25th Anniversary Magazine Allen & Overy

ANNIVERSARY EDITION

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ANNIVERSARY EDITION

22,303,000

Number of e-mails sent since e-mail accounts were introduced to the firm.

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72 4

5

vs

vs

Number of women members today vs.

25 years ago.

149 24 1 vs 8 Number of nationalities present in the firm today vs. 25 years ago.

vs

Number of conferences hosted today vs.

25 years ago.

Present number of members vs. 25 years ago.

6,000

vs 600 1,117,500 m2

m2

Surface area of our offices today vs.

25 years ago.

Number of coffees consumed over the past 25 years at the firm.

EDITO

nniversaries offer a celebratory moment to reflect on the past and contemplate the future. For Allen & Overy in Luxembourg, our main lessons and successes from the past quarter century are rooted in client dedication, agility and excellence in execution.

In 1990, oil prices spiked, Nelson Mandela was released from Robben Island, the worldwide web was created, and Germany was reunified. The same year a group of entrepreneurial lawyers formed a Luxembourg law firm in a traditional ivy-covered mansion on avenue Guillaume with no blueprint, yet knowing we had to move beyond our boundaries. A decade later, the merger with UK-based Allen & Overy was not only a perfect meeting of the minds, but it also signalled a pioneering shift in Luxembourg’s legal landscape. It was also a natural incentive for us to move to our new modern glass building in Luxembourg’s business center.

We started our firm out of the sheer desire to serve our clients and profile Luxembourg. Over the past 25 years, we have had the privilege to serve outstanding clients with a staff of dedicated professionals. It has been a true pleasure growing real relationships as we became increasingly pro-active and service oriented. We really are on top of progress.

Of course, these years were not without their challenges and with change as the only constant. We recognise that our ability to remain a market leader is driven by our readiness and agility to the many changes engulfing us. In a world of constant flux, navigating the technological, economic and political challenges of the future will require our continued professionalism, commitment to people and clients, present and future.

For Allen & Overy in Luxembourg, there has always been a willingness to seize emerging opportunities coupled with a thread of innovation and reinvention.

Building on these virtues, we will find new opportunities and business solutions, charting new prosperous trajectories.

Today, the small local firm started in 1990 has evolved into a stellar international firm, deeply rooted in Luxembourg.

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Marc Feider

Henri Wagner

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EDITO

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Nicolas Mackel is convinced that communicating the positive message about Luxembourg’s openness and expertise is contributing to a new growth phase.

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Founding Senior Partner Marc Feider sees a perfect match between his internationally-focused firm and country.

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C AT E G O R Y

R E P U TAT I O N

Committed to new goals and standards Ambition, the desire to serve and commitment to excellence have powered the development of Allen & Overy in Luxembourg.

he rise of Allen & Overy in Luxembourg and the Grand Duchy are intertwined. Over the last quarter of a century the country has experienced a marked rise in its international business stature, enabled and supported by the emergence of high quality service providers. Both the firm and the country are internationally oriented and innovative, seizing opportunities and reinventing themselves where necessary, founding Senior Partner Marc Feider explained.

“We decided to be a business law firm from the beginning, combining international standards with a domestic approach to the detail of business. But otherwise, we lacked clear strategy at that time,” noted Feider. They had a great deal of success serving the industrial and financial sectors, with litigation also an important business line. However, it became clear that critical mass was needed for them to enlarge their scope and provide a full range of legal services.

Game-changing move

Allied to international pedigree

“It was a revolutionary step when we created the first international law firm in Luxembourg,” Mr Feider commented.

“It happened in 1993 after three years in existence, Zeyen Beghin Feider entered a partnership with Loeff Claeys Verbeke, then the largest Benelux law firm.” This worked well and it drove the newly merged firm to have greater ambitions, which ultimately led to them joining Allen & Overy on 1 January 2000. Becoming a fully integrated part of a UK-based “Magic Circle” law firm with a strong international brand was a game-changer for the firm and the country’s legal landscape.

Most law firms at that time were relatively small, family oriented companies. “There was significant scepticism at the time, but for us and the group it made perfect sense as a pathway to growth,” he added.

The opportunity to merge with Allen & Overy was a winning proposition for the firm, offering a way to boost their credentials, pedigree and secure that critical mass. Having worked together for a number of years prior to the merger, both Allen & Overy and the Luxembourg partners realised they had a good cultural fit and a similar mind-set, enabling them to establish strong personal relationships.

While Allen & Overy in Luxembourg is celebrating its 25th anniversary, the

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parent company turns 85 this year.

Founded in 1930 by UK-based lawyers George Allen and Thomas Overy, the group is now in the global elite of law firms. Headquartered in London, it has 46 offices in 32 countries, plus strong relationships with a network of allied law firms in a further 100-plus jurisdictions.

An empowering deal

There were initial concerns that the Luxembourg office would be swamped with ideas imposed from above. These concerns dwindled as the group gave the Luxembourg partners the freedom and authority to solve local challenges using local knowledge. If the Luxembourg office had not had full autonomy to devise and implement its strategy, Mr Feider is convinced that the firm would not have been able to grow as strongly at that time. “Growth was not a goal in itself, but it has given us wide coverage and quality, as well as offering career perspectives for new recruits,” he said.

“It was a revolutionary step when in 1993 we became the first international law firm in Luxembourg.”

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R E P U TAT I O N

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H OW T O G R OW A L AW F I R M

RULE N°1

Be open and ambitious

A boost for the country

“Over these 25 years, the country has evolved from being an essentially regional player in business terms, to become a world class player,” Mr Feider remarked.

A virtuous circle has formed, with international firms and more complex business being attracted to the Luxembourg market as service providers continued to raise their game. Subsequently, when the 2007/8 crisis hit, Luxembourg was well prepared to handle the increased regulation and the more challenging international business environment. “Over these last two and a half decades we have actively contributed to boosting the country’s image and its business credentials, and we have benefited in turn,” he added.

Increased need for advice

Increased sophistication in legal services is needed even more if new business generation is not to be hindered by the development of the regulatory landscape.

“The avalanche of new constraints is

RULE N°3

Make strong connections

Embrace new trends

“We have become more than just top quality lawyers. We are also transactional managers, strategy consultants and risk advisors.”

He also noted that joining the group revolutionised the firm’s overall approach and advanced its professionalism. Further enhancing their organisational skills and learning modern business practices was a central advantage of this move. In particular, it helped give the firm a better understanding of the role expected of a partner in terms of governance, representative functions, business development, knowhow, public relations and management. In addition, it alerted them to the importance of investing in support functions, an area that was under-represented at the time.

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RULE N°2

incredible and managers just don’t have the time to digest the implications,” explained Mr Feider. On the horizon are the Base Erosion and Profit Shifting (BEPS) rules which aim to limit corporate tax avoidance, shadow banking rules, the fourth Capital Requirements Directive and European Market Infrastructure Regulation among others.

Certain changes will affect some businesses more than others. MIFID II will be a major revolution for many players, but with particular implications for private equity and alternative credit providers. “These are important clients which will require the services of a full, crossdepartmental firm,” Mr Feider noted.

In the capital markets segment, changes to rules governing securitisation, trusts and high yield bonds will certainly be hot topics. Wealth managers and family offices grappling with the end of banking secrecy and the drive to attract ultra high net worth clients will also require highlevel cross-border legal advice.

