GUIDES GUIDES EXPERT WOMEN IN BUSINESS LAW WOMEN IN BUSINESS LAW

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CONTENTS

Research manager Tatiana Hlivka Project managers Katy Heales Alexandra Strick Production manager Luca Ercolani EXPERTGUIDES THE WORLD’S LEADING CHOSEN BY THEIR PEERS Production editor Josh Pasanisi Managing director, LMG Research Tom St Denis Managing director, LMG Tim Wakefield CEO, Specialist Information Jeff Davis WOMEN IN

To order extra copies or reprints BUSINESS LAW please contact: Tatiana Hlivka METHODOLOGY 2 Expert Guides AVIATION 4 Legal Media Group BANKING AND FINANCE 11 8 Bouverie Street London EC4Y 8AX CAPITAL MARKETS 18 COMMERCIAL ARBITRATION 26 Tel: (44) 20 7779 8418 COMPETITION AND ANTITRUST 36 Fax: (44) 20 7779 8678 CONSTRUCTION 45 Email: [email protected] CORPORATE GOVERNANCE 49 RRP £85 CORPORATE/M&A 53 © Euromoney Trading Limited ENERGY AND NATURAL RESOURCES 61 August 2019 ENVIRONMENT 66 INSURANCE AND REINSURANCE 70 INTERNATIONAL TRADE 77 No matter contained herein may be reproduced, duplicated or copied by any means without the INVESTMENT FUNDS 80 prior consent of the holder of the copyright, requests LABOUR AND EMPLOYMENT 89 for which should be addressed to the publisher. LIFE SCIENCES 100 Although Euromoney Trading Limited has made LITIGATION 108 every effort to ensure the accuracy of this 114 publication, neither it nor any contributor can PRIVACY AND DATA PROTECTION 127 accept any legal responsibility whatsoever for PRIVATE EQUITY 135 consequences that may arise from errors or PRODUCT LIABILITY 138 omissions, or any opinions or advice given. This publication is not a substitute for professional advice PROJECT FINANCE 141 on specific transactions. REAL ESTATE 145 RESTRUCTURING AND INSOLVENCY 151 Directors: Leslie Van De Walle (Chairman), Andrew SHIPPING AND MARITIME 156 Rashbass (CEO), Wendy Pallot, Jan Babiak, Kevin Beatty, Tim Collier, Colin Day, Tristan Hillgarth, STRUCTURED FINANCE AND SECURITISATION 163 Imogen Joss, Lorna Tilbian TAX 167 TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS 184 Cover image © ajkramer/stock.adobe.com 195 TRANSFER PRICING 211 TRUSTS AND ESTATES 216 WHITE COLLAR CRIME 222 The Queen’s Award INDEX 227 for Enterprise 2008

WOMEN IN BUSINESS LAW EXPERTGUIDES 1 METHODOLOGY

EXPERT GUIDES RESEARCH

Methodology Expert Guides has been researching the world’s legal markets for 25 years, and has become one of the most trusted resources for international buyers of legal services.

Our guides cover a broad – and growing – range Welcome to the 2019 Guide to the World’s Leading Women in Business Law, the international of legal practice areas, including: legal market’s leading guide to the top female legal practitioners advising on business law.

The inaugural edition in 2010 was met with an overwhelmingly positive response from the fe- Aviation male business community endorsing the idea of a guide devoted exclusively to the best female Banking, finance and transactional practitioners globally. The Women in Business Law, is one of the prolific Expert Guides publica- Commercial arbitration tions and clearly the benchmark in the industry. Competition and antitrust Construction and real estate The idea to promote and celebrate successful women in the legal industry was our initiative and Energy and environment the Expert Guides brand is unique among it’s competitiors due to a solid reputation over 25 Insurance and reinsurance years. International trade and shipping Labour and employment Life sciences When first published in 1994, the Expert Guides were the first-ever guides dedicated to leading Litigation and product liability individuals in the legal industry. Since then we have continued to focus on individuals consid- Patents ered by clients and peers to be the best in their field. Privacy and data protection Rising stars The guides for each practice area are updated regularly. Our research process involves sending Tax questionnaires to senior practitioners or in-house counsel involved in each practice area in over Technology, media and telecommunications 90 jurisdictions, asking them to nominate leading practitioners based on their work and reputa- Trademarks Transfer pricing tion. The results are analysed and screened for firm, network and alliance bias. The list of ex- Trusts and estates perts is then discussed and refined with advisers in legal centres worldwide. White collar crime Women in business law Our researchers have compiled a list of specialists in 82 jurisdictions and 30 practice areas for this guide. These specialists have been independently offered the opportunity to enhance their listing with a professional biography. The biographies give readers valuable, detailed informa- Our guides are distributed to and regularly used by tion regarding each /adviser’s practice and, if appropriate, their work and clients. the world’s most prominent decision-makers and frequent buyers of legal services. Each guide has an extensive distribution list plus additional tailoring to We owe the success of this guide to all the in-house counsel and firms that completed question- its area of focus. naires and met our researchers. Thank you. We hope you find the guide to be a useful tool. All information was believed to be correct at the time of going to press. Each guide is also reprinted in full at www.expertguides.com The Research Team

2 EXPERTGUIDES WOMEN IN BUSINESS LAW SPONSOR FIRMS

Sponsor and contributing firms

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WOMEN IN BUSINESS LAW EXPERTGUIDES 3 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

AVIATION

Feature for: Laura Pierallini of Studio Pierallini 5

4 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP AVIATION

AVIATION Automation in the aviation industry and liability related aspects

Laura Pierallini Studio Pierallini Rome

As generally known, automation is the utilization of different control systems and technologies that reduces the need for human interfer- ence over the processes to complete tasks and activities. In the aviation industry, modern commercial aircraft are equipped with automated systems that are able to increase or even replace pi- lots’ actions, managing engine power, controlling and operating flights and, in some cases, also complete landings. Also air traffic con- trol authorities rely on automation technologies that can foresee and detect the weather conditions, as well as reduce the chances of air col- lisions and crashes. In addition, nowadays the provision of on-board services and passenger comfort are largely based on the use of tech- nologies that affects the jobs of crew members whose tasks are shifting from being a performer to a mere checker of devices. There are clear advantages and benefits that airlines are experiencing in implementing automated tools and applications. With the involve- ment of humans becoming less and automation taking over a more im- portant role for the aviation industry, the chances of errors are also becoming significantly less. Indeed, with reduced direct operational in- volvement, flight crew members can allocate concentration to keeping flying planes on their own without the machine support. It is remark- awareness with their environment and communication with colleagues able that the average pilot of a Boeing or Airbus commercial aircraft during take-off, cruise and landing phases. Another advantage of au- manually flies the plane just few minutes of the whole flight time, tomation can be seen in relation to operating cost reduction, since most mainly during take-off, the initial climb up to cruise altitude and then of the work is carried out by computer systems. For instance, an effi- for the landing operations. Even if autopilot systems are able to reduce cient flight performance can reduce fuel consumption to achieve a workload and fatigue for pilots, a balance between the reduction of lower operating cost and so allow commercial airlines to gain greater human intervention and capacity/possibility to master technologies in profits. Furthermore, as flight information is automatically managed by case of emergency must be certainly achieved. Indeed, with increased specific tools, the requirement of having a flight engineer to oversee the reliance on automated technologies, flight crew may rely excessively performance of the so called “secondary airplane systems” and fuel con- on the glass cockpit and this could lead to negligence events. Experts sumption is no longer necessary. As a conse- are almost unanimous in the opinion that im- quence, a reduced number of flight crew proved pilot training programmes would be a members can help to cut costs for airlines. suitable solution for these potential conse- On the other end, there are some concerns quences of automation, since accidents in- on negative effects and disadvantages poten- INTO THE FUTURE OF volving automation failures have historically tially arising from the increase of automation included deficiencies by the crew to under- in the aviation field. Investigations are evalu- AUTOMATION FOR THE stand the systems, or to understand when sys- ating the possible role of automated systems AVIATION SECTOR tems were malfunctioning. in the 2018 Lion Air Flight 610 and the 2019 In terms of liability implications, the main Ethiopian Airlines Flight 302 crashes. Regard- BETWEEN international regulatory source in case of air less of those investigations – whose conclusive OPPORTUNITIES AND accident is the Convention for the Unification findings are still to be disclosed – one prob- of Certain Rules for International Carriage by lem of aircraft with highly automated systems CONCERNS Air, signed in Montreal on 28 May 1999. In is that pilots may lose track of what is actually the event of death and injury of passengers, happening, and also reduce their capacity of the Montreal Convention provides for a gen-

WOMEN IN BUSINESS LAW EXPERTGUIDES 5 AVIATION THOUGHT LEADERSHIP

AVIATION eral presumption of liability on the account of the air carrier. In that sions has a right of recourse against any other person”. respect article 17 states that: “The carrier is liable for damage sustained Therefore, on the basis of the above provisions of the Montreal in case of death or bodily injury of a passenger upon condition only that Convention, air carriers do have the opportunity to exclude or limit the accident which caused the death or injury took place on board the their liability in case of automation failures, of course to the extent aircraft or in the course of any of the operations of embarking or disem- that relevant arguments are duly grounded. At the same time nothing barking”. In turn, pursuant to article 21, while below 100.000 special prevents passenger claims to be brought against manufacturers di- drawing rights the carrier cannot exclude or limit its liability, above rectly, as proven to be the case for certain air accidents in the past such threshold the carrier may exclude or limit its liability if it is able (mainly settled out-of-court with related confidentiality commit- to prove that damage: “(a) was not due to the negligence or other ments between the involved parties – e.g. 2009 Air Flight 447 wrongful act or omission of the carrier or its servants or agents; or (b) crash). Having said so, many are of the opinion that technological was solely due to the negligence or other wrongful act or omission of a progress will likely lead to an inevitable full automation flight experi- third party”. Also, article 37 allows the right of recourse against third ence. As a consequence, both the Montreal Convention and the na- parties, providing that: “Nothing in this Convention shall prejudice the tional aviation legislations may need a revision to properly address the question whether a person liable for damage in accordance with its provi- new automation related scenarios in the years to come.

6 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES AVIATION

I R E L A N D I TA L Y

Yvonne McWeeney Laura Pierallini Matheson Studio Pierallini 70 Sir John Rogerson's Quay Viale Liegi 28 Dublin 2 Rome 198 Ireland Tel: (353) 1 232 2722 Tel: (39) 06 88 41 713 Email: [email protected] Email: [email protected] Website: www.matheson.com Website: www.studiopierallini.it

Yvonne is a partner in the Finance and Capital Markets Department Laura Pierallini is the founder and name partner of the and advises on all aspects of aviation, shipping, rail and other asset multidisciplinary law firm Studio Pierallini. financing, trading and leasing matters. Yvonne has considerable experience in advising on all aspects of the structuring of asset She spent several years in the legal and tax department of the Arthur purchase, sale, financing and leasing transactions and acts for a Andersen and then was the managing partner of the international law number of aircraft lessors, financiers and airlines in leveraged, firm Coudert Brothers in Rome from 2001 to 2005. syndicated and export credit agency backed financing facilities. She also has considerable experience in advising on structured finance, She is a professor of Commercial Law and Director of the Executive ABS (asset-backed securities) and repackaging transactions relating to Master in Air Transport Law at the LUISS University in Rome. all such asset classes including the establishment of special purpose Ms Pierallini has practised aviation law since 1988, providing expert companies funded by public and private issuances. advice to clients across the whole of the international aviation sector, Yvonne also has significant experience in advising on all aspects of the including aircraft finance and leasing, litigation and dispute resolution, Cape Town Convention and in addition regularly provides advice on employment and corporate issues. Her clientele include Italian and registration issues with the Irish Aviation Authority. foreign airlines, manufacturers, lessors, financiers, airports, handlers and travel agents. She also assists the clients in regulatory matters, Yvonne is a lecturer and tutor on the Law Society of Ireland’s including advisory services and representation before governmental Certificate and Diploma courses in Aviation Leasing and Finance. agencies, such as Antitrust Authorities and Civil Aviation Authorities. Ms Pierallini also advises airlines and airport handlers in restructuring Yvonne was named Best in Aviation at the 2019 Euromoney Women in and insolvency procedures. She has advised on M&As of Italian Business Law Awards. airlines, as well as IPOs at the stock exchange and M&A of domestic airlines by foreign airlines. Yvonne McWeeney is “super responsive” - Chambers 2019 Ms Pierallini regularly attends and organises conferences on aviation, Yvonne McWeeney has been named an Aviation Expert - Euromoney delivering speeches and moderating panels at various Italian and Expert Guides 2019 international symposia, in particular organised by the International Air Transport Association (IATA), the European Air Law Association Yvonne McWeeney is recommended - European Legal 500 2019 (EALA), the European Aviation Club (EAC) and the International Bar Association (IBA). Ms Pierallini is also a committee member of the “Stuart Kennedy and Yvonne McWeeney each consistently show dedication European Air Law Association (EALA), as well as a member of the and commitment. Their knowledge of the financial sector is evident in each International Aviation Women’s Association (IAWA) and the European transaction they work on, and their responsiveness and focus has ensured Aviation Club (EAC). that deals are always closed in a timely manner” - Chambers Europe 2018 She is author of many publications on aviation, tourism and commercial law, and contributes to the Italian chapter of: “Getting the “If Yvonne is on the case, you can consider it done” - Chambers Europe Deal Through – Air Transport”; “Getting the Deal Through – Aviation 2018 Finance & Leasing”; “International Law Office – Aviation”; “Airfinance Annual”; “Aircraft Finance and Aircraft Liens”; “The International Comparative Legal Guide to Aviation Law”; “Practical Law – Aviation Finance Global Guide”.

Ms Pierallini was shortlisted as Best Aviation Lawyer for the “Europe Women in Business Law Awards” from 2015 to 2019 and recognised as “Thought Leader of Aviation” by Who’s Who Legal Expert Guide in 2018 and 2019.

WOMEN IN BUSINESS LAW EXPERTGUIDES 7 AVIATION EXPERT LISTINGS

ARGENTINA BRITISH H O N G K O N G Elizabeth Mireya Freidenberg VIRGIN SAR Freidenberg Freidenberg & Lifsic Ashley Wong Buenos Aires ISLANDS King & Wood Mallesons Audrey M Robertson Hong Kong Conyers Road Town Veronika Kozak INDIA Dr Veronika Kozak Marylou Bilawala Vienna Wadia Ghandy & Co Raina Dimitrova Mumbai Boyanova & Co Sofia Catherine Erkelens INDONESIA Erkelens Law Enny Purnomo Widhya CANADA Mochtar Karuwin Komar Catherine Pawluch Jakarta Birgitta Van Itterbeek DLA Piper Monard Law Brussels Laura M Safran QC IRELAND DLA Piper Catherine Deane Calgary BERMUDA McCann FitzGerald Julie E McLean Dublin Conyers Catherine Duffy Hamilton C O S TA R I C A A&L Goodbody Alina Nassar Dublin Nassar Abogados San José Hilary Marren McCann FitzGerald Ana Luisa Castro Cunha Derenusson Dublin De Luca Derenusson Schuttoff FRANCE Advogados Yvonne McWeeney See bio São Paulo Maylis Casati-Ollier Matheson Clyde & Co Dublin Simone Di Ciero Paris Di Ciero Advogados Marie O’Brien Rio de Janeiro Vonnick Le Guillou A&L Goodbody DLA Piper Dublin Maria Regina Mangabeira Albernaz Paris Lynch Christine O’Donovan Motta Fernandes Advogados Carole Sportes Mason Hayes & Curran São Paulo Dublin Paris Carla Christina Schnapp Bernardi & Schnapp Advogados São Paulo ISRAEL Shirly Kazir Rita Taliba Calliope Metaxotou FBC & Co Braga Nascimento e Zilio PPT Legal Tel Aviv São Paulo Athens

8 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS AVIATION

ITALY TAIWAN UNITED Laura Pierallini See bio Patricia Lin KINGDOM Studio Pierallini Lee and Li Noelia Mann Rome Taipei Kennedys London MEXICO TURKEY Gwyn O’Flynn Holland & Knight Viridiana Barquín Fulya Dikici London Abogados Sierra Dikici Law Office Mexico City Istanbul Aoife O’Sullivan The Air Law Firm Serap Zuvin London PANAMA Çakmak Avukatlık Ortaklıgı Istanbul Jahnavi Ramachandran Cristina Lewis de la Guardia Galindo Arias & López London Panama City UNITED Alexandra Rodina KINGDOM Kennedys PERU Donna Ager London Maples Group María Eugenia Yábar Catherine West London Estudio Olaechea Clyde & Co Lima Anna Anatolitou London London RUSSIA UNITED STATES Gillie Belsham Anna Otkina Ince Gordon Dadds Abby L Bried DLA Piper London Jenner & Block Moscow Washington DC Shalini Bhuchar Hogan Lovells Dorothea M Capone London Baumeister & Samuels SINGAPORE New York Peng Lim Aileen Camacho Mehtap Cevher Conti Kennedys HFW Arnold & Porter Singapore London/Houston New York Maria Cetta Clyde & Co Elizabeth H Evans London Reed Smith New York H.K. Helen Sohn Sarah Dyke Lee & Ko Eileen M Gleimer Seoul London Crowell & Moring Washington DC Debra Erni Pillsbury Winthrop Shaw Pittman Jennifer P Henry London Thompson & Knight Inmaculada Martínez Caballero Fort Worth Aeroiuris Abogados Rebecca Garner Madrid Pamela C Hicks London Hicks Davis Wynn Houston Emma Giddings London

WOMEN IN BUSINESS LAW EXPERTGUIDES 9 AVIATION EXPERT LISTINGS

UNITED STATES Robin D Jenson Daugherty Fowler Peregrin Haught & Jenson Oklahoma City

Patricia C Mastropierro Haynes and Boone Dallas/Mexico City

Anita M Mosner Holland & Knight Washington DC

Katherine B Posner Condon & Forsyth New York

Evelyn D Sahr Eckert Seamans Cherin & Mellott Washington DC

Katherine A Staton Jackson Walker Dallas

Audrey L Sung Holland & Knight San Francisco

Jennifer E Trock Baker McKenzie Washington DC

Erin M Van Laanen McAfee & Taft Oklahoma City

Alyssa Marie Vazquez Norton Rose Fulbright New York

Diane Westwood Wilson Fox Rothschild New York

Emily Wicker New York

10 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

BANKING AND FINANCE

WOMEN IN BUSINESS LAW EXPERTGUIDES 11 BANKING AND FINANCE ATTORNEY BIOGRAPHIES

L U X E M B O U R G U N I T E D S TAT E S

Josée Weydert Denise M Grant NautaDutilh Avocats Luxembourg Shearman & Sterling 2, rue Jean Bertholet 599 Lexington Avenue L-1233 Luxembourg New York, NY 10022 Tel: (352) 26 12 29 97 US Email: [email protected] Tel: (1) 212 848 7959 Website: www.nautadutilh.com Email: [email protected] Website: www.shearman.com

Josée Weydert is the managing partner of NautaDutilh Avocats Denise M Grant is a partner in Shearman & Sterling’s Project Luxembourg and leads its strong banking and finance practice. Josée Development and Finance Practice. She advises financial institutions; works extensively on financings, securitisation, capital markets (both including commercial banks and DFIs, as well as multinational debt and equity) and financial regulatory matters. corporations, in their secured and unsecured, domestic and cross- border, private financing activities, with a particular focus on Latin Josée is the entrusted advisor of financial institutions, financial America. Denise’s clients include Bank of America, Banco de , professionals and corporate groups. Having also taken a leading BBVA, Citigroup, CA-CIB, IFC and SMBC, as well as AES Gener, position during her career in the capital markets and structured American Axle, E.CL, Transelec, Viacom, and the lenders to Latin finance departments at a leading bank in Luxembourg, she has an America oil and gas giants Pemex and Petrobras. exceptionally practical strong background in the banking field. Denise’s significant experience includes several notable transactions With more than 25 years of legal experience, Josée enjoys high both domestic and foreign including representing Transelec recognition among both market players and clients. She has been Concesiones S.A., an affiliate of Transelec S.A., with the approximately nominated as Leading expert in Banking & Finance Law in Luxembourg $358 million loan facility and associated interest rate hedging for the by Chambers Europe 2019 and also as the Women Leader by the individualized portfolio construction financing of four independent IFLR1000 directory in 2018. transmission lines (each with a capacity of between 2x220 kV and 2x500 kV) and four associated independent substations in Chile, with Chambers highlights her as having “profound knowledge of the products Export Development Canada, KfW IPEX-Bank GmbH and MUFG and services marketed in Luxembourg’s financial market and excellent Bank, Ltd. acting as mandated lead arrangers. The financing was working relationships with the government and regulators”. Clients value provided to Transelec Concesiones S.A. through non-cross her “depth of expertise and long-standing experience in the banking collateralized loans to each individual project on a standalone basis. industry”. Twice lauded as one of the “Most Influential Black Lawyers” by Savoy Josée and her team regularly contribute to various legal publications, Magazine, Denise has also been named one of only five Tier 1 lawyers including the Luxembourg Chapter of “The Banking & Finance in Latin America-wide Banking & Finance by Chambers & Partners Comparative Guide” (The Legal 500, 2019) and an article on “PSD 2 and one of only 10 “Leading Lawyers” in Banking & Finance by Legal Implementation in the Grand Duchy” (ILO, 2018). 500 Latin America. In 2019, Latinvex named Denise one of Latin America’s Top 100 Female Lawyers. She graduated in law from the Robert Schuman University in Strasbourg (1992). She regularly speaks at conferences, in particular on A longstanding champion of diversity and inclusion, Denise is a topics including securitisation and finance products. founding member of the firm’s Diversity & Inclusion Committee. Under her leadership, the initiative has become part of the DNA of the Josée was admitted to the Luxembourg Bar in 1993. firm, which has been recognized as a “Top Firm for Diversity” by The Josée is a native Luxembourgish citizen. She is fluent in English, American Lawyer and one of the “Best Law Firms for Minority French, German and Luxembourgish. Attorneys and for Minority Equity Partners” by Law360. As a member of the firm’s Diversity & Inclusion Task Force, Denise leads the Firm’s diversity and inclusion mission through all aspects of Firm administration, operations and through client relationships.

Denise is a member of the New York State and District of Columbia Bar associations. She received a B.A., from George Washington University and obtained a J.D., from Georgetown University Law Center.

12 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES BANKING AND FINANCE

U N I T E D S TAT E S

Maura O’Sullivan Shearman & Sterling 599 Lexington Avenue New York, NY 10022 US Tel: (1) 212 848 7897 Email: [email protected] Website: www.shearman.com

Maura O’Sullivan is a partner and the Global Bank Finance Practice Group Leader at Shearman & Sterling LLP. She focuses on acquisition financings, leveraged lending, restructurings and asset-based finance. She has significant experience with DIP and exit financings and cross- border financings

She represent a broad range of clients, including commercial banks, investment banks, private equity sponsors, hedge funds and corporate borrowers, and is particularly noted for her skill in structuring a wide variety of transactions. Maura has worked extensively on important transactions for financial institutions, private equity sponsors and borrowers, and her clients include Barclays, Credit Suisse, , JP Morgan Chase & Co. and Morgan Stanley.

Maura is highly ranked in Banking & Finance by “Chambers Global, Chambers USA and IFLR1000. She was shortlisted for “Finance Lawyer of the Year” (2012) by Chambers USA Awards, awarded “Best in Banking & Finance” (2013 – 2015) by Euromoney Women in Business Law; and distinguished by Law360 as MVP for Banking (2013). She co-authored the USA Banking and Finance chapter of Chambers Global Practice Guides 2016 and 2017. Maura obtained her J.D from Fordham University School of Law. While there, she was the business editor for The Urban Law Journal.

WOMEN IN BUSINESS LAW EXPERTGUIDES 13 BANKING AND FINANCE EXPERT LISTINGS

ARGENTINA CANADA Analía R Battaglia Jean Anderson Päivi Toivari Bruchou Fernández Madero & Lombardi Goodmans Krogerus Buenos Aires Toronto Helsinki

Cecilia M Mairal C Dawn Jetten Tanja Törnkvist Marval O’Farrell & Mairal Blake Cassels & Graydon White & Case Buenos Aires Toronto Helsinki

Daphne J MacKenzie Stikeman Elliott Toronto FRANCE Renee Boundy Amélie Champsaur Allens Alison R Manzer Cleary Gottlieb Steen & Hamilton Cassels Brock & Blackwell Paris Toronto Yuen-Yee Cho Raphaële Courtier King & Wood Mallesons Carol D Pennycook Bredin Prat Sydney Davies Ward Phillips & Vineberg Paris Toronto Melita Cottrell Maud Manon Herbert Smith Freehills Celia Rhea DLA Piper Sydney Goodmans Paris Toronto Lucy McCullagh Herbert Smith Freehills Sydney CHINA Katlen Blöcker Yongmei Cai Hogan Lovells Simmons & Simmons Frankfurt am Main BAHRAIN Beijing Julie Alexander Anne Grewlich Baker McKenzie Yvonne Ho Ashurst Manama/Jeddah Allen & Overy Frankfurt am Main Beijing Alexandra E Hagelüken Ling Wang Latham & Watkins BELGIUM King & Wood Mallesons Frankfurt am Main Vanessa Marquette Beijing Simont Braun Barbara Mayer-Trautmann Brussels Clifford Chance Munich Mona Zulficar Eva Reudelhuber BOLIVIA Zulficar & Partners Gleiss Lutz Mariana Pereira N Cairo Frankfurt am Main Indacochea & Asociados Bettina Steinhauer Santa Cruz Clifford Chance EL SALVADOR Frankfurt am Main Ana Mercedes López BRAZIL Arias Alison Baxter El Salvador GREECE Norton Rose Fulbright Catherine M Karatzas São Paulo Karatzas & Partners Law Firm Cristina Tomiyama Athens Pinheiro Guimarães Advogados Marina Kotkas São Paulo COBALT Tallinn

14 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS BANKING AND FINANCE

H O N G K O N G IRELAND SAR Maireadh Dale Chin Sook Kwan A&L Goodbody ZICOlaw Nathalie Hobbs Dublin Kuala Lumpur Hong Kong Catherine Duffy Mei Mei Loh A&L Goodbody Zul Rafique & Partners Vicki Liu Dublin Kuala Lumpur Allen & Overy Hong Kong Libby Garvey Chea Li (Lily) Tan Eugene F Collins Albar & Partners Cindy Lo Dublin Kuala Lumpur Allen & Overy Hong Kong Elaine Hanly William Fry Dublin Femke Bierman Grainne Hennessy Allen & Overy Csilla Andrékó Arthur Cox Amsterdam Andrékó Kinstellar Ügyvédi Iroda Dublin Budapest Kitty Lieverse Orla O’Connor Loyens & Loeff Erika Papp Arthur Cox Amsterdam CMS Cameron McKenna Nabarro Dublin Angela McEwan Budapest Clifford Chance Amsterdam Edina Schweizer ISRAEL Noerr Dalia Tal Michaëla Ulrici Budapest Meitar Liquornik Geva Leshem Tal NautaDutilh Tel Aviv Amsterdam Katalin Szecskay Szecskay Attorneys at Law Budapest ITALY NEW ZEALAND Emanuela Da Rin Kate Lane INDIA BonelliErede MinterEllisonRuddWatts Rome Auckland Mona Bhide Dave & Girish & Co Mumbai NIGERIA Gunjan Shah Chadia El-Meouchi Kofo Dosekun Shardul Amarchand Mangaldas & Co Badri and Salim El Meouchi Aluko & Oyebode New Delhi Beirut Lagos Dina Wadia Ayotunde Owoigbe J Sagar Associates Banwo & Ighodalo Mumbai LUXEMBOURG Lagos Josée Weydert See bio NautaDutilh Avocats Luxembourg INDONESIA Luxembourg PHILIPPINES Indri P Guritno Estrelita G Gacutan Hadiputranto Hadinoto & Partners Picazo Buyco Tan Fider & Santos Jakarta MALAYSIA Manila Tasdikiah Siregar Christina Kow Marievic G Ramos-Añonuevo TNB & Partners Shearn Delamore & Co SyCip Salazar Hernandez & Gatmaitan Jakarta Kuala Lumpur Manila

WOMEN IN BUSINESS LAW EXPERTGUIDES 15 BANKING AND FINANCE EXPERT LISTINGS

PORTUGAL SOUTH AFRICA UKRAINE Ana Sofia Batista Jackie Midlane Yulia Kyrpa Abreu Advogados Norton Rose Fulbright Aequo Lisbon Johannesburg Kyiv

Maria Castelos Campos Ferreira Sá Carneiro & Associados SPAIN UNITED Lisbon Paloma Fierro KINGDOM Linklaters Penny Angell Paula Gomes Freire Madrid VdA Vieira de Almeida Hogan Lovells Lisbon Ana López London Freshfields Bruckhaus Deringer Cathy Bell-Walker Maria João Ricou Madrid Cuatrecasas Allen & Overy Lisbon London

Claudia Santos Cruz Helen Burton Ashurst Morais Leitão Galvão Teles Soares da Maria-Pia Hope London Silva & Assoc Vinge Lisbon Stockholm Jane Fissenden Ashurst London ROMANIA Emma Folds Alina Radu Frédérique Bensahel Clifford Chance Nestor Nestor Diculescu Kingston FBT Avocats London Petersen Geneva Bucharest Kate Gibbons Dunja Koch Clifford Chance Anda G Todor Froriep London Dentons Zürich/London Bucharest Reena Gogna Anita Schläpfer Weil Gotshal & Manges Schellenberg Wittmer London RUSSIA Zürich Sarah Gooden Victoria Bortkevicha Trowers & Hamlins Clifford Chance London Moscow THAILAND Wilailuk Okanurak Emma Howdle-Fuller Linklaters Bryan Cave Leighton Paisner SINGAPORE Bangkok London Elaine Chan Annette Kurdian WongPartnership Linklaters Singapore TURKEY London Güniz Gökçe Helen Marshall Yemi Tépé GKC Partners Akin Gump Strauss Hauer & Feld Morrison & Foerster Istanbul Singapore London Sera Somay Emma Matebalavu Susan Wong Paksoy Clifford Chance WongPartnership Istanbul Singapore London

Sinead O’Shea Simpson Thacher & Bartlett London

16 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS BANKING AND FINANCE

UNITED UNITED STATES KINGDOM Barbara R Mendelson Morrison & Foerster Jayanthi Sadanandan New York Latham & Watkins London Linda K Myers Kirkland & Ellis Nicola Wherity Chicago Clifford Chance London Maura O’Sullivan See bio Shearman & Sterling New York UNITED STATES M Catherine Ozdogan Alison C Boren Latham & Watkins Sidley Austin Houston Dallas Michèle O Penzer Kelly M Dybala Latham & Watkins Sidley Austin New York Dallas Margaret S (Meme) Peponis Jennifer B Ezring Cleary Gottlieb Steen & Hamilton Cahill Gordon & Reindel New York New York Sabrena Silver Angela Fontana White & Case Sidley Austin New York Dallas Barbara Stettner Denise M Grant See bio Allen & Overy Shearman & Sterling Washington DC New York Susanna M Suh Jennifer L Hobbs Cahill Gordon & Reindel Simpson Thacher & Bartlett New York New York Stephanie L Teicher Melissa J Hutson Skadden Arps Slate Meagher & Flom Kirkland & Ellis New York New York Sarah M Ward Jinsoo H Kim Skadden Arps Slate Meagher & Flom Davis Polk & Wardwell New York New York Katherine G Weinstein Amy L Kyle Morgan Lewis & Bockius Morgan Lewis & Bockius New York /New York

Tatiana Lapushchik Cravath Swaine & Moore New York

Jennifer J Levitt Simpson Thacher & Bartlett

Courtney S Marcus Weil Gotshal & Manges Dallas

WOMEN IN BUSINESS LAW EXPERTGUIDES 17 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

CAPITAL MARKETS

18 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES CAPITAL MARKETS

C O L O M B I A

Claudia Barrero Philippi Prietocarrizosa Ferrero DU & Uría Carrera 9 # 74-08 Of 105 Bogotá Colombia Tel: (57) 1 3268608 Email: [email protected] Website: www.ppulegal.com

Claudia Barrero is a lawyer at Philippi Prietocarrizosa Ferrero DU & Uría in the Bogotá office. She joined the firm in 1997 and was appointed partner in January 2005.

Her legal practice focuses on Corporate / M&A, Banking, Finance & Capital Markets, Corporate Governance and Private Clients. Claudia has ample experience with mergers and acquisitions of listed companies and has extensive experience in capital markets, infrastructure projects and corporate governance matters. She has acted as an advisor to issuers on IPO’s and debt issues, as well as to several Colombian and international clients in matters such as cross- border mergers and acquisitions and all related corporate governance aspects. She has also advised the Colombian government in various privatization processes, especially in the energy sector.

Claudia has a Law Degree from Universidad Externado de Colombia (1992), a Post-graduate degree in Commercial Law from Universidad de los Andes (1994), and an LLM in International Business Legal Studies from University of Exeter (UK) (1996). Claudia also took the Stock Market Operations Course, Cesa-Incolda-Bolsa de Valores de Colombia (2003) and was the first non-American to chair the Board of SCG Legal, United States (2014). She is currently a main member of the Board of SCG Legal, United States (2011-2016). Claudia has been a member of the board of financial institutions and domestic companies and is a professor of Capital Markets in many universities in Colombia. She is a member of the Family Firm Institute since 2016 (United States) and was appointed Scholarship Officer of the Women Lawyers Interest Group, IBA (2018-2019).

Claudia recieved the Pioneering Lawyer of the Year award (2016) by Chambers and Partners for her outstanding contribution to promoting equal opportunities for women and she was also recognized with the Best Corporate Lawyer award of the Year in Latin America (2014) by Euromoney. Claudia was also listed as one of the Inspiring Women in Law in Latin America (2013) by Latin Lawyer. On behalf of the Colombian Stock Exchange she received recognition for the continued support and contribution to the strengthening of the stock market in Colombia (2011) and was included in the list of lawyers “Top 20 under 40” by Latin Lawyer (2004). Claudia is LACCA approved since 2013.

Practice Areas Corporate M&A, Banking, Finance & Capital Markets, Corporate Governance and Private Clients.

WOMEN IN BUSINESS LAW EXPERTGUIDES 19 CAPITAL MARKETS EXPERT LISTINGS

ARGENTINA BRAZIL FRANCE María Gabriela Grigioni Vanessa Fiusa Véronique Delaittre Perez Alati Grondona Benites & Arntsen Mattos Filho Advogadois Linklaters Buenos Aires São Paulo Paris

Alexia Rosenthal Linda A Hesse Tanoira Cassagne Abogados Jones Day Buenos Aires CANADA Paris Alyson F Goldman Carolina Zang Burnet Duckworth & Palmer Sharon Lewis Zang Bergel & Viñes Calgary Hogan Lovells Buenos Aires Paris/London

Marie-Laurence Tibi AUSTRALIA CHINA Cleary Gottlieb Steen & Hamilton Xiaolei Yang Paris Sarah Dulhunty King & Wood Mallesons Ashurst Beijing Sydney GERMANY Philippa Stone Gabriele Apfelbacher Herbert Smith Freehills COLOMBIA Cleary Gottlieb Steen & Hamilton Sydney Claudia Barrero See bio Frankfurt am Main Philippi Prietocarrizosa Ferrero DU & Uría Katja Kaulamo Bogotá Skadden Arps Slate Meagher & Flom AUSTRIA Frankfurt am Main Edith Hlawati CHSH Cerha Hempel Spiegelfeld Hlawati Marianne Philip GREECE Vienna Kromann Reumert Christina Papanikolopoulou Ursula Rath Copenhagen Zepos & Yannopoulos Schönherr Athens Vienna FINLAND Eva-Maria Ségur-Cabana Baker McKenzie Diwok Hermann Merja Kivelä H O N G K O N G Petsche Castrén & Snellman SAR Vienna Helsinki Constance Choy Tarja Wist Sidley Austin Waselius & Wist Hong Kong BELGIUM Helsinki Connie Heng Sylvia Kierszenbaum Clifford Chance Allen & Overy Hong Kong Antwerp FRANCE Melinda Stege Arsouze Teresa Ko Gide Loyrette Nouel Freshfields Bruckhaus Deringer BRAZIL Paris Hong Kong

Eliana Ambrósio Chimenti Diana Billik Celia Lam Machado Meyer Advogados Allen & Overy Simpson Thacher & Bartlett São Paulo Paris Hong Kong

Isabel Costa Carvalho Aline Cardin Cathy Yeung Hogan Lovells Clifford Chance Latham & Watkins São Paulo Paris Hong Kong

20 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS CAPITAL MARKETS

H O N G K O N G MALAYSIA SINGAPORE SAR Sook Kwan Chin Margaret Chin ZICOlaw Allen & Gledhill Benita Yu Kuala Lumpur Singapore Hong Kong Lilian Liew Gwendolyn Gn ZICOlaw Shook Lin & Bok Jessica Zhou Kuala Lumpur Singapore White & Case Hong Kong Naomi J Ishikawa Milbank NETHERLANDS Singapore INDIA Petra Zijp NautaDutilh Christina Ong Madhurima Mukherjee Amsterdam Allen & Gledhill AZB & Partners Singapore New Delhi Gail Ong NEW ZEALAND WongPartnership INDONESIA Mei Nah Singapore Mayne Wetherell Melli Darsa Kaya Proudian Auckland Melli Darsa & Co White & Case Jakarta Singapore Ira Andamara Eddymurthy PHILIPPINES Tze-Gay Tan SSEK Legal Consultants Allen & Gledhill Cynthia Roxas-del Castillo Jakarta Singapore Romulo Mabanta Buenaventura Sayoc & de los Angeles IRELAND Manila SOUTH AFRICA Gemma M Santos Myra Garrett Karen Couzyn Picazo Buyco Tan Fider & Santos William Fry Webber Wentzel Manila Dublin Johannesburg Jackie King Cliffe Dekker Hofmeyr ISRAEL Johannesburg Anna M Frankowska Ilanit Landesman Yogev Weil Gotshal & Manges Lindi Marais Herzog Fox & Neeman Warsaw Webber Wentzel Tel Aviv Johannesburg ITALY Maria João Ricou SOUTH KOREA Claudia Parzani Cuatrecasas Mi Eun Roh Linklaters Lisbon Bae Kim & Lee Milan Seoul ROMANIA Narcisa Oprea SPAIN Miyuki Ishiguro Schönherr Yolanda Azanza Nagashima Ohno & Tsunematsu Bucharest Clifford Chance Tokyo Madrid Reiko Sakimura Clifford Chance Tokyo

WOMEN IN BUSINESS LAW EXPERTGUIDES 21 CAPITAL MARKETS EXPERT LISTINGS

SWEDEN UNITED UNITED STATES Annika Andersson KINGDOM Stewart McDowell Lindahl Gibson Dunn & Crutcher Lene Malthasen Stockholm San Francisco Latham & Watkins Eva Hägg London Cathleen E McLaughlin Mannheimer Swartling Paul Hastings Anna-Marie Slot Stockholm New York Ashurst London/Hong Kong Francesca L Odell Cleary Gottlieb Steen & Hamilton Nilufer von Bismarck THAILAND New York Slaughter and May Pornpan Chayasuntorn London Linklaters Lesley Peng Bangkok Simpson Thacher & Bartlett New York UNITED STATES Anna T Pinedo UNITED Catherine M Clarkin Mayer Brown Sullivan & Cromwell New York KINGDOM New York Farmida Bi Roxane F Reardon Norton Rose Fulbright Meredith B Cross Simpson Thacher & Bartlett London Wilmer Cutler Pickering Hale and Dorr New York Washington DC Vanessa K Blackmore Sarah k Solum Sullivan & Cromwell Lisa A Fontenot Davis Polk & Wardwell London Gibson Dunn & Crutcher Menlo Park Palo Alto Melissa Butler Joanne Soslow White & Case Suzanne K Hanselman Morgan Lewis & Bockius London BakerHostetler Philadelphia Cleveland Kathryn A Campbell Antonia E Stolper Sullivan & Cromwell Gillian A Hobson Shearman & Sterling London Vinson & Elkins New York Houston Delphine Currie Reed Smith Hillary H Holmes London Gibson Dunn & Crutcher Houston Tracy K Edmonson Latham & Watkins Sophia Hudson London Kirkland & Ellis New York Jennifer M Engelhardt Latham & Watkins Valerie Ford Jacob London Freshfields Bruckhaus Deringer New York Kate Gibbons Clifford Chance Stacy J Kanter London Skadden Arps Slate Meagher & Flom New York Lena Hodge Brown Rudnick Deanna L Kirkpatrick London Davis Polk & Wardwell New York Elaine Keats Linklaters Taisa Markus London White & Case New York

22 EXPERTGUIDES WOMEN IN BUSINESS LAW LMG AMERICAS WOMEN IN BUSINESS LAW AWARDS

LMG AMERICAS WOMEN IN BUSINESS LAW AWARDS Euromoney LMG Americas Women in Business Law Awards 2019 – winners announced

The best women lawyers in the Americas gathered at the JW Marriott Essex House hotel in New York on June 6 to celebrate the achievements of women across firms, practice areas and jurisdictions. The eighth annual Euromoney Legal Media Group Americas Women in Business Law Awards brought together in-house and private practice lawyers to recognize the individuals, teams and firms setting a new standard in progressive work practices and leading the way in their field. The packed audience heard from the outstanding practitioner winner Stephanie Breslow of Schulte Roth & Zabel, and Ilene Knable Gotts of Wachtell Lipton Rosen & Katz who took home the lifetime achievement prize. The three biggest awards of the night saw O’Melveny & Myers, Fenwick & West and Marval O’Farrell & Mairal receive trophies for best firm for women in business law in the international, national and Latin American categories respectively.

Best in environment Practice Area Awards Best in commercial arbitration Jana McLean Best in antitrust/competition Carolyn Lamm Iris Legal Law Rebecca Farrington White & Case White & Case Best in copyright Best in financial regulation Daralyn Durie Barbara Mendelson Best in aviation Durie Tangri Morrison & Foerster Abby Bried Jenner & Block Best in corporate governance Best in insolvency & restructuring Best in banking & finance (inc. project PJ Himelfarb Marcia Goldstein finance) Weil Gotshal & Manges Weil Gotshal & Manges Tatiana Lapushchik Cravath Swaine & Moore Best in energy, natural resources & mining Best in insurance & reinsurance Best in capital markets Julie Mayo Camila Calais Sarah Solum Norton Rose Fulbright Mattos Filho Veiga Filho Marrey Jr e Davis Polk & Wardwell Quiroga Advogados

WOMEN IN BUSINESS LAW EXPERTGUIDES 23 LMG AMERICAS WOMEN IN BUSINESS LAW AWARDS

LMG AMERICAS WOMEN IN BUSINESS LAW AWARDS

Best in investment Funds Best in wealth management Country Winners Amran Hussein Diana Zeydel Latin America Paul Weiss Rifkind Wharton & Garrison Greenberg Traurig Argentina Zang Bergel & Viñes Abogados Best in labor & employment Best in white collar crime Lynne Hermle Sarah Coyne Brazil Orrick Herrington & Sutcliffe Weil Gotshal & Manges Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados Best in life sciences Individual Categories Eileen McMahon Outstanding practitioner Central Americas Torys Stephanie Breslow BLP Legal Schulte Roth & Zabel Best in litigation Chile Sharon Nelles Lifetime achievement Carey Sullivan & Cromwell Ilene Knable Gotts Wachtell Lipton Rosen & Katz Colombia Best in media & entertainment Gómez-Pinzón Zuleta Abogados Susan Williams Best corporate lawyer in Latin America Paul Hastings Corina Bove Ecuador Guyer & Regules Ferrere Best in mergers and acquisitions Faiza Saeed Best finance lawyer in Latin America Mexico Cravath Swaine & Moore Myriam Barahona Dumont Bergman Bider & Co Morales & Besa Best in Panama Juanita Brooks Best lawyer in Latin Arias Fish & Richardson America Alicia Lloreda Ricaurte Peru Best in private equity Lloreda Camacho & Co Philippi Prietocarrizosa Ferrero DU & Uría Marni Lerner Simpson Thacher & Bartlett Best litigator in Latin America Uruguay Best in real estate Carolina Posada Guyer & Regules Kimberly Brown Blacklow Posse Herrera Ruiz Cleary Gottlieb Steen & Hamilton Venezuela Best tax lawyer in Latin America Estudio Antequera Parilli & Rodríguez Best in structured finance (incl Daniella Zagari securitization & derivatives) Machado Meyer Sendacz & Opice Yan Zhang Advogados North America Davis Polk & Wardwell Canada Rising star: Corporate Osler Hoskin & Harcourt Best in tax Constanza Rodríguez Karen Gilbreath Sowell Philippi Prietocarrizosa DU & Uría US Midwest EY Sidley Austin Rising star: Finance Best in tax dispute resolution Janine Jjingo US Northeast Kim Boylan Skadden Arps Slate Meagher & Flom Debevoise & Plimpton White & Case Rising star: IP US South Best in technology Jennifer Ponton Squire Patton Boggs Carrie LeRoy Borden Ladner Gervais Gibson Dunn & Crutcher US West Rising star: Litigation Fenwick & West Best in Susannah Geltman Laura Popp-Rosenberg Simpson Thacher & Bartlett Firm Awards Fross Zelnick Lehrman & Zissu Best gender diversity initiative by national Rising star: Tax firm (Latin America) Best in transfer pricing Juliana Dutra da Rosa Machado Meyer Sendacz & Opice Jill Weise Stocche Forbes Advogados Advogados Duff & Phelps

24 EXPERTGUIDES WOMEN IN BUSINESS LAW LMG AMERICAS WOMEN IN BUSINESS LAW AWARDS

LMG AMERICAS WOMEN IN BUSINESS LAW AWARDS

Best gender diversity initiative by national Best national mentoring program (North Best international firm for pro bono work firm (North America) America) Simpson Thacher & Bartlett Osler Hoskin & Harcourt Fenwick & West Best national firm for talent management Best gender diversity initiative by Best international mentoring program (Latin America) international firm O'Melveny & Myers Mattos Filho Veiga Filho Marrey Jr e Cleary Gottlieb Steen & Hamilton Quiroga Advogados Best national firm for work-life balance Best international firm Latin America (Latin America) Best national firm for talent management practice Ferrere (North America) Milbank Fish & Richardson Best national firm for work-life balance Most innovative international firm (North America) Best international firm for talent Dentons Fish & Richardson management White & Case Best firm for diversity (Latin America) Best international firm for work-life Beretta Godoy balance Best national firm for women in business Milbank law (Latin America) Best national firm for diversity (North Marval O’Farrell & Mairal America) Best national firm for pro bono work Smart & Biggar/Fetherstonhaugh (Latin America) Best national firm for women in business BLP law (North America) Best international firm for diversity Fenwick & West Weil Gotshal & Manges Best national firm for pro bono work (North America) Best international firm for women in Best national mentoring program (Latin Fenwick & West business law America) O’Melveny & Myers Marval O’Farrell & Mairal

WOMEN IN BUSINESS LAW EXPERTGUIDES 25 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

COMMERCIAL ARBITRATION

Features for: Patricia Nacimiento of Herbert Smith Freehills 27 Sarah Biser, Craig Tractenberg and Jeffrey Pollock of Fox Rothschild LLP 29

26 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP COMMERCIAL ARBITRATION

COMMERCIAL ARBITRATION Human rights and investment arbitration

Patricia Nacimiento Herbert Smith Freehills Frankfurt am Main

Business and Human Rights: A new dimension The awareness of the importance and relevance of human rights for businesses is generally on the rise: Rights of workers, child labor, pro- tection of natural resources, access to water and other resources, cli- mate, pollution or health – the potential impact is broad and a violation may lead to severe financial consequences. World business is thus increasingly aware and active in this area and be it only to protect commercial interests. In our times, any incident in any part of the world is rapidly reported and becomes known. This can lead to signif- icant commercial and reputational consequences. World business, in its own interest, is thus taking charge of these issues. A particular chal- lenge arises in regard to supply chains of companies as reflected in the recent disaster involving factory workers in Bangladesh. This situation is leading to a prominent role of transnational instruments.

UN Guiding Principles on Business and Human Rights 2011 In June 2011 the UN Commission on Human Rights issued the Guid- ing Principles for business and human rights. These principles state pects of investment arbitration has opened the debate to some fruitful the obligation of the States to respect the human rights and funda- developments. mental rights of freedom. More importantly, it acknowledges the role The recent Free Trade Agreement between the European Free of businesses to respect human rights. And in addition, they provide Trade Association (EFTA) and Singapore confirms in its preamble the for the duty to ensure appropriate and effective measures to remedy in commitment of the contracting parties to the principles set out in the the case of infringement of these rights. United Nations Charter and the Universal Declaration of Human Rights and contains the explicit commitment to “…protect human, Human rights and investment arbitration animal or plant life or health”. Human rights also play an increasing role in investment arbitration. The same principle is introduced in the Comprehensive Economic Investing companies must be aware that their investment increas- and Trade Agreement (CETA) between Canada and the European Union ingly must comply with the requirements of with an explicit commitment to the Universal human rights standards. This applies where, Declaration of Human Rights and explicitly “… for example, laws of the host State or other recognising the importance of international se- measures of the State have an impact on the INVESTMENT TRIBUNALS curity, democracy, human rights and the rule of foreign investment. Under certain circum- HAVE AN law for the development of international trade stances, and increasingly so, human rights and economic cooperation…” can form the very basis of an investment ar- INCREASINGLY bitration. DETERMINATIVE ROLE The relevance of human rights in In most of the older instruments of invest- investment arbitration ment protection there is no direct reference to FOR THE PRACTICAL Increasingly human rights are playing an human rights. It is becoming increasingly IMPLEMENTATION OF increasing role in investment arbitration as clear, however, that the current developments a defence by host States. Under Interna- on an international level, also influence the HUMAN RIGHTS IN tional Human Rights law, the host State has developments in the area of investment pro- ARBITRATION the duty to prevent the infringement of tection. The severe criticism against some as- human rights violations by others to indi-

WOMEN IN BUSINESS LAW EXPERTGUIDES 27 COMMERCIAL ARBITRATION THOUGHT LEADERSHIP

COMMERCIAL ARBITRATION viduals in their territory. A failure by the host State to protect indi- vs. Argentina, the tribunal declared that investment protection and viduals in its territory leads to a liability of the State. There are a human rights – in that case the access to water – are at the same level number of areas in which human rights are invoked as a defence and are to be equally considered. These latest developments reflect for certain acts of the States: protective measures in relation to that the major issues of world law and trade have an international di- natural resources, access to water, pollution, health, working con- mension and can be solved only at an international level. Under that ditions. These arguments are also invoked at the stage of assessing aspect, the application of human rights in investment arbitrations will a potential compensation to be paid. From a current perspective, lead to lending human rights a practical role. It will contribute to there is not yet a body of case law but it probably cannot be ex- defining human rights in a commercial application and in changed pected at this stage. It is a rather recent topic which has now been circumstances. From that perspective, investment tribunals have the laid down in a number of instruments as described above. It is a chance to implement a change and an acceptance of guiding princi- matter of time for these issues to become common ground and a ples that would otherwise take much more time to implement. It is to natural part of the issues to be taken into account in investment be hoped that investment tribunals will accept this challenge and duty protection. by taking an active role in promoting human rights. This develop- ment is long overdue. If shouldered exclusively by States and transna- The role of investment arbitration tribunals tional bodies, the implementation will continue to be hesitant and Investment tribunals have and will have an increasingly determinative delayed. Where it starts to become an integral part of the practical is- role for the practical implementation of human rights in arbitration. sues debated and to be decided in arbitration proceedings, it will have Tribunals have the duty to balance the human rights principles based an immediate impact on business interests. This will raise awareness in public international law with the rights of investors deriving from for the players that there is a commercial and directly relevant role of an investment treaties. For example in the case of Saur International human rights.

28 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP COMMERCIAL ARBITRATION

COMMERCIAL ARBITRATION Summary Disposition in International Arbitration – Likelihood of Success*

Sarah Biser (pictured), Craig Tractenberg and Jeffrey Pollock Fox Rothschild LLP New York

A uniform pronouncement of the burden of proof necessary for a party to succeed in summary disposition of a case is conspicuously absent from international arbitration today. The rules for sum- mary disposition of cases proceeding before ICSID and the ICC generally explain what is necessary to succeed, but few cases have addressed the evidentiary standard the Tribunal requires in order to grant summary disposition. In order to discern the standard, parties look to published ICSID decisions and those few ICC deci- sions that are publicly available. The formulation seems to be simi- lar in both, but the effective standard of proof required can be very different.

Summary Disposition under the ICSID Rules. ICSID Arbitration Rule 41(5) empowers the Tribunal to dismiss claims early in the proceeding which are “manifestly without legal merit.” The Tribunal must render an award under ICSID Arbitration Rule 41(6) where the Tribunal lacks jurisdiction or that the claims are “manifestly without legal merit.” ICSID maintains a list of decisions addressing ICSID Arbitration Rule 41(5) on its website1. Of the 26 cases listed, three cases have a that were “incredible, frivolous, vexations or inaccurate or made in finding that the claim was manifestly without legal merit2, three bad faith” because the case could be decided on undisputed facts.5 have partial findings to that effect, six denied such a finding and the The time for making an application under ICSID Arbitration Rule remainder of the cases did not decide the issue. 41(5) is early in the case. The deadline is “no later than 30 days after One of the cases resulting in a partial finding that the claim was the constitution of the Tribunal, and in any event before the first ses- “manifestly without legal merit,” Trans-Global Petroleum v. sion of the Tribunal.” As the application is made early in the case, the (“Trans-Global”), contains this frequently cited standard: Tribunal generally cannot decide disputed facts necessary to dispose [T]he ordinary meaning of the word [“manifestly”] requires the of the application.6 respondent to establish its objection clearly and obviously, with relative ease and despatch. The standard Summary Disposition under the ICC Rules. is thus set high. Given the nature of in- Article 22(3) of the ICC Rules require the Tri- vestment disputes generally, the Tribunal bunal and parties to “make every effort to con- nonetheless recognizes that this exercise ARTICLE 22 OF THE ICC duct the arbitration in an expeditious and may not always be simple…The exercise cost-effective manner, having regard to the com- may thus be complicated; but it should RULES EMPOWERS THE plexity and value of the dispute.” Complemen- never be difficult.3 TRIBUNAL TO TAKE tarily, Article 22 of the ICC Rules empowers the In Ansung Housing, the Tribunal using Tribunal to take procedural measures “to ensure the Trans-Global formulation, dismissed all PROCEDURAL effective case management.” Paragraphs 59-64 of claims based on time limitations and finding MEASURES “TO ENSURE the ICC Note to Parties and Arbitral Tribunals that Respondent had established its objec- on the Conduct of the Arbitration under ICC tion “clearly and obviously, with relative ease EFFECTIVE CASE Rules (2017) contemplates summary disposition and dispatch.”4 The Tribunal did not find it MANAGEMENT.” of claims that are “manifestly devoid of merit.” necessary to entertain Respondent’s argu- The Tribunal has full discretion to allow such an ment that the Tribunal must ignore facts application at any stage of the proceeding.7

WOMEN IN BUSINESS LAW EXPERTGUIDES 29 COMMERCIAL ARBITRATION THOUGHT LEADERSHIP

COMMERCIAL ARBITRATION

No published ICC decisions have explained the legal standard of the case were to continue?” The ICSID case issues are binary, bright- “manifestly devoid of merit.” A 2019 unpublished ICC decision, line issues beyond dispute because the application must be brought which denied summary disposition, has explained that this is a high before information exchanges occur. The bright-line issues are gener- standard, with “manifestly” meaning “without ambiguity,” and “de- ally jurisdictional issues. void” requiring the lack of merit to be absolute. The Tribunal was In ICC cases, the Tribunal and the parties have the benefit of concerned about several issues of mixed fact and law involving the in- document exchanges, and have additional information to either terpretation of a contract, and chose not to perform any fact finding. clarify or obscure the facts. Moreover, the Tribunal is entitled to Paragraph 61 of the ICC Note contemplates that the application conduct a hearing to decide facts, but apparently, materials supple- can be entertained at any stage of the proceedings. Paragraph 62 men- menting the facts after the initial findings should be “allowed only tions that additional evidence after the application is filed should be exceptionally.” This means that the ICC Tribunal will expect the ap- “allowed only exceptionally.” These paragraphs suggest that in order plication to be brought later in the case and only when the eviden- to succeed, the application must stand on its own – as a matter of law tiary record is ripe for disposition. Practitioners should not rely on – without presentation of substantial evidence. The Tribunal is, never- the possibility of serial filings as the record must first be adequately theless, empowered to conduct a hearing on the application under developed. The standard of proof after hearing would normally be paragraph 62 of the ICC Note. The 2019 unpublished ICC decision dictated by lex arbitri, the law of the seat of the arbitration, as would suggests that this power to conduct a hearing would be rarely invoked. the level of proof for summary disposition. Even with the applica- tion of the lex arbitri, the decisions from tribunal to tribunal with- Contrast Between the Standards of the ICSID and the ICC Rules. out the benefits of previous published decisions renders outcome The ICSID and ICC standards appear to be similar, but they are not prediction difficult. the same. For ICSID cases, the Tribunal must ask itself “what addi- We look to the publication of additional cases in order to aid fu- tional evidence can be adduced which could prevent early dismissal if ture arbitrators and practitioners on the standard of proof required.

* This article first appeared on the website of the Arbitration Committee of the Legal Practice Division of the International Bar Association, and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association. 1 Https://Icsid.worldbank.org/en/Pages/Process/Decisions-on-Manifest-Lack-of-Legal-Merit 2 The three cases are Global Trading Resource Corp. and Glovex International, Inc. v. Ukraine (ICSID Case No. ARB/09/11), Award December 1, 2010, RSM Production Corporation and others v. Grenada (ICSID Case No. ARB/10/6 Award December 10, 2010 and Ansung Housing Co., Ltd. v. People’s Republic of China (ICSID Case No. ARB/14/25 Award March 9, 2017. 3 Ansung Housing Co., Ltd. v. People’s Republic of China, (“Ansung Housing”) ICSID Case No. ARB/14/25, Award March 9, 2017, citing Trans-Global Petroleum, Inc. v. Hashemite Kingdom of Jordan, ICSID Case No. ARB/07/25, para. 88 (Decision on the Respondent’s Objection Under Rule 41(5). 4 Ansung Housing at para. 70. 5 Ansung Housing at para. 71. 6 Trans-Global at para. 97. 7 ICC Note para. 59-61.

30 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES COMMERCIAL ARBITRATION

G E R M A N Y

Patricia Nacimiento Herbert Smith Freehills Neue Mainzer Str. 75 60311 Frankfurt am Main Germany Tel: (49) 69 2222 82530 Email: [email protected] Website: www.hsf.com

Patricia is the co-head of the German dispute resolution practice and part of the EMEA leadership team.

Patricia has over 20 years of experience as disputes practitioner. Her practice spans a wide range of disputes work with a special focus on domestic and international arbitration as well as investor state disputes. Patricia has significant experience in disputes related to energy, construction and post M&A. The German government has appointed her in 2007 as one of four arbitrators to the panel of arbitrators at the International Centre for Settlement of Investment Disputes (ICSID).

Patricia is a native German speaker and fluent in English, Spanish, Italian and French.

Professional background As a party representative, she has conducted over 120 arbitration proceedings under the rules of numerous arbitration institutions – including ICC, ICSID, SCC, CIETAC, DIS, LCIA, ICDR, Swiss Chamber of Commerce, Indian Council of Arbitration, and the Danish Institution of Arbitration as well as ad hoc proceedings. She is also regularly appointed as an arbitrator and has led numerous international ICC-, DIS- and ad hoc arbitration proceedings as a chairperson, sole arbitrator or party appointed arbitrator.

For years, Patricia has been listed as a leading disputes expert in renowned rankings and directories such as Global Arbitration Review, Women in Business, Best Lawyers, Who’s Who Legal as well as Chambers Europe, Chambers Global, Legal 500 and leading German directory JUVE. She publishes regularly on disputes related subjects and is co-editor of the leading arbitration manuals “Arbitration in Germany – The Model Law in Practice” (Kluwer 2015) and “The New York Convention – a Global Commentary” (Kluwer 2008).

Patricia gives lectures on arbitration at the universities of Heidelberg, Frankfurt and Saarbrücken.

Publications She publishes regularly on disputes related subjects and is co-editor of the leading arbitration manuals “Arbitration in Germany – The Model Law in Practice” (Böckstiegel, Kröll, Nacimiento (eds.), Kluwer 2015) and “The New York Convention – a Global Commentary” (Kronke, Nacimiento, Port, Otto (eds.) Kluwer 2008).

