Annual Report 2022

Gorrissen Federspiel | Annual Report 2022

Editors

Kasper Jessing, Katrine Prien, Gorrissen Federspiel

Jakob Lund/Anslag

Layout and design

Denise Hennig, Gorrissen Federspiel

Photos

Kristian Holm, Rune Johansen, TRUX

Printing Knudtzon Graphic

Gorrissen Federspiel

Axel Towers

Axeltorv 2

1609 Copenhagen V +45 33 41 41 41

Prismet Silkeborgvej 2

8000 Aarhus C

+45 86 20 75 00

contact@gorrissenfederspiel.com

gorrissenfederspiel.com

© March, 2023

Content

A year of unpredictability 005

2022 in Gorrissen Federspiel 011

Financial highlights 012

New members on the board of directors 014

Six practice areas boosted with new partners 016

Notable matters 022

Our organisation 025

A strong momentum 027

Clients’ declaration of trust 028

Change of strategy:

“It’s one thing to have a map. But you also have to be able to see where you’re going” 030

Best image in our line of business 032

New strategy based on the world of our clients 034

Strategic expansion of the Energy & Infrastructure sector group 038

New strategic partnership strengthens presence in Greenland 040

Sustainability 043

Our CSR and sustainability initiatives 044

Sustainability report 046

Our clients needed assistance after Russia’s invasion of Ukraine:

“The legal landscape is constantly changing” 054

Employees donated company Christmas gift to the Red Cross 056

Promoting the rule of law in collaboration with judicial think tank Justitia 059

Continued efforts to promote Diversity & Inclusion 060

New committee to boost well-being 062

A helping hand 064

Gorrissen Federspiel helps create open access to maritime research data and technology 066

Price increases and challenges in energy supply triggered action 068

More local produce and organic products 070

We are printing less and less 072

The most talented employees in the country 075

New training programme makes managers more accessible 076

The world as a workplace 078

Studying in Florence and New York 084

Popular podcast approved as continuing legal training 088

Next stop: Supreme Court 090

Tax law led the way 092

Training catalogue updated and rolled out 094

From Aarhus to Copenhagen and back again 096

50 years at Gorrissen Federspiel 098

Financial report 100

A year of unpredictability

2022 was yet another year characterised by unpredictability. Not just for our firm but also for most of the world.

We went into 2022 with optimism. FY21 closed with yet another record result and a sense of relief that the pandemic and its knock-on effects had finally slackened its grip on everyday life and the dynamics that affect a business like ours. 2022 started off on a very positive note with prospects of a market in continuous growth and a strong appetite to develop our business.

In February, we witnessed Russia’s invasion of Ukraine – a war and a tragedy for the many Ukrainians who have been forced to flee or live in inhumane conditions in their homeland. And a war that has since had major impact on the global community, and where we have also sought to contribute wherever we could.

Activity across practice areas

In the first half of 2022, we saw high activity and put our future strategy at the centre stage, while the second half of the year was characterised by uncertainty and a hesitant market. On the whole, we emerge from the year stronger, particularly on the staff side, and from a business perspective the year was satisfactory in light of market developments.

The high level of activity in the first half of 2022 was felt across our practice areas, especially on the transaction side, where the post-pandemic effects persisted and resulted in increased activity. The growth in the energy sector and the increased focus on green transition generated much activity, especially in terms of developing our teams and expertise. Russia’s invasion of Ukraine also gave rise to a significant increase in demand for sanctions advice, and we also saw increased demand in the areas of defence and security. Finally, we felt the effects of the new EU regulation on ESG, and the fact that ESG is drawing increased attention in our clients’ boardrooms.

The economic slowdown hit our market in the second half of the year, where we generally saw lower activity levels than expected across our business. The transaction and real estate markets were especially hit due to high uncertainty and the prospect of a potential recession. The situation improved towards the end of the year, when we left our mark on one of the largest transactions in the history of Denmark advising Chr. Hansen in connection with the merger with Novozymes.

Adjustment of focus and investment in talent

Our long-standing client relationships and our capacity as a full-service law firm have shown their strength in yet another unpredictable year. While many of our competitors were forced to adjust their organisations, we adjusted our focus and allocated our resources to the areas in which our clients needed our services.

In terms of staff, we grew by 13 employees to a total of 548 employees of which 11 are new lawyers. At year-end, we reached a total of 315 lawyers. The group of partners also grew. In the course of the year, we brought in talent from within our own ranks, and we welcomed external partners in a few areas where we see a growth potential. For instance, early on in the year we welcomed Christian Halskov Sauer to help meet the increased demand and drive the development within Energy & Infrastructure. We also decided to boost our tax practice by bringing in Jakob Krogsøe and our construction and consultancy practice by bringing in Steen Hellmann. We decided to promote as new partners internally and expand our Shipping/Offshore/Transportation team with the appointment of Johan Casper Hennings, our Litigation team with the appointment of Søren Henriksen and our Banking & Finance team with the appointment of Tina Herbing.

During the year, we invested in a new leadership program in collaboration with AVT Business School to better equip our more experienced lawyers for the future and to increase our focus on leadership as a discipline within the firm. By the same token, we introduced a new management structure, where we spread out the management role more widely so that it does not to the same extent fall on the partners alone. Finally, we also made it a key focus to maintain and continue to build a broad pipeline of talent for the future, including through continued recruitment of more students and assistant attorneys.

It may seem like a paradox that in a year of great uncertainty about the future, we are investing so much in new talent, development of staff and expansion of business areas. We have chosen this approach because we believe that the investment is worthwhile in the long term. We aim to stand strong with a steady hand on the wheel – also in turbulent times. When the uncertain times are behind us, we know from experience that our market recovers quite quickly. And that is what we want to be prepared for. We have a fundamental belief that the course we have set for our firm is the right one, and on that score, we do not want to slow down.

Momentum 2025

When we launched the “In a league of our own” strategy, we put strong focus on professionalising our business, accelerating our development and adjusting our ambitions to be the absolute best law firm in the market. We defined ourselves as being in a league of our own and did not benchmark ourselves against our competitors but instead aimed to always be the best measured by our professionalism and advisory services, while at the same time being the preferred workplace for the country’s most talented lawyers.

In 2022, this strategy period was drawn to a close, and we are now looking back on three years of significant growth. We have a base of clients who choose us for our professionalism and recognise our work with great appreciation. This is reflected, for example, in Prospera’s market analysis and in the annual image survey conducted by IFO Institute for Public Opinion Analysis. Our employees are

proud to be working with us. They are constantly developing their skills and putting all their energy into our clients’ ambitions and challenges. Commitment to teamwork and to our firm has never been stronger. In that framework, we have navigated through quite unpredictable circumstances – a pandemic, war on European soil, an economic downturn – and yet we are stronger today than we were three years ago. We are truly in a league of our own, and our employees eagerly embarked on the journey. For that we are grateful and proud.

It is our vision to remain in a league of our own. It has become part of our DNA that we have the confidence to say aloud that we are the best law firm on the market, and that we are committed to be number one. We are now using our position as a platform for a new strategy period; we have created the perfect framework for us to deliver on our ambitions to an even larger extent. We have momentum. We will use this momentum to become an even better law firm –for our clients and for our people.

During the first half of 2022, we took time to listen to our clients and to our people to learn how we can improve. Therefore, we invited our employees to kick off the new strategy “Momentum 2025” in August. With our clients’ needs in mind, we will continue to attract the very best lawyers, improve collaboration and become even better at running our business and maintain and grow our leading position in the market.

Satisfactory results for the year

It was our expectation that in 2022 our revenue would reach DKK 1 billion, – an expectation that was not fully reached. Our revenue came to DKK 986 million, corresponding to a growth of 3% owing to organic growth and continued positive developments across our practice areas. Overall, we are satisfied with the result in a year like 2022.

Outlook

In all likelihood, 2023 will be a volatile year for the global economy. It is our hope and expectation that the economic downturn will bottom out, but this is impossible to predict. Furthermore, the war in Ukraine and the geopolitical challenges it raises are not yet over. Yet, we are quite optimistic about 2023. Building on the development that our firm has undergone in recent years with investments in new talent and a renewed strategic focus, we are in a strong position to take market shares, strengthen our skills and services, and further streamline our business.

We foresee continued positive developments across our practice areas and continued increase in matters from new and existing clients. In 2023, we are expecting full employment across all our practice areas with the current workforce. This is in contrast to the second half of 2022, when some areas were affected by the economic slowdown. From this perspective, we are estimating a growth in revenue of around 5%-6%.

Martin André Dittmer Managing Partner

Total number of employees

* Number of employees

36 Senior legal counsels

123 Attorneys

82 Law students 51 151 Partners Staff by the end of 2022

PAGE 008 OF 120 ANNUAL REPORT 2022

Admitted to the Danish Bar

548 employees

29

Seconded to a client

16

Seconded to an international law firm

6

Law students on educational leave abroad

15

Total average age

51 partners

35

2022 in Gorrissen Federspiel

Financial highlights

2022 was a year marked by volatility for our firm, and our financial expectations and the targeted revenue of DKK 1 billion were not fully realised. Nevertheless, we are satisfied with the 2022 result and the revenue that came in at DKK 986 million, corresponding to a growth of 3%.

“As we headed into 2022, we saw a clear potential of reaching a revenue of DKK 1 billion. But at the time, none of us had foreseen the knock-on effects of the war in Ukraine, the energy crisis that followed and the financial effects on our market. All things considered, we reached a good result. And what’s more, looking at human resources, our position was stronger at year-end,” says Martin Leth Povlsen, CFO at Gorrissen Federspiel.

A year of high activity on the cost side

Following a couple of years with a low level of marketing activities, especially on the events side of things, and with limited social activities for our employees due to the Covid-19 situation with home working and social distancing, the level of operations and activities was fully normalised in 2022. Bringing the social framework back to the pre-Covid situation has been a priority for us.

“You could say that in 2022 we reinstated the social side of our everyday routines ranging from organising departmental meetings, hosting the Christmas party and Friday after-work drinks to participating in sports activities and so on. In 2022, we also made an extra investment in a weekend trip abroad for all employees in connection with our strategic kick-off. Against this backdrop, the level of costs has gone up,” says Martin Leth Povlsen.

Once again, we have grown in numbers with a net increase of 13 new colleagues. Looking at employee turnover, the number was relatively high in 2022. This was in part due to increasing client demand for secondment of our legal expertise, which led to an increased need for flexibility in the number of employees. This is another factor that impacted on the high level of costs.

Growth in a challenging economic climate

The year’s growth is reflected across the business, but a few areas generated particular activity. Most notably, our focus on the energy sector proved its worth, particularly our client work in the areas of green transition and renewables.

Towards the end of the year, we witnessed the impact of the increasing interest rates, which led to additional work within financing and refinancing of assets. Likewise, we also saw a rise in restructuring activity due to rising debt levels and potential insolvency.

Ongoing process to professionalise and streamline our organisation

In 2022, we kept up our focus on professionalising our business operations, including by investing in the consolidation of our IT systems and the digitisation of business processes with a view to improving efficiency. We also maintained focus on developing and adjusting the organisation so as to ensure that the fundamental operational and support functions to a higher degree bolster our lawyers.

“The stronger the foundation we create and the better the surrounding functions can perform professionally and efficiently, the better our lawyers will be able to contribute to the benefit of our clients,” says Martin Leth Povlsen.

Once again in 2022, all our administrative employees made a huge effort to deliver the best conceivable value-adding services. Some of our most prominent projects included robotic automation, upgrading and further streamlining of our ERP system, new website as well as streamlining of processes related to client inception and invoicing.

Thus, based on the increased efficiency and continued professionalisation, the CFO looks ahead to 2023.

“In 2022, we defined new strategic targets and launched initiatives to make us even more attractive to our clients. We will reach these targets by becoming even better at operating our business and by continuing to keep focus on professionalising our business.”

New members on the board of directors

At the 2022 annual general meeting, Anders Peter G. Christoffersen, partner in Corporate/ M&A (Aarhus), and Tobias Linde, partner in Banking & Finance (Copenhagen) stepped down as members of our board of directors after four years of service.

At the partners’ meeting, two new members were elected to the board of directors: Anders Ørjan Jensen, partner in Corporate/M&A (Copenhagen), and Lotte Eskesen, partner in Banking & Finance/Dispute Resolution (Aarhus).

“In the partner group, we’re pleased that Anders and Lotte have joined the board of directors and that they, together with the rest of the board, are dedicated to the development of our firm. They both bring strong professional expertise and inspiring perspectives on our profession and the market,” says Niels Bang, chairman of the board of directors.

As of 1 April 2023, the board of directors consists of Niels Bang (chairman), Martin André Dittmer (Managing Partner), Anders Ørjan Jensen, Henriette Gernaa, Kenneth Kvistgaard-Aalholm and Lotte Eskesen. With the new composition of the board of directors, we reached our target for gender diversity in our supreme governing body, which today stands at two women, or 33% with the current number of board members.

”In the partner group, we’re pleased that Anders and Lotte have joined the board of directors and that they, together with the rest of the board, are dedicated to the development of our firm.”

Six practice areas boosted with new partners

In 2022, six practice areas were boosted with new partners – Shipping/Offshore/Transportation, Dispute Resolution, Banking & Finance, Tax, Real Estate and Energy & Infrastructure. Three new partners were brought in from outside the firm, while three managing counsels were promoted to partners.

Christian Halskov Sauer (48), Energy & Infrastructure

On 2 May 2022, Christian Halskov Sauer joined our Aarhus office as partner in the Energy & Infrastructure sector group. Christian came from a position as partner in the specialised law firm Energy & Environment, where he advised operators at all levels in the energy sector. With his recruitment, we strengthened our strategic efforts in this sector.

Christian has considerable insight and experience in advising on project development both in Denmark and internationally with focus on onshore and offshore wind, solar PV projects, biogas and Powerto-X. Furthermore, Christian has advised and negotiated FIDIC-based EPC contracts as well as OMS contracts for renewables projects on a global level.

“I find this area extremely exciting because energy is fundamental to any society, as we’ve all realised recently. At the same time, it’s a highly innovative industry where you must constantly think of new solutions and see opportunities rather than limitations,” says Christian Halskov Sauer.

Christian is also part of Gorrissen Federspiel’s Corporate/M&A group and specialises in advising on mergers and acquisitions as well as investments and financing in the energy and infrastructure sectors.

Christian graduated with a Master of Laws degree from Aarhus University in 2001 and worked as a law student, as an assistant attorney and briefly as an attorney at Gorrissen Federspiel in Aarhus until 2004.

Johan Casper Hennings (36), Shipping/Offshore/Transportation

Johan has been a part of Gorrissen Federspiel since law school. In the Shipping/Offshore/Transportation practice group, he advises Danish and international clients in the maritime industry.

Johan specialises in shipping-related transactions, financing projects, regulatory matters and commercial contracts. He has built up industry knowledge and insight into clients’ commercial needs through long-term secondments to two of Denmark’s largest and leading shipping companies. First, with Maersk Tankers A/S and most recently with Hafnia at the shipping company’s Singapore office.

“Given the firm’s history and roots and an approach to the legal profession based on integrity and co-operation, it’s a position that requires commitment. I’m extremely conscious of the responsibility that comes with the partnership and the demands placed on us to resolve our clients’ matters constructively and with the highest degree of ethics, quality and integrity,” says Johan Casper Hennings.

Johan graduated with a Master of Laws degree from the University of Copenhagen in 2013. Prior to that, he completed an LL.M. in International Commercial Law at King’s College London.

On 1 January 2023, he made partner.

Søren Henriksen (38), Dispute Resolution

Søren Henriksen assists our clients with all types of advice on commercial dispute management, both in and out of court.

Søren has special experience in planning and conducting large and complex cases, which is a hallmark of Gorrissen Federspiel’s Dispute Resolution practice group. He has been deeply involved in the legal aftermath of the financial crisis in relation to failed Danish banks, in cases concerning professional and management liability and in stock exchange law cases. He has advised on and conducted one of the longest-running and largest actions for damages on management liability in banks in the after -

math of the financial crisis and has also been part of the defence team in one of the first stock exchange actions for damages in the secondary market.

In addition, Søren has special expertise in international arbitration and in disputes in the insurance, IT and construction sectors. Søren previously worked with enforcement of competition law rules.

“Although I consider our Dispute Resolution practice group to be among the strongest in Denmark, I hope I can help raise the bar for our level of ambition. In addition, I’ll have a special focus on talent development, which I’ve also been involved in during my years as Managing Counsel,” says Søren Henriksen.

Søren graduated with a Master of Laws degree from Aarhus University in 2012 and obtained an LL.M. in Competition Law from King’s College London in 2011. After completing his studies, he joined Gorrissen Federspiel and in 2019 he was seconded to Mannheimer Swartling in Stockholm.

On 1 January 2023, he made partner.

Tina Herbing (46), Banking & Finance

Tina Herbing specialises in banking and finance law and advises on all aspects of debt financing, including sustainable financing. This is an area on the rise due to increased attention to climate, the environment and sustainability.

