Gorrissen Federspiel | Annual Report 2023

Annual Report 2023

Gorrissen Federspiel | Annual Report 2023

Editors

Kasper Jessing, Line Byrfelt Grønlykke, Gorrissen Federspiel

Ann Hedahl (HeyKommunikation)

Layout and design

Denise Hennig, Gorrissen Federspiel

Photos

Kristian Holm, Rune Johansen, TRUX, Tuala Hjarnø, Jesper Skoubølling, Kasper Jessing, Gorrissen Federspiel

Press photos: ABO Wind, Grundfos, Stenbroens jurister

Printing

Knudtzon Graphic

Gorrissen Federspiel

Axel Towers

Axeltorv 2 1609 Copenhagen V

+45 33 41 41 41

Prismet

Silkeborgvej 2

8000 Aarhus C

+45 86 20 75 00

contact@gorrissenfederspiel.com gorrissenfederspiel.com

© March, 2024

Content

Geopolitical instability spilled over into the markets 4

The year 2023 in Gorrissen Federspiel 10

Financial highlights 12

Our organisation 14

New partners 16

“What drives me is making a difference to others” 18

Keeping up the momentum 21

Ready and set to go 22

Real Estate strengthened with several new partners and employees 26

“We want to be the most respected law firm in the Nordic region” 30

International profile to bring Gorrissen Federspiel even closer to clients and markets 34

Notable matters 36

Close-up: Grundfos 38

Spotlighting sustainability compliance in popular client seminars 42

A year of honours 44

Declaration of trust from our clients 46

AI and the future 50

Sustainability 52

Our CSR and sustainability initiatives 54

Sustainability report 56

Continued focus on diversity 66

New legal sound waves 70

Stenbroens Jurister: supporting free legal aid for vulnerable citizens 72

The best employees 75

GF Knowledge Journey provides an overview of continuing education 76

Nina brought along her passion for sports on secondment to Spain 78

Nicolaj gained experience in new practice areas and insight into Greenlandic culture 80

Meet our service team 84

Financial report 91

Geopolitical instability spilled over into the markets

2023 was marked by severe geopolitical crises. On European soil, the continued war in Ukraine after Russia’s invasion in 2022. And in the Middle East, the outbreak of a new war and crisis in the wake of Hamas’ attack on Israel on 7 October. On top of that, we have seen several humanitarian disasters caused by climate changes and earthquakes. Crises that have had a major impact on the global community and that have tested our sense of community and created an urgent and large-scale need for humanitarian aid.

The unpredictability of 2023 was again a reminder that our success as a law firm is inherently linked to stability in the community and the world in which we operate. CSR is a matter of high priority for us, and we will continue to act responsibly and maintain our commitment to sustainability, social responsibility and global solidarity.

Good activity

2023 picked up where 2022 left off. The geopolitical instability spilled over into the markets resulting in economic instability, rising prices and higher interest levels.

The first half of the year was very volatile in the corporate transactions market, and we saw a specific slowdown in the real estate market. At the same time, the demand for financial advisory services was on the rise. In the course of the year, we saw growing activity in the fields of tax litigation, construction law, competition law and energy, where we have gained a good grip on the market and very clearly feel the green transition unfolding.

As a result, a steadily rising share of our business revolves around renewables, including wind energy, solar energy and biogas. Promising new technologies such as CO₂ storage and 4G nuclear solutions play an ever-increasing role in our advisory work in the area of energy.

Our client portfolio consists mainly of many of Denmark’s largest companies – including clients in the life science sector where we saw an increase in demand for legal advice in 2023. It was our privilege to assist Novo Holdings in a number of investments and Chr. Hansen A/S in the landmark merger between Chr. Hansen and Novozymes.

Historically, we are strongly rooted in the Nordic region, and it is our vision to be the most re spected law firm in the Nordic region and the preferred choice for organisations operating in Denmark. In 2023, we assisted Swedish Telia with the sale of the company’s Danish operations to Norlys, and Finnish Kesko with the acquisition of 90% of the Danish DIY chain Davidsen. We also advised Cadeler A/S, a leading offshore wind energy provider specialising in the installation and maintenance of offshore wind turbines, on its acquisition of and merger with Eneti Inc. After the completion of the transaction, Cadeler A/S is dual-listed on the Oslo Stock Exchange and the New York Stock Exchange.

In the summer of 2023, the European Commission adopted the European Sustainability Reporting Standards (ESRS) aimed at sustainability reporting in the EU. In this context, we saw an increasing interest in and demand for ESG-related advice from our clients, and we expect that this trend will continue in the coming years when the overarching EU directive, CSRD, has been fully implemented.

Our strategy was pursued with determination We pursued our strategy, Momentum 2025, across the unpredictable landscape of 2023. To this end, we have invested in our business by adding new talent, expanding existing business areas and exploring new areas.

As a full-service law firm, we are continuously focused on improving our position to deliver tailored legal services to our clients. We strive to specialise further and maintain our relevance through profound sector knowledge.

In 2023, we strengthened our Real Estate group by welcoming new partners, first Steen Hellmann and, in the autumn, Sven Frode Frølund and Steen Puch Holm-Larsen and their team. In December, we promoted from within our own ranks Peter Ledager as new partner. Peter is based at our Aarhus office, where he will play an important role in the continued strategic development of the real estate area. Moreover, Peter will boost our presence and visibility in the western part of Denmark to the benefit of both present and future real estate clients in the region. With new partners on board and a larger team to power the business, our scope and international exposure in real estate have grown. In spite of the current economic slowdown in the market, we are expecting the measures taken to be reflected in an activity increase in the real estate area.

We also welcomed Jakob Krogsøe as partner in 2023. Jakob is one of Denmark’s leading lawyers in the tax litigation area. We have seen a growing demand in this area that is increasingly important to our clients.

Once again, we have grown in numbers. In 2023, we welcomed 32 new colleagues bringing the total number of employees to 580 at year end.

For the fourth year in a row, we were rated the leading law firm in Denmark in Kantar Sifo Prospera’s annual market survey, “Prospera Tier 1 Law Firm”. The market survey is based on in-depth interviews with 300 of Denmark’s largest companies. Naturally, this is a result we are very proud of. We will keep on doing our utmost to provide valuable legal advice to our clients and to live up to this acknowledgement.

Satisfactory results for the year

Although the market was challenging, revenue increased slightly more than expected, and the results for the year were therefore satisfactory. Our 2023 revenue reached DKK 1.052 billion corresponding to a growth of 6.7%. This slightly exceeds our expectations for the year and was realised on the back of a number of strategic initiatives, including investments in talent and in new business areas.

Outlook

There is every indication that 2024 will also be a volatile year for the global economy. However, in light of the instability in the present geopolitical landscape, it is impossible to say how the economy will react. By the same token, 2024 is a unique year as more than four billion voters around the world will go to the ballot box and cast their votes in elections, including the election to the European Parliament, several European presidential elections, the election to the Indian parliament and, last but not least, the US presidential election.

Although we can look forward to yet another unpredictable year, we are relatively optimistic about our firm’s progress. We hope and expect that the real estate market will normalise in the course of 2024. We have invested in our business by adding new talent and exploring new business areas, and we believe that our investments will not only strengthen us now but also serve to position us and provide a solid foundation for even greater successes ahead. We have a strong platform for future growth, and we expect continued positive progress across our business areas and continued increase in matter intake from new and existing clients. We expect continued growth in all our business areas, and we believe that our strategic initiatives will contribute to continued positive progress. From this perspective, we expect a growth in revenue of around 5%-6%.

Martin André Dittmer Managing Partner

Law students 56 Partners

82 Assistant attorneys 155 Staff 139 Attorneys 43 Senior legal counsels

Number of employees by the end of 2023

The year 2023 in Gorrissen Federspiel

Financial highlights

Also

for law firms, 2023 was an unpredictable year, as the year was characterised by geopolitical instability and turbulence in the financial markets, high price increases

and higher interest rates. Despite this, revenue landed a tad above DKK 1 billion, representing growth of 6.7%, a performance which we find satisfactory.

“2023 continued along the same path as 2022. The M&A transaction market was highly volatile, and the real estate market saw a slowdown. However, we saw an uptick in activity in other areas, including in new focus areas, and overall we end up with satisfactory results for the year. On the employee side, we also emerged stronger from the year in a number of strategic focus areas,” says Martin Leth Povlsen, CFO at Gorrissen Federspiel.

Higher

costs

Marketing activities normalised throughout 2022 and grew further in 2023, and in the course of the year we welcomed our clients and business partners to a wide range of events to present our perspective on hot topics.

“At Gorrissen Federspiel, our legal advice is based on 150 years’ accumulated expertise. We’re happy to share our knowledge when we host some hopefully valuable events

at our locations in Aarhus and Copenhagen. This focus resulted in slightly higher marke ting costs in 2023,” Martin Leth Povlsen says. Our headcount grew as we welcomed 32 new employees in 2023 in both legal and support functions. The number of attorneys rose significantly during the year – especially after so many assistant attorneys were admitted to the Bar in the autumn of 2023. This is another factor that impacted the level of costs.

Our costs related to social activities, where we came together for various employee events, are back at pre-Covid-19 levels. Spending time together around social activities is an important part of our firm’s DNA.

Progress despite wide uncertainty

On the back of 2022, when the war in Ukraine escalated, triggered an energy crisis and impacted our markets finan -

cially, we entered 2023 expecting another volatile and uncertain year. And so it was, but at the same time we observed an increasing demand for financial advice, tax advice and advice related to construction law, competition law and the energy area where we assist our clients with their ambitions in the green transition.

The best-run law firm

As part of our Momentum 2025 strategy, we have an ambition to be the best-run law firm. For us, this means adapting and developing the way we work and run our business to meet the ambitions and expectations of our employees, our clients and the world around us.

In 2023, we continued our focus on this part of the strategy, with compliance, IT security, digitisation and AI dominating the project portfolio. On the compliance side, we especially worked with the increasing complexity of GDPR, KYC, AML and CSRD. From

2025, we will be subject to the EU Corporate Sustainability Reporting Directive and will report according to the European Sustainability Reporting Standards (ESRS). Already in 2023, we started preparing for the new reporting requirements.

“Once again, our business services staff made an excellent contribution, which greatly supports our ambition to be the best-run law firm. We work every day to be closer to the business and to create solutions that make it easier for our lawyers to

deliver the highest quality to our clients. The contributions of the staff and the lawyers are inextricably intertwined when Prospera names Gorrissen Federspiel the top tier 1 law firm in Denmark for the fourth year on end,” Martin Leth Povlsen says.

”We work every day to be closer to the business and to create solutions that make it easier for our lawyers to deliver the highest quality to our clients.”

Some of the projects that dominated 2023 relate to how we serve our clients. We have worked systematically with our pitch process and client intake, bringing us closer to our clients to understand and support their needs as they evolve. We have also worked on regu-

latory issues, streamlining the billing process, implementing new internal systems that make our day-to-day work easier and more efficient and, not least, we have initiated a scan of the AI landscape. Our CFO has joined the Association of Danish Law Firms’ AI working group that will identify opportunities and challenges for the industry, and we are also testing various AI platforms, including Microsoft’s Copilot and a dedicated AI assistant designed for legal professionals. The CFO is optimistic about 2024 and the projects in the pipeline.

“We’ll be working on our values, which will be revised with the help and involvement of all employees. And then we’ll be pushing the AI agenda that has already started to affect our day-to-day work –for the better,” Martin Leth Povlsen concludes.

Our organisation

New board members

At the annual general meeting in 2023, partner Henriette Gernaa stepped down after serving five years on the board of directors. The partners’ meeting elected a new member to the board of directors: Jacob Skude Rasmussen, partner in the Dispute Resolution practice group (Copenhagen).

From 1 April 2023, the board of directors is made up of Niels Bang (chairman), Martin André Dittmer (Managing Partner), Anders Ørjan Jensen, Jacob Skude Rasmussen, Kenneth Kvistgaard-Aalholm and Lotte Eskesen.

Owners / partners*

Jakob Skaadstrup Andersen

Peter Appel

Niels Bang

Morten Berggreen

Morten Nybom Bethe

Lasse Skaarup Christensen

Anders Peter G. Christoffersen

Camilla C. Collet

Martin André Dittmer

Lotte Eskesen

Christoffer Fode

Mikkel Fritsch

Sven Frode Frølund

Søren Fogh

Henriette Gernaa

Tue Goldschmieding

Jacob Gunst

Thomas Maaberg Hansen

Steen Hellmann

Johan Casper Hennings

Søren Henriksen

Tina Herbing

Steen Puch Holm-Larsen

Bo Holse

Ole Horsfeldt

Morten Hans Jakobsen

Preben Jakobsen

Anders Ørjan Jensen

Michael Steen Jensen

Hans-Peter Jørgensen

Erik Kjær-Hansen

Louise Celia Korpela

Jakob Krogsøe

Kenneth Kvistgaard-Aaholm

Gitte Lansner

Alexander Troeltzsch Larsen

Jesper Avnborg Lentz

Tobias Linde

Michael Meyer

Erik Molin

Kenneth Hvelplund Pedersen

Rikke Schiøtt Petersen

Jacob Skude Rasmussen

Jacob Sand

Christian Halskov Sauer

Mikael Philip Schmidt

John Sommer Schmidt

Chantal Pernille Patel Simonsen

Niclas Holst Sonne

Søren Stæhr

Klaus Søgaard

David Telyas

Søren Høgh Thomsen

Charlotte Thorsen

Michael Wejp-Olsen

Henrik Saugmandsgaard Øe

Board of directors

Niels Bang, chairman

Martin André Dittmer, Managing Partner

Lotte Eskesen

Anders Ørjan Jensen

Kenneth Kvistgaard-Aaholm

Jacob Skude Rasmussen

Practice groups

Banking & Finance

Capital Markets

Compliance & Sustainability

Corporate Crime & Investigations

Corporate/Mergers & Acquisitions

Dispute Resolution

Economic Analysis

Environment

EU & Competition

FinTech

Foreign Direct Investments

International Construction & Engineering Projects

Internet of Things (IoT)

Labour & Employment

IP & Digital Business

Maritime Disputes

Marketing Law

Private Clients & Family Offices

Real Estate

Restructuring & Insolvency

Securities Litigation

Shipping/Offshore/Transportation

Sustainable Financing & Governance

Tax

Sector groups

Aircraft & Rolling Stock

Auditing & consultancy firms

Defence & Security

Energy & Infrastructure

Insurance & Reinsurance

Life Sciences

Media & Entertainment

Private Equity

Telecommunications

New partners

In 2023, we welcomed four new partners. In addition to Steen Hellmann and Jakob Krogsøe, who were announced in 2022, Steen Puch Holm-Larsen and Sven Frode Frølund also joined. They brought along a large team of employees. From within our own ranks, attorney Peter Ledager was promoted to partner in December, taking up his position on 1 January 2024. The partner appointments were made as part of the strategic focus on strengthening Real Estate and the tax litigation area and positioning Gorrissen Federspiel as Denmark's preferred adviser in these areas.

Peter Ledager (44 ), Real Estate

Peter Ledager graduated with a Master of Laws degree from Aarhus University in 2004 and joined Gorrissen Federspiel in 2010. Seven years later, he became a partner at the legal tech company Green Meadow, where his primary responsibility was to establish the company’s consulting business. He returned to Gorrissen Federspiel’s Aarhus office in 2021.

Peter Ledager advises on all aspects of real estate and specialises in commercial lease law, transactions, asset management, project development and construction law. Today, he mainly advises on transactions.

Steen Puch Holm-Larsen (54), Real

Estate

Steen Puch Holm-Larsen graduated as Master of Laws from the University of Copenhagen in 1997 and acquired a Master of Laws (LLM) from the University of Exeter in 2002. He started his career at BechBruun in 1998. After four years as a partner at Lundgrens, he returned to Bech-Bruun as a partner in 2014.

Steen Puch Holm-Larsen has a deep business understanding and extensive experience in all aspects of real estate transactions, financing and project development. He specialises in investments with focus on international M&A real estate, commercial real estate and hotels.

Sven Frode Frølund (41), Real Estate

Sven Frode Frølund graduated as Master of Laws from the University of Copenhagen in 2008. Subsequently, he acquired a Master of Laws (LLM) from the School of Law at Columbia University and passed the New York bar exam. He joined Bech-Bruun in 2004, first as a law student and then as an assistant attorney and attorney. In 2012, he took up a position as attorney with the

international law firm Simpson Thacher & Bartlett LLP before returning to Bech Bruun as a partner in 2018.

Sven Frode Frølund has many years of experience in international transactions.

Drawing on his extensive international network, Sven Frode Frølund advises major private equity funds and other institutional investors in M&A and real estate transactions.

