Firms To Watch: Commercial, corporate and M&A

KPMG Legal - Toncescu & Partners SPRL offers comprehensive commercial and transactional legal advice to clients from across a range of sectors, with managing partner Laura Toncescu particularly active.
Popescu & Asociatii is 'a go-to for industry-leading expertise' and its active corporate practice, led by Loredana Popescu , fully complements the firm's impressive litigation and regulatory credentials.

Firms in the Spotlight Commercial, corporate and M&A

Ijdelea & Associates

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Ijdelea & Associates is an independent law firm, focusing on energy and natural resources, mergers and acquisitions, environmental law, regulatory and compliance, real estate and construction and dispute resolution.

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Commercial, corporate and M&A in Romania


CMS has an extremely experienced corporate practice in Bucharest. The practice, and its clients, benefit from being part of a ‘large, international organisation with consistent quality across all geographies‘. This feeds into a strong track record on cross-border transactions. Clients also commend the good cross-practice integration, including seamless crossover with ancillary disciplines such as competition, finance, energy and real estate. The firm’s recent deal list includes major corporate real estate and energy asset acquisitions, as well as disposals of non-performing loan portfolios. The ‘discreet and effectivemanaging partner Horea Popescu leads the team. Partner Rodica Manea and counsel Mircea Moraru  are also prominent team members.

Practice head(s):

Horea Popescu

Other key lawyers:

Rodica Manea; Mircea Moraru


‘Large, international organisation with consistent quality across all geographies. Good collaboration/teaming between countries.’

‘High availability, quick responses, reliable.’

‘CMS assisted us and gave legal advice on an M&A process. All stages of the process were conducted with efficiency and by a very well complementary team of lawyers, having an important role in the success of the project.’

‘All lawyers on various issues (real estate, competition council, corporate finance, M&A) were very efficient in identifying and solving all the matters, having an important role in organizing different streams of work and collaborating with our financial, technical, commercial and fiscal advisors as well.

‘They are involved in many M&A / financing situations having a good understanding of the local market. Among the more commercially / business minded legal advisors with limited risk.’

‘Horea Popescu – discreet and effective’.

Key clients

AFI Europe


National Bank of Greece (NBG)


OCP Group

Wagner AG


Work highlights

  • Advised AFI Europe on its approximate €300m share acquisition of six companies owning four Class A office projects in Romania from NEPI Rockcastle.
  • Advised National Bank of Greece (NBG) on the disposal of a Romanian non-performing and sub-performing loan (NPL) portfolio with a total gross book value of c. €174 million (€102 million of allocated collateral value) to Bain Capital Credit.
  • Advised Hidroelectrica, the Romanian majority state-owned hydro power producer, on the acquisition of an operational 108 MW wind farm located in Constanta county from STEAG group, one of the largest generators of electricity in Germany.

Filip & Company

Filip & Company has a ‘world class‘ and ‘well-rounded‘ corporate practice that is among the best on offer in Romania. Lawyers within the team are regularly found on some of the country’s largest corporate transactions, including major M&As, equity listings and company reorganisations. The firm’s transactional capacity is complemented by a deep pool of talent and easy access to related disciplines  including finance, competition, tax, real estate and employment. Practice head Alexandru Birsan  is ‘in a league of his own when it comes to understanding both the business and the legal perspective’. Other key partners include the recently promoted Monica Statescu (‘a great team lead and hands-on project manager‘), the sensationalAlina Stancu Birsan  and Cristina Filip  , who has ‘has great experience in structuring powerful, long-lasting deals‘.

Practice head(s):

Alexandru Birsan

Other key lawyers:

Cristina Filip; Alina Stancu Bîrsan; Ioan Dumitrașcu; Eliza Baias; Monica Statescu


‘In all our M&A projects, we had on our side Filip & Company’s team, as trustworthy partners.’

‘Working with experienced legal practitioners such as Alina Stancu Birsan, Alexandru Birsan, Cristina Filip, Camelia Iantuc, Alexandra Manciulea and Rebecca Marina, it is always a pleasure and an essential ingredient for successfully closing the deal. Besides the fact that they are well-known as top legal practitioners in our regional M&A market, I highly appreciate them for their deal-maker pragmatic approach, diplomacy and fairness in relation with all the involved stakeholders, and, not in the last row, the gentleness and the attention with which they timely treat any aspect relevant for their client.’

‘I have worked with quite a few law firms over the past 10 years, and I can say that the M&A projects performed with Filip stuck with me as some of the best client-legal advisor co-operations. Albeit not very large, they offer such well-rounded services – from real estate to assistance with bond issuance for M&A financing (not to mention assistance in the entire M&A chain, from due diligence to SPA to signing to closing). Their biggest strengths, in my perspective, consist in understanding really well our needs, bringing then legal issues in a business language and helping us assess the risks and opportunities, and last, but not least, being flexible – always ready to support us, no matter how petty or how complex the additional request.’

‘A great team, such as the Filip team, is made out of exceptional individuals. While I have worked with quite a few – and I will just name Monica Statescu, (a great team lead and hands-on project manager), Georgeta Gavriloiu (likely one of the best competition lawyers in Romania), Cristina Filip (amazing, well rounded professional), I need to say that Alina Birsan has been the closest to us in every project. Her dedication, passion, understanding, plus a sense of humour still alive at 10 pm, make her an invaluable asset in any project. I cannot. Lose without giving also kudos to Alex Birsan, for being client-oriented and supporting us with capital markets advice and, of course, for just being extremely knowledgeable in how one should and could negotiate financing. I would be more than happy to work with them again.’

‘The team around Alexandru Birsan stands out particularly when it comes to responsiveness, clear and precise communication and a deep understanding of the issues at hand.’

‘Alexandru Birsan: he is in a league of his own when it comes to understanding both the business and the legal perspective of a specific issue. He has the rare ability to put himself in the shoes of an investor and also think like one. Alex’s mind is like a flashlight, showing the way during a dark night in the thick forest of legal disputes-land. He has good humor too.’

‘Outstanding legal skills, in-depth knowledge of the relevant industry, partner availability, fee flexibility, business oriented and tailored legal advice’

‘The team is consistently able to maintain that fine balance between deep legal thinking and practical solutions. I have confidence that the responses have been well thought out, including the potential commercial benefits and risks in application.’

