Sweden > Legal market overview
Notwithstanding the ongoing impact of the financial crisis on the Swedish banking sector, notably the failure of HG Bank, the Nordic transactional market was relatively busy until autumn 2011. Litigators experienced an increase in damages claims against accountancy firms and other professional services providers for alleged negligence in relation to corporate failures. Stockholm is an international arbitration centre and experienced an increase in international and cross-border cases, frequently involving Russia and China.
The Swedish legal market was relatively steady following significant changes in 2010, with the largest firms maintaining their position. Whereas 2010 was the year of law firm mergers, 2011 was a period of consolidation with significant partner defections and lateral moves.
The two largest firms in Sweden – Mannheimer Swartling and Advokatfirman Vinge – dominate the market, and Lindahl is Sweden’s third-largest firm with a strong national and regional presence. That said, smaller firms and breakaway boutiques are thriving due to their ability to provide specialist expertise at a competitive price. For example, successful litigation boutique A1 Advokater attracted top new clients and lateral hires. A recent development was the return of shipping and insurance boutique JCA Skarp Advokatbyrå AB. Gozzo Advokater, which closed its offices in 2008, but which has reopened featuring some of its original partners.
Among the global firms in the market, Baker & McKenzie Advokatbyra, Bird & Bird and DLA Nordic handle a combination of local and international mandates, whereas Linklaters LLP focuses on the larger cross-border mandates; having downsized considerably in recent years it has consolidated its position and begun to hire again. MAQS Law Firm continued to expand its pan-Nordic presence. Ashurst is increasingly visible on Swedish and cross-border mandates.
Finnish firms Roschier and Hannes Snellman Advokatbyrå AB maintain a strong foothold in the Swedish transactional market, with the latter continuing to expand its practice, activity and pan-Nordic reach.