IFLR 1000 Ratings

Capital markets

Firm Rating: Tier One

Leading lawyers: Jackie King

Deneys Reitz is one of the top three firms in the capital markets and boasts one of the largest and strongest finance teams in the country, with almost 50 practitioners. The recent recruitment of Jackie King from Edward Nathan Sonnenbergs is a strong addition to the team. King is considered one of the top capital markets lawyers in the country.

"We use Deneys Reitz on derivative transactions; they have a strong reputation there," says one client. Peers note the firm's top notch reputation in structured finance and regard King as top in the debt capital markets, and praise the team's debt issuance expertise.

Jackie Midlane acted for Nedbank as the issuer of a $100 million international Tier II bond issue. The firm advised on the first ever convertible bond transaction for mining company Aquarius, which involved creating new technologies in order to list the bond on the Johannesburg Stock Exchange (JSE). Deneys Reitz has also been active on all offshore Euro MTN programmes in the country, and recently advised Nedbank and Standard Bank on their Euro MTN programmes.

Banking and Project Finance

Firm Rating: Tier One

Leading lawyers: Kevin Cron, Gavin Noeth

With the largest team in South Africa approaching 50 lawyers, Deneys Reitz is recognised by all commentators as a top-tier firm in finance matters. "They are very good now in the financial environment, general finance, acquisition finance and structured finance," says one peer. Another partner says the firm "is really in a tier on its own in project finance". The market acknowledges that Deneys has made significant efforts to focus on and grow its finance department, and such efforts have made the firm one of three with aircraft finance capabilities.

Kevin Cron comes highly recommended for project finance work from a number of peers and clients.

Clare Corke's move to Australia was a sharp loss: "Corke was one of the most experienced attorneys in the country for public-private partnerships," says one peer. New co-head of the project finance department Gavin Noeth "is very, very competent and has his own strong practice" according to another peer.

In a project finance highlight deal of the year, the firm advised the National Treasury on a $7.4 billion subordinated loan transaction to national power provider Eskom. Other deals saw the firm act for Neotel telephone operators, Standard Bank in a mining finance transaction, and Metorex as lender of a loan. The latter deal also involved a subsequent loan restructuring.

The firm acts for all the largest local banks and foreign institutions, among them JPMorgan and Barclays.

Chambers Global 2010

Banking and Finance

At the cutting edge of banking and finance matters, this firm's 16-practitioner team handles capital markets, banking and finance and regulation. Clients say the "down-to-earth, hard-working attorneys" are what makes the firm, and its "high-quality advice always enhances the transaction." The team had many syndicated lending highlights, including acting for the National Treasury in a ZAR60 billion subordinated loan to Eskom, and other transactions on behalf of Absa Capital, Nedbank and RMB. Jackie Midlane comes recommended for her work in structured finance and project finance. Sources say “she is very hands-on and full of energy and perseverance.” Jackie King is a recent addition to the firm, having moved from ENS. She focuses on debt capital markets. Commentators singled out Mark Kyle as a “strong attorney who has really benefited from his time spent in London – he has exceptional technical strengths.”

Firm Ranking : Band 1
Individual Rankings : Jackie Midlane (Band 3); Mark Kyle (Band U); Jackie King – Capital Markets (Band 2)

Corporate & M&A

Kevin Cron is the driving force of this national firm's 15-partner corporate team. His reputation is simply as "one of the best lawyers around, and an indispensable person for big-ticket matters." In addition to his expertise, the group also benefits from interaction with the highly rated banking and finance and tax departments. Major clients include Rio Tinto, Anglo American and the MTN Group.

Firm Ranking : Band 3
Individual Rankings : Kevin Cron – Band 1

Corporate & Commercial – Africa

Deneys Reitz is an established presence in South Africa’s legal market - an example of the country’s foremost corporate groups. However the firm has displayed a true commitment to cross-border work too, via Africa Legal group, its specialised regional legal team comprising both English and South African-qualified lawyers. Its recent association with Tanzanian lawyer Charles Rwechungura also allows the group to expand its presence in East Africa. The team is particularly active in banking and fund work, attracting a host of South African and international financial institutions including Barclays/Absa, African Development Bank, Actis Capital and Deutsche Bank.

Sources Say: “They give outstanding advice and as they are very good value for money, they provide an excellent alternative to London firms.”

Key individuals: Julian Jackson heads the Africa Legal division. He was part of the team advising AfriCap on the USD100 million disposal of its shareholding in Socremo Banco de Microfinanças in Mozambique. Steven Gamble provided English law expertise acting for Standard Bank in connection with capital raising and a ZAR300 million secured bridge financing for Metorex. This deal involved South African, British and Zambian aspects.