‘Alex Birsan remains our go-to counsel in Romania.’

‘The team is great because there are a lot of good lawyers at all the levels. The billing is fair. The lawyers are available and use a lot of technology to connect via phone, laptop etc.’

‘Alexandru Birsan is a top lawyer and he makes the difference both in drafting and negotiations, with solutions to reflect in the best way the commercial deal. He is a deal maker. Olga Nita is a rising star and it is a pleasure to work with her.’

‘I think that what makes this team unique is: the extended experience that the partners have;  the willingness to help the client whenever needed and as swiftly as necessary;  the innovative approach to legal matters and creative solutions.’

‘Alexandru Birsan stands out in negotiating M&A deals by always being able to provide excellent solutions on spot and close sensitive issues in the best interest of the client. He is very approachable, always makes himself available and provides valuable legal advice. He is not just a talented lawyer but also proves an excellent understanding of the business, being able to provide tailored legal advice.’

‘A dynamic team, willing to adapt and propose new solutions, adapted to the clients needs. Always up-to-date, it embraces latest technology solutions to optimize time and ensure fluent transactions’

‘Cristina Filip has great experience in structuring powerful, long-lasting deals.’

‘I appreciate the fact that at any time I can easily get a professionally qualitative opinion at once.’

‘I feel very comfortable working with Alina Stancu Birsan, partner. The level of professionalism and the level of “human quality” she has is sensational.’

‘Very thorough legal reviews, always detailed, with a high quality assurance, as each document is reviewed by at least one often two other managers. Each lawyer is supported by colleagues from other lines of business for complementing his legal opinion coordinating with other disciplines (tax, compliance, etc.). People are highly educated some of the best in the market as they recruit high talent and they grow it internally for years before they are put in front of the client. Team size – over 100 lawyers – also ensure best talent selection as well as business continuity and focus on the clients’ project and not diluting focus in case of multiple parallel projects.’

‘Thoroughness, high attention to detail, documentation professionally drafted, great English command, hard working talented individuals.’

‘The law firm is a real business partner, having flexible lawyers with great business understanding and proactive advice. The law firm differentiate from others through great collaboration with in-house lawyers team.’

‘Alexandru Birsan is the partner supporting the organization in corporate and M&A projects. The communication with him is always efficient. Alex showed great professionalism and passion for making things done in a way to support the business. Together we Alex we found best solutions to our business legal matters.’

‘Outstanding team of lawyers: technical, solution oriented, pragmatic, creative and extremely hard working and available when needed.’

‘Alexandru Birsan is the one lawyer I call upon when I need sound advice, fast or when a situation calls for a pragmatic or creative solution to bridge the gap. I also trust him to put the interest of his clients first.’

‘We engaged Filip & Co in a M&A process. We researched the market for the best recommendations and reached out to several companies. Filip & Co stood out from the beginning as the most professional consulting offer and credentials. Doubling that with the fact that they were flexible in agreeing the final budget, made them to be the obvious choice. Which now, at the end of the project, we could not be more happy about. They proved to be extremely knowledgeable, prompt and to the point, extremely diligent in risk assessment and creative in solution building. I was personally extremely impressed by the work ethic of all team members, no matter the seniority level. I felt being taken care of the same way I know I would treat my best clients, and that felt so right. The process was smooth and finalized in due time, despite the fact we were facing stretched deadlines.’

‘We worked with Monica Statescu and her team (particularly Andreea Banica). Monica advised us in every single step of the process. She guided both sides on M&A technicalities, facilitated consensus while she had the patience to explain and bring on the table best practices on handling several particular aspects of the transaction. She was an excellent communicator and always there when needed. Long hours, weekends, everything that had to be done to make the deal to be signed on time. No matter the question we had, she always had the answer with proper explanations connected to the national but also the international markets laws and regulations. Without a doubt we want to retain Monica and Filip & Co to stay as our advisers in our journey to expand to international market. We felt we have on our side a partner with a very solid knowledge, extensive expertise, impeccable work ethic and fantastic client service. Nothing less than world class service.’

‘The availability and fast replies, interest in knowing the full picture of the client’s business and applying such knowledge to each task.’

‘Being reliable and trustworthy.’

Key clients

Banca Transilvania

VeriFone Holdings

Banca Comercială Română

Delfingen Industry


One United

Van Leeuwen Buizen Groep

SoftwareOne Holding

Kameran Financial Limited

UiPath Foundation



Planet First Partners

British American Tobacco (Romania) Trading

Synevo Central Lab Clinical Trials Romania

Auchan Romania

Total Soft

Farmavet and Pasteur Filiala Filipesti

Kone Corporation

Pandora Jewelry

Maillis Group

Pink Ivory Limited

The Forge Crossfit  and The Forge Association

Mozaik Investments

Planet First Partners

Bristol logistics

Alexander Bărbuț, Thomas Bărbuț and Marcel Bărbuț

Work highlights

  • Assisted Banca Transilvania on the acquisition, from Poland’s Gertin Holding group, of Idea Bank, Idea Leasing, Idea  Insurance Broker and Idea  Investment.
  • Assisted One United Properties in connection with its €50 million IPO and subsequent listing on the Bucharest Stock Exchange.
  • Assistingt Digi Communications N.V. and RCS & RDS S.A., a leading regional telecommunications and media group, on the proposed sale of its Hungarian operations to Hungarian IT and ICT solutions provider 4iG.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen has one of the largest corporate teams in the Romanian market. The practice’s depth is matched by its quality, providing ‘deep knowledge of the local business environment and broad expertise on multiple sectors‘. This includes offices in the country’s key business centres, and strong support in related areas such as tax, employment, finance, and competition. Among the partners Gabriela Cacerea  is ‘a great negotiator‘, while clients have ‘many positive things‘ to say about Ruxandra Bologa . Other key members include the highly esteemed Adriana Ioana Gaspar  and Adina Chilim-Dumitriu  . Up-and-coming lawyers such as Razvan Vlad  and Corina Dumitru  are also making a good impression.

