Morgan Stanley's European Legal and Compliance Division won the European In-House Counsel award at the International Financial Law Review awards. The IFLR annual awards aim to recognize innovation and excellence in financial law.

IFLR recognized the division's significant role in restructurings in 2006 as well the role played in a number of high-profile IPOs such as Rosneft and Gagfah. In securitization, the division received acknowledgement for the Blue Orchard microfinance transaction, which won a pro bono award.