Posted on

Euro Elite 2023: Benelux – Hitting the buffers

In last year’s overview, we predicted full steam ahead for the Benelux market – a reflection of the buoyant sentiments swirling in the region as Europe emerged from the Covid-19 pandemic. But the road turned out to be rockier than expected as the outbreak of the largest land war in Europe combined with the after-effects of the pandemic to send inflation soaring and rupture supply chains.

Nonetheless, there were times throughout 2022 when dealmaking thrived across the Benelux region. Hans Witteveen, managing partner in Stibbe’s Amsterdam office, observed ‘a remarkable level of activity, certainly involving large-cap deals’. However, this didn’t last. As the year progressed, the foreboding economic climate dashed hopes of a continued M&A surge. This tapered growth was felt strongly in capital market hotspots, including the Netherlands, as financings struggled to gain a foothold in the face of increasing inflation and reactive interest rate hikes. Continue reading “Euro Elite 2023: Benelux – Hitting the buffers”

Posted on

Euro Elite 2023: CEE – Looking ahead

Across the CEE region, uncertainty was the watchword throughout 2022, and the pattern looks set to continue. Although independent firms remain well placed to make the most of booming practice areas, the ongoing conflict in the region, coupled with the lingering effects of the Covid-19 pandemic, has resulted in a volatile market.

In the Czech Republic, exorbitant oil and gas prices have hit businesses hard, and, although this did not cause an immediate drop in regular financing transactions, state and EU intervention is anticipated in 2023. Despite the strong start to 2022 and hopes of post-pandemic recovery across the board, the macro-economic challenges in the second half of the year have left a much emptier pipeline for law firms, with many major stakeholders waiting to see what unfolds. The domestic real estate market, meanwhile, is seeing stagnation following the overheating of real estate prices in the last few years, while current inflation means there are cumbersome restrictions on mortgages. Continue reading “Euro Elite 2023: CEE – Looking ahead”

Posted on

Euro Elite 2023: France – Pretty good year

Activity levels bounced back in France in 2021 after the initial impact of the pandemic and this recovery continued apace in 2022.

‘2022 was the best year,’ says Henri Savoie, who heads the public law and regulatory practice at Darrois Villey Maillot Brochier. ‘2023 will be more normal,’ he warns, pointing out that ‘companies will be active, but they will be cautious. It is a trend.’ Continue reading “Euro Elite 2023: France – Pretty good year”

Posted on

Euro Elite 2023: Germany – The centre holds

The German legal market has again proven its ability to thrive in the face of challenge, as law firms continued their trajectory of growth in 2022. With the largest firms reporting a 7% increase in profit after a tumultuous year, German independents are demonstrating renewed confidence in their own resilience.

After the uncertainty of Covid-19 brought major moves to a halt, the legal market is finding itself back in motion, with spin-offs and mergers becoming a more regular occurrence, though major consolidations have failed to materialise in 2022. However, many firms report difficulties in finding junior lawyers to join their ranks across practice areas. Paired with shifting client expectations that demand a more holistic approach and, as Gleiss Lutz co-managing partners Michael Arnold and Alexander Schwarz put it, ‘a demand for more integrated services rendered by law firms to clients’, firms face an increased need to demonstrate adaptability. ‘This need will also change the search profile for law firm staff in the future. In addition to traditional lawyers, the need for new professional fields is growing strongly. Summarised in one expression: “the future-ready lawyer”,’ says Elisabeth Lepique, one of the managing partners at Luther. Continue reading “Euro Elite 2023: Germany – The centre holds”

Posted on

Euro Elite 2023: Iberia – Back on track

The past three years have been nothing but challenging for Portugal and Spain. The neighbours, whose economies are hugely reliant on the hospitality and tourism sectors, were hit hard by the series of lockdowns imposed to battle soaring rates of Covid-19 infection in 2020. But fast forward to 2023, and the outlook has shifted significantly.

Emerging from what could understatedly be described as a turbulent period in 2020, with a 10.8% economic downturn, the Spanish legal sector has successfully regained its footing and competitive outlook. While the pandemic made economic constriction inevitable, it has also heralded an opportunity for significant year-on-year growth. Continue reading “Euro Elite 2023: Iberia – Back on track”

Posted on

Euro Elite 2023: Ireland – Slight return

While Ireland’s competitive legal market has enjoyed a buoyant period post-Covid, fresh challenges have emerged to challenge this optimism. Ireland has not been insulated from the overheated recruitment market and is as alive as global peers to reversals wrought by the cost-of-living crisis, the war in Ukraine and a slowing of deals as concerns over interest rates and inflation continue to gather pace.