New business, new focus

Allen & Overy in Luxembourg is relentless in their desire to enhance their service offering and specialisation 2 5 Y E A R S I N LU X E M B O U RG

across their business in order to keep in line with the clients’ needs. The investment fund sector has become more sophisticated with the rise of alternative funds, requiring high-end legal advice. “There is a lot of competition in this sector, but this remains a top priority as it is such a large market.

Our brand name demonstrates that we can provide tailored solutions for even the most complex transactions,” Mr Feider explained. Then there are other important activities which will require new focus and service offerings such as bio-science, intellectual property / ICT and litigation.

More specifically, Mr Feider described the corporate sector as “a powerhouse for this firm” and so they will be upping the services they provide. They will aim to continue gaining market share through greater visibility and innovation. Bespoke services will be offered, with particular investment supporting the transfer pricing business. As well, there will be advice on structuring, regulatory issues and labour law, and the firm can provide a full service beyond this, easing the client’s transition. Marc Feider added: “Where change happens,

R E P U TAT I O N

you will find us leading the legal debate, making sure that our clients are the first to know about the issues that matter.”

Local and global

The firm is committed to promoting Luxembourg globally and locally. They participate in various working groups and professional associations that contribute to the national debate, as well as helping to shape policy and regulation.

In addition, they work to boost local business knowledge and dialogue by hosting seminars on hot legal topics and trends. Internationally, the firm has five dedicated desks in strategically located

Striving to maintain “global reach and local depth” is the group’s approach to the international, transparent and complex business environment.

business capitals. These desks play an important role in attracting international business to Luxembourg and increasing the country’s visibility. This unique combination of Luxembourg and foreign law expertise results from these connections to all important business jurisdictions around the world.

“We take pride in our heritage of being a Luxembourg firm with strong links to the global English legal tradition,” noted Mr Feider. “Bringing these two elements together has worked extremely well and we are determined to remain ambitious and alive to potential in a fast changing world.”

Luxembourg and Allen & Overy – a long, important relationship

The links between Allen & Overy and Luxembourg go back a long way. A particular highlight was in 1963 when the Luxembourg Stock Exchange listed the first ever Eurobond, with Allen & Overy the legal advisors on this ground-breaking deal. This was a major coup for this country, highlighting how it would go on to play an important role in the global financial industry.

On taking the reins in 2008, Henri Wagner, the Managing Partner, established a mechanism through which the firm regularly renews itself.

FUTURE

Challenging, questioning, improving What do the next 25 years have in store? Allen & Overy in Luxembourg is determined to keep reinventing itself to maintain its competitive advantage and leadership position.

omplacency stifles growth.

Allen & Overy in Luxembourg has seized many opportunities over the last quarter century, but new approaches are needed to face a changing world. “A major part of my job is to challenge our people to think deeply about what we do and how we could do it better,” explained Henri Wagner, the firm’s Managing Partner since 2008.

“Working for one of the leading law firms in the world and living in one of the world’s most economically and politically stable countries has been comforting, but to thrive over the next 25 years we need to remain ambitious and entrepreneurial,” Mr Wagner insisted. “We have to be keenly aware of changes, move quickly into growth areas and scale down what is not working well,” he explained.

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Multi-dimensional challenges

Change often takes many forms. Uncertainty continues to dog the European economy, resulting in a somewhat febrile political atmosphere, which is affecting international business rules. Luxembourg has been impacted by the automatic exchange of information agreement and increased regulation, both of which offer threats and, more importantly, opportunities. Competition is increasing as new law firms enter the market with new

approaches and agility. This is contributing to further downward pressure on fees, a trend which has already been evident since the crisis.

Longer term, existential challenges are looming. Advances in technology are opening up new ways for legal work to be automated. This is already happening to a certain extent and this will develop over the coming years.

Potentially, only the most complicated, high-end legal work will remain as labour intensive as it is today.

Constant reinvention

“It is important that our people and clients know that we are hungry to build on existing successes; exploring new ideas to maintain our market leadership by differentiating ourselves from the competition,” Mr Wagner explained.

An on-going process to enable renewal and innovation is in place, based on

the firm’s regular two-year strategic action plans. The current process entitled “Innovation 2016” highlights several action areas: overhaul of their internal know-how system; greater focus on individualised client service; a reassessment of the firm’s policy on international desks; and increased engagement locally. This work will be driven by dedicated think tanks drawn from across the firm.

Developing and sharing knowledge

“Allen & Overy is known for the quality services we provide, and to live up to this we must continue to offer individual, commercially astute and innovative responses to increasingly complex business challenges,” noted Mr Wagner. Knowledge sharing internally has always been a high priority of the firm as it enables colleagues to see how similar challenges have been addressed

“It is important that our people and clients know that we are hungry to build on existing successes; exploring new ideas to maintain our market leadership.”

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FUTURE

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<150 ch.

In the office of Mr Wagner, Luxembourg is well represented by the famous architectural symbol of the city: the Philharmonie.

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in the past. Research is also needed to get to grips with new realities in an ever-changing marketplace.

“K-box is our knowledge management system and it is based on more than 5,000 documents which detail our latest thinking on a range of issues,” said Mr Wagner. The system is maintained by professional support lawyers working within each practice group. They conduct research across different themes and sectors, finding the right answers and new possibilities.

Strategic partners

Building stronger partnerships with clients is also a key ambition. “We want to be a trusted advisor in the fullest

sense, offering strategic as well as legal advice,” explained Mr Wagner. Having a deep understanding of the micro detail of laws and regulations gives an original point of view on the full implications of macro trends, input that is valuable to management boards as well as frontline managers. With Allen & Overy’s global capacity and local expertise, they have access to a broad view of global developments impacting the business environment. This gives them unique insight which enables them to add value for their clients.

Deep engagement with clients

Client secondment is an example of this approach in action. Allen & Overy 2 5 Y E A R S I N LU X E M B O U RG

FUTURE

professionals become embedded with their clients for three to six months, providing integrated, bespoke advice. This experience also informs the on-going relationship as the lawyers gain deep understanding of their client’s business culture and ambitions.

In addition, Mr Wagner noted: “We talk to our clients and ask them to be as frank as possible about how they view our work. This can be a tough experience for us internally, but it helps us find out where we are not good enough and how we can perform better. We are gratified that our clients’ enthusiasm for this process demonstrates their willingness to foster a long term, transparent relationship.”

HOW TO REINVENT YOURSELF

RULE N°1

RULE N°2

Insist on excellence in everything

An employer of choice

Being an employer of choice is central to Allen & Overy Luxembourg pursuit of excellence. However, a competitive market makes it tough to find experienced professionals with the right blend of local and international knowledge. “We know we are a people centric business, so much of our focus is on providing a good environment to attract and retain those who fit with our culture. We are very grateful for the efforts of all our people,” noted Mr Wagner. Low staff turnover rates underline that staff are pleased with both the professional challenges on offer and the work culture.

International reach

More impetus is being given to their five international desks located in New York (covering North America), Hong Kong (covering the Asia Pacific region), Moscow (covering the CIS region), Buenos Aires (covering Latin America) and London. “These desks will be further empowered by our increased engagement,” noted Mr Wagner. This includes a formal support structure, backed up with a plan for sharing know-how and increased high level visits from Luxembourg. Located within the group’s offices in each city, the desks have played an important role explaining the advantages of Luxembourg to global companies, as well as being useful for clients already based here.

