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Euro Elite Switzerland: Like clockwork

When the world went into lockdown in March/April 2020, everyone expected the worst for the economy. While it is safe to say that some countries struggled more than others, Switzerland conquered the crisis and even exceeded pre-Covid activity in some areas.

As one of the wealthiest countries in the world, Switzerland’s GDP has been on a steady increase and almost tripled in the last 20 years. Projections also show significant growth from 2020 to 2021, stressing the fact that the pandemic had little to no impact on the Swiss economy. This was also witnessed by Thierry Calame, the new managing partner at Lenz & Staehelin: ‘The pandemic continued to be the largest challenge this year. However, thanks to the robust Swiss economy there has not been any economic downturn in 2021, but rather a significant recovery.’ Continue reading “Euro Elite Switzerland: Like clockwork”

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Caribbean Offshore Report: The vital signs

Driven by different dynamics, the Cayman Islands, the British Virgin Islands (BVI) and Bermuda have each experienced their own problems in the Covid era – much like the rest of the world – but collectively and individually these sophisticated legal jurisdictions have continued to fare well. Driven by experienced and talented lawyers, strong commercial nous and a well-honed judicial system, the leading global players in the Caribbean can take whatever is thrown at them.

As all jurisdictions were forced to adapt quickly to the coronavirus pandemic, the Caribbean was no exception, with working from home and reduced contact due to social distancing swiftly becoming the norm. The climate has not been without its challenges as multiple lockdowns forced local businesses to suffer and caused substantial disruption to many in the hospitality sector. Indeed, the region’s once-thriving tourism industry continues to stall as travel levels remain low compared to pre-pandemic times – an inevitable blow for Bermuda, the BVI and Cayman – given their significant reliance on international cash injections into the local economy. Continue reading “Caribbean Offshore Report: The vital signs”

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UK Offshore report: Keeping a weather eye

In our 2021 offshore report, law firm pundits placed their bets on the market drivers they predicted would define the coming year. Notwithstanding some unsurprising volatility, the outlook has proved far brighter than many had dared to hope.

‘There was a sense that revenues were going to drop last year, the courts were going to close and strategic decisions would go on hold’, says Jason Romer, group managing partner of Collas Crill, ‘but that never happened. Revenues have continued to increase, the costs are down and we continue to get busier.’ Continue reading “UK Offshore report: Keeping a weather eye”

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Euro Elite Methodology

Legal Business’ Euro Elite comprises independent law firms based in more than 40 European jurisdictions, rather than branches of international firms or Vereins.

To compile the 100 firms featured in this report, we used a scoring system based on the rankings of firms in the 2021 edition of The Legal 500 EMEA. Points were allocated for firms ranked in tiers 1-3 in tables featured in the guide. Top-tier rankings earned three points, second tier two and third one point. Continue reading “Euro Elite Methodology”

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Sponsored briefing: Succession planning in Poland

Piotr Augustyniak of PATH Law examines the increased popularity of private foundations in family-owned business succession planning

Family-owned companies generate 18% of the GDP of Poland. There are more than 800k family-owned businesses in Poland. Currently founders face the problem of the succession. In the following five years new generations should take over approximately 60% of these companies. However, only 8% of successors declare the will to run the businesses. It has been some time since Polish entrepreneurs decided to use the concept of the private foundation as the tool of the efficient succession planning. Unfortunately, for many years, due to very convenient tax regimes of these vehicles, the tax authorities in Poland treated private foundations as part of aggressive tax planning schemes. The most popular jurisdictions among Polish entrepreneurs are Liechtenstein, Malta and The Netherlands. Continue reading “Sponsored briefing: Succession planning in Poland”

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Sponsored briefing: How the Climate Law may change the Portuguese economy

Recently, Portugal took another important step to consolidate its commitment to fighting climate change, previously made in the Paris Agreement, by the publication on 31 December 2021 of the new Framework Law on the Climate (Law 98/2021 of 31 December), which establishes the guiding principles of climate policy and governance. It also introduces targets and provides for mechanisms to combat climate change, to decarbonise the economy and to achieve sustainable development.

The Framework Law on the Climate is a comprehensive and programme-based law that focuses on various sectors, including the energy industry, construction, agriculture and fisheries. It also addresses financial assets and green taxation. The assumption of an integrated vision of the different sectors of the economy as a fundamental vector to mitigate and adapt to climate change is the realisation of one of the structuring principles of public policy on the environment – the principle of transversality and integration. Continue reading “Sponsored briefing: How the Climate Law may change the Portuguese economy”

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Sponsored practice area spotlight: Insolvency and restructuring: Combining unique skills to achieve a successful outcome

Prager Dreifuss

Insolvency and restructuring proceedings are intricate and complex. Practitioners must be able to combine legal knowledge, in particular in the areas of litigation, finance and transactions, with strategic, tactical and managerial skills to deliver positive results.

PRAGER DREIFUSS has extensive experience and a longstanding tradition in insolvency and restructuring matters. In the wake of the financial crisis, we combined our finance and bankruptcy knowledge which enabled us to assist in complex project financing, also lately in a major multinational commodity project. Our attorneys regularly represent creditors, some of which are banks, hedge funds or other financial institutions, in large national and international insolvency and restructuring proceedings, whether in registering or purchasing claims or in enforcing disputed claims vis-à-vis bankruptcy administrators and before courts. Assisting clients in the recognition and enforcement of foreign judgments in Switzerland and abroad is a key feature of our daily practice. Frequently and increasingly, we are retained by creditors in enforcing claims (awards, bonds) against sovereigns. Continue reading “Sponsored practice area spotlight: Insolvency and restructuring: Combining unique skills to achieve a successful outcome”

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Herbert Smith Freehills: Between two peaks

London. A bitingly cold day at the end of January and Legal Business ventures out on a novel expedition to Liverpool Street. An enforced pandemic-induced break from office-dwelling has made deciphering which of Exchange House’s two entrances will gain us access to the Herbert Smith Freehills (HSF) offices a little more challenging than it should have been.

