Across the Nordic region, the Covid-19 crisis meant firms faced challenges in terms of adapting to remote working requirements and new regulations. The early days of the pandemic saw a noticeable dip across the board in terms of new work coming into firms, and transactional activity slowed down, but despite the ongoing uncertainty, the market has proven resilient.
‘The Norwegian legal market has proven to be very robust with high growth over time,’ observes Thomas K. Svensen, managing partner of BAHR. ‘Despite an uncertain global situation, the strong and stable outlook for the Norwegian economy continues to attract activity which again fuels an already strong legal market.’
In Sweden, Jan Dernestam, managing partner of Mannheimer Swartling, says: ‘We are so busy that we have to say no to new matters from new clients since we are working at full capacity in all our practice groups… 2021 started well and [we] were up 25% during the first six months compared to the first half of 2020. We are also happy to say that the reason why we have been, and are, so busy is not due to crisis-related work but that the Swedish multinational companies, banks and not least the PE industry are all doing very well.’
Denmark has had a similar experience, with Gorrissen Federspiel’s managing partner Martin André Dittmer noting that ‘law firms have proven resilient and are managing well’ in the face of adversity, with most of the leading Danish independent law firms experiencing a rise in revenue in 2021. The Danish economy remains robust, with ‘prolonged relief packages continuing to prop up businesses and equip them to survive until at least the latter end of the year’ states Dittmer, who along with other Danish firms, anticipates another strong year ahead.
‘We do not expect a downturn for our clients in 2022. Of course we are constantly monitoring the situation and are very adaptive.’ Mikko Manner, Roschier
Finally, in Finland, Roschier managing partner Mikko Manner adds: ‘Currently both the operational business outlook and availability of liquidity seem to continue for the Nordic corporates. Equally all types of private funds have an all-time high of available capital. The biggest question marks relate to how solid the market remains for growth companies and related investments and transactions. We do not expect a downturn for our clients in 2022. Of course we are constantly monitoring the situation and are very adaptive.’
In Norway, restructuring and insolvency work has been one of the busiest areas in the market over the past couple of years, as the financial impact of the pandemic began to take hold, and employment law advice has also been particularly sought after in order to assist with furloughs, issues surrounding hybrid working, and company downsizings and layoffs. Litigation matters remain a thriving source of work, with firms reporting increased interest in arbitration.
The Danish M&A market has boomed, with Dittmer stating that it ‘has been the busiest for some years, with tremendously high activity levels through the last 12 months and expected to continue into 2022’. The large volume of M&A transactions experienced by law firms is due to macroeconomic factors, such as aggressive monetary policies pursued by the European Central Bank and the US, which has made the Danish market extremely liquid. Dittmer observes that there has been an increased interest from investors as a result: ‘We’ve seen businesses with a lot of capital and a healthy appetite to invest and pursue strategic opportunities while the economic conditions are favourable – not least private equity funds, who have been especially active in the transport and technology sectors.’
Likewise, M&A transactions and capital markets deals have been a key driver of work for Norwegian firms. Sverre Tyrhaug, managing partner of Thommessen, remarks that ‘the primary driver was low interest rates, technology and the “green shift”, giving way to a lot of capital raising and IPOs for companies in this space, and also transactional activity in more “safe” areas such as real estate, energy and infrastructure.’
Sustainability is a key area of focus across the Nordics. While the oil and gas sector deals remain prominent, firms report an increased interest and diversification into renewable energy projects, with significant new technologies entering the market. In Denmark, Dittmer observes that ‘renewables and sustainable transformation is something we expect to see continue, and likewise demand and deal activity in the life sciences and healthcare industry.’ Similarly, part of Norway’s ongoing green shift towards sustainability and clean energy sees technology and IP as big topics for many clients, following the rise of digitalisation and surrounding questions of copyright and infringement matters.
For 2022, while there is still a sense of trepidation in relation to the ongoing impact of the pandemic and uncertainty over a potential future downturn, a note of optimism is the defining approach. In Denmark, the publication of the Competition Council’s report into recommendations for legal sector competition brings some ‘uncertainty’ according to Dittmer, but Gorrissen Federspiel and other large Danish law firms have so far been unaffected.
There is a general feeling of positivity, with Tyrhaug commenting on the Norwegian market: ‘There are still huge investments to be made within energy; there is a strong technology/startup ecosystem; generally strong finances; and continued strong international interest in investing in Norway’ while Dittmer remarks: ‘The future is very bright. Independent firms have continued to perform strongly, and as long as they make use of that independence in order to adapt and evolve, then the model will see them continue to thrive’. LB
| Rank (by L500 ranking) | Firm | Region | Total lawyers | Total partners | Promotions | Offices | Partner hires |
|---|---|---|---|---|---|---|---|
| 22 | Roschier | Nordics | 302 | 45 | 3 | 2 | |
| 54 | Hannes Snellman | Nordics | 190 | 35 | 2 | 2 | |
| 56 | Schjødt | Nordics | 247 | 88 | 3 | 6 | 5 |
| 57 | Borenius | Nordics | 120 | 26 | 1 | 5 | |
| 67 | Mannheimer Swartling | Nordics | 460 | 89 | 7 | 7 | |
| 68 | Gorrissen Federspiel | Nordics | 303 | 51 | 1 | 2 | 2 |
| 69 | Thommessen | Nordics | 242 | 63 | 3 | 4 | |
| 70 | Kromann Reumert | Nordics | 253 | 61 | 2 | 3 | 1 |
| 71 | Wikborg Rein | Nordics | 210 | 61 | 6 | 5 | 9 |
| 72 | Wiersholm | Nordics | 196 | 43 | 1 | 1 | 2 |
| 73 | BAHR | Nordics | 160 | 40 | 1 | 2 | 5 |
| 82 | Vinge | Nordics | 332 | 76 | 1 | 5 | |
| 83 | Plesner | Nordics | 250 | 38 | 3 | 1 | 6 |
| 84 | Krogerus | Nordics | 121 | 31 | 2 | 3 | |
| 86 | Castrén & Snellman | Nordics | 154 | 29 | 2 | 1 | |
| 90 | Bech-Bruun | Nordics | 189 | 66 | 1 | 3 | |
| 92 | Bruun & Hjejle | Nordics | 138 | 31 | 5 | 1 | 1 |