France > Legal market overview
2011 was a symbolic year of transition in the French legal market as two visionary figures – Jean-Francois Prat and Thierry Vassogne – who inspired and trained several generations of lawyers sadly passed away.
The first half of the year saw a wealth of M&A, but the second half was a stark reminder of troubled economic times in Europe. A return of major restructuring work is expected in 2012, and that trend has already started with the restructuring of Dexia and Groupama. Tax and employment specialists have been in demand as social and economic tensions run high and the forthcoming presidential elections promise a series of reforms. Litigators, and particularly white-collar crime lawyers, have been busy with instructions arising from economic circumstances and a series of medical, political and financial scandals.
The market’s elite are French firms Bredin Prat, Darrois Villey Maillot Brochier, De Pardieu Brocas Maffei A.A.R.P.I and Gide Loyrette Nouel A.A.R.P.I.; British firms Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP and Linklaters LLP; and US firms Cleary Gottlieb Steen & Hamilton LLP, Sullivan & Cromwell LLP, Weil, Gotshal & Manges, White & Case LLP and Willkie Farr & Gallagher LLP.
‘Magic Circle’ firms Allen & Overy LLP, Clifford Chance and Freshfields Bruckhaus Deringer LLP made significant lateral hires in the M&A and litigation fields, and market challengers Paul Hastings LLP, Salans and DLA Piper, determined to become heavyweights in France, stepped up recruitment drives. French firms De Gaulle Fleurance & Associés and Lefèvre Pelletier & associés also significantly strengthened their ranks, with partners joining from Anglo-Saxon and other foreign law firms.
Conversely, Hogan Lovells (Paris) LLP suffered a number of defections – notably losing its corporate team to Paul Hastings LLP – and Bird & Bird, Darrois Villey Maillot Brochier, Proskauer, SNR Denton, Simmons & Simmons LLP also registered staff losses.
Norton Rose LLP, which experienced a series of departures in early 2011, is back on track after an intense recruitment effort saw several new partners brought in from international law firms. UK law firm Olswang and US-based McDermott Will & Emery were newcomers to the market.
Medium-sized and boutique French firms are gaining significant market share as they adapt to the changing patterns of client selection processes, including the increasing useage of panels, and a higher emphasis on value. This sentiment was echoed by a source at a CAC 40 company, who stated: ‘they are very competitive and flexible; we increasingly use them.’ Bichot & Associés, Cotty Vivant Marchisio & Lauzeral, Franklin and Viguié Schmidt Peltier Juvigny in particular have developed excellent reputations.