Legal Market Overview
In the first quarter of 2020, Montenegro recorded real growth of 2.7%; unfortunately, the COVID-19 pandemic set back earlier positive economic growth expectations for the tourism-dependent country, with GDP contracting considerably in 2020. All key sectors of the economy were affected, while a debt problem remains an additional significant burden for Montenegro; estimates of public debt are at approximately 80% of GDP.
Further uncertainty for the economy ensued following Montenegro’s August 2020 election, which, significantly, led to the end of the approximately 30-year-rule of Milo Đukanović’s Democratic Party of Socialists. Opposition parties won a slight majority between them, and the leaders of the three successful coalitions (including incoming prime minister Zdravko Krivokapic) promptly signed an agreement on the new government’s obligations, which included the maintenance of pro-European and pro-Western paths.
A substantial share of the country’s high-profile legal work is led by Serbia-based full-service firms that either have offices in Montenegro or Montenegrin desks in Belgrade. Local firms in Podgorica also regularly work alongside such Serbian practices.
Examples of regional firms with leading Montenegrin practices include BDK Advokati, Moravcevic Vojnovic and Partners in cooperation with Schoenherr, Harrisons Solicitors, Joksovic, Stojanovic & Partners and Karanovic & Partners in cooperation with local lawyers. Notable domestic firms deserving of recognition are Law Office Vujacic, Vukmirović Mišić Law Firm and Prelevic Law Firm.