| The largest firms | ||
| 1 | Penkov, Markov & Partners | 52 |
| 2 | Djingov, Gouginski, Kyutchukov & Velichkov | 43 |
| 3 | Kambourov & Partners | 40 |
| 4 | Batkov & Associates | 39 |
| = | Borislav Boyanov & Co | 39 |
| 6 | Georgiev, Todorov & Co | 32 |
| 7 | Penev & Partners Law Offices | 27 |
| 8 | CMS Cameron McKenna EOOD | 23 |
| 9 | Kolcheva, Smilenov, Koev and Partners, Law Firm | 22 |
| 10 | Arsov Natchev Ganeva | 20 |
| = | Eurolex Bulgaria Limited | 20 |
| 12 | Dimitrov, Petrov & Co | 18 |
| = | Landwell Bulgaria | 18 |
| = | LEGACOM Antov & Partners Law Firm | 18 |
| 15 | Schönherr | 17 |
| 16 | Dobrev, Kinkin & Lyutskanov Law Firm | 16 |
| 17 | PI Partners | 15 |
| = | Simeonov & Dermendjiev | 15 |
| = | Varadinov & Co Attorneys-at-Law | 15 |
| 20 | Borissov Law Office | 14 |
| 21 | Atanassov & Ivanov Law Firm | 13 |
| 22 | Dimitrov, Tchompalov & Todorova Ltd | 12 |
| = | Goleminov & Goleminov | 12 |
| = | Gugushev & Partners | 12 |
| = | Spasov & Bratanov | 12 |
Overview
The legal market continues to be dominated by the leading domestic firms. Borislav Boyanov & Co and Djingov, Gouginski, Kyutchukov & Velichkov remain the two pre-eminent firms across nearly all legal specialisms. Other firms such as Georgiev, Todorov & Co, Penkov, Markov & Partners, Spasov & Bratanov and Kambourov & Partners are seen by international clients as capable of meeting European standards and of handling complex, cross-border transactions.
The arrival of DLA Piper Weiss-Tessbach in late 2006 is perhaps a sign that international and European firms are taking an increased interest in the Bulgarian market. CMS Cameron McKenna EOOD is the only other major global player present in the market. Whilst it is expected that 2008 and 2009 may bring one or two further international entrants to Bulgaria, the general consensus is that the market is simply not large enough or strong enough to draw many more foreign firms. Regionally, the proximity of both the developing Bucharest and the well-established Vienna legal hubs means that few multinational firms feel the pressing need for a branch office within Bulgaria itself; they feel comfortable running Bulgarian transactions from their regional outposts and working in conjunction with the larger domestic firms when local expertise is required.
Smaller, regional legal networks have a presence in Sofia, mainly to provide local support on cross-border SEE transactions. Greek firms KLC Bulgaria EOOD, PI Partners and IKRP Rokas & Partners OOD all have small Sofia-based operations, as do Austrian firms CMS Reich-Rohrwig Hainz and Schönherr, and Italian network Studio Legale Sutti.
Law developments in Bulgaria
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Employment Termination Compensation
A common issue which underlies a great portion of employment related litigations in courts is connected with determining the compensation amount payable by the employer when terminating employment relations. -
Particularities and Recommendations concerning M&А Transactions in Bulgaria
High growth rates and the development of Bulgarian market stimulate the progressively increasing number of mergers and acquisitions. Bulgaria's accession to the European Union is an additional stimulus spurring M&A dealings, regardless of the developments on global financial markets. -
Are the anticipated new regulations of the unfair competition European?
In the autumn of 2007, the Commission for Protection of Competition (CPC) publicly announced a bill for an entirely new Competition Protection Act, prepared in cooperation with the Italian Competition Authority. Along with the many amendments, the proposed bill excluded of its scope the regulation of the unfair competition with the motive that the unfair competition matter is governed by the Consumer Protection Act and that the protection against unfair competition is not a typical aspect handled by the competition authorities of the EU Member States. -
The Bulgarian Energy Holding, Consolidation in the Context of Liberalization?
The year 2007 was fundamental to the development of the energy sector in Bulgaria. In compliance with Bulgaria’s responsibilities as an EU member, requirements for complete liberalisation of energy markets have been met by the amendments made in the statutory framework. Naturally, the new legal provisions are only a prerequisite for the factual liberalisation and realisation of the market mechanisms. Some consumers have become very familiar with the ins and outs of the liberalised market, particularly in the field of electroenergetics, where the industry structure presupposes development of market relations. -
The Performance of the Commercial Register improves
There have been wide public discussions about the major problems, which were faced by the trading entities in the process of the re-registration of already existing merchants and registration of a new company or a branch. -
New Elements in the Procedure for Registration of Tobacco Product Prices: Pros and Cons
The amendments to the Ordinance on the Terms and Procedure for Registration of the Price of Locally Produced and Imported Tobacco Products, Trade in Tobacco Products and Control on Trade (the Ordinance) effective from late 2005 and early 2006 introduced some radical changes in the rules and procedure for registration of tobacco products available on the Bulgarian market -
Is the New Value Added Tax Act “European”?
Regarding the part of the Act, which harmonizes the legal framework in view of Bulgaria’s accession to the EU, we can clearly give a positive answer. -
Europeans to be Able to Purchase Land in Bulgaria
The constitutional changes of 2005 enacted pursuant to the requirements of the Treaty of Accession and the Protocol concerning Bulgaria’s EU accession are already in force. According to the previous legal requirements, foreign citizens were able to freely acquire the right of ownership over buildings and parts of buildings, but had no right to acquire ownership of land and had only limited in rem rights (right of use, right to construct a building). The new amendment of Article 22 of the Bulgarian Constitution, allows foreign citizens and foreign legal persons to acquire right of ownership of Bulgarian land according to the Treaty of Accession, on the basis of international agreements and treaties, which were duly ratified, publicly released and have entered into force, or in case of inheritance under the law. -
SUPPLIES OF IMMOVABLE PROPERTY EXEMPT FROM VAT UNDER THE BULGARIAN VAT ACT
In the last years the Bulgarian tax legislation has undergone a material revision to achieve harmonization with the EU tax legislation. -
Telecommunication Laws and Regulations 2008: Chapter 8, Bulgaria. GLG Global Legal Group, 2007
The Bulgarian telecommunications market was liberalised on 1 January 2003. Recently adopted Law on Electronic Communications (published in State Gazette issue 41 of 22 May 2007, the “LEC”) transposes the principles set out in the EU 2002 regulatory framework. The full implementation of the new regulatory framework will be accomplished upon adoption of the requisite secondary legislation.