Annual Review2010–2011
OVERVIEWCMS aims to be recognisedas the best European providerof legal and tax services                                   ...
A SINGLE ORGANISATION                            Aberdeen                          Edinburgh                              ...
OVERVIEW     ABOUT US     Distinctively European     We have created a single organisation by bringing     our people toge...
CONTENTS26 LIFESCIENCES                                                                     04   Introduction             ...
INTRODUCTION     Welcome to our first     CMS annual review     M               ilestones are important in the life   This...
CMS EXECUTIVE DIRECTOR        MANAGING PARTNERSMatthew Gorman                Pietro Cavasola                Carlos Peña Bo...
CORPORATE     INSIGHT     Supporting     increased                                                                        ...
TRANSACTION                                                                                      TRANSACTIONIntegration ac...
BANKING & FINANCE      CLIENT SERVICES      Experts in navigating      cross-border insolvencies     T             he econ...
INSIGHT                                                  After the crisis: working                                        ...
COMPETITION     TRANSACTION                                                                                    CLIENT SERV...
The CMS Competition                                                                                                       ...
TAX     CLIENT SERVICES     Our market-leading Transfer Pricing     practice is dedicated to tax efficiency     R         ...
Cross-border adviceand local expertiseWith more than 350 lawyers providing                                                ...
PRIVATE EQUITY      Tempi stretti ci      hanno spinto      a concentrare      immediatamente      gli sforzi sulla       ...
TRANSACTION                                                                                      CLIENT SERVICESGetting th...
DISPUTE RESOLUTION     CLIENT SERVICES     Arbitration     connections     The CMS International Arbitration Group (IAG) c...
CMS Arbitration lawyers in GAR (Global Arbitration Review) 100                          Amsterdam Arno Moret, Mark Ziekman...
REAL ESTATE & CONSTRUCTION     INSIGHT     Building a sustainable     future in The Netherlands     I       s sustainable ...
FUNDS                                            CLIENT SERVICES                                            CMS collaborat...
INSURANCE                                                           TRANSACTION                                           ...
PUBLICATIONS                                                   10 things every                                            ...
EMPLOYMENT & PENSIONS       INSIGHT       Unravelling the       complexities of       labour law in CEE     E           mp...
CLIENT SERVICESCMS publishes a                                  common categories explaining the structure            PUBL...
INFRASTRUCTURE & PROJECT FINANCE          AWARDS          Legal Business          Regulatory Team          of the Year (UK...
INSIGHTComplete                                                                                                 PUBLICATIO...
INTELLECTUAL PROPERTY     CLIENT SERVICES     Working together to crack     down on counterfeit goods     W               ...
Helping our clients make                                     cross-border use of their                                    ...
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
Annual Review CMS 2010-2011
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Annual Review CMS 2010-2011


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This publication demonstrates where and how CMS works across a number of practices, industry sectors and countries to provide high-quality advice in more European jurisdictions than any other legal services provider. It shows how CMS understand clients, their businesses and the legal landscape in which they operate. And it documents how CMS can coordinate complex transactions across
borders - no easy task when you consider Europe\'s diverse

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Annual Review CMS 2010-2011

  1. 1. Annual Review2010–2011
  2. 2. OVERVIEWCMS aims to be recognisedas the best European providerof legal and tax services 54KEY FACTS 36 Number of new CMS partners Officese 766.4m CMS 2010 turnover 48 Cities 57% International CMS pitches won 29 Countries 6 Average number of countries covered in each CMS international pitch 770 Partners >2,800 Lawyers >5,000 Total employees
  3. 3. A SINGLE ORGANISATION Aberdeen Edinburgh Moscow Hamburg Amsterdam Berlin London Utrecht Warsaw Leipzig Bristol Antwerp Duesseldorf Dresden Cologne Brussels Frankfurt Prague Luxembourg Kyiv Paris Stuttgart Strasbourg Munich Vienna Bratislava Zurich Budapest Lyon Ljubljana Zagreb Milan Belgrade Bucharest Sarajevo Sofia Rome Tirana Madrid Seville Rio de Janeiro Marbella Algiers Buenos Aires Montevideo Beijing Casablanca ShanghaiCMS brings together nine NEW OFFICESEuropean law firms in aunique structure that creates CMS opened a new office in Luxembourg on We are pleased to announce our cooperationa ‘one-firm’ approach for 1 January 2011, following a merger with a agreement with leading Portuguese lawclients who require legal well-established local firm. Our CMS team in firm Rui Pena, Arnaut & Associados (RPA). Luxembourg advises on all areas of business We have been working with RPA for someand tax services in multiple law with particular focus on Corporate, M&A, time on cross-border deals and have beenjurisdictions. Each firm is Banking & Finance and Tax. providing referrals to each other. Together,a leader in its own market RPA and our Spanish firm are implementing We also opened a new office in Tirana, a strategy for Iberia.with a history going back Albania, in 2011. The Tirana office is mademany years. up of the Managing Partner, Marco Lacaita Taken together, the three newest additions and seven lawyers. The office is recognised add further capability to our extensive as a leader in its market. presence in Europe, supported by deep local expertise in each market in which we do business. 01
  4. 4. OVERVIEW ABOUT US Distinctively European We have created a single organisation by bringing our people together to share deep local expertise and unparalleled cross-border knowledge. 30 ENERGY TAX 12 24 INFRASTRUCTURE & PROJECT FINANCE BANKING & FINANCE 08 High-quality advice Cross-border coordination Clients benefit from highly trained lawyers and CMS is a joined-up organisation committed to tax advisers who understand the law and the high standards of service. This means that clients legal landscape in the jurisdictions where they have access to expertise across Europe delivered operate. Clients get straightforward legal advice, through a single point of contact. free from jargon. Most extensive presence Deep local expertise CMS is an organisation with a presence in all the Our firms have been in their local markets for major business centres across Europe. This means decades or even centuries and are immersed in that clients have access to high-quality expertise the local culture, meaning that our clients receive wherever they need it in Europe. high-quality advice in the local context. CMSLEGAL.COM/ABOUTCMS02 CMS ANNUAL REVIEW 2010–2011
