“I think the EU is underestimating that we are in global competition and we should decrease administrative burdens instead of increasing them,” states Dr. Philipp Moessner, Partner at GSK Stockmann in Luxembourg. He tells us how GSK Stockmann can help clients handle new waves of regulation.
Can you describe your company in a few words?
GSK Stockmann is a leading independent European corporate law firm with over 200 professionals in our offices across Germany and Luxembourg. GSK Stockmann is the law firm of choice for real estate and financial services. In addition, we have deep-rooted expertise in key sectors including funds, capital markets, public, mobility, energy and healthcare. For international transactions and projects, we work together with selected, reputable law firms abroad. Our advice combines an economic focus with entrepreneurial foresight and a strong focus on the client’s perspective. In Luxembourg, GSK Stockmann is the trusted adviser of public and private real estate firms, leading financial institutions, asset managers, private equity houses, insurance companies, corporates and FinTech companies, that have both local and international reach. Our lawyers advise domestic and international clients about banking and finance, capital markets, corporate, M&A and private equity, investment funds, real estate, regulation, insurance and tax.
Without doubt, ESG and technology are, generally speaking, the top trends in legal advice
How are the needs of your clients evolving?
Maybe the pandemic prompted a higher degree of availability and reactivity combined with shorter delivery times. At the same time, the demand for high-quality advice did not decline of course. To find the right balance between working from home, attending Teams meetings and putting on one’s thinking cap, is a challenging task for all advisors these days. Due to an abundance of new EU regulations and proposals, many of which seem to be more politically than economically driven, clients are encumbered with a plethora of additional laws, rules and regulations. I think the EU is underestimating that we are in global competition and we should decrease administrative burdens instead of increasing them. Clients thus need advice in ever more diverse areas, like ESG, non-financial reporting and DAC 6, to name just a few.
Which legal trends do you identify and how are you adapting to them?
Without doubt, ESG and technology are the top trends in legal advice. However, trends are not automatically and immediately converting into turnover and profit. While we very much enjoy being at the forefront of new legal developments, follow public discussions with great interest and thoroughly analyze new draft laws in order to have answers ready for our clients, we are also thoughtful about the resources we invest into trends. After all, the traditional areas of law are still the ones that keep clients and advisors occupied on a day-to-day basis. These areas are constantly evolving and require at least as much attention as new trends. From an operational perspective, however, we make substantial investments in legal technology solutions for our clients. This includes smart contracts, accelerating and streamlining data management and contract review. especially in clients’ real estate, smart and green lease activities.