Next Generation Partners

Commercial, corporate and M&A in Bulgaria

Boyanov & Co.

Few firms match Boyanov & Co.'s combined strength of local know-how and cross-border expertise. The 'great law firm' fields market-leading individuals, including the pre-eminent and 'technically excellent' Yordan Naydenov, to advise on sophisticated mandates across the board of corporate and commercial work, with niche strength in banking M&A. The offering is well resourced, with a formidable 18-strong team which includes head of commercial Raina Dimitrova and energy specialist Alexander Chatalbashev. Microsoft, Amazon and Mondelez International are clients.

Practice head(s):

Yordan Naydenov; Raina Dimitrova

Other key lawyers:

Alexander Chatalbashev; Mihail Vishanin


‘Reliable, high quality team – especially Yordan Naydenov’.

‘I have worked most recently with Yordan Naydenov, whom I have known for many years. He is my go-to lawyer in Bulgaria for M&A and corporate work – available at short notice and technically excellent.’

‘Boyanov is a great law firm with great individuals. Boris Boyanov knows the market extremely well and is super-connected.’

Key clients

Microsoft Corp.

European Investment Fund

Mondelez International

Piraeus Bank

State General Reserve Fund of the Sultanate of Oman

National Bank of Greece


Eurobank Bulgaria




Knowlton Development Corporation

Concord USA


Valea Foundation

Work highlights

  • Advised Eurobank Bulgaria on the merger procedure under which Eurobank Bulgaria absorbed its newly-acquired subsidiary, Piraeus Bank Bulgaria.
  • Acted for GlobalFoundries on the acquisition of the PDK (Process Design Kit) engineering team from Smartcom Bulgaria in Sofia.
  • Advised on the first transborder merger of a Bulgarian AM company (UBB AM) into a foreign one (KBC AM, a member of the parent group of UBB AM).


CMS is a heavyweight in the Bulgarian corporate and M&A market. Its large, 18 lawyer strong team is instructed by multinationals and major domestic companies on headline deals. The firm leverages expertise from its full-service offering in Sofia as well as regionally for sector-specific transactions, with notable capability in energy and IT. Atanas Bangachev co-heads the team alongside Gentscho Pavlov , Assen Georgiev and Dimitar Zwiatkow.  

Practice head(s):

Atanas Bangachev; Gentscho Pavlov; Assen Georgiev; Dimitar Zwiatkow

Other key lawyers:

Nevena Radlova


‘They have a very commercial and realistic approach, as opposed to strictly legal advisors.’

‘Excellent monitoring, tracking and advice on the related domestic and international legislation. Competent and timely support upon request.’

‘We always receive a competent, timely and exhaustive consultation and information by Nevena Radlova and her team.’

‘Knowledge of the regulatory environment is a strength. The lawyers are very diligent in responding to requests, proactive with their approach, and hard-working to help conclude issues. Good in negotiations and flexible in terms of billing and rates.’

‘Atanas Bangachev is excellent in leading the M&A process; he is able to use precise legal arguments to shut down unreasonable requests from counter parties; he is a hard working and strong moral character.’

‘CMS are very professional. They work to meet clients’ needs without raising continuous requests for additional payment in case of work performed out of scope. They are very efficient, they know the energy and M&A sector very well, they are very experienced in international transactions, and they assist the client in the best possible way.’

‘We work with several legal counsels and CMS is unique with the selection of experts on topics that are relevant to our business and they introduce us clearly to whom to reach out to.’

Key clients

ACF Renewable Energy/Acwa Power

SDN Company

Astronergy Solar

Global Biomet


Hyundai Electric & Energy Systems Co.

UniCredit Bulbank

Smartcom Bulgaria

SIG plc

Ewellix Bulgaria

Imerys France










Work highlights

  • Acted as local Bulgarian counsel to Swedish listed company NetEnt on its €197m acquisition of RedTiger, a producer of gambling software.
  • Advising Astronergy Solar Netherlands on the sale of their portfolio in Bulgaria, consisting of ten PV Projects.
  • Advising the seller on the $24.5m sale of shares in Hyundai Heavy Industries Co. Bulgaria (HHI Bulgaria) by Hyundai Heavy Industries Co. Ltd.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov excels in significant global transactions involving Bulgaria, such as client PPF's $2.1bn acquisition of Central European Media Enterprises (CEM). The largest team in the market with 32 lawyers, including a dozen partners and three counsels, is co-led by Zdravka Ugrinova, who is among the premier corporate lawyers in Sofia. She is assisted at the helm by Berlin-based Violetta Kunze, a leading TMT practitioner who led the advice to PPF. The team demonstrates additional sector strength in banking, energy, pharma and real estate.

Practice head(s):

Zdravka Ugrinova; Violetta Kunze

Other key lawyers:

Stephan Kyutchukov; Omourtag Petkov; Georgi Tzvetkov; Valentin Bojilov


‘I like the depth of their team. They are a large firm with a range of practice areas headed by partners. They have a good number of lawyers, giving you confidence that they can staff larger and more complex deals properly.

They are friendly and easy to work with.’

I have worked with them on several transactions, and I am very impressed by their diligence. They are hard-working and thorough.

‘Valentin Bojilov is super-smart and very hard-working and diligent. Even when grilled by partners of London firms, he stands up perfectly and always prevails in arguments about how things work.’

Key clients


Hamilton Data Services

DOHLE Trading Group Holding LLC & Co. LP

Blantyre Capital


Sony Europe Limited


Lukoil Europe Holdings

Froneri Bulgaria



Hitachi Solutions Co.

Hilti Italia

Nokia Corporation

ERG Insaat Ticaret ve Sanayi

Hanon Systems

Eleven Fund Cooperatief U.A.


Thunder Software Technology Co.

Auto Kelly

Hamilton Data Services

SSM Partners

Mitsuba Teklas Turkey Otomotiv

J.S. Hamilton Poland

Lemi Trafo

Yazaki Europe Limited

CEE Equity Partners

Kharis Capital Advisory

Work highlights

  • Advised a consortium of lenders in relation to the financial restructuring of Bulgarian TV and satellite operator, Bulsatcom. Value: €310m.
  • Acted as Bulgarian counsel to private investment group PPF on the $2.1bn acquisition of media and entertainment group Central European Media Enterprises.
  • Advised the owners of Hamilton Data Services in the 100% sale of their business in Bulgaria to Iron Mountain International Holdings. Value: above €5m.

Kambourov & Partners

A 'truly unique practice thanks to the combination of experience, knowledge, forward-thinking and client focus', Kambourov & Partners is a favourite for M&A within highly-regulated industries. It consequently scooped instructions from Vivacom/Bulgarian Telecommunications Company on its €1.2bn sale to United Group, the deal of the year by size. Leading individual Vladimir Rangeloff led the work in Bulgaria and steers the practice, together with the very highly rated Veronika Hadjieva, who 'has outstanding knowledge of M&A transactions' and is 'able to put her shoes in the view of the counterparty'.

Practice head(s):

Vladimir Rangeloff; Veronika Hadjieva

Other key lawyers:

Christian Dimitrov


‘Their strengths are: strong knowledge of the local market and laws, and the process of international/cross-boarder M&A transactions;  available at any time; timely and short notice delivery of any tasks; responsive to requests at any time.’

‘Great knowledge and experience in international environment/transactions. Veronika Hadjieva has outstanding knowledge of M&A transactions and it was a pleasure to work with her.’

‘Solid corporate and M&A expertise, prompt responses.’

‘Veronika Hadjieva stands out: available at short notice, is engaged and provides good quality of advice.’

‘A truly unique practice thanks to the combination of experience, knowledge, forward thinking and client focus. Kambourov & Partners is one of the oldest (if not the oldest) law firms in our country, with a stable and reputable track record spanning 30 years. In the course of this time, the corporate, commercial and M&A practice has been one of the highlights, with expertise gained through the participation in numerous major transactional projects in Bulgaria. I have known the team for plenty of years now and I have only the best of praises for them. Together with the high professionalism, expertise and proficiency, the practice is remarkable with the deeply rooted commercial thinking and a spirit of collegiality and compassion and understanding towards clients.’