“What drives me is making a difference to others”

Profile: Jacob Skude Rasmussen became a member of Gorrissen Federspiel’s board of directors at the beginning of 2023. His wish is to preserve the firm’s unique culture – and he hopes that Gorrissen Federspiel will contribute more to the public debate

Jacob Skude Rasmussen has always been in his element in cases with a sociopolitical angle at the intersection of law and politics. He has litigated a range of high-profile cases – including the Roskilde Bank case, which became inextricably linked with the financial crisis in Denmark, and the Dan Bunkering case, which involved the sale of oil to war zones. He also advised the Mink Commission.

“The large litigation and arbitration cases are professionally challenging, but there’s also a strong aspect of being close to critical and difficult decisions where the stakes are high. I like being close to our clients and making a difference in situations that are often very difficult for them. That’s what I’ve been striving for all my working life – and that’s why I’ve chosen to conduct financial crime cases, where the stakes are often even higher than in court and arbitration cases,” he says.

With a father who was a judge, Jacob was sure of one thing as a child: he did not want to be a lawyer. Nevertheless, he enrolled in law school after high school. With the self-imposed condition that he would definitely not become an attorney. Drawn to international politics, he began his career as a newly qualified lawyer in the Legal Service of the Danish Ministry of Foreign Affairs and worked for a time at the Danish Embassy in Bucharest. But it was the thought of working as an attorney that brought him to Gorrissen Federspiel, where he has since worked on dispute resolution in large and complex cases, often with a political angle. And now he is looking forward to leaving his mark on Gorrissen Federspiel through his work on the board of directors.

Focus on a meaningful working life

In his role as head of Dispute Resolution and Corporate Crime and Investigations, Jacob also has an eye for leadership and talent development. In Jacob Skude Rasmussen’s point of view, the current generation of attorneys is more demanding of management than previous generations. “This is largely because they want their work to be meaningful”, he says.

“As a leader, you need to be able to relate to the whole person to understand what motivates each person. This places greater demands on us as leaders, partly because it requires you to invest in your people, and partly because you as a leader need to be aware of what is meaningful to you. The ability to create a framework for a meaning ful working life is a critical element in attracting the best talent.”

According to Jacob, it is not difficult to identify things that are meaningful in his work as an attorney.

“Typically, our work means a lot to the client, and it’s not difficult to find meaning in what we do in a tangible way. The role of the attorney is also meaningful on a higher level, because as an attorney you play an important role in the society, you’re part of,” he says.

To him, working with the new generation of attorneys and assistant attorneys is extremely rewarding.

“We’re bringing some incredibly talented people into the firm who are also challenging existing practices. I think it’s beneficial for leaders to be challenged on their own approach to working life,” he says.

He also recognises that being a good leader is not just about taking the lead but about being empathetic, listening and giving people space. Otherwise, he believes, as a leader you cannot clearly show your people the way to what is meaningful to them.

Seeing himself as a culture bearer

Jacob’s acceptance of a seat on the board of directors is closely linked to his desire to make a difference to others.

“First and foremost, it’s my ambition to help preserve the culture we have at Gorrissen Federspiel, which I think is unique. Not because I think it’s under pressure, but as a board member I’m responsible for the culture and I’m a culture bearer. That’s my most important role,” says Jacob.

In his view, Gorrissen Federspiel’s culture is characterised by decency – a quality that he believes the firm is obliged to promote in all contexts. With the size of the firm comes an obligation to engage with the surrounding community. This is also an element of decency. As a result, his ambition is for the firm to be more prominent in the public debate, particularly in areas where lawyers have an important role to play, such as in relation to the rule of law.

Promoter of the diversity agenda

Jacob’s appointment to the board of directors means that there are now fewer women in the boardroom than there used to be. He is aware of this, but he has an important point that is also an ambition for his work on the board of directors:

“The most important thing is for management to be role models when it comes to equality and diversity. It’s even more important that we have leaders who want to drive the diversity agenda, rather than just counting how many men and women

are on the board of directors. I’d like to drive the diversity agenda forward,” he says.

He stresses that diversity is by no means a low priority at Gorrissen Federspiel, and it is very important to him that this focus is maintained. In fact, he believes that Gorrissen Federspiel is one of the law firms that has focused most on diversity over the years and has really helped to promote that agenda.

He also wants to broaden the agenda. The diversity debate is often focused on gender.

“To me, it’s broader than just gender, and I think it’s important that we as a firm are good at making sure that the diversity agenda encompasses more than just gender,” he explains.

As part of Gorrissen Federspiel’s efforts to leave a mark on society, Jacob Skude Rasmussen believes that it is important that the firm’s workforce reflects the surrounding community.

Looking forward to making his own mark

Jacob is no stranger to board work having served as both a board member and chairman of other boards. With the board position, he is looking forward to the opportunity to make an even greater impact on the firm than he has been able to so far.

“I’ll be happy if – in a few years’ time – I can look back and say that I’ve made a positive difference. In particular, that the things I value about the firm’s culture, such as decency and community, will become even more important,” he concludes.

• Qualified as an attorney in 2009. Obtained right of audience before the Danish High Courts in 2012 and right of audience before the Danish Supreme Court in 2017. He has been a partner at Gorrissen Federspiel since 2015.

• During his time at Gorrissen Federspiel, Jacob has conducted some of the largest, most complex and high-profile court and arbitration cases in Denmark on behalf of major financial institutions and international energy and shipping companies. He has also acted as defence counsel in major leading criminal cases.

• Jacob is a member of the Danish Bar and Law Society’s Procedural Law Committee and is a partner in the Dispute Resolution and the Corporate Crime & Investigations practice groups.

Jacob Skude Rasmussen

Keeping up the momentum

Ready and set to go

In spite of the economic standstill and geopolitical turmoil that characterised 2023, Gorrissen Federspiel reported a growth of almost 7%. Niels Bang, partner and chairman of the board, reflects on the factors contributing to results that exceeded expectations and on how employee development and AI will shape our firm in the near future.

Once again, the global economy was running at different speeds in 2023. Global growth came to 3.1%, while growth in Europe stood at 0.5%. Increasing interest rates and geopolitical instability brought about economic stagnation and uncertainty in the markets. Still, Gorrissen Federspiel recorded a growth rate of 6.7%. Niels Bang, partner and chairman of the board, highlights a number of factors contributing to the result.

“On the whole, we’ve managed to weather a year with no tailwind in the market. This was possible because of our reputation, our unique client base and the way we approach our clients. Equally important was also our employees’ dedicated efforts and teamwork. I see the results as an expression of the strength of Gorrissen Federspiel’s foundation.”

As a law firm, Gorrissen Federspiel’s foundation is professional specialisation and sector focus founded on profound market knowledge.

“We’re constantly striving to strengthen our profile enabling us to provide to our clients the services that best meet their specific needs. Therefore, we’re also constantly looking at ways to further strengthen the depth of our expertise. In 2023, we enhanced our Real Estate group bringing on board several new internal

and external partners. Similarly, we expanded our tax team in the field of tax litigation.”

“While we generally saw a cautious market in 2023, we strengthened our team and stepped up our specialised focus because we take a long-term view. We’re all set and ready for 2024 – both if the market continues to be cautious, and we’ll have to fight a little harder, but also if lower interest rates should accelerate activity in the transaction market,” Niels Bang says.

“2024 will probably be the year when central banks start lowering interest rates unless major surprises in inflation emerge. Most people are expecting a gradual lowering of interest rates in the second half of the year – unless labour markets weaken significantly, and this’ll in all probability mean higher activity for us.”

See the world through the client’s eyes

In August 2022, Gorrissen Federspiel launched a new strategy, “Momentum 2025”, featuring four key themes, one of which is to focus further on our clients’ world. During 2023, our efforts were primarily aimed at further strengthening our business insights and industry knowledge.

“We’ve always been close to our clients, and we value long-term, close relations that in our view bring the greatest value to both parties. We advise many major Danish organisations that we know inside out. Therefore, we’re well positioned to provide the assistance needed,” Niels Bang says, and he elaborates:

“But it’s important that we keep moving forward every day. That we pick up the phone and call the client when there’s new market knowledge to share. When new rules are introduced that we know will have an impact on the client’s business. When transaction possibilities arise or we spot optimisation opportunities for a client. The only way to provide the best possible advice is – first and foremost – by putting ourselves in the clients’ shoes. That’s essential to keep our fantastic clients.”

”It’s positive that so many of our employees go abroad to improve their skills. In this way, they strengthen many of the skills that we focus on in our strategy.”

”We’re convinced that with continued investments in AI technology and constant focus on integrating AI into our workflows, we’ll be able to create valuable and innovative solutions to the benefit of both our clients and our firm.”

Niels Bang knows that a new strategy alone does not suffice to bring about changes: “It’s all about constantly moving a little ahead and incorporating the strategy into everyday life. Then the pieces gradually fall into place. Fortunately, our employees are very good at coming up with new ideas and challenging the way we do things. To turn the strategy into actual action.”

“Looking forward to coming home”

There are at least 580 good reasons why Gorrissen Federspiel succeeds as a firm every day. That is the number of different personalities we have in our firm. And the chairman does not have a shred of doubt that the employees play an immense part in Gorrissen Federspiel’s success.

At Gorrissen Federspiel, international outlook has been a core value throughout the firm’s over 150-year history. Against this backdrop, many of our employees go abroad every year to study or on secondment with a company or a foreign law firm. In the early days of his career at Gorrissen Federspiel, Niels Bang also went abroad several times. He started out on secondment to a law firm in Paris, later on he worked at the EU Court of Justice in Luxembourg and finally with the New York Bar Association.

“It’s positive that so many of our employees go abroad to improve their skills. In this way, they strengthen many of the skills that we focus on in our strategy.”

At Gorrissen Federspiel, we have the philosophy that dedicated work pays off, shapes trustworthy advisers and creates great career opportunities – within or outside of the profession. And there is one thing in particular that brings a smile to the chairman’s face.

“It’s only natural that some of our young lawyers leave for good positions in the world of business – often with a client. But quite a few end up coming back to us. Often with even sharper sector focus, deeper business insight and an even better understanding of our clients’ organisations and stakeholders,” he says and continues:

“When you’ve grown up with us, it’s something that’s typically deeply rooted in you. Several times I’ve heard returning employees say they’re looking forward to coming home. For us, it’s more about belonging and affinity than retaining people. Therefore, it makes me happy when we as a firm succeed in creating such strong bonds with our employees.”

From clever companion to vast opportunities While human knowledge, wisdom and intuition still are superior to artificial intelligence, AI is on the verge of revolutionising ‘business as usual’. The legal sector is no exception. In 2023, Gorrissen Federspiel took the first steps towards integrating AI technology. A dedicated AI task force, consisting of support staff, lawyers and partners, was set up to identify and explore the opportunities and challenges that AI presents.

While we have been getting the fundamentals in place in terms of policies and training for our employees to ensure that AI is used in a responsible manner, we have started implementing AI. In 2023, we tested both Microsoft’s Copilot and an AI assistant designed for legal professionals that answers complex legal questions and optimises workflows. The chairman has no doubts about the potential of AI in the legal sector.

“The possibilities are vast. Right now, it’s a clever companion that sometimes is far from the mark but at other times is spot on. When we use AI, we add new perspectives and angles to our work,” Niels Bang says.

At Gorrissen Federspiel, we expect that AI will play a significant role in our future work.

“We’ve already seen how everyday life gets easier with AI allowing us to provide even better and more efficient advisory services to our clients. We’re convinced that with continued investments in AI technology and constant focus on integrating AI into our workflows, we’ll be able to create valuable and innovative solutions to the benefit of both our clients and our firm,” Niels Bang concludes.

Real Estate strengthened with several new partners and employees

Gorrissen Federspiel must be able to compete with the largest competitors in the real estate sector and become more prominent in the real estate market. With several new partners and employees joining us in 2023, we are even better positioned to handle cases in all areas of the spectrum – both nationally and internationally.

January was only a few days old when Steen Hellmann was admitted as a new partner in the Real Estate practice group in Copenhagen. The admission was the first significant strengthening of the Real Estate practice group this year.

“Steen’s strength and experience in construction and consulting law is widely recognised. He is one of the country’s absolute leaders in his field and will be an important asset in developing our advice and business in Real Estate, an area in which we have great ambitions,” says Managing Partner Martin André Dittmer about the new partner.

Jesper Avnborg Lentz, partner in the Real Estate practice group, adds:

“Client needs are constantly changing and the complexity of businesses and large projects is ever increasing. This increases the demands on our advice and the need to always be able to provide clients with the best team of advisers in all practice areas. With Steen Hellmann on the team, we’re an important step closer to achieving this.”

Focus on a sharper profile

The underlying purpose of strengthening of the Real Estate practice group is an overall focus on sharpening Gorrissen Federspiel’s profile enabling us to offer our clients the best advice that meets their specific needs and challenges. This also means that we are constantly looking at how we can strengthen our specialisation.

“We work with a sector focus based on in-depth market knowledge. We believe this is the way to stay relevant and it gives us the best possibility of being proactive with our clients. This specialisation has meant that one of the key milestones for us in 2023 was to strengthen our Real Estate practice group,” says partner and chairman of the board Niels Bang.

In May, we announced that two new partners would be joining Gorrissen Federspiel’s Real Estate practice group. Steen Puch Holm-Larsen and Sven Frode Frølund officially started working for Gorrissen Federspiel in the autumn, supported by a team of ten people who decided to follow them to the new offices in Axel Towers.

“We know Steen and Sven Frode well, and our dialogue with them has confirmed that they share our val-

ues, our way of thinking and not least our ambitions for Gorrissen Federspiel’s Real Estate team. And with the arrival of Steen and Sven Frode, we’ll be in an even better position to further develop the team to the benefit of our clients and employees,” says Alexander Troeltzsch Larsen, partner in the Real Estate practice group, in connection with the arrival of the two new partners.

Partner Jesper Avnborg Lentz adds:

“Over the past few years, we have built a very good real estate practice with particular focus on project development and transactions. But we have an ambition to be even more prominent in the market. The arrival of Steen Puch Holm-Larsen and Sven Frode Frølund, whose network and client portfolio are an almost perfect match for our existing business, will bring us a big step closer.”

“It was necessary to recruit solid skills and more people from outside,” Managing Partner Martin André Dittmer told industry media AdvokatWatch:

“Our goal has been to lay the groundwork for an even broader and stronger team capable of competing with the largest real estate teams in the country, because it takes a long time to build such a team with talent from within the organisation. That’s what we normally do, but here we can speed up the process.”

Western Denmark strengthened by partner

At the end of the year, the admission of another Real Estate partner was announced. This time in the Aarhus office, which has geographical focus on serving clients and handling transactions in Western Denmark. The latest addition to the partner group is 44-year-old Peter Ledager, who, apart from a period as partner in a legal tech company, has been an assistant attorney and then an attorney at Gorrissen Federspiel. Peter made partner on 1 January 2024.

“With the new team in place and a strengthened international presence, we expect an increase in activity in terms of new clients and markets, despite the slowdown that has characterised the market,” says Niels Bang, chairman of the board.

Client event

9 January 2023, the auditorium at Axel Towers — The President of the Court of Justice of the European Union, Koen Lenaerts, was the main figure in the debate event 'Mending the Cracks in the EU's Rule of Law Foundation'. An event we organised in collaboration with Think Tank EUROPA. Lykke Friis, director of the think tank, moderated the debate.

“We want to be the most respected law firm in the

Nordic region”

Managing Partner Martin André Dittmer sets the course for Gorrissen Federspiel’s strategic work in 2024 and highlights the firm’s ambition to expand its unique specialist competencies. The vision is clear. Gorrissen Federspiel wants to be not only the leading law firm in Denmark, but also strives to become the most respected law firm in the Nordic region.

At a time when international circumstances and developments are creating new and complex legal challenges, the need for specialised expertise is more pressing than ever. Sanctions management. The military build-up. The green transition. All challenges that require a deep understanding of legal issues. At the same time, these challenges also present opportunities for our clients to strengthen their market positions, particularly in international markets.

Involvement in the global legal community

“We’re proud to be the preferred choice for many of Denmark’s largest and industryleading companies. Striving to be the most respected law firm in the Nordic region means being involved in the global legal community and being known as the preferred law firm at the gateway to the Nordic region. Our ongoing focus on maintaining good relations with other law firms abroad enables us to navigate international legal matters more smoothly and to better assist our clients when they operate in international markets or assist international clients when they operate in Denmark. This link plays a key role in our strategy, as it ensures that we can provide the best possible advice and service to our clients, wherever they operate. When, for instance, a large American law firm looks to the Nordic region for relevant advice for

its clients, the ambition is that Gorrissen Federspiel should be the first to come to mind as a relevant entry point,” Martin André Dittmer says.

Continuing internationalisation

“Gorrissen Federspiel operates in a highly competitive market. It is not enough to be recognised as a top Tier 1 law firm. You must constantly evolve with your clients and the market,” Martin André Dittmer says.

“In developing our current strategy, Momentum 2025, we’ve put a lot of effort into listening to our clients and their needs and expectations of us as advisers, and we continued to do so in 2023. This has given us valuable insights, and we’re now aligning our business accordingly. It’s vital for us to adapt to our clients’ needs and stay in tune with their plans and goals to ensure we can tailor relevant services and create long-term value for them,” Dittmer explains.