  5. 5. CONTENTS26 LIFESCIENCES 04 Introduction 06 Corporate 08 Banking & Finance 10 Competition 12 Tax 14 Private Equity 16 Dispute Resolution 18 Real Estate & Construction 20 Insurance 22 Employment & Pensions 24 Infrastructure & Project Finance 26 Lifesciences 28 Intellectual Property 30 Energy 32 Technology, Media & Telecoms 34 Consumer Products 36 Hotels & Leisure 38 Emerging Markets 39 Client Services 40 Our People 42 Corporate Social Responsibility INTELLECTUAL 32 TECHNOLOGY, 44 Governance PROPERTY 28 MEDIA & TELECOMS EMPLOYMENT & PENSIONS 22Industry specialistsCMS lawyers and tax advisers understand theirbusiness and the wider industry. We speak ourclients’ language and provide advice in thecontext of their business objectives.Strong, trusted relationshipsOur teams build strong relationships above andbeyond the matter at hand. We give proactiveadvice and useful information on issues relatedto our clients’ business. 03
  6. 6. INTRODUCTION Welcome to our first CMS annual review M ilestones are important in the life This publication demonstrates where Ultimately, our clients will decide whether of any organisation. They help us and how CMS works across a number of we are the best European provider of legal gauge how we are growing practices, industry sectors and countries and tax services, and we take every and changing, and how we are performing to provide high-quality advice in more opportunity to ask, listen and respond to by reference to our stated goals and European jurisdictions than any other them. We hope that the following pages will aspirations. It is why we decided to publish legal services provider. It shows how we help you understand CMS better – giving you a snapshot of CMS, based on what we have understand our clients, their businesses and a sense of where we’ve come from and the done over the past 12 months. the legal landscape in which they operate. values that shape where we’re going. As And it documents how we can coordinate always, if you have any questions or thoughts, For more than a decade, CMS has been complex transactions across borders – we hope you’ll get in touch. working towards becoming the best no easy task when you consider Europe’s European provider of legal and tax services. diverse jurisdictions. Drawing on the experience and know-how of nine leading European firms, we have been It also showcases our people. It explains creating an organisation unmatched in our how we work to find innovative solutions breadth and depth across Europe and our for clients, how we train and develop service delivery to clients. together and how we are using our expertise Cornelius Brandi and time to improve the communities where Chairman of the Executive Committee we do business. cornelius.brandi@cmslegal.com04 CMS ANNUAL REVIEW 2010–2011
  7. 7. CMS EXECUTIVE DIRECTOR MANAGING PARTNERSMatthew Gorman Pietro Cavasola Carlos Peña Boada Pierre-Sebastien ThillContact CMS Adonnino Ascoli CMS Albiñana & CMS & Cavasola Scamoni Suárez de Lezo Francis Lefebvre Head Office: Rome Head Office: Madrid Head Office: Paris Contact Contact Contact Duncan Weston Stanislas van Wassenhove Dolf Segaar CMS Cameron McKenna CMS DeBacker CMS Derks Star Busmann Head Office: London Head Office: Brussels Head Office: Amsterdam Contact Contact Contact Patrick Sommer Hubertus Kolster Peter Huber CMS von Erlach Henrici CMS Hasche Sigle CMS Reich-Rohrwig HainzPrincipal contact forcompany information Head Office: Zurich Head Office: Berlin Head Office: Contact Contact Contact+49 69 717 01-500 05
  8. 8. CORPORATE INSIGHT Supporting increased Europa verzeichnete im Jahr 2010 einen cross-border stabilen Aufschwung M&A activity “Broad recovery in Europe was well established during 2010” T he European M&A market is “The study allows our clients to follow trends Meanwhile, US corporates have a renewed gathering steam, according to to see if deal points are more in favour of the appetite for European opportunities, and the latest CMS European M&A seller or the buyer,” says Thomas Meyding, the private equity sector is also much more Study, published in May 2011. Head of our Corporate group. “After 2007, buoyant after a very subdued 2009. it was a seller’s market; in 2009 there was The report, now in its third year, provides a shift to more buyer-friendly conditions; CMS is well placed to advise clients who a useful annual reference point for now it’s somewhere in the middle.” are pursuing an acquisitive strategy. Our businesses as well as M&A professionals team, comprising more than 600 M&A looking to keep up to speed with market Meyding says broad recovery in Europe was lawyers, has handled more than 1,000 trends. The most comprehensive study well established during 2010, though completed transactions over the past four of its kind in Europe, it considers the deal Germany lagged behind, only reviving in years. “We aim to help clients achieve their points that are usually heavily negotiated the last quarter of the year. Highly motivated commercial objectives rather than being in M&A deals, including MAC (material M&A players now consider even major just legal advisers,” says Meyding. adverse change) clauses, purchase price acquisitions to be within reach and there adjustments and warranties. is rising competition for takeover targets. CMSLEGAL.COM/CORPORATE06 CMS ANNUAL REVIEW 2010–2011
  9. 9. TRANSACTION TRANSACTIONIntegration across the globe Helping Lloyds TSB reach for the SkyA complex transaction requiring a German One of the conditions of the deal was that the We advised Lloyds TSB Development Capital,venture capital fund to be transferred to Germany-based fund would be incorporated the private equity arm of Lloyds BankingGuernsey highlighted the cross-border in Guernsey. A team from Germany led by Group, on its £100m acquisition of Easynet,abilities of our M&A experts. Thomas Meyding, Head of our Corporate the global provider of managed solutions group, and Maximilian Grub, advised the and business connectivity services, fromThe deal, completed in January 2011, saw Holtzbrinck Group on the M&A part of the British Sky Broadcasting Group (BSkyB) plc.US private equity investor HarbourVest deal, while a team from London, led byPartners LLC welcomed as a co-investor in Christopher Southorn, advised on Led by James Grimwood, Corporate partnerthe Georg von Holtzbrinck publishing fund formation and related questions. in London, the high-profile deal requiredgroup’s venture capital arm. local expertise in corporate, competition, “It was very challenging,” recalls Meyding. TMT (Technology, Media and Telecoms),Together the partners have launched “It brought together three worlds: a media banking and finance and tax, with inputa €177m fund, HV Holtzbrinck Ventures publishing house, a major investor specialising from lawyers and tax advisers in Belgium,Fund IV L.P., to invest in digital and in secondaries and, last but not least, a France, Germany, Italy, The Netherlands,internet enterprises. German management team.” Spain, Switzerland and the UK.Advising L’Oréal on plant sale The sale enables L’Oréal, a leading global beauty brand, which maintains the SanofloreWe advised L’Oréal group on the sale brand and the plant’s R&D unit, to focus onof Sanoflore’s plant, which specialises research, global brand development andin biocosmetics, aromatherapy and herbal marketing activities.medicine products, to Fareva SA. This Frenchfamily group specialises in household, Led by Philippe Rosenpick, Corporateindustrial, cosmetic, pharmaceutical and partner in Paris, the deal requiredfood products, and this purchase means coordination of several services,that it will consolidate its position in the including corporate, contract, taxfield of bio-products. and labour law. RANKINGS 1st in Europe: 2010 Bloomberg, Q1/2011 Bloomberg 1st in Germany: 2010 Mergermarket (German M&A Roundup), Q1/2011 Mergermarket, Q1/2011 Bloomberg 1st in France: 2010 Bloomberg 1st in CEE: 2010 Bloomberg, Q1/2011 Bloomberg, Q1/2011 Mergermarket 1st in UK: Q1/2011 deals completed, Thomson Reuters 1st in Eastern Europe: Q1/2011 deals announced and completed, Thomson Reuters M&A Emerging Markets 1st in Benelux: Q1/2011 Bloomberg (Rankings are by deal count) CMS Corporate team meets in Zurich, April 2011 07