Accolades “intelligent, loyal, highly qualified and dedicated, with both managerial and analytical skills.”, clients – Chambers Europe 2019

“If arbitration was “To Kill a Mockingbird” Patricia is an Atticus Finch of today's arbitration community” - Client's Choice Award 104

WOMEN IN BUSINESS LAW EXPERTGUIDES 31 COMMERCIAL ARBITRATION EXPERT LISTINGS

AUSTRALIA COLOMBIA FRANCE Brenda Horrigan Claudia Benavides Galvis Annet van Hooft Herbert Smith Freehills Baker McKenzie van Hooft Sydney Bogotá Paris

Bronwyn Lincoln Melanie van Leeuwen Corrs Chambers Westgarth Derains & Gharavi CZECH Paris REPUBLIC Karolina Horakova BELGIUM Skils GERMANY Niuscha Bassiri Prague Alice Broichmann Hanotiau & van den Berg Allen & Overy Brussels Munich DOMINICAN Françoise Lefèvre Ulrike Gantenberg Linklaters REPUBLIC Heuking Kühn Lüer Wojtek Brussels Düsseldorf Fabiola Medina Garnes Medina Garrigó Abogados Inka Hanefeld Santo Domingo Hanefeld Rechtsanwälte BRAZIL Hamburg Ana Tereza Basilio Basilio Advogados FINLAND Sabine Konrad Rio de Janeiro McDermott Will & Emery Carita Wallgren-Lindholm Frankfurt am Main Adriana Braghetta Lindholm Wallgren L.O. Baptista Advogados Helsinki Annett Kuhli São Paulo Kantenwein Munich Eleonora Coelho FRANCE Eleonora Coelho Advogados Anke Meier São Paulo Claudia Annacker Noerr Cleary Gottlieb Steen & Hamilton Frankfurt am Main Selma Maria Ferreira Lemes Paris Selma Lemes Advogados Patricia Nacimiento See bio São Paulo Yas Banifatemi Herbert Smith Freehills Shearman & Sterling Frankfurt am Main Adriana Noemi Pucci Paris Adriana Noemi Pucci Sociedade de Dorothee Ruckteschler Advogados Emmanuelle Cabrol CMS Hasche Sigle São Paulo Ashurst Stuttgart Paris

Jennifer Kirby CHINA Kirby GREECE Jessica Fei Paris Antonias Dimolitsa King & Wood Mallesons A. Dimolitsa & Associates Carole Malinvaud Beijing Athens Gide Loyrette Nouel Helen H Shi Paris Fangda Partners Nathalie Meyer-Fabre H O N G K O N G Beijing Meyer Fabre Avocats SAR Ariel Ye Paris Sally A Harpole King & Wood Mallesons Isabelle Michou Sally Harpole & Co Shenzhen Quinn Emanuel Urquhart & Sullivan Hong Kong Paris

32 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS COMMERCIAL ARBITRATION

H O N G K O N G MEXICO ROMANIA SAR Kate Brown de Vejar Crenguta Leaua DLA Piper Gallastegui y Lozano Leaua Damcali Deaconu Paunescu Kim M Rooney Mexico City Bucharest Gilt Chambers Hong Kong Elsa Ortega Sorina Olaru Ortega & Gómez Ruano Lawyers Nestor Nestor Diculescu Kingston May Tai Mexico City Petersen Herbert Smith Freehills Bucharest Hong Kong NETHERLANDS SINGAPORE INDIA Alexandra Schluep Schutte Schluep & Heide-Jørgensen Loretta Malintoppi Pallavi S Shroff advocaten Shardul Amarchand Mangaldas & Co Amsterdam Singapore New Delhi Marieke van Hooijdonk Allen & Overy SOUTH KOREA JAPAN Amsterdam Liz Kyo-Hwa Chung Yoshimi Ohara Kim & Chang Nagashima Ohno & Tsunematsu Seoul Tokyo NIGERIA Funke Adekoya SAN ÆLEX SPAIN KAZAKHSTAN Lagos Mercedes Fernández Aigoul Kenjebayeva Adedoyin Oyinkan Rhodes-Vivour Jones Day Dentons Doyin Rhodes-Vivour & Co Madrid Almaty Lagos

Dorothy Udeme Ufot SAN LEBANON Dorothy Ufot & Co SWITZERLAND Lagos Domitille Baizeau Nayla Comair-Obeid Lalive Obeid Law Firm Geneva Beirut PERU Teresa Giovannini Ana Maria Arrarte Lalive Estudio Echecopar Geneva Lima Vilija Vaitkut Pavan Gabrielle Kaufmann-Kohler Ellex Valiunas María del Carmen Tovar Lévy Kaufmann-Kohler Vilnius Estudio Echecopar Geneva Lima Tanya Landon MALAYSIA Sidley Austin POLAND Geneva K Shanti Mogan Shearn Delamore & Co Beata Gessel-Kalinowska vel Kalisz Gabrielle Nater-Bass Kuala Lumpur Gessel Homburger Warsaw Zürich

Monika Hartung Mariella Orelli MEXICO Wardynski & Partners Homburger Gabriela Alvarez Avila Warsaw Zürich Curtis Mallet-Prevost Colt & Mosle Mexico City

WOMEN IN BUSINESS LAW EXPERTGUIDES 33 COMMERCIAL ARBITRATION EXPERT LISTINGS

SWITZERLAND UNITED UNITED STATES Anne Véronique Schläpfer KINGDOM Hagit Muriel Elul White & Case Hughes Hubbard & Reed Sophie Lamb QC Geneva New York Latham & Watkins Nathalie Voser London Claudia Frutos-Peterson Schellenberg Wittmer Curtis Mallet-Prevost Colt & Mosle Penny Madden QC Zürich Washington DC Gibson Dunn & Crutcher Rabab Yasseen London Gaela K Gehring Flores MENTHA Arnold & Porter Andrea Menaker Geneva Washington DC White & Case London Samaa Haridi Hogan Lovells Wendy J Miles QC TAIWAN New York Debevoise & Plimpton Lillian Chu London Tsar & Tsai Miriam K Harwood Squire Patton Boggs Taipei Karyl Nairn QC New York Skadden Arps Slate Meagher & Flom London Jennifer Haworth McCandless TURKEY Sidley Austin Sophie Nappert Washington DC Utku Cosar 3 Verulam Buildings Cosar Avukatlık Bürosu London Mélida N Hodgson Istanbul Jenner & Block Sylvia Noury New York Freshfields Bruckhaus Deringer UKRAINE London Jean E Kalicki Independent arbitrator Lindy Patterson QC Irina Nazarova New York/Washington DC Engarde 39 Essex Chambers Kyiv London Rachael D Kent Wilmer Cutler Pickering Hale and Dorr Sherina Petit Washington DC Norton Rose Fulbright UNITED London Yasmine Lahlou Chaffetz Lindsey KINGDOM Deborah Ruff New York Rajinder Bassi Pillsbury Winthrop Shaw Pittman Kirkland & Ellis London Carolyn Lamm London White & Case Washington DC Philippa Charles UNITED STATES Stewarts Law Caline Mouawad London Catherine Amirfar King & Spalding Debevoise & Plimpton New York Judith Gill QC New York 20 Essex Street Natalie L Reid London Julie Bédard Debevoise & Plimpton Skadden Arps Slate Meagher & Flom New York Hilary Heilbron QC New York Ann Ryan Robertson London Marinn Carlson Locke Lord Sidley Austin Houston Paula Hodges QC Washington DC Herbert Smith Freehills Claudia T Salomon London Maria Chedid Latham & Watkins Arnold & Porter New York San Francisco

34 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS COMMERCIAL ARBITRATION

UNITED STATES Ank Santens White & Case New York

Jennifer M Smith Hogan Lovells Houston

Abby Cohen Smutny White & Case Washington DC

Edna Sussman Sussman ADR New York

Meg Utterback King & Wood Mallesons New York

URUGUAY Sandra González FERRERE Montevideo

WOMEN IN BUSINESS LAW EXPERTGUIDES 35 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

COMPETITION AND ANTITRUST

36 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES COMPETITION AND ANTITRUST

C H I N A I R E L A N D

Yingling Wei Helen Kelly JunHe LLP Matheson China Resources Building 70 Sir John Rogerson’s Quay 20th Floor 8 Jianguomenbei Avenue Dublin 2 Beijing 100005 Ireland China Tel: (353) 1 232 2466 Tel: (86) 10 8519 1380 Email: [email protected] Email: [email protected] Website: www.matheson.com Website: www.junhe.com

Ms Wei has extensive experience in financial institutions, real estate, Helen Kelly is a partner and head of the EU, Competition and energy, telecommunications, retail, automobile, hi-tech and traditional Regulatory Law Group at Matheson. Helen is the only woman leader manufacturing industries and represents various multinational of an Irish EU competition practice and is profiled by Global companies, Chinese companies, investment banks, and private equity Competition Review as one of the hundred top competition lawyers in funds in their merger and acquisition transactions. She has provided the world. Helen is the only Irish lawyer based in Ireland profiled in advice on various aspects of such projects including the design of this way. transaction structures, due diligence investigation, drafting and the negotiation of complicated legal documents in connection with such Helen has particular expertise in EU and Irish merger control work projects. She has also advised many domestic and international clients and has experience in dealing with Phase 1 and 2 mergers under the from different industries in corporate financing, commercial EU Merger Regulation and Irish merger control rules. Helen advised transactions and general corporate matters since she joined the firm in on the most high-profile 2019 Irish merger, acting for Independent 1994. Ms Wei also has extensive experience in the private fund News & Media plc on a public takeover by Mediahuis. Helen also formation area and has represented various fund managers or advises on behavioural competition issues including cartels and abuses investors in such deals. of a dominant position. Helen has experience in dealing with investigations by the European Commission, the Consumer and Since the effectiveness of the PRC Anti-Monopoly Law, Ms Wei has Competition Protection Commission (CCPC) and other sectoral represented various multinational companies and Chinese companies regulators. Helen has indepth experience of state aid issues advising the in their merger control filings, AML advice on cartel, and RPM as well State, recipients of aid and complainants. Helen also regularly advises as AML compliance issues. Ms Wei has also led the team handing on public procurement issues. multiple government investigation cases initiated by AML enforcement agencies including NDRC, MOFCOM and SAIC. Ms Wei Helen is also head of the Telecommunications Group and has a strong was invited by the PRC AML enforcement agencies to formulate a practice advising communications and media companies on wholesale variety of regulations; therefore Ms Wei is deeply aware of both the and retail issues. Helen has been a longstanding advisor to many agencies’ rules and practices. telecommunications market leaders, advising Sky Ireland for over ten years on all of its high profile merger control / transactions work and its With award of the first “Beijing Excellent Lawyers Returning from landmark litigation against ComReg, and advising Three for over ten Overseas Study”, Ms Wei was also frequently nominated and years including on its high profile acquisition of O2 Ireland in 2014. recommended as a China leading lawyer in the Mergers and Acquisitions and/or Competition by IFLR 1000, EuroMoney Legal As a progressive law firm, Matheson is committed to retaining and Media Group, Legal 500, Who’s Who legal and the Asian authoritative promoting top talent. Helen is a founding member of Matheson’s legal media–Asialaw Profiles. Diversity & Inclusion committee ensuring all policies reflect the firm’s mission to support and develop talent across all groups irrespective of Ms Wei worked at the Hong Kong office of Mallesons Stephen Jaques gender, sexual orientation or ethnicity. Helen is a member of the firm’s from 2002 to 2003 where she advised clients on investment projects in partner promotion committee and has been particularly pleased with China as well as international transactions. the statistics over the past three years showing that women have made up 45% of all new partner promotions at Matheson. Ms Wei is currently the head of the International Trade and Anti-trust & Competition Group of JunHe. Helen’s particular focus continues to be on developing and promoting female talent and she developed Matheson’s maternity coaching Education programme to support women at key stages, including preparing for LL.B., China University of Political Science and Law, 1993. leave, while on leave and following return to work. Helen has also LL.M., University of Michigan Law School, 2002 assisted in developing a mentoring programme for women lawyers, with some lawyers giving and receiving mentoring from business Professional Associations leaders across a range of industries. Member of the All-China Bar Association, the Beijing Bar Association and the New York State Bar Association. Helen is also the firm’s lead in the 30% Club. The 30% Club promotes female participation on senior management teams. Language Skills Mandarin and English

WOMEN IN BUSINESS LAW EXPERTGUIDES 37 COMPETITION AND ANTITRUST ATTORNEY BIOGRAPHIES

J A PA N U N I T E D S TAT E S

Setsuko Yufu Ilene Knable Gotts Atsumi & Sakai Wachtell, Lipton, Rosen & Katz Fukokuseime Bldg, 2-2-2, Uchisaiwaicho 51 West 52nd Street Chiyoda-ku New York, NY 10019 Tokyo 100-0011 US Japan Tel: (1) 212 403 1247 Tel: (81) 3 5501 1165 Email: [email protected] Email: [email protected] Website: www.wlrk.com Website: www.aplaw.jp

Setsuko Yufu is a senior partner at Atsumi & Sakai and is admitted to the Ilene Knable Gotts is a partner in the law firm of bar in Japan. She is a member of the managing committee of the firm. Wachtell, Lipton, Rosen & Katz, where she focuses on antitrust matters, particularly relating to mergers and acquisitions. Transactions Setsuko heads the firm’s antitrust/competition team, advising on in which Mrs Gotts advised include Publicis Groupe/Epislon, international and domestic cartel/bid-rigging investigations and related IFF/Frutarom, Salesforce/Mulesoft, Prysmian/General Cable, civil enforcements and criminal prosecutions, including extradition Mondelez/Tate’s Bake Shop, CenturyLink/Level 3, Danone/WhiteWave issues. She also advises on international and domestic merger control Foods, Gaming and Leisure Properties/Pinnacle Entertainment, and abuse of dominant position. Her practice includes international and Faiveley/Wabtec, Charter//Bright House, J.M. domestic R&D projects and various commercial agreements such as Smucker’s/Big Heart Pet Brands, Publicis/Sapient, Essilor/PPG distribution, franchising, licensing, and subcontracting. Industries, Deutsche Telekom/MetroPCS, ConAgra/Ralcorp, PPG Industries/Georgia Gulf, Aetna/Coventry, and International Since 2016, she has served as a member of the Antitrust Policy Council Paper/Temple-Inland. Mrs Gotts is regularly recognized as one of the of the Japan Fair Trade Commission. She has also served as a board world’s top antitrust lawyers, including being recognized by member of the Japan Competition Law Forum. Euromoney’s Women in Business Law with a Lifetime Achievement Award in 2019, in the 2006-2018 Editions of The International Who’s Setsuko was awarded the honour of Woman Lawyer of the Year at the Who of Business Lawyers as one of the top five global competition ALB Japan Law Awards 2017 and was ranked as a leading individual in lawyers, in the first tier ranking of Chambers USA Guide, the “leading antitrust and competition law by The Legal 500 2019, Chambers - individuals” ranking of PLC Which Lawyer Yearbook, the Antitrust Pacific 2019, Asialaw Profiles 2018 and The Best Lawyers in Japan 2019. Lawyer of the Year for 2016 by Best Lawyers, Top Lawyer of the Year for She was listed in Who’s Who Legal: Competition 2019. She was also highly 2017 by Cablefax, and Number one North America Thought Leader in recommended in Global Competition Review 100 in 2018. 2018 Edition of Who’s Who Legal. She obtained an LLB from Waseda University, Tokyo, and graduated Mrs Gotts previously worked as a staff attorney in the Federal Trade from the University of Amsterdam, Europa Instituut as the first Japanese Commission’s Bureaus of Competition and Consumer Protection. Mrs student to study EU law there. Gotts is an officer of the IBA’s Competition Committee. She served on Setsuko also is well-known for her extensive knowledge of EU the American Bar Association’s Board of Governors from 2015-2018, competition law and practice and has acted as a board member of the having previously served as the Chair of the American Bar EU Studies Association in Japan. She taught EU law at Keio University Association’s Section of Antitrust Law. In 2006-2007, Mrs Gotts was Law School and publishes articles and books on the subject. She the Chair of the New York State Bar Association’s Antitrust Section, frequently speaks and participates as a panellist at experts’ conferences in which recognized her service to the antitrust bar with the Lifland competition law. Service Award in 2010; she has been a member of the American Law Institute for over 20 years. Mrs Gotts is a frequent guest speaker, has She has been supported by Atsumi & Sakai’s policy to develop a gender- had approximately 200 articles published on antitrust related topics, neutral and equal-opportunity culture in its practice. Out of and served as the editor of the ABA’s Merger Review Process book, Law approximately 150 attorneys (including both Japanese and non-Japanese Business Research’s Private Competition Enforcement Review (2008- professionals), almost 30 % are women. Moreover, our female partners 2018 Editions) and Law Business Research’s Merger Control Review comprise a quarter of all partners, and around one third of our (2010-2018 Editions). She is a member of the editorial board of The managing committee is female. In order to encourage female attorneys Antitrust Counselor, Antitrust Report, and Competition Law and staff, the firm has a system in place to fully support them before, International publications. Mrs Gotts is a member of the Lincoln during, and after childbirth. Additionally, the firm has implemented a Center Counsel’s Council. BTI Consulting Group has recognized Mrs sexual harassment policy without distinction as to the victim’s gender. Gotts as a BTI Client Service All-Star for her level of dedication and commitment to exceptional client service. These efforts to promote equality have been recognised by Euromoney Legal Media Group, which named Atsumi & Sakai as the ‘Best Firm in Japan’ at its Asia Women in Business Law Awards, 2011. The firm has also been named ‘Employer of Choice for eight times from 2009 to date (the Best/Top Firm in Japan to Work For)’ by Asian Legal Business. In 2015, Atsumi & Sakai was awarded the Daini Tokyo Bar Association’s first “Family Friendly Award”.

38 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS COMPETITION AND ANTITRUST

ARGENTINA AUSTRIA BRAZIL Maria Viviana Guadagni Astrid Ablasser-Neuhuber Patricia Agra Araujo Quevedo Abogados bpv Hügel Rechtsanwälte L.O. Baptista Advogados Buenos Aires Vienna São Paulo

Isabella Hartung Priscila Brólio Gonçalves Barnert Egermann Illigasch Vella Pugliese Buosi e Guidoni AUSTRALIA Vienna São Paulo Elizabeth Avery Gilbert + Tobin Leonor Cordovil Sydney Grinberg e Cordovil BELGIUM São Paulo Liza Carver Fiona Carlin Herbert Smith Freehills Baker McKenzie Vivian Fraga Sydney Brussels TozziniFreire Advogados São Paulo Gina Cass-Gottlieb Miranda Cole Gilbert + Tobin Covington & Burling Joyce Midori Honda Sydney Brussels Cescon Barrieu Flesch & Barreto Advogados Caroline Coops Anne Federle São Paulo King & Wood Mallesons Bird & Bird Melbourne Brussels/Düsseldorf Ana Paula Martinez Levy & Salomão Advogados Fiona Crosbie Catriona Hatton São Paulo Allens Baker Botts Sydney Brussels Gianni Nunes de Araújo GNA - Gianni Nunes de Araujo Jacqueline Downes Jacquelyn MacLennan São Paulo Allens White & Case Sydney Brussels/London Paola Pugliese Demarest Advogados Linda Evans Edurne Navarro Varona São Paulo Clayton Utz Uría Menéndez Sydney Brussels/Madrid Barbara Rosenberg BMA Advogados Katrina Groshinski Kristina Nordlander São Paulo MinterEllison Sidley Austin Sydney Brussels Cristianne Saccab Zarzur Pinheiro Neto Advogados Laura Hartley Strati Sakellariou-Witt São Paulo Addisons White & Case Sydney Brussels Mariana Tavares de Araujo Levy & Salomão Advogados Sharon Henrick Ingrid Vandenborre Rio de Janeiro King & Wood Mallesons Skadden Arps Slate Meagher & Flom Sydney Brussels Mariana Villela Veirano Advogados Carolyn Oddie Carmen Verdonck Brasília Allens ALTIUS Sydney Brussels

Peta Stevenson Susanne Zuehlke CANADA King & Wood Mallesons Willkie Farr & Gallagher Anita Banicevic Sydney Brussels Davies Ward Phillips & Vineberg Toronto Kirsten Webb Clayton Utz Sandra A Forbes Sydney Davies Ward Phillips & Vineberg Toronto

WOMEN IN BUSINESS LAW EXPERTGUIDES 39 COMPETITION AND ANTITRUST EXPERT LISTINGS

CANADA CHINA FRANCE Susan M Hutton Fay Zhou Loraine Donnedieu de Vabres-Tranié Stikeman Elliott Linklaters JeantetAssociés Ottawa Beijing Paris

Katherine L Kay Nathalie Jalabert-Doury Stikeman Elliott Mayer Brown Toronto COLOMBIA Paris María Carolina Pardo Cuéllar Michelle Lally Baker McKenzie Florence Ninane Osler Hoskin & Harcourt Bogotá Allen & Overy Toronto Paris

Shuli Rodal Marie-Cécile Rameau Osler Hoskin & Harcourt DENMARK Bredin Prat Toronto Gitte Holtsø Paris Debbie Salzberger Plesner Mélanie Thill-Tayara McCarthy Tétrault Copenhagen Dechert Toronto Paris Julie Soloway ESTONIA Maria Trabucchi Blake Cassels & Graydon BDGS Associés Toronto Katri Paas-Mohando Paris TGS Baltic Sandy Walker Tallinn Anne Wachsmann Dentons Linklaters Toronto Elo Tamm Paris COBALT Tallinn CHILE GERMANY Nicole Nehme FINLAND Bettina Bergmann FerradaNehme Bergmann Law Santiago Katia Duncker Cologne Bird & Bird Lorena Pavic Helsinki Ellen Braun Carey Allen & Overy Santiago Sari Hiltunen Hamburg Castrén & Snellman Helsinki Silke Heinz Heinz & Zagrosek CHINA Katri Joenpolvi Cologne Ninette Dodoo Krogerus Freshfields Bruckhaus Deringer Helsinki Uta Itzen Beijing Freshfields Bruckhaus Deringer Anna Kuusniemi-Laine Düsseldorf Janet Hui Castrén & Snellman JunHe Helsinki Petra Linsmeier Beijing Gleiss Lutz Leena Lindberg Munich Susan Ning Krogerus King & Wood Mallesons Helsinki Stephanie Pautke Beijing Commeo Ami Paanajärvi Frankfurt am Main Yingling Wei See bio Roschier JunHe Helsinki Romina Polley Beijing Cleary Gottlieb Steen & Hamilton Cologne

40 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS COMPETITION AND ANTITRUST

GERMANY INDIA Daniela Seeliger Nisha Kaur Uberoi Ieva Azanda Linklaters Trilegal Azanda & Associates Düsseldorf Mumbai Riga

Dominique Wagener Liga Merwin Commeo Ellex Klavins Frankfurt am Main IRELAND Riga Anna-Marie Curran Anne Caroline Wegner A&L Goodbody Dace Silava-Tomsone Luther Dublin COBALT Düsseldorf Riga Helen Kelly See bio Kathrin Westermann Matheson Noerr Dublin Berlin LITHUANIA Claire Waterson Lina Darulien William Fry TGS Baltic GREECE Dublin Vilnius Augustine G Almyroudi Bernitsas Law Athens ISRAEL MEXICO Tal Eyal-Boger Lucía Ojeda Cárdenas Anastasia Dritsa Fischer Behar Chen Well Orion SAI Law & Economics KG Law Firm Tel Aviv Mexico City Athens

Aida Economou Vainanidis Economou & Associates ITALY NETHERLANDS Athens Sabrina Borocci Sarah Beeston Hogan Lovells Van Doorne H O N G K O N G Milan Amsterdam SAR Silvia D’Alberti Gattai Minoli Agostinelli & Partners NEW ZEALAND Hannah Ha Rome Mayer Brown Sarah Keene Veronica Pinotti Hong Kong Russell McVeagh White & Case Auckland Milan Susie Kilty HUNGARY Buddle Findlay Chrysta Bán JAPAN Wellington Bán S Szabó & Partners Kaoru Hattori Budapest Nagashima Ohno & Tsunematsu Tokyo Kristin Hjelmaas Valla INDIA Eriko Watanabe Kvale Nagashima Ohno & Tsunematsu Pallavi S Shroff Tokyo Shardul Amarchand Mangaldas & Co Beret Sundet New Delhi Setsuko Yufu See bio BA-HR Atsumi & Sakai Shweta Shroff Chopra Oslo Tokyo Shardul Amarchand Mangaldas & Co Siri Teigum New Delhi Thommessen Oslo

WOMEN IN BUSINESS LAW EXPERTGUIDES 41 COMPETITION AND ANTITRUST EXPERT LISTINGS

PERU ROMANIA SOUTH AFRICA Verónica Sattler Carmen Peli Marianne Wagener Rodrigo Elías & Medrano PeliPartners Norton Rose Fulbright Lima Bucharest Johannesburg

Teresa Tovar Raluca Vasilache Estudio Echecopar Tuca Zbârcea & Asociatii Lima Bucharest SOUTH KOREA Jung Won Hyun Livia Zamfiropol Kim & Chang DLA Piper Dinu SCA Seoul PHILIPPINES Bucharest Norma Margarita B Patacsil C&G Law SPAIN Manila RUSSIA Susana Cabrera Zaragoza Natalia Korosteleva Garrigues Egorov Puginsky Afanasyev and Partners Madrid POLAND Moscow Dorothy Hansberry-Biegunska Cani Fernández Hansberry Tomkiel Elena Sokolovskaya Cuatrecasas Warsaw Pepeliaev Group Madrid/Brussels Moscow Iwona Her Ainhoa Veiga Weil Gotshal & Manges Araoz & Rueda Warsaw SINGAPORE Madrid Malgorzata Modzelewska de Raad Kala Anandarajah Patricia Vidal Martinez Modzelewska & Pasnik Rajah & Tann Uría Menéndez Warsaw Singapore Madrid

Marta Sendrowicz Ameera Ashraf Allen & Overy A Pedzich sp.k WongPartnership Warsaw Singapore SWITZERLAND Astrid Waser Agnieszka Stefanowicz-Baranska Elsa Chen Lenz & Staehelin Dentons Allen & Gledhill Zürich Warsaw Singapore

Malgorzata Szwaj Dominique Lombardi Linklaters Rajah & Tann UKRAINE Warsaw Singapore Antonina Yaholnyk Iwona Terlecka CLACIS Clifford Chance Kyiv Warsaw SOUTH AFRICA Heather Irvine Falcon & Hume UNITED ROMANIA Johannesburg KINGDOM Anca Buta Musat Natalia Lopes Bernardine Adkins Musat & Asociatii ENSafrica Gowling WLG Bucharest Johannesburg Birmingham

Georgeta Dinu Jean Meijer Kelyn Bacon QC Nestor Nestor Diculescu Kingston Herbert Smith Freehills Brick Court Chambers Petersen Johannesburg London Bucharest Lesley Morphet Hogan Lovells Johannesburg

42 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS COMPETITION AND ANTITRUST

UNITED UNITED UNITED STATES KINGDOM KINGDOM Rebecca Farrington White & Case Susan Bright Nicola Northway Washington DC Hogan Lovells Baker McKenzie London London Marie L Fiala Sidley Austin Helen Davies QC Paula Riedel San Francisco Brick Court Chambers Kirkland & Ellis London London Deborah A Garza Covington & Burling Sarah Ford QC Veronica Roberts Washington DC Brick Court Chambers Herbert Smith Freehills London London Ilene Knable Gotts See bio Wachtell Lipton Rosen & Katz Davina Garrod Isabel Taylor New York Akin Gump Strauss Hauer & Feld Slaughter and May London London Jacqueline I Grise Cooley Marjorie Holmes Bea Tormey Washington DC Reed Smith Freshfields Bruckhaus Deringer London London Roxann E Henry Morrison & Foerster Anneli Howard Deirdre Trapp Washington DC Monckton Chambers Freshfields Bruckhaus Deringer London London Renata B Hesse Sullivan & Cromwell Jenine Hulsmann Pat Treacy Washington DC Clifford Chance London London/Brussels Elaine Johnston Allen & Overy Claire Jeffs Kate Vernon New York Slaughter and May Quinn Emanuel Urquhart & Sullivan London/Brussels London Heather Lamberg Winston & Strawn Nicole Kar Washington DC Linklaters UNITED STATES London Ann Malester Rachel J Adcox Weil Gotshal & Manges Suyong Kim Axinn Veltrop & Harkrider Washington DC Hogan Lovells Washington DC London Amy B Manning Melanie L Aitken McGuireWoods Sophie Lawrance Bennett Jones Chicago Bristows Washington DC London/Brussels Britt M Miller Leah Brannon Mayer Brown Samantha J Mobley Cleary Gottlieb Steen & Hamilton Chicago Baker McKenzie Washington DC London Penelope A Preovolos Megan Dixon Morrison & Foerster Elizabeth Morony Hogan Lovells San Francisco Clifford Chance San Francisco London Elizabeth Prewitt Lisl J Dunlop Latham & Watkins Catriona Munro Manatt Phelps & Phillips New York Dentons New York Edinburgh Yvonne S Quinn Elaine Ewing Sullivan & Cromwell Frances Murphy Cleary Gottlieb Steen & Hamilton New York Morgan Lewis & Bockius Washington DC London

WOMEN IN BUSINESS LAW EXPERTGUIDES 43 COMPETITION AND ANTITRUST EXPERT LISTINGS

UNITED STATES Amanda P Reeves Latham & Watkins Washington DC

Hollis Salzman Robins Kaplan New York

Fiona A Schaeffer Milbank New York

Anita F Stork Covington & Burling San Francisco

Christine A Varney Cravath Swaine & Moore New York

Wendy Huang Waszmer Wilson Sonsini Goodrich & Rosati New York

Jane E Willis Ropes & Gray Boston

Margaret M Zwisler Latham & Watkins Washington DC

44 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

CONSTRUCTION

WOMEN IN BUSINESS LAW EXPERTGUIDES 45 CONSTRUCTION ATTORNEY BIOGRAPHIES

I R E L A N D U N I T E D S TAT E S

Rhona Henry Sarah Biser Matheson Fox Rothschild 70 Sir John Rogerson’s Quay 101 Park Avenue,17th Floor Dublin 2 New York NY 10178 Ireland US Tel: (353) 1 232 2110 Tel: (1) 646 601 7636 Email: [email protected] Email: [email protected] Website: www.matheson.com Website: www.foxrothschild.com

Rhona Henry is a partner and head of Matheson’s Construction & Sarah Biser is a partner in the New York office of Fox Rothschild LLP, a Engineering Group. Rhona has over 14 years’ experience in the national firm with 27 offices and more than 900 attorneys. Ranked by construction / capital projects sector. Rhona’s expertise is focussed on Chambers USA as a leader in construction law for eleven consecutive large multiplex developments, construction project finance, the build years, Sarah represents owners, contractors, developers, architects and out of capital projects (both owner and owner / occupier led), public engineers, both in the United States and abroad, in all stages of the private partnership and regulatory advice). Rhona is mandated across construction process. Co-chair of the firm’s national construction law the largest transactions in the state. From working with a variety of and international arbitration group, she focuses her practice on large, clients based in Ireland and overseas including semi-state bodies, capital-intensive construction projects, with a particular emphasis on funders, developers, tenants, employers, contractors and designers, drafting and negotiating contracts for complex and unique construction Rhona has an in-depth understanding of the construction requirements and infrastructure, as well as litigating disputes involving such projects of organisations operating in very specialised markets which allows both in the courtroom and in domestic and international arbitration. Rhona to deliver excellence from start to finish. In a project expected to be the largest development of the decade in New Rhona is known for and distinguished by her formulation of complex York City, Sarah who co-chairs the firm’s Israel practice group contract structure procurement strategies which facilitate a fast pace of represented Technion-Israel Institute of Technology in connection with development and cohesion regarding interface issues. Rhona is also the Technion-Cornell joint venture, in the construction of a new applied distinguished by her expertise in the complexities of forward funding science university and related facilities on Roosevelt Island. She was arrangements including the drafting and negotiating of a myriad of involved in the construction of InterActive Corporation’s futuristic direct agreements and associated step in rights. headquarters and AOL’s headquarters, including the CNN newsroom, in the Time Warner building. Internationally, she represents one of the joint Rhona advises on multi-building construction and engineering capital venture partners who constructed the expansion of the Panama Canal, projects including data centres, commercial office, corporate and represents the EPC contractor who designed and constructed the headquarters and EPC contracts for major international construction construction of a 220-megawatt hydroelectric plant in Changuinola, projects including infrastructure, facilities, power and process plants. Panama.

Rhona typically advises clients on a full suite of project / construction Sarah has also been involved in the construction of industrial smelters, related agreements from project agreements to bespoke professional waste ammonia recovery systems, solar power installations and health appointments, collateral warranties, contract security (performance care facilities. She is currently defending a European construction bonds and parent company guarantees), project supervisor company in connection with Defense Base Act claims arising out of the appointments, forward funding agreements, forms of sub-contract, 1968 crash of a B-52 bomber carrying four nuclear warheads at an airbase interface agreements and insurances for development (contractor in Thule, Greenland. insurance, OCIP, latent defects insurance). Sarah is co-author of the leading treatise on New York construction law, Rhona Henry is ‘one of the go-to construction lawyers with an in-depth the New York Construction Law Manual. She also authors the chapter on knowledge of the sector’. European Legal 500 2019 New York law in Fifty State Construction Lien and Bond Law (3rd Edition) and the New York chapter in State-by-State Guide to Architect, Engineer Rhona Henry is named a leading individual. European Legal 500 2019 and Contractor Licensing. Sarah also co-authored the chapter on “Legal Relationships” in Temporary Structures in Construction (3rd Edition). Rhona Henry is “extremely knowledgeable about the construction risks in the Irish market”. Construction: Chambers Europe 2019 Sarah is a frequent lecturer on construction issues, such as:

Rhona Henry is “clearly the go-to person for advice on the Irish • How To Deal With the Insurer in the Arbitration and Mediation construction market”. Chambers Europe 2019 Process • Construction of the Third Lane of Panama Canal Rhona Henry is named a Highly Regarded Individual. IFLR1000 2019 • How High Is Up? Civil and Common Law Approaches to the Typical Exceptions to Limitations of Liability in the Age Of “Gross Negligence” • Litigation, Insolvency and Other Things When Projects Go Bad • Preventative Lawyering: Lessons Learned from the Construction Industry • Arbitration of Construction Disputes

46 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS CONSTRUCTION

AUSTRALIA CHINA POLAND Gitanjali Bajaj Helen Chang Joanna Wojnarowska DLA Piper Baker McKenzie Krzyzowski i Sydney Beijing Wspólnicy sp.k. Warsaw Rechelle Brost Jihong Wang Mills Oakley Zhong Lun Law Firm Beijing SOUTH AFRICA Jane Hider Yingying Wang Nikita Corrs Chambers Westgarth Fangda Partners LNP Attorneys Melbourne Shanghai Johannesburg Pamela Jack MinterEllison Sydney FINLAND TAIWAN Petra Kiurunen Naomi Kelly Marianne Chao Lindfors & Co Jones Day Clayton Utz Helsinki Melbourne Taipei

Ourania Konstantinidis Dentons IRELAND UNITED ARAB Sydney Susan Bryson EMIRATES Sonya Kroon Mason Hayes & Curran Suzannah Newboult HWL Ebsworth Dublin DLA Piper Sydney Kerri Crossen Dubai Elizabeth McKechnie Philip Lee MinterEllison Dublin Sydney Rhona Henry See bio UNITED Joanna Pugsley Matheson KINGDOM Dublin Clayton Utz Rachel Ansell QC Melbourne Niav O’Higgins 4 Pump Court Arthur Cox London Dublin BAHRAIN Stephanie Barwise QC Atkin Chambers Paula Boast London Charles Russell Speechlys ISRAEL Manama Tamar Firon-Smorodinsky Julia Court M Firon & Co Addleshaw Goddard Joanne Emerson Taqi London Norton Rose Fulbright Ramat Gan Manama Sally Davies Mayer Brown JAPAN London

CANADA Emma Kratochvilova Chantal-Aimée Doerries QC Claudia Déry Herbert Smith Freehills Atkin Chambers Norton Rose Fulbright Tokyo London Montréal Roberta Downey Sharon Vogel POLAND Hogan Lovells Singleton Reynolds London Toronto Malgorzata Pietrzak-Paciorek Baker McKenzie Krzyzowski i Wspólnicy sp.k. Warsaw

WOMEN IN BUSINESS LAW EXPERTGUIDES 47 CONSTRUCTION EXPERT LISTINGS

UNITED UNITED STATES KINGDOM Sara Beiro Farabow Seyfarth Shaw Shona Frame Washington DC CMS Cameron McKenna Nabarro Olswang Jennifer W Fletcher Glasgow /New York Helen Garthwaite Wedlake Bell Barbara R Gadbois London Gibbs Giden Locher Turner Senet & Wittbrodt Jane Jenkins Los Angeles Freshfields Bruckhaus Deringer London Marion T Hack Pepper Hamilton Tracy London Los Angeles Bracewell London Michelle Rieger Winstead Victoria Peckett Dallas CMS Cameron McKenna Nabarro Olswang Allison J Snyder London Porter Hedges Houston Sally Roe Freshfields Bruckhaus Deringer London

Julie Teal Withersworldwide London

Marianne Toghill Clifford Chance London

UNITED STATES Kimberly A Ashby Foley & Lardner Orlando

Lynn R Axelroth Ballard Spahr Philadelphia

Sarah B Biser See bio Fox Rothschild New York

Alexandra (Alex) Cole Perkins Coie Chicago

Eileen M Diepenbrock Diepenbrock Elkin Dauer Stephens McCandless Sacramento

48 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

CORPORATE GOVERNANCE

WOMEN IN BUSINESS LAW EXPERTGUIDES 49 CORPORATE GOVERNANCE ATTORNEY BIOGRAPHIES

L U X E M B O U R G U N I T E D S TAT E S

Margaretha Wilkenhuysen Doreen E Lilienfeld NautaDutilh Avocats Luxembourg Shearman & Sterling 2, rue Jean Bertholet 599 Lexington Avenue L-1233 Luxembourg New York, NY 10022 Tel: (352) 26 12 29 32 US Email: Tel: (1) 212 848 7171 [email protected] Email: [email protected] Website: www.nautadutilh.com Website: www.shearman.com

Margaretha (Greet) Wilkenhuysen is a partner and heading Doreen E Lilienfeld is Global Head of the Governance & Advisory NautaDutilh’s Luxembourg corporate practice. She is specialised in Group and the Team Leader of the Compensation, Governance and cross-border corporate transactions with a particular focus on mergers ERISA practice at Shearman Sterling. For more than two decades, she and acquisitions, joint ventures and international corporate has focused on compensation-related matters in all manner of restructurings. Margaretha also works extensively in corporate finance transactions, including the design and implementation of retention and provides corporate governance advise to listed companies. Her and incentive plans, disclosure and regulatory compliance, and clients include major international corporations and she represents employment negotiations for C-Suite executives. both domestic and international clients in a variety of high-end transactions. Doreen has established her reputation as a leading corporate governance and executive compensation lawyer through exceptional Prior to joining NautaDutilh in 1997, Margaretha practiced law for client work and thought leadership initiatives. She is a sought-after several years at another well respected law firm in Brussels. speaker and has been featured on Bloomberg TV and corporate governance podcasts, as well as numerous external conferences and Margaretha is a frequent writer and speaker and has published various firm events – such as our inaugural Women General Counsel books and articles including the Luxembourg chapter of the Roundtable hosted last year. She has taught an annual course in “Luxembourg Corporate Governance guide” (The Legal 500, 2019) and Executive Compensation at the Berkeley School of Law for the past “Doing Business in Luxembourg” (Thomson Reuters, 2018). three years. In January 2019, she was recognized by Crain’s Magazine as a “Notable Woman in Law” for her contributions to her practice, as She is a member of the International Bar Association (IBA), the well as her pro bono commitment. European Private Equity and Venture Capital Association (ECVA) and the Duke Alumni Association. For the past 17 years, Doreen has spearheaded the publication of the firm’s celebrated Survey of the compensation-related corporate Her extensive experience and knowledge resulted in her nomination as governance practices of the largest 100 companies. The publication a Leading Lawyer by the IFLR1000 directory since 2011 and as the provides in-depth analyses of practices and trends impacting corporate Women Leader in 2019. She is also recommended by Legal 500, being governance, including key compensation issues, and sheds light on how described as “authoritative, organised and forward thinking” and by leading companies are addressing those issues. The Survey serves as a Chambers and Partners. tool for readers to benchmark the corporate governance and compensation practices of their own organizations against peers. Margaretha obtained her law degree from the University of Leuven (Katholieke Universiteit Leuven, 1991), a Master degree in Business and Doreen is a member of the steering committee for our women partners’ Tax Law from the University of Brussels (Université Libre de Bruxelles, initiative, which focuses on fostering an environment that attracts, 1993) and an LL.M. from the Duke Law School in North Carolina develops and inspires women business leaders and building networks (United States, 1996). with our clients and the communities in which we work. As a former partner advisor for WISER, the firm’s associate-run women’s affinity Margaretha was admitted to the Brussels Bar in 1993 and to the group, she has continuously helped our young female lawyers think Luxembourg Bar in 2007. about business development early in their careers, encouraging them to Margaretha is fluent in English, Dutch, French and German. network and not to be afraid to be ambitious. She is also a member of the National Advisory Board of the Women in Law Empowerment Forum (WILEF), a premier organization dedicated to the advancement of women in law firms and corporate legal departments.

Doreen is a member of the New York State Bar. She received a B.A. with honors in psychology from New York University and obtained a J.D., magna cum laude, from Benjamin N. Cardozo School of Law, where she was the Managing Editor of the Cardozo Law Review.

50 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS CORPORATE GOVERNANCE

AUSTRALIA MALAYSIA UNITED STATES Elspeth Arnold Janet Looi Beth E Berg Ashurst Skrine Sidley Austin Melbourne Kuala Lumpur Chicago

Priscilla Bryans Grace Yeoh Abby E Brown Herbert Smith Freehills Shearn Delamore & Co Squire Patton Boggs Melbourne Kuala Lumpur Washington DC

Susan Hilliard Holly J Gregory King & Wood Mallesons Sidley Austin Sydney SINGAPORE New York Kala Anandarajah Rajah & Tann Ellisa O Habbart Singapore Delaware Counsel Group CANADA Wilmington Carol Hansell Arfat Selvam Hansell LLP Duane Morris & Selvam P.J. Himelfarb Toronto Singapore Weil Gotshal & Manges Washington DC Annabelle Yip WongPartnership Eve N Howard H O N G K O N G Singapore Hogan Lovells SAR Washington DC Kelly S Austin Elizabeth A Ising Gibson Dunn & Crutcher SWITZERLAND Gibson Dunn & Crutcher Hong Kong Ines Pöschel Washington DC Kellerhals Carrard Bonnie Y Chan Cynthia M Krus Zürich Davis Polk & Wardwell Eversheds Sutherland Hong Kong Washington DC TURKEY Doreen E Lilienfeld See bio Shearman & Sterling IRELAND Elvan Aziz New York Paksoy Myra Garrett Istanbul Colleen P Mahoney William Fry Skadden Arps Slate Meagher & Flom Dublin Washington DC Maura McLaughlin UNITED Pamela L Marcogliese Arthur Cox Cleary Gottlieb Steen & Hamilton Dublin KINGDOM New York Joanna (Jo) Hewitt Baker McKenzie Ellen J Odoner LITHUANIA London Weil Gotshal & Manges New York Dovile Burgiene Frances Le Grys Walless Hogan Lovells Valerie E Radwaner Vilnius London Paul Weiss Rifkind Wharton & Garrison New York Beatriz Pessoa de Araujo LUXEMBOURG Baker McKenzie Michelle Rutta London White & Case Margaretha Wilkenhuysen See bio New York NautaDutilh Avocats Luxembourg Luxembourg

WOMEN IN BUSINESS LAW EXPERTGUIDES 51 CORPORATE GOVERNANCE EXPERT LISTINGS

UNITED STATES Julia M Tosi Squire Patton Boggs Cleveland

Lori Zyskowski Gibson Dunn & Crutcher New York

52 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

CORPORATE/M&A

Q&A for: Yoanna Stefanova of NautaDutilh Avocats Luxembourg 54

WOMEN IN BUSINESS LAW EXPERTGUIDES 53 CORPORATE/M&A Q&A

CORPORATE/M&A

Q&A with Yoanna Stefanova Partner NautaDutilh Avocats Luxembourg

I believe women have as many opportunities as men to succeed in the legal profession”, says Yoanna Stefanova, a corporate M&A partner with NautaDutilh Avocats Luxembourg. Ensuring a diverse workforce that mirrors the global world we live in is essential, not only for the well-being of our employees but also to ensure that our firm can continue to provide our clients with high- quality services and innovative solutions.

What has changed for women in law over the years? This year, Luxembourg celebrates 100 years of women’s suffrage, plac- ing the Grand Duchy among the first European countries to grant women the right to vote. In 1923, Marguerite Welter became the first woman admitted to the Luxembourg Bar. Substantial progress has been made since then. Today, 47% of lawyers admitted to the Luxem- bourg Bar are women. The number of women in leadership positions is increasing steadily in all fields of law. Mindsets have changed, and it is much easier for women to succeed today. There are many opportu- nities; we just need to seize them. We need to continue to defend past gains and to promote joint efforts towards equality for future genera- tions.

What still needs to happen to make the legal sector even more inclusive? Until gender parity is achieved in the legal profession, women holding senior positions in law firms must lead by example, act as role models from a law firm than just outstanding legal services. They also want us and demonstrate their management abilities. We can proudly say that to reflect society and understand what is going on in the world around NautaDutilh Avocats Luxembourg employs an equal number of men us, which requires lawyers to adopt a multidisciplinary approach, and women. The firm’s managing partner is a woman and almost half working together as a seamless – yet diverse and dynamic – team. A our partners and counsel are female. Our team, like Luxembourg, is team whose members come from different backgrounds will inevitably multicultural and multilingual, with more than 20 nationalities repre- come up with more innovative ideas, better understand the client’s sented. In addition, NautaDutilh sponsors networking events firm- needs and deliver better results. That’s why cultural diversity and inclu- wide to allow women to share their stories, siveness are core values of NautaDutilh. come up with new ideas and broaden their horizons. Of course, there is room for im- What advice would you offer to women provement and not everything is perfect, but starting out in the profession? our firm is heading in the right direction. Believe in yourself. Know your strengths and Until the goal is reached, we must continue to build on them. Be curious and passionate raise awareness of the importance of being in- “DIVERSITY AND about your work. Don’t be afraid to fail. Em- clusive. brace new challenges and learn from them. INCLUSION ARE KEYS Build and maintain your network. Be honest, Do you see any new trends, changes or TO OUR SUCCESS” treat everyone with respect and be a team expectations on the client side? player. Surround yourself with people you can Clients are facing numerous challenges such as trust, who challenge and support you. globalisation, innovation and tighter regula- We are lucky to live in the 21st century, in tion. Their concerns and legal issues are be- a world where talent is recognised. Don’t be coming more complex, and they expect more shy to let yours shine!

54 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES CORPORATE/M&A

L U X E M B O U R G U N I T E D S TAT E S

Yoanna Stefanova Karessa L Cain NautaDutilh Avocats Luxembourg Wachtell, Lipton, Rosen & Katz 2, rue Jean Bertholet 51 West 52nd Street L-1233 Luxembourg New York, NY 10019 Tel: (352) 26 12 29 51 US Email: [email protected] Tel: (1) 212 403 1128 Website: www.nautadutilh.com Email: [email protected] Website: www.wlrk.com

Yoanna Stefanova is a partner with NautaDutilh Avocats Luxembourg Karessa Cain is a partner in Wachtell, Lipton, Rosen & Katz’s and a member of the firm’s Corporate team. She specialises in private Corporate Department, where she focuses on mergers and equity and M&A, with a particular focus on private equity real estate acquisitions, corporate governance, and corporate and securities funds and cross-border transactions. matters. She has worked on a wide range of transactions, including domestic and crossborder acquisitions, private equity transactions, Yoanna advises private equity houses and investment banks on spin-offs, takeover defense, shareholder activism and proxy contests, transactions relating to corporate structures and assists with the set-up joint ventures and capital market transactions. and implementation thereof from the investment through the divestment phase. This includes the due diligence process, drafting and negotiating the acquisition, partnership, private funds, co-investment, joint venture and management incentive documentation as well as the divestment documentation through public or private sale. She also provides ongoing advice through the life of the structures in relation to financing, restructuring, refinancing, corporate governance and pre- insolvency matters.

Prior to joining NautaDutilh Avocats Luxembourg, Yoanna worked for several years at a number of other international law firms in Luxembourg.

Yoanna holds a master’s degree in international private law from the Robert Schuman University in Strasbourg (1999) and completed the Cours Complémentaires de Droit Luxembourgeois (CCDL) at the University of Luxembourg (2002).

She regularly publishes various corporate law articles. Lately, she contributed to the Luxembourg chapter of the “Luxembourg Corporate Governance guide” (The Legal 500, 2019). She also wrote an article on the main principles of Luxembourg company law in and coordinated a compendium published on the occasion of the 100th anniversary of the Luxembourg company law by Wolters Kluwer. Yoanna is a member of the editorial committee of ACE Magazine – Accounting, Tax, Audit, Business Law in Luxembourg.

Yoanna is recommended by The Legal 500, for her “strong private equity focus”.

Yoanna was admitted to the Luxembourg Bar in 2002.

She is fluent in French, English and Bulgarian.

WOMEN IN BUSINESS LAW EXPERTGUIDES 55 CORPORATE/M&A ATTORNEY BIOGRAPHIES

U N I T E D S TAT E S

Clare O’Brien Shearman & Sterling 599 Lexington Avenue New York, NY 10022 US Tel: (1) 212 848 89663 Email: [email protected] Website: www.shearman.com

Clare O’Brien regularly advises major US and international clients on their public and private mergers and acquisition transactions, including public company restructurings, joint ventures and large public transactions. She also provides counsel on corporate law questions, including corporate governance matters.

Ms O’Brien has been consistently acknowledged as a leading M&A lawyer and has received a “Dealmaker of the Year” award by The American Lawyer.

Her recent significant representations include:

• Representation of Raytheon Company in its pending merger of equals transaction with United Technologies Corporation; • Ardagh Group in various transactions, including its acquisition of certain metal beverage can manufacturing assets from Ball Corporation and Rexam PLC with an enterprise value of $3.42 billion, and its sale of Anchor Glass Container Corporation to an affiliate of KPS Capital Partners LP; • Boston Scientific Corporation in various transactions, including its pending acquisition of BTG plc, a public company organized under the laws of England and Wales, its acquisition of the advanced biologic tissue capabilities of Neovasc Inc. and 15% of Neovasc’s common shares, its acquisition of the men’s health and prostate health businesses of Endo International plc, the sale of its neurovascular business to Stryker Corporation, its acquisition of and the restructuring of its interests in Advanced Bionics Corporation, its acquisition of Guidant Corporation, the sale of Guidant’s vascular businesses to Abbott Laboratories and in various corporate and other transactional matters; • HeartWare International, Inc. in its sale to Medtronic, Inc., and its terminated acquisition transaction with Thoratec Corporation

56 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS CORPORATE/M&A

ARGENTINA CANADA GERMANY Roxana M Kahale Mireille Fontaine Daniela Favoccia Kahale Abogados BCF Hengeler Mueller Buenos Aires Montréal Frankfurt am Main

Patricia L Olasker Barbara Mayer Davies Ward Phillips & Vineberg Friedrich Graf von Westphalen & Partner AUSTRALIA Toronto Freiburg Rebecca Maslen-Stannage Herbert Smith Freehills Sydney CHINA H O N G K O N G Diana Nicholson Ling Huang SAR King & Wood Mallesons Cleary Gottlieb Steen & Hamilton Eugina Chan Melbourne Beijing Deacons Philippa Stone Xiaocheng Li Hong Kong Herbert Smith Freehills JunHe Emma Davies Sydney Beijing Clifford Chance Xu Ping Hong Kong King & Wood Mallesons Z Julie Gao BELGIUM Beijing Skadden Arps Slate Meagher & Flom Sandrine Hirsch Hong Kong Simont Braun Jolin Song Shanghai Qin Li Law Firm Brussels Amy Ho Shanghai Clifford Chance Nicole Van Ranst Hong Kong Marx Van Ranst Vermeersch & Partners Brussels CZECH Teresa Ko Freshfields Bruckhaus Deringer Katrien Vorlat REPUBLIC Hong Kong Monard Law Vladimíra Glatzová Brussels Glatzová & Co Angelina Lee Woo Kwan Lee & Lo Marieke Wyckaert Prague Hong Kong Eubelius Helen Rodwell Brussels CMS Cameron McKenna Nabarro Amy Lo Olswang Clifford Chance Hong Kong BRAZIL Prague Chun Wei Maria Cristina Cescon Sullivan & Cromwell Cescon Barrieu Flesch & Barreto DENMARK Hong Kong Advogados Lise Lotte Hjerrild São Paulo Tracy O.C. Wut Horten Baker McKenzie Denise Chachamovitz Leão de Salles Copenhagen Hong Kong Vella Pugliese Buosi e Guidoni São Paulo Betty Yap EL SALVADOR Paul Weiss Rifkind Wharton & Garrison Adriana Pallis Hong Kong Machado Meyer Advogados Roberta Gallardo São Paulo Arias Benita Yu San Salvador Slaughter and May Hong Kong

WOMEN IN BUSINESS LAW EXPERTGUIDES 57 CORPORATE/M&A EXPERT LISTINGS

HUNGARY IRELAND NIGERIA Judit Gulás Berni Hosty Olubunmi I Fayokun Szecskay Attorneys at Law A&L Goodbody Aluko & Oyebode Budapest Dublin Lagos

Andrea Jádi Németh bpv JÁDI NÉMETH Budapest JAPAN POLAND Satoko Kuwabara Marta Frackowiak Ines K Radmilovic Mori Hamada & Matsumoto DLA Piper Hegymegi-Barakonyi és Társa Baker & Tokyo Warsaw McKenzie Budapest KYRGYZ PORTUGAL INDIA REPUBLIC Sofia Barros Carvalhosa CTSU - Sociedade de Advogados Aicholpon Alieva (Jorupbekova) Akila Agrawal Lisbon Cyril Amarchand Mangaldas Kalikova & Associates New Delhi Bishkek Cláudia da Cruz Almeida VdA Vieira de Almeida Alka Bharucha Lisbon Bharucha & Partners LITHUANIA Mumbai Gabriela Rodrigues Martins Eugenija Sutkiene AAA Advogados Reeba Chacko TGS Baltic Lisbon Cyril Amarchand Mangaldas Vilnius Bangalore Helena Vaz Pinto VdA Vieira de Almeida Zia Mody Lisbon AZB & Partners LUXEMBOURG Mumbai Yoanna Stefanova See bio NautaDutilh Avocats Luxembourg ROMANIA Luxembourg INDONESIA Anca M Danilescu Zamfirescu Raco i Vasile & Partners Melli Darsa Bucharest Melli Darsa & Co NETHERLANDS Jakarta Heleen Kersten Adriana I Gaspar Stibbe Nestor Nestor Diculescu Kingston Mita Djajadiredja Amsterdam Petersen Hadiputranto Hadinoto & Partners Bucharest Jakarta Annelies van der Pauw Allen & Overy Manuela N Nestor Ira Andamara Eddymurthy Amsterdam Nestor Nestor Diculescu Kingston SSEK Legal Consultants Petersen Jakarta Bucharest Nini N Halim NEW ZEALAND Hutabarat Halim & Rekan Anna Buchly Jakarta RUSSIA Bell Gully Linda Widyati Auckland Oxana Balayan Linda Widyati & Pusponegoro Hogan Lovells Cathy Quinn Jakarta Moscow MinterEllisonRuddWatts Auckland Laura M Brank Dechert Moscow/London

58 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS CORPORATE/M&A

RUSSIA THAILAND UNITED Vasilisa Strizh Ratana Poonsombudlert KINGDOM Morgan Lewis & Bockius Chandler MHM Louise Nash Moscow Bangkok Covington & Burling Ilona Zekely London Egorov Puginsky Afanasyev and Partners Nilufer von Bismarck Moscow TURKEY Slaughter and May Meltem Akol London Akol Namlı & Partners SINGAPORE Istanbul Claire Wills Freshfields Bruckhaus Deringer Suet-Fern Lee Elvan Aziz London Morgan Lewis Stamford Paksoy Singapore Istanbul Ai Ai Wong Selin Bayar UNITED STATES Baker McKenzie.Wong & Leow Pekin & Bayar Barbara L Becker Singapore Istanbul Gibson Dunn & Crutcher Burcu Tuzcu Ersin New York Moroglu Arseven Karessa L Cain See bio SLOVAK Istanbul REPUBLIC Wachtell Lipton Rosen & Katz Asli Yigit New York Alena Cernejová YYU Legal Audra D Cohen Cernejová & Hrbek Istanbul Bratislava Sullivan & Cromwell New York UKRAINE Elizabeth A Cooper SOUTH AFRICA Simpson Thacher & Bartlett Anna Babych New York Angela Simpson Aequo Webber Wentzel Kyiv Catherine J Dargan Johannesburg Covington & Burling Washington DC UNITED SWEDEN Laura L Delanoy KINGDOM Willkie Farr & Gallagher Eva Hägg New York Mannheimer Swartling Fiona Adams Stockholm Greenberg Traurig Sharon R Flanagan London Sidley Austin Christina Kokko San Francisco Vinge Aedamar Comiskey Stockholm Linklaters Lisa A Fontenot London Gibson Dunn & Crutcher Elisabet Lundgren Palo Alto Linklaters Melissa Fogarty Stockholm Clifford Chance Jane D Goldstein London Ropes & Gray Fionnghuala Griggs Boston SWITZERLAND Linklaters Sarah E Kahn Ines Pöschel London DLA Piper Kellerhals Carrard Farah Ispahani Washington DC Zürich Freshfields Bruckhaus Deringer Karen C McConnell London Ballard Spahr Phoenix

WOMEN IN BUSINESS LAW EXPERTGUIDES 59 CORPORATE/M&A EXPERT LISTINGS

UNITED STATES Clare O’Brien See bio Shearman & Sterling New York

Jane Ross Hogan Lovells Menlo Park

Faiza J Saeed Cravath Swaine & Moore New York

JoAnn M Strasser Thompson Hine Columbus

Cynthia W Young Wyatt Tarrant & Combs Louisville

URUGUAY Corina Bove Guyer & Regules Montevideo

VIETNAM Dao Nguyen DN Legal Ho Chi Minh City

60 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

ENERGY AND NATURAL RESOURCES

WOMEN IN BUSINESS LAW EXPERTGUIDES 61 ENERGY AND NATURAL RESOURCES ATTORNEY BIOGRAPHIES

C O L O M B I A

Sandra Manrique Philippi Prietocarrizosa Ferrero DU & Uría Carrera 9 # 74-08 Of 105 Bogotá Colombia Tel: (57) 1 3268439 Email: [email protected] Website: www.ppulegal.com

Sandra Manrique is a lawyer at Philippi Prietocarrizosa Ferrero DU & Uría in the Bogotá office. She joined the firm in 2005 and was appointed partner in 2012.

Her legal practice focuses on Energy, Mining and Natural Resources and Public Law. She advises on matters involving the laws governing energy products and public utilities, and on various corporate and labour issues.

Sandra has a Law Degree from Universidad Libre de Colombia (1999) and has a Post-graduate degree in Public Utilities from Universidad Externado de Colombia (2001). She also has a Post-graduate degree in Labor law from Universidad Libre de Colombia (2002), a Course in Portfolio Management and Financial Risk in the Natural Gas Industry from Alberta School of Business, Edmonton, Canada (2002), a degree in International Management of the Oil and Gas Business from Universidad de Los Andes and a Masters degree in Business Law from Universidad Francisco Victoria, Madrid, Spain (2004).

Practice Areas Energy, Mining and Natural Resources

62 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS ENERGY AND NATURAL RESOURCES

ARGENTINA CANADA H O N G K O N G Florencia Heredia Helen T Newland SAR Allende & Brea Dentons Patricia Tan Openshaw Buenos Aires Toronto Gibson Dunn & Crutcher Amalia Sáenz Chrysten E Perry Hong Kong Zang Bergel & Viñes Stikeman Elliott Vivien Yang Buenos Aires Calgary Simmons & Simmons Alicia K Quesnel Hong Kong Burnet Duckworth & Palmer AUSTRALIA Calgary Keira Brennan INDONESIA Norton Rose Fulbright Stephanie Stimpson Ratih (Ipop) Nawangsari Brisbane Torys Calgary Ashurst Deanna Constable Jakarta Lander & Rogers Dyah Soewito Sydney CHILE Soewito Suhardiman Eddymurthy Emma Covacevich Patricia Núñez Kardono Clayton Utz Núñez Muñoz y Cía Jakarta Brisbane Santiago IRELAND BRAZIL COLOMBIA Patricia Lawless Danielle Gomes de Almeida Valois Sandra Manrique See bio McCann FitzGerald Trench Rossi Watanabe Philippi Prietocarrizosa Ferrero DU & Uría Dublin Rio de Janeiro Bogotá Valerie Lawlor Isabel Lustosa Margarita Ricaurte de Bejarano McCann FitzGerald Ulhôa Canto Ricaurte Rueda Abogados Dublin São Paulo Bogotá ITALY CANADA FRANCE Carola Antonini Janice Buckingham Nina Bowyer Chiomenti Osler Hoskin & Harcourt Herbert Smith Freehills Milan Calgary Paris Monica Colombera Elisabeth (Lisa) DeMarco Anne Lapierre Legance DeMarco Allan Norton Rose Fulbright Milan Toronto Paris Tessa Lee Tanneke Heersche Rebecca Major Linklaters Fasken Herbert Smith Freehills Milan Toronto Paris Cristina Martorana Valerie Helbronner Orrick Herrington & Sutcliffe Torys Milan Toronto H O N G K O N G SAR Daniela Sabelli Krista F Hill Curtis Mallet-Prevost Colt & Mosle Torys Linh Doan Rome Toronto Watson Farley & Williams Hong Kong Catia Tomasetti BonelliErede Rome

WOMEN IN BUSINESS LAW EXPERTGUIDES 63 ENERGY AND NATURAL RESOURCES EXPERT LISTINGS

KAZAKHSTAN NORWAY RUSSIA Natalya V Braynina Kristin Bjella Natalya Morozova Aequitas Hjort Vinson & Elkins Almaty Oslo Moscow

Olga I Chentsova Caroline Lund Natalia Raimondovna Baratiants Aequitas Lund & Co Akin Gump Strauss Hauer & Feld Almaty Oslo Moscow

Aigoul Kenjebayeva Dentons Almaty PERU SINGAPORE María Teresa Quiñones Alayza Bree Miechel Quiñones Alayza Abogados Reed Smith LITHUANIA Lima Singapore Dovil Greblikien Verónica Sattler Clarinda Tjia-Dharmadi Ellex Valiunas Rodrigo Elías & Medrano Latham & Watkins Vilnius Lima Singapore

MEXICO POLAND SOUTH AFRICA Amanda Valdez Magdalena Mitas Catharine Keene Dentons López Velarde DLA Piper Gizinski Kycia sp.k Tabacks Mexico City Warsaw Johannesburg

NETHERLANDS PORTUGAL SWEDEN Michelle de Rijke Mónica Carneiro Pacheco Maria Hagberg Van der Feltz CMS Rui Pena & Arnaut Ramberg Advokater The Hague Lisbon Stockholm

Cecilia van der Weijden Vanda Cascão CMS VdA Vieira de Almeida Amsterdam Lisbon TURKEY Ece Güner Rita Correia Güner Law Office Miranda & Associados Istanbul NEW ZEALAND Lisbon Brigid McArthur Greenwood Roche UNITED ARAB Wellington ROMANIA EMIRATES Sarah Sinclair Miruna Suciu MinterEllisonRuddWatts Suciu Popa Attorneys Judith Kim Auckland Bucharest Allen & Overy Dubai NIGERIA RUSSIA UNITED Felicia Kemi Segun Jennifer A Josefson Adepetun Caxton-Martins Agbor & King & Spalding KINGDOM Segun Moscow Lorraine Bayliss Lagos Natalia Kozyrenko Allen & Overy CMS London Moscow

64 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS ENERGY AND NATURAL RESOURCES

UNITED UNITED STATES UNITED STATES KINGDOM Vera De Brito de Gyarfas Kathryn M Sutton King & Spalding Morgan Lewis & Bockius Danielle Beggs Houston Washington DC Dentons London Robin Fredrickson Karen B Wong Latham & Watkins Milbank Sheila Connell Houston Los Angeles Allen & Overy London Deborah A Gitomer Dorina Yessios Norton Rose Fulbright Allen & Overy Lucille De Silva Houston New York Dentons London Peggy A Heeg Reed Smith Diana France Houston UZBEKISTAN HFW Muborak Kambarova London Barbara K Heffernan Kinstellar Schiff Hardin Anna Howell Tashkent Washington DC Gibson Dunn & Crutcher London Lisa G Henneberry Squire Patton Boggs Penelope Warne Washington DC CMS Cameron McKenna Nabarro Olswang Sheila Slocum Hollis London Duane Morris Washington DC Kimberley Wood Norton Rose Fulbright Suedeen G Kelly London Jenner & Block Washington DC UNITED STATES Diana M Liebmann Haynes and Boone Marissa Leigh Alcala San Antonio Norton Rose Fulbright Washington DC Judith M Matlock Davis Graham & Stubbs Trina H Chandler Denver Vinson & Elkins Houston Julie Mayo Norton Rose Fulbright Ann Coffin Houston Coffin Renner Austin Catherine P McCarthy Bracewell J Elizabeth Cogan Molino Washington DC Cogan & Partners Houston Sandra E Rizzo Arnold & Porter Lisa A Cottle Washington DC Winston & Strawn San Francisco Anita Rutkowski Wilson Vinson & Elkins M Lisanne Crowley Washington DC Troutman Sanders Washington DC Mary Anne Sullivan Hogan Lovells Washington DC

WOMEN IN BUSINESS LAW EXPERTGUIDES 65 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

ENVIRONMENT

66 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS ENVIRONMENT

AUSTRALIA BRAZIL FRANCE Leanne Bowie Adriana Mathias Baptista Joëlle Herschtel Leanne Bowie Lawyers TozziniFreire Advogados King & Spalding Brisbane São Paulo Paris

Elisa de Wit Simone Paschoal Nogueira Françoise Labrousse Norton Rose Fulbright Siqueira Castro Advogados Jones Day Melbourne São Paulo Paris

Rebecca Hoare Lina Pimentel Garcia Patricia Savin Norton Rose Fulbright Mattos Filho Advogadois Savin Martinet Associés Brisbane São Paulo Paris

Sally Macindoe Marie-Léonie Vergnerie Norton Rose Fulbright Melbourne CANADA Paris Rosalind H Cooper Kathryn Pacey Fasken Clayton Utz Toronto Brisbane INDIA Jennifer Danahy Els Reynaers Kini Felicity Rourke Gowling WLG MVKini Allens Toronto New Delhi Sydney Mira Gauvin Claire Smith Dentons Clayton Utz Montréal IRELAND Sydney Deborah Spence Jana McLean Karen Trainor Arthur Cox Iris Legal Law Dublin Clayton Utz Vancouver Brisbane Alexandria J Pike Elizabeth Wild Davies Ward Phillips & Vineberg ITALY Norton Rose Fulbright Toronto Sydney Antonella Capria Sarah V Powell Gianni Origoni Grippo Cappelli & Davies Ward Phillips & Vineberg Partners BELGIUM Toronto Milan Ruxandra Cana Anne-Marie Sheahan Steptoe & Johnson Sheahan MEXICO Brussels Montréal Mariana Herrero Isabelle Larmuseau Donna S K Shier Galicia Abogados LDR Willms & Shier Mexico City Ghent Toronto

Jacqueline Mailly Hogan Lovells NETHERLANDS Brussels DENMARK Anne-Marie Klijn Henriette Soja NautaDutilh Ursula Schliessner Horten Amsterdam Jones Day Hellerup Brussels Liesbeth Schippers Pels Rijcken & Droogleever Fortuijn Lieve Swartenbroux The Hague Linklaters Brussels Eveline Sillevis Smitt AKD Rotterdam

WOMEN IN BUSINESS LAW EXPERTGUIDES 67 ENVIRONMENT EXPERT LISTINGS

NETHERLANDS UNITED STATES UNITED STATES Nicolien van den Biggelaar Lynn L Bergeson E Lynn Grayson De Brauw Blackstone Westbroek Bergeson & Campbell Nijman•Franzetti The Hague Washington DC Chicago

Lisa M Bromberg Jennifer L Hernández Porzio Bromberg & Newman Holland & Knight SOUTH AFRICA Morristown San Francisco Robyn Stein ENSafrica Shannon S Broome Betty M Huber Johannesburg Hunton Andrews Kurth Davis Polk & Wardwell San Francisco New York

Molly Cagle LeAnn Johnson Koch UNITED Baker Botts Perkins Coie KINGDOM Austin Washington DC Vanessa Havard-Williams Loyti Cheng Eleni Kouimelis Linklaters Davis Polk & Wardwell Winston & Strawn London New York Chicago

Caroline May Renee Cipriano Catherine D Little Norton Rose Fulbright Schiff Hardin Troutman Sanders London Chicago Atlanta

Justine Thornton QC Margaret Claiborne Campbell Mary Simmons Mendoza 39 Essex Chambers Troutman Sanders Haynes and Boone London Atlanta Austin Abbi L Cohen Kirsten L Nathanson Dechert Crowell & Moring UNITED STATES Philadelphia Washington DC Mary Rose Alexander Annemargaret Connolly Kristy A Niehaus Bulleit Latham & Watkins Weil Gotshal & Manges Hunton Andrews Kurth Chicago Washington DC Washington DC Debra Tsuchiyama Baker Maureen M Crough Jennifer T Nijman Baker · Wotring Sidley Austin Nijman•Franzetti Houston New York Chicago Patricia T Barmeyer Amy L Edwards Claudia M O’Brien King & Spalding Holland & Knight Latham & Watkins Atlanta Washington DC Washington DC Bonnie A Barnett Miranda F Fitzgerald Gail S Port Drinker Biddle & Reath Lowndes Drosdick Doster Kantor & Reed Proskauer Rose Philadelphia Orlando New York Kerri L Barsh Susan M Franzetti Judith M Praitis Greenberg Traurig Nijman•Franzetti Sidley Austin Miami Chicago Los Angeles Elizabeth C Barton Beth S Ginsberg Margaret Rosegay Day Pitney Stoel Rives Pillsbury Winthrop Shaw Pittman Hartford Seattle San Francisco Linda E Benfield Pamela S Goodwin Deborah J Schmall Foley & Lardner Saul Ewing Paul Hastings Milwaukee Princeton San Francisco

68 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS ENVIRONMENT

UNITED STATES Jocelyn Thompson Alston & Bird San Francisco/Los Angeles

Jacqueline M Vidmar Quarles & Brady Chicago

Allison D Wood Hunton Andrews Kurth Washington DC

URUGUAY Anabela Aldaz Guyer & Regules Montevideo

WOMEN IN BUSINESS LAW EXPERTGUIDES 69 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

INSURANCE AND REINSURANCE

Feature for: April McClements, Chris Bollard, Aisling Kavanagh and Finin O’Brien of Matheson 71

70 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP INSURANCE AND REINSURANCE

INSURANCE AND REINSURANCE

Are GDPR fines insurable in Ireland?