For complicated, cross-border transactions, they provide legal expertise and

Have no sacred cows and challenge preconceptions

RULE N°3

Focus on what the client wants now and in five years

“Allen & Overy is known for the quality services we provide, and to live up to this we must continue to offer individual, innovative responses to increasingly complex business challenges.” cultural insight from around the world, supported by solid knowledge of the Luxembourg environment.

Fully engaged locally

Increasing visibility on the local scene is also a priority, with the firm working to improve the business environment and offering thought leadership. “We feel a responsibility to promote Luxembourg and to continue enhancing its image,” Mr Wagner explained. Hence the firm participates in many working groups, professional associations, and trade missions with the aim of boosting the country’s offering and brand. There has also been increased commitment to reach the wider business constituency by offering seminars, where they share knowledge of the latest trends and facilitate discussions.

The next 25 years

These are the medium term goals, but what about longer term? “In ten years time basic legal services will be cheaper 2 5 Y E A R S I N LU X E M B O U RG

FUTURE

and quicker thanks to new intelligent technology. The Allen & Overy group is at the forefront of research into these solutions,” said Mr Wagner. “These thoughts are somewhat troubling for us as individual lawyers, but as a firm we have no choice but to seek to lead this trend in order to offer our clients the best possible service.”

“Twenty-five years ago there was almost a sense of entitlement amongst the local legal profession,” Mr Wagner commented, but this has changed dramatically as the industry has had to grapple with businesses’ needs. Today the context is more international, transparent and complex, a reality which is reflected in the company’s strategy to be at the forefront of innovative legal and business development, taking the lead in the most advanced and complex forms of cross-border legal work.

“We have become more than just top quality lawyers. We are also transaction managers, strategic consultants and risk advisers,” he added.

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Ă&#x2030;tienne Schneider, Deputy Prime Minister and Economy Minister since late 2013.

CONTINUITY AND CHANGE

Careful, deliberate reform is the strategy Luxembourg does not embrace for dramatic political change. Voters gave their backing to some new faces in the October 2013 election, and the result was a unique three-party coalition of liberals, socialists and greens. This new team has sought to freshen things up, but essentially things are the same, with pro-business, socially equitable economic policies.

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CONTINUITY AND CHANGE

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hat does the growth and internationalisation of

Luxembourg’s law firms say

about Grand Duchy?

Over the last three decades, Luxembourg applied the “first mover” strategy in implementing international regulation allowing the financial services to grow substantially. The internationalisation of Luxembourg’s law firms goes hand in hand with the tremendous development of financial business activities such as banks, financial services auxiliaries, investment funds or insurance. Where customers go, law firms will follow as they are part of the whole financial ecosystem!

The major law firms have specialised in several areas, such as finance, taxation, mergers and acquisitions, corporate tax, fund managing or compliance. We see new business opportunities for all parties not only in traditional finance, Islamic finance, but also in new fields such as the Renminbi business, or in the development of the Fintech.

Are you concerned that Luxembourg’s economy has become more reliant on

Photography: Jessica Theis Maison Moderne Archives

the financial sector recently?

If we express the importance of economic branches as a percentage of the total value added, the financial sector alone accounts for about 30% of GDP. It’s only at a second glance that people recognize that Luxembourg’s economy is a balanced blend of financial services, high value-added manufacturing, retail, communications and logistics services, with a focus on exporting goods and services throughout the European Union and beyond. The diversification of the economy has been a preoccupation since the 1960’s, when the country began to move away from its reliance on the steel industry mainly into high-tech manufacturing. And the economic diversification remains a permanent policy objective, focusing since 2004 on certain key pillars that are logistics, ICT, biotech, environmental and space technologies. Furthermore skilled crafts are an important part of

“The internationalisation of Luxembourg’s law firms goes hand in hand with the tremendous development of financial business activities.”

Luxembourg’s economy. They employ over 60,000 people representing 20% of total employment and account over 10% of the GDP. This clearly shows that Luxembourg’s economy is not exclusively based on the financial center and that we have many jewels in our crown even though finance continues to play a major part.

A lot of effort has gone into building

Luxembourg’s brand image abroad.

What benefits have resulted from this work?

Luxembourg’s nation branding process started a few years ago, but was really kick-started under the current government. First results of the process showed that Luxembourg’s multilingualism, international character, location at the heart of Europe and quality of life were among the key things treasured by those living and working in the country. The image of a country has a significant impact on its economy. With this in mind, we make big efforts to promote the distinct advantages the Grand-Duchy has to offer by using our broad network of representatives all over the world like the trade and investment offices or the embassies. For instance in the ICT sector, we have succeeded to position Luxembourg in the last 10 years as a European leader with regard to highspeed broadband communication and ICT infrastructure, with outstanding latency times. Luxembourg’s ICT sector counts today over 2,000 companies. Over the last decade, Luxembourg has continuously improved its positioning as an intercontinental and multimodal logistics hub in Europe focusing particularly on added value logistics activities.

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What are the main policy differences between this and the previous coalition?

When the first outlines of the government program were known in late 2013, there was a tense situation between the political opposition, trade union representatives and the government majority. My colleagues and I were aware that it was time to act on many subjects and anticipate future challenges in order to avoid degradation of public accounts. Those, who still criticise our measures today, do not have any alternative nor sustainable options to offer.

Out of respect to future generations, our willingness to modernise Luxembourg by engaging in social reforms and consolidation of public finances is stronger than ever. We will continue to match words with action, by completing the financial consolidation to offset the loss of revenue related to electronic commerce, by advancing the legislative initiative on administrative simplification, and by pursuing our policy in favor of active diversification of our economy.

We are not intimidated by bad polls.

Unlike previous governments, we will show political courage and stick to the government program.

What does it mean to be a socialist in Luxembourg in 2015?

When talking about solidarity, whether in the past or today, the focus is always on social justice. A century ago, socialists struggled for a better life and decent wages, for a classless society, for solidarity. Today, in a globalised world, solidarity is crucial to avoid a new gap between the rich and the poor that would lead once again to working-class movements and a two-class society.

CONTINUITY AND CHANGE

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QUOTES

Let our clients do the talking We could say that we are the best, the hardest working and the most effective, but what do our clients say? After all, they are in the best position to let you know about their experience with Allen & Overy.

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“There’s hardly anything which we feel Allen & Overy wouldn’t be able to do for us.”

“Allen & Overy’s level of service is outstanding. The lawyers are industry savvy and client centric. As a result of our confidence in Allen & Overy’s capabilities, the client relationship has expanded beyond Luxembourg to include other European jurisdictions.”

“The Allen & Overy Luxembourg team consistently provide expert advice on a broad range of matters – they provide pragmatic and commercial solutions to complex issues in a very responsive and structured manner.”

Diego Rico Managing Principal, Westbrook Partners

Quentin Gwyer Executive Counsel, GE Capital Real Estate

Marcel Müller-Marbach Head of Equity Investments, Legal Service, European Investment Fund

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QUOTES

“Exceptional banking and finance team covering a comprehensive range of matters, from regulatory issues such as consumer credit regulations to Islamic finance.

Boasts numerous major international banks as clients.

Sources say: ‘A top firm which is always handling the major deals’.”

“For me it’s about ‘relaxed rigor’.

