WWL Thought Leaders Switzerland 2022

THOUGHT LEADERS

Switzerland 2022

Interviews with the pinnacle of the profession

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IntroductionContents

Arbitration

I am delighted to present WWL Thought Leaders: Switzerland 2022, which brings together the insight, expertise and wisdom of some of Switzerland’s foremost lawyers and experts in a single book. Through thousands of votes and nominations in the course of our research, the market has identified that the practitioners in the following pages are among the very best in the world in their field, without exception.

Who’s Who Legal has been researching legal markets since 1996 and now covers 35 practice areas and over 150 countries. Entry into our guides is, of itself, no easy feat, with fewer than half of those nominated obtaining a listing. The bar to be considered a thought leader for Switzerland is even higher: only those listed lawyers who obtained the highest number of nominations from peers, corporate counsel and other market sources in our most recent research cycle were considered. In total, only one in every four individuals considered for inclusion in WWL: Switzerland 2022 were invited to take part in WWL Thought Leaders: Switzerland 2022

Through interviews with the practitioners themselves, WWL Thought Leaders: Switzerland aims to shine a light on what puts these practitioners at the apogee of the Swiss market. They are worthy of special mention owing not only to their expertise and experience advising on some of the world’s most significant and cutting-edge matters, but also their ability to innovate and inspire. Their experi ence and understanding of the legal world and their unique insights into the area will no doubt be illuminating and instructive to a wide spectrum of readers, whether clients, corporate counsel, established practitioners, those starting out in the law, or anyone with an interest in the practice of law at the very highest level.

This edition of WWL Thought Leaders: Switzerland features Q&As with 78 practitioners with hundreds of years of combined experience in the field between them. I would like to thank the participants who gave us their valuable time to answer our questions and make the book possible. It is rare to have so much expertise concentrated in one place and we hope you will agree that their responses make fascinating reading.

Rupert Wilson

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2 Christoph Brunner 4 Konstantin Christie 6 Xavier Favre-Bulle 8 Harold Frey 10 Simon Gabriel 12 Pierre-Yves Gunter 14 Daniel Hochstrasser 16 Wolfgang Peter 18 Anne Véronique Schlaepfer 20 Pierre Tercier 22 Georg von Segesser

Asset Recovery 24 Andrew Michael Garbarski 26 Sandrine Giroud 28 Matthias Gstoehl 30 Anne Valérie Julen Berthod 32 Antonia Mottironi 34 Alexander Troller 36 Daniel Tunik

Banking 38 Daniel Flühmann 40 Ralph Malacrida 42 François Rayroux 44 Patrick Schleiffer 46 Olivier Stahler

Business Crime Defence 48 Jean-Marc Carnicé

Capital Markets 50 Patrick Schleiffer 52 Till Spillmann

Competition 54 Mani Reinert 56 Mario Strebel 58 Astrid Waser

Construction & Real Estate 60 Cécile Berger Meyer 62 Josef Caleff 64 Yves de Coulon 66 Corrado Rampini

Corporate Governance 68 Urs Brügger 70 Rudolf Tschäni

Corporate Immigration 72 Rayan Houdrouge

Corporate Tax 74 Jean-Blaise Eckert 76 Heini Rüdisühli 78 Daniel Schafer 80 Susanne Schreiber

Data 82 Nicole Beranek Zanon 84 Lukas Bühlmann 86 Carmen De la Cruz 88 Samuel Klaus 90 Lukas Morscher

Fintech 92 Daniel Flühmann 94 Martin Hess 96 Reto Luthiger

Hospitality 98 Ion Eglin

Insurance & Reinsurance 100 Peter Hsu

Investigations 102 Claudia Fritsche 104 Marc Henzelin 106 Andreas D Länzlinger 108 Saverio Lembo 110 Simone Nadelhofer

Investment Management 112 François Rayroux 114 Olivier Stahler

IP | Patents 116 Thierry Calame

Labour & Employment 118 Vincent Carron 120 Marc Ph Prinz

Life Sciences 122 Thierry Calame 124 Frank Scherrer 126 Markus Schott 128 Markus Wang

Litigation

130 Aurélie Conrad Hari 132 Harold Frey 134 Peter Hafner 136 Nadja Jaisli Kull 138 Peter Reichart 140 Alexander Troller

M&A

142 Hans-Jakob Diem 144 Tino Gaberthüel 146 Christoph Neeracher 148 Rolf Watter

Private Client 150 Daniel Bader 152 Mark John Barmes 154 Ruth Bloch-Riemer 156 Aurélie Conrad Hari 158 Werner Jahnel 160 Daniel Leu 162 Natalie Peter 164 Heini Rüdisühli 166 Tina Wüstemann

Restructuring & Insolvency 168 Tanja Luginbühl

Sports & Entertainment 170 Michele Bernasconi 172 Marc Cavaliero 174 Gianpaolo Monteneri

Transport 176 Giovanna Montanaro 178 Directory

Business development manager Kiteria Yiu

Account managers Bilikis Olowolekomoh, Sam Limbu, Leon Hartley, Hadassah Maitaram

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Christoph Brunner

Peter

&

Kim Bern www.peterandkim.com

cbrunner@peterandkim.com Tel: +41 58 317 70 50

Biography

Christoph Brunner has acted as counsel, presiding arbitrator, sole arbitrator, co-arbitrator and legal expert in more than 100 arbi trations. His range of expertise covers, in particular, M&A and joint ventures (including share holders’ agreements and post-M&A disputes), construction/infrastruc ture projects, sales, distribution and agency, in various business indus tries such as construction, energy, high-tech goods, telecommunica tions and pharmaceuticals. He is a member of the ICC Commission on Arbitration and ADR and titular professor at the University of Bern.

What inspired you to specialise in arbitration?

International arbitration allowed me to combine and pursue various interests and talents: profound law expertise, marked curiosity for the factual elements of a case and good memory, liking for numbers, analytical skills, management and diplo macy skills, and the art of advocacy or persuasion.

What qualities make for a good arbitrator?

• Profound knowledge of the file, combined with an in-depth command of the law, good analytical and manage ment skills.

• Willingness to immerse yourself in unfamiliar fields or technical aspects.

• Sound judgement and cogent reasoning.

• Flexibility in designing an appropriate procedural schedule; firmness in reason ably enforcing this procedural framework.

• Communication skills.

• Utter impartiality and openness.

• If there is a losing party, it should be able, if not to accept, but at least to fully understand, the reasons why it was not successful.

How will the ongoing sanctions continue to affect Russianrelated construction projects and arbitration?

On 6 October 2022 the EU adopted its eighth package of sanctions against Russia, which includes prohibitions to provide architec tural and engineering services, legal advi sory services and IT consultancy services to the government of Russia or Russian entities.

Even though the relevant regulation limits “legal advisory services” to “noncontentious matters” and excludes “any representation, advice, preparation of documents or verification of documents in the context of legal representation services, namely in […] arbitral or media tion proceedings”, operators may still be reluctant to provide legal advice to Russian

entities because such advice may be inter preted as non-contentious, for example if pre-arbitral legal advice leads to no action being taken. Due to the same regulation, Russian-related construction projects will likely be affected by sanctions as well.

There has been a lot of activity in Europe regarding infrastruc ture, with major highway and rail projects expected to impact the market. How effective is arbitration at dealing with such cases at the moment?

Arbitration is generally faster at resolving disputes about infrastructure projects involving international actors than state courts. In furtherance of this, creative dispute resolution mechanisms can be adopted, for example, the appointment of a sole arbitrator with subject matter exper tise to render an award on a single issue in a fast-track arbitration.

With creative, party-agreed approaches like this, I would expect arbitration to continue to be an effective method of dispute resolution, particularly in the complex field of construction and infrastructure.

In what ways is arbitration becoming greener? Do clients also have a role to play in this transformation?

First, arbitrators may find themselves in a position to reduce their own carbon foot print. Measures include holding virtual meetings and hearings. Clients have their own role to play, for example, by agreeing to virtual hearings, or by offsetting their own carbon footprints.

Second, arbitration is well-established in resolving environmental disputes. With growing climate change related invest ments, especially in the energy sector, we can also expect to see a growing number of climate related disputes.

How big is the issue of geo graphic exclusion in arbitration (i.e. where small states don’t

have the infrastructure to par ticipate effectively in arbitra tion proceedings)? How could this be effectively addressed?

Geographic exclusion remains an issue even following trends of growing digitali sation, which help to mitigate this problem.

Ongoing efforts to establish arbitra tion institutions and seats of arbitrations outside the historically dominant locations must be noted as well. There is value in developing different geographic locations, particularly in Africa and India, provided that the host state is able to set up arbitra tion-friendly legislation and court systems.

What are the stated goals of the ICC task force on corruption, and do you think they are ambi tious enough?

The ICC task force’s goal is to raise aware ness of the manner in which arbitral tribu nals have addressed issues of corruption by identifying and analysing past and current practices of tribunals, applicable laws and rules, red flags, etc.

This is quite ambitious given the number and complexity of the issues involved. It is generally understood that while corruption cannot be condoned, parties should not be allowed to free themselves of their obliga tions easily.

What has been your greatest achievement to date?

As an arbitrator:

• Having been able to ensure and promote the fairness of arbitral proceedings and the integrity and persuasiveness of arbitral awards.

• Being recognised by clients and peers as a knowledgeable, sharp-witted and reliable arbitration practitioner.

As counsel: in a high-value case, having achieved a settlement on favourable terms for clients at an early stage.

WWL says: Christoph Brunner is “very highly regarded” and “very much in demand” thanks to his sterling reputation as “an excellent arbitrator” with “tremendous experience” and “an analytical mind”.

whoswholegal.com/thought-leaders

Konstantin Christie

Peter & Kim Geneva www.peterandkim.com kchristie@peterandkim.com Tel: +41 58 317 70 70

Biography

Konstantin Christie is a partner at Peter & Kim. His practice centres on investment and commercial arbi tration, with clients hailing from the energy sectors, banking, retail and heavy industry. Representative cases involved JV and post-M&A projects in Europe, the Middle East and the former Soviet Union. Recently, he acted for clients subject to long-term energy supply agree ments and investment disputes in Asia. Konstantin trained in Paris and Geneva before passing the bar in New York and Massachusetts and has been based in Europe for the past 15 years.

What motivated you to pursue a career in arbitration?

I was always interested in various cultures and addressing conflicts through peaceful means, having first-hand experienced lack of cultural understanding, when resettling in the US and then Europe. Arbitration, and in particular investment arbitration is one of the methods of resolving conflicts in a way that provides for a neutral forum where each party has a chance to put its best case forward. Of course, this is not a perfect system and not every arbitra tion lives up to these expectations, but it mostly works – otherwise there would not be such a proliferation of arbitration lawyers, experts and arbitral institutions.

After having two courses on arbitration from great professionals themselves –Paolo Michele Patocchi and Christopher Gibson – I was hooked and pursued my career in this field.

What qualities make for a suc cessful arbitrator?

First and foremost, diligence and patience. The successful arbitrator must not only know the file, but also be patient with the parties, and sometimes their colleagues on the panel. Of course, a solid training in any one system of law and a specialisation in an industry helps too, as well as tact, diplomacy and respect for the trust that the parties place in an arbitrator. I would also say that an ability to decide on merits and procedure is a must – something you would expect all arbitrators to have. In my experi ence, unfortunately it is not always so.

In what ways is arbitration becoming greener? Do clients also have a role to play in this transformation?

I see that routinely, even for smaller arbi trations, arbitration firms large and small opt out not to have hard-copy bundles for the hearings and even for submissions.

This has been part of a greater “green awareness” but also a result of covid-19 experience. As for the clients, I believe that most of them trust their arbitration lawyers and it is the lawyers and the tribu nals who drive the green transformation of the industry. Also, the technology just got better – whether in terms of presentation at the hearing, calling of exhibits or use of document-handling platforms at law firms.

In what ways does your vast international experience ben efit clients? How will the ongo ing sanctions continue to affect Russian-related construction projects and arbitration?

I would hope that clients recognise that varied experience is valuable, whether it is that of an arbitrator, counsel or tribunal secretary. As for the sanctions, unfortu nately, they are likely to restrict the ability of parties to seek justice – both for Russian and non-Russian parties. The sanctions will likely impact on almost everything –from the choice of counsel, arbitrators and experts to ability of the parties to move on with arbitration. Even the payment of advance on costs is likely to be difficult as a matter of bank practice, in turn effectively freezing some projects, but also some disputes that would otherwise be handled swiftly through an interim relief request or an interim award/emergency arbitration.

Practitioners report a marked increase in international mediation, even when there are arbitration clauses in con tracts, due to cash-strapped businesses seeking early set tlement. Is there a danger arbi tration could take a back seat to mediation?

For some types of disputes, this could be the case, but for most arbitrations it is difficult to see how even an effective

and experienced mediator could resolve a dispute where one party is unwilling or unable to even consider a portion of the blame. Equally, mediation is only possible if both parties agree on a mediation, and this would not be possible in cases where arbitration is a tool to save face or displace blame of a government official/corpo rate officer. Having said that, our advice to the clients always involves options for a possible successful settlement regard less of its liquidity position. More generally, however, it is rare to see a party forgoing an arbitration and choosing mediation only because of cash flow issues – for such parties third-party funding could be an option.

Looking back over your career, what has been your proudest achievement?

I would have to say that a settlement in an investment dispute just weeks before the hearing was especially notable, as I was not yet a partner and received a personal call from the general counsel to thank me for the work that we have been doing. The settlement was a success despite a much larger team of lawyers on the opposite side. Becoming a partner at 35 was also not without a sense of achievement.

What advice would you give to someone starting out in arbitration?

Sometimes this field seems like a mara thon, but often it is a sprint when every second counts. It is important to maintain the level of dedication and a cool head throughout. This often comes at a personal cost in terms of life outside of arbitration. I would also suggest for those starting out in arbitration to ask for advice of peers and your senior colleagues and to keep adjusting and learning, if possible, every day.

Peers and clients say: “Konstantin is a very talented and experienced professional”  “He analyses each problem from different perspectives to find the most suitable solution”  “He is able to produce high-quality work within a short period of time”

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Xavier Favre-Bulle

Lenz & Staehelin Geneva

www.lenzstaehelin.com xavier.favre-bulle@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

Dr Favre-Bulle has almost 30 years of experience in dispute resolution, being involved in over 250 arbitra tions (energy, construction, M&A, distribution, pharmaceuticals, banking, sports, etc). At Lenz & Staehelin, Geneva, Dr Favre-Bulle leads the arbitration group and the sports law sector. He is the presi dent of the Arbitration Court of the Swiss Arbitration Centre and senior vice-chair of the IBA Arbitration Committee. He is a frequent speaker at conferences and author of some 75 books/articles.

What inspired your choice of international arbitration as a field of practice?

I like how complex disputes are efficiently resolved by people having a very high standard of professionalism. Most cases are fascinating, with an international envi ronment, a good mix of procedural and substantive issues, and bespoke solutions found by learned arbitrators after hearing excellent counsel. It is a privilege to work in a field where each case is different and the flexibility of rules allow for tailor-made procedures in the interest of the parties.

What do you enjoy most about your role as an arbitrator?

The challenge of facing diversity of cultures and very different industries, and being able to adapt oneself to provide the right answers. I see the role of chairperson as a conductor with his orchestra: no room for poor preparation or unprofessional improvisation.

You have published extensively on international and Swiss arbitration. Are there any par ticular trends and develop ments emerging that you have written about recently?

The tools we are developing under the Swiss Arbitration umbrella are quite impressive. Taking advantage of a very favourable Swiss legal environment (arbi tration law revised in 2021), we issued revised Swiss Rules of arbitration and mediation in 2021 and we will shortly launch very innovative Supplemental Swiss Rules for Corporate Law Disputes, as well as an helpful Practice Note. The trend is to be creative and meet the users' needs, and I am pleased to emphasise those develop ments in various media.

Are you noticing a change in how arbitrations are financed?

If so, what changes are you noticing?

There are more and more players inter ested in the business of third-party funding, even new comers (private equity funds), which in turn whets the appetite of potential claimants who are unable to finance their claims. The difficulty in prac tice is the high threshold put by funders to accept a case, which may either push a claimant to increase its claims or leave aggrieved parties without funding if their case is not considered worthy of interest.

How has the move towards vir tual working affected training and networking opportunities?

On the one hand, the positive aspects include opportunities to attend remote events more easily, information can be accessed worldwide, arbitrations may be handled more efficiently (time and costs) when the parties and arbitrators do not have to travel to attend hearings. On the other hand, in-person contacts are key for developing a long-lasting network and connecting with people. We are not robots. Interacting without screens is crucial to manage the human aspects of daily work and further cohesion of spirit.

If you could implement one reform for Swiss arbitration, what would it be and why? Financing permitting, the presence of Swiss Arbitration outside Switzerland could be enhanced. The Swiss Rules are an excel lent set of arbitration rules that are suitable for most disputes, whatever their nature or amount (in particular thanks to our excel lent expedited procedure successfully used since 2004); however, most arbitration

agreements provide for a place of arbitra tion in Switzerland. Increased recognition of using the Swiss Rules with a seat in any other country would be well deserved. This might require the opening of offices abroad and the involvement of local representa tives, with appropriate marketing means.

What do you think will be the greatest challenge facing the next generation of arbitration practitioners?

Competition… although there is a clear increase in demand of arbitration services, it seems difficult to imagine that everyone can hope to be successful in providing counsel work in the long run. Clients – especially sophisticated ones involved in high-value disputes – will look for experienced prac titioners, with a track record and the ability to handle their cases efficiently. Similarly, the competition between arbitrators is significantly increasing, especially with the emergence of a number of boutiques of sole practitioners. A challenge that those arbitrators may face is having a sufficient number of appointments. Next-generation arbitration practitioners might thus wish to fight to be top-ranked and secure stability of their arbitration business or opt for broader dispute resolution practice including litiga tion and ADR.

What professional goals are you focusing on achieving in 2023?

It will be my third and last year as presi dent of the Court of the Swiss Arbitration Centre with still many projects to complete, combined with mandates as counsel for our firm's clients and my arbitrator appoint ments, which both remain a priority in my every-day activities. I will also dedicate time to the IBA Arbitration Committee, so as to be ready to act as senior co-chair in 2024.

WWL says: Xavier Favre-Bulle is “an excellent arbitration practitioner” with “strong skills in crossexamination”.

whoswholegal.com/thought-leaders

Also a Thought Leader in Litigation

Harold Frey

Lenz & Staehelin

Zurich

www.lenzstaehelin.com harold.frey@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Harold Frey leads the litigation and arbitration practice of Lenz & Staehelin in Zurich. He has acted in numerous large-scale cases (also involving states) before arbi tral tribunals and state courts. Matters have included a wide range of legal issues and industries (with a particular focus on energy, phar maceutical and construction). Mr. Frey has profound knowledge and extensive experience in all aspects of corporate and M&A dispute reso lution. In addition to his work as counsel, Harold Frey regularly sits as arbitrator.

Describe your career to date.

Since my studies and bar exams in Zurich and New York I have been practicing inter national arbitration at Lenz & Staehelin for more than 20 years (with an interruption in 2005/06 when I worked as an associate in the arbitration group of WilmerHale in London). I became head of our Zurich arbitration practice in 2009 and head of the joint litigation and arbitration practice in 2014.

What did you find most chal lenging about entering arbitration?

I had the great fortune of working for outstanding practitioners, including Peter Hafter, Michele Patocchi and Gary Born, in the first years of my career. Thanks to their valuable mentorship and exposure to great cases, entering arbitration was not the challenge. If anything, the challenge was to quickly rise up to their expectation.

What are the advantages and disadvantages of arbitration compared to litigation?

The single most important advantage of arbitration is the flexibility it offers, allowing parties with different backgrounds to select arbitrators and conduct proceed ings as they deem fit and tailored to the specific needs of the case. Depending on the parties’ arrangements, or if abused by one side or the other, this flexibility natu rally has an impact on timing and costs of proceedings – often criticised as arbitra tion’s biggest disadvantages.

How does your experience assisting clients in a wide range of sectors enhance your arbitration practice? How do you ensure you develop indepth sector knowledge?

While specialised industry experience is important, a varied sector experience gives

you a better ability to appreciate and under stand commercial issues as they may arise in any dispute. It allows you to compare practices and results on a broad scale, enabling you to present your arguments in a way that would appeal to common sense and to arbitrators from different back grounds and with different industry expe riences. And many types of disputes occur over a broad range of sectors – mergers and acquisition disputes, to name just one example.

Some practitioners report that, post pandemic, arbitra tion costs are deterring parties from bringing matters. Is this your experience?

This is not my experience. During the pandemic, especially at the beginning, clients often appeared rather risk averse and, thus, hesitant to start arbitrations. Post pandemic, however, considerations as to whether or not a matter should be brought to arbitration are similar as they had been before. As one notable shift in practice, users are now increasingly willing and prepared to conduct case manage ment conferences and in certain cases even hearings online to save travel and infrastructure costs.

What are the key qualities that make for a successful arbitrator?

A genuine interest to engage with the facts. Being lawyers, arbitrators naturally take a keen interest in the law – and mastering the law is of course an indispensable quality for a successful arbitrator. But what often makes the difference between a good and an excellent arbitrator is the willingness to address – and the intellec tual ability to understand – complex facts, be it in the first instance when examining witnesses and experts or eventually in the award.

Another key quality, in particular for a chairperson, is the ability to master proce dural aspects in a way ensuring efficiency yet providing each side a fair opportunity to present its case. Sometimes this may also require the courage to discipline unruly parties.

Where, in your opinion, does the future of the practice area lie?

Notwithstanding certain criticism about the length and costs of arbitration proceed ings (and recent trends in document production have added to that criticism), arbitration will remain the single most important dispute mechanism to resolve international commercial disputes. I doubt that international commercial courts will become a true alternative in the near future. Still, arbitrators, counsel as well as party representatives and the arbitra tion community at large must work hard to improve the efficiency of the process – not by introducing new rules and guidelines, but by using common sense and sensibly applying existing case management tools in every single case.

What is your greatest achieve ment to date?

Over the years, I had the fortune to work with outstanding practitioners and be involved in fantastic cases (recently often for or against states or state-owned companies), most of which I like to think turned out very favourably for our side. Personally, my greatest achievement so far is that I was able to build up and grow an important arbitration practice at our firm in Zurich over the past 15 years.

WWL says: Harold Frey comes highly recommended for his vast skill and experience in commercial arbitration and litigation.

whoswholegal.com/thought-leaders

Simon Gabriel

Gabriel Arbitration AG Zurich

www.gabriel-arbitration.ch s.gabriel@gabriel-arbitration.ch Tel: +41 44 206 20 80

Biography

Simon is the founder of the Swiss arbitration law firm Gabriel Arbitration AG in Zurich. He has participated in over 100 interna tional arbitration proceedings as chairman, co-arbitrator, sole arbi trator and legal counsel. Simon is admitted to all Swiss courts, holds a PhD in dispute resolution and an LLM in common law advocacy. Simon is member of the Swiss ICC Arbitration Commission and is endorsed in various arbitrator panels and legal directories.

What did you find most chal lenging about entering the field of international arbitration?

When I left university after my PhD, I had to find a law firm that first, had interna tional arbitration work on a regular basis and, second, was not already packed with enthusiastic young arbitration lawyers.

Already 15 years ago, this was quite a chal lenge. And today, it appears to me, it has certainly not gotten any easier.

What qualities make for an effective advocate in conten tious proceedings?

A good storyteller and systematic thinker who is well prepared on the file will be an effective advocate.

A good storyteller knows that the story of a case must be lifelike – and if it is not, there must be a very good explanation why a case is indeed exceptional. As arbitrator, I hear a lot of excellent lawyers who develop sophisticated factual and legal theories. But sometimes I miss the link to reality: what did really happen there? Why is there a dispute? Advocates who answer these questions in a realistic manner based on the evidence on file are often extremely convincing.

A systematic thinker has a big advantage as consistency is a must. Every contradic tion or change of factual or legal position during adversarial proceedings diminishes the credibility of the advocate and his or her case. In big cases, it can be quite chal lenging to keep the overview.

Victory loves preparation. The best advo cate who appears in court unprepared will lose the case. It is as simple as that.

Since you began your career, what has been the biggest change you have seen in rela tion to the way that arbitration proceedings are conducted?

It is probably the lengths of the submis sions. When I started, a senior arbitration

partner in a major international law firm told me (and everybody else): “A claimant who is not in a position to present its case on 20 pages has no claim.” After some years, I asked him: “Should we maybe raise the threshold to 40 pages? Otherwise, we will hardly see any justified claims, anymore…”

Nowadays, we often start with 50 to 100 pages for statements of claim and end up with multiple-hundred pages submissions in the second exchange of briefs (plus volu minous expert reports and very compre hensive witness statements).

I am not always sure to what extent the big teams of lawyers who author these exceptional submissions care about what is still manageable and persuasive for the members of the arbitral tribunal – some times, less (volume) is more (convincing).

How do you, as an arbitrator, try to ensure hearings are fair for all parties?

I try to offer reasonable expectation management before and during the hearing. So that counsel know what to expect and are thus prepared. If there are no (big) surprises on the manner in which the hearing is conducted, the hearing is typically considered as fair by the parties.

How efficient have online pro ceedings become since the beginning of the coronavirus pandemic?

In my experience, virtual hearings can work out fairly well, if they are carefully prepared (eg, with the assistance of a professional third-party host) and all parties agree to have a virtual hearing.

However, in cases where numerous volu minous documents must be discussed with witnesses (and maybe even compared), the “share screen” functions on Zoom and other platforms quickly reach their limits.

There will certainly be less hesitation to agree on fully virtual or hybrid hearings, which is positive in the sense of an addi tional option for suitable cases. Whether or not the handshake will be back soon remains to be seen. But, frankly speaking, I hope that there will not be too many longterm effects of covid-19 – neither in arbi tration, nor more generally speaking…

I think “generating trust” is the keyword. Other lawyers must first get to know the names of these younger colleagues and then gain the trust that they are capable and fully devoted to deliver the bestpossible service as arbitrators.

This is sometimes neglected: the arbi trator is not the boss of the case – she or he is rather the first service provider.

Finally, a well-communicated “unique selling proposition” can be helpful in this regard (eg, specialisation in a certain industry or legal system), so that people remember.

WWL says: Simon Gabriel is noted as “a go-to name” with “great communication and organisation skills”. He is “down to earth and able to explain complex matters in a clear and understandable way”.

whoswholegal.com/thought-leaders

What long-term effects do you see covid-19 having on arbitra tion practice?

What steps can younger arbi tration practitioners take to improve their chances of get ting arbitrator appointments? Is there an important role to play here for experienced lawyers?

Pierre-Yves Gunter

Bär & Karrer Ltd Geneva www.baerkarrer.ch pierre-yves.gunter@baerkarrer.ch Tel: +41 58 261 57 00

Biography

Pierre-Yves Gunter has been active in international commercial arbi tration since 1991. He has acted as counsel and arbitrator in over 226 cases. After 19 years with Python (formerly Python & Peter), he joined Bär & Karrer in January 2017 as partner and is co-head of the inter national arbitration group, which consists of 40 lawyers.

What do you enjoy most about working in arbitration?

The ability to constantly learn about new fields of practice and new cultures as well as the diversity of legal and contractual issues.

How has the practice of arbi tration evolved since you first began your career?

When I started in arbitration 30 years ago, only a limited number of law firms were active as counsel in arbitration and most arbitrators were university professors. This is obviously not the case today.

How can clients be encouraged to pursue methods of alterna tive dispute resolution?

Although clients are increasingly familiar with methods of alternative dispute resolu tion, they still need guidance and they need to be convinced of the efficiency of such methods. For instance, in construction the efficiency of dispute review boards will be affected if most of their decisions can be taken to arbitration.

How effective are virtual hearings and arbitration pro ceedings compared to their in-person alternative? Do you see them becoming the ‘new normal’?

Everybody realised that virtual hear ings can be very efficient. For procedural

hearings they will become the norm. For merits hearings it will depend on a number of factors, such as the duration of the hearing, the complexity of the dispute, the location of the participants, etc.

What impact will technological innovation have on the practice of arbitration in the next five to 10 years?

Covid-19 had a positive impact on tech nological innovation and this will continue even when this pandemic ends.

You have enjoyed a very illustri ous career so far. What would you like to achieve that you have not yet accomplished?

To be more involved with investment treaty disputes as arbitrator and to be more involved with Asia-related disputes as counsel and arbitrator.

What is the best piece of advice that you have ever received?

Be patient, work hard, produce quality work and develop your network.

WWL says: Pierre-Yves Gunter is revered as “one of the very best arbitrators in the market” with “tremendous experience” and “extensive knowledge”.

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Daniel Hochstrasser

Bär & Karrer Ltd Zurich

www.baerkarrer.ch

daniel.hochstrasser@baerkarrer.ch Tel: +41 58 261 50 00

Biography

Daniel Hochstrasser focuses on representing parties in complex disputes arising from M&A trans actions, industrial and infrastruc ture projects, banking and finance and licence agreements, particu larly in the pharmaceutical field. He is frequently chosen as arbitrator in large international disputes –party-appointed or as president of the tribunal. Daniel has published and lectured on arbitration and liti gation in Switzerland and abroad, and is a lecturer at the University of Zurich. Since July 2015, he has been a member of the ICC Court of Arbitration, and since 2021 one of its vice-presidents. He holds law degrees from the University of Zurich and from Cornell University in the USA.

What do clients look for in an effective arbitrator?

What a party should look for, both in a counsel and arbitrator, are three elements: knowledge, experience and dedication. Experience is, among other things, a function of age; however, what is equally important is availability and the dedica tion to actually handle the case and be involved. For an arbitrator, preparation for the hearing and efficient handling of procedural decisions are key qualities that an appointment should take into account. An important factor is the role that the arbitrator can play within the tribunal: will he be respected and listened to by his colleagues? You do not want to appoint an arbitrator who blindly supports your position – this could even have an adverse effect.

How effective are virtual hearings and arbitration pro ceedings compared to their in-person alternative? Do you see them becoming the ‘new normal’?

The quality and effectiveness of remote hearings in arbitration has improved significantly thanks to the growing famili arity of arbitrators and counsel with the technology used. In particular, everybody has learnt how to position cameras and microphones in order to make themselves heard and seen. On the other hand, remote hearings are and will remain two dimen sional – ie, one can hear and see people’s faces and upper bodies, but misses other elements such as body language. In addi tion, one is only focused on the person actually speaking, and cannot easily take note of the reaction of other participants. It is a clear disadvantage, for instance, for counsel who cross-examine a witness, if they cannot easily detect the reactions of the arbitral tribunal to specific statements.

I do believe that remote hearings will become the “new normal” for procedural

hearings (such as case management conferences), but not for longer hearings on the merits of a dispute.

What further steps can be taken to ensure that arbitra tion professionals are more comfortable using arbitration hosting platforms and other technology increasingly used in proceedings?

The key is to practise the use of the tools and the availability of professional equip ment. A full hearing conducted remotely should always be managed by a specialist, an IT technician or other person intimately familiar with the technology and software used for the hearing. It certainly cannot be the responsibility of the president of the tribunal to manage the hearing technology; this would detract from their main task in an unacceptable manner.

Have you seen many covid19-related disputes enter the arbitration space, or do you mainly see them in litigation? Why might this be, and how may it change?

So far, the main effect of covid-19 on the substance of disputes is that parties claim that performance of a contractual obligation was made impossible or overly burdensome as a consequence of the coro navirus pandemic. I expect to see more of those cases, and it will be interesting to see how the law will develop under the various legal systems and applicable theories (force majeure, clausula rebus sic stan tibus, hardship and others).

What challenges and opportu nities does virtual working pre sent to lawyers for networking and training?

One of the major changes is that it has become almost impossible to meet and connect with lawyers for networking

purposes. The informality of discussions at conferences and seminars has been totally lost. For training, this is less dramatic. Webinars and other net-based events are a relatively good alternative and have become increasingly helpful.

What do you enjoy most about your role as co-head of Bär & Karrer’s arbitration practice?

I am proud that in my firm, we have been able to develop our disputes practice from two or three partners and a few associ ates in 1993, when I joined, to 20 partners and 30 associates, all of whom are recog nised in the market for their skills, and we are constantly ranked among the leading dispute resolution firms in Switzerland and Europe-wide, both in terms of strength of our team and the outstanding quality of our individuals.

I plan to continue to represent parties as counsel, because this is my passion, and I would miss it terribly as part of my portfolio of work. I want to maintain a good balance between counsel mandates and arbitrator appointments.

What is the best piece of advice you’ve ever received?

In addition to training in a law firm, try to also work for a district court, possibly followed by a stint at a court of appeals. By observing how litigation plays out in everyday cases, one learns a lot, not only about law and strategy, but also the human condition. This should then be followed by some time abroad, either studying at an Anglo-Saxon university or working in a law firm or legal department in the US or London. The resulting skill mix will provide a young lawyer with everything that is needed; whether that lawyer will develop into a successful litigator depends on whether he or she also has the character, temperament and devotion to succeed when the going gets tough.

WWL says: The “very skilled” Daniel Hochstrasser is “a top name in the field”, singled out as “an excellent choice for arbitration and litigation”.

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Wolfgang Peter

Peter & Kim

Geneva

www.peterandkim.com wpeter@peterandkim.com Tel: +41 58 317 70 70

Biography

Wolfgang Peter is a founding partner of Peter & Kim. Dr Peter represents major companies from Europe and overseas as counsel in large and complex international arbitrations. He has acted, up to August 2021, in over 270 international arbitrations involving M&A; finance and banking; international trade; joint ventures and industrial cooperation; agency and distribution; and licensing transfer of technology and natural resources (in particular, gas-price adjustment disputes). Prior to arbi tration, Dr Peter was fully engaged in M&A transactional practice for 15 years. He was also the CEO of two watch companies (Breguet and Jaquet Droz) for 13 years.

How has the role of arbitrator changed since you started your career?

Since the 1980s, when I had my first appointment as a young lawyer, both the role and the image of an arbitrator have changed significantly. An arbitrator is now expected to be proactive and have a managerial role in the arbitral process. This includes, increasingly, direct involve ment in the technical and financial issues. Second, due to globalisation, arbitrations increasingly involve different systems of law. This allows arbitrators to discover and provide innovative concepts (such as witness conferencing), or technical solu tions (such as pre-recorded pleadings, for instance) as part of the arbitral process.

What are the main challenges facing arbitrators at the moment?

The coronavirus pandemic continues to affect our field, with hearings and CMCs being held virtually. This carries with it a host of anticipatory issues, such as agreement on protocols, testing of equip ment, etc. Another trend is the existence of parallel proceedings involving virtually the same parties, before courts or other tribunals (eg, commercial and investment arbitration). Another challenge is the growing number of voluminous requests for document production and often exces sive or abusive procedural requests. I still remember arbitrations where there were no document production requests at all. Guerrilla tactics are almost becoming the norm, including sometimes frivolous challenges of the arbitrator. In fact, there is a marked difference now in terms of the treatment by the parties of arbitrators. They are less respected as a deciding and guiding authority, but rather someone who is scrutinised with suspicion and some times even contempt.

The construction industry often turns to arbitration for dispute resolution. To what extent is there a growing interest in using alternative forms of dispute resolution to solve disputes?

I have not personally seen attempts at ADR in the construction industry recently, but I believe that these might become more popular. Arbitration of construc tion disputes can often lead to long and overwhelming processes, where parties become engaged in lengthy hearings (often lasting more than a month) and arbitra tions that can last years.

How do you see the recent instability in oil prices influenc ing disputes in the construction sector?

Presumably pressure on agreed prices will ensue, but in the long term, parties will deal with such issues as they always have in long-term contracts that anticipate fluc tuations (as oil prices have always been).

How effective are virtual hear ings and arbitration proceedings compared to their in-person alternative? Do you see them becoming the ‘new normal’?

Personally, I find them less effective as counsel, since it is akin to taking water with the palm of your hand instead of a glass. However, I believe that hybrid hearings will continue to be useful and may become the new normal, especially as some countries will be more difficult to reach or allow its citizens to travel.

How is the generational shift changing legal practice at your firm? What do younger lawyers do differently?

The younger generations of lawyers are more technically savvy, perhaps much

more attuned to honing their “public image” and maintaining visibility on various social networks. Unfortunately, sometimes there is a disconnect between that image and the quality of the work of such lawyers. However, I generally applaud my team for being on the edge of the technical devel opments. I still remember the days when every lawyer, no matter how young or how recently he or she graduated, would have a personal secretary responsible for typing up letters. There is much more independ ence now in that respect.

What advice would you give to someone starting out in inter national arbitration?

My advice would be to specialise and to think globally, to always work harder and drive yourself to improve, grow and become more efficient. I believe that becoming fluent in several languages would be helpful, but perhaps more impor tantly, someone who intends to become successful in international arbitration should become confident in his/her skills at work and within one’s network.

Where, in your opinion, does the future of the arbitration lie?

I believe that commercial and investment arbitration is here to stay because of a continuing lack of trust in certain national courts, or until such courts become truly efficient and specialised within a certain industry. I also imagine greater specialisa tion within commercial arbitration, similar to investment arbitration, where the pool of experienced lawyers and arbitrators is small.

WWL says: The “excellent” Wolfgang Peter is held in high esteem as “an absolute leader” and “undoubtedly one of the best arbitrators in the market”.

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Anne Véronique Schlaepfer

White & Case SA Geneva www.whitecase.com

avschlaepfer@whitecase.com Tel: + 41 22 906 98 98

Biography

Anne Véronique Schlaepfer is one of the leading international arbitra tion lawyers in Switzerland. She is a partner in the firm’s international arbitration practice and execu tive partner of the Geneva office. Anne Véronique has held leader ship roles at some of world’s most important arbitral institutions (she is a vice-president of the ICC Court and a member of the ICC Executive Board). She has acted as counsel in 150+ arbitration proceedings, served as arbitrator in 30+ cases and repre sents parties before Swiss courts in arbitration-related court proceed ings, in particular in challenges to arbitral awards.

What inspired you to pursue a legal career?

I have been interested in legal issues, the ability to build a strategy and argue a point of view, since I was a child. I think that I simply reached the conclusion that this was a career that matched my interests and personality.

What has been your most mem orable case to date, and why?

Many cases are memorable for one reason or the other. I would think most memorable cases are those in which arguments, which were right but not obvious at the outset, finally prevail. Putting in place a strategy to be able to show that the position of our client is the right one is the most inter esting part of a case. The more complex it is, the more memorable the outcome is when we are successful.

What is the greatest challenge currently facing arbitrators?

The ability to master cases, which have become huge, and be able nonetheless to determine what the truly relevant issues are. There are also procedural challenges, which tribunals are currently facing. The interests at stake may be huge and this places significant pressure on parties, which then tend to fight with all possible means, notably at a procedural level. Tribunals need to be strong, in order to maintain proceedings on track, which is not always easy.

How does White & Case SA stand out from its competitors in the market?

We have a very competent team composed of practitioners with different legal and

cultural backgrounds. Our team focuses on international arbitration and the practical experience gathered by handling a variety of cases is significant. We are also able to rapidly adjust to the particularities of a given case. Nowadays, being flexible and able to address the needs of each case is very important.

Where, in your opinion, does the future of international arbi tration lie?

The ability to adapt to the needs of the market, of being fast and focused. Efficiency is often put forward as a key ingredient of international arbitration, and, in my view, it is going to be more and more relevant.

What has been your greatest achievement to date?

Building W&C’s Geneva arbitration practice is one. Success in key matters is another.

What advice would you give to younger lawyers hoping to one day be in your position?

Work is key. Then, there is much to learn in observing how arbitration proceedings unfold. Reading submissions, attending hearings, being involved in strategy discus sions are an essential part of the training.

Participating in conferences is a pleasant and useful aspect of the training, because it gives young lawyers the opportunity to see how more experienced practitioners would resolve particular issues. Building one’s personal network is another key aspect of being successful and it makes sense to start early in one’s career.

WWL says: Anne Véronique Schlaepfer is widely recommended for her expertise in contractual disputes.

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Pierre Tercier

Peter & Kim Geneva www.peterandkim.com

bureau@tercier.net Tel: +41 26 425 48 48

Biography

Professor Pierre Tercier is an emer itus professor of the University of Fribourg, the honorary president of the ICC International Court of Arbitration, and an international arbitrator with extensive experi ence in international arbitration, having served, mainly as president, in almost 200 international arbitra tions under various rules (eg, ICC, ICSID, LCIA, SIAC, CRCICA, SCC, UNCITRAL, etc) covering various sectors. He has recently joined Peter & Kim (Geneva) as a senior counsel.

What do you enjoy most about working in arbitration?

There are many things about arbitration that I enjoy; otherwise, I would certainly not have continued working after my retire ment from university! Arbitration gives me an opportunity to deal with challenging and interesting cases, legally as well as factu ally, to encounter actors of very different cultural backgrounds, and to meet highly interesting individuals.

On what types of interesting matters have you worked on recently?

With the privilege of age, I am involved in rather important cases, not only in terms of value, but also political relevance. These imply, more often than not, complexity and difficult matters that I have to deal with, mostly as presiding arbitrator. Some cases raise procedural issues, such as illegally obtained evidence, the require ment of special consent to the application of an investment treaty, some delicate and urgent provisional measures. The merits of investment cases may give rise to the issues of compensation for the interruption of an investment due to a political situation or to poor handling of a crisis, termina tion of concession by the state for various reasons (sometimes in connection with environmental requirements), alleged ille gality of the original funds used for invest ment, or corruption. I cannot single out one decision, but many of the cases that I have been involved in are publicly available and speak for themselves.

What is the key to practising successfully across multiple arbitration institutions, as well as in ad hoc proceedings?

In my view, the essence of arbitration is, as such, independent of the presence of an institution. Arbitrators have the power and the responsibility to decide the case, the duty to do so correctly and according to their belief. I am, of course, convinced that institutions do play a role in facilitating and, if possible, accelerating proceedings, in particular, at the launch of the proceedings,

with the control of the arbitrators, with the control of the financial side, and other administrative assistance. The key for an arbitrator is to be comfortable with making decisions with or without the support of an institution across a variety of industries, cultures and time zones.

What would be the advantages and challenges of developing international accreditation pro cedures for arbitral institutions based on common standards?

It is evident that arbitration is nowadays an extraordinary development and that the system of arbitration tends to substitute state courts. Although there are strict rules for the appointment of judges, there are no special requirements for the appointment of arbitrators, except for the requirement of independence. Whatever conception of arbitration one adopts, arbitrators partici pate at the same level in the exercise of justice, one of the most difficult tasks in society. I am convinced that some develop ment and improvements are necessary in this respect. Accreditation may be a good system, as far as the independence of the accrediting institution is guaranteed and there still exists the possibility to choose arbitrators outside the list.

To what extent should more be done to improve the transparency of arbitration proceedings?

All surveys show that confidentiality remains one of the key advantages of arbitration. This should not be ignored. Otherwise, a risk exists that the business world will try to find other ways to solve their disputes, probably more dangerous. This being said, there is a need for more transparency in two respects. First, arbitra tion is developing a focus on real transna tional law and decisions must therefore be made public, without necessarily revealing the details of the case (in particular the parties’ names). There is also a need for more transparency in cases where states are involved and where a certain overview or control must be exercised.

