In an increasingly tumultuous market, the Nordic region has thus far remained resilient to pressures; as the Covid-19 pandemic begins to abate, new stressors, such as the war in Ukraine and global economic downturn are starting to affect investment and deal flow across Norway, Sweden, Denmark and Finland. With the countries’ proximity to Russia, and Finland and Sweden in the process of joining Nato, the political and economic situation doesn’t look like settling down anytime soon.
In Norway, Thommessen’s Sverre Tyrhaug states that despite the vicissitudes of global market forces and a drop in capital markets work, 2022 ‘turned out surprisingly well, we were busy and up in terms of turnover’. With regards to sectors, as with most countries in Europe, Norway is looking to increase energy security and Thommessen has seen an increase in renewables, as well as oil and gas, and hydrogen projects. As for 2023, Tyrhaug remains optimistic: ‘Lots of clients will put cost-cutting high on the agenda, especially due to increasing inflation. However, it will not necessarily be a bad year for lawyers; we expect consolidation in the tech, energy and renewables sector and a lot of M&A and distressed M&A work.’ Norway remains a stable legal market with indigenous, independent firms taking up the bulk of high-profile work. Continue reading “Euro Elite 2023: Nordics – New challenges”
The Nordic legal market had a good pandemic, using the time to advise clients on the many challenges of lockdowns and to prepare for major societal and technological changes. Downtime, in many cases, was also a good opportunity to plan for what was to become a boom year in 2021.
Unlike much of Europe, the region is not home to many international law firms, with DLA Piper the most often-cited exception to that rule, while others operate small satellite offices or advise via local affiliates. In Norway, law firms must be run by Norwegian citizens. Continue reading “Nordics focus: High-value and strong values”
Much like the rest of the world, the Nordic market couldn’t escape the consequences of the coronavirus pandemic. However, the virus seemingly kept the Nordics in its periphery, while the rest of Europe felt the brunt of the impact. Average GDP across Norway, Sweden and Denmark in 2020 fell by roughly 3% (the wider EU GDP fell by 6.1%) with the biggest impact, unsurprisingly, on the tourism industry (Iceland, a nation heavily reliant on its tourism, saw a GDP drop of 6.6%). However, the predictions for 2021 show GDP growth across all three of the main Nordic countries, with 3.7%, 3.4% and 3% growth predicted respectively.
‘The Nordics have suffered less than many other European countries in the course of the pandemic,’ states Roschier’s managing partner Mikko Manner in Finland. ‘It has been forecast that during the second quarter of 2021, most restrictions will be eased due to vaccinations, and the Nordic economies will be able to start a swift recovery, with economic activity reaching pre-crisis levels later this year.’ Continue reading “Nordics: Northern Lights”
As Finnish firm Roschier hires yet another partner in Stockholm, Legal Business reports on how world events and regional rivalries have transformed the approach and strategies of the Nordic legal profession
Rivalries are rarely more intense than the enmity between the Finland and Sweden ice hockey sides. Sweden took the plaudits in the recent Winter Olympics with a straightforward 3-0 win, but when it comes to legal market superiority, the Finnish have clearly roughed up the Swedes.
Continue reading “Nordic rivals”