Market report: Switzerland – Feeling lucky

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Market report: Switzerland – Feeling lucky

2017 is shaping up to be another strong year for the leading Swiss firms, particularly on the back of a frothy M&A market

‘Compared to other European jurisdictions, Switzerland has been doing well,’ says Benjamin Borsodi, managing partner of Schellenberg Wittmer. ‘2016 was a very good year for many Swiss firms, especially the major ones. It was our best year ever and it looks positive for 2017 as well.’ His sentiment is echoed by Daniel Daeniker, managing partner of Homburger: ‘I was expecting the end of the M&A cycle: it’s simply not happened. Our first quarter numbers in 2017 are well above last year.’

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Market report: Southern Europe – A long recovery

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Market report: Southern Europe – A long recovery

While Turkish firms have dropped out of The Euro Elite this year, recession continues to plague firms in Greece

The financial crisis in Greece continues to affect the legal market and reduce volumes of work, following the unsettling negotiations between the Greek government and its international creditors, and the six-month anti-austerity strike by Greece’s lawyers last year. However, some argue a modest rebound is in sight.

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Market report: Benelux – Neighbourhood watch

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Market report: Benelux – Neighbourhood watch

Benelux firms have to contend with global competitors as geopolitical uncertainty hangs over the region

The Benelux countries have experienced mixed fortunes over the last year, with Belgium and Luxembourg recovering from Brexit-related instability to begin economic acceleration. In the Netherlands, a fragmented political landscape threatens such recovery, although the economy is noticeably stronger than this time last year.

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Market report: Russia and the CIS – The new silk road

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Market report: Russia and the CIS – The new silk road

While deal flow in Russia remains hampered by sanctions over the war in eastern Ukraine, local firms have made efforts to plan around these and develop new products and services to compensate for a decline in traditional mandates. The Russian market is also beginning to attract considerable volumes of work from the broader CIS region as well as Asia.

After promoting three new partners in 12 months, Russian firm Pepeliaev Group has now reached 24 partners globally. Sergey Pepeliaev, the firm’s managing partner, argues that the Russian market is becoming more sustainable and steadily diversifying.

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Market report: Nordics – Over a barrel

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Market report: Nordics – Over a barrel

Following a turbulent period of falling oil prices, independent firms in the Nordics are finding profitable new markets

Crude oil prices may still be hovering between $45 and $50 a barrel but the Nordic economies and the independent law firms based in these markets are suffering less than in previous years.

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Market report: Baltics – Still waters

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Market report: Baltics – Still waters

Following a raft of consolidation, the biggest players in the Baltics are experiencing a much more settled market

Baltic firms have experienced their fair share of consolidation over the past couple of years, creating a clear breakaway of four significantly sized firms for a relatively small legal market: Sorainen, Cobalt, Ellex and the recently rebranded TGS Baltic (previously Tark Grunte Sutkiene), following its merger with Varul Estonia.

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Market report: Ireland – Quiet tiger

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Market report: Ireland – Quiet tiger

A slowdown in domestic transactional activity has hit the leading Irish independents, but they remain bullish about the landscape post-Brexit

Despite the possibility of seeing an increase in work and clients post-Brexit, domestic transactional activity has slowed in the Irish market, affecting the top domestic firms.

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Too big to fail

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Too big to fail

Experienced financial regulation partner Bob Penn, who moved to Cleary Gottlieb Steen & Hamilton last year and advised HSBC on the controversial bank ring-fencing reforms while at Allen & Overy (A&O), is clear on whether those reforms are fit for purpose. ‘This is a hugely unwelcome and disruptive process, and frankly yet another distraction from running a profitable bank at a time when they are already facing a cascade of regulatory reform and the prospect of Brexit.’

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Survivors – the battle to improve the working lives of lawyers

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Survivors – the battle to improve the working lives of lawyers

 

‘Management is the most noble of professions… No other occupation offers as many ways to help others learn and grow. More and more MBA students come to school thinking that a career in business means buying, selling and investing in companies. That’s unfortunate. Doing deals doesn’t yield the deep rewards that come from building up people.’

Clayton Christensen, How Will You Measure Your Life?

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The quality of life report

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The quality of life report

 

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