Practice head(s):

Gabriela Cacerea; Ruxandra Maria Bologa; Adina Chilim-Dumitriu; Adriana Gaspar

Other key lawyers:

Corina Dumitru; Razvan Vlad; Mirela Preda


‘People, collaboration, results oriented – Razvan Vlad, Valentin Voinescu.’

‘Precise feedback, multi-area practice, very responsive.’

‘Gabriela Cacerea is a great negotiator, knows which battles are worth fighting and gives competent input to her clients on crucial M&A issues.’

‘Very large team of lawyers with deep knowledge of the local business environment and broad expertise on multiple sectors. Excellent responsiveness to our needs.’

‘Very satisfied by the pro-active attitude of the entire team, led by the partners (Lavinia Rasmussen and Adina Chilim) and the senior associate involved in our projects (Corina Dumitru).’

‘NNDKP has experts that are really very strong in many subjects and we didn’t have a subject that NNDKP didn’t have extensive knowledge. In general law firms fail to state a direction as most subjects in business aren’t black and white. With NNDKP it was easier to set a direction as they understand also the commercial part of our business well.’

‘Our account is managed by Ruxandra Bologa from the beginning, there are many positive things can be said for Ruxandra but the one I appreciate the most was I never feel like I am a small customer for NNDKP although our company is a small company. She also manages her resources very well as I never fell like we have been given an under experienced person for the subject. I am also able to reach her directly any time and she is always very well aware of the subjects that I am talking about.’

Key clients





Alternus Energy

KMG Rompetrol

Smithfield Foods





Raiffeisen Bank





Work highlights

  • Advised Aaylex on its acquisition of the poultry farming business, Banvit Food.
  • Assisted DKV through all the stages of the acquisition of Smart Diesel SRL and Tax Refund SRL.
  • Advised MaxBet Group, a leading gaming group, on its exit from the Romanian market, including assistance in the negotiation process and structuring of the transfer.

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii has one of the top M&A practices in the Romanian market, regularly winning roles on the country’s largest transactions. The firm acts for a wide mix of corporate blue-chips and private equity houses and is a referral favourite with major international law firms. Clients come from across a wide range of sectors, including telecoms, pharmaceuticals, retail and IT, and the firm’s depth of expertise in related areas such as capital markets, tax and competition ensures a one-stop-shop service. Lead partners include Florian Nițu  , Bogdan Stoica (‘one of the best business lawyers in Romania‘), and Silviu Stoica  who ‘stands out through his pragmatic approach to negotiations‘.

Practice head(s):

Florian Nițu; Bogdan Stoica; Silviu Stoica


‘They stood out for their professional behavior and a good and fast reaction to our requests.’

‘I noticed a good understanding and empathy in the relationship with the client, flexibility in approaching situations and a rich experience in the legal, financial and fiscal field.’

‘Good experience, pragmatic approach to negotiation, good understanding of SOP legal and fiscal implications and structures.’

‘Silviu Stoica stands out through his pragmatic approach to negotiations, experience in SOP structures and M&A transactions and the integration of fiscal advice in documentation.’

‘They have a lot of area of competence (M&A, competition, capital market).’

‘In terms of M&A I consider that Bogdan Stoica one of the best business lawyers in Romania. He has a lot of competences and always takes into consideration the interest of business of the clients.

Key clients


BRD Société Générale

Burda International


Morphosis Capital

Bico Industries

Fondul Proprietatea/Franklin Templeton Investment Management



DB Schenker



Work highlights

  • Advising Orange France on the €500 million acquisition of the telecom landline business from Telekom Romania.
  • Advising BRD Groupe Société Générale on entering into a joint venture with BCR/ Erste Group and Raiffeisen  to own and control the cash transportation company, CIT One.
  • Advising Auchan Retail Romania on the takeover of the entire chain (including more than 400 units) of OMV Petrom petrol filling stations with a view to converting them into MyAuchan stores and handling the non-petrol retail operation.

RTPR | Radu Taracila Padurari Retevoescu SCA

Lawyers at RTPR | Radu Taracila Padurari Retevoescu SCA are ‘definitely deal-makers, not deal-breakers‘, and the firm’s commercial approach has been rewarded with lead roles on some Romania’s largest M&As. The team has a deep well of talent for clients to draw from. At the senior level, practice heads Costin Tărăcilă  (‘one of the most respected in his field in Romania) and Mihai Ristici  (‘extremely useful in facing tough negotiations with international sellers‘) come highly recommended by a wide range of clients. Up-and-coming partner Alina Stăvaru  is ‘always focused on the best solutions and building up a strong a loyal base of private equity clients. Clients also rate ‘stand out‘ managing associate Vlad Stamatescu.

Practice head(s):

Costin Taracila; Mihai Ristici

Other key lawyers:

Alina Stavaru; Ianita Tui


‘The most commercial M&A legal practice in Romania. Both partners and more junior staff are well equipped to address complex deals with a strong understanding of sophisticated client needs.’

‘Costin Taracila – the best individual M&A lawyer in Romania (his advice goes beyond the natural boundaries of legal work); Alina Stavaru – a very strong M&A lawyer (very business-oriented and able to give solutions to complex matters); Roxana Ionescu and Andreea Burtoiu (stronger than higher ranks in other law firms).’

‘Excellent team with strong track-record in M&A for Romania, flexible billing system, solid technology expertise.’

‘Alina Stavaru, Partner, outstanding legal professional, we have worked together in transactions and on various corporate legal activities in companies for many years. Costin Taracila, Managing Partner, one of the most respected in his field in Romania, he usually was in charge of managing our various projects from the legal perspective at a high level.’

‘The RTPR team delivered exceptional quality. Even if the project was smaller, they treated it with full dedication allocated all the required resources and senior expertise when it was needed. I will highly praise the knowledge of the M&A transactions specifics and their fantastic collaboration and communication team, both with client and seller.’

‘I appreciated very much the collaboration with Costin Taracila, Partner, and Marina Giurgica, associate. They were very involved in all aspects of the transactions, not only legal. They understand and assess very well all the legal risks, but on top of that, they have a strong commercial view and understand how to combine the two dimensions depending on the status of the negotiations.’

‘RTPR team is very responsive and covered all disciplines we needed their assistance for. They showed great time management skills and delivered within short deadlines. We engaged the team for complex and multidisciplinary matters. Their support and solutions were very helpful and their research comprehensive, professionally presented and substantiated with solid evidence.’