  10. 10. BANKING & FINANCE CLIENT SERVICES Experts in navigating cross-border insolvencies T he economic turbulence of the “The result is, we hope, a very useful point past few years means that many of reference for clients assessing their multinational companies and their options and key risks in each of the 21 stakeholders are facing the future with new different jurisdictions we have covered.” priorities and concerns. When they do seek restructuring and insolvency advice, they Jan Willem Bouman, partner in Utrecht, adds: find that each jurisdiction has its own “The genesis of the guide was a desire to distil laws and that coordination among them the laws and regulations affecting businesses can be challenging. in distress across different European jurisdictions, with the objective of making it The CMS Guide to Restructuring, Insolvency easier for clients to assess the alternatives for and Distressed Debt Trading, published in restructuring such businesses. I have February 2011, provides a comparative absolutely no doubt that the guide achieves analysis of certain key areas of law and that objective and will quickly become an procedure for those involved in or affected indispensable aid to those working in the by financial distress of a corporation and distressed sector across Europe.” the trading of distressed debt across Europe. It also provides an overview of the latest Our expertise lies in implementing insolvency position on international governance of proceedings across jurisdictions, despite the PUBLICATIONS insolvency proceedings, in the form of the absence of a unified legal context. When EC Regulation on Insolvency Proceedings Lehman Brothers announced its bankruptcy in and the UNCITRAL Model Law. 2008, for example, Frankfurt-based partner Michael Frege became responsible for the Martin Brown, partner in the Restructuring administration of Lehman Brothers Bankhaus and Insolvency Group in London, AG, Lehman’s German business. In Frankfurt, comments: “We wanted to put together many CMS partners and associates from the CMS Guide to Restructuring, a guide that answered, as a matter of the Insolvency and Banking departments are now Insolvency and local law, the kinds of question that are part of the team working on insolvency Distressed typically raised by clients who are looking proceedings for the worldwide assets of the Debt Trading to realise or preserve value in a distressed German subsidiary of Lehman Brothers, situation or who are otherwise affected including three Bankhaus branches in London, by the threat of potential insolvency. Milan and Seoul. CMSLEGAL.COM/NEWSMEDIA/PUBLICATIONS08 CMS ANNUAL REVIEW 2010–2011
  11. 11. INSIGHT After the crisis: working together on the EU Market Abuse Directive Wij houden onze cliënten continu volledig op de hoogte van alle ontwikkelingen  in Europa“We can keep our clients fully informed about what’s happening elsewhere in Europe” CMS launches online “Since the financial crisis, there has been regulators, making us perfectly placed to an incredible political will to get things tell clients how reforms could affect them. real estate finance guide done,” says Ash Saluja, Banking & Finance partner in London. New institutions are “The public consultation on a revision of With more comprehensive security being created and a stream of new the Market Abuse Directive shows us how packages now required for loans in requirements and obligations is being issued differences in interpretation of certain key Europe’s real estate sector, it is becoming from Brussels. The result is that European concepts affects the application of market increasingly important for lenders to financial services are being transformed – abuse rules in the different EU member have a thorough understanding of their and we are leading the way in interpreting states,” says Harold Tuinstra, partner in borrowers’ structures and security from the new landscape. Amsterdam. “This underlines the importance a commercial and legal perspective. of cooperation and consultation across The launch of CMS’ interactive online A key part of the drive towards legal CMS in order to create added value Guide to Real Estate Finance, aimed at convergence is the Market Abuse Directive, for our international clients.” a European audience, is a timely response first adopted in 2003, which tackles market to this trend. Divided into three sections manipulation and insider dealing in EU “For example, if you are in London lobbying for – mortgages, security over shares and countries. The aim of the directive is to a specific change, and you find out that French leases – the guide provides clear make market regulation more effective banks have been lobbying for something else, explanations about how lenders can and consistent so that EU member state you will want to understand where they are take security over real estate and details markets can occupy a level playing field. coming from,” says Saluja. “At CMS, we talk to options for enforcement. It provides one another constantly. This means that we a useful tool for anyone involved with In late 2010, the European Commission can keep our clients fully informed about or interested in real estate finance. completed a public consultation on a review what’s happening elsewhere in Europe – of the directive. Our firms have local lawyers and why it’s happening – so that they are in each jurisdiction who are in touch with local best placed to make the right decisions.” RESOURCES Real Estate Finance: CMSLEGAL.COM/BANKING–FINANCE 09
  12. 12. COMPETITION TRANSACTION CLIENT SERVICES CMS advises on Keeping clients seven-jurisdiction in the know transaction Throughout the last year our Competition group has taken a proactive approach to keeping clients abreast of significant changes in competition law. W e advised Japan-based We helped Mori Seiki structure the CMS Competition Conference 2011 engineering technology deal to minimise the regulatory burden, Our Competition group and the firm, Mori Seiki, on a complex ultimately securing regulatory approval EU Law Office organised a high-level seven-jurisdiction transaction involving in Italy, Germany and Austria and avoiding international conference in Brussels. the acquisition of an increased shareholding the need for merger filings in Poland, It brought in-house counsel from leading in German firm DMG (Gildemeister), one Russia, Turkey and Greece. businesses including Nestlé, Procter & of its competitors. In 2009 Mori Seiki Gamble and Coca-Cola together with entered a 5% cross-shareholding “It was vitally important that we could senior officials from the European agreement with DMG (Gildemeister). A year call on skilled competition lawyers in each Commission, the EU courts and national later, in 2010/2011, CMS helped Mori Seiki jurisdiction through our Competition competition authorities. The conference increase its holding in DMG (Gildemeister) group,” recalls Kahlenberg. “With featured