I enjoy working informally, but with efficiency and precision, which is why I like working with Allen & Overy.”

Chambers Europe, 2014 (Banking and Finance)

Dominic Allen COO, IBBL (Integrated Biobank of Luxembourg)

“Allen & Overy is one of the best firms in Luxembourg.

At least that’s the consistent message from clients across all departments. They describe the firm as having a ‘strong brand’, ‘good knowledge through to junior levels’ and being ‘leaps and bounds above the rest’. One even goes so far to say that ‘every lawyer was perfect’.”

IFLR1000, 2014

“Being well prepared and considering all relevant aspects is key in decision taking. At the end you do not want to rely on luck.

Allen & Overy fits perfectly in this approach. His involvement and very pleasant collaboration at interpersonal level makes André Marc a sounding board in many circumstances.”

Pat Hermse CEO, Bankinter Luxembourg

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QUOTES

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The Hon. Alice Walpole, British Ambassador to Luxembourg continuously counteracts the myth that Britain is an anti-EU country.

TEA TIME

British, Luxembourgish, Internationalist The Ambassador of the United Kingdom in Luxembourg, Mrs. Alice Walpole, discusses British values and trade with the Grand Duchy.

ost Luxembourgers are comfortable with their multiple identities, and so is Allen & Overy Luxembourg. Although originally a local Luxembourgish practice, it has been part of the British-based company’s international network since 2000. It is a good cultural fit given both countries’ business traditions of openness, pragmatism and an international outlook.

Alice Walpole, UK Ambassador to Luxembourg, discussed this connection.

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What is your relationship with Allen & Overy?

We know the company well; they run a very good operation here. Given their experience and reputation, they don’t need our support much but, when we hold events at the embassy to help firms build connections with local business people, politicians and senior civil servants, I hope they find it useful. The commercial programme we run at the embassy supports British businesses establishing themselves here, as well as pointing the way for firms who are considering investment into the UK. I would like to congratulate Allen & Overy on their 25-year anniversary here. This achievement speaks a lot about the professionalism you find in Luxembourg and the role British-linked businesses can play locally.

Incidentally, in the UK we are also this year marking the 800 years since the Magna Carta agreement, a landmark in the development of the notion of the rule of law. I am proud that our longstanding British legal tradition has been exported around the world to such good effect.

How are Luxembourg-UK economic links growing?

Obviously we have financial services and related industries in common, and this accounts for the lion’s share of bilateral business dealing. However, there are

Has Mr Juncker’s departure changed Luxembourg’s role within the EU?

I don’t think it has. Mr Juncker was a very strong national leader, with a vocal commitment to EU ideals. I don’t see any lessening in engagement from the current government. There will always be a new way of doing business and nuanced policy differences with a new prime minister and government.

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Tea time at the embassy: one of Mrs. Walpole’s colleagues serves afternoon tea – British style.

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several less obvious connections too, with growth areas in both countries including sectors such as biotech, digital and the space/satellite industries.

TEA TIME

Through its international economic and political engagement, the UK demonstrates its commitments with action, not just words.

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What is clear is that all EU partners have had to make a reassessment about the eurozone, how we build Europe and stimulate growth. When I was first posted in Brussels about 30 years ago we were just ten member states in a very different partnership; Luxembourg played a central role, in every sense. Now we have an EU of 28 members in a more complex coalition with diverse political and cultural influences; I think Luxembourg still has an important contribution to make as an experienced EU member.

Is the UK about to leave the EU?

I think it is much less likely than you would assume if you were reading the popular press in the UK. A lot of the critical commentary is designed for domestic consumption, but inevitably is read by others who do not see the underlying domestic political narrative. As it happens, many of the UK concerns about the future EU, which are shared by citizens across other member states, are already being addressed in Brussels. Steps are already being taken

towards reform on issues such as greater competitiveness, growth, completing the Single Market, jobs and employment, discussions about where decisions are best taken (Brussels or national capitals), and, more broadly, the EU reconnecting with its citizens. These are moves which receive support in the UK. Are the British reluctant Europeans?

No, I think we are fantastic Europeans.

It is true that we ask questions about all aspects of EU business, but the fact that we keep engaging is a really important sign of our commitment and our ambition for the future EU. British companies do more cross-border business than they ever have before, and recent figures suggest nearly two million Britons currently live in other EU states.

There is an inevitable feeling of individuality that comes with living on a group of islands off the main European landmass. Also, we have very strong historical links with some non-EU nations and groupings, which provide us with 2 5 Y E A R S I N LU X E M B O U RG

TEA TIME

alternative partnerships. But the fact we are currently commemorating the end of the Second World War and have just marked the centenary of the start of the First highlights the enduring strength of our commitment to our continental partners. Arguably, we could have stayed out of these wars; we chose rapid and early engagement. When push comes to shove, we are very good Europeans.

Opinion polls suggest that the UK

would vote to remain in a reformed EU.

The UKâ&#x20AC;&#x2122;s membership of the EU is beneficial to all. When you ask business people, in particular, the vast majority are very much in support of the EU. For example, the UK exported more cars last year than Germany, so anyone who works in, or is connected to the UK motor industry knows their job is dependent on our continued membership.

There is, however, a sense that the European citizen has lost control of where the EU is going, and these are the concerns the UK government has been seeking to

address for a number of years. We are glad that reform is now on the agenda. The UK is keen to play a role in this process. In two or three years’ time, I am optimistic we will end up with an EU that is much more sensitive to, and resonant with, the concerns of all of Europe’s citizens.

Does Britain have a tradition of being isolated in EU negotiations?

I don’t think we are very often isolated in our positions. We are unafraid to make difficult points. These opinions are sometimes shared by others who may feel constrained about voicing them. On the whole, we don’t go in for complex coalition government and so it is sometimes easier for the UK to take a clear position which has not required domestic prenegotiation by coalition partners. Those of us who have negotiated in EU meetings know that others around table sometimes hope that the British will make the point they would make without their own political constraints. I believe EU partners agree that this makes us extremely valuable members of the European club, even if they can’t always say so publicly.

Will the new UK Commissioner for financial services regulate less?

Lord Hill is an experienced operator, with an excellent understanding of financial services and of EU policy management. This is good for Europe, and I believe that Mr Juncker is pleased that the UK proposed him. As for how he will operate, clearly I can’t speak for him, but I know he understands that it is extremely important for

“I would like to congratulate Allen & Overy on their 25 year anniversary here. This achievement speaks a lot about the professionalism you find in Luxembourg.” business to be able to work without excessive constraints within a sensible regulatory framework. After all, financial services are clearly as important to the UK as they are to Luxembourg – Lord Hill’s UK background brings valuable understanding of how to tackle this key dossier.

How has the embassy’s role changed during the run-up to Luxembourg’s EU presidency?

We’ve been preparing for some months now, although it will get busier, obviously, from July. There have been a series of visits here by ministers and senior officials from the UK. The role of the presidency has changed since the Lisbon Treaty but still there are many areas where the Luxembourgers will have an opportunity to take a strong lead. We’re working with Luxembourg colleagues to see how we can help them deliver their objectives.

How does your work in Luxembourg compare with postings elsewhere?