‘We consistently worked with an extended team and appreciate all of them very much for their professional acumen and quality  interaction. However, Vlad Stamatescu stand out, showing creativity, speed, negotiations abilities and a very good understanding of our business context. We also highly appreciate direct involvement of Mihai Ristici and his support in addressing sensitive matters under time pressure.’

‘It is a pleasure to collaborate with a team that keeps getting involved in your case as much as you do by bringing professionalism and capability, attention and focus on what has to be done. We received the needed support and availability. All provided within a personal touch, honest and human relation.’

‘From early on we had a high responsiveness and attention from Alina Stavaru. Always focused on the best solutions not only due to her wide professional experience but fine interpersonal/communication skills as well. If it’s something ongoing or a situation pops up, she will back you all day round – if you call or write you be sure that you have her as a support on your side. An incredible attention to detail, listening ability and flexibility you need at every stage of the situation.’

‘The one thing that makes RTPR team unique is their capability to see the whole picture when it comes to approaching M&A processes.’

‘Alina Stavaru – Alina has a strong business acumen and anticipates possible problems that might occur after M&A.’

‘Team was composed of Vlad Stamatescu (Managing Associate) and Mihai Ristici (Partner). RTPR was recommended by peers. We found a skillful team, well experienced within the  sector, with extended experience with the local regulators. We also enjoyed the dedication, availability and politeness of the team, as well as ability to drive international clients through the local business culture. The most recommended team for Financial Services in Romania I experienced so far.’

‘Mihai Ristici was extremely useful in facing tough negotiations with international sellers and its local advisors, managing the relationship with the client (involving several departments and individuals). Vlad Stamatescu played more than his role of managing associate, by producing the finest quality documentation, being able to understand our needs and turn it into valuable legal documentation.’

‘RTPR  is a reliable business partner, providing high quality and timely support of both negotiations and due diligence work. Excellent transparency in budgeting and billing’

‘Alina Stavaru is an outstanding M&A lawyer. She is truly passionate about her work, diligent, creative, honest, very solid and always helpful. She also appropriately manages staffing of projects and associate support. Definitely the best legal professional in Romania I worked with.’

‘Unique mix of experiences in the team we worked with, pragmatic approach to negotiation and you could have seen that they dealt with similar situations in the past. Balanced transaction documents that smoothed the negotiation with the founders.’

‘I had the pleasure of working with Alina Stavaru from RTPR. Her proactive and pragmatic approach helped a lot on otherwise difficult transactions, always finding creative solutions to smooth the negotiations and still hedging the legal and  financial risks. We think their fees are very good value for money and I highly recommend the firm and Alina on M&A transactions.’

‘Very pragmatic and knowledgeable’

‘This law firm is a great mix of (i) knowledge, (ii) flexibility and (iii) capacity to understand the client’s needs and interests. In terms of knowledge, all the members of the team have in-depth knowledge of law and are very experienced in M&A transaction and related documentation. But what differentiates them is that they don’t just tell you what the law provides or how a transaction should be – they are actually using such knowledge to find creative solutions and to help the transaction progress. In terms of flexibility, they are definitely deal-makers, not deal-breakers, they know when to get creative and depart from a standard approach, they never show lawyer-ego and I’m sure they would recognize a mistake if they made one (but I was never in a situation where they made a mistake). In terms of understanding the client: as mentioned, they are putting to good use their knowledge/experience and flexibility to understand the client needs and get the deal done – but they never bend the rules or expose you to legal risk. In a nutshell, with this law firm, you know that you will get the deal done, with the best advice and with no headaches.’

‘I will emphasize both Mihai Ristici (who is a Partner and led the team we worked with) and Vlad Stamatescu (who is a Managing Associate working closely with Mihai Ristici). I think that what describes best any of them is they give us great confidence. Of course, both of them illustrate the qualities of the law firm mentioned above (knowledge, flexibility, understanding of the client needs). But what I want to emphasize about them is the confidence that they bring me. Whether I’m discussing internally with them or negotiating with a counterparty, I always feel confident that they always have our interests in mind, they know how to handle things and will not take us in the wrong direction. And they also manage to do this in a relaxed manner, without showing-off or trying to impress us.’

‘Very knowledgeable legal advisor. Proactively proposing  solutions to address deal issues, including issues outside the normal legal matters.’

‘Alina Stavaru was the main partner with whom I worked in this period. Very knowledgeable, good in negotiation and with creative ideas on how to push deal forward.’

‘The team at RTPR demonstrated strong experience and insight in advising on a venture capital primary share issuance transaction. Other key strengths included: Fee flexibility in light of early stage of our company as customer. Focus on building relationship in trustful manner. Sound advice even when outside of scope, including highlighting risks/potential conflicts derived from statutory law or stances that regulators may take.’

‘Have worked with Mihai Ristici, Vlad Stamatescu, and Andrei Tosa. Across the board, the team has been been very strong  in the quality of their advice. Special qualities include: proactive approach to issues that arise in negotiation rounds – skillful drafting of relevant provisions – strong knowledge of relevant provisions for transactions in scope of our work together – strong knowledge of local law and how it applies to cross-border M&A.’

Key clients

Macquarie Infrastructure and Real Assets (MIRA)

Innova Capital


OLX group


B+N Referencia

Te-Rox Prod

Mitiska REIM


Catalyst Romania

The Brink’s Company

Digital Keez

Sarmis Capital Partners

Work highlights

  • Advised Macquarie Infrastructure and Real Assets (MIRA) on the acquisition of a portfolio of power assets owned by CEZ Group in Romania.
  • Advised private equity fund Innova Capital on the acquisition of PayPoint Services and Payzone from PayPoint group.
  • Advised Aegon on the sale of its operations in Romania to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG), as part of a regional deal with a total value of €830 million.

Schoenherr si Asociatii SCA

Schoenherr si Asociatii SCA has a ‘fantastic‘ team with a ‘good mix of resources, proactive approach to issues, and high level of experience‘. Bucharest is an important hub within the firm’s wider Central and Eastern European network, advising on the full mix of domestic and cross-border corporate issues. The transactional side remained busy with several key deals in the manufacturing and insurance industries. Lead partners include Markus Piuk , who divides his time between Vienna and Bucharest and whose ‘extensive experience across the region is a strength no other firm in Romania can match‘. Madalina Neagu is ‘highly recommended for M&A transactions‘, while Monica Cojocaru is ‘a great leader, providing efficient legal advice in a very professional manner‘.

