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Romania > Law firm and leading lawyer rankings
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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
Economic growth, coupled with its relative political stability, makes Romania an attractive proposition for international investors focused on the CEE market. Signs of the economy’s health include an active M&A market, a real estate boom and a thriving tech sector gobbling up talent – although capital markets work remains thin on the ground, particularly in the equity space. In addition, anti-corruption has been a key consideration, generating both direct legal work and an increased focus on firms promoting their compliance capabilities.
This has created a vibrant and ultra-competitive legal market. The volume of firms and a system of public procurements incentivising unrealistically low hourly rates has generated significant downward pressure on fees. Options for buyers of legal services include a range of well-known international firms, plus equally sophisticated local alternatives. Bucharest is the hub for almost all heavyweight legal work, with strong practices outside the capital a rarity despite the economic and social relevance of other cities such as Cluj-Napoca and Timișoara. Sorin Grindeanu became Prime Minister after the SDP’s victory in December 2016; the party’s leader Liviu Dragnea was not nominated due to his conviction earlier in the year for election fraud.
The Romanian currency is the leu (pluralised as lei), denoted throughout as RON (Romanian New Leu).
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.
The In-House Lawyer
International comparative guides
In association with a leading international law firm, Legalease are producing a series of online country comparative legal guides, designed to give the in-house community greater insight to the law and regulations in unfamiliar jurisdictions.
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.
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1. The adoption of the Law on the termination of intra-EU BITs
The highly anticipated new Romanian law on public-private partnership ( "New PPP Law" ) has been finally enacted and will enter into force on 25 December 2016. It replaces the former Law no. 178/2010 on public-private partnership, which due to significant legislative inconsistencies has failed to accommodate any public-private partnership ( "PPP" ).
Trade finance is generally not very developed in Romania, at least by comparison with other EU Member States and developed and emerging markets. In this briefing, we set out certain remarks in relation to taking security over oil products which are in storage in oil terminals in Romania, which should be considered in the context of an oil products trade finance transaction.
Disputes in Romania are settled in court in the vast majority of cases, under procedures regulated mainly by the new Civil Procedure Code (CPC). The CPC entered into force on 15 February 2013, has carried out a systemic and extensive overhaul of the Romanian dispute resolution model. With a specific focus on acceleration of trial proceedings, the new regulation has reformed both the schedule and the content of proceedings taking place in various phases of the lawsuit, while attempting to clarify many of the controversies raised by interpretable provisions in the former regulation.
Initiated late November 2013 and adopted by the Romanian Parliament on 17.12.2013 (to be published upon the President's confirmation), the law regarding purchase of agricultural lands by non Romanian EU Citizens is setting the ground rules expected for the past 7 years, since Romania's accession to EU.
Before 1989, when the Communism regime fell, mineral resources in Romania were exploited by state-owned companies. Although these exploitations were advertised as big economic successes of the communist governments, in reality, most of them were using outdated technology and some caused significant pollution in the mining perimeters. Moreover, in the context of Romania's negotiations to join the European Union, some of the mining exploitations had to be shut down as they were far from being compliant with the European environmental standards.
September 2013 - Projects, Energy and Natural Resources. Legal Developments by Buzescu Ca. More articles by this firm.
Although its stability over time represents the essence of the Romanian Constitution (the “Constitution”) and of any constitution, such fundamental law within the Romanian legal system should at the same time, at any moment, represent both a frame of reference for the Romanian social, political and economical life and a reflection of such. Given the accelerated changes within the society, in order for the Constitution to be brought in line with the overall social, political and economical evolution and perspectives, a procedure for its revision and also the limitations in what regards the possibility for the Constitution to be revised are established by this fundamental law itself. .
PeliFilip, awarded for assisting the largest deals in the financial services and real estate sectorsPeliFilip has received the awards for legal assistance in the largest transaction in the financial services sector, respectively the largest transaction in the real estate sector during the Lawyers’ Gala 2016, organized by Ziarul Financiar, one of the most representative business news outlet in Romania.
Romania: Buzescu Ca wins victory for Wizz Air in court case regarding commercial and state aid issueRomania : Buzescu Ca wins victory for Wizz Air in court case regarding commercial and state aid issues
Romania: Buzescu Ca wins victory for Wizz Air in court case regarding commercial and state aid issueBuzescu Ca is pleased to announce that it obtained victory for Wizz Air, the leading Central and Eastern European low cost airline. The case, pending in courts since 2011, involved a claim filed against Timisoara Airport regarding non-payment of outstanding multimillion marketing fees for the marketing and promotion of Timisoara Airport as a flight destination. The High Court dismissed the appeals filed by Timisoara Airport, and Carpatair which contested the validity of the Marketing Agreement, and alleged respectively that this represents state aid.
Global Arbitration Review (GAR), a publication launched in 2006 and which is currently "recognised as the leading resource on international arbitration news and community intelligence", has recently revealed its lists of winners at a ceremony held in Paris on February 12th.
Bucharest, December 17th, 2013: Ţuca Zbârcea & Asociaţii has made up three partners as part of a 13-strong promotion round. The appointments are effective from January 1st, 2014.
Romanian independent outfit Ţuca Zbârcea & Asociaţii advised US giant Electronic Arts Inc. on the largest transaction in the office market in Romania so far.
Buzescu Ca advised Beach Energy Ltd. with regard to the acquisition of a second Participating Interest in a Black Sea offshore block.
Bucharest, November 5th, 2013: Ţuca Zbârcea & Asociaţii acted for the Polish financial group Getin Holding as it sealed its first deal in the Romanian market.