Doing business in Romania
Contributed by PeliFilip
With a robust GDP growth of 3.6% in 2015 and a forecast of 4.2% for 2016, Romania is well on its way as one of the fastest-growing economies in the EU.
In doing so, Romania relies on more than its traditional advantages, such as being the largest market in south-eastern Europe and second largest in the CEE region, at the crossroads of the major routes linking Europe, the Middle East and the Commonwealth of Independent States trade routes, rich in natural resources, and having a well-skilled and relatively inexpensive work force.
Legal market overview
The Romanian economy is continuing in its gradual but consistent recovery from the 2008 crash, with the commercial real estate and healthcare sectors showing marked improvements and the technology sector reaping the benefits of a well-educated workforce coupled with relatively low labour costs. The court system is rapidly becoming more professional, leading to more commercial disputes being litigated rather than arbitrated. A crackdown on corruption is generating more white-collar crime work, with the Direcţia Naţională Anticorupţie showing no fear in bringing prosecutions against high-profile individuals: former Prime Minister Victor Ponta and since-ousted Mayor of Bucharest Sorin Oprescu are under investigation at the time of writing. Ponta resigned in November 2015, after protests triggered by a fire in a Bucharest nightclub, which killed 56 people. Dacian Cioloș, a former European Commissioner, was appointed to lead a non-partisan interim government.
All these factors are contributing to a growing workload for Bucharest’s cadre of young and hungry lawyers. A range of international firms are present in Romania, either in their own right or in association with local lawyers; key players include CMS and RTPR Allen & Overy (Radu Tărăcilă Pădurari Retevoescu SCA in association with Allen & Overy LLP). A number of equally sophisticated indigenous firms offer a high-calibre alternative; these include Popovici Niţu Stoica & Asociaţii, which added existing partner Bogdan Stoica to its name in October 2015. A number of well- respected lawyers, including M&A and energy expert Miruna Suciu and dispute resolution specialist Luminița Popa, left Muşat & Asociaţii to establish Suciu, Popa, si Asociatii in February 2016. TSAA-Attorneys at Law split up, creating TAMC and Stratulat Albulescu Attorneys at Law.
The legal market is heavily concentrated on Bucharest, with most firms located only there.
Firms in the spotlight
Popovici Niţu Stoica & Asociaţii
Popovici Nitu Stoica & Asociatii is a leading Romanian independent law firm. Established in 1995 as one of the first incorporated partnerships, the firm brings together strong local resources with exceptional credentials, outstanding records and distinguished careers in law, business and academia. The Bucharest office today groups 80 qualified lawyers and tax advisors. Focusing traditionally on the private sector and to foreign investment projects, Popovici Nitu Stoica & Asociatii is acknowledged by the vast majority of observers and peers as ‘the transactional law firm’ among the market leaders.
Leroy & Associatii
Leroy si Asociatii is one of Romania’s leading and fastest growing independent law firms. With nearly 20 years of experience in the Romanian market, the firm has gained national and international recognition for its contribution on some of the most significant investments and transactions in Romania.
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