Mannheimer Swartling Annual Publication 2026

Annual Publication 2026

Building the Future of Legal Practice Expertise, Insight and Collaboration

Graphic design: 25AH Photography: Andreas Lundberg, et al Illustration: Ryan Gillett mannheimerswartling.com communications@msa.se Written and published by Mannheimer Swartling Advokatbyrå AB © 2026

Annual Publication 2026

MANNHEIMER SWARTLING

A hallmark of quality.

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CONTENTS

ABOUT THE FIRM 08 A Shared Perspective from our Managing ­Partners Advising in an Age of Change

12 Global Reach

Seamless Service Wherever Our Clients do Business

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Expertise and Values

Enabling Our Clients to Act with Confidence

22 The Culture that Binds Us

A Workplace where Everyone can Thrive

24 Mind, Body and Soul

Developing Personally and Professionally

INNOVATION 72 Where Law Meets Technology Innovation in Motion

78 The Rise of ­Legora

From Incubator to Unicorn

82 Insights from the Innovators Powering Our ­Ambition In Conversation

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INSIGHTS 28 Law in a World That Won’t Stand Still The Forces Shaping Our Legal Advice

30 Standing Firm

International Arbitration in an Era of Uncertainty

34 Defence and Security

Legal Risk in a Geopolitically Driven Market

42 Cybersecurity

From IT Issue to Boardroom ­Responsibility

46 Customs, Tariffs and Trade Wars Navigating a Moving Target

52 Breakthrough in Brevik

How Heidelberg Materials Enabled Carbon-Neutral Cement

58 Reuse in Construction Projects

Both a Sustainability Measure and a Business Opportunity

66 In Convoy to Lviv

Delivering Ambulances to Western Ukraine

OUR IMPACT 90 Sustainability From the Ground Up A Cornerstone of the Firm's Strategy

94 Integrity at the Core

Holding Ourselves to the Highest Standards

96 Mannheimer Swartling in Society

Pro Bono Work at the Heart of Our Commitment

98 Perspectives on Sustainability and ESG In Conversation

ABOUT THE FIRM 6

A Shared Perspective from Our Managing Partners Global Reach Expertise and Values The Culture that Binds Us Mind, Body and Soul

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ABOUT THE FIRM

Words by Jan Dernestam, Managing Partner, and Henrik Dock, Managing Partner (from April 2026)

A SHARED PERSPECTIVE FROM OUR OUTGOING AND INCOMING MANAGING PARTNERS

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Advising in an age of change The world in which our clients operate continues to shift, shaped by geopolitics, technology, sustainability and financing conditions that are having an i­ ncreas­ingly significant influence on every strategic decision. Clients are asking new questions about topics such as restruc­ turing supply chains, using AI responsibly, navigating volatile trade waters and the implications of the changing cost of capital.

When the context moves, legal risk and opportunity move with it. It is not enough for us to know the rules; we must also understand the world in which they apply.

Clients turn to us for more than legal expertise. They also look to us for strategic judgement – the ability to assess complexity with clarity, define what truly matters, and chart a course that stands up in boardrooms, markets and before authorities. We meet this expectation by working seamlessly across practices and industries, mobilising multidisciplinary teams and trusted international part-

At Mannheimer Swartling, we measure ourselves by the impact of our advice, the trust we earn and the standards we uphold.

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nerships to support clients in decisions that shape their trajectory.

At Mannheimer Swartling, we are defined by the impact of our advice, the trust we earn and the standards we uphold. That is why we invest in broad expertise, sector insight and a collegial way of working where curio­sity and collaboration support the high standards we expect of ourselves.

Our people, our advantage Our people are at the heart of all of this. Their expertise, proactivity and commitment to the firm’s values enable us to support our clients amid constant change. We focus on helping our colleagues grow professionally and personally so that our advice remains forward-looking, relevant and decisive. And we recognise the human side of high performance, fostering a culture of trust, inclusion and wellbeing, supported by mentoring and continuous learning, where people can excel.

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ABOUT THE FIRM

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Innovation with judgement Technology, particularly AI, is changing how decisions are made and how services are delivered. We are constantly exploring new tools and finding new ways to create value for our clients, supported by our talented in-house innovation team. Our approach puts ethics and governance at the centre and focuses on insight, accuracy and client value.

Responsibility in practice The rule of law underpins a well-functioning society.

We take that responsibility seriously – in our legal work, in how we run the firm and through our pro bono and community initiatives that support access to justice, inclusion and culture. Our involvement in the community continues to grow and we count twelve important organisations among our pro bono partnerships. These commitments are part of who we are, and they broaden the perspective and integrity we bring to our clients.

Confidence and gratitude We are particularly grateful for the trust shown by clients and colleagues across the market. Recognition from those we serve – and from the people who choose to build their careers with us – reminds us that standards matter, culture matters, and that our focus on long-term value creation is the right path.

Continuity Leadership changes; our purpose does not. Our focus remains the same: client value, high standards and a collegial way of working.

To our clients and colleagues – thank you for your continued collaboration and trust. We look forward to the year ahead.

Jan Dernestam, Managing Partner

Henrik Dock, Managing Partner (from April 2026)

“We focus on helping our colleagues grow professionally and personally so that our advice remains forward-looking, relevant and decisive.”

GLOBAL REACH

Mannheimer Swartling advises clients across borders and industries in a globalised economy. Our international capability combines our own cross-border operations with an outstanding network of trusted law firms worldwide. This approach allows us to deliver consistent quality and seamless service wherever our clients do business.

While our reach is global, we recognise that navigating complex legal landscapes demands deep local understanding. Every market has its own legal, cultural and regulatory nuances. As an independent firm, we have the flexibility to select and work with the most suitable local experts – ensuring the right team is in place for every mandate.

These relationships – many of them built over decades – allow us to offer integrated, full-service support that combines interna-

tional perspective with precise local insight.

Our approach mirrors that of a single firm, coordinating cross-border matters as a fully integrated, seamless service across all jurisdictions. Whether helping clients to enter new markets, manage multinational operations, or resolve intricate cross-border disputes, we bring together the expertise and coordination required to ensure success. This enables our clients to pursue their ambitions with confidence, wherever their business takes them.

We devote significant time to external analysis by monitoring global ­developments that may be important to our clients. Our international practice is served by both our local lawyers overseas and our lawyers in Sweden.

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ABOUT THE FIRM

EXPERTISE AND VALUES Mannheimer Swartling is one of the foremost business law firms in the Nordic region. Our clients are leaders in their respective industries, and we are proud to be their trusted partner in navigating complex ­transactions, disputes and strategic decisions.

Read more about our work and who we are at mannheimerswartling.com

Our ambition has always been to deliver legal advice of the absolute highest quality, grounded in deep sector knowledge and understanding of each client’s business.

We combine legal expertise with commercial and strategic insight to enable our clients to act with confidence in an increasingly complex global environment.

As markets, technologies, and regulatory land­ scapes evolve, we continually refine our capabilities, embrace innovation and integrate new tools, including the responsible use of AI, to strengthen our analysis, efficiency and ability to deliver exceptional service. Read more about this on page 74 .

We recruit, develop, and retain outstanding lawyers and other professionals, prioritising a culture of collaboration, team spirit and inclusion. It is this collective strength that allows us to deliver consistent quality and

trusted advice across industries and jurisdictions.

Our multidisciplinary teams work seamlessly across borders and practice areas to provide clear, pragmatic and forward-looking guidance. This commitment to excellence and collaboration has defined Mannheimer Swartling for 150 years – and continues to guide our work as we help our clients to succeed in an ever-changing world.

Our multidisciplinary teams work seamlessly across borders and practice areas.

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650 EMPLOYEES

SWEDEN SINGAPORE

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USA BELGIUM

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ABOUT THE FIRM

We know that the best advice extends beyond legal knowledge. Different businesses and sectors face distinct opportunities and challenges. Our market strength and depth of experience enable us to act as a strategic partner to our clients, tailoring solutions that reflect the wider commercial context.

OUR EXPERTISE

All areas. As one of the few Swedish law firms with true

breadth across all areas of business law, we draw on the full scope of our expertise for each mandate. We collaborate seamlessly across offices and practice areas to deliver tailored advice with the precise cross-competence required.

