Doing Business in... Montenegro
Beautiful place, with a high mountain covered by snow and ice, with a long river, and beautiful beaches, a lot of sources of energy, Montenegro is a good place to merge nice and useful. Montenegro offers a lot of possibilities for business development. Population: 622,373 (2017 midyear est.) Area: 14.000 km2 Government: is an independent …
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Legal Market Overview
Montenegro’s recent history has been marked by political changes. Further to the February 2022 collapse of its coalition government, a minority government spearheaded by political party In Black and White’s Dritan Abazović, was formed towards the end of April, only to be brought down four months later. Eventually in September, an agreement to establish a new government was signed by the For the Future of Montenegro, Peace is Our Nation, and In Black and White parties. The country’s economy has, nonetheless, been buoyed by recent surges in exports and tourism, further to the end of Covid-19 restrictions in Europe; and notwithstanding the negative impact of Russia’s invasion of Ukraine and rampant inflation, Montenegro’s service-based market economy is expected to expand by 3.9% during 2023.
Montenegro continues to attract major M&A deals, high-value financings and real estate projects, which are frequently handled by Serbia-based offices (housing lawyers who are qualified in both Serbia, and in Montenegro) that have Montenegrin desks in Belgrade or on-the-ground offices in Montenegro. At a local level, domestic practices in Podgorica consistently act alongside Serbian firms on Montenegro-related mandates; the two states have enjoyed generally friendly relations since Montenegrin independence in 2006.
Examples of strong regional firms with significant Montenegrin practices are Moravčević Vojnović and Partners in cooperation with Schoenherr, BDK Advokati, Joksovic, Stojanovic & Partners, Karanovic & Partners in cooperation with local lawyers, and Doklestic Repic & Gajin. Highly regarded local teams can be found at Prelevic Law Firm, Law Office Vujacic, Vukmirovic Mišic Law Firm and Radonjic / Associates, while Harrisons Solicitors is the jurisdiction’s only English legal practice.
Recent developments for the Montenegrin legal market include the 2021 establishment of PLK advokati, the exclusive Montenegrin member firm of the Lexcellence law firm alliance, by former practitioners of Karanovic & Partners in cooperation with local lawyers, which also experienced the departure of former Montenegrin practice leader, Milena Rončević Pejović, who established Pejovic Legal in October 2022.