LAWFUEL – Freshfields Bruckhaus Deringer’s Hungarian office is to split from the firm, it was announced yesterday.
The five-partner Budapest operation, which will take the name of Oppenheim, is to become an independent practice in the region from 1 November due to a desire by the Hungarian partners to undertake more local work.
The 28-lawyer office, which was founded in 1989, is set to retain all legal and support staff and is currently in discussions over who will head the practice.
Freshfields announced that the split was mutual and the office will act as a preferred referral firm in the region, although it will not be an exclusive relationship.
Freshfields Budapest equity partner Ulrike Rein, who has chosen to transfer to the new firm, commented: “This is an important development for the Hungarian market and it will give us flexibility in the market in the future. The break was a mutual decision between us and Freshfields.”
Freshfields Germany and Central and Eastern European managing partner, Manfred Finken, said: “The changes will allow Freshfields to focus on transactions and matters where we can add value through our extensive deal experience, sector expertise and our international network, while Oppenheim will be able to provide a full service in all the areas of interest to it and to local clients.’