In recent years, Tina has advised on both the banking and corporate sides of several restructurings. Tina also advises on all matters relating to derivative financial instruments, including advice on standard master agreements and Danish rules on netting and financial collateral.

“Joining the group of partners gives me the opportunity to first and foremost become part of a strong partnership with some wonderful people, where we constantly seek to develop Gorrissen Federspiel. At the same time, I’ll have the opportunity to fulfil my interest in strategy, business development and management – issues that I’ve been pursuing with increasing interest in recent years,” says Tina Herbing.

Tina graduated with a Master of Laws degree from the University of Copenhagen in 2003 and has since then been part of Gorrissen Federspiel. Tina lived in London from 2007 to 2009 where she studied for an LL.M., qualified as an English solicitor and was seconded to the international law firm Slaughter and May.

On 1 January 2023, she made partner.

Jakob Krogsøe (51), Tax

For more than 26 years, Jakob Krogsøe has worked as an attorney in the field of tax and tax litigation, including ten years at Poul Schmith/Legal Advisor to the Danish Government and 13 years at Plesner. He is one of Denmark’s leading practitioners in his field and is widely recognised for his experience, deep professionalism and high success rate in the courts, spanning all Danish courts, the National Tax Tribunal and the European Court of Justice. Many of the cases have been cases of general public importance.

In addition to contributing to Gorrissen Federspiel’s already competent and reputable team of tax advisers, Jakob Krogsøe will play an important role in realising the ambition of making Gorrissen Federspiel the leading law firm in Denmark in the tax area.

“Gorrissen Federspiel is known among both clients and competitors for its high level of professionalism. I look very much forward to joining the firm and the tax team as a new partner. Together we have competences and experience at a level where Gorrissen Federspiel is the natural choice for the most complex matters and issues,” says the new partner.

Jakob Krogsøe graduated with a Master of Laws degree from Aarhus University in 1996 and has over the years worked as an attorney at Poul Schmith/Legal Advisor to the Danish Government, Plesner and most recently as a partner at Bech-Bruun.

Jakob Krogsøe joined Gorrissen Federspiel as a partner on 16 January 2023.

Steen Hellmann (50), Real Estate

In the field of construction and consultancy law, Steen Hellmann is recognised as one of the absolute leaders in Denmark. Now, as a new partner in the Real Estate practice group, he will contribute to meeting clients’ increased demands for our advice, which is a consequence of the growing complexity in society and in large development projects.

“I look forward to contributing to the development of the Real Estate

practice group with my experience in construction and consultancy law. At the same time, I very much look forward to using and expanding my competencies in interaction with clients and my new colleagues in the team and across the firm,” says Steen Hellmann.

In addition to advising major property investors, the Real Estate practice group also assists leading developers on the development of large-scale and innovative projects from concept to completion.

Steen Hellmann graduated with a Master of Laws degree from the University of Copenhagen in 2000. That same year he joined the law firm Viltoft where he made partner in 2009.

Steen Hellmann joined Gorrissen Federspiel as a partner on 1 March 2023.

Notable matters

Novo Holdings

We assisted the Danish life science investor Novo Holdings in a series of funding transactions. They included a series A funding round of the UK biotech company Centauri Therapeutics Limited, a seed finance round in the Swiss biotech company Engimmune Therapeutics, a series B funding round in the Danish industrial biotech company Biosyntia ApS and a seed funding round in the Danish biopharmaceutical company Breye Therapeutics. Gorrissen Federspiel also assisted Novo Holdings and the sector-focused fund DCVC Bio II, L.P. in connection with the sale of the Danish biotech company BioPhero ApS, a leader in sustainable agricultural technology, to the Danish crop protection company Cheminova A/S, which is part of the US agricultural sciences company FMC Corporation.

Vestas

We assisted Vestas Wind Systems, a provider of global sustainable energy solutions, on several important projects both in Denmark and internationally. These projects included the sale of Vestas Wind Systems’ conversion and controls business to KK Wind Solutions, a Danish supplier of electromechanical systems for wind turbines owned by A.P. Moller Holding. In addition, we advised on Vestas’ joint ventures with Copenhagen Infrastructure Partners (CIP) on the development and construction of several projects in Spain. The projects are notable as they are pioneering within large-scale Power-to-X and are likely to put Spain at the forefront of green hydrogen and green ammonia production technology.

SAS

In the US Chapter 11 bankruptcy proceedings that SAS is currently undergoing, we assist Scandinavia’s largest airline as Danish advisers in connection with all aspects of the company’s restructuring plan, including a USD 700 million debtor-in-possession (DIP) financing credit agreement.

Intact Financial Corporation and Tryg

We assisted the Canadian listed insurance company Intact Financial Corporation together with the Danish listed insurance company Tryg with the sale of the Danish activities of the non-life insurance company Codan (the former Danish subsidiary of the British listed RSA Insurance Group) to Danish Alm. Brand.

Bellakvarter

In connection with the sale of the Bella Tower residential building to the German property investor DWS, we assisted the seller, the Danish-based property development company Bellakvarter.

In 2022, Gorrissen Federspiel’s lawyers and specialists assisted our clients in matters that were not only the largest but also historic. Below is a selection of the year’s most notable matters.

Hafnia

We assisted the Singapore-based shipping company Hafnia Limited with the acquisition of Chemical Tankers Inc. from Oaktree Capital Management. The transaction added an additional 32 fuel-efficient product and chemical tankers to Hafnia’s fleet. The transaction was notable as it made Hafnia the world’s largest product and chemical tanker operator with a fleet of 223 tankers.

Maersk Drilling and Noble Corporation

We assisted Danish offshore drilling operator Maersk Drilling in the merger with US offshore drilling contractor Noble Corporation. After the merger, the shareholders of the respective companies own approximately 50% each of the outstanding shares of the merged company Noble Corporation. The company is listed on both the New York Stock Exchange and Nasdaq Copenhagen. The transaction was notable as the merger created one of the world’s largest offshore oil drilling rig companies.

Cadeler

We advised the Danish offshore wind turbine contractor Cadeler, listed on the Oslo Stock Exchange, on a number of private placements. This included raising NOK 1 billion through an accelerated book building process. The transaction was notable because it represented an important capital provision for Cadeler to support the company’s growth. The proceeds were also used to finance the company’s second new construction of F-class foundation installations and for general corporate purposes.

Danske Bank

In 2022, several hundred former and current Danske Bank shareholders filed a claim against the bank for USD 2.1 billion. We are assisting Danske Bank in the case, which is one of the largest securities litigation cases in Danish history. The case is notable not only because of its size and profile, but because the claims are the first of their kind in Denmark. Moreover, the case raises several new and untried legal issues in addition to the considerable procedural complexities involved in dealing with such a large number of cases.

Schouw & Co.

We assisted the Danish industrial group Schouw & Co. in connection with its agreement with the Finnish investment firm Ahlström Capital to merge the electronics manufacturer GPV International A/S owned by Schouw & Co. with the Swiss electronics manufacturer Enics AG. The transaction is the largest in Schouw & Co.’s history and is strategically important because the merger creates the second largest group of electronics manufacturers headquartered in Europe.

Lidl

In a case brought by the Danish Branded Goods Association (Mærkevareleverandørerne/ MLDK) against the European supermarket chain Lidl’s Danish branch, we assisted Lidl with the appeal to the Danish High Court, which Lidl won. The case concerned the entire basis for comparative advertising in Denmark based on EU law, after Lidl had carried out a Europe-wide campaign that included advertising for brands it sold on the one hand and private label products on the other.

Chr. Hansen and Novozymes

We assisted the Danish global bioscience company Chr. Hansen Holding in its merger with the Danish biosolutions company Novozymes. The transaction was notable because it combined two Danish C25 companies in a historic merger; the largest ever between two Danish companies.

Nordea

When the Nordic banking group Nordea made a strategic decision to re-enter the Danish life insurance market, we assisted Nordea in the acquisition of TopDanmark Livsforsikring, the Danish insurance company TopDanmark Forsikring’s provider of life insurance and pension products.

Heimstaden

We advised residential real estate company Heimstaden on its strategic DKK 2.5 billion acquisition of 1,473 residential units from a consortium represented by Danish property developer and investor Selmer Group. A complex transaction that was among the largest property transactions in Denmark in 2022.

Our organisation

Owners / partners*

Jakob Skaadstrup Andersen

Peter Appel

Niels Bang

Morten Berggreen

Morten Nybom Bethe

Lasse Skaarup Christensen

Anders Peter G. Christoffersen

Camilla C. Collet

Martin André Dittmer

Lotte Eskesen

Mikkel Fritsch

Christoffer Fode

Søren Fogh

Henriette Gernaa

Tue Goldschmieding

Jacob Gunst

Thomas Maaberg Hansen

Bo Holse

Ole Horsfeldt

Morten Hans Jakobsen

Preben Jakobsen

Anders Ørjan Jensen

Michael Steen Jensen

Hans-Peter Jørgensen

Erik Kjær-Hansen

Louise Celia Korpela

Board of directors

Niels Bang, chairman of the board

Martin André Dittmer, Managing Partner

Lotte Eskesen

Henriette Gernaa

Anders Ørjan Jensen

Kenneth Kvistgaard-Aaholm

Practice groups

Kenneth Kvistgaard-Aaholm

Alexander Troeltzsch Larsen

Gitte Dehn Lansner

Jesper Avnborg Lentz

Tobias Linde

Michael Meyer

Erik Molin

Finn Møller

Kenneth Hvelplund Pedersen

Chantal Pernille Patel Simonsen

Rikke Schiøtt Petersen

Jacob Skude Rasmussen

Jacob Sand

Christian Halskov Sauer

Mikael Philip Schmidt

John Sommer Schmidt

Peter Sjøgreen

Niclas Holst Sonne

Søren Stæhr

Klaus Søgaard

David Telyas

Søren Høgh Thomsen

Charlotte Thorsen

Michael Wejp-Olsen

Henrik Saugmandsgaard Øe

Banking & Finance

Capital Markets

Corporate Crime & Investigations

Corporate/Mergers & Acquisitions

Compliance & Sustainability

Dispute Resolution

Economic Analysis

Environment

EU & Competition

FinTech

Foreign Direct Investments

IP & Digital Business

International Construction & Engineering Projects

Internet of Things (IoT)

Labour & Employment

Maritime Disputes

Marketing Law

Private Clients/Family Offices – Legal Real Estate

Restructuring & Insolvency

Securities Litigation

Shipping/Offshore/Transportation

Sustainable Financing & Governance

Tax

Sector groups

Aircraft & Rolling Stock

Auditing & Consultancy Firms

Defence & Security

Energy & Infrastructure

Insurance & Reinsurance

Life Sciences

Media & Entertainment

Private Equity

Telecommunications

Clients’ declaration of trust

Every day we strive to live up to the trust that our clients place in us when they choose Gorrissen Federspiel to assist them in solving complex legal issues.

Our aim is to be chosen for our deep professionalism and integrity. Setting the highest standards in the market – and always evolving in line with our clients’ needs and expectations – is an inherent part of our historical heritage and our strategy.

Client feedback is invaluable and essential for our continued development. We obtain this feedback through an ongoing dialogue with our clients and through external analyses, where international rating agencies annually review our advice and compare it with references obtained from our clients.

We are therefore honoured that the analyses from the leading agencies Legal 500, Chambers Europe and Chambers Global as well as IFLR100 once again in 2022 ranked Gorrissen Federspiel among the world’s Tier 1 law firms.

“Top of the class legal advice and an outstanding understanding of the business.”

“A highly skilled team with good understanding for commercial needs.”

- The Legal 500

“Great understanding of our business model. Very competent team, and service is always on top and delivered with a smile, even when busy.”

“Professional throughout the process.”

- IFLR1000

“They have consistently provided clear and pragmatic advice of very high quality.”

“There are often international elements, and Gorrissen do a great job in coordinating them.”

“They are very familiar with cross-border and international cases, providing a top professional and competent service.”

“Their knowledge within the area of international law is sublime.”

- Chambers Europe

- Chambers Global

Change of strategy: “It’s one thing to have a map. But you also have to be able to see where you’re going”

Managing Partner Martin André Dittmer looks back on the completed strategy period “In a league of our own” and ahead to its successor “Momentum 2025”. The new strategy was presented at a company trip to Croatia in late summer.

It was the first time in the firm’s more than 150-year long history that Gorrissen Federspiel in 2019 went all in on developing and pursuing a strategy as a “tool designed to increase the likelihood that we’ll reach our destination,” as Managing Partner Martin André Dittmer puts it.

“Through ‘In a league of our own’, we united the firm, partners and employees under a shared vision. We wanted to become Denmark’s leading law firm with the most satisfied clients, who choose us for our deep professionalism and our decency, and with the most talented and committed employees. We wanted to set our own standards based on the understanding that we are number one, rather than benchmarking ourselves against our competitors,” explains Martin André Dittmer.

The process towards the final strategy involved a thorough analysis of the position of the firm and discussions among the partners of the direction we wanted to take. It was a rewarding process. However, it was also clear that the strategy would have to be continuously adapted to reality when conditions change as they did in the spring of 2020.

“No one was prepared for a global pandemic. Because of Covid-19, we had to revise the priorities of ‘In a league of our own’. Initiatives on IT upgrades were accelerated to create better conditions for setting up a home office. At the same time, it was a priority for us to support job security and well-being in the midst of the indefinite furlough of employees,” says Martin André Dittmer and sums up:

“It’s one thing to have a map where you have laid out the route towards your ambition: to be Denmark’s leading and preferred law firm. But you

also have to be able to see where you’re going,” says Martin André Dittmer.

When the consequences of the war in Ukraine hit with delayed effect in the autumn of 2022, it was again necessary to deviate from the course when activity slowed down. The reaction was not to cut the workforce but to move the attorneys to where the clients’ needs were. Others spent the period upskilling and reskilling until things began to normalise again towards the end of the year.

It is with pride that Gorrissen Federspiel’s Managing Partner looks back on several successful initiatives and a great development of the firm in the previous strategy period.

“Our clear leadership in the quality of our legal assistance is something we can all be very proud of. That’s why we can also – without hesitation – call ourselves Denmark’s leading law firm. We are in a league of our own” says Martin André Dittmer. This is confirmed by several surveys.

For three years on end, Gorrissen Federspiel has been ranked as #1 in Prospera’s review of the ten largest law firms in Denmark. The image survey by IFO – Institute for Opinion Analysis – also ranks us at the top. In the latest survey by Universum, law students named Gorrissen Federspiel as their preferred business-oriented law firm.

Internally, we have seen noticeable improvements.

“We’ve professionalised our entire operations and business development. Well-being is steadily improving. The scene has been set to execute on our ambitions and truly stand out as Denmark’s leading law firm,” says Martin André Dittmer.

In 2019, when the partnership defined the strategy “In a league of our own”, we gave ourselves three years to achieve our ambitions. 2022 was therefore the last year in the previous strategy period and the year when the new strategy period was defined and shaped. While the direction and the ambitions of the previous strategy were set by the partners, the new strategy is even more so based on Gorrissen Federspiel’s two most important target groups, the employees and the clients. The first six months of 2022 were used to listen to feedback, advice and wishes for the future from employees and clients – input that makes up important building blocks of the new strategy, which will be rolled out in 2023.

Evolutionary progress

“Momentum 2025” is therefore not a revolution, but an evolution. The feedback from employees and clients was generally that as a workplace and legal adviser we are doing really well and are on the right course. The basis of the strategy has therefore been to focus on how we can accelerate the already positive development and direction of the firm. In this respect, especially the clients’ feedback was surprisingly similar, says Martin André Dittmer.

“They agree that the quality of our legal work is outstanding. We have a particularly high level of professionalism. A professional width and depth in our practice areas that allow us to solve complex issues better than others. The clients have asked that we are guided even more by their reality and that we become more proactive towards them between cases through ongoing dialogue and idea generation in relation to challenges and opportunities.”

This will require even greater understanding of the client’s industry and sector and thereby becoming even better at understanding and anticipating the client’s need of our assistance.

“We must become experts on our clients. We must understand their business and the different drivers that matter to them. The more specific knowledge we have of them, the better services we can provide and the more value we can add. This calls upon us – where relevant –to focus our business even more on sectors than on our legal practice areas. The next three years will be characterised by this transition,” says Martin André Dittmer.

He points to Shipping/Offshore/Transportation, which has always been one of the pillars of Gorrissen Federspiel, and Energy & Infrastructure and Defence & Security as examples of selected sector groups. The increased focus on sectors is one of several initiatives in the 2025 roadmap.

Four main themes in the strategy

Once consensus was reached on the direction, the specific aims and initiatives to achieve them, four main themes emerged for “Momentum 2025”: Clients first, The best employees, One team and The most well-run law firm. Each theme has a number of underlying initiatives, but at the same time they are prerequisites for each other, explains Martin André Dittmer:

“Gorrissen Federspiel is what we are because of our talented employees. And we’ll not achieve our clientfocused ambitions without having the best employees and the ability to work as one team. That’s why, for instance, we can only succeed with Clients first by also developing and offering the best possible setting for well-being and professional development.”

