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Editorial

Legal market overview

Venezuela continues to experience grave economic difficulties and these have only been exacerbated by the global drop in oil prices, adding to the fiscal pressure on the Maduro administration, which, holding to the socialist agenda of the Chavez period, has reacted with ever more state-interventionist policies. These, in turn, have led many foreign investors to avoid Venezuela or withdraw their investments. Foreign exchange controls make cross-border transactions difficult, and price controls affect almost every economic activity. The resulting shortages in food and other basic necessities have led to political protests and increasing black market activity, leading to even more pressure on the government.

The crisis is also affecting the legal market. Many law firms are following the example of commercial companies by downsizing. Finance and M&A practices in particular are suffering from a drop in transactional activity, and there is widespread pressure on fee rates. On the other hand, the crisis has also led to increased demand for legal services in areas such as public law, tax, labour, and dispute resolution, as clients seek advice on how to cope with increasingly demanding regulation and tax laws, as well as assistance with downsizing and layoffs and help with disputes, where cost-effective arbitration and mediation are particularly sought after.

The four leading full-service law firms remain Baker & McKenzie SC, D’Empaire Reyna Abogados, Hoet Pelaez Castillo & Duque and Norton Rose Fulbright; which achieve high rankings in almost every practice area. There has been relatively little movement in the market in terms of law firm mergers, spin-offs, and lateral partner hires. Notable exceptions are the merger of WDA legal, S.C. with tax boutique Fraga & Viloria, S.C.; the move of public law expert Alejandro Gallotti from Torres, Plaz & Araujo to Hoet Pelaez Castillo & Duque; and the move of arbitration expert Marcos Carrillo from Lloan & Asociados to Araquereyna. In light of such challenging economic conditions, it is unsurprising that few law firms are investing; to some degree the legal market is in a suspended mode and awaits better times.

Interview with...

Law firm managing partners and practice heads explain how their firms are adapting to clients' changing needs

Press releases

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Legal Developments worldwide

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Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • Lower VAT On Hotel Services In Montenegro

    An important piece of regulation has been introduced in Montenegro recently, through the reduction of VAT on catering services in four stars hotels (in the north of the country) and five-star hotels (on the seaside), which will be effective from 2018. According to media reports, Olivera Brajović, General Director of Tourism Development and Standards in the Ministry of Sustainable Development and Tourism, pointed out that these reduced tax rates on services of preparing and serving food and drinks are expected to raise the overall competitiveness in the hospitality sector, while at the same time contribute to the combat against grey economy.
  • Karanović & Nikolić Joins The NextLaw Global Referral Network

    Karanović & Nikolić is pleased to announce that it has joined the NextLaw Global Referral Network, created by global law firm Dentons. We are particularly excited by the fact that Nextlaw presents a new type of network, with a unique invitation-only approach in their selection, ensuring that all of its members have the highest quality standards and a proven track record of excellence.
  • Sweet Smell Of Success - Serbian Sugar Industry Consolidates Its Forces

    After more than a four months and a Phase II (in-depth) investigation, the Competition Commission gave conditional approval, to Sunoko's acquisition of the Star Šećer company and its subsidiary Te-To - the owner of the sugar factory in Senta. No divestments have been required from Sunoko.
  • New Bridge Over Danube To Be Built In Belgrade

    News reports are informing us that Belgrade will gain another bridge over the Danube river in the near future – this one at the Ada Huja island and over three kilometres long.
  • Nikola Tesla Airport To Acquire Sava Centar?

    Media outlets have recently been reporting on the possibility that Nikola Tesla Airport will acquire Sava Centar (SC), with the purpose of turning it into its company headquarters. This acquisition would be followed by an investment of over EUR 30 million in the next three years for the building's reconstruction and adaptation. Such a decision would result in Sava Centar changing its name to "Congress Centre Nikola Tesla Airport", with an expanded array of facilities, including a tower, a shopping mall, and a hotel. The funds for the investment in question will be hailing from the Airport's own assets.
  • Too Big To Hide – European Commission Sanctions Truck Cartel

    Global competition law circles have recently been shaken by the European Commission's record-setting fine of EUR 2.93 billion for collusion on the automotive market, imposed against Volvo, Daimler, Iveco and DAF trucks. The sanctions in question varied amongst the accused parties, with Daimler facing the largest penalty in the amount of more than EUR 1 billion on its own. Iveco's fine was set at EUR 494 million, DAF's at EUR 752 million, and Volvo's fine has been set at EUR 670 million.
  • Cartel Office ensures greater competition in rail sector

    The German railway company Deutsche Bahn must allow for more competition. The Bundeskartellamt, Germany’s Federal Cartel Office, found that the company had abused its dominant market position with respect to the sale of rail tickets.
  • ETERNA LAW IS PLEASED TO ANNOUNCE START OF THE COOPERATION WITH PUBLIC ASSOCIATION "ACADEMY OF PREVE

    Eterna Law (representative office in Almaty) announces the beginning of co-operation as a legal adviser with the Public Association "Academy of Preventive Medicine of Kazakhstan."
  • LAG Sachsen-Anhalt on video surveillance at the workplace

    Video surveillance at the workplace does not inevitably give rise to claims for damages. That was the verdict of the Landesarbeitsgericht (LAG) Sachsen-Anhalt [Regional Labour Court of Saxony-Anhalt] (Az.: 6 Sa 301/14).
  • Final stretch for loan withdrawal

    Those who still want to withdraw from real estate loans concluded between 2002 and 2010 should take action now while the right of withdrawal is on its last legs. This get-out-of-jail-free card is set to lapse shortly.