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Vermeille and Co avocats

A French law firm with an international and interdisciplinary mindset

We have a strong expertise in restructuring operations, activist investing and corporate transactions.

Our understanding of the economic and financial aspects of our clients’ activities enables us to offer solutions tailored to their specific needs.

Strategy

We follow a 360° approach taking into account the financial and strategic context and all stakeholders involved in our clients’ operations.

We cooperate with high-skilled lawyers for all ancillary legal issues thanks to our excellent business relationships in France.

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Areas of Expertise

Corporate - M&A

We have a longstanding experience of equity and debt fundraising and M&A operations.

We have a particular expertise in the real estate, industrial and tech sectors.

Restructuring

We have a strong knowledge of the specific legal and economic issues posed by French restructuring operations.

We have worked for numerous investors and companies (both listed & private) on refinancing operations, disposal plans and operational and financial restructuring.

Capital Markets & Activism

We intervened on many capital market operations involving highly technical regulatory issues.

We distinguish ourselves by our experience in long & short activist strategies.

We are able to explain to our American clients how to tailor their strategy to the French legal and political context.

Team

Sophie Vermeille

Sophie Vermeille currently practices corporate, securities and restructuring law in Paris and has worked in the past for leading international law firms (such as Clifford Chance, Weil Gotshal & Manges, Freshfields and DLA Piper).

Sophie has an in-depth knowledge of US securities law, Chapter 11 and Delaware corporate law, as well as of English law. This enables her to understand the legal culture of her English and American clients and to explain them how French law differs from their own legal system.

Sophie is a researcher and guest lecturer in Law and Finance at Panthéon-Sorbonne, HEC and Oxford University.

She is also the founder of the think tank Droit & Croissance / Rules for Growth .

Sophie graduated from the LL.M. in business law of King’s College London and the Magistère Juriste d'Affaires of Paris II-Panthéon Assas University.

Paul Oudin

Paul is a lawyer at the Paris Bar, a member of the think tank Droit & Croissance / Rules for Growth, a PhD candidate at the University of Oxford and a member of the European Corporate Governance Institute (ECGI). His research at the University of Oxford is about the European insider trading regime.

Prior to joining Vermeille & Co, Paul worked for several international law firms in a variety of legal fields, and in particular corporate law and financial regulation.

Paul has a solid background in economics and finance complementing his legal expertise.

Paul graduated from the MSc in Law and Finance of the University of Oxford and the Magistère Juriste d’Affaires of Paris II-Panthéon Assas University.

In the News

Oxford BLB - Insider Trading, Market Efficiency and Journalism 23 March 2022

In a recent OBLB blog post, Paul Oudin argues that the recent CJEU’s decision on the application of insider trading rules to journalism creates substantial uncertainty as to the application of insider trading rules to journalists, thereby indirectly hindering the purpose of these rules: protecting market efficiency.
AGEFI - One Year After GameStop, Wall Street Remains a Casino 20 January 2022

"Market manipulation - in terms of fundamentals - was difficult to prove with so many individuals dispersed and usually victims of these practices, recalls Paul Oudin, lawyer at Vermeille & Co. Hedge funds did not take legal action, even against professionals who shared their analysis on the internet (Roaring Kitty & co)."
AGEFI - The LSE is Preparing the Launch of a "hybrid" Alternative Market 18 January 2022

Will this new market fuel the risk of insider trading? "The best solution remains to publish as much information as possible, notes Paul Oudin, a lawyer at Vermeille & Co and PhD student at the University of Oxford. But it can make sense to distinguish between large companies and SMEs, for which publication can be costly, and to accept that some information remains disseminated to a limited number of investors."
Les Echos - The Case that Shook Up the Paris Bar Council 9 December 2021

Sophie Vermeille, the lawyer who defended hedge funds against the Casino group in 2018, won an unexpected legal victory against the Bar Association in mid-November. The Court of Appeal overturned two sentences against her. The lawyer is now calling for a reform of the body responsible for the self-regulation of the profession.
Le Monde - When Judges Give a Law Lesson to the President of the Bar about Sophie Vermeille 2 December 2021

