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Clifford Chance advises Aon Securities on Nakama's US$150 million Catastrophe Bond for Zenkyoren

Mon, 13 May 2024 09:09:00 GMT

The cat bond market has been a pivotal mechanism for the insurance sector since the late 1990s, offering a financial safeguard against the significant payouts following natural disasters. Nakama Re Pte Ltd's issuance builds on a record setting Q1 during which over US$4.2billion of new risk capital came to market .

The transaction was jointly led by partners Will Winterton in London, Lena Ng in Singapore, and Gareth Old in New York.

The deal team also comprised lawyers from across the firm's Global Financial Markets practice, spanning the New York, London, and Tokyo offices. The team included Lead Senior Associate Brij Patel in London, Counsel Chihiro Ashizawa in Tokyo, Associate Tiffany Kong in New York, Senior Associate Allison Tan in Singapore, Associate Nao Kondo in Tokyo, and Trainees Serena Polycarpou and Adelina Maghet, both based in London.

Lena commented, "Zenkyoren's decision to return to Singapore for its 2024 catastrophe bond issuance through its special purpose reinsurance vehicle is a strong affirmation of Singapore's growing stature as a leading hub for Insurance-Linked Securities (ILS) in Asia. This move not only highlights the sophisticated infrastructure and conducive regulatory environment that Singapore offers but also underscores the confidence that global entities like Zenkyoren place in the region's capacity to support complex financial instruments."

Will added, "We are proud to have advised Aon Securities on this significant catastrophe bond issuance. This transaction demonstrates the continued interest in the ILS market, and we are pleased to have provided our legal expertise to its success."

Clifford Chance advises the seller on the disposal of a life science asset in Assen

Mon, 13 May 2024 08:21:51 GMT

The property was built in 2015 and expanded in 2020, and is now fully let to ICON, a globally active company providing a broad range of services, ranging from consulting to clinical development and commercialization services to the pharmaceutical industry. Read more about the transaction here.

The Clifford Chance team was led by Liesbeth Buiter and further consisted of Lotte de Bruin, Apolline Coly (Real Estate), Stern Flik, Alec Sanderson (Tax), Charlotte Horsten and Esmée Oldenkamp (Notary).

Clifford Chance advises Beyond Capital Partners on its oversubscribed closing of Fund III

Mon, 13 May 2024 08:15:00 GMT

Beyond Capital will continue to focus on profitable "Mittelstand" companies in the lower-mid-market segment in the DACH region, with particular focus on B2B services, IT services, software, healthcare & wellbeing, lifestyle and entertainment.

The Clifford Chance team was led by partner Sonya Pauls (Funds, Munich) and supported by partner Andrius Bielinis (Tax, Frankfurt), as well as law clerk (US) Kevin Merchant (Funds, London), transaction lawyer Alina Hochberger (Funds, Munich), associate Johannes Meyer (Tax, Frankfurt), senior associate Werner Radziwill (Global Financial Markets, Frankfurt) and many other national and international Clifford Chance colleagues.

Clifford Chance advises Matrix Renewables on €300 million green and sustainable-linked net asset value financing

Thu, 09 May 2024 11:24:00 GMT

This corporate debt financing was granted by Santander Corporate & Investment Banking for the repayment of certain pre-existing debts and for the funding of certain construction and development costs in connection with a portfolio of projects located in different jurisdictions comprising renewable, hydrogen and battery storage assets.

The Clifford Chance team was led by Global Financial Markets Partner José Guardo, together with Senior Associate Antonio Sánchez-Cirujano and Associate Juan Conde-Pumpido, with the support of Senior Associate Alejandro León (Washington D.C.) and Associates Renato Maria Anastasio and Alessandra Ravazzolo (Milan). Senior Associate Ángel Muñoz advised on hedging matters.

Clifford Chance advises Haier Group on the global regulatory filings for its acquisition of a 20% equity stake in Shanghai RAAS from Grifols

Thu, 09 May 2024 09:14:00 GMT

Lead partner Yong Bai said, "We are pleased to have successfully assisted Haier in this significant investment which expands their portfolio into higher-growth sectors like healthcare. This transaction demonstrates our strong capabilities in navigating the complexity of global regulations, and our commitment to supporting our clients' growth ambitions."

