Black General Counsel 2025 – An Initiative for Change

In 2017, it started out as a challenge put forward by Ernest Tuckett, who [at the time was general counsel for the Americas region of a chemical company] is currently vice president and general counsel of Verisign, to his colleagues in the Black general counsel community. The goal was simple – increase the number of Black general counsel and chief legal officers in large corporations with the initial goal of increasing the number in Fortune 1000 companies from 38 to 50 by the year 2020, and from 50 to 100 by the year 2025. Aiming for an incremental increase to 5% and 10% Black representation in the most senior corporate legal roles in under ten years may sound like a modest target but, as Tuckett and his colleagues found out, in a profession like law even modest change can be hard to come by.

To gather momentum behind his initiative, in 2018 Tuckett teamed up with April Miller Boise, currently executive vice president and chief legal officer at Eaton Corp. Together they co-founded the Black General Counsel 2025 Initiative (BGC 2025), which has an advisory council of over 20 leading Black general counsel and corporate counsel leaders aiming to help high-quality Black in-house lawyers make the move into leadership positions.

In 2020, the murder of George Floyd – and the protests that followed – brought the lack of boardroom diversity into sharp focus. It was, says BGC 2025 member Phyllis Harris, who is also general counsel, chief compliance, ethics and government relations officer at the American Red Cross, a tragedy that forced corporations to acknowledge their responsibilities to Black communities.

‘Unfortunately, sometimes it takes an action-forcing event for people to understand why we need to bring a full diverse spectrum of people into our organizations’, ‘It was a wakeup call for companies to ensure they have equitable policies and practices,’

Seeking to turn tragedy into action, BGC 2025 has already built up a formidable steering committee. GC hears from some of its leading figures on how they creating a network to lift diverse talent and why improving retention, culture and the pipeline are crucial to creating lasting change.

Where it starts

For any underrepresented group, visibility is essential. For BGC 2025, drawing attention to Black leaders in the legal profession and across the C-suite is itself an important political intervention. However, says BGC 2025 co-founder Ernest Tuckett, to bring about real and lasting change the in-house profession needs to provide a pipeline for up-and-coming diverse attorneys.

‘I believe this initiative will inspire more lawyers coming up the ranks to consider becoming a general counsel. From the initiative they can get a realistic roadmap of how to get there and understand the various paths GCs have taken to reach that level,’ says Tuckett.

There is no one path for lawyers to become GCs, instead there are a variety of identifiable and definable skills and experiences that will make people better candidates. We have identified those skills in our programme. We have created a community to build a stronger pipeline.’

Specifically, the BGC 2025 initiative provides a platform for diverse attorneys who are leaders in their own right to connect with more established and senior leaders in corporate America, including current and former Fortune 1000 GCs and board directors.

To bring about real and lasting change, the in-house profession needs to provide a pipeline for up-and-coming diverse attorneys.

The plan as set forth by the group is to: identify all current and former Black GCs in Fortune 1000 companies; create an ‘Ideal Core Criteria’ to be a successful GC; use that criteria to identify “ready now” Black GC candidates; and then connect those candidates with mentors, opportunities and recruiters.

“At the same time, we started reaching out to the community for people to self-identify that they were ‘ready now’ for a general counsel role at a Fortune 1000 or equivalent company, based on the criteria on our website (www.blackgc2025.com). As a result, we have over 40 “ready now” Black lawyers in our cohort,” says Tuckett.

To prepare these lawyers for general counsel opportunities, the cohort participated in training sessions and received mentoring from Fortune 500 general counsel, board directors, executive coaches, executive recruiters and other prominent business leaders.

Through the pipeline

Within the legal profession, just getting a foot in the door can be challenging for minorities. To become general counsel – let alone at a Fortune 1000 company – requires not only an elite education and decades of experience, but often also a strong peer and mentor network to draw on for advice and support. Addressing the wider and systemic issues that can hold back minority candidates is a long process, but, says Keir Gumbs, chief legal officer at Broadridge Financial Solutions, organisations can do more to help attorneys get on the career ladder.

‘Many organizations talk about the challenges they face with respect to the pipeline, and that is not limited to law,’ But there is a counter narrative with respect to the common pipeline – opportunity is not distributed evenly, but talent is. There are people with all kinds of backgrounds that have tremendous talent and potential, but they do not necessarily get the chance to show or develop it.’

In order to change the diversity at c-suit the pipeline to the top for diverse talent needs to strengthen. This has been a primary goal for the Black General Counsel 2025 initiative since its inception.