I couldn’t really compare because they are all so different. The diplomatic role itself is broadly the same, in that

I have the privilege to represent the UK government in the host country, undertaking political and commercial tasks, as well as looking after our citizens abroad. But my specific experience in Luxembourg is very different from my previous posting, British Consul General in Basra, Iraq. When I arrive in each country I try and view everything afresh, without preconceived ideas – I like to think I can get under the skin and understand each country. For my family, every posting leaves a mark for the rest of our lives and we carry a part of each country in our hearts when we go.

What is the essence of Luxembourg?

It is a perfectly-positioned gateway to Europe. It’s a microcosm of the whole continent. Close cross-border relationships bring it strong linguistic, cultural and business connections – filtered through uniquely Luxembourgish commonalities. Luxembourg is the epitome of a certain pan-European sensibility which, to me as a Briton and an enthusiastic European, is very attractive.

MAKING TEA

RULE N°1

Warm the teapot with hot water

RULE N°2

Use just-boiled water for black tea

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TEA TIME

RULE N°3

Pour & then add milk

21

Professor Richard Susskind is a British author, speaker, and adviser to firms and governments. He specialises in the future of the professional services, particularly the legal industry. He is the author of numerous books. He is an IT Adviser to the Lord Chief Justice of England.

NEW REALITIES

Business model self-disruption Law firms are being challenged by new client expectations, new technology and new competition.

Allen & Overy is â&#x20AC;&#x153;self disruptingâ&#x20AC;? its business model in response.

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NEW REALITIES

t is highly probable that by 2025 machines will be doing much of the work now entrusted to lawyers. This will democratise legal services and open the way for new providers, as clients continue to seek to cut costs. Already, the legal division of one of the Big Four accounting companies would rank as one of the top ten global law firms by headcount.

I

None of this is a surprise to Allen & Overy, whose Innovation Panel has been monitoring and offering ideas about new trends for many years. Prof. Richard Susskind, an advisor on trends in the legal and professional services industries, has been an external, independent member of this panel since 2004. “The need for legal guidance and input is not diminishing, if anything it is increasing,” he noted. “What is changing is the way in which law firms meet that need, so they must think strategically about how to deliver new, lower cost services.” He sees three big sources of pressure: cost, technology and competition.

Delivering more-for-less

The financial crisis changed the game.

Demand for legal services fell in the immediate aftermath, leading to law firms cutting fees and offering more services. “Many expected that clients’ willingness to pay at pre-crisis levels would return with economic activity, but this has just not happened,” remarked Prof. Susskind. So although the need for advice on new regulation and compliance has increased steadily, clients can’t or won’t go back to paying, for example, junior lawyers at the rates received by senior professionals.

Allen & Overy has been leading the way. They understand that not every part of a contract needs to be drawn

“Allen & Overy’s Innovation Panel has been monitoring and offering ideas about new trends for many years.” up by senior staff working in high rent city centres. Hence they have identified which tasks require high level work and negotiation, and which are more routine. For the latter, the UK firm now employs 400 people (of which 70 are lawyers) in Belfast, Northern Ireland. Not only does this help reduce costs, but it gives staff different career options. The same can be said for their “Peerpoint” programme which invites freelance lawyers to carry out short, fixed-term tasks. Although standard practice in many industries for a number of years, these moves are a novelty in this relatively conservative business.

Contracts written by computer?

Perhaps the biggest catalyst for change will be new technology. Already the firm has been a pioneering user of online advisory systems that have allowed clients to tap into expertise by using various online services. Often this can relate to highly complicated areas, such as the law on derivatives. The next step could be that substantial parts of contract drafting will become highly automated. To an extent, this is happening already, but substantial developments can be expected over the next ten years.

“There will always be a need for high level, high quality drafting and negotiation by senior lawyers, but a lot of the work done by junior lawyers (which may be metaphorically or actually cutting and pasting from old documents) can be automated,” remarked Prof.

Susskind. He believes that as the legal

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profession is highly document intensive it will be possible to streamline the creation of the more routine elements.

“Well designed systems can perform high volume, complex work to a standard which outstrips the capabilities of human beings,” he added.

Legal knowledge engineering

The system would ask questions about the nature and purpose of the contract, constructing the document automatically as options were chosen.

Known as “knowledge engineering”, these techniques are being applied in other professions such as medicine and in tax compliance. Prof. Susskind explained how this would be done: “The main challenge would be the creation of a decision tree that gathers together all possible texts, clauses and paragraphs.” Thus a good first draft could be constructed using a computer based system that might be operated by an experienced paralegal.

He reckons that up to 90% of some contracts could be created in this way, as non-contentious “boilerplate” text does not need to be written from scratch. “Only the remaining text is pivotal to the client and this must still be provided by skilled, experienced lawyers,” he added. Worries about the lack of human intervention are overdone, not least because the final contract would always be read by a senior counsel. Moreover, “the whole point of automation is to capture an optimal version of expertise and you wouldn’t

NEW REALITIES

23

C H A L L E N G E S T O T H E L AW I N D U S T RY

COST PRESSURE

Clients want more for less

necessarily want junior lawyers fiddling with it,” he added. That said, this idea does pose the question of how junior lawyers would gain the experience needed to become senior lawyers.

Lowered barriers to entry

24

Although daunting enough for the legal profession, things could well become even tougher as these trends will open the door to greater competition from start-ups and other professional services firms. “I think that law firms can no longer assume that all legal work will come to them,” noted Prof. Susskind as others look to muscle into a global market estimated to be worth more than £650bn. “If legal services changes from being a very human based consultancy type industry to an IT based service then we can expect that new players will enter the market,” he added.

These changes won’t happen quickly.

There are only a handful of countries (such as the UK, Australia and Mexico) with liberalised markets that allow accountancy firms to own legal practices. In France, Germany and other countries, the regulations allow cooperation and cost-sharing.

Yet if lobbying began in earnest, would legislators be able to justify the continuation of existing restrictive rules?

Chance and necessity to diversify

However, rather than seeking to build higher barricades, Prof. Susskind believes this is a chance for law firms

TECHNOLOGY

COMPETITION

IT is starting to replace lawyers

New players will offer legal services

“Just as audit firms moved into consultancy in the 1980s there are many areas where lawyers have valuable, direct business expertise that they could package.” to diversify. “Just as audit firms moved into consultancy in the 1980s there are many areas where lawyers have valuable, direct business expertise that they could package,” he noted. Examples include regulatory compliance work or helping with the management of in-house legal departments. “If firms respond to these challenges by sticking to traditional models then I think they will face a shrinking market,” he noted.

He sees a three-step process that law firms are going through. The “denial” stage is where firms fail to recognise the reality of the post-2008 world. Clients are demanding change and there is no way of returning to old business and fee models. “I reckon we have another few years yet until the message finally sinks in with everyone,” he said. “The resourcing stage will run into the next decade, with firms reorganising their routine work and using methods such as outsourcing, off-shoring, and near-shoring. Then the disruption phase will kick in – this is when a

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variety of advance technologies (such as artificial intelligence and big data) will take on some legal work that used to be sole preserve of lawyers.”

A profession for the young?

So should young people train to become lawyers? “Yes, but they need to know how seriously the firm they are thinking of joining is addressing these big questions,” Prof. Susskind advised. He thinks that Allen & Overy understands this, as demonstrated by the firm’s Innovation Panel. “Not only is this panel a source of innovation by acting as a focal point, a catalyst and as a think tank, but it is a broad symbol of the firm’s cultural desire to innovate.”

