Annual Review 2009 - Watson, Farley & Williams

Annual Review 2009

01 Our strategic goals
02 Firm at a glance
04 Widening our expertise
06 Finance & investment
08 Energy
10 Natural resources
12 Maritime
14 Dispute resolution
16 Year in review
18 A distinctive firm
20 Our offices
SECTORS
Finance &
investment
> Debt finance
> Leasing
> Capital markets
> Private equity
> Funds
Real estate
> Investment
> Development
> Finance
> Construction
> Hotels & leisure
SERVICES
Corporate
> Corporate finance
> Mergers &
acquisitions
> Private equity
> Joint ventures
> Intellectual
property
Maritime
> Shipping
> Cruise & ferries
> Ports & terminals
> LNG
> Offshore
oil & gas
ICT
> Telecoms
> Information
technology
> Media &
communications
Finance
> Asset
> Project
> Structured
> Trade &
commodity
> Restructuring
> Islamic
Energy
> Conventional
power
> Renewables
> Utilities
> Water & waste
Tax
> Leasing
> Corporate
> Personal
Natural
resources
> Oil & gas
> Mining &
minerals
> Commodities
Dispute resolution
> Commercial
> Finance
> Shipping
> Arbitration
> Insolvency
Transport
> Shipping
> Aviation &
aerospace
> Rail
Employment
> Contracts
> Benefits
> Immigration
> Disputes &
compromise
Regulatory
> EU
> Environmental
& regulatory

Our strategic goals
To be a top-quality international law firm providing high
value legal services to its clients from offices in major
business and financial centres.
To be recognised as having strength in investment and
finance, particularly in relation to transactions involving one
or more of the financing, ownership and operation of capital
assets and projects, cross-border investment, tax-efficient
structures and business activity in key industry sectors.
To ensure that the range and quality of the services which the
firm provides are consistent across all offices, with sufficient
geographical spread to ensure that the firm is able to service
its core clients and be competitive in a global market.
542 staff in 12
offices across three
continents
Annual global
turnover increased
by 25%
New office
opens in Madrid
in response to
an increasing
demand from
clients for access
to Spain
OUR STRATEGIC GOALS 01
Watson, Farley & Williams Annual Review 2009

02 FIRM AT A GLANCE
Firm at a glance
Opened 1990. The
dynamic team of
22 lawyers has made
this a market-leading
practice for ship and
asset fi nance.
New york
Shortlisted by
Top Legal for ‘Best
International Law
Firm of the Year with
offi ces in Italy’.
Rome
Our fi rst and largest
offi ce has 271 staff
based in the City.
London
Our 12th offi ce
opens to meet the
increasing demand
from clients requiring
access to Spain.
Madrid
Celebrated its 20th
anniversary. Now has
29 specialist corporate
and fi nance lawyers.
Paris
Celebrated its 25th
anniversary and moved
to new premises.
Piraeus

Leading finance and
renewable energy
practice in Italy’s
financial centre.
Milan
Ranked Top Tier
by Legal 500 2009
EMEA for Energy.
Athens
Opened 2005. Now
with 55 staff, this
practice specialises in
private equity, M&A,
closed-end funds,
renewable energy and
ship finance.
Hamburg
Dispute resolution
and shipping practices
ranked Top Tier by
Legal 500, Chambers
and Asialaw. Also
ranked by ALB among
the fastest growing
firms in Asia.
Bangkok
In one of Germany’s
leading cities for
private equity, the
Munich team has been
responding to growing
client demand since
2008.
Munich
The office was a finalist
in the ‘Shipping Law
Firm of the Year’ and
‘Financier of the Year’
categories in the
Lloyd’s List Asia
Awards.
Singapore
FIRM AT A GLANCE 03
Watson, Farley & Williams Annual Review 2009

04 WIDENING OUR EXPERTISE
Widening our expertise
Over recent years Watson, Farley & Williams has
broadened its focus steadily and coherently to become
known for its expertise in a cluster of other sectors in
addition to shipping finance. At the same time, we have
grown our international coverage to 12 offices in Europe,
Asia and North America.
+10
Moved up 10 places in UK
legal ranking by turnover
– Legal Week
This strategy, for a number of reasons, gave us
relative stability during 2009, at a time when
many other firms were being forced to contract.
In an uncertain market, where solid advice is
paramount, clients tend to turn first to those
who have real expertise in their fields. This has
driven a steady flow of work our way in the past
year, particularly from the sectors we know
best and in which clients know we are leaders:
for example, shipping, energy and natural
resources.
We have also been fortunate that some of
the markets on which we focus have proven
to be less affected by the downturn than many
others. Even where they have been affected,
clients have still come to us for restructuring
and refinancing support to see them through
difficult times.
Finally, we can attribute our relative stability
to a business model that is not substantially
leveraged with a large number of junior lawyers.
Our small, partner-focused teams give our
clients excellent value for money and plenty of
high-level attention – appropriate in straitened
times when senior advice is particularly valued.

