Rising Stars

Firms To Watch: Leading firms

In May 2022, noted corporate, commercial and IP expert Aleksandar Icokaev, formerly of Debarliev, Dameski & Kelesoska Attorneys at Law, founded new firm AI Legal.

Leading firms in North Macedonia

Karanovic & Partners in cooperation with local lawyers

Reputed for its vast transactional and corporate expertise, Karanovic & Partners in cooperation with local lawyers maintains a broad offering that encompasses large-scale project financing, strategic investments projects and the handling of renewable energy projects, PPP and a diverse range of commercial issues, with the team enjoying an established presence within IT, energy, construction and pharma sectors. Veton Qoku helms the practice with his considerable capabilities across M&A and project finance, as well as significant energy mandates, while Ljupka Noveska Andonova is particularly well-versed across the full gamut of local company and commercial law.

Practice head(s):

Veton Qoku

Other key lawyers:

Ljupka Noveska Andonova; Božidar Milošević


‘Karanovic & Partners has proven to be an exceptional legal partner in our international business endeavours, particularly in the creation of due diligence reports outside of our regular jurisdiction.’

‘What truly sets them apart is their deep understanding of complex cross-border matters and their ability to provide tailored solutions that align with our goals.’

‘Their team’s strengths lie in their global reach and local expertise, making them a reliable choice for international legal support. Furthermore, their commitment to innovation, demonstrated through cutting-edge technology and a collaborative approach, ensures efficient and effective legal solutions.’

‘Karanovic & Partners’ unique blend of international experience, local insights, and forward-thinking approaches make them a standout choice among law firms, and we value their contributions to our success.’

‘The individuals at Karanovic & Partners bring exceptional qualities to the table that distinguish them from competitors. Veton Qoku’s dual qualification and focus on M&As, energy, and infrastructure projects in the Balkans region provide invaluable insights for clients.’

‘Karanovic & Partners in cooperation with local lawyers is one of most professional legal firms in North Macedonia. We have developed strong business relationship with their employees, which was founded on mutual respect and trust.’

‘We can point out Veton Qoku, Ljupka Noveska-Andonova and Bozidar Milosevic as exceptional professionals with immense experience and knowledge for advising in financial transactions. Their work ethic, precision and ability to deliver on time are their strengths which we cherish the most.’

‘Very good command of the English language, very timely and spot on advice. They have a wide range of experience, are very professional and offer very good pricing.’

Key clients

Central Asia Metals


Kaltun Madencilik A.Ş.



OSTRO SOLAR DOOEL Skopje (Akuo Energy)

Lear Corporation


Halk Banka AD Skopje

Longtail Ad Solutions, Inc. (JW Player)

Gülermak Ağır Sanayi İnşaat ve Taahhüt A.Ş.

Halk Banka AD Skopje, Credit Europe Bank N.V.

Aricoma Group a.s. / KKCG Technologies s.r.o.

Comfy Quilts Ltd

Barclays Bank PLC

Mytilineos| S.A.

Nouvelles Générations d’Entrepreneurs (NGE)

Work highlights

  • Advising Central Asia Metals on matters concerning the running and development of their project site in North Macedonia, including advice on corporate, commercial, construction, environmental and employment matters.
  • Advised on the EUR 43m financing of Halk Banka AD Skopje supporting a 50MW photovoltaic power plant at the location of the exhausted coal mine of TPP Oslomej.
  • Provide a full-scale assistance to VETERN PARK VIROVI DOOEL Skopje with respect to their investment in the construction, operation and maintenance of a 414MW wind park.

Polenak Law Firm

Kristijan Polenak, Tatjana Shishkovska, Metodija Velkov, Tanja Polenak and Aleksandar Dimic utilise their extensive expertise and experience to spearhead Polenak Law Firm‘s ‘highly skilled’ practice, which is routinely involved in significant mandates ranging from M&A and finance to telecoms and IP. Managing partner Polenak is notably well-versed in transactions that include financing structures, while Shishkovska principally focuses on M&A, cross-border secured transactions and a variety of financial arrangements. Dimic bolsters the practice with his knowledge of the real estate field, with Velkov’s competition, regulatory and compliance work being especially noted by clients.

