From Bech-Bruun's perspective, 2020 was characterised by huge unpredictability, a widely fluctuating level of activity and a year-end kicked into high gear. However, given the COVID-19 pandemic's impact on the past year, Bech-Bruun's result for the year is satisfactory and exceeds expectations.
At the beginning of 2020, Bech-Bruun's strategy and growth plans for the new year were ready, defining our course towards additional digital and international activities. However, 2020 soon proved to be the year of resetting most plans and strategies and taking new routes.
A new reality
The conditions for operating a law firm and the need for legal advisory services of both Danish and non-Danish clients changed significantly in very little time during the spring of 2020.
For that reason, Bech-Bruun's result for 2020 in terms of revenue underperforms the originally budgeted one at the beginning of the financial year, yet it still exceeds our expectations, particularly in light of the past year's global pandemic and the resulting unpredictability for our clients.
"During the past year, we have managed to generate a satisfactory increase in terms of revenue which, in particular, is due to the strong activity we experienced towards the end of the year. Even though 2020 held major challenges, we succeeded in steering the year across the finishing line, and we are quite satisfied with the overall result," says Steen Rode, Chief Executive Partner of Bech-Bruun.
Bech-Bruun's 2020 revenue totals DKK 852.9m, corresponding to an increase of 2.7% on the year before. This increase has been driven by the prosperous trends in a number of our areas of expertise and the strong activity recorded in the final months of the year. And, in consideration of the high uncertainty that marked 2020, the result for the year is satisfactory.
Looking towards the future
After an unusual year characterised by changes and digitalisation, we believe that Bech-Bruun is well-prepared for a new year with a high level of activity, domestically and internationally. And according to Steen Rode our sound 2020 results bode well for our future:
"We are pleased to have started well at a high activity level during the first months of 2021. And, in consideration of Denmark having reached its first stage of reopening and in view of any positive spillover effect, we expect as a minimum to be able to maintain 2020's growth in terms of revenue."
The growth estimate is based on a continued positive trend within all our areas of legal expertise and, in particular, the expectation that M&A activities will increase substantially. Accordingly, collaboration will also be indicative of Bech-Bruun's work in 2021, and we are looking forward to launching new and exciting projects in the time to come.