Noerr again generates revenue of more than €207 million

Noerr has had another successful year, once again generating revenue of more than €207 million. Following years of strong growth, Noerr is focussing on business in the high-end sector and has seen clear growth in cross-border client work in Litigation and Corporate/M&A. The business year was also successful for the Capital Markets, Banking and Finance, as well as the Employment & Pensions practice groups. Noerr has further consolidated its position as market leader in the area of digitalisation/Industry 4.0.

The focus in the 2016 business year was on the targeted, qualitative development of our business. “We have invested further in specialisation and digitalisation and therefore strengthened the basis for further qualitative growth,” emphasises co-speaker Dr Alexander Ritvay. “Our focus is on the expansion of strategic growth areas, our European market presence and international client work,” says co-speaker Dr Tobias Bürgers. And this is successful: “On the basis of this strategy revenue has more than doubled since 2008.”

Thus revenue on the German market was once again €190 million, and Noerr-wide more than €207 million. In Central and Eastern Europe revenue likewise remained stable despite an environment which was in some cases economically and politically difficult. The CEE offices in the region once again achieved revenue of over €17 million.

Noerr achieved this revenue with a slightly lower number of advisors compared to the prior year and has therefore continued to generate qualitative growth. As of 31 December 2016, Noerr had a total of 485 professionals overall, 6 per cent less than in the prior year (517 professionals). The number of professionals in Germany also went down by 6 per cent to 394 (prior year: 420). Noerr had a total headcount on the cut-off date of 1,069 (prior year: 1,097), in Germany 898 (prior year: 921).

Cross-border advice remains guarantee for success

The law firm’s targeted investment policy is notably paying off in cross-border advisory business. “Our Litigation practice has specifically profited from the increasing internationalisation of our advisory services,” says Tobias Bürgers, “because commercial law disputes often have an international component.” Accordingly, there has been a significant increase in the provision of cross-border advice and support for court cases and arbitration procedures. Alexander Ritvay says, “The expertise of our litigation experts is above all in demand for major lawsuits in the United Kingdom and the United States, which we manage strategically and operatively for major German companies.”

Business in Corporate/M&A was also strongly characterised by cross-border transactions. Around 75 per cent of matters have a cross-border dimension; some take place completely abroad, but are managed from Germany. Noerr achieved considerable success here both in being engaged by DAX companies and in the structuring and coordination of transactions and the law firms involved.

Noerr for example recently advised a major German company on the agreement of a Norwegian-German partnership and foodpanda on a merger with its competitor Delivery Hero. Other significant projects included advising Lazada shareholders on the takeover of the leading East Asian shopping portal by China’s Internet giant Alibaba and advising Allianz Real Estate and a further key European investor on investment in the new Fizz Student Housing Fund. In the German market, Noerr’s Corporate experts advised clients such as Volkswagen Financial Services on the takeover of a majority stake in LogPay Transport Services.

Capital markets experts successful with IPOs in Frankfurt and New York

The business year was also successful for the Capital Markets and Banking & Finance practice groups. The firm’s capital markets experts drew attention to themselves in a weak stock market year, for example, by providing advice and support for several IPOs. These included the IPOs of the fintech company MyBucks and the biotechnology company Brain, as well the IPO of trivago on the NASDAQ in New York.

The Banking & Finance practice group can also look back on a successful business year. Noerr’s financial law experts expanded existing client relationships with German and international banks and regularly advise syndicate leaders on major corporate financing transactions. On the company side, Noerr advised clients such as Scout24 on the conclusion of a syndicated loan agreement for over €800 million and the US company Novelis on two major transactions: the refinancing of credit facilities with an aggregate volume of over $1.8 billion and the successful issue of two high-yield bonds, as well as the restructuring of the group’s financing structure. The bond volume was $2.56 billion. Dr Tom Beckerhoff, a leading finance law expert, also joined Noerr’s Frankfurt office as a partner.

The other practice groups, however, made equally important contributions to Noerr’s success. In employment law, besides advising on transactions, complex employment law restructuring projects also form the backbone of this group of experts. Noerr’s employment law specialists for example are advising the ERGO insurance group on restructuring measures. Noerr’s energy law experts advised the German government on the organisation of the phase-out of nuclear power and on negotiations with operators of nuclear power stations.

Leading role in digitalisation and Industry 4.0 confirmed

Noerr also saw a considerable increase in the number of clients in connection with the digital transformation of the economy and Industry 4.0: “In the last business year we confirmed our leading role in digital transformation and increased our lead in terms of the specialist skills required here,” emphasises Tobias Bürgers. “An increasing number of companies and banks are focusing on digital projects which involve a large number of legal areas,” adds Alexander Ritvay. “We are digital pioneers and took on several complex, groundbreaking cases in 2016.” The speakers see this as evidence that Noerr’s integrated approach to providing advice enjoys an excellent position on the market.

Noerr’s successful development was also confirmed by the international specialist press. Noerr was honoured as “European Law Firm of the Year” at The British Legal Awards 2016.

Outlook

In the 2017 business year, Noerr will continue to focus on qualitative growth and strengthening strategic growth areas. Effective 1 January 2017 Noerr made six of its own lawyers partners: Dr Fabian Badtke, Dr Sophia Habbe, Michael Hawkins, Alexander Israel, Dr Patrick Mückl and Dr Nikolai Warneke. Besides promoting younger Noerr lawyers, Noerr will also continue to strengthen its team with lateral hires. Noerr’s Warsaw office was massively expanded on 1 January by hiring a team of eleven lawyers from the firm DJBW, and in Frankfurt Noerr hired Dr Martin Haisch as a new partner. He is strengthening the Tax & Private Clients practice group. Further significant qualitative strengthening of our business in Germany is planned.