Legal Market Overview
With a rise in both foreign investments and exports, Macedonia’s economy showed recovery in 2018; economic growth is expected to grow further in 2019 and the government has declared its intention to boost employment, reform taxation and provide support for SMEs.
Headline event of the year for Macedonia was the September 2018 referendum vote on changing its name to North Macedonia; approximately a third of Macedonians voted in the referendum but a 50% turnout was required; nonetheless, in January 2019, Macedonian MPs themselves voted to rename the country to end a dispute with Greece that has blocked Macedonia’s EU and NATO membership.
Several foreign legal practices also regularly advise on Macedonian work; examples include Serbia-headquartered South East Europe firm Karanovic & Partners in cooperation with local lawyers, which advises on significant Macedonian transactions, and Moravcevic Vojnovic and Partners in cooperation with Schoenherr, which assists international and domestic clients with general corporate law, banking and finance, competition, IP and energy. Others to note are Slovenia-based ODI Law Firm, which fields lawyers with sector expertise in technology, energy and infrastructure, pharmacy, telecoms and IT; Greece-based Rokas Law Firm, which is known for large-scale telecoms, energy and banking-related deals and projects; and CMS, which opened at the end of 2017 and is particularly focused on the energy, technology, IT, life sciences, consumer products and telecoms sectors.