Yong was supported by counsel Dayu Man in Hong Kong and trainee lawyer Ziwen Wang in Beijing. The complex transaction also involved lawyers from the firm's global network, as well as local counsel from multiple jurisdictions, including:

Washington D.C.: Partners Renee Latour, Timothy Cornell and Brian Concklin, associates Holly Bauer, Erica Hackett and Amber Pirson;
Madrid: Partners Jaime Almenar and Miguel Odriozola, counsel Begoña Barrantes, senior associate Diego Doménech and lawyer Luisa Morely;
Barcelona: Senior counsel Carme Briera;
Paris: Partner Katrin Schallenberg, associates Antoine Réco, Hendrik Coppoolse and Marlen Pezzetta and trainee lawyer Flore Petitot;
Casablanca: Casablanca Managing Partner Mustapha Mourahib and associate Hasnaa Bennani.

Haier Group is a leading global provider of home appliances and smart home solutions.

Shanghai RAAS is a leading blood products company in China that integrates source plasma collection, blood products research and development, production and sales.

Clifford Chance is a leading legal adviser of Chinese enterprises on the global regulatory aspects of their transactions, having advised on China National Tire & Rubber Corporation's renewal shareholders' agreement concerning the governance of Pirelli, Baowu Group's acquisition of equity interest in SD Steel Group and Sinosteel's acquisition of control of Samancor Chrome.

Clifford Chance advises emeis on the sale and lease back of a real estate portfolio of 11 nursing homes in the Netherlands

Wed, 08 May 2024 12:38:54 GMT

Global law firm Clifford Chance has advised its longstanding client emeis (formerly known as the ORPEA Group), a leading global provider of personalised care and support for the elderly, on the sale and lease back of a real estate portfolio of eleven developed and to be developed nursing homes in the Netherlands to Stichting Bouwinvest Dutch Institutional Healthcare Fund. emeis will operate all eleven facilities.

The divested portfolio includes five recently built nursing homes in the towns of Best, Ede, Emmeloord, Heerenveen and Middelburg with six under development which are due for completion in 2024 and 2025. Together, these eleven facilities will be operated by Wonen bij September, an emeis Group subsidiary in the Netherlands, eventually housing 375 residents. Read more about the transaction here.

The Clifford Chance team was led by Liesbeth Buiter (Partner) and consisted of Stephanie Proost, Andrea Karkotis and Apolline Coly (Projects Real Estate), together with Charlotte Horsten and Esmée Oldenkamp (Notarial).

Clifford Chance advises Weimob on convertible bonds buyback, issuance of new bonds and new shares placement

Wed, 08 May 2024 08:15:00 GMT

Partners David Tsai and Jean Thio co-led a team and were supported by counsel Lorna Lyu, senior associates Kenneth Ip and Xuemei Wang, associates Michael Cheng and Xavier Chan and legal analyst Yujie Wen.

David said, "We are proud of our team's ability to have advised Weimob on this matter as it illustrates the growing trend of companies using sophisticated financing methods concurrently to meet their financing goals."

Jean said, "Our cross-jurisdiction teams have worked seamlessly in advising Weimob in this matter which involves compliance with stock exchange rules in Hong Kong and Singapore, the issues related to debt and equity security and the general capital market."

Weimob is a prominent provider of cloud-based commerce and marketing solutions and targeted marketing services for merchants in China, specialising in SaaS and intelligent business solutions customised for specific industries, alongside advertising services through Tencent and other social media to reach specific audiences.

Clifford Chance has an established track record in advising on complex financing deals, such as iDreamSky Technology's concurrent repurchase of existing convertible bonds, issuance of new convertible bonds, and placement of new shares and The Hong Kong Mortgage Corporation Limited's triple-tranche issuance of HK$12 billion benchmark bonds.

Clifford Chance advised on business combination between Pegasus and SCHMID Group and listing of SCHMID Group N.V. on NASDAQ

Tue, 07 May 2024 14:45:00 GMT

Founded in 1864 and headquartered in Germany, the SCHMID Group operates an extensive global footprint. The SCHMID Group specializes in designing customized equipment and processes to build, connect and structure active layers in high-tech applications. Its business model is centered on collaborative research and development (R&D) with large original equipment manufacturers (OEMs), customized high-tech machines with an emphasis on green production technologies, and comprehensive on-site services for customers.

Pegasus was a New York Stock Exchange listed special purpose acquisition company formed by StratCap, LLC, an investment management organization focused on digital economy investments. As a result of the closing of the business combination on April 30, 2024, the combined group started trading on NASDAQ on May 1, 2024 and Pegasus has become a 100% subsidiary of the now NASDAQ-listed parent company of the Group, SCHMID Group N.V.

