NY elite target Germany
Sullivan & Cromwell and Simpson Thacher gear up for German onslaught
September 06, 2000 at 08:03 PM
2 minute read
By Richard Tromans
Elite New York firms Sullivan & Cromwell and Simpson Thacher & Bartlett are preparing to launch German law practices to ensure they take part in the M&A boom in the country.
Sullivans has already approached partners in Germany, while Simpsons has set up a special committee to investigate the pros and cons of launching a practice.
The two firms are among the most profitable 'white shoe' New York firms, but they are also among the most conservative.
The fact that their international client base is demanding integrated European law services should give heart to the leading City practices such as Freshfields Bruckhaus Deringer, Linklaters and Allen & Overy, which have embarked on a strategy of building strong European networks before approaching a leading New York firm to merge.
Alan Peck, chief executive of Freshfields, said: "We have heard they are looking for German recruits and we are watching with interest."
New York sources said Sullivans had
targeted associates at newly-merged Freshfields Bruckhaus Deringer and top German firm Hengeler Mueller Weitzel Wirtz.
The new German strategy has been fast-tracked in part by the scale of the expected corporate activity generated by changes to German tax law, which will significantly reduce the tax on the disposal of assets and will come into effect on 1 January, 2001.
A source close to Sullivans said: "The firm sees significant opportunities in Germany following the changes in the tax laws, although it does not see 1 January as a deadline for having a German law capability."
Sullivans is also understood to be keen to take advantage of its close relationship with Goldman Sachs which is playing an increasing role in Europe.
Sullivans has already set up an office in Frankfurt, run by a single US partner and five US associates.
Last year, it launched its English law practice in the form of Norton Rose
projects partner Jamie Logie and a team of assistants.
Simpson Thacher has also set about launching an English law acquisition finance practice, but has so far failed to find suitable candidates.
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