AI Automotive Banking and Finance Construction, Infrastructure and Industrial Projects Contentious Regulatory Corporate Commercial Corporate Compliance and Risk Corporate Investigations and Corporate Crime Corporate Taxation Data Privacy Defence and Security Digital Compliance Dispute Resolution Emerging and Growth Companies Employment and Pensions Energy Environment EU and Competition Financial Institutions Financial Services Fintech Funds and Investments Healthcare and Life Sciences Insurance Intellectual Property, Marketing and Media International Trade IT/Tech Media and Entertainment Mergers and Acquisitions Private Equity Public M&A and Equity Capital Markets Public Procurement Real Estate Restructuring and Insolvency Shipping, Transport and Logistics Sustainability and ESG Technology

At Mannheimer Swartling, people are central to everything we do. Our culture is often described as a pleasant surprise – one that combines professionalism and ambition with genuine ­collegiality. This is underpinned by a structure that rewards collaboration over competition and long-term relationships over shortterm gain. The foundation of this is Pure Lockstep – adopted by only a handful of law firms worldwide.

Pure Lockstep is more than a business model; it is a mindset that shapes how we work together every day. It unites everyone towards shared goals, fosters trust across teams and offices, and creates an environment where knowledge and experience are freely exchanged.

Whether we are advising clients on complex cross-border transactions or navigating high-stakes disputes, our approach is always the same: teamwork, transparency and respect for each other’s skills.

Without internal rivalry or competing agendas, our lawyers can focus entirely on what matters: delivering the best possible advice to our clients. Junior colleagues are encouraged to ask questions and take ownership early, safe in the knowledge that their development is supported by the entire firm. Senior lawyers, in turn, share their experience generously, confident that success is collective, not individual.

This culture of openness and mutual support builds continuity and stability. It allows us to attract and retain exceptional talent and ensures that clients always meet cohesive, well-integrated teams that speak with one voice. The result is an environment where outstanding client service is driven by collaboration, not competition, and where a shared ambition to achieve great work together defines what it means to be a lawyer at Mannheimer Swartling.

ABOUT THE FIRM

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Core Values: The Foundation of Our Success Quality. We embrace challenges and strive

for the highest standards in everything we do. By prioritising continuous improvement and innovation, we ensure that working with us is a hallmark of quality for both our clients and employees.

Business focus. We view business law as a

strategic tool to create success for our clients.

With a deep understanding of the unique dynamics of each client’s business and indu­ stry, we deliver advice that is insightful, practical, and tailored to their specific goals.

At the same time, we continuously broaden our expertise and explore new opportunities to better serve our clients and the development of the firm.

Team spirit. We are united by a shared sense

of purpose and collaboration. Our culture is built on mutual support, wellbeing, and the seamless integration of diverse talents across practice groups and offices. This collaborative environment not only ensures the best outcome for each client but also fosters a workplace where individuals feel valued and contribute meaningfully to our collective success.

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ABOUT THE FIRM

Our people are the firm’s greatest strength. United by shared values and a commitment to quality, we combine individual talent with collective ambition to deliver outstanding results. By putting our people first, we ensure that our clients always receive the highest standard of legal advice.

THE CULTURE THAT BINDS US

Each colleague brings a unique mix of experience, perspective and passion. We are proud to foster an inclusive workplace where everyone can thrive and bring their authentic selves to work. Diversity enriches our firm and strengthens our ability to serve clients in a global market. As part of this commitment, the firm has set a gender balance goal among partners to reach 40:40:20 by 2033, representing 40% women, 40% men, and 20% flexible.

A strong sense of belonging and team spirit runs through everything we do. Our culture is defined by empathetic leadership, trust, generosity and a genuine appreciation for working together. We are equally committed to personal and professional growth. Through

MSA Academy, we offer extensive training, mentoring and continuing education. Our MSA Arts and MSA Wellness initiatives further support wellbeing, creativity and lifelong development – ensuring that our people stay inspired, supported and at the forefront of the legal profession. Read more on page 24 .

Our culture is defined by ­empathetic ­leadership, trust, generosity and a genuine ­appreciation for working together.

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ABOUT THE FIRM

MIND, BODY AND SOUL We place great ­emphasis on ­offering our employees a v­ ariety of o ­ pportunities to develop both personally and professionally.

MSA Arts. MSA Arts brings together the

firm’s various art initiatives with the goal of inspiring creativity in the daily lives of our employees, both at work and in their personal lives.

MSA Academy. MSA Academy is a series

of seminars designed to keep our staff up to date with world affairs, legal developments, technological advancements and high profile matters the firm is involved in.

MSA Wellness. Under the banner of MSA

Wellness, we have brought together our ­various initiatives to inspire a healthy life­ style, promote wellbeing and encourage physical activity.

MSA Arts brings together the firm’s various art initiatives with the goal of inspiring creativity in the daily lives of our employees.

INSIGHTS 26

Law in a World That Won’t Stand Still Standing Firm Defence and Security Cybersecurity Customs, Tariffs and Trade Wars Breakthrough in Brevik Reuse in Construction Projects In Convoy to Lviv

28 30 34 42 46 52 58 66

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INSIGHTS

LAW IN A WORLD THAT WON’T STAND STILL Geopolitical realignments, rapid technological change, evolving regulation, and rising expectations around sustainability are reshaping how companies compete, partner, recruit, finance and govern. When the context shifts, legal risks and opportunities shift with it. Our task is not only to know the rules, but to understand the forces that shape the world in which those rules apply.

At Mannheimer Swartling, we focus on what matters most to our clients: the decisions they need to make and the context in which those decisions will stand. Understanding the commercial, geo­political, technological and regulatory context is as important as interpreting the rules themselves.

External forces shaping our work Geopolitics moves markets. Sanctions, trade measures, FDI rules, industrial policy and supply-chain security now sit alongside competition law and contract risk in shaping what is feasible, and when. Route-to-market, investment timing and dispute strategy are as much legal considerations as commercial ones. Advising on geopolitical exposure is no longer adjacent to our work – it is central to it. Read more on page 34 .

Technology is defining both risk and value. AI, data, and automation are changing what clients ask of their advisors: assurance on governance and liability, clarity on IP and data rights, explainability in decision-making, and practical policies that work for people and regulators. The legal questions increasingly concern not only compliance, but how to deploy technology responsibly and competitively to support long-term value. Read more on page 73 .

Sustainability at the core. What began years ago as a distinct agenda is now embedded in financing, licensing, transactions and litigation exposure. The task is to turn ambition into credible frameworks, reliable data and decisions that stand up – in boardrooms, in markets, and before authorities. Clients face rising scrutiny from regulators, investors and society, and legal advice must anticipate that scrutiny, not merely respond to it. Read more on page 92 .

In this chapter, we highlight selected insights that show how these dynamics translate into concrete ­decisions, risks and opportunities for our clients, and how we help them navigate what ­comes next.

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Our collective challenge is to ensure that the legitimacy of arbitration remains intact, even as the geopolitical ground beneath us shifts.

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STANDING FIRM International Arbitration in an Era of Uncertainty

At the last IBA Annual Conference in Toronto, we gathered again for a fireside chat – this time with Timur Bondaryev (Partner, Arzinger, Kyiv), Joakim Paasikivi (Senior Geopolitical Advisor, Mannheimer Swartling, Stockholm), Olena Perepelynska (Partner, Integrites, now IMPACTA LAW, Kyiv) and Myriam Seers (Partner, Naymark LLP, Toronto). We reflected on how the legal profession continues to adapt, persevere and uphold the rule of law in extraordinary times.

International arbitration continues to operate against an increasingly turbulent geopolitical backdrop. When Mannheimer Swartling convened a panel at the International Bar Association’s Annual Conference in Miami in 2022, the war in Ukraine and growing global fragmentation were already putting pressure on the system of international justice. Three years later, these pressures have only intensified.

Resilience and the Rule of Law The discussion brought forward stories that reached far beyond the routines of professional life. Timur and Olena spoke about the challenges of sustaining a legal practice in wartime: deciding in the middle of the night whether to wake their children and take shelter or checking incoming drones to determine whether to postpone a client meeting. Through it all, they continue to advise clients, conduct hearings and main­ tain confidence in the justice system – a testament to the resilience of lawyers in the most extreme circumstances.

“Even in war, the principles of fairness and due process do not lose their meaning,” said Olena. “On the contrary, they become more important – because they remind us what distinguishes law from power.”

For Timur, the past years have underscored how vital trust and continuity are to any functioning legal system: “Our clients – Ukrainian and international – continue to rely on arbitration,” he reflected. “It shows that confidence in the rule of law can survive even when everything else is under threat.”

