Effects of digitisation in law departments of Austrian banks

Vienna, January 2020. How will digitisation shape the future of law departments? Fellner Wratzfeld & Partner Rechtsanwälte (fwp) explored this question together with Future-Law, LexisNexis and MindTake in a study focusing on topics of legal tech and digitisation in Austria’s banking sector. The exclusive presentation of the study’s results as well as the following panel discussion took place on 21 January 2020 at the Loos Haus.

Does digitisation affect the daily business of the law departments of Austrian banks? Together with Future-Law, LexisNexis and MindTake, fwp conducted a survey on this future-oriented topic and presented the results at an exclusive evening event on 21 January 2020 in Vienna. Following the presentation, fwp partner Markus Fellner, General Counsel of UniCredit Bank Austria AG Alexander Schall, founder of Argus (legal tech start-up) Karl Philip Prinzhorn and Managing Partner of Future-Law Sophie Martinetz discussed the results. The panel discussion was anchored by Dejan Jovicevic, CEO of Brutkasten Media GmbH.

Digitisation still in its infancy

A selective survey was carried out in the law departments of Austrian banks. According to the respondents, at present, the level of digitisation in their field is still relatively low. Only some 21 per cent of the survey participants are of the opinion that digitisation currently has an impact on the success of their law department. More than half of the respondents have not budgeted for legal tech tools, and only about nine per cent have a digital strategy in the first place.

The future looks more digital

However, the majority expect digital advisory services to result in a cost advantage and would use digital legal tools provided by their legal advisor. Some two thirds of the respondents can imagine using digital assistants in the future for preparing matters related to banking law and regulatory issues.

Great potential for banks and legal advisors

Despite the currently low level of digitisation within law departments of Austrian banks, the respondents believe that is has great potential. For example, it is assumed that new business models, or new players, will have a great influence on the banking sector in future. Furthermore, more than 70 per cent believe that these new business models will conquer the banking market.

“This development shows that Artificial Intelligence is a valuable tool for reducing transaction costs, simplifying processes and increasing efficiency and quality. However, the legal tasks we as business lawyers are confronted with on a daily basis are too complex to be entirely realised by digital tools, for unravelling such complexity is exactly the essential competence that makes for a successful lawyer”, says Markus Fellner.

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Vienna, January 2020. Fellner Wratzfeld & Partner Rechtsanwälte GmbH (fwp) further expands the Corporate/M&A team with Elisa Maria Kaplenig (32) being admitted to the Austrian bar.

fwp celebrates the internal promotion of Elisa Maria Kaplenig: With her admission to the Austrian bar in January 2020, the ambitious legal expert becomes an attorney-at-law in the Corporate/M&A team led by fwp partner Markus Fellner. Having specialised in the implementation of corporate and M&A transactions and corporate litigation, she advises well-known, international clients.

Kaplenig graduated from the University of Vienna’s law school in 2014 and completed the MA programme Business Administration at the University of Vienna in 2018.

“Due to her extensive legal expertise and her economic know-how, Elisa Maria Kaplenig is a great enrichment for our team. We are very pleased that she is now working with us as an attorney-at-law and congratulate her on the progress in her career”, stresses Markus Fellner.q

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Markus Fellner has been voted the ‘Banking & Finance Lawyer of the Year in Austria’.

The winners of the annual Leaders in Law – Global Awards have been chosen. fwp partner Markus Fellner’s outstanding competence gained him the ‘Banking & Finance Lawyer of the Year 2020 in Austria’ prize.

The awarding was based on a comprehensive, independent survey conducted amongst international legal advisors. ‘This award is a gratifying recognition of our expertise – for me as well as the entire Banking & Finance team’, says Markus Fellner.

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Vienna, February 2020. Once again, fwp has been listed as one of Austria’s leading business law firms in the high-profile Chambers Global guide.

fwp has achieved top rankings in the categories Banking & Finance and Corporate/M&A and for the first time received an award in the category of dispute resolution.

fwp partner Markus Fellner again gets top scores in Banking & Finance and Corporate/M&A as well as in Dispute Resolution: Litigation. fwp partner Gregor Schett is also listed among the best in the Dispute Resolution: Litigation category. For the first time, Paul Luiki is listed as Recognised Practitioner in the field of Corporate/M&A.

