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Legal market overview
Greece’s dire economic situation continues to affect law firms and clients, and transactional activity has been significantly reduced. However, the country’s law firms are relatively small in size – the very largest ranging from between 50 to 100 lawyers – and so the redundancy rate has not been on the same scale as in larger markets such as the UK. Those lawyers who typically worked in finance, real estate, capital markets and M&A have moved into more active fields such as restructuring and insolvency. Unsurprisingly, employment, litigation and tax advice is still much in demand. Larger firms have also seen growth in privatisation instructions, and many represented the Hellenic Republic Asset Development Fund (HRADF) on its multi-faceted privatisation programme or acted for the various bidders tendering for assets.
The majority of large transactions are handled by five leading firms: KGDI Law Firm, Karatzas & Partners Law Firm, Koutalidis Law Firm, M & P Bernitsas, and PotamitisVekris. For areas such as dispute resolution, tax, employment, intellectual property, insurance, shipping, and EU and competition law, there is a greater degree of choice, with a number of well-regarded boutiques. Several firms have branched out from the Greek market to establish office networks in Southeastern Europe, among them Drakopoulos Law Firm, KLC Law Firm and I.K. Rokas and Partners.
International firms practising in Greece are predominantly focused on shipping law, although Norton Rose LLP is also strong in corporate finance, energy and commercial litigation, and Watson, Farley & Williams – Greek Branch has a strong energy practice. Reed Smith also represents clients in the life sciences sector, and in 2012 established a strategic alliance with highly regarded Greek corporate finance firm Papapolitis & Papapolitis.