‘The initiative is really about identifying diverse talent to the recruiters because a lot of companies hiring often say that they do not know how to find diverse talent. Well, diverse networks are a way to find diverse talent. Sometimes you have to spoon feed the people searching for diverse talent,’ adds Tuckett.

‘There is a huge pool of diverse lawyers, and it has been very pleasing to find so much rich Black leadership talent in the profession. It proves the point that when you go looking for diverse talent specifically, you will find it.’

To become general counsel – let alone at a Fortune 1000 company – requires not only an elite education and decades of experience, but often also a strong peer and mentor network to draw on for advice and support.

But fostering this talent and enabling them to be in the mix for executive level jobs consistently requires a lot of intentional effort. Networks focused on bringing opportunities to candidates are pivotal to bridging the pipeline gap.

‘Networks are the only way that I personally believe things really happen,’ says Tuckett.

‘Especially at the executive level, the knowledge of a job vacancy is usually only known by the company and the recruiter. The recruiter will start calling top level general counsel who they know to see they are interested or if they will recommend someone for a position.’

‘So, if we focus on the current and former Black general counsel as a key cog in that network – as well as other general counsel allies who are not Black – we can ask them to feed the knowledge of GC opportunities back into our network.’

Building a community that promotes pathways for diverse lawyers is not only about making diverse talent accessible, it is also about making them visible. The BGC 2025 initiative, along with other minority groups such as the Hispanic National Bar Association (HNBA) and National Asian Pacific Bar Association (NAPABA) also utilise networks to build pipelines and improve visibility.

Gain and retain

Yet, to see more diversity within the c-suit recruitment is only half the challenge. Being able to retain a diverse workforce is equally if not more important.

‘You can hire as many people as you want to hire, but if you cannot keep them, it is a wasted cycle,’ explains Gail Myers, executive vice president, chief people officer and secretary at Denny’s.

‘Retention is a big deal from my perspective. Good retention prevents companies from going  through a cycle of hiring and reinvesting multiple times to fill a single role.’

Also as a member of the BGC 2025 initiative, Myers admits when it comes to raising the number of Black GCs in Fortune 1000 companies, action is required from organisations to make minority groups feel more included.

‘What is missing from the retention equation is the feeling of belonging. Unless you are purposeful about making sure everyone feels like they belong, you are going to lose people as they move up the ranks,’ says Myers.

A sense of belonging can also be fostered by visible role models. Seeing lawyers from diverse backgrounds in leadership positions signals to young attorneys that this law firm or this company is accepting of diverse talent.

‘Many people of color who I know gravitate to a workplace where there are others who look like them – especially in leadership positions,’ explains Tuckett.

‘Mentors will show you where the door is, but sponsors will open that door and turn on the light when you walk in.’

‘There is a sense of belonging and inclusion because if an attorney sees a leader that looks like them, they think it’s possible to move up at that company. If someone who looks like me can get promoted here, then maybe I can, too.’

For Lisa LeCointe-Cephas senior vice president, chief ethics and compliance officer at Merck Sharp & Dohme Corp, networking has been instrumental to moving up the corporate ladder.

‘I would not be where I am today without networking. Mentors as well as sponsors are so important. Mentors and sponsors are different, and both required. Mentors will show you where the door is, but sponsors will open that door and turn on the light when you walk in,’ says LeCointe-Cephas.

‘It is really important for people of colour and underrepresented ethnic groups to have a strong sponsor who is going to walk into that room when you are not there and put your name forward for leadership positions.’

Cultivating culture

Part of retaining diverse talent is creating an inclusive company culture that ensures minority hires have access to the same opportunities as the majority.

‘The environment and culture of an organization is critical. No matter how good an organisation is on paper, no matter how good their business model is, at the end of the day businesses rise and fall with culture,’ says Keir Gumbs.

As former vice president and deputy general counsel at Uber Technologies Gumbs has witnessed first hand what a welcoming and inclusive environment can mean for diverse talent.

‘Uber made it a point to make sure that diversity was core to all conversations, all activities. It really can make a big difference in making people feel welcome and in inspiring employees within the organization to grow,’ he says.

Although culture can trickle down from the top, it is also a key component for companies to consider during the hiring process.

Carlos Brown, senior vice president and chief compliance officer at Dominion Energy believes it is important to cast a wider net and to consider more than just work experience when building a team.