“There will be great need for legal services in the 21st century but they will be delivered in entirely new ways,” Prof. Susskind commented. “Being part of the legal profession will be totally different from the past, and it will involve being part of the transformation of this very important profession.”

NEW REALITIES

O U R S T R AT E G I C P L A N I N N OVAT I O N 2 0 1 6

Crowdsourcing Training Session Henri Wagner, Managing Partner since

was attended by approximately 70 members

2008, decided to place a focus on

of the firm during a 48 hour period.

innovation across the firm from 2014 to

Attendees participated in several workshops,

2016. The work streams analysed different

and generated ideas around discussion

topics such as “know-how”, further

themes such as improving work efficiency,

development of our international desks,

work-life balance, brand value, cross-selling

CRM, and mentoring. Since the project’s

and differentiation. Some prominent ideas

launch, a considerable number

generated during the sessions will be imple-

of achievements have been made.

mented throughout the year.

In February 2015, Allen & Overy in

We extend many thanks to all members of

also organised Share your ideasLuxembourg to make our its first Innova- our firm who have contributed to this process tion Camp. This crowdsourcing exercise and implementation actions.

WHEN Tuesday of 10these & Wednesday 11 February 2015 office more innovative and TIMES 9:00-10:00

win a trip to Paris!

12:00-13:00 17:00-18:00

25

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NEW REALITIES

QUOTES

More like a birthday celebration Today the firm celebrates its 25th anniversary, but it is more like the birthday of our team. A team of experts who live, grow and develop together every day. We asked them to tell you what it is like to work for the firm.

“Allen & Overy has the right mix of ‘working hard’ and ‘celebrating hard’.”

Jan Boeing ICM

26

“For all my time here, it’s been like you have the heart, inspiration, energy and brain to make things happen, together with a very closely knitted international group of friends and colleagues.”

“There’s always a new challenge in sight and helpful hands to provide guidance.”

Natalie Schall IP-TMT

“Working at Allen & Overy is about being involved on complex and challenging matters and providing innovative solutions for clients, all while working in an international environment with great people.”

Nicolas Fermaud U.S.-Luxembourg Desk Manager

Yannick Arbaut Investment Funds

“There are no problems, only solutions!’’

Sabrina Bodson Labour Law

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QUOTES

“Allen & Overy gives you the opportunity of becoming much more than one of many lawyers.”

“Allen & Overy is a socially friendly workplace which understands its people.”

“Here excellence is not just a skill, it’s an attitude!”

“Working at Allen & Overy is an every day challenge and reward.

It offers an unparalleled access to top tier clients and to headline cross-border transactions, all in a highly professional, motivating and challenging work environment!”

Annick Bingen Reception

Maurice Macchi Labour Law

Marine Tarditi Banking & Finance

Marc Tkatcheff Luxembourg-LatAm Desk Manager

“It is rewarding and pleasant to work for wellknown clients with brilliant colleagues in a friendly environment.”

“You work not only with talented people but also with good friends.”

Emmanuel Lamaud Corporate

Julie Carbiener Tax

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QUOTES

27

Nicolas Mackel is convinced that communicating the positive message about Luxembourgâ&#x20AC;&#x2122;s openness and expertise is contributing to a new growth phase.

FINANCE

On the front foot Being pro-active and positive is the favoured strategy of Luxembourg for Finance’s Chief Executive Nicolas Mackel.

avid beating Goliath is an improbable story. The myth of Luxembourg being the richest per capita country in the world also raises eyebrows. In both cases, the little guy succeeded by being the most resourceful and quickest to react. It is the job of the Luxembourg for Finance promotion agency to take this up-beat message around the world to investors, clients and the media.

D

How do you explain the success of the financial sector?

We are able to spot gaps in the market and provide unique solutions that have proved to be extremely popular.

Whether it was becoming the centre for Eurobond listing in the 1960s, or embracing cross-border investment fund administration in the 1980s, or the recent welcoming of the European headquarters of the top six Chinese banks, we have always been ready and able to seize opportunities.

How important has the relationship with China become?

It is already very important, growing since 1979 when the Bank of China opened its first office here. We play a major role for those six banks as the gateway to Europe and there is a huge amount of potential. Investment funds

is one example which is already doing well and this is set to grow further. We are very hopeful that Luxembourg will receive an RQFII [renminbi qualified foreign institutional investor] quota which would allow funds based here to establish renminbi funds for investment into China. At the moment some Luxembourg-based funds use quotas from other financial centres but it would be easier if we had our own. Then there is our expertise in bond listing. The Luxembourg Stock Exchange was the first in Europe to list a renminbi denominated corporate bond, and now it has more renminbi bonds listed than any other stock exchange outside Asia.

international businesses are extremely complex and that makes people wonder.

I compare the charts describing the tax arrangements of multinationals to the electrical circuits of high-rise buildings.

We understand the way non-specialists might perceive things, and we have been trying to convey that this is not a story about Luxembourg, but a story about the taxation of multinationals. These documents were stolen here but if the same had happened in London, New York, Frankfurt or Hong Kong they would have looked very similar. It has been difficult to get our side of the story through. The negative interpretation is much easier to sell.

What is it like being at the centre of

What is your strategy with the

Interesting! There is nothing fishy about Luxembourg, but tax arrangements of

We have been building relationships with international journalists, enabling

a media storm?

international press?

“Legal practices have been part of the general development of the financial centre over the last two decades, and they have contribute to the broad ecosystem of skilled service providers.”

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FINANCE

29

LANDMARKS

1985: CROSSBORDER FUNDS

1963: EUROBOND

In 30 years Luxembourg has become the world leader in cross-border investment funds

Luxembourg stock exchange lists the first ever bond in a nondomestic currency

us to talk to them on a more personal basis. I had about 100 conversations with international journalists in the second half of 2014 and the vast majority were about multinationals’ tax arrangements.

Nevertheless we understand that when an interesting story comes up it is difficult for journalists to go against the prevailing narrative that is being played out.

rules in the US. Politicians are all still seeking to find ways to get to grips with the post-2008 situation. Take for example the OECD’s BEPS [Base Erosion and Profit Shifting] measures. We see this as an opportunity for Luxembourg as actors here will need to beef up their presence.

This is happening now and could be a very significant trend.

Does it matter that Luxembourg is

Why have law firms flourished in

Non-Luxembourgers often say this to me, but you have to understand that many Luxembourgers take these attacks personally. We don’t see ourselves as a tax haven, but a mature, complete, international financial centre. Often these attacks come from our competitors and much of this is about winning market share, and the battle is tougher since the crisis. So we are clear that we have to continue to articulate the true, positive message about our skills and expertise in a pro-active fashion.

All this new regulation is certainly an opportunity for law firms as they have to interpret new legislation and give advice to their clients who need help. Legal practices have been part of the general development of the financial centre over the last two decades, and they have

being misrepresented?

30

2015: CHINESE BANKS’ HQ

Luxembourg?

The six largest Chinese banks are using Luxembourg as their main eurozone base

contribute to the broad ecosystem of skilled service providers.

What will the financial centre look like in 2040?

I am very confident that this country will find a way to adjust to the challenges of the next 25 years. There have been some doomsayers, but we appear to be entering a new, exciting, upward phase. The central theme is transparency. A symbol of this is how we have ended banking secrecy and this increased openness has had advantages for the way the financial sector can position itself.