Croatian kick-off

For the strategy to be successful, everyone must be able to see themselves in it and pull in the same direction. Whether you are a fee-earner or have another function in the firm, you are an important part of a unified team and community. This point was emphasised by inviting everyone from Gorrissen Federspiel to a combined summer party and strategy presentation in Dubrovnik, Croatia. One weekend in August 2022 with time for fun and discussions on how you saw yourself in the new strategy and how we each could contribute to the strategy.

“It created a feeling that everyone wants to take part in the journey and take Gorrissen Federspiel further so that we can become an even better workplace and still be the clients’ preferred law firm,” Martin André Dittmer concludes.

Best image in our line of business

In 2022, Danish businesses and law students at Danish universities once again rated Gorrissen Federspiel as one of the best and most attractive law firms.

At Gorrissen Federspiel, we strive to be the preferred adviser for businesses and the most attractive place of work. When external surveys show that Danish businesses as well as Danish law students rate us very high in professional surveys, we see this as the best validation of our work.

For the third year in a row, we were rated the leading law firm in Denmark in Kantar Sifo Prospera’s market survey “Prospera Tier 1 Law Firm

Review 2022 Denmark”. The market survey is based on in-depth interviews with 203 of Denmark’s largest companies that rated the performance and legal expertise of the largest law firms in a number of practice areas. The survey respondents also rated their “willingness to recommend”, and on that score we came out a clear winner.

In the annual Universum survey, in which Danish students rate their favourite employers, we took a giant leap in 2022. We moved up four places from 2021 and advanced to the very top as the preferred business-oriented law firm for law students in Denmark. To be precise, 21.9% of the respondents replied that Gorrissen Federspiel was the most attractive workplace. This success is clear evidence that our efforts to position ourselves vis-à-vis younger lawyers have proven effective. The survey also showed that the awareness of our firm with Danish law students continues to rise. In 2022,

as many as 83% of the students replied that they knew of Gorrissen Federspiel.

Every year, IFO – Institute for Public Opinion Analysis conducts an image survey of 100 Danish companies based on ratings from 2,521 business leaders. The 2022 result shows that Gorrissen Federspiel jumps up one place and is ranked 37th on the overall list of companies with the best image. Our ranking on the list has steadily progressed over the past three years, and in 2022 Gorrissen Federspiel advanced on the parameters of credibility, quality and communication, among others.

New strategy based on the world of our clients

“Business-wise, 2022 was a good year.”

This is partner and chairman of the board Niels Bang’s short conclusion after a turbulent 2022. The Covid-19 crisis was followed by Russia’s invasion of and war against Ukraine, and the ensuing energy supply crisis and inflation, which resulted in many clients needing advice on sanctions and exit from the Russian market. However, Gorrissen Federspiel succeeded in adapting to the clients’ needs, and through a joint effort we have sought out and cultivated the opportunities that existed in the market.

“The team performed well together. We delivered what we had to deliver. The first half of the year was busy. In the second half, the market slowed down but both among employees and in the partner group, we’ve focused on landing assignments and allocating them to the relevant specialists. Our partnership model of equal partnership has proved to be the right structure for us,” the chairman explains.

The year also brought new reinforcements to the partner group. Two new partners were brought in from outside and three internal candidates were promoted.

“It’s always gratifying when three lawyers who have devoted their entire careers to the firm succeed in making partner. I’m also pleased that we’ve brought in two partners from outside, who can complement us in specialised positions where we need to strengthen our position. It’s been really good.”

Strategic evolution

We are doing so well that strategically we do not need a revolution, but an evolution, constantly changing and adjusting our business and working conditions. This is also how the new strategy, “Momentum 2025”, should be understood – as an evolution that builds on the strategy period that has ended, which the chairman of the board describes as “really good”.

“We set specific and ambitious goals for ourselves. And we more than achieved them,” says Niels Bang. “Strong image surveys and being awarded the title of Denmark’s best law firm three years in a row were some of the very visible victories. Now we need to set new goals to become even better at what we’re already good at. But it’s all about adjustments – never change a winning team.”

“Our starting point could hardly be better. Those of us who’re now in charge stand on the shoulders of our predecessors who’ve built up the company over many, many years. We’re benefiting from that, and we’ve been able to take the company to a new level. Therefore, it would be foolish to change something completely. But we must adapt to a world in constant change and deliver on the requirements and the quality that our clients expect from Gorrissen Federspiel,” says Niels Bang and explains that the clients have therefore been given an even bigger role in the new strategy.

Clients first

Already in the preparation of the new strategy, clients were consulted. Selected clients were asked to evaluate our strengths and weaknesses. At the same time, they shared their needs, wishes and recommendations on how we could enhance our services – because they are no longer limited to legal advice.

“We’re part of a profession that’s always delivered on its legal expertise. That’s just not enough today. Clients are demanding more. They also expect process management, business understanding and industry insight,” says Niels Bang, emphasising how lawyers in the US, given the size of the market, have long combined their legal specialisation with deep industry insight. “This is ultimately how you become the best adviser.”

This is not a new – or revolutionary –way of working at Gorrissen Federspiel, Niels Bang points out. One of the original law firms that Gorrissen Federspiel has its roots in, N.J. Gorrissen, was highly specialised in shipping.

“It’s an accumulated specialisation with decades of in-depth industry knowledge of the conditions and regulatory challenges faced by shipping companies and other maritime players, right down to company level.

In the midst of a turbulent 2022, our previous strategy period ended. Whereas our previous strategy primarily set several internal goals that were intended, among other things, to improve our advice and thus also benefit our clients, the new strategy, “Momentum 2025”, has its foundation in the world of our clients. Niels Bang, chairman of the board of directors, explains why Gorrissen Federspiel in the coming three years will put clients first in a new way.

For our Shipping/Offshore/Transportation group, this is a natural way to work. The same is true of the financial sector, where another founder, Per Federspiel, was widely recognised. In both areas, we’re the best in terms of legal expertise and we have the most profound industry knowledge in Denmark,” says Niels Bang.

“It’s one of the main objectives of the new strategy that we become even better at cultivating industry insight and our sector focus in all groups,” emphasises Niels Bang, giving an example of how a specialised M&A group is ultimately divided into sector-oriented sub-groups within, e.g., tech, entertainment, defence, life science and transactions of financial institutions.

He predicts a self-reinforcing effect in that more specialists will create more well-known names in the individual sectors, each of whom will become the most sought-after advisers in their field. “That’s not where we are yet. But if we can take that step, we’ll distance ourselves further from our competitors.”

Strengthening our sector focus is a further step towards specialisation The companies we advise have competent and highly specialised legal departments. We need to understand our clients and be on their side from the beginning to be able to advise them and add value.

“Value can only be added in the cross-section between our specialised legal expertise and the business world of our clients. It’s already an important competitive parameter and it’ll only grow,” Niels Bang predicts.

Therefore, sector focus is an important element of the Clients first strategy objective.

The Energy & Infrastructure sector group was strengthened in the spring with partner Christian Halskov Sauer, who has in-depth knowledge and many years of experience in the energy sector, which is currently undergoing a huge transition from black towards green. In this process of transition, there is a need for legal advice in areas such as wind farms, solar PV parks, waste-to-energy plants, Powerto-X projects and various subsidy schemes.

With a strengthened sector focus, we are reinforcing our ability to meet and predict our clients’ needs: What do our clients need, when and in what form? It is about having a sense of the situation, an empathetic approach and a very clear set of expectations, often checking in with your client and fully empathising with their needs. Finally, we need to set the right team for each matter every time.

“If the client lacks manpower, we need to be able to provide a large team. If the client requires project management, we’ll

provide it, because we have the experience. It’s a tremendous reassurance for our clients that we can say, ‘This is going to happen soon, so we need to be prepared for this. We can take on this role because we have the experience from a wide range of transactions in their industry.”

The way forward

The adjustment towards increased specialisation will gradually emerge as matters are increasingly handled by specialists who are defined not only in terms of their legal expertise but also in terms of their sector focus.

“Specifically, if I receive an M&A transaction that I would previously have handled myself, because it’s within my area of expertise but outside my sector focus, I’ll pass it on to someone I know is deeply involved in that particular sector,” the chairman of the board explains. “This is exactly what our partnership model of equal partnership supports, rather than focusing on our own individual success. It’s the ideal basis for our next steps. If we fully succeed with that, the rest will take care of itself – and we’ll remain in a league of our own,” concludes Niels Bang.

“Value can only be added in the cross-section between our specialised legal expertise and the business world of our clients. It’s already an important competitive parameter and it’ll only grow.”

Strategic expansion of the Energy & Infrastructure sector group

With the appointment of a specialised partner and the adding of resources dedicated to advising on renewable energy, Gorrissen Federspiel puts action behind its ambition to further align our already strong position in Energy & Infrastructure to the growing demand in the market.

When Christian Halskov Sauer joined as new partner in April, this was the preliminary culmination of the continued development of the Energy & Infrastructure group. Gorrissen Federspiel wants to keep the firm on the leading edge of the growing demand for assistance within renewable energy from both existing and new clients. Renewable energy transactions have today become much more complex, as has the regulation of the area. This requires advisers with a wide range of specialist competences.

Pilot for sector focus

With Clients first as one of the four guiding principles of the new strategy, “Momentum 2025”, sector focus will guide how our adviser resources will be aligned to the clients’ needs and our own organisation.

Energy & Infrastructure has as part of the strategic direction – and as a pilot project – led the way in the new organisation where many practice groups will have to focus even more on sectors. As a result of this, several attorneys focused their practice area towards the energy sector during 2022 –including renewables.

The initial strategy work involved identifying the specialist competences that we needed to build, expand and obtain to meet our clients’ specific need for assistance within renewable energy. We therefore now have highly specialised advisers with knowledge of and competences in, e.g., solar power, onshore/offshore wind energy and renewables.

Through the expansion, the Energy & Infrastructure group has grown significantly in 2022.

“We have a strategic advantage in the mix of knowledge and competences that we have gathered and expanded over the past year. We have a clear structure and the right competences to advise on the most complex projects and transactions in renewables,” says partner Christian Halskov Sauer.

Continued growth and expansion

The expansion of the Energy & Infrastructure group will continue in 2023 in both num-

ber and width. Already in the spring, new specialists with strong competences in offshore wind will join the group.

“Our focus is on the increasing globalisation within renewables. And then we must to a greater extent follow our clients into the global arena when they operate internationally and together with local attorneys provide the best possible advice and framework for the execution of the projects,” explains Christian Halskov Sauer.

Finally, Energy & Infrastructure will – in line with the knowledge sharing that is a pillar of Gorrissen Federspiel’s external activities – share its experience and insight with clients and business partners, among other things through the “Gorrissen Federspiel Renewables Events”.

Adviser on several landmark energy projects

Thanks to our focus on renewable energy, Gorrissen Federspiel acted as legal adviser on a number of landmark renewables projects in 2022:

Anaergia

We assisted the Canadian-based Anaergia Group with drafting and negotiating an agreement on the annual supply of 60,000 tons of liquefied CO2 . With the liquefied CO 2 supplied by Anaergia, European Energy will produce green e-methanol fuel through Power-to-X facilities to power containerships that will be built by A.P. Moller - Maersk. The agreement is significant as it is one of the first agreements on the supply of liquefied CO2 in Denmark and it is an example of Carbon Capture and Utilization in the form of waste gas (CO2) from biogas production becoming useful biofuel.

GREEN2X and Vordingborg Biofuel

We were appointed as adviser in connection with the construction of the first global biogas and methanol plant to be established at the port of Vordingborg, Denmark and we are assisting with the preparation of relevant project development agreements, offtake agreements and construction agreements.

Joint venture between Skovgaard Energy A/S and Ørsted

We were appointed as adviser on the potentially largest global hydrogen project to be established in Holstebro, and we are assisting with the contractual structure for the joint venture between Skovgaard Energy and Ørsted.

New strategic partnership strengthens presence in Greenland

Gorrissen Federspiel has entered a strategic partnership with Arctic Law Greenland in Nuuk. The main focus of the cooperation is to exchange knowledge and to strengthen the provision of advisory services to the two firms’ clients in matters concerning the Arctic and Greenland.

Gorrissen Federspiel’s activities in Greenland

• Gorrissen Federspiel has acquired extensive knowledge of the special conditions, both regulatory and commercial, prevailing for businesses in Greenland.

• We provide assistance to self-government owned companies, privately owned companies in and outside of Greenland as well as to Naalakkersuisut, the Government of Greenland.

• Our activities in Greenland are usually handled by our Greenland Desk headed by partner Michael Meyer, partner Morten Hans Jakobsen and Managing Partner Martin André Dittmer.

• Greenland Desk collects and coordinates the firm’s knowledge base of Greenlandic matters and ensures that this is reflected in the legal advice we provide.

• In the fall of 2022, Gorrissen Federspiel entered a strategic partnership with Arctic Law Greenland in Nuuk.

The Arctic region plays an increasingly important geopolitical role, and as a result of this we have seen a rise in demand from several international clients for specialised regional insights into the Arctic and Greenland. Gorrissen Federspiel’s Greenland Desk handles such inquiries in collaboration with, among others, the Greenlandic and Nuuk-based law firm Arctic Law Greenland. In October 2022, this collaboration was further formalised.

“It has proven valuable for both parties that we’re able to complement each other in matters related to the Arctic and Greenland. It was therefore only natural for us to strengthen and formalise the collaboration that has a commercial as well as a strategic dimension,” says partner Michael Meyer.

Stronger presence in Greenland and the Arctic

The strategic aspect allows us to exchange knowledge and people and to handle matters in collaboration with Arctic Law Greenland. Moreover, with the agreement,

Gorrissen Federspiel has taken an important step towards establishing a permanent presence in the Arctic. The collaboration has already led to an increase in activity in the raw materials sector.

“With the agreement, we’re establishing a stronger presence in Greenland and the Arctic region. The combination of Gorrissen Federspiel’s corporate law expertise and Arctic Law’s specialised regional expertise and geographic presence makes it possible for us to provide –jointly and individually – the highest level of advice that meets our clients’ expectations,” says Martin André Dittmer.

The agreement is non-exclusive allowing us to handle legal issues and litigate cases related to Greenland together. This may include advising clients on corporate transactions, the extraction of raw materials, energy, infrastructure, major construction projects, offshore and transportation.

Within the framework of the agreement, Michael Meyer has joined Arctic Law Greenland’s newly established advisory board.

Sustainability

Our CSR and sustainability initiatives

In 2018, we joined the UN Global Compact. Since then, the UN Global Compact has been the guiding principle in our CSR and sustainability initiatives forming an integral part of our business operations, our management focus and strategy.

Since we signed up to the Global Compact in 2018, we have taken a systematic approach to ensure that the ten principles of human rights, labour, environment and anti-corruption are embedded in our operations and strategies, thereby integrating social responsibility into our behaviour and the foundation of our firm. We have further identified and prioritised seven of the 17 UN Sustainable Development Goals (SDGs) that for us represent key focus areas where we can make a difference. These SDGs help highlight where we need to take action in our daily lives.

This work is facilitated by our sustainability committee that is responsible for ensuring that we live up to applicable standards and best practices. The committee monitors our progress and performance against the targets set, decides on the overall measures, direction and new initiatives for our commitment, and it oversees the implementation of and compliance with our sustainability policy.

Our focus

As a workplace for more than 540 employees, all of whom perform exceptionally on a daily basis, it is paramount to us to ensure a good working environment, well-being and development and to foster a diversified and inclusive work culture where everyone has equal opportunities and can perform to the best of their abilities.

In

We also aim to promote a society where everyone has access to education, knowledge and the rule of law. We offer highly specialised legal advisory services on strategic compliance and social responsibility, and we feel an obligation to share this knowledge with the world around us. We do this by sharing our knowledge in publications, at events and through pro bono work.

2016, we signed up to the advokatKODEKS (Lawyer’s Code) of the Association of Danish Law Firms. Under the code, we are committed to applying a set of benchmarks contributing to openness, social responsibility, ethical dilemmas, modern management and diversity.

As a social actor, we also have a responsibility for the climate, and we are continually committed to reducing our footprint. This is achieved by maintaining and optimising our operations and by seeking more sustainable solutions and suppliers.

Our business model

Gorrissen Federspiel is a leading law firm in Denmark with strong international ties. As a full-service law firm, we provide legal advice on Danish and European business law.

Our clients are usually large Danish and international companies that we assist in landmark transactions and cases. We have a close cooperation with highly reputed international law firms who refer their clients to us when they need legal advice related to the Danish market or Danish interests.

As a knowledge-based business focused on high professionalism and ethics, we have all in-house skills demanded by our clients. At the end of 2022, we employed 315 lawyers. During the year, 29 young lawyers, all of whom have trained with us to become highly qualified lawyers, were admitted to the Danish bar. The commitment and dedication of our people is fundamental for our ability to provide outstanding legal advice to our clients. Therefore, we see the risks related to workforce and our employees as the most essential element for us to handle in our sustainability work. How we manage these risks is further detailed in our sustainability report addressed later on in this annual report.