‘I have been in an organization that only recruits for expertise. But what that company then demonstrated is that you can have someone in a certain practice area of 20 years that, has subject matter expertise but no leadership skills that your company can benefit from,’ explains Brown.

‘But when you are building organisational culture attitude, aspirations and values of the individuals you are bringing into a company are just as important as their knowledge and skillset.’

Therefore if a job spec can be expanded to include more than just expertise, the result will be a more diverse pool of candidates.

‘What I have done is ask what is really required,’ says Brown.

Qualifications are important, but finding the right candidate that fits the company culture is also crucial.

‘The idea that you have to be super narrow with specific experience actually discourages increasing diversity. When the job criteria is edited to include leadership and initiative, all of a sudden you will have a different pool of candidates. It is important to remember just because someone has been working in the same area of law for 20 years, does not mean they are always the right person for the organisation.’

Qualifications are important, but finding the right candidate that fits the company culture is also crucial.

The diversity bonus

The BGC 2025 members not only push for diversity within their own teams and companies, but also from the firms they choose to work with.

‘It is very important for us (general counsel) inside companies to hold outside counsel accountable by providing financial incentives,’ says Gumps.

‘When I was in private practice we had a client that imposed benchmarks for diversity. If these benchmarks were not met a portion of our compensation would be withheld. Think of it as a diversity bonus. In that instance, it was not surprising that the teams servicing that client were the most diverse teams in the firm. Diversity mattered because it mattered financially.’

Attaching a financial incentive signals to law firms that diversity within their teams should be a priority believes LeCointe-Cephas: ‘When we bring in outside counsel to work on an investigation it is important to us that we see women, and underrepresented ethic groups as well as LGBTQ persons. I also want to see that they have substantial roles and responsibilities as well.’

Even though there is no business case for homogeneity, law firms sometimes need a reminder of that fact. ‘A financial incentive is sometimes helpful in expedited the process,’ says LeCointe-Cephas.

Wanji Walcott, executive vice president, chief legal officer and general counsel at Discover Financial Services agrees that in-house counsel have a responsibility to push for more diversity in law firms.

‘I always felt like it was my responsibility as in-house counsel to have an impact on law firms. What I am seeing post George Floyd is that it is still my duty because it is an area within which I can make an impact. I feel like we are moving in the right direction. There is so much more accountability and purpose now, ’ says Walcott.

Even so, members of the Black General Counsel 2025 initiative strongly believe that hiring and promoting lawyers for diversity is not about meeting a corporate checklist. There are real economic benefits when companies are intentional about who they hire.

‘Diversity is about enabling your company to make better decisions. People bring different viewpoints. The conversation will always be different when the team having that discussion is diverse,’ says Gumps.

Equally important is ensuring that when lawyers from diverse backgrounds are given a seat at the table their voices are heard.

2020 was a turbulent year, however those still fighting towards equality have not wavered in the face of adversity.

‘What you want to be doing is fostering an environment in which people can voice their concerns and feel like they have been heard,’ shares Rick Sinkfield, chief legal officer at Laureate Education Inc.

‘I believe having different types of people in your company leads to more creative and innovative ways to stay ahead of the market. You are going to be thinking about your products or services from a perspective that is reflective of the wider community,’ he says.

Better than when we started

Even though Black America has made a lot of progress, it is evident that more still needs to be done to boost representation in corporate leadership. As a result, the Black General Counsel 2025 Initiative aims to elevate Black GC talent by providing visibility and a chance to be considered for GC opportunities to those who seek to move up the corporate ladder.

‘We need to work hard at creating a level playing field for the future,’ says Tuckett.

‘I still think there is a lack of intentional direct effort to find and hire diverse talent into leadership roles. In my experience, I have encountered a mindset among many that if they do not discriminate that is enough. That is great start. I believe there are also unconscious biases in human beings as well as institutional obstacles that need to be overcome in the hiring process.’

The easiest way of overcoming unconscious bias is to intentionally include people who would not otherwise be traditionally included. This requires deliberate effort for both companies and law firms.

2020 was a turbulent year, however those still fighting towards equality have not wavered in the face of adversity. The Black General Counsel 2025 initiative and its network of members believe it is important to sustain momentum and keep moving forward.

‘I am quite optimistic that we will get to a place where the boardrooms and C-suits across the country look more similar to the communities that companies are supporting and servicing,’ says Gumps.

‘I do not think progress is going to be linear. With all things that are hard there are going to be many ups and downs. But I do believe we will get there, it is just going to take time.’