On Thursday 18 November, the Paris Court of Appeal overruled the Paris Bar Association which had imposed disciplinary sanctions on Sophie Vermeille.
Debate S. Vermeille & D. Hurstel (Wilkie Farr) - Managers or Shareholders, Who Governs the Company? 17 June 2021

Live debate between Sophie Vermeille and Daniel Hurstel (Willkie Farr Gallagher LLP) organized by Cercle Droit & Libertés.
En Contact - "Sophie Vermeille Knows How to Play 3-D Chess" (Carson Block / Muddy Waters Capital) 12 May 2021

“I engaged Sophie as part of our legal team because she knows how to play 3-D chess. First, she has proven herself to be a tenacious fighter with tremendous courage and stamina. Just as important, she had developed an excellent understanding of the politics, relationships, and motivations of people in government, the media, and the regulator.”

AGEFI - Bercy Opens the Door to Debt Cancellations for Companies 15 April 2021

Analysts believe that Bruno Le Maire plans to obtain some flexibility on social and fiscal debts. The announcement came as a surprise to lawyers specialized in restructuring of corporate debts. Part of the debt of some companies facing economic fallout from the Covid health crisis could be cancelled "on a case-by-case basis", Economy and Finance Minister Bruno Le Maire said Wednesday on BFM TV.

Les Echos - Muddy Waters Covers Some of its Short Positions in Europe​ 29 January 2021

Le fonds d'investissement américain Muddy Waters a couvert dès mercredi une partie de ses positions courtes nettes vendeuses en Europe afin de se prémunir du regain de volatilité constaté sur les marchés après le raid mené par certains investisseurs individuels sur des valeurs particulièrement "shortées".

AGEFI - GameStop Puts Financial Regulation to the Test 29 January 2021

Cette affaire soulève la question de la manipulation de marché et le rôle des courtiers en Bourse. Le dossier GameStop déchaîne les passions : il pourrait être le «short squeeze» le plus spectaculaire de l’histoire car opéré à l’initiative de boursicoteurs plus souvent habitués à se faire «tondre» en Bourse par les professionnels… Cette fois, ils ont pris leur revanche sur les hegde funds, dont les fortes positions à la baisse sur le titre du distributeur de jeux vidéo se sont violemment retournées contre eux.

AGEFI - Finance Interview, “Short selling is a thermometer measuring what is wrong within companies”​ 9 October 2019

Sophie Vermeille, avocate, fondatrice de Droit et Croissance. « Les vendeurs à découvert, compte tenu de la technique de la vente à découvert, n’ont pas d’autre choix pour limiter leur risque que de faire de l’analyse fondamentale », explique Sophie Vermeille.

AGEFI - Finance Interview, “I am waiting for the AMF to give its conclusions in the Casino case” 8 October 2019

« Compte tenu des moyens dont disposent les fonds activistes longs de récupérer de l’information, de développer des stratégies, il faut favoriser une approche collaborative entre eux et les dirigeants d’entreprise », explique Sophie Vermeille.

Financial Times - Casino Affair Raises Tough Questions for French Regulator 7 June 2019

Casino’s chief executive Jean-Charles Naouri stunned corporate France last month when he filed for bankruptcy protection across the heavily indebted companies through which he controls the French retailer. The 70-year-old pillar of the French business elite is now battling to preserve his reputation. Sophie Vermeille discusses this situation with the Financial Times.
Bloomberg - The Hedge Fund Lawyer Annoying France’s Cozy Corporate World 6 February 2019

Sophie Vermeille’s battle with one of France’s most revered businessmen is shining a light on an uneasy relationship with free-market capitalism. Sophie Vermeille is on a crusade against France’s establishment. You won’t find her in a yellow vest, though. Hers is in the boardroom, and her supporters are hardly those who would take to the streets.
Le Monde - Sophie Vermeille, the Lawyer at War Against Casino 23 November 2018

Qui diable est cette Sophie Vermeille ? Jean-Charles Naouri, patron et principal actionnaire du groupe Casino, a dû tomber des nues, lorsqu’il a appris, début octobre, qu’une avocate surgie de nulle part sollicitait Bercy, l’Elysée ou l’Autorité des marchés financiers pour faire part de ses interrogations sur la santé financière du propriétaire de Monoprix, Franprix et Cdiscount.

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