The arrival in May 2025 of the 'outstanding' Ruslana Hrischeva from A&O Shearman is a major boost for White & Case S.à r.l.'s fledgling local finance offering. With strong fund and bank connections, Hrischeva is already beginning to collaborate well with other firmwide international offices on cross-border leveraged finance and capital markets deals, in particular.

Drawing upon an 'excellent knowledge of the Luxembourg and international financial sector laws', A&O Shearman is well-positioned to advise a balanced mix of borrowers and lenders seeking or providing the financing to facilitate a wide range of new money and refinancing mandates. Clients benefit from a coordinated service which leans heavily into the firm's vast international network of offices, ensuring a one-stop-shop service across the full range of cross-border transactions with significant Luxembourg aspects. On the borrower front, the team is particularly active for high-profile global financial sponsors on the debt financing pursuant to their downstream investment activity, with the vastly experienced Pierre Schleimer regularly working with key European offices, including London, on big-ticket transactions. Andreas Hommel is also adept at handling downstream work, as well as advising banks providing financing. The team also benefits from 'unrivalled expertise in the debt capital markets' sector, with the 'brilliant' Frank Mausen excelling in structuring complex mandates, including in relation to the developing digital bond market. Paul Péporté is also very accomplished at handling capital markets mandates, and is often supported on complex regulatory issues by the 'results-oriented and pragmatic' Baptiste Aubry.

Combining 'deep technical expertise with an excellent understanding of the Luxembourg market', Arendt & Medernach provides 'pragmatic advice' to banks and funds across a wide array of transactional activity. Appreciated for his 'commercial acumen and experience', team head Matthieu Taillandier is at the forefront of many of the most consequential banking and capital markets transactions handled by the firm, with an eclectic mix of work running the gamut from advice on bond issuances and securitisation transactions, through to guidance on financial restructuring and acquisition finance matters. With extensive regulatory securities law knowledge, François Warken is pivotal to the firm's success on the capital markets front, with deal flow spanning both the debt and equity sides, including high-yield bonds, debt issuance programmes and IPOs. Grégory Minne is also key to the firm's success on the transactional front, including on asset finance and fund-related finance mandates, as well as restructuring matters. The 'highly knowledgeable' Dominik Pauly is very well-versed in handling cross-border restructuring/special situations mandates, particularly those involving a German nexus. Glenn Meyer heads up the financial services regulatory offering which includes 'first-class technician' Marc Mouton and the vastly experienced Paul Mousel and Philippe Dupont, with all partners serving a valuable function on standalone advisory work and complex transactions in the sector, including on financial services M&A.

Leveraging 'strong business and technical understanding' developed over its many years at the vanguard of the finance sector – through both its pioneering work at a transactional level as well as through leadership roles on many industry groups – Clifford Chance remains a popular choice for creditors and debtors across a wide range of new money deals and restructuring transactions. Although it has also seen a rise in transactions papered under Luxembourg law, the team remains best-known for its work alongside key European-based network offices on cross-border mandates. While all five partners in the team are fairly versatile in the field, each individual has some degree of specialisation. Combining his duties as regional managing partner for continental Europe with a thriving fee-earning practice, Steve Jacoby is particularly skilled at advising on financial services regulatory matters, including in the rapidly developing fintech space. The 'very responsive' Marc Mehlen has a creditor-side focus across a range of new money finance transactions, and as well as handling a regular flow of work for banks, he has also overseen a growing number of cross-border mandates for debt funds as well as lenders. Although she handles some new money mandates, including within the real estate space, Stefanie Ferring is best-known for her restructuring expertise, with work running the gamut from formal insolvencies through to special situations-related mandates and distressed M&A. The team is rounded out at partner level by Martin Wurth, a fund finance expert, and Christian Kremer, whose corporate expertise frequently sees him engaged in financial services-related M&A.