Our method of reporting

In this part of our annual report, we will account for our ambitions, the importance of our focus and our objectives and the progress in our sustainability work within the framework of the UN Global Compact, and we will highlight the SDGs to which we contribute. We will also report on some of the actions and initiatives that have been particularly important to us as a company and to our people over the past year.

The sustainability committee

The sustainability committee works towards ensuring that we, as a law firm, meet all applicable rules, standards and best practices in the field of sustainability.

Camilla C. Collet Partner, chair of the sustainability committee

Martin André Dittmer Managing Partner

Sara Jursic Head of HR

Sustainability report

Human rights

When it comes to human rights, we are committed to the principles of the UN Global Compact: Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and Principle 2: make sure that they are not complicit in human rights abuses.

Our ambitions

As a social actor and as a provider of highly specialised legal advice on corporate compliance and sustainability, we have a responsibility to protect and promote basic human rights. We believe that all people should have equal opportunities to develop and to go to work in a safe and secure environment and in an inclusive and diverse workplace.

We contribute by making our knowledge available pro bono to relevant companies, NGOs and private individuals, who are working to ensure that human rights are not violated, and who would otherwise have difficulty accessing legal knowledge and advice. Our efforts are concentrated on two focus areas where we believe that our competences are best applied, namely the rule of law and the development and education of children and young people in Denmark and abroad. We also offer financial support to NGOs.

The importance of focusing on human rights

As a knowledge-based business, we see no significant human rights risks in relation to our activities or business relationships. We do, however, expect our clients, business partners and suppliers to comply with all applicable conventions in this area, and we are continually aware of our responsibility for strong ethical conduct when selecting business partners and suppliers and entering into client relationships.

As a workplace for more than 540 employees, we have an important responsibility to create an inclusive and diverse workplace where all employees are treated with respect and decency and have equal opportunities for development and recognition.

Objectives for 2022

Our objective was to continue concentrating on pro bono work within our two focus areas, viz. the rule of law and education and development of children and young people in Denmark and abroad.

Moreover, we also aimed to continue our work on strengthening diversity and inclusion, including specific actions to protect LGBTQ+ rights and inclusion.

Developments in 2022 and expected development

Throughout the year, we devoted our attention to pro bono work and projects within our two focus areas, namely the rule of law and education and development of children and young people in Denmark and abroad.

We continued to support the Danish think tank Justitia, and again in 2022 we seconded one of our employees for a few days a week to assist in the think tank’s work to protect the rule of law.

In August 2022, we once again hosted and co-financed the annual bootcamp in Copenhagen of the non-profit organisation Project Access. The purpose of the project is to help Danish students get into the university of their dreams.

For several years, we have supported the Human Practice Foundation, and we continued our support in 2022 by providing funding to the Inner Strength project that is dedicated to improving the well-being of school pupils.

In 2022, we also made a donation to the Red Cross’ relief work in Denmark and the world. Our employees contributed to the donation, when they had the opportunity to convert their company Christmas gift into a donation to the Red Cross.

The year 2022 also saw the setting-up of our new well-being committee that has as its aim to ensure the well-being, diversity and inclusion of all employees. The well-being committee also works on measures to protect LGBTQ+ rights and ensure inclusion.

Early on in 2022, we witnessed how a sudden war changes the lives and basic rights of millions of people. In this context, we provided pro bono assistance to Ukrainian refugees through a joint initiative of the Association of Danish Law Firms and the Danish Bar and Law Society offering assistance through the DRC Danish Refugee Council. We also contributed to a fund-raising event together with the Legal Debate Club to raise funds through coffee sales for the Red Cross’ relief work in Ukraine. Finally, Russia’s invasion of Ukraine has brought about a very high demand for legal advice on the sanctions against Russia. Alongside this work for our clients, we shared our knowledge in this field in newsletters and by hosting events.

Aims for 2023

As part of our strategic work to develop our business, we set a goal for 2023 to rethink our focus on and work with sustainability. Thus, we set up a steering group to come up with recommendations on how our ambitions, focus areas, objectives and governance can contribute to a sustainable society in the future – also in the context of our focus on the UN Global Compact’s human rights principles.

Labour

When it comes to labour, we are committed to the principles of the UN Global Compact:

Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;

Principle 4: the elimination of all forms of forced and compulsory labour;

Principle 5: the effective abolition of child labour; and

Principle 6: the elimination of discrimination in respect of employment and occupation.

Our ambitions

Our people comprise the best lawyers and specialists in the legal profession, and we are committed to being the preferred place to work in our line of business. Therefore, the well-being and development of our employees is a high priority in our daily work. Our commitment to creating a valued and sustainable workplace for our employees is based on a community where all people have equal opportunities to develop their skills, and where we do not discriminate on the basis of social background, culture, gender, ethnicity, age, skin colour or sexuality.

We believe that the well-being and development of our people are best ensured by promoting a diverse and inclusive working environment.

The importance of focus on labour

The commitment and dedication of our people are fundamental for our ability to provide outstanding legal advice to our clients. Thus, when it comes to our workforce and our employees that is where we see the most significant risks for our business.

Our main priority is therefore to ensure the well-being and development of our employees. To this end, we invite feedback from and listen to our employees. Moreover, we have continual focus on developing our workplace and management approach so as to meet the needs and aspirations of our employees.

Furthermore, we are well aware that we must constantly evolve in order to offer a modern, inclusive and diverse workplace that continues to support the well-being and development of our people. At the same time, the quest to attract talented lawyers and specialists continues to intensify, which also serves to emphasise the importance of our focus on being an attractive workplace that takes responsibility for our employees and is aware of their value.

Objectives for 2022

Our objective was a continuing focus on diversity and inclusion as well as measures to promote positive mental well-being. One of our objectives was also to continue and to extend our training in unconscious bias. In 2022, we continued to support the threeyear research project and Business PhD programme launched by the Association of Danish Law Firms that aims to explore the gender imbalance at top management levels in the legal profession.

Developments in 2022 and expected developments

In 2022, we continued on the path towards creating a more diverse and inclusive working environment for our people.

To that end we adopted in 2022 a company policy against workplace bullying and harassment. The main emphasis in this policy is to ensure that everyone feels comfortable, and that we must always work together in a professional and respectful manner.

During the year, all employees were offered to participate in unconscious bias training thereby enabling us to improve interaction with each other, clients and business partners without any bias influencing our conduct and decisions.

Our continued focus on positive mental well-being during the year has resulted in four annual well-being surveys, where previously we conducted the survey once a year in conjunction with our general employee engagement survey. In conjunction with our efforts to promote positive mental well-being in our firm, we have set up a well-being committee that addresses the insights gained from our quarterly surveys, among other things. One of the measures taken in 2022 was to develop a package of well-being tools and programs in cooperation with our health insurer PFA.

Over the year, we also continued our measures to increase gender equality and diversity. For instance, we introduced new parental leave rules that bring the genders on an equal footing allowing both men and

women 24 weeks of parental leave. We have partnered with the Inspired Beyond Babies parental network, and our employees are invited to join the network. We have also joined the Danish Chamber of Commerce’s Diversity Pact complementing our continued involvement in the Diversity Council.

Finally, in 2022 we also invested in a new management training program in partnership with the AVT Business School. The program is offered to several of our experienced lawyers and specialists to help them become better leaders and mentors for their teams and younger colleagues. One of the purposes of the program is to offer leadership development to even more employees and thus broaden the leadership role to more people, thereby creating greater proximity and well-being among employees.

Aims for 2023

As part of the strategic development of our business, we set a goal for 2023 to rethink our focus on and work with sustainability. To this end, we have set up a steering group to come up with recommendations on how our firm’s ambitions, focus areas, objectives and governance can contribute to a sustainable society in the future – including our focus on the UN Global Compact’s principles on labour.

Environment

When it comes to the environment, we are committed to the principles of the UN Global Compact:

Principle 7: Businesses should support a precautionary approach to environmental challenges;

Principle 8: undertake initiatives to promote greater environmental responsibility; and

Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Our ambitions

The ever-increasing climate changes are a cause of concern. In 2022, we were again reminded of how the resources that we consider basic can suddenly become scarce when war breaks out. That is why we want to incorporate sustainability as well as care and concern for our environment wherever it is possible for us to make a difference.

We strive to minimise our carbon footprint by constantly optimising the operations and maintenance of our two office buildings. We also impose sustainability requirements on our business partners and suppliers. Through conferences, debates and engagement in organisations, as well as through pro bono work related to the environment and climate, we are looking to share our knowledge on environmental and climate legislation.

The importance of focusing on the environment

Being a legal adviser, our primary business activities have no direct environmental impact. Therefore, we see no significant environmental and climate risks in our activities or in our business relationships.

Yet, we are aware that everyone must contribute to a better climate for our planet through sustainable behaviour and the approach to all day-to-day activities. Therefore, we integrate climate considerations wherever we can, and we always look for climate-friendly solutions when we are in search of new suppliers and partners.

Objectives for 2022

Our objective for 2022 was to continue focusing on how we can replace existing solutions and products with new and more climate-friendly alternatives. Furthermore, we set an objective to continue in 2022 the measures and initiatives that were already underway.

Developments in 2022 and expected developments

In 2022, we continued our focus on sustainable business operations, for example by constant attention to organic products and sustainability and to minimising food waste in our kitchens. This year we retained the Organic Cuisine Silver Label for our canteen in the Axel Towers, where we also added further to the number of local suppliers.

In the course of 2022, we continued our focus on decreasing our print consumption and increasing the digitalization of our workflows. Also in this area, we are continuing to make progress.

In 2022, we joined as a partner in the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping, an initiative aiming to make global shipping carbon-neutral by 2050. In this connection, we are combining our experience from the shipping industry with our legal expertise to address an important social challenge.

By the same token, Russia’s invasion of Ukraine has also had an impact on our focus on climate change since a looming energy crisis has prompted us to look carefully for opportunities and be creative in reducing our energy consumption. During the year, we launched a variety of energy-saving initiatives, some of which it may prove beneficial to keep in the future.

Aims for 2023

As part of the strategic development of our business, we set a goal for 2023 to rethink our focus on and work with sustainability. We have set up a steering group to provide recommendations on how our firm’s ambitions, focus areas, objectives and governance can contribute to a sustainable society in the future – including our focus on the UN Global Compact’s environment and climate principles.

AntiCorruption

When it comes to anticorruption, we are committed to the principles of the UN Global Compact:

Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

Our ambitions

As a law firm, we have a special obligation to act with integrity and within the law. Our employees observe these principles every day under our anti-corruption and anti-bribery policies. It is also our clear position that we do not want to support clients who engage in unethical methods.

All new employees are briefed on our anti-corruption policy and introduced to our whistleblower scheme. With this approach, we give our employees the best possible chance to act should they become aware of any breach of the anti-corruption rules or other suspicious circumstances.

We continue to support AdvokatKODEKS (the Lawyer’s Code) under the auspices of the Association of Danish Law Firms, which we endorsed in 2016. Within this framework, we undertake to work on five guiding principles, including ethical dilemmas.

The importance of focusing on anti-corruption

We rely on our professionalism and high ethical standards, and our clients entrust their business in the confidence that we act within the law and with integrity as our compass. Consequently, we do not accept any behaviour or actions that could adversely affect the reputation of our business – this includes ourselves, our employees, but also the people, companies and organisations that we work with.

In the assessment of our business model, we have not found corruption to be a significant high-risk area for us, and we have not identified any material corruption risks in our activities or in our relationships with business partners that have not already been addressed by our compliance measures.

Objectives for 2022

Our objectives for 2022 were to continue rolling out and implementing the anti-corruption policy, including introducing further employee training.

Developments in 2022 and expected developments

In the course of the year, we raised awareness of our anti-corruption policy among all our employees, including all new employees, who, as part of their induction program, are presented with the firm’s anti-corruption position as part of the “Guidelines and Policies” review. With this training, we want to make all employees aware of our position on corruption, bribery, facilitation payments and gifts. Likewise, everyone is informed of our expectations and their options for reporting breaches of the rules or other suspicious circumstances.

Every year, our board of directors reviews the anti-corruption policy and assesses whether it is in need of updating in order to ensure that the policy is aligned with developments in this area. In 2022, the board of directors did not find reason to revise the policy.

During the year, we also continued to support the Lawyer’s Code of the Association of Danish Law Firms and contributed with input to their report also in 2022.

We will continue to address compliance, ethics and decency as an integral part of our everyday work, and as regards the anti-corruption policy, it remains our priority to raise awareness among our employees and to regularly revise the policy whenever needed.

Aims for 2023

As part of our strategic work to develop our business, we set a goal for 2023 to rethink our focus on and work with sustainability. We have set up a steering group to provide recommendations on how our ambitions, focus areas, objectives and governance can contribute to a sustainable society in the future – including our focus on the UN Global Compact’s anti-corruption principles.

Our clients needed assistance after Russia’s invasion of Ukraine:

legal landscape is constantly changing”

We were barely two months into the year when Russia invaded Ukraine and brought back war on European soil for the first time since the 1990s. Many private individuals, organisations and businesses responded promptly to the urgent need for help. At Gorrissen Federspiel, we provided pro bono legal assistance through the Association of Danish Law Firms and made financial contributions to the Red Cross. But the war also sparked a need for advisory services and assistance to clients with activities in and around Russia.

At an early stage, Gorrissen Federspiel decided to discontinue all assistance to Russian clients. Conversely, we assisted many Danish clients on matters related to Russia and the war in Ukraine. “Danish companies were facing a number of complex challenges,” says Camilla C. Collet, head of Gorrissen Federspiel’s Compliance & Sustainability group.

“We assisted, for instance, Danish companies wishing to discontinue their Russian activities and in need of advice in connection with the sale of Russian subsidiaries. We also assisted clients who needed to be released from contracts involving obligations in relation to Russian customers. And generally, we assisted clients navigating through the sanction scenery targeting Russia. The legal landscape is constantly changing concurrently with the introduction of new sanctions,” says Camilla C. Collet.

Our clients’ need for legal assistance remained fairly stable throughout the year and was handled by a handful of dedicated lawyers, who spent a significant part of their time solving issues related to Russia’s invasion of Ukraine. But quite a lot of the work in Camilla C. Collet’s group also involves knowledge sharing.

“We saw a high degree of demand for knowledge from our clients. We therefore put a lot of effort into

“The

writing and publishing newsletters and organising events to share our knowledge in this field. And we gave lectures on the legal challenges posed by the war to several student organisations,” says Camilla C. Collet.

In addition to our client-oriented activities, Gorrissen Federspiel was directly and indirectly involved in supporting Ukraine and Ukrainian refugees in various ways:

Pro bono assistance

In collaboration with several other law firms, we joined an initiative launched by the Association of Danish Law Firms and the Danish Bar and Law Society to provide pro bono assistance through the DRC Danish Refugee Council. Moreover, we also provided – to a limited extent – advice to NGOs on statute and GDPR matters.

Topping up coffee sales

The Legal Debate Club is a law student association at the University of Copenhagen. The club challenged us to top up the amount they made on coffee sales to the benefit of the Red Cross’ relief work in Ukraine. We took up the challenge and ended up transferring an amount in the region of DKK 15,000.

The Red Cross’ Christmas Challenge and employee donations

In December, we supported the Red Cross’ Christmas Challenge with a donation of DKK 50,000. On top of that, several employees chose to make a donation to the Red Cross instead of receiving their company Christmas gift. We doubled our employees’ donations and were able to transfer an amount totalling DKK 161,000 to the Red Cross.

“Like everyone else, we’re horrified by Russia’s invasion of Ukraine, and we strongly condemn Putin’s war that represents a fundamental violation of international law.”

- Martin André Dittmer, Managing Partner,

posted on the intranet a few weeks after Russia’s invasion of Ukraine

Employees donated company Christmas gift to the Red Cross

With the help of the contributions from employees, who instead of receiving this year’s company Christmas gift donated the allocated amount to the Red Cross, Gorrissen Federspiel donated a total of DKK 161,000 to the organisation’s relief work.

The consequences of the war in Ukraine drew ever closer in 2022. The neighbouring areas were in urgent need of external aid. And in Denmark, the financial situation of many families was stretched to the limit by the rising energy prices. The Red Cross helps vulnerable groups, both at home and abroad, with donations from individuals and businesses.

When this year’s company Christmas gift could be ordered, there was – in line with last year – an option to decline the gift and instead donate the amount to the Red Cross. 111 employees declined their Christmas gifts and became donors instead. Gorrissen Federspiel decided to double up their contribution, bringing the donation from skipped Christmas gifts to DKK 111,000.

The Red Cross Christmas Challenge

We were invited to the Red Cross Christmas Challenge. Together with Microsoft, Ørsted, Vestas and A.P. Moller - Maersk and others, we made a commitment to donate DKK 50,000. As the last participant in the challenge, Managing Partner Martin André Dittmer took over from the CEO of Arla Foods Peder Tuborgh.