“Due to in-depth research conducted among competitors and clients, the Chambers ranking is one of the most reliable rankings worldwide and is thus a great recognition of fwp”, stresses Markus Fellner.

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Maria Bejan has become an attorney-at-law

Vienna, February 2020. Fellner Wratzfeld & Partner Rechtsanwälte GmbH (fwp) further expands its team with Maria Bejan (32) being admitted to the Austrian bar.

Having been admitted to the Austrian bar, Maria Bejan will support the fwp team in the field of litigation & arbitration and will continue to focus on international litigation and arbitration, starting immediately.

Bejan graduated from the University of Vienna’s law school in 2012 and got her LL.M. degree at Boston University in 2015.

“Asserting a client’s claims or defending a client against unjustified claims raised by others requires not only profound legal expertise but also strategic considerations that take due account of all legal and factual options. This is why we are even more proud that the highly motivated lawyer Maria Bejan is now working with us as an attorney-at-law and congratulate her on the admission to the Austrian bar”, stresses Markus Fellner.

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Vienna, March 2020. Once again, fwp has received numerous honours in the high-profile ranking of Chambers Europe. Five fwp partners are identified by name as leading lawyers.

fwp gets top scores in Banking & Finance, Corporate / M&A, Restructuring & Insolvency, Public Law: Planning and Environment, Public Procurement / PPPs and Dispute Resolution.

fwp partners Markus Fellner, Kurt Wratzfeld, Michael Hecht, Gregor Schett and Paul Luiki are listed by name as leading lawyers.

• Markus Fellner: Banking & Finance, Corporate/M&A, Dispute Resolution: Litigation and Restructuring/Insolvency
• Kurt Wratzfeld: Employment
• Michael Hecht: Public Law: General, Public Law: Planning and Environment
• Gregor Schett: Dispute Resolution: Litigation
• Paul Luiki: Corporate/M&A

‘We are very happy that, once again, fwp earned honours in the fields of banking and finance, corporate / M&A, restructuring & insolvency, public law and public procurement / PPPs as well as dispute resolution in the renowned Chambers Europe ranking. These honours are a further sign of recognition for our daily commitment to meeting the highest quality standards for our clients,’ says Fellner.

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Fellner Wratzfeld & Partner (fwp) advised VTB Bank (Europe) SE regarding the funding of the acquisition of 50% of the planquadr.at development and real estate portfolio group.

fwp acted as legal counsel to VTB Bank (Europe) SE with regard to the finance due diligence examination, structuring, negotiation and implementation of the funding of a 50% share in SEMA Vermögensverwaltung GmbH, the Austrian holding company of a development and real estate portfolio group with cross-border activity.

Amidst events coming thick and fast due to COVID-19, the financing was finalised in an extremely challenging setting on 16 March 2020. Both the VTB team and the fwp Finance team headed by fwp partner Florian Kranebitter once again demonstrated their outstanding competence in matters of acquisition and real estate financings.

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Fellner Wratzfeld & Partner Rechtsanwälte (fwp) is honoured with the prestigious CEE 2020 Deal of the Year Award for its role in the restructuring of Steinhoff Group.

In Juli 2018, fwp extensively supported Steinhoff Group in its efforts to conclude a fundamental agreement with its creditors regarding a comprehensive restructuring concept. At that time, Steinhoff Group achieved a significant breakthrough with three large groups of creditors signing the lock-up agreement which included both the term sheet for the restructuring and the detailed schedule for the implementation of the restructuring measures.

With the intensive support of fwp, a detailed contract documentation was successfully worked out and finalised in 2019. On 13 August 2019, following the implementation of the CVA (Company Voluntary Arrangement), the financial restructuring was successfully implemented between the creditors and Steinhoff Group.

The core team of fwp comprised fwp partners Markus Fellner (lead), Paul Luiki, and Florian Kranebitter, attorney-at-law Elisabeth Fischer-Schwarz as well as associates Carine Nsiona and Julian Zarre. They were supported by associates Elisabeth Gehringer and Daniel Wadl.

“Receiving the CEE 2020 Deal of the Year Award is a great recognition of fwp and honours once more our leading position and long-standing expertise in restructuring, company law, and refinancing in the context of M&A”, underlines fwp partner Markus Fellner.

