In 2018 and early 2019, the technology sector has led the way as far as deals are concerned, with a visible trend of non-tech companies expanding inorganically into the sector. Private equity has also, as ever, been a key driver of growth in the technology sector, investing an eye-watering $574 billion (just shy of the 2015 record of $577 billion), which amounts to around a quarter of all money spent in the booming sector.
Notable deals in 2018 included IBM's $34 billion takeover of Red Hat; the $19 billion Broadcom acquisition of CA Technologies; SAP's $8 billion acquisition of Qualtrics; Oracle's takeover of DataFox, Datascience.com, Grapeshot, SD-WAN and Zenedge; and various Microsoft transactions such as a $7.5 billion deal for GitHub.
With most deals in North America, it's clear that the market was strong there. In South America, however, issues like political uncertainty and currency depreciation dampened the market. Nonetheless, this year should be stronger with investors licking their lips at the prospect of cut-price deals in Argentina and privatisations in Brazil.
In Europe, a booming real estate market continues to be a major driver of growth in the fledgling tax insurance market, while other companies are working on restructuring and reorganisations caused by BEPS.
The post-BEPS environment is also on the minds of companies and advisors in the Asia Pacific region, who are working defensively but benefiting from regulatory changes in some jurisdictions.
The message, really, is that whatever legislative challenges governments throw at companies, at the end of the day they just have to put their best foot forward and get on with it. However, to carry out transactions in an uncertain environment, the need for top-quality tax advice is constant. This is why International Tax Review has compiled rankings of the top transactional tax advisory firms.
ITR journalists have also analysed the trends and their impact, split into three regions: The Americas, Asia, and Europe, the Middle East and Africa (EMEA). While all three regions are subject to the whims of international changes, like BEPS and US tax reform, the countries within them are affected in different ways.
See below to explore what is happening in you region and which companies can guide you in your transactions.
Americas: Increasing corporate cash flows drive deal-making across the Americas
Tax professionals across the Americas have a positive outlook on deal-making activity for the first half of 2019 as multinationals are ‘flush with cash’ after the repatriation of funds under provisions in the 2017 US tax reform, writes Danish Mehboob.
Read more here: http://bit.ly/Americasdeals2019
Argentina
Tier 1 |
Bruchou Fernández Madero & Lombardi, Taxand Argentina |
Deloitte |
Marval O’Farrell & Mairal |
Pistrelli Henry Martin & Asociados – EY |
PwC |
Tier 2 |
KPMG |
M&M Bomchil |
Pérez Alati Grondona Benites & Arntsen |
Rosso Alba Francia & Asociados Abogados |
Teijeiro & Ballone Abogados |
Brazil
Tier 1 |
