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Deloitte Legal Law Firm

103 ALEXANDER STAMBOLIJSKI BLVD, 1303 SOFIA, BULGARIA
Tel:
Work +359 2 802 3300
Fax:
Fax +359 2 802 3500
Email:
Web:
www.deloitte.bg

Reneta Petkova, Managing Partner

Reneta Petkova, managing partner of Deloitte Legal Law Firm discusses how the firm is adapting to clients' changing needs.

What do you see as the main points that differentiate Deloitte Legal Law Firm from your competitors?

Our practice has a presence globally, with more than 1,750 lawyers in over 75 countries; hence we can offer services to multinational clients in many jurisdictions, coordinated from one office. Very few of our global competitors can match our wide-ranging and in-depth experience and understanding of various sectors, industries and markets, as well as a team of legal specialists who work in cross collaboration with colleagues from tax, financial advisory, data analytics, risk management and other functional teams. Clients can benefit from the collective capabilities offered by the Deloitte Legal network overall.

Therefore, we offer a one stop shop service as well as an interdisciplinary approach to all business issues, delivered through flexible solutions. We care as much about our clients’ long term success as we do for the short term outcome of a project.

Which practices in your member firm do you see growing in the next 12 months? What are the drivers behind that?

The practices follow the needs of our clients. Traditionally the industries that receive most interest from foreign investors are technology, media and telecommunications, outsourcing, pharmaceuticals and financial services, as well as, increasingly, agriculture, food and real estate. Drivers for this include an increase in export-oriented businesses and the absorption of EU funds.

The ongoing EU funding programs in Bulgaria are closely connected to the assignments regarding public procurement procedures, appeals of financial corrections, etc. Recently, our legal practice has closely cooperated with several municipalities, seeking expert legal advice on complex issues related to their day-to-day operations.

In 2016, a great deal of focus will be on asset quality review in the financial services industry as well as business restructuring, resolution and recovery. In connection thereto, regulators are striving to impose more stringent rules on banks and other financial institutions and increasingly scrutinising these businesses. These trends will increase demand for related legal work, and lead to a high volume of regulatory and risk management mandates. Already we have been engaged in numerous restructuring assignments.

Our team has a long history of involvement in projects related to successful M&A deals, coupled with highly-regarded capabilities in banking, finance and capital markets.

What is the main change you have made in your firm that will benefit clients?

Our legal practice, after a significant expansion in 2015, has wide-ranging expertise across many industries. Our cross-functional teams support clients with matters involving legal, tax, accounting and specific financial issues. The teams can meet, exchange information and brainstorm to evaluate if there are areas where we can add value to the clients' business.

We also strive to update our clients on all major changes in legislation relevant to their business, often offering analysis in the form of articles, newsletters, presentations and other useful materials.

How is technology changing the way you interact with your clients and the services you can provide them?

No business remains unaffected by technology. Most clients rely on IT in order to do their business and to develop it. Therefore, we expect technology-enabled legal services will become the norm in years to come.

In addition to the information on our website, regular newsletters and articles, we also present regular surveys and the Deloitte Dbriefs web cast series which discusses a range of current topics at a local and multijurisdictional level.

We continue to harness technology with the aim of improving our services. We see a rising interest among clients in understanding the power of state-of-the-art document analysis and document automation tools. While each case is different and creativity is still necessary in our profession, significant efficiency gains can be achieved by carefully matching the strengths and weaknesses of the available tools with the tasks that the client must complete.

Can you give us a practical example of how you helped a client add value to their business?
  • We aim to help our clients prepare for changes to the regulation of their business, to address additional or different regulatory requirements in a quick and cost efficient way.
  • As mentioned, we are able to help global clients with international multifunctional projects, from our office in Sofia.
  • A particular achievement was the support we gave a client in connection with several acquisition mandates in the food industry, where we provided the legal instruments to restructure the newly acquired companies in a way that best served the client’s business objectives.
  • Also, our office coordinated multijurisdictional research for a client in the pharma industry, on the legal aspects of regulation around state funding for publicly important, innovative medical treatment. This information was then used as a basis to propose changes to the relevant law for introducing fast track procedures, for the benefit of patients and society.
Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three year's time?

We are always ready to guide our clients in a strategic way, highlighting possible legal options, instruments and combinations thereof. Our clients tell us this type of business thinking is a real differentiator for Deloitte Legal.

Our goal is to evolve, together with our clients and their businesses. Our ambition is to achieve sustainable growth, remain one of the most respected full service law firms in Bulgaria, and to continue to serve as a trusted adviser to our clients.

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