expert panel sessions on merger to 20.1%, a transaction that raised complex complicated transactions, you need control, collective redress and economics merger-control issues in seven jurisdictions. to know one another well.” and competition law. In the evening, there was a reception organised by Andreas “Both companies are the leading Our 140-lawyer Competition team meets Schwab, Member of the European manufacturers in their fields and there annually for joint training weekends and Parliament, with an address by EU is some overlap in their product portfolios,” collaborates throughout the year on cross- Competition Commissioner Joaquín explains Harald Kahlenberg, Head of our border transactions and knowledge sharing. Almunia. “The feedback was extremely Competition group, who led the team “The information that was obtained in each encouraging. Attendees particularly coordinating the transaction. “However, jurisdiction was immediately shared with the liked doing the conference in a panel it was unclear whether Mori Seiki acquired rest of the team, making the process discussion format,” says Michael Bauer, control over DMG (Gildemeister) and, smoother and more efficient,” he says. partner in Brussels. “It was a big success – therefore, whether the transaction qualified and it will be continued.” as a notifiable merger.” CMS working group on collective redress At the end of April 2011, a working group within our Competition group, together with members of our Dispute Resolution Group, submitted a paper to the public consultation on collective redress organised by the European Commission. The Commission believes there is a trend towards mass claims. Expanding mass consumer markets create high potential for large groups of consumers being harmed by the same or a similar illegal practice, such as a cartel. Our working group commented on the Commission’s questions about ways to ensure that such consumer mass claims are solved. Collective redress could be a means to handle this type of claim. Our working group on collective redress brings together our specialists who are most experienced in this field; their aim is seamless collaboration for the benefit of our clients.10 CMS ANNUAL REVIEW 2010–2011
  13. 13. The CMS Competition Conference 2011 was held in Brussels AWARDS CMSLEGAL.COM/COMPETITION-EU Finance Monthly: Best Spanish Law Firm (EU Law) 2011 Guide makes comparison easy With more than 300 pages and an accompanying CD-ROM, our fourth CMS Guide to Merger Control in Europe is a comprehensive look at EU merger control law, as well as the merger control regimes in 43 European jurisdictions. “Most In unserer Arbeitsgruppe European jurisdictions have implemented a PUBLICATIONS für kollektive Regress- merger control regime, but the details vary significantly among countries, and some ansprüche arbeiten die aspects – such as the thresholds at which a erfahrensten Fachkräfte merger filing is required – change frequently,” explains Harald Kahlenberg, Head of our dieses Spezialgebietes Competition group. “Each jurisdiction’s zusammen entry in the guide answers the same basic questions, in order to provide easy CMS Guide to Merger Control in Europe comparison across jurisdictions. The CD-ROM“Our working group on collective provides more detailed information for each redress brings together our country.” The report has been circulated to specialists who are most more than 5,000 clients and other businesses experienced in this field” across Europe. CMSLEGAL.COM/NEWSMEDIA/PUBLICATIONS 11
  14. 14. TAX CLIENT SERVICES Our market-leading Transfer Pricing practice is dedicated to tax efficiency R egulations surrounding international Our team has experts in every CMS jurisdiction We can also call on the expertise of an internal Transfer Pricing (TP) – the prices that who can advise on local legislation and provide team of economists based in the Paris office, parts of multinational companies charge sector expertise. “We can put together a which gives us even greater reach. Nadia Sabin, one another for goods and services – have dedicated team for each client, with the TP who is qualified as both an economist and a become more complex and strictly enforced expert in each country carrying out the local lawyer, is part of this team. “TP is an economic in recent years. At CMS, we have responded work and a central team in the client’s home issue with tax implications,” she explains. by developing a market-leading TP practice jurisdiction coordinating,” explains Nick Foster- “Developing a TP policy means assessing the with dedicated expertise in almost every Taylor, Head of the UK TP team. “We’ve market price for goods and services. Your task European jurisdiction. carried out a process of education to ensure is to convince the tax authorities that the prices that there is a partner in every CMS jurisdiction you’ve set reflect the reality in the market.” TP rules require transfers of goods and with a high degree of knowledge about services between subsidiaries of a company TP issues. We recently brought all the TP This can involve anything from comparing to be charged at market price or the specialists together for a seminar in Paris competitors’ prices to more distinctive equivalent. “A whole host of factors affect to discuss ideas and compare the technical techniques such as game theory – all the appropriate price: when you sell a details of different regimes.” of which we use proactively to provide product, when the legal title is transferred, high-quality, specialist advice to our clients. how the price is paid and the risk of Our TP work is not merely cross-border but transportation,” says Stéphane Gelin, also cross-practice. “It’s a very commercially a Paris-based partner specialising in Transfer oriented area, as the development of a TP Pricing. “The aim is to establish a policy that policy for a client involves analysing their is compatible with the principles of the law, business as well as knowing the law,” says while remaining as tax-efficient as possible.” Foster-Taylor. CMSLEGAL.COM/TAX12 CMS ANNUAL REVIEW 2010–2011
  15. 15. Cross-border adviceand local expertiseWith more than 350 lawyers providing PUBLICATIONSspecialist tax advice to clients in all our 29jurisdictions, CMS assists clients throughoutEurope and further afield in countries suchas China, Algeria and Morocco. L’objectif est d’instaurerOur teams not only have deep expertise in un processus quitax law, but also a strong background in respecte la loi tout CMS Tax Connect: Transfer Pricing editioncorporate and commercial law and in keybusiness sectors. We are regularly rated by en permettant unenational and international industry guides optimisation fiscaleamong the best in the industry. Our clientsdeal with national and international taxissues on a daily basis, against an increasingly “The aim is to establish a policy that is CMSLEGAL.COM/NEWSMEDIA/PUBLICATIONScomplex legal background. “Our tax practice compatible with the principles of the lawis structured around a number of specialist while remaining as tax-efficient as possible”areas, in particular VAT, transfer pricing andEU tax law. In each area, we favour anintegrated pan-European approach to theissues our clients face, so we can deliver thebest quality service,” says Stéphane Austry,Head of the Tax Group. The CMS Tax team at an internal training event and workshop in France, May 2011 AWARDS Leaders League: Best team in two categories: Taxation and Transactional Taxation (France) Silver 2010 13