Revenue up 25%
£52m
£58m
£73m
2007 2008 2009
MICHAEL GREVILLE MANAGING PARTNER
Strategic growth
In our fi nancial year 2008-09 we raised our
global fee income by 25% to £73 million, while
profi tability remained constant after increasing
the number of fee earners by 17%. With more
than half our lawyers based in offi ces other
than London, our international reach puts us
in a strong position. Growth has continued
through 2009 and we expect income to be up
again this year.
The strategic expansion of our fi rm has been
exemplifi ed in the past year by the addition of
an offi ce in Madrid, our twelfth, and the third
new base in the last two years, following Milan
and Munich in 2008. As Europe’s fourth largest
economy and one of the principal centres
for renewable energy, Spain had become an
obvious gap in the WFW network. Our clients
in this fi eld and other sectors can now benefi t
from our pan-European transactional coverage
and the consistency of our offering across the
main economies of Western Europe – Germany,
France, UK, Spain, Italy – and also Greece.
Growth over the past few years in all our
locations has brought with it wider brand
recognition outside the UK, giving us the
opportunity to capitalise on the strength of
our cross-border work.
FRANK DUNNE CHAIRMAN
WIDENING OUR EXPERTISE 05
Strength and stability
So we look back on 2009 as a year which began
with an uncertain outlook for many, including
WFW, but which has proved to be one in which
we have been able to play to our strengths.
These derive from a cohesive partnership, well
positioned to service clients in our core sectors
and with a broad spread of expertise, yet
not dependent on those markets which have
suffered the greatest contraction.
Our stable platform and strong brand stand
us in good stead to meet the challenges of
these times and present us with a number of
opportunities to expand our fi rm. We look to
the next year with optimism – tempered with
a natural caution – and remain keenly focused
on protecting our distinctive culture, brand
and market position as we continue to grow
by providing an excellent service to our clients
worldwide.
Watson, Farley & Williams Annual Review 2009

06 FINANCE & INVESTMENT
Finance &
investment
The difficult economic climate made 2009 an extremely
challenging year for the finance and investment sector.
Raising money has rarely been harder. Leveraged M&A
work dropped significantly, although we were kept busy
with a number of mid-market deals.
US$586.3
million
Loan facility supported by
major French banks and
backed by Coface
MORE DEALS...
> Advised Singapore-based
investment funds on triple portfolio
restructuring.
> Advised arrangers DVB Bank
America N.V. in relation to a
financing for Deutsche Capital
Management AG Group and Dong
Fang International Investment Ltd.
> Advised Metals Exploration plc on
an £8 million debt facility.
> Advised Riverside Europe Partners
on the sale of its participation in
AIS, a world-leading provider of
IT solutions for the steel industry.
> Advised Inventages Venture Capital
on its £4 million/49.99% equity
investment in Tanfield Food
Company Ltd.
A credit squeeze on the banking sector put
severe constraints on investment activity that
was relying on debt finance. However we did
complete some substantial renewable energy
deals that had other incentives to support them.
Equity-based investment was slow in the first
part of the year, partly due to a shortage of
finance but also because available assets were
unattractively priced. Some existing investments
that had run into difficulty generated M&A
activity as assets were sold and businesses
consolidated. This also provided insolvency
and restructuring work.
Nevertheless, some people raised equity on
the capital markets successfully and there is
scope for optimism in 2010.
PIVOTAL LOAN FACILITy FOR
SATELLITE LEADER
Globalstar is a NASDAQ-listed leader in mobile
satellite voice and data services, with over
350,000 subscribers in more than 120 countries.
In a crucial milestone for the company, it plans
to launch a second-generation satellite network
beginning in the summer of 2010.
For many years WFW Paris has advised the
client on regulatory aspects of its ICT work
in France. Now in need of financing for the
manufacture, delivery and launch of the new
network, as well as related ground facilities,
Globalstar turned to WFW once again.
Both construction and launch services are
being carried out by French companies – Thales
Alenia Space and Arianespace respectively.
The significant loan facility of US$586.3 million
was supported by most of the major French
banks and backed by Coface, the French export
credit agency.
WFW Paris led on this highly complex deal –
which involved a combination of export credit
and project financing under English, French
and New york law, as well as security in several
jurisdictions including various US states,
Brazil, the Netherlands, the Cayman Islands
and Singapore.
The challenge was to meet the requirements
of the banks and Coface, while still allowing the
client to run and grow its business. We
also worked closely with TAFT – Globalstar’s
US counsel – in connection with additional
equity issuance and US securities law issues.
Our expertise in cross-border asset financing
and export credit lending helped us to deliver
a successful deal to tight deadlines and in a
difficult market.

