photo-1450101499163-c8848c66ca85A leading Hungarian commercial bank had been offered securities held on a securities account owned by a “Sparverein,” a specific Austrian legal entity similar to a savings club, as collateral for a credit agreement with a separate entity. As the bank was unfamiliar with the corporate form of a Sparverein, and the laws applicable for such entities, it raised several questions and the bank wanted to ensure that its collateral would be valid and enforceable. These questions, among others, related to whether the Sparverein is allowed to offer its funds as collateral in general, and with respect to loans granted to a third party in particular, as well as the enforceability of the security deposit in a liquidation procedure or any other insolvency situation.

The bank, being a key client of ILN Hungarian member, Jalsovszky Law Firm, approached the firm to get their assistance with the matter in Austria. Partner Gábor Pázsitka contacted Dr. Andreas Bauer of the ILN’s Austrian firm, Brauneis Klauser Prändl Rechtsanwälte GmbH (bkp), and following the necessary administration, bkp examined the case further and learned it would be a challenging one.

Mr. Pázsitka says that

Thanks to the excellent cooperation between bkp and our firm, we managed to understand the client’s needs so that the Austrian legal opinion could address all the relevant issues. As a result, bkp delivered a thorough and comprehensive legal analysis, which has recently been forwarded to the client. We trust that they will be satisfied with bkp’s opinion and thereby, the case could be successfully closed.”

Through the cohesive work of ILN member firms, the client was able to wade through the challenges of this case and reach a successful conclusion.

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Photo of Lindsay Griffiths Lindsay Griffiths

Lindsay Griffiths is the International Lawyers Network’s Executive Director. In this capacity, Ms. Griffiths is responsible for the oversight and management of day-to-day operations of the International Lawyers Network (ILN). She develops strategies and implementation plans to achieve the ILN’s goals, and handles…

Lindsay Griffiths is the International Lawyers Network’s Executive Director. In this capacity, Ms. Griffiths is responsible for the oversight and management of day-to-day operations of the International Lawyers Network (ILN). She develops strategies and implementation plans to achieve the ILN’s goals, and handles recruitment, member retention, and a high level of service to members. She is engaged in the legal industry to stay on top of trends, both in law firms and law firm networks.

In her role as Executive Director, she develops and facilitates relationships among ILN member firm lawyers at 90+ law firms in 67 countries, and seeks opportunities for member firms to build business and relationships, while ensuring member participation in Network events and initiatives. These initiatives include facilitating referrals, the management and execution of the marketing and business development strategy for the Network, which encompasses all communications, push-down efforts, and marketing partnerships, providing support and guidance to the chairs and group leaders for the ILN’s thirteen practice and industry specialty groups, the ILN’s women’s initiative, the ILN’s mentorship program, the management and execution of all ILN conferences, and more.

JD Supra Readers Choice Top Author 2019

During her previous tenure as Director of Global Relationship Management, the ILN has been shortlisted as a Global Law Firm Network of the Year by The Lawyer for 2016 and 2017, and included as a Chambers & Partners Leading Law Firm Network since 2011. She was awarded “Thought Leader of the Year” by the Legal Marketing Association’s New York chapter in 2014 for her substantive contributions to the industry, and was recently included in Clio’s list for “34 People in Legal You Should Follow on Twitter.” She was also chosen for the American Bar Association Journal’s inaugural Web 100‘s Best Law Blogs, where judge Ivy Grey said “This blog is outstanding, thoughtful and useful.” Ms. Griffiths was recently chosen for as a Top Author by JD Supra in their 2019 Readers’ Choice Awards, for the level of engagement and visibility she attained with readers on the topic of marketing & business development. She has been the author of Zen & the Art of Legal Networking since February of 2009.