In the video published in connection with the Christmas Challenge, our Managing Partner explained our contribution:

“Gorrissen Federspiel is one of Denmark’s largest law firms. This comes with a responsibility. With this year’s Christmas Challenge, we’re making a donation to the important work of the Danish Red Cross to reduce and relieve humanitarian crisis and suffering.”

In a video on LinkedIn, Managing Partner Martin André Dittmer explains Gorrissen Federspiel’s participation in the Red Cross Christmas Challenge.

The think tank Justitia

• Founded in 2014 by CEO and lawyer Jacob Mchangama.

• The purpose of the think tank Justitia is to protect and promote the rule of law, the freedom rights, the fundamental human rights and the basic rights that underpin liberal democracy.

• Since 2019, Gorrissen Federspiel has provided pro bono assistance to Justitia.

Promoting the rule of law in collaboration with judicial think tank Justitia

In 2022, we continued our support to Justitia and the think tank’s efforts to promote the rule of law. We seconded an assistant attorney two days a week to Justitia on a pro bono basis. During her secondment, Rebecca Fink

Joensen’s work was devoted to artificial intelligence within the context of the rule of law. Rebecca also assisted in ongoing projects.

What is the social impact of Justitia’s work?

“Justitia aims to promote awareness of and respect for the fundamental human rights and freedom rights. Whenever the think tank highlights a rule of law issue, people are listening.”

What projects were you involved in?

“I was engaged in a specific project concerning artificial intelligence, more specifically face recognition. I was looking into the rule of law issues for citizens that may arise from this technology. During the project, I took part in conferences that were attended by key players in the field, including representatives from technology companies, the media and ministries. The exchange of knowledge and views at such events also have an impact on the legislative process. It was extremely interesting, and it’s not something that you’ll normally experience as an assistant attorney.”

What did you take with you from your secondment to Justitia?

“It was fascinating to explore the law from a different angle. You get a different understanding of the social mechanisms and your responsibility as a lawyer, where we help ensure that the law works as effectively as possible.”

Continued efforts to promote Diversity & Inclusion

In 2022, we continued at Gorrissen Federspiel the efforts to promote Diversity & Inclusion in our firm. Sara Jursic, Head of HR, highlights the main achievements.

The D&I agenda has been a key focus area at Gorrissen Federspiel in recent years. In the words of Head of HR Sara Jursic, the efforts to reorientate the firm are characterised by a “relentless focus on change.”

She explains that this is an area in a state of flux, and that the nature of the concepts is changing along the way. Today, diversity is for instance more than gender diversity. Agendas, legislation and the expectations of the talent pool of future generations call for continuous adjustment of policies and regular introduction of new initiatives. In that sense, 2022 was “business as usual” – it was all about change and development.

“We must succeed with what we’ve set in motion. It takes patience, and we can’t just conjure up changes. But we’re well underway,” says Sara Jursic and she adds that, for instance, new and better parental leave schemes have been introduced, and these bring better balanced gender equality. In time – or at least

that is what the Head of HR hopes – the new rules may provide a more balanced talent pool of ambitious lawyers with a desire to go all the way to partnership.

New parental leave rules

Since August, all fathers have had the right to 12 weeks earmarked parental leave. However, Gorrissen Federspiel already offered this opportunity to its male employees. It was therefore decided to widen the rights thereby achieving gender equality. Now both the mother and the father are entitled to take 24 weeks of parental leave.

“By providing equal rights to parental leave, we are hopefully conveying the message that having children and getting a good start with parenthood during parental leave are fully compatible with the career path you want to pursue. When we first widened the possibilities for men to take parental leave, this was welcomed, and it is also my expectation that the new rights will be welcomed,” says Sara Jursic.

Inspired Beyond Babies

Another parental leave initiative that was launched in 2022 was the Inspired Beyond Babies initiative. This is a community that facilitates inspiring network events and seminars and allows you to remain personally and professionally updated during the parental leave period.

“We’ve long wanted to join the Inspired Beyond Babies initiative. The initiative is in line with our desire to strengthen the affinity with our employees. Today, we conduct status interviews with employees before, during and after their parental leave. We’re now offering employees, who may so wish,

the opportunity to seek inspiration and networking at a time when the newest member of the family is taking the centre stage. In addition, this initiative can facilitate the transition from parental leave to work.”

Unconscious bias

During 2022, we offered unconscious bias training to the entire organisation. Unconscious bias training addresses the biases or prejudices that we all hold when we interact with other people, both in our private lives and at work.

“The purpose was to raise awareness of our own biases and of how they unconsciously affect us. The board of directors, the executive board and the partner group first completed the training programme and the rest of the firm then followed suit. The attendance was good and there was positive feedback on the programme and the presentations. I find that many people have had eye-opening experiences along the way. It’s my hope that these experiences will resonate in recruitment and promotion and in interacting with other people in general,” says Sara Jursic.

New policy against bullying and harassment

The company policy against sexual harassment was accompanied by a policy against bullying and harassment. The new policy emphasises our commitment to ensure that everyone feels safe and comfortable, and that we always work together in a professional and respectful manner.

“At Gorrissen Federspiel we share knowledge, listen to each other and are helpful. We communicate openly and trustingly with each other, and we don’t accept bullying and harass -

ment, including offensive and derogatory humour. That’s why, for reasons of precaution and to contribute to good relations, we decided in 2022 to introduce a policy on bullying and harassment,” Sara Jursic explains.

Joining the Diversity Pact

On 8 March, the International Women’s Day, Gorrissen Federspiel joined the Diversity Pact under the auspices of the Danish Chamber of Commerce.

“It was only natural to take this step because we’ve got a seat on the Diversity Council. For one thing, it’s the right thing to do, but it also shows our friends and competitors in the consultancy business where we stand. Under the Pact, we’re committed to objectives that we’re already aiming for, or that we’ve already achieved. And by taking part, we may inspire others to follow suit.”

Increased gender diversity by continuous focus on talent pipeline

We have an overall ambition to increase gender diversity across our organisation. We believe that in time this ambition will be achieved through continuous attention to a balanced talent pipeline. Today, we are an attractive employer for all genders early on in their careers. The challenge is to remain an attractive workplace all along their career paths allowing us to promote talented leaders of all genders.

We expect that in time our efforts will have an impact on the gender composition across our organisation. Thus, we are preparing to set targets for the underrepresented gender in other management layers of our organisation from next year onwards.

at

Gender diversity

Gorrissen Federspiel

New committee to boost well-being

Gorrissen Federspiel has made positive mental health a strategic point of priority to prevent workplace stress. For this reason, we established in 2022 a well-being committee to guide management and provide practical tools for preventive measures.

“We work a lot, and our clients have high expectations of us,” says Mikael Philip Schmidt, partner and member of the well-being committee. In the spring of 2022, Mikael Philip Schmidt kicked off the work of the new committee that was set up against the backdrop of the well-being survey conducted in the fall of 2021. The survey pointed to challenges in the area of positive mental health.

“Our line of business is a high performance environment. In certain periods, we put in huge amounts of work. Especially for newcomers, it may be difficult to work out what’s expected of them by clients and colleagues,” says Mikael Philip Schmidt.

The well-being committee’s most important task is to address well-being challenges and to offer solutions and preventive measures. This has resulted in a Q&A that is now being used by our practice groups as a tool to clearly adjust expectations of availability, handle high

work pressure, ask for help, give feedback, learn from mistakes and to support a pleasant and positive tone of communication and work culture.

A short step from decision to action

“We can never remove the risk of stress in our line of business or from our firm specifically. But the well-being committee is able to offer a range of preventive tools that reduce the risk of stress, help break the taboo and make it easier to talk about stress and low well-being,” says Mikael Philip Schmidt. Together with another partner on the well-being committee, Mikael Philip Schmidt helps ensure that there is a short step from the committee’s decisions to the management’s implementation of the initiatives.

Having been set up on an ad hoc basis, the well-being committee is now a standing committee that provides practical guides. The committee’s initial focus on the well-being of lawyers is now being rolled out to all groups of employees. The committee – that consists of members from all employee groups – has also advocated more frequent well-being surveys with small-scale surveys to be conducted on a quarterly basis, supplementing the annual survey. Moreover, all new employees will be introduced to the well-being committee and its work as part of the induction programme.

“I’m pleased with our achievements in 2022. We’ve made good headway, but we still have a lot of work ahead of us when it comes to supporting a high level of well-being and ensuring that stress will never be an acceptable consequence of working at Gorrissen Federspiel,” Mikael Philip Schmidt concludes.

“We can never remove the risk of stress in our line of business or from our firm specifically. But the wellbeing committee is able to offer a range of preventive tools that reduce the risk of stress, help break the taboo and make it easier to talk about stress and low well-being.”

Nothing good can be said about the war in Ukraine. But sometimes, in the midst of tragic circumstances, human stories emerge that shed light in the darkness. Such as the stories of Mariia Chentsova and Yuliia Samko, who came to Denmark shortly after the invasion in February 2022. Together with her 12-year-old son, Mariia (40) travelled to the Danish town of Frederiksværk, which has been the home of her sister for many years.

Yuliia (33) and her cat Murka took up lodgings with a friend in Copenhagen. (By the way, Murka’s name is inspired by her purring sound.) Looking back, both women recall their chaotic first few weeks in Denmark.

A helping hand

In 2022, Gorrissen Federspiel took on two new IT assistants. Our new colleagues are Mariia and Yuliia, who have come to Denmark from Ukraine seeking escape from the war in their homeland.

But also a warm feeling of a welcoming society that reached out and took them in.

“Everyone was so helpful. They still are. That’s something

from the Kharkiv National University. Before the war, she worked as an in-house lawyer in different companies. Yuliia Samko is also a law graduate.

mentation of an internal IT project. The project is designed to automate standard processes for creating document templates, such as contracts.

“In my experience, both Mariia and Yuliia are performing perfectly in their jobs. Although the software may be a bit tricky, they never give up but just keep on going,” says Sebastian Flørnæss Peters, Head of Digitalization at Gorrissen Federspiel, and the immediate superior of the two new Ukrainian IT assistants.

we’re very grateful for,” says Yuliia Samko.

We’re still pinching ourselves

Mariia Chentsova is a trained lawyer, and she graduated

She worked as PA to the CEO of BDO Kyiv. Having circulated their resumes through a Danish business network, they both landed project positions at Gorrissen Federspiel where they are assisting in the imple -

For their part, Mariia and Yuliia are delighted about the opening into the Danish job market.

“I think it’s incredible. And to think that we’re working at a law firm like Gorrissen

“I believe that the possibilities I have here in Denmark are the best way for me to help my family back home.”

Federspiel. I must pinch myself sometimes,” says Yuliia Samko, and Mariia Chentsova expresses her agreement. “We’re doing our best every day trying to do our jobs as well as we can.”

The difficult Danish language

Mariia Chentsova and Yuliia Samko did not know each other before they came to Denmark. Today they are not only co-workers but also close friends. They meet after work, enjoy meals together and share a deep frustration over the difficulties of the Danish language.

“It’s so difficult,” says Mariia Chentsova and Yuliia Samko elaborates:

“The grammar isn’t that difficult, but I fail to find the

logic. For instance, when are letters silent and when aren’t they? Pronunciation is really a challenge. When people I meet in the lift say “have a nice day,” I try to say “you too”, but I can see that they don’t understand. Only my Danish teacher understands what I’m trying to say,” she laughs.

Unknown future

Planning ahead is a luxury you do not have when you have been forced to leave your home country. Therefore, they are both looking to make a life for themselves here and now in Denmark. For Mariia Chentsova, this means first and foremost taking care of her son and making sure that he is as happy as possible.

“Maybe we’ll stay, maybe we’ll go back. It depends on the war and how long it lasts,” she says.

Likewise, Yuliia Samko does not know if and when she will return to Ukraine.

“Unfortunately, I don’t think the war will end soon. And even when it does, the country will be in severe financial distress. That’s why I’m trying to make a life here in Denmark. Get a job, make friends, find a place to live. I believe that the possibilities I have here in Denmark are the best way for me to help my family back home.”

Gorrissen Federspiel helps create open access to maritime research data and technology

Having provided legal advice since the establishment of the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping in 2020, Gorrissen Federspiel has become a Knowledge Partner. There are three primary reasons for this, says partner Søren Høgh Thomsen.

“Firstly, the centre’s maritime focus fits very well with our experience in the shipping industry. Secondly, we want to do something concrete to promote sustainable development and, among other things, signal to current and future employees that we contribute to solving an important social task. Thirdly, we possess specialised competences and unique experience in handling the legal and contractual issues related to development projects and collaborations. It’s deeply rooted in the centre’s objects clause to ensure, as far as possible, open access to data and technology for all operators in the industry. We assist with all the legal aspects of cooperation agreements, regulation, rights and more.”

The Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping is pleased to add Gorrissen Federspiel to the list of Knowledge Partners.

“Our partners include some of the very largest companies in the global maritime industry, and the cooperation is characterised by a high level of transparency, mutual trust and willingness to share information. Gorrissen Federspiel is deeply rooted in and has a great understanding of the shipping industry and has been instrumental in establishing the legal framework for the centre from the very beginning to ensure the basis for mutual trust and transparency,” says Chief Strategy and Operations Officer Tanja Ebbe Dalgaard.

The declared object of the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping is to contribute to making the global shipping industry carbon neutral by 2050.

In 2022, Gorrissen Federspiel took on a new role as partner in the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping.

Price increases and challenges in energy supply triggered action

Switching off facade signs, new energy-efficient photocopiers and changing consumption patterns and habits. These are some of the specific measures implemented in the autumn of 2022 in response to rising electricity and heating prices – a direct consequence of the war in Ukraine.

“Naturally, we want to minimise the financial impact of rising energy prices. But it’s been equally important to send a clear signal to both our employees and clients about the social responsibility we wish to take on,” explains CFO Martin Leth Povlsen.

It is about limiting energy consumption as much as possible and using the current situation as an opportunity to accelerate energy saving initiatives that were already planned.

“The climate agenda is also our agenda. We’re already working on limiting our climate footprint by, for example, reducing food waste and opting for organic food. Now, the energy crisis has pushed for more necessary changes in this direction,” says Martin Leth Povlsen.

The first wave of energy initiatives in the autumn included accelerating the transition to a more energy efficient data centre, upgrading photocopiers to more energy efficient models earlier, upgrading the battery-driven backup in case the power supply to servers and other critical infrastructure fails, recoding the intervals for automatic light switch-off, etc. In addition, behavioural changes should also contribute to reducing energy consumption, such as using the stairs instead of the lift, avoiding using local dishwashers and taking shorter showers in the changing rooms.

Employees were consulted

In the second wave, employees were involved. Inflation and the impact of rising energy prices on their own financial situation provided a basis for commitment that everyone shared.

“We wanted to raise collective awareness of our energy consumption, harvest good ideas for potential savings, and we needed help to identify inappropriate energy use in our buildings. The response was overwhelmingly positive. Many came back with observations and specific suggestions that we considered in our further work,” says Martin Leth Povlsen, who finds that it is easier to implement habit changes when you have been involved in formulating them yourself.

While habits are changing, it also means striking the right balance for action. And there is a limit.

Like the rest of society, Gorrissen Federspiel faced increases in energy prices and scenarios that required preparations for disruptions in energy supply. All triggered by the war in Ukraine. This new situation meant bringing forward investments, simple cost-cutting measures and employee involvement.

“We need a workplace that is functional. For example, we cannot feel too cold because the temperature has been reduced too much,” says Martin Leth Povlsen.

Although Gorrissen Federspiel has relatively energy-efficient buildings in Copenhagen and Aarhus, work is ongoing to optimise energy consumption at both locations. The Prismet in Aarhus was built in 2001 and is facing an extensive renovation, which means relocating Gorrissen Federspiel to other buildings. At Axel Towers, which was completed

in 2017, a recent energy audit has identified recommendations for several adjustments and improvements, which Gorrissen Federspiel is in dialogue with the landlord, ATP Ejendomme, to implement.

Long-term effects

It is still too early to reap the long-term benefits of the energy measures. But energy optimisation continues; both because it is a strategic objective to optimise energy consumption and limit our climate footprint and because an increasing number of clients expect it.

“Our clients are leaders in the Danish business community. Everyone is working to become more sustainable. This trickles down and results in stricter requirements for subcontractors, including us. Regardless of the expectations and demands we face from outside, it’s also the right thing to do as a climate-conscious organisation,” concludes Martin Leth Povlsen.

Energy measures implemented in 2022

• No connection of additional heat sources in the offices

• Light sources in common areas have been recoded so that lights switch off more appropriately in accordance with actual needs

• The “Gorrissen Federspiel” façade signs are switched off outside opening hours in Aarhus and kept completely switched off in Copenhagen

• Forced nightly computer switch-off

• New energy-efficient data centre moved forward

• Printing and copying machines replaced by far more energy-efficient models

• Investment in a new Universal Power Supply (UPS) to act as a backup in case of power failure

• Larger machines are switched off completely over the evening/night instead of switching to sleep mode

• Dishwashers on the individual floors are only used during off-peak periods

More local produce and organic products

Part of our efforts for more sustainability in our carbon footprint goes through the kitchen. In 2022, we made arrangements with a local, organic farm-to-fork vegetable producer and with a slaughterhouse that only supplies organic meat from animals raised and slaughtered on local farms.