”We’re proud to be the preferred choice for many of Denmark’s largest and industry-leading companies.”

International outlook is an integral part of Gorrissen Federspiel’s DNA. We are used to operating internationally and we have many international clients and contacts. In 2023, Gorrissen Federspiel continued its expansion and exposure to more markets outside Denmark. Specifically, by admitting new, strong profiles with an international network to our Real Estate group as part of a strategic build-up. This has already resulted in a number of significant mandates from foreign law firms with whom we collaborate and from foreign clients with activities in the Nordic region. In 2023, Gorrissen Federspiel also won more mandates from Nordic companies investing in Denmark. Similarly, a capacity such as Henrik Saugmandsgaard Øe, former Advocate General at the Court of Justice of the European Union, attracts demand for advice from major international players in the tech world.

Globally anchored Gorrissen Federspiel’s has provided legal advice in Denmark and the Nordic region for more than 150 years. For decades, the firm’s lawyers and attorneys have guided our clients through turbulent times characterised by world wars, financial crises and a tsunami of new legislation from Danish and not least EU legislators.

“We carry on a Gorrissen Federspiel that stands on a strong foundation of rich history and accumulated experience. The international outlook has been part of the firm’s DNA since 1869 when the seeds of what Gorrissen Federspiel is today were planted. Our international perspective is an essential part of our identity and strategy,” Martin André Dittmer says.

The deep international roots were strengthened and nurtured in 2023 through a continued strong involvement in the international legal community. Not least through the IBA, the International Bar Association, in which many of Gorrissen Federspiel’s partners are involved. Martin André Dittmer holds a seat on the organisation’s Law Firm Management Committee. At this year’s conference in Paris, he participated in a panel discussion entitled Building the Law Firm of the Future

“We make it a priority to attend international events with the world’s leading law firms and legal organisations as we gain invaluable knowledge and cultivate and expand our network. In a digitalised world, face-to-face meetings and conversations are still invaluable. They pay off in the form of new collaborations, assignments and, not least, the exchange of knowledge about the movements in the international market in which we operate,” Martin André Dittmer explains.

”The international outlook has been part of the firm’s DNA since 1869 when the seeds of what Gorrissen Federspiel is today were planted. Our international perspective is an essential part of our identity and strategy.”

Nordic, German and English languages can often be heard in the corridors and meeting rooms at Gorrissen Federspiel. The client portfolio is becoming increasingly international, as is the employee mix. Further, Gorrissen Federspiel makes it a priority to invite international experts to challenge, inspire and educate through lectures and knowledge-sharing events.

In January, we hosted Koen Lenaerts, President of the Court of Justice of the European Union, at an event we organised together with Think Tank EUROPA on ‘Mending the Cracks in the EU’s Rule of Law Foundation’. And in May, we hosted Professor David B. Wilkins of Harvard Law School. In his presentation, Wilkins addressed the changes and dilemmas facing the role of General Counsel in a time of rapid change where, e.g., artificial intelligence, ESG, and ever-increasing regulation and soft law in all markets mean that the role presents new challenges and opportunities.

“By hosting profiles like Lenaerts and Wilkins, who are internationally recognised experts in their respective fields, we’re giving both employees and participating clients access to insight and knowledge from the very top. It’s an investment in our international outlook that will pay off in the form of a strengthened international position,” Martin André Dittmer explains.

Commitment to sharing knowledge

In 2024, clients and employees can also look forward to visits from hand-picked experts and researchers who come to share their knowledge. With more than 150 years’ accumulated knowledge and insight, Gorrissen Federspiel wants to share its expertise with the surrounding world.

“We’re more than happy to share this knowledge. We give guest lectures, produce podcasts, provide pro bono legal advice and contribute to public debate when we have expert insight in a field,” Martin André Dittmer says.

In 2023, our popular podcast ‘Entertainmentretten ’ (Entertainment law) was joined by the new sustainabilityfocused podcast ‘ESG-eksperterne ’ (The ESG Experts). And we became one of several partners in a third podcast ‘Energi til Fremtiden’ (Energy for the future) in which partners and attorneys from the Energy sector group contributed the legal aspects of issues related to the green transition.

The rule of law is very important to Gorrissen Federspiel. We have, for instance, previously supported the judicial think tank Justitia by having employees work pro bono for the think tank. In 2023, we partnered with Stenbroens Jurister (Street Lawyers) to support the operation of a newly opened office in Aarhus that provides free legal aid to vulnerable citizens.

“These are all good examples of how we can – and should – give something back to the society we are an active member of,” Dittmer says and he elaborates:

“My colleagues and I take great pleasure and professional pride and interest in sharing our knowledge with everyone from law students to clients and the media. We do this as invited external lecturers at Danish and international education programmes and conferences, and when the media asks us to act as an expert source. By increasing our visibility, we hope that Gorrissen Federspiel will become better known as a firm with more than the typical, perhaps somewhat unapproachable image that many law firms are associated with,” Martin André Dittmer says.

Gorrissen Federspiel’s Managing Partner took on a new role at the end of 2023 when he was appointed as the new chairman of the board of DI Rådgiverne, the Confederation of Danish Industries’ trade association for Danish consultancy firms. Here, he will, among other things, work on the conditions and position of consultancy firms in the market by strengthening the knowledge about the role of consultants in society, their knowledge and commitment in relation to lifting the green transition and securing the quality of talent on which the industry as a whole depends to best support the pillars of society.

“Not least, it’s about ensuring that the quality of university education is not compromised by the reform adopted by the government in 2023. As a nation, as an industry and as a law firm, we rely on attracting the best talent in an international landscape where competition for talent is fierce. I look forward to being – and we will be – actively involved in meeting this challenge at all levels – also in 2024,” Martin André Dittmer concludes.

Five quick questions to our Managing Partner

A professional highlight in 2023?

“The first thing that springs to mind is the merger between Chr. Hansen and Novozymes. Due to the scope and complexity of the merger, a lot of our people were involved. My team, EU & Competition Law, handled competition clearance. We succeeded following a process that was far from smooth and simple.”

A debut in 2023?

“I made my debut at Folkemødet, which is an annual Danish festival for democracy and dialogue. And actually even as a panellist, invited by IBM Denmark, in an exciting debate about AI. The other panellists were IBM’s Danish CEO Thomas Kovsted, CEO of Microsoft Danmark Mette Louise Kaagaard, the National Commissioner of Police Thorkild Fogde and CFO of FLSmidth Roland M. Andersen. Under the heading ‘Is it safe to use ChatGPT at work?’, we had an interesting discussion about the promising potential of AI – and the challenges that come with it. In fact, from a legal perspective, this is new territory on many levels. I’m already looking forward to more debates at Folkemødet in 2024.”

The best moments in 2023 outside Gorrissen Federspiel?

“The best moments are with my family. We’ve five girls between us, and even before we’ve actually started doing anything, there is never a dull moment.”

What are you looking forward to in 2024?

“Most of all, I’m looking forward to yet another year in the company of my wonderful colleagues, where together we’ll strive to honour the trust that our clients place in Gorrissen Federspiel. The company is in a strong position and I’m looking forward to continuing the execution of our strategy. There’s every indication of an unpredictable year ahead, and we must be ready to adjust and, above all, stay close to our clients and address their challenges and prospects. It’s essential for us to remain agile and responsive in a rapidly changing market. We can’t afford to stand still, and we won’t.

The development of AI and its use in the world of law is moving at incredible speeds, and we have to embrace it and turn it into a competitive advantage to provide even better services to our clients.”

Looking at the world, what could give you sleepless nights in 2024?

“There seems to be unprecedented instability in the world. Four billion people will go to the ballot box one way or the other in the course of 2024. Many of us are holding our breath. The outcome of these elections carries immense weight, potentially altering our way of life as we know it. For instance, if a new president in the White House would mean a decimation of NATO in the face of an increasingly aggressive Russia. And climate action halts because of failure to acknowledge the crisis. It’s very important to me that our children and grandchildren will have not only greater welfare but also greater safety and security, both when it comes to their personal safety but also in terms of the climate.”

International profile to bring Gorrissen Federspiel even closer to clients and markets

Profile: British Will Spencer joined Gorrissen Federspiel in 2020. As head of Strategy and Business Development, his mission is to bring the firm up to the level of the best international law firms. The way to achieve this is through closer client relationships and specialised interdisciplinary teams of advisers.

Business development has consistently been at the core of Will Spencer’s career. Throughout his professional life, he has worked to take recognised international law firms to the next level and win new business. For the past three years, he has been a business developer and strat-

egist in Gorrissen Federspiel’s Business Development department. The department assists the firm’s many lawyers in preparing detailed bids for tenders and helps build and strengthen the firm’s expertise in business development and client relations.

It is no coincidence that Will Spencer ended up in the legal profession. With five major international law firms on his CV, he has been in the industry since his student days. First at internationally renowned Herbert Smith, where he took part in the firm’s two-year graduate programme in marketing and business development, which included a six-month secondment to the firm’s Hong Kong office. He subsequently

worked at other major international law firms, including Eversheds, Mayer Brown, Linklaters and Bird & Bird. This has given him extensive experience in business development and consulting in the legal profession. Although business development is his profession, the legal world is very important to him:

“I’m just as interested in the development of the legal profession as I am in my role of business developer. I believe this is an advantage when it comes to moving the firm forward and making a difference,” says Will Spencer.

Ambitions to take Gorrissen Federspiel to the next level

Will Spencer is married to a Dane and met his wife in London, where they were both working. This meeting led them to Denmark, where he had ambitions to use his experience within strategy, management and business development in a new way and quickly set his sights on Gorrissen Federspiel.

“I’ve never worked for one of the top independent law firms in Europe, and I saw Gorrissen Federspiel as an ambitious and forward-looking law firm with a keen eye for what is happening in the market. It was therefore an interesting challenge

for me to use my experience to strategically develop Gorrissen Federspiel and help move the firm forward,” he says.

The first task was to streamline and professionalise the tendering process. It soon became clear that there was a lot to be gained by creating a centralised function to support lawyers in making bids and proposals based on client needs.

“It’s not just about making it easier for our lawyers to sell, but also about marketing our expertise in a way that makes it easier for our clients to make the right decision,” says Will Spencer.

New strategy puts clients first

The strong client focus is reflected in Gorrissen Federspiel’s current strategy –Momentum 2025 – a strategy that Will Spencer has been instrumental in shaping. One of the pillars of the strategy is ‘clients first’, which is about understanding our clients, their business and the markets in which they operate.

“For our lawyers, it’s about adopting effective client-first habits. It’s about paying attention to what’s important to our clients. For my team, it’s about putting in place tools, processes and skills that support lawyers’ business development efforts. A good example of this is bids, where we are currently working on an even stronger focus on client reality,” explains the head of Business Development.

“Clients’ needs are no longer limited to legal advice. Their markets are changing, their plans are changing, their challenges are changing. This is something Gorrissen Federspiel as a legal adviser needs to be aware of in a rapidly changing world”, he believes.

“We need to make the most of our advantage as a full-service law firm. We can advise on complex issues that lie at the intersection of markets, sectors and areas of law. ESG and AI are good examples. These are areas that cover many different legal and business angles and Gorrissen Federspiel is

uniquely positioned to deliver,” says Will Spencer.

Strong sector focus central to strategy

Will Spencer has contributed to the current strategy by adding a strong sector focus, which has an impact on how Gorrissen Federspiel approaches the market.

The role of the general counsel in the client’s organisation has changed and continues to change. They advise not only on complex legal issues, but also on a wide range of challenging business dilemmas related to the social, political, economic, environmental and technological environment in which they operate. The new environment requires them to have an even broader understanding of the business and the market in which they operate. This places greater demands on Gorrissen Federspiel as a trusted adviser.

“We meet these demands by organising our practice groups according to the sectors in which

our clients operate. Gorrissen Federspiel has an excellent reputation in several sectors, not least shipping and finance, where we play a prominent role not only in Denmark and the Nordic countries, but also internationally. By having a stronger sector focus, we can use this experience to the benefit of our clients and develop our services to meet their ongoing needs. This is an important strategic move to strengthen Gorrissen Federspiel,” Spencer adds.

Will Spencer

• Will is head of Gorrissen Federspiel’s Business Development team. He has spent the last 20 years working with marketing, business development and client relations teams at some of the largest international law firms.

• Will joined Gorrissen Federspiel in 2020. In his role, he is tasked with ensuring that Gorrissen Federspiel remains close to its clients and their business agendas and continues to deliver relevant proposals that create value and support long-term client relationships.

Notable matters

Gorrissen Federspiel advises Danish and international clients on highly complex matters. Being one of Denmark’s largest law firms, we deliver high-quality advice with short response times because our lawyers are among the most specialised and experienced in the country, and we always select the best team across practice areas to solve the task at hand. 2023 was no exception when it comes to high-profile matters. Here is a selection of the published matters on which we acted as trusted advisers.

Salling Group

In connection with the German supermarket chain Aldi’s exit from the Danish market, we advised Salling Group A/S on the acquisition of a number of Aldi stores. The deal is notable as it strengthens Salling Group’s presence in the highly competitive Danish convenience store market.

Grundfos

Grundfos Holding A/S, one of the world’s leading companies in pump and water solutions, signed a corporate PPA (Power Purchase Agreement) with German ABO Wind for the supply of renewable energy from a Finnish wind farm. The agreement will enable Grundfos to meet its Scope 1 and 2 targets as early as 2025. Read more about the matter on the following pages.

Novozymes and Chr. Hansen

The work in connection with the merger between Novozymes and Chr. Hansen continued in 2023, including providing advice in connection with Chr. Hansen’s divestment of its lactase enzyme business to Kerry Group plc as part of the competition authorities’ approval of the merger. The merger has now been approved and the combined company, Novonesis, became a reality at the end of January 2024.

Novo Holdings

We advised life science investor Novo Holdings on a number of transactions, including investments in the Danish biotech companies Commit Biologics ApS, Draupnir ApS and Evosep ApS. We also assisted Novo Holdings with financing rounds in Hemab Therapeutics, Bactolife A/S, NMD Pharma A/S and LimmaTech Biologics AG.

Kesko

We advised Finnish Kesko Corporation on the acquisition of the family-owned Danish DIY chain Davidsen. The transaction marks Kesko’s entry into the Danish DIY market with its substantial annual revenue of EUR 5.7 billion – one and a half times the size of the corresponding market in Finland.

Bellakvarter

We advised the Danish company Bellakvarter A/S in connection with the sale of two large properties in Bellakvarter, which is part of Ørestaden, to Caisse des Dépôts et Consignations, the investment arm of the French state. The transaction was notable in that it was Caisse des Dépôts et Consignations’ first transaction in Denmark and took place in a property market generally characterised by some uncertainty.

Novo Nordisk

We advised Novo Nordisk on the acquisition of filling operations for approximately DKK 76 billion as part of Novo Holding’s acquisition of Catalent, a leading listed US CDMO. The acquisition, which is Novo Nordisk’s largest to date, will enable Novo to gradually expand filling capacity from 2026 onwards. We also advised Novo Nordisk on the acquisition of Embark Biotech’s metabolism programme. Novo Nordisk also entered a three-year research and development collaboration with the sellers to develop new medicines for obesity and related conditions.

Cadeler

We advised Cadeler A/S, a Danish company specialising in the offshore wind industry with installation services and marine and engineering services, on its takeover bid for and merger with Eneti Inc. The combined company will continue to operate under the Cadeler name and with Cadeler’s existing management team and will be dual listed on the Oslo Stock Exchange and the New York Stock Exchange upon completion of the transaction. Through strong synergies, this strategically important transaction is expected to enhance Cadeler’s ability to meet the growing global demand for large-scale offshore wind projects that support the green transition. The transaction is a further step in several years of advising Cadeler on its impressive growth journey since its IPO on the Oslo Stock Exchange in 2020.

Matas

We advised Matas on the acquisition of KICKS Group AB, a leading Swedish beauty retail chain offering a full-service concept of make-up, fragrances and professional skincare and haircare products, from Axel Johnson AB. The transaction value of approximately DKK 700 million is significant for Matas as the chain almost doubles in size and becomes a leader in the Nordic beauty and wellness sector.

NKT

We advised a banking syndicate consisting of Danske Bank, J.P. Morgan and Nordea (as joint global coordinators and joint bookrunners), SEB and Nykredit (as joint lead managers) in connection with a rights issue of 10,744,009 new shares with pre-emptive rights for existing shareholders in NKT A/S, a Danish listed company that manufactures and supplies cables to the international energy sector.

Telia

We advised Swedish-listed multinational telecommunications company Telia Company AB on the sale of its Danish operations and mobile network to Norlys, Denmark’s largest integrated energy and telecommunications company. The transaction was valued at EUR 840 million and was notable for the sale of one of the largest mobile networks in Denmark and for marking Telia’s exit from the Danish market.

