Overview
Hungary is arguably one of the European countries hit hardest by the economic crisis, and the legal market continues to struggle to pick up momentum. Further disorder was caused by the landslide election of right wing party Fidesz, in April 2010. The newly formed government has decided to renounce various tenders awarded by its predecessor, and it is not yet clear whether the tenders will be re-issued, leading to uncertainty in practice areas such as energy and tax.
2010 saw the end of international firms leaving Hungary, and a renaissance of the practices they left behind. Lakatos, Köves and Partners, the former office of Clifford Chance, has struggled to maintain its share of work but has continued to excel in the finance arena, while Oppenheim and Andrékó Kinstellar maintain a strong client base across the board.
Among the UK firms, Simándi Bird & Bird has proved to be a force to be reckoned with, acting for a raft of impressive clients and dealing with some complex matters, after only two years in Budapest. CMS Cameron McKenna LLP and Horváth & Partners DLA Piper remain strong, while Morley Allen & Overy Iroda has been quieter due to its reliance on the transactional side.
US firms still have a strong presence in the country, with Réczicza White & Case LLP, Siegler Law Office/Weil, Gotshal & Manges and Kajtár Takács Hegymegi-Barakonyi Baker & McKenzie among the leading firms.
Local firms are also gathering momentum as clients look for firms with strong domestic connections and capabilities; Nagy és Trócsányi, PRK Partners and Szecskay Attorneys at Law all compete at a high level.
Balázs Ferenczy’s separation from Gide Loyrette Nouel, to set up his own firm, surprised many. Gide Loyrette Nouel subsequently announced the hire of three lawyers from Lakatos, Köves and Partners, in the areas of energy, disputes and corporate.