- What is the Corporate Counsel 100?
- How to nominate in-house counsel
- Top 100: Africa
- Top 100: Asia Pacific
- Top 100: Deutschland
- Top 100: Ireland
- Top 100: Latin America
- Top 100: Middle East
- Top 100: Russia
- Top 100: Switzerland
- Top 100: Turkey
- Top 100: United Kingdom
- Top 100: United Kingdom - Rising Stars
- Top 100: United States
- Top 100: United States - Rising Stars
- How do the awards work?
- The Legal 500 United Kingdom Awards 2014
- The Legal 500 United States Awards 2014 - In-house winners
- The Legal 500 United States Awards 2014 - Law firm winners
- The Legal 500 Latin America Awards (coming soon)
- The Legal 500 Germany Awards (coming soon)
- Frequently asked questions
- Legal market overview
- Banking and finance
- Capital markets
- Central and Eastern Europe
- Corporate and M&A
- Dispute resolution
- EU and competition
- IT and telecoms
- Insolvency and corporate recovery
- Intellectual property and media
- Private client
- Public procurement
- Real estate and construction
- Bosnia and Herzegovina
- British Virgin Islands
- Burkina Faso
- Cape Verde
- Cayman Islands
- Costa Rica
- Czech Republic
- Dominican Republic
- El Salvador
- Faroe Islands
- Hong Kong
- Isle of Man
- Ivory Coast
- Latin America: International firms
- Netherlands Antilles
- New Zealand
- Papua New Guinea
- Saint Martin
- Sao Tome E Principe
- Saudi Arabia
- South Africa
- South Korea
- Sri Lanka
- St Barts
- St Vincent
- United Kingdom
- United Arab Emirates
- United States
Legal market overview
While post-crisis fiscal pressure persists, Austria’s economy is performing comparatively well; GDP expanded marginally in the third quarter of 2013, and further growth is forecast for 2014.
Law firms’ banking and finance practices are becoming increasingly broad, covering issues including financial restructurings, bank and investor liability, and regulatory advice. With the ECM side remaining very quiet, debt products remain the focus of capital markets practices. In the corporate area, a sense of optimism is prevailing, based on a modest but steady increase in M&A activity. IP lawyers, however, are less optimistic; they fear that the arrival of the EU patent regime will further diminish Austria’s already small market for patent work, with Germany dominating European Patent Office work. In terms of international work, Austria remains an entry point to Eastern Europe, and a number of firms have also recently opened offices in Turkey. Some firms are also increasingly looking beyond CEE, to economies such as Brazil, India and China.
A continued trend is the establishment of smaller practices alongside the larger international firms, with spin-offs such as Grama Schwaighofer Vondrak Rechtsanwälte, Aigner Buzanich Rechtsanwälte, Jank Weiler Rechtsanwaelte OG and finance boutique Rautner Huber Rechtsanwälte OG successfully making their mark on the Austrian legal landscape over the past few years. Among notable recent partner moves, labour law expert Franz Marhold and M&A specialist Phillip Dubsky left DLA Piper Weiss-Tessbach for Herbst Kinsky Rechtsanwalte GmbH, and renowned corporate lawyer Stephan Frotz left Schoenherr with plans to open his own firm. After ten years in the market Skadden, Arps, Slate, Meagher & Flom LLP closed its Vienna office, with managing partner Rainer Wachter joining CMS’ corporate transactions practice.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
Search News and Articles
A conviction for the crimes of active corruption and commercial bribery, which are defined in art. 229 and 296a of the Polish Criminal Code (CC), not only brings about consequences on the grounds of criminal law, but also implies negative consequences in other spheres of law. One of these involves administrative law, more precisely public procurement law, which provides that company officers convicted for the above-mentioned crimes are to be excluded from public contract award procedures. read more...
With the amendment of the Austrian investment fund regime by virtue of including alternative investment funds into its scope, the tax aspects of re-qualifications of existing (private equity) vehicles into investment funds and thus the application of the Austrian investment fund tax regime were rather unclear. With a newly-published opinion, the Austrian Ministry of Finance has now shed some light on its view on selected tax aspects of such re-qualification. read more...
The European Court of Human Rights ("ECHR") recently acknowledged a complaint by Delta Bakery (the "judgment") and confirmed that the Czech Competition Authority ( Úřad pro ochranu hospodářské soutěže , "CCA") violated Article 8 of the European Convention on Human Rights ("Convention") when entering the Delta Bakery premises without first obtaining a warrant. read more...
In recent years, bank customers in Hungary have initiated numerous litigations claiming that their loan agreements are illegal, invalid, or null and void for a variety of reasons. Mostly, these reasons centered on the legality of the application of spreads in FX-based loans and on the validity of the unilateral amendments applied by the banks regarding fees and interest rates. read more...
The "threshold regulation" adjusting (raising) the sub-thresholds of the Austrian Procurement Act ("BVergG") will be extended once again, namely for two more years. This plan was disclosed in the press briefing issued in conjunction with the retreat held by the members of Austria's federal government on September 27th and 28th this year. Thus, contracting authorities will continue to be able to benefit from substantial procedural simplifications when awarding contracts below the threshold in 2015 and 2016 as well. read more...
As of 13 August 2014, the amendments and supplements to the Insolvency Act [Zakon o stečaju] are in force, published in the Official Gazette of RS no. 83/2014 ("New IA"). The New IA shall not be implemented retroactively, and those insolvency proceedings that were ongoing on the day the New IA entered into force will be continued under the previously valid rules. read more...
