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Gorrissen Federspiel met its financial expectations for 2020 with a revenue of DKK 803.6 million, corresponding to a growth of 5.3%. The results are announced in the recently published annual accounts for 2020.
The increase in revenue, which is the highest in the firm’s history, is the result of organic growth and positive developments across practice areas.
“Going into 2020, we had a clear expectation that the very positive progress and strategic direction we had set in 2019 would continue. As we all know, the year took an unexpected turn. In a year marked by major upheavals and an uncertain market, I am therefore particularly pleased that as a firm we have had a solid workload for our employees and are able to deliver such a satisfactory result,” says Martin André Dittmer, Managing Partner in Gorrissen Federspiel.
It is not only revenue that grew in 2020. The workforce has also kept pace with the firm’s organic growth and development. At the end of the year, Gorrissen Federspiel employed 286 lawyers, 17 more than the previous year. The total number of employees across all functions increased by 12 to 514 employees.
“Despite a year of uncertainty in the financial markets, it has been a priority to retain our talent and not make redundancies in the wake of the Covid-19 crisis. Our clients choose us for our deep professionalism, and we employ the country’s most skilled lawyers. That kind of knowledge and talent pool takes time to build, and therefore we cannot afford to react to market fluctuations with short-sightedness,” says Martin André Dittmer.
Although uncertainty remains around the coronavirus, the expectation for 2021 is that there will continue to be positive developments across practice areas and a continued increase in new matters from existing and new clients. The year started with very high activity, not least in the M&A arena, which really picked up again from the autumn of 2020 onwards following a somewhat hesitant market in the first half of the year because of the coronavirus.
“We remain steadfast in our focus on the execution of our 2022 strategy with the objective of further modernising and professionalising our business, as well as continuing the increased focus on the commercialisation of our business and client satisfaction,” says Martin André Dittmer.
Gorrissen Federspiel expects increased growth in 2021, with revenue in the range of DKK 845-875 million and full employment in all areas with the current workforce.