Noerr increases 2020 revenue in Germany by 9.3 per cent to €253 million
Noerr continued its growth in the 2020 financial year: from January to December 2020, its German offices generated revenue of €253 million (previous year: €231.5 million), an increase of 9.3 per cent. The firm’s group-wide revenue rose by 7.6 per cent to €271.6 million (previous year: €252.4 million). Noerr’s offices in Central and Eastern Europe achieved revenue of €18.6 million (previous year: €21 million).
As of 31 December 2020, Noerr had 573 lawyers, tax advisors, auditors and paralegals (previous year: 573), of which 468 worked in Germany (previous year: 463). Noerr’s total workforce as of 31 December 2020 was 1,166 (2019: 1.187), 980 thereof in Germany (previous year: 995).
“We are pleased that we were able to continue our qualitative growth strategy last year despite the coronavirus crisis and consider ourselves on a good path for 2021 as well,” says co-managing partner Torsten Fett. “Thanks to the outstanding commitment and contributions of our staff, we managed to overcome past year’s special challenges with great success,” adds co-managing partner Alexander Ritvay.
Leading position in corporate law
In the 2020 financial year, Noerr systematically expanded its position as a leading independent law firm for corporate and M&A. For example, four renowned partners, Harald Selzner, Rainer Wilke, Martin Neuhaus and Natalie Daghles, joined Noerr’s Dusseldorf office from a US law firm.
“We will continue to expand our advisory capacities for our clients on complex and cross-border transactions and further increase our market share in the long term,” comments Alexander Ritvay. “Our new partners have an impressive track record especially in these areas and are an excellent fit with our strategy.”
Among the outstanding cases in the area of corporate law last year was Noerr’s advice on the first insolvency of a DAX-listed company: acting as lead counsel, Noerr advised on the insolvency proceedings of Wirecard and the sale of various subsidiaries.
Other highlights included advising Deutsche Finanzagentur on a stabilisation package for TUI AG and advising the Schwarz Group on the acquisition of SUEZ’s recycling and recovery business in several European countries and the acquisition of numerous Real stores.
Renowned private equity firms also relied on Noerr’s advice for their transactions, including KPS Capital Partners for its acquisition of Norsk Hydro’s aluminium rolling business. Other clients advised by Noerr on corporate issues included Volkswagen Financial Services, the retailers Ceconomy and Tengelmann, the French fashion group Kering and the Japanese electronics group Panasonic.
In addition to Wirecard, Noerr’s insolvency experts also advised other companies, such as the airline Condor.
In the area of capital markets law, Noerr advised clients such as Fresenius Medical Care on their placement of bonds as well as listed company RIB Software on the takeover bid of French electronics group Schneider Electric. In addition, the firm advised Rocket Internet on a public delisting buyback offer to the company’s shareholders.
Strong growth in litigation
Growth was particularly strong in Noerr’s Litigation, Arbitration & ADR department. “We saw significant increases in the representation of companies in court and in arbitration proceedings,” comments Torsten Fett. “In addition, we advised numerous companies on compliance cases and internal investigations, including several DAX-listed groups.”
For example, Noerr is representing the interests of reinsurers and companies in connection with the settlement of claims arising from business interruption. There was also a significant increase in the representation of companies in D&O cases as well as in advising on corporate law disputes and post-M&A proceedings. In the first model declaratory action proceedings decided by the Federal Court of Justice, Noerr successfully represented a company.
Noerr advises federal government on coal phase-out
Advising the federal government on the phase-out of lignite-fired power generation was one of the top cases in the area of Regulatory & Governmental Affairs. Noerr advised the Federal Ministry for Economic Affairs and Energy both on drafting the German Coal Phase-out Act and on concluding a public-law agreement with the operators of large-scale lignite-fired power plants.