Close-up: Grundfos

In 2023, attorney Hans Amsinck and partner Christian Halskov Sauer assisted Grundfos with advice on and negotiation of a power purchase agreement. Lead Project Manager Klaus E. Christensen was part of the internal task group for the project at Grundfos. Below, the parties recount the process.

The Danish company Grundfos is a pioneer in solving the world’s water and climate challenges. As a leading global pump and water solutions company, Grundfos is committed to respecting, protecting and promoting the flow of water by offering energy and water efficient solutions and systems for a wide range of applications in water supply, the manufacturing industry and buildings.

In 2023, Grundfos entered a partnership with German ABO Wind, which means that Grundfos will purchase energy from a wind farm in Haapajärvi, Finland, for the next ten years, thus achieving one of its most important sustainability targets. The agreement required a thoroughly prepared PPA, with which Gorrissen Federspiel assisted.

The wind farm in Finland will be commissioned in the spring of 2024 and the agreement will enter into force during the summer.

Grundfos met ambitious sustainability target with thoroughly prepared PPA

In 2023, Grundfos announced a partnership with ABO Wind, one of Germany’s largest producers of renewable energy. The partnership means that 80% of Grundfos’ European power consumption will be sourced from renewable energy. Gorrissen Federspiel assisted Grundfos with advice on and negotiating and drafting of a PPA - Power Purchase Agreement. The agreement means that Grundfos will meet its CO₂ targets already in 2025.

An ambitious sustainability strategy

In 2007, Grundfos formulated a target to never emit more CO₂ than it did in 2008, despite annual growth in activity. The international pump company with roots in Bjerringbro, Denmark, has therefore worked consistently over the years with energy efficiency measures and emission reduction. In 2023, Grundfos decided to join the Science Based Targets Initiative, SBTi, organised by the UN Global Compact, WWF, CDP and WRI, among others. The initiative focuses on close collaboration between companies and climate experts to ensure that the company’s climate targets are aligned with climate science and the goals of the Paris Agreement.

KLAUS E. CHRISTENSEN (Grundfos): “Since 2008, we’ve had a downward curve in energy consumption while growing our business. We’re proud of that. But we had also reached a point where it made sense to take the next big step and look at how we could make our existing energy consumption greener. Therefore, we had our emissions targets validated by the SBTi in 2022. This means that Grundfos has committed to reducing its Scope 1 and 2 emissions by 50% before 2030 and being net zero in 2050, meaning that the company’s total emissions must be reduced by at least 90% by this time. That’s why we looked at renewables and the opportunity to go out into the market and find a partner where we could actually have a positive impact on the demand for renewable energy. We wanted to add more green energy rather than just buying old renewable energy certificates from, for example, water turbines in Norway that have been running for 20 years. It was very important for us to make a positive difference for the climate by pushing that agenda.”

Finding a good partner through tendering

When a company wants to make its power consumption greener, there are several ways to go about it. One option is a Power Purchase Agreement (PPA), where the company enters into an agreement directly with the developer of a renewable energy project. Grundfos decided to find a partner that would match Grundfos’ needs and ambitions through a buyer tender.

HANS AMSINCK (Gorrissen Federspiel): “For a very long time, a lot of renewable energy was supported by government subsidies, but today project developers need a different kind of long-term security so that banks will finance the project and the developer can be reassured in its business case.

Grundfos was therefore an attractive partner for potential project developers because Grundfos could provide stable cash flows for the project. By committing to a PPA, Grundfos has contributed to the expansion of renewable energy, which effectively reduces CO₂.”

KLAUS E. CHRISTENSEN: “It was an important principle for us that no state aid money was part of the project we wanted to commit to. It had to be strictly privately funded. We have a strong environmental profile and want to be best in class on energy-efficient pumps. Then we also have to take the lead as a company.”

A company-wide project

The project started as an environmental project, but as the environmental department at Grundfos worked its way into the project, it became clear that several key people at Grundfos needed to be involved, including the in-house legal department, Procurement, Finance and Sustainability.

KLAUS E. CHRISTENSEN: “We spent a long time selecting the team and understanding everyone’s needs. Corporate PPAs are a relatively new market that has emerged in the last few years, and we didn’t know much about it. That’s why our in-house legal department recommended reaching out to Gorrissen Federspiel, and it turned out to be a very wise move. I was very surprised by the level of market insight they have, which goes beyond the legal aspect. This adds enormous value to the project.”

HANS AMSINCK: “In projects like this, there’s a lot of internal learning for the company. It typically originates from one place in the company, but as the project becomes more specific, you realise that there are more angles to the project that need to be considered. It’s a complex agreement that will be in force for many years, so it’s important to look at the whole picture. And then it becomes a project involving many departments across the organisation. It’s important to consider the different interests and views so that all stakeholders are comfortable with the agreement. I think they handled that well at Grundfos.”

Comprehensive term sheet Grundfos’ own thorough preliminary work made it easier for Gorrissen Federspiel to get involved at the term sheet stage. In this stage, the key commercial and legal terms of a final agreement are defined. For both parties, the non-binding alignment of expectations that the parties share the same goals for the project is a great advantage.

HANS AMSINCK: “We had a good, constructive process with the counterparty around the term sheet. It was equal parts negotiation with ABO Wind and internal clarification processes. We sat down together and went through the terms, making sure everyone understood and agreed with the content. Through close cooperation and status meetings, we were able to highlight all sides of the project and clarify what needed to be considered. This meant that everyone was comfortable when we got to the final checks that came just before the actual negotiations on the PPA.”

KLAUS E. CHRISTENSEN: “There are a lot of details in an agreement like this. Therefore, it has been of great value to us to have a partner who knows what we need to consider. It was important for us that, in the event of plant failures, we would receive replacement certificates from farms that produce under the same conditions as the farm we had invested in, so that we could continue to include them in the sustainability reports. We also wanted the exclusive right to negotiate on the project.”

HANS AMSINCK: “It’s worth spending time on a good term sheet before negotiating a full agreement, because otherwise you could find yourself in a situation later in the process where there’s disagreement on a key point that might be a deal breaker for one of the parties and then the project falls apart. This causes frustrations and is a waste of resources.”

“Grundfos is the first water solutions company to have its 2050 Net-zero Target validated by the Science Based Targets initiative, including a commitment to reduce our Scope 1 and 2 emissions by 50% before 2030. This PPA is a key enabler to achieve the 50% carbon emission reduction from our operations already in 2025. Entering a PPA is a highly complex transaction. As we are taking on a long-term, 10-year commitment with significant environmental, legal and financial implications, it was highly important that we onboarded the necessary expertise for the transaction. Our cooperation with Gorrissen Federspiel has been outstanding and their professional approach, indepth knowledge and experience in the area were key factors in the success of the project.”

Károly Gábor Nyári Vice President, Group FP&A, Grundfos

Advice and positioning in the negotiations

The negotiations on the PPA went on for more than a year. From the initial negotiations on the term sheet to the final negotiations and signing of the agreement. Here, the parties sat around the table in Bjerringbro to finalise the details of the commercial agreement.

HANS AMSINCK: “When we negotiate, our starting point is always to ‘expand the pie’. One of the ways we do this is by understanding the concerns or demands of the client and the other party. Often, it turns out that a position on a term that you disagree on is rooted in something else, and we can find a solution that satisfies both parties. In this way, we found many good paths through the negotiations, and this is also based on trust. It’s not just about making compromises when negotiating with the other party, but also about getting behind their position and understanding the reasons behind what they want.”

KLAUS E. CHRISTENSEN: “It was important for Grundfos to be both respectful in our approach and loyal to our counterparty in the negotiations. That is, we were also loyal to the term sheet. We didn’t want to be in a situation where we deviated from what we had previously said or promised, and it was important to us from the very beginning that it was a good deal for both parties. We also saw this respect in Gorrissen Federspiel’s approach.”

HANS AMSINCK: “At Gorrissen Federspiel, we emphasise the importance of a pleasant working relationship and that the client feels well served. Throughout the process with Grundfos, we have therefore focused on putting ourselves in their shoes and understanding what drove them in the PPA project so that we could bring value to the project. They need to feel that they have someone on board who understands their business and is genuinely interested in the relationship.”

Cooperation based on openness and trust

Throughout the PPA negotiations, there was a constant focus on making sure everyone understood the terms, details and implications of the complex agreement. It is in everyone’s interest that the agreement is clear and understandable so that no disagreements arise during the contract period that would not be productive for the partnership.

KLAUS E. CHRISTENSEN: “Drafting a PPA is an incredibly complex process. Hans has been able to communicate this to us in the best possible way. Today, I can explain almost everything in the contract we negotiated and what it means for the organisation. This is important because it ensures internal peace of mind and security. It’s really important to choose your advisers carefully. It doesn’t take many detours for a project like this to fail and that’s where having the right advisers is essential. It’s an important contract.”

HANS AMSINCK: “We do a lot of PPAs and know the usual market standards and what to look out for. It can go both right and wrong when working with prices in a complex power market that no one can predict. A PPA should reflect the interests of all stakeholders. That’s why we make it a point to always be aware of the challenges, explain them and address any concerns in the organisation so that everyone is on board.”

KLAUS E. CHRISTENSEN: “I’m very pleased about our cooperation with Gorrissen Federspiel on the project. It has made a big difference and has been a key factor in being successful with the project. Gorrissen Federspiel brings weight in the form of industry knowledge and professionalism, which helps create credibility with the counterparty and internal stakeholders."

“For many companies, entering into a corporate Power Purchase Agreement is a daunting task, as most companies have limited experience in this area, combined with the fact that the agreement has a high contract value and often runs for ten years. A key element of a successful process is that early in the process we, as advisers, are integrated into the team that the company has assigned to the task.

Grundfos put together a very competent project team with specialists from Legal, Finance, Procurement and Sustainability, where we were involved early in the process and were able to support the project team with our experience and legal expertise in the field.”

Christian Halskov Sauer Partner, head of Energy

The year in Energy

The energy sector is in a constant state of regulatory, commercial and technical change, which places high demands on advice in the area to keep up with the constant development. At the same time, energy transactions or projects are often highly complex matters. In 2023, Gorrissen Federspiel therefore focused on expanding our specialist competencies and industry knowledge across the energy sector to match our clients’ needs for highly specialised advice. At the same time, we have established an energy sector group with people from across our organisation. This means that our clients meet advisers who combine deep professional knowledge with industry expertise in the energy sector.

Spotlighting sustainability compliance in popular client seminars

Many clients have come to the auditorium on the third floor of Gorrissen Federspiel’s offices in Axel Towers. They have been invited to a seminar on the hot topic in the business community: ESG and corporate sustainability. The speaker is one of Gorrissen Federspiel’s leading specialists in strategic compliance and sustainability requirements and head of Gorrissen Federspiel’s Compliance & Sustainability practice group partner Camilla C. Collet.

‘Sustainability at Work’ is a series of seminars on various ESG topics such as sustainable finance, climate litigation and corporate sustainability. Gorrissen Federspiel’s ambition with the five client seminars is to prepare the clients for the challenges that are just around the corner: to become compliant with the directives and regulations that are currently flooding in from the EU and to handle the sustainability-related transactions and matters that are the new normal for the clients.

Sustainability Overview

Increasing demand for advice on sustainability Gorrissen Federspiel assists clients on a daily basis with the new ESG requirements and sustainability standards as well as sustainability in a broad sense. Camilla C. Collet expects the demand for advice to increase significantly:

“There’s no doubt that lawyers will have a much bigger role in relation to ESG and sustainability than they have had in the past because of new directives from the

• Every year, Gorrissen Federspiel publishes the report Sustainability Overview, which covers the Danish OMXC25 companies and identifies significant trends in corporate governance and sustainability reporting.

• The report is a useful benchmarking tool that may provide inspiration for best practices in dealing with sustainability requirements.

The report is available at gflegal.org/so23

EU. Two in particular will have implications: the EU’s Corporate Sustainability Reporting Directive (CSRD), which was adopted in 2021 and now is being implemented in Denmark, and the Corporate Sustainability Due Diligence Directive (CSDDD), which is currently being negotiated at EU level,” the ESG specialist explains.

While the CSRD places high demands on corporate sustainability reporting, the CSDDD is, in brief, about how companies deal with direct and indirect adverse impacts on human rights and the environment.

Much more than just the environment

Sustainability has gained a reputation as ‘the green element’ but it is much broader than that. The CSDDD, for instance, has two legs: the environment and human rights. Sustainability is equally about working conditions and anticorruption. Camilla explains:

“CSDDD is going to have a bigger impact on many more aspects of a company than you would think. Companies will, for instance, have to check that local production conditions are up to standard and that production does not violate the rights of indigenous peoples and human rights. Therefore, it’ll also have an impact on the drafting of contracts, for example.”

The new Due Diligence Directive is one of the cornerstones of the EU’s ESG efforts and it will be extremely resource-intensive for companies. It is an extensive and time-consuming process to map out what the company is already doing and where they need to focus their efforts. Camilla recommends organisations to get started already now to ensure that they are compliant ahead of the deadlines.

Increased focus on governance

The G in ESG, governance, was also on the agenda at the client seminars. There are proposals to regulate the duties of board members in relation to ESG, which would mean that board members would have to consider the impact of their decisions on sustainability issues.

“When investors and other stakeholders make demands, boards are put under pressure. Therefore, boards need to consider how to incorporate the strategic aspect and make sure they have a framework that promotes efficiency, transparency and responsibility in the way the board makes decisions,” says Camilla Collet.

Every year, Gorrissen Federspiel publishes the report Sustainability Overview, which provides an overview of sustain-

ability-relevant governance trends in Danish C25 companies and which may be used as inspiration and a benchmark, as many of the firm’s clients already do.

More lawyers will be trained in sustainability

The ESG agenda will involve many departments across the clients’ organisations. The client seminars are evidence of this. Many of the rules coming from the EU are complex, and Gorrissen Federspiel has an important task in interpreting these rules. The new rules will also require organisations to look at their contracts and value chains.

In the coming years, we will therefore be training all our lawyers in sustainability so that they can help clients identify relevant sustain-

ability issues in areas of law other than their own. The topic has already become part of Gorrissen Federspiel’s extensive internal course catalogue, the GF Knowledge Journey, which aims to enable employees to understand clients’ specific needs and their business.

ESG in every corner of the company

Camilla C. Collet has no doubt that the Sustainability at Work seminars have been of great value to the clients.

“The firm’s practice groups such as IP & Digital Business, Real Estate and Labour & Employment match the different departments in the clients’ organisations, and therefore it has been valuable for both us and the clients to have seminars with different angles on ESG. This has meant that the client’s

Camilla C. Collet

• Partner at Gorrissen Federspiel since 2008.

• With a background in Corporate/Mergers & Acquisitions for 25 years and Compliance & Sustainability for the last ten years, Camilla has strong commercial understanding. In recent years, ESG-related topics have also been part of Camilla’s work.

• Camilla C. Collet heads Gorrissen Federspiel’s Compliance & Sustainability practice group, which also covers ESG.

IT employees have been able to talk to our IT lawyers, who speak the same language and can give very specific advice,” says Camilla. Sustainability is no longer two people sitting in a corner of the company. It needs to be embedded in every part of the business if it is to have an impact, and legal departments need advice on how best to contribute. With the client seminars, we have made ourselves available to the clients and shared knowledge on what we know will be a hot topic in the coming years and hopefully provided them with a good start. More than 300 people attended these popular seminars.

Partner Camilla C. Collet (right) and Managing Counsel Christina Rahbek (left) organised the client seminars.

A year of honours

2023 was another year of celebrating many achievements. We won various awards for our work, achieved top ratings and received positive client testimonials. Client trust is paramount to our success, and the feedback we receive is an important benchmark for the quality of our legal services – what we do well and what we can do better.

The best law firm – again

For the fourth year on end, the research firm Kantar Prospera ranked Gorrissen Federspiel as the top ‘Tier 1 Law Firm’ in Denmark.

Legal Adviser of the Year

At the Mergermarket European M&A Awards 2023, Gorrissen Federspiel was named ‘Legal Adviser of the Year’ in Denmark. The award was accepted by M&A partners Anders Ørjan Jensen, Gitte Dehn Lansner and Michael Wejp-Olsen.

Law Firm of the Year

At the Chambers Europe Awards 2023 in Milan, Gorrissen Federspiel was named ‘Law Firm of the Year’ in Denmark. Chairman of the board Niels Bang and Managing Partner Martin André Dittmer were present to accept the award.

Declaration of trust from our clients

Every day we strive to live up to the trust our clients place in us when they choose Gorrissen Federspiel to assist them with solving complex legal issues.

Our aim is to be chosen for our deep professionalism and integrity. Setting and maintaining the highest standards in the market - and constantly evolving in line with our clients’ needs and expectations – is an inherent part of our historical heritage and our strategy.

Client feedback is invaluable and essential to our continued development. We obtain this feedback through the ongoing dialogue with our clients and through external analyses where international rating agencies review our advice and compare it with client references.

