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.
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.
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.
Almost two decades after its flagship three way merger, Legal Business can reveal Freshfields Bruckhaus Deringer is planning to cut its 103 strong German partnership by up to 20 partners by 2020. Continue reading “Freshfields plans to cut German partnership by up to 20% by 2020”
Pinsent Masons is launching its third international office in less than a year with the opening of a Madrid office in May. Continue reading “Pinsents opens third international office in 12 months with Madrid launch”
The deal gives the firm a new Amsterdam office that expands its European presence to 26 offices in 18 countries. Boekel adds 70 lawyers to the global firm and 16 partners, with a focus on real estate, corporate and litigation.
In its second office closure in a week, DLA Piper will shut down its Georgia operations with all fee earners, including two partners, departing for Dentons. Continue reading “Dentons takes entire Tblisi office from DLA Piper as firm closes in Georgia”
What are we to make of the most aggressive raid between top ten City firms since Allen & Overy helped itself to the bulk of Norton Rose’s leveraged finance team back in 2002? In some ways, news this month that Freshfields Bruckhaus Deringer is to ship in a productive five-partner buyout group from Ashurst seems even more notable.
For Freshfields, which has shied away from lateral recruitment in its European heartlands, to make such a huge commitment is striking and speaks to the doubled-down bet the Magic Circle firm has made in private equity and related finance.
Continue reading “Hot private equity money is remaking Europe’s legal market”
Switzerland is changing. Among the country’s traditionally-minded law firms, conservatism is in decline, fuelled by a greater appetite for domestic mergers, increased lawyer mobility between firms and a belated focus on alternative legal service provision. Accordingly, Swiss lawyers are much like the swans on Lake Geneva: smooth and serene on the surface, all the while paddling furiously underneath. An energetic response to the fresh demands of an evolving legal services landscape is paying dividends for some.
The wider economy presents a mixed picture, as Urs Klöti, managing partner of Pestalozzi, outlines: ‘Challenging times remain. The Swiss franc is still very strong, which means that export services are extremely expensive compared with previously. That’s an issue for bigger law firms, because many of our invoice payers are non-Swiss counterparts: in relative terms, we’re certainly more expensive than two or three years ago. We often hear it when we talk about fees.’ Continue reading “Making ripples – Turbulent times ahead for the Swiss legal market”
A year ago, Spanish leader Garrigues unveiled its fifth office in Latin America, adding Chilean firm Avendaño Merino to its existing outposts in Brazil, Colombia, Mexico and Peru. And, as the most expansive Iberian practice in the region, there is undoubtedly pressure to prove the strategy effective. Fortunately, Garrigues has seen startling 81% revenue growth to €18.6m in the region in the last 12 months and expects to generate €30m from Latin America in 2017.
Managing partner Fernando Vives Ruiz says the turning point was a tactical switch to offer a fully-integrated practice in Latin America rather than relying on best-friend alliances. It decided to go it alone in 2013 when it pulled the plug on its Latin American alliance, Affinitas, which it set up in 2004. Continue reading “Hunting El Dorado – Iberian firms keep their eyes on prizes at home and abroad”
