Insight

An Interview With Walter Uebelhoer of Allen & Overy, 2019 "Law Firm of the Year" Award-Winner for Banking Law in Germany

Best Lawyers CEO Phillip Greer in conversation with the leading attorney at the Allen & Overy, a 2019 "Law Firm of the Year" winner.

LFOTY Q&A With Walter Uebelhoer
Best Lawyers

Best Lawyers

August 23, 2018 11:10 AM

Walter Uebelhoer, of 2019 German “Law Firm of the Year” award-winning firm Allen & Overy, says he began his work in banking and finance law by accident—or perhaps a stroke of good luck. In an interview with Best Lawyers CEO Phillip Greer, Uebelhoer discusses the trends he sees in the banking sector, the global rise of the “Schuldschein,” his notable cases, and the anticipated impact of legal technology in the field.

Phillip Greer: What achievements from this past year do you feel led to your winning “Law Firm of the Year” in banking?

Walter Uebelhoer: We entered into a new generation of leadership this year, while still keeping our top clients, top mandates, and top instructions. There were originally three partners that set up the banking part of the firm in Germany in the late 1990s and early 2000s. Of those, one has retired, one is still with us, and one has moved on, so now it’s really the next generation that has to pull the wagon and represent the firm. Despite that big shift, our clients are focused on the team we have now and I think we managed to really stay on top of the market. This sort of shift in leadership is always a challenge but we have managed it quite well.

Can you tell me about one or two landmark cases you’ve handled from this past year or the last couple of years?

One was helping Siemens Gamesa Renewable Energy (a multi-billion dollar company) set up new and independent financing from its predecessor companies, Siemens and Gamesa. As for my colleagues, Thomas Neubaum and Bianca Engelmann definitely stand out. They successfully completed the merger financing between Hapag-Lloyd and UASC, which was one of the most prominent mergers in the shipping scene. Also, my restructuring partners Peter Hoegen and Bernhard Herding have had prominent roles with Kathrein, which was a big group of international companies that needed restructuring. Finally, I would like to point out our real estate finance practice, which is represented by Olaf Meisen, who financed the acquisition of 85 real estate properties for Patrizia. He was also on the financier side for a $1.7 billion acquisition financing of OfficeFirst by Blackstone—that’s the biggest acquisition of commercial real estate in the last 10 years in Europe.

Are there any trends or changes you witnessed within the banking sector in recent years? How do you see those playing out in the near future?

The rise of debt funds in the acquisition finance space has made a big impact. A flood of debt funds started doing business in Germany—we now have about 80 active debt funds providing acquisition finance in a number of different structures. These have cut out a significant piece of the banks business in the leveraged finance space. I also think that banks will be under pressure to consolidate in Europe, particularly if the low-interest period will continue for a few years. I expect we'll have fewer and stronger banks emerging from the current situation who will then compete head-on with these debt funds.

Another development that's notable is the rise of the German “Schuldschein,” which was an investment grade corporate loan and is traditionally not more than 10 or 15 pages long. The Schuldschein has become quite prominent, and issuers now range from pretty much everywhere in Europe. People are investing from anywhere in the world. There's still a majority of German-speaking issuers and investors, but this market has enlarged quite significantly over the last few years.

The other development that will shape interactions with banks and lawyers is the rise of legal tech. Automation will continue to grow. A driver of this will also be the war for talent. Law firms generally struggle with finding sufficient talent in the top bracket. The pool is just, structurally, not big enough to satisfy every law firm's needs, so law firms will face capacity constraints and that will continue to drive automation.

Is there anything else that you'd like to share about your firm or practice area?

I think what makes this firm stand out is its spirit. There are close personal relationships and shared goals amongst all the people in this firm. The partners are working together globally—so instead of many similar franchises in various countries, it's one very homogeneous firm, all across the globe. This is something that our clients value and that makes people stay with us. It makes them proud to be part of it.


Related Articles

An Interview With Latham & Watkins


by Best Lawyers

Germany's 2020 “Law Firm of the Year” honoree in Banking and Finance Law

An Interview With Latham & Watkins

Announcing The Best Lawyers in Germany™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Germany.

Black, red and yellow stripes

Announcing The Best Lawyers in Switzerland™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Switzerland.

Red flag with white cross

Announcing The Best Lawyers in Austria™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Austria.

Red and white stripes

Announcing The Best Lawyers in Italy™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Italy.

Green, white and red stripes

Announcing the 2022 Best Lawyers in Colombia™


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers in Colombia™

Announcing the 2022 Best Lawyers in South Africa™


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing 2022 Best Lawyers in South Africa

Announcing the 2022 Best Lawyers™ in Austria


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers™ in Austria

Announcing the 2022 Best Lawyers™ in Switzerland


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers™ in Switzerl

Announcing the 2022 Best Lawyers™ in Germany


by Best Lawyers

The results include an elite field of top lawyers and firms, including our inaugural Best Lawyers: Ones to Watch recipients.