Reflecting on these accounts, Joakim noted that the continuation of arbitration

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INSIGHTS

in Kyiv – and the trust that clients place in it – demonstrates that the rule of law is not a privilege reserved for times of peace. Rather, it is the foundation that allows societies to persevere through instability.

Adapting to fragmentation The speakers also examined the shifting global context in which arbitration now operates. The increasing weaponisation of trade, sanctions and investment protection mechanisms has altered the arbitral land­ scape. Practitioners are now confronted with disputes arising not only from commercial breakdowns, but from fractured international relations.

As Fredrik Ringquist (Partner, Mannheimer Swartling) observed in his introduction to the session, “Agreements are turning into disputes, disputes into arbitrations.

Our collective challenge is to ensure that the legi­timacy of arbitration – its promise of neu­trality, fairness, and due process – remains intact, even as the geopolitical ground ­beneath us shifts.”

The human dimension of international justice While technology, remote hearings and procedural innovation have helped proceedings continue amid disruption, the Toronto discussion underscored that the heart of arbitration remains human.

What stood out at this IBA was that, beyond procedure and policy, arbitration is sustained by people – lawyers, arbitrators and clients – who continue to believe that dialogue, law and cooperation still matter.

As Kristoffer Löf (Partner, Mannheimer Swartling) concluded: “To practise law under bombardment is the ultimate affirmation of why the rule of law must be defended – not only in theory, but in practice.”

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Joakim Paasikivi is a Swedish military and security expert who has worked within the Swedish Armed Forces for many years, including in roles linked to intelligence and strategic analysis.

“To practise law under bombardment is the ultimate affirmation of why the rule of law must be defended – not only in theory, but in practice.”

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“Despite air raids, blackouts and unimaginable uncertainty, arbitration hearings in Kyiv are taking place both in person and online. The law, and those who practise it, endure.”

– Myriam Seers (Partner, Naymark LLP, Toronto)

Global developments are accelerating defence and security activity, drawing new actors into the market.

Defence and Security:

LEGAL RISK IN A GEOPOLITICALLY DRIVEN MARKET

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INSIGHTS

Defence and security have moved to the centre of political, industrial and commercial decision-making in Europe.

Accelerated procurement programmes, increased defence spending and a renewed focus on strategic autonomy are having direct and far-reaching consequences for companies operating in and around the defence sector.

Legal advisors have immediately noticed this shift in the nature of their work, reflected in a surge in activity across procurement processes, licensing requirements and transactions, as well as among a broader range of companies seeking to enter the market.

Carolina Dackö, Partner in Mannheimer Swartling’s Corporate Compliance and Risk group and a specialist in international trade, has worked with defence-related matters for many years. From her perspective, what stands out today is the intensity of activity.

“We have worked with defence law for a long time. What we see now is an unprecedented level of sustained demand, driven by developments in the world around us”.

This demand comes from both established defence companies and new entrants.

Companies that previously operated outside the defence sector are increasingly participating as suppliers of defence equipment, advanced surveillance and software-based capabilities, as well as other security-critical or dual-use solutions.

From investment to legal risk Increased defence activity leads to a higher

volume of regulated transactions, export-controlled products and security-sensitive collaborations. Companies are also facing greater scrutiny of ownership structures. This complexity spans multiple legal disciplines and often occurs within the same matter.

In response, law firms have brought together expertise from various practice areas to form dedicated defence and security groups. At Mannheimer Swartling, this has meant formalising long-standing defence experience into a focused industry group that combines regulatory, transactional and strategic capability.

Business, security and responsibility Defence activity takes place within a national security framework that shapes procurement and investment. Public responsibility and long-term security considerations are integral to this framework. Defence and security is therefore not only a response to market demand, but also an area where legal advice can support broader public objectives.

“Many people at the firm feel that this is work we simply must do”, says Carolina.

“Not only for the business case, but because society depends on it”.

Mannheimer Swartling has forma­lised its long-standing defence e ­ xperience into a focused industry group.

38 She also notes that clients are increasingly looking for advice that goes beyond individual regulatory questions.

“We have seen a strong interest in, and a need to understand, the geopolitical context for quite some time. It’s not only about Russia’s invasion of Ukraine; it’s also about the changing world order, including the United States distancing itself from Europe.”

Regulatory frameworks have developed unevenly over time, creating practical challenges for companies and authorities.

Some areas have been amended repeatedly over a relatively short period, resulting in an accumulation of overlapping rules and requirements that can be challenging to manage.

Decision-making under pressure Alongside market growth, international develop­ments have become a direct driver of legal work. To support clients in this environment, Mannheimer Swartling has integrated strategic expertise into its Defence and Security group by hiring Joakim Paasikivi as Senior Geopolitical Advisor. Joakim provides perspective beyond the immediate news cycle, complementing the firm’s legal expertise. He describes his role as helping clients to distinguish between short-term developments and issues that will influence decision-making over a longer horizon.

As activity accelerates, clients are increasingly required to make decisions under time pressure and with limited margin for error. Issues that might previously have been handled sequentially now need to be addressed in parallel.

“The situation can change in the blink of an eye”, says Joakim. “And many systems and working methods are not built for speed”.

These systems typically reflect approval and governance structures designed for predictability and control rather than rapid change. Decisions increasingly need to be taken before all variables are fully known.

In such an environment, perspective and preparation matter more than reacting to individual events.

Implications for clients Clients should seek legal advice earlier, taking into account regulatory requirements, security considerations and geopolitical risk.

INSIGHTS

“We have seen a strong interest in, and a need to understand, the geopolitical context for quite some time. It’s not only about Russia’s invasion of Ukraine; it’s also about the changing world order, including the United States distancing itself from Europe.”

Decisions that were once primarily commercial now require a broader perspective.

Mannheimer Swartling’s Defence and Security industry group is a deliberate ­response to these developments. The firm’s long-standing work with defence companies, combined with our engagement with the Swedish Security and Defence Industry Association (SOFF) and our embedded geo­ political capability, enables us to support clients operating in a sector that is undergoing sustained structural change.

This context is now part of the operating environment for many organisations, as defence and security continue to influence business activity across Sweden and Europe for the foreseeable future.

Defence and S ­ ecurity: Our Support for ­Clients

Transactions and fundraisings. M&A, joint

ventures, capital raisings, foreign investment screening and due diligence in sensitive and dual-use contexts.

Regulation and compliance. Export controls,

sanctions, licensing, supply-chain obligations and the Swedish Protective Security Act. Procurement and contracts. EU and natio-

nal defence procurement, major tenders, long-term supplier arrangements and award challenges.

Technology and IP. Sensitive technology,

data protection, cybersecurity, licensing and develop­ment agreements.

Environment and permitting. Regulatory and

permitting matters for defence infrastructure, manufacturing and energy-related projects.

Dispute resolution. Arbitration and disputes

linked to defence procurement, sanctions and government contracts.

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Different businesses and sectors face distinct opportunities and challenges. Our market strength and depth of experience enable us to be a strategic partner to our clients and to tailor solutions beyond the legal details.

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New cybersecurity regulation reflects the recognition that digital systems constitute critical infrastructure. Responsibility for their protection now sits at the highest level of organisational leadership.

­CYBERSECURITY: FROM IT ISSUE TO BOARDROOM ­RESPONSIBILITY Cybersecurity in an interconnected society Network and information systems form the backbone of modern business and public administration. As organisations have become more dependent on these systems, they have also become more attractive targets for cyber threats. State-sponsored actors and organised criminal groups are increasingly targeting European organisations, deploying methods ranging from supply-chain attacks to ransomware, which can force operational shutdowns.

The effects of such incidents often extend beyond the organisations directly affected, impacting critical services more widely. For instance, a cyber-attack on a logistics company could lead to food distribution being disrupted, while a data breach at a cloud service provider could result in government services going offline. What may start as a technical failure can quickly escalate into a wider societal issue.

In response, the EU adopted the NIS2 Directive, which has now been implemented in Sweden through the Cybersecurity Act. The Act entered into force on 15 January 2026 and represents a significant shift in cybersecurity regulation. It expands the number of organisations covered, introduces clearer and more demanding security requirements, tightens incident-­ reporting obligations and explicitly places responsibility for cybersecurity with management and the board.

Key elements of the Cybersecurity Act The scope of the Cybersecurity Act is deliberately b­ road.