There are at least 580 good reasons why Gorrissen Federspiel succeeds as a firm every day. So many different personalities and authorities contribute their expertise every day to deliver high quality on all parameters.

We are therefore honoured that Gorrissen Federspiel has again in 2023 been ranked among the world’s Tier 1 law firms in the analyses from the leading agencies Legal 500, Chambers Europe and Chambers Global as well as IFLR 100.

”"Gorrissen Federspiel is proactive, fast and offers a high level of support.”

”"Gorrissen Federspiel is always to the point and with suggested solutions."

"The lawyers are extremely dedicated to our business and are always available for discussions."

"The team possesses a seemingly endless depth and breadth, regardless of the subject matter."

”"The lawyers are extremely responsive and ready to do whatever it takes to resolve the matter."

"A fine local go-to partner for international law firms in search of a Danish national support (…)”

"All the lawyers have the capability of understanding and analysing complex business cases within a short period of time."

”The team is state-of-the-art legally and with very strong competencies in surrounding areas such as economic analysis or industry specific knowledge and the ability to integrate them."

"The team has fast turnaround on topics and offer detailed responses.”

“The law firm is well-connected on a crossborder basis and has been able to engage and direct skilled and helpful foreign counsel expeditiously.”

Client event

8 May 2023, the auditorium, Axel Towers — As part of our strategic focus on putting clients first, Professor David B. Wilkins from Harvard Law School visited Gorrissen Federspiel. Before general counsels from a number of our clients in the auditorium of Axel Towers, Wilkins spoke about ‘The Changing Role of the General Counsel’

We make it a priority to invite our clients to top-quality professional events where we share the latest knowledge and inspiration from leading professional authorities, presented by our own and invited, renowned speakers, both international and Danish.

Read more about our events: gflegal.org/gfevents

The AI tool Midjourney was used to generate the illustration based on a prompt, or input, of what we wanted the image to represent. Our prompt specified a source photo of Jakob Plesner Mathiasen and the instruction that he is an attorney. And that we wanted Jakob to be pictured on the moon. The outcome is unlikely to pass a source- critical stress test, but it gives a good indication of the direction and quality of the technology.

AI and the future

Column: Artificial intelligence (AI) is the one topic that stands out in 2023. At least, that is what the Danish Language Council thinks. They chose ChatGPT as the word that best describes 2023. Since OpenAI launched ChatGPT at the end of 2022, AI has taken the world by storm. Jakob Plesner Mathiasen, attorney and host of the Entertainment Law podcast, shares his thoughts on the immediate opportunities and challenges of AI.

In a short time, AI has revolutionised the way we all work – or soon will work. Anyone can now produce professional content such as text, images, video, music, etc. in just a few minutes, and workflows that used to take hours or days can now be completed in minutes. Even for the traditionalist, the avowed machine breaker, it is hard to avoid AI as it creeps into all the technology we surround ourselves with. From the smartphone in your pocket to the Microsoft Office suite and its newly introduced Copilot feature. At the same time, AI can analyse huge amounts of data, helping businesses and authorities to spot patterns that previously went unnoticed. This offers huge potential for the private and public sectors.

But with these opportunities comes a responsibility to use AI in an ethical and legally responsible way. In 2023, we saw an increase in the number of cases involving AI and the use of data. Data has become a new form of currency that powers these AI systems. As a result, we have seen a wide range of new legal issues arising from the advancement of AI.

One of the key questions is whether the training of AI systems requires permission from rights holders. A characteristic of AI is that it requires large amounts of data to be trained and become more intelligent. One way of doing this is by using AI services to scrape data from the internet. There are many lawsuits pending around the world on this very issue. “Rarely have we seen so many cases with such big questions in such a short time,” Jakob said when participating in a podcast with legal media K-News. One of the high-profile cases in 2023 in this area was the New York Times lawsuit against the developer of ChatGPT in the US. The key issue in the case is whether information should be freely available to AI services, or whether its use should be subject to a fee. We see similar challenges in Europe, where the issue is partly regulated by the Digital Markets Act and the forthcoming AI Regulation.

Another key question is whether AI-generated creations can be protected by copyright. If not, they can be freely copied by others. Traditionally, it has not been accepted that machines can create something that can be protected by copyright. But this assumption is under pressure as AI acts as an assistant to humans. There are also many cases in this area with conflicting international outcomes. The US has gone so far as to deny protection altogether, even

when the human element in the creation process has been significant. Businesses need to be very aware of this. For example, if an employee uses ChatGPT to generate a piece of code for a software programme, it can remove protection from the rest of the man-made programme. At least in the US. This makes it even more important for businesses to have clear policies on their employees’ use of AI.

It is also important that businesses are aware of how to organise their data flows in a way that complies with and respects, for example, personal data protection regulations and intellectual property rights. Even though a new AI regulation is on its way, general data protection rules still apply. And there are many pitfalls in using AI solutions. If not used correctly, there is a risk of confidential data being compromised, data protection rules being breached, or employees infringing IP rights by creating material through their prompts.

It is therefore crucial to have a clear strategy for using AI: identify where AI can make a real difference in your organisation, then make a clear technical analysis of the data flow in the organisation, choose the right security levels, and create a legal strategy that takes into account the different legal requirements in advance. From a business and legal perspective, it is much easier to do this from the outset than to do it as an afterthought.

Deepfakes

– opportunities and risks

In 2023, we also saw an explosion in the emergence of deepfakes. This is where AI imitates real people. When done with the permission of rights holders, this has huge potential. Musicians can recreate their careers to sound exactly as they did at the peak of their careers and, in principle, continue to release music forever. Actors can continue to make films and perform as they did in their youth, as we saw in the recent Indiana Jones film, where Harrison Ford had a digital rejuvenation treatment. But as commercially exciting as this area is when done legally, the potential for abuse is just as great. It takes little imagination to realise that famous musicians and actors can now be used in films and music tracks that they have never agreed to appear in. We have already seen many examples of this in 2023. In the future, we will also see many examples of deceased actors being digitally resurrected in new films and commercials

without the permission of their heirs. One of the key questions in this context is how long a protection period applies for the heirs to stop the use.

AI also plays a role in a many other areas. In marketing, for example. Here we have already seen the emergence of AI-generated influencers. In other words, ‘people’ who are generated entirely by artificial intelligence, with no way of distinguishing them from real people. And unlike deepfakes that imitate real people (typically celebrities), these AI influencers are completely unique. This presents a new set of legal and ethical challenges. All the protection considerations that normally apply to the representation of real people do not apply here. This allows these characters to appear on social media 24/7 without consumers necessarily realising that they are interacting with an AI character. The risk of abuse is enormous. The protection consideration here shifts to one of consumer protection. A key issue is therefore the demand for transparency. At a general level, this is on the way in the forthcoming AI Regulation and is already very much in line with the general rules of marketing law.

To be able to advise on these issues, it is crucial to understand how the technology works. Therefore, our team includes AI engineers who – together with our specialist attorneys – analyse data flows and advise businesses on how best to secure their legal position.

Looking ahead to 2024, we expect the pace of AI development to continue to accelerate. AI is expected to have an even more dramatic impact on society in the years to come. So now more than ever, it is important to take a helicopter view of your own use of AI. Are you maximising the benefits of AI and avoiding the pitfalls? We are here to help.

Jakob Plesner Mathiasen

Sustainability

Our CSR and sustainability initiatives

In 2018, we joined the UN Global Compact. Since then, the UN Global Compact has been the guiding principle in our CSR and sustainability initiatives forming an integral part of our business operations, our management focus and strategy.

Since we signed up to the Global Compact in 2018, we have taken a systematic approach to ensure that the ten principles of human rights, labour, environment and anti-corruption are embedded in our operations and strategies, thereby integrating social responsibility into our behaviour and the foundation of our firm. We have further identified and prioritised seven of the 17 UN Sustainable Development Goals (SDGs) that for us represent key focus areas where we can make a difference. These SDGs help highlight where we need to take action in our daily lives.

This work is facilitated by our sustainability committee that is responsible for ensuring that we live up to applicable standards and best practices. The committee monitors our progress and performance against the targets set, decides on the overall measures, direction and new initiatives for our commitment, and it oversees the implementation of and compliance with our sustainability policy.

The EU’s requirements for companies’ sustainability reporting will be tightened by the EU’s Corporate Sustainability Reporting Directive (CSRD). From 2025, we are required to report according to the European Sustainability Reporting Standards (ESRS). Already in 2023, we started preparing for the new reporting requirements.

Our focus

As a workplace for about 580 employees, all of whom perform exceptionally on a daily basis, it is paramount to us to ensure a good working environment,

well-being and development and to foster a diversified and inclusive work culture where everyone has equal opportunities and can perform to the best of their abilities.

We also aim to promote a society where everyone has access to education, knowledge and the rule of law. We offer highly specialised legal advisory services on strategic compliance and social responsibility, and we feel an obligation to share this knowledge with the world around us. We do this by sharing our knowledge in publications, at events, as external lecturers and experts at Danish and international study programmes and through pro bono work.

As a social actor, we also have a responsibility for the climate, and we are continually committed to reducing our footprint. This is achieved by maintaining and optimising our operations and by seeking more sustainable solutions and suppliers.

Our business model

Gorrissen Federspiel is a leading law firm in Denmark with strong international ties. As a full-service law firm, we provide legal advice in Danish and European business law. It is our ambition in the Nordic countries to be the most respected law firm and preferred adviser for organisations active in Denmark.

Our clients are usually large Danish and international companies that we assist in landmark transactions and cases. We have a close cooperation with highly reputed international law firms who refer their clients to us when they need legal advice related to the Danish market or Danish interests.

As a knowledge-based business focused on high professionalism and ethics, we have all in-house skills demanded by our clients. At the end of 2023, we employed 320 lawyers. During the year, 36 young lawyers, all of whom have trained with us to became highly qualified lawyers, were admitted to the Danish Bar. The commitment and dedication of our people is fundamental for our ability to provide outstanding legal advice to our clients. Therefore, we see the risks related to workforce and our employees as the most essential element for us to address in our sustainability work. How we manage these risks is further detailed in our sustainability report addressed later on in this annual report.

Our method of reporting

The sustainability committee

The sustainability committee works towards ensuring that we, as a law firm, meet all applicable rules, standards and best practices in the field of sustainability.

Camilla C. Collet Partner, chair of the sustainability committee

Martin André Dittmer Managing Partner

Sara Jursic Head of HR

Line Byrfelt Grønlykke

Head of Communications

In this part of our annual report, we will account for our ambitions, the importance of our focus and our objectives and the progress in our sustainability work within the framework of the UN Global Compact, and we will highlight the SDGs to which we contribute. We will also report on some of the actions and initiatives that have been particularly important to us as a company and to our people over the past year.

Sustainability report

Human rights

When it comes to human rights, we are committed to the principles of the UN Global Compact:

Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and

Principle 2: make sure that they are not complicit in human rights abuses.

Our ambitions

As a social actor, a leading Danish law firm and provider of highly specialised legal advice on corporate compliance and sustainability, we have a responsibility to protect and promote basic human rights.

We believe that it is important to support the development of a society where all people have equal opportunities to develop and go to work in a safe and secure environment and in an inclusive and diverse workplace.

We contribute by making our knowledge available pro bono to relevant companies, NGOs and private individuals working to secure the basic human rights for more people, who would otherwise have difficulty accessing legal knowledge and advice.

Our efforts are concentrated on two focus areas where we believe that our competences are best applied, namely the rule of law and the development and education of children and young people in Denmark and abroad. We also offer financial support to NGOs that work towards achieving these two goals.

The importance of focusing on human rights

As a knowledge-based business, we see no significant human rights risks in relation to our activities or business relationships. We do, however, expect our clients, business partners and suppliers to comply with all applicable conventions in this area, and we are continually aware of our responsibility for strong ethical conduct when selecting business partners and suppliers and entering into client relationships.

As a workplace for more than 580 employees, we have an important responsibility to create an inclusive and diverse workplace

where all employees are treated with respect and decency and have equal opportunities for development and recognition.

Objectives for 2023

As part of our strategic work to develop our business, we set a goal for 2023 to rethink our focus on and work with sustainability. Thus, we set up a steering group consisting of employees to come up with ideas on how our ambitions, focus areas, objectives and governance can contribute to a sustainable society in the future – also in the context of our focus on the human rights principles of the UN Global Compact.

Development in 2023

We have continued our support to our two focus areas, namely the rule of law and development and education of children and young people in Denmark and abroad, either pro bono or through sponsorships.

In Aarhus, we entered an agreement with a number of other law firms to sponsor Stenbroens Jurister in Aarhus (Street Lawyers in Aarhus). The organisation’s lawyers provide free legal aid to the homeless, drug users, sex workers and other street people. Every month, Stenbroens Jurister offers advice or assistance in more than 40 small and large cases for vulnerable people in Aarhus. The cases mainly concern drug and alcohol treatment, access to a bank account and public welfare but also a wide range of other issues.

We continued our support to Project Access – an NGO operated by student volunteers from the world’s top universities, who help ambitious high school leavers apply to top universities. This meant that in August 2023, we once again hosted and

co-financed their stay in Copenhagen for the annual bootcamp.

For several years, we have supported the Human Practice Foundation, a Danish NGO. The foundation establishes and operates schools in Nepal and Kenya, and one of the results of our contribution was the opening of the Bhagawati Secondary School. Since 2018, the school has seen a 32% increase in the number of students completing the 12th grade. In addition to financial support, we also provide pro bono legal assistance to the foundation.

Following the earthquake in Turkey and Syria in February 2023, we launched a fundraiser in collaboration with the NGO 5 Skoler (“5 Schools” ) that establishes and operates schools for Syrian refugee children in Turkey. Apart from donating financial support, we collected food, clothing and other necessities at a major event across our offices. As a result of this initiative, we were able to ship off clothes, sleeping bags, canned food, etc. to Turkey. On top of that, we were able to send a donation of more than DKK 75,000 to 5 Skoler.

Once again we took part in the Red Cross Christmas Challenge that provides humanitarian aid in the world’s trouble spots. In addition to financial support to the organisation’s relief work, internationally and at home, our employees had the opportunity to convert their company Christmas gift into a donation – which we subsequently matched. As a result, we were able to send a significant donation to the Danish Red Cross.

We also provided pro bono legal assistance to the NGOs Mission Afrika, Mercy Ships, MusikBeRiget, Forælder Fonden and the Maritime Anti-Corruption Network.

In 2022, we set up a well-being committee. The committee continued its work in 2023 and introduced measures to strengthen and promote well-being, diversity and inclusion for all employees, including to protect LGBTQ+ rights and inclusion, in our firm.

Aims for 2024

We are convinced that by promoting an understanding within our organisation and actively involving our people in shaping our sustainability strategy, we will achieve more substantial and impactful results. As part of the strategic work to develop our business, we have set a goal for 2024 to strengthen our sustainability efforts by involving the organisation and launching specific policies and initiatives to shape our contribution to a sustainable society – including our focus on the human rights principles of the UN Global Compact.

Labour

When it comes to labour, we are committed to the principles of the UN Global Compact:

Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;

Principle 4: the elimination of all forms of forced and compulsory labour;

Principle 5: the effective abolition of child labour; and

Principle 6: the elimination of discrimination in respect of employment and occupation.

Our ambitions

Our people are the best lawyers and specialists in the industry, and we want to be the preferred workplace in our industry. The well-being and development of our people are therefore a high priority in our daily work. The work to ensure a valued and sustainable workplace for our people is based on a community where everyone has an equal opportunity to develop his or her skills and where we do not discriminate against social background, culture, gender, ethnicity, disability, age, skin colour or sexuality.

We believe that the well-being and development of our people are best ensured by promoting a diverse and inclusive working environment.

The importance of focusing on labour

The commitment and dedication of our people are essential to our ability to provide excellent legal advice to our clients. It is therefore in the areas of labour and our people that we see the most significant risks to our business.

Ensuring the well-being and development of our people is one of our most important responsibilities. We do this by soliciting and listening to feedback from our people, and by continually focusing on developing our workplace and management approach to meet the needs and aspirations of our people. We are well aware that if our people are not mentally healthy or take sick leave due to stress, this poses a serious risk to Gorrissen Federspiel’s ability to deliver the high quality we know our clients demand. We have therefore trained our senior HR consultants in stress coaching and we also

have an external business coach working with us, in addition to our other initiatives in this area. We have also entered a partnership with PFA Health, which enables us to offer our people various well-being programmes, which are described below.

We also recognise that we must constantly evolve in order to offer a modern, inclusive and diverse workplace that continues to support employee well-being and development. At the same time, the competition for talented lawyers and specialists continues to intensify, underscoring the importance of our focus on being an attractive place to work that takes responsibility for our people and recognises their value.

Objectives for 2023

As part of our strategic work to develop our business, we set a goal for 2023 to rethink our focus on and work with sustainability. We set up a group of employees to generate ideas on how our firm’s ambitions, focus, objectives and governance can contribute to a sustainable society in the future – also in the context of our focus on the labour principles of the UN Global Compact.