If you could implement one reform in international arbitra tion, what would it be?

There are certainly some possibilities for improvement, and in particular I am still concerned by the question of the increasing cost of arbitration, not only for the proceed ings as such, but also for the legal fees of counsel. Arbitration is a private activity, and therefore justifies a price, but this price should not impede access to justice. There is a lot to be done in this sense, I believe, mainly, of course, for rather small cases that may not have access to third-party funding, for example.

How does Peter & Kim dis tinguish itself from the competition?

I joined Peter & Kim for this final part of my professional career because I found that it perfectly corresponds to my convictions and expectations: a law firm that is not too big, that is specialised in arbitration, and that is internationally well developed and recognised. Importantly for me, there are good personal contacts between all members of the firm, and I can contribute the wealth of my knowledge to all members of the team.

It is a question that I have to answer regu larly, because of my involvement in the education of young arbitrators. My answer is: good legal education, mastering many languages, and not only English, readiness to accept, tolerate and understand different cultures, some experience in arbitration proceedings as secretary or employee of an institution, visibility through pres ence at events and possible publications, overall strong personality, and the ability to generate confidence. It is one of the main responsibilities of our generation to educate young lawyers and to assist them in becoming arbitrators. Our community is not a closed one.

WWL says: Pierre Tercier is highlighted as “a towering figure of Swiss arbitration”, with peers commending him as “one of the very best in the field” and “an incredibly balanced and fair arbitrator”.

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What advice would you give to younger lawyers hoping to one day be in your position?

Georg von Segesser

von Segesser Law Offices

Zurich www.vonsegesserlaw.com

gvs@vonsegesserlaw.com Tel: +41 44 382 01 00

Biography

Georg von Segesser is an inde pendent arbitrator who has acted as chairman, co-arbitrator, sole arbitrator and counsel in over 250 domestic and international commer cial and investment arbitrations. His broad arbitration practice covers disputes related to joint ventures, mergers and acquisitions, distribu torships, oil and gas, construc tion, building and manufacturing contracts, service and cooperation agreements, intellectual property rights, investment disputes and trusts.

What do you enjoy most about acting as arbitrator?

The intellectual challenge and analysis of legal issues in cooperation with other arbitrators and counsel. In my practice I have the privilege to sit with fellow arbi trators with a very high level of profes sional expertise. The cooperation among arbitrators is different from advocacy of counsel and allows for a much more open and constructive discussion and approach. I enjoy this exchange of views and opinions in the very often multicultural set up.

Are you noticing a change in how arbitrations are financed?

If so, what changes are you noticing?

I have seen an increase in the number of arbitrations involving some form of thirdparty funding. The availability of third-party funding provides greater access to justice and should be disclosed so that all parties may run the necessary conflict checks.

Given the increasing amount of conflicts arbitrators and coun sel are experiencing, should there be a set of universal con flict principles across arbitra tion institutions?

With the widening of the pool of arbitra tors today, I would consider there to be a decrease in the risk of conflicts between arbitrators and counsel as in years past. With the increase in transparency in arbitration proceedings made available by third-party providers there is also

greater awareness of previous appoint ments and overlap between counsel and arbitrators. The tracking of appoint ments is a welcomed introduction. In my view universal conflict principles already exist by application of the IBA Guidelines on Conflict of Interests, which are wellregarded and often referred to by arbitra tors and counsel in almost all international arbitrations.

In what ways is digitalisation impacting international arbi tration? What are the poten tial benefits and drawbacks of these new technologies?

Remote hearings, to the extent possible given the case at hand, work very well. I do not see any major drawbacks in improving how arbitrations are organised and embrace the use of new technology in cross-border arbitration proceedings as it can lead to greater efficiency and costeffectiveness of the arbitration. Perhaps more importantly, given the significant carbon footprint that international arbitra tion proceedings may have, we should be mindful of our planet and strive for greener arbitrations.

Arbitrator independence and disclosure is a hot topic, with concerns that standards are opaque and restrictive. Do you agree?

The IBA Guidelines on Conflict of Interests are quite useful when determining which situations warrant disclosure. Arbitrators

when deciding whether to accept a poten tial new mandate should be careful to comply with such standards at the risk of otherwise being challenged or any award issued set-aside.

What steps can be made to

increase diversity in the arbi

tration market?

Without a doubt, diversity in gender, age, ethnicity, race, and socio-economic status is important. Arbitrators appointing the president of the tribunal should by default include a diverse list of potential arbitra tors to choose from. Organisers of inter national arbitration conferences should require diversity among its speakers and panel members to give these practitioners the opportunity to become further visible vis-à-vis their peers. Experienced arbi trators should also strive to pass on their experience and knowledge in international arbitration to the younger generation of arbitration practitioners and support them in their career as arbitrators and mediators.

What is the best piece of advice you have ever received? Be well prepared and stay succinct and modest.

WWL says: Georg von Segesser is “a focused and well-prepared lawyer” who impresses market sources with his “vast experience, analytical skills and proactive approach” in complex hearings.

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Andrew Michael Garbarski

Bär & Karrer Ltd Geneva www.baerkarrer.ch andrew.garbarski@baerkarrer.ch Tel: +41 58 261 57 00

Biography

Andrew Garbarski co-heads Bär & Karrer's white-collar crime practice group. He specialises in administra tive criminal law, international judi cial and administrative assistance, as well as financial and commercial litigation and insolvency. During recent years, Andrew Garbarski's work has encompassed, among others, complex multi-jurisdictional financial crime and asset recovery matters, as well as the representa tion of clients before the Swiss pros ecution authorities and courts. He is the author of numerous articles within his fields of specialisation and is a frequent speaker at seminars and conferences.

What attracted you to a career in asset recovery?

When defending the victim of a financial crime or the harmed party in a commer cial dispute, what matters most is to obtain reparation of the suffered harm. Asset recovery is one of the means to achieve this goal. Moreover, asset recovery is a multi disciplinary practice area, which requires skills in various areas of the law (substan tive law, procedural law, debt enforcement, etc.). This makes it even more interesting to navigate.

What have been the highlights of your practice in the past year?

We recovered the shares beneficially owned by a client in a Swiss company active in the high-end watch industry, and which had been misappropriated by the offender, who held the shares on trust. One of the chal lenges was to recover our client's asset without creating too much noise around the dispute, as it would have negatively impacted the value of the company.

In another case, relating to the enforce ment of a foreign judgment, we managed to trace and freeze a dozen very valuable master paintings that the debtor and his entourage had hidden in the Geneva Freeport via a web of shell companies and sham trusts.

Finally, very recently, our team secured the criminal conviction of two individuals in a €18 million fraudulent scheme and our client, the victim, was allocated substan tially all assets held or beneficially owned by them in Switzerland, which have been confiscated by the criminal authority.

What do clients look for in an effective asset recovery lawyer?

One needs to be creative, quick, solution and result-oriented, with a well-planned strategy anticipating scenarios and likely reactions of the other side.

What are some of the most challenging jurisdictions and issues facing asset recovery lawyers today?

When assets are located in uncooperative jurisdictions and/or held through a web of corporations or individuals acting as nomi nees. Competition between various credi tors trying to recover the very same assets can also lead to challenging situations.

What are the main considera tions when developing strat egies for the international search and recovery of assets?

From the outset, build a multi-jurisdic tional team of reliable lawyers, set out

key strategies and scenarios and hire experts (e.g. private investigators, forensic accountants) where appropriate.

What role do you see thirdparty funding playing in asset recovery litigation moving forward?

Their role will likely increase, although their footprint in Switzerland remains limited for the time being, as far as I can see.

As co-head of the firm’s whitecollar crime practice group, what are your main priorities for the group’s development over the next few years?

My main priority is to continue delivering high-quality work product to our clients, grow the business with our team of committed and talented young lawyers, and maintain the excellent cooperation that we have across our firm’s offices in the white-collar and investigations practices.

What advice would you give to someone starting out in asset recovery?

Be curious, creative and result oriented.

WWL says: The “excellent” Andrew Michael Garbarski receives plaudits for his “tactical thinking, professionalism, and great technical skills” in asset recovery cases.

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Also a

in Investigations and Litigation

Sandrine Giroud

LALIVE Geneva www.lalive.law sgiroud@lalive.law Tel: +41 58 105 2000 Biography

Sandrine represents individuals, companies and sovereign enti ties in the recovery or protection of their assets. In addition to fraud and commercial litigation expertise, she is particularly skilled in complex cross-border matters involving criminal and civil proceedings. She is also recognised for her expertise in art law, public international law and human rights. Sandrine is ranked by the leading directories and in 2021 received WWL’s Swiss Asset Recovery Lawyer of the Year Award.

What inspired you to pursue a legal career?

A strong sense of justice and the willing ness to help those in need.

What have been the highlights of your practice in the past few years?

After five years of intense legal fighting, I successfully defended a client against extradition to Russia. My client was subject to abusive prosecution for politically moti vated reasons. I put my heart into the case, and it was a great relief to finally tell him and his family that they were safe from proceedings and could resume their lives.

What is the most memorable case you have worked on to date?

It is probably one that is still ongoing, regarding a $1billion art fraud. It is particularly interesting because of its legal complexity and the strategic thinking required to coordinate proceed ings in multiple jurisdictions. As a bonus, it involves important masterpieces of modern art.

What are the main tools of an asset recovery practice in Switzerland?

Civil attachments can be quite effective if the conditions are met. This said, Swiss law does not provide for discovery, so criminal proceedings are still a very powerful route to trace and freeze assets.

What challenges has covid19 brought when seeking to recover and protect client assets effectively?

An obstacle specific to covid-19 is the difficulty to hold hearings in person.

Switzerland is not very advanced in what concerns virtual hearings and some judges and practitioners are quite resistant. Consequently, it has not always been possible to hear key witnesses and matters simply stall.

You are a member of various organisations related to the field of art. What do you enjoy most about this work?

Law is about people and art law is about how people feel about art. I particularly enjoy the opportunity to assist people in their relation, often emotional, to artworks, which adds another layer to often complex transactions or matters. I also appreciate the safeguarding of cultural heritage and the proximity to beautiful artefacts. Intellectually, it is a challenging and complex field of law, at the crossroads of many topics: private international, public international law and sometimes whitecollar crime.

What can younger practitioners be doing to make a name for themselves in the white-collar crime legal market?

Quality work is the best business card, but it takes time to be noticed. Make your self known through a solid international network of colleagues and contribute to topical conferences and publications.

What is the best piece of career advice you have received?

Be passionate about your work, curious about the people you work with and always eager to learn from others.

WWL says: Sandrine Giroud is a “highly experienced practitioner” renowned for her expertise in asset recovery-related litigation.

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Matthias Gstoehl

LALIVE Zurich www.lalive.law

mgstoehl@lalive.law Tel: +41 58 105 2100 Biography

Matthias Gstoehl specialises in complex domestic and multijurisdictional proceedings and investigations, including fraud and white-collar crime, asset recovery, insolvency, international mutual assistance, international sanctions and ESG-litigation. His practice focuses on banking and finance disputes. Drawing on firsthand experience in the sector, he handles complex matters requiring specialist knowledge in deriva tive instruments, hedge funds and financial products in general. He regularly acts in contentious corporate, commercial and govern ance disputes across various other sectors (healthcare, natural resources, sports and trusts).

What attracted you to a career in asset recovery?

The sense of purpose in helping clients to “right a wrong” – and doing this collabo ratively with the client, their multi-disci plinary advisers and our own case team.

How has the role of an asset recovery practitioner changed since you started your career?

Technology and digitalisation have certainly played a key role in making it possible to process an ever-increasing amount of data. While this is certainly an opportunity, there are challenges too. For example, for us lawyers, it means we are spending more of our time in determining what’s really rele vant and what’s not. Another factor is the internationalisation of cases and increased cross-border collaboration among authori ties, which require us to keep a global focus when devising a recovery strategy.

How do you establish a detailed understanding of a client’s business to advise them effectively?

I usually start with reviewing any infor mation the client has published, such as annual reports, which can be an excellent source of information. I also like to look at (reliable) media articles and other publicly available sources. I then note down a few key questions that I can ask when they explain their business to us in their own words, which I find the most important aspect.

How are regulators adapt ing their approach to digital assets?

I know of some regulators that are very advanced in their setup, are properly resourced and have an established prac tice and knowhow. They have highly trained specialists and make good use of data science.

How is the growing digitalisa tion of the legal field affecting your practice?

There is a significant increase in efficiency in terms of data and document processing and this will eventually also influence the way we work. We are being forced to rethink our processes and habits, with an increased focus on collaborative and decentralised work, whereas these two aspects become more and more signifi cant. Also, I have transitioned to an almost entirely paperless working practice.

How has your experience on the IBA Anti-Corruption Committee enhanced your work in fraud and white-collar crime?

We share best practice and communicate any legal and other developments on anticorruption laws, compliance practices, enforcement trends and asset recovery issues to a global legal audience. This interaction and exchange, which can also occur informally, is invaluable.

What do you think will be the greatest challenge faced by the next generation of asset recov ery practitioners?

I believe the rapid progress of technology and AI will continue to play a significant role and become a decisive factor in our ability to respond to clients’ needs. Also, given the internationalisation of cases, being connected to specialists outside of your own jurisdiction becomes increasingly relevant to assist clients in finding rapid assistance in foreign jurisdictions.

What is the best piece of advice you’ve ever received?

Focus on what you really like to do.

WWL says: Matthias Gstoehl receives glowing praise from peers who highlight his “expertise, confidence and knowledge”. They add, “He has immense knowledge of Swiss process and contacts within the prosecutor arena.”

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Anne Valérie Julen Berthod

Bär & Karrer Ltd Geneva www.baerkarrer.ch anne.julen@baerkarrer.ch Tel: +41 58 261 57 50

Biography

Anne Valérie Julen Berthod is counsel in Bär & Karrer’s white-collar crime/ internal investigation practice group. She is specialised in complex tax and financial crime proceedings, asset recovery and compliance (AMLA) matters. She is also very active in international legal assistance. She practises business crime defence and financial litigation before both Swiss courts and in cross-border proceed ings. She is praised for her excellent interpersonal and negotiation skills with clients and authorities.

How are things different now in the field of business crime defence to when you were starting out?

The profession has been strongly feminised with the rise of women to high positions in many companies and on boards of direc tors. The success in court of many brilliant women lawyers and their greater visibility has contributed to this feminisation.

Women can bring a different approach in terms of fighting spirit and persuasion that are an advantage when approaching the authorities or when arguing a case in court.

What do clients look for when selecting their counsel?

The most important thing for a lawyer is to anticipate the clients’ needs, which is why it is imperative to take an interest in its business and its specificities. In addition to the specific knowledge that is expected, responsiveness and the search for solu tions adapted to the particular concerns of the client and his future business develop ment are essential. Finally, it is important that a lawyer can think “outside the box”.

How useful have videoconfer encing tools been in criminal proceedings due to the chal lenges brought on by the coro navirus pandemic?

This tool provided by Swiss legislation has not been used often in the criminal field and this is a good thing in my opinion. The defence of the clients’ rights in criminal proceedings requires the ability to take part in person in the hearings, to appre ciate the context, to grasp the nuances in the behaviour of the people present, whether it be the court, the lawyers or the opposing parties, which is impossible with videoconferencing.

The UK introduced unexplained wealth orders (UWOs) in 2018.

How do you think they could be used in mutual assistance proceedings?

Several states are considering the adoption of a tool such as the UWO in order to more effectively combat corruption among their political elites and relatives or the laun dering of criminal assets.

In view of its strong financial centre and stable political system, Switzerland may be chosen as a safe haven by persons suspected of being involved in serious crimes that may be subject to a UWO. If the UK prosecution authorities are considering taking evidence or seizing assets linked to such persons in Switzerland, as UK law permits, they could submit requests for mutual assistance to the Swiss enforcement authorities in this regard.

How has the criminalisation of tax offences become increas ingly relevant in Europe?

We are seeing a growing number of criminal tax proceedings, in Switzerland especially in the area of federal taxes, as the Federal Tax Administration has set up a specialised department equipped to investigate and prosecute such cases. The procedure is conducted by the administra tion unless the defendant asks to be tried by a court. The penal consequences for the convicted person can be severe, in terms of sanctions and publicity, and should certainly not be minimised on the grounds that it is “only” a tax matter.

What challenges do sports cor porations face with increasing criminalised offences in global sports becoming the norm?

Sports organisations must learn to cooperate with the criminal prosecution

authorities because, while they have the means to discipline violations of their code of conduct, they do not have coercive means. In order to interrogate, search and seize evidence and fight corruption in sport, they must cooperate with state authorities. The match-fixing cases are an excellent example of this collaboration, which is also encouraged by legislators.

What are the main challenges for enforcement agencies in your jurisdiction?

Switzerland remains one of the leading financial centres for cross-border asset management and continues to be highly exposed to the laundering of criminal assets. The Swiss authorities do not have the resources to prosecute offences committed mainly abroad, where the defendants are resident abroad and where only the profit is concealed in Switzerland. For this reason, they focus primarily on the confiscation of assets of criminal origin.

In which direction would you like to steer your practice in the next five years?

I will strive to contribute to the advance ment of women in the very exclusive and conservative world of the Swiss legal profession to ensure that in the same way as in the UK, the appointment of women to senior positions in Swiss law firms becomes the norm.

I will also use my experience as a criminal lawyer in all areas of adminis trative criminal law where the state pros ecutes and punishes without respecting the fundamental rules of the European Convention for the protection of human rights and fundamental freedoms.

WWL says: Anne Valérie Julen Berthod is “a hands-on and client-friendly practitioner” who comes highly recommended for her expertise in cross-border asset recovery matters.

whoswholegal.com/thought-leaders

Antonia Mottironi

Ardenter Law

Geneva

amottironi@ardenterlaw.ch Tel: +41 22 722 05 40

Biography

Antonia Mottironi is the founding partner of the Geneva-based law firm Ardenter Law. She advises on the implementation of global strate gies aiming at the efficient resolution of complex disputes, in particular in the field of fraud and cross-border insolvency. She represents creditors, foreign insolvency office holders and persons affected by economic crime before Swiss courts and authorities, including law enforcement authori ties. Over recent years, she has handled a great number of inter national asset tracing and recovery cases, which included the freezing of assets and the disclosure of infor mation. She has coordinated multijurisdictional disputes, in particular with common law jurisdictions.

What attracted you to a career in asset recovery?

Rather “who” than “what”. In my case, it was the Italian judges Falcone and Borsellino. Their spectacular (and unbe lievable) assassinations broadcasted on all European TVs marked my memory as a child. I later learnt that they had been the first investigative judges to apply the “follow the money” method. It is impor tant to understand that asset tracing is not only reactive but also contributes to prevent crime and, above all, organised crime and mafias. Crime should never pay, but it still does too often.

What have been the highlights of your practice in the past year?

Of course, the launch of my law firm! My peers and clients reiterated their trust and I received strong support from them, which I am very grateful for. Also, the tasks of an entrepreneur, such as deciding on branding, thinking of the core values of my practice or making a business plan, are very rewarding at a personal level.

What skills are needed to suc cessfully collaborate with law yers, experts and authorities in different jurisdictions?

First, knowing when to start collaborating, too early being usually better than too late. Then knowing to listen, being responsive to cultural differences, understanding the motivations and (often hidden) agendas of the various stakeholders; but also knowing how to position oneself, defend one's ideas and say no when necessary. I also think that a good ATR practitioner must have good acceptance for risk.

What are the main considera tions when developing strat egies for the international search and recovery of assets?

I always wonder first how many resources my client wants to spend, in time, money and energy (in particular when the client is

an individual) with regard to the outcome desired. The first consideration is to give a value to the claim, to reason in terms of final P&L and risk assessment. Then, of course, one considers the usual issues of choice of jurisdiction, location and valua tion of assets, coordination of teams and so on. It is also very important to constantly monitor the strategy decided and to have the courage to change it. Developing a strategy is key to show the way, but having the capacity to face a pitfall or a failure and to consider it as an opportunity is key to achievement.

In your opinion, what are the biggest challenges cryptocur rencies and the digital economy pose to lawyers working in this area?

From a litigation perspective, the interna tional nature of the transactions involved and anonymity of the various players raise many issues but I like to think that this world is not that different from the pretech world where gold bars and bundles of banknotes were hidden in strollers or transformed into luxury watches. Non-fungible tokens (NFTs) and cryptos serve the good and the devil, as cash did. It is therefore difficult to mitigate the risks implied by these new means of transac tion. I have noted a large effort from the legal profession,  experts and authorities to inform and educate the public on the digital economy, which can only be applauded. We do need more knowledge, understanding and trust in NFTs and cryptos on both sides of the bench to remain at the cutting edge of asset recovery.

If there was one reform you could implement in global asset recovery practice, what would it be and why?

This is a difficult question. Asset recovery involves many types of proceedings and jurisdictions so the legal framework is complex. Any reform must be carefully designed. There is undoubtedly a lack of

harmonisation and transparency but at the same time, it is important to preserve cultural and judicial traditions, as well as individuals’ privacy. Many treaties exist on international cooperation (both in criminal and civil assistance) but there are many loopholes or overlaps. UNCITRAL currently has a working group on asset tracing and recovery but we are far from the adoption of a model law or guidelines. It is being accepted to consider asset tracing in light of criminal law, which is good news for practitioners from civil law jurisdictions. It is also a step forward for the commis sion to acknowledge that asset tracing and recovery imply the use not only of one tool but a combination of criminal, commercial and insolvency proceedings. Fraud, corruption and money laundering have to be appraised in all these aspects. Last but not least, an involvement of ATR practitioners in education and training of students may raise awareness about the fact that organised crime is close to them and not a fantasy for series, a reality that requires concrete actions and a constant watch.

Why did you decide to set up your own firm?

For my idea of freedom and independ ence. I have never believed that my job, even while being an employee in law firms, merely consisted of performing legal tasks but rather implied a close relationship with the clients and an in-depth knowledge of a case. It has always been natural to me to take responsibility for my decisions. It came therefore naturally that I had to run my own firm.

What advice would you give to someone starting out in asset recovery?

Think outside of the box, be at the frontline, maintain courage in the face of obstacles, surround yourself with talented and diverse people and have fun!

WWL says: Antonia Mottironi is singled out for her “extensive experience in asset recovery”, coming “highly recommended” as “a renowned specialist in the area”.

whoswholegal.com/thought-leaders

Also a Thought Leader in Litigation

Alexander Troller

LALIVE Geneva www.lalive.law

atroller@lalive.law Tel: +41 58 105 2000

Biography

Alexander Troller specialises in litigation, with particular emphasis on financial matters, corporate and shareholder disputes, whitecollar crime, estate and inheritance disputes, employment conflicts and, more generally, asset recovery and judicial assistance in civil and crim inal matters. This broad experience – and strong commercial aware ness – means he can anticipate and facilitate clients’ needs. He has wide-ranging industry sector exper tise, including banking and finance, natural resources, and utilities and infrastructure projects, as well as private client work.

What motivated you to pursue a career in white-collar crime?

I deal with financial, corporate and share holder disputes, estates and inherit ance disputes, asset recovery and finally employment litigation, to name my key practice areas, which expose me to both civil and criminal courts. In other words, I am by far not limited to white-collar crime, which is not uncommon for a civil law liti gator. Before the criminal prosecution authorities and the criminal courts, I do act for clients who are either victims of, or who are accused of, criminal conduct.

I enjoy the diversity of my practice and the intellectual stimulation to assist indi viduals and corporations on the attack but also in defence, both of which have been key motivating factors in my career.

What did you find most chal lenging about entering criminal law?

I began working with prosecutors, visiting inmates in jail and pleading before criminal courts as a legal trainee, over 30 years ago. Engaging with the criminal law system is part of every Swiss lawyer’s professional education. I still enjoy the collaboration (as plaintiff’s counsel), as well as the proce dural confrontation (when defending) with prosecutors, in addition to exercising persuasive skills to convince criminal court of our arguments.

To what extent are the ramifi cations of covid-19 still affect ing asset recovery?

We are still seeing some after-effects, for instance, with covid-19-related frauds where unscrupulous players used statebacked corporate loans for personal benefit. Unlike some other jurisdictions, the Swiss courts didn’t see an upturn in digitalisation on the procedural side, but we should soon see progress with Justitia 4.0, the electronic communications project that will encompass the entire Swiss court system.

How have frauds become more sophisticated over the past five years, and how do you think they could evolve in the near future?

Fraud is driven by individuals; individuals adjust to technology; and fraud adapts to technology. We are seeing an exponen tial increase in the number of blackmails related to data phishing on a massive scale. This is affecting major companies, airlines, but also municipalities. Crypto also has its share of rogue players: the difficulty there is in adapting existing investigative and procedural tools (e.g. freezing orders) to new forms of assets. Locating their custo dians is often a practical challenge for plaintiffs and prosecutors alike.

To what extent are civil rem edies a more effective way of recovering assets than criminal remedies?

Actually, it can be the opposite – especially in civil law systems, which not only do not provide for discovery, but which may also impose heavy court fees on claimants just to file a lawsuit. Where available, criminal remedies will as a rule prove more efficient – notably through the investigative powers of prosecutors – to obtain evidence for civil purposes. As noted, the criminal route is far more affordable since it doesn’t impose “entry fees” for plaintiffs.

What qualities and skills should practitioners starting out cul tivate in order to succeed in asset recovery?

Keep up your hunter spirit! Asset recovery is to some extent comparable to being a private investigator – with legal recourse and while playing chess at the same time. You need resilience as the chase can go on for years before you get a result. Never give up.

What is the best piece of advice you’ve ever received?

Be true to yourself. And leave no stone unturned.

WWL says: The “incredibly well-known” Alexander Troller ranks highly among peers who note he “has an excellent asset recovery practice”.

whoswholegal.com/thought-leaders

Also a Thought Leader in Business Crime Defence and Litigation

Daniel Tunik

Lenz & Staehelin Geneva www.lenzstaehelin.com daniel.tunik@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

Daniel Tunik is a partner in the liti gation and arbitration group of Lenz & Staehelin in Geneva and is active in both court litigation and inter national arbitration. His fields of activity cover all forms of commer cial disputes, notably in the banking sector. He is also active in the areas of insolvency law, white-collar crime and employment disputes.

What do clients look for in a top asset recovery practitioner?

Asset recovery implies essentially a mix of legal tools, handling and fact-finding skills. An asset recovery practitioner must therefore have a good command of the legal avenues available on a global basis as well as the capacity and willingness to go for deep documentary dives. An appetite for international, complex and multi-cultural situations is also required.

In what ways do you think the pace of technological change will affect asset recovery pro ceedings in the next few years?

The development of IT tools expands greatly the search capacities and makes them more efficient. Having said this, these technological changes do not directly or fundamentally affect the legal environ ment in which asset recovery practitioners intervene. In other words, while techno logical tools are helpful for the purposes of collecting and analysing data, judicial proceedings as such are not directly or significantly affected by such changes and the traditional skills remain required.

If you could introduce a legal reform to aid asset recovery, what would it be and why?

Timing is one of the difficulties frequently encountered in international asset tracing exercises. Fraudsters tend to be very effi cient in moving the proceeds of their fraud having assets transferred through multiple jurisdictions in little time. By contrast, criminal authorities face multiple legal obstacles. As a result of this time gap, plaintiffs and law enforcement authorities regularly end up identifying bank accounts that no longer hold the proceeds of the fraud. Asset recovery would benefit from

the development of more efficient and swift instruments of cooperation by law enforcement authorities across jurisdic tions, subject, however, to sufficient due process guarantees.

What skills are needed to suc cessfully collaborate with law yers, experts and authorities in different jurisdictions?

Asset recovery practitioners may have a similar activity in their respective juris dictions, but they do so in a different environment. As a result, a successful collaboration on an international basis requires the ability to adapt and deal with distinct legal and cultural aspects. In addi tion to the language barriers, working with a foreign jurisdiction requires the ability to capture the essence of the applicable local regime without constantly addressing it as if it was the same as in the lawyer’s home jurisdiction.

What role do you see thirdparty funding playing in asset recovery litigation moving forward?

Third party funding is at a rather early stage in Switzerland. There is however a clear trend in that direction and several players have emerged lately and expanded the offer for such services. Asset recovery is certainly an area where there could be interest on the plaintiffs’ part to obtain third-party funding.

What are the main considera tions when developing strat egies for the international search and recovery of assets?

Any strategy should be guided by factual and legal considerations. The first step is the identification of all geographical

connecting factors, be it with respect to the actors involved or the assets at stake. The second layer is the legal analysis and the identification of the judicial tools and remedies available in the jurisdictions that come into consideration.

How has the shift to virtual working affected networking and training opportunities, and how have you adapted accordingly?

The pandemic experience has shown that a significant amount of work can be done remotely and efficiently, including with respect to training opportunities. At the same time, experience has shown that in-person contact is appreciated and that the team work that is required in the asset recovery environment is easier to carry out through physical presence rather than remotely.

How might up-and-coming asset recovery practitioners’ best position themselves in today’s market?

White-collar crime and asset recovery practices have undoubtedly expanded in the past years and brought new issues and challenges. Just to give one example, frauds and disputes inevitably derive from the blockchain technology. A new genera tion of lawyers is probably well suited to handle such matters.

WWL says: Daniel Tunik garners considerable acclaim for his “pragmatic” approach to contentious matters, with sources commenting on his ability to find a satisfactory solution to asset recovery claims.

whoswholegal.com/thought-leaders

Daniel Flühmann

Bär & Karrer Ltd Zurich www.baerkarrer.ch daniel.fluehmann@baerkarrer.ch Tel: +41 58 261 56 08 Biography

Daniel Flühmann is co-head of Bär & Karrer’s fintech practice group and a partner in the banking, insurance and finance department. His work focuses on financial institutions and financial regulation. Having gradu ated from the University of St Gallen (HSG) in 2003, Daniel Flühmann obtained his doctorate in 2008 with a thesis on the supervisory law aspects of electronic banking. He was admitted to the Zurich Bar in 2011. Prior to joining Bär & Karrer, Daniel Flühmann worked in the legal department of a reputable Swiss private bank.

Describe your career to date.

While I still feel young and ambitious, I can look back at more than 10 years of legal practice in the field of financial regulation.

The work with fintechs has given me many new and exciting challenges, but I equally value and enjoy the more traditional banking practice – if there is still such a thing – in which my career is rooted.

How has the role of banking lawyer developed since you first started practising?

As a lawyer in a jurisdiction that is attractive for inbound business but also has its own, strong financial marketplace, the work has continuously become more international and to some extent also more complex –not least as a function of the developments in the regulatory frameworks themselves. I find this tremendously interesting and it is a privilege to have the ability to work with clients and counsel across the globe, but it certainly makes it challenging to stay fit on all the relevant topics. I continue to work on my understanding of the business of banking every day so that we may provide our clients with the most practical advice even on the most cutting-edge projects.

In your view, are banks seeking to play a part in cryptocurrency or otherwise given its inherent regulatory uncertainties for the time being?

This is certainly an interesting question at this juncture. We see the entire spectrum from rejection (which has become less prevalent) to embracing the developments around crypto to full-on specialisation, in the Swiss market. In some areas of the busi ness, there is now also somewhat settled law, which gives additional comfort to banks that seek to play a role. However, in my view, the risks remain significant, in particular in the decentralised finance space. Building more robust market infrastructures will be an important next step, which has to some extent been anticipated in the new Swiss distributed ledger technology regulation.

If you could introduce one reform to banking, what would it be and why?

Switzerland is walking a narrow path between having its own regulatory frame works and replicating foreign regulation. In some areas such as fintech and payments, this has in my view led to incompatibilities that make it difficult for market partici pants to provide a coherent service across Europe. There is not one single reform that would solve this, but I firmly believe that international market access – both ways – should be an important consid eration where new or revised regulation is contemplated.

What skills and values would you encourage in the next gen eration of banking lawyers?

While we would like to think of ourselves as innovative and cutting-edge, I think it helps to recognise that our work remains grounded in the law and that we need a firm grasp of that framework to excel at our work. That said, it is equally important that we have to be able to apply this knowledge in a manner that is most beneficial for our clients. Thus, I would say to anyone consid ering a career in our field that they should focus at least as much on understanding the business or their clients and the world surrounding them (and themselves) as they do on honing their legal skills!

What is the best piece of advice you’ve ever received?

At university, when asked about his inter pretation of a contract clause, one of our professors simply responded: “who are we representing?” I realised then and there that the key to being a great lawyer is to always have your client's best interest in mind and to focus on pragmatic and prac tical advice rather than on the mere display of legal prowess.

WWL says: Daniel Flühmann is a seasoned lawyer commended for his outstanding work advising banks, insurance companies and other financial services providers on regulatory and contract law matters.

whoswholegal.com/thought-leaders

Ralph Malacrida

Bär & Karrer Ltd Zurich www.baerkarrer.ch ralph.malacrida@baerkarrer.ch Tel: +41 58 261 50 00

Biography

Ralph Malacrida is a former member of his firm’s managing board and a director of several Swiss companies. He specialises in finance transac tions, including capital markets and structured/acquisition finance, as well as M&A. He has a strong track record advising clients on domestic and international transactions. Ralph is a member of several Bar associa tions, the Law Society, the Association for Financial Markets in Europe, and a recognised listing representative at the SIX Swiss Exchange.

What inspired you to pursue a legal career?

I was inspired by the prospect of working in an international environment with moti vated people to realise ambitious projects.

What has been your most mem orable case to date and why?

Each most recent deal seems to be the most memorable. On the last deal I advised the airlines SWISS and Edelweiss that received financial aid from the Swiss government and Lufthansa/German government of almost 2 billion Swiss francs to help them through the liquidity crisis caused by covid-19. This transaction was complex due to the numerous parties and jurisdictions involved and their divergent legal, commercial and political interests.

What effect has covid-19 had on the Swiss banking market and the type of work you have been receiving?

The Swiss banking market has been resil ient. Further to the normal lending activi ties on which I regularly advise, the Swiss government’s covid-19 loan programme launched on 26 March 2020 resulted in additional services I have provided to mostly medium-sized borrowers of covid-19 credit facilities.

How will the implementation of the Financial Services Act impact the Swiss banking and capital markets area?

The implementation of the Financial Services Act will put Switzerland’s

regulations on a par with EU regulations and enhance the reputation and competi tiveness of Switzerland as a financial centre.

What do clients look for in an effective banking lawyer?

Efficient advice delivered on time and based on a good commercial understanding.

How is the generational shift changing legal practice at your firm? What do younger lawyers do differently?

Younger lawyers have a more natural tendency to make a very strong case for the growing importance of a tech-enabled law practice. Our firm is at the forefront of this development.

What do you anticipate being the long-term ramifications of the coronavirus pandemic on the banking sector, if any?

There will be an additional need for credit management, cost control and innovation. The competition between lenders will increase as they will be under pressure to achieve higher profitability and healthier balance sheets (either organically or through acquisitions and mergers).

What is the best piece of advice you have received?

Don’t present problems without solutions.

WWL says: Ralph Malacrida is highly sought after in the market thanks to his strong track record advising clients on local and cross-border M&A and finance transactions.

whoswholegal.com/thought-leaders

Also

a Thought Leader in Investment Management

François Rayroux

Lenz & Staehelin Geneva www.lenzstaehelin.com francois.rayroux@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

What do you enjoy most work ing as a banking lawyer?

The most interesting aspect of working as a lawyer in the banking sector is the parallel evolution of legal and regulatory issues with the financial and business actuality. This requires, from any banking lawyer, the capacity of following permanently the most recent economic and market issues in order to answer the client's needs and new upcoming legal and regulatory questions.

What did you find most chal lenging about entering the banking field?

The most challenging was learning the capacity to understand the client's needs and, while being a rigorous lawyer and not taking any undue regulatory and legal risks, finding solutions that are both crea tive and tailored to the clients’ requests. Again, banking is a sector that is regula tory and legal risk adverse, but still needs flexibility.

How has your prior co-chair manship at the IBA enhanced your practice?

My co-chairmanship of the asset manage ment and investment funds committee of the IBA strengthened my international connections and, in particular, as a result of the organisation of and participation in conferences and panels, my understanding of international legal issues.

What recent regulatory devel opments have had the most impact on your clients? How have you adapted your practice accordingly?

The most recent regulatory develop ments clearly have an impact on the risk awareness and, from a governance and

HR perspective, on the substance of our clients. As our firm was always committed to reduce regulatory risks, while being flex ible, the evolution has not much changed our approach and practice as we believe it was already in line with the most recent regulatory developments (except for issues linked to digital assets, which require an understanding of technical novelties).

To what extent are you seeing cryptocurrency becoming part of your practice?

Our firm has a strong team specialised in digital assets. My team being in the regu latory sector is strongly involved when the digital world meets the regulatory world, i.e. in the interface between the regulatory entities, such as exchanges or platforms offering digital assets, including crypto currencies. This has become an ongoing element of our practice.

In which direction do you fore see the banking field heading towards over 2023-2024?

The banking sector will clearly be marked by ESG issues over 2023 to 2024. ESG is not only a regulatory issue, but implies mostly operational changes. This being said, the governance issues as well as the compliance of regulatory processes with the new ESG requirements is an ongoing challenge for law firms in a context that lacks as of today a systematic and harmo nised approach across industries and jurisdictions.

If you could introduce one reform to banking in your juris diction, what would it be?

Switzerland is a relatively flexible market, but is, as a “third country” from an EU perspective, rather isolated for outbound

cross-border activities (while being extremely open for inbound cross-border financial services). As Switzerland heavily relies on international inbound crossborder services, I would even facilitate the establishment of foreign banking and asset management houses in Switzerland and insist on concluding bilateral agreements with major third countries, such as the UK (noting that there is no market access for Swiss institutions to the EU and the US at this stage).

In your opinion, should younger lawyers specialise or keep a broad practice when starting out in their career?

As a young lawyer, it is important to have a sound and broad background in order to have the sensibility not only for banking issues, but also M&A, litigation and/or arbi tration experience. This being said, a young lawyer should have a clear “branding” or profile and be recognised by the market as a specialist in a certain field. A profile that is too generalist does not help developing one's own personal practice.

WWL says: François Rayroux is deemed “a mastermind in the banking sector” where he advises a plethora of domestic and international clients in all matters relating to asset management and regulation.

whoswholegal.com/thought-leaders

Patrick Schleiffer

Lenz & Staehelin Zurich

www.lenzstaehelin.com

patrick.schleiffer@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Dr Patrick Schleiffer is co-head of the capital markets group in Lenz & Staehelin's Zurich office and a leading and recognised expert in financial market law, particularly capital markets, stock exchange and securities law, investment fund law, financial services regulation, corporate law and corporate govern ance. Patrick Schleiffer lectures on capital markets and securities laws at the University of Zurich, is a regular speaker at conferences and co-editor of the Swiss internet-based newsletter “CapLaw”. He currently serves as the website officer of the Securities Law Committee of the International Bar Association (IBA) and is on the board of a regulated supervisory organisation in charge of the ongoing prudential supervision of portfolio managers and trustees in Switzerland.

What do you most enjoy about working in corporate govern ance law?

Corporate governance, understood as a comprehensive set of rules and processes by which a company or a group of compa nies and their business are operated, directed and controlled, is a very interdis ciplinary topic, which from a legal perspec tive includes not only classic corporate laws, securities laws and stock exchange regulations but over recent years also laws and regulations dealing with ESG-related due diligence and reporting obligations as well as laws and regulations dealing with compensation matters. Accordingly, working in corporate governance law (in a broader sense) is a rather challenging task that I like very much.

What are the advantages and disadvantages of virtual share holder meetings?

While for small companies, under the revised Swiss company law, virtual share holder meetings, i.e. shareholder meet ings without a physical venue, held, e.g., by video or telephone conference, will be an (cost-)efficient way to conduct a share holders meeting, it is at this point of time unclear whether (also) public companies will switch to purely virtual shareholder meetings. As in Switzerland shareholder meetings of public companies tradition ally are organised as events where share holders having attended the meeting are invited by the company for a drink, lunch or even a dinner thereby given the oppor tunity to have a chat not only with fellow shareholders but also with management. Shareholders who regularly attend a shareholders meeting will likely not be in favour of purely virtual shareholder meet ings. As a compromise, public companies may go for a so-called hybrid shareholder meeting pursuant to which shareholders may elect to attend the meeting physi cally or exercise their shareholder rights by using electronic means. From a tech nical perspective, the company, when choosing this route, will have to ensure the identity of the shareholder participating,

that they can actively participate in the discussion,submit motions and that their votes are transmitted immediately to the company. Further, companies need to be aware that If technical problems occur during the shareholder meeting which cannot be resolved, the meeting with respect to the resolutions affected by tech nical problems has to be repeated.

How is the increasing pressure on ensuring compliance across a range of different areas affecting your clients and your practice in the sector?

As the laws and regulations (including self-regulatory rules) addressing corpo rate governance become more and more complex, the pace of change of such laws and regulations is increasing and such matters have increasingly become the focus of inves tors over recent years; a major challenge is to stay up to date, monitor all ongoing legal and regulatory developments when advising clients. While until recently Swiss corporate law did not provide for a significant number of environmental, social, and governance (ESG) related requirements, new financial and nonfinancial reporting obligations relating to ESG matters have been introduced. As such rules are still developing, it is likely that the future will hold further regulations on ESG disclosure to be implemented and observed by Swiss companies.

What’s the most interesting transaction you have been involved with to date, and why?

Each transaction is unique and memorable on its own but the transactions I like best are projects that involve various jurisdic tions. For example, I was recently part of a Swiss and U.S. law team advising a Swiss company on their IPO with a listing in the U.S. The founder shareholders wanted to implement a dual share structure. While this is typically a no-go for a Swiss company with a listing in Switzerland, the banks acting as underwriters in this IPO and the investors seemed rather relaxed if reasonable sunset clauses were in place when doing the IPO.

How does your international background enhance the skills and approach you bring to mul tinational clients?

Understanding the basic rules on corpo rate governance outside Switzerland makes advising multinational clients more efficient; for example, when working with the assistance of local counsel you can propose alternative structures to them that are not available in my own jurisdiction.

How are recent technological innovations affecting corporate governance and your practice in the field?

Technological innovations, such as digital communication, facilitate collecting and sharing information and data, and granting access to them faster and more efficiently. It also helps the market to analyse and benchmark information and date disclosed by companies more quickly and more comprehensively.

What inspires you to serve on numerous professional organi sations, and what contributions do they provide to the legal market?

Serving as an officer of the Securities Law Committee of the IBA, for example, gives me the opportunity to discuss and chal lenge legal issues with experts and peers of other jurisdictions, and learn about the latest legal developments which, as pointed out above, helps me to advise multinational clients more efficiently and comprehensively.

What skills and traits would you encourage up-and-coming corporate governance lawyers to develop?

First, always be curious, ask questions and listen to your client to understand its busi ness and needs and continue observing the client, its business and the markets even in times of no specific assignment; second, know the relevant laws and regulations in all their details and stay up-to-date.

WWL says: Patrick Schleiffer is “a huge name in banking matters”, who holds extensive experience of banking, capital markets and securities law.

whoswholegal.com/thought-leaders

Olivier Stahler

Lenz & Staehelin Geneva www.lenzstaehelin.com olivier.stahler@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

Olivier Stahler is a banking partner, recognised for his extensive tech nical knowledge,  particularly  of Swiss asset management regula tions. He frequently advises on granting licences by the Swiss finan cial regulator for banks, securities houses and funds. Olivier Stahler is involved in the structuring of financial products, and in particular private equity and hedge funds. Further, Olivier acts for financial institutions and corporate borrowers both in domestic and international financing transactions.

