Germany Noerr’s turnover climbs to € 271.6m despite pandemic impact
Company-wide revenues of major independents grew 7.6% in 2020, although CEEC revenues fell
Munich-based law firm Noerr saw its group-wide turnover increase 7.6% to € 271.6 million in 2020 despite the impact of the coronavirus pandemic, much of this growth being driven by activity in its domestic market.
The performance is even more impressive in light of a slowdown in the company’s revenue growth in 2019, when it only increased by 1%. German revenue climbed 9.3% to € 253m between January and December 2020, against which there was a slight decline in Central and Eastern Europe, with offices in the region generating around € 19m, compared with € 21 million in 2019.
Torsten Fett, co-managing partner of the company, said: “We are happy to have been able to continue our qualitative growth strategy last year despite the coronavirus crisis and we also consider ourselves on track for 2021.”
Much of the growth in the company’s revenue has likely gone to the bottom line, given both the cost savings associated with the foreclosure and the fact that its workforce of attorney, tax advisor, audit and paralegal remained unchanged at 573 in 2020, although its overall workforce declined. slightly to 1,166 against 1,187 employees a year earlier.
There have, however, been a few new arrivals, notably a quartet of corporate and mergers and acquisitions lawyers in Düsseldorf – Harald Selzner, Martin Neuhaus, Natalie Daghles and Rainer Wilke – who joined in October from Latham & Watkins.
Alexander Ritvay, Associate Co-Director alongside Fett, said: “Thanks to the commitment and outstanding contributions of our staff, we have been able to overcome the special challenges of the past year with great success.”
He added: “We will continue to expand our advisory capabilities for our clients on complex and cross-border transactions and further increase our market share in the long term. Our new partners have an impressive track record, particularly in these areas, and fit perfectly into our strategy. “
Last year, Noerr acted as senior advisor in the insolvency proceedings of the collapsed payment firm Wirecard and the sale of its various subsidiaries – the first insolvency involving a company listed on the German stock exchange. DAX. She has also advised companies such as Volkswagen Financial Services, French fashion group Kering and Japanese electronics group Panasonic on various corporate matters.
Fett said Noerr has seen particularly strong growth in its litigation, arbitration and alternative dispute resolution department. “We have advised numerous companies on compliance cases and internal investigations, including several groups listed on DAX,” he added.
The firm also represents reinsurers and companies in the settlement of claims resulting from a business interruption caused by the pandemic.
Last year, Noerr was ranked fifth in Juve magazine’s ranking of German companies by size, a place behind international rival Hogan Lovells, who Reported a 2.8% Company-Wide Increase in Revenue to $ 2.31 Billion in 2020 against 30.8% in partnership with profit per capital (PEP). According to Juve, the international company’s turnover in Germany increased by more than 5% last year to 268 million euros.
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