Hogan Lovells partners vote on Luxembourg opening with eye on summer launch

Partners at Hogan Lovells are voting on a potential office launch in Luxembourg with plans to open by the end of this summer. 

A spokesperson said that nothing has been finalised because partners are still in the process of voting for the new base. Partners have also been asked to vote on who should lead the office.

The voting process is understood to have begun last Friday (12 July) and is expected to last at least a week.

If the vote goes in favour of the launch, a spokesperson said the plan is to open by the end of summer. The official statement read: “We have plans to open in the country later this summer as there are a number of attractions for us in that market.”

The office is likely to offer corporate, real estate, private equity and tax law.

The firm would join a growing number of international firms in the jurisdiction. SJ Berwin launched a Luxembourg office in January this year (2 January 2013) while Speechly Bircham, which opened in Luxembourg in 2011, recently announced it was expanding (16 April 2013).

Other international firms in Luxembourg include Allen & Overy, Baker & McKenzie, Clifford Chance and Linklaters, all of whom have been present for some time.

Sandwiched between Belgium, France and Germany, Luxembourg has developed a reputation as a leading international financial centre, with its stable political system and strong economy proving fertile ground for financial industries such as investment funds, reinsurance and banking,

The past year has seen Luxembourg affected by the global crackdown on banking secrecy and tax evasion. In April, it agreed to automatically exchange information with the US about bank accounts held by US citizens and residents in the country. It also signed the EU Savings Directive, ensuring the same automatic exchange of information within the EU (8 July 2013).

Luxembourg has also been affected by the eurozone crisis. Although its international financial services industry has held up well, what little industrial production it still has  is suffering. Lawyers also report that M&A deals continue to be slow.