How has your practice in banking regulation changed since you first started your career in the sector?

In recent years, we have seen that inter national regulatory aspects becoming increasingly important when advising banking institutions. Twenty years ago, Swiss institutions’ business models were based on purely domestic regulations. Today, Swiss banks must design and imple ment business models, which take into account foreign regulations. Furthermore, non-Swiss financial institutions can access the Swiss market provided they comply with cross-border Swiss regulations, and in particular the requirements deriving from the Federal Act on Financial Services, which entered into force on January 1, 2020. In addition, technological develop ments have not only changed our way of working but have also had an impact on certain regulatory requirements.

What do clients look for when selecting an effective banking law adviser?

I believe that the key is to be in a position to understand the client's banking strategies and more generally, its business model to be able to provide advice tailored to its objec tives. Banking business models involve multijurisdictional aspects and consequently several available set-ups. It is therefore also essential to have a good understanding of all relevant international aspects.

Furthermore, the ability to anticipate the various legal and regulatory issues that arise along the way is particularly important. While the lawyer's understanding is central, it is crucial to be in a position to coordinate all the relevant aspects of banking opera tions with the different stakeholders accord ingly. In particular, where the involvement of financial market supervisory authorities is necessary, the experience of the lawyer can make a real difference.

How is the increasing prominence of crypto assets affecting your cli ents in the financial sector? How are regulators responding?

The increasing prominence of crypto assets has offered numerous business

opportunities to new players, who have been in a position to develop alternative models. Certain of these players are no longer perceived as operating mere niche business. The Swiss Financial Market Supervisory Authority (FINMA) has been considering digital assets and blockchain technology for a number of years. Several guidelines have been issued to help finan cial institutions navigate through various types of digital assets. The first Swiss fund in crypto-assets was approved by FINMA in September 2021 and exchange-traded products on crypto-assets have been available in Switzerland since 2019. While assessing the specific risks and features of digital assets, FINMA generally shows a certain degree of flexibility as long as tech nologies are obviously not used to circum vent existing rules and goals of financial market legislation, in particular in the field of AML.

How are banks working with regulators to tackle money laundering?

Switzerland is one of the prominent inter national centres for private client wealth management, it is therefore particularly subject to money laundering risks. Swiss banks must put in place compliance frameworks duly tailored to the relevant institution's appetite for risk. In its 2021 paper on risk monitoring, FINMA sets in particular that transaction monitoring was the method that most frequently revealed suspicious conduct on the part of financial intermediaries, whereas for many years, media reports were the primary source of information. The Swiss regulator indi cates in substance that this development illustrates the need for greater awareness and a more proactive approach on the part of Swiss banks when fulfilling their AML reporting obligations.

How does your knowledge of financial products help sharpen your regulatory advice to clients?

The diversity of technically complex and constantly evolving financial products not only makes the day-to day activity of a

banking lawyer particularly interesting and motivating, but also enables me to advise Swiss and foreign banking institutions in a way that is efficiently aligned with their asset management arm.

How do you effectively prepare for cross-border structuring of financial products?

The regulatory predictability is of prime importance when structuring financial products involving multijurisdictional elements. It is indeed key to put in place a structure, which anticipates the regu latory developments in the jurisdiction of the product itself, the jurisdiction of the relevant manager and obviously the various jurisdictions where the product will be marketed. Furthermore, tax aspects need to be managed hand-in-hand with the regulatory aspects.

What are your priorities for the banking group of your firm going forward?

I believe that the people who work in a firm define both its culture and its future. An important and growing aspect of our banking group involves tracking rapid market and regulatory changes. We are often closely involved in many of the leading regulatory initiatives working with legisla tors and industry bodies, as well as clients to achieve practical outcomes in the devel opment of regulations. A good under standing and knowledge of the industry, as well as a vision of the national and inter national developments, are in my view key. Our main priority for the banking group is to ensure that the next generation of clients continue to benefit from the next genera tion of Lenz & Staehelin lawyers through their in-depth knowledge of the banking and asset management industry, as well as their vision for the future of this industry.

WWL says: Olivier Stahler’s specialism in banking and finance law sees him act for a broad range of local and global financial institutions to provide regulatory advice on financing transactions.

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JeanMarc Carnicé

BianchiSchwald Geneva www.bianchischwald.ch carnice@bianchischwald.ch Tel: +41 58 220 3600 Biography

Jean-Marc Carnicé heads BianchiSchwald LLC’s dispute resolution and white-collar crime practice groups within the firm. He was the chairman of the Geneva Bar Association from 2014 to 2016. He is a member of the High Council of Geneva’s judiciary and teaches white-collar crime within the Swiss Bar Association specialised lawyer training course. He has been a lecturer at the Ecole d’Avocature of the Law Faculty at Geneva University. Jean-Marc Carnicé holds a law degree from the University of Geneva and an LLM from New York University. He was admitted to the Geneva Bar in 1994 and the New York Bar in 1996.

What inspired you to focus your career on white-collar crime defence?

I have above all been inspired by the people I met. As a young lawyer, I had the privi lege to work for the best white-collar crime defence lawyers in Geneva. They shared their knowledge with me, and I am trying to do the same today with young lawyers.

I have also been clearly attracted by the diversity of the matters, its complexity and the international dimension of the cases.

Looking back over your career, what is the most interesting case you have been a part of?

Over 10 years ago I was involved in a very complex cross-border litigation case between Italy, France and Switzerland. My client was accused of being a member of a criminal organisation, jailed in Switzerland and prosecuted. I had to interact with lawyers in different countries and I filed more than ten appeals in front of the Swiss Federal Criminal Court, many of which have been admitted. In the end, the client was acquitted.

How do you prepare for mul tijurisdictional investigations?

In my area of practice, multijurisdictional investigations are very typical. During the past few years, I have built strong contacts

with law firms all around the world and met many excellent lawyers with whom I coop erate on a regular basis. The capacity to provide the client with very good lawyers in different countries and the trust I place in them are essential to be well prepared for multijurisdictional investigations.

What do clients look for in an effective business crime defence lawyer?

Immediate availability, trust, ability to understand their activity and to find a solu tion, responsiveness and reliability. These are the key qualities of a successful whitecollar defence lawyer.

How do you see business crime defence practice changing in the next five years?

I have noticed over the past few years an increase in the sophistication of the authorities.

Therefore, a high level of work is required from the legal community. Cyber criminality will clearly be a challenge in the future. Lawyers often must advise clients on preventive steps to be taken as a means of protecting against data theft as many commercial institutions are targeted. Without doubt, cyber criminality will increase in the next five years and deeply impact business crime defence practice.

What advice would you give to younger lawyers hoping to one day be in your position?

They should try to work in high-profile cases in order to attract greater visi bility. Participation in specialised confer ences and publications also help towards achieving a strong reputation among peers. Finally, respect towards the adverse party and indeed the opposing counsel is abso lutely essential.

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

I would be very interested in taking a bigger part in academic pursuits. Teaching and participating in specialised conferences around the world would be a great achieve ment for me.

WWL says: Jean-Marc Carnicé is “one of the top lawyers in Geneva” when it comes to advising on business crime and international mutual assistance matters.

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Patrick Schleiffer

Lenz & Staehelin Zurich

www.lenzstaehelin.com

patrick.schleiffer@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Dr Patrick Schleiffer is co-head of the capital markets group in Lenz & Staehelin's Zurich office and a leading and recognised expert in financial market law, particularly capital markets, stock exchange and securities law, investment fund law, financial services regulation, corporate law and corporate govern ance. Patrick Schleiffer lectures on capital markets and securities law at the University of Zurich, is a regular speaker at conferences and co-editor of the Swiss internet-based newsletter "CapLaw". He currently serves as the website officer of the securities law committee of the International Bar Association (IBA) and is on the board of a regulated supervisory organisation in charge of the ongoing prudential supervision of portfolio managers and trustees in Switzerland.

What motivated you to special ise in capital market law?

Capital markets law requires lawyers not only to understand the law but also the financial and economic background of a transaction. When drafting a prospectus for a capital market transaction, you also need to understand the business and strategy of the issuer as well as the industry and markets in which the issuer operates. This makes the job of a capital markets lawyer exciting and diverse.

What do clients look for when selecting their counsel?

In my experience, they look for lawyers who have an efficient team with an exceptional understanding of the law and is at the same time pragmatic, responsive and committed to meet all deadlines from the kick-off to the closing.

What are the main challenges currently facing those work ing in the Swiss banking and finance space?

As regulatory burdens become heavier, applicable laws and regulations more complex and the pace of change of such laws and regulations is increasing, a major challenge is to stay up-to-date, monitor all ongoing legal and regulatory develop ments in the banking and finance space and taking into account such developments when advising clients.

How is the increasing promi nence of cryptocurrency and digital assets shaping the finance sector? How do you think regulators will adapt accordingly?

By applying the same risks, same rules principle and following a technologyneutral approach, the Swiss legislator has

recently amended various laws and regu lations in the field of digital assets and distributed ledger technology. One major challenge in this context is to determine under what circumstances digital assets qualify as securities and thus fall within the scope of the traditional laws and regula tions dealing with securities.

What qualities distinguish Lenz & Staehelin from its competi tors in the market?

The firm maintains equally sized offices in the German and French-speaking part of Switzerland, which results in a unique combination of professionalism and a very strong values and teamwork-oriented culture committed to providing clients with excellent advice.

What is the most memorable case that you have been a part of to date?

Each transaction is unique and memorable on its own, but the type of transactions I like best are IPOs as they not only require excellent legal skills but also organisa tional skills when transforming a closely held company to a listed company.

What key skills and traits would you encourage in the next gen eration of banking and capital market lawyers?

Be curious and always eager to learn, ask questions and listen to your client to under stand its needs and business in order to enable you to reduce (legal) complexity and present viable solutions (and not problems) to your client.

WWL says: Patrick Schleiffer is highly praised for his deep knowledge of capital markets transactions and regulations, with market sources noting that he is “a very talented and effective lawyer”.

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Also a Thought Leader in Banking

Till Spillmann

Niederer Kraft Frey Ltd Zurich www.nkf.ch till.spillmann@nkf.ch Tel: +41 58 800 8340 Biography

Till Spillmann specialises in large and complex, international and domestic, private and public M&A, capital markets and corporate finance transactions. Over the past 15 years, Till has built remarkable expertise in advising clients on large transactions, corporate governance and other corporate and commercial law matters. He regularly advises underwriters and issuers on all aspects of capital market transac tions, with a focus on equity capital market transactions such as IPOs and rights offerings.

What have been the highlights of your practice in the past two years?

Last year was an unusual year in many respects. Getting ready for IPO transac tions that would have been among the largest ones in Switzerland in 2020, the entire market came to a halt in March due to the coronavirus pandemic. As of that moment we have been busy helping our clients to get their businesses stabilised, refinanced and some of them restructured.

A lot of work went into advising our clients on covid-19 relief measures, including furlough schemes, subsidies and covid loans. In summer 2020, preparations for capital market transactions resumed and with Montana Aerospace – in relation to which my team had the privilege to repre sent the bank syndicate – we were able to complete one of the first Swiss IPOs in 2021.

What are some key concerns and challenges facing clients currently?

This really very much depends on the industry. While companies in the travel industry and related sectors are still facing tough challenges to keep their businesses running, clients in other industries are actually experiencing record revenues and earnings, sometimes in combination with supply chain issues. What many clients seem to share is an increased degree of uncertainty on how the near to mid-term future will look. Also, the pandemic proved to be a booster for digitisation. Thus, clients have been busy in catching up with latest technology solutions.

How do you see innovation and artificial intelligence affecting the M&A market?

It is there and we work more often with tools although I have to confess that I haven’t really seen the AI element yet. Our

work is often relatively bespoke. Probably, this is also due to the fact that we provide advice in relatively complex matters where tailor-made advice is key. I may be wrong but I think in that space there is less room for tools and algorithms.

In your opinion, should younger lawyers specialise or keep a broad practice when starting out in their career?

I always say to our young associates they should remain as broad as possible in their practice. It will make them just better, more holistic-thinking lawyers and it definitely remains more interesting for a longer period of time.

What has been the most memo rable case you have worked on?

It is hard to single out one case or trans action. There have been many interesting smaller and larger transactions. Certainly, the most relevant transaction for me and my personal life was a take private trans action where I put myself in the shoes of a principal. To have sleepless nights not only because you are working hard to make it to the finish line but also because you cannot stop strategising on how you actu ally get what you want was a whole new experience.

You have had a very distin guished career. What would you still like to achieve?

I would like to find the right moment to take a next step in my personal development and not just be clinging on and standing other young and hopeful talents in their ways. I believe our entire professional life should be a constant journey, a trajec tory during which we evolve and develop ourselves further. So, in a way, I want to find the right moment and the right approach to transition my practice to younger talents.

WWL says: Till Spillmann is held in high esteem by peers who describe him as “really excellent for capital markets work”.

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Mani Reinert

Mani Reinert is a partner at Bär & Karrer and the head of the competi tion law / antitrust practice group. He graduated from the University of Zurich in 1994 and was admitted to the Zurich Bar in 2000. After his post as a research and teaching assis tant at the University of Zurich he received his Master of Laws (LLM) from the New York University School of Law in 2002 and his Dr iur from the University of Zurich in 2003. He joined Bär & Karrer in 1997.

What attracted you to a career in the law?

The rule of law is what distinguishes mankind from apes. Disputes are not solved by the use of brute force but by a predefined set of rules. The law is, or should be, the lubricant of the economy by providing a framework within which business can take place and foreseeability prevails. As an attorney you navigate clients through this set of rules, which has become more and more complex over time.

What do you enjoy most about your role as head of the firm’s competition practice?

It gives me the opportunity to work with very talented people and on very interesting cases and, in some cases, to shape the law.

To what extent is antitrust becoming more politicised?

There is a general trend that the govern ment is expected to regulate every problem that arises. Political stakeholders no longer wait for the market to find a solu tion to a problem. Rather, they expect the lawmaker to solve this problem by issuing new laws or regulations. The more the lawmaker interferes with the market process, the more antitrust becomes politi cised. One example is the phenomenon of higher prices in Switzerland. As a result of their higher wealth, Swiss pay higher prices than people abroad. Also the Swiss finish of regulations makes products more costly to produce in Switzerland. In a mostly symbolic effort, the lawmaker is about to amend the Act on Cartels to “solve” this perceived issue.

What can be done to improve diversity in antitrust?

Hire people with a view to their potential

and talent. Do not only work with the estab lished players.

To what extent does the market power of big tech companies need to be curtailed?

While the US is a champion in pioneering big tech companies, Europe is a cham pion in regulating them. Maybe this is why Europe is not home to a single GAFA (Google, Amazon, Facebook, Apple). I think there is no need for a new competition tool; the current system is sufficient. Regulators should also be aware that digital markets change quickly and any remedy imposed by the authorities may be outdated when it enters into force after a years-long investigation.

How can competition enforce ment become faster and more effective?

National authorities should focus on and engage in domestic cases that have an impact on the local economy. In that regard, “me too” investigations of the Swiss authorities like the Forex and LIBOR inves tigations are a gigantic waste of resources that could be deployed with more gain in “local” investigations. National authorities should focus their resources on significant cases and not go after every hunch in cases where it is evident from the beginning that there is no case.

What is the best piece of advice you have received?

As an attorney, your job is to reduce complexity, to weigh the various risks and to lead your client with a recommendation. Also consider that the legal problem is often only a piece of the problem the client faces. Strive to keep the whole picture in view.

WWL says: Mani Reinert has a “leading practice in complex competition matters”, according to peers who further praise him as a “brilliant scholar”.

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Mario Strebel

CORE Attorneys

Zurich www.core-attorneys.com mario.strebel@core-attorneys.com Tel: +41 43 555 70 07 Biography

Mario is a founding partner of CORE Attorneys. He has extensive expe rience in his area of expertise that focuses on all aspects of competition law, regulatory matters and distri bution law. Other areas of expertise include e-commerce and digital economy matters, general contract law including commercial disputes, unfair competition law, compliance, internal investigations and public procurement. Mario represents national and international clients from start-up to multinational companies in all these areas of law.

CORE Attorneys is a Swiss bou tique law firm. What does the firm stand for and what does set it apart from other firms?

CORE Attorneys is a Swiss boutique law firm with an exclusive focus on competition law, regulatory matters and distribution law. We offer national and international clients, from a broad range of industries, efficient and effective advice and represen tation at all times, and stand for uncompro mised and solution-oriented support. Our practice is based on many years of experi ence in all focus areas and in various roles such as law clerks, authority members, in-house and external counsel. The flex ible and entrepreneurial set-up allows us to dedicate ourselves even more rigorously and with even greater focus to the cause of our clients. With our strong network in Switzerland and abroad with leading lawyers and economists, we are also able to complement our team with specialised expertise in both our own fields of expertise and in related areas when needed. Thanks to our rigorous and field-tested project management, we work with these special ists seamlessly like one firm.

What challenges do you face when advising clients on Swiss dominance issues?

First, there are not that many dominance proceedings in Switzerland. Hence, the lack of comprehensive Swiss case law constitutes a certain challenge, even though the EU case law serves to some extent as a substitute. Dominance cases are, in any event, complex and usually involve vast amounts of informa tion requiring in-depth analysis. However, from what I can see, the Swiss authorities and courts, respectively, increasingly apply a rather formalistic approach also in domi nance matters, e.g. regarding price differ entiation or to the disclosure of interface information to mention two rather recent cases. Under this approach that you might call a per se approach, certain conduct may be qualified illegal and subject to direct fines without examination of any actual effects on the relevant market(s). In my view, it is there fore even more important to tell a credible, empirically founded story from the perspec tive of the client.

What are the greatest chal lenges when it comes to the merger control process?

Many companies perceive the merger control process as a rather onerous duty.

As a result, they want to have to do with it as little as possible and hope that they can leave the process entirely to their lawyers. Even though one can understand this attitude to some extent, it may not lead to the best results. The transaction parties may even miss some opportunities to gain a competitive edge. Based on my experience in dealing with merger control filings, it is not the technical skills of the lawyers (which are, of course, essential), but other factors that ultimately decide on the success of a merger control procedure in substance and, often equally important, in terms of timing. First and foremost, early planning and rigorous project governance is key. Companies and their management teams considering a transaction should be aware of the regulatory framework in terms of merger control right from the start, in particular regarding notification and standstill obligations. Also, solid, and effectively practised project governance and documentation regarding informa tion exchange should be put in place from the outset. Lastly and obvious, but just as often forgotten is that the company and its advisers should work as one and that a good working relationship with the compe tition authorities is crucial too. When all this comes together nicely, the groundwork for an optimal merger control process should be well in place.

What issues do you think will be a priority for the Swiss Competition Commission (COMCO) in the next five years?

I expect cartel cases (horizontal agree ments) and vertical agreements to remain COMCO’s main priority. In particular, parallel trade bans that foreclose the Swiss market from the rest of Europe, for instance through online sales restric tions, and agreements that aim at main taining a high price level in Switzerland, i.e., through resale price maintenance, will most likely continue to be at the centre of attention. Also, highly consolidated

industries could face more competitionlaw scrutiny.

How did the introduction of the concept of relative market power into Swiss competition law impact practice and clients?

In March 2021, the Swiss Parliament adopted the counterproposal to the so-called Fair-Price-Initiative. In addition to the prohibition of private geo-blocking, this counterproposal introduced the concept of relative market power in the Swiss Cartel Act. Thus, since 1 January 2022, behavioural obligations for compa nies whose unilateral behaviour have so far not been subject to any competition law scrutiny apply. The Swiss Competition Commission (COMCO) announced that it intends to issue landmark cases relatively quickly and, subsequently, wants to refer complainants to the civil courts. Hence, in the view of the COMCO, the new provisions shall mainly be enforced by civil courts. A wave of complaints to the COMCO has so far failed to materialise and only one inves tigation into a possible abuse of relative market power has been opened. However, the case relates to the refusal of sales at on-site conditions abroad and concerns thus the actual core concern of the revi sion. As a compliance measure and in order to take or avoid the opportunities and risks related to the introduction of the concept of relative market power, companies should conduct a mapping of buyers and suppliers for individual products and services. The decisive factor in this regard is not the general market condition, but the bilateral business relationship. Such mapping forms the basis for the definition of concrete objectives and measures. For example, in view of contract negotiations, an argumen tation can be prepared, substantiated by documentation as evidence for or against one’s own dependency or relative market power, respectively. Depending on the initial situation, it may also be required to amend distribution and supply contracts or the instructions for dealing with certain customer enquiries. CORE Attorneys assist clients with regard to all sorts of queries that come up in relation to this concept newly introduced into Swiss law.

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WWL says: The “outstanding” Mario Strebel is lauded for his “ability to maintain close contact with competition authorities, clients and peers”.

Astrid Waser

Lenz & Staehelin Zurich

www.lenzstaehelin.com

astrid.waser@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Dr Astrid Waser is a partner in the competition, regulated market and investigation group of Lenz & Staehelin and a leading expert in the field of competition law. She special ises in all areas of competition law, merger control and compliance matters. Astrid Waser also advises on regulatory, administrative and internal investigations. She advises in non-contentious matters and repre sents clients in many high-profile merger cases and investigations. Astrid Waser is a regular speaker at conferences and seminars. She is a member of the committee of experts of the Swiss bar association, a board member of woman@competition Switzerland and a board member of ASCOLA Switzerland.

Describe your career to date.

Having enjoyed the opportunity of studying in Lausanne, Dublin and at the College of Europe in Bruges and completing a PhD in competition law in Zurich, I started my career as an attorney in Switzerland. I also spent time working in Brussels at DG Competition and in a law firm. Just over 10 years ago, I became a partner at Lenz & Staehelin, Zurich.

What do you enjoy most about working in competition?

Competition law is not only about under standing the law, but also the world of busi ness, clients and their related markets. This has fascinated me since my very first competition law cases.

What in your opinion, have been the most significant changes to competition law in the past five years?

In Switzerland, competition authorities have started to add a "Swiss Finish" to certain cases thereby significantly devi ating from long-established practice and basic EU regulations. This has been a major change in competition law in Switzerland.

To what extent can competi tion regimes be improved in Switzerland?

Competition regimes should focus on remaining in line with competition regula tions in order to give companies as much legal certainty as possible.

How can competition enforce ment become more efficient?

Competition enforcers should focus on enforcement where competition law

infringements or distortions are taking place. If competition law distortions can be excluded at the outset (for instance, in mergers with no horizontal or vertical overlaps), the authorities should take a more pragmatic approach and not insist on burdensome data collection.

How does Lenz & Staehelin set itself apart from its competi tors in the Swiss legal market?

We have a large dedicated team of compe tition lawyers with a wealth of experience in competition law and in competition law investigations of the Swiss competition authority. In addition, we have offices in Zurich and Geneva and our presence in these two internationally active locations. All this gives us the ability to offer clients Swiss wide and internationally tailored and practical advice.

How would you like to develop your practice over the next few years?

We want to continue to provide our clients with cutting-edge advice and unparalleled service while remaining at the forefront of developments in Swiss competition law.

What has been your greatest achievement to date?

My greatest achievement – and pleasure – has been to be partner in a law firm, and in a field of law that has fascinated me since my very first lesson at the College of Europe in Bruges.

WWL says: Astrid Waser possesses “an impressive track record” in complex competition issues, including “an excellent background in large-scale merger filings”.

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Cécile Berger Meyer

Lenz & Staehelin Geneva

www.lenzstaehelin.com cecile.berger@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

Cécile Berger Meyer leads the real estate practice group of Lenz & Staehelin in Geneva. She advises both private and institutional clients in the field of real estate law, and in respect of both civil matters (purchases, sales, structuring and financing) and administrative law matters (planning, construction licences, restrictions on acquisitions). Cécile Berger Meyer is also a judge with the Geneva Lease Court, is vice-chairman of the SVIT Romandie and is on the committees of several professional organisations.

Describe your career to date.

I joined Lenz & Staehelin 20 years ago, as a trainee first, prior to becoming an asso ciate in the real estate group. A Certified Specialist SBA in construction and real estate law in 2010, I was appointed partner in 2013 and since then I have lead the real estate practice group of Lenz & Staehelin in Geneva. I've always been passionate about the real estate field, very curious to feed constantly my knowledge while staying attuned to the market. I am also very keen in being involved with different parts of the real estate law world. Pursuing that ambition, I am also a judge with the Geneva Lease Court (landlord side), vicechairman of the SVIT Romandie and sitting on committees of several other profes sional organisations active in the real estate sector. Advising both private and institutional clients, in respect of both civil matters (purchases, sales, structuring and financing) and administrative law matters (planning, construction licenses, restrictions on acquisitions), have made my day-to-day work very rich, various and challenging for 20 years.

What do you enjoy most about working in real estate?

There are many things I enjoy about the real estate practice.

The challenges of each new case, involving hot topics such as energy laws, trying to bring diverse interests together in pursuit of one goal and direction: that of allowing big projects to come true.

Dealing often with many different external parties, the interactions with clients and third parties and the negotia tion and drafting of contracts.

The large range of real estate matters and of customer types, including construc tion and development projects, litigation, commercial property acquisitions, lease agreements, due diligence, architect contracts.

The constant challenge of being up-todate in both private and public law, as real estate matters often require expertise in various fields at one time.

What do clients look for in an effective real estate lawyer?

I believe clients look for solid expertise, very good negotiating skills, pragmatic and efficient solutions, as well as excel lent knowledge of the market. They expect their lawyer to be very reactive and quick in defining priorities and in finding the appropriate answer/solution to his matter, as well as gathering the right compe tences required to guarantee a successful achievement.

What are the main challenges facing those looking to develop infrastructure projects in Switzerland?

Finding the best solution for the client in respect of the construction law, zoning, and norms. Another challenge is to set up appropriate structures holding these projects, and meeting the requirements of all involved actors, both in terms of govern ance, financing, budgeting.

In what ways do you expect the Swiss real estate market to develop over the next five years?

Switzerland will remain competitive –a stable "safe harbor" in the middle of Europe. The market will always be posi tive during inflation periods. However prices have gone up since the 1980s real estate crisis, and the increased interest rates could be the event leading to reduced prices and valuations, with all conse quences arising therefrom (banks calling back certain loans, companies needing to divest certain parts of their real estate portfolio).

How does Lenz & Staehelin stand out from its competitors?

Lenz & Staehelin is part of the top firms in Switzerland, well-known in many fields and becoming a reference in real estate. It stands out with the quality work and dedi cation of their partners and associates, and has now reached a very high level of exper tise all throughout Switzerland. All our

practice groups have co-heads in Geneva/ Lausanne and Zurich, that enables Lenz & Staehelin to have a strong footprint in the French-speaking part of Switzerland as well as the German and Italian-speaking Switzerland. This is equally the case for our real estate practice groups.

What is the most memorable case that you have been a part of?

I remember a case recouping multiple assets in six cantons across Switzerland, with a closing before Christmas. On the day of closing, the team was split into three groups, and travelling across Switzerland to ensure proper simultaneous signing and closing of the asset deals. However, the snow invited itself to the dance, and triggered some – unnecessary although funny – stress. Finally, all went well, just a bit of delay, but our trains run as well when it snows!

What is the key to training younger practitioner in the field to ensure their future success, especially in a more virtual world with less office time?

A good balance between guidance, supervi sion and autonomy is key for younger prac titioners to gain knowledge and confidence. Empathy, understanding and feedback are also key.

It is also important for them to have the opportunity to experience different types of cases, forcing them to understand and answer the different challenges arising on a specific subject.

This helps them develop their instinct and deepen their researches and reflexes when facing new matters.

The virtual world you are mentioning is today a reality for most of our customers as well, and it does not affect our way of working if communication and sharing are maintained internally and externally; however, in my opinion face-to-face sessions are still to be prioritised when suitable for all.

WWL says: The “extremely precise and hard-working” Cécile Berger Meyer is praised as “a leading practitioner”, commended for her deep knowledge of real estate law.

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Josef Caleff

Schellenberg Wittmer Zurich www.swlegal.ch josef.caleff@swlegal.ch Tel: +41 44 215 9383

Biography

Josef Caleff (Certified Specialist

SBA Construction and Real Estate Law, MRICS) co-heads Schellenberg Wittmer’s real estate group in Zurich. He is also a partner in the construction group, the hotels and leisure group and the corporate/ mergers and acquisitions group.

Josef advises clients in all types of real estate transactions as well as developments, construction, leasing as well as public law matters.

Estate

What attracted you to a career in real estate law?

Real estate law comprises many different fields of law, which makes it diverse, chal lenging, exciting and fascinating. In real estate law, you work together with inter esting specialists from many different areas and backgrounds, such as technical, environmental, commercial and finance experts. Real estate law deals with an omnipresent part of life and very much relates to art, culture, socio-economics and politics.

How do you establish a detailed understanding of a client’s business to advise them effectively?

I follow closely all developments in the real estate space. Not only legal develop ments, but also the commercial, architec tural, financial and technical trends. I ask the clients on the non-legal details of the transactions at hand, but also about their business model, their strategies and their views of the markets. I discuss with them the current trends and their expectations regarding their business. Working together on a long-term basis helps to understand the key issues of a client.

What are the greatest chal lenges currently facing Swiss construction and real estate lawyers?

Technological change and environmental aspects will trigger substantial regula tions and raise new legal questions. For example, the wide-spread use of BIM will have a major impact on the relations and, hence, the contracts between all players in the market (contractors, developers, investors, etc.). The current crises in the energy markets, the price increases of raw materials, the shortage of professional

personnel, inflation and the increase of interest rates increases uncertainty substantially, is a source of disputes and requires very careful contract drafting.

How does your degree in eco nomics enhance your work as a real estate lawyer?

The degree in economics helps me to under stand the macro-economic developments (inflation, interest, demand and supply) in the real estate markets. Based on this understanding I can develop my own view of the markets and the impact of changes. Furthermore, I have a good understanding of the financial mechanics of the business (accounting and valuation), which is key to properly address the needs of the clients.

In what ways do you expect the Swiss real estate market to develop in the near future?

The Swiss real estate market is a rather mature market. The demand for housing will, however, remain high. Hence, the re-development and extension of existing buildings (building densification) as well as energy-saving improvements will be important trends. In general, environ mental aspects such as energy consump tion, reduction of the use of raw materials, circle economy, will become key drivers of the markets. New forms of working, in particular co-working spaces and the increase of home office work, will have a material impact on the market for office space. The domestic institutional investors will become even more important players in the future as they have the necessary know how to navigate the markets in more difficult times. I also expect foreign inves tors to become again more active in the Swiss markets due to the (in comparison) favourable macro-economic and political situation in Switzerland.

What makes Schellenberg Wittmer stand out

from its

competitors in the market?

Schellenberg Wittmer has a large, fully integrated team of specialists covering the German and French-speaking part of Switzerland from Zurich and Geneva.

The teams include experts in real estate, construction, tax, environmental and public law, both in litigation and in advi sory matters. We have a very diverse inter national and national client base. Further, we have great expertise in standard prop erty classes, but also detailed know how in special fields such as hotels or data centres.

How do you see your practice developing in the next five years?

Cost pressure will probably cause a certain degree of standardisation. Legal tech nology will reduce the amount of bulk work. At the same time, public regulations will increase. Hence, the demand for expert legal advice in complex and regulatory matters will increase. Attracting young, excellent lawyers will become even more difficult in the coming years. Cooperation with non-legal experts will be of great importance.

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

The developments of new talents and the passing on of my expertise to the next generation would give me great satisfac tion. The further growth of the team and the deepening of the relationship with the clients are certainly areas of focus for the next years.

WWL says: Josef Caleff impresses peers who note that he is a “hands-on, pragmatic, businessoriented and very highly skilled” practitioner with in-depth expertise in the transactional side of real estate.

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Yves de Coulon

BianchiSchwald Geneva www.bianchischwald.ch yves.decoulon@bianchischwald.ch Tel: +41 58 220 36 00

Biography

Yves de Coulon (MRICS) is an FSA certified expert in construction and real estate law and heads BIANCHISCHWALD’s real estate department. His activities cover all the areas of real estate: trans actions, construction, leases, financing, investment vehicles, public procurements, zoning and planning. He moreover possesses an extensive knowledge of the hotel industry. Furthermore, he is also chairman of Bonhôte Immobilier SICAV, one of the leading Swiss real estate investment funds and of the FPLC, Geneva real estate public foundation for the  building of afford able housing.

What did you find most challeng ing about entering the construc tion and real estate market?

The greatest challenge is to understand the technical and organisational aspects of the construction and real estate world. This is something that is not easy to catch for a lawyer who has by definition not been trained in the technical field but must imperatively be able to understand the main issues at stake to advise the client the best possible way.

What do clients look for when selecting a specialist in con struction and real estate?

In that field even more than in others, the clients are looking for a very professional, well informed, hands-on and pragmatic approach of the legal aspects of their construction and real estate issues. In construction related matters, time is of the essence. The suspension of the work on site may put at risk the financial balance of the entire development. Pragmatism and efficiency are thus equally paramount in real estate transactions. In the end, the clients want you to be available, respon sive, well informed, perfectly in command of the legal and technical issues at stake.

On what type of matters have clients been coming to you with most frequently over the past year, and why?

In real estate, the matters you have to cope with are very varied, especially in the litigation field. However, one can say that most of the cases brought by the clients refer, directly or indirectly, to construction matters; they may look for advice related to zoning issues, drafting of GC contract, launch of a tender process, allegation of defects, legal mortgage or a lease agree ment to be concluded once the construc tion process is completed.

As President of the FPLC, how do you anticipate afford

able housing developing in the Swiss market over the next five years?

The main challenge for the FPLC, as for any private or public developer in Switzerland and especially in Geneva, will be to take over available plots to develop new projects. Construction of affordable housing is possible only in the development zone in Geneva, where the price of the land is controlled by the state. Such develop ments frequently need 15 to 20 years to be completed and the housing units delivered to the new inhabitants. Many big projects (for the creation of hundreds of affordable apartments) have been conducted over the past 20 years in Geneva and are now producing their results. This means that, as it has been the case in recent years, afford able housing construction will remain high in Geneva for some more years. In the following years, it will then be more difficult to launch new affordable housing developments. Indeed, the available land is missing and even in the development zone (which is supposed to receive such devel opments), the opposition of neighbours to new projects that increase the density of construction and deeply modify the envi ronment is getting stronger.

How are ESG concerns affect ing the construction field?

As just evoked, the environmental and social aspects will be crucial in the coming years for the development of new projects in Switzerland, and especially in Geneva. The “not in my backyard” reflex has also been strong but is probably developing in the present situation. While the federal zoning act (LAT) has been modified some years ago to promote the densification of the already built areas – with the objec tive to ensure as much as possible that the existing natural and agricultural lands remain untouched – it is increasingly diffi cult to get the population on site to accept such densification. In particular, the trans formation of areas where small individual

houses with gardens should be replaced by bigger buildings with more inhabitants, is severely criticised. Especially because it implies the sacrifice existing green areas and old trees and the modification the social environment. The opposition between densification and protection of the environment will therefore represent the main issue at stake in the construction fields for the coming years.

Why did you decide to establish BianchiSchwald?

We established our firm in 2001 under the corporate name BCCC (Bianchi Carnicé Christin & de Coulon). My three cofounding partners and I wanted to set up our own practice to develop our vision of a law firm working as a corporate structure. The Swiss business environment was at the time much more divided between the French-speaking and the Germanspeaking parts of Switzerland. Over the years, things have changed with interna tional globalisation. Today, a client who wants to invest in Switzerland is looking for a lawyer who can act as a first port of call to serve him in the entire country, wherever he may be interested to invest. This is how we identified some 10 years ago the necessity to become national. This was achieved when we found the opportunity to be joined by a wonderful team led by HandPeter Schwald.

Looking back over your career, what has been your proudest achievement?

My proudest achievement has been to develop a four-lawyer local law firm into a national law firm of 50 legal professionals.

What advice would you give to younger practitioners hoping to be in your position one day?

Be curious, don’t limit the scope of what is possible and … work hard!

WWL says: Yves de Coulon is recognised as a leading lawyer in Switzerland for his encyclopaedic understanding of real estate law and his outstanding work across the full spectrum of real estate issues.

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Corrado Rampini

Bär & Karrer Ltd Zurich www.baerkarrer.ch corrado.rampini@baerkarrer.ch Tel: +41 58 261 52 83 Biography

Corrado Rampini heads the real estate department of Bär & Karrer. He has broad experience in M&A and capital market transactions, with a particular focus on real estate matters, including asset deals and large-scale portfolio transactions, acquisitions of real estate companies, and IPOs and other capital market transactions of listed real estate companies. In addition, he is considered an expert in data protection and privacy law. Corrado Rampini is ranked in the top tier of the Chambers real estate (Switzerland) chapter, and The Legal 500 lists as a leading lawyer in real estate and construction. He was named 2016’s real estate lawyer of the year in Zurich by Best Lawyers

What attracted you towards a legal career in real estate?

I started my career as an M&A lawyer, at a time when conveyance of real proper ties was still much in the hands of local notaries and general practitioners active in their home canton. In the early 2000s, when international investors entered the Swiss real estate market and introduced their standards for due diligence, contract terms and financings, I quickly realised that the real estate industry would undergo an unprecedented professionalisation and specialisation and decided to focus on the industry. My decision was the right one at that time – real estate has become an important asset class with so many more professionals active in the field than I would have ever imagined.

In your practice what chal lenges arise from the interac tion of laws at the canton and federal levels?

While civil law in Switzerland is federal law, many issues in real estate transactions are governed by cantonal law. This applies to the notarisation process including notary and land register fees; real estate gain tax and real estate transfer tax; mandatory cantonal state insurance; legal liens for taxes; connecting fees and other issues; state pre-emptive rights, building regula tions; etc. With 26 cantons in Switzerland and thus 26 different regulations, we had to get organised internally with a database, in order to address local specialties quickly. This is of particular importance in portfolio transactions with assets in many different cantons.

How do you manage the scale of transactions in the case of property portfolios?

Transactions with assets in many cantons require professional project management. Apart from the many cantonal special ties that need to be reflected in the due

diligence and contract drafting, we must also manage the cantonal and communal notaries, and the registration in the local land registries. Because of this, we focus the training of our associates not only on legal matters, but also on project manage ment skills.

How is the generational shift changing legal practice at your firm? What do younger lawyers do differently?

The lawyers of the new generation are more focused and specialised than we were when I started work. Today’s lawyers do not simply apply to a firm as a “lawyer” but come with clear views of the field of law or sector in which they want to work and take care to be more broadly involved with the client than to provide just legal advice. This fits nicely with the way we understand our role as real estate transaction lawyers within our firm.

You are part of a multilin gual team. How do you inte grate speakers of different languages?

In a country with three main official languages, many people have at least a basic command of one or two of our other official languages, besides their own mother tongue. As we see providing advice to our clients in all regions of Switzerland as an important part of our service, we focus our hires on people who are bilingual, and we centralise our team members, for all-language reasons, in Zurich, in a multi lingual team.

What has been the impact of Switzerland’s very low interest rate on the real estate market?

The low interest rates, with the national bank charging negative interest of 0.75 per cent per annum for overnight deposits and a negative yield of 10 years federal bonds, have been a key driver of the real estate

market in Switzerland. The appetite of insurance companies, pension funds and mutual funds for investments in Swiss real estate, seeking even a small return, is unsated. Foreign investors have held back with investments during the past few years due to the competitive market envi ronment, but recently we are seeing more foreign investors returning to the market.

Why do foreign investors look to Switzerland as a destination for investment?

In recent times, we have had the impres sion that yields in Switzerland have become more attractive compared to the yields in some European states, where yields have also come under pressure. Foreign inves tors in Switzerland are often focusing on asset classes that are not the primary focus of Swiss institutional investors, such as hotels and, more recently, opportun istic retail investments. As in the 2000s, foreign investors may prove to behave more pro-cyclically than the conservative Swiss investors do. At the same time, we also see investors from certain countries who focus on long-term stable investments, often with an intention to hedge against their home currency.

How do you anticipate the Swiss legal market changing in the next five years? How might this affect your practice?

I am sure that the professionalisation and specialisation of the Swiss legal real estate market will continue. We see in particular more tech solutions being applied in real estate, and it is our ambition to be a fast mover in this field. We hope that these developments will take over some of the simple, repetitive work, and help us to focus on the high-value work as advisers, beyond mere legal drafting, and in project management.

WWL says: Corrado Rampini’s broad and impressive experience across the full spectrum of real estate high-value investments and transactions makes him, according to peers, “one of the best in the real estate market”.

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Urs Brügger

Bär & Karrer Ltd Zurich www.baerkarrer.ch urs.bruegger@baerkarrer.ch Tel: +41 58 261 50 00

Biography

Urs Brügger’s main areas of prac tice are financial market regula tions, including governance and disclosure obligations of listed companies, banking and corporate finance, and transactional services, including public and private M&A. Urs Brügger has extensive expe rience in advising Swiss public companies in governance, disclo sure and related reporting obliga tions, and financial intermediaries in all kinds of regulatory matters. He represents listed companies, finan cial intermediaries and investors in regulatory enforcement proceed ings. He has also advised the board of directors of several listed compa nies in their takeover defences.

What motivated you to pursue a career in the law?

Initially, the wide scope of opportunities for a professional career clearly directed me towards studying law at Zurich University. My first experience in practising law with Professor Peter Nobel taught me to analyse the factual circumstances very carefully, and identify the relevant legal concepts and detailed provisions to be dealt with in an individual case. The alwaysnew and challenging situations to be dealt with are ultimately the core attractiveness of our profession.

What do you enjoy most about working in the field of corpo rate governance?

I have followed the corporate governance discussion for more than 20 years, starting with the Cadbury Report, and it is good to see that finally good corporate govern ance does actually pay off for companies. I particularly enjoy actively participating in this development and rendering forwardlooking advice to clients who take this topic seriously. In recent years, this has included the development of ESG reporting, and it is encouraging to see that major investors are establishing their own principles for responsible investment – because this could affect the profitability of the invested companies, and so the fund’s return.

To what extent is digitalisation transforming corporate gov ernance in Switzerland?

In all fairness, I do not see an enormous impact from digitalisation except for the

benchmarking and analysis of informa tion disclosed by the companies. However, to have the benefits of digitalisation it is equally important that companies, large investors and, ultimately, the regulators can agree on a common reporting standard that provides measurable information in a standardised format.

What are the main challenges currently facing governance lawyers, and how do you ensure you are prepared to face them?

The increased interest from a wider public and the investor community make it a very attractive area for professional advisers beyond lawyers alone. The prin cipal challenge is to stay on top of all the detailed regulations and, at the same time, keep an overview of the relevant under lying concepts that remain essential for rendering useful advice to our clients.

Lacking common reporting standards, it will be essential that governance lawyers are also familiar with the principles for responsible investments as implemented by major global investors (eg, Norges Bank Investment Management) and applied by specialised rating companies (eg, Robeco SAM).

How is the generational shift changing legal practice at your firm? What do younger lawyers do differently?

