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Legal market overview

Political instability in the Balkan region has meant that many law firms have seen a slowdown in a number of practice areas owing to diminished foreign investment in the region. In particular, firms have reported a fall in projects and PPP work. However, the exit of several foreign entities has encouraged some domestic growth and an increase in activity by local companies. The banking sector had a turbulent year in 2014 with several struggling Bulgarian banks being placed under government supervision. As a result of the prevailing climate, many law firms have been increasingly active in dispute resolution, restructuring and debt recovery work.

Bulgaria’s previously vibrant energy sector has been somewhat stymied and the majority of energy projects are on hold; as a result, many energy law practices have shifted to dispute resolution work, much of it pertaining to the introduction of grid access fees. The IT and technology sector remains an active area for many firms.

The Bulgarian market is very competitive with domestic firms dominating the legal landscape, including Boyanov & Co, Djingov, Gouginski, Kyutchukov & Velichkov, Spasov & Bratanov, Tsvetkova Bebov Komarevski, Kambourov & Partners and Penkov, Markov & Partners. Schoenherr (in cooperation with Law firm Stoyanov & Tsekova), CMS and Wolf Theiss are the key foreign firms in the market. Kinstellar recently entered the market with the November 2014 opening of a new office in Sofia.

Firms in the spotlight

Delchev & Partners

Delchev & Partners is a prime, full service, commercial law firm, based in Sofia, Bulgaria. Delchev & Partners’ legal solicitors provide comprehensive legal and tax services and solutions to multinational corporations operating in Bulgaria, closely held foreign and Bulgarian businesses, local entrepreneurs, exempt organizations and individuals. Our experienced lawyers in Bulgaria will assist you with any legal issues that you or your business in Bulgaria is facing

Penkov, Markov & Partners

Penkov, Markov & Partners is a leading law firm, providing top quality legal services and legal representation of clients in Bulgaria. Established in 1990, in the wake of the democratic and economic changes in Bulgaria, PM&P is the first Bulgarian law firm to provide qualified and effective legal services to foreign investors and undoubted leader and innovator on the market, an example for many other law offices.

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