Allen & Overy sponsors various missions to promote the Luxembourg financial centre abroad.

For Nicolas Mackel, everyday is about being pro-active and positive.

Will the new European Commissioner for financial services introduce fewer new regulations?

Regulation is in fashion and it will be difficult to slow that process. Many generations of European Commissioners have said they want to regulate less and regulate better, but this has not prevented new rules from emerging. Mr Juncker is saying it but regulation is in the spirit of the times. Just look at the Dodd-Frank 2 5 Y E A R S I N LU X E M B O U RG

FINANCE

ANNIVERSARY CAKES

Let’s blow out the candles!

A birthday without a cake is not really a birthday at all. To ensure we got a really special birthday, we asked the children of our employees to draw us their version of the perfect cake. Carte blanche to our budding bakers!

Hanaé Alex

Hannah

Lisa Blanche

Sacha

Maxence

Vero Astrid

31 Frederik

Zoé Chiamaka Mathieu

Grégory Tun

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A N N I V E R S A RY C A K E S

SEMINARS

Thought leadership and knowledge sharing Regular, topical seminars broaden understanding of new and existing challenges. They also help the firm make and cement relationships.

32 ccording to Aurelia Wieseler-Henry, senior marketing & communications manager : “It is part of Allen & Overy’s vocation to act as thought leaders and to boost understanding of the latest issues facing each local business community. Over the years the Luxembourg office has gradually increased its commitment, and in 2014 we held 23 seminars and events for nearly 2,000 guests.”

A

Allen & Overy’s experts are well placed to give an informed overview of current business challenges, not just legal matters. “Law does not exist in a vacuum, and our lawyers must have a firm grasp of the business implications of their work.

These seminars are the perfect forum through which we can share this unique insight,” explained Mrs Wieseler-Henry.

“Many clients use the sessions as part of their employee training programme, while others like to come to ask specific 2 5 Y E A R S I N LU X E M B O U RG

SEMINARS

questions,” she added. Public officials and students are just as welcome as the business community.

General information

Breakfast seminars transmit information quickly and efficiently, while evening sessions allow for more discussion and more intense networking.

All events are free of charge, and guests can sign up on: www.allenovery-event.lu

Most of the events are of a general business interest, and last year they touched on the following topics:

Annual Tax conference Annual Corporate and M&A seminar – Insights 3D printing: a challenge to intellectual property?

Confidentiality breach: how to react?

Big Data – Opportunities and Challenges Outsourcing 3.0: don’t sacrifice the legal aspects for agility Fresh CEOs views on the Luxembourg ICT market Intellectual Property in the Digital Environment The status of company directors under Luxembourg law Revamping the Luxembourg limited partnership regime Accessing the U.S. market – Legal and practical solutions for Luxembourg investment funds raising capital in the U.S. Securitisation structures post AIFMD implementation Intellectual Property in the Digital Environment

2

3

4

33

1

Copyright 1 & 5 : Laurent Weber Photography

1 After-work Employment law conference co-organised with AMCHAM. 2 Clémence Igot, Banking Junior Associate, Henri Wagner, Managing Partner, Julie Chartrain-Hecklen, Tax Senior Associate, and Jean Schaffner, Tax Partner.

3

Patrick Mischo, Tax Partner.

4 Thomas Berger, Litigation Senior Associate, Gilles Dall’Agnol, Employment Law Senior Associate, and Catherine Di Lorenzo, IP-TMT Senior Associate.

5

André Marc, Banking, Employment & Real Estate Partner.

5

2 5 Y E A R S I N LU X E M B O U RG

SEMINARS

Enrico Lunghi has been Mudamâ&#x20AC;&#x2122;s General Director since 2009.

ART & SOCIETY

Original artistic and social engagement Many businesses like to sponsor the arts, with most choosing to support relatively safe work they know will please. Allen & Overy opted to challenge these easy expectations.

ideo art is a particularly unusual form of contemporary art. By choosing to assemble a collection in this medium, Allen & Overy in Luxembourg has demonstrated their commitment to embracing new ideas.

They have worked closely with Luxembourgâ&#x20AC;&#x2122;s Grand Duke Jean Museum of Modern Art (Mudam) on this project, and this year they will donate these works to the museum as a sign of their social engagement. Enrico Lunghi, Mudamâ&#x20AC;&#x2122;s director general, explains this relationship.

V

they understand how art is a living, contemporary force, and not necessarily just about artists, forms and ideas from the past. This openness speaks to how lawyers must live in the present and be creative, accepting art as it. They have shown this work in special viewings to staff as a way of encouraging innovative thinking. Their support for brave, cutting edge young artists and their backing for an emerging museum such as ours is also telling. It points to a firm that is engaged with society and willing

to fulfil its duties as a citizen locally and internationally.

How has this collection been assembled?

About four years ago Allen & Overy decided to build a contemporary art collection with a view to eventually donating to us. We talked this over and decided that video art would be the way forward. We worked with reputed local private gallery director Alex Reding.

Independently, he selected a number

What is your impression of this collection?

I think this is an admirably bold choice because video art is a particularly demanding form. As a museum, it is our role to be provocative, but normally you might expect a company to opt for something reassuring and predictable. However, this work is critical, contemplative and disturbing.

There is no theme to their collection other than all four pieces are of high, international quality.

35

What does this say about Allen & Overy?

Exhibition in Allen & Overyâ&#x20AC;&#x2122;s garage, Private Art Kirchberg 2014.

I think their support for these artists demonstrates that they are an engaged, entrepreneurial firm. It shows that 2 5 Y E A R S I N LU X E M B O U RG

A RT & S O C I E T Y

of works and presented them to us, and we chose a short-list of three which would complement our existing collection of video and other art.

Then Allen & Overy made their choice. We have repeated this exercise each year, with four outstanding works having been secured to date, with a further one planned for purchase this year. The works are due to be donated to Mudam later in 2015, with Allen & Overy retaining the right to show them occasionally. We value this unique relationship hugely.

THE COLLECTION SO FAR

Wind Orchestra (2012) by Mircea Cantor This Romanian artist builds his work

using symbols, drawing a world in the space between poetry and politics.

Cantor is frequently inspired by social and historical context as he underscores the poetry of everyday life, re-examining ready-made objects using the full range of media; video, photos, sculpture and installation.

How can people view this work?

Forte! (2010) by Mark Lewis

Allen & Overy organises private showings for clients and staff, and they participate in the biannual “Private Art Kirchberg” event in which art collections are displayed for the public. The work is generally projected or shown on TV screens in dedicated spaces, so this requires careful organisation. Screenings have been staged in their underground car park, a suitably challenging venue.

Mute and short, his films are particularly visually intriguing. The viewer is asked to decode the film which is often shot in the towns well known to this Canadian artist.

Particularly well known for his film installations, Lewis represented Canada at the 2009 Venice Biennale.

Melancholia and the infinite sadness (2012)

by David Brognon & Stéphanie Rollin

Is it a disadvantage that the work

cannot be permanently on show?

36

Based in Luxembourg, David Brognon

In one respect maybe, but then none of the work we own is ever on permanent exhibition. After it is donated to us we will only be able to show it in ad hoc shows.