RIVERSIDE/KAUL
The Riverside Company is the
world’s largest private equity
buyout fi rm investing in small and
medium-sized companies with a
strong market position and further
growth potential. A long-standing
client of our Munich team, it
turned to us for full legal support
on the acquisition of Kaul, the
Germany-based global leader in
confectionery glazing and
polishing. WFW Munich worked
with Hamburg and London, the
latter providing corporate advice in
relation to Kaul’s sister company
Capol UK.
CONSTRUCTION CLAIMS
FINANCING
Todini Costruzioni Generali is one
of Italy’s top construction fi rms,
renowned for large infrastructure
projects including a recent
alternative motorway route through
the challenging Apennines.
WFW Rome advised the country’s
leading banking group and an
established client, Intesa Sanpaolo,
on a syndicated loan facility of Z50
million to fi nance Todini’s building
works claims. Our understanding
and experience of this rare and
complex form of fi nancing helped us
to complete the transaction swiftly.
HAMBURG TRUST/ECE
WFW Hamburg advised Hamburg
Trust Grundvermögen und Anlage
GmbH on the acquisition of a 40%
stake in a project development
company for the construction and
operation of a shopping centre in
Dortmund. One of Europe’s largest
privately-funded projects started
during the fi nancial crisis, the
150-store mall will be part of the
ECE chain and involves an overall
investment of Z300 million.
Hamburg Trust – specialist in real
estate funds for private and
institutional investors – has been a
client since its foundation in 2006.
FINANCE & INVESTMENT 07
Watson, Farley & Williams Annual Review 2009

08 ENERGy
Energy
2009 was an interesting year for renewable energy, which
is still attracting considerable investment – particularly in
offshore wind in Northern Europe and in photovoltaic (PV)
projects in Southern Europe. Onshore wind developments
continue but at a slower pace.
Deal of the year
‘Power Deal of the year
2009’ (Project Finance
International), ‘European
Offshore Wind Deal of the
year 2009’ (Project Finance
Magazine), and ‘Deal of
the year – Renewable’
(Infrastructure Journal)
MORE DEALS...
> Advised PNE WIND AG on the sale
of seven onshore wind farms to
EnBW Erneuerbare Energien GmbH.
> Advised Climate Change Capital,
a UK based private equity fund,
in relation to the acquisition of a
minority stake of Enerqos, an Italian
leading photovoltaic manufacturer.
> Advised ITS Tabular Services
(Holdings) Ltd on a joint venture
with Scomi Group to accelerate
expansion in the Asia Pacific Region.
> Advised Allianz Specialised
Investments Ltd on the acquisition
of a wind farm project.
> Advised Shell Eastern Petroleum
(Pte) Ltd on the placement,
employment and operation of
an FLNG unit in Australia and
Indonesia.
The offshore wind market was very strong
in Germany, while in the UK the awarding
of Round 3 sites created new activity. PV is
progressing in France, where fiscal and political
changes are making it a more stable market.
Our recently opened Madrid office now allows
us to compete across all the more developed
PV markets of Southern Europe, including
Italy and Greece. Our work in this field is
predominantly with medium-sized investors
– of whom there are many.
As long as the renewables market remains
buoyant, other forms of energy will play their
part, and we continue to work on conventional
power deals. We completed the acquisition of a
gas fired power station in the UK and worked
on several projects in the liquefied natural gas
(LNG) sector, which was not badly affected by
the downturn.
AWARD-WINNING OFFSHORE
WIND DEAL
Belwind is a large offshore wind farm to
be constructed 46 kilometres off the Belgian
coast, close to Zeebrugge. Further offshore
than any other wind farm in the world, it will
be developed in two phases, each consisting
of 55 turbines generating 165 MW of power.
Together they will produce enough electricity
for 350,000 households.
WFW advised Belwind NV – owned by a
consortium of Belgian and Dutch investors
– on the financing, construction and
operation of the first phase of the project.
For a total investment cost of Z613.9 million,
the mandated lead arrangers were ASN Bank,
Dexia Bank Belgium, Dexia Crédit Local
and Rabobank International. European
Investment Bank (EIB) provided a direct
loan of Z150 million and a counter-guarantee
facility of Z150 million was covered by Danish
export credit agency EKF.
This transaction, the largest offshore wind
project to be financed on a non-recourse
basis, won a hat trick of awards: ‘Deal of the
year – Renewable’ from Infrastructure Journal;
‘Power Deal of the year 2009’ from Project
Finance International; and ‘European
Offshore Wind Deal of the year 2009’ from
Project Finance Magazine. It was also the
first offshore wind deal to close during the
liquidity crisis.
WFW has over 20 years’ experience of energyrelated
projects and had previously advised
on financing for Belgium’s first-ever offshore
wind farm in 2007.

AES SOLAR ENERGy/IKTINOS
PROJECT
The 4.3 MW Iktinos project, which will
provide electricity for over 400 homes,
is the largest solar power installation
in Greece to date. WFW Athens advised
AES Solar Energy on the acquisition
of the project and on a Z25 million
non-recourse debt facility from
Landesbank Baden Württemberg to
finance it.
As this was AES Solar’s first acquisition
in Greece, we also advised on all
other aspects of its investment and
business, from visas for foreign
executives to company establishment.
SOLAR PARK INVESTMENT
Ecoware is an Italian leader in the
construction of photovoltaic plants.
Quintas Energy – a major Spanish
investor in European renewables –
sought to secure an agreement with
Ecoware to guarantee construction,
installation, supply and management
of solar parks in Italy amounting to
50 MW by the end of 2010.
Recommended for our specialist sector
knowledge, WFW Milan provided
Quintas with legal assistance in the
preparation, drafting and negotiation
of the framework agreement for this
substantial investment.
ENERGy 09
POWER STATION ACQUISITION
WFW London advised DONG Energy
on its acquisition of the Severn
gas-fired power station in South Wales
and the engineering business Carron
Engineering & Construction, a power
plant consultancy, from Welsh Power
Group. The power station, expected to
be commissioned at the end of 2010,
will have a capacity of around 850 MW
– one of the most efficient gas-fired
power stations in the UK.
Long-standing client DONG Energy
is one of Northern Europe’s leading
energy groups.
Watson, Farley & Williams Annual Review 2009

