Deposition welding of components using the laser metal deposition (LMD) process is a proven method of creating 3D structures. It is used for the manufacturing of components, the repair of machine parts and for cladding. Up to now, claddings have mainly been investigated in the flat welding position. Some investigations on deposition welding in vertical orientation are available with different processes. For the cladding of large components, welding in the vertical direction offers advantages. So far, there are no investigations on the LMD process with coaxial wire feeding when welding in vertical direction. Therefore, in this study, the influence of the welding direction, i.e., vertical down and vertical up weld seams, and the influence of the welding speed are investigated. Single weld seams, claddings and a wall are welded. A stable welding process could be achieved for a welding speed parameter window of 100 to 1000 mm/min. The results show that there is a statistical correlation between the welding direction and the waviness of the weld seams. Vertical up weld seams have a lower waviness. Another influence on the waviness is the welding speed. As the welding speed decreases, the waviness increases. The weld seam geometry is strongly dependent on the welding direction. With vertical down weld seams, the width and height of the weld seam vary depending on the distance welded. This can be attributed to the influence of the gravitational force. Vertical up weld seams, on the other hand, have a more uniform shape.