Elvinger Hoss Prussen provides 'high-quality and responsive' advice to stakeholders across a broad array of transactional banking and capital markets work, and financial services regulatory matters. Much of the transactional activity centres on investment management-related needs, whether for internal financing or external investments. In this context, the 'solutions-driven and strongly business oriented' Karl Pardaens excels at handling fund-level and downstream acquisition finance mandates, as well as work in relation to the listing of exchange traded funds (ETFs), and the emergence of digital bond issuances. Philippe Hoss also handles a considerable amount of fund-side instructions, including for private equity sponsors exiting through an IPO, work which forms part of a strong overarching capital markets practice that also includes advice on Special Purpose Acquisition Company (SPAC) listings. Clients also benefit from access to a dedicated financial services regulatory offering, with very experienced partners Henri Wagner and Pit Reckinger and the more junior partner Tiago Nogueira adding value for banks, funds and fintech entities seeking to navigate the ever-evolving regulatory landscape in Luxembourg and the EU, with support from André Hoffmann. Reckinger and Hoss co-head the overarching banking, finance and capital markets team alongside Katia Panichi.

Drawing upon insightful local law and business expertise, as well as deep international best practice standards, Linklaters is a popular choice among banks, funds and corporates seeking to raise or provide finance for a myriad of purposes, including general corporate lending, acquisition finance and project finance. Much of this work is of a cross-border nature, with clients benefiting from a collaborative approach combining local structuring expertise from Luxembourg with the experience of lawyers based in other key financial centres, including London. Team head Melinda Perera exemplifies the eclectic nature of the work handled by the office, being as comfortable handling complex debt capital markets (DCM) and securitisation transactions as she is advising lenders, including private credit funds, on acquisition finance mandates. The 'responsive and knowledgeable' Patrick Geortay has a similarly broad practice that not only encompasses banking and DCM transactions but also financial services regulatory issues. Office managing partner Nicki Kayser is also a key member of the team particularly for DCM mandates, including the issuance of digital bonds, as is Eliane Dejardin Botelho, who provides the underlying regulatory input across an array of transactions in the space, including in the context of banking and insurance consolidation.

Loyens & Loeff provides 'clear and actionable advice' to high-profile multinational funds and banks (often working alongside major US and UK-based law firms) across a range of cross-border transactions involving a myriad of structures. Anne-Marie Nicolas is 'proactive in driving matters forward', both on new money secured lending transactions and restructuring matters, where she benefits from deep knowledge of financial products throughout the capital structure. Noemi Gemesi is the principal contact for capital markets transactions, advising issuers and underwriters on DCM and ECM transactions (including her involvement in the establishment and subsequent de-SPAC transaction of the first Luxembourg SPAC), as well as on regulatory issues. The 'responsive and pragmatic' Vassiliyan Zanev co-heads the team alongside Nicolas and has a market-leading fund finance offering for borrowers and lenders. Other key lawyers include the 'cool, calm and collected' Audrey Jarreton, for secured lending transactions; Adrien Pierre, who 'provides pragmatic solutions' to clients across a range of financial services regulatory matters; and Vanesa Gómez Pena, who 'combines technical authority with clarity' on financial services regulatory matters.

The 'responsive, compact and efficient' team at BSP has good coverage for lenders and borrowers across a wide range of transactional finance matters, from relatively simple bilateral loan facilities through to highly structured mandates. Under the guidance of the vastly experienced Laurent Lazard, the firm has developed a strong reputation for handling complex securitisation deals for originators, arrangers and investors, particularly in the automotive sector. Nuala Doyle often works alongside Lazard on securitisation mandates, as well as regularly handling fund finance and DCM matters. The 'very knowledgeable' Nicolas Widung co-heads the team alongside Lazard and Widung, and is particularly skilled at handling corporate and real estate-related banking transactions, including syndicated loans governed under Luxembourg law. The team was also strengthened on the fund finance and capital markets front by the arrival in January 2025 of experienced senior counsel Françoise Pfeiffer from Bonn & Schmitt.

Acting on its own as well as frequently as part of a multi-office offering with lawyers from across the firm’s vast international network, DLA Piper Luxembourg is well-placed to advise a borrower-focused clientele operating in or through Luxembourg across a range of new money financings and refinancings. Cross-border real estate finance projects remain a strength, with the ‘very experienced’ Xavier Guzman regularly taking the lead on Luxembourg aspects of transactions in the sector. He also handles acquisition finance transactions, as does Laurent Massinon, who co-heads the team with Guzman and has a versatile finance practice that also includes capital markets, securitisation and regulatory expertise. Cathrine Foldberg Møller joined the firm in March 2026 from Simmons & Simmons in Luxembourg.

