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Editorial

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Greece continues to face many challenges, political and economic. The unsettled negotiations between the Greek government and its international creditors have hampered domestic economic activity as well as inbound investment, which of course has had a knock-on effect on law firms. This was compounded in 2016 by a six-month anti-austerity strike by the country’s lawyers, which prevented litigation and reduced advisory work. In addition, low oil prices continue to negatively impact the offshore market, and shipping practices are suffering from the low rates of return on dry shipping.

Many firms have been forced to cut fees as well as staff, and working hours have also been restricted. Despite the difficult market, privatisation has gained new momentum and the state is proceeding with its planned programme. It is also implementing several infrastructure projects, such as the construction of the Trans Adriatic Pipeline, and the upgrade and development of 14 regional airports. In addition, a new national support scheme for renewable electricity is expected to accelerate projects in the energy sector. Following the third recapitalisation of the main Greek banks, some commercial banks have started financing renewable energy projects. As a framework for non-performing loan (NPL) management is adopted, many firms are expecting an increase in related work. Insolvency, restructuring and employment matters are also prevalent, and, as tax regulations evolve, firms are advising on a raft of tax-related matters.

FIRMS IN THE SPOTLIGHT

Pistiolis - Triantafyllos & Associates Law Fir

Pistiolis – Triantafyllos & Associates is a leading 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 and priorities of regulatory officials and policymakers, enhancing the services that the firm can offer.

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Local firms continue to dominate the legal market, including highly regarded full-service practices at Bernitsas Law; PotamitisVekris Law Firm; Kyriakides Georgopoulos Law Firm (KG Law Firm); Dryllerakis & Associates; Karatzas & Partners; and Koutalidis Law Firm.

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