Legal Market Overview
There are signs that Albania’s economy is returning to pre-pandemic levels. The country suffered a 3.3% drop in annual GDP in 2020, according to the World Bank, but government statistics suggest a solid bounce in 2021. It is hoped that public and private sector investment into key sectors such as renewable energy, transport infrastructure and tourism will remain strong as the economy opens up. Since most Albanian lawyers are generalists, they can adapt their practices to the whims of the market, and the demands of their clients, in a way that larger more specialised firms in other jurisdictions cannot. This has shielded them from the worst effects of the downturn, although most report significant pressure on fees. The top ranked firms include several highly rated independent practices, notably Boga & Associates, Hoxha, Memi & Hoxha, KALO & ASSOCIATES, and Frost & Fire Consulting, while international firms such as CMS and Wolf Theiss also come with a strong history in the legal market. Many of the senior lawyers in these firms have experience of working at international law firms, and meeting the standards expected by international clients.