one component of broader US regulations that are affecting Israeli companies, whether it be executive orders, CFIUS, and increased scrutiny of national intelligence and trade; these are definitely areas that are impacting many more of our clients in significant ways.” Lee Noyek, A&O Shearman: “Interest rates (though still relatively high) came down meaningfully in North America and Europe last year, and seemed to be stabilizing, resulting in an improved financing climate. But, again, there is now a risk that increased tariffs may cause inflation to rise, leading to increased borrowing costs, which makes M&A less attractive to those taking on debt finance.” Michael Kaplan, Davis Polk: “Israel is very tech-heavy, and those companies are not very impacted by tariffs. Tech continues to be the most significant field of opportunity, including Cyber, AI and Crypto-related sectors. My sense is there aren’t Israeli AI entrants attracting international attention yet.” Jonathan Morris, BCLP: “Almost everyone is talking about US tariffs but very few have developed yet a clear strategy as to how to respond as there continues to be a significant degree of uncertainty surrounding them. For example, will the existing tariff levels be maintained or reduced following trade negotiations? Will they be extended to include services as well?”
9 How have recent geopolitical events impacted advice you’re giving to clients with Israelrelated interests? Adir Waldman, Freshfields: “The current war has given rise to a number of matters that have been keeping us busy—as you can imagine these matters are highly sensitive and require advice that goes beyond legal to reputational and strategic guidance.” Jeremy Lustman, DLA: “Truthfully, there has been very little impact. At the end of the day, industry here has almost always found a successful avenue that is outside of the geopolitical framework. Most international investors already include geopolitical upheaval in their underwriting when investing here, so it is definitely not a surprise. Investors are choosing to invest here, despite the geopolitical upheaval in the region.” Joey Shabot, Greenberg Traurig: “Recent geopolitical events have been influencing the type of advice we provide to clients who are either Israeli or have an interest in Israel. As noted, we are seeing deal flow in defense and defense-adjacent verticals. In addition, as ever, we emphasize preparedness across several critical areas. Changes in international tax and tariff regulations require us to closely monitor developments to optimize strategies and ensure compliance with new laws in the US and Europe. Stricter immigration policies mean we offer updated guidance on visa requirements and work permits to facilitate smooth transitions for personnel. Regulatory compliance has become more crucial, so we advise on the latest standards in data protection, anti-money laundering, and trade regulations to help clients establish robust frameworks. Additionally, we help clients develop law-related effective risk management strategies, including identifying potential risks and developing contingency plans to safeguard operations and investments.” Michael Kaplan, Davis Polk: “They haven’t really – other than that the market is volatile as a result, so clients should be ready for a window and nimble to jump through it.”
10 Jonathan Morris, BCLP: “Our role as lawyers is to support our clients navigate those geopolitical challenges and so our advice needs to be tailored accordingly.” Lee Noyek, A&O Shearman: “It’s easy to get blinded by the headlines in the US. We continue to stay close to our clients and make sure we are constantly available to navigate the polycrises affecting them. We are getting involved in deal making earlier, and staying involved after close. Indeed, in many ways, the global outlook is making the world bigger again for Israeli clients as they diversify away from the US and so the firm’s nearly 50 offices come into play.” Adir Waldman, Freshfields: “Over the past 12 months, we’ve advised on major inbound investments into Israel by Apple, CrowdStrike, and most notably, Google in its landmark acquisition of Wiz. These matters underscore our position as a truly global law firm, backed by a world-class team in the United States. Today, we represent the world’s leading tech companies on their most complex and sensitive transactions – both in the US and internationally.As our global practice continues to grow, we remain committed to supporting milestone deals in Israel’s tech ecosystem—just as we did with the GoogleWiz transaction.” Jeremy Lustman, DLA: “We have recently been helping our client, Fortissimo Capital, a leading Israeli private equity fund, navigate the US regulatory aspects of its publicly announced investment in 3D printing solutions company, Stratasys. Our US colleagues are at the forefront of the evolving federal regulatory landscape and have been able to provide Fortissimo with the proactive, strategic guidance it has needed in order to move this significant deal forward.” Joshua Kiernan, Latham & Watkins: “We are delighted to have recently advised CyberArk in its upsized US$1.1 billion convertible notes private offering. We also recently advised the underwriters on the blockbuster eToro What recent Israel-related matter best highlights your firm’s strengths in this area?
11 IPO, and on Elbit Systems’ public offering. Latham has got the resources of a truly global law firm, with an on-the-ground understanding of local markets and deep industry expertise, setting us apart in the IPO market.” Lee Noyek, A&O Shearman: “We are very active in the energy, infrastructure, renewables and projects field in Israel and for Israeli clients abroad. For example, we acted on the Delek Group’s recent transaction involving its subsidiary Ithaca Energy on the combination with ENI in the North Sea and have acted on all of the light rail projects with an international dimension in Israel.” Michael Kaplan, Davis Polk: “We have done a number of quick-to-market offerings for Israeli companies who were nimble, including Pagaya, Ormat and Oddity. All of these deals started shortly before launch, and we were able to move quickly and hit windows.” Jonathan Morris, BCLP: “It’s not easy picking out just one deal but it’s been a tremendous privilege advising iForex on their planned IPO on the Main Market of the London Stock Exchange – a great team effort involving multiple advisers in Israel, the UK and elsewhere.”
