Hengeler Mueller acts primarily on the corporate side, although its client portfolio also includes banking syndicates; it is routinely instructed to assist with IPOs as well as their preparation and capital increases. This is complemented by adjacent expertise in corporate law, subsequently including public takeovers in its case load, among other matters. Dirk Busch and Reinhold Ernst, for instance, cover this interface, while Alexander Rang, who is another key contact, complements this offering with skills in equity-linked instruments and bonds as well as in buyback programs. Wolfgang Groß (ECM and corporate) retired at the beginning of 2024.

Despite a quiet market situation, Linklaters recently still managed to position itself as a corporate and syndicate bank advisor for larger IPOs, as demonstrated for instance by advising thyssenkrupp AG and thyssenkrupp nucera. Thanks to the firm's international network, one of the team's particular strengths lies in international transactions, particularly ECM transactions in Switzerland, Austria, the Benelux countries and Scandinavia. As co-head of the Swiss Group, practice head Marco Carbonare regularly assists with DACH-related deals. He is also part of the corporate and M&A group, which reflects the practice's close connection between corporate law and ECM. Alexander Schlee is another key contact and well versed in ECM as well as debt capital matters; most recently he advised on capital increases, mergers of SPACs with target companies as well as on hybrid securities.

Clifford Chance's ECM team, which consists of German and US lawyers and is integrated into the firm's international capital markets practice, has recently been particularly active in assisting with IPOs in the MENA and DACH regions as well as with transactions on the European market. Its cross-border capacities are complemented by frequent cross-practice exchange, enabling the group to, alongside IPOs and capital increases, also adeptly advise on takeovers, spin-offs and delistings, as well as on DCM-related issues. Practice head George Hacket further assists with equities and bonds and is experienced in US securities law, while the importance of the M&A interface was underlined with Axel Wittmann's promotion to the partnership in May 2024; he also advises on restructurings and high-yield bonds. The practice counts both banks and corporates among its clients.

Skadden, Arps, Slate, Meagher & Flom LLP's team of German and US lawyers is an experienced advisor on matters entailing a strong US component, such as US IPOs and private placements under Rule 144A, although the practice also has a geographical focus on the DACH region. Issuers and syndicate banks frequently make use of this offering; the practice recently assisted them with capital increases, takeovers and share issuances in addition to (planned) IPOs and dual listings; practice head Stephan Hutter (capital market transactions, M&A, corporate governance and compliance) predominantly leads on these matters.

Hogan Lovells International LLP deals with the whole array of equity capital market matters and also related corporate issues. This is complemented by cross-border expertise that is particularly sought after by companies. Most recently, the practice advised on private placements and stock exchange admissions, the distribution of stock dividends, delistings and capital increases. The group is also experienced in SPAC listings on the Frankfurt Stock Exchange and in managing mergers with SPAC companies. Michael Schlitt (capital markets law and corporate finance) heads the team.

White & Case LLP's ECM practice has had a turbulent year: after Oliver Seiler, David Rath and counsel Camilla Kehler-Weiß joined from Latham & Watkins LLP in July 2024, the team rejoined its previous firm in December of the same year. Rebecca Emory and Gernot Wagner, who are experienced in advising under US law, and due to their integration into the international network, however continue to focus on cross-border matters. Supported by its cross-location cooperation, the practice regularly acts for banks and, to a lesser extent, for issuers in the context of capital increases and IPO preparations. Cross-border capacities are complemented by expertise in adjacent areas; Emory assists with DCM matters and Wagner with M&A- and restructuring-related issues.

Under the leadership of Frank Regelin and Benedikt Gillessen, both experienced in capital market transactions as well as corporate and public M&A-related matters, Norton Rose Fulbright recently advised banks and issuers on delisting acquisition offers, capital increases, IPOs and hybrid instruments. In cooperation with the London office, the group also houses US securities law capabilities.