Michelle Liberman

Partner

Michelle Liberman specializes in corporate and commercial law, with particular focus on banking and finance. Her clients include banks and financial institutions as well as international and domestic companies operating across various sectors including hotels, construction and infrastructure and transportation.

Michelle has been involved over the years in many of the most complex financing and banking related transactions, including acquisition finance of both Israeli oil refineries; financing for pension and provident fund managers; syndicated financings to large multinational conglomerates, such as Netafim and Lumenis; capital call financing for funds; numerous aircraft financings and various complex real estate project financing.

She has represented lenders, concessioners, contractors and governmental authorities on numerous high-profile infrastructure projects, including the Cross Israel Highway, Jerusalem Light Railway, Ashdod Assuta Hospital (Israel’s first hospital PFI project), and the financing of underwater telecommunication cables.

In addition, Michelle represents both domestic and foreign corporations in M&A and joint ventures and provides general corporate advice and support in Israel in a wide range of sectors.

Recognized consistently by Chambers Global, The Legal 500, and European Legal Experts as one of Israel’s leading banking and finance lawyers, her expertise spans complex cross-border transactions and financing, with clients particularly valuing her strategic approach to challenging financial structures and her ability to navigate multi-jurisdictional transactions.

"Very strong and very knowledgeable. She can lead a complex transaction."

Michelle was elected to serve in the years 2020-2021 as Chair of Lex Mundi, the world’s leading network of independent law firms, offering preferred access to more than 22,000 lawyers worldwide in more than 125 countries (see: https://www.lexmundi.com) and served on the board and the executive committee of the organization.

Core Capabilities

  • Banking & Finance: Representation in complex syndicated and non-syndicated financing transactions
  • Project Finance: Advising in major infrastructure and PFI project financing
  • Corporate Finance: Strategic guidance in acquisition financing and corporate financing
  • Mergers & Acquisitions: Domestic and cross-border M&A transactions
  • Joint Ventures: Strategic partnerships and commercial transaction structuring
  • Corporate Governance: General corporate advice across multiple industry sectors

Notable Representations

  • Representing Derech Eretz, the concessionaire, in the multi-billion NIS project of the expansion of the Cross Israel Highway.
  • Representing EL AL in the financing granted to its wholly owned subsidiary as part of the sale of El Al’s frequent flyer and associated credit card activity.
  • Representing France-based global leading cosmetics company, Groupe Rocher, in its acquisition of the store chain SABON.
  • On going representation of the hotel chain Club Hotel.
  • Representing lenders on a series of aircraft financings, including one of the few Israeli banks’ advance payment funding (PDP) and the first Israeli bank financed purchase of a Dreamliner.

recognition

Education

  • Tel Aviv University, LL.B., cum laude and Dean’s List (1995)
  • Tel Aviv University, Faculty of Arts and Music studies (1992-1995)

Admission

  • Israel Bar Association, 1996

News & Insights:

Access our legal insights, thought leadership and expert analysis

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TAX NEWSFLASH – APRIL 2026

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Employer Deposits into Individual Policies to Secure Future Employee Severance Grants

A recent ruling changes the tax treatment of employer severance policy deposits, affecting compensation structures across Israel.

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TAX FLASH – February 2026

Quick update on the lates tax news, rulings and circulars – from undeclared capital to Teva’s tax witholding.

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AI-Assisted Coding: Innovation, Intellectual Property and Hidden Risks

AI coding tools are bringing speed and efficiency, but also urgent questions about copyright, ownership and licensing.

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Trademarks, the ELVIS Act, and the Fight Against Voice Cloning

When AI clones human voices, copyright law falls short. Trademarks and the ELVIS Act offer a new layer of protection for the human voice.

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Deepfake and Election Campaign Law

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AI & Copyright: Dr. Eyal Brook on Creativity, IP, and the Digital Age

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From Loving Grace to Adolescence: Amodei’s Evolving Vision

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Multibot: The AI-Only Social Network and the Question of Consciousness

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Munich: Copyright Protection for AI-Generated Works

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AI Copyright Training: The UK Backs Down, the US Steps Aside

UK abandons its AI copyright opt-out model with “no preferred option.” The U.S. leaves it to the courts. S. Horowitz on what the shared uncertainty means.

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TAX NEWSFLASH – JANUARY 2026

Our January 2026 Tax Newsflash is here! The Arrangements Law continues: new reporting duty for online platforms (Airbnb) on short-term apartment rentals, comprehensive regulation for taxation of digital assets (crypto), and new reportable positions from the Israel Tax Authority.