10 NATURAL RESOURCES
Natural resources
From a capital markets perspective, 2009 was
a tough and volatile year for natural resources,
with a trend to consolidate.
10 million
Number of barrels of oil
expected to be produced for
the Philippines by Galoc
MORE DEALS...
> Advised Coal of Africa Ltd on
£56.9 million fundraising.
> Advised Genesis Petroleum
Corporation plc on recommended
offer by Bayerngas Norge AS.
> Advised in high-profile KOGAS
project financing valued at over
US$481 million.
> Advised Atlantic on its potential
bauxite mining project in Vietnam.
> Acted for Credit Agricole CIB on
a US$60 million limited recourse
facility to finance an advance
payment for the supply of steel
products from an Indian exporter.
> Acted for the vendor in the sale
of its snow-white marble quarry
in Macedonia.
Despite this, there was activity on the AIM
market in this sector and we saw a moderate
increase in related work. Commodity price rises
in recent years have had a geo-political impact,
which has in turn led to considerable demand
for legal advice on trade and commodity
finance. A sustained increase in consumption
by developing countries will also continue
to exert a significant influence on global
economies.
In moves to secure supplies, clients in the oil
and gas sector have sought advice on M&As,
joint ventures and asset acquisitions.
SOUTH EAST ASIA OILFIELD DEAL
An oilfield in the South China Sea, close to the
island of Palawan, is the Philippines’ first major
oil development for nearly two decades.
Named Galoc, it is expected to produce 10% of
the country’s oil requirements for as long as the
estimated 10 million barrels last. Galoc is also
the first oil discovery in a sandstone reservoir
in the Philippines; previous commercial
production came from limestone reservoirs.
When Galoc Production Company (GPC)
– co-owned by Switzerland’s Vitol Group and
Australia’s Otto Energy – wanted to acquire
an additional participating interest in the field
from two minority partners, WFW Singapore
advised on how to structure the transaction
and also drafted the agreement.
Philippines-listed companies Alcorn Gold
Resources Corporation (APM) and PetroEnergy
Resources Corporation (PERC) sold their
respective stakes of 1.53% and 1.03% to
majority holder GPC and a handful of smaller
partners. GPC acquired the largest proportion,
raising its stake from 58.3% to 59.8%.
The cross-border deal involved complicated
issues of assignment of rights that had
to be effective under both English and
Philippines law.

PALM OIL PRODUCER DISPUTE
Our Bangkok team is acting for
one of Thailand’s leading palm oil
producers in a US$12 million
arbitration against a Malaysia-based
industrial boiler manufacturer.
The case focuses on the defects of
the boiler and the boiler company’s
failure to meet its contractual
obligations, causing significant
loss to our long-standing client.
This high-value case, which requires
in-depth technical expertise, also
underlines WFW Bangkok’s reputation
in the dispute resolution field.
METALS MERGER
When mining exploration company
Jubilee Platinum sought to acquire
platinum and nickel producer
Braemore Resources in a share offer,
our London office advised Braemore
on the corporate, tax and employment
aspects of the takeover. Braemore’s
listing on both AIM and the
Johannesburg Stock Exchange (JSE)
meant the scheme of arrangement
had to be conducted under the South
African Takeover Code – unusual for a
UK plc. The multi-jurisdictional merger
enabled the combined entity to raise
significant funds.
NATURAL RESOURCES 11
AEGEAN OIL FINANCING
Our Athens and London offices
together advised Standard Chartered
Bank on a US$50 million reserve-based
reducing senior facility and a US$10
million junior facility to fund new
drilling in oilfields offshore north-east
Greece. The Epsilon well is the deepest
and longest ever drilled in the area.
Borrower Aegean Energy is the only
oil and gas operator in Greece.
This large-scale transaction combined
English and Greek law, drawing on
our cross-border structured finance
skills in the natural resources sector.
Watson, Farley & Williams Annual Review 2009