Practice head(s):

Markus Piuk; Mădălina Neagu; Monica Cojocaru


‘Schoenherr Romania’s M&A team run by Markus Piuk is unrivaled. Schoenherr brings in international capabilities from its CEE group structure, complemented by strong Romanian market knowledge and team. There is no better option in the local market for transactional advice.’

‘Markus Piuk’s extensive experience across the region is a strength no other firm in Romania can match. I would not think to work with anyone else in a cross-border M&A deal that covers CEE. The same goes for purely local Romamian transactions where I know Markus relies on two very good M&A partners. Markus is sharp, permanently online, amazing in negotiations.’

‘Good mix of resources, proactive approach to issues, and high level of experience within the team’

‘Madalina Neagu has great personality and negotiation style. Experienced M&A lawyer, very good quality documents. Highly recommended for M&A transactions.’

‘Fantastic team, very committed. Would work day and night to make sure your transaction is great.’

‘Monica Cojocaru was a great leader, providing efficient legal advice in a very professional manner. She was also creative in generating solutions. Madalina Mitan was very thorough, and we were very pleased from the accuracy and getting into details she was providing.’

‘Schoenherr is a strong firm in Austria and the Central and Eastern Europe. Their Romanian office is arguably the largest presence in the local market of an international law firm. You go to them if you want the best international level legal advice provided by Romanian lawyers. They regularly work together with other offices in their network.’

‘Markus Piuk is a remarkable lawyer and person. He is the partner in charge of our collaboration. He actively leads the corporate and M&A projects the firm handles for us in Romania, Austria and the region. You can rely that with Markus, the highest level of partner involvement is guaranteed. London M&A lawyers have nothing on him.’

Key clients

Allianz-Tiriac Asigurari

ENGIE Romania

Morphosis Capital Fund I

Nofar Energy

Risen Energy Solar Project



Vetropack Holding

Work highlights

  • Advised Allianz-Tiriac Asigurari on the acquisition of Gothaer Asigurari Reasigurari.
  • Advised Vetropack Holding on the acquisition of two Moldova-based glass packaging manufacturers, Glass Container Company and Glass Container Prim, as well as their Romanian subsidiary.
  • Advised the Romanian private equity fund Morphosis Capital Fund I on the acquisition of a majority stake in local medical clinics company, Medima Health.

Tuca Zbârcea & Asociatii

Tuca Zbârcea & Asociatii is a market leading presence both in terms of quality and scale. Hence the firm’s role on some of Romania’s largest deals from the past decade, including most recently, its advice to CEZ on the €1bn sale of its Romanian assets to Macquarie Infrastructure and Real Assets. The firm’s capacity for complex deals is enabled by  its deep bench of ‘excellent transactional lawyers, brilliant negotiators and problem-solvers‘. Among these, partner Catalin Baiculescu  has everything one needs to be sure of the best possible legal advice‘, while Stefan Damian   is ‘very professional, experienced, highly knowledgeable, and personable‘. Other key partners include Gabriel Zbarcea   (‘powerful interpersonal and business development skills’), Razvan Gheorghiu-Testa  (‘down-to-earth, competent, experienced, smart, friendly‘) and Horia Ispas  (‘exceptional in terms of responsiveness‘).

Practice head(s):

Stefan Damian; Florentin Tuca; Gabriel Zbarcea; Catalin Baiculescu

Other key lawyers:

Sorin Vladescu; Razvan Gheorghiu-Testa


‘Catalin Baiculescu – he knows to combine, in a very balanced way, the business needs, the legal aspects, and is very down to earth.’

‘The firm’s commercial, corporate and M&A team understands our business well and can balance risk and opportunity. The group is well regarded for its regulatory practice, but also has a strong track record of contentious and transactional work. What sets this team apart is their industry knowledge and the ability to grasp emerging issues from both a local and international perspective.’

‘My principal point of contact is Catalin Baiculescu whose unique skill set and ability to navigate complex transactions in the media and telecom field are remarkable. One can easily work with him on any type of legal issue, be it of a transactional or pure regulatory nature.’

‘Excellent transactional lawyers, brilliant negotiators and problem-solvers, also providing sound corporate advice on large, complex commercial deals. The team is proactive in terms of client engagement, with a focus on practicality. The firm’s legal expertise but its solid commercial logic really set them apart from the competition.’

‘There are lots of partners and more senior associates who offer excellent services as regards corporate, commercial and M&A. My top picks are Gabriel Zbarcea, Sorin Vladescu, Razvan Testa at partner level and managing associates Nisa Jecu, Alexandra Peres, Marius Barladeanu. I think the solutions they proposed to us were always very market-oriented and very commercially focused.’

‘The team is excellent and provides good, strong advice and resource at the appropriate level. The whole team are dedicated, professional, always available with depth in the department which means they can deliver a first-class service.’

‘I mostly work with Catalin Baiculescu and his team. Catalin in particular has everything one needs to be sure of the best possible legal advice: he is sharp, meticulous, flexible when needed, excellent negotiator, giving direct and thoughtful advice. He completely understands all the nuances of our business and is commercially mindful.’

‘Really supportive and well-organized team with extensive corporate, commercial and M&A capabilities. Very good at project management and at drafting and negotiating commercial agreements, JV agreements, sale-purchase agreements. They also provided expert and pragmatic legal opinions and due diligence reviews, whereas they identified and mitigated legal, regulatory and business risks. The team brings a fresh and dynamic approach to legal services by giving clear and astute advice and therefore I strongly recommend Tuca Zbarcea & Asociatii as regards commercial, corporate and M&A.’

‘Horia Ispas, partner and Sergiu Cretu, managing associate are great lawyers, exceptional in terms of responsiveness, have a sharp commercial sense and profound understanding of the FMCG sector. They also possess excellent negotiation tactics. Stefan Damian, Deputy Managing Partner and the coordinator of the larger team that includes Horia and Sergiu is very professional, experienced, highly knowledgeable, and personable’

‘Both individually and as a team they are super strong and extremely professional as regards corporate/commercial and M&A. They have an eye for detail and can easily find a practical solution for the most complex problems. As an aside, unlike many other law firms, their business strategy has a clear CSR angle and, as part of such strategy, they helped us tremendously during the pandemic.’