Other legal counsel: Linklaters LLP London (Richard Bussell for Steinhoff-International) and Gleiss Lutz (Steinhoff, Germany), and, on the creditors’ side, Allen & Overy LLP, Latham & Watkins LLP, Kirkland & Ellis LLP, among others.

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Vienna, April 2020. Thanks to the outstanding performance, fwp was once again honoured as a top-ranking law firm in nearly all legal categories in the renowned The Legal 500 Europe, Middle East and Africa Guides 2020. A total of twelve attorneys-at-law have been recommended as leading experts. Stefan Sallat was selected Rising Star.

Tier 1 in Insolvency and Corporate Recovery

The recently published ranking reflects the outstanding performance delivered by the law firm Fellner Wratzfeld & Partners (fwp). Once again, it is especially the categories Insolvency and Corporate Recovery, Banking and Finance, Administrative Law and Public Sector and Public Procurement that fwp was able to score in with its impressive expertise.

Furthermore, fwp remains unequalled in Insolvency and Corporate Recovery, a field in which it is ranked in tier 1 and heads the list of the best law firms.

“Fellner Wratzfeld & Partners’ ‘highly experienced’ team is particularly recommended for providing ‘comprehensive advice and services in restructuring and workout cases’. The practice advised the Steinhoff Group on issues arising out of short- and long-term restructuring, including management changes, as well as sale processes in Austria and abroad. Joint practice heads Markus Fellner and Florian Kranebitter ‘deliver great service in a timely fashion’ and their ‘extraordinary negotiation skills provide a valuable benefit for their clients’, who include credit institutions and corporates. Attorney Stefan Sallat is another key name to note“, this is how Legal 500 refers to its recommendation.

fwp is likewise among the leading law firms on the Austrian market where Commercial, Corporate/M&A, Dispute Resolution: Commercial Litigation, Employment, EU and Competition, Public Procurement and Real Estate are concerned.

Leading lawyers

Also in 2020, Markus Fellner’s comprehensive expertise enchants the Legal 500 team and once again gains him the title of Leading lawyer in Banking & Finance as well as in Insolvency and Corporate Recovery. Michael Hecht was once again awarded the status of Leading Lawyer in the category Administrative Law and Public Sector.

Rising Stars

fwp’s long-time attorney-at-law Stefan Sallat has also proven his extraordinary expertise and, for the first time, was distinguished as Rising Star.

In addition, the Legal 500 also recommends the following fwp lawyers in their respective fields of specialisation:

• Administrative Law and Public Sector – Clemens Gabriel
• Banking & Finance – Florian Kranebitter, Gregor Schett, Elisabeth Fischer-Schwarz
• Commercial, Corporate/M&A – Markus Fellner, Paul Luiki, Florian Kranebitter and Lukas Flener
• Dispute Resolution – Commercial Litigation – Markus Fellner and Gregor Schett
• EU and Competition – Markus Feller and Lukas Flener
• Employment – Kurt Wratzfeld
• Insolvency and Corporate Recovery – Florian Kranebitter, Stefan Sallat
• Public Procurement – Michael Hecht and Rudolf Christian Pekar
• Real Estate – Michael Hecht und Markus Kajaba

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Vienna, April 2020. The annual trend’s lawyer ranking showcases Austria’s most succesful law firms and the best 250 lawyers.  Also in 2020, fwp continues to excel thanks to its outstanding expertise and is listed in a number of categories.

Four of fwp’s partners were ranked within the top 10. Climbing once again to the top of the banking law experts category, Markus Fellner is the first lawyer ever to have been ranked first for the fifth time in a row. Trend further refers to Markus Fellner as also being perceived as a strong player in “Reorganisations, Insolvency” by the market and goes on to mentionthe CEE 2020 Deal of the Year award which fwp recently received for the restructuring of Steinhoff Group. Michael Hecht continues to be one of the best in public commercial law. Gregor Schett’s comprehensive expertise once again sets him apart in the field of investor law, and Paul Luiki this year again reaches for the silver medal in the category Eastern Europe. Josef Peer made it into the renonwed trend’s lawyer ranking for the first time and is ranked among the top 3 Austrian allrounders.

“Making it into trend’s lawyer ranking again is not only a symbol of great recognition but also a motivation for the entire fwp.TEAM to continue to develop the best solutions for our clients. I would like to congratulate Josef Peer in particular who has well deserved his position among the top 3 allrounders in Austria”, says Markus Fellner.

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