‘I would like to give specific mention to Veronika Hadjieva and Christian Dimitrov – two of the people at Kambourov & Partners I have worked with the most in recent years. Veronika is a terrific example of female leadership – a smart, solid, reliable, proactive and capable go-getter. She is insightful, commercial and always looking out for clients. Christian is also excellent – fantastic with the regulatory side of things, dilligent, attentive and trustworthy.’

‘High professionalism and easy to work with.’

Key clients

Bulgarian Telecommunications Company (BTC)/Vivacom



SIG Plc. Air Handling Division

DS Smith

Stillfront Group


Nova TV






Barnes Global


Work highlights

  • Advised BTC/Vivacom on its €1.2bn sale to United Group.
  • Advised marketing platform developer Yotpo on the acquisition of SMSBump.
  • Advised DS Smith on the Bulgarian aspects of the €450m sale of its packaging business to Liquibox.


Kinstellar continues to grow market share in this sphere, including big-ticket mandates such as continued advice to Meridiam and others as winning bidders of the €4.3bn, 35-year concession for Sofia Airport. Multiple lateral hires at associate level indicate the team's expanding work volume: new joiners include experienced managing associate Atanas Mihaylov from Wolf Theiss and senior associate Zornitsa Georgieva, formerly of CMS. They are led by office managing partner Diana Dimova, who is particularly strong in M&A, private equity and public tenders for large infrastructure projects.

Practice head(s):

Diana Dimova

Other key lawyers:

Nina Tsifudina; Atanas Mihaylov

Key clients


Total Eren

Adecco Group

Intervet International

KBC Group

ADM Bulgaria Trading

Smule Inc.

Zhejiang Dahua Technology

TUI Bulgaria

STADA Arzneimittel

Silversmith Capital Partners


Global PEO Services

Allvotec Limited

Astound Commerce Corporation

Spectrum Brands

Calik Enerji Sanayi ve Ticaret

Work highlights

  • Continuing to advise a consortium, including Meridiam, on the Bulgarian law aspects of its winning bid for the 35-year concession of Sofia Airport, value €4.3bn.
  • Acted for STADA Arzneimittel on the acquistion of Walmark, a CEE consumer healthcare company, from Mid Europa Partners.
  • Represented Silversmith Capital Partners on the acquisition of Botron Software by Appfire as part of a $49m strategic investment.

Schoenherr (in cooperation with Stoyanov & Tsekova)

A popular referral choice among international law firms requiring CEE advice,  Schoenherr (in cooperation with Stoyanov & Tsekova) often handles some of Bulgaria's largest transactions. Recently, the firm worked as local counsel to United Group in its landmark €1.2bn acquisition of Vivacom/Bulgarian Telecommunications Company. The work was led in Sofia by Ilko Stoyanov, who provides 'very wise advice'. The 13-strong team is also led by dual Bulgarian and Austrian qualified Alexandra Doytchinova, who is noted for her experience in the energy and real estate sectors.

Practice head(s):

Alexandra Doytchinova; Ilko Stoyanov

Other key lawyers:

Katerina Kaloyanova; Stela Pavlova


‘We instructed the Schoenherr Bulgaria team in a complex cross-border deal, involving various regulators and actors, in the banking and insurance sectors. They provided us with high-quality advice on this project, interfacing very well with the regulators, the local management, their local counterparts and our firm (which was acting as lead counsel). They understood very well the needs of our sophisticated and demanding client and enabled us to successfully close the deal within the contemplated timeline, despite numerous regulatory constraints and unexpected business issues.

‘Ilko Stoyanov did a great job in leading his team, in particular in his discussions with both the local regulators and our local counterparts and his very wise advice. We recommended him and his team for other assignments. Katerina Kaloyanova, associate M&A, did a terrific job on the project, interfacing with all the teams (local management, specialists, local counterparts, regulators, etc.) and providing around-the-clock services to answer our challenging client.’

‘The team is proactive, professional and well organised with good market knowledge and great experience.’

‘Good communication, proactivity, patience, outstanding quick response time.’

‘They are very responsive and act very quickly in accordance with the highest standards and requirements of clients.’

‘Ilko Stoyanov was my key contact and he was war-sensible to clients’ expectations and delivered accordingly. ’

‘The team provided practical support for a merger of two sites in Bulgaria. The merger was processed effectively to the deadline.’

‘The team supported the process well. They explained the processes and documentation required and were available for calls and responded to emails quickly and professionally.’

Key clients

United Group

Société Générale Group

OTP Bank Plc, Hungary

Enery Development

Schneider Electric


UniCredit Group

Smurfit Kappa Europe .


Offerista Group

Globe Trade Centre (GTC) and Lone Star ECE and ECE

Work highlights

  • Advised United Group on the €1.2bn acquisition of Vivacom (Bulgarian Telecommunications Company), the largest telecoms operator in Bulgaria.
  • Closed the multimillion sale of Société Générale Group’s Bulgarian subsidiaries to DSK Bank.
  • Advised Enery Group on the multimillion-euro acquisition of Bulgarian solar park Karadzhalovo PV.

Wolf Theiss

An experienced team at Wolf Theiss is widely instructed in cross-border transactions involving both outbound as well as inbound investment, particularly within the energy and telecoms sectors. The firm also handles regional work for key clients out of the Sofia office, showcasing the capability of the team. The practice is led by Richard Clegg, who is qualified in the UK, Ireland and Bulgaria; Anna Rizova, former general counsel at Bulgaria's first mobile operator; and Katerina Kraeva, who also brings in-house experience to the practice. Visa and AIG are clients.

Practice head(s):

Richard Clegg; Anna Rizova; Katerina Kraeva

Other key lawyers:

Jasmina Uzova


‘The Wolf Theiss Bulgaria team is very well prepared, organised and responds to requests within a short period. They are very practical and clear in their legal opinions and recommendations. Connections with lawyers outside Bulgaria is an advantage and helps cover multinational fields of expertise.’

‘Richard Clegg has great and diverse experience which allows him to understand the needs of the client and to address them directly and in a most effective way.’

Key clients




Soravia Group

Incor Energy Group

Lead FX

ALSO Holding


IAC (InterActiveCorp)

Work highlights

  • Advising AIG on the provision of W&I insurance in respect of the conditions, representations, warranties and indemnities provided by the sellers in the sale of BTC/Vivacom to United Group.
  • Advising Alcinda, a joint venture between Micronix (a large Czech energy group) and KGAL (a large German institutional fund) on the acquisition of the 50MW Karadzhalovo photovoltaic plant.  Alcinda was the underbidder at the final stage of the process.
  • Acted for international provider of ICT and digital solutions, ALSO Holding, on its acquisition of one of the major Bulgarian ICT wholesalers, Solytron Bulgaria, thereby expanding its presence in the CEE region.

Deloitte Legal Law Firm

The Sofia team at Deloitte Legal Law Firm handles a broad spectrum of corporate transactions, including cross-border and multinational, as well as general commercial matters for a domestic and international client base. Key sector expertise includes real estate, banking and TMT, but instructions also arise from the manufacturing, food and beverage production, transport and energy industries. Practice co-head Reneta Penkova has almost 30 years' experience of the Bulgarian and international corporate market and is supported in leading the team by very capable managing associate Kaloyan Yordanov.

Practice head(s):

Reneta Petkova; Kaloyan Yordanov

Other key lawyers:

Zvezdelina Filova

Dimitrov, Petrov & Co

Best known for its TMT capability, Dimitrov, Petrov & Co continues to expand into other sectors, gaining a broad client base of domestic and foreign clients ranging from individual entrepeneurs to global giants such as Pfizer. Notably, the firm acted for Telenor/PPF on its restructuring and spin-off of infrastructure from its retail businss, work led by 'brilliant lawyer' and head of the practice Zoya Todorova and TMT specialist Hristo Nihrizov. Other key members of the team include Boyana Milcheva and associate Radina Tomanova.