Lefosse Advogados |
Machado Meyer Sendacz & Opice Advogados |
Mattos Filho Veiga Filho Marrey Jr & Quiroga Advogados |
Pinheiro Neto Advogados |
Trench Rossi & Watanabe |
Tier 2 |
Barbosa Müssnich Aragão, Taxand Brazil |
Brazuna Ruschmann & Soriano Sociedade de Advogados |
Deloitte |
EY Terco |
Lacaz Martins Pereira Neto Gurevich & Schoueri Advogados |
Machado Associados Advogados & Consultores |
Mariz de Oliveira & Siqueira Campos Advogados |
PwC |
TozziniFreire Advogados |
Canada
Tier 1 |
Blake Cassels & Graydon |
Davies Ward Phillips & Vineberg |
Deloitte |
EY |
Goodmans |
KPMG |
McCarthy Tétrault |
Osler Hoskin & Harcourt |
PwC |
Torys |
Tier 2 |
Baker McKenzie |
Rogerson Law Group |
Stikeman Elliott |
Chile
Tier 1 |
Carey |
EY |
KPMG |
Philippi Prietocarrizosa Ferrero DU & Uría |
PwC |
Tier 2 |
Claro & Cia |
Deloitte |
Grupo Vial Serrano Abogados |
Salcedo & Cía |
Colombia
Tier 1 |
Brigard & Urrutia Abogados |
Gómez-Pinzón, Taxand Colombia |
Tier 2 |
Baker McKenzie |
Deloitte |
EY |
KPMG |
PwC |
Mexico
Tier 1 |
Chevez Ruiz Zamarripa |
Creel García-Cuéllar, Aiza & Enriquez |
Mancera – EY |
Tier 2 |
Basham Ringe & Correa |
Deloitte |
Muñoz Manzo & Ocampo |
PwC |
Peru
Tier 1 |
Estudio Echecopar |
EY |
PwC |
Rodrigo Elías & Medrano Abogados |
Tier 2 |
Hernández & Cía Abogados |
Miranda & Amado Abogados, Taxand Peru |
Payet Rey Cauvi Pérez Abogados |
Philippi Prietocarrizosa Ferrero DU & Uría |
Uruguay
Tier 1 |
Bergstein Abogados |
Ferrere |
Guyer & Regules |
Tier 2 |
EY |
KPMG |
PwC |
US
Tier 1 |
Baker Botts |
Baker McKenzie |
Cleary Gottlieb Steen & Hamilton |
Cravath Swaine & Moore |
Davis Polk & Wardwell |
Deloitte |
DLA Piper |
EY |
Fenwick & West |
Kirkland & Ellis |
KPMG |
Mayer Brown |
McDermott Will & Emery |
Norton Rose Fulbright |
PwC |
Shearman and Sterling |
Skadden Arps Slate Meagher & Flom |
Sullivan & Cromwell |
Vinson & Elkins |
Wachtell Lipton, Rosen & Katz |
Weil Gotshal & Manges |
Tier 2 |
Aliant |
Aptis Global |
Caplin & Drysdale |
Covington & Burling |
Debevoise & Plimpton |
Fried, Frank, Harris, Shriver & Jacobson |
Gibson, Dunn & Crutcher |
Latham & Watkins |
McDermott Will & Emery |
Miller & Chevalier Chartered |
Morgan, Lewis & Bockius |
Paul Hastings |
Paul, Weiss, Rifkind, Wharton & Garrison |
Sidley Austin |
Simpson Thacher & Bartlett |
Steptoe & Johnson |
Sullivan & Worcester |
Thompson & Knight |
Wilson Sonsini Goodrich & Rosati |
Winston & Strawn |
Venezuela
Tier 1 |
Baker McKenzie |
Norton Rose Fulbright |
Rodríguez & Mendoza |
Torres Plaz & Araujo |
Tier 2 |
D’Empaire Reyna Abogados |
Tinoco Travieso Planchart & Nuñez |
Travieso Evans Arria Rengel & Paz |
Asia-Pacific: Companies play defence with transactions in APAC
The need to align cross-border transactions with commercial substance to gain tax certainty and avoid litigation is driving deal-making across the Asia Pacific region. Alexander Hartley explains how the M&A tax strategies of Asian companies intersect with trade disputes, political volatility and market nervousness.