April McClements (pictured), Chris Bollard, Aisling Kavanagh and Finin O’Brien Matheson Dublin

Introduction The introduction of the EU General Data Protection Regulation (2016/679) (GDPR) has raised data protection to a board-level issue, leading to an increase in the take up of cyber insurance policies and some significant administrative fines being levied by European regula- tors. In particular, the UK Information Commissioner’s Office has an- nounced its intention to impose the largest GDPR fine to date on British Airways (£188.38 million) and a fine of £99 million on the Marriott Hotel chain. It seems likely that it will only be a matter of time before fines are imposed by the Irish Data Protection Commis- sioner (DPC) under the GDPR, with the DPC’s 2018 Annual Report strongly suggesting that the first fines are imminent and there is po- tential for the DPC to impose very significant fines, given the world- wide annual turnover of the companies its regulates. While some cyber insurance policies expressly exclude cover for fines and penalties, others provide cover “to the extent insurable by law”. However, the extent to which GDPR fines are insurable is still ples of actions that will attract this level of fine include where a uncertain in Ireland and in several other jurisdictions, including the company does not obtain a child’s consent before processing their United Kingdom. The Irish Data Protection Act 2018 is silent on the personal data or where a company infringes its data governance insurability of administrative fines and, as a new regime, the question obligations, such as: of whether GDPR fines are insurable has not yet come before the Irish • failing to communicate a personal data breach to the DPC; courts. • improperly appointing processors; • failing to maintain data protection records; or New regime of fines • failing to implement appropriate security measures. The GDPR introduced a new regime of administrative fines for data • Fines of up to €20 million or 4% of the company’s total world- protection infringements and provided for a tiered penalty structure wide annual turnover of the preceding financial year, whichever is based on the nature of the infringement. For greater (‘Tier 2’ fines). Examples of actions the first time, the DPC can now directly im- which will attract this level of fine include pose fines on offending organisations, making where a company fails to follow one of the it much easier for the DPC to target companies core data protection principles (ie, trans- that do not meet their data protection respon- parency, data minimisation, data retention or sibilities. Criminal or punitive fines and penal- accountability) or where a company has no ties have long been considered uninsurable for THE EXTENT TO WHICH lawful basis for processing personal data, un- public policy reasons. However, there is less GDPR FINES ARE lawfully processes special categories of per- clarity where fines are administrative in nature. sonal data or infringes the data protection The GDPR splits administrative fines into INSURABLE IS STILL rights of data subjects. the following two tiers: UNCERTAIN IN IRELAND Third-level fines (‘Tier 3’ fines) are those • Fines of up to €10 million or 2% of the which have been specifically implemented by company’s total worldwide annual legislation in a member state. In Ireland, these turnover of the preceding financial year, fines are set out in the Irish Data Protection whichever is greater ( ‘Tier 1’ fines). Exam- Act 2018. The penalty for committing an of-

WOMEN IN BUSINESS LAW EXPERTGUIDES 71 INSURANCE AND REINSURANCE THOUGHT LEADERSHIP

INSURANCE AND REINSURANCE fence under this act is a fine of up to €5,000 or up to 12 months’ im- would likely be persuasive. The English courts have held that some el- prisonment on summary conviction (or both the fine and imprison- ement of “moral turpitude” is required (Safeway v Twigger), suggest- ment) or a fine of up to €250,000 or up to 5 years’ imprisonment on ing that perhaps a purely innocent breach or wrongdoing would not indictment (or both the fine and imprisonment). Therefore, while attract the doctrine and could in theory be insurable (although on ap- Tier 1 and Tier 2 fines are expressly stated by the GDPR to be admin- peal Lord Justice Pill considered that the policy of the relevant statute istrative in nature, Tier 3 fines are criminal in nature. Examples of ac- would be undermined if companies were able to pass on the liability tions that will attract a Tier 3 fine include: to their employees’ directors and officers insurance). In another En- • forcing an individual to make a data subject access request (which glish case, Patel v Mirza, the English Supreme Court considered can often occur in the employment context); whether: • failing to respond to an information or enforcement notice issued • the purpose of the prohibition would be enhanced by refusing the by the DPC; claim; • not cooperating with a DPC officer during an investigation; or • there were public policy reasons to do so; and • disclosing personal data without the prior authority of the con- • it would be disproportionate to refuse the claim for public policy troller or processor. reasons. Whether the DPC imposes a Tier 1 or Tier 2 fine will depend on Following a recent Irish Supreme Court decision (Quinn v IBRC) the nature of the GDPR infringement. The level of the fine, within the position in relation to ex turpi causa in Ireland remains unclear that tier, which is ultimately imposed depends on several factors, in- and the application of the maxim in Ireland depends on the nature of cluding the severity of the infringement. Critically, the GDPR pro- the wrongdoing. vides that the DPC must ensure that the imposition and amount of all fines under the GDPR is “effective, proportionate” and importantly Comment “dissuasive” (ie, the fines are designed to dissuade companies from in- The position on the insurability of GDPR fines remains a grey area and fringing their data protection obligations and responsibilities). there is a large question mark over whether such GDPR fines will be in- surable in Ireland where there is an element of “moral turpitude” in the Ex turpi causa infringement. The GDPR calls for fines to be “dissuasive” and if all The ex turpi causa legal doctrine prevents a claimant from pursuing GDPR fines are indemnifiable under insurance, the public policy be- legal remedies in order to recover or benefit as a result of their own il- hind the fines could arguably be undermined. It may be that some ele- legal acts. Where a fine or penalty is intended to be a deterrent or dis- ment of moral turpitude or wrongdoing would be required for the fine suasive, public policy would clearly be undermined if a wrongdoer to be uninsurable, which could potentially result in a sliding scale of in- could simply insure against paying a fine. The English courts have surability, with criminal or quasi-criminal fines likely to be uninsurable. considered the ex turpi causa doctrine in other contexts and while de- cisions of English courts would not be binding on an Irish court, they First published by the International Law Office in August 2019.

72 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES INSURANCE AND REINSURANCE

I R E L A N D

April McClements Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland Tel: (353) 1 232 2638 Email: [email protected] Website: www.matheson.com

April McClements is a Partner in the Insurance and Dispute Resolution team. April is a commercial litigator and specialises in insurance disputes.

April advises insurance companies on policy wording drafting and interpretation, complex coverage disputes (in particular relating to financial lines policies), D&O claims, professional indemnity claims, including any potential third party liability, and subrogation claims. She also advises on emerging risks such as cyber. She manages a significant number of professional indemnity claims for professionals, including insurance brokers, architects and engineers, for a variety of insurers.

April has been involved in obtaining High Court approval for various insurance portfolio transfers and / or schemes of arrangement arising from reorganisations and/or mergers and acquisitions involving life, non-life and captive insurers. She also works in the area of general commercial litigation with a particular focus on contractual disputes, most of which are litigated in the Commercial Court. She is also a strong of ADR and has acted for clients in mediations and arbitration.

April is a member of the Law Society of Ireland, the Insurance Institute of Ireland and the British Insurance Law Association. She has contributed to various industry publications and has participated in seminars as a speaker on insurance issues.

April McClements “uses a common-sense approach to solving any issues and is open to finding novel solutions” – European Legal 500 2019

April McClements has “very, very good technical knowledge” – Chambers Europe 2019

April McClements is named a next generation lawyer – European Legal 500 2019

April McClements is “technically excellent”. – European Legal 500 2018

April “has been extremely impressive in terms of commercial awareness, legal insight and on the wider elements of individual cases.” - Chambers Europe 2018

Recognised by Intelligent Insurer as one of their Influential Women in Re/Insurance 2017

WOMEN IN BUSINESS LAW EXPERTGUIDES 73 INSURANCE AND REINSURANCE EXPERT LISTINGS

ARGENTINA BRAZIL FRANCE María Fraguas Anna Tavares de Mello Valérie Ravit Nicholson y Cano Abogados Trench Rossi Watanabe Squire Patton Boggs Buenos Aires Rio de Janeiro Paris

Laura Santanatoglia Sarah Xerri-Hanote Allende & Brea HMN & Partners Buenos Aires CANADA Paris Marie-Claude Cantin Lavery AUSTRALIA Montréal GERMANY Rehana Box Nancy J Carroll Eva-Maria Barbosa Ashurst McCarthy Tétrault Norton Rose Fulbright Sydney Toronto Munich

Louise Cantrill Laurie LaPalme Gunbritt Kammerer-Galahn Mills Oakley Cassels Brock & Blackwell Sydney Toronto Düsseldorf

Michelle Fox Jill E McCutcheon Birgit Reese Quinn Emanuel Urquhart & Sullivan Torys Hogan Lovells Sydney Toronto Düsseldorf

Tricia Hobson Norton Rose Fulbright Sydney CHILE H O N G K O N G Gloria Claro SAR Ganga Narayanan Vergara Fernandez Costa & Claro Rosita Lau Norton Rose Fulbright Santiago Melbourne Ince Gordon Dadds Hong Kong Kerri Thomas Sparke Helmore Lawyers CHINA Mun Yeow Clyde & Co Melbourne Min Yuan Hong Kong Nicole Wearne King & Wood Mallesons Norton Rose Fulbright Beijing Angela S Y Yim Melbourne Mayer Brown Hong Kong DENMARK BELGIUM Christina Neugebauer INDIA Sandra Lodewijckx JENSEN|NEUGEBAUER Law Firm Lydian Copenhagen Alina Arora L&L Partners Law Offices Brussels Pernille Sølling New Delhi DLA Piper Copenhagen Shailaja Lall BERMUDA Shardul Amarchand Mangaldas & Co Katie Tornari New Delhi Marshall Diel & Myers FRANCE Hamilton Frédérique de la Chapelle Dentons IRELAND Paris Elizabeth Bothwell BRAZIL Arthur Cox Séverine Hotellier Dublin Camila Calais Dentons Mattos Filho Advogadois Paris São Paulo

74 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS INSURANCE AND REINSURANCE

IRELAND SINGAPORE UNITED April McClements See bio Elaine Tay KINGDOM Matheson Rajah & Tann Siobán Healy QC Dublin Singapore 7KBW Anna Tipping London Norton Rose Fulbright Rebecca Hopkirk ISRAEL Singapore DLA Piper Tamar Arad-Kareth London Naschitz Brandes Amir Tel Aviv SOUTH AFRICA Maria Ross Norton Rose Fulbright Tammy Greenberg Kim Rew London Levitan Sharon & Co Webber Wentzel Tel Aviv Cape Town Victoria Sander Latham & Watkins Rachel Levitan London Levitan Sharon & Co SWITZERLAND Tel Aviv Susie Wakefield Ulrike Mönnich Shoosmiths Peggy Sharon mbh London Levitan Sharon & Co Zürich Tel Aviv Sharon Shefer UNITED STATES Levitan Sharon & Co TURKEY Kara S Baysinger Tel Aviv Aysegül Andıç Mayer Brown Andıç Eris Attorney Partnership San Francisco/Palo Alto Istanbul NETHERLANDS M Paige Berry Saul Ewing Berry van Wijk Princeton Houthoff UNITED Rotterdam KINGDOM Cynthia J Borrelli Bressler Amery & Ross Natalie Vloemans Margaret Campbell Florham Park Ploum Lodder Princen Reed Smith Rotterdam London Beth Bradley Tollefson Bradley Ball & Mitchell Katherine Coates Dallas NEW ZEALAND Clifford Chance London Jane M Byrne Andrea Challis Quinn Emanuel Urquhart & Sullivan McElroys Dorothy Cory-Wright New York Auckland Dechert London Mary Craig Calkins Blank Rome Susan Dingwall Los Angeles POLAND Norton Rose Fulbright Beata Balas-Noszczyk London Leah Campbell Hogan Lovells Willkie Farr & Gallagher Hilary Evenett Warsaw New York Clifford Chance Malgorzata Surdek London Corinne P Carr CMS Cameron McKenna Nabarro Carr Legal Group Michelle George Olswang Posniak i Sawicki sp.k. Chicago Norton Rose Fulbright Warsaw London Nancy Sher Cohen Lathrop Gage Los Angeles

WOMEN IN BUSINESS LAW EXPERTGUIDES 75 INSURANCE AND REINSURANCE EXPERT LISTINGS

UNITED STATES UNITED STATES UNITED STATES Robin Cohen Ann V Kramer Margaret H Warner McKool Smith Reed Smith McDermott Will & Emery New York New York Washington DC

Joan D’Ambrosio Rachel S Kronowitz Clyde & Co Gilbert San Francisco Washington DC

Janet R Davis Paula E Litt Cozen O’Connor Honigman Chicago Chicago

Angela R Elbert Susan E Mack Neal Gerber & Eisenberg Adams and Reese Chicago Jacksonville

Wendy N Enerson Lorelie S Masters Cozen O’Connor Hunton Andrews Kurth Chicago Washington DC

Anna P Engh Helen K Michael Covington & Burling Kilpatrick Townsend & Stockton Washington DC Washington DC

Laura Foggan Suzanne Cocco Midlige Crowell & Moring Coughlin Duffy Washington DC Morristown

Mary Beth Forshaw Lynn H Murray Simpson Thacher & Bartlett Shook Hardy & Bacon New York Chicago

Marialuisa S Gallozzi Sherilyn Pastor Covington & Burling McCarter & English Washington DC Newark

Sarah D Gordon Eridania Perez Steptoe & Johnson Squire Patton Boggs Washington DC New York

Laura J Hanson Katherine B Posner Meagher & Geer Condon & Forsyth Minneapolis New York

Antonia B Ianniello Carolyn H Rosenberg Steptoe & Johnson Reed Smith Washington DC Chicago

Deirdre G Johnson Cynthia R Shoss Squire Patton Boggs Eversheds Sutherland Washington DC New York

Linda D Kornfeld Teresa Snider Blank Rome Porter Wright Morris & Arthur Los Angeles Chicago

Tara C Kowalski Donna J Vobornik Jones Day Dentons Los Angeles Chicago

76 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

INTERNATIONAL TRADE

WOMEN IN BUSINESS LAW EXPERTGUIDES 77 INTERNATIONAL TRADE EXPERT LISTINGS

BELGIUM CANADA UNITED Lourdes Catrain Wendy J Wagner KINGDOM Hogan Lovells Gowling WLG Chiara Klaui Brussels Ottawa Akin Gump Strauss Hauer & Feld Nadiya Nychay London Dentons Meredith Rathbone Brussels CHINA Steptoe & Johnson Yao Feng London/Washington Ursula O’Dwyer Broad & Bright Heuking Kühn Lüer Wojtek Beijing Brussels UNITED STATES Paulette Vander Schueren Mayer Brown GERMANY Adrienne Braumiller Braumiller Law Group Brussels Bärbel Sachs Dallas Noerr Berlin Kathleen W Cannon BRAZIL Kelley Drye & Warren Ana T Caetano Washington DC Veirano Advogados H O N G K O N G F Amanda DeBusk São Paulo SAR Dechert Leonor Cordovil Tatman R Savio Washington DC Grinberg e Cordovil Akin Gump Strauss Hauer & Feld Susan G Esserman São Paulo Hong Kong/Washington DC Steptoe & Johnson Carla Junqueira Washington DC Mattos Engelberg Advogados Nancy A Fischer São Paulo MEXICO Pillsbury Winthrop Shaw Pittman Adriana Ibarra Fernández Vera Kanas Washington DC Baker McKenzie TozziniFreire Advogados Mexico City Kay C Georgi São Paulo Arent Fox Turenna Ramírez-Ortiz Alessandra S Machado Washington DC Sánchez DeVanny Eseverri Trench Rossi Watanabe Mexico City Carolyn B Gleason São Paulo McDermott Will & Emery Carolina Ures Washington DC Sidera Consult SWITZERLAND Judith A Lee São Paulo Clotilde du Parc Gibson Dunn & Crutcher Andrea Weiss Balassiano Van Bael & Bellis Washington DC Mundie e Advogados Geneva Greta Lichtenbaum São Paulo O’Melveny & Myers THAILAND Washington DC CANADA Melisa Uremovic Julie C Mendoza Morris Manning & Martin Brenda C Swick Rajah & Tann Asia Washington DC Cassels Brock & Blackwell Bangkok Toronto Kristin Heim Mowry Mowry & Grimson Cyndee Todgham Cherniak UKRAINE Washington DC LexSage Anzhela Makhinova Toronto Sarah M Nappi Sayenko Kharenko Latham & Watkins Kyiv Washington DC

78 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS INTERNATIONAL TRADE

UNITED STATES Nancy A Noonan Arent Fox Washington DC

Joanne E Osendarp Hughes Hubbard & Reed New York/ Washington DC

Beth Peters Hogan Lovells Washington DC

Teresa M Polino Arent Fox Washington DC

Marguerite Trossevin Jochum Shore & Trossevin Washington DC

WOMEN IN BUSINESS LAW EXPERTGUIDES 79 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

INVESTMENT FUNDS

Feature for: Stephanie R Breslow of Schulte Roth & Zabel LLP 81

80 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP INVESTMENT FUNDS

INVESTMENT FUNDS

Recent trends in credit funds

Stephanie R Breslow Schulte Roth & Zabel LLP New York

The world of private fund formation is commonly divided into two buckets; private equity and hedge funds. Pursuant to this simplistic paradigm, private equity involves illiquid investments in a limited number of private companies or other illiquid assets to be held for some years while operational improvements are attempted followed by an exit through a strategic sale or initial public offering. Accord- ingly, funds have fixed terms and investors are locked in while assets are acquired, the strategy has time to be effected and exit is achieved. Hedge funds, in contrast, offer investors periodic liquidity on demand and therefore involve investments in marketable instruments that can be readily valued and sold and in which the fund sponsor will not en- gage actively with the business itself. However, there are certain strategies that are not a perfect match for either the private equity or hedge fund paradigm. Many of these strategies involve credit instruments. We have seen a material increase in the number of credit funds recently, of which there are many types employing different structures and strategies. Leveraged loan funds buy or originate bank loans and then lever the bank loan portfolio, often on swap. Special situations funds have a broad focus and may capital and invest in a more measured manner without suffering the buy a wide range of fixed income opportunities, seeking higher yields drag of dry powder); redemption rights for investors similar to those with “equity like” returns. Direct lending funds originate loans rather offered in hedge, but with longer lockups with less frequent liquidity than purchasing from the secondary market and often focus on senior (so that general partners do not find themselves in the position of secured loans with floating rate interest charges. These commonly- having to fire-sale assets or suspend redemptions, as many did in unlevered funds may have lower yields and be made to buyout bor- 2009); adjustment of carry waterfalls, capital call mechanics and rein- rowers as part of a leveraged buyout. Finally, distressed debt funds vestment mechanics to address the likelihood of active trading of at invest in impaired credits, including acquiring or refinancing the obli- least some portions of the portfolio; and revision of the private equity gations of companies that have filed for bankruptcy or will most likely concept of an investment period followed by a harvest period to in- file for bankruptcy in the near future. stead permit certain types of trading throughout the fund’s life. Hy- Hybrid structures gained popularity after brid structures enable general partners to the credit crisis of 2008, when a significant pursue a variety of liquid and illiquid credit number of hedge funds experienced redemp- strategies within the same vehicle. tions in an illiquid credit market. Going for- While credit funds borrow from both tra- ward, many credit-focused general partners EXPERIENCE WITH ditional private equity and hedge fund struc- who traditionally utilized a hedge fund struc- tures, there are several aspects that do not ture moved towards “hybrid” fund structures CREDIT FUNDS IN translate to credit funds. For instance, the that combine the flexibility of the open-ended PARTICULAR … IS shorter path to liquidity for debt instruments hedge approach with attractive features of the (through periodic payments and eventual closed-ended structure. The terms adopted CRITICAL TO maturity) means that even funds that origi- from each vary, and credit funds are often be- NAVIGATING THIS nate or invest in debt instruments that do not spoke. Some examples of hybridization in- have an active secondary market can offer clude: drawdown features rather than full LANDSCAPE more liquidity than traditional private equity upfront contribution from investors (so that funds. Since investments produce returns general partners have runway to draw down more rapidly, general partners are likely to

WOMEN IN BUSINESS LAW EXPERTGUIDES 81 INVESTMENT FUNDS THOUGHT LEADERSHIP

INVESTMENT FUNDS want the ability to reinvest often both returns of capital and profits. connected income, which requires special structuring. One must also One will often see credit funds where the ability to reinvest mirrors consider potential conflicts of interest with affiliated businesses and the ability to call capital (potentially extending to fund dissolution), funds. Credit fund general partners must decide in advance how they while recycling is much more limited in private equity. The fact that will allocate trades among their various funds, as well as how to re- investments throw off cash regularly also means that credit funds will solve conflicts when investing in different parts of the capital structure likely make distributions of current income to investors and employ a of a given portfolio company. The current trend has been for larger back-ended “European-style” waterfall structure, where investors re- fund sponsors to run multiple funds and managed accounts, often ceive a return of all capital plus a preferred return before the general with partially overlapping investment objectives. These arrangements partner takes carry so that it is not necessary to track, in real time, create the possibility that some investors would be exposed to senior which investments have generated the proceeds. debt, others to subordinate layers and others to equity, creating fidu- Credit funds may hold debt instruments that have a readily assess- ciary quandaries for the general partner when these layers develop op- able market value. As a result, the private equity fund model of deal- posing interests. Clarity on how these issues will be resolved is key. ing with investors who come into private equity funds at subsequent Over the past ten years, there has been a material increase in the closings may not be a good fit. Instead of allowing subsequent in- number of credit funds. One asset management firm predicts that the vestors to participate in subsequent closings based on cost of invest- credit fund market will reach $1 trillion in assets under management ments plus an interest factor, a hedge-fund style approach, in which by 2020. This is largely attributed to their flexibility and ability to em- investors participate based on the current value of the portfolio, may ploy complex investment strategies by borrowing terms from both be more equitable. liquid and illiquid strategies. Long-standing credit fund general part- Hybrid credit fund terms also have key differences from the terms ners continue to launch new vintages of credit funds and are pursuing of more liquid funds. Because of the types of assets that many credit new strategies, and new general partners are entering the credit space. funds hold, valuation presents a difficult issue; general partners must According to one survey, a key trend in credit has been the continued decide when to use in-house valuation or assign this task to third- growth of the institutional lending landscape, with numerous funds party valuation firms and how often they will conduct the valuation being raised globally and increasing interest in private lending strate- of the portfolio. Credit funds that allow periodic redemptions may gies by investors globally. need to include side pocket or slow pay features to address the possi- The fund sponsors who navigate these trends most successfully are bility that portions of the portfolio will be, or become, illiquid and those who understand the optimal mix of fund terms that meet all difficult to value. objectives: attracting and retaining capital, matching liquidity to the Hybrid terms can be used to reduce the risk that a credit fund realities of the investment program, and structuring funds that align general partner will be forced to sell assets that do not have an active the interests of sponsors and investors with tax efficiency. Experience secondary market in order to meet redemptions, as would be neces- with credit funds in particular, rather than experience with hedge or sary in a fund using more traditional hedge fund terms. If the hybrid private equity funds in general, is critical to navigating this landscape. fund has a fixed term rather than offering redemption rights, the general partner can hold the portfolio through its natural timeline to Stephanie R Breslow is a partner and co-head of the Investment Man- liquidity. agement Group at Schulte Roth & Zabel LLP. She was named “Out- Tax and conflicts of interest must also be considered. For example, standing Practitioner” at the 2019 Euromoney LMG Americas Women in funds that originate loans or lead workouts may generate effectively Business Law Awards.

82 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES INVESTMENT FUNDS

I R E L A N D I R E L A N D

Tara Doyle Liz Grace Matheson Matheson 70 Sir John Rogerson’s Quay 70 Sir John Rogerson’s Quay Dublin 2 Dublin 2 Ireland Ireland Tel: (353) 1 232 2221 Tel: (353) 1 232 2104 Email: [email protected] Email: [email protected] Website: www.matheson.com Website: www.matheson.com

Tara Doyle is a Partner and Head of the Asset Management and Liz Grace is a partner at Matheson with expertise in financial services Investment Funds Department at Matheson. She practices financial law. She is also the firm’s communications strategy director. services law and advises many of the world’s leading financial institutions, investment banks, asset management companies, broker- Liz is an accomplished and commercially focused professional with dealers and corporations carrying on business in Ireland or through over 15 years’ experience in law and the financial services sector. She Irish vehicles. Tara has extensive experience in advising a wide range of has a strong investment funds background and is a partner in the firm’s domestic and international clients on the structuring, establishment, Asset Management and Investment Funds Department. Liz was marketing and sale of financing and investment vehicles and products appointed communications strategy director at the firm in 2016. in Ireland and other jurisdictions. In particular she specialises in advising on the legal and regulatory issues surrounding the Liz’s experience in investment funds law stems from several years of establishment of private and public investment funds, the structuring, practice in the area, working from early on in her career in 2000 with offer and sale of investment instruments and investment products, the Matheson’s global asset management client base in the establishment, provision of investment advice and other financial services and the operation and re-structuring of Irish domiciled investment funds. She public issuance of equity and debt securities. established the first dedicated knowledge management function at practice level in Matheson, focusing on the law and regulator of Tara has spoken at a number of international financial services investment funds and asset managers, in particular in relation to conferences, including the IFIA seminars in Milan, Frankfurt, New emerging European and Irish legal and regulatory developments York, Boston, Hong Kong, Tokyo and Singapore and has contributed affecting asset managers and investment funds. articles to financial services and investment industry journals. Tara served as Chair of the Council of the Irish Funds Industry Association In 2012, Liz wrote the first university Funds Law syllabus in Ireland for during the 2017 / 2018 Council term. Tara is also Chair of Matheson’s Maynooth University and was appointed Visiting Professor in Funds Trainee Liaison Committee and is responsible for leading the firm’s Law at Maynooth University. Liz also established the annual Matheson graduate recruitment strategy for Trainee and Summer Internship Funds Law Internship Awards in a collaboration between Matheson programmes. Tara also serves on the 30% Club Steering Council in and Maynooth. Ireland, and is the Matheson representative on the 30% Club Liz’s postgraduate qualifications include a master’s degree in law from Professional Services Firm working group. The 30% Club promotes Oxford University, where one of her focal points was European female participation on boards. business regulation. She has lectured on the UCITS and AIFMD Tara Doyle has been recommended in European Legal 500 2019. European Union legal frameworks at the Academy of European Law, Germany. Liz has also lectured and tutored in Financial Services Law at Tara Doyle has been recognised in IFLR1000’s Women Leaders Guide the Law School of the Law Society of Ireland, and has tutored in the 2019. Law of Trusts at the Law School, Trinity College Dublin.

Tara Doyle “delivers her advice in a concise manner with the appropriate She is a member of 100 Women in Finance, the International Bar level of commercialism”. Clients report: “We go to her for thorny issues Association and the St Edmund Hall Oxford Association. She is also a that we need to get to the bottom of quickly and cogently.” – Chambers friend of the Academy of European Law. Global & Europe 2018 “Elizabeth Grace is fantastic. It is very rare to have a partner who Tara Doyle is heralded by clients as “really excellent – a phenomenal would have so much interaction, so she’s very hands-on. Elizabeth’s lawyer”. – Chambers Global been very active, and has worked on things that make it clear she’s not acting from a self-interest standpoint”. – Chambers Europe

“Elizabeth Grace has “technical knowledge second to none” and provides “rigorous attention to detail”. – IFLR1000

WOMEN IN BUSINESS LAW EXPERTGUIDES 83 INVESTMENT FUNDS ATTORNEY BIOGRAPHIES

U N I T E D S TAT E S U N I T E D S TAT E S

Stephanie R Breslow Jennifer M Dunn Schulte Roth & Zabel Schulte Roth & Zabel 919 Third Avenue 919 Third Avenue New York NY 10022 New York 10022 US US Tel: (1) 212 756 2542 Tel: (1) 212 756 2009 Email: [email protected] Email: [email protected] Website: www.srz.com Website: www.srz.com

Stephanie R Breslow is a partner at Schulte Roth & Zabel, where she is Jennifer M Dunn is a partner at Schulte Roth & Zabel, where she co-head of the Investment Management Group and a member of the focuses her practice on advising hedge funds, private equity funds firm’s Executive Committee and Operating Committee. She maintains (including mezzanine and distressed funds), hybrid funds, funds of a diverse practice that includes liquid funds, private equity funds and funds and investment advisers in connection with their structuring, the structuring of investment management businesses. She focuses her formation and ongoing operational needs, general securities laws practice on the formation of private equity funds (including LBO, matters, and regulatory and compliance issues. Her experience mezzanine, distressed, real estate and venture) and liquid-securities includes structuring and negotiating seed and strategic investments, funds (including hedge funds, hybrid funds, credit funds and activist advising investment managers regarding the structure and sale of their funds) as well as providing regulatory advice to investment managers. investment management businesses and the structure of their She also represents fund sponsors and institutional investors in compensation arrangements, and representing investment managers connection with seed-capital investments in fund managers and in connection with managed accounts and single investor funds. acquisitions of interests in investment management businesses and funds of funds and other institutional investors in connection with Most recently, Jennifer was named among the world’s 50 Leading their investment activities, including blockchain technology and Women in Hedge Funds by The Hedge Fund Journal. A member of the virtual currency offerings and transactions. board of directors of 100 Women in Finance, Jennifer is recognized by The Legal 500 US, Expert Guide to the World’s Leading Banking, Finance Recently serving as chair of the Private Investment Funds and Transactional Law Lawyers (Investment Funds) and Expert Guide Subcommittee of the International Bar Association, Stephanie is a to the World’s Leading Women in Business Law (Investment Funds) and founding member and former chair of the Private Investment Fund has been named an IFLR1000 “Rising Star” (Investment Funds). She Forum, a member of the Advisory Board of former Third Way Capital co-authored Hedge Funds: Formation, Operation and Regulation (ALM Markets Initiative, a former member of the Board of Directors and Law Journal Press) and recently presented at conferences on topics, current member of 100 Women in Finance, a member of the Board of including hedge fund trends, management company considerations, Visitors of Columbia Law School and a member of the Board of attracting and retaining capital, operational due diligence, compliance Directors of the Girl Scouts of Greater New York. Stephanie has issues, hedge funds and management company structures and received the highest industry honors. She was named to the inaugural considerations for emerging hedge fund managers. Legal 500 US Hall of Fame in the category of “Investment Fund Formation and Management: Alternative/Hedge Funds.” Stephanie is Jennifer earned her J.D. from Columbia Law School, where she was a also listed in Chambers USA: America’s Leading Lawyers, Chambers Harlan Fiske Stone Scholar, and her B.A., cum laude, from the Global: The World’s Leading Lawyers, Crain’s Notable Women in Law, University of Pennsylvania. IFLR1000, Best Lawyers in America, Who’s Who Legal: The International Who’s Who of Business Lawyers (which ranked her one of the world’s “Top Ten Private Equity Lawyers”), Who’s Who Legal: The International Who’s Who of Private Funds Lawyers (which ranked her at the top of the world’s “Most Highly Regarded Individuals” list), Expert Guide to the Best of the Best USA, Expert Guide to the World’s Leading Banking, Finance and Transactional Law Lawyers, Expert Guide to the World’s Leading Women in Business Law and PLC Cross-border Private Equity Handbook, among other leading directories. Stephanie was named the “Private Funds Lawyer of the Year” at the Who’s Who Legal Awards 2014 and the Euromoney Legal Media Group’s “Best in Investment Funds” at the inaugural Americas Women in Business Law Awards. She is also recognized as one of The Hedge Fund Journal’s 50 Leading Women in Hedge Funds and was named one of the 2012 Women of Distinction by the Girl Scouts of Greater New York.

Stephanie earned her J.D. from Columbia University School of Law, where she was a Harlan Fiske Stone Scholar, and her B.A., cum laude, from Harvard University.

84 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES INVESTMENT FUNDS

U N I T E D S TAT E S

Phyllis A Schwartz Schulte Roth & Zabel 919 Third Avenue New York10022 US Tel: (1) 212 756 2417 Email: [email protected] Website: www.srz.com

Phyllis A Schwartz is a partner at Schulte Roth & Zabel, where she focuses her practice on the structuring, formation and operation of private equity funds, including buyout funds, venture capital funds, mezzanine funds, distressed funds and real estate funds. She represents both fund sponsors and investors in her practice. In addition to assisting fund sponsors with their internal management arrangements, succession planning and the creation of internal investment and co- investment vehicles, she has extensive experience with institutional investors and regularly advises clients on market terms of investment funds. Phyllis also advises private equity funds in connection with their investments in, and disposition of, portfolio companies and the establishment of capital call credit lines.

Phyllis is listed in The Legal 500 US, The Best Lawyers in America, New York Super Lawyers, Who’s Who Legal: The International Who’s Who of Private Funds Lawyers, Expert Guide to the World’s Leading Banking, Finance and Transactional Law Lawyers (Investment Funds, Private Equity) and Expert Guide to the World’s Leading Women in Business Law (Investment Funds). A member of New York’s Private Investment Fund Forum, Phyllis frequently shares her insights on effective fund formation strategies at industry conferences and seminars. She recently discussed compliance concerns for co-investments and issues related to fund restructuring and secondary transactions. Interviewed by Private Funds Management in the article “Ringing the Changes,” Phyllis is also the co-author of Private Equity Funds: Formation and Operation (Practising Law Institute), which is considered the leading treatise on the subject. In addition, she contributed to the Fund Formation and Incentives Report (Private Equity International in association with SRZ), as well as a chapter on “Advisers to Private Equity Funds — Practical Compliance Considerations” in Mutual Funds and Exchange Traded Funds Regulation, Volume 2 (Practising Law Institute).

Phyllis received her J.D. from Columbia Law School and her A.B. from Smith College.

WOMEN IN BUSINESS LAW EXPERTGUIDES 85 INVESTMENT FUNDS EXPERT LISTINGS

AUSTRALIA CHINA IRELAND Nikki Bentley Helena Huang Gayle Bowen EY King & Wood Mallesons Pinsent Masons Sydney Beijing/Hong Kong Dublin

Michelle Segaert Ying White Sarah Cunniff EY Clifford Chance Arthur Cox Sydney Beijing Dublin

Lisa Simmons Tara Doyle See bio Ashurst Matheson Sydney FRANCE Dublin Nathalie Duguay Fiona Smedley Willkie Farr & Gallagher Liz Grace See bio Herbert Smith Freehills Paris Matheson Sydney Dublin

Tara O’Reilly CANADA GERMANY Arthur Cox Patricia Volhard Dublin Rebecca A Cowdery Debevoise & Plimpton Carol Widger Borden Ladner Gervais Frankfurt am Main/London Toronto Dechert Dublin Lynn M McGrade Borden Ladner Gervais H O N G K O N G Toronto SAR ISRAEL Jennifer A Wainwright Lorna Xin Chen Miriam Haber Aird & Berlis Shearman & Sterling Raveh Haber & Co Advocates Toronto Hong Kong Tel Aviv

Anne-Marie Godfrey CAYMAN Akin Gump Strauss Hauer & Feld JAPAN Hong Kong ISLANDS Harume Nakano Sharon E Hartline Mori Hamada & Matsumoto Ingrid Pierce White & Case Tokyo Walkers Hong Kong Grand Cayman Eriko Sakata Judy Lee Linklaters Gwyneth Rees Appleby Tokyo Maples Group Hong Kong Grand Cayman Ann Ng Caroline Williams Maples and Calder LUXEMBOURG Walkers Hong Kong Michèle Eisenhuth Grand Cayman Arendt & Medernach Effie Vasilopoulos Luxembourg Sidley Austin CHANNEL Hong Kong Isabelle Lebbe Arendt & Medernach Denise Wong ISLANDS Luxembourg Walkers Emily Haithwaite Hong Kong Ogier Jersey NETHERLANDS Ellen Cramer-de Jong Allen & Overy Amsterdam

86 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS INVESTMENT FUNDS

NETHERLANDS UNITED UNITED STATES Larissa Silverentand KINGDOM Sarah Davidoff NautaDutilh Ropes & Gray Amanda Howard Amsterdam New York CMS Cameron McKenna Nabarro Olswang Marie T DeFalco London Lowenstein Sandler NORWAY New York/New Jersey Mary B Kuusisto Kjersti T Trøbråten Proskauer Rose Wiersholm Jennifer M Dunn See bio London/Boston Oslo Schulte Roth & Zabel New York Samantha Lake Coghlan Goodwin Laurel FitzPatrick SINGAPORE London Ropes & Gray New York Josephine Law Sweema Shah Sidley Austin Simpson Thacher & Bartlett Laura Friedrich Singapore London Shearman & Sterling New York Pamela Thompson SPAIN Eversheds Sutherland Elizabeth Shea Fries London Sidley Austin Isabel Rodríguez Boston King & Wood Mallesons Jane Tuckley Madrid Maria Gattuso London Deloitte Advisory Stamford Cindy Valentine SWITZERLAND Simmons & Simmons Alyssa A Grikscheit Caroline Clemetson London Sidley Austin Schellenberg Wittmer New York Michaela Walker Geneva Eversheds Sutherland Olga Gutman London Simpson Thacher & Bartlett UNITED New York KINGDOM UNITED STATES Amran Hussein Paul Weiss Rifkind Wharton & Garrison Karen L Anderberg Erica Berthou New York Dechert Kirkland & Ellis London New York Nora M Jordan Davis Polk & Wardwell Kirstene Baillie Lorna Bowen New York Fieldfisher Debevoise & Plimpton London New York Laurin Blumenthal Kleiman Sidley Austin Abigail Bell Stephanie R Breslow See bio New York Dechert Schulte Roth & Zabel London New York Elizabeth Lenas Cleary Gottlieb Steen & Hamilton Heidi de Vries Lea Anne Copenhefer New York Maples and Calder Morgan Lewis & Bockius London Boston Cary J Meer K&L Gates Kate Downey Heather Cruz Washington DC/New York Fried Frank Harris Shriver & Jacobson Skadden Arps Slate Meagher & Flom London New York Rita M Molesworth Willkie Farr & Gallagher New York

WOMEN IN BUSINESS LAW EXPERTGUIDES 87 INVESTMENT FUNDS EXPERT LISTINGS

UNITED STATES Margery K Neale Willkie Farr & Gallagher New York

Amanda H Nussbaum Proskauer Rose New York

Brynn D Peltz Goodwin New York

Amanda N Persaud Ropes & Gray New York

Phyllis A Schwartz See bio Schulte Roth & Zabel New York

Andrea J Schwartzman Latham & Watkins New York

Rebecca F Silberstein Debevoise & Plimpton New York

Kate Simpson Proskauer Rose New York

Kathleen A Walsh Latham & Watkins New York

88 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

LABOUR AND EMPLOYMENT

Feature for: Emanuela Nespoli of Toffoletto De Luca Tamajo e Soci 90

WOMEN IN BUSINESS LAW EXPERTGUIDES 89 LABOUR AND EMPLOYMENT THOUGHT LEADERSHIP

LABOUR AND EMPLOYMENT

Minimum Wages

Emanuela Nespoli Toffoletto De Luca Tamajo e Soci Milan

Minimum wage is one of the main issues relating to employment law. In Europe, the European Pillar of Social Rights includes a principle on wages. This principle states that workers have the right to «fair wages that provide for a decent standard of living» and, in particular, ar- ticle 6 provides that «adequate minimum wages shall be ensured, in a way that provides for the satisfaction of the needs of the worker and his/her family in the light of national economic and social conditions, whilst safeguarding access to employment and incentives to seek work. In- work poverty shall be prevented». Even the newly elected President of the European Commission, Ursula von der Leyen, has expressed her idea to introduce a legal in- strument which will ensure that every worker in the European Union has a fair minimum wage that allows them a decent living in the country in which they work . Principle 6 of the European Pillar of Social Rights, which aims to ensure «adequate minimum wages» and its reference to a «transparent and predictable way» of setting minimum wages has inspired many of the national debates taking place. The debates relating to the setting of a minimum wage often go beyond simply establishing a new figure, the European Union have a generally binding statutory minimum with different issues often touched upon. For example, many debates wage. The Member States which do not provide for one are Austria, focus on the role of minimum wages in ensuring an adequate stan- Cyprus, Denmark, Finland, Italy and Sweden. These countries are dard of living and addressing in-work poverty. In addition, the possi- characterised by a system of industrial relationships in which trade bility of more substantial increases to minimum wage rates in the unions are present in the majority of companies and sectors. In fact, future must also be assessed. In fact, increases could in turn have a minimum wages are defined by collective bargaining agreements. negative impact on employment or working hours, and cause a loss in In Austria, for example, there are more than 850 different collective competitiveness. Another main issue also regards what kind of ap- agreements that provide for different minimum wage levels. proach should be applied in the future when it comes to setting mini- While in Italy, there is a new bill that is pending approval by the mum wages. This includes the possible introduction of statutory Italian Parliament, which sets out rules to be applied when there is no rates, as well as new ways of organising the collective bargaining agreement in place. process, introducing or changing formula- The bill provides for a double parameter based approaches, or setting specific target of reference for identifying (not only the basic levels. MINIMUM WAGES SHOULD pay but) the entire economic remuneration Ius Laboris – the largest international Al- ALLOW WORKERS A DECENT guaranteed to every employed worker. The liance of legal specialists in labour, employ- LIVING IN THE COUNTRY IN first parameter can be classified as contrac- ment and pension law, with over 1,400 tual, while the second one, which is subordi- lawyers in more than 50 countries – collected WHICH THEY WORK, AND nate to the first, can be classified as a legal figures and information on minimum wages MANY COUNTRIES HAVE one. (i.e. how the involved countries set the mini- BEEN INTRODUCING NEW The contractual parameter makes refer- mum wage, the current rates, etc.) in more LEGISLATION TO COMPLY ence to the total economic remuneration pro- than 40 jurisdictions and summarised them vided for by the national collective agreement in a chart which shows a complex and diversi- WITH THIS GENERAL stipulated by the most representative trade fied picture. PRINCIPLE OF CIVILISATION unions at national level. In Europe, 22 out of 28 Member States of The legal parameter provides that, in any

90 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP LABOUR AND EMPLOYMENT

LABOUR AND EMPLOYMENT case, the hourly wage cannot be less than € 9 gross, regardless of the In Bulgaria, , Poland, and the government has uni- economic pay provided for by the National Collective Bargaining laterally set the minimum level for 2019. Agreement. Other countries, such as Luxembourg, Belgium and Estonia provide However, several criticisms have been raised with reference to this for a predetermined formula to amend the minimum wage every year. new bill. On the one hand, unions are worried that the introduction While in France, the United Kingdom, Ireland and Germany, ex- of such a bill could reduce the collective autonomy of social partners, pert committees are involved in the process of setting new rates of the interest of employers in adhering to collective agreements and col- minimum wages. lectively agreed wages. Furthermore, the proposed minimum wage of In Serbia, the minimum hourly wage is revised every year and can- € 9 is high, especially if it does not include additional and deferred not be lower than the previous year’s minimum wage. economic pay for employees. This may cause an increase in unde- Even outside Europe, the identification of a minimum wage is clared work, as the hourly compensation for such work is currently often entrusted to the law. lower. In Argentina, national minimum wage rates exist and are defined The situation differs in Cyprus where, according to the Minimum by the so-called Committee for Minimum Wage, composed of repre- Wage Law, the Council of Ministers may issue decrees to fix minimum sentatives from the government, employers and employees. wage rates for any occupation in which workers receive unreasonably In Brazil, there is a federal minimum wage, which applies if there low salaries (e.g. childcare and sales assistants). are no specific rules at either individual state level or provided for by a Instead, an increase in minimum wage rates has been registered for collective bargaining agreement. those States Member providing for a statutory minimum wage. In In the United States of America, most states identify a legal mini- fact, the largest nominal increases in the minimum wage rate were in mum wage, but even at government level a federal minimum wage is Spain (22%), Greece (11%, as of February 2019) and Bulgaria (10%). identified. Furthermore, it should be noted that in January 2018, Germany es- In Canada the minimum wage varies between provinces and terri- tablished a legal minimum wage applicable to all types of companies. tories and is subject to periodic increases. Debates and social dialogue are also taking place regarding the in- In Japan minimum wages are set by the Minimum Wage Law in troduction of new approaches to setting minimum wages and, in each prefecture. many countries, differences in terms of role, age, type of job, etc. are Within the context of a comparison at international level, both not considered. nominal and real figures of minimum wages should be taken into ac- In Bulgaria, for example, the Council of Ministers sets the mini- count since different economic conditions, resulting in different levels mum monthly wage by also taking into consideration elements such of purchasing power for consumers, may need to be considered as as economic development and inflation, but no gradation is made for fundamental information in order to assess whether the minimum different positions of employee categories. In Croatia, Estonia and wage established in each country is adequate enough to ensure the Poland no difference is made according to the type of activity carried satisfaction of the needs of employees and their families. out by employees, their age or even other factors. Introducing or increasing minimum wage rates may also be con- In France, the law identifies the “SMIC” a minimum wage per sidered as an instrument for reducing gender pay gaps. However, evi- hour, regardless of seniority and role of the worker. dence of this happening in practice is more ambiguous, as minimum Conversely, in the United Kingdom there are four categories of wages tend to affect only the lower half of the wage distribution and workers, differentiated by age, to which different minimum wages are some workers more than others. applied. In Ireland, whether or not to apply the statutory minimum In any case, statistics studies (Eurofound study, based on EU-SILC wage in full depends on the age of the employee. 2017) show that women are overrepresented among the minimum This year in Greece, a new mechanism for setting the minimum wage earners in nearly all the European Union Member States. wage was introduced. The process of setting the level of the minimum The minimum wage issue usually refers to subordinate employees, wage begins with a step-by-step consultation process. This process however, in Italy, it has become a relevant parameter also in relation lasts approximately four months and involves social partners and their to self-employed workers whose work is organised by a principal, as in institutions, specialised public agencies, scientific institutions and re- the case of riders. In particular, whilst not qualifying them as subordi- lated bodies. The consultation is run by a coordination committee, nate employees, recent Italian case law on riders has nonetheless which is specifically set up for this purpose and consists of the Presi- granted riders salary differences using the minimum wages provided dent of the Organisation for Mediation and Arbitration (OMED), one for by national collective bargaining agreements as a parameter. representative from the Ministry of Labour and one from the Min- Finally, debates and social dialogue continue to be raised, thus ren- istry of Finance. dering this issue an ever growing hot topic especially since, as men- The periodical update of minimum wages is characterised by dif- tioned above, it affects and is affected by multiple aspects of ferent approaches too. employment law.

WOMEN IN BUSINESS LAW EXPERTGUIDES 91 LABOUR AND EMPLOYMENT ATTORNEY BIOGRAPHIES

C H I L E I TA L Y

Paulina Miranda Emanuela Nespoli Philippi Prietocarrizosa Ferrero DU & Uría Toffoletto De Luca Tamajo e Soci Av. El Golf 40, 20th floor Via Rovello, 12 Las Condes 20121 Milan Santiago Italy Chile Tel: (39) 02721441 Tel: (562) 2364 3728 Email: [email protected] Email: [email protected] Website: www.toffolettodeluca.it Website: www.ppulegal.com

Paulina Miranda is a lawyer at Philippi Prietocarrizosa Ferrero DU & Emanuela Nespoli is a Partner at the law firm, Toffoletto De Luca Uría in the Chilean office. She was appointed partner in 2016. Tamajo e Soci, one of the leading major Italian players specialising in employment law, industrial relations, and agency contracts. Paulina is an expert in labour and employment law and social security and immigration. She has assisted national and multinational Emanuela read law at the University of Milan, graduating magna cum companies in their employment matters, and has provided strategic laude in 1993. She has been practising law since 1996, when she advice to multinational employers on a wide range of global qualified into the Italian Bar, and has held rights of audience in the employment law and human resources matters. Paulina has also assisted Italian Supreme Court since 2010. In addition to her native Italian, employers with global employment issues and has significant experience Emanuela is also fluent in English and often works on international in employment matters in M&A (including local and cross-border matters that involve multi-jurisdiction operations and cross-border mergers and acquisitions transactions). Her practice also includes HR projects, giving both international and domestic advice to major commercial and corporate law (including retention and stock option Italian and foreign multinational companies on employment law. She plans), collective bargaining processes, relations with unions, hiring of is also the head of the firm’s team dedicated to “Flexit” (flexible exit), expatriates, social security and tax advice for foreign executives. which provides companies with specialised assistance on issues regarding pensions and early retirement. She has a Law Degree from the Pontificia Universidad Católica in Chile (1993) and is a member of the International Bar Association and the She is the author of several articles and publications on employment Chilean Bar Association in Chile. law, is a regular contributor to the Law & Tax columns of the Italian financial newspaper Il Sole 24 Ore, and is also the co-author of the Paulina has been recognized as a leading lawyer in her practice area by book “Individual Dismissals In Italy and Across Europe” (2008). More Chambers and Partners, The Legal 500 and Who’s Who Legal, among recently, she has also contributed to the book “Economic and others. She has also been nominated as the “Best Labour and Organisational Dismissals” (2016) published by Ius Laboris – Global Employment Lawyer” by Euromoney LMG in the Americas Women in HR Law, which is the largest international Alliance of Employment and Business Law Awards. HR Law specialists.

Emanuela is also highly involved in the legal service market, on both a Practice Areas Labour national and international level. She is the Chair of the Ius Laboris Employment Compensation & Benefits Expert Group and is a member of the Social Security Executive Board for the Lombardy Regional Chapter of the Italian Immigration Employment Lawyers Association (AGI, Avvocati Giuslavoristi Italiani). She is also a member of the national AGI, the European Employment Lawyers Association (EELA) and the International Bar Association (IBA).

Emanuela is consistently recognised for her employment law expertise by various legal directories such as Chambers & Partners Europe, Legal 500 EMEA, Best Lawyers and Who’s Who Legal: Labour & Employment and Pensions & Benefits 2019. She was also shortlisted for four consecutive years for the Euromoney European Women in Business Law Awards.

92 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES LABOUR AND EMPLOYMENT

J A PA N U N I T E D S TAT E S

Emi Uchida Jeannemarie O’Brien Atsumi & Sakai Wachtell, Lipton, Rosen & Katz Fukoku Seimei Bldg. 51 West 52nd Street 2-2-2 Uchisaiwaicho New York, NY 10019 Chiyoda-ku US Tokyo 100-0011 Tel: (1) 212 403 1365 Japan Email: [email protected] Tel:(81) 3 5501-2130 Email: [email protected] Website: www.wlrk.com Website: www.aplaw.jp

Emi Uchida is a partner from Atsumi & Sakai and experienced lawyer Jeannemarie O’Brien is a partner in the New York law firm of Wachtell, who has provided labour and employment law services. She started her Lipton, Rosen & Katz, where she is active in the firm’s merger and career in 2000 at Anderson Mori & Tomotsune. Then, she had worked acquisition practice, focusing on the executive compensation and for legal firms which are member of big 4 accounting firms, EY Law employee benefits aspects of transactions, with a particular emphasis Co. (April 2014-May2015) and DT Legal Japan (May 2015-July 2017). on transactions involving financial services institutions. She has been involved in over $500 billion of mergers and acquisitions transactions Throughout her career, she has provided various labour and over the last decade. Ms O’Brien also advises companies and their employment law services to multinational companies which include boards on governance issues and assists companies and senior UK, US and other countries’/areas’ inbound clients. She has advised executives on executive compensation matters in both the public and in-bound clients having Japanese subsidiaries or branches by directly private sectors, and has particular expertise regarding the communicating with global or Asia regional HR heads. She has also compensation structures at financial institutions. handled outbound engagements for Japanese multinational companies having oversea subsidiaries or branches by closely The transactions in which Ms O’Brien has been involved include many collaborating with foreign lawyers. major financial institution transactions, both bank and non-bank, including: City National/Royal Bank of Canada; National Penn Examples of her services include: Bancshares/BB&T; Chubb/ACE Limited; Hilltop Holdings/Plains Capital; CapitalSource/PacWest Bancorp; Umpqua Holdings Corporation/Sterling • Advised non-Japanese multinational companies hiring officers, Financial Corporation; Huntington Bancshares/Camco Financial; employees or consultants in Japan including immigration law advice; Marshall & Ilsley/Bank of Montreal; Alleghany Corporation/Transatlantic • Advised non-Japanese multinational companies’ Japanese Holdings; Comerica Incorporated/Sterling Bancshares, Inc.; Bank of subsidiaries or branches including (i) preparation or review of America Corporation/Merrill Lynch; Wells Fargo/Wachovia; work rules/employee handbook/code of conducts by adopting Countrywide/Bank of America Corporation; FleetBoston Financial global policies to the extent permissible and proper under Japanese Corp./Bank of America Corporation; MBNA/Bank of America laws and practices, (ii) advice on the communications with the Corporation; J.P. Morgan/Bank One; J.P. Morgan/Bank of New York; employees for the implementation of new or revised HR policies; Warburg Pincus/The Mutual Fund Store and TMFS Holdings, LLC; Bank • Advised on the revision of salary and retirement allowance schemes of America Corporation in its sale of Balboa Insurance Group to QBE (including the change of salary structure or pension plans); Holdings, Inc. She also has been involved in transactions outside of the • Advised on inbound, outbound and domestic M&A transactions financial sector, including: Pfizer Inc./Allergan plc; United Technologies and post-merger integration projects (e.g. restructuring, (Sikorsky Aircraft)/Lockheed Martin; Carefusion/Becton Dickinson; Cox integration of salary schemes and other HR related policies, Automotive/Dealertrack Technologies; United Technologies amendment to work rules, etc.); Corporation/Goodrich Corporation; Thermo Fisher Scientific/Life • Advised on reduction in workforce including giving legal advice to Technologies Corporation; Vantiv/Mercury Payments Systems; Leap the management, advising on severance packages and Wireless/AT&T; Rayonier Inc.’s spinoff of its performance fibers business; communications with employees, and preparing relevant and CBS Outdoor Americas’ initial public offering. documents in and outside Japan; • Advised on daily HR related issues (e.g. poor-performers, mental Ms O’Brien frequently writes and speaks on executive compensation health issues of employees, harassment issues, temporary workers and corporate governance issues and is recognized as a leading related issues, disciplinary actions, dismissals) including executive compensation lawyer in the Chambers USA Guide to explanation to, or negotiation with, the authorities (e.g. Labor America’s Leading Lawyers for Business and The Legal 500. In addition Office) or labor unions; to memos and articles on recent developments in the executive • Acted as a litigator for the Japanese and non-Japanese multinational compensation area, she is an author of the chapter on executive companies in lawsuits, preliminary dispositions and labour trials, compensation in Wachtell, Lipton, Rosen & Katz’s “Financial and represented Japanese and non-Japanese multinational Institutions M&A,” an annual review of leading developments. companies in the negotiations with labour unions; and • Conducted in-house training seminars for directors and managers. Ms O’Brien received a B.A. cum laude from Mount Holyoke College in 1989, and a J.D. cum laude from Fordham Law School in 1994, where She is a member of the Management Lawyers Counsel in Japan and the she was an associate editor of the Fordham Law Review. She is a Labor Legislation Committee of Dai-ichi Tokyo Bar Association. She member of the New York State and American Bar Associations. has also been appointed as a member of the Headquarters for the Promotion of Gender Equality of Dai-ichi Tokyo Bar Association. Ms O’Brien serves as a member of the Board of Trustees of the non- profit organization Prep for Prep and is on the Advisory Board of St. Bartholomew Community Preschool in New York City.

WOMEN IN BUSINESS LAW EXPERTGUIDES 93 LABOUR AND EMPLOYMENT ATTORNEY BIOGRAPHIES

UNITED STATES

Andrea K Wahlquist Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, NY 10019 US Tel: (1) 212 403 1205 Email: [email protected] Website: www.wlrk.com

Andrea K Wahlquist is a partner in Wachtell Lipton’s Executive Compensation and Employee Benefits Practice, specializing in executive compensation and benefits matters, with an emphasis in representing target companies in strategic mergers and a background in representing some of the largest private equity sponsors in the acquisition, management and disposition of their portfolio companies.

Ms Wahlquist regularly counsels private and public companies on the design, implementation and treatment of employee compensation and benefit programs — and routinely negotiates executive employment and separation arrangements — both in connection with corporate transactions and in the ordinary course of ongoing company representations. Ms Wahlquist also has extensive experience with a broad range of executive compensation-related and benefits issues that arise in IPOs, spin-offs and in bankruptcy/restructuring transactions.

Ms Wahlquist is included in The Best Lawyers in America — Employee Benefits Law, is recognized as a leading lawyer in both The Legal 500 and Chambers USA Guide to America’s Leading Lawyers for Business, and was named in The American Lawyer’s 2007 “Dealmakers of the Year” issue. Ms Wahlquist has spoken as a panelist at a variety of industry conferences addressing executive compensation and governance issues.

Ms Wahlquist served as a law clerk to Judge Stephen J. Swift of the United States Tax Court (1995-97), and after her clerkship began practicing as an executive compensation and employee benefits lawyer in New York City. Ms Wahlquist received her B.A. from the University of Virginia (1992) and her J.D. from the Washington & Lee University School of Law (1995), where she was the Editor-in-Chief of the Environmental Law Digest, a publication of the Virginia State Bar Association.

Ms Wahlquist sits on the Executive Committee of the Tax Section of the New York State Bar Association, and is a member of the American Bar Association and its Joint Committee on Employee Benefits. She also serves on the Board of Trustees of Washington & Lee University and of The Children’s Aid Society in New York City.

94 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS LABOUR AND EMPLOYMENT

ARGENTINA CANADA CZECH Mercedes Balado Bevilacqua Christine Thomlinson REPUBLIC MBB Balado Bevilacqua Abogados Rubin Thomlinson Karin Konstantinovová Buenos Aires Toronto TEMPUS Prague AUSTRALIA CHANNEL Nataša Randlová Randl Partners Dianne Banks ISLANDS Prague Gilbert + Tobin Louise Hall Sydney Walkers Alice DeBoos Guernsey DENMARK K&L Gates Helene Amsinck Sydney CHILE Kromann Reumert Amanda Watt Aarhus MinterEllison Paulina Miranda See bio Yvonne Frederiksen Melbourne Philippi Prietocarrizosa Ferrero DU & Uría Santiago Norrbom Vinding Copenhagen BRAZIL Marianne Granhøj CHINA Kromann Reumert Thais Galo Copenhagen Pinheiro Neto Advogados K Lesli Ligorner São Paulo Morgan Lewis & Bockius Lise Lauridsen Beijing Bech-Bruun Andréa Giamondo Massei Rossi Copenhagen Machado Meyer Advogados Fiona Loughrey São Paulo Simmons & Simmons Tina Reissmann Shanghai Labora Legal Mihoko Sirley Kimura Copenhagen TozziniFreire Advogados Isabelle I H Wan São Paulo TransAsia Lawyers Elise Ross-Hansen Beijing Bruun & Hjejle Vilma Toshie Kutomi Copenhagen Mattos Filho Advogadois São Paulo COLOMBIA Henriette Stakemann Plesner Patricia Medeiros Barboza Tatiana Garcés Carvajal Copenhagen CGM Advogados Baker McKenzie São Paulo Bogotá Anja Staugaard Jensen Integra Law Firm Copenhagen CANADA C O S TA R I C A Barbara B Johnston QC Anna Karina Jiménez Dentons Dentons Muñoz FINLAND Calgary San José Maisa Nikkola Bird & Bird A Jane Milburn Helsinki Milburn & Associates Toronto CZECH Outi Tähtinen Castrén & Snellman Catherine Milne REPUBLIC Helsinki Turnpenney Milne Tereza Erényi Toronto PRK Partners Anu Waaralinna Prague Roschier Janice Rubin Helsinki Rubin Thomlinson Toronto

WOMEN IN BUSINESS LAW EXPERTGUIDES 95 LABOUR AND EMPLOYMENT EXPERT LISTINGS

FRANCE GERMANY ISRAEL Karine Audouze Anja Mengel Shoshana Gavish UGGC Avocats Schweibert Leßmann & Partner S Horowitz & Co Paris Berlin Tel Aviv

Valérie Blandeau Doris-Maria Schuster Orly Gerbi Pinsent Masons Gleiss Lutz Herzog Fox & Neeman Paris Frankfurt am Main Tel Aviv

Benjamine Fiedler Orna Lin Bird & Bird AARPI Orna Lin & Co Paris GREECE Tel Aviv Effie G Mitsopoulou Claire Fougea Kyriakides Georgopoulos Law Firm Marie Tsion Franklin Athens Barnea & Co Paris Tel Aviv Rania Papakonstantinou Marijke Granier Guillemarre Zepos & Yannopoulos MGG legal Athens Paris ITALY Giulietta Bergamaschi Pascale Lagesse Lexellent Bredin Prat H O N G K O N G Milan Paris SAR Elisabetta Cassaneti Frédérique Meslay-Caloni Cynthia Chung New Labour Dentons Deacons Milan Paris Hong Kong Antonella Negri Laurence Renard Jennifer Van Dale BonelliErede Simmons & Simmons Eversheds Sutherland Milan Paris Hong Kong Emanuela Nespoli See bio Emma Röhsler Pattie Walsh Toffoletto De Luca Tamajo e Soci Herbert Smith Freehills Bird & Bird Milan Paris Hong Kong/London Paola Tradati Yasmine Tarasewicz Gatti Pavesi Bianchi Proskauer Rose Milan Paris HUNGARY Gabriella Ormai Claire Toumieux CMS Cameron McKenna Nabarro Allen & Overy JAPAN Olswang Paris Budapest Akiko Monden Endeavour Law Office GERMANY Tokyo IRELAND Chisako Takaya Regina Glaser Maura Connolly Mori Hamada & Matsumoto Heuking Kühn Lüer Wojtek Eugene F Collins Tokyo Düsseldorf Dublin Emi Uchida See bio Anne Kleffmann Michelle Ní Longáin Atsumi & Sakai Latham & Watkins ByrneWallace Tokyo Munich Dublin Nicole Engesser Means Schweibert Leßmann & Partner LUXEMBOURG Frankfurt am Main Marielle Stevenot PwC Legal Luxembourg

96 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS LABOUR AND EMPLOYMENT

MALAYSIA NORWAY ROMANIA Selvamalar Alagaratnam Eli Aasheim Ana-Maria Placintescu Skrine Wiersholm Placintescu Riti Lucian Kuala Lumpur Oslo Bucharest

Magda Volonciu Magda Volonciu & Associates MEXICO PERU Bucharest Javiera Medina Reza Lucianna Polar Baker McKenzie Estudio Olaechea Mexico City Lima RUSSIA Julia Borozdna Pepeliaev Group NETHERLANDS PHILIPPINES Moscow Mirjam de Blécourt Leslie C Dy Baker McKenzie SyCip Salazar Hernandez & Gatmaitan Marina Ryzhkova Amsterdam Manila Dentons Moscow Els de Wind Van Doorne POLAND Amsterdam SINGAPORE Katarzyna Dulewicz Rachida El Johari CMS Cameron McKenna Nabarro Laure de Panafieu SAGIURE Olswang Posniak i Sawicki sp.k. Linklaters Amsterdam Warsaw Singapore

Madeleine Molster Agnieszka Lisiecka Julia Yeo SAGIURE Wardynski & Partners Squire Patton Boggs Amsterdam Warsaw Singapore Brechje Nollen Freshfields Bruckhaus Deringer Amsterdam PORTUGAL SLOVAK REPUBLIC Eugenie Nunes Susana Afonso Dentons Boekel CMS Rui Pena & Arnaut Andrea Olšovská Amsterdam Lisbon PRK Partners Bratislava Hermine Voûte Maria da Glória Leitão Loyens & Loeff Cuatrecasas Amsterdam Lisbon SOUTH AFRICA Marta de Oliveira Pinto Trindade Fiona Leppan Abreu Advogados Cliffe Dekker Hofmeyr NEW ZEALAND Lisbon Johannesburg Kathryn Beck Inês Reis SBM Legal pbbr.a Auckland Lisbon SPAIN Susan Hornsby-Geluk Silvia Bauza Dundas Street Allen & Overy Wellington ROMANIA Madrid Luminita Dima Phillipa Muir Pilar Cavero Nestor Nestor Diculescu Kingston Simpson Grierson Cuatrecasas Petersen Auckland Madrid Bucharest Megan Richards MinterEllisonRuddWatts Wellington

WOMEN IN BUSINESS LAW EXPERTGUIDES 97 LABOUR AND EMPLOYMENT EXPERT LISTINGS

SPAIN UNITED UNITED STATES Sonia Cortés García KINGDOM Nancy L Abell Abdón Pedrajas Paul Hastings Sarah Gregory Barcelona Los Angeles Baker McKenzie Raquel Flórez London Elena R Baca Freshfields Bruckhaus Deringer Paul Hastings Kathleen Healy Madrid Los Angeles Freshfields Bruckhaus Deringer London Rachel M Bien Outten & Golden Louise Hobbs SWEDEN New York Signet Partners Katarina Åhlberg London Bird & Bird Elise M Bloom Proskauer Rose Stockholm Suzanne Horne New York Paul Hastings London Kelly-Ann Cartwright TAIWAN Holland & Knight Sarah Keeble Miami Seraphim Ma Baker McKenzie London Erika C Collins Taipei Proskauer Rose Nicola M Kerr New York Brown Rudnick UKRAINE London Catherine A Conway Gibson Dunn & Crutcher Jane Mann Oksana I Voynarovska Los Angeles Vasil Kisil & Partners Fox Williams Kyiv London Joyce Ackerbaum Cox BakerHostetler Lisa Mayhew Orlando Bryan Cave Leighton Paisner UNITED London Lisa J Damon Seyfarth Shaw KINGDOM Clare Murray Boston Ann Bevitt CM Murray Cooley London Linda M Doyle London McDermott Will & Emery Jules Quinn Chicago Kate Brearley King & Spalding London Lynne Hermle London Orrick Herrington & Sutcliffe Nicola Rabson Menlo Park Sarah Jane Brostoff Linklaters Signet Partners London Anne E Larson London Ogletree Deakins Karen Seward Chicago Joan Cradden Allen & Overy London Wendi S Lazar Glasgow Outten & Golden Caroline Stroud New York Catherine Drinnan Freshfields Bruckhaus Deringer Latham & Watkins London Donna Marie Melby London Paul Hastings Jane Wheeler Los Angeles Naomi Feinstein Hine Legal Greenberg Traurig London Donna M Mezias London Akin Gump Strauss Hauer & Feld San Francisco

98 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS LABOUR AND EMPLOYMENT

UNITED STATES URUGUAY Kathlyn E Noecker Verónica Raffo Faegre Baker Daniels FERRERE Minneapolis Montevideo

Jeannemarie O’Brien See bio Wachtell Lipton Rosen & Katz New York

Regina Olshan Skadden Arps Slate Meagher & Flom New York

Camille A Olson Seyfarth Shaw San Francisco

Nancy L Patterson Morgan Lewis & Bockius Houston/Dallas

Bettina B Plevan Proskauer Rose New York

Jill L Rosenberg Orrick Herrington & Sutcliffe New York

Nancy G Ross Mayer Brown Chicago

Laura A Ryan Thompson Hine Cincinnati

Nancy S Shilepsky Sherin and Lodgen Boston

Patricia C Slovak Schiff Hardin Chicago

Grace E Speights Morgan Lewis & Bockius Washington DC

Teresa Valderrama Fisher & Phillips Houston

Anne C Vladeck Vladeck Raskin & Clark New York

Andrea K Wahlquist See bio Wachtell Lipton Rosen & Katz New York

WOMEN IN BUSINESS LAW EXPERTGUIDES 99 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

LIFE SCIENCES

Feature for: Natalia Gulyaeva of Hogan Lovells 101

100 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP LIFE SCIENCES

LIFE SCIENCES Pharma patent litigation in Russia: latest trends

Natalia Gulyaeva Hogan Lovells Moscow

In Russia 2018 and 2019 have been interesting years for patent litiga- tion. There was a number of truly revolutionary rulings made in favor of international pharma producers while the local generic producers fiercely fight against innovators’ attempts to enforce IP rights. The Russian courts for the first time allowed international pharma producers to bring action based on a mere threat of patent infringe- ment (rather than actual ). This has significantly broadened the legal tools available to pharma businesses for patent rights protection and, in particular, created a legal basis for obtaining permanent injunction against generic product before its launch. In practice, this means that patentees do not have any more to wait with the claim until the infringement is actually happening. For the ease of reference, it needs to be noted that Russian law en- compasses a rich variety of preliminary and permanent injunctions which may be used for securing a claim or legitimate interests of the applicant. In civil proceedings only courts may impose injunctions, whereas in criminal proceedings injunctions may be also imposed by an investigator. A motion for injunction imposition may be filed at any stage of court proceedings which facilitates the effective and swift suffered high and sometime unrepairable damage. This has been protection of rights and legitimate interests. In order to impose the changed by the above mentioned threat of patent infringement type injunction applicant shall prove that failure to take such measures of claim. may impede or make impossible the execution of a court ruling, as Such patentee’s claim is based on the following arguments. At the well as inflict extensive harm to the applicant. moment of claim filing the infringing generic product was not yet in- However, Russian courts may also take into account interests of the troduced into commerce but all the preparations for introduction into defendant and, for this purpose, ask the applicant to provide security commerce were made many years before the compound patent expiry for reimbursement of the defendant’s possible losses. If the applicant date. The generic producer did not just complete the bioequivalence asks the court to impose preliminary injunction, it is obligatory for studies where the generic was compared with the claimant’s product the claimant to provide such a security. The list of possible injunc- but also obtained a marketing authorization (MA) for the generic and tions under Russian procedural law is not ex- even registered the maximum price for intro- haustive which makes it an efficient duction of the generic product into com- instrument for rights protection. The court in merce via state auctions organized by the each particular case has discretion to deter- Russian Ministry of Health (MoH) and re- mine injunction which will be most suitable RUSSIAN COURTS gional healthcare authorities. The claimant for securing applicant’s interests. The defen- stated that such early compliance with regula- dant and other persons whose rights and/or RULED THAT THREAT OF tory formalities may only be for a reason of legitimate interests have been violated by in- PATENT INFRINGEMENT early commercialization of the generic before junction are authorized to claim damages patent expiration. This position is justified by from the applicant. CREATED BY GENERIC Russian pharma regulations which would not Still, despite this procedural framework JUSTIFIES PERMANENT allow that MA survives if no safety and effi- until recently the injunctions were available to cacy data is provided to the regulator in three right holders in pharma patent disputes only INJUNCTION years and in absence of commercialization after the infringing product was actually com- such data would not be available to the mercialized and the originator has already generic producer. Equally, the registered price

WOMEN IN BUSINESS LAW EXPERTGUIDES 101 LIFE SCIENCES THOUGHT LEADERSHIP

LIFE SCIENCES for the generic product would hardly be justified in more than five fore the patent expiration or any earlier date in case of patent invali- years’ time due to various factors including the production cost. dation. The Russian courts ruled that withdrawal of maximum price Based on the above logics the Russian courts ruled that the chain registration is perfectly justified as such registration presents a threat of the above actions by the generic producer constitutes a threat of of patent infringement. As to prohibition of a new price registration, patent infringement which is an appropriate legal ground for perma- this part of claim has been considered by lower courts as excessive so nent injunction claim. The position has been confirmed by the courts far but this may be revisited once the case enjoys attention of the Rus- of first instance, appeal and second appeal where the court of second sian Courts for IP rights. appeal is the specialized Russian Courts for IP rights. The further new initiatives concerning patent linkage in Russia This change in Russian court practice has encouraged generic include the following. The Russian MoH prepared a draft law on producers to test new defense strategies. So, one of the generic pro- providing the information about patents to the Russian MoH. The ducers has become active in patent filings. Interestingly enough all of draft law is aimed at amending the legislation on circulation of the patents obtained were secondary (for example, chrystalline form drugs. It provides the requirement to indicate in applications for ob- of compound) to valid innovators’ patent on which the innovators taining MAs the information on patents and trademarks which are based their claims to this generic producer. The generic producer used in the respective drugs and valid in Russia. The proposed stated in patent infringement proceedings that the generic is based on amendments are planned to apply to those applications which are its own patent rather than the patent of the originator. This statement submitted after the law’s entry into force. All new applications for a was, however, not confirmed either by expert opinion or by the MA shall also contain a warranty that all data in the registration generic’s registration dossier filed with the Russian MoH. To the con- dossier is obtained in the prescribed manner and the drug does not trary, the registration dossier contained information supporting use violate the intellectual property rights of third parties. The holders of of innovator’s patent in the generic product. Fortunately, this argu- MAs issued before the law’s entry into force will be obliged to send mentation did not pass scrutiny of the Russian Courts for IP rights the respective information to the Russian MoH by 1 January 2020. who looked critically at this composition of evidence. The draft law’s text was published in October 2018 and is currently The generic producers immediately adopted a new defense strategy being discussed. by, quite contradictory, bringing parallel compulsory licence claims Simultaneously, Rospatent has suggested launching the Unified where generic producers state that such own patents are dependent on Register of pharmacologically active substances protected by inven- originators’ patents. The case law on compulsory license is quite tion patents. The Unified Register is supposed to include the follow- sparse so far. However, some cases are still pending and statutory cri- ing information. First, inventions protected by patents and used in teria for compulsory license issuance (“significant economic advan- drugs (namely the numbers of the relevant patents, INN, patents’ va- tage” and “important technical achievement”) are vague and should lidity periods, patent holders, patent’s type). This information shall be be further clarified by the Russian courts in next months. The cases entered into the Unified Register by Rospatent upon a patent holder’s where compulsory licenses have been granted to date, cannot be con- motion. Second, numbers of MAs and holders of MAs. Third, date of sidered as representative since one of them has resulted in settlement introduction of such drugs into civil circulation in Russia. This infor- and the other was not based on proper analysis of compliance of the mation shall be entered into the Unified Register by the Russian MoH. generic’s patent with the “significant economic advantage” and “im- The initiative is currently under discussion. portant technical achievement” criteria. Further development is ex- Finally, in April 2019 the section “Information related to pending pected in 2019 and 2020 when a couple of other compulsory licence MAs” was launched within the online-database of the State Register cases is due for consideration on the merits by Russian courts. of Drugs. This section contains information about applications sub- Simultaneously, generic producers defer to traditional defence mitted for obtaining MAs. Such information will be entered into the methods such as patent invalidity actions before the Chamber for Register within five working days from the date of receipt of the appli- Patent Disputes under the Russian PTO (Rospatent). Since these cation for obtaining a MA by the Russian MoH. Prior to this, origina- proceedings are purely administrative rather than judicial, the generic tors could monitor only the status of generics’ clinical trials and the producer may file such an action with the Chamber as many times as status of the registered drugs for which MAs have already been ob- the generic producer likes by adjusting the grounds and polishing the tained. Once the clinical trials were completed, the originators pre- content of invalidity action. There have been cases where the invalid- sumed that a generic manufacturer applied for a MA for the related ity actions were filed by the patent attorneys without even disclosing generic drug, but they could not know this for sure. Now access to the the client’s name but fortunately such approach remains an exception. online-database of pending applications for obtaining MAs will allow The purpose of patent invalidity action filing includes, first, an at- originators to track potential threats of patent infringements and tempt to invalidate the innovator’s patent, and, second, a wish to stay react promptly. patent infringement proceedings which, as opposed to the patent in- All the above speaks to the fact that the Russian pharma litigation validity action, are heard before the Russian courts. environment remains fairly dynamic and not at all one-sided in terms While generic producers polish defense strategies, the patentees of IP protection and enforcement despite existing biased views. We see succeeded in a patent linkage type of claim which allowed them to international pharma businesses prevailing in complex patent dis- require from a generic producer withdrawal of maximum price regis- putes before the Russian courts and local producers losing in patent tration for a product covered by originator’s patent. The innovator’s infringement and patent invalidity actions. It is very clear already now claim covered both order to the generic producer to withdraw price that the remainder of 2019 and 2020 will lead to new and may be registration and prohibition to proceed with such a registration be- non-trivial outcomes in pharma patent disputes in Russia.