Practice head(s):

Zoya Todorova

Other key lawyers:

Boyana Milcheva; Radina Tomanova


‘The corporate and commercial department of Dimitrov, Petrov & Co. is possibly the most dedicated team of professionals I have worked with throughout my career. They are always striving to be up-to-date, to learn new things, to provide service in accordance with the highest standards. They work really hard but there is a spirit of friendship and mutual understanding and help in the team.’

‘They are very human in their language and are a problem-solving oriented company. It was the first time I read a legal advice where I understood everything. There was no excessive info, details or terminology.’

They have excellent knowledge and real life experience/practice of the whole corporate law landscape, particularly Zoya Todorova. ’

‘The interaction among the lawyers within the team and the firm is impressive. Every work we mandate is carefully analysed from different perspectives, so that no detail is missed. Every legal opinion we receive is excellent and our legal advisors stand out with client-focused, business-specific approach. We particularly appreciate their initiative to regularly update us on every important change in the legal framework.’

‘ We work closely with the partner Zoya Todorova who is a brilliant lawyer, very competent and experienced, demonstrating impressive market knowledge. She is also a good team leader, inspiration for the young talents in the team. I would like to distinguish also Radina Tomanova, Polya Dimitrova and Rositsa Vasileva – very bright young ladies and our dedicated advisors on all challenging labour issues besides the day-to-day commercial tasks. I must also mention the partner Boyana Milcheva – top legal expert in many areas of law, our primary legal contact and a big friend to all Bulgarian subsidiaries of our group.’

‘The team has a very strong commercial, corporate and M&A practice. We have recently completed a common project, where the team demonstrated in-depth knowledge of Bulgarian corporate law and governance of state-owned enterprises.’

‘Zoya Todorova is an excellent commercial and corporate lawyer, excelling in what she knows, curious and a quick learner.’

Key clients


Pfizer Luxembourg

New Vision 3

Agrix Bulgaria

Iron Mountain International Holdings

Pepkor Europe

Şişecam Group Bulgaria

Work highlights

  • Аdvised Telenor/PPF on the spin-off of the infrastructure from its retail business, including all the legal and regulatory aspects of the transaction.
  • Advising Pfizer in Bulgaria on a range of corporate and commercial matters, including a clinical trial project.
  • Advised Dilyan Pavlov, a local entrepreneur, on an investment in an office building project, including structuring the relations with shareholders, drafting agreements, and intensive negotiations on behalf of the investor.

Dinova Rusev & Partners

Dinova Rusev & Partners acts for some well-known international companies as well as signficiant domestic players, with a noteworthy following among mining companies. A large partner team of six is led by experienced transaction lawyer Anelia Dinova, whose primary focus is inward investment into Bulgaria. She is supported by Iliya Grozdanov, who is recommended for his knowledge of the energy sector. The firm recently won a competitive pitch to become preferred Bulgarian advisor to a well-known global company. Other clients include McDonalds and UK retail chain Marks & Spencer.

Practice head(s):

Anelia Dinova

Other key lawyers:

Iliya Grozdanov


‘The team is highly responsive and interacts with care for capturing the problem/question raised.’

‘Iliya Grozdanov is recommended; a long time partner with good knowledge of our business.’

‘Strong team players, fast response to the enquiries, deep analytic reply providing optional scenarios of the solutions, very professional attitude.’

‘Immediate contact back with drawing of action plan. Very easy to work with all of them.’

Key clients

Major US private equity investment fund

Major IT group





AP Retail

Northrop Grumman

Danaos Development

Fourlis Group

Marks & Spencer

Sephora Bulgaria

Marinopoulos Group


Imerys Minerals Bulgaria

Sofia Hotel Balkan

Economou Shipping


Devico Bulgaria


Catechin Water Laboratories

Il Cosmetics

Astron Chemicals

IPA Architects

Greenville Bulgaria

Work highlights

  • Advising a Bulgarian mining company on structuring multiple joint venture entities and shareholders’ relations in a large-scale mining project, value in excess of $100m.
  • Acting for Imerys Minerals Bulgaria (part of S&B Industrial Minerals Group), in respect of ongoing corporate and commericial matters.
  • Acting for 3M Bulgaria in respect of ongoing corporate and commercial matters.

Hristov & Partners

A compact but talented team at Hristov & Partners works alongside a growing network of elite international firms requiring Bulgarian advice, ensuring a pipeline of cross-border transactions for the firm. Name partner and head of practice Pavel Hristov has built a rare offering in the market in this corporate and EU boutique, attracting an expanding client base of significant domestic and international companies. Support is provided by experienced corporate partner Biliana Shagova, and a trio of associates.

Practice head(s):

Pavel Hristov

Other key lawyers:

Biliana Shagova


‘They are extremely professional with a wide view on the business process, very experienced in corporate and M&A law.’

‘All individuals working for Hristov & Partners, in addition to their professional education and experience, are very reliable and responsive. I could reach them any time 24/7 if I need immediate advice. They give me the best advice for different business situations, based on their long experience working with international companies.’

‘They provide quick responses, clear and simple solutions, ask the right questions to optimise the outcome needed, and give proactive suggestions due to their understanding of our business model.’

‘Very high level of responsiveness and business conscious advice.’

‘This team’s knowledge of our industry and resources within it have been a great asset to our company as we move through our project in Bulgaria. ’

Key clients

MTD Europe Holding

Elite Car

The WebitFoundation


Bella Bulgaria

ALD Automotive

DanubeTruck Bulgaria

Bright Marketing Research


PureTech JSC

DMG Bulgaria

Tamini Transformatori


FFGroup Bulgaria

Pappas Holding


The VirtualShow

Work highlights

  • Advised MTD Europe Holding on the implementation of a restructuring plan in Bulgaria, including the voluntary liquidation of a local subsidiary company and execution of a long-term distribution agreement with local partner.
  • Advised the shareholders of Elite Car on the completion of the interrelated transactions between Elite Car and LKQ Corporation’s entity Auto Kelly and on post-transaction integration matters.
  • Acted as the lead counsel of Webit Foundation in the discussions of the host city agreement with the city and regional authorities of Valencia, Spain and on sponsorship and advertising agreements related to the event.

Penkov, Markov & Partners

National firm Penkov, Markov & Partners has the geographical spread to provide high-calibre advice to a broad range of industries. Ivan Markov, co-head of the practice alongside firm managing partner Nikolay Cvetanov, is leading advice to ČEZ on the protracted sale of its Bulgarian subsidiaries to a Bulgarian investment company, the largest transaction in the energy sector in a decade. Departures within the team include associate partner Yura Mincheva to Ernst & Young and partner Alexander Stefanov to his own practice.

Practice head(s):

Nikolay Cvetanov; Ivan Markov

Other key lawyers:

Atanas Valov: Roman Stoyanov


‘Penkov, Markov & Partners has a very motivated team with specialists in different areas capable to work with local and multinational companies. They have expertise in variety of subjects I needed advice for – like M&As, corporate governance legislation, specific energy legislation and many others.’

‘The individuals I have worked with are very fast at responding, well experienced and highly committed to the tasks assigned.’

‘The law office has vast experience in cross-border M&A and with working with common-law based contracts. This proved invaluable in the structuring of our recent deal, both from a Bulgarian and international (Greece, Macedonia) point of view. All pending problems with the sellers have been resolved smoothly and in a business-oriented manner, and that gave us the comfort that we are doing a deal that will be beneficial for us.’

‘The project was managed by their managing partner Nikolay Cvetanov, who is an excellent negotiator and experienced in cross-border M&A. Atanas Valov also significantly helped the finalisation of the contracts, smartly resolving some deadlocks we reached at the very end.’

‘Very professional, have good knowledge of the law and are very good working with international clients.’

‘Penkov, Markov & Partners are aiming to have specialised lawyers in many different legal fields. The team supplements one another when there is need. They are aiming to provide their clients with quality, overall legal services. The team works well even with short deadlines and is always trying to provide multiple solutions to clients. They have strong expertise in several fields and are concentrated on work with corporate clients.’