“I put a lot of energy into finding new suppliers. Both to raise the level and the quality of the food we make and to inspire my chefs,” explains Stefan Hansen.

As head chef, he has the daily responsibility for the operation and development of the kitchen at Gorrissen Federspiel’s domicile in Axel Towers in Copenhagen. With a background as sous chef at the Michelinstarred restaurant Frederiksminde in Præstø, he has always cared about sourcing the best possible ingredients for his kitchen.

“We were one of the first restaurants in the country to set up our own kitchen garden and become completely self-sufficient. It meant everything for the quality of the food we made. Giving talented chefs better and different ingredients to work with sharpens our creativity and our passion to make food,” says Stefan Hansen.

Frederiksminde was also awarded the first Michelin green star in the country.

“Own” kitchen garden

Now Stefan Hansen and his team of chefs at Axel Towers have the closest thing to a kitchen garden that they will ever have through a new partnership with the organic producer Godis Grønt in Lejre near Roskilde, about 40 kilometres from Copenhagen. It was a tip from Noma’s sous chef that led Stefan Hansen to the new supplier, which the three-star Michelin restaurant co-founded and sources its produce from.

“The taste to the vegetables from Godis Grønt is 200% better. The vegetables are taken directly from the soil, placed in reusable boxes and delivered here in the kitchen a few hours later,” says Stefan Hansen.

Choosing a small, local supplier also allows you to influence which crops are planted in early spring and can be delivered when the season begins in May.

“I can influence what size broccoli, what kind of pointed cabbage and herbs we get. It’s an advantage when we plan the menus of the season. I talk to the grower during the week. To hear how it’s all coming along. And on Friday morning, I know what I can expect to receive on Mondays, and I can plan accordingly.”

Since June, the kitchen in Copenhagen has sourced a little more than two tons of vegetables from Godis Grønt. In the 2023 season, the kitchen is expected to source practically everything the producer can supply – probably more than five tons. The current supplier will still be providing organic produce when the seasonal pro -

duce from the grower in Lejre runs out in November, or if the need for special produce arises.

Organic – as far as possible

The only way to go. That is the very short answer to the question why the organic way is important to Stefan Hansen and the food he and his team of seven chefs and one kitchen assistant make every day for the canteen, special events and the takeaway scheme. Pesticides have no place in the food we eat, he says.

“You don’t need to have seen many news stories about the challenges with toxic residues in our soil and groundwater over the past year to understand the point that the organic way is the only right way to go.”

With a share of between 60% and 90% organically sourced ingredients, the kitchen has the silver Organic Cuisine Label. But it is difficult or close to impossible to get the gold label because it requires at least 90% of the ingredients sourced to be organic.

“Some ingredients may be difficult or impossible to source organically. That’s why the conventional way sometimes trumps the organic way when we have to balance the impact on the environment and the climate. For instance, choosing between a conventionally, but sensibly grown Danish cucumber versus buying an organic cucumber from Spain individually wrapped in plastic. Here, the non-organic choice is the least problematic,” says Stefan Hansen.

Better meat on the menu

The kitchen also has a new meat supplier. Spis Min Gris (Eat my pig) is a small slaughterhouse that sources its organic meat from farms where the animals have lived a good life before being slaughtered on the farm. Transportation of live animals is not an option. These animals have been pasture-raised on the farm, yielded plenty of milk and laid eggs before they are slaughtered.

“It makes so much sense. You know who the farmer is and where the animals have lived. None of the animals are bred for the

sole purpose of being slaughtered,” says Stefan Hansen.

Unlike the vegetables, the planning of meat deliveries is more challenging when the availability is determined by the slaughter rhythm of the farms. In addition, the best restaurants in the city have a first right to the meat. Still, almost two thirds of the kitchen’s meat was sourced from Spis Min Gris in 2022, while the rest came from the usual supplier.

While the meat in the canteen buffet is very close to being 100% organic – game meat is not available organically and therefore reduces the bottom line a little – organic traceability for the seafood which the kitchen sources from the supplier Fiskerikajen is a little trickier. Wherever possible, the head chef chooses line-caught, sustainable fish over farmed fish. And the quality is consistently very high.

“The supplier is doing his very best to do all the right things in an industry where this is increasingly difficult. They must be credited for that.”

In addition to the weekly vegetarian day already on the menu, Gorrissen Federspiel will introduce a weekly fish day in 2023. This means that two out of five days will be meatless.

Great food makes happy people

Vegetables have really taken over a main role in the meals and can easily provide the proteins that many people are used to getting from meat or chicken.

“I would like much more greens. People have become aware that meat production –no matter how good the quality is – is more harmful to the climate,” says Stefan Hansen and explains that his quest for the best possible ingredients continues.

“It makes me happy to be able to work with the very best ingredients. At the same time, the chefs here in the kitchen are very talented and specialise in getting the very best out of each ingredient. I believe you can taste that in the food we make.”

The kitchen in Copenhagen uses between 60% and 90% organic ingredients in its food. Therefore – for the third year on end – the kitchen holds the silver Organic Cuisine Label.

We are printing less and less

Once again, our consumption of physical printing and copying decreased, despite a stable level of activity and even a slight increase in the number of employees. Expressed in round figures, as provided by our supplier Canon, our printing and copying machines produced 3.5 million prints in 2022, compared to 5 million prints in 2021. A decrease of more than 30%. IT Manager Niels-Jørgen Will-Nielsen calls the development surprising and positive. He is unable to identify a specific cause. Several factors are likely to contribute to the significant decrease.

“As many of us worked from home during the Covid-19 pandemic, we got used to not having a printer and got better at reading on a screen. Many have probably continued this behaviour. In addition, the screen size of most workstations has expanded significantly in recent years, making the reading experience more comfortable. Finally, we’ve closed several print rooms in the past year, which has probably contributed to changes in printing behaviour.”

The drop in printing in recent years has also been supported by an increasing digitalisation of document management.

New IT equipment reduces electricity consumption

In the autumn, all printing and copying machines in the Copenhagen office were replaced. This measure was planned but was brought forward due to rising electricity prices. The new printing and copying machines use 85% less electricity than the old ones. The old machines have been handed over to Canon as part of the upgrade where they become part of Canon’s recycling programme.

At Gorrissen Federspiel, we continuously upgrade our IT equipment. When mobile phones, computers and screens are replaced by newly purchased equipment, the old equipment is recycled by a cooperation partner. Last year, all our laptops were replaced by newer and faster models. However, the transfer of the decommissioned equipment will not take place until 2023, which is why there are no figures on the recycling benefits for 2022.

Niels-Jørgen Will-Nielsen is looking forward to several new investments in 2023 that will further contribute to lowering the firm’s electricity consumption. This includes a transition to new servers.

“With the new data centre, we’ll be able to shut down parts of the servers completely when the load is minimal, for example at night. This will have a positive impact on electricity consumption,” says Gorrissen Federspiel’s IT Manager.

In one year, the number of prints – print and copy – has been reduced by more than 30%. At the same time, new printing and copying machines are contributing to a significant drop in electricity consumption.

“As many of us worked from home during the Covid-19 pandemic, we got used to not having a printer and got better at reading on a screen. Many have probably continued this behaviour.”

The most talented employees in the country

New training programme makes managers more accessible

The best talents are in high demand on the Danish labour market, especially in the part of the legal profession to which Gorrissen Federspiel belongs. The lawyers and staff of the future expect managers to be visible and accessible, providing regular feedback, career counselling and focus on well-being. If you can’t offer that as a workplace, talent will look elsewhere.

“It’s the norm in our profession that lawyers don’t formally acquire management responsibilities until the day they become partners. But when that happens at a time when you’re already spending most of your waking hours on clients, cases and business development, there’s a limit to how accessible you can be to your employees. This is a conservative and outdated approach to management, which stands in stark contrast to the fact that today’s labour market is very much employee-driven,” explains Head of HR Sara Jursic.

Good management is essential for employee engagement

Therefore, if we want our position in the market to stay strong in the future, we need to focus much more on management. That is the reason why Gorrissen Federspiel, in collaboration with AVT Business School, has developed its own management training programme aimed at experienced attorneys and heads of practice groups.

Management is already exercised below partner level, but it is not formalised or binding as it will be now.

“The aim of the new training programme is for employees to feel that management is in easy reach and are available to support the individual’s development, career and well-being. Good management is simply essential to attract and retain the talent we rely heavily on to maintain our position in the market,” says Sara Jursic.

Better feedback

As Managing Counsel, the level below partner, 32-year-old attorney Andreas Hertel has already experienced the challenges of management. He was one of the first employees to participate in the new training programme. One of the tools he took with him from the programme was ways to give better feedback.

“Feedback is often given low priority or given in an inappropriate manner because the working day can be hectic and time pressured. But systematic feedback on your work is invaluable for your performance and overall development. At the same time, it has tremendous value for the cooperation in the firm – and ultimately with our clients,” says Andreas Hertel.

In 2022, the first 65 employees started the training programme at the AVT Business School.

In cooperation with AVT Business School, Gorrissen Federspiel has introduced a management training programme for heads of practice groups and all attorneys with at least four years’ experience. Having a shorter path to discuss performance, ambitions and well-being with a manager is crucial for employee engagement, says Sara Jursic, Head of HR.

“Good management is simply essential to attract and retain the talent we rely heavily on to maintain our position in the market.”

The world as a workplace

Every year, Gorrissen Federspiel sends employees abroad to gain professional and personal experience. Kathrine, Frederik and Chastine share their stories about their secondments in London, Milan and New York respectively – and about British multiculturalism, Italian authorities and working on Twitter’s lawsuit against Elon Musk.

Kathrine Færløv Hovelsø, 32 Attorney, Corporate/M&A and Capital Markets

Seconded to Slaughter and May in London, England

Why did you choose to be seconded to Slaughter and May in London?

“I’ve always wanted to work abroad, preferably in a large international law firm. Despite Brexit, London remains a financial centre in Europe, and Slaughter and May is one of the most reputable firms in the city, so when I was offered the opportunity for a secondment here, I had no doubts.”

What are your personal and professional objectives for the secondment?

“Personally, my aim has been to get to know British culture better, to take advantage of London’s many cultural and culinary offerings, and to expand my international network. We are ten visiting lawyers who are seconded to Slaughter and May at the same time. This means that my international network – in addition to colleagues at Slaughter and May – has expanded to include lawyers from across Europe, Saudi Arabia, Japan

and Argentina. One of my professional objectives was to challenge myself by working in a jurisdiction other than Denmark and with colleagues and clients that I hadn’t known for several years. It turns out that there are many similarities in the approach to work in a large law firm, whether it’s in Copenhagen or London, but of course there are also areas where Slaughter and May has a different approach to work and matters.”

What is done differently at Slaughter and May, for example?

“Due to Slaughter and May’s size alone, some administrative procedures are more formalised than at Gorrissen Federspiel, for example in connection with capacity management. Slaughter and May’s size also means that there is an underlying support system that only very large law firms can sustain, including secretarial support around the clock and at weekends, staff to handle all legal research tasks and staff dedicated to training and innovation. Slaughter and May also spends a lot of time trying to improve conditions for all employees, and I believe they are trying to push standards in the profession. Slaughter and May were the first to introduce a working practices code. This is a set of formal guidelines on the expectations for the work of lawyers. The guidelines cover, for example, the frequency with which employees are expected to check and reply to emails late at night and at weekends, as well as guidelines for organising and scheduling meetings. Of course, there are still many situations where the guidelines cannot be fully met, but in those situations, there is an open dialogue.”

How does Slaughter and May differ from Gorrissen Federspiel as a workplace?

“First and foremost, Slaughter and May is different in that it’s a much larger organisation with 1,200 people working at its London office. This means, among other things, that there are fewer familiar faces in the canteen, where there are up to 12 different symbols on the daily menu so that everyone can identify allergens and observe religious preferences. This illustrates very well how London is a city on a different scale than Copenhagen, and the diversity of the workforce that comes with it. On the practical side, the offices are organised very differently than at Gorrissen Federspiel, as no lawyers have individual offices, and all part-

ners share an office with a trainee. It creates a very open culture in the office, where you never face a closed door.”

What has surprised you most during your secondment?

“I was surprised how quickly Slaughter and May integrated me into the daily work and how much trust I’ve been shown on assignments because I’m seconded from Gorrissen Federspiel. You often encounter prejudices that the big law firms have a tough working environment, but I’ve experienced that there’s an informal tone among colleagues and partners at Slaughter and May, and the social aspect is very important. During my secondment, we had regular after-work drinks once or twice a month in my department; I’ve attended the annual traditional gala plus one at Grosvenor House near Hyde Park with 1,300 attendees; my department has had its own Christmas party in the city

and, of course, the Brits love going to the pub. It’s given me a great opportunity to network and get to know my colleagues better.”

What is your best advice for colleagues considering a secondment abroad?

“Just go. A secondment with a client or abroad is a great opportunity to test your skills outside Gorrissen Federspiel’s safe environment, and it also provides an opportunity to reflect on your professional and personal life. It’s become clearer to me what I value in my daily work at home, including my good colleagues and clients, and at the same time I’ve gained perspectives and input from Slaughter and May that I take back with me.”

Frederik Løvstad, 30

Attorney, Dispute Resolution/Corporate

Seconded to Nunziante Magrone in Milan, Italy

Why did you choose to be seconded to Nunziante Magrone in Milan?

“I wanted to try something different than the traditional secondment destinations. My partner is half-Italian and we’ve both always wanted to live in Italy, so it was the obvious choice. In addition, Gorrissen Federspiel has a strong relationship with Nunziante Magrone.”

What are your personal and professional objectives for the secondment?

“First, I want to strengthen my international profile, and secondly, I thought it would be interesting to experience what it’s like to work with a different legal system. Compared to Italy, Denmark has a slightly more trust-based society, which is also reflected in our legal system. In Italy, there are several formalities in the legal process that reflect this difference, for example, when concluding agreements. It’s exciting to get a perspective different from what is familiar, and you realise that there are far more similarities than differences.”

Which matters and clients have you been involved with?

“I provide corporate advice in matters where there’s an international aspect. Among other things, I act as the link between Danish clients and my Italian colleagues. It’s a slightly different role than I’m used to because my role is primarily client-oriented and communicative, whereas my focus in Denmark is more on legal issues. I’m learning a lot from that.”

How does Nunziante Magrone differ from Gorrissen Federspiel as a workplace?

“In Italy there’s a clear hierarchy. For example, I quickly noticed that the boss is addressed as “avvocato”, i.e. with the title, as was customary in Denmark many years ago. I’m probably more of a flat hierarchy person, but on the other hand, it has given me a greater understanding of how authority is viewed in many foreign countries. It’s something I can use when I, as a Dane, work with international relations.”

What does it mean to you that Gorrissen Federspiel supports the development of your international experience?

“I really appreciate that. To me, Gorrissen Federspiel’s international focus is not just something they say they want to focus on, but something they do. In my experience, it’s up to me to figure out what I want, and then there’s a shared focus on how we realise those ambitions.”

What is your best advice for colleagues considering a secondment abroad?

“It’s by far the easiest thing to stay in Denmark, and that’s exactly why you should go abroad. There’ll be things that are new, you’ll have to get by in a foreign language, and so on. But it’s worth it. You gain an international network and develop your legal competences. I strongly recommend it.”

”To me, Gorrissen Federspiel’s international focus is not just something they say they want to focus on, but something they do.”

Chastine Elisa Christensen Schmidt, 32 Attorney, Dispute Resolution

Seconded to Wachtell, Lipton, Rosen & Katz (WLRK) in New York, USA

Why did you choose to be seconded to Wachtell, Lipton, Rosen & Katz in New York?

“Gorrissen Federspiel has a large international network, but it’s no secret that a secondment to WLRK was at the top of my wish list. For a law geek like me, it was a unique opportunity to peek into the WLRK engine room and see how they operate at one of the world’s most prestigious law firms. And of course, it was great that the office is in New York, which is a fantastic city.”

What were your personal and professional objectives for the secondment?

“This summer I’ll have worked at Gorrissen Federspiel for nine years. A change of scenery was really healthy; an opportunity to wipe the slate clean and throw myself into the deep end. It was extremely rewarding to travel to the other side of the world and realise that the basic training at Gorrissen Federspiel has equipped me well and enabled me to contribute on an equal footing with my American colleagues. We can easily blend in – even when the level is very high. Personally, it’s given me a huge boost.”

Which matters were you involved in?