Younger lawyers may be more enthusiastic about trends in the practice area, and be more familiar with detailed rules, but governance advice will continue to require

experience and the ability to see the “big picture”. In other words, it is a perfect area for working in teams comprising several generations.

How do you anticipate the Swiss legal market changing in the next five years? How might this affect your practice?

For the past decade, I have always expected much larger changes in our business. Ultimately, I was astonished by how robust our business case is, provided that we can keep our standing as a leading firm in the local market and focus on high-end work.

What has been the most memo rable case you have worked on?

In my long practice as a governance lawyer, I’ve had several memorable situations (often in a defence situation with activist shareholders or unsolicited tender offers), and it is challenging to single out just one case. The building of close personal contact with clients in a challenging situ ation has often created strong memories and also led to personal friendships.

What is the best piece of career advice you have received?

Early in my career, I was privileged to work with some outstanding individuals who guided me towards a strong focus on, and a real understanding of, the relevant facts and the principal drivers that impact the client in a particular situation and, ulti mately, define the client’s need for legal support.

WWL says: Urs Brügger receives praise as “one of the most experienced lawyers in the market” and “a leading name for corporate governance”.

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Rudolf Tschäni

Lenz & Staehelin Zurich

www.lenzstaehelin.com rudolf.tschaeni@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Rudolf Tschäni is regarded as a leading legal adviser to companies and provides  extensive experience as board member. Who’s Who Legal: Switzerland names him a "superstar in M&A" and in 2020 granted him the Lifetime Achievement Award for M&A and Corporate Governance. In the 2021 edition of Who’s Who, Rudolf is singled out as a "leading light" for governance issues in Switzerland.

What attracted you to a career in corporate governance?

Advising on corporate law and M&A trans actions has been a dominant part of my practice for many years. Advice in this area almost naturally started to extend to, and include governance questions, particularly as my practice concentrated more and more on advising listed companies where corporate governance issues have become of particular importance.

What is it about being a corpo rate governance specialist that you enjoy most?

In Switzerland, corporate governance is the subject of many fields of the law, including in particular, corporate law, stock exchange regulations and rules in regulated indus tries such as banks and others. Giving legal advice is, therefore, a challenging task. Further, corporate governance issues lead the adviser to be in contact with board members and management of many impor tant companies. This means you see the highest level of leadership in action and to become part in often important decision making. All of this I find attractive.

How do you establish a detailed understanding of a client’s business to advise them effectively?

This includes desktop due diligence at the start of the assignment and instructions by the client on the case and on the company involved as well as attendance at board and management meetings. In any event, close observation of companies and markets is a continuous task for corporate governance lawyers.

To what extent is digitalisation transforming corporate gov ernance in Switzerland?

As in other areas of business digitalisation is a very important catalyst for changes in corporate governance. At the board and management level it started out with

sharing and granting access to information and reports. To a large extent board and management interact by digital means. In certain cases, speed is of the essence, such as in activist and takeover scenarios where digital communication helps to reach decisions faster. Under the revised Swiss corporate law which will enter into effect 1 January 2023 shareholders' resolutions are now possible to be adopted "digitally", which is obviously very helpful in terms of speed and efficiency. Further, the revised corpo rate law also allows board resolutions to be taken digitally. While these rules constitute improvements in line with technical evolu tions care will have to be taken that discus sions and exchange of arguments do not fall aside for the sake of efficiency and conveni ence. To ensure this outcome is one of the tasks of corporate governance lawyers.

What are the main challenges currently facing governance lawyers, and how do you ensure you are prepared to face them?

The increased number of rules and regu lations is challenging corporate govern ance lawyers because they relate to areas previously less well known, such as sustainability reports and ESG-reports. In particular, as a result of the revised Swiss corporate law detailed reports on certain non-financial matters will be required from 2024 onwards. Auditing firms and special ised firms are competing for clients along side lawyers. Thus, law firms will have to decide whether they want to leave these topics to others to advise on or whether they want to keep this task inside their firm which would require allocating the neces sary resources now and in the future.

How do you anticipate the Swiss legal market changing in the next five years? How might this affect your practice?

Apart from what I have said in relation to question 5, I do not foresee significant shifts happening in the next five years.

Obviously, there will be further topics at the top of the list to be dealt with, such as geopolitical challenges and supply side management, which will keep the board of companies and the management busy. According understanding and knowledge will be required of corporate governance lawyers. But I would expect that the same law firms as currently will continue to be at the top of the demand for corporate governance advice.

What makes Lenz & Staehelin stand out from its competitors in the market?

Lenz & Staehelin has equally renowned and top ranked offices in Geneva and Zurich and thus covers practically the whole of corpo rate Switzerland. It should be mentioned that Zurich and Geneva are two places quite different from each other, culturally and linguistically and it is thus important to be leading in both market places. Further, a number of partners serve on the board of listed companies. This wealth of exper tise and inside experience gives Lenz & Staehelin a distinguishing factor when it comes to choosing a corporate governance lawyer.

What is the best piece of career advice you have received?

As an associate I had the privilege to work for one of the best lawyers in Switzerland. He taught me that it is not helpful to the client to simply lay out the applicable law. Rather, in-depth knowledge of the facts of the case and of the business of the client is necessary to find practical solutions and thus successfully advise the client.

WWL says: Rudolf Tschäni is a revered corporate law specialist with a wealth of experience advising boards and management on transactions, governance issues and disputes.

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Rayan Houdrouge

Walder Wyss Ltd Geneva www.walderwyss.com rayan.houdrouge@walderwyss.com Tel: +41 58 658 30 90

Biography

Rayan Houdrouge is a partner at Walder Wyss. He advises and represents Swiss and multinational companies as well as international organisations on all employment law matters. He has extensive experience in executive transfers, compensa tion packages, work regulations, internal audits and collective proce dures, including business transfers and collective dismissals. He also is an accredited labour law and social security expert (Swiss federal certif icates) and assists clients in social security and pension fund matters, including contentious aspects.

What motivated you to pursue a career in law?

I wanted to better understand how our society functions and use this to be able to have an impact and improve things.

I also believe that it is fundamental to a democratic society that, no matter the context, all persons have access to legal representation.

What did you find most chal lenging about entering immi gration law?

The extent to which political considerations may influence the authorities’ approach, which often means having to adapt to new situations depending on the current polit ical context.

How has the market changed since you first started practising?

Immigration policies have become more restrictive and enforcement based, both in Switzerland and globally. Also, in Switzerland, the signing of the free move ment agreements with the European Union marked a huge change to our immigration policy. There now are essentially two sets of immigration rules – one for EU citizens and one for everyone else.

What challenges do you think an increasingly remote work force will pose to clients when it comes to immigration issues?  What challenges and opportunities have you noticed?

Before, the typical situation was that a company would want to apply for a work permit on behalf of someone it wanted to employ in Switzerland on a long-term basis. Today, there are many more types of situations that may arise.

For instance, we see companies that need to bring over individuals for several

days or weeks in order for them to attend business meetings, conferences, etc., which means more requests for more people, but for shorter periods of time.

We also see more movement in general related to people feeling that remote work makes it easier to work from anywhere in the world and, of course, there can be immigration consequences when employees decide to move to a new country or work remotely during their holidays.

Also, we are seeing more employee turnover, as individuals may feel less connected to their employer, which also can result in needing to apply for more work permits for shorter periods of time.

That said, one opportunity that comes from working remotely is that it makes it possible for companies to work with more people around the world, without neces sarily having to bring them to Switzerland and deal with the related administrative requirements.

If you could introduce one reform to immigration law in the EU or Switzerland, what would it be and why?

To have more flexibility in the system, espe cially when it comes to allowing people to stay in Switzerland if they have strong ties with the country and could be an asset. For instance, we spend a lot of resources educating university students, but then make it quite difficult, almost impossible in some cases, for non-EU foreign students to stay and contribute to the Swiss economy.

What do you think will be the greatest challenge facing the next generation of immigration lawyers?

Migration law traditionally is based on territoriality. However, the increasing digi talisation and virtualisation of the world means that the idea of territoriality has

lost some of its significance in the field of corporate immigration. This has led, and will continue to lead, to profound changes in the interpretation and application of current immigration rules with regard to the on-the-ground reality.

That said, global economic and climate crises and escalating global and regional conflicts likely will lead to increased mass migration, which could impact how the authorities apply all immigration rules and regulations.

Looking back over your career, what is the most interesting case you have been a part of and why?

I would say that the immigration questions that arose during the covid-19 pandemic were some of the most interesting with which I have dealt. We were plunged into an extraordinary situation that was suscep tible to change from one day to another. Additionally, sometimes there were not a clear response as to whether an exception would be granted, as it might depend on oral discussions with the border guard in charge.

At the same time, the pandemic showed the immense capacity of our institutions and authorities to adapt rapidly to an unprecedented situation, despite enor mous amounts of pressure.

What is the best piece of career advice you’ve ever received?

Always multiply by two the amount of time you think it will take to do something and even that is not always enough – which goes to show the amount of time it takes to do things well.

WWL says: Rayan Houdrouge is a go-to for the full spectrum of employment-related immigration matters.

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JeanBlaise Eckert

Lenz & Staehelin Geneva www.lenzstaehelin.com

jean-blaise.eckert@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

Jean-Blaise Eckert is considered a leading lawyer in tax and private client matters in Switzerland. He advises a number of multinational groups of companies as well as HNWIs. Jean-Blaise Eckert is a frequent speaker at professional conferences. He is secretary general of the IFA. Jean-Blaise Eckert was recently ranked among the top tax lawyers in the Chambers and Partners 2022 Global Guide

What motivated you to pursue a career in corporate tax?

Technical challenges and the international scope of the work.

What is it about your role that you enjoy most?

Imagination, coordination, taking respon sibility for your actions.

How do you establish a detailed understanding of a client’s business to advise them effectively?

Frequent contact and long-term relationships.

How has the market changed since you first started practising?

Transparency at all levels.

How are initiatives to tax the digital economy affecting your clients, and how are you adapt ing your practice accordingly?

Coping with uncertainties, and being ready to take action at all times.

If you could implement one reform to the Swiss tax frame work, what would it be and why?

Lower the tax at source, increase access to information

How do you see your practice developing over the next few years?

Many more cases of dispute resolution.

What has been your greatest achievement to date?

Being able to balance a heavy workload while keeping a happy family life.

WWL says: Jean-Blaise Eckert is “one of Switzerland’s best tax lawyers”, excelling in the corporate and private client space.

Heini Rüdisühli

Lenz & Staehelin Zurich www.lenzstaehelin.com heini.ruedisuehli@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Heini Rüdisühli is a partner in the Zurich office, where he leads the private clients practice group. As a certified tax expert his main field of activity is national and international tax planning for private individuals as well as taxation of corporate reorganisations and acquisitions. In addition, Heini Rüdisühli is a certi fied specialist in inheritance law with a focus on succession planning as well as executorship of estates. He is a TEP with a broad knowledge of trusts.

Describe your career to date. After successfully passing the bar exam in 1988, I started working for a large accounting firm as an auditor and later transferred to the tax team. I still benefit from my experience as an auditor to this day. In 1992, I obtained the diploma as Swiss certified tax expert and was promoted to tax manager. In 1996, I joined Lenz & Staehelin with the task of building up a tax team. In 2001 I was admitted to the partnership of Lenz & Staehelin. After many years as a corporate tax partner, my interests have expanded over time to include private clients. I have now been leading this practice group for several years. My interest in inheritance law and the desire to learn something new led me to complete the Certified Specialist SBA Inheritance Law course in 2016.

What qualities make for a suc cessful career as an adviser in corporate tax?

In addition to a firm grasp of tax law, a good understanding of economic relation ships and the accounting implications of proposed reorganisation steps are key.

How do you ensure you are well equipped to handle crossborder transactions?

On the one hand, it requires an under standing of the systematics of foreign

national tax laws and, on the other hand, a good know-how of international double taxation law. These basics are important in order to be able to correctly classify the expert advice of foreign colleagues and to adjust one's own planning accord ingly. However, it is essential to have a well-rehearsed cooperation with foreign colleagues.

What do you enjoy the most about having an international practice?

The international situations we encounter are always a challenge, as it is necessary to reconcile their different tax assess ments. Nevertheless, what I value most is the opportunity to maintain a friendly rela tionship with my foreign colleagues, also in human terms.

How are initiatives to tax the digital economy affecting your clients, and how are you adapt ing your practice accordingly?

We closely follow developments in inter national tax law. In practice, however, the effects have so far been relatively minor. Thanks to our constant efforts to exchange know-how within our team, we are well positioned to meet our clients' consulting needs and to actively propose meaningful reorganisations.

How do you see your practice developing over the next five years?

We assume that Switzerland will continue to be an attractive location for interna tional corporations. In this respect, we expect constant growth in the demand for first-class consulting. In addition to specialist knowledge, knowledge of our clients' industries is becoming increas ingly important.

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

I am grateful for all that I have been able to accomplish so far with the team at our firm. Thanks to the fact that we have many young talents in the team, I can say that my succes sion is assured and therefore my unrealised goals are more in the private sphere. I would like to develop myself as a photographer.

What advice would you give to younger practitioners hoping to one day be in your position?

A professional career is a marathon, not a sprint! You have to manage your energy well and keep your professional and private life in balance. This and the interest in always learning new things is the key to a satisfying career – the rest comes naturally.

WWL says: Heini Rüdisühli earns praise as “a very active and effective tax lawyer” with “a very strong standing in the market”.

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Daniel Schafer

Biography

Daniel Schafer is a certified tax expert with experience in admin istration, contract and commercial law. He practises domestic and international taxation, with a special focus on corporate tax (including M&A, restructuring and relocation, private equity), Swiss VAT and real estate taxation. He also advises on tax-related questions in connection with private clients (UHNWIs) as well as on real estate matters (transac tion, structuring, acquisition).

How has the market changed since you started practising?

The competition with the Big Four has increased with a big intensity. In the Geneva area, they are also now many more boutique firms, specialising on tax, most of which have been constituted by former lawyers of Lenz & Staehelin, that we formed and educated, and who are very good advisors.

What has been your proudest achievement so far?

To have been able to keep up with an increasingly complex legal environment whilst remaining agile and pragmatic in the advice given, which is most likely the main reason why I have kept all my clients. And also to have remained as a recognised professional, a go-to employer for young talents willing to become tax lawyers.

What are the skills required to succeed in practice in the cor porate tax market and advising ultra-high net worth clients?

The corporate tax market requires a lot of curiosity and a very good understanding of the economy/finance mechanism. It also requires a good sense of the value creation processes. It is only upon a strong under standing of your cleint’s business and the environment in which they evolve that you can give them the proper advice.

As for UHNWIs, the most important features for success is empathy, loyalty but also distance. You need to be there when they need you but you should not step on their feet otherwise (unless you see that they will do a huge mistake, in which case you shall not be shy to tell them the truth straight to their the face!).

How has covid-19 changed cor porate tax practice in the Swiss market? Are these changes here to stay?

Not so much change in fact, save that international businesses seem to show

a renewed interest for Switzerland as a very stable country, which mastered the pandemic pretty well, both from a crisis management (on the health side) and economic perspective.

What are the most common sources of corporate tax issues currently and how do you think clients can minimise the risk of them occurring?

Transfer pricing and restructuring are two hot topics. Private equity structuring is also a central point of concern.

Having solid transfer pricing policies in place is crucial. Planning a private equity deal well in advance in order to have time to establish the proper structure is another.

What are the benefits and the challenges of practising in an area of law that is con stantly changing and is highly international?

It makes you feel alive every morning. Not boring, hence you are required to remain alert and agile.

How do you see the Swiss cor porate tax practice changing in the next five years?

Not that much. The solution already found to implement OECD - Pillar 2 (minimum tax rate) is a pretty practicable one, easy to understand, that will allow Switzerland to remain highly competitive in the inter national market as a business location. To make it simple, the CIT rate will go from 14 per cent to 15 per cent.

What advice would you give to younger practitioners hoping to one day be in your position?

Be curious, gather as much life experi ence as possible, develop your economic instinct, and learn to listen. And work hard, obviously, whilst keeping a strong balance with your the private life (this professional life is an ultra-trail and not a 100m sprint).

WWL says: Daniel Schafer stands out as “a splendid tax lawyer” with immense expertise spanning M&A deals, restructurings and VAT issues.

whoswholegal.com/thought-leaders

Susanne Schreiber

Bär & Karrer Ltd Zurich

www.baerkarrer.ch susanne.schreiber@baerkarrer.ch Tel: +41 58 261 52 12 Biography

Susanne Schreiber started her career in Munich, Germany, as attorney-at-law in an interna tional law firm. She specialised in tax law and qualified as a German tax adviser. After relocating to Switzerland, she qualified as a Swiss-certified tax expert and continued to support multina tionals and private equity firms in their M&A activities. After heading the Swiss M&A tax department of a Big Four company, Susanne joined Bär & Karrer AG as co-head of its tax department. Her main area of expertise is Swiss and international corporate tax law, mainly advising on complex sophisticated restructur ings, capital markets, financing and M&A transactions.

Describe your career to date.

I started as an attorney-at-law in the M&A and corporate law department of Lovells (now Hogan Lovells) in Munich back in 2002 and moved into tax one year later – which meant a lot of studying for a new area of law, followed by the tax attorney exam and the tax adviser exam. As I found my passion in tax law, I joined the M&A tax department of KPMG in 2006 to experience tax from different, more economic angles. Shortly afterwards, the next challenge came: when my husband took a job in Switzerland, I also moved country and jurisdiction – which was not an easy task! I was lucky to stay with KPMG in Zurich, and to have the oppor tunity to continue with corporate/M&A tax work, in the beginning mainly advising on international, outbound transactions of Swiss multinationals. After the Swiss tax expert exam, I also focused on domestic tax topics, with articles, seminars and work in different tax commissions. After becoming partner and heading the Swiss M&A tax group of KPMG, Bär & Karrer asked me to join its tax team in 2015 to strengthen the corporate/M&A tax practice. Over the past few years, we have grown the tax team in size (we also now have a tax presence in Geneva) and in reputation, resulting in rankings in the top tier of all major guides. I enjoy working with a talented and ambi tious group of young people and partner colleagues, in both the tax team and our other departments, and helping the associ ates to build their careers as tax lawyers.

What have been the greatest challenges or opportunities that Switzerland’s recent tax

reform has posed to lawyers

practising in the field?

The challenges on the part of the compa nies were mainly to keep the tax burden similar to that found under the previous taxation regimes. For us as advisers, the reform was also an opportunity to make use of the toolkit that the reform and the cantonal implementation laws offer, on a tailor-made basis. Whereas most cantons implemented their new tax legislation in 2019, several cantons can only do so in 2020 (due to the legislative process) which made it difficult to plan ahead. The new rules also leave a range of interpretation – for example, with respect to the defini tion of the F&E super-deduction. This is an interesting and creative task for a lawyer but can also result in a certain delay in receiving advance confirmation by the competent tax authority, which wants to have some general administrative guide lines or exchange on the practice by other cantons. Further, the practical imple mentation of the new rules in the first tax returns or tax provision calculations showed some new questions or angles that were not considered in the rather complex legislative process. One area is the intercantonal allocation, where the tax authori ties worked hard to come up with a circular on short notice – which definitely cannot address all practical questions – and so some compromises had to be devised.

What advice would you give to younger practitioners hoping to one day be in your position? Stay curious and eager to learn; be passionate about your work; and be willing

to go the extra mile. And communicate: ask questions, ask for feedback, share your concerns or wishes. The rest will come (with a bit of patience as well)!

Tax law has become more and more inter national and influenced by OECD initiatives, such as the BEPS actions back in 2015 and now the discussions about the taxa tion of the digital economy. Switzerland, as a small country with significant global activity from domestic companies, is clearly affected by these developments. Thus, I could imagine responses to, for example, the intended OECD Pillar Two minimum taxes with measures to keep the tax revenues in Switzerland. In addition, international tax litigation will certainly increase with the plans for the taxation of the digital economy; Switzerland would be well advised to participate in means to avoid double taxation, obtain advance certainty (internationally) and implement effective tax controversy tools. This will be a differentiator to increase the attractiveness of Switzerland as tax jurisdiction.

What is the best piece of career advice you have received?

A senior partner once told me that you need to like your clients – with this attitude, you will best support them, find the best solutions for them and also enjoy working for and with them. And that’s what I do!

WWL says: The “truly excellent” Susanne Schreiber is distinguished as “one of the best tax practitioners in the market”. One peer adds, “She is simply outstanding.”

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How do you anticipate the Swiss tax framework changing in the next five years?

Nicole Beranek Zanon

HÄRTING Attorneys-at-law Ltd Zug www.haerting.ch beranek@haerting.ch Tel: +41 41 710 28 50

Biography

Nicole Beranek Zanon advises her clients in the fields of Swiss and international data protec tion; IT security and information, technology and communications law, as well as all related matters – especially concerning artificial intelligence and distributed ledger technologies. Nicole is a member of Swiss Fintech Ladies; a member of the International Technology Law Association (ITechLaw) and the Swiss Telecommunications Association; and Board Member of the Research Institute for Information Law of the University St Gallen.

On what matters have clients asked you most for advice over the past year? What would you say is driving this?

Outsourcing, cloud projects and Schrems II were the topics requested the most last year. Due to the new Swiss Federal Data Protection Act entering into force my clients get ready to implement the neces sary measures. In addition we had a lot of M&A-Transaction in the technology field.

How are continuing calls for increased data privacy affecting your practice at the moment?

The understanding of data protection has vanished and in 2021/2022 most compa nies had other topics take priority, such as looking for business continuity in these agile times of war, supply chain break ups and following their sustainablility goals.

To what extent has the recent passing of the ‘Blockchain Act’ in Switzerland impacted the type of work you have been receiving in this area?

The unserious requests have vanished and we are now working with and for clients with a real business case. For the time being especially NFT platforms are busi ness models raising up.

What key challenges might younger data lawyers face in their practice and how can they overcome these?

Young lawyers must catch up with the developments in the LegalTech field to stay competitive and find their niche.

What areas of data risk do you see emerging in the next few years?

As technology does evolve and quantum computing is very close, we need new methods to safeguard privacy. Even anonymised data can easily be re-identified with enough context information, especially over time. We should be very aware of the time factor. A sustainable data protec tion – and data governance – is required in our times. The second area of risk is cybercrime as the methods and tools and the economical power of this “industry” evolves.

In your opinion, what does the future of AI in the legal industry look like?

AI will help to replace repetitive, very standardised work or be a supportive tool for lawyers.

What professional challenges are you anticipating throughout the next few years, and how do you intend to navigate them?

Staying ahead with the emerging tech nology is more and more difficult as complexity raises. We counterfight it with education of our staff.

WWL says: Nicole Beranek Zanon is renowned for her “quality work product in data protection and cloud matters”, with sources further praising her as “an experienced, knowledgeable and downto-earth practitioner”.

whoswholegal.com/thought-leaders

Lukas Bühlmann

MLL Meyerlustenberger Lachenal Froriep AG

Zurich www.mll-legal.com lukas.buehlmann@mll-legal.com Tel: +41 58 552 04 80 Biography

Lukas Bühlmann is partner and co-head of the firm’s digital, data privacy and e-commerce group. Before joining MLL Legal in 2017, Lukas spent more than 10 years building up his own boutique firm with an international practice specialised in digital legal matters. He advises and represents clients in the internet and e-commerce sector, in the health sector and in the tourism and transportation industry. He regularly advises clients in e-commerce, data protection, advertising and all legal aspects of the digital economy.

What have been the most nota ble changes to the data sector within the past five years?

The data-based economy has literally exploded. The related legal challenges are becoming increasingly complex and inter disciplinary. This presents an increasing difficulty not only for clients, but also for us lawyers. The whole picture is accentu ated by increasingly complex national and international regulation. In Switzerland, the paradigm shift brought about by the EU GDPR and the revision of the Swiss Data Protection Act were, of course, dominant. Finally, the importance of cybersecurity and cybercrime has also increased massively.

In what ways are data-driven technologies such as AI having an impact on the Swiss legal market?

The targeted and efficient use of datadriven technologies (including AI) will rapidly develop into a core competence of law firms. The international verticalisa tion of the legal market in combination with the accentuating client expectations on the efficiency of legal services will lead to law firms having to be able to use these tools in all areas of their activities. This will become a prerequisite for survival in competition. However, the digitalisa tion of law firm processes will also lead to law firms gaining a new, much more comprehensive understanding of their clients. This is to the benefit of both the clients and the law firm itself. It is therefore crucial that law firms openly embrace this development.

To what extent are privacy laws in Switzerland develop ing in accordance with other countries?

Switzerland lies at the heart of Europe; its economy is internationally networked like

hardly any other country. At the same time, Switzerland is a small country. Accordingly, Swiss law has always been strongly influ enced by the legal systems of its largest economic partners. In the area of data protection, it is vital for the Swiss economy that no additional market barriers are created by differing regulation. The new Swiss data protection law accordingly is based on the fundamental principles of the EU GDPR.

To what extent have you noticed an increase in the amount of data protection cases since the outbreak of the corona virus pandemic and the drive towards remote working?

If there is one good thing about the corona virus pandemic, then it is the great driving force for digitisation. We do see this when looking at our client’s businesses, the way we interact with clients and the way we operate as a law firm.

The rapid increase in digitisation natu rally leads to an increased need for advice on data protection compliance. At the same time, however, it has also led to a signifi cant increase in the awareness of data protection issues in businesses’ day-to-day work. Both factors lead to an increasing importance of data protection law in our team’s practice. But it is digitalisation that is decisive, not the pandemic. The latter is only an accelerator.

What is your biggest concern for the future regarding privacy and people’s ability to interact online?

I see the enormous increase in cybercrime as a great concern. With increasing digi talisation, the vulnerability of our society to cybercrime is also growing, and with it, of course, the threat to our personal rights. If we do not manage to get a grip on

this threat, the unlimited possibilities of digital interaction might quickly be de facto massively restricted, because the risks associated with enabling these digital solu tions will become too big, both for compa nies and for all of us. But I am afraid that the law will be of very limited help.

How does MLL Meyerlustenberger

Lachenal Froriep set itself apart from competitors in the Swiss legal market?

We have one of the largest teams in ICT and digital. At the same time, we are part of one of the largest law firms in Switzerland with a clear focus on technology, regulated industries, IP and ICT. We are virtually the big tech boutique law firm in Switzerland.

In

what

ways has MLL Meyerlustenberger Lachenal Froriep implemented the use of data-driven technologies within its own practice?

MLL has digitalised a comparatively large part of its processes and systems.

Last year, we moved our communica tion and data storage to one of the large public clouds and we have a LegalTech department at management level with the mission to continuously evaluate and implement new application areas of datadriven processes for internal and external use. We have formed partnerships with software developers with the aim of devel oping our own solutions in certain areas for ourselves and our clients.

WWL says: Lukas Bühlmann comes recommended as “a good name” in the field thanks to his “active e-commerce practice” and “substantial data protection expertise”.

whoswholegal.com/thought-leaders

Carmen De la Cruz

Biography

Carmen De la Cruz is a technology lawyer and notary public based in crypto valley / Zug in Switzerland. Carmen has worked for many years as an IT lawyer in tech and tele communciation companies before starting her own business. Carmen’s focus is on new technologies such as AI, IOT or blockchain linked with all commercial activities. With her broad experience in technology, data protection, commercial law etc. she supports clients to start, grow and develop business.

What do clients look for in an effective data lawyer?

In general, in-depth know how on AI and on the hard and software side are very important for customers. Although common knowledge of what data is, may be known. However, to be able to support customers with all possible means, it is necessary to have know-how regarding AI systems, neural networks, deep learning, AI ecosystem, etc.

What data trends have been most prominent during the past year?

There is a trend towards more analysis and use of data to do marketing and product development. There is also a tendency to use cloud services to extend services and combine it with new techniques such as deep learning to gain more insights and set up new products. Last but not least, there is also a trend to regulate further as AI systems may also pose a certain threat to society depending on the way these are put in place.

How can rising instances of ransomware and other cyberat tacks be effectively addressed by clients?

Customers need to put adequate opera tional and technical measures in place to move forward. Data helps to drive analysis further and be faster in detecting malware and attacks. However, as it is an industry behind, customers and suppliers need to

constantly work on the corresponding anal ysis of patterns, data, etc. to avoid further attacks. Last but not least new parts of business activities need to be included in the analyses that are operational Services (OT). Data gained out of the OT area need to be further explored as attacks do not stop at the IT network as such.

framework of AI services. However, a lot of aspects are still open and need to be discussed such as human rights, including but not limited to the rights of individuals related to consumer protection and civil rights.

In a global environment of increased data regulation and legislation, what are the levels of enforcement from authori ties looking like?

As mentioned above, security issues related to data are one of the biggest threats for customers in general. Furthermore, the connectivity – including but not limited to the offering of services – may be attacked as well. Breach of security may also lead to data protection issues, which are in scope of customers’ measures to protect as well.

How do you stay informed and up to date with the latest tech nological advances?

Newsletters, conferences and continuous education provide the necessary back ground. Furthermore, we have access to a large network of experts in the technical and legal area to support customers from a Swiss and international perspective.

How do you see the AI regula tory frontier developing over the next five years?

The proposed EU regulation will have a significant impact on the global regulatory

So far Switzerland does not seem to aim for an extended regulatory framework. However, based on the experience of the past, Switzerland may be influenced signif icantly by the EU regulation and regulate AI systems in a similar way.

From a global perspective, the EU regu lation and enforcement with its focus on extraterritorial scope of the legislation will have a significant impact on global markets. Companies around the world will be obliged to follow EU rules if they want to access and provide services on the EU market.

What is the best piece of advice you’ve ever received?

Concentrate on your passion and services – and go for it!

WWL says: Carmen De la Cruz wins plaudits as “an active and very well-regarded data privacy and IT specialist”, with peers commending her “strong technical skills and business understanding”.

whoswholegal.com/thought-leaders

What are the biggest data threats your clients currently face, and how are you helping tackle them?

Samuel Klaus

Schellenberg Wittmer Zurich www.swlegal.ch samuel.klaus@swlegal.ch Tel: +41 44 215 5252 Biography

Samuel Klaus is a partner in Schellenberg Wittmer's informa tion and communication technology and data group in Zurich, with a focus on ICT, data, IT security and cybercrime as well as telecommu nication. He advises clients in tech nology transactions, digitalisation projects, outsourcings and in all matters related to software develop ment, licensing, e-commerce, data security, data protection and data privacy issues, in particular related to new technologies such as AI, BIM, IoT or DLT.

What motivated you to special ise in data law?

Working for a large IT service provider as a student, I had the opportunity to experi ence the technological developments first hand. I always found it fascinating that all things digital rely and thrive on data – as a resource, asset and even as a personal good. That led to my interest in the legal aspects of data. And today, it is the broad range and diversity of questions related to data that I am most interested in.

What did you find most chal lenging about establishing your practice in this area?

While technology and data related aspects are changing quickly, today even more than a couple of years ago, the social perception moves on a different timescale. I have been advising on data protection and privacy issues for years now, and I always find it most challenging to align the conflicting interests involved in data matters – with the goal to help the client find a workable solution to the issue at hand.

How do you stay informed and up-to-date with the latest tech nological advances?

I have a strong personal interest in new technology, I am simply fascinated by what already is and becomes possible. And of course my contact with clients working at that forefront of technological advance ment on a daily basis helps me to stay up to date.

In a global environment of increased data regulation and legislation, what specific chal lenges are posed by the Swiss regulatory market?

As in any innovative market, in the area of data regulation and legislation it is a

constant back and forth between market forces and regulatory efforts. Switzerland being a highly innovative and wellconnected, albeit rather small market, I find it challenging to align the different requirements of parallel but still somewhat different regulations, for example, in crossborder data protection matters.

How are you seeing AI, BIM and IoT technologies being imple mented by clients?

AI (Artificial Intelligence) has been estab lished already for quite a while, even though not on a very high level. What we a are seeing now is the development of highly complex applications opening new oppor tunities that have not been available before, due to limitations in data availability as well as computing power.

BIM (Building Information Modeling) is one of the most fascinating examples of how quickly a whole sector can embrace and advance digitalisation. The construc tion industry has not been a first mover when it comes to digital workflows – but it is one of the fastest moving sectors in this regard now, coming strong as all the market players are starting to appre ciate the vast opportunities of digital cooperation.

IoT (Internet of Things), on the other hand, has already arrived in our daily lives and has been implemented in so many areas that people rarely notice it anymore.

How do you see these tech nologies and subsequent legal ramifications developing in the near future?

Data is a resource, asset and personal good all at once. All these technologies thrive on data - and there are many conflicting interests. I expect the development of data focused regulations, data access rules and

alternative concepts to data ownership. In the EU, the Data Act will be one step in this direction, and I expect similar discussions and regulations to develop in Switzerland.

Looking back over your career, what is the most memorable case you have been a part of?

Amongst all the memorable cases, one truly sticks out, and that is the CHF 2.75 billion acquisition by Worldline of the SIX payment services, where I was part of the team advising SIX (https://www.swlegal. com/en/insights/deals-cases-detail/sixannounces-closing-of-the-acquisitionof-six-pa/). In this case, a multitude of IT, IP and data-related questions had to be addressed, all within a most challenging transactional environment. It was fasci nating to work in a large and diverse team, in close cooperation with our corporate and foreign colleagues. And it was amazing to see the thousands of puzzle pieces coming together to a successful transaction.

Given rapid technological innovations across industries including the legal profession, where, in your opinion, does the future of data law practice lie?

As a practitioner helping to resolve the challenges my clients face on a daily basis, I think that data law must – and will – focus more on the big picture than on a detail-driven micro-regulation, as we have sometime seen in the past – and are unfor tunately still seeing to quite some extent today.

WWL says: Samuel Klaus is highly esteemed as “a very talented and highly experienced data and technology lawyer” and applauded for his “strategic thinking”.

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Lukas Morscher

Lenz & Staehelin Zurich

www.lenzstaehelin.com

lukas.morscher@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Dr Lukas Morscher is head of the technology and outsourcing prac tice group in Zurich and an expert on corporate M&A and financial services. He advises regularly on international and domestic trans actions, and is considered a leading lawyer in technology, digitisation and business sourcing in Switzerland. He is a frequent lecturer at semi nars and conferences. Dr Morscher is an alumnus of Harvard Business School (AMP) and board member of several companies in the technology, telecoms and fashion industries. He is author of multiple publications in the fields of technology, outsourcing, software and data protection/ privacy.

What do you enjoy most about working in the TMT space?

TMT related work is in its very nature inter disciplinary and almost always involves technical, commercial and legal issues alike. Our technology practice is often closely involved in our clients’ business operations in order to create new busi ness models and value chains along with practicable, effective solutions.

What makes Lenz & Staehelin’s practice in this area stand out from the competition?

Supporting clients across the full TMT spectrum requires a deep understanding of the business models and underlying technologies on top of legal expertise in a wide range of areas, including regu latory, corporate and transactional, contract, intellectual property, competi tion, technology-enabled innovation and data protection/privacy. We provide tailored services through a dedicated and multi disciplinary team. Drawing from experts of various practice groups, as required in the individual case for effective and costefficient advice, we strive for long-term trusted relationships with our clients.

How has the growth of tech nology and a greater focus on issues of data protection impacted the world of corpo rate transactions?

Data analytics and data-based services are driving digital disruption of the physical world. This not only impacts data privacy triggering new legislation around the globe (see also the seventh question below), but also has major effects on the corporate structure of multinational groups and their transfer pricing as well as customer and intra-group contracting. The dependency on physical locations is more and more

reduced, service delivery geographically flexible, and revenue streams modified and more centralised. I usually refer to such new corporate structures as “star designs” that can be seen in any industry.

How has the technology and data space evolved since you began your career?

System and service availability have strongly increased (low latency, high redundancy) and service offerings became far more attractive (collaborative tools, platform businesses etc.). Important drivers of technological advancement and actual use by businesses are also encryp tion technologies, interoperability of cloud services (easy data retention and retrieval, easy migration) and availability of multiple cloud suppliers (plug-and-play).

What risks and benefits have been generated by the growth of outsourcing?

The business risks involved with outsourcing have generally decreased over the last years, mainly as a result of stand ardisation and increased interoperability. Thus, also project requirements and trans action costs even for complex outsourc ings (infrastructure and data management as well as business process outsourcings such as securities custody and execution, finance & accounting, HR payroll, network communication, facility management and other managed services) have decreased to (almost) plug-and-play.

Fintech is playing an increas ingly crucial role in financial services. What is its future? Technology in finance is not at all new, but rather the financial industry has been a frontrunner in technological advancement and value chain perfection. FinTech (as

usually understood) however brings new features to the financial industry through small and agile players, and will have a bright future mainly through further devel opment and implementation of business models based on blockchain and enhanced customer experience. Still, the cooperation between fintech startups and established players will eventually make fintech not more than (but still) an important part of (further developed) technology in finance.

As a lawyer practising in the sector, what one aspect of data privacy law would you like to see improve within the next five years?

Data subjects must be empowered to (re)gain control over their privacy and personal data. Individual data protection rights, such as the ones granted under the GDPR, should be further developed and implemented within the companies’ and large organisations’ standard operating procedures around the world, making the GDPR almost a global privacy standard. New applications will so empower the data subjects and at the same time also help companies to fulfil their duties and to grant their customers’ individual rights.

What advice would you give to aspiring lawyers who are inter ested in building a career in the data and TMT space?

Be and think interdisciplinary (tech/busi ness/legal), stay curious, understand IP rights and transactional contracting aspects as well as corporate matters, follow technological advancement, try to understand software development and the relevant technology features such as convergence, data analytics, mobile internet applications and platforms – and, of course, blockchain!

WWL says: Lukas Morscher is highly recommended as a “resilient IT lawyer” and “an excellent negotiator”.

whoswholegal.com/thought-leaders

Daniel Flühmann

Bär & Karrer Ltd Zurich www.baerkarrer.ch daniel.fluehmann@baerkarrer.ch Tel: +41 58 261 56 08 Biography

Daniel Flühmann is co-head of Bär & Karrer’s fintech practice group and a partner in the banking, insurance and finance department. His work focuses on financial institutions and financial regulation. Having gradu ated from the University of St Gallen (HSG) in 2003, Daniel Flühmann obtained his doctorate in 2008 with a thesis on the supervisory law aspects of electronic banking. He was admitted to the Zurich Bar in 2011. Prior to joining Bär & Karrer, Daniel Flühmann worked in the legal department of a reputable Swiss private bank.

Describe your career to date.

While I still feel young and ambitious, I can look back at more than 10 years of legal practice in the field of financial regulation.

The work with fintechs is in many ways a continuation of this path but has also given me many new and exciting challenges. I am looking forward to what is to come.

What did you find most chal lenging about starting up a practice in fintech?

Fintech matters typically require one to start from a blank canvas, rewarding crea tive minds that can also draw on significant experience in traditional financial services.

It was certainly a challenge to build a team that wholeheartedly embraces the chal lenges of our subject matter and that enables me to extend and grow our prac tice. I am very proud of what my associates and I have achieved and continue to develop together.

How do you establish a detailed understanding of a client’s business to advise them effectively?

Understanding our clients is the key to our success. There is no secret sauce: you just have to listen and dig into the sticky points. As a point of principle, we consider each project to be unique and deserving of a bespoke solution.

How are recent steps in digi talisation shaping the financial sector and how are you adapt ing your practice accordingly?

I tend to think that the boundaries between traditional banking and fintech are rapidly dissolving. The law is naturally lagging behind, but the Swiss tradition of principlebased regulation allows us to find compe tent solutions for even the most advanced

business models. We are actively thinking about the challenges down the road to be as prepared as we can possibly be.

How do you see your practice changing over the coming years?

The financial sector has always been very international, and this will become even more pronounced with the promises of blockchain and decentralisation. I expect these technologies and their application in practice to become ever more important to our practice. This, in turn, will increase the need for integrated legal engineering know-how and even more cooperation with correspondent firms abroad.

As co-head of the firm’s fintech practice, what are your main priorities for the practice’s development over the next few years?

I have a very singular focus on the quality and real-world applicability of our work because I do not believe there are any shortcuts to staying on top. As such, I firmly believe in developing talents from the ground up and growing our practice organically. I am convinced that this will allow us to continue attracting landmark projects and providing to our clients the first-rate service they deserve.

What is the best piece of career advice you’ve ever received?

At university, when asked about his inter pretation of a contract clause, one of our professors simply responded: "who are we representing?" I realised then and there that the key to being a great lawyer is to always have your client's best interest in mind and to focus on pragmatic and prac tical advice rather than on the mere display of legal prowess.

WWL says: Daniel Flühmann is a widely recognised fintech and banking expert, who wields his “outstanding ability to comprehend complex banking matters” to provide surplus value to his clients.

whoswholegal.com/thought-leaders

Martin Hess

Künzi Hess MacNab Zurich www.khm-partners.ch martin.hess@khm-partners.ch Tel: +41 44 420 19 20

Biography

Martin Hess is a partner at Künzi Hess MacNab attorneys-at-law. He specialises in financial services and capital market law, fintech, DLT and DeFi. Before that, Martin was a partner in two Zurich-based law firms for more than 20 years, and a legal adviser to the Swiss National Bank (Central Bank) for seven years. At the University of Zurich, he served as research assistant and earned his doctorate summa cum laude in 1984.

Who inspired you to pursue a legal career?

My parents, who were both in teaching professions. I was looking for a profes sion that allows implementing ideas and concepts, not only explaining them.

What excites you the most about your role as financial services lawyer?

It is intellectually challenging and highly emotional. Most projects are the expres sion of a vision or a hope of the persons behind it. Handling emotions is important for handling clients.

What trends are currently developing in Swiss banking law?

Digitalisation changes the way in which financial institutions communicate with their client. The human interface is vanishing. Cost reduction remains a target. Cybersecurity becomes important.

Switzerland is not part of the European Economic Area or Union and so the equivalence between Swiss and EU law and the access to EU markets for Swiss financial institutions remains of core importance. Autonomous copying of EU law such as MiFiD and MiFiR in the Swiss Financial Services Act and in the Financial Institutions Act will remain a topic for the future. Anti-money laundering and counter terrorism regulation is constantly devel oping under the guidance of standard setters such as the FATF. We hope that the tendency to consider each and every financial activity of daily life as financial intermediation will come to an end.

How are recent steps in digi talisation shaping the financial sector and how are you adapt ing your practice  accordingly?

Switzerland’s recent Distributed Ledger Technology act provides clarity and

certainty on various aspects regarding distributed ledger technology and the busi ness models based on such technology.

Financial services will not become fully digitalised or decentralised, but will always have a human element, ie, sound judgement and control over the tech nology in place. Standardised operations like payments or settlement will rather be performed by algorithms of decentralised systems than by centralised systems (eg, CSD, CCP).  There is always a human factor in such systems – be it just the person who designs the smart contracts. The regulators will want to hold these persons responsible.

Our law firm and our partners have for many years been active in fintech, even at a time where this term did not exist yet. In our view, fintech and banking will become the same, at least for regulated financial services.

How is the automatic exchange of banking Information chang ing Swiss banking practice?

The infrastructure for reporting the tax information had to be developed and imple mented. Smaller banks and smaller asset managers have disappeared, also because of more strict regulations. But asset management for foreign clients remains a strong business for Swiss banks. Given that the monies are now reported and taxed, the performance of the financial institu tions is more challenged by the customers, litigation against a non-performing bank is more likely.