However, Declan Black, Mason Hayes & Curran’s managing partner, predicts high single-digit revenue growth for the 2022 calendar year, even as it comes on the back of a 2021 banner year for much of the Irish market at large. ‘Corporate transactions are down from the 2021 peak and that has spread through the western world,’ he says. ‘Valuations have tumbled amid concerns over interest rates and inflation. Deals have slowed down.’ That said, he points to real estate, financial services, contentious, regulatory and data regulatory as areas of sustained growth. Continue reading “Euro Elite 2023: Ireland – Slight return”

Posted on

Sponsored briefing: Looking ahead: What does 2023 hold for Portugal?

In past years, Portugal was on the radar for all the wrong reasons, primarily due to the accrued debt problem, but also due to the consequences of the lack of structural projects or investment. Now things seem to have changed and 2023 looks like a promising year.

Not only is Portugal the furthest European country from the war in Ukraine, but it is also one of the countries least impacted by that war, as it does not depend materially on Russian gas and has other sources of supply. As a consequence, energy prices have not climbed as much as in the rest of Europe and Portugal seems to be one place where energy prices will be more attractive in the future. Continue reading “Sponsored briefing: Looking ahead: What does 2023 hold for Portugal?”

Posted on

Sponsored briefing: Q&A with Nuno Galvão Teles, managing partner of Morais Leitão

What do you see as the main points that identify Morais Leitão as a leading firm in the Portuguese legal market?

One of our key points of recognition has always been the innovation in legal advisory and the significance of being a full-service firm. We regularly advise across many areas and sectors and take on multidisciplinary projects, thus establishing future trends and models while covering all grounds. The main challenge in our very competitive market, with new entrants and a geographical disadvantage, is to continue providing in-depth legal advice while remaining economically sustainable. In order for this kind of approach to be effective, we privilege internal innovation. From project and knowledge management to legal tech, from legal design to AI, we pioneer an innovative approach to procedures and content that produces real benefits for the client, both in terms of the output and of the process that leads to it. Continue reading “Sponsored briefing: Q&A with Nuno Galvão Teles, managing partner of Morais Leitão”

Posted on

Sponsored Spotlight: Insurance, reinsurance and insurance regulatory – Unrivalled expertise

The ever-changing legal and economic environment for insurers calls for experts with a solid background and comprehensive expertise in the field of insurance law, as well as a solution-oriented approach to the client’s needs.

The insurance practice of Prager Dreifuss can look back on a longstanding tradition and unrivalled expertise in advising and representing insurers and reinsurers in all aspects of insurance law, and fields one of the largest insurance teams in Switzerland. The team is led by Christoph K. Graber who has repeatedly been named as a ‘Thought Leader’ and as Switzerland’s ‘most highly regarded practitioner’ in leading insurance law rankings. Continue reading “Sponsored Spotlight: Insurance, reinsurance and insurance regulatory – Unrivalled expertise”

Posted on

‘With economic downturn, the need to pull the trigger on claims intensifies’ – leading City litigators look at the key disputes trends for 2023

‘Disputes arise when there is disruption, and it seems to me there’s just about every type of disruption at the moment.’

With this, Julian Copeman, a disputes partner at Herbert Smith Freehills neatly summarises market expectations for 2023. It is going to be a busy year. Continue reading “‘With economic downturn, the need to pull the trigger on claims intensifies’ – leading City litigators look at the key disputes trends for 2023”

Posted on

No personal best this year for Hogan Lovells as turnover and profits decline

As the financial reporting season kicks off once more, Hogan Lovells has today (22 February) reported a 7% drop in revenue to $2.43bn as PEP fell 8% to $2.28m.

This represents a $174m reduction to the firm’s top line and looks likely to set the mood for many Global 100 players as market forces continue to take their toll. The results mark a disruption to Hogan Lovells’ purple patch, following on from last year’s 13% revenue increase to $2.61bn and eye-catching 26% hike in PEP to $2.48m, as well as a solid showing on a three-year track. Continue reading “No personal best this year for Hogan Lovells as turnover and profits decline”

Posted on

Time to shine – top tips for standout Legal Business Awards 2023 submissions

Could it be your year? Nominations are now open for the most prestigious showcase of talent in the industry, the Legal Business Awards 2023.