Hungary's new advertising tax, which has been introduced effective as of 15 August 2014, affects not only media companies, online and offline content providers and advertising agencies (media companies), but may also affect regular manufacturing and trading companies active in various industry segments (commercial companies). read more...
The ECJ has ruled that the so-called "voluntary ex ante transparency notice" under certain circumstances does not preclude review authorities from declaring a contract ineffective if it was awarded without prior publication of a contract notice. Moreover, the ECJ ruled that review authorities must declare a contract ineffective if the contracting authority could not legitimately hold that that the conditions for directly awarding the contract were in fact satisfied (ECJ 11.09.2014, Case C-19/13 Fastweb SpA ). read more...
After introducing the "sectoral sanctions" against Russia on 1 August 2014 (see our Legal Insight of 1 August 2014 ), the sanctions regime has been tightened further on September 12 as set out in EC Regulation No 960/2014. read more...
Austrian merger control continues to capture non-full-function joint ventures. Joint ventures covered by merger control are sheltered against parallel assessment under the Austrian rules against anticompetitive agreements (no dual control). read more...
On 25 July 2014, the Parliament of the Republic of Moldova (Moldova) adopted Act No. 173/2014 on amending and supplementing of certain legal acts (Act No. 173). Act No. 173 will enter into force on 8 November 2014 and will inter alia change the Act No. 449/2001 on pledges (Pledges Act). The effected changes will have a direct impact on both guarantees issued before the entrance into force of the Act No. 173 (which will have to be dealt under the new legal provisions) and on obligations to be secured under the new legal frame. Act No. 173 is also meant to introduce a series of novelties into Moldovan legislation. read more...
Schoenherr advised the consortium of shareholders of Aerodrom Ljubljana -- headed by the Republic of Slovenia and the Slovenian Sovereign Holding (SDH) -- on the privatization of Slovenia's primary airport in Ljubljana. On 5 September 2014, the selling consortium signed a respective share purchase agreement with Fraport AG under which the Frankfurt Stock Exchange-listed airport owner and manager will pay EUR 177.1 mn for a 75.5% stake in Aerodrom Ljubljana d.d. The completion of the transaction is subject to merger control clearance by the Slovenian Competition Protection Authority. As part of the privatization process, Fraport intends to acquire 100 percent of the Ljubljana airport management company and, thus, will (after completion of the transaction) submit a takeover bid to the remaining shareholders, in accordance with legal and statutory requirements. read more...
Schoenherr, a leading law firm in Central and Eastern Europe, advised Laakman Holding Limited on the increase of their participation in the listed fund company C-QUADRAT Investment AG from 9.4 % to 18.4 %. read more...
Vienna, 28 July 2014. Fellner Wratzfeld & Partners (fwp) advises UniCredit Bank Austria AG on acquiring Immobilien Holding GmbH, which until now was wholly owned by Immobilien Privatstiftung.
AT: Schoenherr advises Ashland on sale of its water technologies business to Clayton Dubilier & RiceSchoenherr, a leading corporate law firm in Central and Eastern Europe, advised Ashland on the Austrian aspects related to the sale of its global water technologies business to private equity fund Clayton, Dubilier & Rice (CD&R). The transaction is valued at approximately USD 1.8 billion. By this sale, Ashland intends to focus on their core specialty chemicals business. read more...
Schoenherr, a leading corporate law firm in Central and Eastern Europe, represented Carso Telecom, a wholly-owned subsidiary of the América Móvil group (AMX), in its successful public takeover offer for all shares in Telekom Austria AG not held by Carso Telecom, AMX, Telekom Austria, or the Republic of Austria's state holding company OIAG. The public offer was launched on 15 May 2014. The initial offer period closed 10 July 2014. Through the public offer Carso Telecom/AMX could increase its participation in Telekom Austria from around 27 percent to around 50.8 percent. With an offer price of EUR 7.15 per Telekom Austria share, the transaction volume exceeded EUR 740 million. read more...
Schoenherr, a leading corporate law firm in Central and Eastern Europe, advised Rasperia Trading Ltd ("Rasperia") on its exercise of a call option to purchase shares and increase its shareholding in Vienna Stock Exchange-listed STRABAG SE to a blocking minority of 25 percent and one share. Rasperia, a company of Russia-based industrial conglomerate Basic Element, previously held 19.4 percent in the Vienna-based construction conglomerate. read more...
BLS Rechtsanwälte the First Law Firm in Austria to Successfully Be ISO 9001 Certified by TÜV AUSTRIA
Rosario Sapuppo has joined Schoenherr, a leading corporate law firm in Central and Eastern Europe, as the head of the newly established Italy desk in the firm's Istanbul office. In this role, Sapuppo applies his expertise in corporate/M&A, foreign direct investments and international commercial law to support the growing number of Italian firms with business activities and/or investments in Turkey. In addition, Sapuppo draws on his experience in working in Istanbul, founding the Milan-based Italian-Turkish Association, and in previously heading the Turkey desk of a leading Italian law firm. read more...
Schoenherr advised VB-Leasing International (VBLI), the joint venture between Österreichische Volksbanken-AG (ÖVAG) and German VR-Leasing AG, on the sale of VB Leasing Poland and VB Leasing Romania to the Polish company Getin Holding S.A. The relevant agreement was executed on 15 May 2014. With the sale, the two companies have achieved another milestone in their strategic re-alignment to focus on their core business. The sale of the remaining subsidiaries of VBLI remains ongoing. read more...