Euro Elite Southern Europe: Sole resistance

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Euro Elite Southern Europe: Sole resistance

Greece and Israel dominate the Southern Europe section of the Euro Elite – and both are jurisdictions where domestic, independent firms enjoy a near-monopoly. In Greece, for example, Athens-based firms seemingly lead the legal market. Despite the continuous detrimental economic consequences arising from the Covid-19 pandemic, lawyers have remained significantly active in the past year due to the high demand of legal services across an array of markets; one of those being projects and privatisations.

Demanding the most attention in Greece is the €8bn Hellinikon Project, set to be the largest urban regeneration project in Europe, with the development replacing the former Hellenikon International Airport. There has been a continuous focus upon the construction, operation and execution of the project, with legal advice coming from an array of firms, including Dryllerakis, Karatzas & Partners, Koutalidis and PotamitisVekris. It is estimated to contribute 2.4% to Greece’s GDP once completed, aiding the significant decline of 9% as seen in 2020. Employment is also set to see an improvement, with 10,000 jobs already filled and 70,000 to follow, facilitating the opening of restaurants, hotels and shopping malls. Continue reading “Euro Elite Southern Europe: Sole resistance”

Euro Elite Switzerland: Like clockwork

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Euro Elite Switzerland: Like clockwork

When the world went into lockdown in March/April 2020, everyone expected the worst for the economy. While it is safe to say that some countries struggled more than others, Switzerland conquered the crisis and even exceeded pre-Covid activity in some areas.

As one of the wealthiest countries in the world, Switzerland’s GDP has been on a steady increase and almost tripled in the last 20 years. Projections also show significant growth from 2020 to 2021, stressing the fact that the pandemic had little to no impact on the Swiss economy. This was also witnessed by Thierry Calame, the new managing partner at Lenz & Staehelin: ‘The pandemic continued to be the largest challenge this year. However, thanks to the robust Swiss economy there has not been any economic downturn in 2021, but rather a significant recovery.’ Continue reading “Euro Elite Switzerland: Like clockwork”

Sponsored briefing: Succession planning in Poland

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Sponsored briefing: Succession planning in Poland

Piotr Augustyniak of PATH Law examines the increased popularity of private foundations in family-owned business succession planning

Family-owned companies generate 18% of the GDP of Poland. There are more than 800k family-owned businesses in Poland. Currently founders face the problem of the succession. In the following five years new generations should take over approximately 60% of these companies. However, only 8% of successors declare the will to run the businesses. It has been some time since Polish entrepreneurs decided to use the concept of the private foundation as the tool of the efficient succession planning. Unfortunately, for many years, due to very convenient tax regimes of these vehicles, the tax authorities in Poland treated private foundations as part of aggressive tax planning schemes. The most popular jurisdictions among Polish entrepreneurs are Liechtenstein, Malta and The Netherlands. Continue reading “Sponsored briefing: Succession planning in Poland”

Sponsored briefing: How the Climate Law may change the Portuguese economy

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Sponsored briefing: How the Climate Law may change the Portuguese economy

Recently, Portugal took another important step to consolidate its commitment to fighting climate change, previously made in the Paris Agreement, by the publication on 31 December 2021 of the new Framework Law on the Climate (Law 98/2021 of 31 December), which establishes the guiding principles of climate policy and governance. It also introduces targets and provides for mechanisms to combat climate change, to decarbonise the economy and to achieve sustainable development.

The Framework Law on the Climate is a comprehensive and programme-based law that focuses on various sectors, including the energy industry, construction, agriculture and fisheries. It also addresses financial assets and green taxation. The assumption of an integrated vision of the different sectors of the economy as a fundamental vector to mitigate and adapt to climate change is the realisation of one of the structuring principles of public policy on the environment – the principle of transversality and integration. Continue reading “Sponsored briefing: How the Climate Law may change the Portuguese economy”

Sponsored practice area spotlight: Insolvency and restructuring: Combining unique skills to achieve a successful outcome

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Sponsored practice area spotlight: Insolvency and restructuring: Combining unique skills to achieve a successful outcome

Insolvency and restructuring proceedings are intricate and complex. Practitioners must be able to combine legal knowledge, in particular in the areas of litigation, finance and transactions, with strategic, tactical and managerial skills to deliver positive results.

PRAGER DREIFUSS has extensive experience and a longstanding tradition in insolvency and restructuring matters. In the wake of the financial crisis, we combined our finance and bankruptcy knowledge which enabled us to assist in complex project financing, also lately in a major multinational commodity project. Our attorneys regularly represent creditors, some of which are banks, hedge funds or other financial institutions, in large national and international insolvency and restructuring proceedings, whether in registering or purchasing claims or in enforcing disputed claims vis-à-vis bankruptcy administrators and before courts. Assisting clients in the recognition and enforcement of foreign judgments in Switzerland and abroad is a key feature of our daily practice. Frequently and increasingly, we are retained by creditors in enforcing claims (awards, bonds) against sovereigns. Continue reading “Sponsored practice area spotlight: Insolvency and restructuring: Combining unique skills to achieve a successful outcome”

Switzerland focus: Bouncing back

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Switzerland focus: Bouncing back

When the world went into lockdown in March/ April 2020, everyone expected the worst for the economy: market crashes, sky-rocketing unemployment numbers and a wave of insolvencies. While it is safe to say that some countries struggled more than others, Switzerland weathered the crisis well, even exceeding pre-Covid-19 activity in some areas.

One of the wealthiest countries in the world, Switzerland’s GDP has been on a steady increase and almost tripled in the last 20 years. Projections also show tangible growth from 2020 to 2021, underlining the fact that the pandemic had little to no impact on the Swiss economy. This was also witnessed by Thierry Calame, who in January 2022 becomes the new managing partner of one of the leading Swiss powerhouses, Lenz & Staehelin: ‘The pandemic continued to be the largest challenge. However, thanks to the robust Swiss economy there has not been any economic downturn in 2021, but rather a significant recovery.’

Continue reading “Switzerland focus: Bouncing back”

Germany focus: Age of independence

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Germany focus: Age of independence

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”

Iberia focus: Banking on Success

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Iberia focus: Banking on Success

Announced more than a year ago, the largest merger in the Spanish banking sector for some time became a reality in early 2021. The Spanish competition authority cleared CaixaBank’s acquisition of state-owned financial entity Bankia – which was bailed out during the country’s banking crisis in 2012 – at Phase I, subject to conditions. This transaction is a merger between the third and the fourth largest banks in Spain, with €623.8bn in assets.

The new entity is expected to dominate the Spanish market, especially in retail banking. As executive chair José Ignacio Goirigolzarri said when the deal was confirmed: ‘The merger between CaixaBank and Bankia marks a milestone in the history of the Spanish financial system. We face this challenge from a position of strength that allows us to be an active part of the solution to the current crisis, as well as to become an important stakeholder for the socio-economic recovery of our country’. Continue reading “Iberia focus: Banking on Success”

Ireland focus: Riding it out

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Ireland focus: Riding it out

The hatches have been firmly battened down. Last year’s Legal Business report found Ireland had been resilient in weathering the storm of 2020, with the impact wrought by the Covid-19 pandemic on the economy far below the average for the eurozone. There were, however, still clouds on the horizon: a looming second wave of the pandemic and a no-deal Brexit, both potentially disastrous for the Irish economy.

Since then, resilient seems like an understatement when describing the Irish market. Reports from the Central Statistics Office show that the economy grew by 3.4% in 2020 – the only EU member state to do so – despite a series of lockdowns that were among the most stringent in the world, introduced in March, October and December 2020. Continue reading “Ireland focus: Riding it out”