Development in 2023

As part of our overall diversity and inclusion work, in 2023 we followed up on previous years’ unconscious bias training at two events. The first was a webinar facilitated by the Diversity Council, which we partner with, and the second was an in-house workshop for our assistant attorneys. The result of these initiatives is an increased awareness among our people of how to avoid bias and contribute to a more inclusive workplace.

Our focus on employee well-being was strengthened by the introduction of quarterly thematic well-being surveys in 2023, replacing the annual well-being survey. The initiative is designed to help us continually update our understanding of how Gorrissen Federspiel is perceived as a workplace, what we need to continue to do well and what areas can be improved.

The firm’s initiatives to improve wellbeing, including guides and courses on better sleep, digital habits and mindfulness, were consolidated in 2023 into its own portal, the GF Well-being Universe, accessible to all employees in the organisation. This has made our people more aware of the initiatives available to them. It is difficult to measure the effect of the specific initiatives, but the goal is that they, in combination with our other initiatives, contribute to a good mental balance and prevent our people from developing stress.

We continue to be an active member of the parent network Inspired Beyond Babies, where we co-hosted a network meeting in Aarhus in 2023. The network is for both men and women who want to gain professional input and expand their professional network during their parental leave. The focus is on professional development and a rewarding community through workshops, knowledge sharing and seminars.

The GF Knowledge Journey course catalogue brings together all internal courses and continuing education. The aim is to highlight the internal training programmes for the target group. Several senior attorneys have been admitted to the AVT Business School, which tailors and manages our leadership programmes. The

programme has two tracks: the business development track, Gorrissen Federspiel Academy Programme, and the leadership track, Executive Certificate in Leadership. Diversity and inclusion are strategic priorities at Gorrissen Federspiel, and in recent years we have launched a number of different initiatives to drive this agenda forward. Therefore, we are also participating in the Danish Bar and Law Society’s business PhD project on gender diversity. PhD student and anthropologist Pernille Slots Lysgaard’s project investigates the uneven gender distribution in the top management layers of the legal profession and how the legal profession as a whole handles diversity and inclusion. In this connection, a number of assistant attorneys, attorneys and partners from Gorrissen Federspiel will participate in an in-depth interview with Pernille Slots Lysgaard. We look forward to re ceiving the report on this work, after which we can continue to work on any areas for action that may be identified.

Aims for 2024

We are convinced that by promoting an understanding within our organisation and actively involving our people in shaping our sustainability strategy, we will achieve more substantial and impactful results. As part of the strategic work to develop our business, we have set a goal for 2024 to strengthen our sustainability efforts by involving the organisation and launching specific policies and initiatives to shape our contribution to a sustainable society – including our focus on the labour principles of the UN Global Compact.

Environment and climate

When it comes to the environment, we are committed to the principles of the UN Global Compact:

Principle 7: Businesses should support a precautionary approach to environmental challenges;

Principle 8: undertake initiatives to promote greater environmental responsibility; and

Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Our ambitions

The ever-increasing climate changes are a cause of concern. In 2023, we were again reminded of how the resources that we consider basic can suddenly become scarce when war and crises break out around the world. That is why we want to incorporate sustainability as well as care and concern for our environment wherever it is possible for us to make a difference.

We strive to minimise our carbon footprint by constantly optimising the operations and maintenance of our two office buildings in Aarhus and Copenhagen. We also impose sustainability requirements on our business partners and suppliers. Through conferences, debates and engagement in organisations, we are looking to share our knowledge on environmental and climate legislation.

The importance of focusing on the environment and the climate

Being a legal adviser, our primary business activities have no direct climate impact. Therefore, we see no significant environmental and climate risks in our activities or in our business relationships.

Yet, we do believe and are aware that everyone must contribute to a better climate for our planet through sustainable behaviour and the approach to all day-today activities. Therefore, we integrate climate considerations wherever we can, and we always look for climate-friendly solutions when we are in search of new suppliers and partners.

Objectives for 2023

As part of our strategic work to develop our business, we set a goal for 2023 to rethink our focus on and work with sustainability. We set up a steering group to provide recommendations on how our firm’s ambitions, focus areas, objectives and governance can contribute to a sustainable society in the future – including our focus on the UN Global Compact’s environment and climate principles.

Development in 2023

In 2023, we continued our focus on sustainable business operations. Travel activities contribute to CO ₂ emission. Therefore, we have introduced a number of measures to minimise and ensure transparency on our emission. By moving to our current travel agency, CO₂ emission associated with each individual journey is now being calculated. We have introduced a shared travel card that can be used by everyone for work-related domestic train and bus journeys and for shorter public transport trips in the cities. In the course of 2023, we also doubled the number of company bicycles in Copenhagen making it even easier to get around with zero emission. By adding to the fleet of company bicycles, we saw a 225% increase in the use of our company bicycles. The increase in the number of employees using bicycles lowers the number of taxi tours.

In 2023, we had consistent focus on organics, sustainability and food waste minimisation in our kitchens. Our canteen

in Copenhagen introduced yet another meat-free day, and today the buffet serves meat on only three out of five weekdays. By taking meat off the buffet one more weekday, we have reduced the annual purchase of meat by 2.6 tonnes. Instead, we now have more fish on the menu. We are continuing our efforts to reduce food waste. For instance, we offer our employees the opportunity to buy – at a nominal fee –leftovers from the lunch buffet for their supper at home. In 2023, we saw a considerable increase in purchased leftover food, where we bought 3.9 tonnes of food to take home against 2.4 tonnes in 2022. This has led to a 50% decrease in food waste.

The last conventional coffee beans have been phased out. Thus, all coffee beans are now organic. Our kitchen still holds the Silver Organic Cuisine Label. This means that between 60% and 90% of the food and beverages that we buy are organic. We also place priority on purchasing locally produced ingredients and sustainably caught fish. In 2023, for instance, we entered a cooperation with a local pasta supplier located in a Copenhagen suburb. The supplier uses only Danish and local ingredients in its production. As a result, our annual order of 2.1 tonnes of pasta is now being shipped from a Copenhagen suburb rather than from Italy. Moreover, a sizeable share of our Asian products, mainly soy and miso products, accounting for approx. 365 kg/year, has been replaced by locally produced products resulting in a notable CO₂ reduction.

Aims for 2024

We are convinced that by promoting an understanding within our organisation and actively involving our people in shaping our sustainability strategy, we will achieve more substantial and impactful results. As part of the strategic work to develop our business, we set a goal for 2024 to strengthen our sustainability efforts by involving the organisation and launching specific policies and initiatives to shape our contribution to a sustainable society – including our focus on the environmental and climate principles of the UN Global Compact.

AntiCorruption

When it comes to anticorruption, we are committed to the principles of the UN Global Compact:

Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

Our ambitions

As a law firm, we have a special obligation to act with integrity and within the law. Our employees observe these principles every day under our anti-corruption and anti-bribery policies.

All new employees are briefed on our anti-corruption policy and introduced to our whistleblower scheme. With this approach, we give our employees the best possible chance to act should they become aware of any breach of the anti-corruption rules or other suspicious circumstances.

We continue to support AdvokatKODEKS – the Code of Conduct of the Association of Danish Law Firms, which we endorsed in 2016. Within this framework, we undertake to work on five guiding principles, including ethical dilemmas.

The importance of focusing on anti-corruption

We rely on our professionalism and high ethical standards, and our clients entrust their most important issues and challenging business to us in the confidence that we act within the law. Integrity is our guiding principle, and therefore we do not accept corrupt behaviour or actions – this includes ourselves, our employees, but also the people, companies and organisations that we work with.

In the assessment of our business model, we have not found corruption to be a significant high-risk area for us, and we have not identified any material corruption risks in our activities or in our relationships with business partners that have not already been addressed by our compliance measures.

Objectives for 2023

As part of our strategic work to develop our business, we set a goal for 2023 to rethink our focus on and work with sustainability. We set up a steering group to provide recommendations on how our firm’s ambitions, focus areas, objectives and governance can contribute to a sustainable society in the future – including our focus on the UN Global Compact’s anticorruption principles.

Development in 2023

In the course of the year, we continued to raise awareness of our anti-corruption policy among all our employees, including all new employees, who, as part of their induction programme, are introduced to the firm’s anti-corruption policy. In 2023, 131 employees attended a training course on our anti-corruption policy. The purpose of this training is to make all employees aware of our position on corruption, bribery, facilitation payments and gifts. Likewise, everyone is informed of our expectations and their options for reporting breaches of the rules or other suspicious circumstances. In 2023, we had no cases related to anti-corruption, as was also the case in 2022.

Every year, our board of directors reviews the anti-corruption policy and assesses whether it is in need of updating to ensure that the policy is aligned with developments in this area. In 2023, the board of directors did not find reason to revise the policy.

We will continue to address compliance, ethics and decency as an integral part of our everyday work, and as regards the anticorruption policy, it remains our priority to raise awareness among our employees and to regularly revise the policy whenever needed.

Aims for 2024

We are convinced that by promoting an understanding within our organisation and actively involving our people in shaping our sustainability strategy, we will achieve more substantial and impactful results. As part of the strategic work to develop our business, we set a goal for 2024 to strengthen our sustainability efforts by involving the organisation and launching specific policies and initiatives to shape our contribution to a sustainable society – including our focus on the anti-corruption principles of the UN Global Compact.

SDGs

Objective met

Fully

CSR

22 November 2023 — Managing Partner Martin André Dittmer at his office in the Axel Towers during the shooting of a short video about the firm’s participation in the Red Cross Christmas Challenge. Again in 2023, Gorrissen Federspiel – and the employees who chose to make a donation in lieu of receiving a company Christmas gift – took part in the Red Cross Christmas Challenge. The challenge was passed on from company to company in Denmark, and all companies donated to the Red Cross’ important relief work around the world and at home. We took up the challenge from Jesper Lund, CEO of the Lars Larsen Group, and sent it on to Mette Louise Kaagaard, CEO of Microsoft Danmark.

Watch the video where Martin André Dittmer, Managing Partner, tells a bit about our participation in the Danish Red Cross Christmas Challenge (LinkedIn): gflegal.org/js23

Continued focus on diversity

In 2023, we continued our efforts to strengthen diversity at Gorrissen Federspiel. We focused on unconscious bias, as this is one of the barriers that can stand in the way of a workforce that reflects diversity and inclusion.

Good intentions to create a workplace that reflects the range of social backgrounds, sexualities, disabilities, religions, gender identities and ethnicities of the surrounding community cannot stand alone. As part of our overall diversity and inclusion work, in 2023 we followed up on the unconscious bias training from previous years.

Unconscious bias in the workplace

In collaboration with the Diversity Council, which Gorrissen Federspiel partners with, we invited all employees to participate in the ‘Unconscious bias in the workplace’ webinar, where we were introduced to some of the most common unconscious biases through exercises and case studies. We also organised an internal workshop for our assistant attorneys with PhD Kasper Jelsbech Knudsen from the Living Institute, who also visited us in 2022.

The aim of both events was to raise awareness of our unconscious biases, why we have them and how they can get in the way of inclusion and diversity, while providing practical inspiration to reduce participants’ biases and increase their contribution to creating an inclusive and diverse working environment.

Pride Week marked with engaging speech

To mark Copenhagen Pride, we invited journalist, television presenter, author and speaker Abdel Aziz Mahmoud, to address a packed auditorium and many virtual participants on 15 August 2023.

Drawing on his own background and experiences as a Muslim, a homosexual and a rainbow father, Abdel spoke extensively about inclusion, diversity and integration, peppered with many surprising facts and personal and touching anecdotes. The speech prompted several follow-up questions and comments from the audience.

Dialogue

on diversity

In 2023, diversity was the overarching theme of our annual internal HR Day, where current issues and focus areas are discussed. Several employees had signed up in advance to participate in the dialogue with our HR department and contributed both views and ideas on how HR can further support and increase diversity at Gorrissen Federspiel. This resulted in a series of good and practical suggestions, many of which will be implemented in 2024.

Increasing gender diversity through continuous focus on the pipeline

We always work with the ambition to increase gender diversity at all levels of our organisation, as we want to reflect the society we are part of and the clients we advise.

We believe that this ambition will be achieved over time through continued focus on a balanced pipeline of talent. We can attract talent early in their careers –our challenge is therefore to remain an attractive workplace throughout their careers. Over time, we expect our efforts to have an impact on the gender balance across our organisation.

Gender balance at Gorrissen Federspiel

At Gorrissen Federspiel, we strive for a balanced gender composition at all levels. We work systematically with initiatives to strengthen diversity and inclusion because we believe that a more diverse workplace and workforce make for a better workplace, a broader understanding of the market, greater competitiveness and new ideas – for the benefit of both us and our clients.

Gender composition in senior management

In 2022, we reached our target of having at least 33% women on the board of directors, but with Henriette Gernaa’s resignation from the board and Jacob Skude Rasmussen’s appointment in 2023, the composition is now 17% women and 83% men. In February 2024, we set a new target which we aim to achieve by 2028 at the latest. To ensure gender diversity in our senior management team, we will work towards a target of at least 33% women and 67% men.

Gender composition in other levels of management

Gorrissen Federspiel’s other levels of management consist of the executive board, heads of practice groups and department heads. The other levels of management comprise a total of 24 people. The gender composition in the other levels of management is 29% women and 71% men. In February 2024, we set a new target which we aim to achieve by 2028 at the latest. To ensure gender diversity in our other levels of management, we will work towards a target of at least 33% women and 67% men.

Employee event

15 August 2023, the auditorium at Axel Towers — To mark Copenhagen Pride, journalist, television presenter and debater Abdel Aziz Mahmoud visited Gorrissen Federspiel with a captivating and engaging speech about belonging to an ethnic and sexual minority.

Gorrissen Federspiel works strategically to strengthen inclusion and diversity in its workforce. Learn more: gflegal.org/dincl

New legal sound waves

The appetite for legal podcasts grew in 2023. Over the year, our podcast ‘Entertainmentretten’ (Entertainment Law) was joined by two new podcasts.

Our podcast ‘ESG-eksperterne’ (The ESG Experts) premiered in September 2023. As the name suggests, the podcast centres on law and sustainability (Environment, Sustainability and Governance). Host and creator of the podcast is Gorrissen Federspiel attorney Caroline Glyager, who advises clients on how to navigate the increasingly complicated ESG landscape when entering IT contracts.

“We’re seeing huge demand from our clients for advice on ESG. This is driven by a wave of new regulation from the EU, and clients are very focused on how to become compliant with regulation from Brussels. It’s therefore very relevant to talk about in a podcast,” says Caroline Glyager explaining the idea behind ‘ESG-eksperterne’.

Listen to ‘ESG-eksperterne’: gflegal.org/esg-eksp

‘Entertainmentretten’ is Gorrissen Federspiel’s first podcast and still the most popular podcast by listeners. It premiered in April 2021 and more than 40 episodes of the podcast on law in the entertainment industry have been produced. The hosts, attorney Jakob Plesner Mathiasen and professor of copyright law Morten Rosenmeier, discuss current cases and past and present issues related to the entertainment industry. In 2023, the podcast zoomed in on artificial intelligence, as AI has raised a number of unprecedented legal issues. Throughout the year, various experts have been guests on ‘Entertainmentretten’. Among others, Danish author, film critic and TV host Jacob Stegelmann in episodes dedicated to IP law and science fiction.

Listen to ‘Entertainmentretten’: gflegal.org/entertain

Entertainmentretten

• ‘Entertainmentretten’ premiered in April 2021.

• 20 new episodes were produced in 2023.

• For the first time, the podcast was recorded before a live audience at the SPOT festival in Aarhus for an episode on music rights.

• AI was a recurring theme in many of the episodes. Everything from deepfakes, training and the use of AI to a review of pending cases were discussed. As a new feature, the podcast introduced an AI co-host in the form of ‘AI Morten’ – a digital version of co-host Morten Rosenmeier.

• Guests this year included Christina Barré (episode on influencer marketing), Jan Neiiendam (episode on IP in computer games), Søren Sandfeld Jakobsen (episode on press ethics and libel actions) and Jakob Stegelmann (two episodes on IP, AI and science fiction).

• The podcast is produced by Kim Næser (DJ Noize) for Gorrissen Federspiel.

‘Energi til Fremtiden’ (Energy for the future) is a podcast on energy and climate produced by Business Review. Gorrissen Federspiel is one of several partners on the podcast which premiered in August 2023. Seven of the 24 planned episodes feature, in turn, legal consultant Jacob Sandholt, attorney Christina Rahbek, partner Christoffer Fode and partner Christian Sauer. Other participants include Kristian Jensen, CEO of Green Power Denmark. Gorrissen Federspiel participates as a representative of the consulting industry, and our lawyers provide the legal aspects of the topics discussed in the podcast. This includes carbon capture and storage, energy islands, wind and solar farms, Power-to-X, green energy investments, PPAs, EU taxonomy and CSRD.

