Legal Market Overview
The land-locked Principality of Liechtenstein which sits between its two alpine neighbours Austria and Switzerland has historically relied heavily on economic activity from beyond its own borders. Therefore, since the early 20th century, the Principality facilitated the development of a trust and fund industry accompanied by a strong banking and finance sector. To this day, the banking and finance sector and trust and fund industry remains central to the Liechtenstein economy.
In order to maintain a competitive regulatory environment for these important economic sectors, the Liechtenstein government has introduced legislation in recent years aimed at keeping the country’s regulatory environment internationally competitive. Amongst these are the Trustee Act, which came into force in 2020 and strives to ensure a secure fiduciary ecosystem for international clients by strengthening the quality assurances of service providers. Further, having recognised the potential for development in the emerging fintech area, the Liechtenstein parliament introduced and passed the Token and Trusted Technology Service Provider Act in October of 2020, also known as the “Blockchain Act”. Since then it has establishing itself as a hub for financial market activity related to fintech and blockchain, including initial coin offerings and tokenisations.
The legal market in Liechtenstein is set up accordingly and has a strong orientation towards the banking and finance sector as well as advising on trusts and foundations with the largest law firms having a strong international focus and offering fiduciary services to international clients, both corporate and private. Among the oldest and largest Liechtenstein law firms are BATLINER WANGER BATLINER Rechtsanwälte AG, Gasser Partner Attorneys at Law, Marxer & Partner Attorneys-at-Law and Schurti Partners Attorneys at Law Ltd. These typically offer a full-service or near full-service of legal advisory work while younger firms often have a specialisation on the emerging crypto and fintech markets, such as Niedermüller | Attorneys at Law. Further firms are focused on dispute resolution, particularly around the trust and foundation industry, such as advocatio Rechtsanwälte Grabher Dür and Müller & Partner Rechtsanwälte. In 2021, firms König Rebholz Zechberger Attorneys at Law and Wolff Gstoehl Bruckschweiger merged to form paragraph 7.