For the time being Tuckett admits working towards the goal of seeing 10% Black general counsel in Fortune 1000 companies by 2025 is going to require a lot of work.

‘This is an ambitious goal and in my view it is going to take a lot of effort from the Black general counsel who are currently seated in GC positions. They will be the ones who will get the phone calls available GC about opportunities.’

Although progress may at times feel slow, the conversations around building an inclusive, diverse and equitable legal profession continues to push the movement forward.

Foreword: We Need to Talk About Race

The 2020 racial reckoning ignited a conversation at Weil, like many organizations, about justice and equity. To meet that watershed moment, we had to come together to catalyze meaningful change in society, the legal profession, and also within the Firm. In this moment, Weil’s Diversity Committee developed a mission statement with a special focus on our Black Attorneys and Staff, and reviewed over 175 ideas to develop an action plan.

As Co-Chair of the Diversity Committee, my primary goal for Weil’s Black attorneys is to help to make them successful. By “successful,” I mean continuing to foster a workplace culture conducive to their success, and continuing to focus the Firm’s efforts at recruiting, retaining and advancing attorneys of color, particularly our Black lawyers. Moreover, “success” means ensuring that our Black attorneys not only have the opportunities to excel, but that they get the specific skillset and training to take their practice to the next level, whether at Weil or elsewhere.

Leadership and Accountability: Two advisory boards were formed, one comprised of Black partners and the other of Black counsel and associates, to work with Executive Partner Barry Wolf. Each board meets with Barry Wolf, the Firm’s Executive Partner, monthly to advise on a range of issues of importance to the Firm, including but not limited to diversity-related topics.

In addition, we enhanced multiple accountability mechanisms to foster greater partner engagement, including new questions on the annual partner report card and upward review surveys for counsel and partners and an additional scoring element focused on Black attorney representation on Leadership Diversity scorecards.

Career and Leadership Development: BLAST (Black Lawyers Achieving Success Together) is a new initiative investing in the Firm’s Black talent. The BLAST program for senior Black attorneys features Management Committee Sponsors, individualized business plans, executive coaches, and group leadership sessions. Mid-level and junior Black associates participate in level-specific monthly sessions facilitated by external leadership experts. The partner mentors of Black associates participated in a pilot program to strengthen mentoring across different skill sets. In addition, we developed Jumpstart – a resource for new and lateral Black associates which pairs a Black partner with an associate upon joining to support their transition to the Firm.

Diversity Education: To raise awareness to the systemic nature of racism across broader society, we held over 30 programs as part of a Racial Justice series, addressing the impact of racism in many facets of society – ranging from health care to the criminal legal system, with thought-provoking speakers such as Professors Ibram X. Kendi and Kimberlee Crenshaw. Furthermore, we devoted both our 10th annual mandatory diversity education program and our biennial Diversity Month programming to being actively antiracist, and also highlighted the intersectional dynamics of racism, including with disability and gender identity.

Nearly two years later, we are reflecting both on our results and where attention is still needed. We now have 9 Black partners in 6 different practice areas and resident in 5 offices globally. Since 2020, we’ve also increased our Black senior associate ranks from 2% to 7% which establishes a foundation for future growth.

In the words of Barry Wolf: “While the issues we grapple with as a nation are not new, the collective energy towards change we have witnessed as a community signals a cautious hope for a better future.” I am proud that through the sustained commitment and intentional investments of the Firm – at all levels – we are making meaningful change. We invite you to join us on this journey to collectively address racial justice in our profession.

Adé Heyliger,
Partner and Co-Chair Diversity Committee,
Weil, Gotshal & Manges LLP

The Client Profile: Jelena Madir, Gavi, the Vaccine Alliance

Jelena Madir’s career to date has been defined by two crises. The 2008 financial crash saw her out of a job and forced to look beyond private practice for gainful employment. Fast forward just over a decade, and the Covid-19 pandemic has spawned the work which she credits as the highlight of her career, and for which the Gavi legal team she leads won the Most Transformative In-House Team gong at the 2022 Legal Business Awards.