“Among other things, I worked on the Twitter lawsuit against Elon Musk. It’s funny, because I remember sitting at home in Copenhagen reading the news that he had bought Twitter, and a few months later I was working on the case in New York. WLRK represented Twitter in the case, which essentially sought to commit Elon Musk to complete the acquisition at the agreed price. It was a fast-track case and I was therefore lucky enough to be involved in the case almost from the beginning until the acquisition was finalised. I was part of both the discovery and deposition track and had the opportunity to draft a few procedural submissions. The first two tracks were particularly exciting from a Danish perspective, as we don’t have a discovery or deposition system in Danish law. I spent a lot of time in San Francisco, where I helped prepare senior managers for their depositions. It was awesome, fun and a bit frightening to do witness preparation with members of Twitter’s management team. I’ve done a lot of witness preparation at Gorrissen Federspiel, but this was different. It went really well and, as I said, it just confirmed that even if you don’t know the legal system in another country, you can still fulfil a role in a team and do important work.”

What does it mean to you that Gorrissen Federspiel supports the development of your international experience?

“Our international network is something we value highly at Gorrissen Federspiel. My secondment to WLRK gave me the opportunity to contribute to and further develop that network, and I’ve built personal relationships both with my American colleagues but also with other international visiting attorneys during my secondment. Recently, I was looking for an American expert for one of our major court cases and I called someone from WLRK to help me out. I hope to return the favour one day when my international colleagues need a Nordic or European perspective.”

What was it like to live in New York?

“It was fantastic. We stayed in the centre of Manhattan on 6th Avenue; the same street that WLRK is on. We joked that I could live my whole life on 6th Avenue – working, living, exercising, shopping and so on. It took me 22 minutes to walk to work in New York, just like it does in Copenhagen, yet there was a world of difference. Walking there with all the New Yorkers who were also on their way to work in the morning was very special and unique to be a part of. I travelled there with my husband, and although we’ve travelled a lot together, it was a great experience to have a daily life together in a foreign country. My husband writes a lot in his spare time and took a lot of writing courses in both New York and Portland, so it’s been a great experience for him as well.”

What is your best advice for colleagues considering a secondment abroad?

“Do it. It’s an amazing experience. You go through the whole emotional spectrum on a secondment, and I’ve grown enormously – both professionally and personally. I’ve gained much more from it than I could’ve possibly imagined. In any case, don’t let the fear of whether you can contribute in an unknown market hold you back, because you can. You may not know all the contexts when you find yourself in a new place, but if you’re willing to work hard, you’ll succeed.”

Studying in Florence and New York

Victoria Krebs and Emilie Lund-Andersen chose to study for an LL.M. in Italy and the United States, respectively. The aim for both of them was to be in an international academic environment where they can gain better understanding of the law in other countries and at the same time enhance their professional profile.

Victoria Krebs

Victoria advises Danish and international companies on competition law. In addition to her work as an attorney at Gorrissen Federspiel, Victoria is an external lecturer in Competition and Marketing Law at the University of Copenhagen, where she has also previously lectured on EU law. Victoria is studying for her LL.M. at the European University Institute (EUI) in Florence.

Why did you choose to study for an LL.M.?

“Since I started law school, I’ve dreamed of studying for an LL.M. This dream was only reinforced when I went on exchange to Brisbane, Australia, as part of my Master’s programme. In addition, the timing is good. I’ve been working with the law in practice for several years now. Now I want to dive back into the books and revisit theory with a new perspective.”

Why did you choose the European University Institute (EUI) in Florence?

“I chose the EUI because it has a unique, international academic environment and a focus on legal research. I applied for this programme with a specific research project in competition law, which I’ll be working on while I’m here. My supervisor is a professor specialising in competition law. He was also one of the reasons I came here. He is highly competent and has around 15 students researching in this area of the law.

Therefore, there’s ample opportunity to interact with others who also have a keen interest in competition law. In addition, we’re a diverse group of students and professors from many nationalities, which means that no single way of thinking dominates the programme. We come from very different backgrounds and legal systems. That makes for some good discussions.”

What do you expect from the programme – professionally and personally?

“Professionally, I’d like to gain a broader and more international perspective on my area of specialisation. Personally, it’s a dream of mine to live in Italy and to learn Italian. Italians are by nature genuinely friendly people, and a city like Florence is incredibly beautiful. It’s often described as a treasure trove of art, and with good reason.”

What strikes you as different from the Danish approach to education?

“There are no traditional subjects such as competition law or marketing law. Rather, it’s more methodological subjects to support your writing process. It’s an exciting and completely different way to approach the law.”

What does it mean to you that Gorrissen Federspiel supports your international education?

“It means a lot. Since I started as an assistant attorney, the partners in my group have known that I wanted to study for an LL.M., and we’ve regularly discussed the timing. In this way, they’ve been instrumental in making it happen. Sometimes life gets in the way of your dreams and goals because you’re on a hamster wheel. But Gorrissen Federspiel has very actively checked in and done their part to help me realise my ambitions.”

Emilie Lund-Andersen

Emilie is an assistant attorney at Gorrissen Federspiel, where she advises Danish and international clients on commercial and corporate law matters. In addition, she advises on investment screening (FDI) and Compliance & Sustainability. Emilie is studying for an LL.M. at Columbia University in New York.

Why did you choose to study for an LL.M.?

“I want to specialise in corporate law and M&A transactions. The United States drives much of the international developments in this area, which also influence Denmark. In addition, Columbia University has a strong profile as one of the eight Ivy League universities in the US and is highly recognised in the field of law. On a more personal level, I’ve spent a lot of time in New York, which I think has a very special atmosphere. It’s as if the city is somehow at the forefront of the future.”

What strikes you as different from the Danish approach to education?

“The American approach is based on the Socratic method, where the lecturer engages in a dialogue with the students. This means that you must be well prepared for each lecture because you never know if you’ll be called upon. In Denmark, people are more used to listening while a lecturer goes through the material. In addition, you can build a closer relationship with the professors because they have office hours. This is an opportunity to meet face-to-face with a lecturer and discuss, for example, a specific lecturing issue or broader aspects of a subject. The professors are often either leading academics or practitioners in their field and are generally super talented and passionate about what they do, so it’s been very rewarding to be in such an academic environment.”

How can you use this insight into the US legal system when you get home?

“Studying for an LL.M. has given me a deep understanding of the US legal system, including the approach to contracts, corporate matters and M&A transactions in both private equity and listed companies. In relation to the role of adviser, I’ve been trained in negotiation and in reflecting on why the law is the way it is. This is something that makes me a sharper adviser in terms of identifying the clients’ needs and advising them in the best possible way. In addition, I’ve gained good insight into what aspects international clients value, which can also benefit me as an adviser in Corporate/M&A. Finally, I’ve built up a professional network of lawyers from different parts of the world.”

What has been the biggest benefit so far?

“In addition to the generally high academic level of the programme, it’s been interesting to hear the other LL.M. students talk about their countries’ legal systems and how the law works in their jurisdictions. In addition to my studies, I assist at a law journal where I help publish articles on international law. It’s been fun and rewarding. In addition, it’s incredibly inspiring to meet so many different people. The campus is a great mix of nationalities, ethnicities and religious backgrounds. When I’m not in the library, we spend time in New York and enjoy all it has to offer. The university is not far from Central Park, and I often use the park for jogging or walking. I’ve also been to the US Open tennis tournament, visited MoMA, travelled to Upstate New York where the scenery is beautiful ... there’s always something to do in New York.”

Popular podcast approved as continuing legal training

Gorrissen Federspiel’s podcast “Entertainmentretten” (Entertainment Law) has seen a rise in popularity since it premiered in the spring of 2021. Not least thanks to a great review in the Danish newspaper Politiken in the autumn. At the same time, the podcast, which focuses on regulation of the entertainment industry, was also approved as digital continuing legal training.

The hosts of the podcast, Managing Counsel Jakob Plesner Mathiasen from Gorrissen Federspiel and law professor Morten Rosenmeier, had a productive 2022, producing 15 episodes of their podcast and a total of 13 listening hours.

Along the way, the hosts have addressed issues about the lawfulness of portraying the Little Mermaid as a zombie wearing a face mask and whether AI-generated works can qualify for protection, and the podcast’s Christmas special featured the controversial AI chatbot ChatGPT.

“The development in the field of entertainment law is evolving at an extremely fast pace. Just think about how the development in AI took off in late 2022. In the podcast, we’ve been able to focus on key issues and take the listeners through both the legal and technological development,” says Jakob Plesner Mathiasen.

Newspaper review

The podcast about entertainment law is a niche media. But from the beginning, the hosts wanted the podcast to appeal not only to the obvious listeners – lawyers and professionals in the entertainment industry. Fortunately, satire editor of Politiken, Mads Zacho Teglskov, came across the podcast one day and became a listener. In his newspaper, he wrote an enthusiastic review:

“Here is an example to follow when making highly specialised knowledge accessible to even the most ordinary Bryan Ferry listener. (…) There is something delightfully enthusiastic and playful about the hosts, media and entertainment specialist Jakob Plesner and the above-named professor Rosenmeier, who have an answer to almost everything.”

The review introduced the podcast to a wider audience, and this was reflected in the listener interest.

“We are deeply grateful for the review. Our aim was to bring the podcast to a wider audience by addressing rather complex issues in a way that makes them easily accessible to listeners, and preferably in an entertaining way. The review speeded up this process,” says Jakob Plesner Mathiasen.

The podcast was born out of Jakob Plesner Mathiasen’s own enthusiasm for the podcast medium and his passion to share knowledge and famous cases from the area.

“Entertainment law is something we all encounter every day, even if we don’t realise it. Film, music, computer games and sports are core areas of entertainment law. It’s a pleasure to share that passion with other likeminded people,” says Jakob Plesner Mathiasen, who –when he is not a podcast host – advises clients on legal issues that arise in the entertainment industry.

Selected podcast guests in 2022

TopGunn (Oliver Gammelgaard)

– producer, songwriter and artist

TopGunn has been a permanent part of the Danish music scene since the late 00’s, and in 2014 one of his songs was the most streamed song on Spotify in Denmark.

Maria Fredenslund

– attorney and CEO of the Danish Rights Alliance

Attorney specialising in IP law and CEO of the interest group the Danish Rights Alliance, representing more than 100,000 Danish rights holders in the creative industry.

Tobias Lindholm

– screenwriter and director

Tobias Lindholm is one of the most successful Danish screenwriters and directors and is the prime force behind several feature films like “R”, “A Hijacking” and “A War”. In 2020, he won an Oscar when he co-wrote the screenplay for the film “Another Round” with Thomas Vinterberg.

The podcast also features guests from the industry. Other experts, musicians and filmmakers who bring first-hand experience and knowledge from their careers in the creative industries.

Approved as continuing legal training

In addition to the praise in one of the country’s largest daily newspapers, the podcast received another recognition when the Danish Bar and Law Society in the autumn approved the podcast as digital continuing legal training for attorneys who provide legal services in entertainment law. By listening to selected episodes and subsequently completing a digital test, the podcast may serve as continuing mandatory training.

“We have a strong focus on ensuring that the podcast also has to serve as continuing training. We are therefore very pleased that the Danish Bar and Law Society embraces the digital development and includes podcasts in the continuing training. In a busy workday, it allows attorneys to easily keep up with the latest developments and at the same time achieve their mandatory continuing training.”

New territory

The popularity of the podcast continues to grow in the new year. The hosts have already produced the firsts live episodes in front of an audience. In May 2023, Plesner and Rosenmeier will participate in the SPOT festival in Aarhus and host a feature on music rights.

“In 2023, we’ll be setting the bar even higher in terms of what we can do with the podcast medium. We can’t wait to tell our listeners about all the interesting things we’ve planned for the podcast. It’s going to be fantastic,” says Jakob Plesner Mathiasen.

Next stop: Supreme Court

After a complex trial case and three days of main hearing, a loss statement counting over 1,500 pages of documents and a convincing execution, attorney Line Gritt Boel Jensen was admitted to appear before the Danish High Courts.

When Line Gritt Boel Jensen was younger, she loved being in the spotlight. She performed in musicals, was in bands and generally liked to perform in front of others. It may seem a bit irrelevant when your business card reads “attorney” today, but that’s not the case at all, she says.

“To put it somewhat simplistically, there are probably two types of attorneys. Those who prefer to sit in the engine room and work behind the screen and those who like to go to court and argue in front of a panel of judges. I belong to the latter category, which is why I participated in three different mock trials in court during my studies. I enjoy litigating, thinking about how to get my message across and trying to focus the judges’ attention on what I think is most important. It gives me a kick.”

30-centimetre-high loss statement

Line Gritt Boel Jensen needed that kick when, in 2022, she wanted to be admitted to appear before the Danish High Courts by conducting an unusually complex and document-heavy trial case. Line conducted the case on behalf of a group of minority owners against a majority owner of a company, where the minority owners believed that the majority owner had favoured himself and his family in the management of the company’s funds.

“What made the case complex was that there was a comprehensive loss statement of over 1,500 pages accounting documents including bank statements down to even a few hundred kroner. The exhibits covered this many pages,” says Line Gritt Boel

Jensen, measuring out 25-30 centimetres with her hands. “Three days were scheduled for the main hearing, and it was a tough affair. The case meant a lot to the clients on both sides of the table, so it was a battle to the finish.”

During the subsequent evaluation, the judges made no secret of the fact that they had great respect for Line Gritt Boel Jensen’s choice of this case as her trial case because of its complexity and scope.

“They said straight away that I had passed, but then they added that they had considered whether my performance could exceptionally count for two trial cases – and thus admitting me to appear before the High Courts – and they had decided that it could.

I was completely stunned and very happy at the same time. I couldn’t believe it,” says Line Gritt Boel Jensen and says she even received praise from the other party’s client – and flowers and chocolate from her own.

Yellow post-it notes in the Supreme Court

Ever since her studies, it has been a clear ambition for Line Gritt Boel Jensen to obtain the right to appear before the High Courts and the Supreme Court. Therefore, it also frustrated her when her former university classmates in smaller law firms obtained their right to appear before the High Courts before she did.

“That’s the nature of working in a large law firm like Gorrissen Federspiel, where High Court cases are often so comprehensive that they are conducted by the firm’s partners. In addition, the focus is always on the client, and when there’s a possibility of a good settlement, it doesn’t matter, of course, that my trial cases have been cancelled at the same time. That’s also why I was so happy when I finally succeeded,” says Line Gritt Boel Jensen and explains that her next goal is to obtain the right to appear before the Supreme Court.

“On several occasions I’ve been with my superiors in the High Courts and the Supreme Court, where I passed on little post-it notes with input along the way. It’s extremely frustrating to know a case inside out but not be allowed to follow it through to the end. Therefore, it’s also a clear ambition to obtain the right to appear before the Supreme Court.”

Line Gritt Boel Jensen understands that her professional objectives are also linked to the personal ones.

“Of course, I want to send a signal to the outside world and to my clients that I’m a good litigator. Being admitted to appear before the High Court testifies to that now, and being admitted to appear before the Supreme Court will do so even more.”

In addition to Line Gritt Boel Jensen, Nina Simoni Vestergaard Pedersen and Henrik Saugmandsgaard Øe from Gorrissen Federspiel were admitted to appear before the High Courts in 2022.

Tax law led the way

What does platonic love of tax law look like in person?

A good guess is the 1.96-metre-tall former professional footballer Christian Skaarup Nissen. Already at law school, there was something about the complex area of tax law that fascinated him.

“I remember at one point I had a lecturer who started the semester by saying that the Tax Law II course was the most difficult subject at law school, so he thought it was foolish that we were sitting there at all. We laughed a bit, but he was right. It was difficult. But for me, that’s also what made it fun. Only four of the 20 students in the class sat the exam. The rest didn’t feel ready. Fortunately, I passed with a good result.”

Working with tax law taps into a fundamental sense of justice, says Christian Skaarup Nissen.

“As a citizen or business in this country, you shouldn’t automatically accept that just because the tax authorities have a certain opinion, you should necessarily be taxed in a certain way. Their opinion can be challenged, and I find a personal motivation in doing so.”

Closer to the team

Christian Skaarup Nissen started at the firm as a law student in 2018 and in continued on in 2020 as an assistant attorney in the Aarhus office’s M&A practice group. To be closer to Gorrissen Federspiel’s tax team, Christian Skaarup Nissen moved to Copenhagen in 2022.

“Even though it’s become super easy to organise Teams meetings with colleagues across Aarhus and Copenhagen, it just gives a different kind of interaction

when you can pop your head in the door and ask what someone thinks about this or that. As an assistant attorney, you often need to pop your head in the door, so we agreed that it would be best if I came to Copenhagen. It’s been great – I’ve a lot of friends over here and I’ve also got a girlfriend.”

As good as it gets

Christian Skaarup Nissen is from Southern Jutland and therefore doesn’t like to brag. But he admits that he gets a big kick out of being the best. Both on the football field and in practicing law.

“When I played football, making a lot of money was never what drove me. It was about improving my skills. Be the guy who never lost the ball in training. Be the guy who could score the most goals, or whatever it might be. It’s the same thing that drives me in practicing law. I’m extremely focused on making sure that what I deliver internally and externally is the best it can possibly be,” he concludes.