102 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES LIFE SCIENCES

R U S S I A

Natalia Gulyaeva Hogan Lovells Summit Business Centre 22 Tverskaya Street, 9th Floor 125009 Moscow Russia Tel: (7) 495 933 3000 Email: [email protected] Website: www.hoganlovells.com

Natalia Gulyaeva is recognized as a leading Russian Life Sciences specialist and is named in international legal directories including Chambers & Partners as a highly recommended Russian practitioner who is “really on top of things”.

Natalia heads Moscow Life Sciences Practice since 2004. Natalia advises clients on all aspects of contentious and non-contentious work including strategic counseling, portfolio management/ auditing, dispute resolution (litigation and arbitration), anti-piracy actions and transactional work. According to Chambers & Partners, Natalia is praised by the peers and clients for “her business sense and clear management style” and is defined as a “creative, flexible and able to guide clients through the specifics of the Russian market” lawyer and “tough and focused attorney”. The clients do particularly compliment Natalia’s talent to see the legal matters from the in-house counsel perspective. The latter is no doubt due to the fact that Natalia joined Hogan Lovells after having spent several years in the role of counsel of an international corporation where she gained extensive experience within and outside of her Life Sciences expertise.

Natalia is admitted to represent clients before the Russian Patent and Trademark Office and enjoys rights of audience in the Chamber for Patent and Trademark Disputes and Russian courts. In addition to her qualification as a Russian lawyer, Natalia is admitted as English . Natalia is well-known for a chain of victories in IP disputes before the Russian courts. She is equally creative and successful in handling complex disputes between international and domestic corporations in Russia and other CIS countries and coordinating multi-jurisdictional litigations. Natalia also acts as arbitrator.

Natalia is widely published and is a regular speaker at high profile conferences, including ABA, ICC, MIP and INTA events. Natalia’s team has received over the years several WORLDLeaders International Awards for the work in representing international and domestic companies in IP litigious and transactional matters in Russia and other CIS countries. Natalia is the winner of 2015, 2016 and 2018 “Client Choice Award”.

Professional Memberships: Fellow of CIArb, INTA.

Education/ Career: Qualified 1998, PhD in Law 2002, LLM (Germany) – 2003; Solicitor (England & Wales) – 2012; Exec MBA 2017; Hogan Lovells since 2000, Partner, Moscow.

Languages: Russian, English, German, French, Italian

WOMEN IN BUSINESS LAW EXPERTGUIDES 103 LIFE SCIENCES EXPERT LISTINGS

AUSTRIA CHINA ITALY Francine Brogyányi Weishi Li Laura Orlando DORDA Covington & Burling Herbert Smith Freehills Vienna Shanghai Milan

BELGIUM FINLAND NETHERLANDS Catherine Longeval Hanna Paloheimo Carla Schoonderbeek Van Bael & Bellis Castrén & Snellman Hoyng Rokh Monegier Brussels Helsinki Amsterdam

BRAZIL FRANCE POLAND Beatriz M A Camargo Kestener Laëtitia Bénard Ewa Rutkowska Kestener Granja & Vieira Advogados Allen & Overy KRK Kieszkowska Rutkowska Kolasinski São Paulo Paris Warsaw

Angela Kung Cécile Derycke Justyna Wilczynska-Baraniak Pinheiro Neto Advogados Hogan Lovells Ernst & Young Law Tałasiewicz i São Paulo Paris Wspólnicy Warsaw Anne-Laure Marcerou Dentons CANADA Paris Micheline Gravelle RUSSIA Bereskin & Parr Pascale Poupelin Natalia Gulyaeva See bio Toronto Dentons Hogan Lovells Paris Moscow Yoon Kang Smart & Biggar/Fetherstonhaugh Toronto GERMANY SPAIN Eileen M McMahon Ina vom Feld Teresa Paz-Ares Torys Simmons & Simmons Uría Menéndez Toronto Düsseldorf Madrid Nancy P Pei Smart & Biggar/Fetherstonhaugh Toronto H O N G K O N G SWITZERLAND SAR Cheryl V Reicin Lorenza Ferrari Hofer Torys Alison Wong Pestalozzi Toronto/New York Bird & Bird Zürich Hong Kong Alice Tseng Smart & Biggar/Fetherstonhaugh TURKEY Toronto HUNGARY Özge Atilgan Karakulak Ingrid VanderElst Dóra Petrányi Gün + Partners Fasken CMS Cameron McKenna Nabarro Istanbul Toronto Olswang Selin Sinem Erciyas Budapest Urszula A Wojtyra Gün + Partners Smart & Biggar/Fetherstonhaugh Istanbul Toronto

104 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS LIFE SCIENCES

UNITED UNITED UNITED STATES KINGDOM KINGDOM Lisa B Pensabene O’Melveny & Myers Laura Anderson Adela Williams New York Bristows Arnold & Porter London London Ginger Pigott Greenberg Traurig Alison Dennis Los Angeles Fieldfisher UNITED STATES London Catherine M Polizzi Sandra A Bresnick Morrison & Foerster Penny Gilbert Quinn Emanuel Urquhart & Sullivan Palo Alto Powell Gilbert New York/Boston London Melanie R Rupert Lori G Cohen Paul Hastings Janita Good Greenberg Traurig New York Atlanta London Allison W Shuren Jan Dodd Arnold & Porter Sarah Hanson Norton Rose Fulbright Washington DC CMS Cameron McKenna Nabarro Los Angeles Olswang Anita Varma London Diane M Frenier White & Case Reed Smith Boston/London Jane Hobson Princeton Baker McKenzie Elizabeth S Weiswasser London Lisa A Haile Weil Gotshal & Manges DLA Piper New York Jennifer Jones San Diego Bird & Bird Maggie L Wong London Judith A Hasko Goodwin Latham & Watkins San Francisco Morag MacDonald Menlo Park Bird & Bird London Brenda Herschbach Jarrell Choate Hall & Stewart Nicola Maguire Boston Cooley London Elizabeth J Holland Goodwin Marie Manley New York Sidley Austin London Coleen Klasmeier Sidley Austin Shuna Mason Washington DC CMS Cameron McKenna Nabarro Olswang Barbara Kosacz London Cooley Palo Alto Marjan Noor Allen & Overy Emily I Leonard London Covington & Burling Redwood Shores Lucinda Osborne Covington & Burling Leslie A McDonell London Finnegan Henderson Farabow Garrett & Dunner Clare Tunstall Boston Pinsent Masons London

WOMEN IN BUSINESS LAW EXPERTGUIDES 105 LMG ASIA WOMEN IN BUSINESS LAW AWARDS

LMG ASIA WOMEN IN BUSINESS LAW AWARDS Euromoney Asia Women in Business Law Awards 2018: winners announced

The best female lawyers from across the region, gathered at the Island Shangri-La in Hong Kong on November 8 to celebrate the advancement of women in the legal profession in the seventh annual Euromoney Legal Media Group Asia Women in Business Law Awards. Ferheen Mahomed from HKEX began the evening with a keynote speech to an audience of in-house and private practitioners. The attendees had gathered to celebrate the achievements of law firms and in-house individuals and teams setting the standard in female-friendly working prac- tices, and women leading the field in practice areas across Asia. In the firm categories, Hogan Lovells received the prize for best firm for pro bono work, and the prizes for best in-house teams were awarded to Marriott and JP Morgan. WongPartnership and Baker McKenzie received the best national and international firm for women in business law awards respectively. A full list of winners is detailed below.

Individual Winners Best in energy and natural resources Best in offshore Best in banking and finance Meredith Campion, Allen & Overy Judy Lee, Appleby Lorna Xin Chen, Shearman & Sterling Best in insolvency and restructuring Best in patent and trade mark prosecution Best in capital markets Kelly Naphtali, Kirkland & Ellis Alison Wong, Bird & Bird Anna-Marie Slot, Ashurst Best in IP litigation Best in privacy and data protection Best in competition and antitrust Charmaine Koo, Deacons Anna Gamvros, Norton Rose Fulbright Fay Zhou, Linklaters Best in labour and employment Best in real estate Best in compliance and regulatory Andrea Randall, Gall Pauline Tan, Ashurst Mini vandePol, Baker McKenzie Best in M&A and private equity Best in shipping Best in dispute resolution Psyche Tai, Norton Rose Fulbright Wendy Tan, Morgan Lewis Stamford May Tai, Herbert Smith Freehills

106 EXPERTGUIDES WOMEN IN BUSINESS LAW LMG ASIA WOMEN IN BUSINESS LAW AWARDS

LMG ASIA WOMEN IN BUSINESS LAW AWARDS

Best in structured finance Malaysia Best national firm for work-life balance Sonia Lim, Linklaters Wong & Partners Charltons

Best in tax New Zealand Best international firm for work-life Adeline Wong, Wong & Partners MinterEllisonRuddWatts balance Lipman Karas Best in TMT Pakistan Gabriela Kennedy, Mayer Brown Kabraji & Talibuddin Best firm for pro bono work Hogan Lovells Best in transfer pricing Philippines Tae-Yeon Nam, Kim & Chang Quisumbing Torres Best national firm for talent management WongPartnership Singapore Rising Star Winners WongPartnership Best international firm for talent Rising star: Corporate management Tina LeDinh, Allen & Overy Legal South Korea White & Case (Vietnam) Lee & Ko Best national firm for women in business Rising star: Finance Sri Lanka law Caroline Smart, Ashurst FJ&G de Saram WongPartnership

Rising star: IP Taiwan Best international firm for women in Serena Lim, Hogan Lovells LCS & Partners business law Baker McKenzie Rising star: Litigation Thailand Jodi Wu, Kirkland & Ellis Baker McKenzie In-house/individual categories Rising star: Tax Vietnam Outstanding practitioner award Maria Chang, Bae Kim & Lee Tilleke & Gibbins Effie Vasilopoulos, Sidley Austin

Lifetime achievement award Country Awards Firm Awards The Honourable Justice Lai Siu Chiu Australia Best gender diversity initiative by national Bird & Bird firm In-house team of the year (under 50 Lee & Ko lawyers) Brunei Marriott Abrahams Davidson & Co Best gender diversity initiative by international firm In-house team of the year (over 50 lawyers) China - PRC firm Hogan Lovells JP Morgan JunHe Best firm for diversity by national firm Asialaw In-house award China - international firm WongPartnership Gillian Cheong, GLP Herbert Smith Freehills Best firm for diversity by international Benchmark Litigation in-house award Hong Kong - independent firm firm Sharon Nye, Morgan Stanley Deacons Bryan Cave Leighton Paisner International Financial Law Review in- Hong Kong - international firm Most innovative firm house award Simmons & Simmons Linklaters Fiona Phillips, HSBC

India Best international firm China practice International Tax Review in-house award Shardul Amarchand Mangaldas & Co King & Wood Mallesons Annie Pan, RELX

Indonesia Best national firm mentoring programme Managing IP in-house award Hadiputranto Hadinoto & Partners MinterEllisonRuddWatts Catherine Yao, Applied Materials

Japan Best international firm mentoring White & Case programme Latham & Watkins

WOMEN IN BUSINESS LAW EXPERTGUIDES 107 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

LITIGATION

108 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES LITIGATION

I R E L A N D U N I T E D S TAT E S

Sharon Daly Elaine P Golin Matheson Wachtell, Lipton, Rosen & Katz 70 Sir John Rogerson’s Quay 51 West 52nd Street Dublin 2 New York, NY 10019 Ireland US Tel: (353) 1 232 2119 Tel: (1) 212 403 1118 Email: [email protected] Email: [email protected] Website: www.matheson.com Website: www.wlrk.com

Head of our London Office and also a partner within the Commercial Elaine P Golin is a partner in the Litigation Department at Wachtell, Litigation Insurance team which is described by Legal 500 as “second to Lipton, Rosen & Katz. Her practice includes contracts, corporate none” with Sharon being personally commended for her ability to governance, RMBS and securities litigation, as well as other types of respond creatively to complex issues. Sharon joined Matheson in 1989 complex commercial litigation. Ms Golin also focuses on the and became a partner in the Commercial Litigation and Dispute negotiated resolution of complex matters. Resolution Group in 2000. Recently, Ms Golin has represented Cardinal Health in matters Sharon has been the lead partner in some of the most significant pertaining to the opioid epidemic, providing strategic and governance commercial litigation before the Irish courts in the last ten years, advice on litigation and potential resolutions, and related matters. including defending a major financial institution in a multi-billion, multi-jurisdictional dispute arising from investment in Bernard L. Ms Golin has represented Bank of America, PNC and other financial Madoff’s business. Sharon and her team delivered a significant win for institutions in numerous disputes concerning mortgage-related their client in July 2018, when the Supreme Court, in a landmark ruling, matters. Representations include Bank of America’s groundbreaking upheld the High Court and Court of Appeal decision to dismiss a $2.9 settlement of claims relating to Countrywide mortgage-backed billion claim on an interlocutory motion, on the basis that the securities and related litigation, Bank of America’s multi-faceted assignment of a claim to a party who had no pre-existing interest in the resolutions with FHFA, MBIA, FGIC and AIG, Bank of America’s claim is trafficking in litigation, and contrary to public policy . Sharon also achieved the dismissal, on a preliminary legal issue, of a claim global RMBS agreement with the Department of Justice, and PNC in worth $5 billion, having recognised the Plaintiff had compromised its mortgage litigation with RFC. Ms Golin acts as national strategic claim in full by settling separate proceedings in the US with the counsel to Bank of America in RMBS and other motgage-related bankruptcy trustee of Bernard Madoff. matters.

Other significant matters include a win in the Court of Appeal which Other significant representations include: J.C. Flowers, Bank of America and JPMorgan Chase in material adverse change litigation reduced the largest defamation award in the Irish state of €10m to with Sallie Mae; IAC in litigation with Liberty Media; Rohm and Haas €250k and Sharon’s long running subrogation action where she is acting for insurers in the largest property damage dispute to come in its suit to enforce its merger agreement with Dow Chemical; and before the Irish courts in relation to the liability of hydro-electrical dam senior secured lenders in the Spectrum Brands bankruptcy litigation. operators for flood damages to adjoining landowners. This case is Ms Golin also participated in the pro bono representation of artist awaiting judgment from the Supreme Court. Christoph Büchel in a successful First Circuit appeal involving the Visual Artists Rights Act of 1990. Sharon advises a wide range of clients on insurance issues including drafting and interpretation of policy wordings, complex coverage As a litigation associate, Ms Golin worked on several of the firm’s advice and disputes and defence of large complex claims. Sharon also highprofile matters, including its representation of IBP in IBP v. Tyson advises on regulatory issues for insurers and supports commercial and of Larry Silverstein in insurance litigation arising out of the transactions for insurers buying and selling their businesses. destruction of the World Trade Center.

Sharon is Co-Chair of the Insurance Committee of the IBA and Co- Ms Golin received a B.A. from Yale College, a diploma in Literature Chair of the Litigation Leaders Forum. Sharon is a council member of from the University of Edinburgh, and a J.D. from Columbia Law the Dublin Chamber of Commerce. School, where she was an articles editor of The Columbia Law Review Lawyer of the Year – Benchmark Litigation 2019 Europe Awards and a James Kent Scholar. She clerked for the Honorable Judge Sandra Lynch of United States Court of Appeals for the First Circuit. Among Sharon Daly is a “formidable opponent, her name alone carries force” – other professional recognitions, Ms Golin has been named by Chambers Europe 2019 Lawdragon as one of the 500 leading lawyers in the United States and by Benchmark Litigation as one of the top 250 women in litigation and Sharon Daly is an “exceptional operator” – Insurance: European Legal 500 as a “national practice area star”. 2019 Ms Golin serves on the board of the Sadie Nash Leadership Project, a Sharon Daly “uses a common-sense approach to solving any issues and is open nonprofit providing leadership education to high-school and college to finding novel solutions” – Dispute Resolution: European Legal 500 2019 woman, and on the board of Mobilization for Justice, a legal services Sharon Daly is named a leading individual – Dispute Resolution: organization. European Legal 500 2019

WOMEN IN BUSINESS LAW EXPERTGUIDES 109 LITIGATION ATTORNEY BIOGRAPHIES

U N I T E D S TAT E S

Carrie M Reilly Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York 10019 US Tel: (1) 212 403 1399 Email: [email protected] Website: www.wlrk.com

Carrie M Reilly is a partner in the Litigation Department at Wachtell, Lipton, Rosen & Katz.

Carrie joined the firm’s Litigation Department in 2005. During her time at Wachtell Lipton, Carrie has worked on several of the firm’s high-profile matters, including successfully defending Goldman Sachs in Baker v. Goldman Sachs, a five-week jury trial in federal court; representing Bank of America in its comprehensive multi-billion dollar settlement with the Department of Justice, federal agencies, and state attorneys general, as well as its groundbreaking $8.5 billion settlement of claims relating to 530 mortgage-backed securitization trusts issued by Countrywide and its multidimensional settlements with MBIA and AIG; representing respondents in Morrison v. National Australia Bank, in which the Supreme Court held for the respondents and found that Section 10(b) of the Securities Exchange Act does not apply extraterritorially to so-called “foreign-cubed” securities claims; and representing the National Football League in a contract dispute over the simulcast of the Patriots-Giants game in 2007.

Carrie has also worked on many other significant matters at the firm, including representing Goldman Sachs in litigation arising from the acquisition of TIBCO by Vista Equity Partners, defending Allergan in response to a hostile bid from Pershing Square and Valeant, expedited deal litigation over JPMorgan’s acquisition of Bear Stearns, the material adverse change litigation between J.C. Flowers, Bank of America, JPMorgan and Sallie Mae, litigation brought by monoline insurers against Bank of America, commercial real-estate arbitrations, and the firm’s representation of a major international corporation in investigations by federal and state authorities in the United States.

Carrie received her B.S. from the Wharton School at the University of Pennsylvania, where she graduated summa cum laude, and her J.D. from Harvard Law School, where she graduated cum laude. She serves on the Steering Committee of the Kate Stoneman Project, is a Fellow of the American Bar Foundation, and is a member of the American Bar Association and the New York City Bar Association. In 2016, Carrie was recognized as a “Rising Star” by the New York Law Journal.

110 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS LITIGATION

AUSTRALIA BELGIUM FRANCE Rebecca Bedford Françoise Lefèvre Christine Sévère MinterEllison Linklaters Dentons Melbourne Brussels Paris

Michelle Dixon Maddocks Melbourne BRAZIL GERMANY Angela Paes de Barros Di Franco Dorothee Ruckteschler Rani John Levy & Salomão Advogados CMS Hasche Sigle DLA Piper São Paulo Stuttgart Sydney

Kathy Merrick Gadens CANADA H O N G K O N G Sydney Sonia Bjorkquist SAR Osler Hoskin & Harcourt Angela Pearsall Georgia Dawson Toronto Clifford Chance Freshfields Bruckhaus Deringer Sydney Sheila R Block Hong Kong Colleen Platford Torys Toronto Gilbert + Tobin IRELAND Sydney Patricia D S Jackson Lisa Broderick Katrina Rathie Torys DAC Beachcroft King & Wood Mallesons Toronto Dublin Sydney Linda M Plumpton Sharon Daly See bio Anna Sutherland Torys Matheson Herbert Smith Freehills Toronto Dublin Sydney Linda R Rothstein Karyn Harty Janet Whiting Paliare Roland Rosenberg Rothstein McCann FitzGerald Gilbert + Tobin Toronto Dublin Melbourne Mary M Thomson Helen Kilroy Lisa Wright Gowling WLG McCann FitzGerald Dentons Toronto Dublin Sydney Eve Mulconry COLOMBIA Arthur Cox AUSTRIA Carolina Posada Dublin Posse Herrera Ruiz Bettina Knoetzl Fiona O’Beirne Bogotá KNOETZL McCann FitzGerald Vienna Dublin Claudine Vartian FRANCE Eileen Roberts DLA Piper A&L Goodbody Valérie Lafarge-Sarkozy Vienna Dublin ALTANA Irene Welser Paris CHSH Cerha Hempel Spiegelfeld Hlawati Diane Lamarche ISRAEL Orrick Rambaud Martel Vienna Tamar Arad-Kareth Paris Naschitz Brandes Amir Sylvie Morabia Tel Aviv Bredin Prat Paris

WOMEN IN BUSINESS LAW EXPERTGUIDES 111 LITIGATION EXPERT LISTINGS

ITALY UNITED ARAB UNITED STATES Marina Santarelli EMIRATES Judy Y Barrasso Pavia e Ansaldo Barrasso Usdin Kupperman Freeman & Rita Jaballah Milan Sarver Al Tamimi & Company New Orleans Dubai Sara B Brody Deirdre Walker NETHERLANDS Sidley Austin Norton Rose Fulbright Daniella Strik San Francisco Dubai Linklaters Amsterdam Elizabeth J Cabraser Lieff Cabraser Heimann & Bernstein UNITED San Francisco NEW ZEALAND KINGDOM Diane Cafferata Quinn Emanuel Urquhart & Sullivan Anne Callinan Helen Carty Los Angeles Simpson Grierson Clifford Chance Auckland London Claudine Columbres White & Case Clarissa Coleman New York PORTUGAL K&L Gates London Barbara J Dawson Inês Gomes da Cruz Snell & Wilmer Deborah Finkler PLMJ Phoenix Lisbon Slaughter and May London Claudia Frost Orrick Herrington & Sutcliffe Sarah Garvey Houston ROMANIA Allen & Overy Ana Diculescu-Sova London Joy C Fuhr Nestor Nestor Diculescu Kingston McGuireWoods Jacqueline Harris Petersen Richmond Pinsent Masons Bucharest Edinburgh Aimee Furness Haynes and Boone Natasha Harrison Dallas RUSSIA Boies Schiller Flexner London Marina I Drel Mary C Gill Alston & Bird Gowling WLG Sarah Lee Atlanta Moscow Slaughter and May London Sandra C Goldstein Kirkland & Ellis Melanie Ryan SINGAPORE New York Morgan Lewis & Bockius Joy Tan London Elaine P Golin See bio WongPartnership Wachtell Lipton Rosen & Katz Singapore Liz Tout New York Dentons London Christine M Haaker UKRAINE Thompson Hine Dayton Anna Ogrenchuk UNITED STATES LCF Law Group Caitlin Halligan Kyiv Cynthia S Arato Selendy & Gay Shapiro Arato New York New York Sandra A Jeskie Duane Morris Philadelphia

112 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS LITIGATION

UNITED STATES Meredith Kotler Cleary Gottlieb Steen & Hamilton New York

Marilyn C Kunstler Boies Schiller Flexner New York

Hallie B Levin Wilmer Cutler Pickering Hale and Dorr New York

Joan A Lukey Choate Hall & Stewart Boston

Sharon L Nelles Sullivan & Cromwell New York

Lynn K Neuner Simpson Thacher & Bartlett New York

Kathy D Patrick Gibbs & Bruns Houston

Carrie M Reilly See bio Wachtell Lipton Rosen & Katz New York

Susan D Resley Morgan Lewis & Bockius San Francisco

Hannah Ross Bernstein Litowitz Berger & Grossmann New York

Christina Guerola Sarchio Dechert Washington DC

Diane P Sullivan Weil Gotshal & Manges Princeton

Kathleen M Sullivan Quinn Emanuel Urquhart & Sullivan New York

Sylvia H Walbolt Carlton Fields Tampa

Beth A Wilkinson Wilkinson Walsh + Eskovitz Washington DC

WOMEN IN BUSINESS LAW EXPERTGUIDES 113 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

PATENTS

Features for: Dr Malathi Lakshmikumaran and Dr Deepti Malhotra of Lakshmikumaran & Sridharan 115 Laura Collada of Dumont 118

114 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP PATENTS

PATENTS Understanding biological resources for access and benefit sharing (ABS) and Intellectual Property Rights (IPR)

Dr Malathi Lakshmikumaran (left) and Dr Deepti Malhotra (right) Lakshmikumaran & Sridharan New Delhi

Patent applications based on biological resources occurring in India are required to cross certain additional thresholds in comparison to patent applications not based on Indian biological resources, in order to proceed to grant. The Indian Patent Office (IPO), under Section 10 of the Patents Act, 1970 (PA, hereinafter), mandates complete disclo- sure of source and geographical origin of biological material disclosed in the application for Patent, and the application filed in Form 1 of the PA requires a declaration and information from the applicant under the PA regarding any biological material obtained from India. India is a party to the convention on Biodiversity (CBD) that pro- vides provisions on access, conservation and fair and equitable shar- netic material and by-products (excluding value added products) with ing of benefits of biological resource of a country. actual or potential use or value but does not include human genetic ma- The convention on Biodiversity (CBD) was enacted in 1992, with terial. three major objectives1: Prima facie, the definition seems comprehensive, where there are • the conservation of biological diversity. explicit exclusions for (a) value added products and (b) human ge- • the sustainable use of its components netic material. However, the application of the definition for various • the fair and equitable sharing of the benefits arising out of the uti- purposes including under the PA and ABS under the BDA is very dif- lization of genetic resources, including by appropriate access to ge- ficult, owing to the lack of clarity provided by the Legislature for the netic resources and by appropriate transfer of relevant recited terms in the provision. technologies, taking into account all rights over those resources A semblance of a definition to an otherwise unclear definition of and to technologies, and by appropriate funding. ‘biological resource’ has been given by the Hon’ble National Green The Parliament of India enacted the Biodiversity Act in 2002 Tribunal (NGT, hereinafter) in BMC v. Western coalfields and others3 (BDA, hereinafter) with the CBD’s objectives in its preamble. How- for the terms including, value added products, by products, while es- ever, the provisions under the BDA apply differentially to specific per- tablishing the boundaries for defining a ‘biological resource’. sons and there are varied restrictions and exemptions that exist based According to the NGT, the CBD and BDA, only talk about ‘living on the identity of the said persons (e.g., Indian or foreign; local or resources.’ Under the CBD and its Nagoya protocol4, a genetic re- commercial enterprise) accessing and using the biological resource source is genetic material which is of some actual or potential value. and, the activity being performed (e.g., research for IPR generation or Genetic material means any material of plant, animal, microbial or collaborative non-commercial research under other origin containing functional units of Section 5 of BDA2). heredity, i.e., genetic material/DNA of the bi- Section 6 of the BDA mandates filing of ological resource. Said unit has some at- Form III before the NBA under its Rule 18, PATENT APPLICATIONS tributes of life and they are renewable, without which no Patent can be granted from sustainable and have the capacity to repro- the IPO. However, there is a lacuna of under- BASED ON BIOLOGICAL duce. A settled rule of interpretation is that a standing and interpretation on the meaning RESOURCES statute is an edict of the Legislature and the of “biological resources” and as it applies to conventional way of interpreting or constru- patent applications and ABS associated with OCCURRING IN INDIA ing a statute is to seek the ‘intention’ of the the biological resources and exemptions ARE REQUIRED TO maker5. A clear reading of the Long title and thereto. the preamble of the BDA leads us to the con- The term Biological resources is defined CROSS ADDITIONAL clusion that the Act is made for the conserva- under Section 2(c) of the BDA as: THRESHOLDS tion of biological resources. Further, the NGT “Biological resources” means plants, animals has also stressed upon the fact that biological and micro-organisms or parts thereof, their ge- resources (as used in the BDA) are synony-

WOMEN IN BUSINESS LAW EXPERTGUIDES 115 PATENTS THOUGHT LEADERSHIP

PATENTS mous with genetic resources (as used in the CBD). So, for the above- ther. Further, value added products are excluded from the defini- mentioned reasons, Coal in the said case was not considered by the tion of biological resources for the purposes of trading, as they NGT as a biological resource as it is “lifeless”. fetch a higher value in terms of trade than the biological resource For the terms, “parts thereof, genetic material, by products”, the itself. An extract, being a preliminary product, cannot be usually NGT derived that parts of plants and animals are those, which when traded in the market. So, from no angle can it be a value added joined with the rest, forms the whole, i.e., that part of the biological product. resource which has the same genetic makeup as the resource. • A by product, as defined by the same case, indicates that it is not For the terms, by products and value-added products as it appears part of the biological resource, but is an ancillary product of in the BDA and the difference between them, the NGT first quoted enough importance which would lead to the depletion of the bio the following definitions- resource it comes from. An extract is not an ancillary product of “The term by-product as defined in the Oxford Dictionary refers to the bio resource, but something that is derived from the bio re- an incidental or secondary product made in the manufacture or synthesis source itself. Thus, an extract is not a by product either. of something else. Similarly, the term as defined in the Law Lexicon (3rd From the above paragraphs, it can be concluded that a eucalyptus Edition, 2012) refers to a secondary or additional product. The word extract is neither a biological resource, nor a by product. It can be a byproduct is a common English word and is defined in Murray’s English part or a component of the value added product, but it in itself is not Dictionary as a secondary product, a substance of more or less value ob- one. However, since there is no determinative ruling in this regard, lit- tained in the course of a specific process though not its primary object.” igation cannot be ruled out. Hence, there is a great need for the Judi- The NGT gave the reasoning that the Legislature intended to give ciary and Legislature to define the and interpret the term “value added protection to those by products which are or have the potential to be product”. Further, no provisions exist for bio-wastes or synthetic bio- exploited so much so that the said exploitation can threaten the very logical resources. conservation of the biological resource it is derived from. A recent, landmark judgement in this regard is Divya Pharmacy v. Value added products are defined under Section 2(p) of the BDA Union of India, where Uttarakhand High Court dismissed Divya Phar- as “products which may contain portions or extracts of plants and an- macy’s challenge to fair and equitable benefit sharing (FEBS) from Ut- imal in an unrecognizable and physically inseparable form.” tarakhand SBB and asked Divya Pharmacy to share 0.1-0.5% of its The FAQ portal of the NBA gives the reason for removing value annual sale since 2014 despite being an Indian entity6. While the de- added products from the purview of “biological resources” as “to allay fendant ayurvedic pharmacy company argued that being an Indian the fears of Indian industry so that export of value-added products is not company, it was exempt from the provisions under FEBS, as under hampered”. Section 2(g)7 and Section 38 of the BDA, only a foreign entity requires Therefore, as per the NGT, the main difference between a by-prod- permission from the National Biodiversity Authority (NBA) before uct and a value added product is that while, a by-product is an ancil- they undertake any activity using India’s biological resources. How- lary product that comes from the biological resource in question, it ever, the HC, taking a broad and purposive interpretation relying on does not have the “functional units of heredity”, but is just as useful. the Nagoya Protocol (does not distinguish foreign and national enti- Whereas, a value added product on the other hand, is a product that ties for benefit sharing) for FEBS definition, ordered that both foreign contains extracts or portions of plants and animals in an unrecogniz- and Indian entities are obligated to share benefits with the local and able and physically inseparable form, i.e., a product which is more indigenous communities in a welfare state such as India, when access- valuable monetarily than the biological resource itself but has por- ing and commercially exploiting its biological resources. tions or extracts of it. So, while a cow is a biological resource, milk Another exemption exists under the International Treaty on Plant and cow dung are by-products, beef jerky is a value added product Genetic Resources for Food and Agriculture (ITPGRFA) or com- and hence, exempt from PA and ABS under BDA. Thus, value added monly known as the International Seed treaty, which basically puts 64 product contains portions or extracts of biological resources only, not major food crops and forages into a common pool that could be of by-products. shared across borders after the signing of a material transfer agree- Another important question that remains pertains to whether ‘ex- ment that contains few restrictions on how the biological material can tracts’ of biological resources are by products, or value-added prod- be used. The ITPGRFA has implemented a multilateral system of ABS ucts? An extract is defined in the oxford dictionary as “a preparation among the countries that ratify the said treaty for sharing the benefits containing the active ingredient of a substance in concentrated form”. arising from the use of major food and forage crops and their genetic There are a lot of extracts which form the preliminary material for resources for food security and interdependence and the realization of products that are used in daily routine as well as form part of compo- farmer rights. sitions for products under an application for a Patent, for example, Section 6 of the BDA also provides an exception to ABS for an arm face washes, shampoos, oils, etc. of the IPR, i.e., the Protection of Plant Varieties and Farmers’ Rights For the sake of clarification, for example, we take an extract from Act, 2001, where the sub-section (3) of the said Section 6 states that the eucalyptus tree, will it be a biological resource, a by-product, or a “The provisions of this section shall not apply to any person making value added product? an application for any right under any law relating to protection of • To be a biological resource, the resource in question should fulfill plant varieties enacted by Parliament.” the test discussed above by the NGT, i.e., the resource must have a An additional exemption in the form of Normally traded com- DNA/functional unit of heredity. modities (NTC’s) is defined under Section 40 of the BDA gives the • To be a value added product, the product as a whole must consist Central Government powers to exempt certain items from the provi- of an extract of the biological resource, of which the extract just sions of the Act, called the Normally traded Commodities (NTC’s). A forms an unrecognizable and physically inseparable part. The list of 426 species/ biological resources/ items are covered under the phrase “unrecognizable and physically inseparable” must be given a said NTC notification, which are exempted from regulating by the literal meaning. So, an extract cannot be a value added product ei- BDA for commercial utilization.

116 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP PATENTS

PATENTS

Thus, for the purposes of the BDA and as it influences the mand poses a threat to the conservation of the bio resource itself. patentability requirement under the PA, a ‘biological resource’ under Complete exclusion- Section 2(c) of BDA, as propounded by the NGT, is- • Value added products- products containing parts or extract of bio • Plants, animals, microbes- having genetic material- DNA and resources but not in a form which is recognizable or physically in- showing attributes of life like sustainability, renewability and the separable. capacity of reproduction • Human genetic material. • Parts thereof- parts of the bio resources which have the same ge- Partial exemption- netic makeup as that of the bio resource • NTC’s- commodities usually traded- under section 40 of the Act, • Their genetic material- DNA ONLY for trade purposes • Their by-products- ancillary products of bio resources whose de- • ITPGRFA crops.

1 Article 1, the Convention on Biodiversity, 1992 2 http://nbaindia.org/uploaded/Biodiversityindia/Legal/31.%20Biological%20Diversity%20%20Act,%202002.pdf 3 Original Application No. 28/2013 (CZ) 4 https://www.cbd.int/abs/doc/protocol/nagoya-protocol-en.pdf 5 D.M. Aravali Golf Club v. Chander Hass 2007 (14) SCALE 1, Appeal (civil) 5732 of 2007 6 Divya Pharmacy vs Union of India And Others on 21 December 2018, Writ Petition (M/S) No. 3437 of 2016, 2018 SCC OnLine Utt 1035 7 “fair and equitable benefit sharing” means sharing of benefits as determined by the National Biodiversity Authority under section 21. 8 Section 3: The following persons/entities seeking access and/or obtainment of biological resources occurring in India, for commercial utilization, research or bio-survey and bio-utiliza- tion shall have to seek prior approval from the National biodiversity Authority before such access and/or obtainment: Non-Indian Individual; Any company, society, trust, organisation, association, institution etc., registered or incorporated outside India; A Non-Resident Indian; Any company, society, trust, organisation, association, institution etc., registered or incor- porated in India, having non-Indian participation in its share capital and/or management.

WOMEN IN BUSINESS LAW EXPERTGUIDES 117 PATENTS THOUGHT LEADERSHIP

PATENTS Cultural misappropriation; where Mexico stands

Laura Collada Dumont Mexico City

Mexico is in fashion. It is not only the food, the pre-Columbian sites, the Colonial towns, the beach resorts, the music, it goes further. The last couple of years, luxury designers have used drawings, symbols and cultural expressions of Mexican indigenous peoples in their designs, which has caused outrage amongst Mexican authorities and organiza- tions trying to protect cultural expressions. A simple definition of cultural misappropriation is “the unac- knowledged or inappropriate adoption of the customs, practices, ideas, etc. of one people or society by members of another and typi- cally more dominant people or society”1 There have been, world- wide, trends to wear dreadlocks, branding products with names of places which are culturally important, naming teams and luxury items inspired in these and cultural iconography, etc. The issue about acknowledging and recognizing the cultural aspects and ex- pressions of certain groups of the population is something relatively new legally speaking and worldwide legislations are trying to catch up with the need of our modern society to protect them. The cur- rent international system for protecting intellectual property was fashioned during the age of industrialization in the West and devel- panies. Its living nature also means that “traditional” knowledge is not oped subsequently in line with the perceived needs of technologi- easy to define.4 cally advanced societies. However, in recent years, indigenous Unfortunately, this has not yet happened. There is still the need to peoples, local communities, and governments, mainly in developing make laws regarding the use of traditional knowledge by others. The countries, have demanded equivalent protection for traditional goal would be that these groups could control and benefit collectively knowledge systems.2 from their commercial exploitation. In 2000, WIPO members established an Intergovernmental Com- WIPO recommends two different types of intellectual property mittee on Intellectual Property and Genetic Resources, Traditional protection; defensive protection (to avoid misappropriation) and pos- Knowledge and Folklore (IGC), and in 2009 they agreed to develop an itive protection (granting rights to promote, control and benefit international legal instrument (or instruments) that would provide from). In this context we are talking about traditional knowledge ad- effective protection for traditional knowledge, dressing traditional cultural expressions and genetic resources and traditional cultural ex- folklore. pressions (folklore). Such an instrument Cultural expressions are a part of the cul- could range from a recommendation to CULTURAL EXPRESSIONS ture and the social (and sometimes ethnic) WIPO members to a formal treaty that would ARE A PART OF THE identities of indigenous communities. They be binding to countries choosing to ratify it.3 transmit values, beliefs, cosmology, oral tradi- Traditional knowledge is a living body of CULTURE AND THE tion, etc. Protecting these cultural expressions knowledge that is developed, sustained and SOCIAL (AND may contribute to growth and development, passed on from generation to generation support cultural diversity and preserve cul- within a community, often forming part of its SOMETIMES ETHNIC) tural heritage. It is important to highlight that cultural or spiritual identity. As such, it is not IDENTITIES OF sometimes the traditional intellectual prop- easily protected by the current intellectual erty figures cut short on protecting these property system, which typically grants pro- INDIGENOUS rights. tection for a limited period to inventions and COMMUNITIES As mentioned before, in recent years Mexi- original works by named individuals or com- can cultural expressions, namely designs,

118 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP PATENTS

PATENTS symbols and drawings have allegedly been misappropriated by luxury not a complete inventory, neither at a state nor at a federal level, that designers. comprises all cultural expressions that should be protected. This Isabel Marant, French designer, who is known for her bohemian means we lack a legal framework that faces the needs and characteris- aesthetics, was accused by the Mexican Mixe indigenous community tics of this cultural diversity, which if in place would enable the effec- (Oaxaca, Mexico) of plagiarism by copying Mixe traditional embroi- tive protection of these cultural rights and establish all necessary dery. Media and social media went crazy. Marant responded she was measures to protect, preserve, promote, develop and benefit from only inspired by such culture and that she did not claim any exclusive such cultural wealth. rights on such design. The Mixe community never took legal action Our Federal Copyright Law establishes that the government, against Marant’s response that she was simply inspired by Oaxacan through the Copyright Office (National Institute of Copyright), pro- culture and did not claim exclusive rights over the design.5 tects all literary and artistic works, arts and handicrafts, as well as all Recently, Mexico’s Minister of Culture, Alejandra Frausto, wrote a primal cultural expressions in indigenous languages, as well as their letter to American fashion brand Carolina Herrera, claiming that in its ways, uses and traditions of all the pluricultural diversity that exists in Resort 2020 collection the brand used without authorization tech- our country, which do not have an identifiable author. These expres- niques and patterns specific to the Tenango de Doria community in sions are protected against distortion (integrity of the work) with the the State of Hidalgo, where “each piece of embroidery tells the story of purpose of avoiding demeriting of reputation and image of commu- the community and each element has a personal, family or community nities or indigenous peoples. However, the use of such expressions are meaning”. FREE of charge, if these regulations are not contravened. The only Frausto is in charge of the Ministry of Culture, a government obligation of the user is to mention to which indigenous community agency that promotes and protects the country’s arts. According to or culture they belong. Carolina Herrera, its Resort 2020 collection “takes on the playful and As you may imagine, this a free pass to commercially exploit all colorful mood of a Latin holiday” and “is about visceral reactions of de- that cultural wealth. light-eclectic patterns, unexpected silhouettes, pulsating energy,” Car- This situation is extremely sad. Today all those issues about misap- olina Herrera, designer and founder of the brand, and Wes Gordon, propriation of Mexican cultural, both legally and on social media, are its current creative director. In a statement, Gordon acknowledged the only based on morality and good faith. The Mexican government has inspiration of the collection in Mexican culture, but denied any type the legal standing to lodge actions against all violations against cul- of cultural appropriation or possible legal offenses by the fashion tural expressions however, it lacks a plan, a budget and also human re- house. Once again, the answer was, it is only inspiration… sources knowledgeable on IP matters to do so. Nearly a month later, on July 5, 2019, Frausto sent a second letter, Unfortunately, we will very likely be hearing once again in future this time to French luxury house Louis Vuitton over its allegedly cases that there are no infringements but, instead, they are cultural unauthorized use of Mexican indigenous patterns in one of the mod- appreciations or inspirations. els of Dolls by Raw Edges, a collection of furniture and objects Our government knows that an efficient legal framework would launched in April. Although Louis Vuitton didn’t respond to the accu- help empower indigenous communities through growth, develop- sation, the chair in question was removed from the collection’s web- ment and above all, recognition. Recognition of our cultural diversity, site, where the company explains that Dolls by Raw Edge designers our plural country, about beauty and cosmology and it should seek “took their inspiration from traditional crafts from all over the globe and for special legislation towards the effective protection of traditional the House’s rich travel heritage”. cultural expressions. So, yes! It is great that Mexico is fashionable, but how do we pro- In the meantime, we will continue to read about these cases of cul- tect and enforce the rights of all these local communities? tural misappropriation and social media going wild and we are doing Mexico is a plural and diverse country with a population of 134 nothing because, legally speaking, nothing can be done. Moreover, we million, out of which 20 percent recognize themselves as indigenous, should think that it is not only a problem in Mexico, but that many eight million speaking indigenous languages or dialects and 1 percent other countries are facing similar issues with no effective legal tools to are not Spanish speaking. defend themselves. Social media seems to be the guardian and busi- The country is a contracting party of the major universal and nesses should have similar processes to their intellectual property American conventions regarding mankind and worlds heritage, how- clearance procedures as to avoid legal actions. ever there is no federal legislation that homologues the protection and It is a time in which the consumers are looking for the original, the defense of cultural expressions, traditional knowledge, etc., but rather traditional, as a way of showing appreciation to a certain heritage or varies from state to state. States like Oaxaca are much more active on to show that they belong to certain culture. this topic due to the cultural diversity found in that state. Also, there is Meanwhile… Mexico is still in fashion…

1 Oxford Dictionary 2 WIPO, https://www.wipo.int/pressroom/en/briefs/tk_ip.html 3 Idem 4 Idem 5 https://www.trademarkandcopyrightlawblog.com/2019/02/cultural-and-intellectual-property-appropriation-disputes-over-culturally-inspired-fashions/

WOMEN IN BUSINESS LAW EXPERTGUIDES 119 PATENTS ATTORNEY BIOGRAPHIES

I N D I A I N D I A

Malathi Lakshmikumaran Archana Shanker Lakshmikumaran & Sridharan Anand and Anand B-6/10, Safdarjung Enclave First Channel Building New Delhi 110029 Plot No. 17 A, Sector 16 A India Film City, Noida 201301 (UP) Tel: (91) 11 46063300-333 India Email: [email protected] Tel: (91) 120 4059300 Website: www.lakshmisri.com Email: [email protected] Website: www.anandandanand.com

Dr Malathi Lakshmikumaran has more than 30 years of experience in Current position: Senior Partner & Head of Department - Patents and the field of biochemistry and Molecular Biology with an expertise in Designs plant genomics, DNA fingerprinting and genetic transformation. She has successfully supervised several Ph.D. students in the area of Plant Practice area/industry focus: Intellectual Property, Patents and Molecular Biology. She has more than 100 publications to her credit in Designs various International and Indian journals. Career highlights: Archana Shanker, Senior Partner at Anand and Prior to joining the firm, she served as the Head, Centre for Bioresource Anand, heads the firm’s Patents and Design practice. She has over 28 & Biotechnology Division in The Energy and Resource Institute (TERI) years of experience in Patents Prosecution and Litigation, strategy and for a period of 17 years. At present, she serves as an Executive Director designs across all technical domains. She has been ranked as one of the and heads the IP division of the firm. She is a registered patent agent and Most Powerful Woman in Law by World IP Forum, one of the Top has been actively engaged in preparing, filing and prosecuting of patent Woman IP Practitioners by Managing Intellectual Property, Experts applications, both in India and abroad. She mainly works on Guide-Woman in Business Law; and has several commendations to her pharmaceutical, chemical and biotechnological patent applications. She name and her expertise. Her core domain is strategizing patentrelated advises clients on plant variety protection and registration. She is actively matters. She has been a lead counsel in noteworthy judgements involved in the area of Biodiversity and Traditional knowledge. involving Monsanto’s Supreme Court judgement, matters involving PREVNAR, Pioneer overseas, Novo Nordisk, Roche, Merck, Sterlite Dr Malathi also undertakes extensive work for Start-ups and and many more. Incubates, especially with incubates in C-CAMP and IIT Delhi, advising them on Patents and Freedom to operate opinions. Archana Shanker is an active member of various international bodies, such as the Asian Patent Attorneys Association (APAA), Association Qualifications: Internationale pour la Protection de la Propriété Intellectuelle (AIPPI), • PhD in Biochemistry the Federation Internationale des Conseils en Propriete Industrielle • Fellow of the National Academy of Sciences ( FNASc) (FICPI). She has been elected as President of FICPI, India, (the first • Registered as a Patent Agent in India Woman President of FICPI) and Vice President North India - LES. Archana regularly advises the government in Intellectual Property Awards: matters. • Recognized as Top Women Entrepreneur • Recipient of National Science talent scholarship Archana is a regular speaker/panelist at national and international • Recipient of the prestigious Fogarty Visiting Research Associate forums including LES, GIPC and many other prestigious forums; and ship from National Institute of Health, Bethesda, USA is a contributor to India chapter of leading publications such as • Recipient of the National Young Women Scientist Award by Halsbury’s Laws of India, Getting the Deal Through; Patents and Department of Biotechnology in March 2000 Lifesciences, Law Business Research-Life sciences Law Review, BNA’S- • Ranked in Chambers-Asia Pacific 2019 Finnegan- Global Patent Litigation Guide and more. • Listed as Patent Leaders in WIPR 2018 for Patents • Recognized as Individual Expert in Patent Prosecution in IAM She also features on the editorial panel of LSIPR and her articles are PATENT 1000 2018 regularly published in various leading journals such as Managing Intellectual Property, World Intellectual Property Review, Asia IP Membership: Magazine, IAM Magazine and others. She is also the editor in chief for • Member of AIPPI (Pharma Committee) our in-house compilation ‘Patents Rewind’. • Member of FICPI Her recent awards and recognitions include being named as the Managing Intellectual Property IP Stars Top 250 Women IP List of Lectures Delivered in 2018-19: professional for 2019, 2018 and 2017 and she is also recognised by the 2018 World Intellectual Property Forum, Expert Guides and Legal Era, • Spoke at GIPC 2018: Can IPRs foster innovation in the field of amongst others. Biotechnology 2019 • Talk on IP Challenges and opportunities for Women • Spoke at BIRAC on filing of patent application in India & abroad and FTO analysis for Strategic R&D and Commercialization

attorneys

120 EXPERTGUIDES WOMEN IN BUSINESS LAW FIRM PROFILE PATENTS

PATENTS

Anand and Anand is a full-service IP law firm, providing end-to-end legal solutions covering all cross-sections of Intellectual Property and allied areas. The firm is professionally managed by a Partnership board comprising 26 Partners and 4 Directors, supported by a management team com- prising a CEO, CFO and CIO. The firm currently employs over 300 people, including over 100 qualified attorneys / engineers. The firm has offices based in New Delhi, Noida, Chennai and Mumbai.

The firm’s clients consist of several large multinational and Indian companies representing a broad spectrum of industries, including healthcare, electronics, consumer goods, industrial goods, automobiles, wind energy, technology, financial institutions, hospitality and entertainment. The firm has an extensive intellectual infrastructure in all aspects related to trademark registrations, copyright registrations and IP monetisation, as well as in-licensing and franchising. The firm also has an in-house anti-counterfeiting and anti-piracy team, dedicated to providing clients with proactive and robust legal protection for safeguarding their brand identities in the commercial space.

Anand and Anand is a leading firm in the IP field. Its expertise is widely acknowledged in addressing complex IP challenges of all types. It services a diverse portfolio of clients in conventional IP areas such as trademarks, patents, designs, trade secrets and confidential information, as well as in expanding areas of intellectual property such as domain names, media and entertainment law, information technology and ecommerce, technol- ogy transfer and internet and privacy laws. Anand and Anand specialises in copyright in media and entertainment law, and represents authors, mu- sicians, software programmers, artists, designers and many others from the fraternity of copyright owners, as well as collecting societies.

The firm has multi-disciplinary practice and provides competent and personalised advice on all aspects of core conventional intellectual property laws as well nonconventional IP mandates.

We regularly deal with protection of IP and prosecution of contentious IP matters in different forums including the Courts at all levels, the Patent Offices, the Trademark Offices, the Design Office and the Intellectual Property Appellate Board, and the WIPO and National Internet Exchange of India.

We balance commercial realities with legal pragmatism and draw on our well-honed expertise and instinct in the field, coupled with a profound understanding of intellectual property management in India. The firm has a keen interest in innovation and offers creative solutions that tackle the root and not merely the symptoms of a problem.

Culturally the firm thrives on challenges, creative thinking and constant improvement of its legal knowledge and skills. The spirited character of the firm is the keystone of its growth and expansion into new areas of IP which have been embraced with ease and zest. The firm remains commit- ted to setting standards of excellence in the field and of impeccable services to clients.

We are proud to assert that we represent over forty brands out the top hundred biggest brands in the world.

Categories of work

• Patents • Plant Variety • Fashion and Luxury law • Litigation and Dispute Resolution • Biodiversity • Media and Entertainment law • Trademarks • Contractual and Commercial IP • Licensing and Franchising • Designs • Copyrights • Advertising law • Art and Antiquities • Domain name disputes • Anti-Counterfeiting • Competition / Antitrust • IT & E-commerce advisory • Criminal law • Compliance / Regulatory • Sports law • Customs and Border Enforcement

WOMEN IN BUSINESS LAW EXPERTGUIDES 121 PATENTS ATTORNEY BIOGRAPHIES

M E X I C O

Laura Collada Dumont Avenida Insurgentes Sur 1898 Pent Office 21 Floor Colonia Florida C.P. 01030, Del. Álvaro Mexico City Mexico Tel: (52) 55 5322 6230 Email: [email protected] Website: www.dumont.com.mx

Laura Collada has more than 30 years of experience in the IP field and Managing Partner of the firm since 2008. Laura’s practice covers the complete lifecycle of IP rights. However, since the recent dramatic changes to the Mexican legal framework, she has been increasingly dedicated to the promotion of the MADRID system among clients, as well as the new opposition system that entered into force.

She also continues to design strategies for clients as well as litigating. Laura is the only woman in Mexico who is the Managing Partner of an IP law firm and a three times recipient of the Best IP Lawyer in Latin America Award of Euromoney’s Americas Women in Business Law. She has taught copyright and IP law at different universities in Mexico City, and the Mexican Republic. She has written about IP for national newspapers and international IP magazines.

Laura is a Council Member of MARQUES and project leader in the International Trademark Team. She is Co-Chair of the Standing Committee on Geographical Indications in AIPPI, she is a member of the Geographical Indications Committee of INTA, and a member of national and international professional associations, including AIPF, ASIPI (Co-Chair of the Geographical Indications Committee and National Delegate), AIPLA (member of the Board), ECTA and PTMG.

Practice areas: IP transactions Patent Patent litigation Patent strategy & counseling Trade mark Trade mark litigation Trade mark strategy & counseling

Industry sectors: Chemistry Electronics Fashion & luxury goods Pharmaceutical

122 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS PATENTS

ARGENTINA CANADA COLOMBIA Alicia Alvarez Berkenwald Yoon Kang Margarita Castellanos Berken IP Smart & Biggar/Fetherstonhaugh Castellanos & Co Buenos Aires Toronto Bogotá

Daphne Lainson Ana María Castro Smart & Biggar/Fetherstonhaugh Lloreda Camacho & Co AUSTRALIA Ottawa Bogotá Sue Gilchrist Herbert Smith Freehills Maya Medeiros Sydney Norton Rose Fulbright Toronto/Vancouver DOMINICAN Odette Gourley REPUBLIC Corrs Chambers Westgarth Kamleh J Nicola María del Pilar Troncoso Sydney Baker McKenzie Toronto Troncoso Leroux Linda Govenlock Santo Domingo Allens Christine Pallotta Sydney Borden Ladner Gervais Toronto FRANCE Katrina Howard SC Ninth Floor Selborne Chambers Nancy Pei Sabine Agé Sydney Smart & Biggar/Fetherstonhaugh Hoyng Rokh Monegier Véron Toronto Paris Kim O’Connell King & Wood Mallesons Kavita Ramamoorthy Laëtitia Bénard Sydney Fineberg.Ramamoorthy Allen & Overy Toronto Paris Lisa Taliadoros Jones Day Judith Robinson Marina Cousté Sydney Norton Rose Fulbright Simmons & Simmons Montréal Paris

Melanie Szweras Raphaëlle Dequiré-Portier BELGIUM Bereskin & Parr Gide Loyrette Nouel Mireille Buydens Toronto Paris Janson Baugniet Allyson Whyte Nowak Anne-Charlotte Le Bihan Brussels Norton Rose Fulbright Bird & Bird AARPI Florence Verhoestraete Toronto Paris NautaDutilh Catherine Mateu Brussels CHILE Armengaud & Guerlain Liesbeth Weynants Paris Hoyng Rokh Monegier Ariela Agosin Marianne Schaffner Brussels Albagli Zaliasnik Santiago Reed Smith Paris BRAZIL CHINA Leonor Magalhães Galvão GERMANY Magellan IP Michelle Ma Eva Geschke Rio de Janeiro Liu, Shen & Associates Beijing Wildanger Düsseldorf Christine Yiu CANADA Bird & Bird Christine Kanz Hoyng Rokh Monegier Dominique T Hussey Shanghai Düsseldorf Bennett Jones Toronto

WOMEN IN BUSINESS LAW EXPERTGUIDES 123 PATENTS EXPERT LISTINGS

GERMANY IRELAND NEW ZEALAND Claudia Milbradt Laura Scott Teresa Griffiths Clifford Chance William Fry AJ Park Düsseldorf Dublin Wellington

Cordula Schumacher Arnold Ruess Düsseldorf ITALY NORWAY Micaela N Modiano Ida Gjessing Modiano & Partners GjessingReimers H O N G K O N G Milan Oslo SAR Ingvild Hanssen-Bauer Kvale Vivien Chan JAPAN Oslo Vivien Chan & Co Mami Hino Hong Kong Abe Ikubo & Katayama Kristine Rekdal Bryn Aarflot Ella Cheong Tokyo Oslo Ella Cheong & Alan Chiu, & Notaries Anne Marie Sejersted Hong Kong LITHUANIA Kvale Oslo Helen H Jiang Vilija Viešunaite China Patent Agent (H.K.) Ltd TRINITI Camilla Vislie Hong Kong Vilnius Thommessen Oslo Gabriela Kennedy Reda Zaboliene Mayer Brown METIDA Hong Kong Vilnius POLAND Alison Wong Katarzyna Karcz Bird & Bird MALAYSIA Karcz Zakrocka Patent & Tade Mark Hong Kong Linda Wang Attorneys ZICOlaw Warsaw INDIA Kuala Lumpur Dorota Rz ewska JWP Patent & Trademark Attorneys Rajeshwari Hariharan Warsaw Rajeshwari & Associates MEXICO Gurgaon Krystyna Szczepanowska-Kozlowska Laura Collada See bio Allen & Overy A Pedzich sp.k Malathi Lakshmikumaran See bio Dumont Warsaw Lakshmikumaran & Sridharan attorneys Mexico City New Delhi Heidi Lindner Archana Shanker See bio Arochi & Lindner PORTUGAL Anand and Anand Mexico City Ana Teresa Pulido Noida PLMJ Bitika Sharma Lisbon Singh & Singh NETHERLANDS New Delhi Marleen H J van der Horst BarentsKrans ROMANIA The Hague Margareta Oproiu IRELAND Cabinet M Oproiu Aoife Murphy Bucharest Whitney Moore Dublin

124 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS PATENTS

RUSSIA SWITZERLAND UNITED Natalia Gulyaeva Natalia Clerc KINGDOM Hogan Lovells Isler & Pedrazzini Liz Cohen Moscow Zürich Bristows London SINGAPORE TAIWAN Katie Coltart Kirkland & Ellis Ella Cheong Joyce I Ho London Ella Cheong LLC SG Tsar & Tsai Singapore Taipei Kristina Cornish Kilburn & Strode Murgiana Haq Jennifer Lin London hslegal Tsar & Tsai Singapore Taipei Nicola Dagg Kirkland & Ellis Sheena Jacob London JurisAsia THAILAND Singapore Penny Gilbert Say Sujintaya Powell Gilbert Patsy Koh Baker McKenzie London Infinitus Law Corporation Bangkok Singapore Bethan Hopewell Powell Gilbert Michelle Ng London Donaldson & Burkinshaw TURKEY Singapore Özge Atilgan Karakulak Jennifer Jones Bird & Bird Regina Quek Gün + Partners London One Legal Istanbul Singapore Selin Sinem Erciyas Morag MacDonald Bird & Bird Winnie Tham Gün + Partners London Amica Law Istanbul Singapore Charlotte May QC 8 New Square Audrey Yap UNITED ARAB London Yusarn Audrey Singapore EMIRATES Jane Mutimear Sara Holder Bird & Bird Rouse London SOUTH KOREA Dubai Marjan Noor Catherine Eunkyeong Lee Allen & Overy Bae Kim & Lee London Seoul UNITED KINGDOM Morag Peberdy Covington & Burling Sara Ashby London SPAIN Wiggin Patricia Koch London Sophie Rich BALDER Herbert Smith Freehills Madrid Alexandra Brodie London Gowling WLG London Katharine Stephens Bird & Bird SWEDEN Zoë Butler London Inga-Lill Andersson Powell Gilbert Clare Tunstall AWA Sweden London Pinsent Masons Stockholm London

WOMEN IN BUSINESS LAW EXPERTGUIDES 125 PATENTS EXPERT LISTINGS

UNITED STATES UNITED STATES UNITED STATES Meredith Martin Addy Elizabeth J Holland Anita Varma Tabet DiVito & Rothstein Goodwin White & Case Chicago New York Boston/London

Dorothy R Auth Heidi Keefe Cadwalader Wickersham & Taft Cooley New York Palo Alto

Leora Ben-Ami Teresa A Lavoie Kirkland & Ellis Fish & Richardson New York Minneapolis

Kristina Bieker Esther H Lim McDermott Will & Emery Finnegan Henderson Farabow Garrett & Boston Dunner Washington DC Margaret (Meg) A Boulware Boulware & Valoir Jane M Love Houston Gibson Dunn & Crutcher New York Mary W Bourke Womble Bond Dickinson Mary-Olga Lovett Wilmington Greenberg Traurig Houston Juanita Brooks Fish & Richardson Mika Reiner Mayer San Diego Cooley Palo Alto Sarah Chapin Columbia McDermott Will & Emery Leslie A McDonell Boston Finnegan Henderson Farabow Garrett & Dunner Denise De Mory Boston Bunsow De Mory Redwood City Tina Williams McKeon Kilpatrick Townsend & Stockton Erin M Dunston Atlanta Buchanan Ingersoll & Rooney Alexandria Charlene M Morrow Fenwick & West Daralyn J Durie Mountain View Durie Tangri San Francisco Lisa B Pensabene O’Melveny & Myers Dianne B Elderkin New York Akin Gump Strauss Hauer & Feld Philadelphia Lynn E Rzonca Ballard Spahr Lisa M Ferri Philadelphia Mayer Brown New York Jennifer Sklenar Arnold & Porter Barbara A Fiacco Los Angeles Foley Hoag Boston Susan M Spaeth Kilpatrick Townsend & Stockton Christine A Goddard Menlo Park Fish & Richardson Boston

126 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

PRIVACY AND DATA PROTECTION

Features for: Kari Gimmingsrud of Advokatfirmaet Haavind 128 Francoise Gilbert of DataMinding, Inc. 130

WOMEN IN BUSINESS LAW EXPERTGUIDES 127 PRIVACY AND DATA PROTECTION THOUGHT LEADERSHIP

PRIVACY AND DATA PROTECTION Artificial intelligence and data privacy

Kari Gimmingsrud Advokatfirmaet Haavind Oslo

Almost all use of artificial intelligence (AI) requires the collection and use of large amounts of data, in many cases personal data, to learn and make intelligent decisions. In recent years there has been an increased focus on ethical dilemmas, privacy and regulations for AI. In this article, we look at AI and the regulation of automated decisions under GDPR.