12 MARITIME
Maritime
The near-collapse of the shipping market in late 2008,
caused in no small part by the global financial crisis,
led to a dramatic drop in asset values and loss of income.
Markets have since recovered a little but overcapacity
continues to cause difficulty. Some sectors have been
more severely affected than others.
Bank Debt Deal
of the year at
the Marine
Money Awards
MORE DEALS...
> Advised Standard Chartered Bank
on a loan facility of up to US$50
million to Grindord Shipping Ltd.
> Advised KEXIM on a US$142
million loan facility for two
new vessels.
> Acted for Precious Shipping Public
Company Ltd in relation to a credit
facility arranged by DnB NOR.
> Advised Teekay Offshore Partners
L.P. on a US$260 million financing
for the Petrojarl Varg FPSO unit,
arranged through a commercial
banks syndicate led by ING.
> Advised a major Greek bank on a
term loan facility of up to US$160
million to finance part of the
acquisition cost of two 165,000 dwt
Suezmax tankers.
Newbuildings that were contracted in the
boom times have been in trouble, with buyers
struggling to secure finance and looking for
any opportunity to escape from contracts where
the value of the ship has fallen considerably
below the price.
As a result of this challenging period for the
industry, much of our maritime work during
2009 arose from default, restructuring,
distressed sales and disputes, but there were
new deals.
CROSS-BORDER FINANCING
FOR FPSO VESSEL
With an estimated 50 million barrels of oil
reserves, Oyo was one of the first oil fields to
be discovered offshore Nigeria. Thousands
of miles away in Malaysia, Bumi Armada – the
country’s largest owner and operator of offshore
vessels – was commissioned to convert an oil
tanker into a floating production storage and
offloading (FPSO) vessel for Oyo.
WFW Singapore advised Armada Oyo Ltd
– a subsidiary with responsibility for the FPSO
at Oyo – on securing a US$190 million limited
recourse loan facility to finance around 75%
of the project cost. The financing was arranged
by Japanese bank Sumitomo Mitsui Banking
Corporation, executed with a group of six other
banks based on three continents, and backed by
a guarantee from an Italian credit agency new
to the FPSO market.
The highly complex and multi-jurisdictional
deal won Bank Debt Deal of the year at the
Marine Money Awards.
Chartered to Nigeria Agip Exploration, part
of major oil and gas operator ENI Group, the
FPSO has a processing capacity of 45,000
barrels of oil per day and a storage capacity of
one million barrels of processed oil, with water
and gas injection capabilities in its topside.
The field began production at the end of 2009.
COMPLEX OWNERSHIP TRANSFER
WFW advised Commerzbank AG on the
transfer of three new capesize ships under
construction at the Sungdong shipyard in
Korea after one of its customers was unable to
meet its loan obligations to Navios Maritime,
a US-listed shipping company.
The bank enforced its security and as a result
the ownership of the newbuildings was
transferred to Navios Maritime. It also
transferred the ships’ charters with Korean Line
Corporation and Hanjin Shipping to Navios.
It is rare for a lender to enforce security for
ships still under construction. The transfer of
the ships’ charters made this matter even more
challenging for our teams from Piraeus, London
and Singapore who achieved a very favourable
result for Commerzbank.

KFW IPEX/STENA
Shipbuilding at Wadan yards in
Northern Germany was under
threat when it became insolvent in
2009. In order to ensure continued
business for the yard under its new
ownership, the German
government was keen that the
construction of two ferries ordered
by Swedish company Stena should
proceed. WFW London advised
German bank KfW IPEX – a
specialist in international project
and export fi nance – on a
Hermes-backed fi nancing deal
for the second of the ferries.
ALLOCEAN RESTRUCTURING
After Australia-based Allco Finance
Group went into administration,
WFW London and Singapore
acted for HSH Nordbank advising
lenders and swap banks on the
restructuring of syndicated loan
facilities for subsidiary marine
group Allocean, and on the transfer
of its fl eet of 33 ships. These
included offshore support vessels,
liquefi ed petroleum gas ships,
tankers, container ships and bulk
carriers. We also advised on the
impact of the insolvency on owning
companies.
MARITIME 13
Watson, Farley & Williams Annual Review 2009

14 DISPUTE RESOLUTION
Dispute resolution
A landmark
judgment
on ‘inherent
vice’ and ‘perils
of the sea’
MORE CASES...
> Acted for Norwegian ship owners
Parbulk AS against Kristen Marine
SA in a US$200 million ship sale
and purchase dispute.
> Advised a large ship owner in
relation to multiple commercial
arbitrations in respect of the
cancellation of a US$1 billion
newbuilding order book.
> Won a case for the Government
of Pakistan in the Court of Appeal.
The case has now been appealed
to the Supreme Court.
> Advised a Kazakh hotel
development group in respect
of US$100 million LCIA
arbitration claim against a
US property developer.
> Defended an international trading
group in respect of an alleged
US$100 million fraud.
LANDMARK DRILLING RIG CASE
In a high-profile case involving the loss of
part of a drilling rig close to the South African
Cape coast, WFW Singapore succeeded in
overturning an earlier Commercial Court
decision.
We acted for Global Process Systems (GPS),
providers of technical and equipment
services to the oil and gas industry, against
their Malaysian marine insurers for the cost
of replacing three legs of a jack-up drilling rig.
The legs were lost at sea while the rig was being
dry-towed on the back of a semi-submersible
barge around the Cape of Good Hope.
The original case went against GPS on the
grounds that the loss of the legs was due
to ‘inherent vice’, an excluded peril under the
policy. But the Court of Appeal clarified the
relationship between the concept of ‘inherent
vice’ and that of ‘perils of the sea’ and in finding
that the latter was the proximate cause of the
loss, produced a landmark judgment in favour
of our long-standing client. The case was
valued at more than US$11 million, plus costs,
a proportion of which were payable on an
indemnity basis.
The document-intensive case required
wide-ranging knowledge of technical issues
including naval architecture, structural
engineering and marine insurance. WFW
London was also involved, providing logistical
support for the appeal.
MARITIME BANKCRUPTCy SETTLEMENT
In a complex case, WFW’s New york and
London teams acted for Bank of Scotland
following the bankruptcy of a group of
borrowing companies. The companies were
related to Eastwind Maritime, an operator
of refrigerated ships, which had filed for
Chapter 7 bankruptcy.
The bank’s loan to the companies was
secured by ship mortgages for existing
vessels, assignments for newbuilding
contracts and pledges of shares in the
borrowing companies. When the latter
defaulted on their payments, the bank had
acted to exercise the share pledges and sold
the shares on. Shortly afterwards, Eastwind
had taken all the companies into bankruptcy,
effectively trying to deny the bank the shares
that were due to it.
WFW prepared motions to dismiss the
borrowing companies from the bankruptcy,
so that the bank could realise its security.
Following intense negotiations, we reached
a settlement with the debtors’ trustee in the
bank’s favour. Our timely action prevented
our client from being involved in major
litigation. The New york team provided
maritime law, bankruptcy law and litigation
services, while the London office advised
on ship finance.