12 League Tables
13 1 Freshfields 18 2 Latham & Watkins 17 2 DLA Piper 17 3 Goodwin 16 3 Greenberg Traurig 16 4 White & Case 10 5 Bryan Cave Leighton Paisner 8 6 Bird & Bird 7 7 A&O Shearman 5 7 CMS 5 8 Taylor Wessing 4 9 Baker & McKenzie 3 9 Davis Polk 3 9 Paul Hastings 3 9 Skadden 3 10 Bersay 2 10 Carter Ledyard & Milburn 2 10 Royer Cooper Cohen Braunfeld 2 10 Squire Patton Boggs 2 11 Chapman and Cutler 1 11 Cleary Gottlieb 1 M&A Volume Elite Position Law Firm Volume
14 1 Latham & Watkins 10,551 17 2 White & Case 7,780 10 3 Freshfields 6,671 18 4 DLA Piper 3,665 17 5 A&O Shearman 2,750 5 6 Paul Hastings 1,505 3 7 Skadden 1,398 3 8 Greenberg Traurig 1,370 16 9 Davis Polk 647 3 10 Carter Ledyard & Milburn 143 2 M&A Value Position Law Firm Value ($M) Volume Elite
15 Capital Markets Volume 1 Greenberg Traurig 39 2 Freshfields 11 3 Bryan Cave Leighton Paisner 8 3 Chapman and Cutler 8 3 Latham & Watkins 8 4 A&O Shearman 7 4 White & Case 7 5 Carter Ledyard & Milburn 5 5 Paul Hastings 5 6 Davis Polk 4 6 Goodwin 4 6 Gowling WLG 4 6 Taylor Wessing 4 7 DLA Piper 2 7 Herrick Feinstein 2 8 Cleary Gottlieb 1 8 CMS 1 Position Law Firm Volume Elite
16 1 White & Case 10,017 7 2 Freshfields 5,493 11 3 A&O Shearman 4,136 7 4 Latham & Watkins 1,673 8 5 Taylor Wessing 1,526 4 6 Paul Hastings 968 5 7 Chapman and Cutler 904 8 8 Davis Polk 588 4 9 Greenberg Traurig 579 39 10 Gowling WLG 571 4 11 Goodwin 476 4 12 Herrick Feinstein 310 2 13 Carter Ledyard & Milburn 303 5 Capital Markets Value Elite Position Volume Law Firm Value ($M)
17 1 DLA Piper 37 2 Fox Rothschild 29 3 Herrick Feinstein 8 4 Charles Russell Speechlys 6 5 CMS 4 5 Wiggin and Dana 4 6 Bird & Bird 3 6 Bryan Cave Leighton Paisner 3 6 Taylor Wessing 3 7 Gowling WLG 2 Private Clients and Tax Elite Position Law Firm Volume
18 1 DLA Piper 104 2 Greenberg Traurig 83 3 Asserson 59 4 Squire Patton Boggs 17 5 Bryan Cave Leighton Paisner 15 6 CMS 12 7 Bersay 10 8 Bird & Bird 7 9 Fox Rothschild 5 10 Taylor Wessing 4 11 Gowling WLG 2 11 Wiggin and Dana 2 12 Carter Ledyard & Milburn 1 12 Paul Hastings 1 Employment Position Law Firm Volume Elite
19 Litigation and Arbitration 1 Asserson 46 2 Freshfields 41 3 DLA Piper 29 4 White & Case 23 5 Taylor Wessing 21 6 Greenberg Traurig 16 7 Bryan Cave Leighton Paisner 14 8 Zeichner Ellman & Krause 13 9 DAC Beachcroft 12 9 Pillsbury 12 10 Fox Rothschild 9 10 Kobre & Kim 9 11 CMS 8 12 Herrick Feinstein 5 13 Chapman 4 13 Squire Patton 4 14 Bird & Bird 3 15 A&O Shearman 1 15 Cleary Gottlieb 1 15 Paul Hastings 1 Position Law Firm Volume Elite
20 IP 1 Freshfields 16 1 Greenberg Traurig 16 2 DLA Piper 9 2 CMS 9 3 Bird & Bird 7 3 Goodwin 7 4 Fox Rothschild 6 4 Pillsbury 6 5 Taylor Wessing 3 6 Cleary Gottlieb 1 6 Carter Ledyard & Milburn 1 6 Gowling WLG 1 6 Wiggin and Dana 1 Position Law Firm Volume Elite
21 1 CMS 60 2 Pillsbury 45 3 Mathys Squire 34 4 Wiggin and Dana 18 5 Greenberg Traurig 17 6 DLA Piper 16 7 Fox Rothschild 7 8 Charles Russell Speechlys 6 9 Gowling WLG 5 10 Herrick Feinstein 3 11 Bird & Bird 2 11 Carter Ledyard & Milburn 2 11 Taylor Wessing 2 12 Bryan Cave Leighton Paisner 1 12 A&O Shearman 1 Patents and Trademarks Position Law Firm Volume Elite
22 1 Greenber Traurig 101 2 DLA Piper 84 3 Bird & Bird 20 4 Fox Rothschild 17 5 CMS 16 5 Squire Patton Boggs 16 5 Zeichner Ellman & Krause 16 6 Pillsbury 14 7 CMS 13 8 Goodwin 12 9 Freshfields 11 10 Wiggin and Dana 6 10 Taylor Wessing 6 11 A&O Shearman 3 12 Chapman and Cutler 2 13 Bersay 1 13 Carter Ledyard & Milburn 1 Hi-Tech Position Law Firm Volume Elite
