PwC Legal has expanded its German legal team with the hire of Mayer Brown banking and finance partner Jorg Wulfken in Frankfurt as the firm looks to build a ‘sizeable’ financial services offering outside of the US.
Wulfken is set to join the firm in early July and will lead the firm’s nationwide practice group for banking, insurance and investment. He joined Mayer Brown from Clifford Chance in 2002 and went on to serve in management, including as managing partner of the firm’s German offices and sitting on its Asian board.
Recommended by The Legal 500, Wulfken is experienced in representing arrangers, issuers, lenders, funds and the German Government in finance deals, M&A, and securitisations. Major mandates include advising on Lone Star’s €3.6bn non-performing loan (NPL) purchase from Hypo Real Estate and Eurohypo’s NPL joint venture with Citigroup. He also represented the State of Lower Austria on the securitization of a €2.6bn housing loan portfolio, one of the first securitisation transactions in Austria.
Currently housing a near 20-strong lawyer headcount in its German operations, this latest hire is indicative of the firm’s international growth strategy. Speaking to Legal Business, PwC global banking & capital markets tax head, Hans-Ulrich Lauermann, said: ‘This hire is part of our global strategy to build a sizeable financial services legal network outside the US. We have already quite a few hire calibre hires on board including in Australia, Spain and France. Germany was next on the list – we want to push our law firm forward and enhance our capabilities in financial services.’
He added: ‘We want to grow steadily and get to a size of seven to eight partners over the next four years.’
Last year it made investments in its UK offering with the hire of Addleshaw Goddard partner, Neal Shepherd, to spearhead regional growth, particularly in the North of England, as well as McDermott Will & Emery partner Mark Crofskey who now leads the M&A team in London, and Fieldfisher partner Stewart Room to its cyber security practice.