‘The individuals I work with in this area are Gabriel Zbarcea (he is a veteran as regards corporate and M&A projects, with powerful interpersonal and business development skills), Razvan Testa (down-to-earth, competent, experienced, smart, friendly) and Dragos Apostol (creative thinker and broad expertise, also a shrewd negotiator).’

Key clients

Vodafone Romania


Erste Bank Group / Banca Comerciala Romana (BCR)

Carrefour Romania

Morgan Stanley Real Estate Investment Management

Coca-Cola HBC Romania

The Rohatyn Group


ENGIE Romania


Bain Capital

Amethyst Group

ATTP Telecommunications S.R.L., part of Clever Media Network Group


Farul Constanta Football Club

Work highlights

  • Legal assistance to CEZ in the divestment of its Romanian assets to Macquarie Infrastructure and Real Assets (”MIRA”) – Romania’s largest deal since 2008.
  • Advising The Rohatyn Group on the sale of Pet Network International and its Romanian subsidiaries to the private equity firm, A&M Capital Europe.
  • Advising AmerisourceBergen Corporation on the local aspects of its $6.47 billion acquisition of Alliance Healthcare’s distribution business from Walgreens Boots Alliance.

Bondoc si Asociatii SCA

Bondoc si Asociatii SCA has an experienced corporate practice with extremely good credentials for complex cross-border transactions. The team is praised for its client-centred approach and willingness to ‘get involved at a very detailed level, they become part of our team and they put themselves in our shoes‘. The firm represents clients from across all industries and is particularly noted for its expertise in more heavily regulated sectors such as energy and pharmaceuticals. The ‘discreet and effective‘ managing partner Lucian Bondoc is ‘a real fighter for his clients interest‘, while partner Monica Iancu is singled out for her ‘deep energy expertise‘. The firm is also notable for its lengthy track record of working with White & Case LLP.

Practice head(s):

Lucian Bondoc

Other key lawyers:

Mihaela Bondoc; Bogdan Bunrau; Monica Iancu; Cosmin Stavaru


‘Discreet and effective. Lucian is a real fighter for his clients interest. Monica Iancu has deep energy expertise.’

‘Our experience is that they are second to none in the market. Excellent knowledge, experience and client service sense. A true legal mall, with very balanced and very strong practices. Leading in the market in my view. One of the very few large law firms with more women partners than man. You really feel like they care. They manage each year tens of projects, as far as I know and we have worked with them for many years with plenty of successes.’

‘Very strong knowledge about the local pharmaceutical market: legal precedents in commercial trading between private and private to public institutions, GDPR, labor law and contracting practices, industry codes of conduct, particularities of the competition law, public acquisitions law and local practices. Diverse team, from gender and age perspective, empowered and highly confident.Using various digital channels and content to keep the client engaged and informed.’

‘Well assigned according to their expertise, willing to understand customers needs and tailor their input accordingly, fast reaction time, clear recommendations, pleasant to work with. Raluca Voinescu, Diana Savu, Lucian Bondoc.’

‘The most important fact is that they have a 360 degrees approach, coming up with a lot of relevant angles to look from at the matter in discussion. What makes them different is the fact that they get involved at a very detailed level, they become part of our team and they put themselves in our shoes.’

Key clients



Dante International (eMag)

ENGIE Romania

Eviva Energy

Fondul Proprietatea

Franklin Templeton

NOD Network

Pronetis Romania

Restart Energy

Sanofi Group



Sykes Enterprises

Tapbury Management

Tecar Family


Work highlights

  • Advised PPF Group on all Romanian aspects of the $2.1 billion acquisition of the media group Central European Media Enterprises (CME), which included the Romanian TV station – PRO TV.
  • Advised STEAG, one of the largest energy producers in Germany, in the sale of its participation in the 108 MW Crucea Wind Farm SA, as well as its stake in STEAG Energie Romania.
  • Assisted the Irish renewables investor and developer, Tapbury Management, on the acquisition of a Romanian company, Wind Power SRL, including two 60 MW wind projects, from the Romanian energy company, KDF Energy.

Clifford Chance Badea

Clifford Chance Badea is a ‘first class full service firm‘ with a very active corporate finance and M&A practice. The firm has been involved in several high profile deals in the pharmaceuticals, financial services and manufacturing sectors in the past year. Close links to the firm’s market-leading London office and broader international network also makes it a trusted adviser for complex cross-border mandates. The Bucharest team is led by the highly experienced founding partner Nadia Badea, who has over 25 years’ experience advising major corporates and private equity investors. ‘Stand-out‘ counsel Loredana Ralea is also praised for ‘advising on a very broad range of matters‘.

Practice head(s):

Nadia Badea

Other key lawyers:

Loredana Ralea


‘Strong team across corporate/M&A/litigation. A first class full service firm.’

‘Loredana Ralea is a standout lawyer in advising on a very broad range of matters and in negotiating the local market.’

‘Clifford Chance Romania is a great law firm, having lawyers specialized on all legal fields present on our market. They are very prompt, provide good practical input and it is always a pleasure to work with their lawyers – Loredana Ralea and Diana Crangasu.’


Key clients

Credit Agricole



Abris Capital Partners

J.C. Flowers & Co.

REWE Group

Work highlights

  • Advised Credit Agricole on the sale of its Romanian operations to Vista Bank Romania.
  • Advised Pfizer on the Romanian aspects of the global spin-off and combination of its off-patent branded and generic established medicines business, Upjohn, with global generics company Mylan.
  • Advised a major global snack company on the acquisition of a large Central and Eastern European baked goods company.


Dentons has a versatile team in Bucharest, praised for its ‘very smooth collaboration, especially in cross-border transactions‘. The firm continues to invest in its Romanian office, as demonstrated by the recruitment of partner Cristian Popescu from Popovici Nitu Stoica & Asociatii, who boosts the firm’s links to the IT sector. The clients operate across several other key sectors, and the lawyers have recently been involved in high profile deals within the financial services, agriculture and energy industries. Highly experienced managing partner Perry Zizzi  leads the department, which includes the ‘business-oriented‘ partner Loredana Chitu, who is praised for being ‘very pleasant to work with‘.

