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PPSA brings sweeping securities reform

Clifford Chance has advised Deutsche Bank on the first securitization of receivables from a single airline lessee in Europe — a euro 195 million ($210 million) deal for Iberia. The transaction applies a well-developed US structure in Europe for the first time, creating a product that could radically change air finance in the region. It allows single airlines to raise money through securitization as an alternative to the conventional bank-loan and leasing markets, which are increasingly expensive and becoming less liquid.

Following reports of discontent at the decision to merge with Clifford Chance, the Paris office of Rogers & Wells has agreed to become the first overseas office for New York's Kramer Levin Naftalis & Frankel LLP.

Structuring management buy-outs

Two of Spain's largest banks have announced a stock swap merger creating the second largest bank in the eurozone with a market value of euro 38 billion ($41 billion).

Dragsted Schlüter Helmer Nielsen, the largest law firm in Denmark, has announced that it is merging with fellow Danish firm Aros Advokater. The combined firm will have more than 160 lawyers, including 55 partners. The new firm will be called Dragsted Schlüter Aros Law Firm

Switzerland's lawyers have been immune to the invasions seen in other European jurisdictions.

Clifford Chance, Cameron McKenna, Dorsey & Whitney, Latham & Watkins, White & Case and Linklaters are the top six law firms for overall growth in the world, according to statistics in this year's IFLR 1000 Directory

Neil Mirchandani, Lovell White Durrant, London

In early October at the International Bar Association meeting in Barcelona, Hannes Schneider of German firm Hengeler Müller Weitzel Wirtz outlined the strategy he called the integrated team concept. Schneider defines the strategy, which unites Hengeler, US firm Davis Polk & Wardwell and the UK's Slaughter and May, as a direct alternative to the alliances and cross-border mergers between law firms. This is the first time that Hengeler has taken the opportunity to explain the strategy in detail and to market it to such a wide audience. Although the existence of a special relationship has been known for some time, the details can now be revealed.