AI, ethics and GDPR The development of AI is largely driven by economic and societal needs, and development is taking place in virtually all areas of busi- ness and society. Data systems and machines can carry out advanced tasks more quickly and at a lower cost. In some areas, AI will modestly challenge privacy principles, while in others it may be perceived as more wide-ranging and problematic, for example if police and judi- cial authorities use AI as a tool to make decisions, pass judgments, or predict criminal behavior. Or when the health care system uses AI to determine utility and eligibility for treatment. The potential for significant financial or societal benefit must be balanced against privacy principles. Among other things, challenges have been identified related to the requirements of legal, fair and open GDPR Article 5 no. 1 states that personal data should be processed in processing, purpose limitation and data minimization. If we do not a “legal, fair and transparent manner”. trust public authorities and private companies to process the informa- The requirement of transparency is in various ways reflected in tion in a fair and equitable way, it may lead to a reluctance to share in- different regulations, in particular with regard to access rights to per- formation and thus reduce the usefulness of AI. sonal information, GDPR Articles 12 to 15. When collecting personal A lot of work is already being done. The same year that the EU's data for automated decisions4, additional information requirements new General Data Protection Regulation1 (GDPR) came into force, are also triggered. The use of AI is often a form of automated process- the EU Commission presented an AI strategy2, and in 2019 laid out ing, and in some instances the system makes the decision indepen- ethical guidelines for trustworthy AI3. These guidelines highlight 7 dently without human influence. basic considerations that AI systems must take into account. Several of The controller is obliged to inform the data subject about the oc- these are closely linked to protection of per- currence of automated decisions, cf. Article 13 sonal data of natural persons. no. 2 (f), 14 no. 2 (g) and 15 no. 1 (h). The In this article, we look at AI and specific wording of the articles suggest that the addi- regulation of automated decisions as laid out tional requirements only apply to decisions under GDPR. One is the right to information based solely on automated processing, and not and an explanation (Articles 12 to 15) and the THE RIGHT TO HUMAN when there is human intervention. It is also a other is the right to not be subject to auto- INTERVENTION IS A condition that the processing “produces legal mated decisions (Article 22). effects concerning him or her or similarly sig- FUNDAMENTAL RIGHT nificantly affects him or her”, cf. the reference Transparency AND HIGHLY RELEVANT to Article 22 no. 1. Examples of situations are Data protection is largely about protecting the denial of unemployment benefits, not being natural person’s right to make decisions about TO AI selected for a job interview etc. The obligation their personal data, cf. GDPR Article 1 and to provide additional information also applies Recital Point 1 - 4. This requires transparency when the automated decision-making is based regarding the processing of personal data. on special categories of personal data.

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An expressed concern with advanced AI is that one does not always person has the right not to be subject to a decision based solely on au- know how the result is produced, often called “the black box problem”. tomated processing. If a natural person is involved in the process lead- We can distinguish between two main types of black box problems: ing to the decision or has an opportunity to review the decision 1) Access to algorithms and the logic of the system is deliberately lim- (change it), the provision does not apply. ited by commercial considerations, national security, etc. In WP251 it is stated that Article 22 no. Paragraph 1 shall be inter- 2) The system’s structure and the algorithm are complicated and dif- preted as a prohibition on automatic individual decisions: ficult to explain. This may be the case, for example, in so-called “The term” right “in the provision does not mean that Article 22 (1) ap- “neural networks”. Non-guided learning also allows systems to plies only when actively invoked by the data subject. Article 22 (1) estab- identify new patterns and relationships in data that may be diffi- lishes a general prohibition for decision-making based solely on cult to explain. automated processing. This prohibition applies whether or not the data To comply with GDPR, the controller shall provide relevant infor- subject takes an action regarding the processing of their personal data.” mation about the underlying logic as well as the significance and the Some legal scholars do not agree with WP251 interpretation. It is expected consequences of such processing. The term “logic” is not de- debated whether Article 22 no. 1 is a prohibition, or whether this right fined in GDPR. The Norwegian Data Protection Authority states that must be exercised by the individual in the same way as other rights the controller must provide information about, for example, decision under the GDPR, such as data portability, access, etc. trees used, how the information is emphasized and how the informa- However, Article 22 no. 1 does not apply unconditionally. Solely tion is linked. This can be challenging in advanced AI. The authority automated decisions are allowed when it: also expresses that it is not always necessary to provide a comprehen- a) is necessary to enter into or fulfil an agreement between the data sive explanation of the algorithm, or to present the algorithm itself5. subject and a controller; The Guidelines on Automated individual decision-making (WP251) b) is authorized under EU or national law of the Member State to from the Article 29 Working Party6, adopted by the European Data which the controller is subject, and where appropriate measures Protection Board, discuss the requirement to explain the “logic” as are also adopted to protect the rights, freedoms and legitimate in- follows: terests of the data subject; or “The controller should in simple ways to tell the data subject about the c) is based on the expressed consent of the data subject. rationale behind, or the criteria relied on in reaching the decision. The If the exceptions in (a) or (c) apply, the controller shall take appro- GDPR requires the controller to provide meaningful information about priate measures to protect the data subject's rights and freedoms and the logic involved, not necessarily a complex explanation of the algo- legitimate interests. This includes measures that give the registered rithms used or disclosure of the full algorithm. The information pro- right and access to human intervention by the controller, to express vided should, however, be sufficiently comprehensive for the data their views and to contest the decision. This means that the data sub- subject to understand the reasons for the decision.” ject must be able to demand that a natural person make the final deci- Examples of information are: sion, and the data subject must be able to submit a complaint about it, • the categories of data that have been or will be used in the decision- cf. Article 22 no. 3. WP251 states that “Any review must be carried out by making process; someone who has the appropriate authority and ability to change the deci- • why these categories are considered pertinent; sion. The reviewer should undertake a thorough assessment of all the relevant • how any profile used in the automated decision-making process is built, data, including any additional information provided by the data subject.” including any statistics used in the analysis; and Solely automated decisions involving specific categories of per- • how it is used for a decision concerning the data subject. sonal data are only allowed by consent or if there is a legal basis, cf. According to GDPR, there is probably no requirement that the al- Article 22 no. 4. gorithm itself be presented, cf. recital 63 where it is presumed that the The right to human intervention is a fundamental right and highly individual's rights should not adversely affect trade secrets or intellec- relevant to AI. The interpretation of Article 22 is likely to be brought tual property rights, especially the copyright by which the software is before member state courts and the CJEU7 in the future. protected. The right to be informed in Article 13, etc. is important, and will Summary probably become more important as AI is used in several areas of The GDPR has several provisions that may impact the development of business and society. There is currently not much guidelines on how AI, including the requirements for transparency and data protection the right to information shall be safeguarded. There is hardly a “one- by design and default. However, the implementation of these provi- size-fits all” solution. Suggestions are, for example, the establishment sions may face several challenges, both practical and legal. There are of ethical advice, “auditing techniques” built into the system to give a some factors that stand out as central to further development and third party the opportunity to monitor and revise, etc. clarification: • The need for methods and guidelines for ensuring transparency. Right to human intervention • The scope of the individual's rights or the prohibition under Arti- Another provision that is likely to become even more important as AI cle 22. develops is the GDPR Article 22. That provision states that a natural • Effective enforcement of the individual's rights under privacy laws.

1 Regulation 2016/679 5 Datatilsynet “Artifical intelligence and privacy” report, January 2018 2 https://ec.europa.eu/digital-single-market/en/artificial-intelligence 6 Guidelines on Automated individual decision-making and profiling for the purposes of 3 Ethics Guidelines for trustworthy AI, High-Level Expert Group on Artificial Intelli- Regulation 2016/679 (WP251) gence, 8 April 2019 7 Court of Justice of the European Union 4 Cf. GDPR Article 22 nr. 1 and 4

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PRIVACY AND DATA PROTECTION The global privacy law puzzle: A user’s guide

Francoise Gilbert DataMinding, Inc. Palo Alto

Companies need to collect information on their audience, prospects, clients, and workforce because it allows them to make better products, better manage their offering, and have more efficient operations. They need to mine this information to be competitive. However, once infor- mation about people (or “personal information”) has been collected, it is very difficult to ensure that it will not be misused or abused, be it for manipulation, surveillance or financial gain purposes. Governments, worldwide, have had to step in and attempt to regu- late the collection, dissemination and retention of personal informa- tion. In the business context, these laws aim at establishing a balance between companies’ business or commercial needs and individuals’ expectation to keep the details of their lives private and secure. Today, most businesses struggle to meet a deluge of data privacy and cybersecurity laws, regulations, and guidelines. Those that fail to meet these laws risk investigations and enforcement actions by gov- ernment agencies, as well as lawsuits by consumers or customers. This may translate into reputation disasters and significant expenses. US and foreign regulators have clearly indicated that they are ready to prosecute infringers, and assess substantial fines. level of protection” for personal information and privacy rights, This article provides a “user’s manual,” which explains the unique which has caused frequent tensions, and hampers international rela- structure of most data protection laws worldwide, and provides seven tions. The pressure to pass such adequate laws is increasing. tips, to help make sense of the plethora of obligations created by these laws. The GDPR effect The adoption of the EU General Data Protection Regulation (GDPR) The global privacy landscape was a watershed moment; the most important new data protection Over 130 countries have adopted laws that incorporate privacy and law in 25 years. It has been a catalyst to a wave of new data protection security requirements (“data protection laws”). Most of these laws laws, such as those of Brazil, Thailand or Uzbekistan. Numerous US com- have common elements because they are based in significant parts on panies were surprised to find out that their interaction with residents of principles identified and established by the the European Union made them subject to OECD, the Organization for Economic Co- GDPR; they rushed to attempt to meet GDPR operation and Development, in 1980 (up- requirements, with different levels of success. dated in 2013). Among other things, these principles recognize that to enable interna- MOST US BUSINESSES Privacy in the United States tional commerce, countries should provide California adopted its Consumer Protection levels of protection of personal information ARE ILL-EQUIPPED TO Act (CCPA) just weeks after GDPR entered that are generally compatible with each other. FACE THE NEVER- into effect, with a goal of providing California The United States is one of the few devel- residents with rights that resemble those pro- oped countries that does not have a national ENDING GAME OF vided by GDPR. The adoption of CCPA, in law that addresses the protection of personal PRIVACY LAW WHACK- turn, pushed the country into privacy frenzy. information. A dozen states drafted copycat bills. Nevada Most countries, including members of the A-MOLE passed amendments to its Consumer Privacy European Union, have determined that the Act, which take effect on October 1, 2019. United States fails to provide “an adequate CCPA enters into effect on January 1, 2020.

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New York might be next. The expected inconsistency between upcoming or to have certain information removed or erased. You will have to under- state laws, is creating significant pressure for Congress to enact harmoniz- stand the nuances of each specific right. ing privacy legislation. Your company must be able to respond to individuals’ requests to ex- ercise their rights within a limited time, (usually 30 to 60 days from the The privacy tsunami requested action), or provide good reasons why the request cannot be ful- With the plethora of data protection laws, worldwide, businesses are fac- filled. You will have to build or acquire the proper technologies, applica- ing a tsunami of financial, technical and organizational obligations that tions, record keeping systems and identity verification means that allow hamper their operations and drain their budgets. Except for regulated en- your company to verify the identity of the requesting party, and respond tities, such as financial institutions or healthcare organizations, most US timely to their requests to exercise these rights. businesses are ill-equipped to face the never-ending game of Privacy Law Whack-a-Mole that results from doing business in more than one state or 5. Expect your company to have operational obligations country. Most data protection laws require those that collect or process personal information to be data stewards and prevent harm to the individuals or Seven tips to address the compliance challenges their personal information. Your company is responsible, in whole or in Facing the global privacy law puzzle can be challenging. However, be- part, for the data it collects, receives, processes or shares, and it must pro- cause of the significant influence of the OECD principles, most data pro- tect it. tection laws, worldwide, have striking similarities. Taking the time to This is achieved, for example, through data protection impact assess- design a structure that addresses these similarities will prove useful. This ment, conducted ahead of a project, to determine the potential risks to base structure will serve as stepping stone to address the differences be- the affected individuals. Preventing harm is also achieved through appro- tween those laws. Here are seven tips. priate security measures that ensure confidentiality, integrity and avail- ability of the data, and establish a structurcture for identifying and 1. Understand the essential definitions reporting data breaches. Harm could be caused by third parties, and “Personal information” is not necessarily what you think it is. The defini- therefore data protection laws require entering into contracts with third tion has evolved over time. While definitions vary, most recent laws tend parties who may have access to the data to require they use the data only to use a very expansive definition; IP addresses, cookies, or customer pro- as requested, and adopt proper security measures. files that are inferred from other data are now deemed “personal informa- tion” in some cases. When thinking of the protection of personal 6. Train, train, train your personnel and contractors information, be prepared to throw a wide net. Personal information will be accessible to your employees and contrac- tors. Most modern data protection laws require that personnel be trained. 2. Find out what you have and what you do with it People who are adequately trained will play a significant role in making Data protection laws create rules for the handling of personal informa- your company succeed and avoid serious errors. Treat them well, train tion. If you don’t know what personal information you have and what them often; things change. you do with it, you cannot determine how a law affects your company. You must understand – and be able to communicate – the details of what 7. Return to #1, reevaluate, and update your tools and strategy information is collected, used, or transferred to others, where it is stored, The privacy and cybersecurity legal and technical frameworks are con- how long it is retained, or whether it crosses borders. That understanding stantly evolving. Business models change, technology changes, laws will help create a map of the company’s activities, which will help identify change. By the time a project is completed, it is necessary to revisit the legal obligations, and establish a plan to approach the applicable data pro- privacy and security assessments, the safeguards, and the training at- tection law. tached to it as well as the disclosures made about it. For this complex Keep in mind that information could be collected, used, shared in ecosystem to work, it needs close attention, frequent audits, and appropri- myriad ways: from a website, through mobile applications, in purchase ate enforcement. You have to spend time testing, auditing, monitoring, orders, job applicants’ résumés, or call center records. The information improving, and adapting your compliance structures. could be shared with, or disclosed to, numerous entities, service providers, business partners, and their respective service providers, busi- Conclusion ness partners. Make your search as broad as possible. Make it often; things In an era of internet and international communications, businesses change frequently. tend to interact with individuals in multiple states or countries. Mean- while, the number of privacy and cybersecurity laws, worldwide, keeps 3. Communicate clearly what you do increasing. These laws have numerous similarities, but also important Most data protection laws require entities that collect, process or share differences. personal information to disclose their practice by publishing a privacy To be efficient and agile in an ever changing legal, economic and tech- notice. These disclosures are expected to be clear and conspicuous, and nical framework, businesses should consider approaching their privacy easily understandable by everyone. The data protection laws , worldwide, and cybersecurity obligations by focusing first on the common elements have different requirements for the nature and content of these disclo- of the data protection laws that apply to them so that they can establish sures. Pay attention to them. Your published notice is your window to the the essential technical and administrative structures to meet these com- world. Make sure it is accurate and meets your transparency obligations. mon requirements. They can then focus, on a case-by-case basis, on the unique elements of the specific laws that apply to them. By taking advan- 4. Be prepared to respond to individuals’ requests tage of the common base structure, and using it as a stepping stone to ad- Most data protection laws grant individuals rights, such as the right to dress these other requirements, they will be more efficient, save time and know what data you have about them, to have incorrect data corrected, to money, and have better chances to meet the applicable data protection have illegally collected data removed, to block certain uses of information, laws.

WOMEN IN BUSINESS LAW EXPERTGUIDES 131 PRIVACY AND DATA PROTECTION ATTORNEY BIOGRAPHIES

N O R WAY

Kari Gimmingsrud Advokatfirmaet Haavind Postboks 359 Sentrum 0101 Oslo Norway Tel: (47) 922 91 006 Email: [email protected] Website: www.haavind.no

Kari Gimmingsrud leads the Privacy-department at Haavind, and is Head of The Norwegian Association of Lawyers’ Privacy Council.

She specialises in employment, pension, information security and privacy. Kari has extensive experience with management support and counselling on privacy / ICT law in both the private and public sector. Kari also acts as legal representative in several ongoing processes related to change management, of services and organisational change.

Kari specialises in data processing agreements, policies and guidelines, transfer of personal data abroad and assistance in complaints for the Privacy Protection Committee. With her extensive experience in privacy and data protection matters, Kari heads Haavind’s legal ICT / Privacy-team working for the largest employer in Norway (70’000 employees) and the 16th largest Norwegian entity in turnover.

In addition to handling Haavind’s large portfolio on GDPR-matters, Ms Gimmingsrud is a frequently used expert in committees and by the media. She is an often-used speaker and lectures at the Center for Continuing Legal Education, on a range of topics including a class for Data Protection Officers.

132 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS PRIVACY AND DATA PROTECTION

BELGIUM GERMANY SWEDEN Henriette Tielemans Undine von Diemar Caroline Olstedt Carlström Covington & Burling Jones Day Cirio Advokatbyrå AB Brussels Munich Stockholm

CANADA H O N G K O N G SWITZERLAND Eloïse Gratton SAR Clara-Ann Gordon Borden Ladner Gervais Niederer Kraft Frey Carolyn Bigg Montréal Zürich DLA Piper Kirsten Thompson Hong Kong Dentons Anna Gamvros Toronto UNITED Norton Rose Fulbright KINGDOM Wendy J Wagner Hong Kong Gowling WLG Ruth Boardman Gabriela Kennedy Ottawa Bird & Bird Mayer Brown London Hong Kong Kate Brimsted DENMARK Bryan Cave Leighton Paisner Pia Kirstine Voldmester IRELAND London Bruun & Hjejle Anne Bateman Rebecca Cousin Copenhagen Philip Lee Slaughter and May Dublin London FINLAND Ann Henry Gail E Crawford Pinsent Masons Latham & Watkins Eija Warma-Lehtinen Dublin London Castrén & Snellman Helsinki Jane Finlayson-Brown Allen & Overy NETHERLANDS London FRANCE Hester De Vries Kennedy Van der Laan Hazel Grant Florence Chafiol Amsterdam Fieldfisher August & Debouzy London Paris Elisabeth Thole Van Doorne Georgina Kon Christiane Féral-Schuhl Amsterdam Linklaters Feral-Schuhl / Sainte-Marie London Paris Avril Martindale Ariane Mole NEW ZEALAND Freshfields Bruckhaus Deringer Bird & Bird AARPI Karen Ngan London Paris Simpson Grierson Cynthia O’Donoghue Auckland Reed Smith GERMANY London Isabell Conrad NORWAY Ellen Temperton SSW Schneider Schiffer Weihermüller Lewis Silkin Kari Gimmingsrud See bio Munich London Advokatfirmaet Haavind Mareike Christine Gehrmann Oslo Taylor Wessing Düsseldorf

WOMEN IN BUSINESS LAW EXPERTGUIDES 133 PRIVACY AND DATA PROTECTION EXPERT LISTINGS

UNITED UNITED STATES KINGDOM Marcy Wilder Hogan Lovells Bridget Treacy Washington DC Hunton Andrews Kurth London Miriam H Wugmeister Morrison & Foerster New York UNITED STATES Robin B Campbell Squire Patton Boggs Washington DC

Tanya Forsheit Frankfurt Kurnit Klein + Selz Los Angeles

Francoise Gilbert DataMinding, Inc. Palo Alto

Alysa Z Hutnik Kelley Drye & Warren Washington DC

Natasha G Kohne Akin Gump Strauss Hauer & Feld San Francisco/Abu Dhabi

Ann J LaFrance Squire Patton Boggs New York

Nancy Libin Davis Wright Tremaine Washington DC

Kristen J Mathews Morrison & Foerster New York

Harriet Pearson Hogan Lovells Washington DC

Kimberly Kiefer Peretti Alston & Bird Washington DC

Dana Rosenfeld Kelley Drye & Warren Washington DC

Lisa J Sotto Hunton Andrews Kurth New York

Heather Egan Sussman Orrick Herrington & Sutcliffe Boston

134 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

PRIVATE EQUITY

WOMEN IN BUSINESS LAW EXPERTGUIDES 135 PRIVATE EQUITY EXPERT LISTINGS

CANADA NEW ZEALAND UNITED Shevaun McGrath Anna Buchly KINGDOM McCarthy Tétrault Bell Gully Helen Croke Toronto Auckland Ropes & Gray London CHINA POLAND Emma Danks Taylor Wessing Zhan Chen Agnieszka Janicka London Wilson Sonsini Goodrich & Rosati Clifford Chance Shanghai Warsaw Clare Gaskell Simpson Thacher & Bartlett London GERMANY SOUTH AFRICA Emmie Jones Kerstin Kopp Sally Hutton White & Case Clifford Chance Webber Wentzel London Frankfurt am Main Johannesburg Susannah Macknay Slaughter and May H O N G K O N G SPAIN London SAR Isabel Dutilh Amy Mahon Argali Abogados Simpson Thacher & Bartlett Marcia Ellis Madrid London Morrison & Foerster Hong Kong Claire McDaid Willkie Farr & Gallagher Dorothea G Koo SWEDEN London Baker McKenzie Christina Kokko Hong Kong Fatema Orjela Vinge Sidley Austin Stockholm London Malin Leffler IRELAND Gemma Roberts Roschier Máire Cunningham Goodwin Stockholm Beauchamps London Dublin UNITED UNITED STATES LUXEMBOURG KINGDOM Jennifer Bellah Maguire Toinon Hoss Alexandrine Armstrong-Cerfontaine Gibson Dunn & Crutcher Elvinger Hoss Prussen Goodwin Los Angeles Luxembourg London Siobhan M Burke Katherine Ashton Paul Hastings Debevoise & Plimpton Los Angeles NETHERLANDS London Karine Kodde Marilyn French Shaw Allen & Overy Anu Balasubramanian Weil Gotshal & Manges Amsterdam Paul Hastings Boston London Annelies van der Pauw Laura C Hodges Taylor Allen & Overy Katja Butler Goodwin Amsterdam Skadden Arps Slate Meagher & Flom Boston London Stacey T Kern Eversheds Sutherland Chicago

136 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS PRIVATE EQUITY

UNITED STATES Jennifer C Kurtis Winston & Strawn New York

Marni J Lerner Simpson Thacher & Bartlett New York

Amanda McGrady Morrison Ropes & Gray Boston

Robin A Painter Proskauer Rose Boston

Jennifer S Perkins Kirkland & Ellis New York

Alison S Ressler Sullivan & Cromwell Los Angeles

Allison R Schneirov Skadden Arps Slate Meagher & Flom New York

Monica J Shilling Kirkland & Ellis Los Angeles

Geraldine A Sinatra Dechert Philadelphia

Carolyn J Vardi Ropes & Gray New York

Taurie M Zeitzer Paul Weiss Rifkind Wharton & Garrison New York

WOMEN IN BUSINESS LAW EXPERTGUIDES 137 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

PRODUCT LIABILITY

138 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS PRODUCT LIABILITY

BRAZIL ITALY UNITED STATES Rosângela Soares Delgado Francesca Rolla Maja C Eaton Veirano Advogados Hogan Lovells Sidley Austin Rio de Janeiro Milan Chicago

Beatriz M A Camargo Kestener Lauren J Elliot Kestener Granja & Vieira Advogados Gibson Dunn & Crutcher São Paulo UNITED New York KINGDOM Hope S Freiwald Sarah L Croft Dechert CANADA Shook Hardy & Bacon Philadelphia Teresa Dufort London McMillan Michelle M Fujimoto Valerie Kenyon Toronto Shook Hardy & Bacon Hogan Lovells Irvine Jill M Lawrie London Blake Cassels & Graydon Sara J Gourley Alison McAdams Toronto Sidley Austin DAC Beachcroft Chicago London Joanne M Gray FRANCE Alison Newstead Goodwin Shook Hardy & Bacon Cécile Derycke New York London Hogan Lovells Nina M Gussack Paris Pepper Hamilton Sylvie Gallage-Alwis UNITED STATES Philadelphia Signature Litigation Erin M Bosman Heidi K Hubbard Paris Morrison & Foerster Williams & Connolly Christine Gateau San Diego Washington DC Hogan Lovells Michelle M Bufano Beth L Kaufman Paris Patterson Belknap Webb & Tyler Schoeman Updike Kaufman & Gerber Valérie Ravit New York New York Squire Patton Boggs Terry Christovich Gay Elizabeth P Kessler Paris Christovich & Kearney Jones Day New Orleans Columbus GERMANY Amanda M Cialkowski Sherry A Knutson Nilan Johnson Lewis Tucker Ellis Nicole B Boehler Minneapolis Chicago Squire Patton Boggs Böblingen Lauren S Colton Mary Nold Larimore Hogan Lovells Ice Miller Ina Brock Baltimore Indianapolis Hogan Lovells Munich Colleen T Davies Lori B Leskin Reed Smith Arnold & Porter Oakland New York IRELAND Jan Dodd Heidi Levine Isabel Foley Norton Rose Fulbright Sidley Austin Arthur Cox Los Angeles New York Dublin Alicia J Donahue Diane E Lifton Shook Hardy & Bacon Hughes Hubbard & Reed San Francisco New York

WOMEN IN BUSINESS LAW EXPERTGUIDES 139 PRODUCT LIABILITY EXPERT LISTINGS

UNITED STATES UNITED STATES Gerry Lowry Stephanie A Scharf Norton Rose Fulbright Scharf Banks Marmor Houston Chicago

Patricia E Lowry Susan M Sharko Squire Patton Boggs Drinker Biddle & Reath Miami Florham Park

Michelle R Mangrum Laurie Strauch Weiss Shook Hardy & Bacon Orrick Herrington & Sutcliffe Washington DC New York

Z Ileana Martinez Bettina J Strauss Thompson Hine Bryan Cave Leighton Paisner Atlanta St Louis

Madeleine M McDonough Lana K Varney Shook Hardy & Bacon King & Spalding Washington DC/Kansas City Austin

Kim E Moore Mary A Wells Irwin Fritchie Urquhart & Moore Wells Anderson & Race New Orleans Denver

Kathleen O’Connor Phoebe A Wilkinson Orrick Herrington & Sutcliffe Hogan Lovells New York New York

Stephanie E Parker Elizabeth B Wright Jones Day Thompson Hine Atlanta Cleveland

Lyn P Pruitt Pamela Y Yates Mitchell Williams Arnold & Porter Little Rock Los Angeles

Terri S Reiskin Jessalyn H Zeigler Dykema Gossett Bass Berry & Sims Washington DC Nashville

Stephanie M Rippee Watkins & Eager Jackson

Christine G Rolph Latham & Watkins Washington DC

Beth S Rose Sills Cummis & Gross Newark

Gita F Rothschild McCarter & English Newark

Hildy Sastre Shook Hardy & Bacon Miami

140 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

PROJECT FINANCE

WOMEN IN BUSINESS LAW EXPERTGUIDES 141 PROJECT FINANCE ATTORNEY BIOGRAPHIES

U N I T E D S TAT E S

Cynthia Urda Kassis Shearman & Sterling 599 Lexington Avenue New York, NY 10022 US Tel: (1) 212 848 7969 Email: [email protected] Website: www.shearman.com

Cynthia Urda Kassis is a senior partner in Shearman & Sterling’s Project Development and Finance Practice and is co-head of the firm’s Mining and Metals Group. Cynthia represents sponsors/ borrowers/ lenders/ alternative financiers in project development and finance transactions worldwide, with extensive experience in the mining, energy, infrastructure and general manufacturing industries, as well as in power, mining and infrastructure restructurings. Cynthia’s clients include major financial institutions, corporations, government agencies, and numerous regional development banks and export credit agencies.

Cynthia’s significant experience includes a long history of notable transactions including:

Representing Orion and Blackstone in the financing of Lundin Gold’s $1B+ Fruta Del Norte Project in Ecuador, which consists of a prepaid gold loan, stream and equity investment from Orion/Blackstone, a project financing from KfW and a club of commercial banks (with a guaranty from Finnvera) and a strategic equity investment by Newcrest, Orion and the Lundin Family trusts. This transaction, the first large scale mine financing in Ecuador, was named “Latin America Mining & Metals Deal of the Year” by IJGlobal.

Advising the Panama Canal Authority with respect the historic financing of its $5.2B expansion program for the Panama Canal. This transaction was recognized as “Deal of the Year” by Latin Lawyer, “Americas Project Finance Deal of the Year” by IFLR and included in KPMG and Infrastructure Journal’s Showcase of the Most Interesting Projects From Around the World.

Representing Transmisora Eléctrica del Norte TEN, a subsidiary of E.CL of Chile and Red Eléctrica of Spain, on the financing of the construction of a double circuit 600 km transmission line connecting Chile’s two major electrical grids. This transaction was awarded “Latin America Power Deal of the Year” by Project Finance International and “Latin American Transmission Deal of the Year” by IJGlobal.

Cynthia is ranked Band 1 for Projects by Chambers USA and Band 1 Latin America-wide for Projects and Energy and Natural Resources by Chambers Latin America. She is currently listed as a Leading Lawyer for Project Finance by Legal 500 US as well as a Leading Lawyer for Projects and Energy and Banking and Finance by Legal 500 Latin America.

In addition to the aforementioned honours, in 2019 Cynthia was named “Lawyer of the Year” in Project Development & Finance for the third time at the Who’ Who Legal Awards.

Cynthia is regarded in various publications as an industry expert and has been involved in a number of speaking engagements at seminars and conferences on various mining and finance subjects.

Cynthia is a member of the New York State Bar. She received an M.A., from the University of Notre Dame and obtained a J.D., from The American University, Washington College of Law.

142 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS PROJECT FINANCE

AUSTRALIA H O N G K O N G SINGAPORE Jo Crew SAR Nicky Davies Norton Rose Fulbright Norton Rose Fulbright Linh Doan Melbourne Singapore Watson Farley & Williams Claire Rogers Hong Kong Bree Miechel King & Wood Mallesons Reed Smith Patricia Tan Openshaw Sydney Singapore Gibson Dunn & Crutcher Hong Kong Clarinda Tjia-Dharmadi Latham & Watkins BAHRAIN Singapore Julie Alexander ISRAEL Baker McKenzie Noa Meidan Manama/Jeddah Tadmor & Co. Yuval Levy & Co SOUTH AFRICA Ramat Gan Brigette Baillie Herbert Smith Freehills Tani Zahavi BRAZIL Johannesburg Meitar Liquornik Geva Leshem Tal Ana Carolina Barretto Tel Aviv Veirano Advogados Lara Bezuidenhoudt Rio de Janeiro Fasken Johannesburg Claudette M Christian ITALY Hogan Lovells Lauren Petersen Catia Tomasetti Rio de Janeiro ENSafrica BonelliErede Johannesburg Rome CANADA THAILAND Danna Donald KENYA Osler Hoskin & Harcourt Wilailuk Okanurak Sonal Sejpal Toronto Linklaters Anjarwalla & Khanna Bangkok Alison Lacy Nairobi Fasken Sawanee A Sethsathira Toronto Baker McKenzie KYRGYZ Bangkok Ella Plotkin Fasken REPUBLIC Toronto Gulnara Kalikova TURKEY Kalikova & Associates Begüm Durukan Özaydın Bishkek Durukan+Partners FRANCE Istanbul Paule Biensan White & Case PORTUGAL Paris Vanda Cascão UNITED ARAB Christine Poyer-Rufenacht VdA Vieira de Almeida EMIRATES Allen & Overy Lisbon Judith Kim Paris Maria Castelos Allen & Overy Victoria Westcott Campos Ferreira Sá Carneiro & Dubai Reed Smith Associados Paris Lisbon Sofia Gomes da Costa PLMJ Lisbon

WOMEN IN BUSINESS LAW EXPERTGUIDES 143 PROJECT FINANCE EXPERT LISTINGS

UNITED UNITED STATES KINGDOM Tatiana Monastyrskaya Skadden Arps Slate Meagher & Flom Fiona Hobbs New York Linklaters London Melissa Raciti-Knapp Freshfields Bruckhaus Deringer Agnieszka Klich New York Covington & Burling London Karen A Smith Vinson & Elkins Caroline Miller Smith New York White & Case London Cynthia Urda Kassis See bio Shearman & Sterling Nomita Nair New York Allen & Overy London Caroline Walther-Meade Milbank Sanja L Udovicic New York Shearman & Sterling London Karen B Wong Milbank Los Angeles UNITED STATES Dorina Yessios Lori A Bean Allen & Overy Clifford Chance New York Washington DC

Julia A Czarniak Skadden Arps Slate Meagher & Flom New York

Ellen S Friedman Nixon Peabody New York

Tara Higgins Sidley Austin New York

Chantal E Kordula Cleary Gottlieb Steen & Hamilton New York

Catherine McCarthy Clifford Chance Washington DC

Catherine P McCarthy Bracewell Washington DC

Elena Millerman White & Case New York

Dolly Mirchandani White & Case New York

144 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

REAL ESTATE

WOMEN IN BUSINESS LAW EXPERTGUIDES 145 REAL ESTATE ATTORNEY BIOGRAPHIES

I R E L A N D U N I T E D S TAT E S

Sally Anne Stone Lisa M Brill Matheson Shearman & Sterling 70 Sir John Rogerson’s Quay 599 Lexington Avenue Dublin 2 New York 10022 Ireland US Tel: (353) 1 232 2563 Tel: (1) 212 848 4571 Email: [email protected] Email: [email protected] Website: www.matheson.com Website: www.shearman.com

Sally Anne is a partner in the Commercial Real Estate Department at Lisa M Brill is a partner in Shearman & Sterling’s Real Estate Practice Matheson and leads the international client and the commercial and is co-head of the firm’s Hospitality, Leisure & Gaming Industry leasing practices. She is an accomplished and commercially focused Group. Lisa has significant experience in real estate acquisitions and lawyer with over 10 years’ experience in large scale acquisitions and dispositions, joint venture formations and financing transactions and disposals; site development; commercial landlord and tenant matters; has worked extensively representing both institutional investors and and real estate investment structuring across all sectors. real estate operating companies in the investment, ownership and development of real estate. She also represents lenders in different Sally Anne advises several Irish and non-Irish institutional investors on types of financing transactions, including mezzanine loans, the acquisition of large scale assets and has been involved in many of construction loans, mortgage loans and hotel financings. the landmark transactions across Dublin. She is project lead on several of Dublin’s largest development projects advising on site acquisitions, Lisa has worked extensively in the hospitality sector representing estate set-up, development, letting and sale of commercial and owners in connection with hotel and private residence management residential/ PRS assets. She has also advised one of the largest agreements with major flags, and in the formation of joint ventures for international tech giants for over 10 years in respect of all its real estate the ownership, development and operation of real estate assets requirements in Ireland. globally. Lisa has significant experience in the Latin American market and has been involved in numerous real estate transactions in Brazil Sally Anne advises both landlords and occupiers on the largest, high over the past several years, including the negotiation of hotel profile and most significant real estate transactions in the Irish market. management agreements with Four Seasons for a hotel to be She has a breadth of experience in running sophisticated transactions constructed in São Paulo, Brazil and representation of GTIS Partners and her in-depth knowledge of the market has resulted in her being in the tender offer take private transaction of BHG, a leading hotel first choice as trusted advisor to some of Ireland’s biggest occupiers operating company. (both tenants and owner/occupiers) on the development, letting and ongoing management of their office portfolios. Lisa has written publications in The Real Estate Finance Journal and Real Estate Finance & Investment and has been involved in a number of Sally Anne is a member of the Law Society of Ireland and also an speaking engagements at seminars and conferences on various real associate of the Irish Taxation Institute. estate subjects.

Sally Anne Stone is “a pleasure to work with on any real estate project’ and In 2018, Lisa was named “Best in Real Estate” at the Euromoney has 'exceptional knowledge of pertinent legal issues”. Real Estate: Americas Women in Business Law Awards. She has also been named in European Legal 500 2019 New York Super Lawyers and was selected as a “Rising Star” by Portfolio Media, Inc.’s Real Estate Law360, which profiles top legal talent under “Sally Anne Stone and Rhona Henry have strong attention to detail, 40 in the sector. The selected winners are comprised of top real estate deliver within a demanding timeframe, and are nice people to deal lawyers practicing at a level usually seen from veteran attorneys. with”. Chambers Europe 2019 Lisa is a member of the New York State Bar. She received an A.B., Sally Anne is “a strong negotiator” “excellent, exceptionally good. She magna cum laude, from Bowdoin College and obtained a J.D., cum will be the star of the legal conveyancing firms in Ireland”. Chambers laude, from Georgetown University. Europe 2019

Sally Anne Stone has “a unique understanding of international occupiers”. European Legal 500 2018

Sally-Anne is “diligent, always on top of the issues and is a great advocate”. “Her expertise is phenomenal”. “She knows what to push for in negotiations and is really approachable”. Chambers Europe 2018

146 EXPERTGUIDES WOMEN IN BUSINESS LAW

REAL ESTATE EXPERT LISTINGS

AUSTRALIA CANADA FRANCE Virginia Briggs Sabrina A Gherbaz Françoise Maigrot MinterEllison Torys Linklaters Sydney Toronto Paris

Carolyn Chudleigh Jane C Helmstadter Alexandra Plain HFW Bennett Jones Squire Patton Boggs Sydney Toronto Paris

Julie Couch Heather McKean Herbert Smith Freehills Osler Hoskin & Harcourt Sydney Toronto GERMANY Maria Wolleh Julie Levis Juli Morrow Kallan Clayton Utz Goodmans Berlin Sydney Toronto

Nikki Robinson Godyne N L Sibay Clayton Utz McCarthy Tétrault H O N G K O N G Sydney Toronto SAR Pauline Tan Natalie Vukovich Debbie F Cheung Ashurst Daoust Vukovich Baker McKenzie Sydney Toronto Hong Kong

Lilian Chiang AUSTRIA CHILE Deacons Hong Kong Birgit Harasser Pabla Gaínza BRAND Rechtsanwälte CMS Carey & Allende Susheela Rivers Vienna Santiago DLA Piper Hong Kong Alexandra B Huber Carolina Squella Nemetschke Huber Koloseus Correa Squella Clara Tang Vienna Santiago Clifford Chance Hong Kong BRAZIL CZECH HUNGARY Rossana Fernandes Duarte REPUBLIC Mattos Filho Advogadois Judit Kovári Radka Konecná São Paulo Dentons Konecná & Zacha Budapest Carolina Penteado da Costa Galvão Prague CGM Advogados Klára Štepánková São Paulo Kinstellar IRELAND Maria Flavia Seabra Prague Mairead Sherlock Machado Meyer Advogados A&L Goodbody São Paulo ESTONIA Dublin Sally Anne Stone See bio CANADA Liina Linsi Matheson COBALT Dublin Olivia Colic Tallinn McCarthy Tétrault Calgary

Silvana M D’Alimonte Blake Cassels & Graydon Toronto

148 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS REAL ESTATE

ISRAEL POLAND THAILAND Hagit Bavly Jolanta Nowakowska-Zimoch Cynthia M Pornavalai Yigal Arnon & Co Greenberg Traurig Grzesiak Tilleke & Gibbins Tel Aviv Warsaw Bangkok

Malgorzata Pietrzak-Paciorek Baker McKenzie Krzyzowski i ITALY Wspólnicy sp.k. UKRAINE Maria Grazia Lanero Warsaw Natalia Kochergina Gianni Origoni Grippo Cappelli & DLA Piper Partners Agnieszka Stankiewicz Kyiv Milan Greenberg Traurig Grzesiak Warsaw Lina Nemchenko Patricia Liguti Baker McKenzie Chiomenti Joanna Wojnarowska Kyiv Milan Baker McKenzie Krzyzowski i Wspólnicy sp.k. Warsaw UNITED ARAB JAPAN EMIRATES Akiko Hosokawa PORTUGAL Alexis Waller Baker McKenzie (Gaikokuho Joint Clyde & Co Enterprise) Filipa Arantes Pedroso Dubai Tokyo Morais Leitão Galvão Teles Soares da Silva & Assoc Lisbon LITHUANIA UNITED Aušra Mudenaite ROMANIA KINGDOM Sorainen Jane Cheong Tung Sing Mona Musat Vilnius Clifford Chance Musat & Asociatii London Bucharest Ruth Harris NETHERLANDS Ashurst Annerie Ploumen SINGAPORE London Van Doorne Amsterdam Penny Goh Claire Milton Allen & Gledhill Bryan Cave Leighton Paisner Wendela Raas Singapore London Dentons Boekel Amsterdam Dorothy M Ng Lindsay Morgan WongPartnership Norton Rose Fulbright Singapore London

NEW ZEALAND Carol Anne Tan Jackie Newstead Stephanie Harris Cavenagh Law Hogan Lovells Glaister Ennor Singapore London Auckland Sally Pinkerton Kerry O’Donnell SWEDEN Gowling WLG Anderson Lloyd London Queenstown Erika Åslund Cederquist Hilary Prescott Stockholm Covington & Burling London POLAND Hillevi Börjesson Agata Jurek-Zbrojska Mannheimer Swartling Greenberg Traurig Grzesiak Gothenburg Warsaw

WOMEN IN BUSINESS LAW EXPERTGUIDES 149 REAL ESTATE EXPERT LISTINGS

UNITED STATES UNITED STATES UNITED STATES Lynn R Axelroth Christine F Li Allison E Turnbull Ballard Spahr Greenbaum Rowe Smith & Davis Gunster Philadelphia Woodbridge Orlando

Krystyna M Blakeslee Nancy R Little Pamela L Westhoff Dechert McGuireWoods Sheppard Mullin Richter & Hampton New York Richmond Los Angeles

Susan J Booth Krista Miniutti Holland & Knight Simpson Thacher & Bartlett Los Angeles New York VIETNAM Dao Nguyen Lisa M Brill See bio Mary G Murphy DN Legal Shearman & Sterling Gibson Dunn & Crutcher Ho Chi Minh City New York San Francisco

Kimberly Brown Blacklow Bonnie A Neuman Cleary Gottlieb Steen & Hamilton Cadwalader Wickersham & Taft New York New York

Laura G Ciabarra Jody K Pokorski Dechert Snell & Wilmer New York/Hartford Phoenix

Jana Cohen Barbe Margaret A “Peggy” Rolando Dentons Shutts & Bowen Chicago Miami

Nancy Ann Connery Deborah C Ryan Schoeman Updike Kaufman & Gerber Squire Patton Boggs New York Dallas

Stephanie L DeLong Misty M Sanford Venable Munger Tolles & Olson Washington DC/San Francisco Los Angeles

Miriam J Dent Janis B Schiff Rogers & Hardin Holland & Knight Atlanta Washington DC

Amy R Forbes Shannon J Skinner Gibson Dunn & Crutcher K&L Gates Los Angeles Seattle

Kathleen M Gilligan Robyn Minter Smyers Saul Ewing Arnstein & Lehr Thompson Hine Chicago Cleveland

Meredith J Kane Jane Snoddy Smith Paul Weiss Rifkind Wharton & Garrison Norton Rose Fulbright New York Austin

Karen M Kozlowski Patricia M Stanton Thompson Hine Baker Botts New York San Francisco

Nancy B Lash Linda A Striefsky Greenberg Traurig Thompson Hine Miami Cleveland

150 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

RESTRUCTURING AND INSOLVENCY

WOMEN IN BUSINESS LAW EXPERTGUIDES 151 RESTRUCTURING AND INSOLVENCY ATTORNEY BIOGRAPHIES

I R E L A N D

Julie Murphy O’Connor Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland Tel: (353) 1 232 2192 Email: [email protected] Website: www.matheson.com

Julie Murphy O’Connor is a partner in Matheson with over 20 years of experience in all aspects of contentious and non-contentious restructuring, recovery and insolvency law matters and is an experienced litigator specialising in banking and financial services and shareholder disputes. She was appointed by the State to the board of semi-state company, Coillte Teoranta, in 2013.

Julie and her team advise distressed asset funds, special situations funds, investment, commercial and retail banks and asset managers involved in arranging and executing distressed asset transactions both in and from Ireland. Julie also regularly advises in relation to large scale high stakes Commercial Court disputes for companies and financial institutions. She is a strong advocate of alternative dispute resolution, which allows the parties the means to resolve disputes in a cost effective, time efficient, confidential and creative manner. She was recently appointed to the Council of the Irish Commercial Mediators Association. Year after year, her team is consistently ranked as top-tier in its field. The team is comprised of “Leading figures who are exceptional in this field very responsive and accessible, even though they are so busy. The team is– always on hand to put out fires.” “Matheson is marked out as the best in this area, recognised by all parties as a top firm for strategic thinking on restructuring cases.” Chambers Europe

Julie is consistently ranked as one of Ireland’s top restructuring and insolvency lawyers by international legal directories. Her standing in the industry is further demonstrated by her election as council member of the Irish Society of Insolvency Practitioners from 2011 – 2014, acting as Secretary and as Chair of its Educational Sub- Committee during that period. Julie is co-author of the Commercial Litigation Association of Ireland’s Practitioners’ Guide to the Commercial Court in Ireland and of the Law Society of Ireland’s Insolvency Law text book. Julie is a regular contributor to Irish and international legal publications and is regularly invited to speak at industry conferences.

Julie Murphy-O’Connor is recommended European Legal 500 2019

Julie Murphy-O’Connor provides “Excellent technical knowledge with consummate client relationship”. IFLR1000 2018

Sources say: “She is extremely efficient and responsive, and really commits to the project at all hours. She makes things easy, finds resolutions and has a great ability to engage.” Chambers Europe

According to clients, Julie Murphy-O’Connor’s “key characteristics are how she always looks at a commercial outcome to a problem to ensure that our position can’t be weakened, and the speed of her response to our enquiries”. Chambers Europe

152 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS RESTRUCTURING AND INSOLVENCY

AUSTRALIA CAYMAN H O N G K O N G Jennifer Ball ISLANDS SAR Clayton Utz Laura Hatfield Kelly Naphtali Sydney Bedell Cristin Kirkland & Ellis Tania Cini Grand Cayman Hong Kong Allens Margot MacInnis Donna Wacker Melbourne Grant Thornton Clifford Chance Maria O’Brien Grand Cayman Hong Kong Baker McKenzie Colette Wilkins Sydney Walkers IRELAND Karen O’Flynn Grand Cayman Clayton Utz Julie Murphy O’Connor See bio Sydney Matheson DENMARK Dublin Pernille Bigaard Lisa Smyth AUSTRIA Plesner McCann Fitzgerald Johanna Abel-Winkler Copenhagen Dublin ABELL Rechtsanwälte Vienna FRANCE LITHUANIA Ulla Reisch Urbanek Lind Schmied Reisch Alexandra Bigot Daiva Ušinskaite-Filonoviene Rechtsanwälte Willkie Farr & Gallagher WINT Law Firm Vienna Paris Vilnius

Anja Droege Gagnier BMH Avocats BERMUDA Paris MALAYSIA Kehinde George Mei Lin Khong Cécile Dupoux ASW Law Limited Shook Lin & Bok Hogan Lovells Hamilton Kuala Lumpur Paris

CANADA GERMANY NETHERLANDS Pamela L J Huff Hanneke De Coninck-Smolders Annerose Tashiro Blake Cassels & Graydon Florent Schultze & Braun Toronto Amsterdam Achern Gale Rubenstein Karen Harmsen Goodmans Rutgers & Posch Toronto H O N G K O N G Amsterdam Tracy Sandler SAR Alice van der Schee Osler Hoskin & Harcourt Van Benthem & Keulen Julia Charlton Toronto Utrecht Charltons Melaney Wagner Hong Kong Barbara van Gangelen Goodmans Houthoff Aisling Dwyer Toronto Amsterdam Maples Group Hong Kong Noor Zetteler Wijn & Stael Advocaten Naomi Moore Utrecht Akin Gump Strauss Hauer & Feld Hong Kong

WOMEN IN BUSINESS LAW EXPERTGUIDES 153 RESTRUCTURING AND INSOLVENCY EXPERT LISTINGS

NORWAY UNITED UNITED STATES Siv Sandvik KINGDOM Ingrid Bagby Schjødt Cadwalader Wickersham & Taft Mei Lian Oslo New York Shearman & Sterling Stine Dalenhag Snertingdalen London Corinne Ball Kvale Jones Day Rita Lowe Oslo New York CMS Cameron McKenna Nabarro Olswang Lisa G Beckerman London Akin Gump Strauss Hauer & Feld POLAND New York Polina Lyadnova Anna Maria Pukszto Cleary Gottlieb Steen & Hamilton Sarah R Borders Dentons London King & Spalding Warsaw Atlanta Jennifer Marshall Allen & Overy Amy Caton SPAIN London Kramer Levin Naftalis & Frankel New York Fedra Valencia Charlotte Møller Cuatrecasas Reed Smith Dianne F Coffino Madrid London Covington & Burling New York Sarah Mook SWITZERLAND Linklaters Kelley A Cornish London Paul Weiss Rifkind Wharton & Garrison Tanja Luginbühl New York Lenz & Staehelin Elaine Nolan Zürich Kirkland & Ellis Tobey M Daluz London Ballard Spahr Brigitte Umbach-Spahn Wilmington Wenger Plattner Liz Osborne Zürich Akin Gump Strauss Hauer & Feld Alice Belisle Eaton London Paul Weiss Rifkind Wharton & Garrison New York Helena Potts UNITED Latham & Watkins Susan M Freeman KINGDOM London Lewis Roca Rothgerber Christie Phoenix Jennifer Brennan Laura Prater Latham & Watkins White & Case Kristin K Going London London McDermott Will & Emery Washington DC Katrina Buckley Yen Sum Allen & Overy Latham & Watkins Marcia L Goldstein London London Weil Gotshal & Manges New York Alison Goldthorp Vivien Tyrell Addleshaw Goddard RPC Lindsee P Granfield London London Cleary Gottlieb Steen & Hamilton New York Deborah Gregory Hannah Valintine Hogan Lovells Allen & Overy Nicole L Greenblatt London London Kirkland & Ellis New York Rebecca Jarvis Linklaters Jennifer C Hagle London Sidley Austin Los Angeles

154 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS RESTRUCTURING AND INSOLVENCY

UNITED STATES UNITED STATES Laura Davis Jones Claudia Z Springer Pachulski Stang Ziehl & Jones Reed Smith Wilmington Philadelphia

Regina Stango Kelbon Catherine L Steege Blank Rome Jenner & Block Wilmington/Philadelphia Chicago

Kay S Kress Rachel C Strickland Pepper Hamilton Willkie Farr & Gallagher Detroit New York

M Natasha Labovitz Sheryl L Toby Debevoise & Plimpton Dykema Gossett New York Bloomfield Hills

Lisa Laukitis Jane VanLare Skadden Arps Slate Meagher & Flom Cleary Gottlieb Steen & Hamilton New York New York

Elizabeth Leckie Allen & Overy New York

Heather Lennox Jones Day Cleveland

Jacqueline Marcus Weil Gotshal & Manges New York

Nancy A Mitchell O’Melveny & Myers New York

Pauline K Morgan Young Conaway Stargatt & Taylor Wilmington

Holland N O’Neil Foley & Lardner Dallas

Madlyn Gleich Primoff Freshfields Bruckhaus Deringer New York

Deirdre B Ruckman Foley & Lardner Dallas

Margot Schonholtz Linklaters New York

Lisa M Schweitzer Cleary Gottlieb Steen & Hamilton New York

WOMEN IN BUSINESS LAW EXPERTGUIDES 155 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

SHIPPING AND MARITIME

Feature for: Ann Fenech of Fenech & Fenech Advocates 157

156 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP SHIPPING AND MARITIME

SHIPPING AND MARITIME An international instrument on the International Recognition of Judicial Sale of Ships

Ann Fenech Managing Partner, Fenech & Fenech Advocates Malta

Introduction to the problem Judicial sales are realities which occur when ship owners fail to pay their creditors. Unpaid creditors can range from shipbuilders and fi- nanciers, to ship repairers, suppliers of provisions and bunkers, and crew who typically face the greatest challenges when they are left lan- guishing on vessels without an end in sight, leading in turn to many sleepless nights for port authorities. In such situations creditors are forced to take action against the vessel and in the event that the owner remains in default proceed to sell the vessel in a judicial sale. That ves- sel however must be sold to the new buyer free and unencumbered from any previous debt, giving him a clean title. No potential buyer is going to be remotely interested in purchasing a vessel which has nu- merous debts, unless the vessel is sold free and unencumbered and clean title is passed on to the buyer. Following the judicial sale the creditors then need to focus their ef- forts on getting paid from the purchase price deposited in court. However for a vessel to fetch the best price ensuring more money for distribution, the buyer needs the certainty that the judicial sale will be the risk of having his ship arrested, interrupting his voyage sched- recognised all over the world ensuring it is not rearrested by some ule, causing delays, having to put up security and having to defend other previous creditor. interminable actions with which he should not be concerned at all The effects of the failure of recognition are disastrous leading to because he should have purchased a vessel free and unencumbered. chaos and uncertainty, the antithesis to the smooth conduct of inter- • Such a buyer and the supporting P & I club will find themselves in national trade: never ending court proceedings having to pump in more and more • The vessel will simply not attract the best price with less of a money for disputes which they have absolutely nothing to do with. chance of the creditors getting paid. • This in itself causes severe disruption to many businesses which take Enter the Comite Maritime International a hit to their balance sheets and to many lives especially the crew. The Comite Maritime International (CMI) is a not-for-profit organi- • Buyers will not find financing to buy in a sation, established in Antwerp in 1897 and is judicial sale for fear that they would not be the oldest organization in the world that is ex- able to rid themselves of previous mort- clusively concerned with the unification of gagees or if they do extend finance, find maritime law and related commercial prac- themselves competing with old mort- ..THE EFFECTS OF THE tices. gagees in cases where the old mortgages It is responsible for drafting the vast ma- were not deleted. FAILURE OF jority of international maritime conventions • Buyers may face difficulties obtaining dele- RECOGNITION ARE including the Arrest of Ships Convention, the tion certificates from previous flags lead- Limitation Conventions, the Hague, Hague ing to problems with the registration of DISASTROUS LEADING Visby and Rotterdam Rules, the Salvage Con- the vessel they would have bought. TO CHAOS AND vention and so many others. • The failure of recognition of a legitimately In 2008 the Executive Council of the CMI, held judicial sale exposes an innocent new UNCERTAINTY….. set up an International Working Group on Ju- buyer to potential claims belonging to the dicial Sale of Ships, chaired by Prof. Henry Li ship under previous ownership and runs of China, to study the very serious challenges

WOMEN IN BUSINESS LAW EXPERTGUIDES 157 SHIPPING AND MARITIME THOUGHT LEADERSHIP

SHIPPING AND MARITIME associated with the failure of the recognition of such judicial sales. Swiss Proposal The group gathered data and information, studied hundreds of cases The detailed conclusions of the Malta Colloquium supporting the to identify the problem, had numerous meetings were it discussed CMI draft, constituted the very basis of the proposal of Switzerland to several versions of a draft convention until in 2012 it produced the UNCITRAL. So in July 2018 Stuart Hetherington the President of Beijing draft which was finalised and approved in Hamburg in 2014. CMI and I attended the 51st Assembly of UNCITRAL in New York for the purposes of supporting the Swiss Proposal, presented by Alex von Beijing Draft Ziegler also an executive member of the CMI. There were another 6 It is a very short draft that deals exclusively with the recognition of ju- proposals with only 3 to be chosen. At the end of that week we were dicial sales and nothing else. It does not deal with actions on the mer- informed that the project was accepted for future work at UNICTRAL its either before or after, it does not deal with the distribution of the and that the first working group to finish its current work would be proceeds of the sale – it is limited to the recognition of the Judicial allocated this project. The project was later given to Working Group Sale itself. V1 and the first meeting of working Group V1 was held between the It provides that notices have to be given 30 days prior to the judi- 13th and 17th May 2019. cial sale to persons indicated in the clause including the owner, mort- gagees, holders of registered titles and lien holders; it clearly provides Meeting in New York that all rights and interests existing in the ship prior to her sale shall Working Group meetings are attended by all state members of UNCI- be extinguished and all and any hypothecs mortgages or charges ex- TRAL as well as other UN member states and NGOs interested in the cept as assumed by the purchaser shall cease to attach to the ship subject matter. On this occasion there was the CMI, BIMCO, The In- which shall be sold free and unencumbered and clean title shall be ac- ternational Chamber of Shipping, International Underwriters of Ma- quired by the purchaser; it further provides for the issuance of a Cer- rine Insurance, the International Association of Judges, Law Asia, the tificate by the authority ordering the sale which certifies that the vessel International Law Institute and the IBA. has indeed been sold in a judicial sale and is free and unencumbered States were in the main represented by their own diplomats resi- and that all rights previously existing against the ship are extin- dent in New York with only a few having a shipping background. The guished; furthermore on the production of the Certificate by the pur- week was taken up by a high level discussion on each and every clause chaser, the registry of the vessel shall delete any existing mortgages or with detailed explanations given on why each one of them was impor- charges and either register the vessel in the name of the new owner or tant from a practical perspective explaining how the various clauses issue a deletion certificate; it provides that where a vessel which was would solve a number of the issues which surfaced in the many cases sold in a judicial sale is arrested in a state party for a debt existing on the subject. prior to the judicial sale, the court will dismiss and set aside the arrest The Secretariat took note of the various concerns of those who once the purchaser produces the Certificate unless there are stipulated spoke and prepared a report of the proceedings of the entire week existing circumstances in which the judicial sale may be suspended or which will shortly be available on the UNCITRAL Working V1 web- refused. site.

Turning a draft convention into an international instrument Next steps In 2017, The CMI submitted a proposal to the Secretariat of UNCI- The Secretariat will now prepare another draft taking into account TRAL on possible future work by UNCITRAL on cross-border issues the considerations and comments for which there was clearly sup- related to the judicial sale of ships. Whilst a number of delegations port around the room. I would say that most of these are drafting is- supported the proposal and expressed interest, it was suggested that sues which do not effect the substance of the draft or its aim being CMI might hold a colloquium so as to provide additional information to ensure that a vessel sold in a judicial sale is sold free and unen- to the Commission and allow it to take an informed decision. cumbered provided that the minimum criteria prior to the sale are A joint Colloquium was therefore held between the CMI, the Malta satisfied. The next draft will be the subject matter of further discus- Maritime Law Association and the Maltese Government in Malta. It sion at the next working group meeting in Vienna in November was attended by over 180 delegates from over 50 countries represent- 2019. Given that specific knowledge of this sector is required, it is ing banks and financiers, ship owners, ship repairers, crew, tug opera- hoped that more and more states will follow the example set by a tors, salvors, providers of provisions, bunkers, harbour authorities, number of others and send maritime law specialists as part of their flag registries, the ITF, members of the Judiciary from various juris- delegations. dictions who deal with judicial sales, BIMCO, FONASBA and mar- CMI is looking forward to continued deliberations on what will be itime lawyers. There was an overwhelming case made by each and a hugely important international instrument leading to much needed every one of these groups, encouraging the creation of an interna- certainty in international trade. tional instrument which would once and for all regulate this area and inject a degree of stability and certainty. Ann Fenech is the CMI Co-Ordinator for this project at UNCITRAL

158 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES SHIPPING AND MARITIME

J A PA N M A L TA

Reiko Yoshida Ann Fenech Atsumi & Sakai Fenech and Fenech Advocates Fukoku Seimei Bldg. 198 Old Bakery Street 2-2-2 Uchisaiwaicho, Chiyoda-ku Valletta Tokyo 100-0011 Malta Japan Tel: (356) 2124 1232 Tel: (81) 3 5501 1082 Email: [email protected] Email: [email protected] Website: www.fenechlaw.com Website: www.aplaw.jp

Ms. Reiko Yoshida is an attorney (Bengoshi) admitted in Japan and a Ann Fenech is the managing partner of Fenech and Fenech Advocates partner in Atsumi & Sakai; she has advised on ship financings for more and head of the marine litigation department. In 1986 she qualified as than fifteen years, representing Japanese and non-Japanese shipping a lawyer and joined the shipping and commercial firm of Holman owners, shipping operators, governmental and private financial Fenwick and Willan in London until 1991 when she joined Chaffe, institutions, leading complicated multi-jurisdiction shipping finance McCall, Phillips, Toler and Sarpy in New Orleans. transactions and advising on the financing of high value vessels such as LNG carriers; she also advises on domestic and international M&As, In 1992 she joined Fenech and Fenech Advocates setting up the marine reorganizations of group of companies and successions of business of litigation department. She deals exclusively with the whole spectrum of the companies engaging in shipping business. ship-related matters ranging from disputes arising out of salvage, collisions, towage, pilotage to ship building contracts, and from Her recent transactions include: shortage and contamination claims to bunker disputes. She has substantial experience in providing immediate casualty response • advising on M&A and succession of business of major Japanese acting for both plaintiffs and defendants. She represents a number of shipowners with values of USD 150,000,000; banks and other financial institutions in enforcement proceedings and • advising a major Japanese shipping operator leading a consortium has extensive experience in judicial sales by auction and court- of major Japanese shipping operators and a local government- approved private sales. related shipping operator on the financing and/or transfer of shares in respect of three LNG ships, with values of USD120,000,000- She is the president of the Malta Maritime Law Association and was 190,000,000; the chairman of the pilotage board in Malta from 1994 to 2008. She • advising a senior lender in program debt consisting of ECA was responsible for the drafting of the Pilotage Regulations and the facilities, senior bank facilities, senior bonds, subordinated bank sections on jurisdiction in rem in the Code of Organisation and Civil facilities and subordinated bonds, to a wholly owned subsidiary of Procedure; she is an accredited arbitrator with the Malta Arbitration a middle east government-related gas transportation operator Centre and is a lecturer at the University of Malta on Charter parties, through 25 separate and cross collateralized SPCs incorporated in Salvage, Towage, Pilotage and Collisions and at the International the Marshall Islands, with values of USD 5,700,000,000; Maritime Law Institute where she lectures on the practice of maritime • advising a major Japanese shipping operator on the acquisition of a law. She is the legal correspondent of the West of England P&I Club, company engaged in an LNG project, with a value of The American Club and Steamship Mutual. Over the years, she has USD500,000,000; been involved in the majority of high profile shipping casualties either • advising Japanese financial institutions on the financings of in Malta or affecting vessels flying the Malta flag. numerous LNG ships, with values of USD160,000,000-200,000,000; • advising Japanese governmental and financial institutions on the In October 2013, she was appointed Honorary Patron of the Malta Law financings of a number of 14,000-20,000 TEU container vessels, Academy. In June 2014, she was elected to the Executive Council of the with values of USD70,000,000-200,000,000; Comité Maritime International (CMI) and is the Chair of the • advising a Japanese financial institution as lender to Luxemburg international working group on Ship Finance Security Practices and a trust as fiduciary owner of the rights as lender in a bilateral loan member of the international working group on Illegal Arrests. In June transaction in respect of three MR Tankers and a VLGCA to four 2017 she was elected to serve a second term on the Executive Council SPCs owned by group companies of European multiple shipowners of the CMI. In November 2018 she was elected Vice President of the with value of approximately USD 77,000,000; CMI. She was also appointed co-chair of the CMI International • advising Japanese and non-Japanese financial institutions, shipping Working Group on the international recognition of judicial sales and operators and shipowners on the financing of some 60 vessels of co-ordinator for the project at UNCITRAL Working Group V1. various types per year with values of USD30,000,000-180,000,000; and In 2012, 2014 and 2015 she was awarded Best in Shipping Law at the • advising a major Japanese bank on a USD117,000,000 financing for European Women in Business Awards held in London. construction of a dockyard by a Japan-China JV company, and In October 2015 she was elected to sit on the Board of the Malta registration of foreign debts with the State Administration of Maritime Forum. Foreign Exchange of China (SAFE).

Ms. Yoshida is a visiting researcher at the Waseda University Institute of Maritime Law and a co-founder and auditor of Women’s International Shipping and Trading Association (WISTA) Japan.

WOMEN IN BUSINESS LAW EXPERTGUIDES 159 SHIPPING AND MARITIME ATTORNEY BIOGRAPHIES

U N I T E D K I N G D O M

Vasanti Selvaratnam QC 36 Stone 4 Field Court London WC1R 5EF UK Tel: (44) 20 7440 6900 Email: [email protected] Website: www.36stone.co.uk

Vasanti Selvaratnam QC practices in international commercial arbitration and commercial court litigation, regularly handling multimillion dollar disputes across a wide range of industry sectors, including shipping, trade and commodity disputes, banking and finance, insurance, jurisdiction disputes, conflict of law issues and civil fraud. She also specialises in all forms of interim relief, including freezing orders and anti-suit injunctions. She is particularly noted for her user friendly “hands on” approach to cases and for her ability quickly to get to grips with disputes raising complex factual and technical issues which require a sound grasp of expert evidence and mastery of detail.

Reported leading cases include the House of Lords decision in The Starsin [2004] 1 AC 715, the Court of Appeal decision in The Wadi Sudr [2010] 1 Lloyd’s Rep 193 (leading case on the arbitration exception, the Judgments Regulation and issue estoppel), Joint Stock Asset Management Co Ingosstrakh-Investments v BNP Paribas [2012] 1 Lloyd’s Rep 649 (leading case on non-contractual anti-suit injunctions), Madoff Securities International Ltd (in liquidation) v Yacht Bull Corporation [2010] EWHC 133 (Ch) (inter-relationship between the Judgments Regulation and the Insolvency Regulation in relation to jurisdiction); The Stolt Kestrel [2015] EWCA Civ 1035 (leading case on extensions of time under section 190 Merchant Shipping Act 1995); The Alexandra 1 (leading Court of Appeal decision in 2018 concerning the inter- relationship between the narrow channel rule and the crossing rule under the international Collision Regulations) and a number of important first instance decisions including Emirates Trading Agency v PMEPL (2014, ground breaking decision on multi-tiered friendly discussion clause as a condition precedent to right to commence arbitration), ETA v Sociedade de Fomento Industrial Private Ltd (2015, clarifying the law on estoppel arising from a prior partial interim award on jurisdiction where the constitution of a majority of the Tribunal has changed) and A v B [2016] EWHC 3003 (Comm) (2016, concerning whether an arbitration lapses following a transfer to a successor company which takes the form of an assignment by operation of law rather than universal succession).

Her professional memberships include COMBAR, Chancery Bar Association, LCLBA, BMLA, ICC, LMAA, ICCA, London Shipping Law Centre (head of education sub-committee) and the Bar European Group

Vasanti was called to the Bar in 1983, and received her LLM in 1984. She has been a practising barrister at the Commercial Bar since 1985, a Recorder since 2000, Queen’s Counsel since 2001; a Bencher of since 2011 and a member of the LOF panel of arbitrators since 2013. Vasanti accepts appointments as an arbitrator in a wide range of commercial disputes under all institutional rules as well as ad hoc.