23 1 DLA Piper 32 2 Baker & McKenzie 19 3 Zeichner Ellman & Krause 12 4 Freshfields 10 4 CMS 10 5 Bryan Cave Leighton Paisner 8 6 Taylor Wessing 7 7 Herrick Feinstein 6 7 Bird & Bird 6 7 Latham & Watkins 6 8 Chapman and Cutler 4 9 Greenberg Traurig 3 9 Pillsbury 3 10 Fox Rothschild 1 10 A&O 1 10 Paul Hastings 1 Banking & Finance Position Law Firm Volume Elite
24 1 Freshfields 9 2 CMS 8 3 DLA Piper 4 4 Bryan Cave Leighton Paisner 3 5 A&O Shearman 2 5 Wiggin and Dana 2 5 Taylor Wessing 2 6 Bersay 1 6 Pillsbury 1 Energy & Infrastructure Position Law Firm Volume Elite
25 1 Asserson 57 2 Greenberg Traurig 44 3 DLA Piper 20 4 Herrick Feinstein 15 5 Howard Kennedy 9 5 Taylor Wessing 9 6 Chapman and Cutler 8 7 Bryan Cave Leighton Paisner 6 8 Zeichner Ellman & Krause 5 9 CMS 4 10 Bird & Bird 1 10 Carter Ledyard & Milburn 1 10 Wiggin and Dana 1 Real Estate Position Law Firm Volume Elite
26 Individual Rankings
27 Prominent Ari Berman Pillsbury Colin Diamond Paul Hastings Josef Fuss Taylor Wessing Michael Friedman Chapman and Cutler Gary Emmanuel Greenberg Traurig Daniel Turgel White & Case Mark Selinger Greenberg Traurig Yossi Vebman Skadden Name Leading Louis Glass CMS Michael Kaplan Davis Polk Joshua Kiernan Latham & Watkins Jeremy Lustman DLA Piper Jonathan Morris Bryan Cave Leighton Paisner Lee Noyek A&O Shearman Joey Shabot Greenberg Traurig Adir Waldman Freshfields Bruckhaus Deringer Name Law Firm Name Law Firm
28 Recognized Guy Ben-Ami Carter Ledyard & Milburn Yariv Ben-Ari Herrick Feinstein Clarissa Coleman DAC Beachcroft Meira Ferziger Greenberg Traurig Odia Kagan Fox Rothschild Mayan Katz Goodwin Miriam Lampert Squire Patton Boggs Adam Meisels Bird & Bird Adam Snukal Greenberg Traurig Tali Sealman White & Case Daniel Rubel Zeichner Ellman & Krause Name Law Firm
29 Trevor Asserson Asserson Baruch Baigel Asserson Tom Beaudoin Goodwin Andrew Besser CMS Sarah Biser Fox Rothschild Hadie Cohen Asserson Susannah Fink Gowling WLG Adam Fleisher Cleary Gottlieb David Gitlin Royer Cooper Cohen Braunfeld Alexander Gold Charles Russell Speechlys Steven Glusband Carter Ledyard & Milburn Kenneth Henderson Bryan Cave Leighton Paisner Lee Hochbaum Davis Polk Daniel Ilan Cleary Gottlieb Steven Malech Wiggin and Dana Paul Miller Bryan Cave Leighton Paisner Nathan Renov Pillsbury Ziva Robertson Charles Russell Speechlys Anthony Rosen Bird & Bird Joel Rubinstein White & Case Jason Saltzman Gowling WLG Bill Schnoor Goodwin Lawrence Sternthal Greenberg Traurig Michael Sweet Fox Rothschild Notable Name Law Firm
30 Editorial
31 A&O Shearman Before its merger with Shearman & Sterling, Allen & Overy had been active in the Israeli market for more than 25 years. Following the transatlantic merger in May 2024, A&O Shearman continues to maintain one of the most formidable Israeli practices. The firm is ranked Elite in IsraelDesks in the Capital Markets (Value) category, bringing vast experience in corporate finance, strategic M&A, divestments, joint ventures, public takeovers, refinancings, and IPOs. The Israel Group is led by senior corporate lawyer Lee Noyek, who has overseen a series of confidential M&A transactions, frequently involving Israeli targets. The firm has been advising Israeli and international clients on high-level, crossborder transactions, projects, and strategic initiatives across multiple sectors. Despite a challenging 2024 for Israel, A&O Shearman represented Israel’s NeoGames in its acquisition by Aristocrat Leisure Limited of Australia, and also advised parent group, Delek on the USD940 million sell-down of a stake in Ithaca Energy, its