Luckily it’s not just us. Ironically, Justin D’Agostino, HSF’s chief executive, encounters the same quandary. This is his first in-person meeting since taking the top job in May 2020. It is also his first day in London for nigh on two years. Continue reading “Herbert Smith Freehills: Between two peaks”

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Sponsored briefing: Why good directory submissions matter

Maltin PR

For any lawyer or law firm of note, being listed by The Legal 500 and Chambers & Partners directories is a must: it serves to underline their status and validate their expertise. Clients are reassured that they are being legally advised by someone who is independently judged to be among the leaders in their field. Listings confirm market credibility, support the recruitment of talent and potentially attract new business. Every lawyer in every law firm knows this – or at least they should.

For law firm marketeers, the directory process is a critical part of their annual cycle. Compiling information and submitting directory entries is challenging and time-consuming. Some firms find themselves with thousands of pages of information to prepare, present and submit – in the correct format and according to directory deadlines and criteria. Continue reading “Sponsored briefing: Why good directory submissions matter”

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Stephenson Harwood re-elects Foord for fourth senior partner term

Roland Foord’s long-standing tenure as senior partner of Stephenson Harwood has been extended with his election to a fourth two-year term, starting 1 May 2022.

Foord’s re-election will push his leadership stint to well over a decade, having initially been appointed senior partner after he stood uncontested in 2012. A firm stalwart, Foord joined Stephenson Harwood’s litigation team in 1985 before being made up to partner in 1989. At the time of his first election, Foord also led the firm’s professional services and art law teams.

Continue reading “Stephenson Harwood re-elects Foord for fourth senior partner term”

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Revolving doors: Mayer Brown lures White & Case’s funds chief as A&O continues its US expansion

Mayer Brown has bolstered its London corporate and securities team with the addition of White & Case’s head of funds and investment management, Matthew Griffin.

Griffin acts for sponsors, institutional investors and sovereign wealth funds on fund formations and fund investments and his appointment marks the firm’s push globally to strengthen its PE team. Continue reading “Revolving doors: Mayer Brown lures White & Case’s funds chief as A&O continues its US expansion”

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Hogan Lovells hails ‘record’ financial results as revenues and profits soar

In what it calls the ‘most successful year in the firm’s history’, Hogan Lovells has added $300m to its top line as revenue increased 13% from $2.3bn to $2.6bn.

It posted an even more striking profit result, with PEP shooting upwards 26% from $2m to $2.5m. Revenue per lawyer also saw a healthy 17% increase from $884,000 to just over $1m. Continue reading “Hogan Lovells hails ‘record’ financial results as revenues and profits soar”

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Rocketing revenues at White & Case as London sees another double-digit boost

Oliver Brettle

Ensuring that last year’s striking financial performance was no fluke, White & Case has unveiled another set of enviable results as 2021 global revenue jumped 20% from $2.4bn to $2.87bn.

London partner and executive committee member Oliver Brettle (pictured) told Legal Business that the firm’s global revenues had grown by 76% in five years, and that the latest increase marked White & Case’s largest annual jump in 25 years. Continue reading “Rocketing revenues at White & Case as London sees another double-digit boost”

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Happy 200th birthday: Ashurst chief Jenkins re-appointed for four-year term

Paul Jenkins

In an emphatic endorsement of five years’ sustained revenue growth, Ashurst global chief executive Paul Jenkins has been reinstated for a further four-year term from 1 November 2022.

Having originally been elected CEO in 2016, Jenkins has successfully guided Ashurst through a tricky post-merger period, with revenues far exceeding expectations. Turnover stuttered in the years immediately following Ashurst’s 2013 merger with Australian firm Blake Dawson, but over the course of Jenkins’ tenure the firm’s revenue has jumped by 40% with an average annual growth rate of over 7%. Continue reading “Happy 200th birthday: Ashurst chief Jenkins re-appointed for four-year term”

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Revolving doors: one in one out for Hogan Lovells as transactional hiring spree continues

The fight to bolster transactional teams globally rattles on in the latest round of partner recruitment.

Shearman & Sterling is expanding its London M&A team with the addition of corporate finance partner Maegen Morrison. Morrison joins from Hogan Lovells and has a broad practice covering public and private M&A and capital markets transactions. Continue reading “Revolving doors: one in one out for Hogan Lovells as transactional hiring spree continues”

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Revolving doors: Major restructuring hire for Bakers while former SFO chief Green QC leaves Slaughters

City of London

In the latest round of lateral partner recruitment, Baker McKenzie has appointed a leading restructuring and insolvency partner in London.

Sarah Smith, who joins the firm from Dechert, will be tasked with expanding Baker’s restructuring and insolvency practice in London, EMEA and beyond. She has a broad finance practice focusing mainly on financial restructuring, as well as securitisation and financial services regulatory advice and the impact of bank capital requirements on the structuring of financing transactions. Continue reading “Revolving doors: Major restructuring hire for Bakers while former SFO chief Green QC leaves Slaughters”