After a strong 2016, 2017 became Vinge’s best year ever with an increase in turnover of 15%.
Record year for Vinge
Record year with a 15% increase in turnover to SEK 1.1 billion
Largest increase in turnover within non‑transaction law
M&A firm of the year for the fourth year in a row
Maria-Pia Hope, CEO, comments
”After a very strong 2016, 2017 was a record year for Vinge. The transaction market continues to be very strong, and we are proud that we have been awarded, among other things, the awards for Swedish M&A Firm of the Year from Mergermarket, and Best Swedish Law Firm from the leading ranking institute Chambers & Partners.
We are happy that our clients choose us due to the breadth of our services. Being the largest business law adviser in relation to the turnover is not an end in itself as far as we are concerned, but we view the significant increase of requests for our services as confirmation that the market regards us as leading in what we do. When a transaction stands or falls on the basis of a competition authority approval, or when employment issues come to fore in light of #metoo, it is comforting to be able to turn to Vinge’s industry‑leading lawyers.
The year also gave rise to long overdue attention to gender equality and women’s terms and conditions in the workplace. This has been an issue which has been close to our heart here at Vinge for many years and our objective is that more women should be in managerial positions. At the end of the year, the percentage of women partners rose to 25%. This is the highest for the industry but still too little.”
Key ratios
2017 (1)
Total turnover: 1 110 050 000
Number of lawyers: 297
Number of partners: 70
Total number of employees: 432
2016 (2)
Total turnover: 967 594 000
Number of lawyers: 284
Number of partners: 74
Total number of employees: 416
[1] As per 31 December 2017
[2] As per 31 December 2016
(if time, not that prio) Vinge exceeds the billion mark
After a strong 2016, 2017 was Vinge’s best year so far with an increase in turnover of 15%. With an effective organization, the total turnover exceeded the billion mark and amounted to approximately SEK 1.1 billion. As a result, Vinge strengthened its top position.
A business boom together with record low interest rates had an advantageous effect on the market, and internationally the strong growth is also reflected in a positive stock exchange climate.
Full return on the full‑service offering
All practice areas have had an extremely good year. The significant increase within the company’s growth practice areas of intellectual property rights, competition, tax and dispute resolution resulted in the fact that the largest percentage segment of the increase in turnover in 2017 came from practice areas outside traditional M&A. During the year, mandates as a result of the increased activity from the competition authorities, the development of fintech in Sweden, and the autumn’s focus on work terms and conditions for women have led to the development. Within dispute resolution, Vinge successfully represented Öresund in the so‑called HQ dispute and also Gazprom in the dispute with Naftogaz, one of the world’s largest arbitrations which was decided at the Arbitration Institute of the Stockholm Chamber of Commerce.
A strong economic cycle, combined with record low interest rates, also increased the activity within M&A at the same time as the number of listings continued at historically record high levels.
Most of the transactions were of a legally complicated nature, for example, when large Swedish companies have carved out operations and sold divisions. In 2017, Vinge participated in 74 M&A transactions, to a total value of USD 21.6 billion. The transaction mandates included, among others, FAM’s acquisition of Sandvik Process Systems, and also advising AB Volvo (publ) in connection with Geely’s acquisition of shares in the company. In addition, Vinge advised on five issuance mandates in connection with listings on NASDAQ Stockholm’s main list. The analysis firm Mergermarket nominated Vinge as the year’s M&A firm among Swedish business lawyers for the fourth year in a row.
Vinge focuses on offering expertise within all areas and combining this competence in relation to all of the client’s transactions and this has proven to be successful. The fact that all practice areas are now standing on their own feet gives Vinge increased stability in its operations.
International partnership strategies bearing fruit
The Nordic markets are generally viewed by foreign purchasers as secure and stable. The inflow of international mandates is increasing and a significant part of Vinge’s mandates are international in nature. Among these mandates, an increased level of interest has been shown by non‑European buyers, primarily from Asia and the US. One example during the year was Chinese Anhui Shanying Paper’s acquisition of Nordic Paper.
Vinge’s international partner strategy began in 2005, i.e. as an independent actor co‑operating with the best business law firms within each jurisdiction and this has proven to be successful. Vinge acts under its own trademark and, with the exception of the office in Brussels, does not have any offices outside Sweden. For clients this means that Vinge can secure the best competence within every jurisdiction. The strategy has also borne fruit in the form of lower costs.
Continued focus on gender equality and diversity
One of Vinge’s objectives is that half of the new partners who are made up over a five‑year period should be women. During 2017, 11 new partners were appointed, five of whom were women. During the year, the firm received the award European Women in Business Law – Sweden for the fourth year in a row for its work in relation to gender equality within the legal industry. The award was presented by Euromoney Legal Media Group and International Financial Law Review to the best law firms and individuals based on investigations and nominations.
Vinge’s diversity project began in 2002 and the objective is to broaden the base of lawyers and to engage competence and the possibilities which diversity entails. In 2017, and in co‑operation with the participating upper secondary schools, events such a theme days, participation in the education and the possibility for scholarships and summer internships were performed.
New demands focused on the ability to develop and adapt
During 2017, Vinge received several awards. For the fourth year in a row, Vinge was named the Best Swedish M&A Firm by Mergermarket, and the Best Swedish Law Firm by the leading ranking institute Chambers & Partners.
Other awards during the year included Employment Law Firm of the Year 2017 ‑ Legally Yours’ investigation Employment Law Barometer, Swedish Law Firm of the Year 2017 ‑ International Financial Law Review, IFLR, European Women in Business Law – Sweden 2017 ‑ Euromoney Legal Media Group and International Financial Law Review, IP Firm of the Year 2017, Sweden ‑ Managing Intellectual Property (MIP).
In Regis’ investigation Law Firm of the Year ‑ Image Watch, Vinge was the firm that most respondents would choose. The survey was conducted during the second half of 2017 among purchasers of law firm services.
The awards are confirmation of our efforts and focus, our method of working and it generates more transactions, better profitability and more satisfied clients. The forecast for 2018 continues to be positive and Vinge sees good possibilities for further strengthening its position.
The requirement for business law advice is increasing in line with new regulatory frameworks and new technology which changes markets quickly and opens doors for new business possibilities. The strong growth of new international regulatory frameworks and legislative requirements from, among others, the EU increases the requirement of legal competence in order to be able to interpret, implement and comply with the new regulatory framework. The development of technology within, for example, cloud solutions via third parties, also gives rise to the requirement of new types of agreements.
We believe in continued growth, in particular within areas such as dispute resolution, financial services, life science, tax and a stable development on the M&A market. In order to achieve this, a continuous dialogue is required with our clients and we need to continue to focus on knowledge and skills development in order to offer the best solutions. We have a stated and clear ambition to be constantly at the forefront within all areas. This means constant learning and continual development.
Press release 2017 - pdf version
For further information, please contact
Kristian Sjöholm, Head of Marketing and Communications, + 46 (0) 10 614 33 53, kristian.sjoholm@vinge.se