An advantage of video art is that the “software” is in digital format on DVD or memory stick, making it easy to store and transport. In a way it is like a book you can take it off the shelf when you need it.

was born just across the Belgian while Stéphanie Rollin was born in the Grand Duchy. They are building an international reputation for their video art and installations, making waves after winning the prestigious Pirelli Prize which rewarded displays at the Brussels Contemporary Art Fair in 2013.

Will this work be shown

Forever (2006) by Julika Rudelius

internationally?

Almost undoubtedly yes, particularly as the artists chosen by Allen & Overy have a global reputation. Already Mudam has close connections with partner museums around the world, with work we own having been shown in Tokyo, Helsinki, South Africa, New York, Sao Paulo... This is another aspect in which this medium and this partnership matches our mutual desires. Both Allen & Overy and Mudam

This German artist filmed a number of well-dressed American women, lounging by a swimming pool telling us what matters to them, what makes them happy and how they see themselves. The particular focuses are socio-cultural communication and human relationships.

Film stills courtesy and copyright the artists and Allen & Overy.

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A RT & S O C I E T Y

This painting of Fernand Bertemes is also part of Allen & Overy’s art collection.

are defined by our openness and global presence, a characteristic we are both committed to growing. Together we also want to continue being ambassadors for Luxembourg, and this global reach reflects well on both of us.

How would you characterise Mudam’s

scene so we are forced to be open to global influences. It is a challenge to do things internationally without the background that you find in bigger, historical cities, but we have reached equivalence with some older institutions. This is a major achievement.

personality?

What is video art?

We are an international museum, with a focus on the world of today, but with the ability to take somewhat poetical distance and add a dash of humour. We are a young museum, working in a new

Video art began in the early 1960s with cooperation between artists, engineers and TV professionals.

Now it is recognised as part of the mainstream of contemporary art, with

“I think that their support for these artists demonstrates that they are an engaged, entrepreneurial firm.”

2 5 Y E A R S I N LU X E M B O U RG

technological and IT development having opened up possibilities. This has given rise to a new wave, featuring original forms of interaction between viewers, artists and art works.

It uses recorded or live moving pictures and sound, taking many forms including broadcasting/streaming, gallery viewing or through the distribution of digital files.

So this is really a brave choice?

Very much so. Video art is not the most popular medium for companies to collect because it is still something that raises a lot of questions about the nature of art itself. It is still not that widely collected, but it is driven by a true contemporary spirit. Allen & Overy can be proud that they have taken this successful leap of faith.

A RT & S O C I E T Y

37

OUR PEOPLE

Marc Feider Senior Partner, Cor porate and M&A Partner

Henri Wagner Managing Partner, Banking & ICM Partner

AndrĂŠ Marc Banking , Employment & Real Estate Partner

Katia Manhaeve IP-TMT Partner

Jean-Christian Six Investment Management Partner

38

Patrick Mischo Tax Partner

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OUR PEOPLE

Pierre Schleimer Banking & Investment Management Partner

Jean Schaffner Tax Partner

Fabian Beullekens Cor porate and M&A Partner

39 CONTACT 33 avenue J.F. Kennedy L-1855 Luxembourg T +352 444455-1

Frank Mausen ICM Partner

Fax +352 444455 222

Peter Myners Cor porate and M&A Partner

2 5 Y E A R S I N LU X E M B O U RG

InfoLuxembourg@AllenOvery.com

OUR PEOPLE

This publication is a note of to those of you who have of our success story Members in 1990:

Paul Beghin Gilles Bouneou Claudine Boraso Antoinette Di Cato Marc Feider Claudie Henckes-Pisana Henri Wagner Carlos Zeyen

Members in 2015:

Annick Abey Dionne Abramson Ramiz Alomerovic Julia Altenhofen Amélie Andrianne Yannick Arbaut Marie Arnaud Christina Bach Benjamin Bada Marine Baillet Sophie Balliet Christophe Balthazard Elsa Becker Thomas Berger Paul Berna Fabian Beullekens Annick Bingen

Sabrina Bodson Jan Boeing Arne Bolch Jean-Marie Bontemps Dominique Bornert Véronique Braunert Enrico Brizzi Nora Buol Sabine Campo Julie Carbiener Julie Chartrain-Hecklen Mandy Cigale Didier Cigale Véronique Coibion Clémence Colson Isabelle Coulon Audrey Cubizolles Gary Cywie Gilles Dall’Agnol Emilie Dallemagne Claire Danda Virginie D’Andréa Benoît Dardenne Anne de Bourcy François-Guillaume de Liedekerke Simeon-Henri de Vries Ann Debin Anne-Lise Delfanne Laura D’Hoore Catherine Di Lorenzo 2 5 Y E A R S I N LU X E M B O U RG

MEMBERS

Christian Dohmen Thomas Drugmanne Ann-Marie Eben Christophe Ernzen Gabrielle Eynard Marc Feider Nicolas Fermaud Caroline Fleurantin Carline François Marie-Sybille Frapier Anne Gérard Manou Ginter Alina Golovkova Sabrina Gonçalves Carole Gonner Isabelle Gosset Jacques Graas Renaud Graas Caroline Hay Véronique Heisbourg Serge Hoffmann Andreas Hommel Clémence Igot Cynthia Jehl Simon Joly Benoit Kelecom Franz Kerger Lisa Klemann Lindsay Korytko Bénédicte Kurth Isabelle Lacroix

appreciation and a testament contributed to the unfolding in Luxembourg.

Stéphanie Lainé Emmanuel Lamaud Anne Lambé Susanne Laucht Richard Ledain Santiago Nicole Losson Maurice Macchi Virginie Macchi-Faivre Magali Maillot Nathaël Malanda Sandy Mammola Katia Manhaeve Elodie Mantilaro André Marc Pierre-Henry Maroteaux Julie Martin Frank Mausen Christelle Mazzolini Josianne Meissener Patrick Mischo Peter Myners Vincent Naveaux Christelle Nesler Edmond Nicolay Claire Omeyer Arnaud Pabst Evelina Palgan Paul Péporté Olivier Pfennig Adrien Pierre Michael Pire

Mélissa Rockens Elisabeth Rodrigues Paul Rukavina Stéphanie Samson Torsten Sauer Niels Sauerland Audrey Scarpa Jean Schaffner Natalie Schall Pierre Schleimer Christiane Schmit Nadja Schrader Christine Simon Jean-Christian Six Robert Steinmetzer Marine Tarditi Pol Theisen Cyrielle Thel Philippe Thiebaud Olivier Thill Marc Tkatcheff Florent Trouiller Alix van der Wielen Mathieu Voos Henri Wagner Jacques Wantz Paul Weber Toni Wienholz Aurélia Wieseler-Henry Victoria Woestmann Serge Zeien 2 5 Y E A R S I N LU X E M B O U RG

MEMBERS

IN MEMORIAM

Mr. Paul Beghin 28.6.1929 – 1.7.2004

With many thanks, respect and kindness - we pay tribute to a great lawyer and colleague – a committed politician and businessman as well as a loyal friend.

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Mrs. Christiane Denzle 24.6.1974 – 7.4.2008

We thank her for her unwavering support and exemplary dedication, Christiane worked with us as Know-How Manager after several years of working in the ICM department.

C O N C E P T I O N & P RO D U C T I O N : M A I S O N M O D E R N E C O P Y W R I T I N G : S T E P H E N E VA N S P H O T O G R A P H Y: E R I C C H E N A L & M A R I O N D E S S A R D