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- The Legal 500 United Kingdom Awards 2014
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- Legal market overview
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Legal market overview
The Greek economy may remain in turmoil, but for the country’s largest law firms business has been relatively buoyant. Foreign investors are seeking bargains in the market, which has spurred corporate activity. Meanwhile the government’s privatisation programme, as conducted by the Hellenic Republic Assets Development Fund (HRADF), and the recapitalisation and consolidation of the banking sector, as overseen by the Hellenic Financial Stability Fund (HFSF), have generated considerable activity. The shipping market has also responded to the improved global economic climate, and shipping lawyers report a revival in ship financings and newbuilds, adding to the refinancings and disputes which have dominated the practice area in recent years. This uptick in maritime work has been good news for several of the UK law firms in the market, such as Norton Rose Fulbright, Watson, Farley & Williams – Greek Branch, Ince & Co and Stephenson Harwood.
Whether this overall increase in activity represents a genuine turnaround in the economy, or is simply an artificial market pumped up by government intervention, remains to be seen. Nevertheless, the ‘flight to quality’ that such deal activity entails has meant that the largest firms, including Karatzas & Partners Law Firm, Koutalidis Law Firm, Kyriakides Georgopoulos Law Firm (KG Law Firm), M & P Bernitsas, and PotamitisVekris, have been relatively busy.
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Overview of the main recent developments addressing issues of abuse of dominance in Greece. Latest application of article 2 of Law 3959/2011 (equivalent to 102 TFEU) by the Hellenic Competition Commission and the Greek courts. dominance_2014_greece
Presentation of the Greek legal framework on the protection of free competition (L.3959/2011), which generally follows articles 101, 102 TFEU and the framework of EU Regulation 1/2003. The chapter presents recent law changes, as well as the trends in Greek antitrust practice, together with an overview of the most significant cases brought before the Hellenic Competition Commission and the Greek Courts. ear_greece_2014
Presentation of last year's enforcement by the Hellenic Competition Commission (‘HCC'). A brief overview of the most interesting developments in the area of Greek competition law, including recent antitrust cases examined by the HCC and the Greek courts. greece_2014
In Galaktoviomichania Larisis AE v I Kesioglou & Sia OE (Opposition No B 2 107 822, December 18 2013), the Opposition Division of the Office for Harmonisation in the Internal Market has upheld in part an opposition against the registration of the trademark OLYMPOS FOODS-OLYMPOS COMMODITIESOLYMPOS MEDITERRANIAN-OLYMPOS ORGANICS-K&K FINANCE.
In LOGO AE v CISA SpA (Decision No 249/2014, January 30 2014, notified only recently), the Greek
The special IP law chamber of the Athens Multi-Member Court of First Instance has issued its decision in a case involving the famous 'Vara' buckle device, an internationally renowned symbol that has been closely associated with shoe designer Salvatore Ferragamo for more than 30 years.
Over the last six years, Greece has been under an austerity restructuring and adjustment programme, receiving extended support from European financial institutions and international creditors, in an attempt to tackle its structural weaknesses, overly high deficits and incessant market stagnation.
M&As in Greece: Stellar opportunities for profits of emerging markets in the most mature market in..Lately, domestic and international financial and corporate players are looking closely on the Athens Exchange seeking for safe yet high return investment opportunities in Greece and the wider South East Europe through takeover bids on securities of companies established in Greece and listed on the local exchange with significant presence in the wider region. It is common knowledge that M&As consist the most transparent and efficient way to gain control of the desired "target" company, following a public offer on all or a part of the target's capital. However, this does not seem to be their unique advantage in Greek legal order. The speed of their conclusion, with an average duration of two months, allows the investor to begin with his businesses without considerable waste of time and resources. As of this, he is in position to choose a board of his own preference almost the very following day of the expiry of the public offer's time and to focus on what he primarily intended and is good at - making business.
On September 25, 2014, the VEGAS LEX law firm, the VEB Innovations Fund and the Innovation and R&D Directors Club (IR&D club), organized a roundtable conference, Corporation - Startup: Reaching for Mutually Beneficial Cooperation . The event was supported by Russian Venture Company.
On September 18, 2014, the Federal Road Agency (Rosavrodor) Board met in Sochi before the Sochi-2014 International Investment Forum. The VEGAS LEX experts attended the meeting.
On 12 September 2014, AstapovLawyers has held a Compliance Workshop for employees of Energoatom, a national nuclear energy generating company.
AstapovLawyers has successfully represented Delta Bank, one of the major Ukrainian banks, in a USD 71 million dispute against a Ukrainian tycoon, an owner of a significant agricultural group of companies in Ukraine.
Kyiv, 23 September 2014 - Ivan Lishchyna , Counsel, has taken part in the conference and students seminar "The relationship between alternative dispute resolution and ordinary courts: New trends in the Ukraine, Germany, Poland and other countries" organized in terms of collaboration with Institute for Eastern European Law, Munich. The event took place in the Institute of Legislation of the Verchovna Rada of Ukraine on September 8 - 10, 2014.
This briefing is intended to provide a general overview of some of the issues to be considered by trustees of Guernsey trusts and their advisers when foreign couples connected with the trust divorce.
In January 2014 - July 2014 Zavadetskyi Advocates advised and represented a Canadian citizen who had been imprisoned in Ukraine for serious crime and criminal investigation against whom raised many questions as to its integrity and impartiality. Along with their client, Zavadetskyi Advocates also advised a US charitable institution that provides social services internationally to people in crisis situations. The client has been released from the sentence several years before time and was able to leave Ukraine.
As one of the leading global jurisdictions for structuring foreign direct investment (FDI), Luxembourg has developed a sophisticated framework to enable the financing of such investments.
Azmi & Associates recently advised Felda Global Ventures Holdings Berhad (‘FGVH') in a corporate transaction via its subsidiary, Felda Global Ventures Downstream Sdn. Bhd. (‘FGVD') in a joint venture agreement involving two other parties namely M2 Capital Sdn Bhd. (‘M2 Capital') and Benefuel International Holdings S.A.R.L. (‘Benefuel') which is a subsidiary of Benefuel US, through which an SPV will be incorporated to acquire a biodiesel plant. The JV company has agreed to acquire a biodiesel plant ("Plant") located at Gebeng, in the East Coast of Peninsular Malaysia from Mission Biofuels Sdn. Bhd. (‘MBSB') for a USD twenty two million and five hundred thousand (USD 22,500,000.00) (‘Plant Acquisition') under a Plant Purchase Agreement. The shareholding of FGVD, M2 Capital and Benefuel in the JV Company shall be 60% for FGVD, 20% for M2 Capital and 20% for Benefuel. The estimated project cost for the proposed joint venture including the Plant Acquisition, licensing costs, purchase of catalyst, refurbishment and retrofit shall be USD forty seven million and five hundred thousand (USD 47,500,000.00). The nature of business of the JV Company shall be manufacturing and producing biodiesel using the retrofitted Plant and other ancillary activities.