Birmingham law firms Pinsent Masons and Wragge have been at the forefront of a string of deals.

Compuware Corporation, the software and IT services company listed on Nasdaq, has been aided in maintaining its Europe-wide staff incentive schemes thanks to advice from Pinsent Masons.

The recently introduced Prospectus Directive, enforced in the UK by the Financial Services Authority, has imposed new requirements on major foreign-owned companies issuing securities within the EU and there is continued uncertainty as to the applicability of the Directive to employee incentive schemes.

Compuware Corporation operates employee stock purchase plans for workers in the US and worldwide.

It engaged Pinsent Masons to advise it on the requirements for and approval of a prospectus in relation to those plans in the UK and Europe.

The FSA subsequently gave it the nod leading to its "passporting" into Belgium, France, Germany and the Netherlands. This allows Compuware Corporation to continue operating its stock plans for staff and to comply with the new regulatory requirements.

Senior Pinsent Masons corporate lawyer, Robert Moir, who with corporate partner Jay Birch advised Compuware, said: "Other US corporations, particularly those without a listing in the EU, may find themselves in a similar position regarding the Prospectus Directive as it stands currently.

"The Directive has succeeded in harmonising requirements across Europe and now permits a prospectus approved by a regulator in one EU state to be used in others.

"However, in achieving a generally better and more streamlined process, some legal uncertainties have been created."

Wragge has put together two new deals.

The debt finance division has completed an £80 million financing for Bank of Scotland in Birmingham and the Birmingham corporate banking arm of Lloyds TSB.

A team led by director Chris Gayle advised the pair on the provision of an £80 million syndicated five-year multi-currency credit facility to fast-growing international aerospace and precision engineering group Hampson Industries.

The facility will provide funding towards Hampson's latest acquisition of two leading US aerospace companies.

Mr Gayle said: "This is another example of a major UK bank choosing to instruct our Birmingham-based national team from London. We have shown we are a match for the City firms on sophisticated cross-border transactions."

Debt finance associate Lynn Rosell Rowley and paralegal Helen Smith assisted Mr Gayle.

Eversheds acted for Hampson.

And debt finance has completed its second deal for Barclays' corporate healthcare arm.

A team led by partner Chris Brierley advised the bank on a £17 million property development and refinance facility for Sunrise of Cardiff, a subsidiary of Sunrise Senior Living, one of the largest providers of residential care services for the elderly in the US.

The facilities will finance the development of residential accommodation in the Welsh capital.