With a sizeable presence in the Grand Duchy and also aided by Luxembourg desks in London and New York, NautaDutilh provides a 'pragmatic and solutions-oriented' service to international stakeholders, in particular, on the Luxembourg structuring associated with a myriad of big-ticket cross-border transactions. The 'exceptional' Josée Weydert has an excellent reputation among banks, as arrangers/underwriters, on DCM mandates, regularly working alongside high-profile US and UK law firms on big-ticket high-yield bond issuances. Meliha Dacic regularly assists Weydert on this capital markets work, with both co-heading the team alongside Sara Gerling, who is particularly skilled at handling securitisation matters.

Often working collaboratively alongside the firm's corporate practice, Stibbe provides 'pragmatic and responsive' advice to a borrower-focused client base across a range of new money and refinancing transactions supported by bank debt and through the debt capital markets. Private equity continues to account for a significant amount of this work, with the firm benefiting from strong US law firm referral ties, as well as increasingly being instructed directly by the funds themselves on downstream investment financings and on portfolio company refinancings. 'Exceptionally skilled' team head Jean-Marc Delcour takes the lead on much of this and is very adept at handling work within the real estate sector.

Acting on its own as well as often working alongside firmwide lawyers based in other key financial centres, including London, Baker McKenzie excels in handling cross-border financing structures, utilising a range of products for asset managers, corporates and banks. As well as regularly advising on fund-backed acquisition finance mandates, the team, which is co-headed by Laurent Fessmann and Jean-François Trapp, is particularly active within the real estate sector. Both partners handle this work, with Fessmann also noted for his aptitude at handling bridge and fund financing for asset managers.

Leveraging a collaborative culture across international offices and practice areas, as well as effectively utilising legal technology to streamline processes, CMS Luxembourg's relatively compact finance team punches above its weight, providing a 'solutions-oriented approach' for a range of stakeholders on cross-border banking and capital markets transactions. The 'extremely responsive and knowledgeable' Aurélien Hollard is particularly skilled at advising funds seeking to raise finance, including through the bond markets, for their downstream investment activity. Hollard is also adept at handling highly structured finance matters, including those involving securitisation vehicles, and is increasingly active in relation to transactions involving digital assets. The 'approachable and business-minded' Vivian Walry heads up the team, which also includes the 'very skilful' financial services regulatory lawyer Aurélia Viémont.

Regularly working alongside key firmwide offices across continental Europe, Dentons excels at handling pan-European commercial lending transactions for banks and corporates/sponsors. As well as fund-backed acquisition finance mandates, many of these deals are within the real estate sector where the team, which is headed by the vastly experienced Stéphane Hadet, regularly works closely with the office's well-regarded tax department. Another major strength is the team's skill at advising lenders on fund financings, including on capital call subscription finance and NAV-based facilities.

Acting on its own as well as regularly teaming up with high-profile UK and US law firms, GSK Stockmann provides 'commercially savvy and pragmatic' advice to an eclectic mix of stakeholders, including funds, SMEs and banks, across a range of banking and finance transactions. Leveraging the firm's German roots and co-heads Andreas Heinzmann and Philipp Mößner's dual German and Luxembourg qualifications, unsurprisingly a good deal of the team's transactions, particularly within the real estate sector, involve German assets. Appreciated for his combination of 'technical excellence, commercial awareness, and genuine commitment', Heinzmann has a strong reputation for handling capital markets and securitisation matters. So too does the 'pragmatic' and well-networked Valerio Scollo, who has recently handled numerous high-profile Italian deals, including on behalf of Telecom Italia on its €5.5bn debt exchange.

The 'pragmatic and solutions-focused' team at KLEYR GRASSO delivers end-to-end financing guidance – from day-to-day capital requirements to strategic M&A and property-related funding – to a borrower-focused client base that includes corporates and funds. As well as regularly advising institutional firmwide corporate clients on their loan and capital markets funding requirements, the 'proactive' Renata Jokubauskaite is also well-versed at helping startups and fintech clients with their debt and equity fundraising activity. Pierre-Alexandre Degehet co-heads the team alongside Jokubauskaite, with both also being well-versed at advising on financial services regulatory matters.