Practice head(s):

Kristijan Polenak; Tatjana Shishkovska; Metodija Velkov; Tanja Polenak; Aleksandar Dimic


‘It stands out for its professionalism, efficiency and the quality and rapidity of their advice. The team is highly skilled, experienced and always available to the client.’

‘Kristijan Polenak is very experienced, knowledgeable and fast-thinking. He stands out especially due to his out-of-the-box way of thinking.

‘Metodija Velkov is reliable, responsive and always available to resolve any issues that may arise. His suggestions are accurate and well-thought out.’

‘All around service was 1st class. Excellent advice and prompt execution. Very commercial in approach.’

‘All the team were excellent, very responsive and proactive in making solutions. They went above and beyond what was expected and added real value.’

‘Great knowledge of local legal framework as well as vast experience from practice.’

‘Kristijan Polenak is the go-to person for complex structures and new products.’

‘Tatjana Siskovska is an excellent lawyer.’

Key clients





Johnson Matthey

Joyson Safety Systems

Global Special Opportunities Fund

Philip Morris

Deutsche Telekom Group

Cevahir Holding

MAGNA Automotive Europe GmbH

LC Waikiki

Leopold Kostal GmbH


Hellenic Petroleum

TITAN Cement

Diaverum AB

NLB Banka

NLB Lease

Gerresheimer Skopje

A1 Makedonija Telekom


Public Power Corporation (Greece)

TAV Airports

Work highlights

  • Advised consortium of banks consisted of Halk Bank AD Skopje, Demir Halk Bank and Yapi Kredi Bank in a EUR 60m project finance transaction related to construction and operation of wind farm in North Macedonia.
  • Advised NLB Lease&Go, leasing, d.o.o., Ljubljana and NLB Bank AD Skopje, both subsidiaries of NLB d.d. Ljubljana, in establishment of their joint venture in the leasing sector in North Macedonia.
  • Advised TAV Macedonia, a wholly owned subsidiary of TAV Holding, with concession over both public airports in North Macedonia (in Skopje and Ohrid), in a EUR 70m refinancing transaction.

Apostolska, Aleksandrovski & Partners

While particularly capable for advising across the entire M&A process, ‘extraordinary’ Apostolska, Aleksandrovski & Partners‘s wide-ranging experience extends from IP matters to immigration issues. Joint practice head Igor Aleksandrovski is esteemed for his comprehensive knowledge of competition, energy and tax law, while fellow practice head Ivana Kostovska is noted for her expertise in M&A, foreign investment and state aid. Rounding out the team’s leadership is Emilija Apostolska Temov, who operates for multinational corporations and domestic companies on consumer protection and compliance matters, alongside a broad scope of corporate mandates.

Practice head(s):

Igor Aleksandrovski; Ivana Kostovska; Emilija Apostolska Temov

Other key lawyers:

Svetlana Trenova


‘Apostolska Aleksandrovski & Partners are a versatile, highly knowledgeable law firm with lots of experienced attorneys. The effort they put in for every project is extraordinary. They are always on time and always act in the client’s best interest.’

‘Emilija Apostolska Temov is a great communicator, has a huge depth of knowledge and consistently gives good quality advice. Igor Aleksandrovski is very easy to work with, has great legal knowledge and know the local intricacies of the North Macedonian legal market.’

‘I would like to single out Ivana Kostovska as well, a very pragmatic attorney whose attention to detail is unmatched.’

Key clients

Colgate / Palmolive Adria

Smart Money Solutions

DS Smith AD Skopje

Poligrafsnab JSC Bulgaria

Phoenix Pharma

X-Factor Accelerator

Kromberg and Schubert



EFT Group


Debarliev, Dameski & Kelesoska Attorneys at Law

Debarliev, Dameski & Kelesoska Attorneys at Law  is a ‘well reputed team of local professionals‘, all of which consistently demonstrate ‘extensive experience in practising Macedonian law.’ The practice is noted for its breadth of expertise, with M&A, project finance, energy, real estate, antitrust and competition considered key areas of strength. Dragan Dameski  leads the firm’s foreign clients department and advises numerous international companies entering Macedonia’s free-economic zones, while Jasmina Ilieva Jovanovik is developing a strong reputation for cross-border financing transactions.

