Lawyers must also coach sustainability in transactions
In the transaction business, we primarily advise and support non-listed companies. The implementation effort required to comply with new ESG regulations is a cause for concern and the meaningfulness of some ESG expectations is often questioned by SMEs. You have to bring calm into it. In some respects, ESG is certainly a gruesome paper tiger, but a guide to sustainable thinking in the company should also be recognized as contemporary.
In the medium term, it also leads to insights, new competitive opportunities and greater target attractiveness, i.e. also for financing issues and for the value of the company. Many well-known investors expect targets to be positioned sustainably. Because we have a close and personal legal relationship with managing directors and shareholders, often in one person, especially in the case of family companies, we have to catalyze ESG issues in the early phase of an acquisition process — i.e. explain what is important and what is not — and also coach what is necessary.
We simply have to be vigilant when it comes to data protection. The protection of personal and company data plays a particularly important role in the due diligence process. However, it is also challenging for the acquiring company to comply with all relevant regulations when addressing business customers when implementing the transaction, particularly in the case of an asset deal. If, for example, the transfer of customer data is part of the transaction, as a lawyer you have to do a lot to promote a good understanding of EU data protection rules, especially with investors from other EU countries.
We are very well positioned when it comes to data security. Of course, communication between lawyer and client must be free of obstacles, but as soon as confidential information is transmitted, it’s “safety first”. To this end, we have employed a qualified computer scientist for our IT department, who has brought us and all our processes up to date and is constantly pointing out new developments. Data security is a top priority for us.
We are heading towards the third generation. Mr. Haver and my father founded the firm 60 years ago. We are now 60 years young, and our average age is actually much younger than old. Fortunately, our law firm is on the radar of young lawyers. We receive many excellent applications and are spoiled for choice. Generation Z is highly motivated here! Of course, the workload and environment is different today than it was 25 years ago, but almost everything is different.
We are well positioned, the ambitious young professionals quickly find their consulting niches, e.g. I recently learned a lot about the pitfalls of digital transformation or transactions with medical device companies. And I think that our approach of only hiring young colleagues who we believe are capable of making the leap into partnership and involving young colleagues in the work of our clients at an early stage, directly and responsibly, is in keeping with the times. In any case, thanks to the quality of our young team, we seem to be on the right track here.
About Dr. Peter Mailänder
Managing partner of HAVER & MAILÄNDER since 2013 and mainly active in the areas of corporate law and M&A. He represents international corporations as well as medium-sized companies. Peter Mailänder has received several awards for his ability to structure companies and accompany disputes as well as bring M&A transactions to a successful conclusion.
Peter Mailänder is currently a member of foundation and several supervisory boards and a speaker on various corporate law topics.