The highly complex transaction which took 18 months to implement was led by partners Axel Wittmann and George Hacket (both Frankfurt), with support from lead associate Carla Winslow-Kruger (Frankfurt) as well as associates Trey Oxendine (London), Gordana Golubic-Huertas (Frankfurt) and Maks Mencin (Frankfurt), transaction lawyer Valeria Umanet (Frankfurt) and research assistant Robert Persicke (Frankfurt).

Due to the cross-border nature of the transaction, the lead team worked together with the Clifford Chance Amsterdam office where partner Han Teerink and counsel Serkan Özel (both Corporate, Amsterdam) led the Dutch law workstreams of the transaction, including all Dutch closing and Dutch corporate governance matters. They were supported by partner Mark-Jan Arends and associates Zoë van den Broek, Agha Kader and Helen Liefting (all Corporate, Amsterdam).

Additional support for the transaction was provided by partners Jörg Rhiel (Corporate, Frankfurt), Olaf Mertgen (Tax, Frankfurt), Marc Besen (Antitrust, Düsseldorf), Matthew Warner (Corporate, New York), Avrohom Gelber (Tax, New York) and Michiel Sunderman (Tax, Amsterdam), who were supported by senior counsel Willem Specken (Tax, Amsterdam), senior associates Steffen Waadt (Tax, Frankfurt), Nadine Stark (Corporate, Frankfurt) and Johannes Lüer (Antitrust, Düsseldorf), associates Wei Bin Tan (Tax, New York) and Alec Sanderson (Tax, Amsterdam) as well as further lawyers throughout Clifford Chance's international network.

Clifford Chance advises Hitachi on acquisition of MA micro automation

Tue, 07 May 2024 11:30:00 GMT

MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection moulding for medical use. The company was established in 2003 through a carve-out from Siemens AG and since 2013 has been part of the MAX Automation group.

After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC, a Hitachi group company since 2019 and market leader in providing advanced automation solutions and digital technologies in the robotic system integration business.

Completion of the transaction is subject to customary regulatory filings.

Hitachi Ltd.'s revenues in fiscal year 2023 totaled more than €50bn and the company had approx. 270,000 employees worldwide.

Clifford Chance advised Hitachi with an international team led by partner Christoph Holstein and counsel Tobias Nogami Kamerling (both Corporate, Düsseldorf). The team included counsel Haruka Okihara, senior associate Yannick Niedergethmann, partner Gunnar Sachs, senior associate Caroline Giesen, associate Marlene Kießling, associate Annabel Joschko, associate Kristina Thelen (all Commercial/Compliance, Düsseldorf), partner Sebastian Ritz and senior associate Alexander Stemmler (both Employment, Düsseldorf), counsel Nicolas Cookson, senior associate Birte Huller (both Düsseldorf), Marius Fritz (Dubai, all Financing), senior associate Nicolas Hohn-Hein (IP, Düsseldorf), senior associate David Rahmel (Real Estate, Düsseldorf), partner Dominik Engl and counsel Claus-Peter Knöller (both Tax, Frankfurt), partner Dimitri Slobodenjuk, counsel Caroline Scholke (both Düsseldorf) and lawyer Rani Chowdhary (London, all Antitrust), partner Benjamin Sibbett, associate Vicki Ye, associate David Walsh, associate Katerina Papcosama (all New York), partner Valerie Kong, associate John Wu and associate Christie Long (all Singapore), senior legal project manager Pascal Weber and legal project manager Esther Giesbrecht (both Düsseldorf).

Clifford Chance Strengthens Equity Derivatives & Structured Products offering with hire of Daniel Shurman as Partner

Tue, 07 May 2024 07:57:58 GMT

Emma Matebalavu, Global Head of Financial Markets, commented: "Daniel's appointment is a testament to our commitment to grow our global capabilities in equity derivatives and structured finance. His expertise will further enhance the services we provide to our bank, financial investor and corporate clients on the delivery of sophisticated derivative structures and other financial solutions."

Daniel Shurman commented: “Corporates, hedge funds, private equity and family offices are increasingly using strategic equity solutions developed with leading banks to execute their stake build, financing, hedging and disposal strategies. I am very excited to be joining Clifford Chance’s stellar Global Financial Markets team to advise clients in this complex and growing area”.