COLLECTIVE REDUNDANCy ADVICE
WFW advised an oilfield services company
on a collective redundancy consultation
process for the closure of part of its business.
This required heavy involvement in the
whole procedure including timetabling and
strategies for the consultation. We also dealt
with issues relating to trial periods for the
employees who relocated, as well as
compromise agreements for the employees
that were made redundant.
EMPLOyMENT TRIBUNAL SUCCESS
WFW London acted on behalf of an
aerospace and defence company in a
complicated employment tribunal claim.
After being made redundant as a result of
the economic downturn, the employee had
alleged unfair dismissal. The case focused on
the jurisdictional issue of whether the claim
was submitted in time. We successfully
represented the company at an employment
tribunal and the claim was dismissed.
CONTROVERSIAL MINING SALE
International metals trading house MRI
turned to WFW London concerning the sale
of a company holding interests in Peruvian
mines, for which it was one of the creditors.
MRI was unhappy with the ‘prepack
administration’ procedure applied to the
sale, allowing the distressed company’s assets
to be sold in short order. We acted to remove
the existing administrators for the sale,
and are now advising new administrators,
Ernst & young.
NATURAL RESOURCE DISPUTE RESOLUTION 15
Watson, Farley & Williams Annual Review 2009

16 yEAR IN REVIEW
year in review
JANUARy
2009
WFW London holds a breakfast
briefing on corporate manslaughter,
the first of three employment law
seminars for Institute of Risk
Management (IRM) members.
FEBRUARy
2009
Having outgrown its old offices, WFW
New york relocates to larger premises
at 1133 Avenue of the Americas.
David Harvey, Official Solicitor to the
Swiss Embassy in London and Head
of the firm’s Swiss Desk, is honoured
at a black-tie dinner given by the
Swiss Ambassador, HE Mr Alexis P
Lautenberg, at his residence.
MARCH
2009
Felicity Jones is a new London-based
partner in the International Corporate
Group, bringing extensive hotels and
property experience.
WFW hosts a reception for shipping,
renewables, trade & commodities
and offshore clients at the yacht Club,
Rotterdam.
WFW Singapore holds its annual
renewables reception at the Asian
Civilisations Museum. Other
successful speed networking events
are held later in the year for sector
contacts in London and Hamburg.
The firm wins the London Legal
League Weavers Arms Challenge Cup
football tournament, beating Ashurst
in the final.
APRIL
2009
The Munich team recruits Tobias Ackert
as the first partner to join the firm’s
International Tax Group in the city, and
the third tax partner in Germany.
WFW founding partner Martin Watson
comments in the Chamber of Shipping
Annual Review – as its first president
from outside the shipping industry.
The firm promotes five to the
partnership: Dr Christian Ulrich Wolf
(Hamburg), Lindsey Keeble (Paris),
Furio Samela (Rome), Marcus Gordon
and Nicholas Hanna (Singapore).
MAy
2009
WFW is ranked in the top 20 for
trade and commodities finance by
Global Trade Review (GTR) – the
world’s leading international trade
finance magazine.
JUNE
2009
WFW Germany is highly
recommended in JUVE German
Commercial Law Firms handbook
2009.
In Paris, Eric Diamantis joins as
a partner in the International
Corporate Group, bringing particular
experience of project development
and risk management in the
oil & gas, renewables, transport and
infrastructure sectors.
WFW Singapore is a finalist in the
Maritime Law category of the Seatrade
Asia Awards 2009.
The annual London to Brighton bike
ride team, Watson’s Wheelers, raises
nearly £2,000 for the British Heart
Foundation.
WFW Hamburg hosts the first of two
parallel seminars comparing legal
issues for wind power projects in
Germany and France. The second is
held in our Paris office in November.
JULy
2009
WFW jumps 10 places in Legal Week’s
Top 50 Firms list (ranked 40th). This is
based on fastest turnover profit and
fastest profits growth.
To celebrate the 25th anniversary of
its Piraeus operation, the team holds
a reception at the firm’s new offices
in the city.
Key players in the offshore wind farm
sector attend a seminar run by WFW
London. It addresses the challenges
of financing the transmission
infrastructure needed to meet the
UK’s targets for the next decade.
WFW advises Belwind on the first
offshore wind deal to close during
the liquidity crisis. Belwind goes on
to win Infrastructure Journal’s ‘Deal of
the year – Renewable’, Project Finance
International Europe Awards 2009’s
‘Power Deal of the year’ and Project
Finance Awards 2009’s ‘European
Offshore Wind Deal of the year’.