  16. 16. PRIVATE EQUITY Tempi stretti ci hanno spinto a concentrare immediatamente gli sforzi sulla AWARDS due diligence Unquote” Private Equity Awards: Law Firm of the Year (Germany) 2010 “Tight timescales required us to Law Firm of the Year (CEE) 2010 go headfirst into due diligence”14 CMS ANNUAL REVIEW 2010–2011
  17. 17. TRANSACTION CLIENT SERVICESGetting the The CMS flying squad takes offchemistry rightCMS advises private equity firmBC Partners in a triple acquisitionJ anuary 2010 was a particularly busy period We guided BC Partners through the entire Private equity has long been an area of for more than 100 CMS lawyers around process, from financing to competition strength for CMS. In 2010, our emerging Europe who were involved in a highly approval. “There was work to be done in markets practice was bolstered by the hirecomplex triple acquisition by German private 22 different jurisdictions,” recalls Simmat. of a seven-member team. Nicknamed theequity firm BC Partners. During a few days “Our team included more than 50 lawyers ‘flying squad’, the team is based in Londonbetween New Year’s Eve and mid-January, in Germany, 11 in Switzerland and 13 in and Central and Eastern Europe, and travelsBC Partners finalised the acquisitions of Italy, and it was important that the client extensively to support its clients, whichFutureLAB, a medical laboratory company could feel they were dealing with one firm. include Advent International, Citi Venturebased in Vienna, Austria, and 40% of Synlab, We had daily teleconferences among the Capital International and Ethemba Capital.a similar company based in Augsburg, different teams to make sure we were all inGermany. A few days later, our team also agreement about procedural matters, such Partners Alexandra Florea, based incompleted BC Partners’ acquisition of Fleming as how documents should be structured Bucharest, and Ted Cominos, based inLabs in Brescia, Italy. and what BC Partners’ strategic priorities London, spent two years as investment for the transaction were.” principals with an emerging markets-focused“In the space of 10 days, we had large private equity fund before joining us in 2010.closings in four countries,” recalls Udo “We have dealt with CMS many times “The opportunity to reunite our old ‘flyingSimmat, a partner in Stuttgart who led the before and their ability to handle squad’ team was too tempting to pass up,”cross-border team that worked on the deals. multijurisdictional transactions impressed says Cominos. “The choice of CMS was a“We’d been working on it for almost a year.” us deeply,” states Michael Wunderlich, no-brainer: no other legal adviser has the the partner at BC Partners who was international dimension we need toRome-based partner Pietro Cavasola explains responsible for the transaction. operate, along with a strong existingthat in Italy, “tight timescales required us to “The cooperation among CMS was private equity practice.”go headfirst into the due diligence of the six truly seamless and professional, andcompanies to be acquired, which had to be contributed significantly to the success The team is working on major transactionscarried out in nine days”. of the transaction.” for several leading industry clients. Healthcare is a particularly active sector. “In times of economic difficulty, clients look for investments that will see significant demand in both boom and lean times. Healthcare is a classic example of this,” Florea says. The team operates as a ‘virtual office’ within CMS, enabling it to work seamlessly across our locations. “Because CMS works in jurisdictions few others do, including Croatia and Serbia,” Florea explains, “we benefitCMSLEGAL.COM/PRIVATE–EQUITY from unparalleled local knowledge.” 15
  18. 18. DISPUTE RESOLUTION CLIENT SERVICES Arbitration connections The CMS International Arbitration Group (IAG) continues The Netherlands – Austria to make its mark as a major force in arbitration. In 2010 We worked together in Amsterdam and it ranked as the sixth most active international arbitration Vienna as co-counsel for a US respondent in group in Global Arbitration Review (GAR 100). International a large ICC arbitration in Vienna regarding arbitration requires well-rounded international lawyers an oil drilling dispute, dealing with issues of working together; this is a glimpse of how our IAG did it. jurisdiction and Dutch substantive law. UK – Switzerland Our team in London, with the Swiss team in Zurich, worked on an international price review arbitration with a value of $800m. The seat of the arbitration was Geneva and the applicable rules were the UNCITRAL Rules. The claim was led from London by the highly regarded energy disputes team, while the Swiss team supported on procedural law issues. France – UK LONDON Teams from London and Paris joined forces on AMSTERDAM a €60m dispute. Despite English law being of primary relevance, the dispute was subject to arbitration in Paris and required a combination of ICC expertise from both offices. PARIS COLOGNE UK – Bulgaria In London, our team worked with colleagues from Sofia on two arbitrations with a combined value of more than €150m, one under English law and one multi-party ICC arbitration under Bulgarian law with the seat of the arbitration in Sofia with hearings at The Hague. ZURICH This claim involved a hotly contested preliminary issue regarding assignment of an arbitration agreement and the proper parties to the arbitration. Switzerland – Germany PUBLICATIONS In Zurich, a team collaborated with colleagues in Cologne to advise on the joining of third CMS Guide to Arbitration A fully updated version of the CMS Guide to parties to arbitral proceedings Arbitration will be published in 2012. Register your under Swiss procedural law. interest by emailing You can view the current edition at WWW.CMS-ARBITRATION.COM16 CMS ANNUAL REVIEW 2010–2011
  19. 19. CMS Arbitration lawyers in GAR (Global Arbitration Review) 100 Amsterdam Arno Moret, Mark Ziekman Moscow Sergey Yuryev Brussels André Lombart Madrid Carlos Aguilar Fernández, César Bucharest Gabriel Sidere Albiñana Cilveti, Javier Torre de Silva, José Luis López Sánchez Cologne Torsten Lörcher Munich Armin Dürrschmidt, Klaus Sachs Kyiv Olexander Martinenko Rome Paola Ghezzi, Laura Opilio London Rupert Choat, Ben Holland, Stephen Netherway, Guy Pendell, Vienna Daniela Karollus-Bruner Henry Sherman Zurich Damiano Brusa, Hans Wille, Beat von Rechenberg, Jodok Wicki Hans-Jürg Schürmann CMSLEGAL.COM/DISPUTE–RESOLUTION Russia – UK Teams in Moscow and London worked on MOSCOW a $50m dispute involving a large property developer in Russia under a turnkey contract, with the seat of the arbitration in Stockholm. Austria – Russia We advised the client on its long-term In Austria, we were involved in several pre-dispute conduct, in order to put it in the international arbitrations involving best possible position for the arbitration. Russian parties, working with colleagues in Moscow. We also bucked the trend by successfully enforcing a Vienna arbitration award in St Petersburg. Germany – Austria – UK Head of the CMS IAG Torsten Lörcher, together with CMS’ leading international arbitrator Klaus Sachs, led a delegation ofVIENNA CMS arbitration lawyers from across CMS to Vienna for the world- famous Vis Moot student competition. CMS sponsored many student teams to take part in the 2010 event, attended by more than 1,500 students from 253 universities. Highlights of the week- long debating competition included the CMS students’ reception BUCHAREST and the main reception at the Residence of the British Ambassador, hosted by CMS and the Chartered Institute of Arbitrators. Bulgaria – Romania – UK SOFIA In Bulgaria, a team worked together with Bucharest and London on an investment treaty dispute, in which CMS acted as counsel to international investors in the context of a circa €50m BIT investment arbitration claim against the Government of Bulgaria, arising out of the termination of a concession agreement in the waste management sector. 17
