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Legal market overview
2015 was a challenging and uncertain year for Greece, with a weak economy and political turmoil governing the landscape. Capital controls, the possible exit from the eurozone and two general elections added pressure to already turbulent economic conditions. With Syriza reinstated as the victorious party in the most recent election, the country is looking toward increased stability. Its privatisation agency, the Hellenic Asset Development Fund, has pledged to re-start the raft of projects that have been put on hold, and plans for the recapitalisation of the Greek banks are moving forward.
The legal market has inevitably been affected by the unstable economy. Many firms have been forced to cut fees and staff, with working hours being restricted. Although many projects have been put on hold and deteriorating liquidity conditions have undermined business confidence, there are sparks of optimism. The climate has generated a substantial volume of commercial disputes, and the energy and tourism sectors are emerging as opportunities for foreign investors.
Local firms continue to dominate the legal market, with M. & P. Bernitsas Law Offices; PotamitisVekris; Kyriakides Georgopoulos Law Firm (KG Law Firm); Karatzas & Partners; and Koutalidis Law Firm all being highly regarded full-service practices.
Firms in the spotlight
Pistiolis - Triantafyllos & Associates
Pistiolis – Triantafyllos & Associates is a leading boutique/independent law firm based in Athens, with in-depth, genuine and proven expertise in certain areas of law and specific industry sectors. The firm’s senior lawyers have worked within government and regulatory agencies, and therefore have a better understanding of the approach...
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
GC Powerlist -
INSIGHT: Hard graft
the pan-Europe bribery crackdown
As European agencies turn up the heat on bribery and corruption, we team up with Simmons & Simmons to assess how clients are responding.
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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.
Piracy and copyright infringements are on the increase. As such, it is all the more important to take appropriate measures to protect one’s trademarks and intellectual property.
On October 12, 2016, VEGAS LEX organized a workshop, Advertising in the pharmaceutical sector: risk matrix , for representatives of pharmaceutical companies, manufacturers of medical devices and dietary supplements.
No distinction is made between “Mac” and “Mc” for the purposes of trademark law. The General Court of the European Union (EGC) ruled that whether the syllable includes an “a” is of no great significance (Az.: T-518/13).
Anyone who includes false statements in their application documents risks having their employment contract terminated with immediate effect.
The renewable energy company OX2 has been retained to construct the Lehtirova wind farm generating 148 MW (41 wind power turbines) in Norrbotten. The customer is Aquila Capital. Foyen Advokatfirma assisted OX2 in the negotiations regarding the turbine supply agreement and the service agreement with the turbine supplier, Vestas. The partner in charge at Foyen was Jacob Hamilton.
Members of the truck cartel will have to pay a fine totaling approx. 2.9 billion euros, and things could become even more expensive if damages claims brought by clients follow.
The IFLR1000 2017 Financial and Corporate rankings were published on October 14, 2016. VEGAS LEX improved its positions in Project finance and Mergers and acquisitions. Chairman of the Board of Partners Albert Eganyan was noted as a leading lawyer in the Project finance category.
The inheritance tax reforms have still yet to be finalized. With the Bundesrat, the upper house of the German parliament, having blocked the draft legislation on July 8, no further decision is expected to be taken before the autumn.
In an action brought by CL Educate Limited, the company behind Career Launcher (popularly known as CL), India’s premier test prep institutions, the Delhi High Court has restrained competitor Think and Learn Pvt. Ltd. (popularly known as Byju’s) and its directors from infringing and misusing CL’s trademarks to lure prospective students into enrolling.
Early signs of the new shape of IP litigation under the Commercial Courts Act are being seen in the speed with which the Delhi High Court disposed of a suit filed by Tata Sons Ltd. on the second date of hearing, applying the ‘summary judgment’ provisions contained in this Act.