Working collaboratively with the firm's German offices, both as an exporter and importer of work, and also leveraging strong ties with a number of UK and US firms from a referral capacity, Luther S.A. continues to gain increased visibility on cross-border finance transactions, as well as some purely domestic matters. Alongside the firm's traditional borrower-side real estate finance work, under the guidance of the 'outstanding' Bob Scharfe, it has also begun to generate an increased flow of work for banks, including on securitisation transactions and as trusted adviser on regulatory matters. Marion Lanne is also a key member of the team, adding commercial insight on transactional and regulatory matters by virtue of her previous in-house roles at regulated entities.

Often working in tandem with the firm's Cayman Islands offering, offshore giant Ogier has established a particularly strong reputation for US lenders and asset managers across a range of fund finance matters, including as these relate to NAV and subscription facilities. 'Responsive' team head Jad Nader is key to this work, and is also recognised for his skill at handling commercial lending transactions and restructurings, where he is 'strong on the practicalities of enforcement of Lux security'. Nader is now assisted at a partner level by Constantin Iscru and Laura Archange, who were both promoted in September 2025, with Archange being a recent hire from Arendt & Medernach and adding further weight behind the fund finance and securitisation offerings at the firm.

Led from Luxembourg on the transactional front by the ‘responsive’ Louis-Maël Cogis and also able to draw upon the expertise of individuals in key international offices, including London, Simmons & Simmons in Luxembourg is well-placed to advise on complex cross-border securitisation and real estate finance transactions for a varied array of stakeholders. Cathrine Foldberg Møller left the firm in March 2026.

AKD regularly picks up work as local counsel on cross-border transactions from referring international law firms, as well as being able to provide a one-stop-shop service on Benelux deals. The team, which is headed by Arnaud Barchman, is well-versed at advising on DCM matters, as well as bilateral and syndicated loans work, including for private equity sponsors on leveraged finance deals. Jasper Verhoog, who splits his time between Luxembourg and Amsterdam, is the main contact for regulatory issues, including as these relate to payments work. The arrival of counsel Eimar O'Dwyer from Clifford Chance in June 2025 strengthens the firm's expertise in the securitisation and structured finance field.

Maples Group provides 'very technically astute' advice to lenders and borrowers across a range of fund finance matters, including as these relate to complex capital call and subscription facilities. The 'attentive and knowledgeable' Arnaud Arrecgros is key to this work, as well as also handling restructuring and new money deals relating to secured transactions. Arrecgros co-heads the team alongside Yann Hilpert, who is particularly skilled at advising on securitisation and asset/leveraged finance matters.

Now headed by Katia Fettes following the departure of Fabien Debroise to establish his own firm DebroiseLegal in October 2024, Ashurst maintains a presence in the market on the Luxembourg structuring associated with a range of cross-border finance transactions. In this regard, Fettes regularly works with the firm's London office for lenders on fund finance and real estate finance transactions, in particular.

Combining 'technical excellence, responsiveness, and clarity', Dechert Luxembourg provides 'practical and solutions-driven' advice to lenders and borrowers across a range of transactional and regulatory matters. A significant proportion of this is oriented around the investment management sector, including advice on fund-level financings and on financings to facilitate downstream investments. Jean-Louis Frognet is key to much of this work, as well as being skilled at advising on structured finance and DCM offerings. Laura Rossi co-heads the team with Frognet and as part of her broad finance practice regularly handles secured lending matters for banks.

Led by Alexandrine Armstrong-Cerfontaine and Elie-Raphaël Soudry from Luxembourg and often working in a very collaborative fashion with the firm's London office, Goodwin is best-known for its skill at handling borrower work, utilising finance products across all levels of the capital structure. Much of this work is on behalf of private equity firms, both in the context of their downstream investments and with regard to fund-level financings.

Drawing upon a 'deep understanding of the financial services sector', and also leveraging the firm's sizeable international footprint, Hogan Lovells (Luxembourg) LLP provides 'tailored solutions' to borrowers, lenders and investors across a range of finance transactions, including a growing amount of fund-level financings. Often working closely with the firm's German offices, the team, which is headed by Luxembourg and German-qualified practitioner Ariane Mehrshahi Marks, remains best-known for its skill at handling issues related to Luxembourg securitisation law.