A globetrotting career, which has so far spanned two continents and five countries, began in the US. Despite having studied government and Asian studies with Chinese as an undergraduate, Madir insists: ‘I always knew I wanted to be a commercial or corporate lawyer.’
Continue reading “The Client Profile: Jelena Madir, Gavi, the Vaccine Alliance”

Sponsored briefing: Guidance on Dutch corporate income tax treatment of payments of premiums and pay-outs under W&I insurances

On 18 October 2022, the Dutch Secretary of State of Finance published a formal decree in relation to the Dutch corporate income tax treatment of payments of premiums and pay-outs under Warranty and Indemnity insurances (the W&I insurances). This decree includes the view of the Participation Exemption Knowledge Group of the Dutch tax authorities (the Knowledge Group) in relation to the Dutch corporate income tax treatment of W&I insurances. As W&I insurances are frequently used in M&A transactions, this tax development is relevant for the deal practice.

W&I insurances

Both warranties and tax indemnities play an important role in M&A transactions. By including warranties in the sale and purchase agreement, the buyer aims to get a clear view on the key characteristics and (potential) issues of the target by way of disclosure of information. Next to the warranties, the tax indemnity caters for a proper coverage of any tax liability in respect of any event occurring on or before the transaction date. In order to cover losses arising from a breach of a warranty and claims under a tax indemnity parties can enter into W&I insurances. These W&I insurances have gained popularity in recent years. Continue reading “Sponsored briefing: Guidance on Dutch corporate income tax treatment of payments of premiums and pay-outs under W&I insurances”

Life During Law: Nick Vamos

Did I always want to be a lawyer? No. I didn’t think I wanted to sit behind a desk, so that hasn’t really worked out. I thought I might want to do something outdoors, and that hasn’t worked out either. I wasn’t one of these people that knows from the age of two that they’re going to be a forensic pathologist or a marine biologist. When I was at school and then university, my parents were very supportive and said: ‘You don’t need to decide on a career now. You don’t have to have a grand plan.’

I didn’t read law at university. I read philosophy at Trinity College, Cambridge. Partly because it was the degree subject I was most interested in and partly because I didn’t want to study any of my school subjects any further. I converted to law a few years later. I think if I’d studied law at university for three years, I might not have become a lawyer. Continue reading “Life During Law: Nick Vamos”

Shearman and Hogan Lovells – better the devil you don’t

This comment piece has been updated to reflect an announcement late on Thursday (2 March) that merger talks between Shearman & Sterling and Hogan Lovells have been called off. In a joint statement, the firms said: ‘As has been widely reported, our firms have been in preliminary and exploratory conversations regarding a possible combination. After careful consideration, we have mutually agreed that a combination at this time is not in the best interest of either firm. We have been deeply impressed with each other’s business, practices and people and wish each other continued success.’

It’s funny how the market gets about law firm mergers. Ringing around various senior lawyers for a hot take on what they thought of a Shearman & Sterling and Hogan Lovells tie-up, most were pretty scathing.

‘A merger of losers’ and ‘a combination of mediocre and mediocre’ were just two pejorative remarks being flung around the Square Mile. Few were kind. Now that the dust has settled on the idea, and I hold my hand up to playing devil’s advocate on this one, these initial reactions strike me as a little churlish. Continue reading “Shearman and Hogan Lovells – better the devil you don’t”

Stopping the bleeding at Travers will require hard-won loyalty and a pay overhaul

Looking at the recent wave of departures from Travers Smith brings to mind fears expressed by peers when we last did a major analysis of the firm back in 2019.

Four years ago, harbingers of doom were quick to jump on the perceived threat to such a UK-centric firm amid Britain’s exit from the European Union. Noted one corporate partner at a US firm at the time: ‘If profit starts to fall post-Brexit, what do you do with Paul Dolman? If Paul left, it would be a killer blow. He is talismanic.’ Continue reading “Stopping the bleeding at Travers will require hard-won loyalty and a pay overhaul”

Shearman and Travers hit with losses as recruitment turns to restructuring and leveraged finance

Jason Glover

Ongoing talk of a merger with Hogan Lovells has prompted an exodus from Shearman & Sterling, with the departure of EMEA and Asia M&A head Philip Cheveley to Sidley Austin one of the headline moves in the London market in recent weeks.

The blow to Shearman will be even more keenly felt since the move represents a reversal for one of its stated ambitions to focus on corporate, and because Cheveley only joined from Travers Smith less than two years ago, in March 2021. Continue reading “Shearman and Travers hit with losses as recruitment turns to restructuring and leveraged finance”

‘It will be important whatever happens’: Pallas Partners represents ClientEarth in climate action against Shell’s board

In what the client has billed ‘the first case of its kind seeking to hold corporate directors personally liable’, Pallas Partners is representing ClientEarth pro bono in its case against Shell’s board of directors for ‘mismanaging climate risk’.

