Recently viewed firm profiles
Recently viewed lawyer profiles
The Legal 500 is conducting its first global survey of how corporate counsel and law firms use The Legal 500. We would be grateful if you could spend 10 minutes answering the survey questions to aid us in improving our research and how we deliver it. Click here to give us your feedback.
Legal market overview
Turkey’s enterprising and buoyant economy continues to attract a healthy flow of foreign investment, and this was echoed when Turkey’s credit was upgraded to investment grade in the Fitch Ratings in November 2012; economic growth and deal volume are expected to continue.
Turkey’s legal market is a mix of family-run firms, a number of commercially savvy and well-established names, such as Hergüner Bilgen Özeke and Cerrahoglu Law Firm, and the ever-growing presence of international firms with local Turkish affiliates. Allen & Overy LLP entered the market in May 2012, and reached a co-operation agreement with Gedik Eraksoy Avukatlik Ortakligi, which was founded by Gökhan Eraksoy and Hakki Gedik, both formerly partners at Hergüner Bilgen Özeke. In late 2011, Baker & McKenzie added an Istanbul practice to its network, and provides Turkish law advice through Esin Attorney Partnership. GSI Meridian is now known as Goksu Safi Isik Attorney Partnership.
The fragmentation of law firms is another common aspect of the Turkish legal market, with the dissolution of Verdi & Yazici being a case in point. Both former name partners have established their own practices – Verdi Avukatlik Ortakligi and YaziciLegal – focusing on complex financing, capital markets and M&A.
On the legislative front, the new Turkish Commercial Code and the Code of Obligations were brought into force in July 2012, affecting the entire legal framework within which corporate entities operate and transactions take place.