Germany focus: Age of independence

At the beginning of the Covid-19 pandemic, German law firms found themselves wary of what the future might hold and prepared for the worst. However, 18 months later, most say their fears were unwarranted and several have reported 2021 to be their financially strongest to date. The success of the leading German independents amid a global crisis raises the question of how they have adapted to a pandemic-driven environment, and whether hierarchies in the market have shifted at all as a consequence.

Germany’s economy is currently on the road to recovery. According to the government, the GDP is expected to grow by 2.6% in 2021 after it took a 5% dip the previous year. While private consumption is mostly responsible for this rebound, manufacturers are struggling in light of global supply shortages, with producers unable to adapt to increased demands after 2020 saw a halt in consumer spending. However, this has not yet stopped the upwards trajectory of economic growth.