Practice head(s):

Dragan Dameski; Emilija Kelesoska Sholjakovska; Ivan Debarliev; Jasmina Ilieva Jovanovik


‘With great pleasure we always recommend the Debarliev, Dameski & Kelesoska Attorneys at Law to our clients as they are very committed, professional, flexible, highly skilled, always accepting new challenges.’

‘We have worked with several employees from Debarliev, Dameski & Kelesoska Attorneys at Law, I would like to mention Jasmina Ilieva Jovanovik, Ema Dimitrieska and Ivan Debarliev, they are very pleasant to work with, always available, enthusiastic, with positive energy for every new project, very proactive, always giving new and fresh ideas of how to solve the problem.’

‘Informed competition law team that is very responsive.’

Work highlights

  • Advised Dura Automotive Holdings on the multijurisdictional transaction of sale of three sites manufacturing advanced batteries enclosures for Battery Electric Vehicle in North Macedonia, Czech Republic and USA to Linamar.
  • Advised Sparkasse Bank Skopje, the Skopje-based unit of Austria’s Steiermarkische Bank und Sparkassen, in the procedure for granting €50m loan to the Republic of North Macedonia.

Papazoski and Mishev Law Firm

Papazoski and Mishev Law Firm is an independent firm in strategic cooperation with the PwC network. The firm has recently expanded its presence in a number of key areas, with energy and infrastructure projects, venture capital, M&A and corporate restructuring experiencing notable growth. Managing partner Kiril Papazoski’s practice focuses on the energy sector, while Ivan Mishev is highly sought after for his expertise in financial services regulation. Jovan Vrtov specialises in commercial contracts and state aid regulation.

Practice head(s):

Kiril Papazoski; Ivan Mishev

Other key lawyers:

Jovan Vrtov

Key clients


SC Ventures

TAV Construction


DM Drogerie Markt

Telamon Corporation

Allocate Software Plc



Hotel Marriot Skopje

Socotab DOOEL Bitola

Diners International

Genesis Resources



Flex Credit



UNIQA Insurance

Evroins Insurance

Generali Investment

Zegin Group

EVN Macedonia

ArcelorMittal CRM

Zito Veles

Wabtec MZT

TestDevLab Latvia

AppGreat Bulgaria


MajPizza Technologies Inc. (doing business as Slice)

Kemet Technologies





NLB Bank

Alkazar Energy

Lika Group

Slice Inc.

Georgi Dimitrov Attorneys

Considered a ‘legal powerhouse’ in North Macedonia, Georgi Dimitrov Attorneys  is well respected for ‘their outstanding contributions in the realms of commercial, corporate and M&A law.‘ Managing partner Georgi Dimitrov  is a corporate specialist and vastly experienced on a broad range of employment issues and labour reorganization. Katerina Ginoska’s regularly advises on project development matters, as well as post-transaction support and dispute resolution.

Practice head(s):

Georgi Dimitrov; Katarina Ginoska

Other key lawyers:

Marija Jankuloska


‘Georgi Dimitrov Attorneys, hailing from North Macedonia, is a legal powerhouse deserving of the highest acclaim for their outstanding contributions in the realms of commercial, corporate, and M&A law.’

‘Their unwavering commitment to professionalism serves as the cornerstone of their practice, ensuring that clients are met with an unwavering dedication to excellence, ethics, and integrity.’

‘The depth of expertise within Georgi Dimitrov Attorneys is truly impressive, especially in the energy and mining sectors. Their profound understanding of these specialized fields equips them to navigate the intricate regulatory landscapes with confidence and poise.’

What truly distinguishes Georgi Dimitrov Attorneys is their business-oriented and goal-focused approach. They are not just legal advisors; they are partners in their clients’ success stories.

‘At the helm of Georgi Dimitrov Attorneys, the firm’s Managing Partner, Georgi Dimitrov, stands as a true legal luminary whose leadership and expertise have been instrumental in the firm’s success.’