Practice head(s):

Perry Zizzi

Other key lawyers:

Cristina Daianu; Cristian Popescu; Loredana Chitu; Argentina Rafail


‘Knowledgeable team and proactive.’

‘Doru Postelnicu – solution oriented with good knowledge also on industry specifics.’

‘A highly reliable team, delivers on time and to the point. Very smooth collaboration, which is greatly appreciated amongst colleagues, especially in cross border transactions such as the one we worked together on.’

‘Our interaction was mainly with Loredana Chitu, Partner. She was very pleasant to work with, provided timely and succinct advise on any matter addressed to her. Business oriented and with a good eye on identifying potential transaction risks and providing workable solutions to address them.’


Key clients

KC Agro

TC Real Estate

White Star

New Mountain




CEE Equity Partners




Environmental Chemical Corporation


Brandl Industries

Work highlights

  • Advised i3CP on the acquisition of City Insurance, the largest insurance company in Romania.
  • Advising shareholders on the sale of a 75% stake in Pharmachem Distributie to Medlife.
  • Advised KC Agro on the acquisition of a working farm from a French investor, including approximately 2,800 hectares of arable land.

DLA Piper Dinu SCA

DLA Piper Dinu SCA has a ‘very experienced‘ corporate team that covers the full range of day-to-day and transactional matters. The Bucharest office particularly stands out for being a ‘go-to firm‘ in the venture capital and start-up space. The firm’s international network, and close links with offices in the US, also adds weight on cross-border matters where it represents funds and start-ups. Managing partner Marian Dinu  is ‘very strong in identifying solid solutions for complex situations‘. The team has a strong bench of experienced counsel including Paula Corban-Pelin, Oana Dutu-Buzura, and the ‘very responsive, professional, and friendlyCristina Bucur.

Practice head(s):

Marian Dinu

Other key lawyers:

Cristina Bucur; Oana Dutu-Buzura; Paula Corban-Pelin


‘There are very few legal firms that can support tech businesses in Romania. Tech companies in general, and startups in particular, have needs that are esoteric for most legal offices. Tech companies usually have multiple entities in different geographies, they need options plans, are doing investment rounds from companies in different jurisdictions, and so on. DLA brings a team of specialists in different areas: from corporate structuring to intellectual property, to tax analysis. Working with DLA feels natural. We speak the same language, operate with the same concepts. Unlike the other firms where any of these topics feel weird. Secondly, DLA is part of a bigger group. Working with DLA San Francisco for any US-specific issues was fast and the sync between the local branch and the US one was how I would expect things to happen.’

‘All the people I worked out with were super professionals: Cristina Bucur on corporate structure, Ana Maria Andronic on IP, Lidia Duta on tax.’

‘The best lawyers in the venture capital space in Romania. Accumulated experience from a large number of cases allow them to provide not only legal but also commercial advice. In addition, they have access to a strong US VC practice which makes them the go-to firm for VC deals.’

‘Marian Dinu (very strong in identifying solid solutions for complex situations); Cristina Bucur (best VC M&A lawyer in Romania); Ciprian Frandes (one of the strongest levels of diligence shown by a lawyer)’

‘There is a strong synergy within the team with competent individuals that complete each other.’

‘Very experienced team: Ana Maria Andronic – very people person and strong IP experience; Marian Dinu – strong M&A experience that brings a lot of added value within a transaction; Cristina Bucur – focused on details, hardworking, competent.’

‘They are very professional and very knowledgeable. I have worked with them for multiple years now and every time the issues were solved on time, and especially on budget. I really appreciated them being very knowledgeable and very comprehensive in their approach. I highly recommend them.’

‘Cristina Bucur – very responsive, professional, and friendly; a pleasure to work with; really went the extra mile to accommodate very tight timeline and budget; Ciprian Frandres – very responsive and reliable;’

‘The advice is practical and solutions-orientated. The English is excellent (ie: everything reads well and is easy to understand) and we have a dedicated team that is easy to reach and responds in a timely manner.’

Key clients

Hydro Extruded Solutions


Green Horse Games

R+P Ropeco .

Elisa Oyj

Agrii Romania


Polhem Infra

Early Game Partners

Dante International (eMAG)


RoboSelf Technology

Intelligent IT

Bright Spaces

Asmodee Group

Bank Leumi Israel

Green Group

TMF Management

Top Level Hosting

Abris CEE Mid-Market Fund III LP

HCL Technologies



Work highlights

  • Advised OX2, a major renewable energy company, in acquiring a large wind farm project, through the acquisition of four related companies.
  • Assisted Green Horse Games, a Romanian mobile gaming studio, on the strategic investment from Miniclip, a major global gaming company.
  • Advised Early Game Ventures, a venture capital fund, in connection with a suite of twelve funding rounds, mostly in tech start-ups, over a one-year period.


Kinstellar has an active practice led by the ‘very clever and innovative Zsuzsa Csiki  , who took over from former corporate head Razvan Popa after his departure. The handover has gone smoothly with clients complimentary about their ongoing ‘access to important market insights, flexible, transparent billing and high-class advice‘. Clients include major corporates and private equity funds operating across a wide range of sectors. Multinationals regularly use the firm whose regional network throughout the CEE is ‘one of their key strengths‘. The young team also has several well regarded senior associates, with clients singling out the ‘very knowledgeableMădălina Perțe  for praise.

Practice head(s):

Zsuzsa Csiki

Other key lawyers:

Mădălina Perțe


‘A team of young lawyers, who work very hard and show genuine interest in the client and its business. Efficiency and proactive attitude.’

‘Zsuzsa Csiki is a core of strength in making things happen: problem solving, detail oriented and shows resilience in the context of any complex issue that arises. She works incredibly hard for you, irrespective of the time of day and she delivers a very solid work product at international law standards. Senior associate Madalina Perte works also very hard, contributing to the success of the team.’

‘Wide exposure to various industries and deep knowledge of the business matters. The team looks closely for the client’s specific needs and propose tailored and innovative solutions. Excellent communication and availability from the part of the managing members of the team, strong commitment and dedication to the customer’s projects and deadlines.’

