Hengeler chief eyes China as top indy rises to the global challenge
Hengeler Mueller has put raising its international profile at the top of its agenda with the elite German firm currently considering plans to increase its work in key emerging markets such as China and Russia.
May 30, 2007 at 11:41 PM
4 minute read
Hengeler Mueller has put raising its international profile at the top of its agenda with the elite German firm currently considering plans to increase its work in key emerging markets such as China and Russia.
In an interview with Legal Week, Hengeler managing partner Christof Jaeckle said that a key target was to bolster its profile and referral links in the coveted Chinese legal market.
Jaeckle said that the firm -part of the European 'best friends' alliance that includes London's Slaughter and May – would consider pooling resources with its key allies to launch a local branch in mainland China.
"In China, it could be interesting to set up an office with a few of our European friends, and I would not exclude a similar move in Russia," said Jaeckle.
He added: "The main strategy is to work with the best independent firms in the jurisdictions we are interested in. There are a number of emerging markets, like Poland and the Czech Republic, where we have established very good links with the best independent firms."
This is not the first time that the 'best friends' have looked to occupy a foreign office together. Last October, Hengeler moved to share office space in London with Italian ally Bonelli Erede Pappalardo, while Spanish partner Uria Menendez is set to move to the same office when its current London lease runs out. The three firms, alongside Slaughters and Paris ally Bredin Prat, also have a shared office in Brussels.
Jaeckle also indicated that Hengeler hopes to further expand its extensive international secondment programme. The German firm already requires every one of its lawyers to have spent at least one year on secondment in the US or UK.
Hengeler currently has 10 lawyers on secondment – a sizeable commitment for a firm with just 220 lawyers – including five in New York.
Hengeler is currently also looking to second lawyers to Bonelli for the first time but the firm's famously low partner/assistant leverage means freeing up lawyers for a stint with another firm is challenging.
"We would make even more secondments to our best friends if our resources were less constrained," said Jaeckle.
Jaeckle's comments indicate that Hengeler, widely regarded as Germany's top corporate adviser, is moving to position itself in a deal market that has seen a dramatic revival in cross-border bids.
However, despite displaying a more expansive streak in recent years – the firm secured a closely-watched Munich launch in 2005 – Jaeckle said Hengeler would remain committed to its German law focus.
Jaeckle, who was elected managing partner three years ago, likewise reiterated the firm's obsessive desire to attract the best young German lawyers – a stance that saw Hengeler last year lead a round of aggressive pay rises.
He commented: "The biggest challenge is to get and keep hold of the brightest people. That is as critical as holding on to our major clients."
Day of the Jaeckle |
Jaeckle on private equity: On the prospects for the German restructuring market: "We have to think in cycles and an increase in restructuring work is very much on our radar screen." On international expansion: "It is easier for a German firm to be kept busy domestically because the German economy is bigger than the UK. Germans firms do not need to build internationally in the same way UK firms do." |
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