The world-wide coronavirus pandemic may have grounded airlines and closed the door on physical meet-ups, but the newest member of Eurojuris is not letting that get in the way of building international connections.
Lögmál is the second Icelandic firm to join Eurojuris as a partner firm, there being no national association within the network. The seven-lawyer firm has an existing international portfolio and is keen to develop new relationships and connections to support its cross-border work. The firm is based in Reykjavik, which is home to more than half of the Icelandic population.
Working mostly for small and medium sized companies, the firm also has a reputation for its work supporting non-governmental organisations (NGOs). Clients range across sectors, with many in banking, fishing, construction and tourism, which reflects the country’s economic profile.
Known as the land of fire and ice, Iceland has built a reputation as a popular travel destination, with tourists drawn by the country’s magnificent natural landscape, with its glaciers, waterfalls and volcanoes. The country’s fishing activities are equally well known, but the country also has a significant manufacturing sector and large aluminum reserves. For those interested in building business, there are incentives offered to companies investing in certain commercial operations, where there will be benefit to the Icelandic economy and society - such as job creation or knowledge-sharing.
The legal system is based on civil law and the country is a member of the EEA. The EU’s commercial regulations and directives are effective in Iceland, except in a few limited areas.
Iceland's language is famously difficult to grasp and is based on a North Germanic language similar to Old Norse, but most Icelanders are fluent English speakers and many speak other Nordic or European languages.
Magnús Óskarsson is one of the partners at the firm of Lögmál. His work is focused on contract and corporate law and litigation, and he is a graduate of the New York University School of Law, where he studied for his Master of Laws in banking, corporate, finance, and securities law.
“Some examples of the firm’s recent cross-border work include helping a Swiss company set up a factory here; the implications of Icelandic inheritance law for Canadian clients; an ongoing white collar criminal investigation with various cross-border elements; and debt collection from international creditors collecting from entities or individuals in Iceland,” said Magnús.
He added: “As a small firm, Eurojuris felt well suited to us. It brings us into contact with other small and medium sized firms where we can build valuable relationships and refer our clients, and we value the global network of accredited and reputable lawyers.”
The firm has already started to break the ice with other members, with Magnús meeting up via Microsoft Teams with Sven Farbrot of Advokatfirma Tofte DA in Norway, and dates being identified from the network’s online event schedule.
“The strength and value of our network lies in the quality, commitment and reach of our member base, so we are very pleased to welcome the lawyers and staff at Lögmál,” said Olivier Vibert, Eurojuris president. “I would encourage all our members to watch out for them in our online events, and to make direct connection where they can see opportunities for working or learning together.
“We are committed to growing our membership across the world and with the technology we each have at our disposal, opportunities to interact and connect remain as strong as ever, even if they are somewhat different to our usual style of networking. Equally, I am sure we are all looking forward to getting back together across the table, and breaking the ice in the more usual way, face to face.”
The other Icelandic member of Eurojuris is Jonatansson & Co Legal Services, a full-service firm specialising in company and commercial law. Hrob Jonatansson, the founding partner was profiled when the firm joined Eurojuris in 2013. Read more
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