Market report: Germany – Wennschon, dennschon

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Market report: Germany – Wennschon, dennschon

With Brexit dominating the EU agenda and causing widespread paralysis in the continent, Germany’s law firms are simply going about their business

Turbulence and trauma may have been the global hallmarks of 2016 – at least according to the headline writers – but not so in Germany. For the third year in a row, the German government did not borrow any money, unemployment fell to a 26-year low of 5.8% while GDP grew by 1.9%, the highest rate in five years. Meanwhile, Germany’s trade surplus has hit another record high.

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Market report: Italy – Bravissimo

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Market report: Italy – Bravissimo

Despite a testing political backdrop to business, the Italian elite is still outperforming the domestic economy

‘Reforms are the major challenge for Italy. For many years, we didn’t have the political strength – Renzi had it,’ says Carlo Croff, senior partner at Chiomenti. Matteo Renzi was Italy’s prime minister until December 2016 when his constitutional reforms were rejected in a referendum. ‘Clients, particularly those with investments in Italy, have been disappointed,’ Croff observes.

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En Marche!

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En Marche!

With France’s political landscape settled and its EU status reconfirmed, the country’s law firms are feeling confident

The French presidential election in May drew widespread attention, but now that Emmanuel Macron is safely installed in the Élysée Palace, will it make any difference to businesses and their law firms? ‘It’s a great relief for the whole business community,’ says Stéphane Puel, managing partner of Gide Loyrette Nouel, France’s largest independent full-service law firm with 503 lawyers. ‘It’s difficult to tell whether this will have a huge impact generally, but it will have a huge impact on the confidence of business players in France.’

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Market report: France – En Marche!

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Market report: France – En Marche!

With France’s political landscape settled and its EU status reconfirmed, the country’s law firms are feeling confident

The French presidential election in May drew widespread attention, but now that Emmanuel Macron is safely installed in the Élysée Palace, will it make any difference to businesses and their law firms? ‘It’s a great relief for the whole business community,’ says Stéphane Puel, managing partner of Gide Loyrette Nouel, France’s largest independent full-service law firm with 503 lawyers. ‘It’s difficult to tell whether this will have a huge impact generally, but it will have a huge impact on the confidence of business players in France.’

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Market report: Iberia – Out of the storm

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Market report: Iberia – Out of the storm

Dominant in their home markets, law firms from Spain and Portugal have weathered the tempest by heading for far-flung locations

Last year, Spain endured a period of political turbulence. In the space of 12 months, it blundered through two elections and the fear of not being able to produce a budget for 2017, narrowly avoiding EU sanctions for overshooting its deficit target. Despite this unease, the economy has now seen two consecutive years of 3% growth, fuelled by an accelerated industrial output. As a result, Spain has become one of Europe’s fastest-growing economies and unemployment is at its lowest level since 2009.

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Market report: Central and Eastern Europe – Here to stay

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Market report: Central and Eastern Europe – Here to stay

Increased stability and diversified investment is keeping independent law firms in the CEE region busy

Despite the impact of recent political tension in western Europe triggered by Brexit and several high-stakes leadership elections, according to management at some of the strongest firms in the CEE region, there are patches of growth and they are there for the long haul.

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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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