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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.
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.
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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.
VEGAS LEX is expanding cooperation with Russian book-publishing businesses. Its new client is a major and greatly respected publisher of educational material, Prosveshcheniye.
On April 27, 2015, VEGAS LEX was recognized in two new categories of Chambers Europe 2015, and a number of VL professionals were recognized on the world level.
On May 12-15, 2015, the Public-Private Partnership Development Institute organized a professional development program for Rostelecom staff on PPP projects. VEGAS LEX experts were invited to speak at training sessions.
Andreas Neocleous & Co LLC advised and assisted KKCG Group with its recent acquisition of an additioAndreas Neocleous & Co LLC advised and assisted KKCG Group with its recent acquisition of an additional 22.35% stake in the investment fund Emma Delta, which owns a 33% interest in the Greek lottery group OPAP. Following the completion of this transaction, KKCG will be the largest investor in Emma Delta, and will hold an effective stake of almost 14.8% in OPAP.
On Thursday, 26 March 2015, the French Competition Authority made a ruling (15-D-04) in a case involving an agreement between millers on a double concerted increase in the price of flour sold in bakeries in 2007. Of the twenty companies implicated at the end of the investigation, only three were ultimately penalised. CMS Bureau Francis Lefebvre represented the interests of Moulin de Sauret.- CMS
Igor Chumachenko,VEGAS LEX Partner and Head of the Real Estate, Land & Construction Practice, has spoken at a conference during the REX forum that focused on the legal and economic risks for developers.
Zavadetskyi Advocates represented the Ukrainian subsidiary of AXA Insurance in criminal investigations of USD 9 million and USD 1.2 million damage events with the insured assets in the war zone in Eastern Ukraine. Within the investigation procedures advocates of the bureau proved that the events are to be qualified as excluded from the insurance coverage. Following the investigations Zavadetskyi Advocates proceeded with representing the client in the ensuing commercial litigation.
The participants of the Korporativny Yurist magazine’s webinar discussed the structure of contractual relationships and dispute resolution practices in construction with VEGAS LEX expert Nikolay Andrianov.
SK Capital Partners, a US-based private investment firm with focus on the specialty materials, chemicals and healthcare sectors, has acquired a controlling interest in AEB Group, a global leader in wine ingredients with growing positions in beer ingredients and food detergents. Headquartered in Brescia, Italy, AEB Group operates a network of production facilities and laboratories throughout Europe and the Americas.
Valora has signed an agreement to sell Valora Warenlogistik AG to 7Days Media Services GmbH. Valora Warenlogistik includes Valora's activities in the warehouse and transport logistics sector in the German and Italian speaking part of Switzerland. The transaction is subject to approval by the competent merger control authorities.