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.