UK-based oil and gas company, to Italian energy giant Eni. Visit: Israel Page Asserson Asserson, a UK law firm with a significant footprint in the Israeli market, operates from its Tel Aviv office, where approximately 80 lawyers qualified in the UK, U.S., and France provide legal expertise. Under the leadership of founder Trevor Asserson, the firm delivers specialized UK legal services to Israeli clients, with a strong focus on real estate, litigation, and employment law, in which the firm is ranked as an Elite firm in all three areas, taking first place in Litigation and Real Estate. As head of the Employment practice, Hadie Cohen is ranked in IsraelDesks, advising employers and employees on settlement agreements, the implications of TUPE, collective redundancies, and termination strategies. Rachel Shaw and Oliver Harris also play key roles in addressing employment-related matters for Israeli companies. Ranked in IsraelDesks, Baruch Baigel, Head of the Dispute Resolution practice, brings clients an extensive track record in high-profile UK High Court litigation, often representing Israeli clients or individuals based in Israel. Yisrael Hiller leads the U.S. Dispute Resolution division, offering expertise in contract, shareholder, and construction disputes. Elliot Lister is particularly active in litigation, with a strong emphasis on property disputes. Visit: Israel Page
32 Baker & McKenzie Baker & McKenzie has a strong track record advising on complex financial and corporate transactions in Israel, an Elite firm in the Banking & Finance category. In 2024, the team acted for 10 leading banks in Teva’s USD1.8 billion credit facility restructuring and covenant reset, as well as Bank Hapoalim International Division in multiple debt financings in the UK. Other clients include Fattal Hotels, eToro, Teddy Sagi Group, and many others. M&A and Capital Markets partner David Becker co-leads the Israel practice from London. Bersay French corporate law firm Bersay has operated a Tel Aviv office since 2008, enabling it to provide legal support within both French and Israeli legal systems. The firm advises Israeli companies on corporate, commercial, and regulatory matters in France and French-speaking regions of Africa and acts for clients across the technology, healthcare, and finance sectors. An M&A and corporate lawyer, Stéphanie Benmoussa-Molkhou has been advising Israeli clients on M&A transactions and employment matters throughout 2024. Bird & Bird Driven by London-based partners Adam Meisels and Frederique DupuisToubol, Bird & Bird’s Israel Group operates across the firm’s 31-office network with a team of over 30 lawyers. The group plays a pivotal role in transactions within Israel’s high-tech sector. Formerly based in Tel Aviv, Meisels specializes in venture capital and M&A, advising Israeli companies on international expansion while assisting global corporations with their Israeli operations. The firm also provides regulatory, competition, and compliance counsel to digital and communications clients, with Legal Director Anthony Rosen offering expertise on the sector’s evolving legal landscape. In 2024, Bird & Bird advised Metropolis on its acquisition of Oosto, an Israeli AI-powered security and video analytics provider, and continues to support Odysight.ai on intellectual property matters. Amsterdam-based partner Tjibbe Douma represents Israeli clients, including Cardo Systems and Guesty, in patent and trade secret litigation across Dutch courts, the Unified Patent Court, and the European Patent Office.