Christian Skaarup Nissen moved from our Aarhus offices in Prismet to our Copenhagen offices in Axel Towers to be closer to Gorrissen Federspiel’s tax law team.

Training catalogue updated and rolled out

Ole Horsfeldt has been an attorney for 33 years and a partner for 23. At Gorrissen Federspiel, he is also an in-house coach for all 2nd year attorneys and older. He is also a strong proponent of lifelong learning. Therefore, it was natural for him to get involved in updating Gorrissen Federspiel’s training catalogue, which was initiated in 2022 in collaboration with Head of HR, Sara Jursic, who has the day-to-day responsibility for employee development. Ensuring access to continuous training is a strategic focus.

“Our employees entrust us with their careers. They invest many hours in the firm. What we do in return is to take responsibility for developing and educating the individual,” says Ole Horsfeldt and elaborates that a solid and accessible training catalogue is also an important factor when Gorrissen Federspiel recruits from among the most talented law students.

“By further developing the professional skills of our employees – in breadth and depth and in the legal, personal and business areas – we ensure that each individual employee stands strong. This applies both in the advisory role with us and in the employee’s later career outside Gorrissen Federspiel. Our employees are attractive candidates if they one day move on to become, for example, General Counsels in our clients’ undertakings. This contributes positively to cooperation and mutual understanding when we meet them in their new role,” he continues.

A broad training catalogue for all

In identifying needs and expectations, clients tell us that they expect highly qualified, business-orientated lawyers who can provide a consistently high level of advice in a commercial context. Internally, the attor -

neys and assistant attorneys have expressed that they expect to have the opportunity and – not least – the time to continue their training on an ongoing basis. The same applies to specialists in staff functions, who have so far not had access to structured training.

“We need to provide a system that enables everyone to pursue structured training through internal and external courses and programmes. Our core service is legal advice, but the advice is supported by our staff and administrative functions to deliver at the high, international level that clients expect,” says Ole Horsfeldt.

In developing the training catalogue, Ole Horsfeldt and Sara Jursic held a series of meetings with representatives from all employee groups.

“We encountered tremendous enthusiasm from the participants. They were full of ideas. Obviously with different needs, which we have assessed and included to a considerable extent. One example is Gorrissen Federspiel Campus, which is a week-long boot camp for all new assistant attorneys,” says Ole Horsfeldt.

Culture-changing project to strengthen continuous training

The new and comprehensive training catalogue is in place. The big challenge will be to create a change in culture that prioritises giving employees time for further training, while at the same time taking care of client work and allowing for a good worklife balance.

“Allowing space and time for individual development is a cultural rather than an educational project. It’s a paradox we share with our competitors and a difficult balance to strike. But it’s essential to protect our core competences, namely our deep professional insight framed by an understanding of our clients’ commercial reality,” Ole Horsfeldt concludes.

As part of the new strategy, Gorrissen Federspiel’s internal training catalogue has been extensively updated and is now being rolled out to all employee groups – from law students to staff members. Continuous and systematic training is something the employees want and a necessity to continue to ensure deep, professional competences that meet the expectations of our clients.

From Aarhus to Copenhagen and back again

Gorrissen Federspiel listened when Sigrid

Kolstrup aired the idea of moving her family and work life from Copenhagen to Jutland. Today, she is proof that you can easily be part of teams working across Aarhus and Copenhagen – and that there is always work for those who have the skills and the motivation.

Sigrid Kolstrup is one of those people who fits the classic description of an all-round PA. She holds an MA degree in Spanish and Communication, she has previously worked with marketing and during her time at Gorrissen Federspiel she has acted as PA for several partners and coordinated administrative tasks across different teams. A dedicated colleague and a valued talent.

“Gorrissen Federspiel is a major player in the market, and this means that I get to work with extremely talented people on cases that matter to society,” Sigrid summarises and says that she thrives on the high ambitions, the international outlook and a consistent focus on always delivering high quality. “In that sense, there’s a good match between me and Gorrissen Federspiel, both professionally and personally.”

The family network is important

Originally from East Jutland, Sigrid moved to Copenhagen in 2017 with her husband and their then one-year-old daughter. When she looked out of the window of their three-room apartment in the Copenhagen suburb of Amager during her maternity leave with the couple’s second child, she found the idea of a house, a garden and close contact with the grandparents appealing. So much so that one day she approached her superiors and asked if she could keep her job and tasks but move her working life to Prismet in Aarhus.

“At the time, I don’t think anyone had done it before, but luckily, they were on board with the idea and I’m very grateful for that. Now I have a nice office with a view of Aarhus and new colleagues, some of whom I already knew a bit because we work together across the organisation.”

A vegetable garden and grandmother’s pick-up day

With a motivation for taking on changing tasks, Sigrid has landed in a good place where she can develop and add new competencies to her profile. After a period in the Shared Service group, she returned to the more business-oriented tasks in Corporate/M&A and has most recently been assigned to the Energy & Infrastructure sector group. Occasionally, she also dusts off her language skills when a legal document lands on her desk written in Spanish.

“It’s great to be in a place that also cares about accommodating administrative and staff members. Otherwise, I don’t think I would have remained here for so many years. I’ve certainly learned that if you have a good relationship with your superiors and if you’re open about your career aspirations, they’ll listen to you.”

Sigrid and her family bought a house with a vegetable garden in the Aarhus suburb of Galten, and grandmother now has a regular weekday when she picks up the kids.

50 years at Gorrissen Federspiel

Tove Reinau says goodbye to Gorrissen Federspiel after 50 years of service. She looks forward to her retirement with gardening, art and culture.

Tove Reinau’s first day of work at Gorrissen Federspiel was on 1 December 1972. It was the same year King Frederik IX died, RUC was established, and Denmark voted for joining the EC. In other words, Tove Reinau has witnessed several generations of development of both the firm and society from her office at various locations in Aarhus. It has been a development in which digitalisation and IT in particular have played a key role in her job as an administrative assistant and a PA.

“In the beginning, we typed everything on a typewriter. It was a cumbersome process. Every time we needed to correct the smallest thing, we had to start all over again on a new piece of paper. It was a relief when we got the first word processing programmes in the 80s. From then on, things have just gone incredibly fast.”

As an illustration of the change, Tove Reinau can still hear how her old superior, Supreme Court Attorney Georg Løber, exclaimed “peace is over” as a welcome to the firm’s first fax machine around 1986-87. He realised what a shift in communication the machine heralded.

Handshake from the Crown Prince

The time leading up to 1 May 2023, which was Tove Reinau’s last working day at Gorrissen Federspiel, is fairly well organised. In early March, she will travel to Copenhagen for an audience with Crown Prince Frederik and receive the Royal Medal of Recompense for “50 years of meritorious uninterrupted service.” That day will be a day of celebration, so she will meet with her family for lunch after the formal ceremony. “I wouldn’t say that I’m a roya-

list, but when you’re invited, of course you show up.”

From then on, it is a slow countdown to an emotional but also anticipated goodbye to friends and colleagues.

Tove Reinau’s 50th anniversary was on 1 December 2022, but the thought of retiring at the darkest time of the year was simply too depressing.

“I’d like to retire when nature is in full swing, and I can spend time in the garden. It feels more right,” she says, explaining that life as a newly retiree will initially be filled with lots of art and cultural experiences.

”I’d like to retire when nature is in full swing, and I can spend time in the garden. It feels more right.”

Financial report

Entity details

Entity

Gorrissen Federspiel Advokatpartnerselskab

Axeltorv 2

1609 Copenhagen V

Business Registration No.: 38052497

Registered office: Copenhagen

Financial year: 01.01.2022 - 31.12.2022

Board of Directors

Niels Vahman Bang, formand

Martin André Dittmer

Henriette Kirstine Gernaa

Kenneth Kvistgaard-Aaholm

Lotte Pinstrup Eskesen

Anders Ørjan Jensen

Executive Board

Martin André Dittmer

Auditors

Deloitte Statsautoriseret Revisionspartnerselskab

Weidekampsgade 6

2300 Copenhagen S

Statement by Management

The Board of Directors and the Executive Board have today considered and approved the annual report of Gorrissen Federspiel Advokatpartnerselskab for the financial year 01.01.202231.12.2022.

The annual report is presented in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations and cash flows for the financial year 01.01.2022 - 31.12.2022.

We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.

We recommend the annual report for adoption at the Annual General Meeting.

Copenhagen, 28.02.2023

Executive Board

Martin André Dittmer, Managing Partner

Board of Directors

Niels Vahman Bang, formand

Martin André Dittmer

Henriette Kirstine Gernaa

Kenneth Kvistgaard-Aaholm

Lotte Pinstrup Eskesen

Anders Ørjan Jensen

Independent auditor’s report

To the shareholders of Gorrissen Federspiel Advokatpartnerselskab

Opinion

We have audited the financial statements of Gorrissen Federspiel Advokatpartnerselskab for the financial year 01.01.202231.12.2022, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations and cash flows for the financial year 01.01.202231.12.2022 in accordance with the Danish Financial Statements Act.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the financial statements” section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management’s

responsibilities for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Statement on the management commentary

Management is responsible for the management commentary.

Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.

Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.

Copenhagen, 28.02.2023

Deloitte

Statsautoriseret Revisionspartnerselskab

CVR No. 33963556

Jens Jørgensen Baes

State Authorised Public Accountant

Identification No (MNE) mne14956

Christina Nilsson

State Authorised Public Accountant Identification No (MNE) mne44182

Management commentary (cont.)

Financial highlights are defined and calculated in accordance with the current version of ”Recommendations & Ratios” issued by the CFA Society Denmark.

In evaluating profit/loss for the year, it should be considered that the shareholders of the Private Limited Partnership are also its partners and that their remuneration is profit-related. This remuneration has been recognised in staff costs.

Primary activities

The object of the firm is to engage in the practice of law in Denmark.

Uncertainty in recognition and measurement

No uncertainty in recognition and measurement has been identified.

Unusual circumstances affecting recognition and measurement

No unusual circumstances have been identified when preparing the annual report.

Financial risks

Gorrissen Federspiel has assumed only the risks common to the operation of a law firm and has a balanced client base that limits the risk of bad debts. Gorrissen Federspiel has hedged the risk of professional liability by taking out appropriate professional indemnity insurance.

Statutory report on data ethics policy

Gorrissen Federspiel wants to be perceived as a firm that uses data responsibly and sustainably, but we have currently decided not to develop and implement a specific data ethics policy.

We assess that our current use of data in connection with our business is not of a nature that would give rise to data ethics issues. Thus, advanced data analytics, such as big data analytics, the use of AI or algorithms for automated decision-making, or other applications of data that could have a significant impact on society or populations, are not an integral part of our business strategy or activities. In this assessment, we have also considered that, in addition to data protection legislation, we, as lawyers, also comply with the Code of Conduct for the Danish Bar and Law Society, which sets out a general ethical responsibility for how we conduct our business. However, our firm’s and the profession’s use of data is constantly evolving, and we will, therefore, continually assess the need to develop and implement a data ethics policy.

Events after the balance sheet date

No events have occurred between the balance sheet date and the date of presentation of these financial statements that would affect the evaluation of this annual report.

Income statement for 2022

Balance sheet at 31.12.2022

Statement of changes in equity for 2022

At 31 December 2022, the shareholders have a total amount receivable from the Private Limited Partnership of DKK 321,669k, see note 15 to the financial statements. This amount covers partly current balances, partly the liquidity provided by the shareholders to the Private Limited Partnership for a small rate of return.

Cash flow statement for 2022

Notes

Geographical markets and activities do not differ significantly, for which reason these are not reported, see Section 96 of the Danish Financial Statements Act.

2 Other external expenses Other external expenses comprise administrative expenses, costs of premises, education and training, marketing, bad debts, etc.

to the auditor appointed by the Annual General Meeting

Referring to Section 98 B(3) of the Danish Financial Statements Act, remuneration to the Executive Board is not disclosed. The members of the Board of Directors of the Private Limited Partnership have not received any management remuneration during the financial year.

The line item ”Other interest expenses” includes interest on balances with the shareholders of the Private Limited Partnership in the amount of DKK 4,628k.

which is calculated as the difference between deposits on client accounts amounting to

Notes

13 Treasury shares

During the financial year, the Private Limited Partnership acquired treasury shares as it has, within the framework laid down by the General Meeting, accommodated those shareholders who have wanted to sell their shares.

The Private Limited Partnership has disposed of treasury shares during the financial year as part of the acceptance of new partners to the group of shareholders.

14

Other provisions

The outcome of cases of liability and the time when they are closed are inherently uncertain, however, the liabilities are estimated to be settled within the next three or four years. These liabilities comprise costs, including legal expenses and any compensation.

15

Payables to shareholders and management

The line item ”Payables to shareholders and management” reflects current balances with the partners, and the Private Limited Partnership’s proposition to the partners to have a small rate of return on balances in exchange for the Private Limited Partnership’s availability of liquidity for agreed periods of time. 16

In 2021, this line item includes a net deposits of DKK 2,984k, which is calculated as the difference between deposits on client accounts amounting to DKK 1,110,101k and client payables amounting to DKK 1,113,085k. 17

Notes

The Private Limited Partnership has entered into rental agreements on premises in Copenhagen and Århus. The total rent commitment stands at DKK 248,843k at 31 December 2022.

The Private Limited Partnership leases furniture and equipment, leasehold improvements and IT from GFJURA 883 A/S, which is a wholly owned subsidiary of Gorrissen Federspiel Komplementar Advokatanpartsselskab. The total lease commitment stands at DKK 32,606k at 31 December 2022.

19 Contingent liabilities

When entering into rental agreements, the Private Limited Partnership committed itself to returning the premises in the same condition as when they were received.

The Private Limited Partnership has entered into an agreement involving a possible commitment to pay up to DKK 6,410k in 2025.

The Private Limited Partnership has provided a guarantee of DKK 30,000k for bank loans of GFJURA 883 A/S.

20 Related parties with controlling interest

No parties have control of the Private Limited Partnership.

The Board of Directors and the Executive Board (Management) are considered related parties.

21 Non-arm’s length related party transactions

Only related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year.

Accounting policies

Reporting class

This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).

The accounting policies applied to these financial statements are consistent with those applied last year.

A few changes have been made to the presentation of the Company’s comparative figures for Other external expenses and Staff costs. These changes have no effect on the Companys’s income statement, total assets or equity.

Recognition and measurement

Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.

On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.

Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.

Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.

Foreign currency translation

On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses.

Income statement

Revenue

Revenue from the sale of services is recognised in profit or loss as and when the service agreed is provided whereby revenue equals the selling price of the work performed in the financial year (the percentage-ofcompletion method). Recognition at selling price is

based on the assumption that all income and expenses and the stage of completion at the balance sheet date can be measured reliably and that it is probable that payment will be received.

Tax on profit/loss for the year

Gorrissen Federspiel Advokatpartnerselskab is not an independent taxpayer, for which reason neither current tax nor deferred tax on profit/loss for the year is provided for in the financial statements. Gorrissen Federspiel Advokatpartnerselskabs resultat is taxed at the level of the shareholders of the Private Limited Partnership in accordance with the current rules of Danish tax law.

Other external expenses

Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.

Staff costs

Staff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.

Depreciation, amortisation and impairment losses

Depreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets.

Other financial income

Other financial income comprises interest income, including interest income from bank deposits and foreign currency transactions.

Other financial expenses

Other financial expenses comprise interest expenses, including interest expenses on payables and foreign currency transactions.

Balance sheet

Goodwill

Goodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. For amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used are 7 years.

Goodwill is written down to the lower of recoverable amount and carrying amount.

Receivables

Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.

Client balances, net

Client balances comprise the net amount of client accounts at financial institutions and client payables. Set-off is effected when the net amount is recognised in the balance sheet whereas the gross amount is specified in the note to the financial statements.

Client accounts at financial institutions comprise all trust funds held in special client accounts at financial institutions. The client accounts are subject to the rules governing attorneys’ obligations related to the treatment of trusted funds.

Client payables comprise all of such amounts as are received on the account of a third party.

Contract work in progress

Contract work in progress is measured at the selling price of work carried out on cases at the balance sheet date and costs incurred on such cases.

If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value.

Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, which is calculated as the selling price less prepayments received, is positive or negative.

Prepayments

Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.

Cash

Cash comprises cash in hand and bank deposits.

Dividend

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distri buted and disclosed as a separate item in Management’s proposal for distribution of profit/loss.

Treasury shares

Acquisition and selling prices and dividends for treasury shares are classified directly as equity under retained earnings. Gains and losses on sale are not recognised in the income statement.

Other provisions

Other provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc.

Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value.

Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.

Operating leases

Lease payments on operating leases are recognised on a straightline basis in the income statement over the term of the lease.

Other financial liabilities

Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.

Cash flow statement

The cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year.

Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items and working capital changes.

Cash flows from investing activities comprise payments in connection with investments.

Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.

Cash and cash equivalents comprise cash and with an insignificant price risk less short-term bank loans.