For a full CV please contact her clerks on +44 (0) 20 7440 6900 or [email protected]

160 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS SHIPPING AND MARITIME

AUSTRALIA PANAMA Danella Wilmshurst Lilja Jónasdóttir Maria Teresa Díaz G Thomas Miller Law Lex Law Offices Patton Moreno & Asvat Sydney Reykjavik Panama City

CANADA IRELAND PORTUGAL Shelley Chapelski Helen Noble Teresa Andrade Dias Norton Rose Fulbright Noble Shipping Law Andrade Dias & Associados Vancouver Arklow Lisbon

Ana Cristina Pimentel Ana Cristina Pimentel & Associados CYPRUS JAPAN Lisbon Marion Coukidou-Madella Reiko Yoshida See bio Chrysses Demetriades Atsumi & Sakai Limassol Tokyo SINGAPORE Vivian Ang Allen & Gledhill DENMARK MALAYSIA Singapore Ulla Fabricius Sitpah Selvaratnam NJORD Law firm Tommy Thomas Magdalene Chew Copenhagen Kuala Lumpur AsiaLegal Singapore

Mei Lin Goh FRANCE MALTA Watson Farley & Williams Christine Ezcutari Ann Fenech See bio Singapore Norton Rose Fulbright Fenech & Fenech Advocates Gina Lee-Wan Paris Valletta Allen & Gledhill Singapore GERMANY NEW ZEALAND Corina Song Allen & Gledhill Dharshini Bandara Pauline Davies Singapore Fleet Hamburg Fee Langstone Hamburg Auckland Wendy Tan Morgan Lewis Stamford Maren Brandes Singapore Watson Farley & Williams Hamburg NIGERIA Funke Agbor Adepetun Caxton-Martins Agbor & TURKEY H O N G K O N G Segun Dilek Bektasoglu-Sanlı Lagos Erçin Bilgin Bektasoglu SAR Istanbul Mfon Ekong Usoro Rosita Lau Paul Usoro & Co Seyma Inal Ince Gordon Dadds Lagos Inal Law Office Hong Kong Istanbul Madeline Leong Nazli Selek Watson Farley & Williams PANAMA NSN Law Firm Hong Kong María de Lourdes Marengo Istanbul Patton Moreno & Asvat Panama City

WOMEN IN BUSINESS LAW EXPERTGUIDES 161 SHIPPING AND MARITIME EXPERT LISTINGS

UNITED KINGDOM Maria Borg Barthet Campbell Johnston Clark London

Elizabeth Blackburn QC 36 Stone London

Sandra Healy 7KBW London

Lindsey Keeble Watson Farley & Williams London

Vivienne Pitroff HFW London

Vasanti Selvaratnam QC See bio 36 Stone London

Joanna Steele Bentleys Stokes and Lowless London

Jacqueline Zalapa Campbell Johnston Clark London

UNITED STATES Barbara L Holland Garvey Schubert Barer Seattle

Margie Krumholz Thompson Coburn Washington DC

Gina M Venezia Freehill Hogan & Mahar New York

162 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

STRUCTURED FINANCE AND SECURITISATION

WOMEN IN BUSINESS LAW EXPERTGUIDES 163 STRUCTURED FINANCE AND SECURITISATION ATTORNEY BIOGRAPHIES

U N I T E D S TAT E S

Donna Parisi Shearman & Sterling 599 Lexington Avenue New York, NY 10022 US Tel: (1) 212 848 7367 Email: [email protected] Website: www.shearman.com

Donna Parisi is the Global Head of Shearman & Sterling’s Finance Business Unit covering bank finance, leveraged lending, project finance, restructuring and insolvency, and structured products and derivatives. She is one of the firm’s Financial Services Industry leaders and leads Shearman Women, the firm’s women’s initiative.

She advises clients on the full range of derivatives, structured products, securitization, capital markets and commodities matters. In particular, she helps clients develop and structure new financial products and has extensive experience in the negotiation and documentation of OTC derivative transactions across all asset classes. Donna has broad and deep knowledge of financial institutions, regulatory requirements and the evolving business landscape. A skilled practitioner, she regularly represents major financial institutions including Bank of America Merrill Lynch, Barclays, Citigroup, Morgan Stanley, hedge funds and other private investment funds as well as corporate clients.

Donna also spearheads the firm’s FinTech Foundry program, which supports the FinTech-related activities of our clients and the wider global FinTech ecosystem including financial institutions, FinTech start-ups, accelerators and incubators, venture capital and private equity investors, and policymakers.

She was appointed to the Finance Advisory Board of Take the Lead, a nonprofit working to empower entrepreneurial women, and played a central role in their inaugural 50 Women Can Change the World Program. She also serves on the Committee on Commodities and Futures Law at the New York State Bar Association, and has previously served as a member of Shearman & Sterling’s Executive Group.

Recently, IFLR1000 recognized her as a “Highly Regarded Lawyer” within derivatives, and she was awarded the Chambers Women in Law Awards as an Inspiring Role Model in Promoting Gender Diversity in the Legal Profession. Expert Guides also recently selected her as one of the world’s leading attorneys for Structured Finance and Securitization. Donna is often a moderator or panelist at events organized by the , Glass Hammer and Thomson Reuters, among others.

Clients have told Chambers USA that Donna is a “tremendous resource when we have questions regarding derivatives”, “is extremely experienced in the ISDA documentation arena”, and is “extremely helpful, knowledgeable of the subject matter.”

She graduated magna cum laude from Boston College Law School and received her B.A. from Vassar College.

164 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS STRUCTURED FINANCE AND SECURITISATION

AUSTRALIA JAPAN UNITED Sonia Goumenis Eriko Ozawa KINGDOM Clayton Utz Mori Hamada & Matsumoto Jacky Kelly Sydney Tokyo Weil Gotshal & Manges Anne-Marie Neagle London King & Wood Mallesons Rachel Kelly Melbourne NETHERLANDS McDermott Will & Emery Marieke Driessen London Simmons & Simmons CANADA Amsterdam Theresa Kradjian Morgan Lewis & Bockius Rose Bailey Corinne Schot London Torys Baker McKenzie Toronto Amsterdam Linda Martin Conyers Francesca Guolo Michaëla Ulrici London Goodmans NautaDutilh Toronto Amsterdam Helena Nathanson Dorsey & Whitney Mariëtte van’t Westeinde London FRANCE Loyens & Loeff Amsterdam Lucy Oddy Sharon Lewis Allen & Overy Hogan Lovells London Paris/London SINGAPORE Sally Onions Christine Van Gallebaert Rosabel Ng Allen & Overy Jones Day WongPartnership London Paris Singapore Sandrine Sauvel Norton Rose Fulbright H O N G K O N G TAIWAN London SAR Grace Ku Ingrid York LCS & Partners White & Case Mary Matson Taipei London Linklaters Hong Kong Maggie Zhao Clifford Chance Yvonne Siew TURKEY London Allen & Overy Esin Taboglu Hong Kong Taboglu & Demirhan Minny Siu Istanbul UNITED STATES King & Wood Mallesons Janet Barbiere Hong Kong Orrick Herrington & Sutcliffe UNITED New York KINGDOM ITALY Giselle M Barth Tamara Box Sidley Austin Tanja Svetina Reed Smith New York Clifford Chance London Milan Sylvie A Durham Angela Clist Greenberg Traurig Allen & Overy New York London Deborah Festa Milbank Los Angeles/New York

WOMEN IN BUSINESS LAW EXPERTGUIDES 165 STRUCTURED FINANCE AND SECURITISATION EXPERT LISTINGS

UNITED STATES Julie A Gillespie Mayer Brown Chicago

Barbara M Goodstein Mayer Brown New York

Elizabeth Besio Hardin Milbank New York

Carol A Hitselberger Mayer Brown Charlotte/New York

Jenna L Janss Sidley Austin Washington DC

Ellen L Marks Latham & Watkins Chicago

Deborah North Allen & Overy New York

Donna Parisi See bio Shearman & Sterling New York

Ellen P Pesch Sidley Austin New York

Anna T Pinedo Mayer Brown New York

Elizabeth A Raymond Mayer Brown Chicago

Rebecca J Simmons Sullivan & Cromwell New York

Laura Swihart Dechert New York

Yan Zhang Davis Polk & Wardwell New York

166 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

TAX

Features for: Tracy Ho and Fiona Hinrichsen of EY 168 Larissa Neumann, Julia Ushakova-Stein, & Ora Grinberg of Fenwick & West LLP 170

WOMEN IN BUSINESS LAW EXPERTGUIDES 167 TAX THOUGHT LEADERSHIP

TAX Important issues for HNWIs in a dynamic global environment

Tracy Ho (left) and Fiona Hinrichsen (right) EY Hong Kong / Melbourne

The flow of private capital across borders, together with the ease of living and working in different countries, creates opportunities for High Net Worth Individuals (HNWIs). However, it also results in sig- nificant obligations for HNWIs as the call for greater transparency and governance in taxation, and the advances in technology place governments in a position to better monitor investments and transac- tions across jurisdictions. Drawing on the tax laws in jurisdictions such as China, Singapore, Australia and the United States (US), this article considers some of the challenging issues encountered by HNWIs and explores the various strategies for dealing with them.

Anti-avoidance rules One of the more complex areas confronting HNWIs are the anti- avoidance rules and there are a number of aspects where care is re- Tax residency quired to prevent an inadvertent breach of these provisions. For Another challenge that often arises for HNWIs is determining their example, as part of the reform of their Individual Income Tax (IIT) residency status for tax purposes. The need for vigilance was high- Law, China has introduced its anti-avoidance rules to deal with situ- lighted by the changes to the IIT Law in China, where from 1 January ations where a related party transaction violates arm’s length princi- 2019, the threshold period was reduced from one year to 183 days, so ples; an improper tax benefit is obtained without a reasonable that an individual not domiciled in China is considered a resident for commercial purpose; and where undistributed profits are retained tax purposes if they spend 183 days or more of the tax year in the ter- in controlled foreign corporations (CFCs). As a consequence, ritory of China. In this situation, a foreign individual will be required HNWIs who utilize a company in say the British Virgin Islands or to pay income tax on both their China-source and foreign-source in- Hong Kong may be challenged by tax authorities, who can impose come, although concessions are available on the foreign-source in- IIT on the profits that should have been distributed. Singapore also come for individuals who reside in China for 183 days or more in a requires the reporting of related-party transactions and has anti- tax year but not for more than six consecutive years. Australia also has avoidance provisions that can reverse any tax advantage obtained a ‘183 day test’, where a person who spends more than half the year in without a bona fide commercial reason. Under Australia’s transfer Australia will be a resident for tax purposes and must declare all their pricing regime, a loan from a foreign subsidiary can impact the level worldwide income even if tax is paid overseas, unless they can estab- of tax paid in Australia if the amounts for lish that their usual place of abode is outside the transaction do not adhere to the arm’s- of Australia and they have no intention of length principle. Australians who have inter- taking up residence. A foreign income tax off- ests in offshore entities may also be subject set is generally available to apply against the INCREASINGLY, HNWIS to complex rules regarding Controlled For- Australian tax. There is also a ‘domicile test’ eign Companies or Controlled Foreign ARE TAKING A MORE that considers a person’s permanent place of Trusts, which can result in income from SOPHISTICATED AND abode and a ‘resides test’ that considers as- these entities being included in the assess- pects such as physical presence, purpose, fam- able income of the controller. PROFESSIONAL ily and business ties, location of assets and In advising HNWIs, a careful analysis of APPROACH TO living arrangements. Satisfying any one of their investment structures, related-party these tests will result in Australian tax resi- transactions, profit-sharing arrangements and MANAGING THEIR dency. In the case of Singapore, individual levels of control in offshore entities is re- WEALTH persons are not subject to tax on overseas in- quired to prevent any breaches of the anti- come derived outside Singapore, regardless of avoidance rules in each jurisdiction. their tax residency.

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TAX

The US uses the ‘substantial presence test’, under which a person is to foreign residents and distributing income to a non-resident benefi- considered a resident for tax purposes when they are physically pre- ciary of an Australian trust. Advice was also required to deal with pro- sent in the US on at least 31 days during the current year and 183 days bate in the different jurisdictions and consideration was given to the (counted using a specified formula) during a three-year period which pros and cons of having one international will compared to having a includes the current year and the two preceding years. One of the con- will in each of the jurisdictions where the assets were located. Relevant sequences for a HNWI being regarded as a US tax resident is being matters to consider included the value and nature of the assets (i.e. subject to the Foreign Account Tax Compliance Act (FATCA), which movable or immovable property), whether the jurisdiction was a is a global initiative to ensure compliance with US tax laws. Under the party to the ‘Convention Providing a Uniform Law on the Form of an FATCA regime, certain due diligence and reporting obligations are International Will’ and whether the country was part of the Com- imposed on financial institutions to report US citizen, US tax-resident monwealth as the courts will tend to recognize and enforce a grant of account holders and specified US entities established in the US or probate in another Commonwealth country. controlled by US persons. Failure to comply can result in the foreign In advising HNWIs, careful planning is required to ensure that po- financial institution incurring a 30% withholding tax on all payments tential estate tax consequences are addressed and a person has the ap- of income sourced from the US. The FATCA regime also facilitates the propriate will and other estate planning arrangements in place to fulfil flow of tax information between jurisdictions, helping governments their testamentary wishes and protect the interests of their beneficiaries. to ensure their tax residents are complying with their tax obligations. In advising HNWIs, it is clear the tax resident rules are complex as Family Offices they may be a tax resident of multiple jurisdictions. Careful planning Increasingly, HNWIs are taking a more sophisticated and professional is required to consider the rules in each jurisdiction and ensure a per- approach to managing their wealth and the past decade has seen a son’s travel or working arrangements do not result in unforeseen tax proliferation in single family offices (SFOs). Advising HNWIs on consequences. SFOs entails expertise across a broad range of areas and often involves cross-border teaming to ensure the optimal location and structure is Estate taxes chosen to meet the family’s requirements and manage tax conse- The ownership of assets across multiple jurisdictions means HNWIs quences. Having the appropriate governance framework, risk manage- are also exposed to the succession laws and estate tax regimes in dif- ment processes and funding model in place is essential, including ferent countries. To illustrate this, when advising a HNWI who was determining the functions to be undertaken by the SFO and those both an Australian tax resident and US citizen with assets in the US, that need to be outsourced and the associated staffing levels required. Singapore and Australia, it was important to consider the estate tax While not all HNWIs require an SFO, the benefits in terms of hav- regimes in each jurisdiction. US citizens pay estate taxes on their ing a greater focus on compliance or enhancing governance for exam- worldwide assets and are required to file a US estate tax return when ple are still applicable and can be integrated into how a HNWI the fair market value of their gross assets at the date of their death, to- manages and protects their wealth. Adopting such measures and en- gether with prior taxable gifts, exceeds the applicable threshold (i.e. suring access to sophisticated advice, will help a HNWI maximize op- US$1.4m in 2019). Non-residents with US-situated assets also have to portunities and manage challenges in a dynamic global environment. file a US estate tax return if the fair market value of their US-situated assets exceeds US$60,000. Estate duty was abolished in Singapore in The views reflected in this article are the views of the author and do 2008 and while Australia does not impose estate taxes as such, there not necessarily reflect the views of the global EY organization or its are important tax consequences to be mindful of when leaving assets member firms.

WOMEN IN BUSINESS LAW EXPERTGUIDES 169 TAX THOUGHT LEADERSHIP

TAX Before Making a Business Decision, Remember To Consider the Tax Consequences

Larissa Neumann, Julia Ushakova-Stein, & Ora Grinberg (pictured L-R) Fenwick & West LLP Mountain View

Introduction Since the “new tax act” (the Tax Cuts and Jobs Act or TCJA) was “turned on” and applies to all base erosion payments. Thus, it is criti- signed into law in December 2017, tax has received a newly height- cal to try and stay under the 3 percent threshold. ened importance. Although tax considerations have always been criti- As a result, multinationals who have reached the 3 percent thresh- cal, the TCJA made tax a mainstream conversation. This increase in old have been restructuring their contracts with their customers so awareness is beneficial since considering tax implications at the begin- customers are contracting directly with foreign affiliates for the work ning of a project is important and can lead to more optimal and being performed by the foreign affiliates, rather than the US entity. streamlined results. Once the contracts are renegotiated to be directly with the foreign af- The US tax laws are a complicated maze of rules that continue to filiate, payments are no longer made between the US entity and the change and must be carefully navigated. During the past year and a foreign affiliates. This decreases the base erosion payments and, in half, the Treasury and the Internal Revenue Service (IRS) have been, turn, the base erosion percentage, with the goal of maintaining the and continue to, issue thousands of pages of Treasury regulations to base erosion percentage below 3 percent. update the tax laws. As a result, previous transactions that had no ad- The BEAT can also apply in unexpected circumstances under the verse tax implications may now create unexcepted issues. In addition, proposed Treasury regulations. For example, acquisition of deprecia- it is not only important to understand the tax consequences of a con- ble or amortizable property can be treated as a purchase that results in templated business change, it is also important to analyze existing BEAT payments even if the property is acquired in an otherwise tax- business operations in light of the new rules. free transaction such as a capital contribution or a tax-free reorgani- zation. As a result, multinational corporations need to consider any Selected Considerations BEAT impacts of internal restructurings or post-acquisition reorgani- Minimum Tax on Base-Erosion Payments zations that prior to the TCJA might have been standard practice with The TCJA codified a new “base erosion and anti-abuse tax,” or the no adverse tax consequences. BEAT, that has required multinational companies to model out their exposure and reevaluate their existing business operations, including US Tax Consequences of Foreign Operations restructuring customer contracts. The BEAT operates as an alternative Prior to the TCJA, the US immediately taxed certain earnings and minimum tax on US corporations that have average annual gross re- profits of controlled foreign corporations (CFCs – foreign companies ceipts of at least $500 million during the preceding three tax years and that are at least 50% owned by 10% US shareholders), as subpart F in- have a “base erosion percentage,” or generally the percentage of its de- come. After the TCJA, a US shareholder of a CFC must now also im- ductions that are “base erosion payments,” of mediately include in its income “global at least 3 percent during the current year. The intangible low-taxed income” (GILTI) of a BEAT tax in an extra tax that is applied at a CFC that exceeds a certain return on tangible rate of 5 percent for 2018 and 10 percent IT IS HIGHLY assets. starting in 2019. RECOMMENDED THAT THE The included income, or tested income, is In particular, the BEAT is relevant to treated as subpart F income and is deemed to multinationals that make payments to foreign TAX CONSEQUENCES OF be currently distributed to a CFC’s 10 percent affiliates that are deductible on the US entity’s A CORPORATION’S US shareholders. As a result of these TCJA tax return or if the US entity purchases prop- changes, most of a CFC’s income is currently erty from a foreign related party for which the BUSINESS AND LEGAL included by a US corporate holder either as US corporation can claim amortization or de- ENTITY STRUCTURE ARE subpart F or GILTI, with little, if any, foreign preciation deductions on its tax return. Gen- PERIODICALLY income being able to be deferred from US tax. erally, these payments and deductions In addition, GILTI makes the widely publi- increase the base erosion percentage and once RECONSIDERED cized dividends received deduction that al- the percentage reaches 3 percent, the BEAT is lows foreign earnings to be brought back to

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TAX the US tax-free largely inoperative unless the CFC has a high amount to comply with certain EU Council requirements so these countries of tangible assets. These changes, along with other new tax provisions, are not placed on the EU Council’s list of noncooperative jurisdic- are relevant in analyzing whether certain operations should be con- tions or blacklist. ducted from the US or from a foreign subsidiary and where a com- The economic substance laws vary by jurisdiction, but their goal is pany’s intellectual property should be located. to introduce substance requirements to prevent international busi- nesses from transferring profits to jurisdictions that impose little or Business Interest Deduction Limitation no income tax while having practically no employees or physical pres- Changing to conform with many European countries, the TCJA also ence in the relevant jurisdiction. The new rules typically require mini- revised the section 163(j) interest deduction limitation. The interest mum activity in the country, such as the company being managed and limitation limits annual business interest deductions to 30 percent of directed from that jurisdiction, the company having core income-gen- a US taxpayer’s adjusted taxable income (ATI), which affects the busi- erating activities in that jurisdiction, including locating its employees ness consideration of utilizing debt, including in intercompany con- in that country, or the company maintaining certain minimum physi- texts. The new proposed regulations include a special “grouping cal presence in that jurisdiction. An analysis of the economic sub- election” that is generally favorable and can be made to eliminate in- stance rules should be considered if a company has an entity in an terest income and expense on debt between CFCs and include GILTI offshore jurisdiction in its legal entity structure. As a result of these and subpart F in a US taxpayer’s ATI, which typically results in an in- new rules, many US multinationals are restructuring out of these crease in the section 163(j) limitation. However, the grouping election countries. is irrevocable and must be carefully considered. Conclusion Non-US Considerations Due to the everchanging tax rules both in the US and abroad, it is Companies with entities in their legal structure that are located in off- highly recommended that the tax consequences of a corporation’s shore jurisdictions such as Bermuda, the Cayman Islands, the Ba- business and legal entity structure are periodically reconsidered. In hamas, the British Virgin Islands, and Jersey should be apprised of the addition, before business operations outside of the US commence, in- economic substance requirements that many of these jurisdictions volving a tax professional to assist in identifying and solving for tax is- have been implementing during the past year. The new rules can im- sues is not only prudent, but is typically also financially advantageous pose significant penalties and are spurred by the jurisdictions’ desire in the long run.

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C O L O M B I A H O N G K O N G S A R

Carolina Rozo Tracy Ho Philippi Prietocarrizosa Ferrero DU & Uría EY Carrera 9 # 74-08 Of 105 22/F, CITIC Tower Bogotá 1 Tim Mei Avenue Colombia Central Hong Kong Tel: (57) 1 3268624 Tel: (852) 2846 9065 Email: [email protected] Email: [email protected] Website: www.ppulegal.com Website: www.ey.com

Carolina Rozo is a lawyer at Philippi Prietocarrizosa Ferrero DU & Tracy had been the tax Managing Partner of EY Hong Kong and Macau Uría in the Bogotá office. She joined the firm in 2005 and was before her current role. She has been the Asia Pacific Area BTS Leader appointed partner in 2015. for 2 years. She has over 25 years of experience in providing tax consulting advice for multinational corporations with pan-Asian Her legal practice focuses on Tax and International Trade matters. operations and Hong Kong listed companies which are active in Carolina has positioned herself as an expert in tax planning, tax inbound and outbound investments activities and her latest focus is on structuring of both local and international corporate reorganizations, the domestic private market including listed companies. She has been tax structuring of businesses, as well as of mergers and acquisitions. voted as one of the “leading tax advisers” in Hong Kong by the Legal She has extensive experience as an advisor in tax matters and wealth Media Group Guide to the World’s Leading Tax Advisers in each planning for Colombian families and private clients. Carolina has also edition since 2007. She regularly contributes articles and presents tax participated hand in hand with the Colombian Government in the seminars on latest tax development and changes. drafting of certain tax regulations. Tracy works closely with her fellow partners of various EY offices She has a Law Degree from Universidad del Rosario (1998), she is a Tax outside Hong Kong in advising client’s cross border supply chain and Law Specialist, certified by Universidad del Rosario (2000) and she is a distribution models of her clients. Her roles on these significant Ph.D. candidate in Tax Law from Universidad de Salamanca (2002). engagements included direct tax planning, due diligence on the Carolina has been president of the Tax Committee of the Colombian acquisition of entities, advising on the documentation required and American Chamber of Commerce (2013 – 2015) and is a member of assistance in explaining the new business models to the Hong Kong tax the Board of both the Colombian Institute of Tax Law and the authorities (“IRD”). Colombian branch of the International Fiscal Association. She is a leader of tax litigations against the tax authorities and before tax courts. Tracy is often approached for advice on seeking agreement with the IRD on suggested Hong Kong tax treatments of transactions which Carolina has been lecturer at the postgraduate programs in Tax Law at potentially involve significant amounts of tax. Examples have included Rosario, Javeriana, and Andes Universities in Colombia, and has also – a refund claim on past withholding tax paid of over US$60M, a participated as a speaker in a number of local and international tax deduction claim on approximately US$200M of payments to group summits. She has published extensively in the tax field in Colombia companies operating outside Hong Kong, and a non-taxable claim on and abroad. The thesis for her PhD candidate degree, entitled annual financing income of US$500M. “Criticisms of environmental taxation in Colombia, from a non- revenue collecting perspective”, won a special mention in the José Since Tracy has taken over the role of Asia Pacific Area BTS Leader, she Ignacio de Márquez Economic Law Competition. drives the relevant tax services growth across 5 Regions – ASEAN, Korea, APAC FSO, Greater China and Oceania which covers more than 15 countries. EY is a globally connected tax planning and advisory Practice Areas Tax and International Trade practice. BTS combines Tax Policy and Controversy, Quantitative Services, Private Client Services, Business Tax Advisory (BTA) services enabling to provide insightful, multi-country tax advisory services in a connected and consistent manner throughout every stage of the tax life cycle; planning, accounting, compliance and controversy.

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I R E L A N D U N I T E D S TAT E S

Catherine O’Meara Jennifer L Fuller Matheson Fenwick & West 70 Sir John Rogerson’s Quay Silicon Valley Center Dublin 2 801 California Street Ireland Mountain View, CA 94041 Tel: (353) 1 232 2106 US Tel: (1) 650 335 7284 Email: [email protected] Fax: (1) 650 938 5200 Website: www.matheson.com Email: [email protected] Website: www.fenwick.com

Catherine O’Meara is a partner in the Tax Department at Matheson Jennifer L Fuller is a partner with the law firm of Fenwick & West, a law and is both a lawyer and chartered tax advisor. Catherine is currently firm specialising in high-technology matters. Ms Fuller practises in the Chairperson of the Irish branch of the International Fiscal Association. firm’s Mountain View office in California. Twice she received Euromoney’s Women in Business Law award for “America’s Best in Tax Catherine primarily advises leading multinationals on the Irish tax Dispute Resolution.” aspects of their operations including tax effective structuring of global reorganisations, IP ownership, inward investment projects and cash Ms Fuller has been included in Euromoney’s Guide to the World’s repatriation strategies. Catherine has a particular interest in advising Leading Women in Business Law for a number of years, Euromoney’s on domestic and cross border tax disputes, including mutual Guide to the World’s Leading Tax Advisers, The International Who’s Who agreement procedure requests, correlative relief claims, advance of Corporate Tax Lawyers, Euromoney’s Leading Lawyers in the Western pricing agreements and advising on the application of EU State aid US, Euromoney’s Guide to the Leading US Tax Lawyers, International principles in the context of Irish taxation matters. Tax Review’s Women in Tax Leaders, International Tax Review’s Tax Controversy Leaders, Euromoney’s World’s Best Tax Lawyers and Catherine’s clients include many of the leading multinational International Tax Review’s Best Tax Advisers in North America. corporations established in Ireland, primarily in the pharmaceutical, healthcare, ICT and consumer brand sector. Ms Fuller has served as the Northern California Chair for the California State Bar International Tax Committee. She has spoken at Catherine has published articles in leading tax journals, is co-author of and chaired numerous seminars on international tax subjects. Articles the Ireland section of the Bloomberg BNA TP Forum and is co-author Ms Fuller has written or co-authored have appeared in Tax Notes of the Ireland chapter of the International Fiscal Association Cahiers International magazine: and in Tax Notes magazine. on Cross Border Business Restructuring. Ms Fuller is admitted to practise before several circuit courts of Catherine O’Meara is recommended European Legal 500 2019 appeals, the United States Tax Court, and the California Supreme Court. She is a member of the California Bar and is a California CPA. Women in Tax Leader, Ireland ITR Women in Tax Leaders 2018 Ms Fuller received a BA in accounting from Whittier College and was Clients praise Catherine O’Meara for her “great technical detail, a Lowell Memorial Merit Scholar recipient. She obtained her JD from thinking of every angle to spot all of the threats” – Chambers Europe Loyola Law School and received an LLM in taxation from Georgetown University Law Center.

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U N I T E D S TAT E S U N I T E D S TAT E S

Larissa Neumann Deborah L Paul Fenwick & West Wachtell, Lipton, Rosen & Katz 801 California Street 51 West 52nd Street CA 94041 New York, NY 10019 Mountain View US US Tel: (1) 212 403 1300 Tel: (1) 650 335 7253 Email: [email protected] Email: [email protected] Website: www.wlrk.com Website: www.fenwick.com

Larissa Neumann focuses her practice on US tax planning and tax Deborah L Paul is a partner in the Tax Department at Wachtell, Lipton, controversy with an emphasis on international transactions. She has broad Rosen & Katz where she focuses on the tax aspects of corporate experience advising clients on mergers and acquisitions, restructurings transactions, including mergers and acquisitions, joint ventures, and has extensive transfer pricing experience. spinoffs and financial instruments. Ms Paul has been the principal tax Keen analytical skills coupled with a focus on providing clients practical lawyer on numerous domestic and cross-border transactions, solutions to complex tax issues have earned Larissa a reputation as a including strategic acquisitions and private equity buyouts, in a wide leading tax advisor both in the Silicon Valley and nationwide. She appears array of industries, including telecommunications, oil and gas, food, in Euromoney’s World’s Leading Tax Advisers and International Tax defense and energy. Ms Paul is a frequent speaker at Practising Law Review’s World’s Tax Controversy Leaders. Euromoney’s Women in Institute, American Bar Association, New York State Bar Association Business Law named Larissa America’s Best Transfer Pricing Lawyer in and New York City Bar Association conferences on tax aspects of 2017 and 2018. She also is consistently named by Euromoney as one of the mergers and acquisitions and related topics. She is rated a leading tax World’s Leading Transfer Pricing Advisors. lawyer by Chambers USA, Super Lawyers, the Legal 500 and Who’s Who Legal. She was elected partner in 2000. Larissa has successfully represented clients in federal tax controversies at the audit level and in appeals, Tax Court and other federal courts. She was Ms Paul is an active member of the Executive Committee of the Tax counsel in the recent important taxpayer victory for Analog Devices, Inc. v. Section of the New York State Bar Association. Prior to joining Commissioner, 147 T.C. No. 15 (2016), and the successful resolution for Wachtell Lipton in 1997, Ms Paul was an assistant professor at the Sanofi in Aventis, S.A. v. United States, US Court of Federal Claims Dkt. No. Benjamin N. Cardozo School of Law (1995-1997) and an acting 11647T. She currently is counsel for VF Corporation/Timberland in TBL assistant professor at New York University School of Law (1994-1995). Licensing LLC v. Commissioner, Tax Court Dkt. No. 2114615. Larissa teaches International Tax at the University of California, Berkeley, Ms Paul received an A.B. from Harvard University in 1986, a J.D. from School of Law. Harvard Law School in 1989 and an LL.M. in taxation from New York University School of Law in 1994. For Tax Notes International, Larissa coauthors a monthly column on all recent development in US international tax. She is also on the executive committee of the International Fiscal Association (IFA) and serves as the Clerkships Chair of the Technology Committee. Honorable William T. Allen, Delaware Court of Chancery, 1989 – 1990 Larissa appears in Euromoney’s Women in Business Law (a short list of the top women tax lawyers in the world) and ITR’s Women in Tax Leaders. She Recent Publications has also been shortlisted for Euromoney’s Women in Business Law What the New Tax Rules Mean for M&A, in Harvard Law School America’s Best Lawyer in Tax Dispute Resolution. Forum on Corporate Governance and Financial Regulation, January 12, 2018. Larissa was named to the Daily Journal’s 2017 list of Top Women Lawyers in California and was honored with the Women of Influence award by the IRS Releases Spin-Off Guidance, in Bank and Corporate Governance Silicon Valley Business Journal in 2017. Law Reporter, Volume 57 Number 1, September 2016. Larissa frequently speaks at conferences for professional tax groups, How to Kraft (or Not Kraft) Debt-Equity Regulations, in Tax Notes, including TEI, IFA, Pacific Rim Tax Institute, and the ABA. She is the ABA July 25, 2016, p. 525. International Law Tax Liaison. Fenwick has one of the World’s Top Tax Planning and Transactional Further Treasury Action to Limit “Inversions”, in Bank and Corporate Practices, according to ITR, and is first tier, according to World Tax. Governance Law Reporter Interim Report, January 14, 2016. Fenwick is consistently named the San Francisco Tax Firm of the Year by IRS Eliminates Partnership Structures Intended to Avoid Corporate ITR and has been named US Tax Litigation Firm of the Year. ITR has Tax on Dispositions of Appreciated Assets, in Columbia Law School’s recognized Fenwick as the Americas M&A Tax Firm of the Year and the Blog on Corporations and the Capital Markets, June 19, 2015. West Coast Transfer Pricing Firm of the Year. A Perfect Storm for Corporate Inversions: Causes and Responses, in Fenwick has advised over 100 Fortune 500 companies on tax matters, and has served as counsel in more than 150 large corporate IRS Appeals Tax Management International Journal, 43 TMIJ 671, 11/14/2014. proceedings and more than 75 federal court tax cases. Understanding Tax Receivable Agreements, in Practical Law The Larissa is a leader on Fenwick’s Pro Bono Review Committee and regularly Journal, June 2013. provides pro bono services to various nonprofit organizations. Fenwick was recognized by The National Law Journal Pro Bono Hot List and Larissa’s nonprofit work is pointed to as exemplary in the profile.

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U N I T E D S TAT E S

Jodi J Schwartz Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, NY 10019 US Tel: (1) 212 403 1212 Email: [email protected] Website: www.wlrk.com

Jodi J Schwartz focuses on the tax aspects of corporate transactions, including mergers and acquisitions, joint ventures, spin-offs and financial instruments. Ms Schwartz has been the principal tax lawyer on numerous domestic and cross-border transactions in a wide range of industries. She was elected partner in 1990.

Ms Schwartz received her B.S. in Economics magna cum laude from the University of Pennsylvania in 1981, her M.B.A. from the University of Pennsylvania (Wharton School) in 1984, her J.D. magna cum laude from the University of Pennsylvania Law School in 1984 and her LL.M. in taxation from the New York University Law School in 1987.

Ms Schwartz is recognized as one of the world’s leading lawyers in the field of taxation, including being selected by Chambers Global Guide to the World’s Leading Lawyers, Chambers USA Guide to America’s Leading Lawyers for Business, International Who’s Who of Business Lawyers and as a tax expert by Euromoney Institutional Investor Expert Guides. In addition, she is a member of the Executive Committee and past chair of the Tax Section of the New York State Bar Association and also is a member of the American College of Tax Counsel.

Ms Schwartz serves as an officer of both the UJA-Federation of NY and the Jewish Federations of North America, serves as a member of the board of Steep Rock Association and serves on the Board of Overseers of the University of Pennsylvania Law School. Ms Schwartz lives in Manhattan with her husband, son and daughter.

WOMEN IN BUSINESS LAW EXPERTGUIDES 175 TAX EXPERT LISTINGS

ARGENTINA BRAZIL CHILE María Inés Brandt Renata Emery María Teresa Cremaschi Moure Marval O’Farrell & Mairal Brigagão Duque Estrada Emery Barros & Errázuriz Buenos Aires Advogados Santiago Rio de Janeiro Alicia Domínguez Karem Jureidini Dias EY AUSTRALIA Rivitti e Dias Advogados Santiago Vivian Chang São Paulo Ashurst Jesica Power Sydney Simone Dias Musa Carey Trench Rossi Watanabe Santiago Betsy-Ann Howe São Paulo K&L Gates Sydney Raquel Novais Machado Meyer Advogados CHINA Barbara Phair São Paulo Min Guo Ashurst Gide Loyrette Nouel Sydney Angélica Taís Pereira dos Santos Beijing CGM Advogados Judy Sullivan São Paulo Wendy Guo PwC PwC Sydney Luciana Rosanova Galhardo Beijing Pinheiro Neto Advogados Sue Williamson São Paulo Vivian Jiang EY Deloitte China Melbourne Lucilene Silva Prado Shanghai Derraik & Menezes Angela Wood São Paulo Julie Zhang KPMG Deloitte China Melbourne Erika Yumi Tukiama Beijing Chiarottino e Nicoletti Advogados São Paulo Pauline Zhang Deloitte China BRAZIL Daniella Zagari Beijing Andrea Bazzo Lauletta Machado Meyer Advogados Mattos Filho Advogadois São Paulo São Paulo COLOMBIA Cristina Arantes A Berry CANADA Catalina Hoyos Jiménez Deloitte Brazil Godoy & Hoyos São Paulo Monica Biringer Bogotá Osler Hoskin & Harcourt Isabel A Bertoletti Toronto Carolina Rozo See bio Machado Associados Philippi Prietocarrizosa Ferrero DU & Uría São Paulo Gabrielle M R Richards Bogotá McCarthy Tétrault Isabel Bueno Toronto Mattos Filho Advogadois São Paulo Carrie Smit C O S TA R I C A Goodmans Carolina Flores Vivian Casanova Toronto Arias BMA Advogados San José Rio de Janeiro Louise R Summerhill Aird & Berlis Marienne Coutinho Toronto KPMG CYPRUS São Paulo Barbara Worndl Aird & Berlis Emily Yiolitis Toronto Harneys Cyprus

176 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TAX

CZECH FRANCE INDIA REPUBLIC Véronique Millischer Bijal Ajinkya Baker McKenzie Khaitan & Co Jana Alfery Paris Mumbai Alfery Prague Olivia Rauch-Ravisé Daksha Baxi Latham & Watkins Cyril Amarchand Mangaldas Helena Navratilova Paris Mumbai Kocián Šolc Balaštík Prague Shefali Goradia Deloitte Haskins & Sells GERMANY Mumbai DENMARK Stefanie Beinert Hengeler Mueller Bente Møll Pedersen Stuttgart Aumento Advokatfirma IRELAND Copenhagen Petra Eckl Julie Burke GSK Stockmann + Kollegen Ronan Daly Jermyn Frankfurt am Main Dublin FINLAND Nicole Looks Caroline Devlin Sari Laaksonen Baker McKenzie Arthur Cox Castrén & Snellman Frankfurt am Main Dublin Helsinki Ailish Finnerty Arthur Cox H O N G K O N G Dublin FRANCE SAR Claire Acard Sonya Manzor EY Société d’Avocats Agnes Chan William Fry Paris EY Dublin Hong Kong Sophie Blégent-Delapille Catherine O’Meara See bio Taj Sarah Chin Matheson Paris Deloitte China Dublin Hong Kong Laurence Clot Anna Scally Bird & Bird AARPI Tracy Ho See bio KPMG Paris EY Dublin Hong Kong Sabina Comis Dechert Becky Lai ITALY Paris EY Hong Kong Bernadette Accili Christine Daric LMS Studio Legale Ayesha Lau Franklin Milan Paris KPMG Hong Kong Fulvia Astolfi Agnès de l’Estoile-Campi Hogan Lovells Amy Ling CMS Francis Lefebvre Avocats Rome Paris Baker McKenzie Hong Kong Maria Antonietta Biscozzi Nadine Gelli EY Grace Tang De Pardieu Brocas Maffei Milan Paris EY Hong Kong Vania Petrella Sandra Hazan Cleary Gottlieb Steen & Hamilton Dentons Rome Paris

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ITALY NEW ZEALAND POLAND Livia Salvini Joanna Doolan Karolina Stawowska Salvini e Soci EY Wolf Theiss Rome Auckland Warsaw

Dorota Szubielska Radzikowski Szubielska i Wspólnicy JAPAN NORWAY Warsaw Makiko Kawamura Bettina Banoun DLA Piper Wiersholm Tokyo Oslo PORTUGAL Tonje Christin Norrvall Catarina Belim KPMG Law Belim Legal Services MALAYSIA Oslo Lisbon Yvonne Beh Wong & Partners Serena Cabrita Neto Kuala Lumpur PLMJ PERU Lisbon Goh Ka Im Milagros Bustillos Pinto Shearn Delamore & Co Hernández & Cía Kuala Lumpur Lima ROMANIA Adeline Wong Rocío Liu Arévalo Angela Rosca Wong & Partners Miranda & Amado Taxhouse Kuala Lumpur Lima Bucharest

Marilú Pedraza Rubio Leguía Normand MALTA Lima RUSSIA Juanita Brockdorff Valentina Akimova KPMG Sylvia Silvia MMunoz Salgado Pepeliaev Group Pieta Galvez & Dolorier Moscow Lima Irina Dmitrieva MEXICO White & Case PHILIPPINES Moscow Roxana M Gómez-Orta Baker McKenzie Benedicta Du-Baladad Monterrey Du-Baladad and Associates (BDB Law) Manila SINGAPORE Rosario Huet Covarrubias Siew Moon Sim Ramírez Gutiérrez-Azpe Rodríguez- Euney Marie J Mata-Perez EY Rivero y Hurtado Mata-Perez & Francisco Singapore Mexico City Manila Priscilla B Valer Romulo Mabanta Buenaventura Sayoc & SOUTH AFRICA NETHERLANDS de los Angeles Anne Bennett Juliana Dantas Manila Webber Wentzel Baker McKenzie Cape Town/Johannesburg Amsterdam POLAND Doelie Lessing Mariëtte Turkenburg Werksmans Attorneys Loyens & Loeff Karina Furga-Dabrowska Stellenbosch Amsterdam Dentons Warsaw Gesina van de Wetering Van Campen Liem Amsterdam

178 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TAX

SOUTH KOREA UKRAINE UNITED STATES Il Young Cho Yevgeniya Derbal Wendy Abkin Bae Kim & Lee Konnov & Sozanovsky Morgan Lewis & Bockius Seoul Kyiv San Francisco

Lauren Angelilli Cravath Swaine & Moore SPAIN UNITED New York María Antonia Azpeitia KINGDOM Baker McKenzie Joan C Arnold Jan Birtwell Madrid Pepper Hamilton O’Melveny & Myers Philadelphia Iratxe Celaya London Uría Menéndez Mounia Benabdallah Helen Buchanan Bilbao Baker McKenzie Freshfields Bruckhaus Deringer New York Natalia Pastor Caballero London KPMG Mary C Bennett Brenda A Coleman Madrid Baker McKenzie Ropes & Gray Washington DC Silvia Paternain London Freshfields Bruckhaus Deringer Kimberly S Blanchard Liesl Fichardt Madrid Weil Gotshal & Manges Quinn Emanuel Urquhart & Sullivan New York Sonia Velasco London Cuatrecasas Kim Marie Boylan Melissa Geiger Barcelona White & Case KPMG Washington DC London Barbara S de Marigny SWEDEN Heather Gething Orrick Herrington & Sutcliffe Herbert Smith Freehills Karin Attorps Houston London EY Diana S Doyle Stockholm Judith Harger Latham & Watkins Willkie Farr & Gallagher Helena Robertsson Chicago London EY Elizabeth Erickson Stockholm Karen Hughes McDermott Will & Emery Hogan Lovells Tina Zetterlund Washington DC London KPMG Lucy W Farr Stockholm Anbreen Khan Davis Polk & Wardwell Deloitte LLP, the UK Deloitte member firm New York London SWITZERLAND G Michelle Ferreira Sara Luder Greenberg Traurig Maja Bauer-Balmelli Slaughter and May San Francisco Tax Advisors & Associates London Zürich Miriam L Fisher Kathleen Russ Latham & Watkins Daniela Schmucki Travers Smith Washington DC Niederer Kraft Frey London Zürich Jennifer Fuller See bio Nicola Shaw QC Fenwick & West Gray’s Inn Tax Chambers Mountain View London TAIWAN Dominique (Monique) Gallego Josephine Peng Lynne Walkington Sidley Austin Lee and Li Linklaters New York Taipei London

WOMEN IN BUSINESS LAW EXPERTGUIDES 179 TAX EXPERT LISTINGS

UNITED STATES UNITED STATES Karen Gilbreath Sowell Carley A Roberts EY Pillsbury Winthrop Shaw Pittman Washington DC Sacramento

Michelle M Jewett Leah Robinson Stroock & Stroock & Lavan Mayer Brown New York New York

Barbara T Kaplan Jodi J Schwartz See bio Greenberg Traurig Wachtell Lipton Rosen & Katz New York New York

Sharon D Katz-Pearlman Gretchen T Sierra KPMG Deloitte Tax New York Washington DC

Natalie Hoyer Keller Christine Agnew Sloan Kirkland & Ellis Baker McKenzie Chicago Washington DC

Kathy Keneally Linda Z Swartz Jones Day Cadwalader Wickersham & Taft New York New York

Ginny Buckner Kissling Carol P Tello Ryan Eversheds Sutherland Dallas Washington DC

Andrea S Kramer Maria M Todorova McDermott Will & Emery Eversheds Sutherland Chicago Atlanta

Emily M Lam Mary F Voce Skadden Arps Slate Meagher & Flom Greenberg Traurig Palo Alto New York

Enrica Ma McDermott Will & Emery Washington DC VENEZUELA Elvira Dupouy Mendoza Jane Wells May Rodríguez & Mendoza McDermott Will & Emery Caracas Chicago

Larissa Neumann See bio Fenwick & West Mountain View

Kathleen Pakenham Cooley New York

Deborah L Paul See bio Wachtell Lipton Rosen & Katz New York

Jean A Pawlow Latham & Watkins Washington DC

180 EXPERTGUIDES WOMEN IN BUSINESS LAW LMG EUROPE WOMEN IN BUSINESS LAW AWARDS

LMG EUROPE WOMEN IN BUSINESS LAW AWARDS Euromoney LMG Europe Women in Business Law Awards 2019 – winners announced

The best women lawyers from across the continent gathered at The Savoy in London on June 13 to celebrate Euromoney Legal Media Group’s ninth annual Europe Women in Business Law Awards. The audience of private practice and in-house lawyers celebrated the best women across 35 practice areas and heard from this year’s outstand- ing practitioner winner, Farmida Bi of Norton Rose Fulbright. Baker McKenzie once again won the best international firm for women in business law prize. The firm also collected a special recognition award for Paul Rawlinson – a champion of diversity who passed away earlier this year. Arthur Cox retained its status as the best national firm for women in business law and other major winners included: Allen & Overy; Borenius Attorneys; Cuatrecasas; Dechert; Dentons; DLA Piper; Latham & Watkins; and McCann FitzGerald. A full list of winners is detailed below. For more information, please contact Melanie Petch on [email protected]

Individual Awards Best in competition & antitrust Best in financial regulation Best in aviation Strati Sakellariou-Witt, White & Case Kate Sumpter, Allen & Overy Yvonne McWeeney, Matheson Best in copyright Best in insolvency & restructuring Best in banking & finance Rachel Alexander, Wiggin Liz Osborne, Akin Gump Strauss Hauer & Sinead O’Shea, Simpson Thacher & Bartlett Feld Best in corporate governance Best in capital markets: Debt Joanna Hewitt, Baker McKenzie Best in insurance & reinsurance Amy Geddes, Herbert Smith Freehills Eva-Maria Barbosa, Norton Rose Fulbright Best in energy, natural resources and Best in capital markets: Equity mining Best in international trade Laura Sizemore, White & Case Agnieszka Klich, Covington & Burling Anzhela Makhinova, Sayenko Kharenko

Best in commercial arbitration Best in environment Best in investment funds Rajinder Bassi, Kirkland & Ellis Nicolien van den Biggelaar, De Brauw Kate Downey, Fried Frank Harris Shriver & Blackstone Westbroek Jacobson

WOMEN IN BUSINESS LAW EXPERTGUIDES 181 LMG EUROPE WOMEN IN BUSINESS LAW AWARDS

LMG EUROPE WOMEN IN BUSINESS LAW AWARDS

Best in labour & employment Best in white collar crime Best firm in Ireland Pascale Lagesse, Bredin Prat Jane Shvets, Debevoise & Plimpton Arthur Cox

Best in life sciences Rising star: Corporate Best firm in Israel Marie Manley, Sidley Austin Eva Suduiko, Cobalt Tadmor Levy & Co

Best in litigation Rising star: Finance Best firm in Italy Dorothy Cory-Wright, Dechert Amy Kennedy, Gibson Dunn & Crutcher Portolano Cavallo Studio Legale

Best in mergers & acquisitions Rising star: IP Best firm in Kazakhstan Lisa O’Neill, McDermott Will & Emery Giulia Varallo, Trevisan & Cuonzo Dentons

Best in offshore Rising star: Litigation Best firm in Luxembourg Frances Watson, Mourant Ozannes Karen Coppens, Dechert Dentons

Best in patent Rising star: Tax Best firm in Malta Ann De Clercq, De Clercq & Partners Serena Lee, Akin Gump Strauss Hauer & Fenech & Fenech Advocates Feld Best in privacy & data protection Best firm in Netherlands Georgina Kon, Linklaters Country/Regional Winners Baker McKenzie Best firm in Austria Best in private equity Wolf Theiss Best firm in Norway Clare Gaskell, Simpson Thacher & Bartlett DLA Piper Best firm in Baltics Best in product liability Sorainen Best firm in Poland Sylvie Gallage-Alwis, Signature Litigation DLA Piper Best firm in Belgium Best in project finance White & Case Best firm in Portugal Ayesha Waheed, Latham & Watkins Vieira de Almeida & Associados Best firm in Bulgaria Best in real estate Djingov Gouginski Kyutchukov & Velichkov Best firm in Romania Jolanta Nowakowska-Zimoch, Greenberg Dentons Traurig Grzesiak Best firm in Croatia Wolf Theiss Best firm in Russia Best in shipping & maritime White & Case Dharshini Bandara, Fleet Hamburg Best firm in Cyprus Chrysses Demetriades & Co Best firm in Slovak Republic Best in structured finance & securitisation CMS Ruži ka Csekes Michaëla Ulrici, NautaDutilh Best firm in Czech Republic č Dentons Best firm in Spain Best in tax Cuatrecasas Gonçalves Pereira Sandra Hazan, Dentons Best firm in Denmark Bech-Bruun Best firm in Sweden Best in tax dispute resolution Vinge Nicola Shaw QC, Gray’s Inn Tax Chambers Best firm in Finland White & Case Best firm in Switzerland Best in technology, media & Schellenberg Wittmer telecommunications Best firm in France Sue McLean, Baker McKenzie Dentons Best firm in Turkey Balcıoglu Selçuk Akman Keki Attorney Best in trade mark Best firm in Germany Partnership Catherine Wiseman, Barker Brettell Gleiss Lutz Best firm in Ukraine DLA Piper Best in transfer pricing Best firm in Greece Monika Laskowska, PwC A & K Metaxopoulos Best firm in UK (national firm) Powell Gilbert Best in trusts & estates Best firm in Hungary Tina Wüstemann, Bär & Karrer bpv Jádi Németh Attorneys at Law Best firm in UK (international firm) Baker McKenzie

182 EXPERTGUIDES WOMEN IN BUSINESS LAW LMG EUROPE WOMEN IN BUSINESS LAW AWARDS

LMG EUROPE WOMEN IN BUSINESS LAW AWARDS

Best firm in Middle East Most innovative international firm Best international firm for pro bono work Latham & Watkins Baker McKenzie Latham & Watkins

Firm of the Year Winners Best national firm mentoring programme Best national firm for talent management Best gender diversity initiative by national Arthur Cox Portolano Cavallo Studio Legale firm Cuatrecasas Best international firm mentoring Best international firm for talent programme management Best gender diversity initiative by Dentons Dechert international firm Best national firm for work-life balance DLA Piper Borenius Attorneys Best national firm for women in business law Best national firm for minority women Best international firm for work-life Arthur Cox lawyers balance Arthur Cox Allen & Overy Best international firm for women in business law Best international firm for minority Best national firm for pro bono work Baker McKenzie women lawyers McCann Fitzgerald Baker McKenzie.

WOMEN IN BUSINESS LAW EXPERTGUIDES 183 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS

Feature for: Christine De Keersmaeker and Agnès Maqua of KOAN Law Firm 185

184 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS

TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS The already notorious article 17 of the EU Copyright Directive

Christine De Keersmaeker (left) and Agnès Maqua (right) KOAN Law Firm Brussels

The “Directive on copyright and related rights in the Digital Single Mar- ket” was published in the Official Journal of the European Union on May 17. It intends to amend the current legal framework on copyright to make it fit for the digital environment we live in. But although the objectives of the Directive are noble, it has al- ready repeatedly been the subject of heated debates and more heated debates are to be expected before 7 June 2021. By then the Member States will have to transpose the Directive into national law. This article briefly discusses the most controversial article of the Directive, article 17 with regards to the “Use of protected content by in- formation society service providers storing and giving access to large amounts of works and other subject-matter uploaded by their users”

Authorization and liability the online content market scene competing, for the same audiences, Article 17 seeks to reinforce the position of authors of copyrighted with other online content services, such as online audio and video works used by online content-sharing service providers (hereafter streaming service. “OCSSPs”) and to foster the development of the licensing market The Directive foresees a definition of “OCSSPs”, meaning a shared between rightsholders and OCSSPs such as YouTube, Google provider of an information society service of which the main or one News and Facebook. of the main purposes is to store and give the public access to a large On the one hand, rightsholders should receive appropriate remu- amount of copyright-protected works or other protected subject mat- neration for the use of their works or other subject matter. On the ter uploaded by its users, which it organizes and promotes for profit- other hand, as contractual freedom should not be affected, rightshold- making purposes. ers should not be obliged to give their authorization for use or to con- The definition does however not clarify what “the main or one of clude licensing agreements. the main purposes” is, nor what “a large amount of copyright-pro- Although the recitals of the Directive clearly state that licensing tected works” means. It is clear that this definition does not provide agreements should be fair and keep a reasonable balance, there are legal certainty and hence lots of room for interpretation. concerns that the rightsholders will either not be willing to grant au- Providers of services, such as not-for-profit online encyclopedia thorization or ask unreasonable remunerations. (e.g. Wikipedia), not-for-profit educational and scientific repositories, The OCSSPs, in the absence of license open source software-developing and -shar- agreements, will be liable for any copyright ing platforms, providers of electronic com- infringement resulting from protected con- munications services, online marketplaces tent uploaded to their platform, unless they (e.g. eBay), business-to-business cloud ser- can demonstrate that they comply with cer- vices and cloud services that allow users to tain best efforts and actions which in practice upload content for their own use (e.g. Mi- means that they will have to introduce filter STAKEHOLDERS crosoft 365), are not to be considered OCSSPs and blocking mechanisms. These mechanisms WANTING TO RAISE within the meaning of this Directive. could obviously lead to over blocking and fil- Exceptions are also foreseen for start-up tering of legitimate use. Clearly serious con- THEIR VOICE SHOULD service providers. OCSSPs set up less that cerns. DO NOW than 3 years ago, with an annual turnover lower than EUR 10 million, and average Scope monthly unique visitors below 5 million, will It must be noted that the Directive only tar- be subject to much lighter obligations than gets OCSSPs that play an important role in the large, established ones. This aims to pre-

WOMEN IN BUSINESS LAW EXPERTGUIDES 185 TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS THOUGHT LEADERSHIP

TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS vent that smaller or non-commercial OCSSPs disappear from the in- cation of this mechanism shall not lead to any general monitoring. ternet or that new platforms are discouraged to enter the market. This too seems to be nothing else but a mere reference to the case law of the CJEU in this regard and it must be awaited whether in practice The filter and blocking mechanism the mechanism will not turn out to be exactly what the EU wanted to In situations where the OCSSPs cannot obtain a license from the avoid, namely a general monitoring obligation. rightsholders, the OCSSPs will not be liable if they can demonstrate that they have: Complaints and redress mechanism • made best efforts to obtain an authorization; and It thus seems inevitable that endless debates will be held over the re- • made best efforts to ensure the unavailability of specific works for moval of or disabling access to protected content. The Directive states which the rightsholders have provided the service providers with that the OCSSPs must put in place an effective and expeditious com- the relevant and necessary information; and plaint and redress mechanism with human review. It remains unclear • acted expeditiously, upon receiving a sufficiently substantiated no- how efficient these mechanisms will be in practice, as a case-by-base tice from the rightsholders, to disable access to the notified work assessment by a human being does not appear to be the most efficient, and made best efforts to prevent its future uploads. considering the probably huge amounts of requests. Moreover, the Di- There will obviously be a lot of debate on what are to be consid- rective continues to state that such mechanisms shall not deprive ered “best efforts”. The Directive refers to the principle of proportion- users of the legal protection afforded by national law, without preju- ality and that the type, the audience and the size of the service and the dice to the rights of users to have recourse to efficient judicial reme- type of works or other subject matter as well as the availability of suit- dies. In particular, Member States shall ensure that users have access able and effective means and their cost for service providers, should to a court or another relevant judicial authority to assert the use of an be considered. Again, there is a lot of room for interpretation. exception or limitation to copyright and related rights. This out-of- The second condition is the most controversial one, “to ensure the court redress mechanism is also nothing new as Member States are al- unavailability”, imposes a filter and blocking mechanism. What kind ready familiar with mediation and arbitration proceedings. of mechanism? The OCSSPs only have to filter and block content for which the rightsholders have provided them with information which Conclusion is necessary to filter and block. The Directive seems to create a lot of uncertainty for both right hold- Finally, the third condition imposes a “notice and keep down” ers and OCSSPs. It only gives little guidance on what OCSSPs are ex- mechanism as the OCSSPs have to make best efforts to prevent that pected to do and it is impossible to predict how right holders will use noticed works will be re-uploaded. their ‘new’ position towards the OCSSPs. Consequently, many debate and interpretation of the provisions of Article 17 of the Directive is Concerns expected . The Commission shall now first in cooperation with the The main concern is that content will be blocked which should not be member states organize stakeholder dialogues and issue guidance on blocked, either because the content is not protected, or because there the implementation of article 17. There will be a continuing discus- is no infringement, for instance because an exception to copyright ap- sion about what ‘reasonable’ internet intermediaries can ‘reasonably’ plies. The Directive does not clarify how Member States should man- be expected to do: pay (share advertising income or other income) age this concern. and/or take preventive or repressive action regarding copyright in- The directive only provides that Member States will have to ensure fringement, while balancing fundamental rights, especially freedom of that users can rely on the following exceptions or limitations: quota- speech. Many critics say Article 17 is a very slippery slope leading to tion, criticism, review, use for the purpose of caricature, parody or censorship and surveillance. An even more important discussion pastiche. This seems to be just a mere confirmation of the case law de- about hate speech, fake news and other kind of ‘undesirable’ informa- veloped by the Court of Justice of the EU over the past decades with tion will be added to the former. Stakeholders wanting to raise their regard to these exceptions. The Directive further states that the appli- voice should do now.

186 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS

B E L G I U M B E L G I U M

Christine De Keersmaeker Agnès Maqua KOAN KOAN Chaussée de la Hulpe 166 Chaussée de la Hulpe 166 Terhulpsesteenweg Terhulpsesteenweg Brussels B -1170 B -1170 Brussels Belgium Belgium Tel: (32) 2 566 90 07 Tel: (32) 2 566 90 01 Email: [email protected] Email: [email protected] Website: www.koan.law Website: www.koan.law

Christine De Keersmaeker is a highly experienced lawyer in Intellectual Agnès Maqua has a strong track record in TMT & IP practices with 30 Property. She is specialized in IP strategic advice and portfolio years expertise both in Belgium and in France with renowned management worldwide, IP exploitation and monetization, website customers in television, radio, Internet, press, cinema and audiovisual and IP audits, co-branding, co-production, dealing with copyrights, production. She advises on film financing, including tax shelter and tax trademarks, designs & models, patents, trade secrets or domain names. credit, EU co-productions. IP law is a core practice area at KOAN, Together with Agnès Maqua, she leads the KOAN IP and which is known for its proactive and practical approach. Agnès leads Technology/Media and Telecommunications team (TMT & IP). the TMT & IP KOAN team together with Christine De Keersmaeker.

She has longstanding experience serving national and international Agnès is very active in the advertising sector working with advertising clients in the fashion, retail, film, TV, music, publishing, advertising and media agencies. Her TMT & IP team is involved in the digital and events sectors. advertising initiatives and their related legal issues and constraints: Targeted Advertising, Data Management, Online Customer Behavior & She advices recognised players in the film industry on the full Profiling. They regularly proceed to website audits (T&C, cookies, production chain, including multinational co-productions, film privacy) and clearing of e-marketing campaigns and have gathered financing and tax shelter. extensive expertise and practical knowledge in IT contracts (software license, data processing contract, development contract, SLA, ASP). Christine has a strong track record advising high Fashion & luxury goods designer brands as well as brands in general in other sectors, She has developed a real expertise in trade practices for several key including household, food, automotive and technology providing economic sectors such as automotive, energy, pharmaceuticals, advise on their IP strategies and on all issues related to their IP cosmetics and food. The team collaborates with important portfolios, their off and online business in an ever evolving digital and professional federations at national and European level (UBA, ACC technological environment, including 3D printing, online counterfeit, and IAB). digital marketing and artificial intelligence. Agnès has authored extensively and is a frequent lecturer at graduate She has been an expert member of the Intellectual Property Council. schools and seminars organized by well-established associations. She is (the advisory organ to the Belgian federal minister competent for a Visiting Professor at IHECCS where she lectures on “Régulation des intellectual property rights) from 2008 until 2018. She is a third party médias et de l’éducation”. decider on domain name disputes and member of the Belgian arbitration and mediation center CEPANI, an independent facility Finally, she has also since the implementation of the GDPR been at the composed of business leaders, academics, corporate legal experts and forefront of developing the GDPR team at KOAN, advising numerous lawyers. clients on their GDPR implementation.

Christine has authored extensively and has frequently talked on IP and media, social media and technology matters. She also lectures at the Antwerp Management University Summer School on Fashion and IP as well as at the International Master for Fashion Management.

Finally, since the implementation of the GDPR she has with Koan’s TMT& IP Team advised numerous companies on their GDPR compliance.

WOMEN IN BUSINESS LAW EXPERTGUIDES 187 TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS ATTORNEY BIOGRAPHIES

I R E L A N D I R E L A N D

Anne-Marie Bohan Ruth Hunter Matheson Matheson 70 Sir John Rogerson’s Quay 70 Sir John Rogerson’s Quay Dublin 2 Dublin 2 Ireland Ireland Tel: (353) 1 232 2212 Tel: (353) 1 232 2228 Email: [email protected] Email: [email protected] Website: www.matheson.com Website: www.matheson.com

Anne-Marie Bohan is a partner with more than 20 years’ experience in Ruth Hunter is a partner in Matheson’s Finance and Capital Markets technology related legal matters, and is head of Matheson’s Technology Department and head of the Entertainment Group with over 20 years’ and Innovation Group. As a member of Matheson’s Technology and experience in the film and television sector and across the other sectors Innovation Group and our Asset Management Group, Anne-Marie that comprise the creative industries. brings together significant practical experience in advising on technology and privacy legal issues with industry knowledge and an understanding A principal focus of Ruth’s practice is feature film and television of applicable regulatory rules and regulatory requirements. financing which includes representation of producers, lenders, financiers, distributors and others with respect to facilities to fund the Anne-Marie has been a member of our Technology practice since its production and distribution of feature films, television shows and inception over 20 years ago, and as a result has extensive experience in other entertainment projects, including multiple party financings, drafting and negotiating contracts for the development, sale, purchase equity investments, gap-financing, discounting, security and and licensing of hardware, software and IT systems for both suppliers completion bond arrangements. and users of IT within the financial services industry and across a broad range of other industries. She has also acted in some of the Ruth is known for her experience across complex international largest value and most complex IT and telecommunications systems financing activities including pan-European co-production deals as and services outsourcing contracts which have taken place in Ireland. well as her particular specialist expertise in negotiating facilities against Anne-Marie also advises both financial institutions and technology Ireland’s tax credit for film production. companies on payment systems and services and electronic money. Her practice also includes advising on data protection, privacy and As well as financing activities she provides production and content cybersecurity issues, including data subject access requests and security advice to producers, broadcasters, networks and studios producing breach incidents. content in Ireland for international distribution. She typically advises across the full suite of production related agreements including the Anne-Marie has lectured on IT, data protection and financial services necessary underlying rights and chain of title documentation and in the Law Society of Ireland, the National University of Ireland talent contracts, providing the entire range of general production Maynooth, and more broadly. She is a member of the Irish Funds counsel services extending to pre and post publication content and Fintech Working Group, and was previously a member of the Irish clearance advices, including with regard to errors and omissions Funds Depositary Committee. Anne-Marie is a member of insurance requirements. Matheson’s Brexit Advisory Group. Ruth also has an in-depth understanding of the requirements of the Anne-Marie Bohan is named a leading individual. animation industry and represents some of the country’s largest animation studios. European Legal 500 2019 Ruth is a member of Screen Producers Ireland (the film producers Anne-Marie Bohan is “a shrewd, reliable and capable lawyer”. representative organisation in Ireland) and the Audiovisual Federation and the Irish Business and Employers Confederation (IBEC) and sits TMT: Chambers Europe 2019 on an industry steering committee established by key stakeholders in 2015. Anne-Marie’s “skillset is unique in the market”. Ruth Hunter is named a leading individual European Legal 500 2019 Chambers Europe 2019 Lawyer of the year (Ireland) for media law Best Lawyers Ireland 2019 Recognised for Information Technology Law edition Best Lawyers Ireland 2019 edition

Anne-Marie Bohan is “pragmatic, solution-orientated and always delivers clear guidance” - 2018 Chambers Europe

Winner (Ireland) IT and Internet Law – International Law Office (ILO) Client Choice Award 2017

188 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS

I R E L A N D J A PA N

Deirdre Kilroy Chie Kasahara Matheson Atsumi & Sakai 70 Sir John Rogerson’s Quay Fukoku Seimei Bldg. Dublin 2 2-2-2 Uchisaiwaicho Ireland Chiyoda-ku, Tokyo 100-0011 Tel: (353) 1 232 2331 Japan Email: [email protected] Tel: (81) 3 5501 2438 Website: www.matheson.com Email: [email protected] Website: www.aplaw.jp/en

Deirdre Kilroy is a partner in the Technology and Innovation team and Chie Kasahara leads the IP, TMT and Life Sciences teams at Atsumi & is Head of Intellectual Property. Deirdre specialises in intellectual Sakai, and advises many leading non-Japanese and Japanese corporations property, technology and data privacy law. She has over 20 years’ on protecting their intellectual property and rights in a broad range of experience in these areas. businesses, including technology, media and retail. Her practice is focused on Intellectual Property, Data Protection, Entertainment, Information Deirdre has a broad commercial practice, focused on IP-rich sectors Technology, Cross-Border Commercial Transactions and Corporate Law. including IT, media, pharmaceuticals, biotechnology and ecommerce. She specialises in non-contentious intellectual property and information Her recent transactions include advising: technology law. She brings strategic and commercial IP and IT advice to transactions including advising on joint ventures, long-term • major telecommunications carriers on telecommunication business collaboration and licensing agreements. She also has experience advising and IT issues; on other arrangements for the exploitation of technology, including on • a major international social networking service provider on various related privacy, advertising, consumer protection and IP matters. aspects of its business in Japan, including data protection and privacy Deirdre is proactive in helping clients model their agreements relating to issues; technology and strategic positions. She has extensive experience with • a leading networking service provider on data search and data large outsourcing projects and technology supply agreements. Much of collection issues, including regulatory issues on deep packet inspection; her work involves technology contracts, including online/ecommerce • the Japanese subsidiary of a major pharmaceutical production terms, white label, distribution, supply, services and sales agency company on trademark disputes and brand protection; arrangements. She works closely with our taxation department on • Japanese and non-Japanese advertising agencies on advertising international projects involving significant IP and technology assets. She agreements, disputes, etc.; advises clients on all aspects of privacy and data protection law focusing • software development and distribution companies on software in particular on data protection issues that arise in transactions. licensing; Deirdre regularly lectures in Ireland and internationally, including at the • major television production companies and advertising agencies on the Law Society of Ireland, and contributes to industry publications. She is a legal and regulatory requirements for TV production and advertising; member of the Intellectual Property & Data Privacy Committee of the • a leading international software developer in copyright infringement Law Society of Ireland, and sits on Technology Ireland’s Data Working (including claiming compensation from infringers); Group. She is a member of the Intellectual Property Commission of the • Japanese and non-Japanese pharmaceutical companies on data International Chamber of Commerce and also of INTA, IAPPI and SCL. protection and privacy issues; and • a major computer company in relation to data protection in Japan. 2019 Accolades Besides being ‘pragmatic and constructive when dealing with opposing Chie is a director of the Entertainment Lawyers Network, an active counsel’, ‘terrific’ practice head Deirdre Kilroy not only ‘knows a lot about member of the IP Lawyers’ Network Japan, the Global Advertising Lawyers local trade mark law and practice’, but is also ‘extremely knowledgeable Alliance (GALA) and the Corporate Law Study Group of the Dai-ichi about GDPR’. Information Technology & Intellectual Property, Legal 500 Tokyo Bar Association. 2019 She has also authored many commentaries on IP, Data Protection, “She has substantial and substantive IP expertise, as well as tactical skill in Corporate Law, and Commercial Law issues. Her publication includes: handling difficult negotiations. She is also a great communicator and can convey complex ideas simply to non-experts”. Information Technology & • “Publication of clinical trial information and the disclosure of conflict Intellectual Property, Legal 500 2019 of interests in research in five countries – National laws and regulations “She is very business-minded, and at the same time attentive to the detail in UK, France, Germany, Netherlands, and the US -,” Journal of Clinical and nuances that really make the difference”. Intellectual Property Therapeutics & Medicines No.34 No.6, published in Japanese (2018) Chambers 2019 [Co-author] • Getting the Deal Through – Telecoms and Media 2018, Japan Chapter, “Its IP offering is fronted by the fabulous Deidre Kilroy, a transactional Law Business Research Ltd. (2018) ace who has handled scores of licensing, franchising, collaboration and • Getting the Deal Through – Advertising and Marketing 2018, Japan disposal deals in her time”. World Trade Mark Review, 2019 Chapter, Law Business Research Ltd. (2018) “Deirdre Kilroy is a top deal broker for clients in the high-tech and life • The Intellectual Property Review – Seventh Edition, Japan Chapter, sciences domains. She is considered a bona fide thought leader on trade Law Business Research Ltd (2018) [Co-author] secrets legislation and SPC regimes”. IAM Patent 1000, 2019 • Q&As about Entertainment Law: Rights, Contracts, Troubleshooting, Related Laws and Overseas Transactions, Civil Law Institute (2017) IP Star in the 2019/20 edition of IPSTARS, Managing Intellectual Property [Co-author]

WOMEN IN BUSINESS LAW EXPERTGUIDES 189 TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS ATTORNEY BIOGRAPHIES

R U S S I A

Natalia Gulyaeva Hogan Lovells Summit Business Centre 22 Tverskaya Street, 9th Floor 125009 Moscow Russia Tel: (7) 495 933 3000 Email: [email protected] Website: www.hoganlovells.com

Natalia Gulyaeva is recognized as a leading Russian specialist and is named in international legal directories including Chambers & Partners as a highly recommended Russian practitioner who is “really on top of things”.