  20. 20. REAL ESTATE & CONSTRUCTION INSIGHT Building a sustainable future in The Netherlands I s sustainable building the future of real increase and protect the sustainability We are the first in The Netherlands to estate? “Research is beginning to show of the building,” says Ambergen. recommend green lease agreements to that after 10 years, a sustainably built our clients. In doing so, we could pave and maintained building is worth more However, without mutual benefits, parties the way towards a European sustainable than a standard building,” says Willie will not agree to the addition of a green building revolution. “Since we have such Ambergen, Tax partner in Utrecht. paragraph to a standard lease. “The deep foundations in every European challenge is to design contractual jurisdiction,” says Ambergen, “we wanted But how do you make buildings sustainable mechanisms that ensure that both tenant to start a pan-European drive towards from a legal perspective? It starts with and landlord have a financial incentive to sustainable building through our work.” turning normal lease agreements into green reduce their emissions and energy and water lease agreements. This involves inserting use,” says Arnout Scholten, Real Estate “In doing so,” Scholten adds, “we draw on extra clauses that recognise environmental partner in Utrecht. But every lease situation our experience and knowledge across the practices and technologies and minimise is different. And using the experience of European jurisdictions.” Having looked for the the impact of energy, water and waste. previous lease transactions, we can draft best way to do this, the Dutch team decided “These additional clauses mean that both a tailor-made solution, balancing the that the insertion of additional paragraphs landlord and tenant will be encouraged to interests of the parties involved. into standard lease agreements, in which CMSLEGAL.COM/REAL-ESTATE-CONSTRUCTION AWARDS Juve: Real Estate Law Firm of the Year (Germany) 2010 CMS Real Estate team collaborates in Madrid, April 201118 CMS ANNUAL REVIEW 2010–2011
  21. 21. FUNDS CLIENT SERVICES CMS collaborative investor group plays key role in EU consultationtenants and landlords mutually agree The new Alternative Investment Fund “The directive extends regulatory reach toto green obligations, was something that Managers Directive is aimed at regulating activities that were previously unregulated andcould be coordinated on a Europe-wide the activities of fund managers who market sets specific rules for the activities of custodians,basis. This Dutch initiative has recently or manage alternative investment funds in which go further than those provided for bybeen adopted across CMS. the EU and at better protecting investors UCITS (Undertakings for Collective Investment in such funds. Our Funds specialists have in Transferable Securities) IV. In this respect,With this in mind, we will present a pan- been focusing on opportunities presented we can predict that it might give rise to futureEuropean research report at the Munich by the directive. implementation debates,” says partner JérômeExpo in October 2011, focusing on how Sutour in lease agreements could be further Identifying competitive advantagesapplicable throughout Europe. The key for managers Supporting investorspoint we hope to make is that moving “The current patchwork of national In an innovative move to support investortowards sustainable building not only regulation impedes efficiency,” says Melville interests within the real estate sector,makes good environmental sense, it Rodrigues, a London-based partner who Rodrigues has put together a collaborativemakes economic sense too. coordinates the Group across CMS. “The cross-border group, the European Real directive will make it easier to operate on Estate Investors Group (EREIG). a pan-European platform, giving fund managers a competitive advantage.” Through the EREIG, the concerns of real estate fund investors have been fed into the But the directive also imposes tough directive consultation and implementation standards. From 2013, when it will be processes. Rodrigues has been instrumental implemented in EU Member States, fund in mobilising this industry group, and has managers will need to be authorised to coordinated representations to the EU market and manage alternative investment Commission, European Securities and funds within the EU, which means that they Markets Authority and MEPs involved in the will have to satisfy specific capital legislative process. EREIG has proposed solutions requirements and comply with new standards focused on transparency, risk management, of reporting and disclosure. Once authorised, valuation and other issues relevant to real estate managers will gain a ‘passport’ that entitles funds. Although the directive applies to hedge, them to market and manage funds private equity and other fund sectors, EREIG throughout the EU. In 2015, this advantage illustrates the CMS sector approach and has is likely to be extended to certain non-EU made it easier for real estate investors to lobby managers and funds. for certain investor protections in the directive. 19
  22. 22. INSURANCE TRANSACTION Proactive relationship building with MetLife E xtensive industry knowledge and a knowledge of the local markets, regulatory proactive approach to client needs requirements and the attitudes of local have strengthened our relationship regulators allowed the company to obtain with US insurer MetLife as it expands across regulatory consent efficiently and quickly. Recientemente Europe. Our relationship with MetLife goes conseguimos que back three years, when we were appointed to advise them in connection with their UK “MetLife came to us on this strategically important transaction because we had built nos contrataran para business. “Our role was initially limited to up such a good relationship in 18 months asesorar a MetLife en regulatory and pensions work in the UK,” says Paul Edmondson, Financial Services of working for them,” says Edmondson. “They saw that we were heavily focused su reestructuración partner in London. “The relationship has on the insurance sector and we had done empresarial en Europa since flourished, with CMS now advising MetLife in 14 different countries in a range a lot of work to understand their specific needs. We proactively manage the of areas, from Corporate to HR to Tax.” relationship and we know the market “We recently won the pitch for movements and regulatory developments the corporate restructuring of In March 2010, MetLife acquired Alico that are relevant to MetLife. Most MetLife’s European operations” (American Life Insurance Company) from importantly, we understand the specific AIG (American International Group) in a challenges they face – and their priorities.” $16.2bn transaction. The deal had a huge international element, with Alico operating We recently won the pitch for the in more than 50 countries. corporate restructuring of MetLife’s European operations. Carlos Peña Boada, CMS was instructed to advise on several partner in Spain, says: “MetLife relies on European aspects of