The Legal 500

Germany

The aftermath of the turmoil in the financial markets is still keenly felt by the legal profession. Antitrust experts are sought after for advice regarding summary proceedings and claims for compensation; however a slow but steady increase in merger control proceedings indicates the market’s recovery. Similarly, large deals began to increase in 2010 for the first time in years, with a few transactions amounting to several billion euros, even though admittedly, these were still few and far between.

Ukraine

Ukraine has undergone significant change in the past few years, and sectors such as real estate, banking and finance, and corporate have all seen significant reductions in activity. There have been some glimmers of light: the Euro 2012 football championships have provided some work on the construction and infrastructure side, while the agricultural sector has seen a lot of transactional activity. Several private equity funds are also returning to the market in the belief that prices have finally bottomed out, while in the banking sector, debt restructuring work has provided some relief to lawyers who have seen diminished returns on the capital markets side.

France

Following two years of restructuring, employment and litigation work being the main drivers of business for law firms, 2010 was in comparison a ‘millésime’. M&A activity, though still short of peak levels, is growing steadily and there were enough deals to keep the major players busy, while LBO and property transactions are returning after a two year drought. Projects and energy are booming areas, and firms continued to invest in these fields, with Willkie Farr & Gallagher LLP making the biggest move after recruiting one of the top teams previously at Freshfields Bruckhaus Deringer LLP.

Sweden

The two largest firms in Sweden – Mannheimer Swartling and Advokatfirman Vinge – dominate the market. Following its merger with RydinCarlsten in 2009, Lindahl has strengthened its position as Sweden’s third largest firm.

Spain

The property crash had a profound effect on Spain’s previously buoyant economy, which was also affected by a decline in tourism, although many law firms did note an improvement on the previous year, including a slight increase in private equity deals in the latter half of 2010. Meanwhile, M&A remained limited and dominated by the large firms. While bankruptcies decreased, restructuring and insolvency was a major area of activity for a number of firms including the restructuring of several Spanish banks.

United Arab Emirates

The aftermath of the financial crisis continues to generate contentious work for firms, particularly in the construction and real estate fields, and has resulted in a number of high-profile restructurings. Although a number of law firms pared down their presence on the ground, the UAE also saw an influx of new entrants over the past couple of years. SJ Berwin LLP and Baker & McKenzie have opened in the UAE, while other international firms such as Latham & Watkins LLP have made significant investments in their existing offices.

Portugal

As with other southern European economies, the financial crisis remains a severe reality for Portugal. However, it has witnessed several important developments recently and 2010 saw the country’s largest-ever corporate transaction when Telefónica acquired Portugal Telecom’s 50% stake in Brazilian mobile operator Vivo for €7.5bn. Furthermore, in December 2009, Brazilian cement company Companhia Siderúrgica Nacional launched a hostile €4.15bn takeover bid for Portuguese cement company Cimpor, which resulted in shareholders Camargo Corrêa and Votorantim increasing their stakes by acquiring shares from Lafarge and Cinveste. This kept many of Portugal’s most prominent firms surprisingly active with capital markets and corporate work.

Cyprus

While Cyprus managed to manoeuvre itself away from many of the dangers thrown up by the economic downturn, a general atmosphere of unrest and restrained investment ensued in 2009, and into the first quarter of 2010.

The Netherlands

The Dutch market remained affected by the global financial crisis, with a notable lull in corporate, M&A and private equity activity although firms reported a marked increase in transactions during the latter half of 2010. Firms kept busy with restructuring – including a number of prominent matters – and a rise in white-collar crime and dispute resolution cases.

Russia

The financial crisis damaged the Russian economy and set back what had previously been a booming market for bank lending. Predictably, 2009 saw many restructurings in the market. While the traditional syndication markets have remained subdued, 2010 saw an increase in financings backed by export credit agencies and new money financings.

Switzerland

Switzerland’s major legal hubs are Zurich and Geneva. However Bern, Basel and Lugano are also popular, and a handful of firms practise across Switzerland.

Poland

News of the year for the Polish legal market was the defection of Pawel Debowski and his prized real estate team to Salans from Clifford Chance. Salans’ own property group endured some losses, when Marek Grodek and three lawyers left for Dewey & LeBoeuf Grzesiak SP.K..