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Aida Economou, Ph.D., Managing Partner

Aida Economou talks about the effect of the Greek economic crisis on the legal business.

What do you see as the main points that differentiate Vainanidis Economou & Associates from other law firms?

In challenging times businesses need legal guidance more than ever. Within the framework of the draconian austerity measures aiming to restructure the public sector, control public spending, open markets and eventually, lead to the path of growth, the Greek legal order has experienced in the past 7 years an unprecedented wave of legislative reforms.  Vainanidis Economou and Associates have supported their clients to find the desired direction in this complex and ever changing environment.

Businesses need practical advice, sometimes in a very limited time span. A decision may have to be taken quickly in view of the imminent insolvency of a customer or a supplier or a bank’s decision to request additional securities to maintain a line of credit. The understanding of the client’s business together with the experience accumulated over the years and our innovative thinking constitute the key elements which generate the necessary thrust directed to problem solving.  These characteristics are expressed in our motto as a “dynamic high-quality law firm”.

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

The substantial legislative reforms in company law in the recent years has created new types of companies, new mechanisms for the transformation of companies and, naturally, new challenges for economic operators. The firm’s creative approach and its embedded practice of prior consultation with the administrative authorities have led to practical solutions and shorter periods of implementation in creating entities for the undertaking of projects and in M&A transactions. There is significant potential in this field. We also anticipate a growth in the field of competition law both because of the Hellenic Competition Commission’s increasing activity in the enforcement of competition law and the upcoming implementation in the Greek legal order of the Damages Directive.

What's the main change you've made in the firm that will benefit clients?

Since our establishment 31 years ago, we have progressed due to the hard work of our people and their investment in the building of a relation of mutual trust and respect with our clients. Because of these, the firm has gained recognition from distinguished international law firms and international companies. It is on the basis of the same principles that we shall proceed in the future.

Can you give us a practical example of how you have helped a client to add value to their business?

The firm advises businesses on a wide range of commercial transactions and, very frequently, on antitrust matters. Its deep knowledge of the pharmaceutical, hotel, food and industrial products industries contributes to the provision of efficient advice. The firm has a consolidated experience in privacy and data protection law which currently constitutes a topic of broad interest due to the recent General Data Protection Regulation.

Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time?

As mentioned, the Greek economic crisis has made clients regard law firms as an indispensable compass for business. This has increased our firm’s responsibility in providing good and swift advice.

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