Katarina Ginoska is an exceptional legal practitioner whose contributions are nothing short of remarkable. Her depth of knowledge and experience in the fields of commercial, corporate, and M&A law are a testament to her expertise.

‘They have great knowledge of the market and are very business oriented. Their advice is always straight to the point and valuable.’

‘Marija Jankuloska and Katarina Ginoska are both very professional and fun to work with. They provide clear, effective and fast advice.’

Key clients

Scania Credit AB Sweden


Alma Media

Silk Road Capital AG


Mermeren Kombinat AD Prilep


Makedonski Telekom, Deutsche Telecom

Intelligent Network Solutions

Orion Resource Partners

Work highlights

  • Advising INTRAKAT Societe Anonyme Technical and Energy Projects in international arbitration concerning unlawful termination of a PPP contract, with value exceeding €8m.
  • Advising SARDICH MC (and others) in international arbitration concerning unlawful termination of concession, with dispute value exceeding €400m.
  • Advising US-based international company in a green field energy project concerning strategic investments in the country, with value exceeding €600m.

Law Office Pepeljugoski

Comprised of an ‘excellent team of lawyers highly experienced in commercial and IP law‘, Law Office Pepeljugoski specialises in handling complex issues of unfair competition, telecoms and media. Managing partner Valentin Pepeljugoski, Aleksandar Trajkovski and Ana Pepeljugoska are all integral members of a practice that offers extensive expertise in company, customs, finance and tax law, as well as a recognisable strength in representing companies in the energy sector.

Practice head(s):

Valentin Pepeljugoski; Ana Pepeljugoska; Aleksandar Trajkovski


‘Good people, expertise, technology and collaboration.’

‘For over a decade, we have entrusted Pepeljugoski Law office with the protection of our intellectual property rights in the territory of Kosovo and their consistent performance has consistently met our expectations. Throughout our collaboration the Pepeljugoski team has been professional and efficient, and we appreciate their work ethic, clear communication and responsiveness to our trademark needs.

‘Through their proactive approach they consistently offer valuable suggestions and strategies to improve trademark protection and address challenges. Their proactive mindset ensure that we receive reliable solutions, even when our own knowledge is limited.’

‘I find the Pepeljugoski team extremely knowledgeable – they are rightfully considered the premier law firm specializing in copyright law and corporate law in Macedonia.’

‘My experience was more than satisfying – they saw the process from beginning to end, always had their eye on the ball, anticipated the next moves and developments and were always available.’

‘The owner Valentin Pepeljugoski and Ana Pepljugoska are the individuals I worked with. They are a superb team. I was very, very impressed by their deep knowledge of the law, of the process and of the procedures in Macedonia.’

‘This law firm operates at a high international level. Which means they also work with lawyers abroad.’

‘The team I’m dealing with works incredibly well together. Several lawyers within the team are well informed about each case.’

Work highlights


CMS’ offering in North Macedonia leverages its international reputation to assist prominent clients with their entry into the Macedonian market, providing a wide range of legal support that spans M&A, energy, real estate, IT and technology transactions. Marija Filipovska Jelčić leads the team and commands a strong reputation for her commercial expertise, including takeovers, buyouts, privatisations and joint ventures.

Practice head(s):

Marija Filipovska Jelčić


‘The cooperation is very professional, we receive top-level efficient and effective quality of service.

Konstantinovic & Miloševski Law Firm

Konstantinovic & Miloševski Law Firm advises clients on a diverse range of corporate and banking matters, including M&A, private equity investments, debt restructuring and regulatory services, with the team also operating across real estate, IT and employment sectors, among others. Darko Konstantinovic steers the practice with his notable strengths in corporate law and M&A, while Biljana Miloševska has a strong practice in the banking sector.