Listen to ‘Energi til Fremtiden’: gflegal.org/energitf

Stenbroens Jurister: supporting free legal aid for vulnerable citizens

Gorrissen Federspiel has joined forces with other law firms to support the work of Stenbroens Jurister (Street Lawyers) in Aarhus. The organisation’s lawyers provide free legal aid to the homeless, drug users, sex workers and other street people.

Since June 2021, Stenbroens Jurister has been providing free legal aid to vulnerable citizens across the country from the organisation’s office at Vesterbro, Copenhagen. In Aarhus, Stenbroens Jurister assists vulnerable citizens in more than 40 small and large cases every month. The organisation has therefore opened an office in Aarhus, which is run with contributions from Gorrissen Federspiel and others.

“Protection of civil rights and the rule of law are essential in a society governed by law. And it is important to Gorrissen Federspiel that everyone has access to this. As a commercial law firm, our focus is often on cases that affect the business community, but by supporting Stenbroens Jurister, we want to contribute to ensuring that some of the country’s most vulnerable citizens also have access to relevant legal assistance,” says partner Kenneth Kvistgaard-Aaholm.

Important to support improved conditions

Stenbroens Jurister provides free advice and legal aid to some of the country’s most vulnerable citizens. In 2022 alone, Stenbroens Jurister received more than 1,000 inquiries and provided advice or assistance in 1,798 cases for citizens in 54 different municipalities.

“It has been important to us that Stenbroens Jurister actively works to improve the conditions for vulnerable and homeless citizens in situations where their conditions of life may in practice leave them without the support they need,” concludes Kenneth Kvistgaard-Aaholm.

In addition to Gorrissen Federspiel, Stenbroens Jurister is supported by Salling Fondene, Dreyers Fond, Aarhus Law Association, Accura, BechBruun, Clemens and DLA Piper.

• Free legal aid for the homeless, drug users, sex workers and other vulnerable citizens.

• Based in Copenhagen at Vesterbro but advises and assists vulnerable citizens across the country.

• 10 employees – including lawyers and street workers.

• Funded primarily by foundations and other private organisations.

Stenbroens Jurister

The best employees

GF Knowledge Journey provides an overview of continuing education

Courses and continuing education have always played an important role in a career at Gorrissen Federspiel. In 2023, all courses were brought together in the GF Knowledge Journey course catalogue to provide an overview of all internal courses. The extensive course catalogue has also been expanded to include GF Fundamentals; permanent, credit-bearing courses for third-year assistant attorneys and attorneys.

Gorrissen Federspiel introduced GF Fundamentals in 2023, whereby each practice area within the firm through instructors – primarily partners – once a month provides in-house training in their area. The courses are pre-approved by the Danish Bar and Law Society, and Gorrissen Federspiel issues course certificates for all courses.

“With GF Fundamentals, we provide all assistant attorneys and attorneys with basic knowledge of the different areas of law within the firm. Having a broader understanding adds value to both the employees and the organisation. This is an added value for both clients and Gorrissen Federspiel,” says head of HR Sara Jursic.

Courses in understanding underlying business principles align the organisation with client needs

One of the aims of the GF Knowledge Journey is to train employees to understand the specific needs of clients and their businesses. This requires an understanding

of how a business is structured. Courses in business understanding and business development are therefore also part of the GF Knowledge Journey.

“Many of the cases we handle at Gorrissen Federspiel are complex and require the involvement of specialists from different areas of law. It’s therefore essential to be able to take a broader view of the client’s business and identify areas in which clients may not have realised they needed help. This is important because it’s directly linked to our strategy of putting clients first and being closer to their business,” explains the head of HR.

In addition to purely professional courses, courses and training are also offered to strengthen the working environment, for example in the areas of inclusion and diversity.

Continued focus on leadership

In 2022, Gorrissen Federspiel launched a comprehensive leadership training pro -

gramme, called GF Leadership in the new course catalogue. The motivation was that the firm has become so large that it makes sense to extend leadership responsibilities to more people.

With GF Leadership, the counsellor structure has been expanded so that selected senior attorneys, practice area counsels and managing counsels can also take on leadership responsibilities. In practice, this means that they also organise career development meetings with employees to discuss everything from well-being to ambitions and performance.

“We’ve taken a strategic step in broadening our leadership responsibilities. Once implemented, it’s expected that the quality of leadership will be perceived as higher because responsibility is distributed among more people and management skills will be enhanced,” says Sara Jursic.

So far, almost 100 senior-level employees have received leadership training.

GF Knowledge Journey is also employer branding

Another purpose of the new continuing education programme is to signal to students and future new colleagues that at Gorrissen Federspiel we take responsibility for training and ensure that our attorneys and other employees are the best trained in their field.

“Our business is to sell legal advice of the highest quality. To be able to do this, we must ensure that we have top quality continuing education and that our attorneys are constantly improving and developing professionally, personally and commercially,” emphasises Sara Jursic.

The same applies to our support staff, who is also expected to be at the highest professional level in their field.

Secondment enriches

Like the Knowledge Journey, secondments are an important part of Gorrissen Federspiel’s continuing education. It helps

Secondment in 2023

to develop employees and gives them the important insight that comes from working with a client for a time. They gain an understanding of the business that they can apply to other clients. Secondments also give them experience of what it is like to sit on the other side of the table and be an in-house lawyer with expectations of their law firm.

“Clients are looking for highly skilled lawyers who understand their business, so it’s valuable to both us and our clients that our lawyers have that knowledge. We also hope it will help us attract talented lawyers, so it’s important for us to have a good secondment programme. We want to pride ourselves on being the best law firm, and we can only be that if we have the best attorneys and the most talented assistant attorneys,” Sara Jursic concludes.

Nina brought along her passion for sports on secondment to Spain

Attorney Nina Simoni Vestergaard Pedersen

has

a passion for sports.

To such a

degree

that she has made

sports part of

her

career path. In the autumn of 2023, Nina arrived at the Real Madrid Graduate School – Universidad Europea in Madrid to study for an LLM in sports law.

The decision to study for an LLM abroad was one that Nina made together with her superior at a career interview early on in 2023. Backed by strong support from her family and friends, she chose the popular sports university in Madrid because here she can focus fully on the law in the field of sports. The university’s sports law programme covers not only specific sports but also areas such as the Olympic Movement and international anti-doping rules.

“I went to Spain to gain more specialised knowledge within this field and to expand the range of my expertise. It’s great to get a chance to focus fully on one area of the law,” Nina says.

On a personal level, she is a keen footballer and quickly found a team to join while in Madrid.

A programme that builds bridge to her field of expertise

In her daily work, Nina primarily advises Danish and foreign companies on contract law, marketing law and intellectual property issues, and she also litigates in these areas of the law. This is where Nina sees a strong overlap with the world of sports, where issues such as trademark protection and ensuring the right terms in agreements on the transfer of rights are essential. The Master in Sports Law programme is therefore fully in line with Nina’s other fields of expertise.

When, after a year in Madrid, Nina has completed her LLM, she will have gained new expertise that will be useful in her work life at Gorrissen Federspiel. It means a lot to Nina that her employer supports international experience. To her, this is a win-win situation: she will return to the office with a stronger professional profile and full of motivation, and Gorrissen Federspiel will hopefully benefit from her new skills to the advantage of the firm and its clients.

Part of a strong network

In addition to deeper knowledge of the international rules in the world of sports and enhanced expertise, she will also have established a broad network when she returns to the Aarhus office in September 2024. Nina explains:

“I’m studying with 35 sports-enthusiastic lawyers from all corners of the world – from Brazil to India. This allows me to build a broad network that I’ll be able to benefit from when I return to the office. Apart from my fellow students, I’m also establishing close connections with the lecturers. It’s extremely valuable to be able to draw on experts from other countries – especially when it comes to negotiating cross-border agreements.”

Enriching experience – also on a personal level

Not only the professional part is rewarding for Nina. Her studies abroad are also enriching on the personal level.

“Aside from getting to see the law from different angles, it’s fascinating to gain new perspectives on culture and other ways of thinking. I firmly believe it’s beneficial both professionally and personally to widen your horizon in this way. It’s inspiring and opens up new avenues of approaching solutions, negotiations and strategies,” Nina says.

In Nina’s experience, studying has become easier having worked as a practising lawyer for a number of years, because she can relate the lectures to real-life situations and see what could be important in practice.

Although she is busy with her studies, Nina has also found time to see a bit of Spain, for instance on a weekend trip to Toledo, a beautiful, historic city that is one of UNESCO’s World Heritage Sites. Time will tell if she also finds time to visit Alicante where the European Union Intellectual Property Office is located.

Nina Simoni Vestergaard Pedersen

• Attorney, IP & Digital Business

• Studying for an LLM (Master of Laws) at the Real Madrid Graduate School – Universidad Europea in Madrid.

• The university is fully dedicated to sports and prepares the students to work professionally in the sports sector, for instance in marketing, the law and sports management.

• The school was founded in 2006 in alliance with Real Madrid CF and Universidad Europe.

Nicolaj gained experience in new practice areas and insight into Greenlandic culture

For several years, Nicolaj Hirschprung Schlyter had a dream of making a longer visit to Greenland to see firsthand the stunning sceneries. The dream came true when an opportunity arose of a posting to Arctic Law Greenland in Nuuk through Gorrissen Federspiel’s secondment programme.

• Assistant Attorney, Corporate/ Mergers & Acquisitions

• On secondment to Arctic Law Greenland, Nuuk.

• In 2022, Gorrissen Federspiel entered a strategic partnership with Arctic Law Greenland in Nuuk. The cooperation includes a mutual possibility of secondment.

Nicolaj Hirschprung Schlyter

In an office at Arctic Law Greenland in Nuuk, the 27-year-old assistant attorney is busy going through his files before handing them over to his colleagues. Soon, he will return to Denmark. For seven weeks, the view of the Tivoli Gardens and the hustle and bustle in Copenhagen have been replaced by Greenland’s wilderness and a sea view from Arctic Law Greenland’s offices in the centre of the capital Nuuk.

From specialist to generalist

At Arctic Law Greenland, Nicolaj has been involved in the office’s day-to-day work. He has handled his own cases but also assisted the office’s lawyers in ongoing cases, and his workdays have been far from what he is used to. The work is less about heavy legislation but rather of a general nature in the Greenlandic cases.

“In Denmark, we’re used to referring a case to a specialised team as soon as there’s just a smidgeon of speciality involved. Here in Nuuk, we look at all cases regardless of the nature of a case. This calls for good adaptability and an ability to juggle many balls at the same time. It has been interesting and rewarding,” he says.

During his secondment, Nicolaj has gained experience within everything from employment law, administrative law and copyright law to real estate transactions, succession and litigation.

A different legal system

On a good day, work at the Arctic Law Greenland office easily alternates between four very different areas of the law. This offers different challenges than the ones he is used to in the Corporate M&A group at Gorrissen Federspiel, where you can easily spend a whole week or more on the same project. Nicolaj has therefore spent quite a lot of time reading up on Greenlandic law and

researching how it is applied. The piles of documents on his desk bear witness to his efforts.

“Although the Greenlandic legal system is based on the Danish one, it has been very challenging to get to grips with a new legal system. Some rules have been copied from Danish law, and it has been decided that they also apply in Greenland. Other rules have been adapted,” Nicolaj says.

Fortunately, legislation is drafted in both Danish and Greenlandic. But it still took an extra effort on his part. In Greenland, they use different terms for government and parliament, for instance, and there fore he also spent time getting acquainted with the terminology.

The legal issues are also different from what the young assistant attorney is used to, for example when it comes to property law:

“There’s no private ownership of land in Greenland. All land is owned collectively. Only a right of use to land exists. Disputes may therefore arise about the extent of a right of use, and what buildings and constructions can be built on leased land. I saw that in a case concerning building rights that I was handling,” Nicolaj explains.

Apart from the differences in the legal system and cases, the procedures are also quicker than in Denmark, which means that cases have a shorter lifespan.

Business

hub

Nuuk is the business hub in Greenland, and because a lot of business is conducted from Nuuk, the city has been an exciting place for Nicolaj to be seconded to. But his experience extends beyond just the professional part of his job:

“I wanted to work with and get knowledge of a different legal system and different types of cases. But the legal system is one thing, culture is

Secondment

• Gorrissen Federspiel offers employees interested in secondment the opportunity to work abroad for a period of time and develop their legal skills. Our firm’s extensive international network allows for secondment to many different locations around the world.

• Secondment gives you professional and personal experience and network, all of which are valuable in your future career at Gorrissen Federspiel.

another. In order to really settle into a workplace in Greenland, you need to understand the Greenlandic system and culture,” he says.

He is looking out the window, where he sees what by Danish standards would be an iceberg drifting by. By Greenlandic standards, the iceberg is rather regarded an ice cube. But the sight never ceases to amaze Nicolaj, who grew up in Greve.

Life in Nuuk: city life and wonders of the natural world

Apart from the professional side of things, experiencing Greenland was also one of the reasons why Nicolaj opted for Nuuk. Although his expectations were high, they have been more than met. To him, living in the Greenlandic capital has been an even better experience than he had imagined.

“The city is far more modern and developed than I’d expected. It could easily be a city in Denmark, except that it’s surrounded by a spectacular scenery that’s within sight from everywhere in Nuuk. Urban development is booming, and it has been exciting to see the contrasts between high-rise buildings and the mountains, old and new buildings,” Nicolaj says.

He has spent his weekends in the breathtaking Greenlandic

nature. He has been hiking in the fells, sailing in the fjords and hunting reindeer with one of his colleagues from the Arctic Law Greenland office. He has also had time to visit other places like Ilulissat, north of the Arctic Circle, where icebergs calve into the sea. All of this has given him memories that will last a lifetime.

“The tranquillity, the nature and the fresh air have been truly rewarding for me. The landscapes are beyond beautiful, and it has been amazing to experience,” he says.

A strong network

The office in Nuuk is smaller than the one Nicolaj is used to but that turned out to his advantage. With fewer people in the office, you get closer ties and a great team spirit.

“The secondment has enabled me to build a broader international network and good personal relations. This is something that I’ll benefit from in my future work in Corporate M&A, where we’re seeing good activity in, for instance, the energy sector. I’m sure that I’ll get to work with my colleagues at Arctic Law Greenland on future cases. My secondment has given me a really good understanding of how they work, and I believe that this will make our collaboration even stronger,” Nicolaj concludes.

A helping hand to 5 Skoler

24 February 2023, the canteen at Axel Towers — On 6 February 2023, Syria and Turkey were hit by a massive earthquake measuring 7.8 on the Richter scale. Thousands were killed and millions left without a home. The Danish NGO 5 Skoler ( 5 Schools) builds schools in Turkey, among other places, for Syrian refugee children. Many of these schools were also affected by the quake.

Together with 5 Skoler, Gorrissen Federspiel donated a cash contribution towards the rebuilding of schools and emergency aid. Our employees donated sleeping bags, warm winter clothes and other supplies that were shipped to Turkey and distributed from the buildings of 5 Skoler. The fundraising event culminated in our canteen on 24 February when Umut Sakarya, chef and 5 Skoler-ambassador, assisted our own chefs in serving a special Middle Eastern menu. The event also involved the sale of merchandise and local specialities. All proceeds went directly to the relief work.

Meet our service team

Every year, Gorrissen Federspiel hosts several thousand meetings, hundreds of events, arbitration tribunals, client dinners, partner events and much more. It is important that our guests feel welcome and valued, that internal mail and packages are distributed and that meals can be served from early morning to late at night. A service team of 30+ employees keeps everyday life at our offices in Aarhus and Copenhagen running smoothly. Meet assistant Johanne, waiter Kristian and chef Zoe.

The assistant

21-year Johanne Fræer Johnsen works as an assistant – or “runner” in everyday terms. Johanne is part of the indispensable support team at our offices in Aarhus and Copenhagen. In Aarhus, where Johanne works, the assistant team consist of Johanne and her two co-workers, who are also in their early 20s.

“We deliver post and parcels to the whole house, photocopy and print documents, prepare for meetings and run errands.”

The job was recommended to her by a friend, who used to work as an assistant at Gorrissen Federspiel. Johanne is hoping to start studying political science at Aarhus University this summer. However, the insights gained into the world of the law in the course of her employment since July, she finds very useful.

“You get a glimpse of a totally different world when you assist on the various cases. It’s extremely exciting and very ‘real life’ what we’re dealing with here. We also help prepare documents for court cases or clients. So we really have to put an effort into getting it right. It’s important that everything we do is done diligently.”

“When you work as an assistant here, it’s necessary that you can make your own decisions and come up with

solutions to challenges and problems. Fortunately, we’re a team of three who help each other.”

All assistants work full-time. Sometimes they have to work overtime. That is no problem for Johanne because she likes the job and her co-workers.

“We get around to all corners of the office and are in touch with basically everyone. People are very friendly and truly grateful for our help. It’s really great."

