ERM Bulletin \\ June 2012
Israeli legal market opens to foreign law firms
Last week, following over three years of intensive discussions, Israeli finance minister Yuval Steinitz signed a directive implementing Amendment 33 to the Israel Bar Association Law, 1961, which for the first time enables the operation of foreign law firms and lawyers in Israel. The amendment will take effect as of next month.
As of next month, foreign lawyers and law firms will be able to open offices in Israel, whether alone or in partnership with local firms and practitioners. Unless dual-qualified in Israel, foreign lawyers and firms choosing to enter the local market will be allowed to provide advice relating to the laws of their own jurisdiction of qualification only, and will not be permitted to appear before the Israeli courts. Foreign lawyers and firms operating in Israel will be required to comply with the Israel Bar Association’s Code of Ethics and to have in place professional indemnity insurance of at least NIS 2,000,000. An annual fee will be due to the Israeli Bar Association upon registration.
According to minister Steinitz, the reform will further expose the Israeli market to international investors and financial institutions, and encourage greater competition.
We expect that this reform will undoubtedly have a very significant, and welcome, impact on the Israeli legal market, and in the medium and long term help improve the level of advice and service offered to Israeli clients, as well as to international clients operating in Israel.
For further information about the implications of the new development please contact Nimrod Rosenblum
ERM advises on circa 30% of the regulatory-approved Solar PV financial closings carried out in Israel to date
Since the beginning of the year, the Epstein Rosenblum Maoz (ERM) projects practice has continued to lead the Israeli renewable energy sector.
In recent months only, the firm has advised on regulatory-approved financial closings totalling circa 30% of the overall solar PV projects which have reached regulatory-approved financial closing to date (and amounting to over 15% of the overall solar PV governmental quota).
The firm acts for major players across the field, including sponsors, financial institutions and EPC contractors. Amongst the firm’s clients in the sector are Supergas of the Azrieli Group, Israel Corporation Green of the Israel Corporation Group, SunTeam, Sunflower and Bank Leumi.
For further information about our projects practice please contact Amnon Epstein
ERM ranked high in international directories
Once again, Epstein Rosenblum Maoz (ERM) is highly recommended by the leading international legal directories (IFLR, Chambers & Partners and Legal500).
The firm is ranked among the top Israeli law firms in the categories of Finance & Banking, Corporate & M&A, Projects and High Tech.
For further information about our international recognition, please visit our website at www.erm-law.com/recognition