World: German business law firms move to London

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The Brexit makes the London financial location even more attractive for German business office. Most recently, GSK Stockmann opened an office in the British capital. London is "a strategically important location for our international business development," said Andreas Heinzmann, international partner at GSK Stockmann in Luxembourg, and York-Alexander von Massenbach, partner and co-office manager in the new London office. Above all, the goal is to beat a bridge to Germany and Luxembourg, the seat of the subsidiary.

Der Brexit macht den Finanzstandort London noch attraktiver für deutsche Wirtschaftskanzleien. © Dominic Lipinski/Pa Wire/dpa The Brexit makes the London financial location even more attractive for German business firms.

Since British EU exit, bureaucratic hurdles for companies on both sides of the English Channel have increased significantly. According to experts, a trade agreement agreed by London and Brussels continues to have large gaps. Despite the contract, tariffs have been due in some areas since then, the bilateral trade significantly gave in. In addition, due to new visa regulations, it is significantly more complex and expensive to send specialists or interns. The law firm Gleiss Lutz announced that the need for advice in British companies in EU law will continue to increase, the law firm Gleiss Lutz, which also recently opened an office in London.

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The competition has been growing for a long time. Other German law firms such as Hengeler Mueller, Noerr and Luther have been present in the British capital. Now the competition is increasing, because despite the Brexit, the metropolis continues to be one of the leading economic and financial centers. "Brexit has also not changed that London is still an important arbitration and place of jurisdiction for legal disputes between companies," emphasizes Gleiss Lutz. It is about corporate transactions or claims from cartel violations.

also at GSK Stockmann it says: "Despite the Brexit, the British legal market is still of great importance for Europe and worldwide." In 2021, the total turnover of the British legal market, the world's largest behind the USA, was £ 41.6 billion (47.6 billion euros), an increase of 11.5 percent compared to the previous year. This is estimated to be almost a third more than in Germany.

such numbers have a tempting effect. GSK Stockmann also opened the greatest presence of a German firm in London. The business lawyers announced that they wanted to advise on complex transactions, such as private equity, risk capital and real estate projects. A special focus is on asset management and the financial service sector.

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