Legal Market Overview
A tentative recovery to Albania’s economic fortunes has been stymied due to the global Covid-19 pandemic. Most growth prior to 2020 came from within the nascent tourism industry, which was beginning to find traction. As with most countries, tourism and hospitality have been frontline casualties following the imposition of international travel restrictions. These restrictions have also limited the influx of potential investors. Transport, energy and social infrastructure projects have been key areas of business in the past, but for the time being, most major developments are on hold. The local legal market hasn’t been immune to the downturn, but most of the leading firms, such as Hoxha, Memi & Hoxha, Boga & Associates, KALO & ASSOCIATES, Wolf Theiss and Frost & Fire Consulting, have a small footprint relative to their regional counterparts. Most of the lawyers are generalists, and this versatility has enabled them to continue working without having to make cuts to headcount.