With a dedicated team of over 150 lawyers worldwide, Clifford Chance's Derivatives & Structured Products practice offers expertise to clients across the entire spectrum of derivative and structured finance law, ensuring clients receive the highest level of service in this complex field.

Clifford Chance advises B&C Group on successful payout from W&I insurers in Schur Flexibles post-M&A dispute

Mon, 06 May 2024 14:45:00 GMT

Underlying the payout are disputes following the acquisition of the Austrian packaging manufacturer Schur Flexibles, in which B&C acquired a stake in 2021 but then sold the shares in 2022 after serious irregularities were discovered in the balance sheets for previous years as well as gross misconduct by former managers. Criminal proceedings were then initiated against the former members of Schur's management for various criminal offences. B&C is continuing to pursue the resulting damages against the sellers of Schur Flexibles and under other existing warranty insurance policies.

The payment of €120 million, contributed to by the W&I insurers Riskpoint Group (as syndicate leader for seven other insurers) and Liberty Global Transaction Solutions as excess insurer, is the largest ever recorded under a W&I policy in the EMEA region. Specialist insurance broker Howden M&A was responsible for the so-called 'insurance tower', an arrangement whereby insurance policies are stacked one above the other, with the next layer only coming into effect once the insurance cover of the previous layer has been exhausted. Insurance law expert Corinna Baltzer (Baltzer Legal) also acted as co-counsel to Clifford Chance.

The B&C Group is also pursuing further claims in the same context against another W&I insurer and against the sellers.

The Clifford Chance team advising B&C was led by partner Paul Hauser and comprised of counsel Uwe Hornung, senior counsel Peter Burckhardt, senior associate Azal Khan, senior knowledge management lawyer Caroline Kittelmann, senior associate Polina Lehmann, associate Lara Junge (all Litigation & Dispute Resolution, Frankfurt) and associate Karen Laik (Litigation & Dispute Resolution, Paris), partner Stefan Sax, counsel Martin Jawansky and associate Konstantin Kirchner (all Restructuring & Insolvency, Frankfurt).

Clifford Chance advises TotalEnergies on renewable energy natural gas joint venture

Mon, 06 May 2024 13:00:00 GMT

The joint venture, equally owned by TotalEnergies and Vanguard Renewables, will invest in facilities that will develop food biowaste into renewable natural gas in the United States.

Partners David Stringer and Alexandra Wilde led the transaction along with associates Peter Guinnane, Matthew Mouer and Hailey Hennessey. They were assisted by partners Alexander Leff, Jason Ewart, Ty'Meka Reeves-Sobers, Marcia Hook, Jonathan Castelan, Devika Kornbacher, Kris Ferranti, Megan Gordon, Renee Latour, Katrin Schallenberg and Joe Ostoyich; counsel Daryl Fairbairn and Victoria Manthas; and associates Andrew Astuno, Holly Bauer, Thomas Gawel and Wei Bin Tan.

Clifford Chance appoints six Senior Associates and one Senior Advisor in Luxembourg

Mon, 06 May 2024 09:51:00 GMT

Katia Gauzès, Managing Partner of Clifford Chance in Luxembourg comments: "Congratulations to these talented lawyers who have achieved this significant career milestone. These appointments reflect the strengths of our various practices, their excellence, and their unfaltering commitment to our clients".

Arvine Nooralian, Senior Associate, Corporate: Arvine specialises in private equity and equity capital markets. He advises major international clients on a broad range of corporate and equity capital markets matters, including M&A, restructurings, joint ventures, management incentive programmes, IPOs, SPACs and de-SPACs as well as general corporate law.

Philippe Sadler, Senior Associate, Corporate: Philippe specialises in equity capital markets, public and private M&A as well as general corporate matters. His experience includes advising corporations and financial institutions on IPOs and other listing transactions, as well as on commercial M&A and corporate governance matters.

William Coppens, Senior Associate, Investment Funds: William advises large and middle market asset managers, as well as development finance institutions, on the structuring of and investments in both regulated and unregulated funds with diverse alternative strategies. He has experience in fund due diligences, as well as transactions such as fund financings, restructurings, and secondaries.

Victoria Perros, Senior Associate, Investment Funds: Victoria specialises in the structuring, set-up and ongoing operations of regulated and unregulated alternative investment funds (AIFs) and their managers (AIFMs) with a particular focus on infrastructure, real estate and private equity funds. She is also directly involved in negotiation with development finance institutions.