AUGUST
2009
The Bangkok team is ranked Top
Tier in dispute resolution in Thailand
by Asialaw.
WFW Singapore sets up a Project &
Structured Finance practice, recruiting
Josh Clarke as a partner, while partner
Mehraab Nazir moves to join him from
the London office.
SEPTEMBER
2009
The firm is shortlisted for the
second time by Top Legal – for ‘Best
International Law Firm of the year
with offices in Italy’.
In the Legal 500 listings WFW is
ranked in 10 new practice areas under:
corporate and commercial; VAT and
indirect tax; dispute resolution; human
resources; insurance; projects, energy
and natural resources; real estate; and
transport.
WFW makes the finals of the 2009
Lloyd’s List Asia Awards for ‘Law Firm
of the year’ and ‘Financier of the year’.
OCTOBER
2009
WFW income to the half year ending
31 October 2009 is £34 million, 15%
ahead of the same period in the
previous year.
The firm makes the Asia Legal
Business Fast 30 list for the first time,
reflecting financial performance that
outshines most other international
law firms in Asia.
Three members of the New york team
– Al yudes, Stephen Millman and Leo
Chang – are named ‘2009 New york
Metropolitan area Super Lawyers’.
With the Israeli Embassy, WFW
London co-hosts a delegation of
visiting Israeli companies specialising
in the development and innovative
application of new clean technologies.
The London office participates in
Jeans for Genes Day to raise funds for
research into genetic disorders affecting
children in the UK. The money also
provides support for their families.
WFW Bangkok volunteers donate
used computers to the Mirror
Foundation ‘Computers for Children’
project, contributing to the education
of deprived hill tribes in Northern
Thailand.
Hemscott AIM Advisers ranks the
firm joint second for number of
basic materials clients and third for
number of oil & gas clients.
NOVEMBER
2009
WFW opens an office in Madrid,
recruiting five lawyers under the
leadership of partners Joaquín Sales
and María Pilar Garcia.
In Paris, the firm celebrates 20 years
in the capital with a reception that also
marks senior consultant Nigel Moss’
retirement from the partnership.
Legal 500 acknowledges WFW
Bangkok’s excellence in dispute
resolution and shipping, with tier
one rankings for both.
WFW is named ‘Best Law Firm
in England for Employment Legal
Work 2009’ by Corporate International
Magazine.
Navjote Chan, from the Singapore
office, and friends climb Mount
Kinabalu in Borneo to raise money
for Cancer Research.
More than 130 delegates consider
current trends in the shipping industry
at the 10th annual Ship Finance
Seminar organised by WFW Hamburg.
Joining forces with The British Council
Thailand, the Bangkok team raises
money for the needy by running a
second-hand book stall at the longestablished
Ploenchit charity fair.
DECEMBER
2009
yEAR IN REVIEW 17
WFW is shortlisted as ‘Law Firm of
the year ’ in the Legal Business 2010
Awards.
Décideurs Juridiques raises the
Paris team’s ranking in Advisors of
Turnaround Companies to ‘Excellent –
Band 1’. The promotion acknowledges
its success in corporate recovery work,
particularly in relation to insolvency
and complex restructuring plans.
A fifth Trade & Commodities
Finance briefing of the year is held
by WFW London, this time focusing
on the complex issue of consent to
assign receivables.
The London office raises £901 in a
Christmas raffle. With matched funds
from the firm, the £1,802 is divided
between Shelter, Oxfam, Make-A-
Wish, Help the Aged and Mercy Ships.
Watson, Farley & Williams Annual Review 2009

18 A DISTINCTIVE FIRM
A distinctive firm
At a time of consolidation in the legal sector,
WFW has maintained equilibrium and strength.
That stability, coupled with our unique culture,
makes us as attractive to talented lawyers from
other firms as it does to graduates embarking
on their careers.
-33%
Reduced carbon footprint
in our London office
How are we different? First, our size means
we are able to offer stimulating work to small
teams of lawyers in a supportive atmosphere.
We are a rare combination: a UK top 50 firm
that is not overwhelming, maintaining the
camaraderie of a small firm environment across
our 12 international offices in three continents.
We are proud to feature in The Lawyer’s league
table for female-friendly smaller firms.
GLOBAL REPUTATION
Since our work is often challenging
– a reflection of its complex and often
multi-jurisdictional nature – we have a high
ratio of partners to fee-earners. As a result,
clients receive more partner attention, and
fee-earners and graduates also benefit from
more contact with partners.
Our growing number of offices is unusual
for a medium-sized practice. Indeed, we often
compete successfully for work against much
larger firms – both because of an increasingly
global reputation in our areas of expertise and
because potential clients know our track record
in high-end, cross-border transactions.
TALENTED INDIVIDUALS
We are also relatively young: established in
1982 we are today a solid City firm known for
its commercial acumen. We value our spirit of
independence and individuality. We hire and
promote the very best, regardless of any factors
other than talent and potential. We have a work
ethic that is less rigid than that of many of our
peers, encouraging a healthy work-life balance.
Our culture and exciting work portfolio allow
excellence to thrive. The results speak for
themselves: in our latest firm-wide staff survey,
97% said they were committed to doing their
very best and 84% were proud to work for
WFW. Staff also expressed a high degree of job
satisfaction in roles that were both interesting
and fulfilling.
ENCOURAGING EXCELLENCE
Our generous remuneration and benefits
structure is backed up by an annual salary
review that also reflects our equal pay
principles. To maximise performance and staff
retention, we invest in regular training and
development, including legal qualifications,
professional skills and personal development.
Above all, we take pride in our open and
friendly culture in which every member of our
talented teams is encouraged to excel. A mark
of our success in this area is our staff turnover
– significantly below average for both the legal
sector and other business sectors.

