Austrians have learned to make much of their relations with the East. Having played such a crucial role as a neutral ground during the Cold War, Austria went on to serve as a lynchpin for East-West business in the 1990s. Now, with this year’s expansion of the European Union (EU) complete, Austrian law firms are looking ahead to the next wave of EU entrants for business opportunities.
This is not to suggest that Austria is not doing well on its own account as a business location – according to the Spring report from the European Commission, it ranks as the third most popular target for foreign investors, with € 1.27bn (£858.7m) flowing into the country last year. The country also suffered less from Europe’s economic slowdown. “The opening of the east has detached Austria from the German downturn, keeping law firms busy,” says Binder Grosswang partner Michael Kutschera.
