Clifford Chance is boosting its Munich office with the relocation of a two-partner team to expand its advisory capabilities.
M&A partner and head of corporate Germany Arndt Stengel and corporate partner Marc Holtorf will both make the move from their respective bases in Frankfurt and Düsseldor at the end of the year.
Dr Stengel was promoted to partner in 1995 and has worked with listed companies, investment banks and financial investors in corporate finance. He will move to the firm with Holtorf, who will advise clients form the pharmaceutical and medical sectors, adding one of Clifford Chance’s most high-profile Munich members to the firm’s life sciences industry group.
Holtorf will also work in IT/technology project structuring and implementation with Munich partners Markus Muhs and counsel Dr. Anette Gärtner. Marc will be taking senior associate Anne Britta Haas with him.
Germany has proved a tough area for the firm over the past year. German revenue fell by 4.5% in 2012/13 (3 July 2013). All three offices in Frankfurt, Düsseldorf and Munich falling from €198m in 2011/12 to €189m (£161m) in 2012/13, compared with €193.8m in 2010/11 and €179.5m in 2009/10 (23 June 2011).
Global managing partner David Childs blamed the Eurozone region for the firm’s 2.5 per cent drop in overall revenue over the last financial year – the results marked the weakest revenue result since 2009/10 when fee income fell 5 per cent (8 July 2013).
The German M&A market has seen as increase in deal volume over the last year but a general drop in overall transaction practice, leading to the drop in revenue.
The two moves from German offices this month follow two new partner promotions in Frankfurt this year and one in Düsseldorf (29 April 2013).