The Legal 500

Greece

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Editorial

Legal market overview

The Greek legal market had hoped that the worst of the sovereign debt crisis was behind it, but its economy is still somewhat beholden to the country’s unpredictable political climate and, with new national elections having occurred in January 2015, it remains to be seen how this will affect workflow for Greece’s main commercial firms. However, the past year has been relatively stable, driven by state-led work: this included a major programme of privatisations led by the Hellenic Republic Asset Development Fund (HRADF), as well as the recapitalisation of Greece’s four main banks, which was led by the Hellenic Financial Stability Fund (HFSF). A good portion of this work has now been finished, which raises the questions of how and whether the private sector can fill the gap.

Bargain investments, however, can be found and there has been plenty of activity in the wind energy and tourism sectors. This value can also be found when it comes to legal advice, and clients often marvel at the comparably low fee rates of Greece’s leading law firms. Most of the full-service firms in the top tiers – including M & P Bernitsas, Potamitisvekris, Karatzas & Partners Law Firm, Koutalidis Law Firm, and Kyriakides Georgopoulos Law Firm (KG Law Firm) – have a broad array of highly qualified lawyers of international calibre, but charging services at a fraction of the price of international law firms.

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