As well as traditional critical infrastructure such as ­energy, transport and healthcare, it also applies to digital service providers, manufacturers, postal and courier services, waste management, food production and distri­ bution, and large parts of the public sector.

44 Medium and large enterprises operating in these sectors must now comply with the Act’s requirements. Estimates suggest that thousands of Swedish entities are affected, many of which have never before been subject to mandatory cybersecurity regulation.

The substantive requirements are also more demanding. Organisations must carry out regular risk assessments, implement appropriate technical and organisational security measures, and ensure that these measures are proportionate to the risks they face. Supply-­chain security is explicitly addressed: organisations must assess cybersecurity risks arising from suppliers and service providers and take steps to manage and mitigate those risks.

Significant cybersecurity incidents must be repor-

INSIGHTS ted to the relevant supervisory authority within 24 hours of detection to enable an early warning coordinated response. A more detailed notification must follow, and a final report is required once the incident has been resolved. These reporting obligations are intended to improve situational awareness across sectors and reduce the risk of incidents escalating further.

Governance expectations have also shifted fundamentally. Management is now explicitly responsible for overseeing cybersecurity measures and ensuring compliance. Boards can no longer treat cybersecurity as a purely technical matter handled elsewhere in the organisation. They are expected to understand the risks, approve the measures taken and ensure that sufficient resources are allocated to managing those risks effectively.

“Boards can no longer treat cybersecurity as a purely technical matter handled elsewhere in the organisation. They are expected to understand the risks, approve the measures taken and ensure that sufficient resources are allocated to managing those risks effectively.”

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The consequences of non-compliance are far-reaching.

Supervisory authorities may impose administrative fines of up to EUR 10 million or two per cent of global annual turnover. The Act also introduces clearer accountability for senior management in the event of non-compliance.

A major cybersecurity incident can undermine trust and disrupt essential services, with reper­ cussions across sectors and borders. For this reason, NIS2 forms part of a broad EU regulatory effort to s­ trengthen Europe’s resilience.

Systemic risk and resilience The NIS2 Directive and the Cybersecurity Act do not exist in isolation. They reflect a broader recognition that digital systems are critical infrastructure in their own right. Disruption to these systems can have a highly destructive impact, affecting not only individual organisations, but also wider society. A major cybersecurity incident can undermine trust and disrupt essential services, with repercussions across sectors and borders.

For this reason, NIS2 forms part of a broad EU regulatory effort to strengthen Europe’s resilience.

This effort includes GDPR for personal data, DORA for operational resilience in the financial sector, the CER Directive for the physical resilience of critical entities, as well as additional sector-specific rules. These frameworks overlap deliberately, and a single incident may trigger obligations under several regimes at once.

Taken together, they represent a transition from a fragmented and largely unharmonised approach to a more comprehensive regulatory framework. The aim is to strengthen the resilience of the systems and organisations on which the economy and society depend.

What organisations should do now With the Cybersecurity Act now in force, the key question for organisations is how to meet the requirements in a proportionate and financially viable manner.

• Start by understanding whether the organisation is in scope. The Act’s broad application means that many organisations are covered for the first time.

• Carry out a meaningful risk assessment. Identify realistic scenarios that could disrupt operations or compromise the services the organisation provides.

• Ensure governance is in place. Management and boards must understand the organisation’s cybersecurity risks, approve the measures taken and ensure adequate resources.

• Prepare for incident response. Organisations should be able to detect significant incidents and know which authority to notify within what timeframe. They should also have plans for containment and recovery.

• Recognise the higher bar being set. The Cybersecurity Act reflects the reality that digital systems underpin essential services and that protection and r­esilience are no longer optional. Organisations that treat cyber­ security as a core governance issue, rather than a compliance exercise, will be better equipped to meet these requirements.

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Customs, Tariffs and Trade Wars:

NAVIGATING A MOVING TARGET

Trade policy has entered the boardroom. Tariffs, anti-subsidy measures, export controls and retaliatory duties now shift in line with geopolitics and industrial policy – with direct implications for pricing, supply security and compliance across entire value chains. For European companies with transatlantic exposure, change is no longer hypothetical. The challenge lies in managing volatility while keeping goods moving and commercial relationships intact.

47 Companies that treat customs and trade as core capabilities will be better positioned as rules evolve.

Uncertainty is the defining feature of the current environment. Measures may be ­a nnounced, paused or revised with little notice, while the origin, classification and subsidy claims of goods are scrutinised more closely than ever before. Against this backdrop, legal and commercial risks converge.

A change in tariff classification may alter the applicable duty, leading to unexpected increases in landed costs and squeezed margins. Even a minor adjustment in sourcing can shift a product’s customs origin, resulting in the loss of preferential duties, disputes with suppliers and contractual damages. An overlooked licensing requirement may stall a shipment at the border – and, in the worst case, lead to criminal liability.

In this context, preparation is a strategic advantage. Companies that treat customs and trade as core capabilities, rather than back-office functions, will be better positioned to contain costs, preserve flexibility and respond decisively as rules evolve.

This begins with accurate data and clear ownership, including knowing what you import or export, where it originates, how it is classified and how risk and cost are allocated along the supply chain.

Drawing on the experience of partners Carolina Dackö and Fredrik Svensson, immediate practical steps for companies to consider include: Monitor and engage proactively Companies must move beyond passive moni­ toring to active engagement. This includes tracking relevant trade negotiations and regula­tory consultations, and engaging e­ arly with national authorities or the European

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INSIGHTS

Trade policy volatility now directly affects pricing, margins and supply security across global value chains.

Commission where potential changes may affect key products or supply chains. Internal watch lists for exposed product categories, suppliers and volumes should be maintained and regularly updated.

Get origin and classification right Tariff classifications – both preferential and non-preferential – should be reviewed and documented carefully. Procedures for supplier origin statements must be robust and internal controls must be able to withstand increased scrutiny during clearance and post-clearance audits. Technical errors can quickly result in costs, delays and disputes.

Plan for cost and supply volatility Companies should model duty exposure and cash-flow timing under different scenarios, assess alternative sourcing options (including the use of available free trade agreements¹), and review warehousing and routing decisions to optimise duty out­ comes and lead times as conditions change. ­Effective warehousing strategies can also buffer against tariff volatility and improve cash flow.

Align contracts, logistics and compliance Update pricing mechanisms, duty-change clauses and Incoterms to clearly allocate

costs, risks and compliance responsibilities. Procurement, legal and logistics teams should be aligned on documentation and any required licences or authorisations.

Strengthen trade compliance Keep procedures current, including those relating to export controls and sanctions screening. Train relevant teams and document decisions to withstand later scrutiny by authorities.

No checklist can eliminate uncertainty.

But disciplined monitoring, clean data and clear contractual frameworks can transform volatility into informed choices, helping to protect margins, meet delivery commitments and strengthen resilience as the trade landscape continues to shift.

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Free trade agreements are treaties between countries that reduce or eliminate customs duties and other trade barriers for qualifying goods.

Customs and trade compliance are strategic business capabilities.

BREAKTHROUGH IN BREVIK How Heidelberg Materials Enabled Carbon-Neutral Cement

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Cement is one of the most widely used materials on earth, and also one of the most difficult to decarbonise. Cement production accounts for roughly 5–7 per cent of carbon emissions, making the industry a critical focus area in the climate transition. For the construction sector, which relies heavily on cement, the successful implementation of carbon capture and storage technology is essential if long-term climate targets are to be achieved.

In 2025, a remarkable milestone was reached. Heidelberg Materials inaugurated the world’s first fully operational i­ ndustrial scale carbon capture and storage (CCS) ­facility in the cement industry at its plant in Brevik. For the first time, a cement producer will be able to capture and store around 400,000 tonnes of CO₂ every year – around half of the plant’s direct emissions.

No ­cement facility has previously achieved carbon capture at this scale.

ded through the Norwegian government’s Longship programme 1 and is intended to serve as a pilot for future large-scale deployment of CCS technology in emission-intensive industrial environments.

Integrating CCS into an operating cement plant At the heart of a cement production facility lies the cement kiln, where crushed limestone is burned around the clock using a highly specific and thoroughly analysed fuel A vision years in the making mix. This process produces large volumes of Heidelberg Materials is one of the world’s exhaust gases. These gases contain various largest producers of building materials, with contaminants which are treated to comply operations in over 50 countries. The group with environmental permit and regulation began planning and investigating ways to restrictions. However, the CO₂ inherent in implement carbon capture technology as the exhaust gases is neither captured nor early as 2005. mitigated unless the exhaust gases are expoThe Brevik project is the first full-­ sed to a specific carbon capture technology. scale implementation of CCS technology The CCS facility implemented in Brevik in the cement industry and is part of a wider captures CO₂ from the plant’s exhaust gases portfolio of CCS projects being developed through a chemical process that selectively by the group. The project was partly fun- binds the carbon dioxide, separating it from

Quarry operations forming the base of cement production.