97%
of staff who participated in
the survey said they were
committed to doing their
very best for the firm
At a time when many law firms have been
reducing numbers, our graduate recruitment
programme remains on course, with up to 28
trainee solicitors or their equivalent globally at
any one time. We offer UK trainees a total of
six different seats during the two-year training
contract – higher than the standard four – one
of which will be in an international office.
ENVIRONMENTALLy-AWARE
Corporate responsibility – both for the
communities and sectors in which we work,
and for the natural world around us – is a
priority at WFW.
We are a member of the Legal Sector Alliance
(LSA), which promotes greater environmental
awareness among law firms. Membership
reinforces our commitment to initiatives such
as a green tariff for our London car and taxi
service, reducing our carbon footprint by
33%. Following their recent office move, the
New york team has introduced a number of
environmental measures including the removal
of bottled water for sale in favour of filtered
water, the use of recycled paper and green
cleaning products.
A DISTINCTIVE FIRM 19
Our own extensive work in the renewable
energy sector means we have a head start in
understanding green issues. We are involved
in countless renewables projects across the
world including wind farms, waste to energy,
hydropower and photovoltaics.
SOCIALLy RESPONSIBLE
The firm’s pro bono work was recognised
last year when we won the Law Society’s
‘Excellence in Social Responsibility –
Pro Bono’ award for a scheme that provides
free, independent support to individuals
and businesses on the challenges of
competition law.
Our efforts for charity have continued this year.
Among the highlights were a Singapore office
member’s climb of Mount Kinabalu in Borneo,
to support Cancer Research, and WFW
Bangkok’s contribution to the Computers for
Children project. At Christmas the London
office raised nearly £2,000 for a range of
charities. The firm has a policy to match charity
fundraising by employees.
Watson, Farley & Williams Annual Review 2009

20 OUR OFFICES
Our offices
London
Watson, Farley & Williams LLP
15 Appold Street
London EC2A 2HB
Tel: +44 20 7814 8000
Munich
Watson, Farley & Williams LLP
Kardinal-Faulhaber-Straße 10
80333 Munich
Tel: +49 89 237086 0
Piraeus
Watson, Farley & Williams
Greek Branch
2nd Floor
Akti Miaouli 89 &
Mavrokordatou 4
Piraeus 185 38
Tel: +30 21 0455 7300
New york
Watson, Farley & Williams
(New york) LLP
1133 Avenue of the Americas
New york Ny 10036
Tel: +1 212 922 2200
Milan
Studio Legale Associato a
Watson, Farley & Williams
Via Santa Radegonda, 11
20121 Milan
Tel: +39 02 721 70 71
Athens
Watson, Farley & Williams
Greek Branch
6th Floor
Neophytou Vamva 4
Kolonaki 106 – 74
Athens
Tel: +30 21 0455 7300
Paris
Watson, Farley & Williams LLP
150, avenue des Champs-Elysées
75008 Paris
Tel: +33 1 56 88 21 21
Rome
Studio Legale Associato a
Watson, Farley & Williams
Piazza Navona, 49
2nd Floor int 2/3
00186 Rome
Tel: +39 06 68 40 581
Singapore
Watson, Farley & Williams LLP
16 Collyer Quay #12-01
Singapore 049318
Tel: + 65 6 532 5335
Hamburg
Watson, Farley & Williams LLP
Am Kaiserkai 69
20457 Hamburg
Tel: +49 40 8080 3440
Madrid
Watson, Farley & Williams
(Madrid) LLP
Maria de Molina, 4
28006 Madrid
Tel: +34 91 564 81 00
Bangkok
Watson, Farley & Williams
(Thailand) Limited
Unit 902, 9th Floor
GPF Witthayu Tower B
93/1 Wireless Road
Patumwan, Bangkok 10330
Tel: + 66 2 665 7800

All references to ‘Watson, Farley & Williams’, ‘WFW’ and ‘the firm’ in this annual
review mean Watson, Farley & Williams LLP and/or its affiliated undertakings.
Any reference to a ‘partner’ means a member of Watson, Farley & Williams LLP,
or a member or partner in an affiliated undertaking, or an employee or
consultant with equivalent standing and qualification.
This publication constitutes attorney advertising.
© Watson, Farley & Williams 2010
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