the deal. Focusing on us to offer genuine sector expertise across Central and Eastern Europe, we performed Europe. And given that we have worked so due diligence and helped acquire the closely with MetLife for the past few years regulatory consents needed to complete and that we understand its business and how the deal in each jurisdiction. Our thorough it operates, we were the obvious choice.” Q&A with Joe Cohen, Head of Legal, United Kingdom and Ireland, India and Western Europe, MetLife What made CMS the ideal How has the relationship How do you see the relationship match for MetLife in Europe? expanded in the past few years? progressing further? We wanted to work with people who It began with regulatory and pensions We’ll be looking to CMS to help us navigate understood our business and with whom issues in the UK and has expanded to the integration of Alico and MetLife in we knew we could enter into a long-lasting become pan-European with the acquisition Europe. We know that they can deliver relationship. The fact that they had relevant of Alico. This transaction expanded our business solutions on both a domestic and expertise in all of our key jurisdictions was also European operations from the UK, Belgium, an international scale. I’ve also been asked a perfect reason. CMS provides a seamless Ireland and Poland to more than 20 countries. to present to their teams about our priorities service for our pan-European projects – and as in-house counsel, which will help deepen that’s exactly what we want. the relationship.20 CMS ANNUAL REVIEW 2010–2011
  23. 23. PUBLICATIONS 10 things every insurer should know in Western Europe CMSLEGAL.COM/NEWSMEDIA/PUBLICATIONSThe CMS Insurance team meetsin London, March 2011 CMSLEGAL.COM/INSURANCE-FUNDS 21
  24. 24. EMPLOYMENT & PENSIONS INSIGHT Unravelling the complexities of labour law in CEE E mploying workers in Western Europe and collective bargaining?” Employment can be complex enough for companies disputes and state benefits are also covered. used to the less restrictive regimes of the US and the UK. But even for western With offices in all major CEE jurisdictions, and European companies, employing workers with local expertise alongside a pan-regional in Central and Eastern Europe (CEE) can perspective, we are uniquely well placed to be daunting. “In some eastern European produce this guide and advise clients. jurisdictions, such as Serbia, the labour laws have changed little since the Communist era,” Employment law has seen much reform in says Vienna-based Employment & Pensions some jurisdictions but very little in others, partner Bernhard Hainz. meaning that regimes vary widely across the region. “In Russia and Ukraine, for To help businesses navigate the potentially example, it’s very difficult to terminate choppy waters, in 2010 CMS produced a employees’ contracts for economic reasons,” new, comprehensive guide, Labour Law explains Hainz. “Whereas in Poland, which PUBLICATIONS in Central and Eastern Europe. has reformed its employment laws as part of the process of EU membership, rules are The 264-page guide updates and expands in line with the rest of the EU.” upon a previous guide published in 2004. It provides in-depth information on the Labour Law in Central and Eastern Europe employment law frameworks in all 12 major was published in September and distributed central and eastern European jurisdictions. to thousands of international companies Labour Law “It covers the core issues that concern doing business in CEE. “Clients have been in Central and international businesses,” explains Hainz, very enthusiastic about the report. They tell Eastern Europe 2010 who coordinated the report. “How easy is us that they like its practical approach and it to terminate contracts? What are the rules that it is detailed enough to be a useful regarding pay, hours and holiday? What is the reference point for them on a day-to-day legal framework surrounding trade unions basis,” says Hainz. CMSLEGAL.COM/NEWSMEDIA/PUBLICATIONS22 CMS ANNUAL REVIEW 2010–2011
  25. 25. CLIENT SERVICESCMS publishes a common categories explaining the structure PUBLICATIONScomprehensive Guide of private pension provision, the tax regime relating to pensions, and the regulatoryto Pensions in Europe and legislative frameworks. “The challenge was to have a format that would allow for easy comparison, while accommodatingDespite recent efforts at synchronisation the distinctions and peculiarities of eachamong EU countries, the legal frameworks jurisdiction,” explains Van den Bos. The CMS Internationalfor pensions vary widely across Europe and Guide to Pensionsinternationally. Pensions schemes differ in In the West, countries faced with ageingthe level of provision and the method of populations are transforming their pensionsfunding: for example, some are funded from systems. As well as providing an internationalemployees’ original contributions, while overview, the guide identifies recent changes,other states employ a ‘pay as you go’ system such as the introduction of the ability to CMSLEGAL.COM/NEWSMEDIA/PUBLICATIONSwhereby existing workers fund current establish occupational pension funds inretirees. Obligations on employers to provide Hungary. “Many countries are drivingoccupational pensions and the options towards making their pensions systemsavailable for private pensions also vary. In more financially sustainable, but as yet thereGermany, for example, 60% of non-state has been no coordinated approach,” sayspension schemes use a defined-benefit London-based Pensions partner Nigel Moore.model, while in Poland the figure is 10%. More than 2,000 copies of the guideThe extent to which pensions norms vary were distributed to our clients acrossamong jurisdictions often comes as a surprise Europe. It was welcomed by clients keento businesses. “People grow up within a to understand pensions issues for theircertain pensions system and they can find business either on an international scaleit hard to understand how different systems or by specific jurisdiction. “Now I know De mate waarinvary,” says Paulus van den Bos, Pensionsspecialist in Amsterdam. why pensions are so difficult to discuss in an international setting,” one client said. pensioenvoorwaarden Another said that the guide had “a very per land verschillen,To help clarify the situation, in 2011 wepublished our CMS International Guide to helpful format, making it easier to understand something so extensive in komt als een verrassingPensions. The 70-page report provides a scope and complexity.” Plans are alreadydetailed overview of the pensions regimes being made for an updated second “The extent to which pensionsacross 20 European countries as well as China. CMS International Guide to Pensions to norms vary among jurisdictionsEach country’s system is described using meet client demand. comes as a surprise” The CMS Employment team at work in Paris, March 2011 AWARDS Leaders League: Best Law Firm Employment Law (France) Silver 2010/2011 23