Read more here: http://bit.ly/APACdeals2019
Australia
Tier 1 |
Deloitte |
EY |
Greenwoods & Herbert Smith Freehills |
King & Wood Mallesons |
KPMG |
PwC |
Tier 2 |
Allens |
Ashurst |
Clayton Utz |
MinterEllison |
China
Tier 1 |
Baker McKenzie |
Deloitte |
DLA Piper |
EY |
KPMG |
PwC |
Tier 2 |
FuJae Partners |
Grant Thornton |
Hendersen Taxand, Taxand China |
Hwuason Lawyers |
JunHe |
King & Wood Mallesons |
O’Melveny & Myers |
WTS China |
Zhong Lun Law Firm |
Hong Kong
Tier 1 |
Baker McKenzie |
Deloitte |
EY |
KPMG |
PwC |
Tier 2 |
Clifford Chance |
DLA Piper |
Indonesia
Tier 1 |
Deloitte |
EY |
Hadiputranto, Hadinoto & Partners |
KPMG |
PB Taxand, Taxand Indonesia |
PwC |
SF Consulting |
Tier 2 |
DDTC |
GNV Consulting Services |
India
Tier 1 |
Deloitte |
Dhruva Advisors |
EY |
KPMG |
PwC |
Tier 2 |
BDO India |
Cyril Amarchand Mangaldas |
DHC |
Economic Laws Practice |
Grant Thornton |
Khaitan & Co |
Lakshmikumaran & Sridharan |
Majmudar & Partners |
Nishith Desai & Associates |
Shardul Amarchand Mangaldas & Co |
Japan
Tier 1 |
Baker McKenzie |
Deloitte Tohmatsu Tax |
Ernst & Young Tax Co |
KPMG |
Nagashima Ohno & Tsunematsu |
PwC Japan Group |
Tier 2 |
Anderson Mori & Tomotsune |
Nishimura & Asahi |
Withers Japan, Zeirishi Houjin |
Malaysia
Tier 1 |
Deloitte |
EY |
KPMG |
PwC |
Shearn Delamore & Co |
Tier 2 |
Axcelasia, Taxand Malaysia |
Baker Tilly Monteiro Heng Tax Services |
Lee Hishammuddin Allen & Gledhill |
Raja Darryl & Loh |
TraTax |
Wong & Partners |
New Zealand
Tier 1 |
Bell Gully |
Chapman Tripp |
Deloitte |
EY |
KPMG |
PwC |
Russell McVeagh |
Tier 2 |
Buddle Findlay |
MinterEllisonRuddWatts |
Simpson Grierson |
Philippines
Tier 1 |
Isla Lipana & Co |
Navarro Amper & Co |
RG Manabat & Co |
SyCip Gorres Velayo & Co |
Tier 2 |
Baniqued Layug & Bello |
Quisumbing Torres |
Salvador Lianillo & Bernardo, Taxand Philippines |
Zambrano Gruba Caganda & Advincula |
Singapore
Tier 1 |
Allen & Gledhill |
Baker McKenzie. Wong & Leow |
Deloitte |
EY |
KPMG |
PwC |
Tier 2 |
BDO Tax Advisory |
Withers KhattarWong, Taxand Singapore |
WongPartnership |
South Korea
Tier 1 |
Deloitte Anjin |
Kim & Chang |
Samil PwC |
Tier 2 |
Samjong KPMG |
Yulchon |
Taiwan
Tier 1 |
Deloitte |
EY |
KPMG |
PwC |
Tier 2 |
Baker McKenzie |
Grant Thornton |
Lee & Li |
Vietnam
Tier 1 |
Deloitte |
KPMG |
PwC |
Tier 2 |
Baker McKenzie |
DFDL |
EY |
Grant Thornton |
EMEA: Investors seek safe transactions that fit tax transparency initiatives
Across Europe, Middle East and Africa, deal volumes are expected to fall slightly in 2019, but there are some strong sectors bucking this trend. Real estate is powering ahead despite significant upcoming changes in the UK and Germany, while companies are looking to insurance to get deals through, writes Joe Stanley-Smith.