Marie-Elise Gueble, Senior Associate, Global Financial Markets: Marie-Elise specialises in capital markets transactions. Her experience includes advising investors and issuers on securitisations, structured finance transactions and debt issuances with a focus on German cross-border transactions.

Holger Nõmm, Senior Advisor, Global Financial Markets: Holger specialises in general banking and financing transactions with a focus on real estate financing, energy and infrastructure and venture debt. His experience includes advising private equity firms, investment banks and international financial institutions on complex cross-border transactions.

Katharina Schwarzkopf, Senior Associate, Tax, Pensions ＆ Employment: Katharina advises on the structuring of private equity, real estate, investment funds and securitisation, as well as on indirect tax aspects. Her expertise also covers automatic exchange of information and tax compliance.

Clifford Chance advises MAHLE GmbH on its Revolving Credit Facility and its debut High Yield Bond

Mon, 06 May 2024 08:30:00 GMT

MAHLE is one of the leading international automotive suppliers developing and offering innovative thermal management and electronics and mechatronics solutions as well as engine systems and components and filtration and engine peripherals components.

The Clifford Chance team was led by partners George Hacket and Axel Wittmann (Frankfurt) who were advising on the high yield bond and Bettina Steinhauer (Frankfurt) who was providing advice in relation to the refinancing of the Revolving Credit Facility. The core Global Financial Markets team also included senior associate Christopher Ghabel, Adéla Hardmeyer, Andrei Manea and Maks Mencin, associates Gordana Golubic-Huertas, Lara Esser and André Weber (all Frankfurt). Furthermore, partner Christian Vogel (Düsseldorf) provided general corporate advice.

In 2023, a Clifford Chance team led by partner Oliver Kronat and Senior Counsel Hannes Deusch had already advised MAHLE GmbH in connection with its asset backed securities programme.

Clifford Chance advises Cityforward on the acquisition of a portfolio of 23 properties held by the European Commission

Fri, 03 May 2024 07:45:00 GMT

This transaction is a landmark deal in the Belgian market and a key step in the transformation of the City of Brussels. It is also fully endorsed by the Belgian government.

Clifford Chance advised on the setup and structuring of the Cityforward Fund, the fundraising for the transaction and the structuring of the acquisition.

The cross practice Clifford Chance team advising on the deal was led by Real Estate partner Henri d'Ursel and Tax partner Alexandre Ooms with support from associates Thomas Linard de Guertechin, Sophie Deschuyter and Julie Roger.

Clifford Chance promotes 15 new counsel in Asia Pacific

Fri, 03 May 2024 04:22:00 GMT

Connie Heng, Regional Managing Partner for Asia Pacific said, "I am thrilled to announce the promotions of this outstanding group of lawyers who have demonstrated individual and collaborative excellence, and a consistent commitment to delivering exceptional legal expertise and service for our clients. These promotions represent the depth and breadth of our talent across the region and our practices that enable the successes of the firm and our clients."

The promotions take effect 1 May 2024. Clifford Chance's new counsel in Asia Pacific are:

Corporate
Qingqing Bu, Beijing
Yuxing Huang, Hong Kong
Ivan Chan, Singapore
Jenny Han, Tokyo
Shunsuke Nagae, Tokyo

Global Financial Markets
Jeffrey Ip, Hong Kong
Chit Kwong, Hong Kong
Adam Wood, Perth
Qingyu Wu, Shanghai
Tom Capel, Singapore
Claire Neo, Singapore
Chin Seng Chew, Singapore
Alexander Sorgese, Sydney

Litigation & Dispute Resolution
Rodolpe Ruffié-Farrugia, Perth
Daniel Forster, Sydney

Clifford Chance advises Peru's COFIDE on its first sustainable notes issuance in the international capital markets and related tender offer

Thu, 02 May 2024 16:09:54 GMT

COFIDE will use the proceeds from the issuance to finance or refinance new or existing eligible social projects pursuant to COFIDE's Thematic Bond Framework, which includes nine green categories and three social categories to encourage sustainable development in Peru. COFIDE is a key participant in the Peruvian government's economic and social development programs.

The Clifford Chance team advising on the deal was led by partner Hugo Triaca, with support from associates Joyce Moore, Maria Fernanda Gadea Rivera and foreign law clerk Juan Andrés Bosch Muñoz.