Key clients


ConverterTec Holding

ČEZ Group

Basildon Holding

Mondi Stambolijski

International private equity group

Insa (Colibra)

Stitching Beleggers Novi Han

Tiger Technology

Zlatna Panega Cement

Integrated Food

BA Glass Bulgaria

Temple Translations

YNV Holdings

Maillis Holdings

Xella Bulgaria

Work highlights

  • Advising Polish insurer Unilink in the acquisition of the major package of equity shares of the authorised capital of I&G Insurance Brokers for €14m.
  • Providing legal services to ConverterTec Holding for the acquisition of the Renewable Power Systems (RPS) business and the Protection Relays business from NASDAQ-listed Woodward Inc., estimated value $29m.
  • Acting for ČEZ on its second attempt to sell its Bulgarian subsidiaries to one of the largest Bulgarian investment companies.

Tsvetkova Bebov & Partners

Tsvetkova Bebov & Partners a popular choice for international companies and funds requiring advice for investments and divestments in Bulgaria, which is reflected in its stellar client list including Bombardier, Japan Tobacco International and AstraZeneca, among others. Also locally, the firm is a well-known legal brand attracting significant domestic work. Co-heads of the practice Irina Tsvetkova and Venelin Dimitrov are both seasoned corporate lawyers with 40 years’ experience between them, and lead a ‘motivated and well-prepared‘ team that ‘never disappoints‘. Since publication, Ilya Komarevski and Venelin Dimitrov left the firm.

Practice head(s):

Irina Tsvetkova


‘The TBK team is motivated and well prepared. In our experience, I have particularly appreciated their capability to understand the needs of international clients, representing in a very clear way regulatory peculiarities of the Bulgaria.’

Senior associate Eleonora Mateina is very well prepared with an excellent knowledge concerning the energy sector and related regulatory framework.’

‘Working with Dimitar Grozdanov has always been extremely pleasant. He is quick, solution-oriented and delivers top-quality work.’

‘This law firm never disappoints and provides high-quality advice in all main areas of commercial law, including corporate and employment law.’

‘Anastasiya Grunova are excellent corporate and commercial lawyers; Victoria Tzonkova is a very strong employment lawyer, with a great sense of business and practicality, hugely responsive.’

‘They act always on time and in a very professional manner.’

‘Professional at English, because its a must in our cooperation with them.’

Key clients




Deutsche Bahn (DB Cargo Bulgaria)





Japan Tobacco International

Laboratoires Théa

Mars, Inc.

Micro focus

OMV Petrom




Work highlights

  • Provided EnduroSat with transactional and corporate assistance on Freigeist Capital’s investment in the company.
  • Advising OMV Petrom in all Bulgarian legal aspects in its acquisition of a stake in the natural gas exploration block Han Asparuh, in the Bulgarian offshore zone.
  • Advising Deutsche Bahn (DB Cargo Bulgaria) on an ongoing basis in all corporate work, including its acquisition of the Wagon Repairing Factory in Bulgaria.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners - Eurolex Bulgaria advises a mix of local and international clients primarily on day-to-day corporate and commercial issues, including concessions, PPP deals, contracts and GDPR compliance. Albeit not the main focus, the practice also has capability in the M&A arena in head of practice Andrey Delchev and Magdalena Valova. Clients include Allianz Group and DK Energy (EDF's subsidiary in Bulgaria).

Practice head(s):

Andrey Delchev

Other key lawyers:

Magdalena Valova

Key clients

Allianz Group

Assarel – Medet JSC

DK Energy Bulgaria (subsidiary of EDF)

F&B Analyses JSC

Fresh Media Group

Hydrolia AD


Trace Group Hold

Work highlights

  • Advised mining company Assarel-Medet JSC on various day-to-day legal matters related to its business operations and corporate governance.
  • Acting for radio broadcaster Fresh Media Group on various day-to-day legal matters related to its business operations and corporate governance.
  • Providing advice to Bulgarian defence equipment supplier Kintex related to its day-to-day business activities, including cross-border commercial contracts.

Arsov Natchev Ganeva

A decent-sized team of three partners and five associates at Arsov Natchev Ganeva earns roles in some high-profile mandates, including advising a bidder in the concession for Sofia Airport, a landmark deal in the country. All three practice heads, Jivko RokovMarin Arsov and Dessislava Lukarova are experienced across a range of corporate and commercial matters.

Practice head(s):

Jivko Rokov; Marin Arsov: Desislava Lukarova

Other key lawyers:

Yordan Terziev

Key clients


ICGB AD (Interconnector Greece Bulgaria)

Groupama Zhivotozastrahovane

Publicis Groupe Holdings

Publicis Bulgaria

Sodexo Pass International




Schreiber Foods Bulgaria


Lidl Bulgaria Eood & Co

Ottobock Manufacturing Bulgaria


Willi Elbe Automotive Bulgaria

WKS Bulgaria

Work highlights

  • Advised airport operator AENA on its bid for the concession of Sofia Airport.
  • Continuing to representing ICGB AD (Interconnector Greece Bulgaria) on corporate structure and finance.
  • Acted for Groupama Zhivotozastrahovane on its acquisition of Express Life Insurance (formerly Soge Life Bulgaria) and subsequent merger between Express Life Insurance and Groupama Zhivotozastrahovane.

Atanassov & Ivanov Law Firm

Stoyan Atanassov and Iliyan Ivanov at Atanassov & Ivanov Law Firm have international corporate experience gained at a Big Four consultancy, and now advise an array of domestic and international clients with specialism in the energy sector. In additon to small-to-medium sized transactions, the firm provides commercial advice to clients such as Toyoyta and Michelin Group.

Practice head(s):

Iliyan Ivanov; Stoyan Atanassov

Other key lawyers:

Maria Dimitrova


‘Their practice is based on detailed understanding of the law combined with professional leading of negotiation meetings. Deep understanding of the law is not enough for receiving good service – its implementation in interaction is also important. Atanassov & Ivanov Law Firm’s corporate and commercial practice puts in use these various qualities, not only well-prepared documents.’

‘Great deal of calmness and quiet but powerful presence during negotiation with the other side.’

Key clients

Toyota Balkans

Amorim Cork Bulgaria

Salini Impregilo

Michelin Group

Cheque Dejeuner Group

Subway (Bulgarian franchisee)


Analytics for Everyone  (A4E)

Asset Management Company


Dr. Oetker


A Bulgarian food producer


Do It Wise

Elton Corporation

STS Inks

Vinprom Biala



Inter ES 2000

Work highlights

  • Advised Toyota Balkans in the process of an unfriendly and hostile termination of the then existing Toyota retailers in two major regions in Bulgaria.
  • Ongoing support for the local activities of US oil and gas exploration company Park Place Energy Corp. in Bulgaria.
  • Ongoing support to Cheque Dejeuner Group, a leader in sustainable development with a turnover exceeding €500m, including the restructuring of their business presence in Bulgaria.


CasePro has established itself as leader in financial payments and fintech corporate matters, including cross-border M&A. Clients value the firm's 'customised solutions' as well as 'flexibility, pro-activity and the eagerness of the team'. The team's specialism extends into the wider tech and start-up industries, where practice heads Damyana Lazarova  and Boyan Lazarov both have a strong following of clients.  

Practice head(s):

Damyana Lazarova; Boyan Lazarov

Other key lawyers:

Spartak Yovchev


‘I would highlight the personal touch they have on every single task. I’ve particularly liked their approach towards looking for customised solutions for the issues we have. Boyan Lazarov, Damyana Lazarova and Spartak Yovchev are simply the best lawyers one could hope for.’

‘I have been working with the CasePro team on various types of legal work – commercial contracts, legal aspects of marketing issues, IP rights settlement etc. They have always performed on a top level. ’

‘I know almost each member of the team and I am simply amazed how friendly and easy-going they all are and how professionally they cope with the clients at the same time. Damyana Lazarova is pragmatic, open and solution-oriented. Radost Doycheva is super-smart and commercially aware. Boyan Lazarov and Nikolay Georgiev are incredibly skilled and punctual.’

