Blick von außen auf den deutschen Rechtsmarkt

For quality, the only rival to Hengeler is still the Bruckhaus Deringer megalith, but it did show the first signs of post-merger fallout last year. A key Munich private equity team quit for US newcomer Milbank Tweed Hadley & McCloy , shattering the illusion of Freshfields' teutonic cultural supremacy. Worse, it hinted at tensions between London and Germany. Freshfields has suffered no further losses and, unlike the other big UK firms, has not retrenched. Clifford Chance, Linklaters and Lovells have all culled German partners, with Clifford Chance pulling out of Berlin completely. At Linklaters some partners were so unhappy with the terms of their de-equitisation, they threatened to dissolve the firm's global partnership. Norton Rose also had a troubled year, spin…