How does Künzi Hess MacNab Attorneys at Law distinguish itself from the competition?

Künzi Hess MacNab is a partner-only law firm. Clients work exclusively with attor neys who have long-standing experience in private practice and within the financial services industry, ranging from 10 years to

more than 30 years. Künzi Hess MacNab is known for its unique combination of legal skills and its ability to provide swift imple mentation solutions of the legal analysis.

How do you see your practice developing in five years?

Künzi Hess MacNab is a team of lawyers with different cultural backgrounds (Vietnam, various European countries, various European languages), a broad and sustainable age range across the part nership, a majority of female partners (80 per cent) and a majority of parents in our partnership. We strive for providing quality work, avoiding becoming victims of the billable hours system. We try to keep this balance, whether this leads to growth or not is not decisive.

What advice would you give to the up-and-coming generation of financial services lawyers?

Do not expect an easy job. Swifter and more efficient technology as well as cautious regulators will lead to constant develop ments also in the future. New business models will come and go. Do not concen trate on one speciality. Keep track of devel opments. Stay curious and do not hesitate to question the projects presented by your clients if you have doubts.

WWL says: Martin Hess is an “esteemed and experienced” practitioner in the world of fintech who is known for providing top-notch advice to his clients.

whoswholegal.com/thought-leaders

Reto Luthiger

MLL Meyerlustenberger Lachenal Froriep AG Zurich www.mll-legal.com reto.luthiger@mll-legal.com Tel: +41 58 552 01 92

Biography

Reto Luthiger joined MLL Legal in 2010, is a counsel and a co-head of the firm’s regulatory, fintech and DLT practice group. Before joining MLL Legal, he worked in the enforcement division with the Swiss regulator FINMA. Reto acts as CEO of the Self-Regulatory Organization of Swiss Association of Investment Companies (SRO SAIC) and is in the BoD of SR Saphirstein AG having a fintech licence. Reto has a PhD in AML.

Describe your career to date.

After finishing my studies in law and economics at University of St. Gallen, I got the unique chance of working with the enforcement division of the Swiss regulator FINMA. It was there where I discovered my passion for financial market regulations.

Afterwards, I joined MLL Legal, a leading business law firm in Zurich as a junior associate. After passing the Zurich Bar exams, I continued working with MLL Legal as an associate parttime and wrote at the same time my PhD-thesis about antimoney laundering for investment compa nies. Later, I got promoted to counsel with MLL Legal and today I am co-heading our regulatory, fintech and DLT practice group.

What attracted you to a career in fintech?

Fintech is an interesting combination of legal skills and understanding technolo gies and many different business models mostly in the start-up phase of companies. It challenges not only the existing finan cial institutions but also the established legal thinking and methods. Finally, being a fintech adviser is more than giving legal advice only.

What do you enjoy most about working in fintech and blockchain?

Fintech lies at the intersection of my passion in financial market regulations and many other legal fields and cannot be advised on without affection for tech nology, data and economics combined with a deep understanding of business models. Further, this complexity also evolves in a very fast velocity and requires intensive continuous learning. Finally, blockchain challenges your own thinking patterns and asks for creatively rethinking and assem bling of "old" legal instruments for new models. Almost every day, there is a tough, but fascinating new challenge.

What areas of fintech have you noticed produce an uptick in your work recently?

We noticed increased demand for tokeni sation of financial instruments based on structured products as tracker certificates and ledger-based securities. Further the real-world linking of DAOs to Swiss asso ciations as well as NFT- and metaverseprojects are still popular. We see payment services maturing, from pure national models to easier and faster cross-border payment models being further expanded with numerous additional services in order to make them (more) profitable. Finally, major crypto exchanges are looking to get a foot into Europe and Switzerland.

What opportunities and chal lenges are presented to inves tors in cryptocurrency and other digital assets?

On the one hand, regulations get more intense globally, on the other hand, the EU is opening a big uniform market with the introduction of the Markets in CryptoAssets (MiCA) regulation next year. Further, institutional investors and more and more classic financial institutions enter the digital assets markets, which will lead to much bigger trading volumes and liquidity and finally lead to security tokens finally establishing themselves in the market together with the required regulated finan cial market infrastructures. The biggest challenge for regulators is and will be decentralised finance because this will require the development of completely new regulatory approaches.

In which direction would you like to steer your practice over the next five years?

MLL Legal's fintech practice will continue to offer an integrated approach over all legal fields and competences, in particular regulatory, technology, intellectual

property, data, contractual and compa nies' law as well as tax. We will selectively expand our practice to specific areas in EU law, which can be served in an isolated way also from Switzerland and where we feel comfortable, such as EU-prospectus regulations and MiCA-regulations. Finally, we will strengthen in particular our deep understanding of technology, business models and interdisciplinary and complex challenges.

How does MLL Meyerlustenberger Lachenal Froriep distinguish itself from its competitors in the market?

Starting in the leadership team consisting of complementary strengths with Kilian Schärli coming from the IP/life sciences and notary public area, Ronald Kogens from technology law and myself from financial market regulations and culmi nating in our integrated approach of working closely together with the tax, data privacy and ecommerce, corporate, employment and immigration, litigation and IP-departments, we deliver a unique competence out of one hand for our clients.

What advice would you give to someone starting out in fintech?

Be open to constantly develop your knowhow and skills, have an intrinsic interest in technologies and a natural flair for understanding business models. Work broad but do not hesitate to seek coopera tion with other knowledgeable colleagues because it is natural to not know everything by yourself in such a complex field. Finally, you are more than a legal adviser only to your client, you are also a sparring partner, network and ecosystem access point, and business developer.

WWL says: Reto Luthiger receives heaps of praise not only for his “ability to highlight risk in an understandable way”, but also for “his excellent handling of complex and sensitive matters” in the fintech space.

whoswholegal.com/thought-leaders

Ion Eglin

Bratschi AG

Zug ion.eglin@bratschi.ch Tel: +41 58 258 18 00

Biography

Ion is a partner and the chairman of Bratschi Ltd, a leading Swiss law firm with approximately 100 lawyers with seven offices across Switzerland. His practice has been strongly focused on hospitality law for many years: he is involved in many national and international hotel development projects and advises hotel operators and hotel owners on the various types of hotel agreements as well as investors and hotel owners on hotel transactions.

What attracted you to a career in hospitality?

First of all, I am and always was fascinated by hotels. The industry is very attractive because it includes many different aspects beyond the legal framework, such as tourism, architecture, interior design, branding or F&B concepts. The collabora tion with all these experts on national and international hotel development projects is very diverse, rewarding and constantly broadens my horizon.

What did you find most chal lenging about entering the hospitality sector?

The industry is relatively small, the major players know each other. But it takes time and work history to be recognised and to be visible in this community, but that is the same in other sectors, I assume.

What do hotel owners and operators look for in an effec tive adviser?

They usually appreciate a solution-oriented, pragmatic and balanced approach because both parties want to develop the hotel and start the business together. It is a platitude, but also very true that owners and opera tors are in the same boat in the end – which has been proven again in the covid-19 crisis. And it is certainly a benefit to have an adviser with knowledge of the industry standards, numbers and the benchmarks. This requires some experience, in addition to your legal skills, of course.

On what matters have clients been coming to you with most recently?

After many, many addendums to hotel lease and hotel management agreements due to the covid-19 crisis, the industry faces now new challenges, such as higher construc tion costs, higher energy costs, inflation, shortage of personnel, more expensive debt financing or sustainability and ESG require ments, to name just a few. Not all of these challenges can be resolved by legal means, of course, but all of them have legal conse quences or require legal documentation.

What are the advantages of having diverse geographical and sector experience? What benefits does it deliver to clients?

As a law firm, it is an advantage to have seven offices in Switzerland because we are experienced and regionally connected with the local authorities, which is very helpful for construction or zoning matters. Plus, with approximately 100 lawyers we have experts for all related fields, such as taxes, employment law etc., which the clients can consult at any time.

What effect will the economic downturn and supply chain issues have on the hospitality sector?

This depends on the region and the kind of travels and tourism. In Europe, we already face delays in construction and in production and, as a consequence, delayed openings and additional costs. The higher energy costs will be a challenge in the coming winter, in particular in mountain resorts. On the revenue side, I expect to see a decrease in the mid-budget segment, but – same as during the covid-19 crisis – not necessarily in the luxury sector.

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

This summer, we have successfully launched a new event in Zurich, the “Swiss Hospitality Investment Club”. I would like to further develop this format and to see it become the yearly not-to-miss fixture for all major investors, hotel owners and hotel operators for Switzerland and the DACH region.

What is the best piece of advice you’ve ever received?

Stay curious, never stop learning. And, very simple, but never forget: Trust your instincts.

WWL says: Ion Eglin has “seen it all in the hospitality industry”, according to clients who praise his “great know-how and successfocused advice”.

whoswholegal.com/thought-leaders

Peter Hsu

Bär & Karrer Ltd Zurich www.baerkarrer.ch peter.hsu@baerkarrer.ch Tel: +41 58 261 53 94

Biography

Peter Hsu is Bär & Karrer’s head of insurance and a key contact for the banking and insurance practice. His practice focuses on insurance, banking, fintech and financing. He regularly advises Swiss and foreign insurers, reinsurers, banks, securi ties firms and other financial inter mediaries, as well as fintech and insurtech businesses, with regard to regulatory and M&A/corporate law matters. Moreover, he is often involved in complex financing trans actions where he represents either lenders or borrowers. Further, he advises clients on M&A transactions in other industries.

Looking back over your career, what is the most interesting case you have been a part of?

An exciting project has been the voluntary reorganisation of a reinsurance group with a listed parent company. This project involved a full range of business, legal and regula tory topics including (re-)insurance regu latory, corporate/corporate governance, merger law, insurance contractual, general contractual, IP and tax queries. Together with the business and more than a dozen work streams of various disciplines in a project team, we shaped a suitable target operating model, elaborated and imple mented sensible transaction structures in a cross-border context. It was a very rewarding experience for us as external counsel to act as one team together with the client and the other advisers over a time period of many months.

How has the market changed since you first started practising?

For several years, low interest rates were a challenge for insurers, in particular for life insurers. Furthermore, (re-)insurers have been challenged by stiff competition, a soft market and shrinking margins. Increased losses often cannot simply be compensated by an increase of the premiums. However, in general, the market participants have mastered those challenges very well and Swiss (re-)insurers overall provide for a very robust solvency ratio. New distribution channels require changes but create new opportunities for (re-)insurers as well.

Furthermore, (re-)insurers have been facing an increased regulatory burden, including e.g. cross-border restrictions that are difficult to navigate. The importance of the Swiss Financial Market Supervisory Authority FINMA’s role as a supervisory authority has increased as FINMA developed its practice and sharpened its mandate in the insurance sector over time, in particular to protect creditors, investors and insured persons, as well as to safeguard the func tioning of the Swiss financial marketplace and to foster its reputation, competitive ness and sustainability. In performing this mandate, it makes use of its supervisory powers and instruments, including, for example, on-site inspections, (informal)

intensive supervision as well as enforcement procedures, and may impose regulatory sanctions. Against this background, legal and regulatory compliance has become even more of a focus for financial institutions and insurers in particular. In this context, clients appreciate guidance from a trusted advisor. Similarly, a business-oriented approach and specific industry knowledge help to create value for the client in M&A transactions.

In what ways has covid-19 impacted your clients and your practice, and what future issues do you see on the horizon caused by the pandemic?

Covid-19 impacted distribution channels of insurance undertakings as physical meet ings were no longer possible on the sales front. As a consequence (among other reasons), distribution through electronic means has become even more important.

Further, in the area of business interrup tion, travel insurance, etc., exclusions for pandemic-related losses have become a hot topic. In some areas, covid-19 reduced (potential) losses, e.g., because people had to stay and work at home resulting e.g. in fewer miles being driven in cars (car insurance), fewer accidents (accident insurance), fewer covid-19-unrelated visits of medical doctors and fewer surgeries (medical insurance).

So far, it seems that the insurance sector in Switzerland managed the covid-19 crisis well. Insurers and their employees have coped very well with working from home arrangements, including continued good teamwork and successful real-life stress tests for reliable IT infrastructure. We would expect that working from home at least partially might become a better accepted working model in the future.

Similarly, our practice has continued to be very active. Pre-existing M&A and enforcement proceedings work continued at large. The number of new deals slowed down for a short period only. Furthermore, clients sought for advice in covid-19related matters.

What qualities make for an effec tive insurance specialist?

Be interested in what your client is doing

and aiming for, know your client’s business, be open for new ideas and think “out-of-thebox”, anticipate potential future develop ments, enable your client to create value – be a trusted adviser to your client.

How does Bär & Karrer distin guish itself from competitors in the market?

We focus on our client’s business and goals and elaborate business-oriented and efficient solutions to create value for our clients. Joint teamwork throughout the firm, including all practice groups and all levels of seniority enables us to achieve best results. Having offices in all language regions in Switzerland and a longstanding network of corresponding law firms on a non-exclusive basis in many jurisdictions, we are local as well as international and offer our clients a one-stop-shop solution.

Where, in your opinion, does the future of the practice area lie?

Market consolidation and restructuring of large run-off portfolios might result in increased M&A activity. We might as well see more complex voluntary group restructuring activities. Furthermore, insurers might want to assure new distribution channels by way of joint ventures or acquisitions. In addition, insurtech will further develop. Moreover, the increased regulatory burden, including,  for example, cross-border restrictions and supervisory bodies further developing their role and mandate call for provident legal and regulatory responses.

What is the best piece of advice you have ever received?

Be open minded, listen and look what your client's needs and wishes are, enable your client to do his or her business, create value for your client.

You have enjoyed a very distin guished career so far. What would you like to achieve that you have not yet accomplished?

Making people outside the practice and the industry, including in particular the young generation, aware of how exciting the prac tice area and industry sector of insurance and reinsurance is.

WWL says: Peter Hsu stands out as “a well-known regulatory specialist” in the insurance and reinsurance space.

whoswholegal.com/thought-leaders

Claudia Fritsche

Biography

Claudia is the founder and managing director of ENQUIRE, a boutique law firm specialised in investigations and whistle-blowing. Before founding ENQUIRE in 2017, Claudia practiced as an attorney, inhouse counsel and law enforcer. Since her time as the Head of FINMA’s (then) General Counsel’s Office, complex investiga tions, questions around law enforce ment and cooperation with domestic and foreign authorities are the key areas of her expertise. Claudia is also the author of the first Handbook on Internal Investigations in Switzerland (2013), which is considered a standard work of reference. With her second edition (2021) as well as other publi cations and speeches on relevant topics, Claudia continues to make a significant contribution to shaping Switzerland's investigation landscape.

What attracted you to special ise in investigations?

There are mainly three aspects that attracted me to specialize in investigations:

Firstly, I am intrinsically curious and like to get to the bottom of things. For me, facts and their evidence are decisive – not biases, not assumptions, not speculations, not emotions.

Secondly, I am attracted by the variety of topics that we encounter as investiga tion counsel, which makes our job fasci nating every day. Our mandates include, among others, the investigation of work place related matters (e.g. harassment, mobbing, discrimination), compliance incidents (e.g. conflicts of interest, govern ance, data leaks, green washing, crossborder provision of financial services) and criminal conduct such as internal fraud, bribery, corruption, money laundering or violation of business secrets.

Thirdly, I love big, complex cases, which result in the collaboration with very smart colleagues in diverse teams that are moti vated to cross the finishing line in a joint effort.

How has the role of an inves tigations lawyer evolved since you first started practising?

When I first got in close contact with inves tigations in Switzerland around 2008, there were numerous open questions; dedicated investigation functions in corporations as well as related policies and procedures were the exception.

Over the past 10-15 years, the topic became prominent in Switzerland. Many Swiss-based corporates had to conduct investigations. The expert knowledge of inhouse counsels and external investiga tion counsels has therefore increased; plus the top management has discov ered and acknowledged the advantages of this instrument outside of investiga tions driven by authorities as it helps top management take well-founded decisions. Meanwhile, a number of open questions have been debated in legal literature or decided by our courts. Accordingly, the practice of conducting investigations has

matured considerably and become more sophisticated.

How does your background heading the GC’s office at FINMA enhance the knowl edge, connections and skills you deliver to clients?

I was the Head of the (then) General Counsel’s Office at the Swiss Financial Markets Supervisory Authority FINMA during and after the financial crisis, which prompted numerous investigations against Swiss financial institutions. During that time, I learned an enormous amount, in terms of substance, interactions with other authorities, supervised entities and their attorneys. First and foremost, however, I learned to understand FINMA’s role and needs as a regulator and enforcer. This experience is very valuable in helping clients determine their strategy in inter actions with FINMA and other authorities.

How do you effectively pre pare for multijurisdictional investigations?

Since we are a small boutique law firm, reli able, collegial partner firms with an equivalent expertise in other jurisdictions are key for us.

Other than that, it is paramount to perform some conceptual homework at the begin ning, for instance we need to understand where data is stored, moved to, moved away from, processed and potentially produced. Other key considerations are disclosure limitations due to applicable Swiss blocking statutes and other restrictions.

What roles do you see new technologies having in inves tigations in the coming years?

My hope and believe is that innovative technologies (e.g. predictive coding) will make data reviews a lot more time and cost efficient for the client, a development that we, as a firm, fully embrace and support. Being a small firm with limited resources we are keen on testing and applying inno vative technologies that will make us more efficient and allow us to take on more or bigger investigations for our clients.

What challenges accompanied founding ENQUIRE, and how does it stand out in the market?

ENQUIRE stands out in the market with its small team of dedicated experts, its lean organisation and, most and foremost its independence. Given our clear business focus on investigations and whistleblowing we do not take on any other mandates (e.g. litigation, transactions, advice) from clients. This underlines our independence in investigation mandates and lends our investigation products a high degree of credibility which is known and recognized in the market and by authorities.

Founding a new firm is the opposite of “plug-and-play”. It requires that the team be proud and takes pleasure in building, step by step, something great from scratch.

What advice would you give to someone looking to start their own firm?

There are a couple of things I would advise to someone starting their own firm:

Take the time to elaborate a clear vision of your business and set goals that you strenuously follow. At the same time be open and grasp opportunities that come your way, be agile and also expect that things sometimes take unexpected turns.

Never expect from yourself to be perfect but expect from yourself to grow and become better every day.

You will be sleeping well if you take a calculated risk, meaning that you set mile stones for your journey and check periodi cally (but not constantly) where you are.

If you start your own firm, it is helpful if you have a client or two who are ready to grow with you.

Ultimately, there is nothing like trust worthy and experienced colleagues and sparring partners. I was and am very fortu nate to have such a partner in Urs Zulauf. He was my manager and mentor at FINMA and has since been a person whose opinion I value highly. Urs has been supporting our journey since 2017 as of counsel with ENQUIRE, for which I am very grateful and am looking forward to many years to come.

WWL says: Claudia Fritsche impresses clients and peers with her “exceptional ability to structure and conduct internal investigations in a very targeted manner”.

whoswholegal.com/thought-leaders

Marc Henzelin

LALIVE Geneva www.lalive.law

mhenzelin@lalive.law Tel: +41 58 105 2000 Biography

Marc has vast experience in transnational and domestic litigation, with a focus in international and economic criminal law, commer cial and banking litigation, asset recovery, mutual legal assistance in criminal matters and extradi tion, sports and public international law. He leads private investigations, focusing on asset search, recovery and compliance issues. His portfolio includes some of the most important asset recovery cases in Switzerland.

How are things different now in the field of business crime defence to when you were starting out?

It’s difficult to think that far back! The key difference I would say is the prolifera tion of technology, which has given rise to increased opportunities for criminal behaviour, but which is also a powerful weapon in the fight for justice. The key challenge for lawyers is to keep pace with this ever-evolving world.

saw first-hand the importance of promoting and protecting international humanitarian law and human rights. LALIVE also has a long tradition of involvement in all forms of corporate responsibility. Our lawyers share a sense of duty in helping the wider global community in any way we can. I guess it’s in our DNA.

In your opinion, should younger lawyers specialise or keep a broad practice when starting out in their career?

The Swiss legal system is renowned for providing full cooperation to foreign juris dictions in relation to their international investigations. Unfortunately, that is not always the case when the shoe is on the other foot. This can cause undue delay and with it, significant financial ramifications.

What inspired you to cofound the Geneva Academy of International Humanitarian Law and Human Rights?

Before joining LALIVE, I worked in the legal team of the International Committee of the Red Cross in Africa and the Middle East and

My advice to younger lawyers is to find an area of law that truly excites them. When you’re starting out this might mean casting the career net more widely. Having a passion for what you do helps alleviate some of the pressures that come with the territory and elevates the quality of the work.

You have had a very distin guished career. What would you still like to achieve?

One of the things that I really enjoy about my job is that every day throws up new challenges and with it the opportunity to achieve. I am fortunate to work within a team of talented individuals who are committed to helping our clients navigate the intricacies of the ever-changing global landscape. Long may that continue.

WWL says: Marc Henzelin is a prominent figure in the market who draws effusive praise from peers for his work on asset search and recovery as well as compliance matters.

whoswholegal.com/thought-leaders

What are the main challenges for companies in your jurisdic tion when they are facing mul tinational investigations and why?

Andreas D Länzlinger

Bär & Karrer Ltd Zurich www.baerkarrer.ch andreas.laenzlinger@baerkarrer.ch Tel: +41 58 261 50 00

Biography

Andreas Länzlinger heads Bär & Karrer’s internal investiga tions practice group and is one of the leading partners of the firm’s litigation/arbitration practice group. He has extensive experi ence of handling complex banking/ financing, commercial, corporate, contract and insurance litigations, both before Swiss courts and in cross-border proceedings. He and his team have conducted many large-scale internal investigations at global enterprises in the finan cial, pharmaceutical and construc tion business. He has represented a number of Swiss clients in mass tort litigation cases before US courts.

What inspired you to pursue a legal career?

The variety of issues to be handled, to assist clients with unique needs to find ways to efficiently resolve legal disputes, and more generally to be able to steer and manage complex legal issues to permit clients to resolve them in the best possible way to regain focus on future business development.

What qualities make for an effective litigator?

Be the master of the facts, involve your self in understanding the particular needs of your client and of its business in ques tion, be creative when assessing resolu tion processes and strategies, think “out of the box” to evaluate solutions that may be more efficient and client friendly than what the normal process would suggest. And, above all, be a responsible partner for your client who cares about the client’s business and needs.

How has the increase in corpo rate investigations around the world impacted the number and nature of D&O claims you are seeing?

Corporate investigations routinely trigger the management of insurance coverage claims, and therefore both D&O as well as PI insurance claims have been increas ingly under review as a result of corpo rate investigations. In particular in cases where authorities have an interest in the

investigation (or investigate in parallel the same issue), there has been a substantial increase of claims against D&O policies to cover legal fees of employees and associ ates of the corporation under investigation.

To what extent are you seeing consolidation in the insurance sector? What impact will this have on the market landscape over the next few years?

A consolidation in the insurance sector

has taken place during the past 10-15 years. Currently, as a result of covid-19, we may see a further consolidation in certain segments of insurance carriers. Given the expectations as to the general development of the economy over the next years, with adverse impacts of covid-19 to GDP developments in all important parts of the global economy, with expected further rise of unemployment, currency devalu ations, etc., the insurance and reinsur ance industry will be facing fundamental threats to their business, and respective challenges. I expect that the sector will see another serious round of consolidation in the next maximum five years.

How has increasingly strin gent cyber and data regulation impacted the nature of client demands in recent years?

Massively. Cyberattacks are a serious threat, among others, for financial insti tutions, and regulators around the globe are putting in place stringent regulations

requiring the institutions to manage and control such risk, and to report such cases immediately. This has led to a massive overhaul of IT systems’ security features and processes. Also, in particular the GDPR and its serious consequences in case of violations of its provisions have led to much more stringent proceed ings and processes applied internally at clients’ organisations, with resulting needs for advice and support. As we are heavily involved in cross-border management of investigations and dispute resolutions, this issue has gained much more attention.

What is the most memorable case you have been a part of?

The handling of insurance claims in connection with mass tort proceed ings involving effects of PPA in patients suffering from haemorrhagic strokes.

Another remarkable case (among many others) was the defence of an insurance carrier in a case where insurance coverage was fraudulently claimed for a high-value race horse.

What is the best piece of advice you have received?

It was the handling/management of mass tort procedures in the USA by the then responsible local US counsel, Randy Sherman, which was the underlying case leading to the insurance recovery claims mentioned above.

WWL says: Andreas Länzlinger is “a highly respected name” in the Swiss market who excels at large-scale internal investigations with an international angle.

whoswholegal.com/thought-leaders

Also a Thought Leader in Asset Recovery, Business Crime Defence and Litigation

Saverio Lembo

Bär & Karrer Ltd Geneva www.baerkarrer.ch saverio.lembo@baerkarrer.ch Tel: +41 58 261 57 00

Biography

Saverio Lembo heads Bär & Karrer’s white-collar crime practice group. He regularly assists clients in Swiss and foreign criminal proceedings. He is also often involved in complex commercial litigation proceedings. He has served as a party repre sentative or arbitrator in various international arbitrations. He regu larly represents clients before the Court of Arbitration for Sport (CAS). Saverio Lembo is ranked in tier 1 of the leading lawyers in White-Collar Crime Switzerland by Chambers and Partners . Who’s Who Legal awarded him “Lawyer of the Year 2020” for Switzerland in the catego ries “Business Crime Defence” and “Investigations”.

What are the challenges you face when advising clients facing investigation from the authorities, from a reputational viewpoint?

Credibility is undoubtedly the most impor tant challenge. Whether you decide to cooperate or to fight a case, credibility is the key point. You need to convince the authorities of the soundness of your argu ments. By being credible and firm in the defence of the interest of your client, you will gain the respect of the authorities.

What insights have you gained from working with a spectrum of clients, including individuals, companies and state entities?

The setup is totally different. Whereas the relationship is more emotional and personal when you work for individuals, advising a company or a state entity is more technical and sometimes more chal lenging, especially when you need to deal with different lines of reporting.

What are the main challenges currently for enforcement agen cies in Switzerland and why?

The internationalisation of criminal proceedings for infractions such as corrup tion and money laundering requires a close cooperation between international enforcement agencies. This is particularly true when Swiss agencies need to establish a predicate offence. This means that they must coordinate their efforts with agencies from other countries in order to conduct efficient investigations. I must say that in the past few years, I have observed closer cooperation between the Swiss prose cuting authorities and foreign enforcement agencies, in particular with the US, Brazil, Singapore and the Netherlands.

What impact has technological innovation had on the nature

of crime cases you have been seeing?

I can mention two kinds of impacts. The first relates to the nature of the matters I deal with: I have seen more and more cases in which hackers have taken control of email account and fraudulently diverted signifi cant amounts of money from the account of the client of a bank. Consequently, banks are increasingly sued for a lack of diligence and have now understood that the training of their employees is of para mount importance. The second impact I can mention concerns the digitalisation of documents and the consequences on the sealing of the same: when authorities dawn raid the premises of a company, they usually leave with IT material (computers, servers, etc.). This material is very often sealed upon request of the investigated company. The unsealing of IT material can be a cumbersome and lengthy exercise for the court in charge of the matter. This task was much easier for the authorities when the documents were in paper form. Our law is outdated in this respect and the Swiss legislator might wish to refresh it.

What do you think will be the greatest challenge faced by the generation of corporate crime practitioners behind you?

To keep up with technological innova tions, as well as with the understanding of how your clients operate. Understanding the business environment of your clients undoubtedly enables a law firm to deliver services of a better quality.

You have enjoyed a very dis tinguished career so far, what would you like to accomplish that you have not yet achieved?

I would simply like to be able to keep the same enthusiasm as I have had until now and transmit it to the younger generation of my firm. I love my job!

WWL says: Saverio Lembo is “one of the best” in the market and receives widespread plaudits for his “understanding of the clients’ needs” in complex corporate investigations.

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Simone Nadelhofer

LALIVE Zurich www.lalive.law

snadelhofer@lalive.law Tel: +41 58 105 2100

Biography

Simone specialises in complex domestic and cross-border internal and regulatory investigations covering many areas, including corruption, ESG-related issues, money-laundering, fraud, cyber crime and harassment allegations. She is regularly retained by corporate clients to advise on crisis manage ment, compliance and remedial action. She also has extensive expe rience with monitorships. Ranked in 100 Women in Investigations 2021 worldwide by Global Investigations Review, Simone is a member of several professional associations, including the ACi ISO subcommittee for the new ISO standard on internal investigations. She also recently co-edited and contributed to the first edition of The Guide to Internal inves tigations in Switzerland.

What attracted you to a career in investigations?

I always liked puzzles and human interac tions, so a career in investigations was an obvious choice. The complexity of matters in this area ensure constant intellectual stimulation and it feels like solving a puzzle, but on a completely different scale. Also, resolving these matters always requires working together with interesting people from all over the world, with diverse fields of expertise.

What have been the highlights of your practice in the past year?

I conducted an internal investigation in a company in a delicate situation. The facts were complex and involved wrongdoing by the top management. Our investiga tion led to the dismissal of two executives and a complete overhaul of the company’s organisation. I was proud to have helped the company take these important steps.

What do clients look for in an effective investigations lawyer?

A specialist should of course be an expert in their field but, first and foremost, I believe clients want a lawyer who is unbi ased and focused. Tenacity, responsiveness and strong commercial thinking are essen tial – and ensure that the lawyer quickly understands both the customer’s business and the issues at stake.

Being a good teamplayer is also very important. Conducting an investigation is not a one-man or woman show. Instead, clients need a strong and diverse team of experts who complement each other and work together as a team, in the interests of the customer.

How do you establish a detailed understanding of a client’s business to advise them effectively?

Every engagement starts with thorough research on the client’s business, and in

particular the client’s public financial and non-financial reports. We also speak to the client’s management and employees. A serious internal investigation or compli ance advice requires an in-depth under standing of a client’s business and risks, because all solutions are different.

How does your multilingual ism strengthen your practice, especially in multijurisdictional investigations?

Most of our clients are operating in a global setting. Being able to understand and speak several languages allows me to interact with people from various backgrounds and regions. Even though digital translators provide good results nowadays, they are sometimes not able to grasp linguistic nuances. Also, direct human interaction can be key in internal investigations.

How have virtual assets and digital currencies changed the practice of asset recovery/ investigations?

Switzerland has presented itself as a hub for crypto innovation, and it has succeeded in making itself an important centre for ICOs, so investigations involving digital assets are now part of my daily practice.

The particular features of virtual currency systems, especially decentral ised systems, present new challenges for investigations. The increased privacy in transactions and the ability to send funds without an intermediary, serve as obsta cles to investigators when the systems are misused for illegal purposes. What’s tricky in all cases is attribution: linking transac tions and addresses to real people in the real world. In other words, being able to identify potentially criminal transactions and the criminals behind them. Further challenges include regulatory and compli ance disparities, transaction obfuscation and anonymity, and the global nature of the financial systems. Freezing and recovering

digital assets in an international setting raises many new and interesting questions.  With all this, it is crucial to stay abreast of the regulatory developments and frequently re-evaluate compliance policies and procedures.

How have frauds become more sophisticated over the past five years, and how do you think they could evolve in the near future?

Today there are more sophisticated tools to detect fraud, such as AI fraud detection systems. At the same time, fraudsters adapt and are becoming increasingly aware of behaviours that can trigger such systems, developing new and more sophisticated methods. Also, the economic landscape and business environment has become more complex, with an increased number of stakeholders and function layers, which makes it harder to detect fraud. I also see that fraudsters often have a deep understanding of financial transactions. I am currently working on a large-scale M&A fraud, which was highly sophisticated and hard to detect. It was obvious that the fraudsters were experi enced businessmen who not only knew how complex transactions worked, but had planned the fraudulent transactions far in advance. In such situations, it is essential to have an interdisciplinary team of experts.

What advice would you give to someone starting out in the field of investigations?

Don’t be afraid to ask questions. Be curious, open minded and unbiased. Find a good mentor and actively ask for guid ance. Last, but not least, be prepared to work hard.

WWL says: Simone Nadelhofer distinguishes herself as a specialist in complex domestic and transnational proceedings and is praised by sources for being “exceptionally thorough in her work”.

whoswholegal.com/thought-leaders

François Rayroux

Lenz & Staehelin Geneva www.lenzstaehelin.com francois.rayroux@lenzstaehelin.com Tel: +41 58 450 70 00

Biograpy

Dr François Rayroux is the head of the investment management group at Lenz & Staehelin, Geneva. He advises Swiss and international financial institutions in all banking, asset management and regulatory matters. Consistently nominated as an expert in those fields by major directories, François Rayroux is also actively involved with the International Bar Association's asset management and investment funds committee, for which he acted as co-chairman in 2019 and 2020.

What motivated you to pursue a career in investment management?

My decision to pursue a career in invest ment management was first the result of a number of major asset managers becoming clients and then a conscious choice to have a clear field of activity and profile in the market, considering that banking in general profile is too broad.

In addition, regulatory issues in the asset management sector post-financial crisis are highly interesting and include not only regulatory, but also tax and polit ical aspects, including the provision of cross-border services. They are therefore extremely challenging.

What do clients look for when selecting an asset manage ment specialist?

An asset management specialist in the legal and regulatory sector needs to have a precise understanding of the functioning of investment products, whether investment funds, structured products or certificates, including diversification, use of leverage, eligibility for target investors, cross-border offering, etc., while also having a broad understanding of any issues linked to direct mandates across various asset classes, whether securities, digital assets or real estate, etc. This requires a broad under standing of the functioning of the markets and of portfolio management.

How has the market changed since you first started practising?

The market, in particular since the 20072009 and 2021 financial crises, became

increasingly regulated with, in the EU, new barriers to enter the common market. Substance requirements and requirements as to the transparency of products have significantly increased. In addition, ESG requirements have a substantial impact on the asset management sector.

How has your role in the IBA’s Asset Management and Investment Funds Committee enhanced your practice?

My co-chairmanship of the asset manage ment and investment funds ommittee of the IBA strengthened my international connections and, in particular, as a result of the organisation of and participation in conferences and panels, my understanding of international legal issues.

What are the advantages and disadvantages of having a global practice?

An asset manager needs to have a global view and understanding of the issues of asset management clients across the world. This being said, it is key to know at least one jurisdiction well and be very technical as to the legal issues of this jurisdiction.

What makes Lenz & Staehelin stand out from its competitors in the market?

Lenz & Staehelin's particularity is to be a fully integrated firm. This helps young lawyers to specialise in fields such as asset management and develop their experience by participating in govern ment working groups and being experts

for self-regulated association, such as the Asset Management Association. This clearly makes us different from many Swiss firms, which do not share profits and costs and therefore have less incentive for young lawyers to specialise.

Looking back over your career, what has been your proudest achievement?

There are many very satisfactory elements for a lawyer being a partner at a major law firm in their own jurisdiction. The most satisfactory achievement is the building up of a new practice, like any other busi ness, while maintaining integrity and being a recognised specialist in that field.

What advice would you give to younger practitioners hoping to one day be in your position?

As a young practitioner, it is important to have a sound and broad background in order to have the sensibility not only for banking issues, but also M&A experience, litigation experience and knowledge of key arbitration issues. This being said, a young lawyer should have a clear “branding” and be recognised by the market as a specialist in a certain field. A profile that is too gener alist does not help developing one's own personal practice.

WWL says: François Rayroux is revered as “one of the leading practitioners in Switzerland”, recognised for his expert knowledge of asset management and investment funds.

whoswholegal.com/thought-leaders

Also a Thought Leader in Banking

Olivier Stahler

Lenz & Staehelin Geneva www.lenzstaehelin.com olivier.stahler@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

Olivier Stahler is a banking partner, recognised for his extensive tech nical knowledge in particular of Swiss asset management regula tions. He frequently advises banks, securities houses and funds on licences granted by the Swiss finan cial regulator for. Olivier Stahler is involved in the structuring of finan cial products, and in particular private equity and hedge funds. Further, Olivier acts for financial institutions and corporate borrowers both in domestic and international financing transactions.

What do clients look for in an effective investment manage ment lawyer?

I believe that the key is to be in a position to understand the client’s investment strate gies and more generally, its business model to be able to provide advice tailored to its objectives. Fund structures involve multi jurisdictional aspects and consequently several available set-ups. It is therefore also essential to have a good understanding of all international aspects involved.  Furthermore, the ability to anticipate the various legal and regulatory issues that arise along the way is particularly important. While the lawyer’s understanding is central, it is crucial to be in a position to coordinate all the relevant aspects of an investment management structure with the different stakeholders accordingly. In particular, where the involvement of financial market supervisory authorities is necessary, the experience and the diplomacy of the lawyer can make a real difference.

What are the main compliance issues that your clients have had to navigate over the past year?

The recent main compliance issues undoubtedly arose from the implemen tation of the Swiss Financial Services Act (FinSA) and the Swiss Financial Institutions Act (FinIA), which entered into force on 1 January, 2020. While FinSA has been referred to as the Swiss equivalent to the MiFID II, it includes several key distinctions, which imply a requirement to proceed with a gap-analysis for many of our clients. Furthermore, this new piece of legislation governs non-Swiss asset managers targeting Swiss-based inves tors. Consequently, we have assisted many of our clients in re-thinking their involve ment in the Swiss market while ensuring compliance with the new Swiss regulatory framework.

in cross-border regulatory compliance?

The regulatory predictability is forefront when assessing a multijurisdictional investment management fund structure that obviously involves the asset manager, possible investment advisers, as well as the key individuals, who are usually located in various jurisdictions. Furthermore, tax aspects need to be tackled hand-in-hand with the regulatory aspects.

In your opinion, what is driving the move to alternative invest ment strategies?

Despite enhanced returns, the move towards alternative investment strate gies is usually dictated by portfolio diver sification concerns that occur alongside regulatory requirements. While traditional investors, such as pension funds have increased their exposure to alternative investment strategies, the overall port folio remains conservative as a result of the statutory investment restrictions. On the other hand, family offices and other private investment structures have increased their appetite for alternative investments. The driver behind their exposure to alterna tive investment classes depends on the underlying asset classes in so far as the market can no longer separate traditional and alternative investments.

What are the opportunities and challenges presented to clients who invest in cryptocurrency and other digital assets?

While Swiss law is known to be technologyneutral in line with the “same risks, same rules” principle, Switzerland has recently amended various laws and regulations with the intention of considering the novelties of digital assets held on distributed ledgers. These legal developments present flex ible opportunities for our clients active in Switzerland. In particular, traditional fundraising has recently been challenged by the emergence of a new type of capital raised by start-ups in the form of initial coin

offerings or token sales. The main chal lenge relates to the classification of digital assets as “securities” subject to related regulatory requirements.

The Swiss Financial Market Supervisory Authority (FINMA) has been considering digital assets and blockchain technology for a number of years. Several guidelines have been issued to help asset managers navi gate through various types of digital assets. The first Swiss fund in crypto-assets was approved by FINMA in September 2021 and exchange-traded products on cryptoassets have been available in Switzerland since 2019. While assessing the specific risks and features of digital assets, FINMA generally shows a certain degree of flex ibility as long as technologies are obviously not used to circumvent existing rules and goals of financial market legislation, in particular in the field of AML.

In your opinion, is sustainable investing becoming the new normal?

Yes, it is indeed becoming the new normal and is thus a "must have" for all investment managers. That being said, it is likely that ESG and non-ESG investment profiles will have to coexist to meet all types of inves tors’ expectations.

What professional goals are you focusing on achieving in 2023?

I believe that several new regulatory devel opments will be of particular interest in the next couple of years. In particular, a new Swiss fund structure is expected to be launched in the course of the second half of 2023 (an unregulated fund category for qualified investors). Structuring this new instrument around the needs of the invest ment management industry needs will be an interesting challenge considering all the features of this new product.

WWL says: Olivier Stahler is “a very responsive and experienced” practitioner who “consistently combines extremely technical knowledge with strong business acumen” to “assess risks and strategic issues effectively” and provide “good practical advice”.

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What are the most challeng ing aspects of assisting clients

How are regulators adapt ing their approach to digital assets?

Thierry Calame

Lenz & Staehelin

Zurich

www.lenzstaehelin.com

thierry.calame@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Dr Thierry Calame is an expert in intellectual property matters, with a particular emphasis in patent law. He has vast experience as counsel in patent, trademark, unfair competi tion and copyright litigation as well as IP-related arbitration. Thierry Calame also regularly sits as arbitrator in IP-related arbitration. In addition, Thierry Calame advises on licensing, the intellectual property aspects of a wide range of other transactions as well as pharmaceutical law, including regulatory and advertising issues. He holds both a master’s degree in chemistry and law.

What inspired you to pursue a career in IP law?

I first studied chemistry and then law. A career in IP law allowed me to combine the best of both worlds – I could work as a lawyer engaging in analytical thinking, communication and collaboration with others and, at the same time, I would be exposed to fascinating new developments in science and technology.

What are the common causes for IP disputes among your clients, and how might they mitigate the risk of their occurrence?

Most IP disputes arise because the client seeks to stop infringements of its IP rights by way of infringement actions or because it wishes to clear the path prior to a product launch by filing nullity actions or declaratory non-infringement actions. It is not possible to completely avoid such disputes, because the more successful their own product and its branding is, the more likely it is to be copied or imitated. The same applies with respect to ground-breaking technologies or successful pharmaceutical products such as medicaments or medical devices. However, on the IP owner’s side, the risk of disputes can be somewhat mitigated by maintaining and communicating a clear enforcement strategy. On the alleged infringer’s side, previous market clearance and FTO opinions are helpful means to assess and mitigate the risks of encountering legal actions.

A further common cause for IP disputes, especially in the patent field, are ownership disputes, which often arise in the context of research collaborations and joint devel opment setups. Such disputes can be prevented or at least considerably reduced by means of clear contractual regulations.

In your opinion, what are the big gest challenges facing IP prac tice in Switzerland this year?

This year continued to be dominated by the pandemic, albeit in a different way than last year, when the focus was more on general uncertainty, the organizational challenges of remote working, and on maintaining the continuity and efficiency of law enforcement procedures. With the exception of the life

sciences field, which continued to thrive, there appears to have been a decrease in new litigation cases being brought to court this year, which may be due to budgetary constraints. Clients have been facing this challenge already for some time now and it appears to have been enhanced by the pandemic. This in turn forces IP practi tioners to come up with competitive fee structures or to provide highest-quality service. Another challenge facing IP practi tioners is that the clients increasingly expect more individual and personalised advice taking into account the client’s specific busi ness needs and demands.

How is digitalisation changing the life sciences and your prac tice more broadly?

For the time being the impact of digitalisa tion on the way we work has not been as considerable as in other legal areas and sectors. However, with the digitalisation of medical products and medical applications and services, the life sciences practice is obviously affected on a more general level. For instance, nowadays, a life sciences lawyer needs to also be skilled with knowl edge about data protection in the digital sphere. Furthermore, while artificial intel ligence has the potential to automate many time-consuming IP tasks and increase the efficiency, flexibility and speed of our work, AI also brings up a whole new area of funda mental legal issues, such as IP ownership and the notion of the “average consumer” in trademark law, among others. It will take some time until case law will have devel oped or the legal framework is adapted to the new reality. Until then, it may be chal lenging to give legal advice with a sufficient degree of certainty in some instances.

