Overview
Norway has suffered a comparatively short and shallow recession, although certain sectors, including shipping, shipbuilding and property, were badly affected. Restructuring lawyers and their labour law colleagues have been busy although M&A activity, and a pick up in real estate transactions, returned to the Norwegian scene in late 2009 and early 2010. Transactions remained steady, if subdued in comparison to earlier periods, and lawyers reported a number of aborted or stranded deals which have created significant workloads. Law firms also pointed to an increase in international business, both outward investment as Norway’s offshore sector and energy companies seek new possibilities, and inward, as Chinese businesses in particular take advantage of keen corporate valuations.
As ever, potential clients for legal services in Norway have a very good choice. Training standards are high, firms’ charging rates and policies are clearly stated and, overall, the legal profession has a very good reputation for integrity. The main issues are generally confined to specific lawyers taking on too much work and, in the case of the large firms, instance of over-staffing, poor value from some senior associates, and slack invoicing practices.
BA-HR, Advokatfirmaet Thommessen AS, Wiersholm, and Wikborg Rein are generally consider to be the elite firms, although the quartet occasionally appear to be complacent about competition, not only from effective and ambitious Advokatfirmaet Schjødt DA and Selmer but also from the stronger mid-tier firms, which are frequently noted as providing better value for money.
Firms offering comparable standards to the leaders in several practice areas include Arntzen de Besche, Simonsen Advokatfirma DA, Advokatfirmaet Haavind AS, and Advokatfirmaet Steenstrup Stordrange DA. The latter merged Ålesund-based Tømmerdal & Co into the national network in February 2010.