33 The firm also advised Leumi UK on regulatory and financing matters, including a €35,800,000 million facility to Carra Hotel (Camden Place) Limited. Beyond corporate and financial transactions, Bird & Bird provides legal services in employment, regulatory compliance, and unfair dismissal claims. With a strong presence in cybersecurity, retail, life sciences, and fintech, the firm remains a key legal partner for Israeli businesses navigating global markets and international companies engaging with Israel’s innovation ecosystem. Visit: Israel Page Bryan Cave Leighton Paisner With a deep understanding of Israel’s business landscape and a representative office in Tel Aviv, Bryan Cave Leighton Paisner (BCLP) advises over 200 Israeli and Israel-related companies and financial institutions. Its clients range from public and private enterprises to startups in sectors such as technology, infrastructure, real estate, finance, pharmaceuticals, energy, and venture capital. The firm has made significant strides in M&A in 2024, advising Gilat Satellite Networks Ltd. on the English legal aspects of its definitive agreement to acquire Stellar Blu. It also guided Playtech plc in its proposed sale of Italian subsidiary Snaitech S.p.A. to Flutter Entertainment Holdings Ireland Limited. Beyond M&A, BCLP plays a vital role in capital markets, banking, employment, and litigation for Israeli clients. The firm provided UK securities guidance to Israeli companies and supported Galil Group, an Israeli engineering firm, in securing a USD 280 million EPC contract for a large-scale methane gas extraction project in Rwanda – set to strengthen Rwanda’s energy sector and economic development. Litigation partners Oran Gelb and George Burn have represented Israeli clients in high-stakes disputes, while employment specialists Catherine Turner and Rebecca Harding-Hill have delivered key UK and international employment guidance to Israeli clients. Propelling these efforts are a ranked trio: Jonathan Morris in London and Paul Miller in Tel Aviv, co-chairs of BCLP’s Israel Desk, alongside Ken Henderson in New York. Morris and Henderson led a global team in advising Outbrain on its huge acquisition of Teads, forming one of the largest openinternet advertising platforms.
34 Carter Ledyard & Milburn One of New York’s oldest law firms with a 170-year history, Carter Ledyard & Milburn (CLM) has represented Israel-based companies for over two decades in corporate, securities, and M&A matters. In 2024, the firm’s Israel practice was particularly active in M&A and capital markets transactions. CLM advised on private placements for TAT Technologies Ltd., an Israeli provider of thermal management and power solutions for the aerospace sector, and Odysight.ai, an Israeli company specializing in AI-driven predictive maintenance technology. The practice is led by Steven Glusband, co-chair of the firm’s Corporate department and chair of Securities, alongside Israel-born Guy Ben-Ami, who leads the firm’s Israeli Cross-Border practice and is licensed in both the U.S. and Israel. Both attorneys regularly represent Israeli businesses in complex cross-border transactions. CLM advised Gilat Satellite Networks Ltd., an Israeli satellite communications provider, on its agreement to acquire Stellar Blu Solutions LLC, a U.S.-based inflight connectivity company. CLM also acted for Matrix IT Ltd., a leading Israeli technology and IT services company, in three strategic acquisitions. Visit: Israel Page Chapman Cutler Chapman Cutler continues to provide a vital bridge for Israeli financial institutions and investors entering the U.S. market. Led by partner Michael Friedman, the firm’s Israel Practice acts as a key legal hub for Israeli financial institutions, investment funds, trustees, and law firms requiring U.S. counsel in finance and restructuring. Friedman also heads Chapman’s Special Situations and Restructuring Group. At the intersection of capital markets and restructuring, Chapman advised Israel-based Mishmeret Trust Company, Ltd. on multiple restructurings, including bonds issued by Zarasai Group Ltd., GFI Real Estate, and Mydas Real Estate Investments Ltd. Ken Marin, Co-Practice Group Leader of Chapman’s Asset Securitization Group, has led the firm’s work as U.S. counsel for Israelbased lenders in a range of loan transactions. Visit: Israel Page
35 Charles Russell Speechlys Real Estate partner Alexander Gold also heads the Israel Desk of Charles Russell Speechlys, which continues to impress in the rankings, particularly with regards to private wealth and intellectual property. The firm acts for private clients in Israel in relation to trusts, estates and more confidential affairs, while the team was also active in trademark applications for Israeli clients. Head of Brand Protection, Charlotte Duly has been advising Gottex Swimwear Brands Ltd., assessing trademark registrability in the UK and EU, filing applications, and securing registrations. She also represents KORRO AI Limited in trademark filings and a third-party opposition. London partner Ziva Robertson specializes in both contentious and non-contentious trust matters, offering structuring and succession planning advice to ultra-highnet-worth individuals and their businesses. Visit: Israel Page Cleary Gottlieb Headquartered in New York, global law firm Cleary Gottlieb is recognized for its recent work in M&A and capital markets. The firm’s Israel Group includes prominent capital markets lawyers, such as Adam Fleisher (New York), who has represented numerous Israeli clients in the industrial, defense and tech sectors, as well as David Gottlieb (London), who acts for a roster that has included major Israeli banks. Israeli clients also benefit from Daniel Ilan (New York), who leads the firm’s Global IP Group and brings his vast experience to an impressive clientele. In IP, David Herrington represented the plaintiff, Eternix Ltd., an Israeli software company, in a lawsuit alleging copyright infringement, trade secret misappropriation, and breach of contract in the U.S. District Court for the Western District of Wisconsin. CMS CMS stands among the few major European-focused law firms with senior equity partners based in Israel, offering a direct bridge for Israeli businesses expanding abroad and international investors entering the local market. For over 25 years, the firm has advised more than 100 Israeli clients on cross-border investments, transactions, and legal matters.
