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Overview
The legal market in Switzerland has remained largely unchanged over the past 20 years. Local firms still dominate the legal market. Well-established domestic heavyweights such as Lenz & Staehelin, Bär & Karrer AG, Python & Peter and Schellenberg Wittmer remain the prominent players. With offices in Geneva and Zurich, Baker & McKenzie is one of the few international firms to successfully break into the marketplace. In 2008 there was some significant mergers in with mid-sized firms acquiring offices in Basel, namely Bratschi Wiederkehr & Buob merging with Wagner Meili Berger and Kellerhals Attorneys at Law merging with Christen Rickli Partner.
Switzerland is a multi-lingual jurisdiction and few firms have opened offices nationwide. Geneva is historically a private banking hub with a wealth of skilled arbitrators and Zurich is known world-wide for its reputation in commercial banking, capital markets and corporate work. Smaller cities such as Bern and Basel are proving popular with mid-market firms as centres for specialist areas. Bern is a focal point for IP matters and Basle is home to a number of chemical and pharmaceutical companies.
Switzerland remains a relatively stable market in light of the global economic crisis, with Swiss law firms reporting a successful 2008. Although the flow of high-value instructions, including refinancing, leveraged buy-outs and financing of M&A transactions, was dwindling towards the end of the year, firms are still receiving a steady stream of smaller and mid-size instructions. As a result of the turbulent financial climate, contentious work is in the increase, particularly in relation to insolvency and bankruptcy proceedings. In addition, real estate is thriving, mostly due to new foreign lenders entering the Swiss market. The proposed relaxation of regulations restricting foreign buyers will no doubt attract more investment in the country in the coming years. With the liberalisation of the Swiss electricity market due in early 2009, some firms are starting to regard energy as a core practice area and are predicting it will grow in the next 12 months.