To what extent is it vital that life science lawyers have a back ground in the sciences and/or previous in-house experience in the sector?

It is certainly a significant advantage to have a scientific background or even previous in-house experience in the sector. However, this does not mean that someone without a scientific background

or previous in-house experience could not be successful as a life sciences lawyer as long as such a lawyer is willing and able to engage with the client’s experts and under stand the underlying technology.

How might this affect tribunals?

I cannot see any meaningful changes in this respect. In our experience, arbitrators and parties have always had a respectful and constructive relationship.

If you could make one reform to patent enforcement, what would it be and why?

The current Swiss patent enforcement system is still a relatively new system with the Federal Patent Court having taken up its work only 10 years ago. It has been very interesting to follow the developments of the Court and its case law over recent years, especially on procedural issues where the Court strives to provide clear guidelines. Overall, we have a well-functioning and efficient enforcement system and no major reforms are needed for the moment.

What underrated skills would you encourage the up-andcoming generation of patent lawyers to develop?

Patent lawyers need a broad skill set that includes curiosity for technical issues and a sound understanding thereof as well as strong legal and analytical capacities. A patent lawyer should also be equipped with the gift of being able to translate complex technical issues into logical arguments and clear language, making the lives of judges and arbitrators easier. Finally, a patent lawyer should enjoy working with multiple stakeholders including not only clients and their in-house experts, but equally patent attorneys, colleagues from parallel jurisdictions, external experts, opposite attorneys and the members of the court. Communication, collaboration, common sense and other social skills are therefore just as important as strong analytical and technical skills.

WWL says: Thierry Calame is praised as “one of the top patent litigators in the market” thanks to his vast expertise in patent law.

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How has the relationship between arbitrators and parties developed over your career?

Vincent Carron

Schellenberg Wittmer Geneva www.swlegal.ch

vincent.carron@swlegal.ch Tel: +41 22 707 8000

Biography

Vincent Carron is a partner at Schellenberg Wittmer, where he heads the employment law group. He has extensive experience repre senting clients before the labour courts and advising them on all employment and pension matters. Prior to joining Schellenberg Wittmer, Vincent worked as a teaching and research assistant at the University of Fribourg, where he graduated from the School of Law in 1998 (summa cum laude). In 2008, Vincent became an SBA-certified specialist in employment law.

Describe your career to date.

After some academic work in public procurement, Roman and family law, I joined Schellenberg Wittmer as a trainee in 2002. I first developed as a commercial litigator before specializing as an employ ment and pension lawyer in 2008. I was made partner in 2013, leading the devel opment of our firm in employment and pension matters.

What has been the impact of remote working on busi ness’ approach to employee wellbeing?

Home working always had both advantages and disadvantages. It is very important to make sure that employees remain well integrated in their teams and do not view themselves more as isolated consultants than as employees. The development of home working has brought a great deal of comfort to employees, especially those living far away from the workplace.

What do clients look for in a successful employment lawyer?

It is first a question of trust. The client has to feel that his or her lawyer is deeply committed; has knowledge of both the law and their sector of activity; is pragmatic; is reactive; has good judgement; and is an out-of-box thinker.

How has the role of a labour and employment practitioner changed since you first started practising?

Labour and employment practitioners are better regarded and clients and peers know

how  complex the field is. There are more and more lawyers with a certified speciali sation in the market. It is difficult today for generalist lawyers to assist their clients appropriately in that field.

How will the economic crisis and rising prices affect employ ers and employees?

There will be more and more tensions and salary increase demands made by unions or staff representation, putting social peace increasingly at risk. Relocations are also to be feared.

Looking back over your career, what has been your proudest achievement?

The development of the employment prac tice group in our law firm. Employment matters were only a marginal part of our activity before 2008. The development has always been oriented towards the quality of the service and client satisfaction.

What is the best piece of advice you’ve ever received?

One of the best pieces of advice I receive was to always keep a high level of respect towards colleagues and the courts, and to cherish integrity regarding both the quality of work and the positions defended in courts on behalf of a client.

WWL says: Vincent Carron is a top name in the market who commands great respect from peers for his first-class employment practice and depth of experience.

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Marc Ph Prinz

VISCHER AG Zurich www.vischer.com mprinz@vischer.com Tel: +41 58 211 34 00 Biography

Marc Ph Prinz heads VISCHER's labour and employment law prac tice group and has many years of experience in all aspects of labour and employment law. Marc advises employers and executives in employment-related issues and represents them in court proceed ings, in particular in relation to executive compensation and bonus plans. He regularly assists corpo rate clients in all labour law issues surrounding reorganisations or transactions, particularly in the context of transfers of undertakings and collective redundancies.

What has been your greatest achievement to date?

I let others judge on that but I am particu larly proud of the wonderful labour and employment team I have been able to establish at VISCHER over the past years, and which I have the privilege of leading.

What do you enjoy most about your role as head of VISCHER’s labour and employment group?

I like many aspects of my role but the most interesting (yet most challenging) part is to watch, develop and influence the inter personal dynamics within the team. The fantastic team spirit we have in VISCHER's labour and employment team gives me great satisfaction.

Which key traits and skills would you encourage the upand-coming generation of labour and employment law yers to develop?

An employment lawyer typically handles numerous cases at the same time (rather than just focusing on one big transaction or dispute). This requires an efficient personal work organisation and diligent allocation of a lawyer's most precious resource: time. This can and should be trained, developed and perfected.

What are the most common sources of employment dis putes and how do you think cli ents can minimise the risks of them occurring?

In our practice, the most common sources of employment disputes are terminations and benefits (in particular bonus).

There is no silver bullet to avoiding disputes. Obviously, having a proper, state-of-the-art employment documen tation in place (contract, regulations, policies) helps. However, more and more employees have legal insurance and don't have to bear legal costs personally, e.g. for a senseless reference letter dispute. Also, I think that in general in today's society the psychological barrier to sue an employer is lower than it used to be. Therefore, some employment disputes are unavoidable and clients should not only try to minimise the risks of disputes occurring but also estab lish a consistent approach to address such disputes.

How will technological inno vation impact the labour and employment practice in the next five to 10 years?

I expect that some elements of our work will be done by cognitive computing systems, e.g. contract drafting. We will have to adapt to this inevitable reality. Also, I think that remote work is here to stay and that more and more flexible work schemes will be implemented. We will have to figure out ways to replace the interaction with colleagues at the coffee machine. With the shift from real face-to-face interac tion we need to look at how we adapt our interpersonal skills that are so essential across the board – from establishing trust to assessing credibility.

How is the generational shift changing legal practice at your firm? What do younger lawyers do differently?

I try to stay young at heart and I don't see significant differences. Younger lawyers are of course more tech-savvy and adapt very quickly. But they are just as hardworking, dedicated and passionate as we used to be.

Where, in your opinion, does the future of the practice area lie?

I strongly believe that there will always be a demand for excellent employment law advice, despite technological innovation. Unlike other practice areas, employment law always has a human factor that cannot be replaced by a computer. Nevertheless, we have to constantly adapt to technolog ical developments including using all the facets of available IT tools. At VISCHER, we also continue to explore and expand interesting interface areas with other legal fields that typically have an important employment law angle (like data privacy, immigration, social security, pension and white-collar claims).

What advice would you give to young lawyers starting out in this field?

Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.

WWL says: Marc Prinz is highlighted by sources as “the most dependable employment lawyer” in the market, where he is renowned for reorganisations and transactions.

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Thierry Calame

Lenz & Staehelin Zurich

www.lenzstaehelin.com

thierry.calame@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Dr Thierry Calame is managing partner of Lenz & Staehelin in Zurich. He is an expert in intellectual property matters, with a particular emphasis in patent law, notably in life sciences. He has vast experience as counsel in patent, trademark, unfair competition and copyright liti gation as well as IP-related arbitra tion. Thierry Calame also regularly sits as arbitrator in IP-related arbi tration. In addition, Thierry Calame advises on licensing, the intellectual property aspects of other transac tions as well as pharmaceutical law, including regulatory and advertising issues. He holds a master’s degree in both chemistry and law.

What attracted you to a career in law?

I first studied biochemistry and chemistry and went to law school afterwards because I did not only want to engage in analytical thinking and problem-solving, but also communicate, interact and collaborate with others. A career in IP law addition ally allowed me to combine my science background with my legal background and, at the same time, to be exposed to fascinating new developments in science and technology.

What qualities make for a suc cessful patent litigator?

A patent litigator needs a broad skill set that includes not only strong legal and analytical capacities, but also strong technical skills, including both a curi osity for technical issues and a sound understanding thereof. A patent litigator should equally have the ability to trans late complex technical issues into logical arguments and clear and understand able language. Finally, a patent litigator should also have social skills and notably the ability to collaborate and communi cate with multiple stakeholders including clients and their in-house experts as well as patent attorneys, colleagues from parallel jurisdictions and external experts.

What are the advantages and disadvantages of having a global practice?

An important advantage of a global prac tice is that it is always changing and evolving, bringing new challenges, which require analytical and strategic thinking. Another advantage is the dynamic environ ment: each case is different and provides for continuous intellectual challenges. Finally, the global perspective allows you to interact and collaborate not only with international clients, but also with foreign counsel, which provides an exciting and stimulating perspective. On the other hand, the demands of a global practice also mean that lawyers must be available longer hours.

On which types of matters have clients sought your advice in the past year?

In the past year, I have been involved in cutting-edge patent litigation involving complex DNA sequencing technology and related reagents. I have also advised on freedom to operate in the covid-19 mRNA vaccine patent landscape and represented a leading pharmaceutical company in (now settled) patent litigation matters involving a blockbuster antibody treatment. Clients have also sought my advice on the potential adjust ment of a settlement/licensing agreement to reflect a significant change of the properties of the licensed antibody. Finally, I have been representing a leading life sciences company in arbitration proceedings involving inven torship issues and infringement of multiple patents in the field of medical devices.

How is patent law developing in Switzerland with regard to inventive step requirements, and which industries are most likely to be affected by this?

The Swiss Federal Patent Court's prac tice with regard to inventive step is closely aligned with the practice of the EPO Boards of Appeal. Notably, the Federal Patent Court has committed to apply the problemsolution approach and the could-would approach. However, it appears to apply a somewhat modified could-would approach to the extent that it requires a reasonable expectation of success. The Boards of Appeal have applied a similar concept (in the sense of an expectation of some improve ment or advantage), but only in the biotech field. I expect that the Federal Patent Court will not maintain this modified approach for Switzerland and rather further align its case law with the practice of the EPO Boards of Appeal. All industries other than the biotech industry will be affected by this.

How has your previous expe rience as Reporter General at the AIPPI enhanced your cur rent practice?

The AIPPI has enabled me to network with experienced experts in the field of IP and

to exchange ideas on a highly professional level over many years. These relationships are still firmly in place and continue to benefit my practice both in terms of refer rals as well as my ability to reach out to foreign counsel in any possible jurisdic tion worldwide. The comparative legal studies and analysis that underpin all AIPPI Resolutions and that I have engaged in as Reporter General of AIPPI for so many years have also impacted on my basic approach to legal research. Even if I only need to analyse a specific research ques tion at national level, I usually resort to a comparative legal analysis.

As co-head of Intellectual Property at Lenz & Staehelin, what are your main priorities for the practice group’s devel opment over the next couple of years?

My main priority is to ensure that our dedi cated team with specialist expertise can continue to advise on so many high-profile mandates that we have been privileged to be involved in for so long. In this regard, we will also seek to further expand the team. From a client perspective, a main priority is to continue providing highest-quality service as well as individual and tailored advice taking into account the client's specific business needs and demands. I will also make sure to continue dealing with the impact of digitalisation on the way we work, including relying on AI where it makes sense.

What has been your greatest achievement to date?

To become first partner and then – 20 years later – managing partner of one of the top firms in Switzerland were certainly impor tant steps in my career. What is even more rewarding, though, is each single litiga tion or arbitration that I could successfully complete together with the support of my team to our clients' full satisfaction.

WWL says: Thierry Calame is lauded as “an excellent lawyer”, renowned in the life sciences sector for his market-leading patent litigation work.

whoswholegal.com/thought-leaders

Frank Scherrer

Wenger Vieli Ltd Zurich www.wengervieli.ch f.scherrer@wengervieli.ch Tel: +41 58 958 58 58

Biography

Frank Scherrer studied law in Neuchâtel and gained an LLM from Exeter University (UK). From 1993 to 1996 he worked at the Europa Institut Zurich and as an assistant at the law faculty of the University of Zurich where he obtained his doctorate in 1996 for a thesis on Swiss and European merger control procedure. Frank Scherrer joined Wenger & Vieli in 1999 where he became a partner in 2005. He speaks German, English and French.

What attributes makes for an effective life sciences lawyer in today’s climate?

Interest, effort to understand scientific facts, precision, thoroughness.

What do you enjoy most about working in life sciences?

To work in a field with a promising future.

In what way has the coronavi rus pandemic brought about new legal concerns among the healthcare sectors?

The pandemic has provided new impulses for accelerated and differentiated marketing authorisation procedures. In Switzerland, the pandemic has also raised questions about the distribution of compe tencies between the federal government and the cantons in the area of pandemic control.

To what extent can online diagnosis and telemedicine be relied on? What are the legal risks accompanying this new approach for healthcare professionals?

Online diagnosis and telemedicine facili tate access to healthcare. To what extent they can be relied on is defined primarily by the physicians' duty of care. One risk is potentially inadequate diagnosis, which can cause liability.

As the collection and protection of data is infiltrating in every aspect of our lives, to what extent do you see the need for life sciences lawyers to pos sess adequate knowledge on information law?

Data law is an important and growing area of life sciences law. At least the basics of data protection law should be familiar to each life sciences lawyer.

In your experience, what ben efit do multilingual lawyers deliver to clients?

For advising clients in the life sciences sector, a good knowledge of English is practically necessary.

How does Wenger Vieli AG distinguish itself from competitors?

While we have been growing considerably as an organisation during the last years, it is important to us to keep a good personal relationship with all employees and clients.

What advice would you give to aspiring lawyers hoping to one day be in your position?

I would advise them to pursue their goals and strive to always do a good job at what they're doing at the moment.

WWL says: Frank Scherrer is highly sought after by clients in the pharmaceutical and health industries for his product liability expertise.

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Markus Schott

Bär & Karrer Ltd Zurich www.baerkarrer.ch markus.schott@baerkarrer.ch Tel: +41 58 261 54 77 Biography

Markus Schott is a partner at the law firm Bär & Karrer in Zurich, where he co-heads the life sciences practice group. For 20 years, he has been active as a lawyer in the field of healthcare law. The focus of his practice is on advising on all types of regulatory issues as well as on party representation in administrative and judicial proceedings. Markus Schott is also a professor at the University of Zurich. He received his legal education in Basel and Neuchâtel (lic.iur.) as well as at Harvard Law School (LLM).

In your opinion, how does public interest in healthcare influence how legal decisions are made?

In all jurisdictions, healthcare is a highly controversial and therefore also polit ical subject. Modern medicine has even increased the importance of ethical consid erations, e.g. regarding genetic testing, use of big data, or access to innovative treatments. Moreover, new sophisticated treatment options typically come at a price, challenging the traditional financing schemes. It is therefore inevitable that the public interests at stake do not only shape the lawmaking but are also taken into consideration when it comes to the appli cation of the law and even in court proceed ings. I see this a lot in my practice, for example, when negotiating and litigating pricing decisions taken by the government with regard to novel medicines. While this sometimes makes my job more difficult, I also find these aspects most interesting.

In contentious cases involving the life sciences and health care, how do you maintain a broader perspective to reflect the current political, economic and social landscape?

As a life sciences lawyer, you need to be curious and interested in many respects. It is not only key to stay up to date with regard to new regulations and case law (and, of course, scientific developments in medicine). You also need to be aware of how issues are perceived by different stakeholders (pharma companies, doctors, hospitals, insurers, patient organisations, etc) and the public. When advising and representing a client, all these factors should be taken into account in order to get to the best solutions.

In your opinion, to what extent do legal decisions impact the price of medicines produced by the pharmaceutical industry?

This of course very much depends on the legal system of a given country. However, in many countries, prices of medicines are in some way or another determined by the government or other institutions.

Sometimes, parliaments define the basic rules, but typically, there is a lot of discre tion left to the competent agencies. This can become problematic because these governmental bodies have the power to decide unilaterally on prices. Even if there is a possibility to appeal such pricing deci sions, courts generally refrain from inter fering too much, and as long as the appeal proceedings go on, there is no reimburse ment that is detrimental for the patients in the first place. In my view, negotia tions between insurers and pharmaceu tical companies could often lead to better results.

In your view, what have been the biggest legal challenges facing the healthcare sector since the outbreak of the coro navirus pandemic?

Of course, the pandemic has put the healthcare sector in the spotlight of public attention like no other recent event. This ranges from intensive care units in public hospitals, to the provision of tests, vaccines, masks and other prod ucts to combat the pandemic, to the roles of governments, the medical profession and even healthcare as such. Legally, the pandemic was most challenging when it came to weighing the various interests at stake, typically personal freedom versus protection of persons at risk. Also, farreaching decisions had to be taken in very short intervals, and there was no real possibility for judicial review.

What have been the most nota ble changes to your practice area since the start of your career?

I would say that generally, regulation has increased and broadened to an unprec edented extent. New rules have been created regarding many aspects of health care, such as financial benefits, genetic testing, data protection, etc. A lot of these rules have been driven by new scientific developments, but also by shifts in policy. Consequently, our work as life science lawyers has become much more complex but also more interesting. The other

massive change is speed, with regard to both lawmaking and also the business as such. Contracts are drafted and negotiated much more efficiently than, say, 10 years ago. And finally, I would mention that we see much more public attention to many aspects of healthcare law.

To what extent has the rate of digital technology being implemented in the healthcare sector had a significant effect on legal practice?

Digital technology has changed and still changes the healthcare sector profoundly. We see this most evidently when it comes to data processing. Digital patient records, data generated by wearables, the connec tion between service providers and insurers all lead to a massive load of really big data. This data can be used to improve the diag nosis and treatment of diseases, which will radically change the medical profession –and bring along new legal issues relating to data protection, non-discrimination of patients, etc.

In your experience, what are the main benefits of working with international clients?

I advise and represent both national and international clients and find both aspects of my work equally rewarding. The inter national dimension can offer new perspec tives on legal issues, eg, when you learn about other countries’ solutions which differ from the ones you know already. I always try to learn as much as I can from what I hear and see abroad in order to use that knowledge for the benefit of all my clients.

Which types of cases do you typically find most interesting to be involved in and why?

Luckily, I find all of my cases extremely interesting. This is so firstly because no two cases are identical. There is really very little routine in my work, which is why I like it so much. Second, this field of the law is evolving virtually every day, so there are always new issues to be addressed and solutions to be found.

WWL says: Markus Schott is “an efficient and knowledgeable” practitioner celebrated for his outstanding knowledge of life sciences regulation.

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Markus Wang

Bär & Karrer Ltd Zurich www.baerkarrer.ch markus.wang@baerkarrer.ch Tel: +41 58 261 55 10 Biography

Markus Wang (co-)heads the life sciences and intellectual property practice groups of the firm. His practice covers a wide range of contentious and non-contentious life sciences related matters, including patent litigation, regulatory advice and proceedings, drafting and negotiating development, licensing and other agreements concerning medicinal products and healthcare services. He lectures on intellec tual property law at the University of Fribourg and regularly publishes on topics in the fields of intellectual property and life sciences.

Describe your career to date.

I have been with the firm since 1994 when I started as a trainee. While initially focus sing on intellectual property law, over time I became more and more involved in life sciences matters and after becoming a partner in 2002 I assumed the responsi bility for these practice groups.

What do you enjoy most about working in life sciences?

Dynamics of the industry and the multidis ciplinary character of the work (contrac tual, IP, regulatory, data protection, etc.).

What do clients look for in an effective life sciences lawyer? Someone reducing complexity and finding solutions accommodating the needs of the business.

In your view, is the life sci ences sector in Switzerland experiencing a shift towards increased digitalisation and what impact is this having on your practice area?

Yes, it does in many ways. For our practice this means that understanding of infor mation technology and data protection is becoming one of the core requirements for successfully advising in this field.

In your opinion, what are the biggest challenges facing the life sciences industry in Switzerland this year?

The effects of public pressure to reduce healthcare costs.

How do you see your practice developing over the next five years?

Demand for legal support in this field and thus the life science practices in law firms will continue to grow in the coming years.

What has been the most memo rable matter you have worked on in the life sciences sector?

There have been several memorable matters, and hopefully many more to come. One of the most interesting ones was assisting a client who, as a result of a transaction, was suddenly and uncon sciously engaged in a regulated activity but not appropriately licensed. Remediating the situation not only involved many inter esting contractual, regulatory and other legal questions, but also many discus sions and negotiations with the persons involved on the client's side, regulatory bodies, contractual counterparties and foreign lawyers.

What are your main priorities for the firm’s development over the next couple of years?

To support the next generation of lawyers in this field at Bär & Karrer and ensure that we provide an environment where young talents can develop and stay for the long term while continuing to provide first class services to our clients.

WWL says: Markus Wang enjoys a strong reputation in the life sciences market for his specialist knowledge of IP law and his experience in transactional patent matters.

whoswholegal.com/thought-leaders

Aurélie Conrad Hari

Bär & Karrer Ltd Geneva

www.baerkarrer.ch

aurelie.conradhari@baerkarrer.ch Tel: +41 58 261 57 00

Biography

Aurélie Conrad Hari co-heads the Litigation practice, where she has been a partner since 2017. She has a broad experience in handling complex multi-jurisdictional disputes in financial, banking and commercial disputes. She also specialises in private clients' assis tance and representation. Her prac tice encompasses shareholders' and employment disputes, insolvency as well as asset recovery, with the recognition and enforcement of foreign judgments and arbitral awards. She also frequently acts as counsel representing parties in commercial arbitration related to various industries, e.g., sale, distribution, agency, construction (including power plants) and energy.

What qualities make for a suc cessful practitioner in asset recovery?

Responsiveness, strong legal, technical and strategic skills. Given the issues generally at stake when processing asset recovery, counsel needs to be able to act and react quickly as time is generally of the essence. Coordinating proceedings in various jurisdictions as well as assessing the right move to do when also prove crucial when dealing with asset recovery. Playing chess with the opposing side can only be successful when relying on the right strategy.

What key challenges arise for multinationals with litigation proceedings across several jurisdictions? How can practi tioners best prepare for these challenges?

Cost and time efficiency certainly raise regular concerns for clients. The choice of jurisdiction also is of clear relevance to try to manage those to the best extent. The recent Brexit and its impact on the enforce ment of UK judgments also called for reas sessment of some jurisdiction clauses and choices to maximise the efficiency of the judgments to be rendered.

How effective are hybrid hear ings, and what challenges do they pose?

Remote hearings prove much more helpful and efficient than expected. This compul sory move demonstrated that the use of hybrid hearings should be more regular and can certainly be an efficient tool to speed up the proceedings, especially when it comes to administrative hearings in particular, i.e. organisational hearings to discuss the next steps of the proceed ings or mere formalities. Actually, remote hearings also proved better than expected even for hearings on the merits, although for those we still experience some – to some extent legitimate – reluctance from counsel and judges. While a remote hearing will never be able to have it all and the live hearing retains the comprehensive aspects especially in respect of assessing witnesses, it is a tool that will certainly now be part of our kit when managing litiga tion. However the judiciary still needs to embrace that new technology in jurisdic tions where it is not used to it.

What is the best piece of advice you’ve ever received?

Be yourself, trust yourself and never save your efforts.

WWL says: Sources praise Aurélie Conrad Hari as “a very good litigator” who possesses expert knowledge of civil and commercial disputes.

whoswholegal.com/thought-leaders

Also a Thought Leader in Arbitration

Harold Frey

Lenz & Staehelin Zurich www.lenzstaehelin.com harold.frey@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Harold Frey leads the litigation and arbitration practice of Lenz & Staehelin in Zurich. He has secured favorable settlements and judg ments for public companies and boards, private equity firms and their portfolio companies in highprofile disputes in courts and before arbitral tribunals across the country and abroad. Matters have included a wide range of legal issues and industries (with a particular focus on energy, construction, pharma ceutical and financial industry). Mr Frey has extensive experience in all aspects of corporate and M&A dispute resolution.

On what type of matters have clients come to you most fre quently in recent months?

Most frequently, clients would retain me for corporate matters (including shareholder actions) and M&A disputes — I have been involved in about a dozen post-acquisi tion disputes over the past 15 months alone. Other key areas of my practice are construction and energy-related disputes.

How has the role of litigator changed since you started your career?

Probably cases in my practice have become even more complex over the years, often involving regulatory and cross-border aspects. Moreover, a modern litiga tor’s role is not limited to that of a legal representative in proceedings, but may also include a broader spectrum such as business strategic, political and reputa tional/communication advice on a client's management level.

You have been involved in many high-profile disputes over the years – what do you enjoy most about being a litigator in large cases?

In high-value /high-profile cases you will typically have attention of management at the highest level (or even at board level). This will allow you access to people, infor mation and required resources, and you don‘t need to explain that this is important and why.

What do clients look for when selecting counsel for highvalue litigation proceedings?

The ability to efficiently and effectively manage large and complex litigations and to compose the right team for a case. Apart from ensuring the necessary skills and capacity in the core team to conduct all essential litigation tasks, counsel

should be able to draw on the experience of specialists from other practice groups to overcome any litigious hurdles on short notice.

Equally important, clients expect that counsel understand the business and its needs, that they are able to communi cate with management on an equal level and that they provide workable solutions, quickly.

What are the main challenges lawyers face when handling cross-border litigation between parties from different countries with separate laws?

Cross-border litigation requires good case management (client handling, coordina tion with co-counsel, handling of parallel proceedings in multiple jurisdictions).  A particular challenge could be the location of and access to certain evidence. Sometimes there are also challenging conflict of laws questions, both on the substance as well as on procedure (including document produc tion and related aspects of legal privileges or data protection rules). Also the presen tation of foreign law to a local court could prove challenging.

To what extent are cash flow issues stopping parties from bringing claims?

More often than not, our clients are big corporates and banks. Whether or not they pursue their claims in litigation primarily depends on the assessment of the case and the prospects of winning it. While cash flow is not preventing them from filing claims, they are nevertheless cost sensitive.

As head of the firm’s litigation practice, what are your priori ties for the group’s develop ment over the next five years?

Remain the go-to team for complex commercial litigation involving mergers

and acquisitions, contests for control, shareholder claims, corporate governance and joint ventures, etc.

Attract the best talent and educate them through training on the job.

Stay ahead of the curve, anticipate and advise management how to address new developments that could pose litigation risks. This includes risks arising from changes in the law and regulations or prac tical developments (e.g. in the field of ESG, cybercrime, sanctions, new regulations).

As a team leader, I want to remain unas suming and always find time (despite our busy litigation schedule) for everyone in the team seeking advice or in need of guidance.

What piece of advice would you give to younger practitioners hoping to one day be in your position?

First, the basics: you require a profound understanding of the law, and in particular master the code of obligations (that part is law school). Then, it is practice, prac tice, practice. Try to become part of a legal team that offers a challenging, inspiring work environment and learning experi ence. Show commitment, but stay modest: watch and learn. What I want to see in a young lawyer is enthusiasm and a steep learning curve.

Of course, you then need to develop a practical understanding of the business, including its needs and challenges.

Throughout your career, keep your will ingness (and the intellectual capacity) to really engage with the facts of a case, iden tify the key drivers of the case and present the argument in a compelling way – be it in legal briefs or oral arguments.

At all times, stay curious.

WWL says: Harold Frey is revered for his exemplary practice, which sees him regularly engaged in high-stakes litigation proceedings in the domestic market.

whoswholegal.com/thought-leaders

Peter Hafner

Wartmann Merker Ltd Zurich www.wartmann-merker.ch p.hafner@wartmann-merker.ch Tel: +41 44 212 10 11

Biography

Peter Hafner has been a partner with Wartmann Merker AG since 2006. Previously, he was an asso ciate and partner with an inter national law firm in Zurich and a visiting foreign lawyer with Sullivan & Cromwell, New York (1997–1998). He graduated from the University of Zurich (1991 lic iur, 1994 Dr iur) and the University of Michigan Law School (1997 LLM). He was admitted to the Bar in Switzerland in 1993 and to the New York Bar in 1998.

What attracted you to a career in law?

I was fascinated with the profession from the outset and remained ever since.

Lawyers are asked to solve intricate prob lems for their clients and the practice always stays fascinating.

What do you enjoy most about working in commercial litigation?

Commercial litigation is mostly about contractual disputes. Contracts and proce dural law are among the most challenging subject matters and in commercial litiga tion you find them combined anew in ever changing constellations. And each case has a new set of facts and you learn a lot about the industries of your clients.

What are the key qualities that clients look for in an effective litigator?

Experience, availability for the assignment, a fighting spirit and the ability to deliver a legal impact on behalf of the client.

How have you developed your litigation practice since you first began your career?

As a young lawyer, I worked with one of the best litigators in the country, who taught me the essential litigation skills. And continued practice trains your judgement.

What skills are needed to suc cessfully collaborate with law yers, experts and authorities in different jurisdictions?

Foremost, it takes team players. Good lawyers and experts in many places think

in similar terms and collaboration is usually easy. As to authorities, you need a local specialist who is familiar with their practice.

What are the challenges for practitioners and clients rely ing on the Hague Convention to enforce judgments in the EU?

There are only a few contracting parties to the Hague 2019 Convention and to date I have not had a case in my practice. However, in practice you often resort to the Lugano Convention and the fairly liberal rules of the domestic Swiss Federal Act on Private International law, which provide for straightforward enforcement proceedings.

How do you anticipate the com mercial litigation market to develop in Switzerland over the next year?

I do not expect a significant shift, meaning that it remains a heterogenous market, in which the large and important cases are mostly handled by the large elite firms and a few litigation boutique firms, such as ours.

Looking back over your career, what has been your proudest achievement?

The arguments and success in several landmark litigation cases before the Swiss Federal Supreme Court.

WWL says: Peter Hafner is commended as “a fantastic litigator” whose expertise in commercial litigation see him recognised as a leading figure in the market.

whoswholegal.com/thought-leaders

Nadja Jaisli Kull

Bär & Karrer Ltd Zurich www.baerkarrer.ch nadja.jaisli@baerkarrer.ch Tel: +41 58 261 53 12

Biography

Nadja Jaisli co-heads Bär & Karrer’s arbitration practice and specialises in international commercial arbitra tion and litigation. She has gained particular experience in the phar maceutical, automotive, commodi ties, and banking and finance industries and frequently handles complex disputes arising from M&A transactions, joint ventures and shareholders’ agreements, the sale of goods as well as licence and supply agreements. In addition to her work as party counsel, Nadja Jaisli frequently sits as an arbitrator.

What motivated you to special ise in dispute resolution?

When I finished school, I planned to become a journalist, but I wanted to study some thing “real” first. During my law studies, I completed an internship at a commer cial law firm where I had the opportunity to work for an inspiring litigation partner who motivated me to specialise in dispute resolution. I still love this work because it is so varied, offers exciting insights into a wide variety of industries and topics, and requires the ability to present complex issues in a simple and persuasive manner.

In that sense, my work as a dispute resolu tion specialist is not too far away from the journalist I originally wanted to become.

How has the market changed since you first started practising?

Two major changes are the increased pace and digitalisation. When I started prac tising, BlackBerrys and therefore avail ability at any time were rather new. During my internship 20 years ago, we had to use special computers to access the internet in the office for safety reasons. All case files were stored in hard copy and all emails printed out. Today, work is possible from almost anywhere and the general avail ability and pace has greatly increased. This development was, of course, further accel erated during the covid-19 pandemic in the past two years.

How does your background in and knowledge of different legal jurisdictions enhance your cross-border litigation practice?

My LL.M. in New York and the New York Bar have enhanced my practice in cross-border litigation in that I gained valuable insights around how common law lawyers think and apply the law. As a litigator, it is generally key to broaden one’s horizons and to be

able to communicate with a wide variety of people. The time spent abroad in New York and also during my master’s studies in Geneva in the French-speaking part of Switzerland were useful in that sense (and anyway were among the best years of my life, not just in terms of the legal education I enjoyed during that time).

What technologies are having the greatest impact on litiga tion proceedings?

In Swiss state court proceedings, there is room for improvement in terms of the use of technology. Most filings are still made in hard copy, and video case management conferences and hearings are the excep tion. The situation is different in arbitra tion proceedings, where I hardly remember when I filed my last paper submission. In my daily practice, document management tools such as Exhibit Manager have simpli fied our work and allow easy, last-minute adaptions prior to the filing.

How do you see your practice developing over the next five years, and why?

I strive to develop still further and expand our team of extremely talented and inspiring associates, trainees and assis tants to continue providing efficient, effec tive and first-class advice to our existing and future clients.

What advice would you give to someone looking to start a career in litigation?

Work hard and make sure that your efforts get noticed. Start early to build a network within your generation. Focus on your clients’ needs and how best to serve them. Be an active listener. Be confident but do not take yourself too seriously. Be a team player and be kind – but fight hard on your cases. Be patient, show tenacity and always retain a good sense of humour.

WWL says: Nadja Jaisli Kull earns respect from peers who praise her extensive expertise in commercial litigation.

whoswholegal.com/thought-leaders

Peter Reichart

Wartmann Merker Ltd Zurich www.wartmann-merker.ch p.reichart@wartmann-merker.ch Tel: +41 44 212 10 11

Biography

Peter Reichart focuses on repre senting clients in state courts and before arbitral tribunals, inter alia, in banking matters, D&O-liability claims, professional malpractice suits, and in connection with licence agreements concerning media rights. He also sits as an arbitrator. Peter holds a doctorate degree from the University of Zurich (summa cum laude) and an LL.M. degree from the University of Michigan in Ann Arbor.

What do you most enjoy about your litigation practice?

I enjoy working with interesting people on intellectually challenging, complex matters. As a litigator, I often have the privilege of learning intricate details of a specific business aspect I had not heard about before. It is then the challenge to explain these often complicated facts to a court or an arbitral tribunal in simple, straightforward language. If I am unable to properly explain the issues I will not succeed in convincing the court of my client's position.

How has the market changed since you first started practising?

Individual lawyers and law firms as a whole have become much more specialised. When I started practising it was common that lawyers covered a wide range of legal problems. On one day they would appear in court, while on the next they would handle an M&A-transaction, and on the third they would draw up a will. Not so any more; clients look for the expert in a particular field, often in one way or the other relying on directories like WWL.

What effect is technology having on the way litigation is practised?

With regard to technology, litigation is always a few steps behind arbitration prac tice, but covid-19 has boosted change. For example, the Commercial Court of the Canton of Zurich and other courts held settlement hearings by videoconference, something unheard of before covid-19. Still, development should be much bolder.

What advantages are provided in working for a boutique com mercial dispute resolution firm?

In my view, there are many. To name but a few: We can tailor our structure, our business processes and the technology precisely to the requirements of our area of

specialisation. Clients also appreciate the combined experience and knowledge of our firm, e.g. our experience of how specific judges handle their cases. Moreover, as a boutique dispute resolution firm, we rarely face conflicts of interests, and we can offer clients a higher level of confidentiality than full-service firms. Last but not least, we are proud of an inspiring working environ ment for our ambitious lawyers, yet we can adjust to their specific needs, e.g. when parents want to work part-time.

What is your greatest achieve ment to date?

This is a difficult question, as professional achievements I had been involved in are rarely “my” achievements. Litigation is almost always a team effort in which sophisticated clients, experienced lawyers and smart associates join forces for a common goal. Also, it is certainly flattering to win an important case before the Federal Supreme Court. But clients are most of the time better served if a dispute can be resolved at an early stage. Thus, it is not my goal to make great achievements, but to serve our clients in the best possible way.

Up-and-coming practitioners should have the courage to play to their individual strengths. The law allows practitioners with very different sets of traits, skills and qualities to succeed. Some lawyers are successful because they are able to analyse an extremely complex legal problem with a razor-sharp mind. Others intuitively know how to handle difficult clients and make them feel unique. Still others have an awesome courtroom presence, are able to write clearly and convincingly, or can effortlessly manage a team of lawyers in a large assignment. A young professional should therefore nurture and develop his or her individual skills, and not attempt to copy other practitioners.

WWL says: Peter Reichart enjoys an outstanding reputation in the market as “one of the best and most renowned litigators on the planet” who is “very much in demand” for his “high competency and profound legal knowledge”.

whoswholegal.com/thought-leaders

What underrated skills would you encourage up-and-coming practitioners to develop?

Also a Thought Leader in Asset Recovery

Alexander Troller

LALIVE Geneva www.lalive.law atroller@lalive.law Tel: +41 58 105 2000 Biography

Alexander joined LALIVE in 1997, after holding inhouse positions for several years in both the chemical and banking sectors in Switzerland, France and the US. He specialises in litigation, with a focus on financial matters, asset recovery, corporate and shareholder disputes, whitecollar crime, estate and inheritance claims and employment conflicts, as well as judicial assistance in civil and criminal matters. He has expertise in a wide range of sectors including private clients, banking and finance, natural resources, construction and infrastructure.

What attracted you to a career in commercial litigation?

I deal mainly with financial, corporate and shareholder disputes, white-collar crime, estates and inheritance disputes as well as asset recovery and judicial assistance in civil and criminal matters. Not only are these areas of law inherently different, but each and every dispute will vary in terms of complexity, value and significance to the client. When I first started out in law, I was at the opposite end of the spectrum, handling primarily corporate and contract matters as in-house counsel. The shift to litigation was gradual, and I am very grateful for the transactional experience gained in my earlier years, which I feel gives me an edge when now supporting my clients through more challenging times. It is the variety that attracted me and one that hasn’t disappointed.

How have the litigation needs of clients changed the most in the past five years?

Absolutely, let’s not forget that litigation is costly, regardless of the jurisdiction. However, some jurisdictions are more expensive than others, but that needs to be balanced with time, some jurisdictions provide a swifter outcome for litigants.

In addition, the exponential availability of litigation financing is currently more advanced in common law jurisdictions; this is a major game-changer that addresses a key need of many parties.

What qualities make for a suc cessful litigator?

Successful commercial litigation lawyers need to think strategically, taking into account commercial considerations as well as the clients’ objectives. A successful litigator therefore needs to be strategic, knowing the law and your client isn’t enough. Other key attributes include promptness, accuracy and resilience as well as keeping an open mind to dispute avoidance (or settlement) whenever in the client’s best interest.

What technologies are having the greatest impact on litiga tion proceedings?

There is no doubt that technology is providing alternative solutions to the way litigators work, for example, through translation services or the use of AI in reviewing large volumes of data more swiftly. In addition, technologies such as crypto are providing litigators with an everincreasing workload in relation to fraud!

It is an exciting time to be a litigator and I expect technology will evolve to provide not only greater assistance to lawyers but further business opportunities.

Do you anticipate upcoming economic tensions will see an increase in arbitration and mediation over litigation? Why?

In periods of turbulence, the number of disputes tends to rise. As to whether there will be an increase in arbitration and

mediation over litigation this is a difficult question to answer. It is probably fair to say most businesses would prefer to keep disputes out of the public domain and be resolved amicably without recourse to courts, which may mean an increase in arbitration.

Businesses may also look to use media tion as a way of resolving disputes, however, if this fails then they may well revert to the courts for resolution. One could argue with an increase in the availability of liti gation funding in many jurisdictions that this could also open-up matters that in the past may not have found their way to court.

What impact has the increasing digitalisation of the financial world had on fraud and asset recovery?

Facilitating document review and forensic investigations as noted above has become easier (and cheaper) with the development of AI. That said, human intelligence and experience will fortunately remain a crucial element for successful litigation and in particular with asset recovery strategy.

What advice would you give to someone starting out in com mercial litigation?

Always remain aware of your clients’ global needs, litigation is only a parenthesis in the business cycle. Also, try travelling the world and learn about alternative ways to solve disputes across jurisdictions and cultures.

WWL says: Alexander Troller is a first-rate lawyer, noted by peers as “highly competent in the area of international litigation”.

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Hans-Jakob Diem

Lenz & Staehelin Zurich www.lenzstaehelin.com

hans-jakob.diem@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Hans-Jakob Diem is a corpo rate partner at Lenz & Staehelin, focusing on mergers and acquisi tions, capital market and corpo rate governance matters. He is regarded as a leading practitioner in public takeovers and mergers, buyout transactions, activist and takeover defence. He also serves as principal outside counsel for a number of clients on securities law and corporate governance matters. He lectures on corporate and M&A law at the universities of Basel and Zurich and is the author of various legal textbooks and a regular contributor in law journals.

What do you enjoy most about practising in M&A?

I love assisting my clients in shaping their future, rather than dealing with the past.

Transactional work fits this preference in an ideal manner. Creating structures and contracts in complex situations, finding practicable solutions to intricate issues and resolving protracted negotiations immediately appealed to me. And then there is the speed, the dynamics, the inter national environment and especially the teamwork and common ambition to get transactions done that were and still are very much inspiring every day.

What has been the most memo rable case you have worked on in your career so far?

That's a tough one. There are many trans actions that I will remember for a long time. However, the most memorable case so far was the Sika case. I had the privilege to be a part of the team advising Sika in its defence against the takeover attempt by Compagnie Saint-Gobain, a takeover battle that lasted for several years. The case involved intricate legal issues – span ning the entire range from corporate law to litigation. In the end we were able to devise a highly innovative buy-back transaction by which the case was settled to the benefit of all parties involved.

You advise on M&A transac tions spanning several sectors. To what extent is sector-spe cific knowledge necessary to be effective in advising your clients?

Sector-specific knowledge is important in any given M&A transaction. It is important

to understand the markets in which the client operates its business, the value chain and the competitive landscape. Equally important is a deep understanding of the client’s strategy and how a specific corpo rate transaction fits within this strategy, as well as of the value drivers of a transaction. Of course, a pre-existing, close working relationship with the client is an advantage.

Have you noticed a shift in how negotiations are undertaken in transactions?

I feel that the pace at which transactions are run has increased as a result of the covid-19 pandemic and the shift towards virtual meetings and negotiations. I noticed that contract negotiations have become faster and less thorough in the seller market during the last couple of years. At the same time, due diligence has become more important and the co-ordination of the various work streams more chal lenging, especially when warranty and indemnity insurance is involved.

To what extent do you think ESG-related shareholder activism will become more prevalent?

ESG has been on the agenda of boards of Swiss companies for some time. However, the pandemic was a wake-up call for everyone that existential global crises are more than a theoretical risk, and that climate change and sociodemographic developments, to mention these two, are real issues that need to be tackled without delay. In line with this increased general awareness, ESG matters have moved up on the priority list of boards and become important factors in determining

strategy and shaping corporate culture. Those companies that are not constantly re-thinking their strategy with regard to ESG will increasingly be subject to ESG-related shareholder activism.

In what ways is technological innovation revolutionising the practice area?