‘What I value most is the flexibility, pro-activity and the eagerness of the team to provide various and complex legal services. After being impressed by the professional approach of the team within two big projects of the company we decided to engage their legal support for our day-to-day corporate and commerical activities.’

‘I mainly work with Damyana, Boyan and Spartak. I highly appreciate their responsibility and solid expertise. I am also satisfied with the results from the work of their colleagues Radost Doycheva and Plamena Krasteva who are very motivated and focused on achieving practical and timely solutions for each separate case.’

‘When I started cooperating with CasePro law firm I immediately experienced the value of the firm.

‘I value their professional, but also personal approach to the company. I primarily work with Boyan Lazarov and Radost Doycheva. Boyan is a very experienced lawyer with exceptionally broad yet in-depth expertise in corporate and commercial areas. Radost is a senior lawyer, very detailed-oriented, always giving appropriate and relevant advice in various types of data protection cases.’

‘CasePro lawyers have always managed to balance the interests of its clients and respond to all existing concerns. Their dedicated team demonstrates not only profound legal knowledge and know-how, but also stands out with creative, innovative and solution-oriented approach. Their commercial, corporate and M&A practice is remarkable. ’

Key clients


WHG Services (Bulgaria) Limited


SumUp Holdings Luxembourg

SumUp Services

Taulia Bulgaria

Paysafe Bulgaria

Lufthansa Technik Sofia

GrEco Bulgaria

Scale Focus


Rhythm Engineering – Bulgaria


HelpKarma Foundation

MariaDB Bulgaria

Intertainment Services Jsco

Astrea Staffing

Foris Europe

Enco Vending

Melexis Bulgaria

Milestone Systems Bulgaria

Tide Platform Ltd


Effie and Philip

Koleff and Partners

Astea Solutions

Debitoor Holdings Limited

State Consolidation Company JSC


Hilltop Recruiting

Tamarind Properties


Direct Credit Bulgaria

WWF-World Wide Fund for Nature, Danube-Carpathian Program Bulgaria

Trust for Social Achievement Foundation


New Power


Alboran Continental Properties


Pure Energy Ventures


Work highlights

  • Advised SumUp Payments on the launch of two groundbreaking new products for the company – the online store that allows merchants to showcase their products remotely and facilitate payment transactions for their businesses, and the Gift Cards, that enable customers and supporters to discover and purchase gift cards via SumUp.
  • Acted for New Vision 3 Fund on its investment in Bulgarian electronic money company Paynetics, which is focused on B2B and B2C payment solutions. Finance was also provided by Bulgarian-American Credit Bank and other individuals. Deal value: €2.45m.
  • Advising Eastisoft Inc, a US company in the software development and consulting sector, which operates in Bulgaria through Moite Pari, on its cross-border restructuring.

Georgiev, Todorov & Co

Leading litigation firm Georgiev, Todorov & Co has valuable corporate and commercial capability, advising domestic and international companies on a broad range of transactions, restructuring and general contracts, among other matters. In a significant expansion of the practice, Tsvetelina Dimitrova and Mariya Derelieva were promoted to partner in 2020 and senior associate Dobrina Pavlova  was recruited from Gugushev & Partners Law Office.

Practice head(s):

Arno Mamasyan

Other key lawyers:

Tsvetelina Dimitrova; Mariya Derelieva


‘Georgiev, Todorov & Co has been our trusted legal advisor for several years. We decided to work with the law firm due to their extensive experience in various sectors, their excellent reputation and high success rate in court and out-of-court settlements. The department offers high-quality legal assistance, excellent interpersonal skills and commitment to every single issue and client no matter the complexity or remuneration involved. The lawyers have specific knowledge in corporate and commercial law, proven by their high-profile clients.’

‘The lawyers of Georgiev, Todorov & Co. always put the client first.’

‘We have been working with Georgiev, Todorov & Co since we established our presence in Bulgaria. Our company chose to work with the law firm because of their high success rate in litigation, their experienced professionals and excellent reputation on the market. All lawyers are really dedicated to their work, with outstanding negotiation skills and an eye for detail. They have excellent communication skills as well, which allows them to explain all legal issues and the possible solutions in an understandable manner.’

‘The lawyers always stay up-to-date with the legal developments and recently assisted us on the implementation of new internal rules due to the COVID-19 pandemic, as well as in relation to setting up a laboratory for PCR and fast tests for COVID-19 and for the import of those products.’

‘Our main lawyer at Georgiev, Todorov & Co is Tsvetelina Dimitrova. She is hard-working and client-oriented. Tsvetelina also has extensive knowledge of EU and international law regulations, which was essential for solving our legal issues at the time of a global pandemic. She also has great experience in commercial and corporate law and often assists us on matters related to export, import and distribution of medicinal products.’

‘We chose to work with the firm because of its in-depth expertise in multiple sectors. Some of the strengths of the department include excellent negotiation skills, ability to work under pressure and superb interpersonal skills. The lawyers always put the client as a top priority and use all of their knowledge and efforts to achieve the best possible result.’

Key clients

Alfred C. Toepfer International Netherlands

Alliance Print

AG Capital

Amdocs Bulgaria


Backbar Club


BlackPeak Capital

Boni Holding


Bulgarian-American Credit Bank

Bulgarian Telecommunications Company

Ciela Norma


Dench eGaming Solutions

Duplex International

Entrea Capital

Experian Bulgaria

Galchev Engineering

Fleet Services

Hill Clinic

Infinity travel

METRO Cash & Carry

MetroReklama/Motion Arts

MTK Group

NM Genomix

On Clinic

Pasha Global

Port Varna EAD


Resalta Bulgaria

Roche Bulgaria

Solaris Bus & Coach

Toplofikacia Ruse

Ustra Holding


Work highlights

  • Provided legal assistance to Fleet Services on its acquition of Turkish GPS operator Mobiliz Bilgi ve İletişim Teknolojileri Anonymous Şirketi, deal value in excess of €7m, and advising on the execution of a credit agreement and an increase of capital.
  • Advised Alfred C. Toepfer International, part of ADM International, on the restructuring its Bulgarian business, including the sale of ADM’s subsidiary operating Port ADM Silistra silo on the Danube river, the sale of vehicles and land, transfer of port licenses and defining employment relations.
  • Advised state-owned Port Varna in relation to an analysis of its Call Option Agreements and Port Services Agreements concluded with South Stream Transport B.V. regarding the South Stream Pipeline Project.

Spasov & Bratanov

Long-established firm Spasov & Bratanov retains a presence in the corporate and commercial field, where managing partner Georgi Spasov has a strong track record in significant domestic and international M&A, joint ventures, privatisation and other corporate matters. Key advisers of the practice also include fellow name partner Boyko Bratanov and counsel Nadia Hadjova.

Practice head(s):

Georgi Spasov

Other key lawyers:

Boyko Bratanov; Nadia Hadjova

Stoeva, Tchompalov & Znepolski

Stoeva, Tchompalov & Znepolski's corporate and commercial practice is led by Iordan Tchompalov and Irina Stoeva, who both have long-standing experience advising clients in this field. Notably, the firm acted as local counsel alongside Morrison & Foerster LLP, London, and provided the Bulgarian advice to Eurohold on its €335 million acquisition of CEZ’s Bulgarian assets.

Practice head(s):

Iordan Tchompalov; Irina Stoeva


‘The team consists of professionals with high knowledge. They are very quick with responses to all of our requests.’

‘The STZ team offers a great deal of creativity in solving our legal problems. I have never thought to look for other lawyers, because of my complete satisfaction with Irina Stoeva.’

‘I would like to strongly recommend Irina Stoeva and Vania Todorova. Both have profound legal knowledge and remarkable analytical qualities for identifying the legal issue and deal with it in a tight time frame. I can also recommend Miroslava Iordanova and Tihomir Todorov as thoughtful and competent professionals, energetic and eager to improve themselves.’