36 Long-standing ties to Israeli banks, leading startups, and corporate leaders enable CMS to provide strategic counsel on M&A, employment law, and disputes, supporting Israeli clients with overseas hires, executive departures, and IP matters. The firm took first place in Patents and Trademarks and was also ranked as Elite in the Energy field. Within the Israel group, Andrew Besser and Louis Glass are key figures. With over 25 years’ experience, Besser is a leading real estate finance partner, while Glass is a specialist in high-tech, heads CMS's TMT-sector M&A group, and is one of the few UK-focused M&A lawyers fluent in Hebrew. In 2024, CMS advised Israeli-founded maritime AI company Windward on its acquisition by U.S. equity firm FTV Capital and guided Israel-founded fintech Rapyd through its purchase of Dutch online payment provider PayU. DAC Beachcroft Israel remains a key jurisdiction for DAC Beachcroft, with 2024 marking a year of significant representation in high-stakes litigation and arbitration. The firm played a significant role in class actions, product liability, contract disputes, and pension and shareholder conflicts. London-based partners Clarissa Coleman, Chris Wilkes, and Ilana Gilbert led the charge in a range of confidential and complex proceedings involving Israeli parties. Davis Polk Davis Polk’s Israel Practice continues to play a critical role in the country's most significant transactions, leveraging a team of over 60 lawyers—many fluent in Hebrew and trained in Israeli law. Led by Michael Kaplan and Lee Hochbaum, the practice excels in M&A and capital markets, advising global clients on complex cross-border deals. The Israel Practice advised Sun Pharmaceutical, India’s largest pharmaceutical company, on its USD 347 million take-private acquisition of Taro Pharmaceutical, an Israeli developer of proprietary and off-patent drugs. It also represented Gallatin Point Capital in its USD 150 million acquisition of a 15% equity stake in Israel Discount Bank of New York, the largest Israeli-owned bank operating abroad. In capital markets, the team advised Pagaya Technologies Ltd., an Israeli fintech company listed on Nasdaq, on a USD 95 million public offering. Visit: Israel Page
37 DLA The global knowhow and resources of DLA ensure that it is regularly involved at the top end of the Israeli market. From the U.S. to Latin America, Europe to Asia, the firm’s Israel country group counts more than 100 lawyers and almost twice as many as Israeli clients. An Elite firm in M&A (Volume), HighTech, Litigation, and Real Estate, the firm took top spot in Private Client and Tax, Employment, and Banking. Under the leadership of Jeremy Lustman, DLA Piper’s Israel Group plays a leading role in high-profile cross-border transactions. The team also includes Jon Kenworthy, Co-Chair of Corporate, and Christopher Giordano, Chair of the U.S. M&A Group. Lustman and Giordano spearheaded the firm’s support for Israeli lead outside counsel in the USD 1.9 billion acquisition of Own Company by Salesforce. The group also advised Enercon Technologies, Ltd., an Israeli company, on the U.S. aspects of its USD 320 million sale to New Jersey-based Bel Fuse Inc. Jon Venick, a New York corporate partner, guided SolarEdge Technologies, an Israeli Nasdaq-listed company, in its equity investment in U.S. solar technology firm Ivy Energy. DLA Piper’s extensive work in technology transactions reinforces its leading position in the sector. The firm advised Israel’s Viola Credit Five Management 2015 Ltd. on a USD 500 million strategic joint venture with Cadma Capital Partners, an affiliate of Apollo Global Management. It also played a key role in employment and regulatory matters, assisting Israeli cybersecurity company CyberArk Ltd. with post-merger employee transfers and integration following its acquisition of Venafi. The transaction spanned multiple jurisdictions, including Australia, Bulgaria, Canada, and the UK, with Ute Krudewagen, Chair of the International Employment practice, at the helm. DLA Piper’s privacy and data security team continues to drive compliance for Israeli companies operating globally. The firm advised Israeli cybersecurity company BioCatch on data-sharing regulations for a network product across Argentina, Brazil, Chile, Colombia, Mexico, and Australia, including credit reporting requirements. Visit: Israel Page Fox Rothschild The Israel Practice Group at Fox Rothschild connects Israeli businesses with U.S. markets, providing legal support across technology, software, agriculture, healthcare, and medtech. In 2024, the firm was ranked as an Elite firm in Private Client and Tax in IsraelDesks.
