Insight

An Interview With Cornelia Thaler of Clifford Chance Deutschland

The head of Clifford Chance Deutschland's 2019 German "Law Firm of the Year" winning practice discusses the future of German real estate.

Law Firm of the Year 2019 Clifford Chance
Best Lawyers

Best Lawyers

November 29, 2018 03:59 PM

For a firm as successful as Clifford Chance, the 2019 “Law Firm of the Year” winner in Germany for its real estate practice, it might be tempting for its lawyers to rest on their laurels. Not Cornelia Thaler. In an interview with Best Lawyers CEO Phillip Greer, she calls Complacency “dangerous,” and highlights her firm’s unique mentorship structure.

What inspired you to focus on real estate law in this market?

I didn’t enjoy my studies at university, so I was looking for a job. I was fortunate to find work for a real estate firm, which bought high rises, then turned them into condominiums and sold them. That, really, was my entry into the real estate world.

What led you to join Clifford Chance? Why this firm?

I wanted to do M&A in commercial corporate law, which is what a lot of people wanted to do at that time. So, I was applying for jobs in that direction and when I came across a job advert to become a real estate lawyer, I realized how well it matched up to my earlier work I found so rewarding.

What achievements are you most proud of from this past year?

What I am most proud of is the amount of innovative client work we did in a unique team approach. I am thinking for example of the IPO on the Singapore stock exchange, which financed a $1.5 billion transaction that closed coincidentally, which was something we really hadn't done before. Our work this year showed that we continue to get better; that all our efforts and the innovation we have put into our business are paying off.

We had a twofold focus in our work: Firstly we wanted to further increase our client work, which we managed again this year, secondly, we are concentrating on improving our knowledge base, mentorship, and thus retaining and developing excellent the lawyers in our teams. And we did all this while at the same time maintaining our KPI, the key performance indicator, both on a financial level and on a metric of accomplishment level. I’m truly proud of what we have achieved in the commercial arena.

It's not always easy to keep a team happy when there is a lot of work to do. We are constantly trying to figure out what is that tipping point, if you will, where people are enthusiastic to work efficiently and with commitment. Generational differences, as well, pose a unique set of challenges.

Working in a people business such as legal advice, you constantly have to manage these team issues. Our clients want teams who are motivated, agile, and full of positive energy. Bringing this energy, these ideas to the clients, that’s one more thing our firm does well.

Can you tell me about one or two landmark cases that really stand out to you?

I am actually quite proud of one case, as it was handled in the midst of the real estate recession. The deal was a $5 billion residential privatization transaction. The deal was most prestigious at the time and steered us safely out of the recession phase. But beyond the favourate timing, the case had a highly complex technical structure and was in no way an easy win. This case very much helped to establish the particular profile and reputation that our real estate group has today.

Another case about three years ago was the $1.5 billion acquisition of the Potsdamer Platz property in Berlin for Brookfield. We helped our client to transact in a very short time frame. Berlin has become a spectacular real estate market in the meantime, prices have gone up by 20 to 30 percent since then.

Can you talk a little bit about what kind of mentorship programs your firm has?

In Germany, legal studies have not changed much over the past 50 years. To become a lawyer you don't have to to go abroad, you don't need to learn English or other foreign languages, you don't learn how to use legal technology, you don't learn anything about Excel at university: in essence you don't get an idea of what lawyers will need for the future.

On of our response to this: our firm started a cooperation with Frankfurt university, with the intention of developing an educational program for “the lawyer of the future.”

Mentorship starts for us at an early stage, when our potential future associates work as trainees with us. We and they can find out how it is to work in our team. Of course, we offer those junior people a lot of training opportunities inhouse. That's why we have set up the Clifford Chance Academy, which has been a market brand for years now and really offers outstanding education for postgraduates or trainees in Germany. In this system, a partner or counsel acts as a senior mentor, and we also have our junior associates act as junior mentors. This latter role is crucial to the program, as the trainees are more comfortable to speak to someone closer to their own age and status about their worries and the concerns. The program also covers the less attractive but highly relevant realities and details of legal practice. We believe that you have to be able to also deal with this nitty gritty stuff in order to be as complete and successful an advisor as you need to be in order to master the most high-level areas of practice as well.

How does your firm stay agile against competitors in this practice?

Don’t get complacent. Always be better and work harder than the rest. Don't let success lull you. Keep taking stock of tomorrow’s issues, be ahead of the curve, go the extra mile. This may not sound very specific, but it's the simple truth. We are the undisputed number one legal advisor in the real estate market, and have been for years. Keeping that lead and the energy to maintain it and to convince our clients again and again to trust us with their most vital work is very, very difficult. If you don't keep working harder than the others, then you will soon have lost this lead. Do celebrate your success by all means, but then do ask yourself: Okay, what's next to stay ahead of the curve?

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 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 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 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 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

Announcing the 2021 Best Lawyers in Portugal


by Best Lawyers

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

2021 Best Lawyers in Portugal

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

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

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

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

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?

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

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

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

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

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

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