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Legal market overview
Government-driven transactions, particularly in the utilities and banking sectors, have generated an increased work flow for law firms, who also report a cautious rise in private M&A activity and in real estate instructions from foreign investors; funds are spotting opportunities in an undervalued property market, particularly in Budapest.
Hungary’s crisis years saw the departure of several global firms from the country, leaving behind a more streamlined legal industry. May 2015 saw the exit of another international firm, with the departure of Réczicza White & Case LLP and the simultaneous move of the team to Dentons, whose transactional capability has been significantly bolstered by the acquisition. Tamás Tercsák, a former name partner at Dentons, joined CMS as counsel in October 2015. Gide Loyrette Nouel exited the market in late 2015 – its former team joined JeantetAssociés
While the market overall is relatively stable in terms of lawyer moves, competition law was one practice area which saw many changes over the course of 2015, with firms strengthening their departments with hires from other firms and from the Hungarian Competition Authority. The highest-profile of these moves has seen Ákos Kovach, formerly of Gide Loyrette Nouel, re-join Partos & Noblet in co-operation with Hogan Lovells International LLP, the firm he left in 2009.
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.
GC Powerlist -
INSIGHT: Hard graft
the pan-Europe bribery crackdown
As European agencies turn up the heat on bribery and corruption, we team up with Simmons & Simmons to assess how clients are responding.
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A recent second instance judgment by the Metropolitan Court of Appeal (“Court of Appeal”) provides some interesting insight into the court’s approach in cartel matters. The case before the Court of Appeal concerned the second instance review of a first instance judgment that annulled certain parts of the decision of the Hungarian Competition Office (the “HCO”).
Hungary is the first country in the CEE region to introduce the real estate investment trust (REIT) regime on the back of US and Western European examples. The new REIT regime took effect on 27 July 2011.
BANKING & FINANCE . REAL ESTATE & CONSTRUCTION . PROCUREMENT & REGULATORY . EMPLOYMENT & PENSIONS
Government Emergency Ordinance no. 58 (the “Ordinance”) for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code (the “Fiscal Code”) and other fiscal-financial measures was published in the Official Gazette of Romania, Part I no. 431 of June 28, 2010. The Ordinance shall enter into force on July 1, 2010.
Changes in the court and authority delivery.
This article tries to shed light on an important area of trade mark law in connection with a decision recently handed down by the European Court of First Instance (the "CFI"), more specifically with respect to the complex question of similarity between marks and confusion of the public. This question is naturally an issue of fact and evidence and is - to a large extent - imbued with subjectivity. Therefore, new cases brought before the courts always have to be assessed afresh, taking all the surrounding circumstances into consideration, and the outcome can at times be surprising, even for experienced trade mark lawyers.
TRANSFER BY THE EMPLOYER OF EMPLOYEES' PERSONAL DATA TO THE US FROM THE PERSPECTIVE OF HUNGARIAN DATA PROTECTION LAWS: In this article, we briefly address the issue of what requirements prescribed by Hungarian laws on data protection must be complied with by an employer that wishes to transfer the personal data of its employees to the United States.
The Supreme Court's decision in this Sopron underground parking lot case has been one of the hottest topics in the legal playing field in the past few months. We briefly discuss the decision below, and describe a possible way to solve the problems it has raised.
A practical insight to cross-border Environment Law
A practical insight to cross-border Product Liability work
Pitmans has advised Premier Marinas Limited on its acquisition of Noss Marina, which is just outside Dartmouth, from the Administrators Duff & Phelps.
Following last year’s autumn statement, HMRC has now published draft legislation which introduces the proposed new apprenticeship levy. The levy will have effect from 6 April 2017.
The Department of Justice has issued a practice direction in connection with the new insolvency express trials pilot.
Many businesses will be liable for increased business rates following last year’s Supreme Court ruling in Woolway (Valuation Officer) v Mazars LLP.
Pitmans LLP has acted on behalf of its longstanding client, Westcoast (Holdings) Limited on its acquisition of Art Systems Holdings Limited.
The management team were backed by Maven Capital Partners with PNC providing debt facilities.
Pitmans today announced that Oliver Kelly (corporate) and Matt Heyworth (private client) will become partners as of 1 May 2016.
SOUTHAMPTON -- LV=, represented by Pitmans LLP, have won a case involving a fraudulent household insurance claim worth almost £50,000.
VEGAS LEX Manager of Life sciences projects Maria Borzova has discussed recent legislative initiatives relating to the compulsory licensing of medicines in her presentation at the first meeting of Pharm Salon.
In cases involving M&A transactions, a detailed evaluation of the economic risks and opportunities as well as the associated legal issues is indispensable.