Read more here: http://bit.ly/EMEAdeals2019
Austria
Tier 1 |
Deloitte |
EY |
KPMG |
LeitnerLeitner |
PwC |
Tier 2 |
bpv Hügel |
Dorda Brugger Jordis |
Freshfields Bruckhaus Deringer |
TJP-Oaklins Group |
TPA Steuerberatung |
Wolf Theiss |
Baltic States
Tier 1 |
Deloitte |
EY |
KPMG |
PwC |
Sorainen |
Tier 2 |
Cobalt |
Dominas Levin |
Ellex |
Kronbergs Čukste Levin |
TGS Baltic |
Belgium
Tier 1 |
Deloitte |
EY |
Liedekerke Wolters Waelbroeck Kirkpatrick |
Linklaters |
Loyens & Loeff |
PwC |
Tier 2 |
Baker McKenzie |
Freshfields Bruckhaus Deringer |
KPMG |
Stibbe |
Tiberghien |
Cyprus
Tier 1 |
Deloitte |
EY |
KPMG |
PwC |
Tier 2 |
Baker Tilly South East Europe |
Chrysses Demetriades & Co |
Consulco |
Elias Neocleous & Co |
Eurofast Taxand, Taxand Cyprus |
Denmark
Tier 1 |
Deloitte |
EY |
KPMG Acor Tax |
Plesner |
PwC |
Tier 2 |
Bech-Bruun, Taxand Denmark |
Bruun & Hjejle |
CORIT Advisory |
Horten |
Kromann Reumert |
Finland
Tier 1 |
Hannes Snellman |
KPMG |
Roschier |
Tier 2 |
Borenius, Taxand Finland |
Deloitte |
EY |
PwC |
France
Tier 1 |
Arsene Taxand, Taxand France |
Bredin Prat |
CMS Bureau Francis Lefebvre |
EY |
Taj – Deloitte |
Tier 2 |
Baker McKenzie |
Clifford Chance |
Freshfields Bruckhaus Deringer |
Gide Loyrette Nouel |
Linklaters |
PwC Société d’Avocats |
Germany
Tier 1 |
Deloitte |
EY |
Flick Gocke Schaumburg |
PwC |
Tier 2 |
Allen & Overy |
Baker McKenzie |
Freshfields Bruckhaus Deringer |
Gleiss Lutz |
Hengeler Mueller |
KPMG |
Linklaters |
P+P Pöllath + Partners |
WTS Germany |
Gulf Cooperation Council
Tier 1 |
Cragus Group |
Deloitte |
EY |
KPMG |
PwC |
Tier 2 |
M/HQ |
Stibbe |
Withers |
Greece
Tier 1 |
Deloitte |
EY |
PwC |
Tier 2 |
Grant Thornton |
Ireland
Tier 1 |
A&L Goodbody |
Arthur Cox |
Deloitte |
KPMG |
Matheson |
PwC |
Tier 2 |
Baker Tilly Hughes Blake |
EY |
Mason Hayes & Curran |
McCann FitzGerald |
William Fry, Taxand Ireland |
Israel
Tier 1 |
EY |
Gornitzky & Co |
Herzog Fox & Neeman |
PwC |
Shekel & Co |
Tier 2 |
BDO Israel |
Deloitte |
Goldfarb Seligman & Co |
KPMG |
Meitar Loquirnik Geva Leshem Tal |
S Horowitz & Co |
Yigal Arnon & Co |
Italy
Tier 1 |
BonelliErede |
Maisto e Associati |
Tier 2 |
Allen & Overy |
Baker McKenzie |
Chiomenti Studio Legale |
Freshfields Bruckhaus Deringer |
Gianni, Origoni, Grippo, Cappelli & Partners |
Salvini Escalar e Associati |
Studio Tributario Associato Facchini Rossi & Soci |
Studio Tributario e Societario – Deloitte |
Tremonti Romagnoli Piccardi e Associati |
Valente Associati GEB Partners / Crowe Valente |
Luxembourg
Tier 1 |
Allen & Overy |
Arendt & Medernach |
Baker McKenzie |
Deloitte |
KPMG |
Loyens & Loeff |
PwC |
Tier 2 |
ATOZ, Taxand Luxembourg |
Bonn Steichen & Partners |
EY |
Malta
Tier 1 |
Deloitte |
EY |
KPMG |
PwC |
Tier 2 |
Avanzia Taxand, Taxand Malta |
Fenech & Fenech Advocates |
Netherlands
Tier 1 |
Allen & Overy |
Baker McKenzie |
De Brauw Blackstone Westbroek |
EY |
Freshfields Bruckhaus Deringer |
Loyens & Loeff |
PwC |
Tier 2 |
Atlas Tax Lawyers |
Deloitte |
PwC |
Norway
Tier 1 |
BAHR |
Deloitte |
EY |
PwC |
Thommessen |
Wiersholm |
Tier 2 |
Arntzen de Besche |
BDO |
Brækhus |
KPMG |
Poland
Tier 1 |
Deloitte |
EY |
KPMG |
MDDP |
PwC |
