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Legal market overview
Aside from a booming energy sector, the Romanian market remained fairly subdued in 2012 – new-money project financings were rare, and three new governments in the first five months of the year only served to contribute to the uncertainty in the market. The passing of the new Romanian Civil Code, a milestone piece of legislation, has increased pressure on the country’s banks and legal sector to implement changes.
The three largest and most prestigious domestic firms are Nestor Nestor Diculescu Kingston Petersen, Musat & Asociatii and Tuca Zbarcea & Asociatii, with Peli Filip, Popovici Nitu & Asociatii, Voicu & Filipescu SCA, and Kinstellar all challenging these larger competitors.
Prominent international firms include CMS, Clifford Chance Badea, RTPR Allen & Overy (Radu Taracila Padurari Retevoescu SCA in association with Allen & Overy LLP), and Schoenherr si Asociatii SCA.