38 Led by Michael Sweet, Odia Kagan, and Sarah Biser, the sizeable team operates from San Francisco, Philadelphia, and New York. The group is recognized in IsraelDesks for its advice on intellectual property and trademark issues, employment litigation, and data privacy, particularly GDPR compliance. It also assists Israeli families with estate planning, trusts, and tax matters. Matthew Kittay, Co-Chair of the M&A Group, counsels Israeli startups expanding into the U.S., focusing on corporate structuring, financing, and venture capital. Israel-based Biser represents contractors, developers, and architects in construction law and international arbitration, including major projects such as the Technion-Cornell partnership on Roosevelt Island, NYC. Visit: Israel Page Freshfields Bruckhaus Deringer Renowned as a leading force in the Israeli market, Freshfields' Israel Group excels across diverse fields including M&A (Volume), Energy, and IP in which the firm takes pole position in all, and is also an Elite firm in M&A and Capital Markets (Value), and Litigation. Headed by Managing Director Adir Waldman in Tel Aviv, the Freshfields Israel Focus Group provides Israeli businesses and international investors with direct access to top-tier legal counsel on cross-border transactions, financings, regulatory issues, and dispute resolution. Waldman spearheads a multijurisdictional team advising Israeli and foreign companies operating in Israel, with key figures including Taryn Zucker, a New York-based counsel specializing in capital markets, and Menachem Kaplan, a seasoned New York partner with deep ties to Israel. London-based partner David Boles adds strength in securities regulation, representing issuers and investment banks in major public offerings, such as the USD 1.6 billion IPO of Israeli SimilarWeb. The team played a pivotal role in significant 2024 transactions, including advising Aristocrat Leisure on its USD 1.2 billion all-cash acquisition of Israel’s NeoGames; Israeli-owned Leonardo Hotels on its EUR 400 million purchase of Zien Group’s Dutch hotel portfolio; and U.S. private equity firm Bow Street on its USD 1.6 billion investment in an Israeli real estate company. In banking, the team supported Bank Hapoalim in navigating Basel Relief for sales guarantees under French and German law and assisted Shikun & Binui in divesting from its Nigerian operations.
39 In IP, Freshfields represented SodaStream in patent and design enforcement actions across Europe and defended against false advertising and unfair competition claims. In litigation, the firm worked alongside Israeli counsel representing global tobacco giant JTI in class action proceedings, including Israel’s largest-ever class action lawsuit. Additionally, they defended Japanese company Takata against Israeli claims regarding alleged faulty airbag inflators. The Group’s work spans industries such as life sciences, technology, e-commerce, financial services, fintech, and consumer retail, underscoring Freshfields’ role in shaping complex legal landscapes in Israel and beyond. Goodwin Goodwin’s Israel Practice continues to play a pivotal role in major transactions involving Israeli companies and international investors. An Elite firm in M&A (Volume), in 2024 the firm advised Markforged on its USD 115 million acquisition by Nano Dimension Ltd., a leader in additive electronics and 3D printing technology headquartered in Israel. Technology partner Bill Schnoor (Boston and London) represented Rezonate, a cybersecurity cloud services provider based in Boston and Israel, in its sale to Silverfort, an Israeli company specializing in Unified Identity Protection. These transactions reinforce Goodwin’s position as a key legal partner for cross-border M&A in high-tech and cybersecurity. The firm also remains deeply engaged in Israel’s venture capital ecosystem and supports startups in cybersecurity, data & AI, fintech, and digital health, driving early-stage companies toward global growth. In real estate technology, partner Mayan Katz (New York) advised Colleen AI, an Israeli AI-driven real estate platform, on its sale to Entrata. He also represented Pharma Ltd., a late-clinical stage Israeli pharmaceutical company, in its definitive merger agreement with Hepion Pharmaceuticals, Inc., advancing research into Parkinson’s treatments. Another key figure in the team is Tom Beaudoin, who acted as U.S. counsel to Team8 on their recent closings of multiple funds totaling approximately USD500 million. Gowling WLG Co-led by London-based Susannah Fink and Toronto-based Jason Saltzman, Gowling WLG's Israel Desk supports over 60 Israeli clients. The team includes more than 40 lawyers advising across multiple practice areas and is active in cross-border transactions, providing legal guidance to Israeli businesses navigating international markets.
