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As Greece’s sovereign debt crisis reached a head in 2011, transactional activity dipped significantly, banks’ appetite to provide capital diminished further, and foreign investors either reassessed their positions or adopted a wait-and-see approach as to their entry into the market. As a result, Greek law firms have retrenched to traditionally counter-cyclical staples such as restructuring and insolvency advice, employment law and dispute resolution. The renewable energy sector continues to be a notable bright spot, particularly photovoltaic projects, while an increase in privatisation mandates is also expected now that the Greek state is being forced to raise capital by selling off assets. Shipping litigation also remains strong.

The legal market has ridden the economic turmoil better than most sectors, partly because lawyers are less specialised than counterparts in larger jurisdictions and have maintained a flexible and robust approach to the changing demands of the market. Karatzas & Partners Law Firm, Koutalidis Law Firm, M & P Bernitsas Law Offices, Potamitisvekris and KGDI Law Firm are the most prominent Greek firms, with the latter the largest by size with around 100 lawyers. UK shipping law firms represent the bulk of international operations in Greece, and the majority have kept to the confines of this practice, with the exceptions of Norton Rose LLP with a full-service offering; Watson, Farley & Williams – Greek Branch for energy matters; and Reed Smith.

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