54 Heidelberg Materials intends to implement CCS technology on a much broader scale across its global operations. Advanced plans are already in place for a significantly larger CCS facility at the Slite cement plant on Gotland in Sweden.

Image, right: From quarried l­ime­ stone to cement powder.

INSIGHTS the exhaust stream. The captured CO₂ is then released from the chemical solution, purified, cooled and compressed into liquid form. The liquid CO₂ is pumped to intermediate storage, from where it is loaded onto specially designed ships for further transportation to an area off the west coast of Norway. There, it is piped into final storage deep beneath the seabed of the North Sea. Over time, the stored CO₂ will eventually become part of the geological formations through a process of mineralisation.

One of the project’s defining challenges was integrating the CCS facility directly into the existing plant while regular production continued. The project involved some 1.2 million hours of technical design work and required significant interventions in key elements of the production chain.

All of this had to be carefully coordinated in parallel with the plant’s normal operations, demanding precise technical, logistical and temporal planning across multiple workstreams within a highly constrained industrial environment.

Designing and constructing the system required significant modifications to key elements of the existing production chain, including complex works in a brownfield area. This technology had not previously been deployed at such scale in a cement plant, and the project included parallel contracts for civil works, balance of plant and material supply, as well as contracts with suppliers for the transport and storage of the captured CO₂ and with the Norwegian government for the public funding.

Delivering amid global disruption The project was implemented during a period marked by exceptional external challenges.

The Covid-19 pandemic and the geopolitical consequences of Russia’s invasion of Ukraine led to a volatile market environment with enduring and unpredictable cost increases, supply-chain disruptions and logistical constraints. Despite this, the Brevik CCS facility was successfully commissioned and Heidelberg Materials is steadily ramping-up the supply of evoZero® cement to the market.

Concrete produced using evoZero cement can be certified as CO₂-neutral, providing the construction sector with a tangible and scalable solution for reducing emissions.

A blueprint for the future Heidelberg Materials intends to implement CCS technology on a much broader scale across its global operations. Advanced plans are already in place for a significantly larger CCS facility at the Slite cement plant on Gotland in Sweden. The experience gained from the Brevik project will also be highly valuable to other emission-intensive industries seeking decarbonisation.

Mannheimer Swartling’s role Mannheimer Swartling supported Heidelberg Materials throughout the project lifecycle in close collaboration with Advokatfirmaet Thommessen. Our work included state-aid negotiations with the Norwegian government, procurement strategies, drafting and negotiating bespoke contracts

and providing ongoing legal support during construction and commissioning.

The Brevik project is a landmark achie­ vement for the cement industry, demonstrating how industrial innovation, long-term commitment and cross-border collaboration can transform ambitious climate goals into operational reality.

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The Longship programme is the Norwegian government’s initiative to support the development of full-scale CCS value chains, including capture, transport and permanent offshore storage of CO₂.

Our market strength and depth of experience allows us to be a strategic partner to our clients and to tailor solutions beyond the legal details.

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REUSE IN CONSTRUCTION PROJECTS Both a Sustainability Measure and a Business Opportunity

The construction sector is among the industries responsible for the highest levels of carbon emissions. Various initiatives are being implemented to make the sector more sustainable led by legislators, the Contracts Committee (Byggandets Kontraktskommitté, BKK), and individual market actors. There is a growing interest in these issues, and a clearer under­ standing of the environment and commercial benefits they offer.

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“There are several clear advantages to reuse, but also challenges and many aspects that require careful consideration.”

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Choice of material plays an important role in reducing resource consumption and supporting a circular economy, not least through the use of reused products. In this article, we highlight the key legal and practical considerations involved in integrating reuse into construction projects.

Reuse in construction projects Reuse involves preparing and bringing previously used materials and goods back into use. While the environmental benefits are clear, questions regarding quality, cost, suitability and responsibility must also be addressed at an early stage.

In one scenario, reuse may involve incorporating existing materials within the same project. This may require inventorying, dismantling, inspections and investigations; renovation or reconditioning; and interim storage or transport. In another scenario, reused materials may be sourced from other projects, either from the client’s own storage or from a third party. The conditions in such cases can vary significantly depending on the inspections and investigations conducted and the level of responsibility assumed. The scope can range from a simple receiving inspection to a more comprehensive process involving both inspection and renovation work, similar to reuse within the same project.

There are several clear advantages to reuse, but also many challenges and aspects that require careful consideration.

As well as the practical work stages involved, it is important to make sure that reuse is appropriate and will contribute to a long-lasting, high-quality result. Not all products and materials are currently suitable for reuse.

Even materials that have been reused and transformed into new products must undergo thorough quality assurance to ensure they comply with the relevant durability, quality and safety requirements.

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Creating incentives Clients can significantly influence the use of reused materials and promote circularity by designing the construction contract accordingly. For instance, the contract could encourage innovative solutions by offering bonuses to contractors for using a certain proportion of reused materials, or impose liquidated damages if targets are not met. Another approach is to adjust mark-ups on material to make reuse more attractive from a commercial perspective, such as applying a lower mark-up for new materials and a higher mark-up for reused materials. These are just some of the mechanisms that can help ensure individual projects contribute to sustainability and circularity.

Clients can significantly influence the use of ­reused materials and promote circularity by ­designing the construction contract accordingly.

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When reused products are involved, the allocation of liability must be assessed and adapted to work for both the client and the contractor.

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“Efforts to promote sustainability and a circular economy create environmental benefits and may also prove essential for longterm competitiveness.”

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Liability and warranties Reuse also calls for careful consideration of liability. ­Under the AB 04 standard form, the contractor is respon­sible for a two-year warranty for materials and goods. When reused products are involved, the allocation of liability must be assessed and adapted to work for both the client and the contractor. The contractor should bear the same responsibility for the work performed on the products – including inspections, renovation and reconditioning. However, boundary issues may arise that require clear contractual regulation. Thorough quality assurance of reused materials can facilitate a workable allocation of liability.

Looking ahead Efforts to promote sustainability and a circular economy deliver environmental benefits and are likely to prove essential to long-term competitiveness. The Taxonomy Regulation underscores the importance of directing capital flows towards sustainable investments. Companies that meet the Regulation’s requirements and contribute substantially to its objectives may gain a competitive advantage.

Within the construction sector, reuse of materials is central to achieving these objectives. Companies that actively advance strategies for reuse are therefore well positioned to strengthen their market standing in the years ahead.

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IN CONVOY TO LVIV WORDS BY: Fredrik Sjövall, Partner at Mannheimer Swartling This is a summary of a personal account from Fredrik Sjövall, one of several colleagues who volunteered to deliver ambulances to western Ukraine in cooperation with Help Ukraine Gothenburg (Hug). Fredrik was joined on the journey by Malin Granlund, Aram Shokor, Jan Holmius, Rickard Carrick, Ludvig Forfang Righard and Jonas Persson. The firm has supported Hug for three years and helped to fund a number of the ambulances.

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Early one December morning, Sweden drifts past the train window

like a dark aquarium as a small group of us travel south towards Gothenburg, where ambulances are being prepared for the journey ahead. From there, the route leads east across Europe to western Ukraine and the city of Lviv, where they are to be delivered to a number of army regiments.

In Gothenburg, the convoy takes shape. The ambulances have been taken out of service in various parts of Sweden but are still fully functional. We are assigned to vehicles and briefed on safety, the current state of the conflict, border procedures and how the convoy will move and stay in contact. There is a clear structure to everything – who leads, how we keep in touch and what happens if something goes wrong.

“Just after one a.m., our mobile phones all sound at once. An air-raid alert. The warning covers Lviv and the surrounding region. A siren starts to echo across the border station.”

The route takes us south through Sweden, across the Baltic Sea

by ferry and on through Poland. The first part of the drive feels familiar – motorways, fuel stops, ferries and quick meals – and the convoy gradually finds its rhythm. Driving hour after hour through southern Sweden and Poland is monotonous, but we pass the time by talking, listening to podcasts and watching the landscape slowly change, as we prepare ourselves for what lies ahead.