‘STZ is a highly reliable firm with very experienced partners who have profound understanding of the issues they are dealing with. There are not so many Bulgarian law firms who know in detail the capital market and finance law, as well as insurance. STZ lawyers have proved they can stand the pressure of cross-border legal work. Their responses to our queries are always prompt and the advice is practical and tailored to the circumstances. When the client is in need, they will work all night to solve the issue.’

‘Our main point of contact is Iordan Tchompalov and he is a brilliant lawyer and a trustful person. He is particularly strong in corporate and M&A work related to listed companies. Irina Stoeva is also a highly-respected lawyer with deep expertise in insurance and commercial law. What I know is that the STZ young generation, e.g. Yasen Nikolov, Miroslava Iordanova and Vanya Todorova, are also very reliable and competent lawyers.’

‘Extensive knowledge of and long-term experience in corporate and commercial law, efficient and market-oriented advice, 24-hour availability, reasonable flexible fees.’

‘Very good service, often better than received from larger Bulgarian law firms and often for lower fees. STZ understands in depth corporate and commercial issues and are efficient and trustworthy.’

‘I have known Irina Stoeva since 1996. She is great in creating solutions in tough situations and an excellent litigator. I am also very much satisfied with the services provided by Miroslava Iordanova and Vanya Todorova.’

Key clients

Eurohold Bulgaria


Nielsen Admosphere Bulgaria

SDI Group


Dialogue Plus Ltd

Samex Ltd.



EU Consult

Sofia Business Consulting Group

Carrier Transicold Europe

Baxi Spa, Italy

Work highlights

  • Acted as local counsel alongside Morrison & Foerster, London, advising Eurohold on its €335 million acquisition of CEZ’s Bulgarian assets.
  • Advised a global healthcare company on distributorship and agency matters in Bulgaria.
  • Advising pharmaceutical Perrigo on the Bulgarian aspects of the change of its commercial model in CEE and the transfer of current distributorship contracts from Slovenia and other CEE countries’ entities to Perrigo Bulgaria.

Velchev & Co. Law Office

Velchev & Co. Law Office stands out for its expertise in the TMT sector, but also advises a broader client base, including players in the banking and retail sectors, on transactions and day-to-day commercial activities. Pavel Velchev is building a high-quality practice, earning roles on some headline matters as a result. Parvan Rusinov and Velislav Dimitrov are key contacts.

Practice head(s):

Pavel Velchev

Other key lawyers:

Parvan Russinov; Velislav Dramov

Key clients


Port Bulgaria West

Bulgarian-American Credit Bank

A1 Bulgaria

Havas Group Bulgaria

Lagardere Travel Retail

M&BM Express


Next Consult

ESI Transport

Amfisia Consortium


Work highlights

  • Providing on-going legal advice to telecom A1 Bulgaria on legal, compliance and regulatory matters.
  • Acted for Port Bulgaria West on the sale of the Buldzhak accredited laboratory.
  • Providing on-going corporate advice to Lagardere Travel Retail in respect of its daily business activities, including contracts, franchises, corporate issues, employment and new service lines.

BWSP Ilieva Voutcheva & Co Law Firm

Work undertaken by BWSP Ilieva Voutcheva & Co Law Firm largely comprises day-to-day corporate and commercial activites, with particuar strength in the real estate, construction and manufacturing sectors. Diliana Ilieva and Rossitsa Voutcheva co-lead the practice.

Practice head(s):

Diliana Ilieva; Rossitsa Voutcheva


Ilieva, Voutcheva & Co. is an extremely professional law firm. They complete all tasks on time (even ahead of time) and are very professional and knowledgeable. Always there to help when needed. I have used another law firm before, but it cannot compare to Ilieva, Voutcheva & Co.’

The lawyers have very deep knowledge of Bulgarian and international law. We appreciate the response time of any enquiry and also the personal involvement and attitude of the lawyers. The team is excellent, available and efficient.

We have worked with Diliana Ilieva and her team from many years. Excellent law practitioner. Always has our best interests in mind and protects our interests; makes us feel calm, comfortable and protected.

The team consists of all-round professionals, led by partners with immense knowledge and experience behind their backs. Our work always involves short terms and the team responds swiftly. I was impressed that the swift response does not lead to any lack of quality in the final product. They take care of our company, follow and notify us on new legislation or changes that would affect our company, or require actions by our company.’

Managing partner Diliana Ilieva has all-round extensive legal knowledge and experience. She offers tailor-made services to our company and gives us solutions to our matters/problems. Ms. Ilieva approaches each matter with care, be it of small interest/value or with big value. The firm’s partner-led approach means that Ms. Ilieva is involved with all our matters, giving us assurance and security that they are handled in a competent manner.’

‘One of their biggest strengths is identifying what we need, rather than what we want. After familiarising themselves with what we want, they often consult us and determine that we require a different approach and solution.’

From our experience with the Ilieva, Voutcheva & Co. law firm we could point out that they are a well-coordinated team of young lawyers and experienced professionals. They examined our case from different points of view, gave us well-formulated suggestions and every step was coordinated with us. They reacted fast to all of our demands. Compared to other companies we have worked with on this case, Ilieva Voutcheva & Co was the law firm more competent in the field. Furthermore, their approach was much more detailed.’

We worked closely with one of the partners, Diliana Ilieva and associate Martin Davidkov. Both of them showed great professionalism. They gave us adequate advice during the whole negotiation process related to creating a roadmap for execution of a project. Our case was examined in-depth and a tailor-made decision was provided.’

The team have a personal attitude to us. We are working with one associate and one of the partners. The time of reaction is very short and satisfying. We are also very satisfied with the level of expertise.

Key clients

Castello Precast Construction

Sofia Airport .

Alliance Casting Group

Industrial Park Aitos

Isiklar Elen Hunting


Stroy Aliance Invest

Atlas Copco Bulgaria

Zara Consult

Helios Project

V.P. Ecosolutions



Consortium Incotex Group


The Luxury Globetrotter


Work highlights

  • Advised Office Centre Sofia Largo on the sale of €3m real estate project for the construction of a Type A office building in the heart of the Bulgarian capital.
  • Advised PIMK Rail on the restructuring of commercial and corporate relations, valued at €1.2m, with an international partner in the railway transport business.
  • Advised Atlas Copco Bulgaria during negotiations with Stomana-Industry for the sale of compressor equipment worth over half a million Euros.


CERHA HEMPEL Gerginov focuses on the retail, consumer and electronics, IT, real estate and construction, and banking sectors, attracting some well-known international companies as clients, such as Samsung Bulgaria and Telenor Common Operation. The regional firm is well-placed for small-to-medium-sized cross border transactions. Practice head Boyko Gerginov is experienced in that segment, particularly in the IT sector.

Practice head(s):

Boyko Gerginov

Other key lawyers:

Kalin Bonev; Gergana Antonova


‘The team of CERHA Hempel Gerginov works in perfect alignment – they are available and hear and understand the client’s needs; they have extensive knowledge and look for solutions when advising.’

‘Boyko Gerginov is always available to advise and understands priorities and client strategy. He coordinates perfectly the other team members to step into topics. Gergana Antonova is a very kind adviser with extensive knowledge and an approach to look at cases very professionally.’

Key clients

Autonomy Capital

B2Kapital Portfolio Management

Telenor Common Operation

Geberit International

Högl Shoe Fashion

Lukoil International

Samsung Bulgaria

Spiegelfeld International/Georg Spiegelfeld


Work highlights

  • Advising a large technology company on a complex corporate restructuring involving multiple jurisdictions.
  • Advised Generali on regulatory matters in relation to internal restructuring involving portfolio transfers.
  • Advised Lukoil International on various corporate matters.

Dyulgerova & Penkova Law Firm

Managing partner Victoria Penkova at Dyulgerova & Penkova Law Firm leads an 'extremely responsive' and 'commercially orientated' team that provides a 'personal touch in their communication with customers'. The firm attracts a mix of domestic SMEs and well-known international branded companies, such as Adidas Bulgaria. Associate Diana Milkova is 'amazingly quick to respond'.