Natalia advises TMT and Life Sciences clients on all aspects of contentious and non-contentious work including strategic counseling, portfolio management/ auditing, dispute resolution (litigation and arbitration), anti-piracy actions and transactional work. According to Chambers & Partners, Natalia is praised by the peers and clients for “her business sense and clear management style” and is defined as a “creative, flexible and able to guide clients through the specifics of the Russian market” lawyer and “tough and focused attorney”. The clients do particularly ompliment Natalia’s talent to see the legal matters from the in-house counsel perspective. The latter is no doubt due to the fact that Natalia joined Hogan Lovells after having spent several years in the role of counsel of an international corporation where she gained extensive experience within and outside of her TMT and Life Sciences expertise.

Natalia is admitted to represent clients before the Russian Patent and Trademark Office and enjoys rights of audience in the Chamber for Patent and Trademark Disputes and Russian courts. In addition to her qualification as a Russian lawyer, Natalia is admitted as English solicitor. Natalia is well-known for a chain of victories in IP disputes before the Russian courts. She is equally creative and uccessful in handling complex disputes between international and domestic corporations in Russia and other CIS countries and coordinating multi-jurisdictional litigations. Natalia also acts as arbitrator.

Natalia is widely published and is a regular speaker at high profile conferences, including ABA, ICC, MIP and INTA events. Natalia’s team has received over the years several WORLDLeaders nternational Awards for the work in representing international and domestic companies in IP litigious and transactional matters in Russia and other CIS countries. Natalia is the winner of 2015, 2016 and 2018 “Client Choice Award”.

Professional Memberships: Fellow of CIArb, INTA.

Education/ Career: Qualified 1998, PhD in Law 2002, LLM (Germany) – 2003; Solicitor (England & Wales) – 2012; Exec MBA 2017; Hogan Lovells since 2000, Partner, Moscow.

Languages: Russian, English, German, French, Italian

190 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS

AUSTRALIA BELGIUM CANADA Anne-Marie Allgrove Christine De Keersmaeker See bio Diana Cafazzo Baker McKenzie KOAN Stohn Hay Cafazzo Dembroski Sydney Brussels Richmond Toronto Sophie Dawson Agnès Maqua See bio Bird & Bird KOAN Hilary Goldstein Sydney Brussels Buchli Goldstein Toronto Moya Dodd Gilbert + Tobin Wendy Gross Sydney BRAZIL Osler Hoskin & Harcourt Ana Paula Bialer Toronto Nicole Heller Bialer Falsett Associados King & Wood Mallesons São Paulo Christine Ing Sydney McCarthy Tétrault Renata Ciampi Toronto Kate Jordan Stacchini Advogados Clayton Utz São Paulo Bernice Karn Sydney Cassels Brock & Blackwell Elinor Cristófaro Cotait Toronto Renae Lattey Mundie e Advogados King & Wood Mallesons São Paulo Monique McAlister Melbourne Goodmans Simone Lahorgue Nunes Toronto Amanda Ludlow Levy & Salomão Advogados Ashurst Rio de Janeiro Tara Parker Brisbane Goodmans Maria Cristina Machado Cortez Toronto Sheila McGregor Cortez Rizzi & Miranda Gilbert + Tobin São Paulo Juliet Smith Sydney Dentons Esther Donio B Nunes Vancouver Justine Munsie Pinheiro Neto Advogados Addisons São Paulo Carolyn Stamegna Sydney Goodmans Flávia Rebello Pereira Toronto Leanne Norman Trench Rossi Watanabe Banki Haddock Fiora São Paulo Amy-Lynne Williams Sydney Deeth Williams Wall Toronto Anne L Petterd Baker McKenzie Wong & Leow BULGARIA Sydney Violetta P Kunze CZECH Lesley Sutton Djingov Gouginski Kyutchukov & REPUBLIC Gilbert + Tobin Velichkov Sydney Sofia Jana Pattynová Pierstone Prague BELGIUM CANADA Fabienne Brison Susan H Abramovitch DENMARK Hoyng Rokh Monegier Gowling WLG Brussels Toronto Nina Henningsen Horten Christina Buchli Copenhagen Buchli Goldstein Toronto

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FINLAND GERMANY ISRAEL Pia Ek Christiane Stützle Esther Sternbach Castrén & Snellman Morrison & Foerster Herzog Fox & Neeman Helsinki Berlin Tel Aviv

FRANCE H O N G K O N G ITALY Claire Bernier SAR Daniela De Pasquale ADSTO Ughi e Nunziante Michelle Chan Paris Milan Bird & Bird Sophie Borowsky Hong Kong Laura Liguori Crossen & Borowsky Portolano Cavallo Vivien Chan Paris Rome Vivien Chan & Co Béatrice Delmas-Linel Hong Kong Francesca Lodigiani Osborne Clarke R&P Legal Anna Gamvros Paris Rome Norton Rose Fulbright Frédérique Dupuis-Toubol Hong Kong Bird & Bird AARPI Gabriela Kennedy Paris JAPAN Mayer Brown Chie Kasahara See bio Hong Kong Christiane Féral-Schuhl Atsumi & Sakai Feral-Schuhl / Sainte-Marie Nancy Leigh Tokyo Paris Baker McKenzie Diane Mullenex Hong Kong Pinsent Masons MALAYSIA Paris HUNGARY Charmayne Ong Poh Yin Alexandra Neri Skrine Herbert Smith Freehills Dóra Petrányi Kuala Lumpur CMS Cameron McKenna Nabarro Paris Lai Ling Tong Olswang Raja Darryl & Loh Budapest GERMANY Kuala Lumpur Astrid Auer- Reinsdorff IRELAND Auer & Company NETHERLANDS Anne-Marie Bohan See bio Berlin Eliane de Vilder Matheson Brinkhof Viola Bensinger Dublin Greenberg Traurig Amsterdam Maureen Daly Berlin Marjolein Geus Beauchamps Bird & Bird Isabell Conrad Dublin SSW Schneider Schiffer Weihermüller The Hague Ruth Hunter See bio Munich Margriet Koedooder Matheson De Vos & Partners Advocaten Mareike Christine Gehrmann Dublin Taylor Wessing Amsterdam Deirdre Kilroy See bio Düsseldorf Judica Krikke Matheson Stibbe Truiken J Heydn Dublin TCI Rechtsanwälte Amsterdam Munich Jacqueline Schaap Visser Schaap & Kreijger Amsterdam

192 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS

NETHERLANDS RUSSIA SWITZERLAND Jacqueline MB Seignette Natalia Gulyaeva See bio Clara-Ann Gordon Höcker Advocaten Hogan Lovells Niederer Kraft Frey Amsterdam Moscow Zürich

Wanda van Kerkvoorden SOLV Advocaten Amsterdam SINGAPORE TURKEY Joyce A Tan Ceylin Beyli Roelien van Neck Joyce A Tan & Partners CBL Law Office Bird & Bird Singapore Istanbul The Hague

Eva Visser Project Moore SOUTH AFRICA UNITED Amsterdam Preeta Bhagattjee KINGDOM Cliffe Dekker Hofmeyr Susan Aslan Johannesburg NEW ZEALAND ACK Media Law Livia Dyer London Karen Ngan Bowmans Susan Barty Simpson Grierson Johannesburg Auckland CMS Cameron McKenna Nabarro Wendy Rosenberg Olswang Werksmans Attorneys London Johannesburg NIGERIA Marly Didizian Jumoke Lambo Linklaters Udo Udoma & Belo-Osagie London Lagos SPAIN Victoria Gaskell Almudena Arpón de Mendívil Aldama CMS Cameron McKenna Nabarro Gómez-Acebo & Pombo Olswang Madrid NORWAY London Kristin Veierød Blanca Escribano Cañas Annabelle Gauberti Hjort EY Law Firm Crefovi Oslo Madrid London/Paris Belén Arribas Sánchez Natasha Good Andersen Tax & Legal Freshfields Bruckhaus Deringer POLAND Barcelona London Ewa Kurowska-Tober DLA Piper Amanda Hale Warsaw SWEDEN Ashurst London Eva Fredrikson PORTUGAL Vinge Rosaleen Hubbard Stockholm Towerhouse Magda Cocco London VdA Vieira de Almeida Erica Wiking Häger Lisbon Mannheimer Swartling Jane Lambert Stockholm 4-5 Gray’s Inn Square Margarida Couto London VdA Vieira de Almeida Lisbon SWITZERLAND Sue McLean Baker McKenzie Nicola Benz London Froriep Zürich

WOMEN IN BUSINESS LAW EXPERTGUIDES 193 TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS EXPERT LISTINGS

UNITED UNITED STATES UNITED STATES KINGDOM Ruth E Fisher Barbara Murphy Melby Gibson Dunn & Crutcher Morgan Lewis & Bockius Selina Potter Los Angeles Philadelphia/New York CMS Cameron McKenna Nabarro Olswang Marissa Román Griffith Laura Lee Prather London Akin Gump Strauss Hauer & Feld Haynes and Boone Los Angeles Austin Lisbeth Savill Latham & Watkins Susan A Grode Karen M Robson London Katten Muchin Rosenman Pryor Cashman Los Angeles Los Angeles Ingrid Silver Reed Smith Arlene Arin Hahn Rose H Schwartz London White & Case Franklin Weinrib Rudell & Vassallo New York New York Bridget Treacy Hunton Andrews Kurth Vivian L Hanson Sherrese M Smith London Morrison & Foerster Paul Hastings New York Washington DC Joanne Wheeler Alden Legal Jennifer A Johnson Natalie J Spears London Covington & Burling Dentons Washington DC Chicago Claire Wright Allen & Overy Regina M Keeney Nancy J Victory London Lawler Metzger Keeney & Logan DLA Piper Washington DC Washington DC UNITED STATES Kathleen A Kirby Catherine Wang Wiley Rein Morgan Lewis & Bockius Cynthia S Arato Washington DC Washington DC Shapiro Arato New York Eleanor M Lackman Susan Williams Mitchell Silberberg & Knupp Paul Hastings Colleen Boothby New York Los Angeles Levine Blaszak Block & Boothby Washington DC Ann J LaFrance Juliette Youngblood Squire Patton Boggs Youngblood Group Nancy A Bruington New York Los Angeles Latham & Watkins Los Angeles Carrie M LeRoy Gibson Dunn & Crutcher Cynthia Clarfield Hess Palo Alto Fenwick & West Mountain View Diana J P McKenzie HunterMaclean Sandra A Crawshaw-Sparks Savannah Proskauer Rose New York Heather J Meeker O’Melveny & Myers Rebecca S Eisner Menlo Park Mayer Brown Chicago Barbara Meili Greenberg Traurig Michele C Farquhar New York Hogan Lovells Washington DC Atara Miller Milbank New York

194 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

TRADEMARKS

Features for: Cecilia Falconi Pérez of Falconi Puig Abogados 196 Nathalie Dreyfus of Dreyfus & associes 198

WOMEN IN BUSINESS LAW EXPERTGUIDES 195 TRADEMARKS THOUGHT LEADERSHIP

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A woman’s role in the IP industry

Cecilia Falconi Pérez Falconi Puig Abogados Quito

Leadership at an early stage of life is hard to describe. It involves growing with experience, and learning about the passion that makes humankind pursue its goals and dreams. Women have fought for in- clusion and opportunities at various stages throughout history. At some point, responding to the needs of time, women started playing important roles as representatives of the most famous brands world- wide. Their beliefs began to be heard and their abilities were turned into successful businesses. Their achievements exceeded probably their own expectations. Just to mention a few, Gabielle Bonheur Vhanel, also known as “Coco Chanel” (1883-1971) was a French de- signer, business woman and co-founder of the Chanel brand. Mary Kathlyn Wagner known as Mary Kay Ash (1918-2001) promoted her business in cosmetics with great success, currently Mary Kay, Inc. When speaking of literature, we must admire Virginia Woolf (1882- 1941), who used a reserved room as a metaphor for the free expres- sion of women. She also did not accept a place on a special shelf for books written by women asserting that she was a human being, and should therefore receive the same rights as men. Olga Fisch, a Hungar- ian born in Budapest and a Jew and Bauhaus artist came to Ecuador believe, a way to pursue gender equality as essential for the develop- in 1939 and in 1942, founded her brand in the industry of handcrafts ment of a just society, a way to be together with my brother Miguel and popular art. These ladies, among others, are an inspiration in and my feeling that this profession contributes to human well-being. many ways to women around the world. Indeed, they inspire me. Women in industry have been promoting equal conditions for During my early years at high school, I was very anxious to pursue decades. Fortunately, nowadays, not only are industries led by women, several dreams. Travelling of course was one (just like any young per- but they are also becoming a voice of power in political decisions. son seeking to learn about people and places), but one major goal was Francis Gurry, director general at the World Intellectual Property to find freelance job, so I began selling books and encyclopedias in World Organization (WIPO), said: “Simply stated, unless we have Quito, my hometown. Back in the mid-80s, we only had the option to gender equality, humanity is not realizing its full innovative and cre- read books, physical books, so while promoting sales, I found the op- ative potential.” To help drive awareness, WIPO chose the theme of portunity to satisfy my curiosity through “Powering Change: Women in Innovation reading and discovering authors such as Ori- and Creativity” for World Intellectual Prop- ana Fallaci. I read her her magnificent book erty Day 2018. The initiative was celebrated. It Interview with History, where she interviewed showed women’s contributions, especially in characters such us Henry Kissinger, Nguyn IN A PROSPEROUS the patent field where statistics demonstrate Văn Thiu, Norodom Sihanouk, Golda Meir, an important growth. Unfortunately, with re- Yasser Arafat, among others. I also read Mar- WORLD WOMEN’S gard to copyright and trademarks, statistical guerite Duras, Marguerite Yourcenar, Gabriela EMPOWERMENT IS information is limited. Gurry added: “More Mistral and Ecuadorian Dolores Veintimilla. I work is needed to ensure that both men and also read Louise Andreas Salomes story and CRUCIAL FOR ITS women can equally access and use the IP sys- her life with Nietzsche. Suddenly, I was gifted SUSTAINABLE tem and profit fully from their creative and with my first daughter, Paula. Being a single innovative assets” and concluded that WIPO mother at 19 probably determined my next ECONOMIC GROWTH will continue with its best efforts to help rec- steps. Universities were more open to women tify imbalances and ensure women equal ac- studying. Deciding on a career in law was, I cess to the IP system.

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TRADEMARKS

The International Chamber of Commerce (ICC) also promotes The Inter-American Association of Intellectual Property (ASIPI) is equal gender participation and is involved in projects at the IP Com- lead by Elisabeth Siemsen, partner at Dannemann Siemsen. With her mission. Fortunately, I have had the opportunity to contribute, and it clear vision, she has also decided to promote women s leading roles on is pleasing to see women s solid participation. At present the commis- ASIPI s work committees. As a result of her appointment, I have had sion is lead by Ingrid Baele, vice president at Philips Intellectual Prop- the challenge to chair the Geographical Indications Committee for a erty. Personally, as the national ambassador of the ICC in Ecuador, second period. The GI Committee has long been organised into work- and chair of the IP Commission at ICC Ecuador, it has been interest- ing groups, each working group led by a colleague has delivered a sig- ing and pleasing to study and promote best practices for industry and nificant opinion and each term, a book on GI is published. commerce with the ICC Knowledge Solutions approach just Fundamental roles must be taken by leaders to pursue objectives launched. Having co-chaired the Task Force on the Apostille Conven- and reach results. Women s role in the IP industry demands hard tion, three women managed to gain access to information relating to work. Learn to guide yourself, promote good communication, under- the intention to adopt the convention in more than 64 countries in stand others’ beliefs and thoughts, analyse circumstances, deal prop- Asia, the Middle East, Africa and Latin America. We have promoted erly with situations, lead teams, welcome initiatives, promote ethics the incorporation of intellectual and industrial property infringe- and independent decision-making, return to society the richness of ments in the Organic Criminal Integral Code, the project of reform one s field and encourage knowledge transmission and best practices. currently under discussion at the National Assembly in its second de- Combining working group analysis with professional practice expe- bate. Being conscious of the lack of laws and regulations, we also de- rience is enriching. Pro-bono work is also one my passions. I collabo- livered more than 130 pieces of criteria and proposals to authorities rate with Fundación Chankuap founded by father Silvio Broseghini of for the project of General Regulation of the Organic Code of Knowl- the Salesian Mission of Wasakentsa in the Anchuar territory. edge that covers intellectual property rights. In the exercise of my pro- Being able to advise on this initiative for more than 12 years has fession, having the opportunity to advise national and multinational been an experience and being able to share knowledge for this project companies has exposed me to significant challenges. The combination has been satisfying. of practice, participation in organisations and associations, team- There are women who have determined routes way before us, and building, trust for my colleagues and industry in-house leaders, have contributed enormously to society. It is our obligation to ensure knowledge and creativity have been important to me as a partner at that future generations provide women with an environment in which my firm. they can continue contributing to society, industry and commerce.

WOMEN IN BUSINESS LAW EXPERTGUIDES 197 TRADEMARKS THOUGHT LEADERSHIP

TRADEMARKS Domain names: a valuable business asset but also a risk factor

Nathalie Dreyfus, Dreyfus & associes Paris

Nathalie Dreyfus, French and European trademark attorney, renowned Expert consultant before the Court of Appeal of Paris, as well as before the WIPO Arbitration and Mediation Center and the National Arbitration Forum (NAF), emphasizes that domain names are an important asset for companies as well as a risk factor.

Why are domain names both a valuable business asset and a risk factor? Over the years, domain name registrations constantly increases reach- ing a growth of 3,5% in 2018. Domain names are the gateway to busi- ness’ websites so they are a valuable business asset for companies almost as important as its trademarks. Moreover, there is a steady in- crease of domain name in price sales and purchases market as compa- nies are ready to invest into domain names related to their product name, brand name, and their business activities. On the other side, domain names are an important risk factor for companies. According to a PriceWaterHouse report, intellectual prop- erty is one of the top three business risk factors, with domain names being one of intellectual property related risks. There are many risks common, and they are becoming more complex from a technical related to domain names such as phishing campaigns, identity theft, point of view. and cybersquatting attacks that endangered companies’ businesses. Generally, cyberattacks aim to recover data or funds by using the For example, Vinci Group fell victim of a cyberattack. Actually, a third company’s domain name or email addresses attached to it. Cyberat- party registered the domain name and used it to send a tacks can impact domain names in several ways. First of all, domain fake press release to subscribers by a mass e-mail campaign. As a re- name wholesalers are on the constant lookout for public domain sult, Vinci Group’s share price has plummeted. Therefore, the exis- names available for sale. The purpose is to attract the company’s cus- tence of domain names that replicate a business’ trademark can tomers, believing that they are going to a site owned by the company, potentially lead to financial loss. and use this embezzlement for financial purposes. Furthermore, businesses that want to attract and retain customers In addition, scammers have been actively launching domain name ho- should demonstrate that they are taking all mograph attacks that consist of using non-Latin the necessary security measures to protect letters and characters that resemble to Latin their domain names. Indeed, twenty per cent characters to replicate registered domain names. of customers do not repurchase from a brand “AFTER HAVING The difference between Latin and non-Latin that was a victim of a cyberattack. Thus. Busi- IDENTIFIED THE RISKS characters is not visible on laptop and tablet, so nesses should be able to act quickly to prevent users do not see the difference. The lookalike infringements related to domain names in RELATED TO DOMAIN domains point to fake lookalike websites. order to avoid the charge of negligence. NAMES, BUSINESSES There is also the emergence of SSL certifi- cate frauds. The green padlock icon aims to What are the impacts of cyberattacks on SHOULD PUT IN PLACE guarantee websites’ security. However, the domain names? ACTIVE DOMAIN level of guarantee is compromised by low- Cyberattacks can have damaging conse- level security SSL certificates that are available quences for businesses such as an important NAMES MONITORING on the Internet for free. financial loss arising from theft of critical in- STRATEGIE” Moreover, in France, the “RIO code” fraud formation. Cyberattacks have become quite has become an issue lately. The RIO code is a

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TRADEMARKS mobile phone operator’s identity. It enables mobile phone users to ceedings. There is also cases where we have to deal with a subsidiary switch between telecommunication providers. If a third party obtains that registered a domain name and is not liable because of this ab- the RIO code, it can access the data stored on a mobile phone. This sence of data. In view of the growing importance of domain names, type of fraud uses domain names infringing the rights of telecommu- new systems must be designed such as procedures for lifting nication brands. anonymity. There is also the emergence of phishing websites that are linked to social media network pages offering fake contests and sweepstakes. What are the compliance obligations regarding domain Finally, the Mail eXchanger (MX) record associates a domain name names? with a mail server and allows sending out mass e-mail campaigns Following the logic of the Vigilance law, NIS, Sapin 2, and the GDPR which creates the possibility of sending fake e-mail campaigns damag- regulations, businesses are required to put in place risk mapping as ing business reputation. well as a risk management plan. It is therefore necessary to include All of the abovementioned cyberattacks can impact domain names domain names in the compliance policy, and to create a risk map and and harm business’ trademark and reputation. a risk management strategy for domain names. The legislation indi- rectly applies to domain names without explicitly mentioning them. How are domain name disputes settled? For example, if a domain name such as “email-wellknown trade- Domain names disputes settled by court decisions is not a common mark.com” along with mail servers associated with it, it represents a thing. Most of the times, domain names disputes are settled through potential risk as it can be used for sending out fake mass mailing Alternative Dispute Resolution (ADR) procedures such as the UDRP. campaigns or for phishing. Thus, it becomes a legal obligation for The UDRP service has been offered since the end of 1999. These pro- companies to protect themselves. Many countries have adopted the cedures are used to solve domain name fraud related disputes. In par- legislation, including France and the U.S. (the Foreign Prevention ticular, it takes into consideration the international aspect of these Act). cases and the difficulties that arise in execution of court decisions. The UDRP allows brand owners to obtain domain name transfer for a How to protect a business from domain name related risks? small fee. There are also other centers that offer similar services but As a first step, it is necessary to map the risks related to domain the two major ones are the WIPO and the NAF in the U.S. There is a names because once they are identified it is easier to take actions European center in Prague and another center for the Asian region. to prevent them. In order to do so, businesses have to classify the The goal is to make the alternative dispute resolution tool available to levels of risks depending on the company and its trademarks, and Internet users. then develop as strategy in order to know which threats are more important to fight. For example, so-called parking websites and in- How do you explain the surge in ADR cases? active websites targeting a well-known brand should be a priority This is due to the increasing value of domain names as well as the for businesses whereas for others brand it may not be the priority. GDPR regulations. Indeed, the anonymization of the WHOIS creates Companies should bear in mind that there is no such thing as a problem in terms of identification because the personal information “zero risk”. of domain names’ owner are no longer available. With the After having identified the risks related to domain names, busi- anonymization of the WHOIS database, the only information avail- nesses should put in place active domain names monitoring strate- able are the country of residence of the domain name owner and an gies. At Dreyfus, we have our own domain name monitoring system. online form for more information requests. For valuable business’ trademarks, a 24/7 domain name monitoring For instance, it is now almost impossible to simply request to the do- is recommended in order to immediately detect suspicious domain main name owner the transfer of the disputed domain name, nor answer names and to take action before it becomes an issue. the question whether or not a person or a company has rights on a do- Finally, after having taken all the necessary security measures, it main name. This lack of information leads to a surge of UDRP disputes. is important for businesses to be insured in order to get compensa- Moreover, regarding the consolidation of UDRP complaints, it is tion in case of cyberattack. Over the years, cybersecurity insurance now difficult to prove that a registration application comes from has developed and has become an indispensable tool in the manage- the same person or company, which resolve in more URDP pro- ment of internet based risk.

WOMEN IN BUSINESS LAW EXPERTGUIDES 199 TRADEMARKS ATTORNEY BIOGRAPHIES

E C U A D O R F R A N C E

Celia Falconi Pérez Nathalie Dreyfus Falconi Puig Abogados Dreyfus & associés Av. Amazonas N21-147 y Roca 78 avenue Raymond Poincaré Ed. Río Amazonas, Of. 900 Paris 75116 Quito 170526 France Ecuador Tel: (33) 1 44 70 07 04 Tel: (593) 2 256 1808 Email: [email protected] Email: [email protected] Website: www.dreyfus.fr Website: www.falconipuig.com

Cecilia is a proactive attorney. She practices law mainly in Intellectual Nathalie Dreyfus is a specialist in intellectual property law as well as a Property and has particular strength in copyrights, trademarks and French and European trademark attorney. geographical indications, ancestral knowledge and biodiversity. She is also an expert in regulatory affairs and efficiently advices her clients in Nathalie Dreyfus is the founder of Dreyfus, a boutique law firm with a compliance providing effective solutions to their needs. Cecilia constantly proven expertise in IP legal issues and in the digital economy sector. participates in several working groups regarding trends for the industries Nathalie advises her clients in all areas related to trademarks, designs, and works on advocacy papers towards policy making. She co-chairs the copyright, patents, software, contracts, domain names litigation, e- ICC IP Commission Task Force on the Hague Convention on the commerce, unfair competition, new technologies, licences as well as Apostille, and participates with opinion constantly. She chairs the ICC the protection, valuation and defence of clients existing rights. Ecuador IP Commission and actively cooperates with juridical criteria for several projects of law and regulations on IP rights, and promoting She is a renowned expert consultant to the Court of Appeal of Paris, observatories for customs watch. She is quite dynamic at ECTA and ASIPI the WIPO Arbitration and Mediation Center, and the National and has a lead role in ASIPI s Geographical Indications Committee for her Arbitration Forum (NAF). She advises and assists in the protection second period for which she has been recognized for her hard work and and enhancement of her clients’ intellectual property rights including impeccable job. She is also involved in orIGin as law firm member and dispute resolution, anti-counterfeiting, transfer of technology and contributes with INTA. Cecilia s Pro bono work has influenced positively UDRP procedures in the digital and analogue worlds. in decisions towards the expansion of ONGs on ancestral knowledge and use of biodiversity, apparel for persons with disabilities, and education. She has gathered a team of skilled, experienced, passionate experts and Cecilia had a leading role on the negotiation of a biodiversity access specialists in the field of trademarks to assist clients on all issues related contract between Yale University and the Environmental Ministry of to the protection and enhancement of intellectual property rights. Ecuador. Her advice regarding the protection of intellectual property has meant that her clients have been able to develop new ventures safely and expand their business in Ecuador and into foreign markets. Her vast experience in managing IP portfolios has allowed her to advise clients on how to achieve strategic business objectives through audits of intangible assets, acquisition of rights, licenses and franchises. She has successfully advised and managed administrative litigation procedures having favourable results and client satisfaction. Cecilia is an expert in piracy and counterfeit actions, concluding with definite precatory measures ceasing infringements on copyrights and trademarks. Appellation of origin infringements had also been handled successfully. Cecilia represents clients in a wide range of business sectors, and has experience in advising in beverage, clothing, cosmetics, veterinary products, pharmaceuticals, cleaners and disinfectants, agriculture, timber, entertainment, literary, and editorial business industries.

Education • JD (equivalent), Pontificia Universidad Católica Ecuador, 1998

Recognitions • Ambassador for Ecuador of the International Chamber of Commerce, IP Commission 2018 • Chair, Geographical Indications Committee, Interamerican Association of Intellectual Property ASIPI 2015-2018 and 2018 – 2021 • Chair, Intellectual Property Commission ICC Ecuador 2018 – 2020 • Honorary Consul of the Republic of Trinidad and Tobago accredited before the Government of the Republic of Ecuador • Member of number of the Juridical Section of the Cultural House of Ecuador

Practice area Intellectual Property Regulatory affairs

Languages Spanish, English

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S W I T Z E R L A N D

Magda Streuli-Youssef Rentsch Partner Bellerivestrasse 203 P.O.Box 8034 Zürich Switzerland Tel: (41) 44 225 70 70 Email: [email protected] Website: www.rentschpartner.ch

Magda Streuli-Youssef is a partner of the Swiss law firm Rentsch Partner. She represents parties before courts and state authorities in all kind of intellectual property, media and unfair competition law matters. She has a broad litigation practice including several landmark court cases in the field of copyrights, trademarks and unfair competition law. Her practice areas also include IP strategies, IP audits and licensing, drafting and negotiating all types of IP-related contracts and advising clients in intellectual property, media and unfair competition law matters.

Born in 1953, Magda Streuli-Youssef was educated at the University of Zürich (lic. iur. 1975, Dr. iur. 1978). Her working experience as an attorney stretches back to 1980; she was a lecturer at the University of Zürich and at various institutions such as SAWI in Bienne and the EMBA of the University of St. Gallen.

She was a member of the Federal Commission for the Exploitation of Copyrights and Neighbouring Rights and former Vice-President of the Federal Appeals Commission for Intellectual Property. She has been active in several professional associations, notably the International Association for the Protection of Intellectual Property (AIPPI) and the Swiss Institute for Industrial Property (INGRES). She publishes and lectures regularly on various IP topics.

Rentsch Partner is a leading Swiss attorney at law and firm, advising and representing clients in all aspects of intellectual property law – transactions, proceedings and complex cases both in a domestic and a global context.

Magda Streuli-Youssef speaks German, English and French. She is registered with the Zürich Bar Registry and admitted to practice in all Switzerland.

WOMEN IN BUSINESS LAW EXPERTGUIDES 201 TRADEMARKS EXPERT LISTINGS

ARGENTINA AUSTRALIA BRAZIL Mercedes Bullrich Margaret Shearer Claudia Schulz Berton Moreno + Ojam Banki Haddock Fiora BMA Advogados Buenos Aires Sydney Rio de Janeiro

Raquel Flanzbaum Melinda Upton Berton Moreno + Ojam DLA Piper Buenos Aires Sydney BULGARIA Elena Miller Graciela Pérez de Inzaurraga Bojinov & Bojinov Hausheer Belgrano & Fernandez Sofia Buenos Aires AUSTRIA Barbara Kuchar Iris V Quadrio KWR Karasek Wietrzyk Rechtsanwälte Marval O’Farrell & Mairal Vienna CANADA Buenos Aires Janice Bereskin Bereskin & Parr AUSTRALIA BELARUS Toronto Elena Beliaeva Amalia M Berg Tracey Berger Elena Beliaeva, Nina Vasilieva & Goodmans Spruson & Ferguson Partners Toronto Sydney Minsk Danielle Bush Frances Drummond Miller Thomson Norton Rose Fulbright Toronto Sydney BELGIUM Shelagh Carnegie Sue Gilchrist Annick Mottet Haugaard Lydian Gowling WLG Herbert Smith Freehills Toronto Sydney Brussels Jane E Caskey Odette Gourley Karen Ongena IP Porta Norton Rose Fulbright Corrs Chambers Westgarth Toronto Sydney Ghent Brigitte Chan Marion Heathcote Gordana Pavlovic Cabinet Pavlovic Bereskin & Parr Davies Collison Cave Montréal Sydney Brussels/Belgrade May Cheng Lisa Lennon Florence Verhoestraete NautaDutilh Osler Hoskin & Harcourt Gilbert + Tobin Toronto Sydney Brussels Marijo Coates Anne Makrigiorgos Deeth Williams Wall Griffith Hack BRAZIL Toronto Melbourne Antonella Carminatti Monique M Couture Joanne Martin BMA PI Gowling WLG FB Rice Rio de Janeiro/São Paulo Ottawa Sydney Elisabeth Kasznar Fekete Catherine M Dennis Brooks Lisa Ritson Kasznar Leonardos Miller Thomson Ashurst São Paulo Toronto Sydney Cristina Pinheiro-Palmer Chantal Desjardins Pinheiro Palmer Advogados Goudreau Gage & Dubuc Rio de Janeiro Montréal

202 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TRADEMARKS

CANADA CANADA CHINA Terry Edwards Styliani (Stella) Syrianos Nicole Yu Bereskin & Parr Robic China Patent Agent (H.K.) Ltd Toronto Montréal Beijing

Dominique T Hussey Ekaterina Tsimberis Linda Zhao Bennett Jones Smart & Biggar/Fetherstonhaugh GoldenGate Toronto Montréal Beijing

Keri A F Johnston Stephanie N Vaccari Johnston Law Baker McKenzie Toronto Toronto COLOMBIA Luz Helena Adarve Susan J Keri Donna White Dentons Cardenas & Cardenas Bereskin & Parr Osler Hoskin & Harcourt Bogotá Toronto Ottawa Helena Camargo Keltie Sim Luft Justine Wiebe Posse Herrera Ruiz Smart & Biggar/Fetherstonhaugh Borden Ladner Gervais Bogotá Toronto Toronto Tatiana Carrillo Iregui Marie Lussier Lloreda Camacho & Co Chitiz Pathak Bogotá Toronto CHINA Linda Chang Ximena Castellanos Karen MacDonald Rouse Castellanos & Co Norton Rose Fulbright Shanghai Bogotá Vancouver Spring Chang Alicia Lloreda Ricaurte Coleen Morrison Chang Tsi & Partners Lloreda Camacho & Co PCK IP Beijing Bogotá Toronto Ai-Leen Lim Jennifer L Morton AWA IP Gowling WLG Beijing/Hong Kong CYPRUS Toronto Eleni Chrysostomides Haiyan Ren Christine Pallotta Dr. K. Chrysostomides & Co Wanhuida Peksung IP Group Nicosia Borden Ladner Gervais Beijing Toronto Hermione Markides Rachel Li-Mei Tan Sangeetha Punniyamoorthy Markides Markides & Co Rouse Nicosia DLA Piper Beijing Toronto Gloria Q Wu Cynthia Rowden Kangxin CZECH Bereskin & Parr Beijing Toronto REPUBLIC Chumeng (Jessica) Xu Karin Pomaizlova Andrea Rush JunHe Taylor Wessing Blaney McMurtry Beijing Prague Toronto Xiaoli Yang Patricia Seguin King & Wood Mallesons Fasken Beijing DENMARK Montréal Lisbet Andersen Daisy Yao Aumento Advokatfirma Colleen Spring Zimmerman HFG Law & Intellectual Property Copenhagen Fogler Rubinoff Shanghai Toronto

WOMEN IN BUSINESS LAW EXPERTGUIDES 203 TRADEMARKS EXPERT LISTINGS

DENMARK ESTONIA FRANCE Susie P Arnesen Mari Must Isabelle Leroux Løje Arnesen & Meedom Ellex Raidla Dentons Copenhagen Tallinn Paris

Ellen Breddam Riina Pärn Aurélia Marie Plougmann & Vingtoft Estonia Cabinet Beau de Loménie Copenhagen Tallinn Paris

Annemette Ellermann Catherine Mateu DLA Piper Armengaud & Guerlain Copenhagen FINLAND Paris Hanna-Maija Elo Janne Glæsel Properta Attorneys Sophie Micallef Nyborg & Rørdam Helsinki Hoyng Rokh Monegier Véron Copenhagen Paris Kukka Tommila Properta Attorneys Myriam Moatty Helsinki Cousin & Associés DOMINICAN Paris REPUBLIC Evelyne Roux Orietta Blanco FRANCE Regimbeau MINIÑO Abogados Sylvie Benoliel-Claux Paris Santo Domingo BENOLIEL Avocats Tania M Castillo Paris Castillo & Castillo GERMANY Céline Bey Santo Domingo Gowling WLG Alexandra Fottner Müller Fottner Steinecke María del Pilar Troncoso Paris Munich Troncoso Leroux Gaëlle Bloret-Pucci Santo Domingo BCTG Avocats Anja Franke Grünecker Zaida E Lugo Lovatón Paris Munich Bufete Messina & Lugo IP Caroline Casalonga Santo Domingo Casalonga Andrea Jaeger-Lenz Harte-Bavendamm Ana Isabel Messina Paris/Munich Hamburg Messina & Lugo IP Marie-Aimée de Dampierre Santo Domingo Hogan Lovells Susanne Karow Hogan Lovells Alejandra Valdez Espaillat Paris Hamburg Valdez Albizu Rebecca Delorey Santo Domingo Bardehle Pagenberg Andrea Lensing-Kramer Paris Freshfields Bruckhaus Deringer Düsseldorf ECUADOR Raphaëlle Dequiré-Portier Gide Loyrette Nouel Sandra Sophia Redeker Cecilia Falconi Pérez See bio Paris SKW Schwarz Falconi Puig Abogados Berlin Quito Nathalie Dreyfus See bio Dreyfus & associés Simone Schäfer Carmen Robayo de Hidalgo Paris Vossius & Partner Bustamante & Bustamante Munich Quito Guylène Kiesel Le Cosquer Plasseraud IP Angelica von der Decken María Cecilia Romoleroux Paris BEITEN BURKHARDT Corral Rosales Munich Quito

204 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TRADEMARKS

H O N G K O N G HUNGARY ITALY SAR Éva Szigeti Maria Cristina Baldini Danubia Patent & Law Office Studio Torta Ella Cheong Budapest Turin Ella Cheong & Alan Chiu, Solicitors & Notaries Julia Holden Hong Kong Trevisan & Cuonzo INDIA Milan Andrea Sui Yi Fong Sujata Chaudhri Wilkinson & Grist Sujata Chaudhri IP Attorneys Simona Lavagnini Hong Kong Noida LGV Avvocati Milan Sandra Gibbons Marks & Clerk Donatella Prandin Hong Kong INDONESIA Bugnion Milan Gabriela Kennedy Annisa Am Badar Mayer Brown Am Badar & Partners Hong Kong Jakarta JAMAICA Charmaine Koo Nadia Badar Anne-Marie C White-Feanny Deacons Am Badar & Partners Livingston Alexander & Levy Hong Kong Jakarta Kingston Patsy Lau Yenny Halim Deacons Acemark Hong Kong Jakarta JAPAN Twiggy Liu Amalia Roosseno Mitsuko Miyagawa Twiggy MH Liu Law Office AMR Partnership TMI Associates Hong Kong Jakarta Tokyo

Mena Shuk Man Lo Wilkinson & Grist IRELAND JORDAN Hong Kong Maureen Daly Fatima Al-Heyari Maria Smith Beauchamps United Trademark & Patent Services Baker McKenzie Dublin Amman Hong Kong Patricia McGovern Annie Tsoi DFMG Solicitors Deacons Dublin LATVIA Hong Kong Ineta Krodere Vilgerts Catherine Zheng Riga Deacons ISRAEL Hong Kong Ronit Barzik-Soffer Reinhold Cohn & Partners Tel Aviv LUXEMBOURG HUNGARY Katia Manhaeve Ellen Shankman Allen & Overy Gabriella Sasvári Ellen Shankman & Associates Luxembourg SBGK Law Office Rehovot Budapest Shelly Zohar Katalin Szamosi Reinhold Cohn & Partners MALAYSIA SBGK Law Office Tel Aviv Karen Abraham Budapest Shearn Delamore & Co Kuala Lumpur

WOMEN IN BUSINESS LAW EXPERTGUIDES 205 TRADEMARKS EXPERT LISTINGS

MALAYSIA NIGERIA PHILIPPINES Kherk Ying Chew Lara Kayode Mila Federis Wong & Partners O Kayode & Co Federis & Associates Kuala Lumpur Lagos Manila

Caroline Francis Uwa Ohiku Editha R Hechanova RamRais & Partners Jackson Etti & Edu Hechanova & Co Kuala Lumpur Lagos Manila

Pauline Khor Chinyere Okorocha Maria Trinidad Villareal RahmatLim & Partners Jackson Etti & Edu Carag Jamora Somera & Villareal Kuala Lumpur Lagos Manila

Charmayne Ong Poh Yin Skrine Kuala Lumpur NORWAY POLAND Ida Gjessing Izabella Dudek-Urbanowicz Hong Koon Teh GjessingReimers Patpol Skrine Oslo Warsaw Kuala Lumpur Trine Greaker Herzog Anna Stopinska-Slefarska Linda Wang Bryn Aarflot Polservice ZICOlaw Oslo Warsaw Kuala Lumpur Bente Holmvang Anna Zakrocka Clara CF Yip Bull & Co Karcz Zakrocka Patent & Tade Mark MarQonsult Oslo Attorneys Kuala Lumpur Warsaw Celine Varmann Jørgensen Bryn Aarflot MEXICO Oslo ROMANIA María Teresa Eljure Raluca Vasilescu Arochi & Lindner PANAMA Cabinet M Oproiu Mexico City Bucharest Marissa Lasso de la Vega Ferrari Heidi Lindner Alfaro Ferrer & Ramirez Arochi & Lindner Panama City Mexico City RUSSIA Gabriela Tejada de Britton Marina Grineva Icaza González-Ruiz & Alemán Euromarkpat NETHERLANDS Panama City Moscow

Adonna Alkema Audrey Williams Natalia Gulyaeva Hofhuis Alkema Groen Estudio Benedetti Hogan Lovells Amsterdam Panama City Moscow

Manon Rieger-Jansen Natalia Nikolaeva Bird & Bird PARAGUAY Gorodissky & Partners Amsterdam Moscow Bárbara Dollstadt Anne Marie Verschuur Berkemeyer Liudmila Serova NautaDutilh Asunción Gorodissky & Partners Amsterdam Moscow PERU Elena Solovyova NEW ZEALAND ARS-Patent Adriana Barrera St Petersburg Sheana Wheeldon BARLAW Wheeldon Legal Lima Auckland

206 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TRADEMARKS

SINGAPORE SOUTH AFRICA SPAIN Yee Swan Boo Mariëtte du Plessis Sofia Martínez-Almeida Alejos-Pita Lee & Lee Adams & Adams Gómez-Acebo & Pombo Singapore Pretoria Madrid

Ella Cheong Jean McIvor Sonia Santos Ella Cheong LLC SG Spoor & Fisher Grau & Angulo Singapore Pretoria Madrid

Murgiana Haq Kay Rickelman Verena von Bomhard hslegal Spoor & Fisher BomhardIP Singapore Pretoria Alicante

Margaret Law Gaelyn Scott Margaret Law Corporation ENSafrica Singapore Johannesburg SWEDEN Karin Cederlund Michelle Ng Lucy Signorelli Sandart & Partners Donaldson & Burkinshaw Adams & Adams Stockholm Singapore Pretoria Liselott Enström Teresa O’Connor Barker Brettell Infinitus Law Corporation Stockholm Singapore SOUTH KOREA Ann Nam-Yeon Kwon Astrid Johnsson Regina Quek Kim & Chang Brann AB One Legal Seoul Stockholm Singapore Helena Östblom Jo-Ann See Heidenstam Legal Amica Law SPAIN Stockholm Singapore Laura Alonso Ann-Charlotte Söderlund Björk Lorraine A Tay Hoyng Rokh Monegier Madrid GOZZO Advokater Bird & Bird ATMD Gothenburg Singapore Ana Castedo Sara Sparring Winnie Tham Hogan Lovells Madrid Synch Amica Law Stockholm Singapore Maria Dolores Garayalde Baker McKenzie Madrid SWITZERLAND Cristina Duch Magda Streuli-Youssef See bio Vesna Kovi Baker McKenzie Rentsch Partner Patentna pisarna Barcelona Zürich Ljubljana Monica Esteve Sanz Nataša Pipan Nahtigal Gómez-Acebo & Pombo Šelih & Partnerji Madrid TAIWAN Ljubljana Julia Y M Hung Imogen Fowler Saint Island International Patent & Law Hogan Lovells Offices SOUTH AFRICA Alicante Taipei

Nola Bond Patricia Koch Grace Shao Kisch IP BALDER Baker McKenzie Johannesburg Madrid Taipei

WOMEN IN BUSINESS LAW EXPERTGUIDES 207 TRADEMARKS EXPERT LISTINGS

THAILAND UNITED UNITED Nan Srisanit KINGDOM KINGDOM Anek Group Anna Carboni Sarah Wright Bangkok Wiggin CMS Cameron McKenna Nabarro Say Sujintaya London Olswang Baker McKenzie London Rosemary Cardas Bangkok Keltie Darani Vachanavuttivong London UNITED STATES Tilleke & Gibbins Tania Clark Bangkok Sally M Abel Withers & Rogers Fenwick & West London Mountain View

TURKEY Anna Edwards-Stuart Kristin J Achterhof 11 South Square Yasemin Kenaroglu Katten Muchin Rosenman London Kenaroglu Chicago Istanbul Louise Gellman Rochelle D Alpert CMS Cameron McKenna Nabarro Isık Özdogan Morgan Lewis & Bockius Olswang Moroglu Arseven San Francisco London Istanbul Andrea Anderson Emma Himsworth QC Selma Ünlü Holland & Hart NSN Law Firm Boulder London Istanbul Julia C Archer Jessica Le Gros Enns & Archer Baker McKenzie Winston-Salem UKRAINE London Karen Artz Ash Irina O Osharova Carrollanne Lindley Katten Muchin Rosenman Doubinsky & Osharova Kilburn & Strode New York Kyiv London Bharati Bakshani Antonina Pakharenko-Anderson Morag MacDonald Ladas & Parry Pakharenko & Partners Bird & Bird New York Kyiv London Jennifer L Barry Vanessa Marsland Latham & Watkins UNITED ARAB Clifford Chance San Diego London EMIRATES Katherine M Basile Amanda Michaels Joycia Young Reed Smith Hogarth Chambers Palo Alto Clyde & Co London Dubai Roberta (Robin) Bren Arty Rajendra Muncy Geissler Olds & Lowe Osborne Clarke Fairfax UNITED London Sarah Bro KINGDOM Kate Swaine McDermott Will & Emery Gowling WLG Sara Ashby Irvine Birmingham Wiggin Karen A Butcher London Catherine Wolfe Morgan Lewis & Bockius Boult Wade Tennant Mary Bagnall Washington DC London Charles Russell Speechlys London

208 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TRADEMARKS

UNITED STATES UNITED STATES UNITED STATES Lisa M Caldwell Beth M Goldman Mary Kevlin Klarquist Sparkman Orrick Herrington & Sutcliffe Cowan Liebowitz & Latman Portland San Francisco New York

Cristina A Carvalho Jennifer A Golinveaux Joan Kupersmith Larkin Arent Fox Winston & Strawn Seyfarth Shaw Washington DC San Francisco Los Angeles

Dale M Cendali Lynne E Graybeal Anna Kurian Shaw Kirkland & Ellis Perkins Coie Hogan Lovells New York Seattle Washington DC

Patricia Cotton Sana Hakim Eleanor M Lackman Pillsbury Winthrop Shaw Pittman K&L Gates Cowan DeBaets Abraham & Sheppard Palo Alto Chicago New York

Amy F Divino Stacey R Halpern Diane M Lambillotte Cozen O’Connor Knobbe Martens Arent Fox New York Irvine Los Angeles/San Francisco

Susan Upton Douglass Susan L Heller Jennifer M Lantz Fross Zelnick Lehrman & Zissu Greenberg Traurig Haynes and Boone New York Irvine Palo Alto

Jody H Drake Erin S Hennessy Wendy Larson Sughrue Mion Bracewell Pirkey Barber Washington DC New York Austin

Rachelle A Dubow Catherine J Holland Leigh A Lindquist Morgan Lewis & Bockius Knobbe Martens Sughrue Mion Boston Irvine Washington DC

Sandra Edelman Susan E Hollander Deborah M Lodge Dorsey & Whitney Venable Squire Patton Boggs New York San Francisco Washington DC

G Roxanne Elings Roberta L Horton Michelle Mancino Marsh Davis Wright Tremaine Arnold & Porter Arent Fox New York Washington DC New York

Connie L Ellerbach Annette Hurst Christina L Martini Fenwick & West Orrick Herrington & Sutcliffe McDermott Will & Emery Mountain View San Francisco Chicago

Ann K Ford Vanessa A Ignacio Janet A Marvel DLA Piper Lowenstein Sandler Pattishall McAuliffe Newbury Hillard & Washington DC New York Geraldson Chicago Nancy Rubner Frandsen Nadine H Jacobson BakerHostetler Fross Zelnick Lehrman & Zissu Julia Anne Matheson Philadelphia New York Hogan Lovells Washington DC Christina D Frangiosa Cynthia Johnson Walden Eckert Seamans Cherin & Mellott Fish & Richardson Kelly P McCarthy Philadelphia Boston Sideman & Bancroft San Francisco Laura Goldbard George Julie A Katz Stroock & Stroock & Lavan Katz Group LLC Linda McLeod New York Chicago Kelly IP Washington DC

WOMEN IN BUSINESS LAW EXPERTGUIDES 209 TRADEMARKS EXPERT LISTINGS

UNITED STATES UNITED STATES UNITED STATES Linda M Merritt Lynn E Rzonca Barbarita Guzmán Norton Rose Fulbright Ballard Spahr Antequera Parilli & Rodríguez Dallas Philadelphia Caracas

Jennifer M Mikulina Janet F Satterthwaite Patricia Hoet Limbourg McDermott Will & Emery Potomac Law Group Hoet Peláez Castillo & Duque Chicago Washington DC Caracas

Camille M Miller Barbara A Solomon María Milagros Nebreda Cozen O’Connor Fross Zelnick Lehrman & Zissu Hoet Peláez Castillo & Duque Philadelphia New York Caracas

Tamara A Miller Deborah K Squiers Leydig Voit & Mayer Cowan Liebowitz & Latman Chicago New York VIETNAM Le Thi Kim Dzung Helen Hill Minsker Claudia W Stangle Vision-Associates Banner & Witcoff Leydig Voit & Mayer Hanoi Chicago Chicago Dang T H Thuy Susan M Natland Sabrina C Stavish D&N International Knobbe Martens Sheridan Ross Hanoi Irvine Denver

Lisa A Osman Allison Strickland Ricketts Dorsey & Whitney Fross Zelnick Lehrman & Zissu Denver New York

Purvi Patel Albers Monica Riva Talley Haynes and Boone Sterne Kessler Goldstein & Fox Dallas Washington DC

Lisa Pearson Donna A Tobin Kilpatrick Townsend & Stockton Royer Cooper Cohen Braunfeld New York New York

Anne Peck Karen A Webb Cooley Fenwick & West Palo Alto Mountain View

Jill Pietrini Susan Neuberger Weller Sheppard Mullin Richter & Hampton Mintz Levin Cohn Ferris Glovsky and Los Angeles Popeo Washington DC Anita B Polott Morgan Lewis & Bockius Meredith M Wilkes Washington DC Jones Day Cleveland Laura Popp-Rosenberg Fross Zelnick Lehrman & Zissu Lynda Zadra-Symes New York Knobbe Martens Irvine Monica B Richman Dentons New York VENEZUELA Lynda E Roesch Irene De Sola Dinsmore & Shohl De Sola Pate & Brown Cincinnati Caracas

210 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

TRANSFER PRICING

WOMEN IN BUSINESS LAW EXPERTGUIDES 211 TRANSFER PRICING ATTORNEY BIOGRAPHIES

I R E L A N D

Catherine Galvin Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland Tel: (353) 1 232 2267 Email: [email protected] Website: www.matheson.com

Practises corporate tax and has over twenty years’ experience advising multinationals doing business in Ireland.

Catherine has a particular interest in transfer pricing and her experience includes advising on transfer matters such as mutual agreement procedure requests and advance pricing agreements.

Catherine also has considerable experience in advising on corporate restructuring and structuring inward investment projects. This includes advising leading multinationals on the Irish tax aspects of their operations including tax effective structuring of global reorganisations and intellectual property ownership.

Catherine is a member of the Institute of Chartered Accountants in Ireland. She has written on transfer pricing issues for Transfer Pricing Review and for IBFD’s International Transfer Pricing Journal.

Catherine has also written on tax issues for the Irish Tax Review, the International Tax Review and other publications and has lectured on international tax issues.

Recognised for Tax Law – Best Lawyers in Ireland 2019 edition

Recognised for Tax Law – Best Lawyers Ireland 2018 edition

Women in Tax Leader, Ireland – ITR Women in Tax Leaders 2017, 3rd edition

“Deirdre Kilroy is a trademark maven with complementary expertise in data privacy, advertising and outsourcing” – World Trademark Review 1000 2017

212 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TRANSFER PRICING

ARGENTINA CHINA H O N G K O N G Silvana Blanco Eunice Kuo SAR Deloitte Argentina Deloitte China Cecilia SK Lee Buenos Aires Shanghai PwC Joanne Su Hong Kong EY AUSTRALIA Beijing Fiona D Craig IRELAND Deloitte Australia Catherine Galvin See bio Sydney FINLAND Matheson Helen Fazzino Sanna Laaksonen Dublin PwC KPMG Melbourne Helsinki JAPAN Merja Raunio Roschier Yukiko Komori AUSTRIA Helsinki Baker McKenzie Sabine Bernegger Tokyo KPMG Vienna FRANCE MALAYSIA Marie Charlotte Mahieu Taj Theresa Goh BELGIUM Paris Deloitte Malaysia Astrid Pieron Kuala Lumpur Mayer Brown Sabine Sardou Brussels BDO Paris MEXICO Isabel Verlinden PwC Caroline Silberztein Marta Milewska Brussels Baker McKenzie PwC Paris Mexico City BRAZIL Teresa Quiñones GERMANY KPMG Clarissa G Machado Mexico City Trench Rossi Watanabe Kati Fiehler São Paulo PwC Hamburg NETHERLANDS Claudia Lauten Margreet G Nijhof CANADA Deloitte Baker McKenzie Claire M.C. Kennedy Düsseldorf Amsterdam Bennett Jones Susann Van Der Ham Ágata Uceda Toronto PwC KPMG Meijburg & Co Emma Purdy Düsseldorf Amsterdam PwC Toronto H O N G K O N G NEW ZEALAND Michelle Sledz KPMG SAR Kim Jarrett Calgary Petrina Chang KPMG Deloitte China Auckland Hong Kong

WOMEN IN BUSINESS LAW EXPERTGUIDES 213 TRANSFER PRICING EXPERT LISTINGS

NORWAY SWEDEN UNITED STATES Mette Anett Granheim Annika Lindström Kaoru K Dahm EY KPMG Deloitte Tax Oslo Stockholm McLean

Komal Dhall KPMG POLAND THAILAND New York Aneta Blazejewska-Garczynska Janaiporn Khantasomboon EY PwC Jacqueline Doonan Warsaw Bangkok Deloitte Tax Washington DC Renata Dłuska MDDP Michalik Dluska Dziedzic & Susan Fickling-Munge Partners TURKEY Duff & Phelps Warsaw Güler Hülya Yilmaz Chicago Deloitte Turkey Holly E Glenn Iwona Georgijew Istanbul Deloitte Poland Baker McKenzie Consulting Warsaw Washington DC UNITED Emiko Hashimoto Deloitte Tax PORTUGAL KINGDOM New York Vicki Bales Patrícia Matos Michelle Johnson DLA Piper Deloitte Portugal Duff & Phelps London Lisbon Chicago Annie E Devoy Tânia Rodrigues Kathrine Kimball PwC Deloitte Portugal Aptis Global London Lisbon San Diego Debbie Green Elizabeth King KPMG Beecher Consulting RUSSIA London Brookline Evgenia Veter Wendy Nicholls EY Barbara Mace Grant Thornton Moscow DLA Piper London New York Stephanie Pantelidaki Ella Mimo PwC SOUTH KOREA Deloitte Tax London Tae-Yeon Nam Chicago Kim & Chang Seoul Eva Parenti UNITED STATES Deloitte Tax Chicago Darcy D Alamuddin SPAIN Deloitte Tax Katherine Pinzón-Romero Chicago Montserrat Trapé EY Houston KPMG Kara T Boatman Barcelona KPMG Kristine Riisberg Santa Klara Deloitte Tax New York SWEDEN Rebel Curd Charles River Associates Barbara L Rollinson Elvira Allvin Pleasanton Horst Frisch Deloitte Sweden Washington DC Gothenburg

214 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TRANSFER PRICING

UNITED STATES Rema Serafi KPMG New York

Jessica W Tien DLA Piper Palo Alto

Colleen Warner EY Chicago

Jill Weise Duff & Phelps Salem

WOMEN IN BUSINESS LAW EXPERTGUIDES 215 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

TRUSTS AND ESTATES

Feature for: Natalie Peter of Blum&Grob Attorneys at Law 217

216 EXPERTGUIDES WOMEN IN BUSINESS LAW THOUGHT LEADERSHIP TRUSTS AND ESTATES

TRUSTS AND ESTATES Introduction of a Trust Law In Switzerland

Natalie Peter Blum&Grob Attorneys at Law Zürich

General Remarks Although Switzerland has a significant trust administration, it has not enacted its own trust law yet. A trust settlement is therefore typically administrated based on the provisions of the trust laws of another ju- risdiction chosen as the proper law applicable. In 2007 Switzerland ratified The Hague Convention on Trusts which was enacted on July 1, 2007. When ratifying The Hague Trust Convention, it was common understanding that Swiss law on trusts was neither necessary nor de- sirable. Switzerland intended to grow its own trust industry by pro- viding high standards of trusteeship, unparalleled expertise in the field of wealth management, and the protection of individuals’ rights to confidentiality. Since the ratification of The Hague Trust Conven- tion Switzerland recognizes trusts as an institute of its own kind. As a consequence, a trust is no longer reinterpreted into a domestic form but became valid under Swiss law provided the trust was validly set- tled according to the law in which the trust was settled (the trust statute). Only two years after the ratification of The Hague Convention, the Federal Council was requested to analyzing whether a Swiss trust should be introduced to strengthen the financial market by protecting the privacy of customers of Swiss banks, and to amend the restrictions on the use of family foundations in order to have an equivalent in- (iii) new areas of activity would be created for Swiss professionals to strument to foreign family foundations or trusts. The Federal Council advise on trusts, to set up trusts and to manage trusts and their assets. denied the necessity of Swiss trust law. Again in 2015 and 2017 the Both the Council of States and the National Council approved the Federal Council was asked to analyzing the opportunity of introduc- motion despite the act that the Federal Council again expressed its ing a Swiss trust as part of its financial market policy. The argument opposition referring to the yet increasing international trend for was that trusts are often used for estate planning and the preservation transparency. The Federal Council was in any event instructed to pre- of large family owned funds. The introduc- pare a report detailing advantages and disad- tion of Swiss trust law would therefore vantages of an introduction of Swiss law on strengthen the Swiss financial market as trusts Trust and to outline necessary adjustments to are an important instrument when competing FAMILIES ARE the applicable tax law. with other financial markets such as London, Luxemburg, Singapore, etc. In addition the INCREASINGLY IN NEED Controversies on the Implementation of petitioners are of the opinion that an intro- FOR A SUITABLE Swiss Law on Trust duction of Swiss trust law would have various Quite a controversy has arisen about the in- advantages such as (i) Swiss citizens would be INSTRUMENT FOR FAMILY troduction of a Swiss law on trust. Supporters offered a more accessible instrument that is ESTATE PLANNING, argue that trusts are already today an eco- subject to the domestic legal system and eas- PRESERVATION OF ASSETS nomic reality in Switzerland. As Switzerland is ier to understand, (ii) appropriate civil law ar- lacking its own trust law, practitioners are rangements would provide clarity, leading to OR FOR TAX PLANNING forced to draw on foreign trust law. By intro- greater transparency and legal certainty, and ducing a Swiss trust law a major gap in our

WOMEN IN BUSINESS LAW EXPERTGUIDES 217 TRUSTS AND ESTATES THOUGHT LEADERSHIP

TRUSTS AND ESTATES legal system could be closed; Swiss banks could offer a broader range appointed as protector with the power to appoint and remove the of services; the gap between Switzerland and other financial centers trustee and add and exclude beneficiaries) under the trusts and due to which have their own trust laws could be bridged; and it would create the claw-back mechanism under the Swiss matrimonial regime. The a level playing field between Switzerland an offshore jurisdictions. Federal Supreme Court, therefore, upheld the order attaching the These are of course mostly economic arguments that contradict with trustee’s property. It noted though that the question of whether and the more technical and legal arguments of the critics. how such measures could be enforced remained open. Swiss statutory law does not provide for a split of ownership be- Another more political argument used against het introduction of tween legal and beneficial ownership. To be the owner, a trustee must a Swiss trust law is the bad timing. The current political climate de- have all property rights in the assets while the beneficiaries have per- mands tighter regulation of financial markets and increased fiscal sonal rights against the trustee only. It is therefore impossible to create transparency. Trusts are deemed “prone to abuse” and have been a legal transplant of a common law trust by twisting and squeezing under wide scrutiny by various jurisdictions. There is an inconsistency this concept into the Swiss legal system. Since Switzerland is already in supporting stricter regulations of (offshore) financial centers while providing for similar instruments it is in the opinion of the critics ir- copying their financial instruments. Before this background the intro- ritating why a Swiss law on trust should be introduced rather than an- duction of Swiss trust law does not seem opportune. alyzing and possibly amending these existing Swiss instruments, i.d. the family foundation and the law of fiducie. Outlook Scholars have already outlined comprehensively how the current Regardless of its limited use, there is a common understanding that a law of fiducie could be used as a basis. A clear distinction between the Swiss instrument for estate planning and asset protection purposes initial disposition of the property and the resulting fiduciary relation- should be implemented into Swiss law. There is no doubt that families ship would be required. The latter would bind the fiduciary to the in- are increasingly in need for a suitable instrument for family estate terests of the fiducie’s beneficiaries. The fiduciary would not be the planning, preservation of assets or for tax planning. Different paths owner of the property, this being an important distinction from the have been thought about and need further analysis. Advantageous and common law trust. If the law of fiducie was amended in Switzerland, disadvantageous of these instruments must be weighed against each no new law of trust would be necessary. other to come up with the most suitable instrument for Swiss plan- Other scholars promote reviewing the law on family foundations. ning purposes. The Swiss family foundation is currently not an option in many cases Even though on a governmental level the introduction of Swiss law since the Civil Code is limiting the purpose of a family foundation to on trust is currently reviewed, it seems to be clear that a common law covering of costs of educating, endowing and supporting family trust cannot and should not be implemented into the Swiss legal sys- members. Family foundations seeking to grant advantages to their tem. Thus, the currently available instruments of the family founda- beneficiaries to enable them to enjoy a higher standard of living are tion or the fiducie should be reviewed and amended where needed. In unlawful. Art. 335 CC has been criticized by scholars for quite a while. any case, an introduction of a trust without a liberalization of the There is a widely shared and justified finding that this provision in its family foundation does not make much sense. current version can be regarded as outdated. The trust instrument has already been introduced and enacted in Another legal aspect mentioned is that Swiss courts are unfamiliar other civil law systems, such as Liechtenstein, who was the first conti- with common law traditions, in particular the importance of case law. nental European country to have its own law on trusts. The incorpo- They would therefore be unable to fulfil the role typically assumed by rating of the trust as a “legal transplant” was undertaken to attract courts in the administration of trusts. Recent decision show that Swiss foreign capital typically from foreign investors since the trust instru- courts are not at ease when dealing with trusts. In Rybolovlev vs Ry- ment is better known to Anglo-American customers than the Liecht- bolovleva the Federal Supreme Court held that the spouses were sub- enstein foundation. The Liechtenstein trust has, according to local ject to the Swiss matrimonial regime of jointly-acquired property and, experts, never become a popular instrument and has therefore never therefore, the wife had a right to half of her husband’s jointly-ac- been widely used. Switzerland should therefore take experiences our quired property. The husband remained the “economic owner” of the neighboring countries made with the introduction of a trust into property transferred to the trusts due to his rights and powers (he was their own law into account when analyzing pros and cons.