Tier 2 |
Baker McKenzie |
Crido Taxand, Taxand Poland |
Dentons |
Portugal
Tier 1 |
Deloitte |
Garrigues, Taxand Portugal |
KPMG |
Morais Leitão Galvão Teles Soares de Silva & Associados |
Rogério Fernandes Ferreira & Associados |
Uría Menéndez – Proença de Carvalho |
Vieira de Almeida & Associados |
Tier 2 |
Abreu Advogados |
Cuatrecasas |
EY |
NGMS & Associados – Andersen Tax & Legal |
PLMJ |
PwC |
RRP Advogados |
Russia
Tier 1 |
Baker McKenzie |
Dentons |
EY |
KPMG |
Pepeliaev Group, Taxand Russia |
PwC |
Tier 2 |
BDO Unicon |
Bryan Cave Leighton Paisner |
Clifford Chance |
Deloitte |
Egorov Puginsky Afanasiev & Partners |
FBK Legal |
Linklaters |
Sameta |
Taxology |
South Africa
Tier 1 |
Deloitte |
ENSafrica, Taxand South Africa |
EY |
KPMG |
PwC |
Webber Wentzel |
Tier 2 |
Bowmans |
Cliffe Dekker Hofmeyr |
Fasken Martineau DuMoulin |
Grant Thornton |
Werksmans Attorneys |
Spain
Tier 1 |
Baker McKenzie |
Cuatrecasas |
Garrigues, Taxand Spain |
Uría Menéndez |
Tier 2 |
Deloitte |
EY |
Freshfields Bruckhaus Deringer |
KPMG |
Landwell (PwC) |
Latham & Watkins |
Sweden
Tier 1 |
Deloitte |
KPMG |
Mannheimer Swartling |
PwC |
Tier 2 |
EY |
Grant Thornton |
Skeppsbron Skatt, Taxand Sweden |
Svalner |
Vinge |
Switzerland
Tier 1 |
Deloitte |
EY |
Homburger |
Oberson Avocats |
PwC |
Tier 2 |
KPMG |
Lenz & Staehelin |
MME Legal l Tax l Compliance |
Schellenberg Wittmer |
Tax Partner, Taxand Switzerland |
Walder Wyss |
Turkey
Tier 1 |
Deloitte |
EY |
Mazars Denge |
PwC |
Tier 2 |
BDO Denet |
Erdikler, Taxand Turkey |
Esin Attorney Partnership (Baker McKenzie) |
KPMG |
Ukraine
Tier 1 |
Baker McKenzie |
EY |
PwC |
Sayenko Kharenko |
WTS Tax Legal Consulting / KM Partners |
Tier 2 |
Avellum Partners |
Deloitte |
Dentons |
DLA Piper |
KPMG |
Law Offices of OMP |
UK
Tier 1 |
Baker McKenzie |
Clifford Chance |
Deloitte |
EY |
Freshfields Bruckhaus Deringer |
KPMG |
Linklaters |
PwC |
Slaughter and May |
Tier 2 |
Allen & Overy |
Ashurst |
Bryan Cave Leighton Paisner |
DLA Piper |
Grant Thornton |
Herbert Smith Freehills |
Hogan Lovells |
Latham & Watkins |
Macfarlanes |
Norton Rose Fulbright |
Simmons & Simmons |
Methodology
Between October and January, International Tax Review asked its readers, including the tax directors of the world's leading multinational companies, to vote for their top three tax transactional firms in more than 50 jurisdictions across the world. The votes were added up to produce the survey results. No votes from advisory firms were counted and firms could not send submissions to improve their chances of being ranked.
The objective of the survey is to recognise any firms that do not appear in our World Tax directory, for whatever reason, that the market regards highly because they have a particular specialty. Or if there are firms that appear in World Tax and are known as dependable groups of tax advisers without having any star practitioners. Are they also rated for their excellence in tax transactional matters? This survey should be seen as complementary to World Tax, which looks at the whole profile of a firm, not just its size and its deal flow. This survey is more specific about a firm's advisory strengths.