Clifford Chance advises on many transactions in the Latin American market, including COFIDE on its successful return to the international capital markets after 5 years with a bond issuance and a concurrent tender offer in 2020.

Clifford Chance advises Ford Otosan on its Debut USD 500m Eurobond Offering

Thu, 02 May 2024 12:02:00 GMT

Ford Otosan, a prominent vehicle manufacturer jointly owned by Ford Motor Corporation and the Turkish conglomerate Koç Holding, ranks among the top three exporting companies in Türkiye.

Clifford Chance’s cross border team based in London and Istanbul, were led by partners Matt Fairclough, Johannes Juette and Sait Eryılmaz. The partners were supported by senior associates Jake DuCharme, Jeffery Hung and Ali Can Altıparmak along with Bilgesu Çakmak (Associate) and Trey Oxendine (Law Clerk).

Clifford Chance advises the Joint Lead Managers on OCP's successful U.S.$2 billion offering of 144A/Reg S Notes

Thu, 02 May 2024 08:30:00 GMT

OCP is a leading vertically integrated fertiliser company involved in the extraction, production and commercialisation of phosphate rock, phosphoric acid, phosphate-based fertilisers and animal nutrition and speciality products. The Group is the largest producer globally by volume of phosphate rock and phosphoric acid, and the largest producer globally by volume of phosphate-based fertilisers, monoammonium phosphate and triple superphosphate.

This successful notes issuance by OCP was its first return to the international capital markets since 2021 and its largest ever debt offering. The net proceeds of the offering will be used in part to fund OCP's Capital Expenditure Programme, which includes a green investment programme of approximately U.S.$13 billion over the 2023-2027 period.

The team was co-led by Clifford Chance in Paris and Casablanca, with Olivier Plessis on US Capital Markets matters, Mustapha Mourahib and Ouns Lemseffer on Moroccan DCM matters and Andrew McCann on UK DCM matters, together with, in Paris, Jessica Hadid, DCM associate, and Ella Burnside, DCM trainee solicitor; in London, with Johannes Juette, US partner, and Aritra Saha, US associate; and in Casablanca, with Yasmine Hitane, associate.

Clifford Chance announces winners of the third edition of its Scholarship for Diverse Students in Europe

Thu, 02 May 2024 07:42:51 GMT

In the case of Luxembourg, where the scholarship was awarded for the first time, Michael Esq was the winner. Congratulations!

The objective of the scholarship, part of Clifford Chance's REACH (i.e. advancing Race Equality And Celebrating Heritage) initiative, is to promote diversity, build a more inclusive future in Continental Europe and help talented university students with varied cultural and social economic backgrounds succeed in their early careers.

Mustapha Mourahib, Clifford Chance's Office Managing Partner for Casablanca, and a sponsor partner of REACH, comments: "I am proud of both our REACH initiative and on this year's winners. Because diversity at Clifford Chance is a business imperative. Diverse teams can better understand the needs of our clients, and diverse and inclusive workplaces attract top talent. This is why it is so important to have initiatives like REACH and to celebrate these successes, both with our people and with our clients".

This year, in its third edition, the scholarship was open to students about to embark on the final two years of their law studies at a university in Spain, France, the Netherlands, Luxembourg and Italy, who come from a diverse cultural or socio-economic background and have a positive academic record, specialising in business, commercial, finance and/or banking law. Although not a requirement, as in previous editions, the firm was particularly keen to hear from first-generation students. 158 applications were reviewed in total from October 16th and November 24th of the past year.

Winner Michael Esq shares: "Clifford Chance is a firm that stands above the rest in promoting diversity and inclusion in the global legal industry. Law is a universal language. Encouraging young lawyers from different jurisdictions therefore leads to greater understanding, collaboration and seamless legal solutions to international legal issues."

Katia Gauzès, Managing Partner of Clifford Chance Luxembourg, comments: "We are immensely proud to celebrate the achievements of Michael Esq. At Clifford Chance, we are deeply committed to fostering an environment where diverse talents are not only recognised but are also given the platform to thrive. Our scholarship programme is a testament to our dedication to inclusion, providing opportunities that transcend social and economic barriers. Michael's story is a beacon of inspiration, and it is our privilege to support his journey towards becoming a legal professional who will no doubt contribute to the richness of our firm's culture and the breadth of our global expertise."

The next edition of the Clifford Chance Scholarship for Diverse Students in Europe will open in autumn 2024.