218 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES TRUSTS AND ESTATES

S W I T Z E R L A N D S W I T Z E R L A N D

Natalie Peter Kinga M Weiss Blum&Grob Attorneys at Law Walder Wyss Neumuehlequai 6 | P.O. Box Seefeldstrasse 123 Zürich CH-8021 P.O. Box Switzerland Zürich 8034 Tel: (41) 58 320 00 00 Switzerland Email: [email protected] Tel: (41) 58 658 56 80 Website: www.blumgrob.ch Email: [email protected] Website: walderwyss.com

Natalie Peter joined Blum&Grob Attorneys at Law in Zürich in January Kinga M Weiss is a partner at Walder Wyss Ltd and co chair of the 2018 as a partner and head of the private clients team. Private Clients team. She addresses primarily domestic and foreign private clients, banks, executors, trustees and family- offices. She has been advising private clients for over 20 years in a range of Furthermore her areas of expertise are centered around both private national and international tax matters, including estate tax planning, and corporate clients in matters of inheritance law, including marital immigration to or emigration from Switzerland, tax litigation, property law, relating to estate planning and execution of wills. completing tax declarations, obtaining tax rulings from tax authorities Cross border cases account for the bulk of her field of action. As a and analysing and setting up tax-efficient structures. She has a trusted advisor to private clients and entrepreneurs, Kinga M Weiss particularly extensive knowledge in all tax matters relating to the establishes- and maintains long term relationships as well as with taxation of trusts and foundations as well as the setting up of tax- several high net worth individuals and their descendants. Also, she exempt charitable organisations. She has also gained substantive supports clients with relocation,- asset structuring, trust and experience in administrative assistance matters. She has considerable endowment matters and tax matters. She regularly establishes for her experience in cross-border situations and advises families in complex clients charitable foundations and sits on foundations boards. She estate planning matters. offers advisory and procedural assistance. Last, but not least, she regularly holds speeches and publishes articles in and outside of Natalie Peter has published numerous articles on various topics Switzerland. relating to tax matters of individuals. She is a frequent lecturer at national and international conferences and seminars and teaches on Kinga M Weiss has graduated magna cum laude from the University of postgraduate programmes at the universities of Zürich and Zurich (Switzerland) in 1996 and continued in academia, such that in Liechtenstein, as well as at the Swiss Institute for Tax Studies (SIST). 1999 she promoted to doctorate at law. In 2000 she passed the bar and She is currently vice chair of the individual tax and private client thus is qualified as an attorney and is admitted to all courts in committee of the International Bar Association (IBA) and a committee Switzerland. She completed her LLM at the University of New York member of the Society of Trust and Estate Practitioners (STEP). focusing on trust and estates. In 2011 she further expanded here expertise and became Certified Specialist SBA Inheritance Law at the Natalie Peter was educated at the University of Zürich (lic iur 1994, Dr University of Zurich and Lucerne. iur 2001) and the University of Boston (LLM 1995). She worked in an accounting firm in Zürich and New York (1995–1997) and in Zürich - Kinga M Weiss started her professional career in 1996 in academia as based law firms before she joined Blum&Grob Attorneys at Law in an assistant to Professor Dr Anton Heini. 1997 98 she moved on to 2018. She is admitted to the Swiss Bar since 2001. work as a clerk at the District Court of Meilen. Thereafter, she joined 1998 Lenz & Staehelin and worked until 2003- in the Litigation Department of the firm and also advised private clients. In 2003 she switched into the Private Clients Department and concentrated her work on trust & estates until 2010. In the fall of 2010 she joined Walder Wyss as a counsel and co chair of the private client team and became a partner of Walder Wyss in 2016. - Kinga M Weiss speaks German, English and Hungarian.

She is a member of the Zurich Bar Association, the Swiss Bar Association and the Society of Trust and Estate Practitioners (STEP). Also, she is a member of Successio (association of Certified Specialists SBA Inheritance Law).

Kinga M Weiss has been invited as an expert by the Swiss Department of Justice to comment and provide suggestions on the revision of the Swiss International Private Law Act regarding succession law.

She is recommended by Chambers Global, Chambers Europe, Legal 500, Private Client Global Elite and Who’s Who Legal.

WOMEN IN BUSINESS LAW EXPERTGUIDES 219 TRUSTS AND ESTATES EXPERT LISTINGS

BELGIUM CAYMAN SWITZERLAND Saskia Lust ISLANDS Justine Markovitz Loyens & Loeff Withersworldwide Morven McMillan Brussels Geneva Maples Group Grand Cayman Natalie Peter See bio Blum&Grob Attorneys at Law BERMUDA Zürich Vanessa Schrum CHANNEL Appleby Kinga M Weiss See bio Hamilton ISLANDS Walder Wyss Zürich Sally Edwards Ogier Tina Wüstemann BRAZIL Jersey Bär & Karrer Zürich Nicole Najjar Prado de Oliveira Zillah Howard Mattos Filho Advogadois Bedell Cristin São Paulo Jersey UNITED Siobhan Riley KINGDOM BRITISH Carey Olsen Jersey Tracey Angus QC VIRGIN 5 London ISLANDS IRELAND Hélène Anne Lewis Alison Broadberry SimonetteLewis Anne Corrigan Edwin Coe Road Town Arthur Cox London Dublin Katherine Bullock Nora Lillis Field Court Tax Chambers CANADA William Fry London Rachel L Blumenfeld Dublin Ceris Gardner Aird & Berlis Susan O’Connell Maurice Turnor Gardner Toronto O’Connell Brennan London M Elena Hoffstein Dublin Lucy Gibson Fasken Sinclair Gibson Toronto LUXEMBOURG London Hilary E Laidlaw Dawn Goodman McCarthy Tétrault Simone Retter Withersworldwide Toronto Retter Attorneys Luxembourg London Margaret O’Sullivan Natasha Hassall O’Sullivan Estate Lawyers Boodle Hatfield Toronto SPAIN London Rosanne T Rocchi Patricia García Mediero Sofie Hoffman Miller Thomson Avantia Asesoramiento Fiscal y Legal Edmonds Marshall McMahon Toronto Madrid London Carmen S Thériault QC Eleanor Kerr Norton Rose Fulbright Dentons Vancouver SWITZERLAND Glasgow Stephanie A Jarrett Corina S Weigl Baker McKenzie Sue Laing Fasken Geneva Boodle Hatfield Toronto London

220 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS TRUSTS AND ESTATES

UNITED UNITED STATES UNITED STATES KINGDOM Leigh-Alexandra Basha Jennifer Jordan McCakk McDermott Will & Emery Pillsbury Winthrop Shaw Pittman Suzanne Marriott Washington DC Palo Alto Charles Russell Speechlys London Leah M Bishop Jennifer J McCall Loeb & Loeb Pillsbury Winthrop Shaw Pittman Clare Maurice Los Angeles Palo Alto Maurice Turnor Gardner London Deborah D Cochran Michele A W McKinnon Cochran Allan McGuireWoods Alison Meek Tysons Corner Richmond Sinclair Gibson London Magda Lukl Fleckner Jeanne L Newlon Goulston & Storrs Venable Arabella Murphy Boston Washington DC Maurice Turnor Gardner London A Silvana Giner Mary P O’Reilly Choate Hall & Stewart Meltze Lippe Helen Ratcliffe Boston Mineola BDB Pitmans London Cheryl E Hader Kerry O’Rourke Perri Reed Smith White & Case Suzanne M Reisman New York New York Law Offices of Suzanne M Reisman London Rachel J Harris Nicole M Pearl Loeb & Loeb McDermott Will & Emery Catriona Syed Los Angeles Los Angeles Charles Russell Speechlys London Amy E Heller Dina Kapur Sanna Skadden Arps Slate Meagher & Flom Day Pitney Sarah von Schmidt New York New York Farrer & Co London Linda B Hirschson Beth Shapiro Kaufman Greenberg Traurig Caplin & Drysdale Shân Warnock-Smith QC New York Washington DC 5 Stone Buildings London Loretta A Ippolito Georgiana J Slade Paul Weiss Rifkind Wharton & Garrison Milbank New York New York UNITED STATES Carol A Johnston Vivian Lee Thoreen Susan L Abbott Katten Muchin Rosenman Holland & Knight Goodwin Los Angeles Los Angeles Boston Shari A Levitan Laura M Twomey Christine L Albright Holland & Knight Simpson Thacher & Bartlett Holland & Knight Boston New York Chicago Mary Ann Mancini Diana S.C. Zeydel Patricia M Annino Loeb & Loeb Greenberg Traurig Rimon Washington DC Miami Boston Katarinna McBride Dyke M Arboneaux Harrison & Held Bryan Cave Leighton Paisner Chicago St Louis/London Carlyn S McCaffrey Susan T Bart McDermott Will & Emery Schiff Hardin New York Chicago

WOMEN IN BUSINESS LAW EXPERTGUIDES 221 EXPERTGUIDES THE WORLD’S LEADING LAWYERS CHOSEN BY THEIR PEERS

WHITE COLLAR CRIME

222 EXPERTGUIDES WOMEN IN BUSINESS LAW ATTORNEY BIOGRAPHIES WHITE COLLAR CRIME

I R E L A N D U N I T E D S TAT E S

Karen Reynolds Betty Santangelo Matheson Schulte Roth & Zabel 70 Sir John Rogerson’s Quay 919 Third Avenue Dublin 2 New York10022 Ireland US Tel: (353) 1 232 2759 Tel: (1) 212 756 2587 Email: [email protected] Email: [email protected] Website: www.matheson.com Website: www.srz.com

Karen Reynolds is a partner in the Commercial Litigation and Dispute Betty Santangelo joined Schulte Roth & Zabel as a partner in 1997. She Resolution Department at Matheson, and co-head of the firm's focuses her practice on white-collar criminal defense and securities/bank Regulatory and Investigations Group. enforcement. A former Assistant U.S. Attorney for the Southern District of New York, she specialized in securities and commodities fraud Karen has a broad financial services and commercial dispute resolution prosecutions. Her practice includes representing financial institutions practice. She has over ten years’ experience of providing strategic (banks, broker-dealers, mutual funds, FCMs, insurance companies, advice and dispute resolution to financial institutions, financial investment advisers, hedge funds and private equity funds), other services providers, domestic and internationally focused companies corporate entities and individuals in matters brought by the U.S. and regulated entities and persons. She advises clients in relation to Attorneys’ offices, by various regulatory agencies, including the SEC, the contentious regulatory matters, investigations, inquiries, compliance bank regulatory agencies, the CFTC, FINRA, international regulators and governance related matters, white collar crime and corporate and state and local prosecutors. Betty also has significant experience offences, commercial and financial services disputes, anti-corruption conducting internal investigations for these entities. In addition, she has and bribery legislation and document disclosure issues. served as an independent consultant in SEC enforcement matters examining both the NYSE and a regional broker-dealer. Prior to joining Karen has a reputation for expertly guiding clients through the SRZ, Betty served as First Vice President and Assistant General Counsel complexities and sensitivities of all manner of contentious disputes, for Merrill Lynch, where she managed the firm’s securities and criminal including in Commercial Court, Court of Appeal and Supreme Court regulatory investigations group and represented the firm and its proceedings. She advises clients in relation to corporate offences and employees in enforcement proceedings before federal and state investigations, shareholder rights and remedies, directors’ duties, regulatory agencies, and in criminal matters before U.S. Attorneys’ including in relation to fraudulent and reckless trading and offices and state prosecutors, as well as in foreign jurisdictions. disqualification and restriction proceedings. Her clients include domestic and international companies, directors, senior managers and Betty is nationally recognized and a sought-after speaker for her controlled function holders, financial institutions, insurers and expertise in corporate compliance issues, including anti-money reinsurers, fund managers, insolvency practitioners, shareholders and laundering, OFAC and FCPA. She has extensive experience advising in creditors. Karen has substantial experience in corporate restructuring these areas, including for business transactions. In addition to and insolvency law matters, having had a lead role in some of the most International Who’s Who of Business Crime Defence Lawyers, she is listed high-profile corporate rescue transactions of the last ten years. in Best Lawyers in America, Expert Guide to the World’s Leading Women in Business Law and The Legal 500 US, among other leading directories. Karen was named as a “Highly Regarded Individual” in the 2018 Among her many professional activities, she has served as the edition of the IFLR 1000, with “attention to detail, work ethic and her Securities and Futures Industry’s representative on the Bank Secrecy constant drive to get the best result for her clients”. Act Advisory Group of the U.S. Department of the Treasury and for over 10 years as counsel to the Securities Industry and Financial Karen Reynolds is recommended. Markets Association’s Anti-Money Laundering and Financial Crimes European Legal 500 2019 - Karen Reynolds is “extremely hard working, Committee. In 2014, SIFMA honored her for her extraordinary very motivated. She’s bright, extremely bright”. contributions to the committee and recognized her dedication to improving industry compliance. In 1998, the Financial Crimes Chambers Europe 2019 - “Karen Reynolds is at the absolute top of her Enforcement Network of the Treasury Department awarded her its profession”. Director’s Medal for Exceptional Service. That same year, she represented the U.S. securities industry at the Financial Action Task Chambers Europe 2018 - “Karen Reynolds is very on the ball”. Force (FATF) meeting in Brussels. In 2002, she represented SIFMA, the Futures Industry Association and the Investment Company Institute at Chambers Europe 2018 - Client Choice Award Winner for Litigation the FATF meeting in Paris. (Ireland). Betty is a graduate of Fordham University School of Law and Trinity International Law Office Client Choice Award 2018 - “Karen is always College, where she participated in its honors program at the University looking to see if there are alternative solutions or different angles from of Oxford. Among her personal activities, Betty is a member of the which a problem can be solved; her attention to detail is excellent”. Board of the National Organization of Italian American Women, where she previously served as a chair of the organization. International Law Office 2018 - “Karen is very quick on the uptake; she gets to know the brief quickly and demonstrates a good knowledge of complex matters in a short space of time”.

WOMEN IN BUSINESS LAW EXPERTGUIDES 223 WHITE COLLAR CRIME EXPERT LISTINGS

BRAZIL H O N G K O N G UNITED Ludmila de Vasconcelos Leite Groch SAR KINGDOM TozziniFreire Advogados Anita Chow Sara George São Paulo Morley Chow Seto Sidley Austin Hong Kong London CANADA Wendy L Wysong Eve Giles Clifford Chance Allen & Overy Marie Henein Hong Kong/Washington London Henein Hutchison Toronto Jane Glass BCL Burton Copeland IRELAND London CHINA Karen Reynolds See bio Matheson Kathleen Harris Yunxia (Kate) Yin Dublin Arnold & Porter Fangda Partners London Beijing Alexandra Healy QC ITALY Foundry Chambers CZECH Raffaella Quintana London REPUBLIC DLA Piper Miranda Hill Rome 6KBW Jitka Logesová London Wolf Theiss Prague NETHERLANDS Louise Hodges Kingsley Napley Marike Bakker London NautaDutilh GERMANY Amsterdam Clare Montgomery QC Simone Kämpfer Freshfields Bruckhaus Deringer Jacqueline van den Bosch London Düsseldorf Ivy Advocaten Amsterdam Alison Pople QC Barbara Livonius Cloth Fair Chambers Livonius Lisa van der Wal London Frankfurt am Main De Roos & Pen Amsterdam Jo Rickards Regina Michalke Mishcon de Reya HammPartner Rechtsanwälte London Frankfurt am Main POLAND Elizabeth Robertson Sabine Stetter Agnieszka Wardak Skadden Arps Slate Meagher & Flom Stetter Dentons Europe Dabrowski i Wspólnicy London Munich Warsaw Judith Seddon Renate Verjans Ropes & Gray VBB Rechtsanwälte London Düsseldorf UNITED KINGDOM Jane Shvets Anne Wehnert Debevoise & Plimpton Thomas Deckers Wehnert Elsner Christine Braamskamp London Düsseldorf Jenner & Block London Clare Sibson QC Cloth Fair Chambers Susannah Cogman London Herbert Smith Freehills London Mona Vaswani Allen & Overy London

224 EXPERTGUIDES WOMEN IN BUSINESS LAW EXPERT LISTINGS WHITE COLLAR CRIME

UNITED STATES UNITED STATES UNITED STATES Antonia Apps Nanci L Clarence Mary McNamara Milbank Clarence Dyer & Cohen Swanson & McNamara New York San Francisco San Francisco

Cristina C Arguedas Colleen A Conry Carolyn Fitzhugh McNiven Arguedas Cassman & Headley Ropes & Gray Greenberg Traurig Berkeley Washington DC San Francisco

Jodi L Avergun Sarah Coyne Joan McPhee Cadwalader Wickersham & Taft Weil Gotshal & Manges Ropes & Gray Washington DC New York Boston

Martine M Beamon Laurie Edelstein Amy E Millard Davis Polk & Wardwell Steptoe & Johnson Clayman & Rosenberg New York San Francisco New York

Suzanne Jaffe Bloom Alice S Fisher Jodi Misher Peikin Winston & Strawn Latham & Watkins Morvillo Abramowitz Grand Iason & New York Washington DC Anello New York Martha Boersch Helen Gredd Boersch & Illovsky Lankler Siffert & Wohl Jane W Moscowitz Oakland New York Moscowitz & Moscowitz Coral Gables Sharie A Brown Karen P Hewitt Troutman Sanders Jones Day Mary E Mulligan Washington DC San Diego Friedman Kaplan Seiler & Adelman New York Patricia Brown Holmes Pamela L Johnston Riley Safer Holmes & Cancila Foley & Lardner Susan R Necheles Chicago Los Angeles Hafetz & Necheles New York Carol Elder Bruce Noreen Kelly Murphy & McGonigle McGuireWoods Lynn A Neils Washington DC New York Baker Botts New York Susan E Brune Nancy Kestenbaum Brune Law Covington & Burling Kimberly A Parker New York New York Wilmer Cutler Pickering Hale and Dorr Washington DC Angela T Burgess Isabelle A Kirshner Davis Polk & Wardwell Clayman & Rosenberg Marjorie J Peerce New York New York Ballard Spahr New York Helen V Cantwell Carolyn Kubota Debevoise & Plimpton Covington & Burling Patricia A Pileggi New York Los Angeles Schiff Hardin New York Amy K Carpenter-Holmes Janet I Levine Paul Hastings Kendall Brill & Kelly Karen A Popp Washington DC Los Angeles Sidley Austin Washington DC Pamela Chepiga Jan Nielsen Little Allen & Overy Keker Van Nest & Peters Mythili Raman New York San Francisco Covington & Burling Washington DC Jennnifer L Chunias Pamela Robillard Mackey Goodwin Haddon Morgan and Foreman Jane Serene Raskin Boston Denver Raskin & Raskin Miami

WOMEN IN BUSINESS LAW EXPERTGUIDES 225 WHITE COLLAR CRIME EXPERT LISTINGS

UNITED STATES Noelle M Reed Skadden Arps Slate Meagher & Flom Houston

Kathryn H Ruemmler Latham & Watkins Washington DC

Betty Santangelo See bio Schulte Roth & Zabel New York

Cheryl Scarboro Simpson Thacher & Bartlett Washington DC

Alexandra A E Shapiro Shapiro Arato New York

Jacqueline C Wolff Manatt Phelps & Phillips New York

226 EXPERTGUIDES WOMEN IN BUSINESS LAW FIRM INDEX

Index of Law Firms

11 South Square, 208 AKD, 67 Araoz & Rueda, 42 20 Essex Street, 34 Akin Gump Strauss Hauer & Feld, 16, 43, 64, Arendt & Medernach, 86 78, 86, 98, 126, 134, 153, 154, 194 3 Verulam Buildings, 34 Arent Fox, 78, 79, 209 Akol Namlı & Partners, 59 36 Stone, 160, 162 Argali Abogados, 136 Al Tamimi & Company, 112 39 Essex Chambers, 33, 34, 68 Arguedas Cassman & Headley, 225 Albagli Zaliasnik, 123 4 Pump Court, 47 Arias, 14, 57, 176 Albar & Partners, 15 4-5 Gray’s Inn Square, 193 Armengaud & Guerlain, 123, 204 Alden Legal, 194 5 Stone Buildings, 220, 221 Arnold & Porter, 9, 34, 65, 105, 126, 139, 140, Alfaro Ferrer & Ramirez, 206 209, 224 6KBW, 224 Alfery, 177 Arnold Ruess, 124 7KBW, 75, 162 Allen & Gledhill, 21, 42, 149, 161 Arochi & Lindner, 124, 206 8 New Square, 125 Allen & Overy, 14, 15, 16, 17, 20, 32, 33, 40, ARS-Patent, 206 A&L Goodbody, 8, 15, 41, 58, 111, 148 43, 58, 64, 65, 86, 96, 97, 98, 104, 105, 112, Arthur Cox, 15, 47, 51, 67, 74, 86, 111, 139, A. Dimolitsa & Associates, 32 123, 125, 133, 136, 143, 144, 154, 155, 165, 177, 220 166, 194, 205, 224, 225 AAA Advogados, 58 Ashurst, 14, 16, 20, 22, 32, 51, 63, 74, 86, 148, Allen & Overy A Pedzich sp.k, 42, 124 Abdón Pedrajas, 98 149, 176, 191, 193, 202 Allende & Brea, 63, 74 Abe Ikubo & Katayama, 124 AsiaLegal, 161 Allens, 14, 39, 67, 123, 153 ABELL Rechtsanwälte, 153 ASW Law Limited, 153 Alston & Bird, 69, 112, 134 Abogados Sierra, 9 Atkin Chambers, 47 ALTANA, 111 Abreu Advogados, 16, 97 Atsumi & Sakai, 38, 41, 93, 96, 159, 161, 189, ALTIUS, 39 192 Acemark, 205 Aluko & Oyebode, 15, 58 Auer & Company, 192 ACK Media Law, 193 Am Badar & Partners, 205 August & Debouzy, 133 Adams & Adams, 207 Amica Law, 125, 207 Aumento Advokatfirma, 177, 203 Adams and Reese, 76 AMR Partnership, 205 Avantia Asesoramiento Fiscal y Legal, 220 Addisons, 39, 191 Ana Cristina Pimentel & Associados, 161 AWA IP, 203 Addleshaw Goddard, 9, 47, 154 Anand and Anand, 120, 124 AWA Sweden, 125 Adepetun Caxton-Martins Agbor & Segun, 64, 161 Andersen Tax & Legal, 193 Axinn Veltrop & Harkrider, 43 Adriana Noemi Pucci Sociedade de Anderson Lloyd, 149 Azanda & Associates, 41 Advogados, 32 Andıç Eris Attorney Partnership, 75 AZB & Partners, 21, 58 ADSTO, 192 Andrade Dias & Associados, 161 BAHR, 41 Advokatfirmaet Haavind, 128, 132, 133 Andrékó Kinstellar Ügyvédi Iroda, 15 Badri and Salim El Meouchi, 15 ÆLEX, 33 Anek Group, 208 Bae Kim & Lee, 21, 125, 179 Aequitas, 64 Anjarwalla & Khanna, 143 Baker Botts, 39, 68, 150, 225 Aequo, 16, 59 Antequera Parilli & Rodríguez, 210 Baker McKenzie, 10, 14, 32, 39, 40, 43, 51, 57, Aeroiuris Abogados, 9 78, 95, 97, 98, 105, 123, 125, 136, 143, 148, Appleby, 86, 220 149, 153, 165, 177, 178, 179, 180, 191, 192, Aird & Berlis, 86, 176, 220 Aptis Global, 214 193, 203, 205, 207, 208, 213, 220 AJ Park, 124

WOMEN IN BUSINESS LAW EXPERTGUIDES 227 FIRM INDEX

Baker McKenzie (Gaikokuho Joint Bereskin & Parr, 104, 123, 202, 203 Brinkhof, 192 Enterprise), 149 Bergeson & Campbell, 68 Bristows, 43, 105, 125 Baker McKenzie Consulting, 214 Bergmann Law, 40 Broad & Bright, 78 Baker McKenzie Diwok Hermann Petsche, 20 Berkemeyer, 206 Brodies, 98 Baker McKenzie Krzyzowski i Wspólnicy Berken IP, 123 Brown Rudnick, 22, 98 sp.k., 47, 149 Bernardi & Schnapp Advogados, 8 Bruchou Fernández Madero & Lombardi, 14 Baker McKenzie.Wong & Leow, 59 Bernstein Litowitz Berger & Grossmann, 113 Brune Law, 225 Baker · Wotring, 68 Berton Moreno + Ojam, 202 Bruun & Hjejle, 95, 133 BakerHostetler, 22, 98, 209 Bharucha & Partners, 58 Bryan Cave Leighton Paisner, 16, 98, 133, 140, BALDER, 125, 207 149, 221 Bialer Falsett Associados, 191 Ballard Spahr, 48, 59, 126, 150, 154, 210, 225 Bryn Aarflot, 124, 206 Bird & Bird, 39, 40, 95, 96, 98, 104, 105, 123, Bán S Szabó & Partners, 41 124, 125, 133, 191, 192, 193, 206, 208 Buchanan Ingersoll & Rooney, 126 Banki Haddock Fiora, 191, 202 Bird & Bird AARPI, 96, 123, 133, 177, 192 Buchli Goldstein, 191 Banner & Witcoff, 210 Bird & Bird ATMD, 207 Buddle Findlay, 41 Banwo & Ighodalo, 15 Blake Cassels & Graydon, 14, 40, 139, 148, 153 Bufete Messina & Lugo IP, 204 Bär & Karrer, 220 Blaney McMurtry, 203 Bugnion, 205 Bardehle Pagenberg, 204 Blank Rome, 75, 76, 155 Bull & Co, 206 BarentsKrans, 124 Blum&Grob Attorneys at Law, 217, 219, 220 Bunsow De Mory Smith & Allison, 126 Barker Brettell, 207 BMA Advogados, 39, 176, 202 Burnet Duckworth & Palmer, 20, 63 BARLAW, 206 BMA PI, 202 Bustamante & Bustamante, 204 Barnea & Co, 96 BMH Avocats, 153 ByrneWallace, 96 Barnert Egermann Illigasch, 39 Boersch & Illovsky, 225 C&G Law, 42 Barrasso Usdin Kupperman Freeman & Boies Schiller Flexner, 112, 113 Cabinet Beau de Loménie, 204 Sarver, 112 Bojinov & Bojinov, 202 Cabinet M Oproiu, 124, 206 Barros & Errázuriz, 176 BomhardIP, 207 Cabinet Pavlovic, 202 Basilio Advogados, 32 BonelliErede, 15, 63, 96, 143 Cadwalader Wickersham & Taft, 126, 150, Bass Berry & Sims, 140 154, 180, 225 Boodle Hatfield, 220 Baumeister & Samuels, 9 Cahill Gordon & Reindel, 17 Borden Ladner Gervais, 86, 123, 133, 203 BCF, 57 Çakmak Avukatlık Ortaklıgı, 9 Boult Wade Tennant, 208 BCL Burton Copeland, 224 Campbell Johnston Clark, 162 Boulware & Valoir, 126 BCTG Avocats, 204 Campos Ferreira Sá Carneiro & Associados, Bowmans, 193 BDB Pitmans, 221 16, 143 Boyanova & Co, 8 BDGS Associés, 40 Caplin & Drysdale, 221 bpv Hügel Rechtsanwälte, 39 BDO, 213 Carag Jamora Somera & Villareal, 206 bpv JÁDI NÉMETH, 58 Beauchamps, 136, 192, 205 Carey, 40, 176 Bracewell, 48, 65, 144, 209 Bech-Bruun, 95 Carey Olsen, 220 Braga Nascimento e Zilio, 8 Bedell Cristin, 153, 220 Carlton Fields, 113 BRAND Rechtsanwälte, 148 Beecher Consulting, 214 Carr Legal Group, 75 Brann AB, 207 BEITEN BURKHARDT, 204 Casalonga, 204 Braumiller Law Group, 78 Belim Legal Services, 178 Cassels Brock & Blackwell, 14, 74, 78, 191 Bredin Prat, 14, 40, 96, 111 Bell Gully, 58, 136 Castellanos & Co, 123, 203 Bressler Amery & Ross, 75 Bennett Jones, 43, 123, 148, 203, 213 Castillo & Castillo, 204 Brick Court Chambers, 34, 42, 43 BENOLIEL Avocats, 204 Castrén & Snellman, 20, 40, 95, 104, 133, 177, Brigagão Duque Estrada Emery Advogados, 176 192 Bentleys Stokes and Lowless, 162

228 EXPERTGUIDES WOMEN IN BUSINESS LAW FIRM INDEX

Cavenagh Law, 149 CMS Rui Pena & Arnaut, 64, 97 Davis Wright Tremaine, 134, 209 CBL Law Office, 193 COBALT, 14, 40, 41, 148 Day Pitney, 68, 221 Cederquist, 149 Cochran Allan, 221 De Brauw Blackstone Westbroek, 68 Cernejová & Hrbek, 59 Coffin Renner, 65 De Luca Derenusson Schuttoff Advogados, 8 Cescon Barrieu Flesch & Barreto Advogados, Cogan & Partners, 65 De Pardieu Brocas Maffei, 177 39, 57 Commeo, 40, 41 De Roos & Pen, 224 CGM Advogados, 95, 148, 176 Condon & Forsyth, 10, 76 De Sola Pate & Brown, 210 Chaffetz Lindsey, 34 Conyers, 8, 165 De Vos & Partners Advocaten, 192 Chandler MHM, 59 Cooley, 43, 98, 105, 126, 180, 210 Deacons, 57, 96, 148, 205 Chang Tsi & Partners, 203 Corral Rosales, 204 Debevoise & Plimpton, 34, 86, 87, 88, 136, Charles River Associates, 214 155, 224, 225 Correa Squella, 148 Charles Russell Speechlys, 47, 208, 221 Dechert, 40, 58, 68, 75, 78, 87, 113, 137, 139, Corrs Chambers Westgarth, 32, 47, 123, 202 150, 166, 177 Charltons, 153 Cortez Rizzi & Miranda, 191 Deeth Williams Wall, 191, 202 Chiarottino e Nicoletti Advogados, 176 Cosar Avukatlık Bürosu, 34 Delaware Counsel Group, 51 China Patent Agent (H.K.) Ltd, 124, 203 Coughlin Duffy, 76 Deloitte, 176, 177, 179, 213, 214 Chiomenti, 63, 149 Cousin & Associés, 204 Deloitte Advisory, 87 Chitiz Pathak, 203 Covington & Burling, 39, 43, 44, 59, 76, 104, Deloitte Haskins & Sells, 177 Choate Hall & Stewart, 105, 113, 221 105, 125, 133, 144, 149, 154, 194, 225 DeMarco Allan, 63 Christovich & Kearney, 139 Cowan DeBaets Abraham & Sheppard, 209 Demarest Advogados, 39 Chrysses Demetriades, 161 Cowan Liebowitz & Latman, 209, 210 Dentons, 9, 16, 33, 40, 42, 43, 47, 63, 64, 65, CHSH Cerha Hempel Spiegelfeld Hlawati, Cozen O’Connor, 76, 209, 210 67, 74, 76, 78, 95, 96, 97, 104, 111, 112, 133, 20, 111 Cravath Swaine & Moore, 17, 44, 60, 179 148, 150, 154, 177, 178, 191, 194, 204, 210, 220 Cirio Advokatbyrå, 133 Crefovi, 193 Dentons Boekel, 97, 149 CLACIS, 42 Crossen & Borowsky, 192 Dentons Cardenas & Cardenas, 203 Clarence Dyer & Cohen, 225 Crowell & Moring, 9, 68, 76 Dentons Europe Dabrowski i Wspólnicy, 224 Clayman & Rosenberg, 225 CTSU - Sociedade de Advogados, 58 Dentons López Velarde, 64 Clayton Utz, 39, 47, 63, 67, 148, 153, 165, 191 Cuatrecasas, 16, 21, 42, 97, 154, 179 Dentons Muñoz, 95 Cleary Gottlieb Steen & Hamilton, 14, 17, 20, Curtis Mallet-Prevost Colt & Mosle, 33, 34, Derains & Gharavi, 32 22, 32, 40, 43, 51, 57, 87, 113, 144, 150, 154, 63 155, 177 Derraik & Menezes, 176 Cyril Amarchand Mangaldas, 58, 177 Cliffe Dekker Hofmeyr, 21, 97, 193 DFMG Solicitors, 205 D&N International, 210 Clifford Chance, 10, 14, 15, 16, 17, 20, 21, 22, Di Ciero Advogados, 8 42, 43, 48, 57, 59, 75, 86, 111, 112, 124, 136, DAC Beachcroft, 111, 139 Diepenbrock Elkin Dauer Stephens 144, 148, 149, 153, 165, 208, 224 Danubia Patent & Law Office, 205 McCandless, 48 Cloth Fair Chambers, 224 Daoust Vukovich, 148 Dikici Law Office, 9 Clyde & Co, 8, 9, 74, 76, 149, 208 DataMinding Inc., 130, 134 Dinsmore & Shohl, 210 CM Murray, 98 Daugherty Fowler Peregrin Haught & Jenson, Djingov Gouginski Kyutchukov & Velichkov, CMS, 64 10 191 CMS Cameron McKenna Nabarro Olswang, Dave & Girish & Co, 15 DLA Piper, 8, 9, 14, 47, 58, 59, 74, 75, 105, 15, 48, 57, 65, 87, 96, 104, 105, 154, 192, 193, 111, 133, 148, 149, 178, 193, 194, 202, 203, 194, 208 Davies Collison Cave, 202 204, 209, 214, 215, 224 CMS Cameron McKenna Nabarro Olswang Davies Ward Phillips & Vineberg, 14, 39, 57, DLA Piper Dinu SCA, 42 Posniak i Sawicki sp.k., 75, 97 67 DLA Piper Gallastegui y Lozano, 33 CMS Carey & Allende, 148 Davis Graham & Stubbs, 65 DLA Piper Gizinski Kycia sp.k, 64 CMS Francis Lefebvre Avocats, 177 Davis Polk & Wardwell, 17, 22, 51, 68, 87, 166, 179, 225 DN Legal, 60, 150 CMS Hasche Sigle, 32, 111

WOMEN IN BUSINESS LAW EXPERTGUIDES 229 FIRM INDEX

Donaldson & Burkinshaw, 125, 207 Estudio Olaechea, 9, 97 Franklin, 96, 177 DORDA, 104 Eubelius, 57 Franklin Weinrib Rudell & Vassallo, 194 Dorothy Ufot & Co, 33 Eugene F Collins, 15, 96 Freehill Hogan & Mahar, 162 Dorsey & Whitney, 165, 209, 210 Euromarkpat, 206 Freidenberg Freidenberg & Lifsic, 8 Doubinsky & Osharova, 208 Eversheds Sutherland, 48, 51, 76, 87, 96, 136, Freshfields Bruckhaus Deringer, 16, 20, 22, 180 34, 40, 43, 48, 57, 59, 97, 98, 111, 133, 144, Doyin Rhodes-Vivour & Co, 33 155, 179, 193, 204, 224 EY, 86, 168, 172, 176, 177, 178, 179, 180, 213, Dr Veronika Kozak, 8 214, 215 Fried Frank Harris Shriver & Jacobson, 87 Dr. K. Chrysostomides & Co, 203 EY Law Firm, 193 Friedman Kaplan Seiler & Adelman, 225 Dreyfus & associés, 198, 200, 204 EY Société d’Avocats, 177 Friedrich Graf von Westphalen & Partner, 57 Drinker Biddle & Reath, 68, 140 Faegre Baker Daniels, 99 Froriep, 16, 193 Du-Baladad and Associates (BDB Law), 178 Falcon & Hume, 42 Fross Zelnick Lehrman & Zissu, 209, 210 Duane Morris, 65, 112 Falconi Puig Abogados, 196, 200, 204 Gadens, 111 Duane Morris & Selvam, 51 Fangda Partners, 32, 47, 224 Galicia Abogados, 67 Duff & Phelps, 214, 215 Farrer & Co, 221 Galindo Arias & López, 9 Dumont, 118, 122, 124 Fasken, 63, 67, 104, 143, 203, 220 Galvez & Dolorier, 178 Dundas Street, 97 FB Rice, 202 Garrigues, 42 Durie Tangri, 126 FBC & Co, 8 Garvey Schubert Barer, 162 Durukan+Partners, 143 FBT Avocats, 16 Gattai Minoli Agostinelli & Partners, 41 Dykema Gossett, 140, 155 Federis & Associates, 206 Gatti Pavesi Bianchi, 96 Eckert Seamans Cherin & Mellott, 10, 209 Fee Langstone, 161 Gessel, 33 Edmonds Marshall McMahon, 220 Fenech & Fenech Advocates, 157, 159, 161 Gianni Origoni Grippo Cappelli & Partners, Edwin Coe, 220 67, 149 Fenwick & West, 126, 170, 173, 174, 179, 180, Egorov Puginsky Afanasyev and Partners, 42, 194, 208, 209, 210 Gibbs & Bruns, 113 59 Feral-Schuhl / Sainte-Marie, 133, 192 Gibbs Giden Locher Turner Senet & Elena Beliaeva Nina Vasilieva & Partners, 202 Wittbrodt, 48 FerradaNehme, 40 Eleonora Coelho Advogados, 32 Gibson Dunn & Crutcher, 22, 34, 51, 52, 59, FERRERE, 35, 99 63, 65, 78, 98, 126, 136, 139, 143, 150, 194 Ella Cheong & Alan Chiu Solicitors & Field Court Tax Chambers, 220 Notaries, 124, 205 Gide Loyrette Nouel, 20, 32, 123, 176, 204 Fieldfisher, 67, 87, 105, 133 Ella Cheong LLC SG, 125, 207 Gilbert, 76 Fineberg.Ramamoorthy, 123 Ellen Shankman & Associates, 205 Gilbert + Tobin, 39, 95, 111, 191, 202 Finnegan Henderson Farabow Garrett & Ellex Klavins, 41 Gilt Chambers, 33 Dunner, 105, 126 Ellex Raidla, 204 GjessingReimers, 124, 206 Fischer Behar Chen Well Orion, 41 Ellex Valiunas, 33, 64 GKC Partners, 16 Fish & Richardson, 126, 209 Elvinger Hoss Prussen, 136 Glaister Ennor, 149 Fisher & Phillips, 99 Endeavour Law Office, 96 Glatzová & Co, 57 Fleet Hamburg, 161 Engarde, 34 Gleiss Lutz, 14, 40, 96 Florent, 153 Enns & Archer, 208 GNA - Gianni Nunes de Araujo, 39 Fogler Rubinoff, 203 ENSafrica, 42, 68, 143, 207 Godoy & Hoyos, 176 Foley & Lardner, 48, 68, 155, 225 Erçin Bilgin Bektasoglu, 161 GoldenGate, 203 Foley Hoag, 126 Erkelens Law, 8 Gómez-Acebo & Pombo, 193, 207 Foundry Chambers, 224 Ernst & Young Law Tałasiewicz i Wspólnicy, Goodmans, 14, 148, 153, 165, 176, 191, 202 Fox Rothschild, 10, 29, 46, 48 104 Goodwin, 87, 88, 105, 126, 136, 139, 221, 225 Fox Williams, 98 Estudio Benedetti, 206 Gorodissky & Partners, 206 Frankfurt Kurnit Klein + Selz, 134 Estudio Echecopar, 33, 42

230 EXPERTGUIDES WOMEN IN BUSINESS LAW FIRM INDEX

Goudreau Gage & Dubuc, 202 Hernández & Cía, 178 Isler & Pedrazzini, 125 Goulston & Storrs, 221 Herzog Fox & Neeman, 21, 96, 192 Ivy Advocaten, 224 Gowling WLG, 42, 67, 78, 111, 112, 125, 133, Heuking Kühn Lüer Wojtek, 32, 78, 96 J Sagar Associates, 15 149, 191, 202, 203, 204, 208 HFG Law & Intellectual Property, 203 Jackson Etti & Edu, 206 GOZZO Advokater, 207 HFW, 9, 65, 148, 162 Jackson Walker, 10 Grant Thornton, 153, 214 Hicks Davis Wynn, 9 Janson Baugniet, 123 Grau & Angulo, 207 Hine Legal, 98 JeantetAssociés, 40 Gray’s Inn Tax Chambers, 179 Hjort, 64, 193 Jenner & Block, 9, 34, 65, 155, 224 Greenbaum Rowe Smith & Davis, 150 HMN & Partners, 74 JENSEN|NEUGEBAUER Law Firm, 74 Greenberg Traurig, 59, 68, 98, 105, 126, 150, Höcker Advocaten, 193 Jochum Shore & Trossevin, 79 165, 179, 180, 192, 194, 209, 221, 225 Hoet Peláez Castillo & Duque, 210 Johnston Law, 203 Greenberg Traurig Grzesiak, 149 Hofhuis Alkema Groen, 206 Jones Day, 20, 33, 47, 67, 76, 123, 133, 139, Greenwood Roche, 64 140, 154, 155, 165, 180, 210, 225 Hogan Lovells, 9, 14, 16, 20, 34, 35, 41, 42, 43, Griffith Hack, 202 47, 51, 58, 60, 65, 67, 74, 75, 78, 79, 101, 103, Joyce A Tan & Partners, 193 Grinberg e Cordovil, 39, 78 104, 125, 134, 139, 140, 143, 149, 153, 154, JunHe, 37, 40, 57, 203 165, 177, 179, 190, 193, 194, 204, 206, 207, 209 Grünecker, 204 JurisAsia, 125 Hogarth Chambers, 208 GSK Stockmann + Kollegen, 177 JWP Patent & Trademark Attorneys, 124 Holland & Hart, 208 Gün + Partners, 104, 125 K&L Gates, 87, 95, 112, 150, 176, 209 Holland & Knight, 9, 10, 68, 98, 150, 221 Güner Law Office, 64 Kahale Abogados, 57 Homburger, 33 Gunster, 150 Kalikova & Associates, 58, 143 Honigman, 76 Guyer & Regules, 60, 69 Kallan, 148 Horst Frisch, 214 Haddon Morgan and Foreman, 225 Kangxin, 203 Horten, 57, 67, 191 Hadiputranto Hadinoto & Partners, 15, 58 Kantenwein, 32 Houthoff, 75, 153 Hafetz & Necheles, 225 Karatzas & Partners Law Firm, 14 Hoyng Rokh Monegier, 104, 123, 191, 207 HammPartner Rechtsanwälte, 224 Karcz Zakrocka Patent & Tade Mark Hoyng Rokh Monegier Véron, 123, 204 Hanefeld Rechtsanwälte, 32 Attorneys, 124, 206 hslegal, 125, 207 Hanotiau & van den Berg, 32 Kasznar Leonardos, 202 Hughes Hubbard & Reed, 34, 79, 139 Hansberry Tomkiel, 42 Katten Muchin Rosenman, 194, 208, 221 HunterMaclean, 194 Hansell, 51 Katz Group, 209 Hunton Andrews Kurth, 68, 69, 76, 134, 194 Harneys, 176 Keker Van Nest & Peters, 225 Hutabarat Halim & Rekan, 58 Harrison & Held, 221 Kellerhals Carrard, 51, 59 HWL Ebsworth, 47 Harte-Bavendamm, 204 Kelley Drye & Warren, 78, 134 Icaza González-Ruiz & Alemán, 206 Hausheer Belgrano & Fernandez, 202 Kelly IP, 209 Ice Miller, 139 Haynes and Boone, 10, 65, 68, 112, 194, 209, Keltie, 208 210 Inal Law Office, 161 Kenaroglu, 208 Hechanova & Co, 206 Ince Gordon Dadds, 9, 74, 161 Kendall Brill & Kelly, 225 Hegymegi-Barakonyi and Partner Baker & Indacochea & Asociados, 14 Kennedy Van der Laan, 133 McKenzie, 58 Independent arbitrator, 34 Kennedys, 9 Heidenstam Legal, 207 Infinitus Law Corporation, 125, 207 Kestener Granja & Vieira Advogados, 104, Heinz & Zagrosek, 40 Integra Law Firm, 95 139 Henein Hutchison, 224 INTELS Estonia, 204 KG Law Firm, 41 Hengeler Mueller, 57, 177 IP Porta, 202 Khaitan & Co, 177 Herbert Smith Freehills, 9, 14, 20, 27, 31, 32, Iris Legal Law, 67 Kilburn & Strode, 125, 208 33, 34, 39, 42, 43, 47, 51, 57, 63, 86, 96, 104, 111, 123, 125, 143, 148, 179, 192, 202, 224 Irwin Fritchie Urquhart & Moore, 140 Kilpatrick Townsend & Stockton, 76, 126, 210

WOMEN IN BUSINESS LAW EXPERTGUIDES 231 FIRM INDEX

Kim & Chang, 33, 42, 207, 214 LCS & Partners, 165 M & P Bernitsas Law Offices, 41 King & Spalding, 34, 64, 65, 67, 68, 98, 140, LDR, 67 M Firon & Co, 47 154 Leanne Bowie Lawyers, 67 Machado Associados, 176 King & Wood Mallesons, 8, 14, 20, 32, 35, 39, Leaua Damcali Deaconu Paunescu, 33 Machado Meyer Advogados, 20, 57, 95, 148, 40, 51, 57, 74, 86, 87, 111, 123, 143, 165, 191, 176 203 Lee & Ko, 9 Maddocks, 111 Kingsley Napley, 224 Lee & Lee, 207 Magda Volonciu & Associates, 97 Kinstellar, 65, 148 Lee and Li, 9, 179 Magellan IP, 123 Kirby, 32 Legance, 63 Manatt Phelps & Phillips, 43, 226 Kirkland & Ellis, 17, 22, 34, 43, 87, 112, 125, Lenz & Staehelin, 42, 154 126, 137, 153, 154, 180, 209 Mannheimer Swartling, 22, 59, 149, 193 Levine Blaszak Block & Boothby, 194 Kisch IP, 207 Maples Group, 9, 86, 87, 153, 220 Levitan Sharon & Co, 75 Klarquist Sparkman, 209 Margaret Law Corporation, 207 Levy & Salomão Advogados, 39, 111, 191 Knobbe Martens, 209, 210 Markides Markides & Co, 203 Lévy Kaufmann-Kohler, 33 KNOETZL, 111 Marks & Clerk, 205 Lewis Roca Rothgerber Christie, 154 KOAN, 185, 187, 191 MarQonsult, 206 Lewis Silkin, 133 Kocián Šolc Balaštík, 177 Marshall Diel & Myers, 74 Lex Law Offices, 161 Konecná & Zacha, 148 Marval O’Farrell & Mairal, 14, 176, 202 Lexellent, 96 Konnov & Sozanovsky, 179 Marx Van Ranst Vermeersch & Partners, 57 LexSage, 78 KPMG, 176, 177, 178, 179, 180, 213, 214, 215 Mason Hayes & Curran, 8, 47 Leydig Voit & Mayer, 210 KPMG Law, 178 Mata-Perez & Francisco, 178 LGV Avvocati, 205 KPMG Meijburg & Co, 213 Matheson, 7, 8, 37, 41, 46, 47, 71, 73, 75, 83, Lieff Cabraser Heimann & Bernstein, 112 86, 109, 111, 146, 148, 152, 153, 173, 177, 188, Kramer Levin Naftalis & Frankel, 154 Linda Widyati & Pusponegoro, 58 189, 192, 212, 213, 223, 224 KRK Kieszkowska Rutkowska Kolasinski, 104 Lindahl, 22 Matrix Chambers, 224 Krogerus, 14, 40 Lindfors & Co, 47 Mattos Engelberg Advogados, 78 Kromann Reumert, 20, 95 Lindholm Wallgren, 32 Mattos Filho Advogadois, 20, 67, 74, 95, 148, Kvale, 41, 124, 154 176, 220 Linklaters, 15, 16, 20, 21, 22, 32, 40, 41, 42, 43, KWR Karasek Wietrzyk Rechtsanwälte, 202 59, 63, 67, 68, 86, 97, 98, 111, 112, 133, 143, Maurice Turnor Gardner, 220, 221 144, 148, 154, 155, 165, 179, 193 Kyriakides Georgopoulos Law Firm, 96 Mayer Brown, 22, 40, 41, 43, 47, 74, 75, 78, 99, Liu Shen & Associates, 123 124, 126, 133, 166, 180, 192, 194, 205, 213 L&L Partners Law Offices, 74 Livingston Alexander & Levy, 205 Mayne Wetherell, 21 L.O. Baptista Advogados, 32, 39 Livonius, 224 MBB Balado Bevilacqua Abogados, 95 Labora Legal, 95 Lloreda Camacho & Co, 123, 203 mbh, 75 Ladas & Parry, 208 LMS Studio Legale, 177 McAfee & Taft, 10 Lakshmikumaran & Sridharan, 115, 120, 124 LNP Attorneys, 47 McCann FitzGerald, 8, 63, 111 Lalive, 33 Locke Lord, 34 McCann Fitzgerald, 153 Lander & Rogers, 63 Loeb & Loeb, 221 McCarter & English, 76, 140 Lankler Siffert & Wohl, 225 Løje Arnesen & Meedom, 204 McCarthy Tétrault, 40, 74, 136, 148, 176, 191, Latham & Watkins, 14, 17, 20, 22, 34, 43, 44, 220 64, 65, 68, 75, 78, 88, 96, 98, 105, 133, 140, Lowenstein Sandler, 87, 209 143, 154, 166, 177, 179, 180, 194, 208, 225, 226 McDermott Will & Emery, 32, 76, 78, 98, 126, Lowndes Drosdick Doster Kantor & Reed, 68 154, 165, 179, 180, 208, 209, 210, 221 Lathrop Gage, 75 Loyens & Loeff, 15, 97, 165, 178, 220 McElroys, 75 Lavery, 74 Lund & Co, 64 McGuireWoods, 43, 112, 150, 221, 225 Law Offices of Suzanne M Reisman, 221 Luther, 41 McKool Smith, 76 Lawler Metzger Keeney & Logan, 194 Lydian, 74, 202 McMillan, 139 LCF Law Group, 112

232 EXPERTGUIDES WOMEN IN BUSINESS LAW FIRM INDEX

MDDP Michalik Dluska Dziedzic & Partners, Moscowitz & Moscowitz, 225 Orna Lin & Co, 96 214 Motta Fernandes Advogados, 8 Orrick Herrington & Sutcliffe, 63, 98, 99, 112, Meagher & Geer, 76 134, 140, 144, 165, 179, 209 Mowry & Grimson, 78 Medina Garrigó Abogados, 32 Orrick Rambaud Martel, 111 Müller Fottner Steinecke, 204 Meitar Liquornik Geva Leshem Tal, 15, 143 Ortega & Gómez Ruano Lawyers, 33 Muncy Geissler Olds & Lowe, 208 Melli Darsa & Co, 21, 58 Osborne Clarke, 105, 192, 208 Mundie e Advogados, 78, 191 Meltze Lippe, 221 Osler Hoskin & Harcourt, 40, 63, 111, 143, Munger Tolles & Olson, 150 148, 153, 176, 191, 202, 203 MENTHA, 34 Murphy & McGonigle, 225 Outten & Golden, 98 Messina & Lugo IP, 204 Musat & Asociatii, 42, 149 O’Connell Brennan, 220 METIDA, 124 MVKini, 67 O’Melveny & Myers, 78, 105, 126, 155, 179, Meyer Fabre Avocats, 32 Nagashima Ohno & Tsunematsu, 21, 33, 41 194 MGG legal, 96 Naschitz Brandes Amir, 75, 111 O’Sullivan Estate Lawyers, 220 Milbank, 21, 44, 65, 144, 165, 166, 194, 221, Nassar Abogados, 8 Pachulski Stang Ziehl & Jones, 155 225 NautaDutilh, 15, 21, 67, 87, 123, 165, 202, Pakharenko & Partners, 208 Milburn & Associates, 95 206, 224 Paksoy, 16, 51, 59 Miller Thomson, 202, 220 NautaDutilh Avocats Luxembourg, 12, 15, 50, Paliare Roland Rosenberg Rothstein, 111 Mills Oakley, 47, 74 51, 54, 55, 58 Patentna pisarna, 207 MINIÑO Abogados, 204 Neal Gerber & Eisenberg, 76 Patpol, 206 MinterEllison, 39, 47, 95, 111, 148 Nemetschke Huber Koloseus, 148 Patterson Belknap Webb & Tyler, 139 MinterEllisonRuddWatts, 15, 58, 64, 97 Nestor Nestor Diculescu Kingston Petersen, 16, 33, 42, 58, 97, 112 Pattishall McAuliffe Newbury Hillard & Mintz Levin Cohn Ferris Glovsky and Popeo, Geraldson, 209 210 New Labour, 96 Patton Moreno & Asvat, 161 Miranda & Amado, 178 Nicholson y Cano Abogados, 74 Paul Hastings, 22, 68, 98, 105, 136, 194, 225 Miranda & Associados, 64 Niederer Kraft Frey, 133, 179, 193 Paul Usoro & Co, 161 Mishcon de Reya, 98, 224 Nijman•Franzetti, 68 Paul Weiss Rifkind Wharton & Garrison, 51, Mitchell Silberberg & Knupp, 194 Nilan Johnson Lewis, 139 57, 87, 137, 150, 154, 192, 221 Mitchell Williams, 140 Ninth Floor Selborne Chambers, 123 Pavia e Ansaldo, 112 Mochtar Karuwin Komar, 8 Nixon Peabody, 144 pbbr.a, 97 Modiano & Partners, 124 NJORD Law firm, 161 PCK IP, 203 Modzelewska & Pasnik, 42 Noble Shipping Law, 161 Pekin & Bayar, 59 Monard Law, 8, 57 Noerr, 15, 32, 41, 78 PeliPartners, 42 Monckton Chambers, 43 Norrbom Vinding, 95 Pels Rijcken & Droogleever Fortuijn, 67 Morais Leitão Galvão Teles Soares da Silva & Norton Rose Fulbright, 9, 10, 14, 16, 22, 34, Pepeliaev Group, 42, 97, 178 Assoc, 16, 149 42, 47, 63, 65, 67, 68, 74, 75, 105, 112, 123, 133, 139, 140, 143, 149, 150, 161, 165, 192, Pepper Hamilton, 48, 139, 155, 179 Morgan Lewis & Bockius, 17, 22, 43, 59, 65, 202, 203, 210, 220 87, 95, 99, 112, 113, 165, 179, 194, 208, 209, Perez Alati Grondona Benites & Arntsen, 20 210 NSN Law Firm, 161, 208 Perkins Coie, 48, 68, 209 Morgan Lewis Stamford, 59, 161 Núñez Muñoz y Cía, 63 Pestalozzi, 104 Mori Hamada & Matsumoto, 58, 86, 96, 165 Nyborg & Rørdam, 204 Philip Lee, 47, 133 Morley Chow Seto, 224 O Kayode & Co, 206 Philippi Prietocarrizosa Ferrero DU & Uría, Moroglu Arseven, 59, 208 Obeid Law Firm, 33 19, 20, 62, 63, 92, 95, 172, 176 Morris Manning & Martin, 78 Ogier, 86, 220 Picazo Buyco Tan Fider & Santos, 15, 21 Morrison & Foerster, 16, 17, 43, 105, 134, 136, Ogletree Deakins, 98 Pierstone, 191 139, 192, 194 One Essex Court, 208 Pillsbury Winthrop Shaw Pittman, 9, 34, 68, Morvillo Abramowitz Grand Iason & Anello, 225 78, 180, 209, 221 One Legal, 125, 207

WOMEN IN BUSINESS LAW EXPERTGUIDES 233 FIRM INDEX

Pinheiro Guimarães Advogados, 14 Randl Partners, 95 Sayenko Kharenko, 78 Pinheiro Neto Advogados, 39, 95, 104, 176, Raskin & Raskin, 225 SBGK Law Office, 205 191 Raveh Haber & Co Advocates, 86 SBM Legal, 97 Pinheiro Palmer Advogados, 202 Reed Smith, 9, 22, 43, 64, 65, 75, 76, 105, 123, Scharf Banks Marmor, 140 Pinsent Masons, 47, 86, 96, 105, 112, 125, 133, 133, 139, 143, 154, 155, 165, 194, 208, 221 Schellenberg Wittmer, 16, 34, 87 143, 192 Regimbeau, 204 Schiff Hardin, 65, 68, 99, 221, 225 Pirkey Barber, 209 Reinhold Cohn & Partners, 205 Schjødt, 154 Placintescu Riti Lucian, 97 Rentsch Partner, 201, 207 Schoeman Updike Kaufman & Gerber, 139, Plasseraud IP, 204 Retter Attorneys, 220 150 Plesner, 40, 95, 153 Ricaurte Rueda Abogados, 63 Schönherr, 20, 21 PLMJ, 112, 124, 143, 178 Riley Safer Holmes & Cancila, 225 Schulte Roth & Zabel, 81, 84, 85, 87, 88, 223, Plougmann & Vingtoft, 204 226 Rimon, 221 Ploum Lodder Princen, 75 Schultze & Braun, 153 Rivitti e Dias Advogados, 176 Polservice, 206 Schutte Schluep & Heide-Jørgensen Robic, 203 advocaten, 33 Porter Hedges, 48 Robins Kaplan, 44 Schweibert Leßmann & Partner, 96 Porter Wright Morris & Arthur, 76 Rodrigo Elías & Medrano, 42, 64 Selendy & Gay, 112 Portolano Cavallo, 192 Rodríguez & Mendoza, 180 Šelih & Partnerji, 207 Porzio Bromberg & Newman, 68 Rogers & Hardin, 150 Selma Lemes Advogados, 32 Posse Herrera Ruiz, 111, 203 Romulo Mabanta Buenaventura Sayoc & de Seyfarth Shaw, 48, 98, 99, 209 Potomac Law Group, 210 los Angeles, 21, 178 Shanghai Qin Li Law Firm, 57 Powell Gilbert, 105, 125 Ronan Daly Jermyn, 177 Shapiro Arato, 112, 194, 226 PPT Legal, 8 Ropes & Gray, 44, 59, 87, 88, 136, 137, 179, 224, 225 Shardul Amarchand Mangaldas & Co, 15, 33, PRK Partners, 95, 97 41, 74 Roschier, 40, 95, 136, 213 Project Moore, 193 Sheahan, 67 Rouse, 125, 203 Properta Attorneys, 204 Shearman & Sterling, 12, 13, 17, 22, 32, 50, 51, Royer Cooper Cohen Braunfeld, 210 Proskauer Rose, 68, 87, 88, 96, 98, 99, 137, 194 56, 60, 86, 87, 142, 144, 146, 150, 154, 164, 166 RPC, 154 Pryor Cashman, 194 Shearn Delamore & Co, 15, 33, 51, 178, 205 Rubin Thomlinson, 95 PwC, 176, 213, 214 Sheppard Mullin Richter & Hampton, 150, Rubio Leguía Normand, 178 210 PwC Legal, 96 Russell McVeagh, 41 Sheridan Ross, 210 Quarles & Brady, 69 Rutgers & Posch, 153 Sherin and Lodgen, 99 Quevedo Abogados, 39 Ryan, 180 Shook Hardy & Bacon, 76, 139, 140 Quinn Emanuel Urquhart & Sullivan, 32, 43, 74, 75, 105, 112, 113, 179 S Horowitz & Co, 96 Shook Lin & Bok, 21, 153 Quiñones Alayza Abogados, 64 SAGIURE, 97 Shoosmiths, 75 R&P Legal, 192 SAI Law & Economics, 41 Shutts & Bowen, 150 Radzikowski Szubielska i Wspólnicy, 178 Saint Island International Patent & Law Sideman & Bancroft, 209 Offices, 207 RahmatLim & Partners, 206 Sidera Consult, 78 Sally Harpole & Co, 32 Raja Darryl & Loh, 192 Sidley Austin, 17, 20, 33, 34, 39, 43, 51, 59, 68, Salvini e Soci 178 86, 87, 105, 112, 136, 139, 154, 165, 166, 179, Rajah & Tann, 42, 51, 75, 78 224, 225 Sánchez DeVanny Eseverri, 78 Rajeshwari & Associates, 124 Signature Litigation, 139 Sandart & Partners, 207 Ramberg Advokater, 64 Signet Partners, 98 Saul Ewing, 68, 75 Ramírez Gutiérrez-Azpe Rodríguez-Rivero y Sills Cummis & Gross, 140 Hurtado, 178 Saul Ewing Arnstein & Lehr, 150 Simmons & Simmons, 14, 63, 87, 95, 96, 104, RamRais & Partners, 206 Savin Martinet Associés, 67 123, 165

234 EXPERTGUIDES WOMEN IN BUSINESS LAW FIRM INDEX

SimonetteLewis, 220 Suciu Popa Attorneys, 64 Trilegal, 41 Simont Braun, 14, 57 Sughrue Mion, 209 TRINITI, 124 Simpson Grierson, 97, 112, 133, 193 Sujata Chaudhri IP Attorneys, 205 Troncoso Leroux, 123, 204 Simpson Thacher & Bartlett, 16, 17, 20, 22, Sullivan & Cromwell, 22, 43, 57, 59, 113, 137, Troutman Sanders, 65, 68, 225 59, 76, 87, 113, 136, 137, 150, 221, 226 166 Trowers & Hamlins, 16 Sinclair Gibson, 220, 221 Sussman ADR, 35 Tsar & Tsai, 34, 125 Singh & Singh, 124 Swanson & McNamara, 225 Tuca Zbârcea & Asociatii, 42 Singleton Reynolds, 47 SyCip Salazar Hernandez & Gatmaitan, 15, Tucker Ellis, 139 97 Siqueira Castro Advogados, 67 Turnpenney Milne, 95 Synch, 207 Skadden Arps Slate Meagher & Flom, 17, 20, Twiggy MH Liu Law Office, 205 22, 34, 39, 51, 57, 87, 99, 136, 137, 144, 155, Szecskay Attorneys at Law, 15, 58 180, 221, 224, 226 Udo Udoma & Belo-Osagie, 193 Tabacks, 64 Skils, 32 UGGC Avocats, 96 Tabet DiVito & Rothstein, 126 Skrine, 51, 97, 192, 206 Ughi e Nunziante, 192 Taboglu & Demirhan, 165 SKW Schwarz, 204 Ulhôa Canto, 63 Tadmor & Co. Yuval Levy & Co, 143 Slaughter and May, 21, 22, 43, 57, 59, 112, United Trademark & Patent Services, 205 Taj, 177, 213 133, 136, 179 Urbanek Lind Schmied Reisch Tanoira Cassagne Abogados, 20 Smart & Biggar/Fetherstonhaugh, 104, 123, Rechtsanwälte, 153 203 Tax Advisors & Associates, 179 Uría Menéndez, 39, 42, 104, 179 Snell & Wilmer, 112, 150 Taxhouse, 178 Vainanidis Economou & Associates, 41 Soewito Suhardiman Eddymurthy Kardono, Taylor Wessing, 74, 133, 136, 192, 203 63 Valdez Albizu, 204 TCI Rechtsanwälte, 192 SOLV Advocaten, 193 Van Bael & Bellis, 78, 104 TEMPUS, 95 Sorainen, 149 Van Benthem & Keulen, 153 TGS Baltic, 40, 41, 58 Sparke Helmore Lawyers, 74 Van Campen Liem, 178 The Air Law Firm, 9 Spoor & Fisher, 207 Van der Feltz, 64 Thomas Deckers Wehnert Elsner, 224 Spruson & Ferguson, 202 Van Doorne, 41, 97, 133, 149 Thomas Miller Law, 161 Squire Patton Boggs, 8, 34, 51, 52, 65, 74, 76, van Hooft, 32 Thommessen, 41, 124 97, 134, 139, 140, 148, 150, 194, 209 Vasil Kisil & Partners, 98 Thompson & Knight, 9 SSEK Legal Consultants, 21, 58 VBB Rechtsanwälte, 224 Thompson Coburn, 162 SSW Schneider Schiffer Weihermüller, 133, VdA Vieira de Almeida, 16, 58, 64, 143, 193 192 Thompson Hine, 60, 99, 112, 140, 150 Veirano Advogados, 39, 78, 139, 143 Stacchini Advogados, 191 Tilleke & Gibbins, 149, 208 Vella Pugliese Buosi e Guidoni, 39, 57 Stephenson Harwood, 98 TMI Associates, 205 Venable, 150, 209, 221 Steptoe & Johnson, 67, 76, 78, 225 TNB & Partners, 15 Vergara Fernandez Costa & Claro, 74 Sterne Kessler Goldstein & Fox, 210 Toffoletto De Luca Tamajo e Soci, 90, 92, 96 Vilgerts, 205 Stetter, 224 Tollefson Bradley Ball & Mitchell, 75 Vinge, 16, 59, 136, 193 Stewarts Law, 34 Tommy Thomas, 161 Vinson & Elkins, 22, 64, 65, 144 Stibbe, 58, 192 Torys, 63, 74, 104, 111, 148, 165 Vision-Associates, 210 Stikeman Elliott, 14, 40, 63 Towerhouse, 193 Visser Schaap & Kreijger, 192 Stoel Rives, 68 TozziniFreire Advogados, 39, 67, 78, 95, 224 Vivien Chan & Co, 124, 192 Stohn Hay Cafazzo Dembroski Richmond, TransAsia Lawyers, 95 191 Vladeck Raskin & Clark, 99 Travers Smith, 87, 179 Stroock & Stroock & Lavan, 180, 209 Vossius & Partner, 204 Trench Rossi Watanabe, 63, 74, 78, 176, 191, Wachtell Lipton Rosen & Katz, 38, 43, 55, 59, Studio Pierallini, 5, 7, 9 213 93, 94, 99, 109, 110, 112, 113, 174, 175, 180 Studio Torta, 205 Trevisan & Cuonzo, 205

WOMEN IN BUSINESS LAW EXPERTGUIDES 235 FIRM INDEX

Wadia Ghandy & Co, 8 WongPartnership, 16, 21, 42, 51, 112, 149, 165 Walder Wyss, 220 Woo Kwan Lee & Lo, 57 Walkers, 86, 95, 153 Wyatt Tarrant & Combs, 60 Walless, 51 Yigal Arnon & Co, 149 Wanhuida Peksung IP Group, 203 Young Conaway Stargatt & Taylor, 155 Wardynski & Partners, 33, 97 Youngblood Group, 194 Waselius & Wist, 20 Yusarn Audrey, 125 Watkins & Eager, 140 YYU Legal, 59 Watson Farley & Williams, 63, 143, 161, 162 Zamfirescu Raco i Vasile & Partners, 58 Webber Wentzel, 21, 59, 75, 136, 178 Zang Bergel & Viñes, 20, 63 Wedlake Bell, 48 Zepos & Yannopoulos, 20, 96 Weil Gotshal & Manges, 16, 17, 21, 42, 43, 51, Zhong Lun Law Firm, 47 68, 105, 113, 136, 154, 155, 165, 179, 225 ZICOlaw, 15, 21, 124, 206 Wells Anderson & Race, 140 Zul Rafique & Partners, 15 Wenger Plattner, 154 Zulficar & Partners, 14 Werksmans Attorneys, 178, 193 Wheeldon Legal, 206 White & Case, 14, 17, 21, 22, 34, 35, 39, 41, 43, 51, 86, 105, 112, 126, 136, 143, 144, 154, 165, 178, 179, 194, 221 Whitney Moore, 124 Wiersholm, 87, 97, 178 Wiggin, 125, 208 Wijn & Stael Advocaten, 153 Wildanger, 123 Wiley Rein, 194 Wilkinson & Grist, 205 Wilkinson Walsh + Eskovitz, 113 William Fry, 15, 21, 41, 51, 124, 177, 220 Williams & Connolly, 139 Willkie Farr & Gallagher, 39, 59, 75, 86, 87, 88, 136, 153, 155, 179 Willms & Shier, 67 Wilmer Cutler Pickering Hale and Dorr, 22, 34, 113, 225 Wilson Sonsini Goodrich & Rosati, 44, 136 Winstead, 48 Winston & Strawn, 43, 65, 68, 137, 209, 225 WINT Law Firm, 153 Withers & Rogers, 208 Withersworldwide, 48, 220 Wolf Theiss, 178, 224 Womble Bond Dickinson, 126 Wong & Partners, 178, 206

236 EXPERTGUIDES WOMEN IN BUSINESS LAW