- How do the awards work?
- The Legal 500 United Kingdom Awards 2013
- The Legal 500 United States Awards 2014 - In-house winners
- The Legal 500 United States Awards 2014 - Law firm winners
- The Legal 500 Latin America Awards (coming soon)
- The Legal 500 Germany Awards (coming soon)
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Legal market overview
Turkey experienced a decline in transactional activity but has continued to attract interest from foreign investors. The energy sector’s ongoing privatisation and expansion has attracted significant attention as the Turkish government seeks to solve the country’s energy deficit. The technology and telecoms, construction and real estate sectors are also increasingly active.
In the legal market, foreign-domestic tie ups remain in vogue in order to work around Turkey’s attorneyship law which prohibits foreign law firms from practising Turkish law. Foreign law firms with offices in the country advise on international law and use co-operation agreements with Turkish law firms to provide clients with local legal representation. Among some of the well-established international firms teaming with local counterparts, White & Case Müsavirlik Limited Sirketi has close working relationships with both Akol Avukatlik Bürosu and Çakmak Avukatlik Bürosu. The alliance between YükselKarkinKüçük Attorney Partnership and DLA Piper Danismanlik Hizmetleri Avukatlik Ortakligi has drawn much attention, and has shored up the former’s already strong position across a number of practice areas. Independent firms such as Pekin & Pekin, Birsel Law Office, Paksoy and Hergüner Bilgen Özeke are highly respected and have impressive client followings. Notably, Bezen & Partners opened its new Ankara office in 2013 to add to its existing location in Istanbul.
A number of other firms are also notable on a sector-specific basis: BTS & Partners, for example, is a clear leader in IT and telecoms matters. Akinci Law Office is notable for arbitration, as is ELIG, Attorneys-at-Law for competition law, and Mehmet Gün & Partners for intellectual property law.
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2008 global economic meltdown had served as an important wake up call for the global banking industry. The complicated web of interrelated financial instruments created by investment banking gurus, accompanied by a lax regulatory regime came to create one of the biggest financial disasters after the Great Depression and itself termed by many as the Great Recession costing millions of people their savings, jobs and houses.
The United States is still by far the leading country in defense spending, allocating a sizable portion of its GDP to produce cutting edge military technologies. However recent reports indicate a decline in American exports in military hardware. There are not only reports that point to an under-funding of procurement around USD$ 50 billion on an annual basis but also a general complaint on the part of the key players of the industry regarding the restrictive export regime that impedes the sale of military equipment to the non-American parties.
The benefits that will the TTIP bring in to the table for both of the signatories across the Atlantic are well documented by the Atlantic Community. Generation of a volume trade that amounts a USD$ 1.2 billion and the expansion of the already existing transatlantic trade accompanied by the removal of non-tariff barriers as well as cheaper prices for the consumers and common standards for the producers that would give a leeway for them in fierce global competition by declining production costs. However the other side of the coin points to possible pitfalls for the TTIP like a requirement for a painstaking process of harmonization of two different legal systems and possible discords regarding the inclusion and exclusion of some specific sectors in to the agreement. However one of those prospective challenges has increasingly coming to the fore and lately being discussed among the pundits as one of the most troublesome among the others. This is the point concerning the investor to state dispute settlements ( ISDS )
1. Limited Companies Establishment Expenses
The Central Bank of the Turkey announced several amendments to the Capital Movements Circular with the Circular numbered 2013/YB-7 dated 29.03.2013. According to the new legislation, in case a Turkish company with foreign shareholders intends to increase its capital, the money sent by the foreign shareholders shall be recorded in the books as the "capital increase amount" instead of "capital advance" until the registration of the capital increase to the Trade Registry Office.
Liaison offices are regulated in the Foreign Direct Investment Law ("FDI") numbered 4875 and Regulation for Implementation of Foreign Direct Investment Law ("RIFDI") issued based on FDI. According to article 3(h) of the RIFDI, the Undersecreteriat of Treasury ("Undersecreteriat") is authorized to permit foreign companies established under the laws of foreign countries to open liaison offices, provided that they do not engage in commercial activities in Turkey. In other words, liaison offices cannot engage in income generating activities. Liaison offices do not have any aspects other than salary payments made to the employees working in these offices.
According to the Turkish Law, they are 5 types of construction related taxes which are;
Squeeze-out and sell-out rights in Turkish public companies are regulated by the Communiqué on Squeeze-Out and Sell-Out Rights (the " Communiqué ") published in the Official Gazette dated 2 January 2014 effective as of 1 July 2014. The Communiqué was issued by the Capital Markets Board of Turkey (the " CMB ") in accordance with the Capital Markets Law and regulates the right to squeeze-out minority shareholders by the controlling shareholder and the minority shareholders' rights to exit the public company by selling their shares to the majority shareholder.- Paksoy
Shale gas revolution has been driving US energy market by increasing economic and industrial competitiveness. Today, shale gas has gained acceptance as "bonanza" which triggered slump in gas prices and sparked off widening the energy gap between US and Europe. US gas export is forecasted to bemounted up 6 billion cubic feet per day signifying UK's daily demand in winter as of 2020. At this stage, a potential oil and gas trade between US and EU will become an inevitable pace for world energy supply-demand balance.
The free trade agreement, known with its acronym TTIP , currently being negotiated between the United States and the European Union is expected to have immense legal implications as well as commercial ones for the signatories. The numbers are self explanatory; two blocks when combined together produces almost half the world's GDP and around one third of the total world trade. The bilateral trade across the Atlantic has already exceeded USD 3.7 trillion. For these two economic giants to sign such a deal mean a monumental shift in world economic balances. As the United States and the European Union are expected to benefit significantly from such shift, the countries that will be left out will have to face a new legal regime that would cover the entire jurisdiction producing half of the world's GDP.
Shortly after the signing of a USD 2.5 billion investment loan agreement, KGHM Polska Miedź announces the completion of another major financing project.
IKB Leasing GmbH (IKBL) has securitized a portfolio of lease receivables via German Mittelstand Equipment Financing SA (GMEF). The European Investment Bank (EIB) was one of the investors in the senior Class A Notes issued by GMEF.
Schoenherr, a leading law firm in Central and Eastern Europe, advised Laakman Holding Limited on the increase of their participation in the listed fund company C-QUADRAT Investment AG from 9.4 % to 18.4 %. read more...
Zavadetskyi Advocates advised a US private equity fund regarding USD 110 million divestiture from Ukrainian commercial real estate project.
Vienna, 28 July 2014. Fellner Wratzfeld & Partners (fwp) advises UniCredit Bank Austria AG on acquiring Immobilien Holding GmbH, which until now was wholly owned by Immobilien Privatstiftung.
AstapovLawyers International Law Group has provided corporate tax consulting and legal advisory to the joint stock oil company Bashneft, one of the Russia's largest integrated oil companies, due to its contemplated expansion into new market in the Southeast Europe.
On 6 June 2014, draft primary legislation to provide the Jersey Financial Services Commission with the power to impose civil financial penalties for material contraventions of the Codes of Practice and the AML/CFT Handbook was published.- Ogier
On 24 July 2014, Wild Bunch S.A. and the listed Senator AG announced their intention to merge into a European independent film distribution company. Wild Bunch is an important player in the field of international film sales and electronic distribution with a Europe-wide network in France, Italy, Germany and Spain. Senator AG is a German film productions and distribution company producing and distributing German and international movies since the 1970s.
Hengeler Mueller has successfully reached a temporary suspension of the prohibition order of the city of Hamburg against Uber, a provider for a smartphone-app for on-demand transportation services. Uber may thus continue providing its services in Hamburg until further notice.