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Tax Advise to the New HNW

Recent mega-deals have created a new wave of Israeli millionaires. In a Calcalist interview, Leor Nouman, Partner and Head of Tax at S. Horowitz, shares crucial advice: strategic timing can save high-net-worth individuals tens of percentage points in taxes.

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TAX NEWSFLASH – DECEMBER 2025

Our December 2025 Tax Newsflash is here! Israel’s 2026 Arrangements Law brings dramatic changes: property tax returns after 25 years on vacant land, new tax exemptions for immigrants earning income in Israel, special banking sector taxation, and major Pillar Two

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Chambers: Israel Energy & Infrastructure M&A 2025

Israeli Energy and Infrastructure M&A market – trends, shifts, and insights.

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Aviation Law: Israel

Israel’s aviation sector navigates wartime challenges with legislative amendments. New laws exempt airlines from compensation during conflict periods while courts balance passenger rights with security realities, reshaping aviation liability.

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Understanding the Belt & Road Initiative and its impact in Israel

Partner Gilad Katz and Adv. Lance Blumenthal explore Israel’s strategic role in the Belt and Road Initiative in CDR’s latest edition. The chapter examines major infrastructure projects, Israel’s new arbitration law, and how regulatory developments position the country as a

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TAX NEWSFLASH – NOVEMBER 2025

Our November 2025 Tax Newsflash is here! Israel’s Tax Authority introduces major changes for 2026: new immigrants must now report foreign assets and income, ending 15+ years of exemption. New rules also target “wallet companies” with stricter taxation on undistributed

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Taxation of Stock Options for Employees Who Became Israeli Residents

The Tax Authority issued new guidance on taxation of foreign stock options for employees who became Israeli residents. Two beneficial tracks are now available: taxation under Section 3(i) with potential income spreading over 6 years, or conversion to Section 102

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Rethinking Transaction Structures

Why do Israeli M&A deals favor share purchases over asset deals? While asset purchases offer liability protection and simpler integration, seller tax concerns drive the preference. But for cross-border deals with post-closing restructuring plans, asset purchases may actually be smarter.

Updates

TAX NEWSFLASH – OCTOBER 2025

Don’t miss our latest insights on (1) the final opportunity for tax benefit in asset transfers to shareholders, (2) new ITA circulars on undistributed profits, and (3) Israel’s draft bill for Pillar Two implementation.

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Did Your Israeli Partner Go Bankrupt? Here’s What You Need to Know

Israeli insolvency trustees can override contracts and jurisdiction clauses. File proof of debt promptly or lose all rights to recovery from your Israeli partner.

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From Patents That Save Lives to Patents That Save the Planet: AIPPI’s Landmark Resolution on Compulsory Licensing

AIPPI’s Resolution extends emergency patent measures to climate tech while preserving innovation incentives through fair compensation, strict limits, and robust safeguards for patentees.

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Authorship’s Future: AIPPI’s 2025 Resolution and AI-Era Copyright

As courts and creators grapple with defining human vs. AI authorship, AIPPI’s 2025 Resolution offers a clear framework on AI & Copyright—addressing data use, liability, transparency, and AI-generated works to guide the next era of copyright law.

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TAX NEWSFLASH – AUGUST 2025

Are you prepared for significant Israeli tax changes?

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Legal Expenses’ Duties in Israeli Liability Insurance Law: A Landmark Supreme Court Ruling

One of the recurring and often complex issues in Israeli liability insurance law concerns the extent of the insurer’s obligation to cover legal expenses and, more particularly, what qualifies as “reasonable legal costs” that an insurer must cover.

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TAX NEWSFLASH – JULY 2025

On 2 July 2025, a Memorandum of Law for Amendment of the Income Tax Ordinance (Residency of an Individual), 5785-2025 was published for public comment (“the Memorandum of Law”).

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Multi-Party Computation (MPC) Wallets and the Evolving Regulatory Landscape in the United States

As the digital asset market continues to mature, U.S. regulators have begun taking meaningful steps to establish more consistent, uniform and supportive regulatory frameworks specifically tailored for the crypto industry.

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Code of Practice for General-Purpose AI Models Adopted: What You Need to Know Now

On 10 July 2025, the European Commission received the final version of the Code of Practice for General-Purpose AI Models (GPAI).

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Reverse Solicitation under MiCA: Navigating the Complexities

Reverse solicitation is a well-known concept in financial services in several jurisdictions around the world.