Practice head(s):

Darko Konstantinovic

Other key lawyers:

Biljana Miloševska

Key clients

GSK plc / GlaxoSmithKline Export Limited

Strabag AG / Skopje Branch Office

I&F Group / McCann, Universal Media and AD+Venture Skopje

DB Schenker Skopje

Barona OY

Aspekt DOO


Work highlights

  • Advising Strabag on a wide spectrum of legal issues related to the commencement of its business operations in North Macedonia.
  • Advising and supporting GSK plc and GSK Export Limited on a wide spectrum of legal issues related to its operations in North Macedonia, since its market entry.
  • Advising and representing Iute Credit Europe AS, a leading European finance group and its subsidiary Iute Credit Macedonia, in various legal mandates.

Schoenherr North Macedonia

Schoenherr North Macedonia is highly-regarded for its expertise in environmental and infrastructure law and has accumulated vast experience in respect to large scale energy projects. In addition to this core area of strength, the practice is also able to draw on deep expertise in the areas of corporate and M&A, capital markets, IP and competition. Andrea Lazarevska  leads the practice and regularly advises on regulatory, finance and real estate mandates, while co-head Margareta Krsteska has a proven track record in commercial dispute resolution.

Practice head(s):

Slaven Moravčević; Andrea Radonjanin


‘Andrea Lazarevska has shown great dedication and a professional attitude towards every case we had and outstanding communication skills.’

‘Andrea Lazarevska is loyal and trustworthy and has given me the security I need. She has no trouble to dig deep even in areas that are not well established in the law practice in this region. She appreciates other peoples opinion and has no trouble to ask for a second opinion whenever she needs it. ’

‘What differs from others is their writing style which is always strict to the point, clear and easy to follow. At the same time, their people skills and ability to listen carefully and provide you with the right answer.’

Key clients

Kontron AG

NLB d.d. Slovenija

KKCG Group

Emapta Hold Co Pte. Ltd.

EL-TE Engineering Macedonia

Vienna Insurance Group (VIG)

Tom Tailor


United Media




Solarpro Holding AD Sofia

Balkan Renewable Investments

Brighton Park Capital


Liechtenstein Beteiligungs GmbH


VAMED Standortentwicklung & Engineering GmbH

Siemens Healthineers AG

Generali CEE Holding B.V.

Worldwide Clinical Trials Macedonia DOOEL Skopje


Gallup International Association

OMV Aktiengesellschaft

Fiat Chrysler Automobiles N.V.

Peugeot S.A.

Blue Torch Credit Opportunities Fund II

Work highlights

  • Advised KKCG Group and its portfolio company Aricoma Group International AB on the acquisition of Musala Soft, a major Bulgarian software company, and its subsidiaries and registration of corporate changes.
  • Advised Akdeniz in the application for strategic project and power purchase agreement trough the company Balkan Renewable Investments DOO Skopje (“BRI”), as well as for general corporate matters.
  • Advised Audi Aktiengesellschaft and Islero Investments AG in relation to obtaining merger clearance from the Commission for Protection of Competition of the Republic of North Macedonia in relation to acquiring joint control over Sauber Holding AG, Switzerland.

Popovski & Partners Law Firm

Popovski & Partners Law Firm is a ‘go-to firm for mandates that involve North Macedonia’, with a deep bench of expertise that span a wide array of prominent areas, including dispute resolution, white collar, competition, corporate and M&A. Founding partner Jana Dukovska Despotovska consistently demonstrates ‘in-depth knowledge of IP law‘ and is considered an expert in this field, while fellow founding partner Tatjana Popovski Buloski offers extensive experience across telecoms, energy and PPP. Ognen Martinov is also a key contact, with a strong reputation for employment-related work.

Other key lawyers:

Jana Dukovska Despotovska; Ognen Martinov; Tatjana Popovski Buloski


‘The IP team leader Jana Dukovska has a tight grip and a great overview of the practice. The team is very responsive and always ready to meet our clients needs. Their in-depth knowledge of IP law as well as great experience makes them a great associate to work with.’

‘Jana Dukovska has been our main contact for a number of years. She is always available and ready to help. She has great knowledge and experience since she covered the worked of a paralegal and is now team leader.’

‘Popovski is our go to firm for mandates that involve North Macedonia. They have significant experience, they know how things work in practice and what can be expected from the state authorities. This enables them to provide pragmatic advice and lead you to the finish line with as little hiccups as possible. They are also very responsive and nice to work with.’

Work highlights