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Legal market overview
The global economic crisis dealt a blow to the Bulgarian market that has resulted in the bankruptcy of many small and medium enterprises. This has led to a significant rise in the number of commercial litigation and competition proceedings as well as restructuring and debt recovery work. Energy has been a particular area of growth in Bulgaria for a number of years and it is the focal point for many law firms in the market, particularly in the renewables sector, although the recent introduction of grid access fees for renewable energy producers will undoubtedly have an effect on investment in the sector in the near future. Despite this, there is still substantial interest in projects that are already up and running.
Market-leading local firms such as Boyanov & Co and Djingov, Gouginski, Kyutchukov & Velichkov are facing stiff competition from increasingly high-profile firms such as Spasov & Bratanov, Tsvetkova Bebov & Partners, Attorneys-at-Law, Kambourov & Partners and Penkov, Markov & Partners, as well as foreign firms, chiefly CMS Cameron McKenna LLP – Bulgaria Branch, Wolf Theiss and Schoenherr (in cooperation with Law firm Andreev, Stoyanov and Tsekova).