Practice head(s):

Victoria Penkova

Other key lawyers:

Diana Milkova


‘The firm understands the expectations of both our entities: the Bulgarian and the American. They are at our disposal at any time and are extremely responsive. They show great competency in the Bulgarian as well as international legal standards.’

‘Diana Milkova is always available and extremely flexible. She has adapted quickly to our needs, understands our business and has become a valuable partner in our day-to-day operations. Her advice has been of high quality and great benefit to our company.

Victoria Penkova has provided valuable input in our legal matters. She has shown us that we are a valued customer and has been there to address any questions we have.’

‘The team consists of great professionals with profound experience in different legal aspects covering all kinds of matters. They provide their services with great precision and care for details. They are very punctual, proactive and have a personal touch in their communication with customers.’

‘We are working with designated individuals from the team who provide excellent expertise and professionalism. They are really commercially oriented and know our business specifics very well so they quite proactively keep us up to date with any new legal compliance for our industry and legislation. They treat our cases and issues with priority and personal care.’

‘I appreciate the trust, which is the key in any long lasting working relationship; being able to completely delegate certain tasks/decisions based on the professional advice of the firm, knowing they truly have your best interests at heart. This way, you don’t second guess yourself. All of this is possible because they truly care and because they are very competent.’

‘They are always there, ready to respond instantly, no matter how busy they might be. It truly feels like we are their only client. I can’t stress this enough for Diana Milkova who is always amazingly quick to respond in the most detailed of ways.’

Their advice is commercially astute whilst adhering to legal requirements. They are fantastic ladies: sharp and responsive; very aware of our business requirements and highly supportive of our business and me personally. ’

Key clients

Adidas Bulgaria


Berg Montana Fittings

PKF Bulgaria

Montana Hydraulics

Rex Consulting UK

EXLService Bulgaria

GK Bulgaria/GK EAD/GK Construction

Atusa Montana International

Work highlights

  • Providing ongoing day-to-day advice to Adidas Bulgaria.
  • Advising A-LIGN BG on its day-to-day business as well as on corporate matters.
  • Consulting GK Bulgaria/GK EAD/GK Construction on corporate matters as well as on conclusion of contracts.

Ernst & Young Law Partnership

Ernst & Young attracts a broad range of instructions, generated both locally and through its extensive global network. Clients include the Bulgarian subsidiaries of well-known international companies, including Novartis, Goodyear Dunlop Tires and Avon. Svetlin Adrianov   leads a large pool of associates, including recent hire and manager Yura Mincheva  from Penkov, Markov & Partners.

Practice head(s):

Svetlin Adrianov


We have worked with EY for several years. They never fail to amaze me with their team ability to present complicated matters with ease. They anticipate and follow all current developments, which they share with their clients.

They are up to the highest level of technology in the field of legal services.’

Key clients

Avon Cosmetics Co UK

ADCO Umweltdienste Holding

Novartis Bulgaria

Panalpina GBS Bulgaria

Laurin Enterprise

Gedeon Richter Hungary

Goodyear Dunlop Tires Operations

STS Medical Group


Vista AWT

Reckitt Benckiser Bulgaria

Addonomy Bulgaria

Work highlights

  • Acted for Avon Cosmetics Co UK regarding the change of ownership of the local entity resulting from the reorganisation and reshaping of the existing model of certain business lines at group level.
  • Advised ADCO Umweltdienste Holding as Bulgarian counsel in respect of due diligence for a cross-border transaction involving 30 countries.
  • Representing Novartis Bulgaria in various commercial matters, including new drug compliance and data protection.

Gugushev & Partners Law Office

Stefan Gugushev and Dimitrinka Metodieva lead a growing practice at Gugushev & Partners Law Office, which advises on a wide range of corporate and commerical matters from company restructuring to shareholder issues. The firm attracts a considerable international client base. Clients highlight the 'strategic thinking' and 'tailor-made solutions' of the sizeable team.

Practice head(s):

Stefan Gugushev; Dimitrinka Metodieva

Other key lawyers:

Victor Gugushev


‘I have recently started working with Gugushev & Partners Law Office on a very complex matter, which requires cross-functional expertise and diverse experience. They have really proven to be the right choice; I’m really impressed with their strategic thinking, ability to see the bigger picture and developing tailored-made solutions considering all factors and various consequences in the long run.’

‘I had the pleasure to work with Dimitrinka Metodieva, who is an amazing leader of the corporate practice at Gugushev & Partners. She is an exceptional lawyer with profound expertise in corporate and commercial matters and when you combine this with her business acumen, she is indeed a unique partner and counsel. She always looks at the big picture and the long-term effect of current events.’

‘Victor Gugushev stands out as a great professional, very detail-oriented and diligent. He possesses formidable knowledge in the business atmosphere and profound expertise in restructuring matters.’

‘Mrs. Ivanova is very knowledgeable and easy to approach. A lawyer that provides prompt and appropriate support to us. I have worked on different projects with her as she is an IP guru. I am impressed by her professionalism, excellent knowledge of the relevant legislation, as well as how very detail-oriented and precise she is.’

Key clients

Rozainvest Holding



APS Beta Bulgaria

Alpha Bulgaria

Mladen Dzhalazov

BrightCap Ventures

Aero PB

Klopmann Investments

American University in Bulgaria

Work highlights

  • Advised Rozainvest Holding, a Bulgarian company operating in the cosmetics industry, on corporate restructuring of its holding structure.
  • Acted for the minority shareholders of Icom, a Bulgarian manufacturer of specialised GPS devices and technology provider in the fields of telematics, advanced GPS tracking and control, in connection with amendments to the existing share purchase agreement and shareholders agreement concluded with Viasat Group.
  • Providing ongoing legal advice to BrightCap Ventures fund on the transactional documents related to all of its investments.

Kinkin & Partners

A small team at Kinkin & Partners handles company reorganisations, disputes and day-to-day commercial advice for local and international businesses. Vladimir Kinkin has 'deep knowledge' and steers the practice He is assisted by associates Nikolay Radev and Adriana Nacheva.

Practice head(s):

Vladimir Kinkin

Other key lawyers:

Adriana Nacheva; Nikolay Radev


‘The whole team at Kinkin & Partners consists of amazing professionals, who work at a very high level. Since our company is has international business (spread in USA, China, Bulgaria, Israel), we really need to rely on very good lawyers around the world. We absolutely and exclusively choose Kinkin & Partners law firm every time.’

‘We are working with Vladimir Kinkin, who is a partner, and Nikolay Radev, who is a senior associate. We fully rely on their high professional qualities, as both of them are fully dedicated lawyers.’

‘We are fully satisfied with the legal service and support provided by Kinkin & Partners. They support us in various matters concerning our business activity. Our company trusted them with coordinating and advising on our general business activity and the team proved to be competent in successfully dealing with and solving various matters. As a strength of the firm, we would point out that they are result oriented but at the same time manage to pay attention to important details.’

‘Vladimir Kinkin has solid, long-term experience, as well as deep knowledge not only in the legal domain, but also in business and finance. His advice is useful and leads to success. Nikolay Radev stands out with his ability to come up with many strategies and to present more than one possibility of achieving the main objective. He can be trusted with taking into consideration all relevant information and taking actions in regard to it.’

‘The team is amazing. They are competent professionals and very well educated. They work with quality and attention to the detail.’

‘We have been working with partner Vladimir Kinkin and Dilyana Tsoleva, who is an associate. They both have vast legal knowledge and their working conception is is beyond ordinary – they manage to cover every detail and to solve every problem.’

‘The strengths of the team are many. On the whole, this is my preferable team of attorneys in Bulgaria. The are big professionals, with great knowledge in all the legal spheres. ’

‘Vladimir Kinkin and Nikolay Radev are great attorneys with a lot of experience.’

Key clients


Bibar Asset

Bulavto Lada

J.K. Management

Impact Oceniteli

Iso Systems

Insyst Service

Nelas Autoparts


Smart Group 2017

Work highlights

  • Advising Bulgarian Industrial Engineering And Management (Trinity Industries) in negotiations for investment and establishment of a new joint venture company.
  • Ongoing corporate and commercial advice to related companies ISO Systems and IV Linen, including a shareholder dispute.
  • Acting for Palladium, a Bulgarian group which produces working costumes and defensive equipment, on its company reorganisation.

