- The firm was also “Highly Commended” for International Arbitration Team of the Year
Global law firm Norton Rose Fulbright has been awarded Finance Team of the Year at the annual Legal Business Awards. The Awards, held last night, showcase excellence across the legal sector.
This prestigious award recognises the team’s work advising the International Committee of the Red Cross (ICRC) on a pro bono basis, in relation to its innovative funding mechanism to encourage social investment from the private sector. The impact bond took two years to develop, has a unique structure and is the world’s first humanitarian impact bond.
The funds raised by the ICRC will be used to build and run three new physical rehabilitation centres in Africa (Nigeria, Mali and Democratic Republic of Congo) over a five year period. The centres will provide support through physiotherapy and mobility devices including wheelchairs, artificial limbs and braces for thousands of people. The payment-by-results programme also includes necessary training for staff as well as the testing and implementation of new efficiency initiatives.
This funding instrument is an innovative solution that will assist ICRC in serving thousands who are in most need of humanitarian support. Non-traditional financing models such as this have the potential to scale up by accessing funds from the private sector, where social impact investment is seen as increasingly attractive.
Farmida Bi, Chair-elect and lead partner advising the ICRC commented:
“This bond marks a new era of cooperation between private, public and humanitarian agencies and will allow provide vital services to people in need. This was an important and innovative transaction and I am delighted the hard work of the team has been recognised by this award.”
The Norton Rose Fulbright team advising the ICRC also included senior associates Mark Brighouse and Andrew Coote with assistance from corporate partner Imogen Garner.
The firm was also highly commended for International Arbitration Team of the Year for the team’s work advising Israel Electric Corporation (IEC) in obtaining a landmark award of over USD1.7 billion against Egyptian General Petroleum Corporation (EGPC) and Egyptian National Gas Holding Company (EGAS), and successfully defending an appeal by EGAS and EGPC against that award. The Norton Rose Fulbright team, instructed by David Shawinsky of IEC, was led by partner Neil Q Miller, with assistance from senior associate Katie McDougall and associate Emma Nierinck.
For further information please contact:
Meeta Campanaro, Senior Public Relations Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595886276
Kate Farrell, Public Relations Executive
Tel: +44 (0) 20 7444 3724; Mob: +44 (0) 7515 324 290
Notes for editors:
Norton Rose Fulbright
Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.
Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.
Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.
Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.