“Gorrissen Federspiel is a workplace with many younger employees, and our social activities therefore extend beyond working hours,” Johanne says.

“We’re very friendly with especially the younger lawyers and law students at the office. There are many activities; – also outside of working hours. For instance, the firm arranges sports activities, and our team play padel at GF’s padel courts. It’s absolutely brilliant to meet with co-workers after work. I’m not sure that it’s so common at other workplaces.”

There is no hesitation on Johanne’s part when it comes to recommending the job to her “successor”, when she starts her studies.

“It’s a fantastic place to work.”

The waiter

Since 2020, Kristian Nygaard Vinkle has worked as a waiter at Gorrissen Federspiel’s Copenhagen office. He heads a team of four waiters. The team ensure that all meeting rooms are always set up to the same high standard ahead of the more than 7,050 meetings that we hosted in 2023 alone.

“Our main responsibility is to set up and clear tables in the meeting rooms and to serve food and drinks and wait at lunches and dinners. We also have various events at the office and host large and small dinners for clients and other important business partners.”

Almost every day, there is a high level of meeting activity with many visitors in the copper towers of our Copenhagen office. There is a lot of overlap between meetings and events. This calls for concise coordination to keep everything running smoothly.

“It takes careful planning and good teamwork across teams – the kitchen, the event team, the organiser and us waiters. As a team, we rise to the challenge together with good energy and a big smile on our faces.”

From the meeting rooms on the 14th floor, where he is busy setting the tables, Kristian looks across to Arne Jacobsen’s iconic SAS Royal Hotel, as it was originally called when it was completed in 1960. This is where Kristian began his apprenticeship as a waiter at the age of 17. His career spans a variety of restaurants and hotels, including the Tivoli Gardens and the Admiral Hotel, before he joined Gorrissen Federspiel in 2020.

“The best thing about this job that’s my co-workers, our teamwork and the spirit of the place. It’s quite a big workplace, but you say hi to everyone and get to know each other across the organisation and our different professions.”

In Kristian’s point of view, there are many similarities between working as a waiter in a large law firm and in the hotel and restaurant business. It is a service profession and all about supporting the needs of the organisation. But there is a noticeable difference.

“The interaction with the guests is limited here because most guests are here as clients who have come to discuss matters with our lawyers, conduct negotiations, and so on. That’s something I had to get used to when I first started working here. Today, I’m happy with the balance between interacting with colleagues and guests as a waiter and taking care of my administrative duties as team leader.”

There is one perk that Kristian Nygaard Vinkle particularly enjoys every day.

“The view! Working everyday in a house that is open and bright and overlooks the rooftops of the city as far as the eye can see really has a positive impact on my job satisfaction. That’s something I really appreciate.”

Kristian can easily envisage staying at Gorrissen Federspiel for many years to come.

“Definitely. I love working as a waiter and the contact to other people that comes with it. At the same time, I’m challenged and kept on my toes by the expectations placed on me as team leader. New, exciting and rewarding tasks are constantly being added to this role.”

The chef

Zoe Holm Hansen has worked as a chef at our kitchen in Copenhagen for two years, and she has just returned to work after maternity leave. Zoe used to work in a restaurant. But being a parent, the career move to a canteen kitchen was just the right thing to do.

“The kitchen here is the best place I’ve ever worked. Both socially and professionally with all the fabulous food we get to cook.”

“It means a great deal to me and my professional pride as a chef that we prepare the food from scratch using the finest produce possible. It’s far more interesting and challenging than opening and heating a can of ready-made stuff.”

The team of chefs have a rota system, and we work one week at a time at the kitchen’s different stations: fish, meat, meeting catering, takeaway and bakery.

“My favourites are takeaway and bakery. At these stations, we’ve more freedom and greater influence on the work we do. Usually, we’re given a pretty free hand to contribute

creatively to the menus. If you have an idea, they let you try it out – within reason.”

In recent years, the kitchen has had a targeted focus on increasing the proportion of organic produce supplied by local producers. That includes fruit, vegetables and meat. Because of the share of organic produce used, the kitchen holds the Organic Cuisine Silver Label. Also, fish is supplied by a supplier that puts emphasis on sustainability and traceability. In 2023, we introduced yet another meat-free day in the Copenhagen canteen. We now serve meat only three days a week, vegetarian one day and fish several days a week.

“Our sustainability commitment has high priority. We put priority on selecting local suppliers, we’ve a preference for organic produce, and we aim to limit food waste. It’s the best thing to do and the right way to go. And it’s really cool that we, as a kitchen and a firm, are so committed to contributing to the green transition.”

• Seven chefs, including the head chef – all with experience from gourmet restaurants.

• Four waiters, one of whom is a sommelier.

• The kitchen serves breakfast, lunch and dinner on all weekdays throughout the year. On top of that, the kitchen prepares food for special events and, at a fine dining level, for special client events, partner meetings, signings, etc. And finally, we plan and prepare meal bags under the takeaway programme.

• We get a large part of the vegetables from a local, organic producer who delivers seasonal produce in close coordination with the head chef.

• Our supplies of meat and poultry come from a small organic slaughterhouse that receives animals only from farms with the best animal welfare.

• Seafood comes from a distributor that puts sustainability, including full traceability, at the centre.

• The kitchen has the Silver Organic Cuisine Label. This means that between 60% and 90% of the food and beverages that we buy are organic.

• In 2023, we introduced yet another meat-free day. This means that meat is now served only on three weekdays. Instead, we now have more fish on the menu.

The Kitchen in Copenhagen

”It’s a tremendous tribute to the efforts we’ve made to strengthen accountability in all parts and processes surrounding the kitchen. And also in the visible part towards our employees in the canteen and our guests in the meeting rooms. It’s a great team effort. Everyone involved has had a hand in our ultimate win of the 2023 Canteen Award.”

- Maj-Britt Leander, head of meetings and catering, Gorrissen Federspiel

The Canteen Award

• In 2023, Gorrissen Federspiel’s canteen at the Copenhagen office won the Danish Agriculture and Food Council’s Canteen Award.

• The award recognises and honours the best canteen kitchens in the country and their extraordinary contribution to food quality, sustainability and innovation.

• To be nominated, canteens must put emphasis on organic produce and hold the Silver Organic Cuisine Label.

• Apart from an unannounced visit by the jury members, the assessment also includes a cook-off contest at the Nordic region’s largest culinary competition, “Sol over Gudhjem”.

• At the cook-off contest, chefs compete to create the best dishes based on specific criteria. A win in the competition represents 20% of the total score.

• Head chef Stefan Hansen and team won the cook-off contest with a vegetarian menu featuring grilled naan made from rye bread, kebab made from kohlrabi and mushrooms served with a sauce from reduced kefir whey.

• Gorrissen Federspiel’s victory over the other finalists from the canteens of the European Environment Agency and Rambøll A/S in Aarhus was announced at the National Food Day at Hindsgavl Slot on 19 September.

Financial report

Entity details 94

Statement by Management 94

Independent auditor’s report 95

Management commentary 97

Income statement for 2023 99

Balance sheet at 31.12.2023 100

Statement of changes in equity for 2023 102

Cash flow statement for 2023 103

Notes 104

Accounting policies 108

Entity details

Entity

Gorrissen Federspiel Advokatpartnerselskab

Axeltorv 2

1609 Copenhagen V

Business Registration No.: 38052497

Registered office: Copenhagen

Financial year: 01.01.2023 - 31.12.2023

Board of Directors

Niels Vahman Bang, formand

Martin André Dittmer

Kenneth Kvistgaard-Aaholm

Lotte Pinstrup Eskesen

Anders Ørjan Jensen

Jacob Skude Rasmussen

Executive Board

Martin André Dittmer

Auditors

Deloitte Statsautoriseret Revisionspartnerselskab

Weidekampsgade 6

2300 Copenhagen S

Statement by Management

The Board of Directors and the Executive Board have today considered and approved the annual report of Gorrissen Federspiel Advokatpartnerselskab for the financial year 01.01.2023 - 31.12.2023.

The annual report is presented in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations and cash flows for the financial year 01.01.2023 - 31.12.2023.

We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.

We recommend the annual report for adoption at the Annual General Meeting.

Copenhagen, 05.03.2024

Executive Board

Martin André Dittmer, Managing Partner

Board of Directors

Niels Vahman Bang, formand

Martin André Dittmer

Kenneth Kvistgaard-Aaholm

Lotte Pinstrup Eskesen

Anders Ørjan Jensen

Jacob Skude Rasmussen

Independent auditor’s report

To the shareholders of Gorrissen Federspiel

Advokatpartnerselskab

Opinion

We have audited the financial statements of Gorrissen Federspiel Advokatpartnerselskab for the financial year 01.01.202331.12.2023, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations and cash flows for the financial year 01.01.202331.12.2023 in accordance with the Danish Financial Statements Act.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the financial statements” section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management’s responsibilities for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Statement on the management commentary Management is responsible for the management commentary.

Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.

Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.

Copenhagen, 05.03.2024

Deloitte

Statsautoriseret Revisionspartnerselskab CVR No. 33963556

Christina Nilsson

State Authorised Public Accountant Identification No. (MNE) mne44182

Management commentary

Financial highlights are defined and calculated in accordance with the current version of ”Recommendations & Ratios” issued by the CFA Society Denmark.

In evaluating profit/loss for the year, it should be considered that the shareholders of the Private Limited Partnership are also its partners and that their remuneration is profit-related. This remuneration has been recognised in staff costs.

Primary activities

The object of the firm is to engage in the practice of law in Denmark.

Financial risks

Gorrissen Federspiel has assumed only the risks common to the operation of a law firm and has a balanced client base that limits the risk of bad debts. Gorrissen Federspiel has hedged the risk of professional liability by taking out appropriate professional indemnity insurance.

Uncertainty in recognition and measurement

No uncertainty in recognition and measurement has been identified.

Unusual circumstances affecting recognition and measurement

No unusual circumstances have been identified when preparing the annual report.

Statutory report on data ethics policy

Gorrissen Federspiel always strives to be seen as a firm that uses data responsibly and sustainably, however, as of yet we have not developed and implemented a specific data ethics policy.

This choice is based on our current use of data. It is our assessment that the current use of data involves no data ethics issues. Advanced data analysis such as big data analysis, the use of AI, algorithms enabling automated decisions as well as other use of data that potentially could have significant societal impact or affect specific populations are not yet an integral part of our business strategy or business activities. However, based on continuous assessments of the need for a dedicated policy, we have decided to develop and implement a data ethics policy in the course of 2024. This decision has been made in light of Gorrissen Federspiel’s expected implementation of AI-based systems during 2024 and 2025. As a law firm, we already comply with the data protection legislation and the Danish Bar and Law Society’s Code of Conduct (“Advokatetiske Regler”), however, we recognise the importance of developing and implementing a specific data ethics policy to help us address any data ethics challenges that may arise in the future.

Events after the balance sheet date

No events have occurred between the balance sheet date and the date of presentation of these financial statements that would affect the evaluation of this annual report.

Income statement for 2023

Balance sheet at 31.12.2023

Statement of changes in equity for 2023

At 31 December 2023, the shareholders have a total amount receivable from the Private Limited Partnership of DKK 347,060k, see note 15 and 16 to the financial statements. This amount covers partly current balances, partly the liquidity provided by the shareholders to the Private Limited Partnership for a rate of return.

Cash flow statement for 2023

1

at 31.12.

in progress at 01.01. (147,429) (150,265)

Geographical markets and activities do not differ significantly, for which reason these are not reported, see Section 96 of the Danish Financial Statements Act.

2 Other external expenses

Other external expenses comprise administrative expenses, costs of premises, education and training, marketing, bad debts, etc.

3 Fees to the auditor appointed by the Annual General Meeting

Referring to Section 98 B(3) of the Danish Financial Statements Act, remuneration to the Executive Board is not disclosed. The members of the Board of Directors of the Private Limited Partnership have not received any management remuneration during the financial year.

5 Depreciation, amortisation and impairment losses

6

The line item ”Other interest expenses” includes interest on balances with the shareholders of the Private Limited Partnership in the amount of DKK 6,103k.

10 Other receivables

In 2023, this line item included a net deposit of DKK 1,186k, which is calculated as the difference between deposits on client accounts amounting to DKK 1,608,400k and client payables amounting to DKK 1,607,214k.

In 2022, this line item included a net deposit of DKK 1,053k, which is calculated as the difference between deposits on client accounts amounting to DKK 1,103,764k and client payables amounting to DKK 1,102,711k.

11 Prepayments

Prepayments comprise accrued prepaid expenses.

12 Share capital Number

No shares carry special rights.

13 Treasury shares

During the financial year, the Private Limited Partnership acquired treasury shares as it has, within the framework laid down by the General Meeting, accommodated those shareholders who have wanted to sell their shares.

The Private Limited Partnership has disposed of treasury shares during the financial year as part of the acceptance of new partners to the group of shareholders.

14 Other provisions

The outcome of cases of liability and the time when they are closed are inherently uncertain, however, the liabilities are estimated to be settled within the next three or four years. These liabilities comprise costs, including legal expenses and any compensation.

15

16 Payables to shareholders and management

The line item ”Payables to shareholders and management” reflects partly contributed loan capital, partly current balances with the partners, and the Private Limited Partnership’s proposition to the partners to have a rate of return on balances in exchange for the Private Limited Partnership’s availability of liquidity for agreed periods of time.

17

Notes

19

The Private Limited Partnership has entered into rental agreements on premises in Copenhagen and Aarhus. The total rent commitment stands at DKK 226,358k at 31 December 2023.

The Private Limited Partnership leases furniture and equipment, leasehold improvements and IT from GFJURA 883 A/S, which is a wholly owned subsidiary of Gorrissen Federspiel Komplementar Advokatanpartsselskab. The total lease commitment stands at DKK 30,157k at 31 December 2023.

20 Contingent liabilities

When entering into rental agreements, the Private Limited Partnership committed itself to returning the premises in the same condition as when they were received.

The Private Limited Partnership has entered into an agreement involving a possible commitment to pay up to DKK 6,410k in 2025.

The Private Limited Partnership has provided a guarantee of DKK 30,000k for bank loans of GFJURA 883 A/S.

21 Related parties with controlling interest

No parties have control of the Private Limited Partnership.

The Board of Directors and the Executive Board (Management) are considered related parties.

22 Non-arm’s length related party transactions

Only related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year.

Accounting policies

Reporting class

This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).

The accounting policies applied to these financial statements are consistent with those applied last year.

Recognition and measurement

Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.

On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.

Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.

Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.

Foreign currency translation

On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses.

Income statement

Revenue

Revenue from the sale of services is recognised in profit or loss as and when the service agreed is provided whereby revenue equals the selling price of the work performed in the financial year (the percentage-ofcompletion method). Recognition at selling price is based on the assumption that all income and expenses and the stage of completion at the balance sheet date can be measured reliably and that it is probable that payment will be received.

Tax on profit/loss for the year

Gorrissen Federspiel Advokatpartnerselskab is not an independent taxpayer, for which reason neither current tax nor deferred tax on profit/loss for the year is provided for in the financial statements. Gorrissen Federspiel Advokatpartnerselskabs resultat is taxed at the level of the shareholders of the Private Limited Partnership in accordance with the current rules of Danish tax law.

Other external expenses

Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.

Staff costs

Staff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.

Depreciation, amortisation and impairment losses

Depreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets.

Other financial income

Other financial income comprises interest income, including interest income from bank deposits and foreign currency transactions.

Other financial expenses

Other financial expenses comprise interest expenses, including interest expenses on payables and foreign currency transactions.

Balance sheet

Goodwill

Goodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. For amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used are 7 years.

Goodwill is written down to the lower of recoverable amount and carrying amount.

Receivables

Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.

Client balances, net

Client balances comprise the net amount of client accounts at financial institutions and client payables. Set-off is effected when the net amount is recognised in the balance sheet whereas the gross amount is specified in the note to the financial statements.

Client accounts at financial institutions comprise all trust funds held in special client accounts at financial institutions. The client accounts are subject to the rules governing attorneys’ obligations related to the treatment of trusted funds.

Client payables comprise all of such amounts as are received on the account of a third party.

Contract work in progress

Contract work in progress is measured at the selling price of work carried out on cases at the balance sheet date and costs incurred on such cases.

If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value.

Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, which is calculated as the selling price less prepayments received, is positive or negative.

Prepayments

Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.

Cash

Cash comprises cash in hand and bank deposits.

Dividend

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management’s proposal for distribution of profit/loss.

Treasury shares

Acquisition and selling prices and dividends for treasury shares are classified directly as equity under retained earnings. Gains and losses on sale are not recognised in the income statement.

Other provisions

Other provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc.

Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value.

Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.

Operating leases

Lease payments on operating leases are recognised on a straightline basis in the income statement over the term of the lease.

Other financial liabilities

Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.

Cash flow statement

The cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year.

Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items and working capital changes.

Cash flows from investing activities comprise payments in connection with investments.

Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.

Cash and cash equivalents comprise cash and with an insignificant price risk less short-term bank loans.