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Overview
Greece has enjoyed a prolonged period of growth, averaging about 4% a year since its admittance to the euro-area economy, thanks in no small part to a drop in borrowing costs and a credit boom. The shipping industry, historically Greece’s dominant market sector, also benefited from easy access to finance, with many of the major Greek shipping companies opting to list on the New York and London stock exchanges as a result of this unprecedented boom. However, the outlook has turned decidedly less certain, with Greece already feeling the effects of the global economic slowdown, resulting in shrinking commercial property and capital markets sectors. The legal market is already beginning to see the effects, with reports of a decrease in the amount of finance and listings-related work and a growing focus on corporate restructuring. On the shipping side, disputes relating to charterparties and bills of lading, typically quiet during a strong market, are expected to rise as shipping companies cut down on shipbuilding contracts.
Greece’s shipping industry has historically dominated the European market and with the preponderance of shipping contracts governed by English law, the major international shipping firms have established offices in the port of Piraeus, Greece’s key shipping centre. Watson, Farley & Williams – Greek Branch, Holman Fenwick Willan, Stephenson Harwood Consultants O.E., Ince & Co, Clyde & Co and Hill Dickinson LLP all have a Greek presence, while Reed Smith is the only US firm to offer a Greek practice.
Although the vast majority of international firms based in Greece concentrate mainly on shipping matters, a number are beginning to break away from that model and offer Greek law corporate practices. Norton Rose LLP was the first to adopt this approach, establishing an Athens office to complement its already strong shipping practice with a full-service corporate and banking team. Watson, Farley & Williams – Greek Branch followed suit in 2007, focussing on providing a predominantly UK-based clientele advice on the nascent but growing energy market in Greece. Reed Smith also handles corporate and commercial advice to US clients from its Piraeus office, particularly in the pharmaceutical and life sciences sectors.
While the industry still tends to be dominated by family-run firms, a more commercially-driven approach is increasingly being adopted. KGDI Law Firm is the largest Greece-based firm operating in the marketplace, while Karatzas & Partners Law Firm has a dominant profile in the banking, finance and capital markets sectors. M & P Bernitsas is a heavyweight firm for governmental and public sector work, and Law Office TJ Koutalidis is equally renowned for its mergers and acquisitions work. These firms arguably lead the market in corporate and banking, with Zepos & Yannopoulos a strong presence in corporate and tax work.
Greece has traditionally been considered a safer and more stable country than other Balkan countries, and for that reason has become a convenient avenue for foreign companies looking to invest there. Greek firms have opened offices across south-eastern Europe to cater to the needs of foreign clients looking for a secure entry into the market. KLC Law Firm, I.K. Rokas and Partners, Drakopoulos Law Firm and PI Partners all field offices in Romania and across the Balkans, with the latter also being the only Greek firm to have a presence in Turkey. AdvoHellas – Dr. Ziouvas & Partners has an office in Berlin.