Lovells has announced that it is to axe its 20-lawyer Berlin arm following a review of the office by the top 10 London firm’s management.
The move follows the May departure of a five-lawyer banking team, led by partners Thomas Lindemann and Andreas Schwennicke, leaving the office to form a stand alone outfit.
The departure of the team, which historically had been the backbone of Lovells’ German finance practice, followed the City firm’s decision to focus its banking practice in Frankfurt.
As reported by Legal Week, Lovells confirmed in May that it was reviewing the future of the office. The firm has vowed to re-house all of its Berlin-based lawyers.
Lovells managing partner David Harris said: “This decision follows a… careful assessment of our strategic needs in Germany, the performance and prospects of the Berlin office and local market considerations.”
Lovells’ decision to close the office, which will have to be ratified by the partnership, comes after its larger London rival Clifford Chance last summer announced the closure of its Berlin arm.
Despite being Germany’s capital, the city has fallen in regard among professional service firms, who prefer to concentrate on the larger commercial markets of Frankfurt and Munich.
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Lovells to axe Berlin arm
Published: 30/08/2006 00:00
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