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Overview
The two largest firms in Sweden based on income and fee-earners – Mannheimer Swartling and Advokatfirman Vinge– dominate the market. Featuring prominently in nearly all practice areas, they are less vulnerable to the economic downturn which has significantly affected the nature and volume of transactional work.
International focus is an advantage, enabling the largest firms – and international firms in Sweden – to offer multinational clients a one-stop shop and handle cross-jurisdictional work. Mannheimer Swartling has more international offices than any other Nordic law firm. With offices in China, Moscow and the Baltics, it is established as strategic adviser to Scandinavian financial institutions in those regions.
Advokatfirman Vinge has four domestic offices, and international offices in Brussels, Shanghai, Hong Kong and London. It benefits from a loyal client base and has a more transactional focus than Mannheimer Swartling.
Linklaters LLP continues to reduce its numbers, concentrating on transactional work for platinum clients. It handles the largest Swedish deals and complex international transactions, supported by its strong global network.
The global financial crisis and economic downturn saw the end of Scandinavia’s M&A boom. However, there is still significant activity in the mid-markets and industrial sector as well as work related to reorganisation, restructuring and distressed deals. In 2008, Sweden’s biggest transactions related to the sale of state-owned entities, notably Vasakronan and V&S Vin & Sprit AB.
The increasingly challenging marketplace intensified competition for the best work and the top talent. Although Advokatfirman Cederquist and Setterwalls maintain their market share, profile, and reputation, like Mannheimer Swartling, Advokatfirman Vinge and notably Linklaters LLP, both have lost top players to niche firm Nilsson & Co and Finnish firms Roschier and Hannes Snellman Attorneys at Law Ltd, which recently established a presence in Stockholm.
Advokatfirman Cederquist maintains its strength in banking, capital markets and M&A. It is one of the few firms representing the Swedish government regarding the privatisation of state-owned companies. In a slowing M&A market, public-sector work is more valuable than ever, but the divestiture of state-held companies is currently on hold, pending the outcome of the financial crisis.
Setterwalls is ‘ hungry for business and eager to please’, notwithstanding some high-profile departures in 2008. It benefits from a strong brand and an excellent reputation.
Lindahl, Wistrand, Advokatfirman Glimstedt, and Hammarskiöld & Co compete successfully for business as the global financial crisis and economic downturn has boosted reorganisation, restructuring, insolvency and dispute resolution work. This shift in focus has unsettled the market, enabling breakaway firms such as Nilsson & Co and von lode advokat AB(established by the former energy team at MAQS Law Firm), as well as recent arrivals Roschier, to gain ground. The beginning of 2009 saw the merger of Lindahl with renowned 40-lawyer firm RydinCarlsten Advokatbyrå. There are also casualties, with top IP firm Gozzo Advokater disbanding and most of its top names joining Bird & Bird Advokat KB, which has consolidated its leading position in that sector.
Baker & McKenzie Advokatbyra is expanding its Swedish presence, supported by a combination of local talent and global reach. It has boosted its ranks by recruiting a team of TIME/M&A lawyers from Lindahl.
In some practice areas – notably dispute resolution – the market is affected by succession issues which are exacerbated by an increase in lateral moves, as leading names approach retirement and ambitious lawyers (and firms) seek to manoeuvre themselves into pole position.
Gernandt & Danielsson Advokatbyrå and White & Case Advokat AB are particularly prominent in M&A and dispute resolution.
Advokatfirman Delphi has increased in size and profitability. It has invested heavily in raising its profile and expanding its services with high-profile lateral hires and client wins. Its success is to a large extent related to its corporate finance and M&A practices.
Leading Finnish firm Roschier is the big winner of 2008. Having recruited several big names from its competitors, it is increasingly involved in high-profile transactions and is recognised as an important player in the market.
In 2008 another Finnish powerhouse, Hannes Snellman Attorneys at Law Ltd launched in Stockholm, led by high-profile lawyers from Advokatfirman Vinge and Setterwalls. It is generally acknowledged to be one to watch in 2009.