Noerr increases turnover in Germany by almost 10 per cent to more than €277 million in 2021
Thanks to many engagements for listed companies, German and international private equity companies and large family-run companies, Noerr continued to grow over the 2021 financial year: from January to December 2021, the firm generated revenues of €277.3 million (up from €253.0 million in the previous year). This corresponds to a rise of 9.6 per cent compared to 2020.
Worldwide revenue improved by 9.3 per cent to €297.0 million (up from €271.6 million). At our offices in Central and Eastern Europe, revenue climbed to €19.7 million euros (up from €18.6 million).
“We are continuing our growth story and have achieved above-average growth for the second year in a row,” said co-managing partner Torsten Fett. “The most important forces driving this were group transformation, digitalisation and ESG.”
Noerr advised the Schwarz Group on the global expansion of its waste division by acquiring businesses in Spain and Portugal, supported Deutsche Börse in a strategic partnership with Commerzbank to invest in new digital marketplaces and assisted a DAX-listed group in the conclusion of a syndicated loan agreement worth two billion euros which was linked to ESG criteria, for example.
“It’s thanks to the great dedication shown by our employees that we have once again mastered the challenges of the past year with flying colours,” said co-managing partner Alexander Ritvay. “We expect our firm to see further growth in the ongoing financial year as well.”
Leading position in transactions and group transformation
In the 2021 financial year, Noerr built on its position as an independent leading law firm in corporate as well as mergers and acquisitions (M&A), advising a large number of national and international clients in complex transactions as lead counsel. The firm saw two-digit growth rates in these areas. Of all M&A transactions advised on by Noerr in the last ten years 85 per cent were cross-border.
Some of the most important matters in 2021 included establishing a joint venture with the Australian IFM Global Infrastructure Fund for Deutsche Telekom, establishing a joint venture with a subsidiary of BNP Paribas Cardif for Volkswagen Financial Services and coordinating several acquisitions in Germany for NYSE-listed consultancy firm Omnicom Group.
Many private equity companies based in Germany and other countries also relied on our lawyers’ advice, for example J.C. Flowers (transferring Hamburg Commercial Bank to the German deposit guarantee scheme for private banks) and KPS Capital Partners (acquiring the European business of Real Alloy Group).
High growth in litigation
“We also saw significant growth in our representation of companies in court and in international arbitration proceedings,” said Torsten Fett. “We have set up a cross-practice Cyber Risk group to meet the burgeoning need for advice in connection with cybercrime.”
Adding to this, Alexander Ritvay said, “We are also expecting to see a rise in demand resulting from new legislation on supply chains and climate change and also on environmental, social and good governance (ESG) issues.”
Noerr’s litigators managed to avert three capital markets investors’ model cases before the German Federal Court of Justice on behalf of a leading global financial services provider and proceedings brought by Luxembourg’s competition authority Conseil de la concurrence against our clients Volkswagen and Skoda.
Apart from this, many companies instructed the firm in connection with business interruptions caused by coronavirus-related measures.
Last but not least, Noerrs’ lawyers are representing the Federal Republic of Germany and the Netherlands in several international arbitration proceedings.
Noerr withdrew from the Russian market at the end of last year due to the difficult overall situation and handed the Moscow office over to the current local partners. Since the outbreak of the war in Ukraine, the firm no longer advises Russian or Russian-controlled companies. At the same time, the firm and many of its employees have been actively helping to provide aid to Ukraine.
On the reporting date of 31 December 2021, Noerr employed 588 lawyers, tax advisors, auditors and paralegals (compared to 573 in the previous year) worldwide, 482 of them based in Germany (previously 468). Noerr employed a total of 1,172 people as at the reporting date (previously 1,166), 993 of them based in Germany (previously 980).