Late the following evening, we reach the Polish-Ukrainian border, where a queue of vehicles is waiting. For lorry drivers, the wait can take days; for us, it is shorter, but still uncertain. Documents are checked, then checked again. At some point, further requirements are introduced. Messages are passed between phones. For a while, it seems possible that the convoy may have to turn back and try again the following day. We are grateful for our Ukrainian guide who manages to navigate these administrative shallows.

Eventually, movement resumes. We cross the narrow strip of no-man’s-­land between the two border stations, marked by a painted line on the asphalt and flags on either side. Within the Ukrainian border area, the process is difficult to follow. People move between small kiosks, papers circulate and instructions change. It is cold, late and unclear how long this will take.

Just after one a.m., our mobile phones all sound at once. An air-raid alert. The warning covers Lviv and the surrounding region.

A siren starts to echo across the border station.

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“The land beyond the border stands in stark contrast to the perfectly paved, well-lit Polish motorways. Here, it is pitch black and the roads are uneven. Apart from the occasional petrol station, nothing is lit.”

We ask whether we should seek shelter. There is a shrug. “It won’t reach here.” After a while, we return to the warmth of the ambulances and wait. Finally, we are waved through.

The convoy starts moving again, and the road opens up ahead of us.

The land beyond the border stands in stark contrast to the perfectly paved, well-lit Polish motorways. Beyond the border, it is pitch black and the highway is uneven. Apart from the occasional petrol station, there are no lights. For more than an hour, the convoy moves slowly through the empty night. When we reach Lviv, the city is completely dark. A curfew is in place, and we later learn that the darkness is due to electricity rationing.

The ambulances are handed over in the early hours of the morning at a site on the edge of the city, beside a row of dilapidated Soviet-era buildings. For us, the long drive is over. We take a taxi through the silent city centre, passing churches and towers barely visible against the night, before finally reaching much-needed rest.

The next morning, the hotel breakfast room is full, mostly occupied

by women and children. The atmosphere is one of quiet, unremarkable conversation. Outside, diesel generators hum away steadily, supplying electricity to shops and cafés during power cuts. Electricity is rotated between regions – nothing is taken for granted. The sound of the generators is “the sound of freedom”, our Ukrainian guide remarks.

With the driving behind us, the pace of the journey changes.

We move through the city on foot. We spend some time visiting magnificent churches whose windows are boarded up and whose statues and artwork have been protected by wooden structures. The churches are full, and our guides tell us that the priests are leading the congregations in prayer for Ukraine’s fighting forces.

At the railway station, as we prepare to leave, the war feels more tangible than it did in town. Soldiers move through the hall, some arriving, some departing. Fathers in uniform walk slowly alongside their partners and children, holding hands, as they head towards trains and uncertain weeks ahead.

Our westbound train leaves on time, as most trains in Ukraine still do. Forested hills pass by, grey and quiet. The journey has lasted only a couple of days, yet it feels much longer. There has been time to drive, wait, talk, and observe at close range what it means to travel through a country shaped by war.

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Ukraine, as the war enters its fourth year.

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Where Law Meets Technology The Rise of Legora Insights from the Innovators Powering Our Ambition

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Innovation in Motion:

WHERE LAW MEETS TECHNOLOGY

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Technology continues to transform the legal profession at remarkable speed. At Mannheimer Swartling, innovation is not about chasing trends but about creating lasting value. Through MSA Innovation – the firm’s hub for digital development and transformation – we develop and apply new ways to combine legal precision with technological progress.

Read more about MSA Innovation at mannheimerswartling.com

For many years, MSA Innovation1 has driven change by testing, implementing and scaling new solutions across the firm. Strategic investments in AI, data analytics and process design help us to enhance efficiency, improve quality and deliver smarter o­ utcomes for our clients. Read more on page 74 .

But innovation is not achieved in isolation. Our digital ecosystem connects the firm with clients, technology partners, startups, and academia, bringing together ideas, research and practical experience. Through these collaborations, we continue to learn, experiment and refine our methods. Read more on page 78 .

As emerging technologies like ­generative AI transform the business landscape, our ­focus remains on using them responsibly with human expertise and ethics. The goal is

to make technology serve what truly matters to us as a law firm – our clients, our people and the lasting value that we create together.

Read more on page 82 .

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Our MSA Innovation Lab hub was established nearly six years ago and continues to be the foundation of our efforts to stay at the forefront of technological development.

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Advising In the Age of AI AI is reshaping the business landscape.

As the EU AI Act and other global regulations take shape, companies are seeking advisors with the judgement required to navigate the opportunities and risks that follow.

At Mannheimer Swartling, our AI practice combines deep legal expertise with a practical understanding of technology. We help our clients to use AI in a strategic, responsible way that aligns with their commercial goals. We advise across the full spectrum of issues – from regulation, data protection and intellectual property to compliance, product liability and dispute resolution.

Our lawyers work closely with clients to assess how AI impacts on their business and design solutions that enable innovation while ensuring compliance with emerging frameworks such as the EU AI Act, the AI Liability Directive and the Revised Product Liability Directive.

With a multidisciplinary approach, we support organisations in building robust governance structures, manage legal and ethical risks and integrate AI into their operations with confidence. Whether we are guiding clients through complex regulatory change, supporting technology partnerships, or resolving ­A I-related disputes, our focus remains the same: to deli­ver clear, practical advice that connects innovation with sound judgement.

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AI Forum Our AI Forum is an ongoing meeting place and seminar series focused on the law of AI – where legal frameworks, governance and accountability are explored in depth. During short, focused sessions, our lawyers share practical, legally grounded insights clients can apply immediately, while tracking the latest developments in regulation and case law.

Our work spans the EU AI Act and the evolving liability landscape; data protection and data governance; safeguards against discrimination and bias in AI systems; procurement and contracting; employment law implications; intellectual property and data rights; and governance structures for effective AI oversight.

Tobias Norrman, Partner: “AI is reshaping workplaces faster than most policies can keep up. At the AI Forum, we look beyond the headlines to practical measures that need to be in place, such as contracts that reflect AI use, governance and accountability lines, privacy-aware data practices, bias safeguards and impact assessments.”

Henrik Dock, Partner: “Our aim is simple: to provide responsible, actionable guidance that connects legal requirements with real-­ world implementation.”

From Incubator to Unicorn:

THE RISE OF ­LEGORA Born inside Mannheimer Swartling’s Innovation Lab, Legora has rapidly evolved from an incubated idea to one of the fastest-growing AI software companies in the legal sector. Built in direct collaboration with ­practising lawyers, the company demonstrates the transformative potential of a ­focused partnership between a law firm and a technology team.

Legora's success story is a testament to the partnership between a law firm and a technology team.

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Legora began as a series of early experiments in 2020, when the founders explored whether emerging natural language processing (NLP) models could support real legal tasks. At the time, the technology proved insufficient. However, with the release of ChatGPT and access to more powerful models through an application programming interface (API), the team revisited their ideas.

Their initial tests involved summarising and comparing court cases using vector search, a method of finding documents with similar meanings. These studies suggested that AI could directly support lawyers in their day-to-day analytical work.

Building before scaling A turning point came when Legora joined Mannheimer Swartling’s Innovation Lab 1 . After securing a meeting with the firm’s leadership, the founders were invited to work from a conference room in Stockholm, giving them direct exposure to the daily life of the firm. Max Junestrand, CEO and co-founder of Legora, regularly sat with our lawyers to observe how they interacted with early prototypes. This close access to practitioners shaped Legora’s understanding of legal workflows and grounded the product in real use cases rather than abstract engineering possibilities.

“I became the guy who would take his laptop to the canteen at lunchtime, sit next to someone new and say ‘Try it. I want to see how you use the software.’”

Throughout this time in the firm’s Innovation Lab, the company chose discipline over early commercialisation. Despite attracting significant interest for their product in the early stages of Legora’s growth, the founders delayed the commercial rollout to ensure that the product would meet the high expectations of those relying on the utmost precision. As Max noted, lawyers rarely revisit tools that disappoint them at the outset, so quality is critical from day one.

The outcome of practice-led innovation Legora launched in general availability in October 2024.

Since then, the company has grown rapidly, expanded internationally and its annual recurring revenue has more than doubled every quarter. Building on this momentum, Legora presented Legora Portal in late 2025, a secure firm-branded platform intended to give firms and clients a shared space for documents, collaboration and tailored AI-enabled workflows.