After nearly a year of pre-action proceedings, Pallas Partners has filed a derivative action against the energy giant for what its client says is a failure to adopt a business strategy that will mitigate its exposure to climate risk. Continue reading “‘It will be important whatever happens’: Pallas Partners represents ClientEarth in climate action against Shell’s board”

Overview – Elite Level: annual Euro Elite report finds the continent’s leading independents still in a bullish mood

Our annual Euro Elite survey finds the 100 leading firms across more than 40 jurisdictions still in a strong position, despite a potentially bleak outlook for 2023.

According to the European Central Bank, economic growth slowed considerably in the third quarter of 2022, as strong effects from the post-pandemic reopening and easing supply chain disruptions were tempered by lower consumer confidence and high inflation. This high inflation, uncertainty and weak consumer and business confidence is predicted to slow economic growth from 3.4% in 2022 to 0.5% in 2023. But, as energy markets rebalance, supply bottlenecks resolve and foreign demand strengthens, growth is expected to recover to 1.9% in 2024 and 1.8% in 2025. Continue reading “Overview – Elite Level: annual Euro Elite report finds the continent’s leading independents still in a bullish mood”

Euro Elite 2023: 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 2022 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 2023: Methodology”

Caribbean Offshore Report: Light behind the cloud

While 2022 began with renewed hope as the world began to bounce back after two unprecedented years of upheaval, it took just a few short weeks for that bubble to burst, with Russia’s invasion of Ukraine shaking the markets and raising the spectre of a global recession.

However, law firms throughout the Cayman Islands (Cayman), the British Virgin Islands (BVI) and Bermuda have risen to the challenge, enjoying a year of growth and landmark transactions. Continue reading “Caribbean Offshore Report: Light behind the cloud”

UK Offshore Report: Weatherproof

In our 2022 offshore feature, firm leaders were relatively sanguine when scanning the horizon for the upcoming year’s challenges. Having ridden out almost two years of Covid-19 lockdowns, global economies – with the notable exception of China – had largely reopened, including the Crown Dependencies themselves, which had ended travel restrictions at the same time as their key clients in London.

Then, almost to the day, as readers removed the cellophane from their copies of the January/February 2022 issue of Legal Business, Russia invaded Ukraine – and the world’s economic prospects changed immeasurably. However, as material as these challenges undoubtedly are, they have yet to fully arrive on the desks of the lawyers of Jersey, Guernsey and the Isle of Man. Continue reading “UK Offshore Report: Weatherproof”

The M&A debate: Wrestling the bear – negotiating deals in the current market

Marion Petit, Jefferies

Nathalie Tidman, Legal Business: Is it an oversimplification to say that inflationary pressure, if it eases, will kick-start M&A again?

Eric Knai, Eversheds Sutherland: We have been having a lot of discussions with our clients but also with investment bankers, bankers and economists. They say that inflation is a factor, but only one of a number of factors that impacts M&A. Continue reading “The M&A debate: Wrestling the bear – negotiating deals in the current market”

Euro Elite 2023: Switzerland – Strength in depth

2022 brought fresh challenges for the Swiss market, given the widespread instability in the global economy. Despite strong consumer spending and the removal of the last of the pandemic restrictions ensuring that economic growth has remained steady, the lingering aftershocks of the pandemic, war in Ukraine and the ensuing energy crisis, mean official predictions for growth were cut to 2% by the end of 2022. Inflation stood at just under 3% last year and the Swiss National Bank opted to raise interest rates to 1% in December 2022, having only increased them to 0.5% a few months earlier.

‘The SNB is concerned by current inflation rates,’ says Juerg Bloch, investigations and enforcement partner at Niederer Kraft Frey (NKF), says. ‘The aim is to keep inflation within the range of price stability over the medium term.’ Continue reading “Euro Elite 2023: Switzerland – Strength in depth”

Euro Elite 2023: Southern Europe – Hanging on

Euro Elite’s Southern Europe contingent comprises firms from the highly competitive Israeli and Greek markets, all of which have been required to weather a substantial storm after several years of heightened activity.

Israel has long been known for its enterprising market of tech and life science start-ups, and recent years have seen the industry riding high with premium valuations and US public listings. That has changed in the last 12 months, as inert public markets and global economic conditions saw the well of capital begin to run dry. Continue reading “Euro Elite 2023: Southern Europe – Hanging on”

Euro Elite 2023: Nordics – New challenges

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”