Murgova & Partners Attorneys at Law

Murgova & Partners Attorneys at Law has a successful practice advising local and international companies on company formation, transactions and everyday commercial matters. Petya Murgova is a registered mediator as well as a corporate lawyer, and is highly praised for her communication skills and expertise. She co-leads the team alongside Alexander Moskov.

Practice head(s):

Petya Murgova; Alexander Moskov

Other key lawyers:

Silvana Dzharkova-Aleksandrova


‘I am new in Sofia with no knowledge of Bulgaria. I needed legal advice to start my own company and dealing with Poland as my supplier. Murgova & Partners were always available, whether it be via email, WhatsApp, Zoom or a call. They are professional at all times and we managed to conclude my agreement with Poland.’

‘Petya Murgova, although a senior partner, was always available when I needed her. Always pleasant, polite and professional.’

‘It is a very reliable team, and very professional. We have been collaborating with them for more than six years now. Professionalism, flexibility, accuracy.’

‘Strong expertise, very good availability, even on short notice; strong internationally. They are competent, friendly, up-to-date and knowledgeable.’

‘Murgova & Partners Attorneys at Law have shown the great level of professionalism and cooperation. Petya Murgova has shown professionalism, expertise and excellent communication skills during our cooperation.’

‘I have worked with Murgova and Partners for over 14 years now. The firm has assisted me in all aspects of my business in Bulgaria, which has grown significantly over the years. The firm has provided full legal services related to all corporate and commercial matters concerning our business activities. They have assisted on all major corporate transactions and I highly value their expertise and legal advice. A special service that they offer that is definately worth mentioning is mediation. The service is carried out with high professionalism and compassion. Taking into account our long-term partnership and on-going projects, I can say that their assistance and legal skills are invaluable to my business and I would highly recommend them. ’

‘Through the years, I have been consulting with the managing partner Petya Murgova. I trust, follow and count on her legal advice. Her knowledge of the legislation is far beyond everyday matters and she has always been able to provide working solutions on even the most tangled cases. Her corporate law analysis and proposed structures have always sought to protect my business.’

‘Very proactive, keep a close connection to the customer. Highly professional, loyal, with swift reactions in every situation.’

Key clients

PIM Haskovo

Internet Corporated Networks (ICN)

Simonas cards

Property Assets

Lemi Trafo


Innovative Product


Viber Media Bulgaria


DM Services

Balkan services

Mars Armor

Unique Estates

VI Architects

Go Grill

White water

Work highlights

  • Providing ongoing advice to Viber Media Bulgaria on all corporate and commercial issues including GDPR and anti-money laundering compliance.
  • Advised El Toro Enterprise on its company and restructuring and a spin-off; value €1.5m
  • Advisin Medison Pharma on its establishment in Bulgaria.

Popov, Arnaudov & Partners

A relatively young operation compared to some, Popov, Arnaudov & Partners neverthesless brings considerable experience to the market and has a growing client base of international companies expanding or investing in Bulgaria. The leadership team comprising Sibina EftenovaHristo Koparanov and Emiliyan Arnaudov typically handles transactions, corporate structuring and restructuring, franchising and distribution agreements, among other matters.

Practice head(s):

Sibina Eftenova; Hristo Koparanov; Emiliyan Arnaudov

Key clients

Tech Huddle


Odelo Bulgaria

Aiko Multi Consept, part of XXXLutz group

Gorubso Kurdzhali Jsc. and Galenit Jsc.

Brenntag Bulgaria

Axereal Bulgaria

WSS Pleven

Nikmar Construction

GFK Bulgaria

Work highlights

  • Conducting due diligence on behalf of Harrison Clark Rickerbys (HCR) regarding 17 Bulgarian companies, part of the TechHuddle group of companies.
  • Acted for Odelo Bulgaria on the €15m reorganisation of its assets and the incorporation of SPV Batur; continuing to act for Batur on company needs.
  • Advising Odelo Bulgaria on the foundation of an R&D centre and construction of an automotive plant; value of investment: €37m.

Stankov, Todorov, Hinkov & Spasov

Stankov, Todorov, Hinkov & Spasov advises across a range of business sectors, such as pharmaceutics, construction, food production and manufacturing, on behalf of local and foreign clients. Of note is the firm's parallel practice in white collar crime, a rare area of focus for firms in this market. Mihail Stankov and Teodor Todorov lead the team.

Practice head(s):

Mihail Stankov; Teodor Todorov

Other key lawyers:

Simeon Hinkov; Hristo Hinkov


What really impresses us about them is that they have a multifaceted view on legal issues – they give various solutions to different problems, which in fact shows that they possess diverse expertise. In other words – the team is diverse and devoted to their work.’

The lawyers we mostly work with are Hristo Hinkov and Emel Bekirova. We find them to be very understanding and straightforward – they focus on what their client needs to know. They also give clear and comprehendible feedback. Hristo Hinkov has practical expertise in negotiations, as well as an entrepreneurial thinking – he has helped us develop strategies for coping with repeatedly appearing business issues. Emel Bekirova has a systematic approach – she has drafted numerous contracts and legal opinions in great detail for us and always keeps us updated with the development of our cases. We find them both very diligent in their work.’

Over the years, we have worked mostly with Hristo Hinkov and Petar Spasov. They have  exceptional social and communicative qualities that strengthen the client-lawyer relationship; they manage to present information in an accessible way, and also treat the client with great respect. Secondly, they are real professionals when it comes to corporate law. Combining these qualities into one, I have never had any worries about who I have entrusted the legal issues of my company.’

Very creative approach. This is extremely essential given the very stubborn nature of local Bulgarian legislation and legal and administrative practices.’

Simeon Hinkov and Hristo Hinkov are two main contacts there. They are very creative and smart lawyers who are able to fit your ideas into a quite stubborn and inflexible local legal framework.’

The team of young and motivated experts makes a unique impression, with fast understanding of the needs of the customer. I am working with several legal offices in Austria and Bulgaria and was positively impressed. The lawyers are competent and motivated and respond very fast to every request.’

Fast and competent response. Billing is extremely precise.’

Key clients

Besta Med

Max Covering

Bester Generacion Bulgaria

Fish Invest

MR Energy


Tsaki Ltd


Medis Pharma Bulgaria


Cipy Corporation

Baka 357


The Slovenian Embassy in Sofia

MD Build


PAN Chemicals

Work highlights

  • Advising food producer Peltina on its sale to a Luxembourg-based food producing company, concluding in its restructuring.
  • Acting for PAN Chemicals on commerical matters, including the negotiation of an indemnity regarding a contractual termination.
  • Acting for Paralax Life Sciences as a shareholder of a company concerning shareholder issues and other matters.

Tokushev And Partners Law Office

Tokushev And Partners Law Office receives instructions from some leading international law firms requiring Bulgarian counsel, and recently acted alongside the London office of Orrick, Herrington & Sutcliffe (UK) LLP in representing software developer CloudPipes in its $20m acquisition by US investors QuickBase Inc. Investment funds and real estate are areas of focus of the practice, which is led by Viktor Tokushev.

Practice head(s):

Viktor Tokushev

Other key lawyers:

Stiliyan Nedev


Excellent cooperation between partner, associate and junior. Strong, reliable corporate advice in difficult situations.’

Key clients


Active Properties (REIT)

Invest Fund Management




BGI Group

Dunav Trans

PharmaLex Group, Germany

East Golf Properties

Work highlights

  • Acted as local counsel to software developer CloudPipes in its $20m acquisition by US investors QuickBase Inc, backed by Vista Equity Partners.
  • Advised recycling and plastic manufacturer Viplast on its restructuring, faciliting new shareholders and investment financing amounting approx. €5m.
  • Advised East Golf Properties, part of the KBC Group in Bulgaria, in the process of its restructuring.