Announcing the 2022 Best Lawyers™ in Germany

Announcing the 2022 Best Lawyers™ in Russia


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers™ in Russia

Announcing the 2022 Best Lawyers™ in Australia


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers™ in Australi

The 2021 Best Lawyers in Canada


by Best Lawyers

Featuring the top legal talent in Canada.

Best Lawyers Canada 2021 Homepage Image

Announcing the 2021 Best Lawyers in Mexico


by Best Lawyers

For the twelfth year, honoring the top lawyers and firms in Mexico.

2021 Best Lawyers in Mexico

Announcing the 2021 Best Lawyers in Spain


by Best Lawyers

Featuring the nation's top 2 percent of practicing lawyers.

2021 Best Lawyers in Spain

Announcing the 2021 Best Lawyers in South Africa


by Best Lawyers

For the 12th Edition, Best Lawyers recognizes the top 2 percent of practicing lawyers in the nation.

2021 Best Lawyers in South Africa

Trending Articles

Announcing the 2023 The Best Lawyers in America Honorees


by Best Lawyers

Only the top 5.3% of all practicing lawyers in the U.S. were selected by their peers for inclusion in the 29th edition of The Best Lawyers in America®.

Gold strings and dots connecting to form US map

Announcing the 2022 Best Lawyers® in the United States


by Best Lawyers

The results include an elite field of top lawyers listed in the 28th Edition of The Best Lawyers in America® and in the 2nd Edition of Best Lawyers: Ones to Watch in America for 2022.

2022 Best Lawyers Listings for United States

2021 Best Lawyers: The Global Issue


by Best Lawyers

The 2021 Global Issue features top legal talent from the most recent editions of Best Lawyers and Best Lawyers: Ones to Watch worldwide.

2021 Best Lawyers: The Global Issue

The U.S. Best Lawyers Voting Season Is Open


by Best Lawyers

The voting season for the 31st edition of The Best Lawyers in America® and the 5th edition of Best Lawyers: Ones to Watch® in America is officially underway, and we are offering some helpful advice to this year’s voters.

Golden figures of people standing on blue surface connected by white lines

How To Find A Pro Bono Lawyer


by Best Lawyers

Best Lawyers dives into the vital role pro bono lawyers play in ensuring access to justice for all and the transformative impact they have on communities.

Hands joined around a table with phone, paper, pen and glasses

What the Courts Say About Recording in the Classroom


by Christina Henagen Peer and Peter Zawadski

Students and parents are increasingly asking to use audio devices to record what's being said in the classroom. But is it legal? A recent ruling offer gives the answer to a question confusing parents and administrators alike.

Is It Legal for Students to Record Teachers?

How Palworld Is Testing the Limits of Nintendo’s Legal Power


by Gregory Sirico

Many are calling the new game Palworld “Pokémon GO with guns,” noting the games striking similarities. Experts speculate how Nintendo could take legal action.

Animated figures with guns stand on top of creatures

The Best Lawyers in Australia™ 2024 Launch


by Best Lawyers

Best Lawyers is excited to announce The Best Lawyers in Australia™ for 2023, including the top lawyers and law firms from Australia.

Australian Parliament beside water at sunset

Inflation Escalation


by Ashley S. Wagner

Inflation and rising costs are at the forefront of everyone’s mind as we enter 2023. The current volatile market makes it more important than ever to understand the rent escalation clauses in current and future commercial lease agreements.

Suited figure in front of rising market and inflated balloon

Best Lawyers: Ones to Watch in America for 2023


by Best Lawyers

The third edition of Best Lawyers: Ones to Watch in America™ highlights the legal talent of lawyers who have been in practice less than 10 years.

Three arrows made of lines and dots on blue background

A Celebration of Excellence: The Best Lawyers in Canada 2024 Awards


by Best Lawyers

As we embark on the 18th edition of The Best Lawyers in Canada™, we are excited to highlight excellence and top legal talent across the country.

Abstract image of red and white Canada flag in triangles

8 Different Types of Criminal Defenses in Law


by Best Lawyers

Learn about the different types of criminal defenses available in law, including innocence, self-defense, insanity and more. Protect your rights today.

Silver handcuffs laying on finger printed papers

Wage and Overtime Laws for Truck Drivers


by Greg Mansell

For truck drivers nationwide, underpayment and overtime violations are just the beginning of a long list of problems. Below we explore the wages you are entitled to but may not be receiving.

Truck Driver Wage and Overtime Laws in the US

The Upcycle Conundrum


by Karen Kreider Gaunt

Laudable or litigious? What you need to know about potential copyright and trademark infringement when repurposing products.

Repurposed Products and Copyright Infringemen

Choosing a Title Company: What a Seller Should Expect


by Roy D. Oppenheim

When it comes to choosing a title company, how much power exactly does a seller have?

Choosing the Title Company As Seller

The 2024 Best Lawyers in Spain™


by Best Lawyers

Best Lawyers is honored to announce the 16th edition of The Best Lawyers in Spain™ and the third edition of Best Lawyers: Ones to Watch in Spain™ for 2024.

Tall buildings and rushing traffic against clouds and sun in sky