Often working with practitioners from key European offices throughout the firm's network, Norton Rose Fulbright provides the integral Luxembourg structuring advice pursuant to big-ticket finance deals handled by banks, institutional investors, corporates and funds. Team head Stéphane Braun takes the lead on much of this, including capital markets, securitisation and restructuring/insolvency matters.

Business law boutique SJL Jimenez Lunz has established a strong and growing reputation for borrowers and lenders providing or seeking finance to facilitate transactions relating to work in the real estate and energy sectors, among others. Michel Jimenez Lunz handles much of this transactional work and co-heads the team alongside Antoine Fortier Grethen, who is particularly skilled at advising banks across a range of fund-level financings, including subscription and NAV facilities.

Established in December 2021 as a spin-off from legacy firm Wildgen, Brouxel & Rabia Luxembourg Law Firm has leveraged the strong fund ties managing partner and co-founder Samia Rabia has established during her years in private practice. She handles financing work for these clients and co-heads the team with Carmine Reho, with both lawyers also active in relation to DCM and structured finance work.

Underpinned by an excellent understanding of the financial services regulatory framework, Brucher Thieltgen & Partners is a popular choice among lenders and borrowers to provide the Luxembourg structuring pursuant to cross-border transactions and domestic matters. The 'accessible and user-friendly' Nicolas Thieltgen, who is also president of industry group ALJB, co-heads the team alongside Anne-Marie Ka, who has recently handled a number of real estate finance transactions for a French bank.

Although it does handle some lender work, Charles Russell Speechlys is principally focused on advising borrowers on utilising Luxembourg structures to facilitate cross-border financings. Many of these transactions are within the real estate sector, with team head Victor Regnard continuing to handle a raft of refinancing work for EQT Real Estate relating to property portfolios it owns throughout Europe.

Since it was established in 2021, K&L Gates Volckrick has gained a sizeable foothold in the asset management market, generating a substantial amount of its own deal flow as well as leveraging strong fund connections established by the firm's other international offices. Drawing upon significant private practice and in-house experience, 'commercially aware' team head Jan Boeing is well-positioned to handle a range of new money and refinancing work for private equity and real estate funds.

Led by Vincent Linari-Pierron, the small team at Linari Law Firm is particularly effective at handling capital markets and structured finance work and is regularly instructed by Luxembourg securitisation companies to provide legal opinions relevant to cross-border financing deals.

Although it does handle some new money financing work, both domestically and internationally, MOLITOR Avocats à la Cour SARL is best-known for handling the Luxembourg aspects of large-scale cross-border restructurings for creditor groups. Armel Waisse, who co-heads the team alongside Michel Molitor, is the main contact for this work, which often includes advice as to the enforcement of Luxembourg security interests.

The 'very responsive, commercial and cost-effective' team at Mourant is best-known for its work in the asset management space. Although it also handles some debt financing to facilitate downstream investments, the majority of its work is for lenders providing financing at a fund level, including in the context of subscription facilities. Team head Saniyé Tipirdamaz takes the lead on these matters and also regularly advises on the enforcement of Luxembourg security on cross-border restructuring/insolvency scenarios.

Now fully independent, having split from the PwC network (although still maintaining collaborative relationships with the accounting giant's lines of service), Stellan Partners advises borrowers and lenders on the Luxembourg structuring associated with cross-border financings, including to facilitate M&A and real estate transactions. Team head Cédric Raffoul is particularly skilled at handling capital markets work, and has a niche focus advising on matters with a nexus to Latin America.

Boutique independent law firm TS&P has a core focus on servicing fund clients, including private equity firms, on their corporate and financing needs. The 'outstanding' Nicolas Ronzel is the principal contact for the firm's financing work, advising on both the provision of subscription line facilities as well as the debt financing to facilitate downstream investment activity. Torsten Schmitt heads up the integrated corporate, M&A and finance team.

VANDENBULKE provides 'commercial and client-focused' advice to borrowers and lenders across a wide array of their financing needs, including in the context of real estate and M&A transactions. Appreciated for his 'lovely down-to-earth manner', team head Nicolas Mille has strong connections with a number of funds and banks, as well as international law firms that he frequently works with as local counsel on cross-border transactions.