As a sponsor of this year's JUVE Award for Banking and Finance Law, our Director in Germany, Nicolai von Steinaecker, had the opportunity to talk to Goodwin Procter partners Marc Bohne and Winfried Carli.
Nicolai von Steinaecker (NS): Mr. Bohne, and Mr. Carli, congratulations on the nomination – the first in this category for Goodwin Procter. What is your gut feeling, Mr. Carli, will I be presenting you with the award on October 24?
Winfried Carli (WC): We were very pleased about the nomination, which is a great recognition of our work. But it's difficult for me to make a prediction. The field of nominated law firms is simply too heterogeneous, both in terms of professional focus and the size of the nominated law firms.
NS: That's right – from "full-service" law firms with expertise in the field of banking and finance to specialised boutiques to you as a US-founded law firm with a corresponding footprint, virtually everything is represented. You have been active on the market in Germany for less than ten years.
Marc Bohne (MB): That's right, less than eight years ago my colleagues Stephan Kock, Peter Junghänel and I opened the firm's first German office in Frankfurt. Then in 2022, we further expanded our presence in Germany with the opening of an office in Munich. Although we are represented at two locations, we see ourselves as a German practice. This has the advantage for us that we can recruit regardless of location and thus attract the best talent.
NS: What topics are you and your colleagues currently focusing on?
MB: As you have already noted, we are not a full-service law firm like some other competitors. At Goodwin Procter, we focus on five areas: Private Equity, Real Estate, Life Sciences, Technology and Financial Services. Within these business units, as we call them, we advise our clients comprehensively, innovatively and across locations, both nationally and internationally.
NS: What are you and your colleagues in the field of financial services and private equity particularly concerned about?
MB: On the one hand, certainly the topic of real estate financing. Our colleagues have recently frequently advised on the refinancing side and on restructurings. Since we were also involved in three of the ten largest real estate transactions last year, there was also a lot to do with new financing. For about six months now, we have also been seeing a significant revival in the market, so we are very optimistic about the future.
WC: In the area of private equity financing, we mainly advise on the sponsor side and have a solid market position there. For example, in the first half of 2024, we were also number 1 in the Finance Magazine ranking with a total of 16 financing transactions for private equity funds. More important than the mere number of transactions, however, is that they are also the right deals. Fortunately, we have many exciting and innovative transactions, where we can very often involve other offices and practice groups. Our focus on the sponsor side also has the advantage that the advice is more comprehensive. Especially at the interface to corporate or tax, we create additional added value for our clients and can get our colleagues on board.
NS: To what extent are topics such as technology and artificial intelligence relevant for your law firm?
WC: Our law firm has always been very technology-savvy, operating where "Capital Meets Innovation", we look for pragmatic, result-oriented solutions for our clients. Of course, we therefore use various AI programs that support our work. Artificial intelligence cannot yet perform miracles and can only be used to a limited extent in our consulting practice, as the legal issues involved in transactions are often too individual and complex. Apart from that, a program only plays back what was previously entered. For us, however, it is often a matter of judgment and risk assessments as part of an overall assessment - and for this, the experienced lawyer remains in demand.
NS: And what about sustainability issues, i.e. ESG? That's now dictated by the market, isn't it?
WC: Of course, there are now ESG components in about eight out of ten financing transactions, which means that the interest rate and thus the pricing is aligned with environmental, social, and responsible corporate governance parameters. In the beginning, ESG parameters were often a kind of seal of approval that was not questioned in more detail – it could be quickly "stamped". Today, ESG criteria are much more demanding and are more the focus of a transaction. On the other hand, it will be more difficult for companies that were ambitious early on and have already achieved a lot to make further progress.
MB: ESG issues have now covered almost the entire legal practice. In addition to the requirements in the fund sector, there are, for example, requirements in tenancy law – keyword green lease, in the construction of real estate about KfW funding, or in M&A transactions as part of ESG due diligence.
NS: One topic that has been on the minds of many of our in-house clients for some time is diversity and inclusion (D&I). How is it with you? This is certainly not a new topic for a US law firm, is it?
MB: Indeed, it's part of our DNA, so to speak. Every promotion is measured against D&I or diversity, equity, and inclusion criteria, although there are of course local differences. In Germany, for example, we as employers are not allowed to ask certain questions. Nevertheless, we in Germany, with our local affinity groups and the strong involvement in the firm-wide activities of our DEI department, are also part of our efforts for more diversity, inclusion, and equity (in the sense of equity). As German offices, we are signatories of the Diversity Charter and a member of German- and Europe-wide networks such as UHLALA. We pride ourselves on creating a working environment that allows the firm to develop where everyone can be their best selves. Concerning the compatibility of family and career, we monitor the development of our associates, for example, and make sure that the workload is evenly distributed. If there is a family or private desire for part-time or mobile work, we will try to find a way to comply with it.
WC: We are also convinced that diverse teams complement each other better and are more successful overall. In addition to relevant studies, we can also confirm this from our own experience.
NS: Absolutely – we at Laurence Simons know and live that too! Finally, a personal question: What do you like to do in your free time?
WC: I really enjoy spending time in the mountains – whether it's hiking or mountain biking, ideally with the family. My children are now at an age where they also take part in longer mountain tours. Music is also my passion, but unfortunately, I often lack the time and leisure for it.
MB: In addition to spending time with my family, which is very important to me, I also like to go skiing in the mountains. I am also very interested in art and use the offerings of Frankfurt's museums and galleries as often as possible.
NS: Mr. Carli, Mr. Bohne, thank you very much for the interview. I am looking forward to the "class reunion" with you and the other nominees!