Skadden moves to close Vienna office
Skadden Arps Slate Meagher & Flom has announced the imminent closure of its Vienna office following a strategic review.
The Vienna office’s only partner, corporate lawyer Rainer Wachter, will leave Skadden and take up a role with Austrian firm CMS Reich-Rohrwig Hainz, which was Skadden’s alliance partner in Austria since the firm entered the Austrian market in 1993. Wachter will continue to take on work for Skadden as external counsel.
According to Frankfurt corporate transactions and capital markets partner Stephan Hutter, the firm opened the Austrian office after Wachter expressed the desire to move there, and may not have closed if Wachter hadn’t expressed the desire to leave the firm. He added that the Vienna office was never big enough to handle large capital markets transactions, and the firm had determined that it was more cost effective to use other branches and external firms to cover work in Austria.
He said: “Nobody was forcing Rainer out, it was a strategic decision which coincided with his plans for early retirement.”