Historical presence, depth of practices and international services: the key factors of success at BSP

Managing Partner Alain Steichen of one of the top performers in the Grand Duchy’s legal landscape, Bonn Steichen & Partners (BSP), tells us more about what has been accomplished in 2020 and the perspectives for 2021.

Posted Wednesday, January 27th 2021
Historical presence, depth of practices and international services: the key factors of success at BSP

Alain Steichen

“BSP’s investment management “ department has been very active in ESG and sustainable finance".

 

LEADERS LEAGUE. How has the firm developed in 2020? Any new team members or areas of specialization worth discussing?

Alain Steichen. The beginning of 2020 saw the promotion of Evelyn Maher to head of the investment management practice, with the strategic objective to strengthen the department and better assist international and financial clients in navigating through the complexity of Brexit, advising on the compliance with all aspects of the regulatory regime applicable to investment funds in Luxembourg. Our banking and financial services department has been proactive as well, supporting, as a founding member, the launch of the Luxembourg Capital Markets Association (LuxCMA), which has the objective to meet and discuss with other key players in the industry and improve the services provided to clients. In addition, our litigation, employment and data protection departments have been involved in an innovative project alongside French legaltech Predictice, which offers an effective technological automated tool of analysis that enables us to offer our clients faster, more targeted and more tailored responses.

 

Is BSP deploying any new expertise, perhaps addressing new trends in the market?

BSP’s investment management department has been very active in ESG and sustainable finance, which are hot topics at the moment. The recent turbulence in the markets is accelerating many existing trends and driving new practices to the market quicker than ever contemplated. The importance of sustainability as a strategic competitive factor is key for investors. Private clients are looking for their money to be invested in accordance with environmental, social and governance (ESG) principles and in investments, which have an impact on society. Luxembourg has an enormous opportunity to build upon its existing experience and expertise in finance and investment funds to ensure that there are suitable products on the market to meet the demand for these types of investments. Given the stable regulatory environment and the strong infrastructure around funds there is a real opportunity in the next future to attract financial providers such as insurance companies, asset managers, banks, investment firms and occupational pension funds.

‘‘Being an independent full-service law firm enabled us to be more responsive and proactive to support our clients throughout the Covid crisis’’

Recently you opened a Nordic desk. What differentiates it from competitors’ Nordic desks?

BSP’s Nordic desk was launched to better adapt and quickly respond to the highly increasing demand of Nordic financial institutions that have decided to set up their business in Luxembourg to distribute their funds globally. Led by Isabel Høg-Jensen, who is of Nordic origin, BSP’s Nordic desk has a deep understanding both of the Nordic market and the requirements and constraints of Luxembourg stakeholders (service providers and regulators).

 

You already have four country desks. Do you plan to open others?

Our different country desks (French, German, Italian and Nordic) have proven to be successful, as the cross-practice teams involved allow us to better focus on understanding our international clients’ needs and assist them with in-depth local, cross-border legal and regulatory expertise. Our teams of lawyers are experts on their native countries as well as on Luxembourg’s legal framework, and have a deep knowledge of the social, economic and cultural aspects of each country, giving us an incalculable added value. We have no other country desk launches planned at the moment.

 

Has the Covid crisis emphasized the importance of your Luxembourg presence?

The Covid crisis has had a significant impact: we had to quickly adapt to a different way of working and interaction with our clients. Being an independent full-service law firm enabled us to be more responsive to and proactive with our clients’ different requests and to support them in the face of unexpected new challenges, independently of the regular services we usually provide them.