Competition/Antitrust

“High-quality, spot-on” work is the hallmark of this two-partner practice, which is praised by clients for its “multi-pronged advice, ensuring both legal and commercial issues are addressed.” Much of the group’s work over the past year has been dominated by its representation of Rio Tinto, both in relation to its offer by BHP Billiton and in relation to the merger notification of the restructuring of its Richards Bay Minerals joint venture with BHP Billiton. It has also been active in prohibitive practice work, with Heather Irvine successfully settling a complaint against South African glass manufacturers Consol and Nampak by recycler Environglass.

Firm Ranking : Band 2
Individual Rankings : Heather Irvine – Band 3

Tax

This seven-partner group is praised for the "superb quality of tax advice" rendered, especially in the context of banking and finance and corporate transactions. The team acted for the Public Investment Corporation in relation to loan and share transactions worth ZAR21 billion, and it also advised Rio Tinto/BHP Billiton on the BEE restructuring of their South African interests. Ernie Lai King was involved in both transactions. He heads the tax department and is praised for his “solutions-driven, analytical and sensible” approach. Working alongside him, Kevin Cron provides tax advice relating to corporate/M&A and banking and finance respectively.

Firm Ranking : Band 2
Individual Rankings : Ernie Lai King – Band 2, Kevin Cron – Band 3

Energy and Natural Resources: Mining

Legislative and regulatory issues are at the heart of this firm's mining department. Work includes advising a major mining company on compliance with licensing requirements under the Petroleum Product Act, while other users include the Chamber of Mines of South Africa, Anglo American and De Beers. Sources praise the “world-class quality” of the group and appreciate the outfit's “excellent back-up services" in related areas, especially litigation. One of the department's three partners, Michael Dale is recognised as a leading authority on mining issues. Interviewees enthused: “His knowledge is unsurpassable. He ranks supreme in terms of technical mining skills.”

Firm Ranking : Band 1
Individual Rankings : Michael Dale – Band 1

Projects: Project Finance/PPP

Clients enthuse about this outfit's experienced lawyers, who are prized for their "superbly broad range of skills." The department draws on the expertise of three full-time practitioners who regularly interact with the strong banking and finance division and benefits from the firm's specialised pan-Africa unit, the Africa Legal team. Though the group handles the full range of project finance matters, the past year’s caseload has been dominated by PPP transactions, including power, accommodation and prison projects. Gavin Noeth leads on many projects and has worked on matters throughout Sub-Saharan Africa.

Firm Ranking : Band 1
Individual Rankings : Gavin Noeth (Band 2)

Projects & Energy: Africa

This South African outfit regularly headlines the country’s key project financing matters, particularly in the PPP arena. It also draws on the skills of its South African lawyers and English-qualified solicitors who make up its dedicated Africa practice, Africa Legal. This special practice group is tasked with the firm's cross-border matters. Clients include top South African mining companies and global oil multinationals.

Key individuals: Michael Dale is the leading name at the firm’s highly regarded mining department. He is singled out as an expert on legislative and regulatory issues in this sector.

Firm Ranking : Band 4
Individual Rankings : Michael Dale - Band 2

Dispute Resolution

Deneys Reitz is home to one of South Africa’s deepest dispute resolution groups and clients praise the comprehensive service it offers. The 26-partner team handles the full range of dispute resolution issues, but gains its most notable acclaim in the insurance arena, where it attracts clients such as Hollard Life Assurance, Mutual & Federal and Deloitte & Touche. It has also attained success in commercial litigation, recently representing a major oil refinery in a dispute relating to lease sites within the Port of Durban. It is currently acting as dispute resolution counsel to the consortium of civil contractors engaged in the multibillion-rand Gautrain infrastructure project. National dispute resolution and litigation head Michael Hart is leading the team on this matter and is valued for his years of experience. Donald Dinnie heads up the insurance litigation unit and works alongside Tony Hardie and John Neaves, who are both rated for their in-depth understanding of the insurance industry. Jeffrey Kron heads the commercial litigation department and is valued for the “strong relationships he builds with clients.” Interviewees also note that “he has the experience and expertise to take on the most challenging cases.” Cape Town-based Robert Otty wins rave reviews for his “terrific work” in aviation and insurance litigation. Aslam Moosajee rises in the rankings following strong feedback for his banking litigation work, in which he “delivers creative solutions to clients’ problems.” Marelise van der Westhuizen makes her debut in the rankings after clients described her as a “highly organised, conscientious and persistent litigator” and peers identified her as a “formidable opponent.”

