Noerr achieves new turnover record

26.03.2014

The international law firm Noerr LLP looks back on another successful year of above-average growth. Turnover in 2013 increased by double-digit percentages globally. As in previous years, the development of key strategic areas of the business and cross-border work provided the drivers for the firm’s strong growth.

During the financial year 2013, Noerr continued to grow at a rate above market average for law firms in recent years. The firm’s independence along with its broad pan-European services, focused on the business’s core strategic areas contributed to the financial success. Growth in corporate/M&A, litigation, media IP & IT as well as in the provision of advice to clients within regulated industries, such as banks, energy, insurance and telecommunication companies, was especially robust. “In recent years, we invested particularly strongly in our strategic business areas. The great demand of clients confirms our strategy,” explained Co-Speaker Dr. Tobias Bürgers.

Throughout the firm, turnover rose in 2013 to 190.8 million Euro (from 170.0 million Euro in 2012), providing an increase of 12.3 per cent. Within the German market, the growth rate was even higher at 164.5 million Euro; 15.2 per cent more than in the previous year (142.9 million Euro). Turnover in the Central and Eastern European offices fell slightly, by approximately 3 per cent, to 26.3 million Euro.

“Cross-border business, in particular, continues to expand,” added Co-Speaker Dr. Alexander Ritvay. A key example of this was advising Mitsubishi Heavy Industries (MHI) on the merger of the thermal power stations divisions of MHI and Hitachi, one of the largest joint ventures worldwide in the energy industry, with a transaction volume approximately 8.7 billion Euro. Ritvay: “Here our advantage as an independent law firm, with a strong network of top international law firms for cross-border transactions, was clear. Our clients benefit from this. Accordingly, we have established a firm place in the Top 10 of legal advisors on transactions in the league tables.”

Apart from cross-border transactions, Noerr also demonstrates strength in the corporate arena, in particular within regulated industries, distressed M&A, real estate transactions and e-commerce. Significant transactions include advising Deutsche Telekom on the takeover of the eastern European broadband provider GTS, advising the Frankfurter Rundschau on the successful sale to the FAZ, advising Veolia on the sale of its stake in Berlin Wasserbetriebe, advising ABN Amro on the acquisition of the German private banking business of Credit Suisse and advising Zalando on the entry of new investors.

Noerr also played an outstanding role in advising on transactions and financing in the real estate industry. Recently, the firm acted for Deutsche Annington in the takeover of a total of 41,000 residential units of the Vitus group (1.4 billion Euro) and DeWAG (970 million volume). Other significant cases were advising the Bayerische Versorgungskammer (BVK) on the refinancing of Frankfurt’s “Tower 185” and advising the CA Immo Group on the sale of a real estate package (market value: 800 million Euro) to the PATRIZIA Group.

With regard to litigation, Deutsche Bank continues its strong relationship with Noerr; extending the 2010 exclusive agreement which engages Noerr for all Deutsche Bank Group’s disputes in Germany. In addition, Thyssen Krupp entrusted the firm with the external support for the compliance organisation.

Whilst business in the CEE offices fell slightly, “growth impulses were lacking in many states in the region in 2013,” said Bürgers, the firm nevertheless again acted for major German groups in the course of their investments in Central and Eastern Europe. This included advising Siemens, in a joint venture with Russian Machines, to build and sell underground train waggons and also Rolls Royce Power Systems (formerly Tognum) on the formation of a joint venture with JSC Transmashholding, one of the largest Russian manufacturers of rolling stock.

The firm also opened a new office in Brussels, which focuses on advising on antitrust and state aid law, distribution law and the regulated industries.

The number of professionals rose slightly by 1.2 per cent to 488 globally, from 482 in the previous year. With an increase of 4.1 per cent, headcount growth in Germany was stronger. There are now 376 professionals in Germany (previous year: 361). As of 31.12.2013, Noerr employed a total of 1,089; an increase of 1.5 per cent compared to the previous year. In Germany, the number of staff rose 5.3 per cent to 892.

The firm’s successful strategy was recognised within the legal press. British publisher, Legalease, selected Noerr as “International Firm of the Year 2014” at the Legal Business Awards.

“We are expecting increasing demand for our services in the current financial year too,” said Bürgers. Corporate and capital markets law, banking & finance, compliance & investigation, litigation, antitrust law and providing advice to the regulated industries continues to be the main focus of the firm.