With soaring interest rates, global instability, as well as political and economic insecurity both at home and abroad, the beginning of 2023 was a cautious and uncertain time for law firms across the Nordic region, particularly given the tumultuous year that was 2022. Nevertheless, the region has remained remarkably resilient to global pressures, with firms seeing 2024 as a year of opportunity, driven in part by weak local currencies in Sweden and Norway, developments in AI and ESG mandates, and a surprisingly active corporate space.
‘Like most lawyers, we were surprised at how good 2023 was,’ says Jan Dernestam, managing partner at Mannheimer Swartling. ‘We had to predict cautious budgets for 2023, but it’s looking like we’re up roughly 10% from 2022. This goes for most of the larger firms in Scandinavia.’ Overall, he notes: ‘It’s difficult to pick one area where we’ve been busy because we’ve been busy all over,’ despite the initially challenging market.
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