Sponsored Q&A: Cyril Amarchand Mangaldas

Sponsored Q&A: Cyril Amarchand Mangaldas

1. How does estate planning differ in India compared to other countries, especially in light of unique family structures and property laws?

Indian inheritance related laws are diverse and vary on a number of factors, such as the nature of the assets (movable or immovable), their location, and the personal law of an individual, which in turn is largely based on their religion. For instance, probate of a will is required only for individuals following a particular religion and if the immovable property is situated in a presidency town in India. Hindu succession law is also vastly different from Muslim or Christian succession law. Continue reading “Sponsored Q&A: Cyril Amarchand Mangaldas”

Sponsored thought leadership: Benefits of the Austrian Private Foundation

Sponsored thought leadership: Benefits of the Austrian Private Foundation

The Austrian Private Foundation (PF) is a viable option to protect and preserve assets over generations, as well as to prevent the distribution of assets in the event of succession.

Establishing an Austrian PF enables the founder to align his/her assets with the founder’s wishes but separating the assets from the founder’s future fate. Due to the relative freedom of organisation under the Austrian Private Foundation Act (APFA), the Austrian PF and its structure can be adapted to the individual needs of the founder.

Continue reading “Sponsored thought leadership: Benefits of the Austrian Private Foundation”

Euro Elite 2024: Baltics – Baltic conditions

Euro Elite 2024: Baltics – Baltic conditions

Throughout the pan-Baltic region in 2023 there was an overriding sense of instability in the legal market. Although there have been projections of GDP growth in 2024, the legal markets across the region continue to grapple with several economic challenges, including the unpredictable cost of energy.

In Estonia, these challenges also include a rise in public debt, a rise in the country’s deficit, a swift reduction in investment, and low government debt. These factors all combined to produce a fall in trade with its main international partners. While 2024 looks brighter in terms of economic growth, this instability is a worry for firms. Investment arbitrations remain low and there has been a lack of large bankruptcies or restructuring matters in recent months. Continue reading “Euro Elite 2024: Baltics – Baltic conditions”

Euro Elite 2024: Benelux – Moving with the times

Euro Elite 2024: Benelux – Moving with the times

For independent, full-service firms operating across the Benelux countries, the global uncertainty and turmoil of the last few years has served to highlight the advantages of their business model; being able to pivot between workstreams and react rapidly to changing circumstances has proven to be a concerted advantage. Antoine De Raeve, a senior banking and finance partner who moved from Baker McKenzie to AKD in May 2023, is quick to point out that his new firm is ‘naturally hedged against dips in the transactional market’. This has proven key in recent times, with deals slowing down right across the region because of the combined effects of ongoing conflicts and long-term impacts of Covid-19, despite the positive effects that Brexit appears to have had on the international stance of the Benelux countries.

In the Netherlands, there is reported reluctance at the higher end of the market to invest, with clients seemingly ‘waiting out’ the unpredictability of the current climate; Harmen Holtrop, managing partner at Loyens & Loeff, notes that ‘uncertainty in the market will have a bigger impact on the transactional practices than it may on certain others’, again highlighting the importance of wide-ranging capabilities if firms are to maintain their flow of work. Continue reading “Euro Elite 2024: Benelux – Moving with the times”

Euro Elite 2024: CEE – Firm foundations

Euro Elite 2024: CEE – Firm foundations

The CEE markets continue to suffer from conflict-driven instabilities in the region, with sanctions still impacting most industries and European companies remaining cautious with their regional activities. In the face of these ongoing difficulties, law firms benefited from an uptick in restructuring and insolvency mandates. Simultaneously, new investment incentives do exist. For example, the Three Seas Initiative, a platform that brings together 12 EU member states, is contributing to the acceleration of infrastructure investment in the region.

‘In general, the market in the CEE region was relatively robust,’ says Martin Brodey, managing partner and head of private M&A at DORDA. ‘Due to various developments, financing has often become a challenge, which is why large transactions tended to decline.’ Continue reading “Euro Elite 2024: CEE – Firm foundations”

Euro Elite 2024: France – More of the same?

Euro Elite 2024: France – More of the same?

Described by Darrois Villey tax partner Loïc Védie as ‘better than expected’, 2023 was nonetheless a year marked by uncertainty for Euro Elite firms in France. Lawyers weathered an often-slow market; interest rates reached significantly higher levels than previous years, which limited the overall number of transactions.

In the corporate and finance arena, equity capital markets experienced a noticeable slowdown, characterised by a subdued market. Debt capital markets, however, showcased vibrancy, with a renewed interest in securitisation and factoring. Influenced by leading US firms, this move shaped the financial landscape for French elites, fostering a more diversified and adaptable approach to funding strategies. The trend underscored a departure from traditional methods, offering heightened flexibility and a broader array of financial instruments, prompting a re-evaluation of established approaches in the dynamic French market. Continue reading “Euro Elite 2024: France – More of the same?”

Euro Elite 2024: Germany – Navigating tumultuous waters

Euro Elite 2024: Germany – Navigating tumultuous waters

As Germany faced the prospect of its first two-year recession since the early 2000s, the legal market grappled with an intricate web of challenges and opportunities in 2023. With the country’s GDP contracting by 0.3%, the impact of increased energy costs, inflation, higher interest rates, and falling industry demand did not go unnoticed. However, despite the economic downturn, the German legal sector remained a robust force within the EU, and independent firms proved once again their ability to adapt to an ever-changing geopolitical and legal landscape marked by adversity.

Germany’s leading independent law firms continued to record revenue growth in 2023, fuelled by volatility across sectors and an increasingly intricate regulatory landscape. ‘Clients are experiencing substantial pressure in today’s market, especially during times of economic uncertainty, which means they are constantly assessing the horizon’, says Luther’s managing partner Elizabeth Lepique. ‘In connection with the energy transition and the decarbonisation of the German economy, the growth in revenue is largely attributable to a growing number of client mandates.’ In a year marked by economic turbulence, Luther emerged as a persistent standout performer, securing energy mandates from prestigious clients such as E.ON and EnBW. Continue reading “Euro Elite 2024: Germany – Navigating tumultuous waters”

Euro Elite 2024: Iberia – Out the other side

Euro Elite 2024: Iberia – Out the other side

It first appeared that cautious optimism would characterise the Iberian legal market in 2023 but no-one predicted quite how turbulent the year would turn out to be. Rising interest rates, mounting geopolitical tensions in Europe, and a risk-averse investment environment created arduous conditions for deal-making across the continent. Portugal and Spain were no exception.

In 2022, both countries exhibited signs of a robust recovery following the relaxation of pandemic restrictions and a surge in investment in the infrastructure and energy sectors. The year that followed proved to be more challenging. ‘2023 was not the year for M&A,’ says Paula Gomes Freire, managing partner of VdA. Continue reading “Euro Elite 2024: Iberia – Out the other side”