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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”

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Euro Elite 2023: Baltics – Covering all bases

‘The future is Pan-Baltic!’ says Vilius Bernatonis, managing partner of TGS Baltic’s Lithuania branch. He is referring to the integration goals of Baltic states’ major firms, which aim to ensure that legal expertise from a firm’s office in one Baltic nation will be readily available to its client in another. But his words have a broader resonance. Though distinct, Estonia, Latvia and Lithuania co-operate at nearly every economic level, investing in the infrastructure, energy and technology of one another to foster shared growth and development. They do so because in numbers there is strength. In numbers, there is safety.

Looking at the structure of the Baltic legal market in general terms, at the top is the pan-Baltic bracket comprising Ellex, TGS Baltic, Cobalt and Sorainen, all of which offer full-service, cross-border practices covering all areas of law in Estonia, Lithuania and Latvia. According to Liga Merwin, managing partner at Ellex [Latvia], ‘the pan-Baltic firms remain largely unchallenged’. Continue reading “Euro Elite 2023: Baltics – Covering all bases”

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Euro Elite 2023: Italy – Toughening up

While the three years following the onset of the Covid-19 pandemic were marked by instability and uncertainty – exacerbated by Russia’s war against Ukraine resulting in gas supply issues and inflation – law firms have been presented with opportunities for expansion and growth within a significantly reshaped legal market. With Italy among the European countries that suffered the most from both the pandemic and the energy crisis, its legal community has been concerned as to their fate in 2022.

Both large international and independent law firms faced an arduous business environment, characterised by tightened competition, shifting client needs, technological advancement and strict regulatory developments. Despite these challenges, many of Italy’s best independent law firms were able to achieve strong results in 2022 and have unanimously reported their busiest and most successful years, with an average increase in revenue of up to 10%. Continue reading “Euro Elite 2023: Italy – Toughening up”

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Success or failure? The push for gender equality is no longer a binary matter

Talking about diversity in law is hard. While there has been widespread progress when it comes to driving up the number of women in law, it is clear there is still much to be achieved with regards to other underrepresented groups. It is a particularly challenging task given both the scarcity of useful data and the related privacy considerations that make it hard to capture.

Put simply, we know there is much more to diversity than the issue of women in law – and that gender is not binary. That said, to ignore the progress women are making in the upper echelons of the legal market (and, in turn, The Legal 500 rankings) would mean we were failing to do justice to those breaking the glass ceiling and the profession more broadly. Continue reading “Success or failure? The push for gender equality is no longer a binary matter”

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A not-so-equal footing: rankings data highlights Hogan-Shearman contrasts

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An analysis of The Legal 500 rankings underlines some of the key factors driving the Hogan Lovells-Shearman merger talks

From a Legal 500 perspective, Hogan Lovells dwarfs Shearman & Sterling in terms of total rankings, with three times as many spots across the UK, US, EMEA, Asia-Pacific and Latin America – 343 to 113. Continue reading “A not-so-equal footing: rankings data highlights Hogan-Shearman contrasts”

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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”

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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”

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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”

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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”

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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”

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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”

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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?”

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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”

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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”

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‘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”

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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”

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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”