Firm Ranking : Band 1
Individual Rankings : Michael Hart – Band 1; Robert Otty – Band 2; Donald Dinnie – Band 2; Jeffrey Kron – Band 2; John Neaves – Band 2; Aslam Moosajee – Band 3; Tony Hardie – Band 3; Marelise van der Westhuizen – Band U

IT & Telecommunications

Two partners comprise the IT, telecommunications and media team at this national outfit, which is well known for its strong work in systems implementation and outsourcing. The group has been highly active, working on two of the largest IT-related transactions in South Africa. On one, the team advised Siemens on the roll-out of hardware, software and services for the government of the Republic of South Africa. The other matter involved advising on a systems implementation project for a major body. Rohan Isaacs heads the department and was involved in both matters.

Firm Ranking : Band 2
Individual Rankings : Rohan Isaacs – Band 2

Legal 500 - 2010 Edition

Banking and Finance - Tier 1

Part of the fabric of the financial sector in South Africa, Deneys Reitz Inc is regarded as ‘competent’ and ‘professional’ by its illustrious client base. The large team is close to both local and international banks, such as Nedbank, Rand Merchant Bank, Standard Bank and Barclays. The department covers acquisition finance, project finance, and structured finance, and is particularly well known for derivatives and capital markets transactions. The firm has worked on a series of major recent financings including a major refinancing for Richards Bay Minerals, the financing of the roll out of telecoms operator Neotel’s services, and a substantial repackaging and rights offer for Alexander Forbes. Multi-skilled Kevin Cron brings additional gravitas to the department.

Corporate and M&A – Johannesburg - Tier 1

Deneys Reitz Inc has made the most of its peerless banking relationships to become one of the main legal advisers to major corporates on substantial transactions. Department head Kevin Cron is a pre-eminent figure in this sector having advised on many of the most significant deals in the mining industry. Financial services and technology are other key sectors for the firm. It recently closed a major corporate restructuring for Richards Bay Minerals, which involved a significant BEE element, and followed another substantial BEE deal for Anglo Platinum.

Corporate and M&A – Cape Town - Tier 2

At Deneys Reitz Inc’s Cape Town office, well-respected team advises clients from the mining, real estate, and entertainment sectors, and is known for their work involving international clients from the automotive, aerospace and defence industries.

Dispute Resolution - Tier 1

Deneys Reitz Inc has ‘great technical expertise’ in a variety of contentious scenarios. The large team has an exceptional record in insurance litigation with prominent names such as Donald Dinnie and John Neaves, as well as professional indemnity specialists Michael Hart and Kathryn Gawith. Jeffrey Kron heads the commercial litigation department, which represents a number of major South African corporates. Rob Otty and Marelise van der Westhuizen are also recommended.

Intellectual Property

Deneys Reitz Inc’s small IP department is headed by the immensely experienced Peter Viljoen. The firm has excellent connections to major financial services institutions and technology and media companies based in and outside South Africa, such as Telkom Media and Siemens.

Labour and Employment - Tier 1

Deneys Reitz Inc maintains its leading reputation in South Africa, thanks to its history in the sector and the status of its labour and employment directors such as Durban-based Murray Alexander, and Hermann Nieuwoudt in Cape Town. The firm has a leading reputation for transfer of undertakings, industrial action and executive dismissals. Clients include Airports Company of South Africa and Oracle South Africa.

Mining - Tier 1

Deneys Reitz Inc’s Michael Dale is one of the best mining lawyers in the country according to clients, who recognise his commitment to the industry and his unparalleled knowledge of mining legislation and regulations. The firm has outstanding domestic and African experience. Otsile William Matlou also recommended.

Projects and Infrastructure - Tier 1

Deneys Reitz Inc’s illustrious track record in the finance sector includes a healthy portion of project finance mandates for both sponsors and lenders. Gavin Noeth and Africa Legal co-founder Julian Jackson are commended in this respect. PPP and IPP deals are notable areas of expertise for clients such as FirstRand Bank, Standard Bank and several government ministries.

Shipping - Tier 2

Many clients regard Deneys Reitz Inc as having the ‘best insurance practice in the country’. Its admiralty, shipping and marine insurance work is a key contributor to this excellent reputation. The firm has acted on many of the region’s largest marine casualties. Andrew Robinson heads the admiralty, trade and transport department, which includes fellow Durban director Malcolm Hartwell and Cape Town director Matthew Ash.

Tax - Tier 2

Deneys Reitz Inc has a broad tax practice covering corporate and finance transactions, as well as tax disputes. The firm has particularly solid experience of restructurings involving the BEE model. The immensely experienced Ernest Lai King heads the tax division. In addition to his having spent many years in private practice, he has also amassed 16 years of experience working within major listed companies.