So far, I would speak of an evolutionary process rather than a revolution brought about by technology. Physical meetings have to a large extent been replaced by virtual meetings, resulting in higher deal pace. Remote work has been made more efficient by IT tools, which permit that several people work on the same docu ment or data simultaneously. Instruments have become available that increasingly automate the drafting of transaction docu ments, and the due diligence is supported by AI. It is essential for any transac tion lawyer to make himself or herself acquainted with these instruments and maintain a genuine interest in the techno logical development.

What advice would you give to someone starting out in corpo rate law?

The most important advice I give our young lawyers is to enjoy what they do and take every opportunity there is to learn and grow. I believe constant learning is one of the pillars of a successful career, and passion is another. Passion about the law, about the clients we serve, about the people that are involved.

WWL says: Hans-Jakob Diem is “an incredibly smooth negotiator” who “understands the necessary balance to strike between legal positions and commercial objectives”. He “identifies the important issues and comes up with clear and focused answers”.

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Tino Gaberthüel

Lenz & Staehelin Zurich

www.lenzstaehelin.com tino.gaberthuel@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Tino Gaberthüel heads the corpo rate and M&A practice of Lenz & Staehelin in Zurich. Tino special ises in domestic and cross-border M&A transactions (with a particular focus on large private equity trans actions and public tender offers), equity capital markets transactions and corporate governance matters as well as corporate restructur ings, relocations, corporate law and general contract law (e.g., share holder agreements, joint ventures, partnership agreements).

What led you to specialise in M&A?

I did not have a master plan when I got out of law school. I started my career in a rela tively small firm in Zurich doing a broad range of transactional and litigation work. It was only later during my time as a foreign associate at a leading law firm in New York when I developed my interest for M&A. It is the mix of legal and business issues and the intensity of M&A projects that I particu larly like.

What have been the key areas of focus for your practice recently?

As M&A lawyers, we are privileged to continuously work on very diverse matters – be it large buy-out transactions, reloca tions of international corporate groups or corporate governance matters relating to listed companies. More recently, I have been involved in some of the largest acquisitions by private equity funds in Switzerland. Another extremely interesting recent case related to complex legal ques tions in connection with the repurchase and subsequent cancellation of a large stake of own shares by a listed company.

What do clients look for in an effective M&A lawyer?

Clients look for lawyers who are hands-on, understand their needs and their business as well as the rationale for the contem plated transaction. Effective lawyers actively contribute to make a deal happen. This requires a solid understanding of the law and – more importantly – the dedica tion and ability to find creative yet workable solutions protecting the client's interest. In negotiations, it is not about scoring all points, but securing the important ones.

In critical situations, clients expect their lawyers to speak up and have the courage to tell them if they believe that not doing a deal on certain terms is the better option.

What are the main compli cations lawyers face when handling cross-border M&A proceedings?

Coordination and communication among the various advisers and with the client are key success factors in cross-border transactions. From the kick-off meeting to closing a transaction, it is important to allocate tasks and responsibilities among advisors, incl. legal counsel in different jurisdictions (and time zones) and to ensure strict adherence to deadlines. This requires solid project management and established relationships with other advisers around the globe.

To what extent do you think ESG-related shareholder activism will become more prevalent?

Unlike in other jurisdictions, ESG-related activism has not really taken off so far in Switzerland. For the time being, key topics for activists remain related to board composition and strategy. Notwithstanding this, we do see increased interest of boards of Swiss listed companies in topics around ESG and related activism.

What has been the most memo rable case you have worked on in your career so far?

Every case is unique and memorable for its specific topics, challenges and the people involved. No M&A transaction is alike –each project requires all parties involved to adapt quickly to specific needs and to

develop solutions for the project. For these reasons, I find it difficult to single out one specific transaction. It is probably the sum of the large-scale, cross-border acquisi tions by private equity buyers that I was able to work on over the past two years that has left its mark on me – all of these were carried out in a demanding, fast-moving sellers' market.

What makes Lenz & Staehelin stand out from its competitors in the market?

There are various firms in Switzerland providing solid advice on M&A transac tions. However, when it comes to large and complex transactions the selection is limited to a few firms that have the neces sary expertise. At Lenz & Staehelin, with offices in Zurich and Geneva, we have the internal resources to advise on all aspects of a big deal, we are used to providing instant advice and working in large inter national teams. We have market leaders in all relevant practices besides M&A and are used to working side by side on large projects as a fully integrated team.

What is the best piece of career advice you’ve ever received?

Very early on at Lenz & Staehelin, I learned that we are only leading if we perform as a team. To a certain extent it is irrelevant how good an individual is – it is crucial to build and bring together a team of legal experts in their respective fields who stand together to provide top-notch advice and are prepared to go the "extra mile". This attitude also ensures that you remain grounded, humble and grateful for the interesting work we are able to do day in, day out.

WWL says: Tino Gaberthüel is “an incredibly strong M&A lawyer”, celebrated for his “rigorous and commercial approach” to complicated M&A transactions and corporate governance matters.

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Christoph Neeracher

Bär & Karrer Ltd Zurich www.baerkarrer.ch

christoph.neeracher@baerkarrer.ch Tel: +41 58 261 52 64

Biography

Christoph Neeracher special ises in international and domestic M&A transactions (focusing on private M&A and private equity transactions, including secondary buyouts, public to private transac tions and distressed equity), trans action finance, venture capital, start-ups, corporate restructur ings, relocations, corporate law, general contract matters (eg, joint ventures, partnerships and share holders’ agreements) and all directly related areas, such as employment matters for key employees (eg, employee participation and incen tive agreements).

How has the market changed since you first started practising?

The pace of transactions has significantly increased since I first started practising. Also, the involved parties are much more sophisticated than in the past. Thus, deal experience, as well as the ability to provide commercial advice, are key.

What are the main challenges you currently face when nego tiating complex deals?

In order to succeed in auction processes in the current seller-friendly market, it is key to be as pragmatic as possible while at the same time ensuring sufficient protec tion for the client. This is a reason why the ability to provide commercial advice is absolutely key.

Have you noticed a shift in how negotiations are undertaken in transactions?

As mentioned, the pace of transactions has significantly increased in the last decades. This also has an impact on the way negotia tions are undertaken – the lawyers need to focus on the key elements of the agree ments. The pandemic accelerated a trend towards negotiations via video/telephone conferences. However, in critical cases, physical negotiations may be helpful to find an agreement.

What have you noticed about the increasing standardisation in M&A transactions?

While there is a certain standardisation in M&A transactions, it is, in my view,

important to treat each transaction as unique. This is imperative to be able to focus on the real key topics in a transaction and to avoid that unnecessary work prod ucts are produced which are not required by the client.

How are tax-free capital gains used to incentivise management?

This is of course the key goal of manage ment incentives and there are certain ways to achieve such goal. However, manage ment incentives should at the same time be easily manageable and thus, under certain circumstances, simple cash bonuses may be advisable.

How do you anticipate the Swiss legal market changing in the next five years? How might this affect your practice?

We expect that the pace will further increase. Thus, to cope with such pace, it will be important that the legal M&A team consists of a larger team of senior lawyers who seamlessly work together.

What professional challenges are you expecting to encounter in the remainder of the year, and how do you expect to navi gate them?

We expect the remainder of the year to be very busy. It remains to be seen whether the measures taken in connection with the pandemic will have a (more significant) impact in the next year.

WWL says: Christoph Neeracher is “undoubtedly one of the leading names for private M&A transactions in the Swiss market”.

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Rolf Watter

Bär & Karrer Ltd Zurich www.baerkarrer.ch rolf.watter@baerkarrer.ch Tel: +41 58 261 50 00 Biography

Rolf has more than 30 years of experience in all types of M&A and capital market transactions. He also specialises in corporate governance questions and teaches as a professor at the University of Zurich on these matters. He used to be chairman of PostFinance (2012/2021), CEVA Logistics (2018/2019) and of Nobel Biocare (2012/2014; member 2007/2012); further he was a board member in a number of other Swiss listed companies, namely Aryzta, Zurich Insurance Group, Syngenta, Centerpulse and Forbo. He was a long-time member of the Regulatory Board of the SIX Swiss Exchange (2003/2022). He is consistently ranked among the top Swiss lawyers for M&A and corporate work.

What inspired you to pursue a legal career?

When I studied law, I was initially mainly interested in constitutional law and in what we call “public law” in Switzerland. It was only towards the end of my studies that corporate law came into focus. I soon discovered its practical importance at a time when businesses were developing in all sorts of directions, becoming more international and considering M&A oppor tunities for external growth. Switzerland modernised its corporate law in those days, introduced new stock exchange rules and began to regulate capital markets. So, with the corporate legal environment becoming much more dynamic, it was only natural for a young lawyer to concentrate in this field with all the opportunities it offered.

What led you to specialise in M&A?

There was not much M&A activity in the mid-1980s but I was fortunate enough to be able to participate as a trainee in one of the few large transactions. So after my bar exam, I decided to write a further thesis, concentrating on this topic, in order to be able to become professor and I obtained a scholarship to do this in the United States. This academic work then positioned me well when the first M&A wave rolled over Switzerland in the early 1990s. My interest in corporate governance questions came later (in fact the term “corporate govern ance” hardly existed in Switzerland before this century) when I was able to join the boards of listed companies where I gained insight into leadership questions in bigger organisations.

What do clients look for in an effective M&A lawyer?

It is vital to base the advice on practical experience, a solid knowledge of what market standard is and what the options are for the client. Insight into how other similar organisations or competitors deal

with the matters the client is interested in is also very important. Often governance issues also play an important role in M&A: here, effective advice needs a solid under standing of leadership issues and busi ness needs, backed by a deep knowledge of corporate law and stock exchange rules. In many areas of work it is also very impor tant to know how shareholders think and what might drive them in certain situations.

How has the market changed since you first started practising?

The biggest change in the M&A field is that standards have evolved with the large number of transactions we have seen in Switzerland over the past 30 years. This applies to both public and private deals. These standards make the legal work much more efficient and there is now no need to spend long nights discussing fundamental questions of how to address or solve certain issues. A further driver has been that lawyers active in this field have taken steps to specialise, which also makes the process faster and more professional. Finally, clients and their legal departments are much more sophisticated nowadays than they were years ago – this also speeds up transactions.

What are the greatest chal lenges the M&A industry faced with the advent of covid-19?

Up to now I have not seen that many changes, apart from much more detailed discussions on what constitutes a “mate rial adverse change”, which gives the purchaser (or a financing bank) the possibility to walk away from the deal; for instance, in case of a new lockdown of parts of the economy. Another aspect has been that parties try to get out of contracts entered into before the crisis relying on concepts such as “frustration” or “mate rial error”. Recently, already in the postcovid-19 area, we negotiated a very large

transaction (DSM-Firmenich) entirely on a virtual basis on the level of the legal advi sors. Physical meetings only took place amongst the top business leaders.

How are you seeing the role of shareholder activists in M&A transactions developing at the moment?

Activists have driven quite a number of transactions in recent years. An example in 2020 was the spin-off of INA, a real estate company, from Implenia, a construction company. This transaction was not what the activist had tried to achieve – which basically was to split the company fully –but allowed Implenia to demonstrate to the market the value of its development portfolio by placing a stake in a portion of its real estate in the market with current shareholders.

What is the most interesting M&A transaction you have been a part of?

I have been fortunate enough to be involved in many situations that were highly inter esting and challenging. Most interesting of all were those occasions where we had to develop novel solutions, often at short notice. One example was the purchase of Swiss by Lufthansa, where foreign owner ship rules endangered landing and flyover rights for planes flying under the Swiss banner. As the lawyer for Swiss, I worked to help solve these issues by developing a foundation-based ownership structure.

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

I hope to be able to continue my career for about another 10 years. One of the key goals in this time will be to ensure that the market position of Bär & Karrer will be kept once I retire or concentrate again on academic work.

WWL says: Rolf Watter enjoys a sterling reputation as “an absolute star in the field” and “a pleasure to work with” on sophisticated M&A transactions.

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Also a Thought Leader in Corporate Tax

Daniel Bader

Bär & Karrer Ltd Zurich www.baerkarrer.ch daniel.bader@baerkarrer.ch Tel: +41 58 261 54 32

Biography

Daniel Bader is a partner in the Zurich office and provides national and international tax and legal advice to individuals and corporate clients. He advises private clients, executives and entrepreneurs on tax-related questions, including succession planning and private wealth structures. Daniel develops tax solutions, particularly related to cross-border structuring. He assists clients with questions regarding income and wealth tax, estate and gift taxes, real estate tax and social security. He teaches and is a frequent speaker at tax and private client conferences, and acts as a board member of family offices. He is the president of the International Fiscal Association, Swiss branch.

What did you find most chal lenging when entering private client practice?

Realising and understanding that advising private clients goes far beyond just providing legal advice. Each client has a personal background and therefore, each solution must be in line with such.

What type of matters are clients currently seeking advice on most frequently? What would you say is driving this?

We have noticed a significant increase around all questions of safety, stability and predictability, ie, planning for next generations, relocating to “safe” places, understanding options for the future. This has mainly been driven by the uncertainty throughout 2020.

How has Bär & Karrer been building out its private client practice to differentiate itself from its competitors?

Private client work is a lot about experi ence. We are a well-established player in the market for almost 50 years. We have been able to maintain and further strengthen our practices throughout these

years and have successfully anticipated new trends. The combination of learning from the past and anticipating future trends is what differentiates us from our competitors.

What are the key challenges that the next generation of pri vate client lawyers may face?

Planning will be more complex –complexity driven by an increase in global interdependencies in all areas (economic, health, peace). Meeting client’s expecta tions will be tough due to a higher level of uncertainty and complexity.

In which direction would you like to steer your practice in the next five years?

We have to continue to provide the client not only with legal advice, but rather a comprehensive and holistic service that enables us to share more of our expertise them.

What can younger lawyers be doing to establish themselves in the private client market?

Interact with peers and clients, and learn from them.

WWL says: Daniel Bader possess a wealth of experience in the field of private clients and receives plaudits in particular as “a great lawyer for tax matters”.

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Mark John Barmes

Biography

Mark Barmes is a senior counsel at Lenz & Staehelin in Geneva. He contributes actively in the field of wealth planning in Switzerland and particularly in connection with trusts and trust disputes.

What interested you in pursu ing a career in private client practice?

As a trainee, I preferred my six months in the tax department, working with a partner specialising in trusts. After quali fying, I stayed in that group and wanted more international work. Pursuing that ambition, I found private client practice, particularly for high-net-worth individuals, offered the best opportunities and I moved to Switzerland to work at Lenz & Staehelin (named Lenz Schluep Briner & de Coulon at that time), to focus on international estate planning.

What matters are clients coming to you with most over the past year? What is driving this?

Health checks/reorganisations and disputes. The driver to my mind is globali sation and the leap forward in complexity in this field given the many and ongoing global regulatory and tax initiatives. The pandemic years and geopolitical uncer tainties have encouraged many a rethink.

How do you effectively approach and execute complex crossborder matters for your clients?

The complexity means high costs and lost time can easily result. To be effective, it is central to spend time with the client and identify and flesh out priorities as well as gather the competences required for the task. Inevitably, this involves building a team that works well together.

How does your international background enhance your practice?

Experience. Having worked in matters involving the key jurisdictions and

established successful plans is a cornerstone.

How are recent developments in technology changing private client practice the most?

Access to information and effective means to work collaboratively on documents and in meetings with sharing of resources has improved the possibilities to group the necessary competences.

What aspect of your practice do you enjoy the most?

The interaction with the clients and other experts. Trying to solve the puzzle.

How does your activity and position in several private client organisations enhance your knowledge and the prac tice area more broadly?

Access to information and learning and being able to share experiences with others. It is possible to sit in a session, often virtual, where multiple jurisdictions are covered in one session. This has natu rally heightened awareness of the many possibilities offered across the globe.

What advice would you give to the up-and-coming generation of private client lawyers?

Don’t be a lone wolf. Complex matters need collaborative work methods and tech nology has greatly increased the scope for this, whether within a global organisation or as a sole lawyer with a good network.

WWL says: Mark Barmes is “a very experienced private client lawyer”, particularly acclaimed for his “wealth of expertise” in trust law.

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Ruth BlochRiemer

Bär & Karrer Ltd Zurich www.baerkarrer.ch ruth.blochriemer@baerkarrer.ch Tel: +41 58 261 56 51 Biography

Ruth Bloch-Riemer’s practice focuses on domestic and interna tional tax law. She regularly advises Swiss and foreign high-net-worth individuals in all taxation matters. In particular, she advises clients regarding wealth and succession planning, relocations to and from Switzerland, the structuring of charitable contributions, questions in the context of the taxation of art and artists, and questions within the field of the domestic and interna tional structuring and coordination of their pension and social security.

On what types of interesting matters have you worked on recently?

I have been advising a number of entre preneurs and HNW families on a more strategic level regarding their and their families' wealth and succession planning, typically including cross-border aspects and the coordination of workstreams abroad.

To what extent has the corona virus pandemic brought about any new areas of concern among clients? How long last ing have these concerns been?

The pandemic raised awareness for many of my clients that the place of residence and also citizenship planning should not be driven by legal and tax planning concerns only but that also infrastructure, political and economic stability and quality of life elements are key to consider in the overall planning.

How has the role of a private client lawyer evolved since you first started practising?

In my view, a private client lawyer is, even more, a person of trust over a long span and ideally stretching over more than one generation in a family. The areas of focus have broadened from pure tax and estate planning to also considering, e.g., privacy topics, compliance work, etc.

What inspires you to publish and teach on tax and private client matters? What have you learned from these roles?

It is key to pass on know-how to the industry, especially to younger lawyers, and it is also important to contribute to the scientific discussion to feedback into the industry and further develop our practice. In particular teaching and lecturing is a great way to exchange ideas on concepts and to discuss areas where the law or its application should be amended. I

personally learned and practice constantly to be very clear and concise on my inputs and to assess others' contributions criti cally and from many angles.

What are the common chal lenges in handling art and artist taxation matters? What key processes do you undertake?

Besides the more technical aspects such as, e.g., valuation and taxation questions, handling art matters and dealing with artists oftentimes includes a certain degree of explaining legal and tax rules to the clients. It often also means helping them structure their undertakings and to apply a technical, state-of-the-art and very factual approach to pieces close to their hearts and where they are not used to thinking in "legal" and "tax" terms and boxes. Last but not least, it sometimes also encompasses supporting collectors, heirs or artists to find and onboard persons they can trust; on certain occasions, we even have to help them termi nate relationships with persons whom they involved to support with their artworks but who did not prove to be trustworthy.

Given the ageing population, do you see a potential decrease in wealth and succession work in the future?

Wealth and succession work for a client evolves over time, from planning a struc ture to handling and, at the very end, sometimes administering it in their estate. With the aging process of clients, other persons come into the picture such as, e.g., their spouses and descendants or foundations / trusts they establish, or persons they entrust their businesses in. Given this cycle, I tend to experience more an increase than a decrease in wealth and succession work. Interestingly, I see that the approach of younger generations tends, in many families, to be different to their parents', in that other aspects such as, e.g., sustainability and giving back to society, are more important to them.

To what extent would in-per son communication and rela tionship-building with clients remain a key part of the prac tice given the sensitive nature of its work?

In my view, virtual meetings are a very useful tool to touch base with clients and other counsel on a more regular basis. Moreover, it is increasingly incumbent on us all to be more sustainable which current technology allows us to do. However, the in-person meeting will continue to be a key part of my work and interaction, in particular when it comes to personal topics, cornerstones in the strategy I define with my clients and longer, workshopstyle meetings where we ponder ideas and discuss various options for a question my client may have. Also the selection of co-counsel and service providers usually is decided after experiencing at least the shortlisted candidates face-to-face. I appreciate and value that my clients put considerable trust in me as a person and certain discussions can only be fruitful and open when held in person, in an adequate setting.

What advice would you give to someone starting out in the pri vate client sector?

Be open, interested and stay updated in a broad range of law, in your core jurisdiction but also when it comes to relevant other jurisdictions. Develop a reliable network amongst peers as early on as possible –as family advisor, you will need to be able to reach out to trusted colleagues abroad regularly. Invest in your team structure, technical skills and project management abilities, as these aspects often are as key to serving a client as being technically a top lawyer. And most importantly: there is not one client or one family like the other – always consider the specific situation and the "DNA" of a client and his family to understand their background and goals.

WWL says: Ruth Bloch-Riemer enjoys an excellent reputation as a prominent tax law practitioner, regularly advising Swiss and foreign clients on all taxation matters.

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Also a Thought Leader in Asset Recovery and Litigation

Aurélie Conrad Hari

Bär & Karrer Ltd Geneva www.baerkarrer.ch aurelie.conradhari@baerkarrer.ch Tel: +41 58 261 57 00 Biography

Aurélie Conrad Hari leads the civil litigation practice of Bär & Karrer in Geneva, where she has been a partner since 2017. She has a broad experience in handling complex multi-jurisdictional disputes in financial, banking and commer cial disputes. She also specialises in private clients' assistance and representation. Her practice encom passes shareholders' and employ ment disputes, insolvency as well as asset recovery, with the recognition and enforcement of foreign judg ments and arbitral awards.

What inspired you to pursue a legal career in private client law?

The interest in people. I have always been keen on getting to know people and assisting them. It is then probably natu rally that I have come to be active in private client matters where empathy and a sense of psychology are key.

What is your philosophy for being an effective private client lawyer?

Being a good listener certainly is impor tant not only for your clients to feel at ease with you and to build a trusted relationship but also to assess the proper needs of the clients and be able to guide them in the most efficient way. Availability and respon siveness also are key in this practice.

How does your broad practice in financial, banking and com mercial disputes enhance your understanding of the problems faced by private clients?

Private clients generally also are busi ness men or women. It is therefore of core importance to understand their priorities, needs and concerns. Obviously, having an expertise in those various areas such as banking and finance is a strong back ground to assist private clients efficiently as it provides key tools to understand their business but also assist in respect of their assets.

In your opinion, what legacy have you left behind at the litigation commission of International Association of Young Lawyers?

Difficult to assess what legacy I would have left to the commission but for sure I

received a strong legacy from that associa tion. I have now spent more than 10 years being active in it and building my career to which AIJA has certainly also been an important factor not only to get leader ship skills but in particular by giving me the opportunity to meet people around the world, build friendships and share on our career path while all growing up in our respective firms at the same time. Such benefit is invaluable not only in terms of professional network but most importantly for personal friendship.

To what extent has the corona virus pandemic brought about any new areas of concern among clients? Do you antici pate these concerns will have a long-lasting impact?

The sudden facing of death at a different scale demonstrated once again the neces sity of planning. Also the relocation of various families while trying to find less restrictive jurisdictions called for global reassessment of matrimonial and estate planning. While such issues took a different angle with covid-19, they were known before already and private client lawyers have been insisting on those for decades. This will likely not change in the future as the sensitivity of the topic of addressing its own death and consequences will remain.

To what extent will in-person communication and relation ship-building with clients remain a key part of the prac tice given the sensitive nature of its work?

While covid-19 has demonstrated that remote meetings are feasible and may even prove more efficient to some extent, I am a strong believer in the benefits of in-person

relationships. Some discussions will remain necessary and be more efficient in-person. Same for relationship-building, which can in my view hardly be achieved entirely remotely. When we sometimes considered before covid-19 that we were getting very individualistic being stuck to our screen devices, covid-19 actually also demonstrated that when we were limited to remote relationships via our devices only, we missed in-person contacts terribly. I therefore do not think that in-person rela tionships will be affected, it proved abso lutely essential to our lives and that is particularly true in the work with private clients.

What skills and values would you encourage the up-andcoming generation of private clients to develop?

Empathy and dedication. Private clients are particularly demanding, not only in terms of technical legal skills, but especially in terms of human skills. You need to give part of your person to this job, not only in terms of time but your personal involvement as a person and your values are key to building the trusted relationship private clients are seeking from their trusted adviser.

What is the best piece of advice you’ve ever received? Always be yourself and trust yourself.

WWL says: Aurélie Conrad Hari is “an excellent practitioner” with a “very strong private client practice” encompassing complex multi-jurisdictional matters.

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Werner Jahnel

LALIVE Zurich www.lalive.law wjahnel@lalive.law Tel: +41 58 105 2100 Biography

Werner Jahnel specialises in private wealth. He advises private clients, family offices, foundations and trust companies on complex international estate planning and inheritance law matters, succession planning, divorce and family issues. He prac tised international arbitration for two decades and currently acts as counsel and arbitrator in commer cial and private client related disputes. He is certified by the Swiss Bar Association as a specialist in inheritance law and is the vice presi dent of the Swiss Association for Arbitration in Inheritance Matters.

How do your memberships at various arbitral centres com pliment your practice?

I have been practising international arbi tration as counsel and arbitrator for more than two decades and I regularly sit as arbitrator in private client related arbitra tion proceedings – a role I very much enjoy. The memberships are key in keeping up my contacts in the world of arbitration and they join up the dots between the arbitration and private client community – two totally different animals. I have always believed that arbitration in international estate and trust matters is an invaluable alternative to state court litigation. My practice and expe rience enable me to draw on both my arbi trator and private client experience work to bring the two worlds closer together. That is important, since cooperation is a key factor in ensuring estate and trust arbi tration are truly successful.

What inspired you to pursue private client law?

I’ve always had a strong interest and focus on international affairs, particularly in private international law issues. My initial idea was to become a diplomat, but when I started my career as an arbitration lawyer two decades ago, I soon realised that my future was in private practice. Although my passion evolved more and more to private client work, I still retain a strong interest in international matters, which explains the cross-border, multijurisdictional focus of my practice.

How has private client practice evolved since you first started practising?

There are two main changes. On the one hand, the world has become smaller and yet at the same time our work has become more international and complex. In today’s practice it is not enough to focus on your own jurisdiction, because your clients don’t.

On the other hand, we are dealing with a new generation of clients who have more self-confidence at a younger age. They are extremely demanding, well trained and informed. They tend to challenge their counsel more often than their parents’ generation, given that access to informa tion has become easier (although the kind of information provided on the internet is very often not complete, nor appropriate to be applied to the complex cases we are dealing with). The challenge is to convince your clients that boilerplate advice is not suitable for their particular needs.

To what extent is the step towards virtual working affect ing your ability to establish per sonal links with clients?

Although I very much enjoy the personal contact with my clients, a significant number of them have always been –and continue to be – based abroad. For that reason, personal meetings have, in my case, not always been a given. Consequently, I don’t feel the change towards virtual working as drastically as others do. However, I do try to organise virtual video meetings rather than phone calls. That allows me to establish a closer contact with clients. Given that this was not customary before the pandemic, this particular trend has had a positive impact on my relationship with my clients abroad.

What challenges accompany clients relocating to another country in the post-covid-19 environment? What additional steps are needed to obtain approval from authorities at destination?

As a disputes firm, we do not consult on issues in that area. However, in our practice we do experience the negative impact of mismanaged relocations. In particular in estate-related cases, where the necessary

and unambiguous cut from the country of origin while the necessary steps at the country of destination have not yet been finalised, creates issues on last domicile and complicates the jurisdictional aspects of estate litigation.

How does your fluency in four languages enhance the offering you bring to clients?

In general, I notice that my clients appre ciate the fact that I have travelled the world and can easily adapt to different cultures (including different religious backgrounds) without any prejudgment. The language skills mean there are no barriers to communication, creating a level of trust that is invaluable.

What is the key to achieving success in family-related dis pute resolution?

You must try and understand the dynamics of a family and take the decisions with those dynamics in mind, without sticking to what you would necessarily consider as being best or appropriate for your own family. Most importantly, you must have an interest in people and their emotions; be prepared to listen to their stories without judging; and see them through the process with a good dose of emotional intelligence – in and out of usual office hours. As I have often said, you can only do this job if you are passionate about what you are doing; do not do private client work if you are more attracted by machines than people.

What is your greatest achieve ment to date?

I am very proud to have successfully built up and established, together with my fellow partners, the Zurich office of LALIVE –within a decade. Today we are recognised both locally and internationally as a key player in all fields of dispute resolution, including private wealth disputes.

WWL says: Werner Jahnel is “a fantastic practitioner” with “a strong practice in international cross-border trust disputes and litigation”.

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Daniel Leu

Bär & Karrer Ltd Zurich www.baerkarrer.ch daniel.leu@baerkarrer.ch Tel: +41 58 261 50 00

Biography

Daniel Leu is partner in the private client team of Bär & Karrer. He has more than 15 years of experience and is regarded as one of the outstanding Swiss experts in this field. He advises private clients and family offices on wealth and succession planning. He regularly represents heirs, trustees and executors in trust and estate disputes and related proceedings.

Daniel Leu is a certified specialist SBA inheritance law and publishes regularly in the field of inheritance law. In addition to his practice, Daniel Leu is a lecturer at the University of Muenster, Germany (Master of Law in Inheritance Law & Corporate Succession).

What do you enjoy most about private client practice?

It is all about people: often, there is a longterm relationship with the clients, and they will contact us whenever there is a change in their life, and they need advice. Focusing on the long-term interests of the clients and being solution-oriented is a must, and much appreciated by the clients.

All families are different: it is important to understand the heritage, the history and the family dynamics in order to find sustainable solutions for the future. Finding such solutions is what I enjoy most.

Which case has been your most interesting to date, and why?

I like the broad range of cases and matters we deal with as private client lawyers. However, this makes it almost impos sible to pick one single case. One of my most interesting and challenging cases concerned a dispute between a trustee (my client) and the beneficiaries of the trust. Ultimately, the counsel of the beneficiaries and I managed to re-establish enough trust to find an amicable solution that worked for both sides, thereby avoiding long and costly litigation.

What reforms would you like to see to Swiss law that pertain to private client practice?

I would like to see a more liberal and flex ible approach to Swiss family foundations. Under current law, Swiss family founda tions are subject to legal restrictions which

make them unattractive. Consequently, foreign foundations or trusts are often used instead of a Swiss family foundation.

In addition, it should become easier to have such foundations treated as lookthrough entities for tax purposes so that their use as succession planning tools would essentially be tax neutral.

Are there any generational dif ferences in the needs of private clients? If so, what are they and what do you think is driving them?

In general, I see that the millennials (ie, the generation of the 20–35-year olds) ask a lot more questions and take much less as a given than older generations. I guess there have always been cases where chil dren did not want to become involved with the family company; however, nowadays the approach of the younger generation to wealth in general seems to have changed. The values of the next generation may well differ from the values of the older genera tion and increasing the family wealth is in many cases not always a top priority.

How do you expect the reform in Swiss inheritance law will impact private clients and practice itself?

As per 1 January 2023, the forced heir ship rights of descendants will be reduced from three quarters to half of their intes tate share. This reform will substantially increase the testamentary freedom and in

many cases facilitate succession planning for entrepreneurs as well as for persons living in cohabitation or with a patchwork family situation.

You represent private clients in both their wealth planning and litigious matters. What is the key to successfully doing so?

The experience of attacking or defending a last will or inheritance contract in court certainly helps to avoid planning mistakes. Knowing the challenges of complex crossborder planning makes it on the other hand easier to represent a claimant in an inherit ance dispute.

However, most important for wealth planning, and with regard to inheritance disputes, is to understand what the client really wants to achieve, to know the law, to cooperate with the right foreign counsel in cross-border cases and to be able to come up with a strategy that suits the long-term interests of the client.

What are the key challenges that the next generation of pri vate client lawyers may face?

I fear that cheap propaganda against “the rich” and – in principle well meant –attempts to fight money laundering and tax evasion will make our work more difficult and burdensome, even if we represent the most compliant and reputable clients.

WWL says: Daniel Leu is “a very eloquent and intelligent lawyer” with extensive experience advising private clients on wealth and succession planning, estate handling and art law.

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Natalie Peter

Blum&Grob Attorneys at Law Ltd Zurich www.blumgrob.ch n.peter@blumgrob.ch Tel: +41 58 320 00 00 Biography

Natalie Peter heads the private clients practice and tax practice of Blum&Grob. She has extensive expe rience in advising clients and their families typically on their crossborder matters, including estate and tax planning; immigration to/emigra tion from Switzerland; and analysing and setting up tax-efficient struc tures. She has a particularly exten sive knowledge in matters relating to the taxation of trusts and founda tions as well as the setting-up of taxexempt charitable organisations. She is recognised as a top professional in various directories.

What aspect of your practice do you enjoy the most?

Dealing with individuals. It is so important to understand the client’s situation and to tailor a solution for each client or his or her family. It is therefore important to listen and to ask questions to get a full picture of the wishes and concerns a client may have. There is no one-fits-all solution.

What ESG concerns are most affecting your clients and private client practice more widely?

Interestingly, ESG concerns have not really affected my private client practice yet. The younger generation is keener to imple ment ESG concerns in the management of funds while the older generation is more reluctant.

What recent developments in national and international tax are most affecting your clients?

The constant changes in compliance and reporting issues are affecting my clients a lot. For families living in different coun tries, it is at times difficult to find a suitable structure for asset protection or estate planning purposes as every country of residence may have a different treatment that is at times more or less advantageous.

How does your background in tax matters enhance the offer ing you bring to clients?

Taxes are often a limiting factor when structuring private wealth. It is therefore an advantage to havea tax background. I know from the beginning whether a client’s wish can be implemented or not. I can inform my clients from the very beginning of possible tax consequences and can explain

how these may be avoided by adjusting an intended structure.

How do you see your practice developing over the next five years?

It is difficult to predict what the next five years will bring. We will have to stay alert to any new developments and deal with any situation that may come up. The issues of our clients will probably remain more or less the same, but the solutions my change due to new developments and rules.

What inspired you to teach on postgraduate programmes? What have you learned from the experience?

I find it inspiring sharing my knowledge and experience with other professionals or young lawyers and tax advisers. Teaching helps me understand the questions that may arise from students. I learned explaining in simple terms, which helps me deal with my clients as well.

As head of the private client and tax group at Blum&Grob, how would you like to develop the firm’s offering over the next five years?

We already advise our clients comprehen sively in national or international aspects. Our goal is to continuously expand our know-how and to be able to react to new developments. We would like to attract young talented lawyers who can one day follow in our footsteps. Younger colleagues also often understand the ideas and wishes of younger clients better because they are the same age. It therefore makes sense to bring young colleagues into the team.

WWL says: Natalie Peter is “an outstanding practitioner” who is especially sought after for her “experience in wealth and estate planning” and her “trust and estate law expertise”.

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Heini Rüdisühli

Lenz & Staehelin

Zurich

www.lenzstaehelin.com heini.ruedisuehli@lenzstaehelin.com Tel: +41 58 450 80 00

Biography

Heini Rüdisühli is a partner in the Zurich office, where he leads the private clients practice group. As a certified tax expert his main field of activity is national and international tax planning for private individuals as well as taxation of corporate reorganisations and acquisitions. In addition, Heini Rüdisühli is a certi fied specialist in inheritance law with a focus on succession planning as well as executorship of estates. He is a Trust and Estate Practitioner with a broad knowledge of trusts.

How has private client practice changed most since you first started your career?

The focus of many clients has shifted in that existing structures have been simpli fied and adapted to the new rules of trans parency. There is a tendency for clients to set up simple and manageable structures for their assets.

What recent developments in national and international tax are most affecting your clients?

The complexity of new transparency regulations in the area of tax law and anti-money-laundering requires increased attention from clients, primarily in order to remain compliant with the applicable laws.

If you could introduce one reform in the areas of law you operate within, what would it be and why?

In an international comparison, the overall Swiss tax system for corporate and indi vidual taxpayers is attractive. Nevertheless, I would try to reduce the tax rates for

individuals and simplify the tax bases by eliminating deductions.

How do you effectively coordi nate teams on complex crossborder matters?

Coordination primarily requires regular personal discussions with all parties involved to ensure that everyone has the same level of knowledge at all times.

What makes Lenz & Staehelin stand out from competitors in the private client arena?

One of our unique selling points is certainly that we have specialised expertise of the highest level in the area of tax law and succession planning and that we can tap additional expert knowledge seamlessly from other teams in our firm.

To what extent is the increas ing client scrutiny over costs affecting your practice, and how are you adapting accordingly?

We try to have routine and compliance work performed by specialised staff so that our

tax and estate law experts can focus on their core tasks and add value.

What aspect of your practice do you enjoy the most?

The most exciting and at the same time satisfying part of our daily work is the direct contact with our clients and the personal interaction with them.

As head of the private client team, how are you aiming to develop the team over 2022–2023?

We have a proven track-record as a leading team at the intersection of tax law and inheritance law. To satisfy the increasing needs of our clients we are constantly looking for new talents. We attach great importance to first-class training and we place great importance to their personal development in order to meet the highest standards of our clients. We refuse to compromise when it comes to developing the quality of our team and thus choose the path of steady rather than fast growth.

WWL says: Heini Rüdisühli is commended as “an inheritance law specialist” who holds “strong standing in the market” thanks to his “outstanding practice” and “strong tax knowledge”.

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Tina Wüstemann

Bär & Karrer Ltd Zurich www.baerkarrer.ch tina.wuestemann@baerkarrer.ch Tel: +41 58 261 50 00

Biography

Tina Wüstemann is partner and head of the private client team at Bär & Karrer. She has more than 20 years of experience in private client matters and is regarded as one of the leading Swiss experts in this field. She advises high-networth individuals and their fami lies on estate and wealth-planning matters, and has a very strong prac tice in representing clients in large cross-border trust and estate plan ning disputes. Tina Wüstemann is constantly nominated as a leading private client practitioner and star individual in Chambers HNW Guide, The Legal 500 and WWL, which named her the 2019 Private Client Lawyer of the Year (Switzerland).

What do you enjoy most about working in the private client market?

The interaction with our clients is one of my favourite parts of the job. I enjoy helping clients to master challenges and coming up with innovative solutions very much. Furthermore, I am someone who thrives in a team. To be able to tackle and solve complex legal issues in multi-disciplinary and often international teams is highly rewarding.

What are the most common sources of private client dis putes currently and how do you think clients can minimise the risk of them occurring?

Most of our work has cross-border elements to it. Increased mobility means that legal issues often spread over several countries as well – for instance, when a testator leaves large fortunes in complex structures covering various jurisdictions. There has been a rise in complex, crossborder trust and estate disputes during recent years. We are currently involved in several large inheritance and trust disputes for clients involving jurisdictions and assets around the world where Bär & Karrer often is not only acting as Swiss counsel but also has the overall lead. There are many catalysts for the increase in such disputes. The boom in estate and trust litigation is the result of the “second generation problem” where principals pass away and hand the baton over to the next generation in circum stances where familial issues have been

left unresolved. The increasing number of multiple marriages and the tensions that arise among spouses and children from previous marriages also give rise to liti gation. In addition, the traditional family consisting of two parents with common children are no longer the norm and modern family forms give rise to complex legal issues, both with regard to succes sion and trust matters.

Our task as private client lawyers is to guide our clients to avoid legal action where possible and to defuse conflicts before they arise. Preferably, the family members should be involved in the estate and wealth planning process to avoid surprises and to prepare the next generation at an early stage to take over. This approach helps to preserve family wealth and harmony, but there are situations where disputes can unfortunately not be avoided.

What insights have you gained from working with a spectrum of clients, including individuals and companies from around the world?

There is no one size fits all solution and I am learning more every day. Every case has its own dynamics and complexities, especially when dealing with international clients and cross-border aspects, which makes my profession so dynamic.

What is the greatest challenge currently faced by private client lawyers?

Increased complexity of the issues we deal with for our clients will require even more

concerted efforts by teams staffed from various firms, disciplines and countries. This development is likely to also have an impact on how we collaborate and deliver our services to clients and the use of collaborative platforms might increase. I expect the trend we observe with regard to increasing litigious work to continue, which means that private client teams won’t go out of work but will much rather grow.

What has been a highlight of your practice in the past year?

Working in a wonderful team with my moti vated and highly skilled colleagues.

What changes do you think the next generation of lawyers will bring to your firm?

As a tendency, today’s generation of young lawyers adapt to new ways of working easily and are open to different approaches to solving a problem. Collaboration is key for our younger associates and we have invested a lot to facilitate and stimulate teamwork during recent years within the firm, but also with clients and international correspondent firms around the world. To reduce hierarchies within the firm, Bär & Karrer has set up cross-functional working groups in which partners and associates drive internal projects forward alongside assistants and other support staff.

What advice would you give to your younger self?

Be passionate, empathetic and authentic.

WWL says: Tina Wüstemann is “an excellent lawyer” distinguished for her market-leading expertise in complex estate and succession planning, and trust and estate matters.

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Tanja Luginbühl

Lenz & Staehelin Zurich

www.lenzstaehelin.com

tanja.luginbuhl@lenzstaehelin.com Tel: +41 58 450 8000

Biography

Tanja Luginbühl is a leading expert in insolvency and restructuring. She has been involved in various national and cross-border insolvency and restructuring cases representing companies, banks and creditors. She leads the insolvency and restructuring group of Lenz & Staehelin in Zurich. In addition, she has extensive expertise in aircraft lease and finance transac tions. Tanja is featured as one of very few female lawyers in Switzerland among the IFLR1000 Women Leaders 2020 –2022, which list leading female transactional lawyers worldwide. Women in Business Law Guide 2020 listed her as leading practitioner in restructuring and insolvency. Who's Who Legal nominated her as one of the world's leading practitioners in Restructuring & Insolvency 2022.

What motivated you to special ise in restructuring and insol vency law?

A career in restructuring and insolvency law requires high emotional intelligence, analytical and problem-solving skills. No two cases are the same and therefore the day-to-day work of supporting clients is very satisfying.

How has the market changed since you first started practising?

The market has continued to evolve and restructuring options have been expanded by law. In Switzerland, however, judicial reorganisation proceedings are still quali fied as a failure, which often hinders early action by the management.

How has your involvement in the Swiss Insolvency Association enhanced your practice?

The association has enabled me to network with experienced experts in the field of restructuring and insolvency and to exchange ideas on a highly professional level.

What do clients look for in an effective restructuring and insolvency lawyer?

Clients look for a lawyer that understands the gravity of the situation, thinks commer cially, highlights the available options and advises on the best course of action to follow. You need to be very strongly client and solution oriented. As restructuring and insolvency situations are tense for debtors and creditors, an attorney must be able to hold his/her position, be a strong nego tiator and show they are not easily shaken or intimidated.

Some practitioners report that restructuring processes offer clients opportunities in M&A, ESG and digital acceleration. What opportunities have you

seen restructuring processes offer clients – if any?

This very much depends on the individual case, but a successful restructuring often leads to increased employee productivity, enhanced communication and better finan cial control mechanisms.

Which sectors have received the largest restructuring wake-up call from the global coronavirus pandemic, and how are they addressing the issues created?

The pandemic has been a wake-up call to many businesses. Airlines and flightrelated businesses, as well as the auto motive industry, are sure to be hit hard. However, thanks to temporary government support measures or financial restruc turings, they have quickly adapted to the changed circumstances, but it will remain a challenge based on the current uncertain circumstances, including the energy price crisis.

As head of the insolvency and restructuring group at Lenz & Staehelin, how would you like to see the practice develop over the next five years?

I would like our dedicated team with specialist expertise to continue to advise on high-profile mandates and, ideally, to be called in a little earlier to provide valu able support in the context of successful turnarounds.

Looking back over your career, what has been your proudest achievement?

To become a partner of one of the top firms in Switzerland was certainly an impor tant step in my career. What is even more rewarding, though, is each single trans action or mandate that I could success fully complete together with the support of my team for our clients to their full satisfaction.

