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Penkov, Markov & Partners

Work +359 2 971 3935
Fax +359 2 971 1191
Bourgas, Dobrich, Lovetch, Pleven, Rousse, Sofia and 2 more

Vladimir Penkov

Work +359 2 971 3935
Penkov, Markov & Partners

Work Department

Chairman of the Consultative Board and Senior Partner


Chairman of the Consultative Board and Senior Partner: Banking & Finance, Corporate Law and Commercial Contracts, Competition, Privatization and Foreign Investments, Investment Management, Mergers and Acquisitions, Project Finance, Public Procurement, Licensing and Know-How Agreements, Tax Law, Telecommunications, Media & IT, Energy Law and Renewable Energy Sources


Penkov, Markov & Partners – Founder in 1990; Penkov, Markov & Partners – Managing Partner 1990-2017; Chairman of the Consultative Board of Penkov, Markov & Partners since 2017;Bulgarian Telecommunications Company AD - Member of the Managing Board, 2007-2008, Chairman of the Supevisory Board, 2008 - 2013 and reelected as Chairman since 2014; NIKAS Bulgaria AD - Member of the Board of Directors, 2009 – 2012; Arbitration Court at the BCCI - Arbitrator since 1999; BCCI – Member of Managing Board since 1993 and Vice President, 1999 – 2006; Zagorka AD - Member of the Board of Directors,1998 – 2006 and Executive Director, 2000 – 2002; Ministry of Foreign Economic Relations – Head of Division „Austria and Switzerland“, 1989 – 1990; Technica Foreign Trade Organization - Chief Legal Counsel, 1987 – 1989; Ministry of Foreign Economic Relations - Legal Counsel and Senior Legal Counsel, 1979 – 1987; Sofia City Court – Intership as a judge, 1976 – 1977


Bulgarian, German, English


Member of the Managing Board of the BCCI, since 1993; Chairman of the Investment – Taxation Council with the BCCI, 2004 – 2006; Former Member of the Bulgarian National Group with the International Association for Intellectual Property Protection; Former Member of the Managing Board of BIBA (Bulgarian International Business Association); Founder and former President of the first Lions Club in Bulgaria – Lions Club, Sofia; Member of the Managing Board of Tulip Foundation, since 2009, Member of Sofia Bar Association.


Sofia University St. Kliment Ohridski – Master in Law, 1976; Economic University, Karlshorst, Germany 1970 – 1972


Banking, finance and capital markets

Within: Banking, finance and capital markets

Penkov, Markov & Partners covers multiple regulatory issues on the banking side, including establishment and licensing, EU passporting and anti-money laundering, as well as handling bank M&As, spinoffs and insolvency procedures. Key individuals in the team are co-heads Vladimir Penkov and Ivan Marinov, who advises on investment financing, and Nikolay Cvetanov, who specialises in capital markets. Milena Gaidarska advised Arteks Engineering on the financing of a project and the structuring of collateral.

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Commercial, corporate and M&A

Within: Commercial, corporate and M&A

The 'well-prepared, trustworthy and profoundly knowledgeable' team at Penkov, Markov & Partners advises on a wide range of corporate and commercial matters, including high-profile M&A transactions, disposals, restructurings, and complex joint ventures. Chairman Vladimir Penkov; ‘the personally engaged and highly experienced’ Ivan Markov; recently promoted partner Alexander Stefanov; Atanas Valov; and the 'standout' Roman Stoyanov are key contacts. The ‘dedicated’ Milena Gaidarska advised on the €253m sale of the owner of the Paradise Center shopping mall in Sofia, the largest retail transaction on the Bulgarian market so far. Clients include the European Bank for Reconstruction and Development, Integrated Food and Acronis.

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Dispute resolution

Within: Dispute resolution

Penkov, Markov & Partners covers commercial litigation as well as construction, employment, public procurement and tax disputes, including those with cross-border aspects, and international arbitration proceedings. The ‘focused and dedicated’ team is ‘extremely diversified, with experts in almost every legal field’ and takes ‘a personal approach’. Chairman Vladimir Penkov ’does not just build working relationships but has real synergy with everyone involved with him’; team head Atanas Valov was recently promoted to associated partner; and Yura Mincheva is also recommended. In a recent highlight, Penkov and Milena Gaidarska acted for Glorient Investment in a complex and high-value case against Technomarket regarding the payment of overdue rents and handover of unlawfully retained commercial stores and warehouse facilities.

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EU and competition

Within: EU and competition

Penkov, Markov & Partners advises clients on EU regulations, public procurement and unfair competition issues. Key contacts include practice co-head Vladimir Penkov and recently promoted partner Yura Mincheva, who regularly represents clients in merger notification proceedings. In a recent highlight, the team successfully obtained clearance for the merger of two domestic companies in the armament industry. Uber, Coca-Cola Hellenic Bottling Company, CEZ and Heineken are major clients.

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Energy and natural resources

Within: Energy and natural resources

Penkov, Markov & Partners advises companies, NGOs and public authorities on M&A deals in the energy sector, and on all aspects of electricity trading. The practice is led by Vladimir Penkov, Roman Stoyanov, who represents power generation and distribution companies, as well as financial institutions and investment firms active in this area, and Ivan Markov. The team advised electricity distribution and grid-operating company CEZ Group on the cross-border sale of its subsidiaries in Bulgaria, which was the largest M&A transaction in the energy sector in the last decade.

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Healthcare and life sciences

Within: Healthcare and life sciences

Recent highlights for Penkov, Markov & Partners include advising a pharmaceutical company on the regulatory requirements related to donating prescription medicinal products to healthcare institutions, and acting for a client in unfair competition proceedings. Vladimir Penkov jointly leads the practice with Roman Stoyanov; Penkov regularly acts for developers of medicinal products, medical devices, healthcare products and food supplements.

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Intellectual property

Within: Intellectual property

Penkov, Markov & Partners' IP expertise encompasses contentious matters, IP agreements and the sale and purchase of IP rights. Vladimir Penkov and senior associate Yordan Politov jointly lead the group; Politov is singled out as ‘one of the leading lawyers in the field’ and provides ‘useful and on-point advice on copyright issues’.

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Within: TMT

Penkov, Markov & Partners fields a team of ‘ great specialists in their fields’, which includes group head Nikolay Cvetanov and highly regarded senior partner Vladimir Penkov; Cvetanov also leads the firm's personal data protection practice. The department's client roster include Uber, which the team advised on its software platform's compliance with local e-commerce regulatory requirements; and V Mobile, which it assisted with the development of a new piece of enterprise resource planning (ERP) software. Svetoslav Dimitrov left to establish his own company.

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Legal Developments by:
Penkov, Markov & Partners

  • Why Don’t We Have the Will to Improve the Investment Climate?

    All investors, especially those from abroad, when asked about the investment climate in the country indicate a number of factors, besides tax rate, that influence their overall assessment. These factors relate to different areas of business and life in general, but have so far unfortunately gone unnoticed by governments.
    - Penkov, Markov & Partners

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