Legal Market Overview
Further to a faster-than-anticipated economic recovery in 2021 (particularly in the tourism sector), Montenegro rebounded strongly from the previous year’s COVID-19-related recession; and in November 2021, The European Bank for Reconstruction and Development upgraded Montenegro’s 2021 economic growth forecast to 12.3%.
The economic bounce in turn boosted government revenues, which, alongside prudent fiscal management, enabled a reduction in the country’s fiscal deficit from 11% of GDP in 2020 to approximately 4% in 2021.
A significant proportion of Montenegro’s major financing and M&A projects are conducted by Serbia-based law firms, which either have offices in Montenegro or Belgrade-run Montenegrin desks, in addition to fielding lawyers who are qualified in both Serbia and Montenegro. Local firms in Podgorica also routinely work alongside Serbia’s Montenegro-focused departments.
Notable examples of regional firms with leading Montenegrin practices are BDK Advokati, Moravcevic Vojnovic and Partners in cooperation with Schoenherr, Joksovic, Stojanovic & Partners, Karanovic & Partners in cooperation with local lawyers, and Doklestic Repic & Gajin, which launched its Podgorica office in late 2019.
Experienced local practices fielding specialist teams include Law Office Vujacic, Vukmirovic Mišic Law Firm, Prelevic Law Firm and Radonjic / Associates. Harrisons Solicitors is the only English law firm in Montenegro.
In recent legal market news, Vukmirovic Mišic Law Firm teamed up with veteran Serbian corporate firm JPM Jankovic Popovic & Mitic in April 2021 to become its partner for Montenegro; and NKO Partners‘ former Podgorica office manager Djordje Ivanovic left the firm to become a public notary.