  27. 27. INSIGHTComplete PUBLICATIONScoverage ofEuropean PPP The CMS Guide to PPP in Europeframeworks CMSLEGAL.COM/NEWSMEDIA/PUBLICATIONSThe CMS Guide to PPP in Europe providesup-to-date, in-depth information on PPPthroughout the continentT he dynamic European market for into a single convenient reference guide. public-private partnerships (PPP) And with the market developing quickly, comes under the spotlight in the it seemed appropriate in 2010 to broadennew CMS Guide to PPP in Europe. Released it out to include the whole spectrum ofin October 2010, it contains detailed PPP in Europe, using our expertise acrossinformation on the legal and economic the continent.”framework for PPP in 21 jurisdictions. The report introduces key information forThe publication was launched after the each jurisdiction and covers the generalsuccess of a series of guides to PPP in legal system, specific PPP laws, procurementCentral and Eastern Europe that we laws, local funding and security issues.published in the UK in 2008 and 2009. “It’s designed to be continuously useful:Comprehensive and easy to use, the a reference document readers can haveguides proved popular with clients, on their shelf to dip into as required,” saysprompting all CMS firms to collaborateon the new report. Paolo Bonolis, partner in Rome. La ‘CMS Guide to PPP The publication reports on changes in in Europe’ (guida alleThe CMS Guide to PPP in Europe is the onlyEurope-wide reference to PPP laws currently legislation in various jurisdictions, such as the introduction of new PPP laws in Bosnia partnership tra il settoreavailable, and draws on the expertise of our and Herzogovina and new rules concerning pubblico e il privato inlawyers in projects such as the R1 motorway,the first PPP project to close in Slovakia. public works concessions in France. It also provides a summary for each jurisdiction’s Europa) è l’unico testo governmental response to the financial crisis. attualmente disponibile,“The initial impetus behind the guideswas simple: investors and sponsors consider The guide was distributed both in hard a livello europeo, cheCEE on a regional, not a country-by-country copy and electronically to clients and leading comprende tutte le leggibasis,” says London partner Rob Gray, whocoordinated the report. industry organisations across Europe and received coverage in, for example, che riguardano la PPP Infrastructure Journal. “Clients have been“As a firm with strength across the region, extremely positive, saying that it’s very useful “The CMS Guide to PPP in Europe isit seemed sensible to pull the relevant having this information for all of Europe in the only Europe-wide referenceinformation about the individual jurisdictions one place,” adds Gray. to PPP laws currently available” 25
  28. 28. INTELLECTUAL PROPERTY CLIENT SERVICES Working together to crack down on counterfeit goods W ith 150 lawyers across CMS customs authorities are one of our main become increasingly efficient at picking who specialise in intellectual strengths in this area. They enable the out counterfeits.” property (IP), we understand that seizure of counterfeit goods throughout IP is one of the most important assets an Europe to happen effectively and Clients can specify the extent of the organisation can have. We have extensive cost-efficiently. information that comes through to them. expertise in helping clients secure and protect One CMS client, a global telecommunications their strategic IP rights, with the focus “At CMS, we coordinate the process of devices company, only wants to know about spanning the full suit of rights from brands lodging applications with both community seizures that are above a certain threshold. and trademarks to patents and copyright, and national import and export authorities This means that although we are in constant and work ranging from litigation proceedings so that they have the information they dialogue with customs on our client’s behalf, to strategic advice and due diligence. need to spot counterfeit goods,” Briner says. we deliver to the client only information “EU customs authorities charge no fees about the seizures that they feel are Protection against counterfeit goods for this, so it’s a useful client service that can relevant to their business. Two of our IP experts, Zurich-based Robert be coordinated Europe-wide by the CMS Briner and Brussels-based Tom Heremans, IP team.” “From there,” says Heremans, “there is a ten- work with colleagues across CMS to protect day period to determine whether any seized clients against counterfeit goods and “The aim is to help clients protect their goods are counterfeit, during which we work illegitimate parallel imports being traded goods against counterfeiters over the long- closely with our client’s technical experts. through Europe. Counterfeiting is a serious term,” Heremans continues. “The CMS If the goods are counterfeit, we then start problem in Europe, with the majority of coordinating office keeps up a dialogue with further investigations or, if needed, litigation, counterfeited goods entering the continent the relevant customs authorities, giving with the CMS coordinating office acting as from China and Thailand. Our well- them information about the client’s products the key point of contact for the client in all established relationships with European – such as samples or photos – so that they subsequent technical and legal matters.” Coordination of London-based IP partner Nick Beckett chairs Mit Hilfe unserer parallel trade advice the European Parallel Import Subcommittee of the International Trademark Association, Rechtsexperten an the main international body that represents Parallel imports are genuine, non- brand owners. In spring 2011, the European den verschiedenen counterfeit products imported into Parallel Import Subcommittee organised CMS Standorten different countries without the permission of the intellectual property owner. Some a webinar in which customs officials from The Netherlands and Germany discussed verfolgen wir das Ziel, parallel imports are legal and can move best practice for taking action against das geistige Eigentum freely around the common market, and illegitimate parallel trade. With 500 unserer Kunden, von others are illegal – this depends on the delegates participating in the webinar, particular circumstances and constraints which also covered the differences between der Wiege bis zur Bahre, may be different in different jurisdictions. national and EU legislation in this area, umfassend zu schützen CMS has strong local and international expertise in parallel trade and can advise it was an undoubted success. Maintaining this kind of engaged dialogue between und zu verwerten on the particularities relevant to each European customs officials, CMS and our jurisdiction. We rely on our specialist clients is the most effective way to ensure “With industry experts in different CMS regulatory, competition and IP lawyers that clients can rest easy about the jurisdictions, we strive to assist our clients to coordinate pan-European, distribution of their products within in protecting and exploiting their intellectual interdisciplinary advice. European markets. property from beginning to end”26 CMS ANNUAL REVIEW 2010–2011
  29. 29. Helping our clients make cross-border use of their intellectual assets A good proportion of our cross-border work is related to technology licensing in the patent sector, says Egon Engin-Deniz, Head of the CMS IP group based in Austria. “With industry experts across Europe, we strive to assist our clients in exploiting their intellectual property from cradle to grave. Licensing deals may be the result of prior litigation, but very often we help clients to make effective cross-border use of their intellectual assets, not only by defending their rights in legal combat at court, but by different IP owners joining forces in cross-licence agreements.”CMSLEGAL.COM/INTELLECTUAL-PROPERTY PUBLICATIONS European Parallel Trade Review 2011 CMSLEGAL.COM/NEWSMEDIA/PUBLICATIONS The CMS Intellectual Property team meets in Madrid, April 2011 27