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Intellectual Property in Insolvency Proceedings

In insolvency, knowing the true value of a startup’s intellectual property is crucial—it often defines whether the business can be revived, sold, or lost entirely.

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Israel Enhances Reliance Policy – Medical Devices May Be Registered Based on Foreign Regulatory Authorities’ Approvals

The Israeli Ministry of Health has published a draft amendment to the Medical Device Regulations (Registration and Renewal of Medical Devices in the Registry and its Renewal), which formally and legislatively anchors the ongoing reform of the medical device registration

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S. Horowitz is Proud to Unveil its New Branding

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TAX NEWSFLASH – JUNE 2025

Following the outbreak of the “Rising Lion Operation” (the War) and given the security situation in which the country finds itself, the Israel Tax Authority (ITA) published a series of significant easements concerning the deadlines for reporting and the payment

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TAX NEWSFLASH – MAY 2025

Eilat resident or temporary visitor? A new ruling hones the criteria for application of the VAT exemption on service providers in Eilat.

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Copyrighted Works and Training AI Models: The U.S. Copyright Office’s Position

The U.S. Copyright Office published a groundbreaking, non-binding, pre-publication report examining whether using copyrighted works to train generative AI models falls within “fair use.

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TAX NEWSFLASH – APRIL 2025

Publication of income tax circular – liquidation and the transfer of assets to shareholders under the temporary provision.

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AI in Finance: Navigating the Revolution in Israel’s Financial Sector

In recent years, the financial industry has undergone a significant revolution with the widespread adoption of Artificial Intelligence (AI) tools.

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Employee Stock Options – Mechanism for Accelerating the Vesting Period

On 11 March 2025, the ITA published a position paper on the subject of acceleration of the vesting period for employee share options upon the occurrence of an exit event or flotation of shares (“the Position Paper”). We believe this

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TAX NEWSFLASH – MARCH 2025

On 27 February 2025, the Israel Tax Authority (“the ITA”) published a draft Circular for public comments on the attribution of income to R&D centres. This Circular, to the extent it becomes binding, is expected to have considerable importance for

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U.S. Court: Copyright Protection Requires a Human Author

Thaler v. Perlmutter: The court affirmed that under the Copyright Act, only a human can be recognized as the “author” of a work

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TAX NEWSFLASH – February 2025

In recent years there has been an increased use of investment agreements styled as SAFE (a Simple Agreement for Future Equity) as a means for raising capital in start-ups both quickly and efficiently.

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Update to Procedure No. 6 of the Ministry of Health – A Breakthrough in Pharmacovigilance Policy?

The Department of Risk Management and Medicinal Information at the Israeli Ministry of Health has published, for the public comments, a draft update to procedure No. 6, titled “Reporting of Adverse Events and New Safety Information”.

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Israel’s New AML Directives for Payments

Non-bank payment service providers operating in Israel, such as issuers of payment instruments, payment transaction acquirers, payment account managers, and payment initiators, are subject to regulatory requirements.

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Lexology: Class Actions in Israel

We are proud to share a comprehensive new article published in the prestigious Lexology magazine by Partner Adv. Uriel Prinz and Adv. Adi Shlomo from our Litigation department, focusing on Class Actions in Israel.

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TAX NEWSFLASH – DECEMBER 2024

After a steadfast struggle with the ministry of finance. An agreed upon compromise is apparent following which amendment of the law for the taxation of “locked in profits” may be narrowed dramatically.

Articles

U.S. Court Overrules Tornado Cash Sanctions

On November 26, 2024, the United States Court of Appeals for the Fifth Circuit (the “Court”) ruled that the Treasury Department’s Office of Foreign Assets Control (“OFAC”) exceeded its authority by sanctioning the crypto mixer Tornado Cash.

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Limit Your Expectations to Get Around the Statute of Limitation

A dispute between two pharmaceutical manufacturers gave rise to an important ruling by the Supreme Court on key issues with respect to Israeli statute of limitation (C.A, 5474/18 Unipharm Ltd. v. Glaxo SmitkKline p.l.c (18.6.2024).

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NFTs Under the Knife

On July 29, 2024, two artists filed a pre-emptory lawsuit against the United States Securities and Exchange Commission (“SEC“) seeking judicial clarity on the applicability of US securities laws to the sale of digital artwork created by them in the

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Webinar: Patent Disclosure Requirements and Consequences of Non Compliance

It was our pleasure to host the “Patent Disclosure Requirements and onsequences of Non-Compliance” webinar, co-hosted with AIPLA. All presentations can be found at the following links.

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