40 In capital markets, Saltzman led private placements of units for Innocan Pharma Corporation, a pharmaceutical technology company headquartered in Israel. The company operates in two primary sectors: pharmaceuticals and consumer wellness. A key figure in Gowling’s Dubai office, Jon Parker works with Israeli life sciences companies on IP issues, enhancing the protection and commercialization of cutting-edge innovations in a rapidly evolving sector. Gowling WLG was formed from the merger of Canada-based Gowlings and UK-based Wragge Lawrence Graham & Co in February 2016, in the first multinational law firm merger co-led by a Canadian firm. Greenberg Traurig With a multidisciplinary office in Tel Aviv, Greenberg Traurig’s Israel Practice— comprising over 100 professionals—serves as a key gateway for Israeli businesses and entrepreneurs seeking global expansion, as well as for international clients looking to establish or grow their presence in Israel. This was backed up in the latest IsraelDesks rankings, which saw the Israel Practice take pole position in High-Tech, ranked an Elite firm in M&A (Volume) and in Capital Markets, storming clear in the volume table. The firm was also an Elite firm in Employment, Real Estate, and taking joint first position in IP. Greenberg Traurig’s Israel Practice operates under the leadership of Managing Shareholder Joey Shabot, who spearheads corporate transactions and commercial disputes involving Israeli entities. In 2024, he represented Wiwyn, a Taiwanese company, in its investment in ZutaCore, an Israeli innovator in direct-to-chip liquid cooling technology for data centers. He also advised Ibex, a U.S.-based ad-tech company, on a VC investment in Israeli startup Arya. Fort Lauderdale-based Bruce March led the counsel to Nano Dimension, an Israel-based leader in Additively Manufactured Electronics (AME), in its acquisitions of Desktop Metal and Markforged Holding Corporation. In capital markets, Gary Emmanuel and Mark Selinger advised Silexion Therapeutics Ltd., an Israeli clinical-stage biotechnology company specializing in oncology treatments, on its SPAC merger with Moringa Acquisition Corp. The team includes David Huberman, well versed in the U.S. IPOs of Israeli companies. They also counseled Gauzy Ltd., an Israeli company specializing in vision and light control technologies, in its USD 75 million Nasdaq IPO in June 2024, and represented OPKO Health Inc., a multinational biopharmaceutical
41 and diagnostics company, in the USD 230 million private offering of its Convertible Senior Notes. Led by Lawrence Sternthal in Tel Aviv, GT's International Real Estate group has played a key role in advising Israel’s institutional investors on overseas real estate investments. In employment law, Meira Ferziger leads a specialized practice assisting Israeli companies with U.S. and international employment matters and litigation, including aspects related to M&A and IPO transactions. On the IP front, Barry Schindler advised CropX, an Israeli agritech leader in digital agronomic solutions, on the IP aspects of its acquisition of U.S.- based EnGeniousAg. Adam Snukal is another key team member, advising on technology-driven matters across sectors including health care, fintech, cyber, adtech, entertainment, and aerospace. Visit: Israel Page Herrick Feinstein Anchored within this impressive New York-based law firm, Herrick Feinstein’s Israel practice serves as a key bridge between Israel and the U.S. The 18-lawyer group collaborates with leading Israeli law and accounting firms and is recognized in the IsraelDesks rankings for its broad scope, particularly in real estate, in which it is ranked an Elite firm, also performing well in other areas. Real Estate partner and Israel practice co-chair Yariv Ben-Ari advises lenders, developers, operators, and contractors on complex cross-border matters. Herrick Feinstein represented Bank Hapoalim B.M. in an intercreditor agreement for a senior and mezzanine loan in excess of USD 200 million for the construction of a mixed-use property in downtown Manhattan and the team also represented Leumi Partners Ltd., as mezzanine lender, in an aggregate construction financing facility of USD 123 million for a mixeduse development construction project in Brooklyn, with Jeffrey Kaufman advising. Other firm representations include representing Greystone Senior Debt BI, Ltd. in its USD 160 million Series A bond offering on the Tel Aviv Stock Exchange. The firm also enjoyed success in litigation, leading a victory for Inokim, an Israeli electric scooter manufacturer, and Best Buy, in a dispute with Inokim shareholders involving claims of licensing breaches and tortious interference. In October 2024, the New York Supreme Court dismissed all claims against
42 both companies. The firm is bolstered by Real Estate Chair and Executive Chair Belinda Schwartz and Tax Chair Louis Tuchman, whose tax structuring drives successful transactions involving diverse clients. Tuchman, for example, advised Canada Global, an Israel-based public company, in acquiring Miami’s Aventura Corporate Center as part of a joint venture with Flow. Visit: Israel Page Howard Kennedy Howard Kennedy has built a strong reputation in advising Israeli clients, particularly in the energy and real estate sectors. Led by London partner Charles Maxwell, the team supports high-net-worth individuals, families, entrepreneurs, and corporations with legal matters across real estate, commercial transactions, and energy infrastructure. Howard Kennedy acts for Ashdod-headquartered Nofar Energy in its UK expansion, including the Cellarhead project, the country's largest planned battery energy storage development. With construction costs exceeding GBP 214 million, the project will provide approximately 700 megawatt hours of storage capacity, helping stabilize the electricity grid. Beyond energy, Howard Kennedy maintains a strong commercial real estate practice for Israeli clients, advising on acquisitions, disposals, lettings, and the financing of multi-use properties. Kobre & Kim Kobre & Kim holds a strong position in cross-border disputes and investigations, representing Israeli clients in litigation across the U.S., Europe, and Asia. The firm has acted for prominent Israel-based businessman with global ventures, and handles corporate disputes, criminal defense, and regulatory enforcement. Jeremy Bressman represents Middle East-based corporations and individuals in criminal and enforcement proceedings, often alongside civil litigation. In intellectual property disputes, San Francisco-based Michael Ng leads patent infringement cases for Israeli companies. With a litigation-focused approach, the firm navigates complex regulatory and commercial challenges across multiple jurisdictions. Visit: Israel Page
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