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- The Legal 500 United Kingdom Awards 2013
- 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)
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Legal market overview
The Danish legal market is dominated by a ‘Big Four’ of Copenhagen-based firms: Kromann Reumert, Bech-Bruun, Plesner, and Gorrissen Federspiel. Kromann Reumert is larger than its competitors, although it downsized in 2012. Each of the four except Plesner has offices in Aarhus in Jutland, Denmark’s industrial heartland. Leading Aarhus firms, such as Delacour Law Firm, also maintain offices in Copenhagen and Lett Law Firm has offices in Copenhagen and Aarhus. In January 2013, the former Kolding office of Lett Law Firm re-launched as Andersen Partners.
Two significant foreign firms have offices in Copenhagen as part of a strong Nordic presence and are differentiated by their areas of expertise. Nordic region law firm Hannes Snellman Attorneys at Law Ltd focuses on transactional work and Bird & Bird has particular strength in information technology and related matters.
Denmark’s economic recovery has been reflected in a recent increase in transactional activity, although there were few big-ticket deals and insolvencies remain an ongoing reality, notably in real estate and construction. The legal market has been contracting, particularly in the mid-market space, although the Big Four have also reduced their numbers. At the same time, intense competition for standalone legal work fuelled the battle to recruit key talent and, together with pricing pressure, is supporting the emergence of specialist boutiques offering competitive rates.
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Since introduced into Danish Law with effect of 1 January 2008 the Danish judicial system has gained its first important experiences with class action as a way of handling disputes with multiple similar claims. At Lundsgaard & Partnere... Don't bank on it
Partner Søren Stenderup Jensen and Assistant Attorney Sebina Harder have written the article "Water plans and buffer strips: reducing emissions into watercourses", which has been published in the current edition of International Law Office (ILO).
Legal Consultant Casper Bjerregaard Eskildsen has published the article "Insourcing and Outsourcing in a VAT Context" in the latest issue of Intertax.
Partner Søren Stenderup Jensen and Senior Attorney Ellen Skodborggaard have contributed the article "Monster Rain: Further advice on how to avoid damage from flooding" to the latest issue of International Law Office (ILO).
The latest issue of the International Law Office (ILO) newsletter on environmental law includes the article "Agency introduces guidelines on low frequency noise from wind turbines" by Søren Stenderup Jensen and Sebina Harder .
Health and safety at work The amendments to the Danish Anti-Smoking Act recently entered into force, and workplace smoking policies may therefore need to be amended.
Discrimination - Equal Treatment Act The question of whether EU law entitles an employee under notice to receive pay during the notice period if this period coincides with a period of unpaid parental leave will be considered by the Danish Supreme Court.
Discrimination - Equal Treatment Act Supreme Court ruling on compensation under the Part-Time Employment Act A dental assistant who was dismissed after refusing to work full time was awarded 3 months’ pay by the Danish Supreme Court.
Discrimination - Equal Treatment Act The Danish Supreme Court refuses to refer the issue of lower pay and termination due to age of under-18s to the EU Court. Age discrimination is prohibited by the Danish Anti-Discrimination Act and the Employment Equality Directive. In Denmark, however, this general principle is subject to the derogation that employers are permitted to pay under-18s less than adults and to terminate their employment once they turn 18, so long as the employer is comprised by a collective agreement containing specific provisions on under-18s in relation to recruitment, payment and termination.
Holiday The EU Court recently ruled that employees who fall sick during holiday are entitled to replacement holiday.
The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
RESTRUCTURING - COURT PROCEDURES
On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ). This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force. The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.
Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021. Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.
Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million with an interest rate of 4.765 % and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.
Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank pari-passu with Ziraat Bank's other senior unsecured obligations.
Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.