ALLEN & OVERY

Comment: This practice recommended in insurance specializes in defense against liability claims against tax advisory and accounting firms. Litigation partner Zimmerling was recently active in large-scale proceedings connected with the insolvency of Karstadt and P+S Werften, as the defense counsel of KPMG. Cases with an insolvency background are a focal point of the practice when it comes to work for D&O insurers in liability disputes with former corporate executives. In D&O coverage instructions, however, competitors continue to have a greater presence. Recently, a large proportion of work consisted of advice to life insurers, who, because of the low-interest environment, are under pressure to adjust products or develop new ones. Here, the practice benefited from cooperation with the Düsseldorf team, which has extensive regulatory expertise ( ?corporate advice to insurers).
Strengths: Professional liability cases for accounting companies.
Recommended: Dr. Marc Zimmerling (“the man for big advisor liability cases”, competitor).
Practice: Focus on defense of freelancers against liability claims, esp. accountants/tax advisors in addition to lawyers. Long-standing relationships to large consulting companies, as well as D&O/professional liability insurers. Structural ties to the ?dispute resolution practice, some very international cases. (3 partners, 2 counsel, 6 associates)
Clients: ?? Regular advice to KPMG on professional liability, incl. on defense against €700m damages claim by insolvency administrator and former shareholder P+S Werften for alleged incorrect corporate rescue expert opinion and against a suit from Arcandor insolvency administrator (Jauch); Belgian credit insurer on obligation to monitor guarantee products; ongoing advice to D&O insurer in connection with coverage disputes.