WWL says: Tanja Luginbühl is a renowned expert who earns widespread praise for her impressive cross-border insolvency and restructuring expertise.

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Michele Bernasconi

Bär & Karrer Ltd Zurich www.baerkarrer.ch michele.bernasconi@baerkarrer.ch Tel: +41 58 261 50 00

Biography

Michele Bernasconi is a partner in the Zurich office of Bär & Karrer, one of the largest and leading Swiss law firms. A graduate of the University of Zurich (lic iur 1989) and Harvard Law School (LLM 1996), Michele Bernasconi was admitted to the Swiss Bar in 1992. He advises on a broad range of sports, media, energy, telecom and IT matters, acting for both domestic and inter national clients. He has particular expertise in international litiga tion and arbitration in commercial, media and sports matters. He is said to be one of the most expe rienced arbitrators at the Court of Arbitration for Sport (CAS) in Lausanne, Switzerland.

Which came first: an interest in law or an interest in sport?

I was around five years old when I started to follow with great interest both the Perry Mason TV series (an American legal drama series starring Raymond Burr) and two sport giants, Jacky Stewart and Johan Cruyff. One could say that I have always been passionate about law and also about sports, so I feel very lucky to combine the two in my professional life.

To what extent is the Court of Arbitration for Sport (CAS) an effective body in resolving disputes?

If as a lawyer in a sporting matter, you have never been forced to try your luck before an ordinary state court, you will never truly appreciate the advantages of CAS. Of course, CAS is not perfect and there is still room for it to evolve and improve. But it clearly is a huge advantage for the sports family to have the possibility to submit a sports-related dispute to an arbi tral tribunal that is neutral, experienced in sporting matters, efficient and reasonably inexpensive for the parties to such dispute.

What has been the most inter esting case you have worked on?

The most interesting case is always the one I have right in front of me, on my table. But I must admit that there are two I wish to mention: to start, the first Matuzalem case, where I served as president of the CAS Panel, was special to me. The deci sion was confirmed by the Swiss Federal Tribunal and has had an influential role on many other cases of breach of contract by a football player or a club. Then the very recent case relating to Stand-Up Paddling (SUP) and the recognition of the International Surfing Association (ISA) as the legitimate international federation to

govern SUP within the Olympic Movement: it is sufficient to read the CAS decision to understand how law and sport can be both fascinating.

What has been the most signifi cant development in sports law since you started practising?

Of great significance are certain structural developments such as the introduction of the first WADA Code, the recognition of CAS by FIFA and the unbelievable success of the UEFA Champions League. But equally important, as I wrote few years ago, is the emergence of a new international commu nity of sports lawyers that simply did not exist 20 years ago. I feel a great sense of cooperation and collegiality among the members of this community.

What makes Bär & Karrer stand out from the competition in this field?

I believe that a law firm benefits very much from having great clients. Our sports department has had the privilege to work with very demanding, but also very highquality clients within the sport sector. Today, I truly enjoy working with my partner Jan Kleiner and all other members of our team. Working in a team is not only neces sary but is also a blessing: only a strong team can aim at achieving the “magic mix” of success and satisfaction.

You have enjoyed a distin guished career so far. What do you feel is still left for you to achieve?

I hope to maintain the right motivation for what I do. I am passionate about my work and the people involved and I hope to continue to avoid doing anything for pres tige, status, money or approval alone (as someone wiser than me wrote once).

WWL says: Michele Bernasconi is a “well-known” and first-class practitioner according to peers, who deem him to be “one of the best sports litigators and CAS arbitrators” in Switzerland.

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Marc Cavaliero

Cavaliero & Associates Geneva www.cavaliero-associates.com

mc@cavaliero-associates.com Tel: +41 79 276 19 04

Biography

Marc Cavaliero is a Swiss-trained attorney-at-law and founding partner at Cavaliero & Associates, a Swiss boutique law firm special ising in sports, media and entertain ment law. Before founding Cavaliero & Associates, Marc was a founding partner at Kleiner & Cavaliero. Previously, Marc worked within the legal affairs division of FIFA for almost 10 years as head of the disci plinary department and previously as senior group leader within the players' status department. Marc was recently appointed as FINA’s chief ethics and compliance officer and is also a member of the UCI Ethics Committee.

How has your role as a sports lawyer changed since you started your career?

My career as a sports lawyer started at FIFA in 2008, where I focused on driving the development and optimisation of the regulatory framework and governance structure of football disciplinary and ethics proceedings. Since 2017, I have worked in private practice to interact and adapt to the changes to the governance structure and the regulations. The spectrum of the regulatory framework became broader, more professional and more dense requiring a greater degree of specialisa tion and sophistication. Furthermore, the traditionally conservative lawyer environ ment has been shaken by a new mode of operation, communication and public visi bility. The football world is a fast-running machine, where every actor – including sports lawyers – have to act fast and right. Mistakes today are hardly forgiven and we are here to set actors up for success to navigate, interact and adapt to this new era of professional football.

What do clients look for in an effective sports lawyer?

Clients firstly expect the right balance between legal advice and pragmatic advice. One needs to provide clear, trans parent legal advice and be able to outline the risks or disadvantages of certain situ ations. While excellency and swiftness are expected, one shall never forget the client’s need for clarity and exemplarity. Finally, an ethical conduct of the lawyer is corner stone to their activity and confidentiality.

To what extent is the corona virus pandemic still affecting the sector?

Everyone has in mind the difficult period we went (are still going) through. Images of this period were tragic. The (financial) consequences of the pandemic were

drastic and lasted a long time. Various measures had to be taken from the top of the sports pyramid to help the stakeholders and ensure that the consequences would be as “short-term” as possible. Thanks to this, the sports sector could recover rather fast and the industry is running at full speed (while being cautious of what tomorrow can be).

How does your role as member of the UCI Ethics Committee enhance your practice and what is the organisation’s goals?

I am extremely thankful to have been elected to such a position. It is a real privi lege to act as ethics committee member, as we are confronted with extremely interesting but crucial questions and proceedings.

In addition to this position, I have been recently appointed as FINA’s chief ethics and compliance officer. This position will be operational as of 1st January 2023. Needless to say that I am very honoured to have been confirmed into this newly created position.

My partner at the firm, Jaime Cambreleng, is a member of the FIVB Disciplinary Panel and ad hoc clerk of the FEI Tribunal.

These different positions allow us to participate and stay informed of the legal development of some of the most impor tant international sport federations from within. For instance, I partook in the draft of the amendments of the UCI Ethics Code applying the knowledge and experience acquired from its previous edition. This is an invaluable force.

How does Cavaliero & Associates distinguish itself from the competition?

This is always a difficult question to answer.

First, we try to abide to all qualities described in question two. Let’s say that

we always strive to respond swiftly, to be available around the clock and to provide transparent and useful legal advice.

We also conduct ourselves with a deon tological approach towards colleagues, judges and clients.

Furthermore, the fact that we are a boutique law firm makes us very approach able, agile and allows for direct commu nication with clients, counterparts, institutions or courts. We aim at main taining confidentiality and apply a wellbalanced mode of communication.

Lastly, our background and experience in sport allows us to stay on top of the ball of all legal developments of the sports law world.

Looking back over your career, what has been your proudest achievement?

As cheesy as it sounds, I am proud of the fact that our team keeps an impeccable reputation and is seen as strong ethical professionals of our industry. The fact that our team be recognised for its work, knowl edge, commitment and integrity is crucial to keep the DNA of Cavaliero & Associates running.

What is the best piece of advice you’ve ever received?

I was lucky enough to work alongside great professionals, whom I look up to and constantly provided great advice. If I had to select one – which is not an easy task – it would be: stay always true to yourself.

WWL says: Marc Cavaliero has “established a strong presence in the market” and is known as “a very good counsel” with “vast legal knowledge and experience”.

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Gianpaolo Monteneri

Monteneri Sports Law LLC Zurich

www.monteneri.com

gm@monteneri.com Tel: +41 44 491 55 33 Biography

Gianpaolo (1970) specialises in international sport-related litiga tion, with a particular emphasis on the resolution of disputes relating to football. He also advises extensively in relation to contractual matters in transfers, employment, agency and sponsorship matters. Gianpaolo joined FIFA in 1997 as head of the players' status department. He left FIFA in 2005 to establish Monteneri Sports Law, a renowned interna tional law firm widely recognised in the industry. Gianpaolo lectures in several international sports law programmes.

What motivated you to pursue a career in sports law?

I was fascinated about the idea of combining the passion for sport and legal profession. I still feel the same enthusiasm today like 25 years ago when I started.

What did you find most chal lenging about becoming a sports lawyer?

I started my career as a sports lawyer by joining FIFA back in 1997. Initially, the biggest challenge was to understand the functioning of the entire legal system put in place by FIFA, as it was like entering into a parallel universe with its own rules and order and its own decision bodies.

The second biggest challenge was to start working from one day to the other in four official languages. I enjoyed these chal lenges and this is shown by the fact that still today my main working field is football law.

The EU parliament has pro posed a new regime to combat live sport content piracy. What does such a regime need to do to ensure its efficacy?

The purpose behind the new regime proposed by the EU Parliament is to block illegal streaming of live sporting events across the EU in real time and to strengthen the rights of the organisers.

Illegal streams are most harmful in the first 30 minutes of their appearance online; it is therefore necessary that such streams are removed or disabled immedi ately, because the main value of a sports event lies in the fact that it is broadcast live; once the event ends, also the major part of this value is gone.

The problem with existing measures is that enforcement normally occurs too late. It is therefore necessary to create and implement more efficient technical and legal tools for allowing an effective and immediate tackling of illegal live sports event content.

How are cryptocurrencies and blockchain technology being used by sports clubs and organisations?

The cryptocurrency sector has massively invested in sports sponsorship and in foot ball in particular, because it gives access to an important exposure and status; at the same time, cryptocurrency provides sports clubs with the much needed revenue.

Big football clubs have been part nering with crypto platforms, because it enables clubs to issue so-called digital "fan tokens" that can be sold to supporters and traded like other assets. These tokens are similar to a club-specific cryptocurrency, allowing virtual coins to be bought and sold. Moreover, fan tokens allow holders to vote on minor decisions related to sports clubs, such as for instance the songs to be played in the stadium.

What advantages does a law yer’s multilingualism deliver to clients, and how does it enhance your practice?

The sports industry is increasingly inter national; being multilingual is therefore a major advantage for those lawyers who want to operate in this market. I am able to work in five languages and this is a signifi cant benefit for my clients, since they don’t need each time to refer to a different lawyer depending on the language of their busi ness activities, but have just one lawyer of reference.

Being able to communicate with clients and counterparties in their own language facilitates the work of the lawyer, it is considered as a sign of respect towards another culture and at the same time it gives insight into this culture in order to better evaluate the overall situation and consequently  more efficiently advise the client.

What challenges did you face when setting up your own firm?

My biggest initial challenge was to learn how to acquire clients. This is normally a task that every young lawyer learns when he is around 25. I was 35 when I left FIFA and set up my firm. Meanwhile, I hope I have properly learned it…

Looking back over your career, what is the most interesting sports case you have been a part of, and why?

Back in the years 2000 and 2001 I was member of the FIFA task force entrusted with conducting negotiations on a technical level with the representatives of the EU Commission (particularly DG competitions) on the compatibility of the FIFA Regulations for the status and transfer of players with EU legislation. The outcome of these nego tiations were laid in an agreement between FIFA and the EU Commission, which is still today the basis of the above-mentioned FIFA Regulations.

What advice would you give to up-and-coming practitioners hoping to one day be in your position?

Learn as much as you can about the field of law you would like to practice before entering the legal profession; there are so many interesting masters and courses to attend.

Identify potential mentors and try to follow their steps. Ask them for guidance and advice when you are in need.

Take care of your work-life balance; lawyers are working hard, but it is essen tial not to forget to look after yourself; take some time for yourself.

Start early with networking; you will get in touch with potential clients and with colleagues whom you can work with in the future.

Have faith in yourself, as otherwise your clients will not have faith in you and in your abilities.

WWL says: Gianpaolo Monteneri is “very much focused on football” matters and is widely regarded as “excellent and knowledgeable” in the field.

whoswholegal.com/thought-leaders

Giovanna Montanaro

Wartmann Merker Ltd Zurich www.wartmann-merker.ch g.montanaro@wartmann-merker.ch Tel: +41 44 212 10 11 Biography

Giovanna Montanaro is a partner with Wartmann Merker in Zurich. She has long-standing and extensive experience in international trade and transport, as well as in insur ance matters, and advises clients in relation to both contentious and non-contentious matters. Giovanna Montanaro represents clients before state courts and arbitral tribunals in domestic and cross-border disputes and advises on drafting and nego tiating agreements in her field of expertise, including maritime, avia tion and insurance law.

What inspired you to pursue a legal career?

Since I was a teenager I have had the desire to study law or medicine and one may call it destiny which made me choose between my ever-present interest in medicine and law. An accident made my decision easy: after operations, hospitalisation and walking on crutches, I had lost the desire to pursue a medical career. I completed my law degree and continued until I special ised as a transport and insurance lawyer: a choice I have never regretted.

What do clients look for in an effective transport lawyer?

A client expects that a transport lawyer is familiar with the industry and has in-depth knowledge of the business to solve the legal issues in a cost-efficient way. A trans port lawyer needs to be internationally well connected to address the cross-border issues that regularly arise and provide strategic and well-structured advice. Responsiveness and clear communication are key in a dynamic and often time-critical business environment.

What is the most memorable case that you have advised on, and why?

The most memorable case I was involved with was the mid-air collision of two aircrafts over Überlingen (Germany).

On the night of 1 July 2002, a Boeing 757 on a cargo flight from Bergamo to Brussels collided with a Tupolev Tu154 on a passenger flight from Moscow to Barcelona. All 71 passengers and crew members died, 49 of them children. What distinguished the case were the layers of challenging facets that had to be taken into account when developing the strategy to

solve the case: human tragedy, consider able media attention, political implications, high legal complexity with multiple crossborder issues and different stakeholders to deal with.

the future but will soon complement the logistic chain raising numerous new legal questions, such as liability issues.

What impacts do you see covid19 having on your practice and the transport sector more broadly?

My aviation and shipping practice has evolved hand in hand with the needs and developments of the industry. To name a few of many aspects: when I started my practice more than 20 years ago, trade and transport were paper-based trans actions. Nowadays, where the regulatory framework allows, the industry is moving toward paperless trading. Switzerland, for instance, has recently adopted a law that allows to issue a document of title (eg, bill of lading) in the form of ledger-based securities. Further, the keywords justin-time delivery and 3PL or 4PL service provider did not exist when I began as a lawyer but very much reflect today’s reality of the supply chain management, which aims to plan, control and optimise not only the flow of goods but also of information, money and people throughout the entire value chain.

What are the greatest chal lenges that aviation and ship ping lawyers will face in the next five years?

While driverless means of transport were considered unrealistic some years ago, autonomous and unmanned vessels, trucks or cars are widely tested and partly in regular use nowadays. Also, the commercial use of drones for cargo transport is already being tested. These new means of transport are not dreams of

The covid-19 has had a major impact on the transport sector worldwide. In the begin ning, covid-19 generated a variety of new legal issues that had to be resolved quickly. But also well-known legal issues, such as the applicability of force majeure clauses to avoid liability for delay or damages caused by the different governmental measures or insurance cover issues, gained impor tance. By now, covid-19 has become “the new normal” and the current challenge for the transport sector is to adapt to this new reality and to anticipate possible legal implications for existing and future busi ness with the support of its legal adviser.

What is the best piece of career advice you have received?

Just after my bar exam a group of young lawyers, including me, asked a senior partner how to become a good and successful lawyer. Among others, he told us to be ourselves and not to adapt our personality to presumed expectations of how a lawyer should be. At that time, we were all disappointed and at a loss with this piece of advice. With hindsight, I could not agree more: there are a lot of knowl edgeable and service-oriented lawyers competing for clients but in the long-term it will be an authentic personality with a specific work style that will make the differ ence and generate client retention.

WWL says: Giovanna Montanaro is “considered a leader in the field of transport law” by respondents.

whoswholegal.com/thought-leaders

How has aviation and shipping practice evolved since you first began your career?

Thought Leaders in Switzerland 2022

Arbitration

Berne

Christoph Brunner , Peter & Kim • Q&A

Geneva

Diana Akikol , Walder Wyss Ltd

Domitille Baizeau , LALIVE

Sébastien Besson , Lévy Kaufmann-Kohler

Konstantin Christie , Peter & Kim • Q&A

Bernd Ehle , LALIVE

Xavier Favre-Bulle, Lenz & Staehelin • Q&A

Elliott Geisinger , Schellenberg Wittmer

Teresa Giovannini , LALIVE

Pierre-Yves Gunter , Bär & Karrer Ltd • Q&A

Veijo Heiskanen , LALIVE

Alexandra C Johnson , Bär & Karrer Ltd

Gabrielle Kaufmann-Kohler , Lévy Kaufmann-Kohler

Joachim Knoll , LALIVE

Laurent Lévy , Lévy Kaufmann-Kohler

Jean Marguerat , MLL Legal

Paolo Michele Patocchi , Patocchi & Marzolini

Wolfgang Peter , Peter & Kim • Q&A

Charles Poncet , Poncet Sarl

Noradèle Radjai , LALIVE

Antonio Rigozzi , Lévy Kaufmann-Kohler

David Roney , Sidley Austin LLP

Matthias Scherer , LALIVE

Anne Véronique Schlaepfer , White & Case LLP • Q&A

Michael E Schneider , LALIVE

Pierre Tercier , Peter & Kim • Q&A

Dorothee Schramm , Independent Arbitrator

Zurich

Manuel Arroyo , Eversheds Sutherland

Martin Bernet , Bernet Arbitration / Dispute Management

Christopher Boog , Schellenberg Wittmer

Felix Dasser , Homburger

Sandra De Vito Bieri , Bratschi AG

Harold Frey , Lenz & Staehelin • Q&A

Simon Gabriel , Gabriel Arbitration AG

• Q&A

Anya George , Schellenberg Wittmer

Balz Gross , Homburger

Philipp Habegger , Habegger Arbitration

Daniel Hochstrasser , Bär & Karrer Ltd • Q&A

Nadja Jaisli Kull, Bär & Karrer Ltd • Q&A

Laurent Killias , Pestalozzi

Stefan Leimgruber , Schellenberg Wittmer

Melissa Magliana , LALIVE

Andrea Meier , Walder Wyss Ltd Florian Mohs , Pestalozzi

Gabrielle Nater-Bass , Homburger Nathalie Voser , rothorn legal Ltd. Urs Weber-Stecher , Weber-Stecher

Arbitration Mediation

Tobias Zuberbühler , Lustenberger + Partners KLG

Georg von Segesser , von Segesser Law Offices • Q&A

Clarisse von Wunschheim , Altenburger Ltd legal + tax

Arbitration | Expert Witnesses

Vaud

Pierre Michel Genton , PMG Ingénieurs-Economistes-Conseils

Geoffrey Senogles , Senogles & Co, Chartered Accountants

Asset Recovery

Geneva

Benjamin Borsodi, Schellenberg Wittmer Aurélie Conrad Hari , Bär & Karrer Ltd • Q&A

Andrew Michael Garbarski , Bär & Karrer Ltd • Q&A

Sandrine Giroud , LALIVE • Q&A

Paul Gully-Hart , Schellenberg Wittmer Marc Henzelin , LALIVE • Q&A

Anne Valérie Julen Berthod , Bär & Karrer Ltd • Q&A

Yves Klein , Monfrini Bitton Klein

Saverio Lembo , Bär & Karrer Ltd • Q&A

Enrico Monfrini , Monfrini Bitton Klein

Antonia Mottironi , Ardenter Law • Q&A

Miguel Oural , Lenz & Staehelin

Alexander Troller , LALIVE • Q&A Daniel Tunik , Lenz & Staehelin • Q&A

Zurich

Michele Caratsch , Baldi & Caratsch

Matthias Gstoehl , LALIVE • Q&A

Thomas Sprenger , Baumgartner Mächler Attorneys Ltd

Banking Geneva

Caroline Clemetson , Schellenberg Wittmer

François Rayroux, Lenz & Staehelin • Q&A

Olivier Stahler , Lenz & Staehelin • Q&A

Zurich

Sandro Abegglen , Niederer Kraft Frey Ltd

René Bösch , Homburger

Olivier Favre , Schellenberg Wittmer

Daniel Flühmann, Bär & Karrer Ltd • Q&A

Jürg Frick , Homburger

Lukas Glanzmann, Baker McKenzie Zurich

Martin Hess , Künzi Hess MacNab • Q&A

Marco Häusermann , Niederer Kraft Frey Ltd

Ralph Malacrida , Bär & Karrer Ltd• Q&A

Benedikt Maurenbrecher , Homburger

Markus Pfenninger , Walder Wyss Ltd

Patrick Schleiffer, Lenz & Staehelin • Q&A Till Spillmann , Niederer Kraft Frey Ltd • Q&A

Eric Stupp , Bär & Karrer Ltd Marcel Tranchet , Lenz & Staehelin

Business Crime Defence

Geneva

George Ayoub , Schellenberg Wittmer

David Bitton , Monfrini Bitton Klein

Benjamin Borsodi , Schellenberg Wittmer

Jean-Marc Carnicé, BianchiSchwald • Q&A

Jean-Francois Ducrest , Ducrest Heggli Avocats LLC

Paul Gully-Hart , Schellenberg Wittmer

Marc Henzelin , LALIVE • Q&A

Patrick Hunziker , RVMH Avocats

Saverio Lembo , Bär & Karrer Ltd • Q&A

Sonja Maeder Morvant , Reiser Avocats

Miguel Oural , Lenz & Staehelin

Clara Poglia , Schellenberg Wittmer

Daniel Tunik , Lenz & Staehelin • Q&A

Zurich

Peter Burckhardt , Schellenberg Wittmer

Capital Markets

Zurich

René Bösch , Homburger

Matthias Courvoisier , Baker McKenzie

Zurich

Daniel Daeniker , Homburger

Frank Gerhard , Homburger

Philipp Haas , Niederer Kraft Frey Ltd

Claude Lambert , Homburger

Benedikt Maurenbrecher , Homburger

Markus Pfenninger , Walder Wyss Ltd

Thomas U Reutter , Advestra

Patrick Schleiffer, Lenz & Staehelin • Q&A

Till Spillmann , Niederer Kraft Frey Ltd

• Q&A

Philippe A Weber, Niederer Kraft Frey Ltd

Competition

Zurich

Nicolas Birkhäuser , Niederer Kraft Frey Ltd

Marquard Christen , CMS von Erlach Partners Ltd

Marcel Dietrich , Homburger

Christian Jaag , Swiss Economics

Reto Jacobs , Walder Wyss Ltd

David Mamane , Schellenberg Wittmer

Klaus Neff , VISCHER AG

Mani Reinert , Bär & Karrer Ltd • Q&A

Samuel Rutz , Swiss Economics

Richard Stäuber , Homburger

Mario Strebel , CORE Attorneys • Q&A

Astrid Waser , Lenz & Staehelin • Q&A

Competition | Economists

Zurich

Christian Jaag , Swiss Economics

Samuel Rutz , Swiss Economics

Construction & Real Estate

Geneva

Cécile Berger Meyer , Lenz & Staehelin

• Q&A

Bernd Ehle , LALIVE

Elliott Geisinger , Schellenberg Wittmer

Yves Jeanrenaud , Schellenberg Wittmer

Philippe Pinsolle , Quinn Emanuel

Urquhart & Sullivan LLP

Philippe Prost , MLL Legal

Matthias Scherer , LALIVE

Michael E Schneider , LALIVE

Delphine Zarb , Zarb Law

Yves de Coulon , BianchiSchwald • Q&A

Zurich

Josef Caleff, Schellenberg Wittmer • Q&A

Martin P Furrer , Baker McKenzie Zurich

Stefan Gerster , CMS von Erlach Partners Ltd

Roland Hürlimann , Baur Hürlimann AG

B Gino Koenig , Lustenberger + Partners KLG

Samuel Moss , LALIVE

Wolfgang Müller , MLL

Meyerlustenberger Lachenal Froriep AG

Corrado Rampini, Bär & Karrer Ltd • Q&A

Sibylle Schnyder , CMS von Erlach Partners Ltd

Nathalie Voser , rothorn legal Ltd.

Andreas F Vögeli , Niederer Kraft Frey Ltd

Alexander Wyss , Baker McKenzie Zurich

Corporate Governance Zurich

Urs Brügger , Bär & Karrer Ltd • Q&A

Peter Forstmoser , Niederer Kraft Frey Ltd

Dieter Gericke , Homburger

Jakob Hoehn , Pestalozzi

Urs Schenker , Walder Wyss Ltd

Heinz Schärer , Homburger

Rudolf Tschäni , Lenz & Staehelin • Q&A

Rolf Watter , Bär & Karrer Ltd • Q&A

Hans Caspar von der Crone , von der Crone Rechtsanwälte AG

Corporate Immigration Geneva

Rayan Houdrouge, Walder Wyss Ltd • Q&A

Zurich

Urs Haegi , VISCHER AG

Beatrice Leistner , VISCHER AG

Caterina Nägeli , Bürgi Nägeli Rechtsanwälte

Nina Perch-Nielsen , Blue Lake Legal Ltd.

Michèle Stutz , MME Legal Tax Compliance

Corporate Tax Geneva

Jean-Blaise Eckert, Lenz & Staehelin • Q&A

Marcel Meier , Oberson Abels SA

Xavier Oberson , Oberson Abels SA

Andrio Orler , CMS von Erlach Partners Ltd

Daniel Schafer , Lenz & Staehelin • Q&A

Vaud

Pierre-Marie Glauser , Oberson Abels SA

whoswholegal.com/thought-leaders

Zurich

Daniel Bader , Bär & Karrer Ltd • Q&A

Fabian Duss , ADB Altorfer Duss & Beilstein AG

Reto Heuberger , Homburger

Pascal Hinny , Lenz & Staehelin

Thomas Meister , Walder Wyss Ltd

Michael Nordin , Schellenberg Wittmer

Stefan Oesterhelt , Homburger

Peter Riedweg , Riedweg & Partner

Heini Rüdisühli , Lenz & Staehelin • Q&A

Susanne Schreiber , Bär & Karrer Ltd • Q&A

Pascal Taddei , ADB Altorfer Duss & Beilstein AG

Maurus Winzap , Walder Wyss Ltd

Data

Berne

Ursula Widmer , Dr Widmer & Partners, Attorneys-At-Law

Vaud

Jürg Schneider , Walder Wyss Ltd Zug

Nicole Beranek Zanon , HÄRTING

Attorneys-at-law Ltd • Q&A

Carmen De la Cruz , LEXcellence AG • Q&A

Zurich

Martina Arioli , Times Attorneys

Rolf Auf der Maur , VISCHER AG

Nicola Benz , MLL Legal

Julia Bhend , PROBST PARTNER AG

Lukas Bühlmann, MLL Meyerlustenberger Lachenal Froriep AG • Q&A

Martin Eckert , MME Legal Tax Compliance

Gianni Fröhlich-Bleuler , Gianni Fröhlich-Bleuler Rechtsanwalt

Clara-Ann Gordon , Niederer Kraft Frey Ltd

Michael Isler , Walder Wyss Ltd

Samuel Klaus , Schellenberg Wittmer • Q&A

Christian Laux , LAUX LAWYERS AG

Roland Mathys , Schellenberg Wittmer

Lukas Morscher, Lenz & Staehelin • Q&A

Peter K Neuenschwander , Suffert Neuenschwander & Partner

Michael Reinle , MLL Meyerlustenberger Lachenal Froriep AG

Mark A Reutter , Walder Wyss Ltd

David Rosenthal , VISCHER AG

Didier Sangiorgio , Walder Wyss Ltd

Alexander Schmid , epartners Attorneys-at-Law

David Vasella , Walder Wyss Ltd

Energy Geneva

Philippe Pinsolle , Quinn Emanuel Urquhart & Sullivan LLP

Zurich

Marc Grüninger , GHR Rechtsanwälte AG

Environment Basel-Stadt

Beatrice Wagner Pfeifer , VISCHER AG

Geneva

Yves Jeanrenaud , Schellenberg Wittmer

Zurich

Isabelle Häner , Bratschi AG

Lorenz Lehmann , Ecosens AG

Hans Rudolf Trüeb , Walder Wyss Ltd

Fintech

Zurich

Daniel Flühmann, Bär & Karrer Ltd • Q&A Jürg Frick , Homburger

Martin Hess , Künzi Hess MacNab • Q&A

Reto Luthiger , MLL Meyerlustenberger Lachenal Froriep AG • Q&A

Cornelia Stengel , Kellerhals Carrard KlG

Eric Stupp , Bär & Karrer Ltd

Franchise Zurich

Renato Bucher , MLL Meyerlustenberger Lachenal Froriep AG

Andreas M Dubler , Dubler Attorneys at Law

Janine Reudt-Demont , Niederer Kraft Frey Ltd

Christoph Wildhaber , Streichenberg Attorneys at Law

Government Contracts

Berne

Christoph Jäger , Kellerhals Carrard Bern KlG

Solothurn

Peter Rechsteiner , Bracher Spieler Schönberg Eitel Rechsteiner

Zurich

Marquard Christen , CMS von Erlach Partners Ltd

Beat Denzler , Schiller Rechtsanwälte Daniela Lutz , Lindtlaw Anwaltskanzlei Stefan Scherler , Scherler + Siegenthaler Rechtsanwälte AG

Hospitality Zug

Ion Eglin , Bratschi AG • Q&A

Insurance & Reinsurance Zurich

Lars Gerspacher , gbf Attorneys-at-law Christoph K Graber , Prager Dreifuss Ltd

Helmut Heiss , mbh Attorneys at Law

Peter Hsu , Bär & Karrer Ltd • Q&A Ulrike Mönnich , mbh Attorneys at Law Hans Nigg , Baudacci Nigg Stenberg

Erik Stenberg , Baudacci Nigg Stenberg Clemens von Zedtwitz , gbf Attorneys-at-law Alexander von Ziegler , Schellenberg Wittmer

Investigations

Geneva

Benjamin Borsodi , Schellenberg Wittmer

Sandrine Giroud , LALIVE • Q&A

Marc Henzelin , LALIVE • Q&A Saverio Lembo , Bär & Karrer Ltd • Q&A

Sonja Maeder Morvant , Reiser Avocats Clara Poglia , Schellenberg Wittmer

Zurich

Claudio Bazzani , Homburger

Peter Burckhardt , Schellenberg Wittmer

Claudia Fritsche , ENQUIRE Attorneysat-Law Ltd. • Q&A

Andreas D Länzlinger , Bär & Karrer Ltd • Q&A

Simone Nadelhofer , LALIVE • Q&A Flavio Romerio , Homburger Eric Stupp , Bär & Karrer Ltd

Investment Management

Geneva

Caroline Clemetson , Schellenberg Wittmer

François Rayroux , Lenz & Staehelin • Q&A

Olivier Stahler , Lenz & Staehelin • Q&A

Zug

Hannes Glaus , Bratschi AG

Zurich

Sandro Abegglen , Niederer Kraft Frey Ltd

Jürg Frick , Homburger

Catrina Luchsinger Gähwiler , MLL Legal

Stefan D Naegeli , Naegeli & Partners Dominik Oberholzer , Kellerhals Carrard KlG

IP | Patents

Vaud

Ralph Schlosser , Kasser Schlosser avocats

Zurich Thierry Calame , Lenz & Staehelin • Q&A

Lara Dorigo , Pestalozzi

Andri Hess , Homburger

Christian Hilti , Rentsch Partner AG

Simon Holzer , MLL Meyerlustenberger Lachenal Froriep AG

Rudolf A Rentsch , IPrime Legal AG

Michael Ritscher , MLL Meyerlustenberger Lachenal Froriep AG

IP | Trademarks

Berne

Robert Mirko Stutz , Beutler Künzi Stutz Bernard Volken , Troller Hitz Troller & Partners

Peter Widmer , FMP Fuhrer Marbach & Partners

Geneva Michèle Burnier , Pestalozzi Anne-Virginie La Spada-Gaide , BMG

Graubünden

J David Meisser , Meisser & Partners AG

Zurich

Nicola Benz , MLL Legal

Gregor Bühler , Homburger

Sven Capol , E Blum & Co AG

Lara Dorigo , Pestalozzi

Markus Frick , Walder Wyss Ltd

Christoph Gasser , BianchiSchwald LLC

Simon Holzer , MLL Meyerlustenberger Lachenal Froriep AG

Michael Noth , Times Attorneys

Donald N Schnyder , Wild Schnyder AG Roger Staub , Walder Wyss Ltd

Magda Streuli-Youssef , Rentsch Partner AG

Gregor Wild , Rentsch Partner AG

Labour

& Employment

Basel-Stadt

Philippe Nordmann , Walder Wyss Ltd

Geneva

Vincent Carron , Schellenberg Wittmer • Q&A

Alain Gros , MLL Legal

Rayan Houdrouge, Walder Wyss Ltd • Q&A

St Gallen

Angela Hensch , Bratschi AG

Vaud

Rémy Wyler , CBWM & Associés

Zurich

Martina Aepli , MME Legal Tax Compliance

Alfred Blesi , Blesi & Papa

Balz Gross , Homburger

Denis G Humbert , Humbert Heinzen

Lerch Attorneys at Law

André Lerch , Humbert Heinzen Lerch Attorneys at Law

Martin L Müller , Pestalozzi

Roberta Papa , Blesi & Papa

Thomas Pietruszak , Blesi & Papa

Marc Ph Prinz , VISCHER AG • Q&A

Roger Rudolph , Streiff von Kaenel AG

Michèle Stutz , MME Legal Tax Compliance

Adrian von Kaenel , Streiff von Kaenel AG

Life Sciences

Berne

Thomas Eichenberger , Kellerhals

Carrard Bern KlG

Claudio Helmle , Kellerhals Carrard Bern KlG

Peter Widmer , FMP Fuhrer Marbach & Partners

Zurich

Thierry Calame , Lenz & Staehelin • Q&A

Lara Dorigo , Pestalozzi

Lorenza Ferrari Hofer , Schellenberg Wittmer

Philipp Groz , Schellenberg Wittmer

Florian Gunz Niedermann , Walder Wyss Ltd

Andri Hess , Homburger

Christian Hilti , Rentsch Partner AG

Dieter Hofmann , Walder Wyss Ltd

Simon Holzer , MLL Meyerlustenberger Lachenal Froriep AG

Stefan Kohler , VISCHER AG

Andrea Mondini , Times Attorneys

Janine Reudt-Demont , Niederer Kraft

Frey Ltd

Michael Ritscher , MLL

Meyerlustenberger Lachenal Froriep AG

Christian Roos , Pestalozzi

Frank Scherrer , Wenger Vieli Ltd • Q&A

Markus Schott , Bär & Karrer Ltd • Q&A

Markus Wang , Bär & Karrer Ltd • Q&A

Litigation

Basel-Stadt

Christian Oetiker , VISCHER AG

Berne

Georg Friedli , Friedli & Schnidrig

Geneva

Aurélie Conrad Hari , Bär & Karrer Ltd

• Q&A

Sandrine Giroud , LALIVE • Q&A

Saverio Lembo , Bär & Karrer Ltd • Q&A

Miguel Oural , Lenz & Staehelin

Alexander Troller , LALIVE • Q&A

Daniel Tunik , Lenz & Staehelin • Q&A

Zurich

Martin Bernet , Bernet Arbitration / Dispute Management

Roberto Dallafior , Nater Dallafior Rechtsanwälte AG

Felix Dasser , Homburger

Harold Frey , Lenz & Staehelin • Q&A

Karin Graf , VISCHER AG

Balz Gross , Homburger

Peter Hafner, Wartmann Merker Ltd • Q&A

Daniel Hochstrasser , Bär & Karrer Ltd

• Q&A

Urs Hoffmann-Nowotny , Schellenberg Wittmer

Dieter Hofmann , Walder Wyss Ltd

Nadja Jaisli Kull, Bär & Karrer Ltd • Q&A

Laurent Killias , Pestalozzi

Michael Kramer , Pestalozzi

Andrea Meier , Walder Wyss Ltd

Georg Naegeli , Homburger

Peter Reichart , Wartmann Merker Ltd

• Q&A

Thomas Rohner , Pestalozzi

Ernst Felix Schmid, Niederer Kraft Frey Ltd

whoswholegal.com/thought-leaders

M&A

Zurich

Hansjürg Appenzeller , Homburger

Daniel Daeniker , Homburger

Hans-Jakob Diem, Lenz & Staehelin • Q&A

Stephan Erni , Lenz & Staehelin

Tino Gaberthüel, Lenz & Staehelin • Q&A

Frank Gerhard , Homburger

Dieter Gericke , Homburger

Urs P Gnos , Walder Wyss Ltd

Claude Lambert , Homburger

Christoph G Lang , Pestalozzi

Christoph Neeracher, Bär & Karrer Ltd • Q&A

Alex Nikitine , Walder Wyss Ltd

Lorenzo Olgiati , Schellenberg Wittmer

David Oser , Homburger

Urs Schenker , Walder Wyss Ltd

Oliver Triebold , Schellenberg Wittmer

Markus Vischer , Walder Wyss Ltd

Rolf Watter , Bär & Karrer Ltd • Q&A

Martin Weber , Schellenberg Wittmer

Philippe A Weber, Niederer Kraft Frey Ltd

Ulysses von Salis, Niederer Kraft Frey Ltd

Mediation

Geneva

Pierre Kobel , Athena Law

Jeremy Lack , Lawtech

Birgit Sambeth, Altenburger Ltd legal + tax Michael E Schneider , LALIVE

Zurich

James T Peter , Krepper Spring Partners

Urs Weber-Stecher , Weber-Stecher Arbitration Mediation

Private Client

Geneva

Mark John Barmes , Lenz & Staehelin

• Q&A

Aurélie Conrad Hari , Bär & Karrer Ltd

• Q&A

Justine Markovitz , Withers LLP

Xavier Oberson , Oberson Abels SA

Philippe Pulfer , Walder Wyss Ltd

Olivier Sigg , Walder Wyss Ltd

Maud Udry-Alhanko , MLL Legal

Bernard Vischer , Schellenberg Wittmer

David Wallace Wilson , Schellenberg Wittmer

Zurich

Daniel Bader , Bär & Karrer Ltd • Q&A

Ruth Bloch-Riemer , Bär & Karrer Ltd

• Q&A

Andrea Dorjee-Good , Schellenberg Wittmer

Michael Fischer , Fischer Ramp Buchmann AG

Harold Grüninger , Homburger

Patricia Guerra , MLL

Meyerlustenberger Lachenal Froriep AG

Werner Jahnel , LALIVE • Q&A

Daniel Leu , Bär & Karrer Ltd • Q&A

Marnin J Michaels , Baker McKenzie Zurich

Natalie Peter , Blum&Grob Attorneys at Law Ltd • Q&A

Stefanie Pfisterer , Homburger

Heini Rüdisühli , Lenz & Staehelin • Q&A

Tobias Somary , CMS von Erlach Partners Ltd

Mark Summers , Charles Russell Speechlys AG

Kinga M Weiss , Walder Wyss Ltd

Tina Wüstemann , Bär & Karrer Ltd • Q&A

Private Client | Trust & Advisory Services

Geneva

Xavier Isaac , Accuro Trust (Switzerland) SA

Daniel Martineau , Summit Trust International SA

Stella Mitchell-Voisin , Summit Trust International SA

Natacha Onawelho-Loren , Accuro Trust (Switzerland) SA

Paul Tucknott , Saffery Champness

Zurich

Andrew McCallum , Rawlinson & Hunter Switzerland AG

Carolyn Steppler , Credit Suisse AG

Product Liability Defence

Zurich

Lorenza Ferrari Hofer , Schellenberg Wittmer

Dieter Hofmann , Walder Wyss Ltd

Jodok Wicki , CMS von Erlach Partners Ltd

Restructuring & Insolvency

Basel-Stadt

Daniel Staehelin , Kellerhals Carrard Basel KlG

Geneva

Olivier Hari , Schellenberg Wittmer

Zurich

Marc Bernheim , STAIGER Attorneys at Law Ltd

Daniel Hunkeler , Baur Hürlimann AG

Franco Lorandi , HOLENSTEIN BRUSA Ltd | legal & tax

Tanja Luginbühl, Lenz & Staehelin • Q&A Thomas Sprecher , Niederer Kraft Frey Ltd

Brigitte Umbach-Spahn , Wenger Plattner

Karl Wüthrich , Wenger Plattner

Sports & Entertainment

Berne

Patrick Lafranchi , Lafranchi Meyer

Geneva

Sébastien Besson , Lévy Kaufmann-Kohler

Marc Cavaliero , Cavaliero & Associates • Q&A

Brianna Quinn , Lévy Kaufmann-Kohler

Antonio Rigozzi , Lévy Kaufmann-Kohler

Fabrice Robert-Tissot , Bonnard Lawson Alexis Schoeb , LBS Legal

Ticino

Luca Tettamanti , Elite Law SA

Vaud

David Casserly , Kellerhals Carrard

Jorge Ibarrola , Libra Law

Despina Mavromati , BianchiSchwald LLC

Jean-Pierre Morand , Kellerhals Carrard

Claude Ramoni , Libra Law William Sternheimer , Morgan Sports Law

Zurich

Rolf Auf der Maur , VISCHER AG Michele Bernasconi , Bär & Karrer Ltd

• Q&A

Ulrich Haas , Times Attorneys

Gianpaolo Monteneri , Monteneri Sports Law LLC • Q&A

Stephan Netzle , Times Attorneys

Trade & Customs Geneva

Marius Bordalba Layo , TILPAInternational Trade and Investment Law

Daniel C Crosby , King & Spalding LLP

Marina Foltea , Trade Pacts

Todd J Friedbacher , Sidley Austin LLP

Charles Julien , White & Case LLP

Nicolas J S Lockhart , Sidley Austin LLP Stéphanie Noël , S Noël Law Office

Iain Sandford , Sidley Austin LLP

Alan Yanovich , Akin Gump Strauss Hauer & Feld LLP

Transport

Basel-Stadt

Stephan Erbe , ThomannFischer Christian Hochstrasser , ThomannFischer

Berne

Nando Stauffer von May , gbf Attorneys-at-law

Geneva

Laurent Chassot , gbf Attorneys-at-law Frédéric Meyer , Meyer Avocats

Zurich

Raphael Brunner , MME Legal Tax Compliance Regula Dettling-Ott , Dettling-Ott Anwaltsbüro

Lars Gerspacher , gbf Attorneys-at-law

Hans-Ruedi Grob , Blum&Grob Attorneys at Law Ltd

Heinrich Hempel , Schiller Rechtsanwälte

Michael Hochstrasser , Schiller Rechtsanwälte

Giovanna Montanaro , Wartmann Merker Ltd • Q&A

Philippe Wenker , gbf Attorneys-at-law Alexander von Ziegler , Schellenberg Wittmer

events

IAM are excited to continue hosting ground-breaking digital events designed to ensure the IPBC message of sustainable and strategic IP value creation continues to be heard worldwide. Our virtual events portfolio allows for the widest reach of networking, benchmarking and learning opportunities within the IP community.

Where it is safe and practical to do so, we plan to host live conferences across key regional markets in 2021 and beyond.