The event will take place on Tuesday 19 September 2023 at The Grosvenor House Hotel, Park Lane, London. You have until 10 March to provide submissions in any of the categories open to teams or individuals. Continue reading “Time to shine – top tips for standout Legal Business Awards 2023 submissions”

Posted on

Revolving Doors: Travers and Shearman exodus continues as US firms pick up the talent

City of London

Once a rare phenomenon, exits from Travers Smith have picked up pace in recent weeks, with the latest departures announced this week being those of Ed Ford and Sacha Gofton-Salmond to Simpson Thacher & Bartlett. Partners at Travers since July 2021 and July 2022, respectively, Ford and Gofton-Salmond will bring to Simpson Thacher with capabilities in the private equity secondaries market.

Jason Glover, managing partner of Simpson Thacher’s London office and head of its European funds team commented: ‘Simpson Thacher has a multifaceted private funds practice in Europe and the addition of Ed and Sacha will further enhance our ability to provide clients with the flexibility needed to meet an evolving market.’

Continue reading “Revolving Doors: Travers and Shearman exodus continues as US firms pick up the talent”

Posted on

‘Game-changers’– why in-house counsel must take ownership of ESG

‘You are all climate lawyers now.’ So declared John Kerry, the US special presidential envoy for climate, at the General Assembly of the 2021 American Bar Association hybrid annual meeting in Chicago. Fast forward to 2023, and the veracity of this statement far exceeds even Kerry’s predictions. Continue reading “‘Game-changers’– why in-house counsel must take ownership of ESG”

Posted on

‘There are landmines out there for companies’– corporate crime issues to stay on top of in 2023

2022 may have disappeared into the rear-view mirror but the economic and geopolitical strife and uncertainty that came with it have carried over into 2023. Amid the ongoing war in Ukraine, soaring inflation and energy costs and increasing scrutiny of their processes, businesses continue to face challenges that threaten both their balance sheets and their reputations. Continue reading “‘There are landmines out there for companies’– corporate crime issues to stay on top of in 2023”

Posted on

Action stations

The world has been turned on its axis over the last few years of unprecedented economic, social and geopolitical disruption. Emerging trends and ongoing developments continue to take the real estate market by storm, and preparation will be the key to success for general counsel and senior in-house lawyers to combat these headwinds. Continue reading “Action stations”

Posted on

Get ready to be more enterprising than ever

As we face another few weeks of inclement weather that has somehow seemed to drag on longer even than the usual UK winter, thoughts inevitably turn to sun loungers, warmth and sandy beaches. Alluring as a spring holiday seems right now, whatever you do, don’t book your getaway for the week including the 24th and 25th April.

It’s hard to believe that Enterprise GC is once more nearly upon us and that this will be the sixth year of Legalease’s marquee, two-day general counsel event at the Hilton London Syon Park. Anyone who has attended in past years will know that I’m not exaggerating when I say that this is the only must-attend GC networking event of the calendar – more than 100 senior speakers and guests can’t be wrong.

While no two Enterprise GCs are ever the same, one thing is certain: each event is bigger, better and more business-critical than the last. Expect thought-provoking debates on the in-house counsel’s increasingly crucial role in promoting diversity, equity and inclusion; the rewards and pitfalls as Gen Z lawyers infiltrate the workplace; the future of the billable hour; the perennial and thorny question of legal tech; and a whole lot more.

But back to this, the winter edition of IHL. Our cover feature is a must-read for all of us grappling with the ever-pressing ESG (environmental, social and governance) landscape as enforcement and litigation risks loom large. Here we discuss the concerns in-house counsel need on their agenda this year and explain why you need to start shaping the conversation.

Elsewhere, we have our usual insightful Perspectives pieces, this time featuring two prominent individuals who were recognised for their outstanding contributions at the Legal Business Awards 2022.

Sharon Blackman, Citi’s managing director and general counsel tells of her continued elation at beating five other nominees to be named GC of the Year after being recognised for her committee work, not to mention her OBE in June 2021 for services to the financial services sector.

Apart from recounting a fascinating career that has seen her cut her teeth as an equity derivatives lawyer at Abbey National, Blackman engages on the importance of bringing up the junior lawyers around you so that they are equipped to deal with whatever might come their way.

Meanwhile Jelena Madir, general counsel of Gavi, the Vaccine Alliance, which won the Most Transformative In-House Team award, retells a globetrotting, if occasionally fraught, career that thwarted a dream job in private practice at Shearman & Sterling when the bottom fell out of the market in 2008. Nevertheless, the reversal no doubt prepped her for the upheaval of being the GC of a vaccine company in 2020 and coping with being under-skilled and understaffed as a legal department supporting the production and distribution of Covid-19 vaccines around the world.

Finally, this issue offers our usual incisive market reports, this time on the particularly topical issues of real estate and corporate crime. There’s a lot to unpack before we all get together again for Enterprise GC in April.