At the beginning of the Covid-19 pandemic, German law firms found themselves wary of what the future might hold and prepared for the worst. However, 18 months later, most say their fears were unwarranted and several have reported 2021 to be their financially strongest to date. The success of the leading German independents amid a global crisis raises the question of how they have adapted to a pandemic-driven environment, and whether hierarchies in the market have shifted at all as a consequence.
Germany’s economy is currently on the road to recovery. According to the government, the GDP is expected to grow by 2.6% in 2021 after it took a 5% dip the previous year. While private consumption is mostly responsible for this rebound, manufacturers are struggling in light of global supply shortages, with producers unable to adapt to increased demands after 2020 saw a halt in consumer spending. However, this has not yet stopped the upwards trajectory of economic growth.
Continue reading “Germany focus: Age of independence”
Marco Cillario and Nathalie Tidman report on Freshfields’ role in the tax scandal rocking Germany
It is not often that a law firm makes headlines outside the legal media, yet the name Freshfields Bruckhaus Deringer is rapidly becoming a regular feature of German newspapers. That is bad news for the City giant. How bad, many are currently trying to assess. Continue reading “Freshfields under financial and reputational fire in Germany as cum-ex tax scandal rolls on”
Despite having launched five international offices in Asia and the Middle East since 2012, top-20 UK law firm Addleshaw Goddard had no presence in continental Europe until last month. That was when it announced the hire of five partners from Bryan Cave Leighton Paisner (BCLP) to spearhead a launch in Hamburg.
The hires include the two founders of legacy Bryan Cave’s German offices in 2007, Eckart Budelmann and Michael Leue. Partners Martin Lüderitz, Maximilian Karacz and Hubertus Schröder joined the duo in the move from BCLP, alongside five other lawyers. Continue reading “Addleshaws enters continental Europe through BCLP Hamburg hires”
Pinsent Masons has kicked off 2019 in expansionist mode, opening a new office in Frankfurt, right after finishing 2018 with three partner hires for its Irish base.
Three years after opening in Düsseldorf, Pinsents announced at the beginning of January it had hired six partners from a range of independent and international firms to spearhead the new German branch. Continue reading “Third German office and trio of Dublin hires the latest moves in Pinsents’ international odyssey”
Two documents outlining the strategies of international firms in Germany came to light between 2016 and 2017. ‘Agenda 2020’ by Latham & Watkins set the goal of becoming the top outfit in the country by its titular date. ‘Germany 2020’ by Freshfields Bruckhaus Deringer, meanwhile, anticipated a reduction of the local partnership of more than 15% over the same time frame.
At first sight, the contrast appears to sum up the growing divide between advancing and retrenching forces in a legal market long torn between a confident wider economic outlook and disappointing returns on investment for global advisers. Continue reading “Letter from… Frankfurt: Pillars of stone – finding the right mix is tough but global interest in Germany is growing”
Pinsent Masons has hired six partners from a range of firms for a new Frankfurt office, the firm’s third opening in Germany since 2012.
Frankfurt follows moves into Munich and Düsseldorf for Pinsents in 2012 and 2016 respectively. The new office will focus on the technology, energy and real estate sectors initially with an eye to developing in financial services. Continue reading “‘A global solution’: Pinsents hires six partners for Frankfurt launch as DLA expands in Dublin”