Legora’s early emphasis on user experience, clarity and collaboration positioned it well as legal organisations began exploring AI as a core part of their service delivery.

“The firms we work with aren’t just picking a tool and saying, ‘Let’s use this.’ They’re picking an AI partner for the most existential period in legal history.”

Direct exposure to the daily life of the firm gave Legora real insight into legal workflows, grounding the product in practical use cases rather than abstract engineering.

Legora’s success is a testament to the impact of Mannheimer Swartling’s Incubator Lab. By providing entre­ pre­neurs with access to real legal environments, experienced practitioners and practical challenges, the firm helps to accelerate innovation grounded in professional reality. Legora’s achievements demonstrate how this model can produce tools that address genuine legal needs, developed in partnership with the lawyers who serve clients every day.

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Visit our website to find out more about the many other s­ uccessful projects in which MSA Innovation Lab has played an active role.

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Curiosity, collaboration and continuous improvement underlie the firm's innovation work.

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In Conversation:

INSIGHTS FROM THE INNOVATORS POWERING OUR AMBITION Innovation at Mannheimer Swartling is not about technology alone – it’s about curiosity, collaboration and continuous improvement. As the ­legal landscape evolves, we are shaping new approaches to legal work, grounded in deep legal expertise and supported by modern tools and fresh thinking.

Teams across the firm are exploring how technology, data and legal design can enhance our services and strengthen the value we bring to clients. In the following conversations, colleagues from our innovation team share their perspectives on turning ambition into action, cultivating a culture of curiosity and adopting a structured, thoughtful approach to technological support in legal practice.

Read our “In Conversation” on the matter on the pages that follow.

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Turning Ambition into Action Innovation is built on experimentation and learning. Jesper Yngvesson, Innovation Advisor, works across the firm to test ideas, implement new solutions and ensure that Mannheimer Swartling continues to evolve.

Here, he shares his reflections on the chal­ lenges of innovation, the lessons learned and the importance of teamwork in shaping the firm’s future.

How do you handle the challenges of innovation?

“Challenges are a natural part of innovation work and often a signal that we’re moving into new territory. When things go off course, I focus on staying curious rather than getting discouraged. It’s key to adapt quickly, communicate openly with the team and adjust course if necessary, while keeping the bigger goal in sight.”

Why is this important?

“Innovation isn’t just about great ideas – it’s about execution and persistence. Even the best ideas need champions who are willing to test, refine and – most importantly – learn from failure and try again. Building trust across the firm is essential too. Without it, even the smartest solutions won’t gain traction.”

“We help the firm stay proactive rather than reactive. This involves identifying new opportunities, experimenting with emerging technologies and embedding a culture of continuous improvement.”

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How do you see the innovation team’s role in shaping the firm’s future?

What does ‘success’ in innovation look like to you?

What motivated you to take on a secondment?

“We help the firm stay proactive rather than reactive. This involves identifying new opportunities, experimenting with emerging technologies and embedding a culture of continuous improvement. Given the current pace of change in AI and legal tech, this work is more important than ever.”

“Success means achieving measurable, lasting change – whether that’s entering a new market, improving how we work or enhancing the client experience. But it’s also about culture. True success is when innovation becomes part of the firm’s DNA – when people are encouraged to challenge the status quo and when we have systems in place to consistently turn ideas into results.”

“It’s clear that the future isn’t just about new tools. It’s about staying relevant, adapting and improving. Having already worked extensively with AI in transactional work, I wanted to dig deeper – to be in the driver’s seat, building and shaping our AI capabilities. I wanted to gain hands-on experience and insights on how ideas evolve from concept to impact and business value.”

Why is Mannheimer Swartling a strong platform for innovation?

How has this shaped your view of the future of legal services?

“Innovation needs both ambition and the right environment – and that’s exactly what we have here. The firm has a long-term perspective, a strong culture of collaboration and a real willingness to explore new ways of working. There’s also a deep understanding that innovation isn’t just about technology; it's about staying relevant, adding value for clients and continuously evolving the way we work.”

“It’s clear that AI will have a huge impact on the way we work and how legal services are delivered. I now see even more opportunities to embed innovation in our daily work and help our clients in a more strategic and forward-thinking way.”

Where Curiosity Drives Innovation Innovation thrives when curiosity meets structure. Ebba Holmström, Innovation Manager, plays a key role in driving change and translating new ideas into long-term value for both clients and colleagues. In this interview, she discusses what successful innovation and impact look like.

How do you approach turning ideas into real impact?

“I see innovation as a structured and disciplined process. It starts with creating the right conditions for ideas to emerge – from teams, clients or external partners. From there, it’s about applying a clear evaluation framework and prioritising based on strategic relevance and value. But the real impact comes when ideas move beyond pilots. That requires strong stakeholder engagement, ­defined success metrics and a focus on scalable implementation.”

Innovation at the Core For innovation to be meaningful, it must connect directly to client work. Julia Christiansen, Associate in M&A currently seconded to the firm’s AI team, brings firsthand experience of how legal and technical expertise intersect. Here, she reflects on her journey, the lessons she’s learned from working with AI, and how technology is reshaping the future of legal services.

What insights have surprised you most?

“I was surprised by how much innovation and AI adoption are about collaboration and rethinking the way we work, rather than just technology. Process design is fundamental - it’s what makes the difference between AI that looks impressive and AI that truly works.

I’ve also seen the strength that comes from combining our lawyers’ deep legal expertise with our ability to develop bespoke AI tools. Being part of this journey is so much fun!”

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Sustainability From the Ground Up Integrity at the Core Mannheimer Swartling in Society Perspectives on Sustainability and ESG

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Real impact begins with responsibility. At Mannheimer Swartling, we take that responsibility seriously by aiming to integrate sustainability into every aspect of our work. Our greatest opportunity to contribute to a more sustain­ able world lies in what we do best – business law.

SUSTAINABILITY FROM THE GROUND UP Read our Sustainability Report at mannheimerswartling.com

Sustainability has long been a cornerstone of the firm’s strategy, guided by three pillars: sustainability in our legal advice, in our operations and in how we engage with society. Together, these pillars form a framework that ensures our impact is both practical and lasting.

In our legal work, sustainability is not limited to a single area of law – it informs all legal areas and has become an established part of the legal and commercial landscape.

From complex transactions to disputes and governance matters, we help clients align their business strategies with long-term sustainability goals, balancing opportunity, compliance and responsibility, all while navigating

conflicting geopolitical signals. Read more on page 98 .

Internally, our efforts focus on areas where we can make a tangible difference: talent development, health and wellbeing, diversity and inclusion, climate and environmental responsibility, and maintaining the highest standards of ethics and compliance. Read more on page 95 .

Through Mannheimer Swartling in Society, we provide pro bono legal advice and participate in initiatives that strengthen communities and promote access to justice. Read more about our engagement in pro bono on page 96 .

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SUSTAINABLE BY ­DESIGN The Framework. Our Sustainable by Design framework

ensures that sustainability is embedded in our daily decisions – from the matters we take on and the advice we give, to how we support our people and continuously improve our operations.

It encourages holistic thinking and helps us make choices that align with our values and long-term ­objectives.

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OUR IMPACT

As trusted advisors, we recognise that our credibility depends not only on the quality of our legal advice, but also on how we deliver it.

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INTEGRITY AT THE CORE The Commitment. Ethics lie at the heart of Mannheimer

Swartling’s practice. As trusted advisors, we recognise that our credibility depends not only on the quality of our legal advice, but also on how we deliver it. Acting with integrity, independence and respect for the rule of law defines who we are and underpins the confidence our clients place in us.

Our commitment to ethics and compliance extends beyond regulatory obligations. It shapes the choices we make, the clients we represent and the way we conduct our business. By holding ourselves to the highest professional standards, we strengthen both our firm and the wider legal community, ensuring that responsibility and excellence go hand in hand in everything we do.

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MANNHEIMER SWARTLING IN SOCIETY Pro Bono Work at the Heart of Our Commitment

Read more about our engagement in the ­society at mannheimerswartling.com

As one of the Nordic region’s leading law firms, we recognise the influence and responsibility that comes with our position within the business community. We use that position to drive positive change – through legal expertise, community engagement and cultural partnerships that strengthen society.

Our pro bono work lies at the heart of this commitment. For decades, Mannheimer Swartling has supported a range of organisations working to promote human rights, social inclusion and environmental progress. Hundreds of our colleagues have contributed their time and expertise through these partnerships, offering high-quality legal advice free of charge, serving on boards and volunteering in various initiatives. Read more about our support initiative in Ukraine (Lviv) on page 66 .

We also believe that long-term social impact begins with education and opportunity. Through Study for Life 1 , our mentoring programme founded in 2021, we help inspire young people to pursue higher education

and encourage greater diversity and inclusion in the business community.

By combining legal expertise with social and environmental responsibility, Mannheimer Swartling continues to use its voice, skills and network to contribute to a more sustainable and inclusive society.

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Study for Life is available across all our Swedish offices, and we welcome applications each September.

Pro Bono Partnerships. Our pro bono work lies at the

heart of our work in society. For decades, M ­ annheimer Swartling has supported a range of organisations w ­ orking to promote human rights, social inclusion and environmental progress.

Centre for Justice The City Mission Fryshuset International Entrepreneurs in Sweden The Museum of Modern Art The Nobel Foundation Open House Race for the Baltic Raoul Wallenberg Institute of Human Rights and ­Humanitarian Law The Royal Dramatic Theatre Stockholm Resilience Foundation Sweden for UNHCR UN Global Compact Network Sweden

In Conversation:

PERSPECTIVES ON SUSTAINABILITY AND ESG Sustainability and ESG are facing headwinds. We have moved from the largely voluntary era of the early 2010s – a time of positivity and promise – to the rigour of the regulatory era, with a wave of legislation in and surrounding the EU’s Green Deal. The pendulum is now swinging back the other way, with polarisation and pushback threatening to stall progress.

At Mannheimer Swartling, our firm-wide framework enables us to provide cohesive advice on navigating these waves and conflicts across six key areas: energy transition; climate change and the environment; business law and human rights; sustainable finance; compliance and governance; and sustainable transactions.

To explore what this means in practice, we spoke with colleagues from across the firm who work at the intersection of law, strategy and sustainability.

Their perspectives reflect the breadth of our work, ranging from embedding ESG into corporate strategy and transactions to reinforcing governance and compliance within a complex and fragmented global landscape.

Together, these conversations illustrate how sustainability has become a defining element of modern business law – and how Mannheimer Swartling ­continues to help clients navigate change, manage risk and make informed choices.

Read our “In Conversation” on the matter on the pages that follow.

We have moved from the largely voluntary era of the early 2010s to the rigour of today’s regulatory era.

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OUR IMPACT

Sustainability as Strategy Treating sustainability as separate from strategy is to miss the mark. From our vantage point as cross-sectoral advisors, we see that companies at the forefront have long understood that one informs the other. The last few years have shown that voluntary pledges do not always bear their own weight, that reporting does not necessarily lead to accountability, and that managing reputational risk instead of underlying risk is a long road to nowhere. Given the increasing uncertainty around what constitutes good practice in corporate sustainability, there is now an even greater need for wise counsel.

To explore these interconnections from ­a business law and strategy perspective, partners Carl Johan Zimdahl and Daniel Khay­ yami share their thoughts.

How do you see sustainability shaping business strategy today?

“Sustainability considerations are now an integral part of M&A – influencing due diligence, valuation and integration.”

Carl Johan Zimdahl: “Sustainability has moved from being a communications topic to a central pillar of corporate strategy. For many clients, it now defines how they operate, invest and grow. Legal advice plays a key role in that transformation – whether it’s designing governance structures that support accountability, developing sustainable investment frameworks or integrating ESG into investment decisions. It’s about ensuring that sustainability is embedded into the business model in a way that is both credible and commercially sound.”

ANNUAL PUBLICATION What are the most important factors for companies that want to build truly sustainable business models?

Daniel Khay­yami: “It starts with alignment between purpose, strategy and execution.

Companies need clear frameworks for risk management, supply chain due diligence and ESG reporting. But those efforts also have to connect to how the business creates value, especially given diverging international standards.

We help clients find that balance: meeting legal requirements while using sustainability to strengthen their business. The companies that succeed see sustainability as a foundation for long-term resilience and growth, rather than a constraint.”

M&A is not separate from traditional considerations. Rather, it means broadening our risk radar to include new concerns, perspectives and time horizons. Horizon risk is an important part of that picture.

This can mean investigating whether a target’s supply chain is resilient, whether its business model will remain viable in light of upcoming regulations, or whether it has a credible transition plan in place. Many of our clients have also made sustainability commitments of their own and need to ensure that new investments align with those goals, or understand how to bridge any gaps during integration. Sustainability issues are increasingly becoming legal issues – and that’s where we, as lawyers, can add real value by helping clients grasp what’s expected and how to implement it in practice.”

How does that translate into your work as M&A lawyers?

ESG in Transactions Sustainability considerations are now an integral part of M&A – influencing due diligence, valuation and integration. As ESG factors become embedded in deal-making, lawyers play a pivotal role in identifying risk and opportunity. Here, Partner Maria Holme and Professional Development Lawyer Anna Brannemark discuss how sustainability is reshaping transactions and the evolving expectations on advisors.

From a legal perspective, what role does sustainability play in M&A transactions?

Maria Holme: “Sustainability manifests in M&A as risk and opportunity in a multitude of ways. In such a broad and deep area, which is at times in conflict with itself, the challenge lies in defining the “ESG” playing field for the relevant transaction and how to address any legal issues. Context is key here, geographic, sectoral and temporal factors are important in finding the right angle. Sustainability in

Anna Brannemark: “As M&A lawyers, we are experts at identifying what matters most in each transaction and which legal levers to pull to address it. By applying a sustainability lens to the work we already do, we help clients assess where ESG factors are genuinely material. That varies from deal to deal, depending on the client’s priorities and the target’s business, but it is now part of the strategic conversation from an early stage.

Even as regulatory frameworks are being recalibrated and refined, ESG in M&A is not going anywhere. If anything, the legal-risk landscape has become more complex and fragmented, making careful analysis and sound judgement more important than ever.”

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Governance and Compliance In a rapidly changing regulatory environment, effective governance and compliance frameworks are essential for navigating ESG complexity.

Chief Sustainability Officer Sarah Hoskins and Partner Erica Wiking Häger reflect on how companies can transition from reactive compliance to proactive, principled decision-making – and how robust governance can turn sustainability into ­opportunity.

How are compliance and governance evo­lving in the context of sustainability and ESG?

Sarah Hoskins: “We are in the messy middle right now, where we see acceleration going head-to-head with resistance in the regulatory space. With planetary health and social conditions deteriorating on many metrics, underlying risks increase while discourse around them polarises. The re­ cent Omnibus negotiations are but one example.

For companies with an international footprint, this makes compliance a challenge and robust governance crucial to ­navigate with nuance. In this noisy era, we see companies applying more precision to their sustainability compliance efforts – not necessarily less focus but laser focus on fewer but genuinely material areas.”

What advice would you give to companies looking to strengthen their governance structures and ESG compliance?

Erica Wiking Häger: “The companies that are most sure-footed have priorities, policies and processes in place before problems arise.

When a company understands its compliance universe – and any contradictions with other requirements or expectations – there is less firefighting and more room for robust decision-making.

We increasingly help clients to unpick ESG and understand what they have to do (compliance – regulatory requirements), what they need to do (beyond compliance – to manage reality) and what they want to do (opportunity – value creation potential).”

We believe that long-term social impact begins with education and opportunity.

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A Selection of Industry Awards Mannheimer Swartling regularly tops both Swedish and international rankings. In add­ ition, Sweden’s law students have r­ epeatedly voted us the most attractive employer – among law firms as well as the whole legal profession. We are incredibly proud of this and work hard to live up to the honour, year after year. Some of the awards received by the firm are listed below.

Chambers Europe Awards. Law Firm of the

year, Sweden 2009, 2011, 2012, 2015, 2016, 2018, 2020, 2022, 2024, 2025

IFLR. Law Firm of the year, Sweden 2005,

2006, 2007, 2008, 2010, 2012, 2015, 2016, 2018, 2019, 2021, 2022, 2024, 2025

Lexology Index Awards (formerly Who’s Who Legal). Law Firm of the year, Sweden 2006,

2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025 Kantar Prospera. No.1 “Overall Performance”

– Tier 1, Law Firm; Sweden 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025

Universum. Most popular law firm among

Swedish law students 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025

Mannheimer Swartling's Annual Publication 2026 A Year in Review and What Lies Ahead