‘Zsuzsa Csiki is one of the most competent and energetic business lawyers I ever met, very clever and innovative. Her outstanding capabilities are matched by her dedication and strong commitment to the client’s interests. She also showed excellent social and negotiation skills and she is the kind of lawyer that can and will save the deal despite all odds. Always available when needed, she proved to be a valuable asset in the most complex transactions. Madalina Perte is a competent, reliable and dedicated lawyer; very good communication skills, high level of availability.’

‘The best team of you young lawyers who are driven by energy and dedication. The regional coverage of Kinstellar is also one of their key strengths – they can connect the relevant needs across the entire region. They work as one on cross-border matters and ensure smooth transaction processing. An elite law firm – with one of the most dedicated lawyers, Zsuzsa Csiki, who genuinely cares about her work.’

‘Zsuzsa Csiki is result-oriented, dedicated and equipped with strong transaction structuring and processing skills. I rely on her solution driven attitude, clear and structured drafting skills and resilience in any situation. She never gives up, she is moving matters forward with utter dedication.’

‘The practice covers various fields and provides legal feedback in due time, in order to mitigate the potential risks for the client.’

‘The individuals provide promptly answers, they are open for discussions and clarifications. We cooperated mainly with Zsuzsa Csiki, Remus Codreanu, Vlad Simion, Smaranda Vacaru.’

‘Kinstellar in Romania is a strong market player which stands alone due to the professionalism of its team, quality of legal advice and overall commitment to meet even the highest of standards. We strongly and open heartedly recommend them. We have worked with Kinstellar across many practice areas; they genuinely paid attention to our needs, objectives and on-the-go feedback, rapidly adjusting their strategies. We had access to important market insights, flexible, transparent billing and high-class advice.’

‘In terms of our corporate and M&A work with Kinstellar, we recognize the team as being dedicated, flexible and responsive even with the tightest deadlines. As stand-out lawyers in this area we would mention Zsuzsa Csiki, whom we recommend for her excellent knowledge of the law, great managerial abilities and impeccable client relationship skills.’

‘Very efficient transaction processing. Dedication and reliability. My go to firm, through Zsuzsa Csiki. Trust needs to be earned and the team and Zsuzsa live up to each challenge with solid knowledge and perseverance.’

‘Absolute dedication and seamless availability, Zsuzsa Csiki. It is a pleasure working with Zsuzsa; sharp and solid transaction structuring and contract drafting skills, solid knowledge and absolute perseverance. Madalina Perte is also very knowledgeable.’

‘The Kinstellar team is awesome, very professional and precise. They delivered everything on schedule so our projects didn’t stop.’

‘Zsuzsa Csiki is one of the best attorneys that I have met, her recommendations were just what I needed to solve the problems my company was facing. She was also very punctual and professional. It is a pleasure every time I work with her!’

‘Their energy and responsiveness are unique. A very hard working and result oriented team of lawyers.’

‘Zsuzsa Csiki can drive a deal towards the finish line with very efficient transaction coordination and streamlining of complex deal structures. Zsuzsa is very knowledgeable and can tackle any complex matters, with efficient negotiations and unique contract drafting skills. She is driven by ambition and a unique energy, proactive and a problem solver.’


Key clients

American Securities

Court Square Capital Partners

Mobileum Inc

GTT Communications

Wipro Limited


Black Sea Fund

Key Way Group Limited

Inteva Products

Inter Cars

Adecco Group

Modis Competence Center

United Petfood

FDS Inc.

Dura Automotive

Fujitsu Technologies

Temenos Romania

Amundi Asset Management

STADA Arzneimittel

Visma Romania

Brise Group


Work highlights

  • Advising American Securities, a private equity firm, on a due diligence process in relation to its potential investment in the Ferro Corporation, a publicly traded company with operations in Romania through Ferro Performance Pigments Romania SRL.
  • Advised the  private equity firm, Court Square Capital Partners, on the due diligence process and Romanian law implications of the acquisition of Connatix Holding – a company operating next-generation video platform for publishers.
  • Advising Mobileum, a data analytics company, on Romanian law implications of the acquisition of Niometrics.

Musat & Asociatii

Musat & Asociatii has been a major presence on Romania’s corporate market for many years, and was a training ground for many of the country’s top lawyers. Founding partner and practice head Gheorghe Musat  remains an extremely prominent figure in the market. The firm’s status is reflected in its clientbase and workload, which includes prominent cross-border acquisitions, divestments, joint ventures and company reorganisations. Key partners within the sizeable team include Razvan Stoicescu , who is singled out for his on the spot advice, and business oriented approach‘. Iulian Popescu  , Monia Dobrescu  and Paul George Buta  are also very active in this area.

Practice head(s):

Gheorghe Musat

Other key lawyers:

Răzvan Stoicescu; Iulian Popescu; Paul Buta; Monia Dobrescu


‘Musat & Asociatii have assisted us with an ongoing complex M&A project. The team succeeded to take necessary steps for performing the due diligence activities in a very short period of time, delivering the reports in the agreed timeframe.’

‘Overall impression is 10/10. We try to get their advice on most major deals and we do rely on their advice. Availability, business oriented approach are all part of the package. No weaknesses to note.’

‘We’ve been working extensively on corporate, M&A, and financing matters with the team coordinated by Razvan Stoicescu. His team is always fast responding and on point. We do thank Razvan for his availability, on the spot advice, and business oriented approach. More specifically, he always gets the deal done, while keeping in mind our best interest. Another strength would be that he and the team were efficient and got everything done without unnecessary delays.’

Key clients

KBC Bank

S.P.E.E.H. Hidroelectrica

Wellbore Integrity Solutions/Rhône Capital

Damen Shipyards Group


A&S International

Engie Romania

Premier Capital




Schmitz Cargobull

Work highlights

  • Advised Damen Shipyards Group on the acquisition of the Mangalia Shipyard, one of Romania’s largest shipyards, and a subsequent joint venture with the Romanian State for its operation.
  • Advised Wellbore Integrity Solutions, an affiliate of Rhône Capital, on the $400 million acquisition of the drilling businesses and associated Romanian assets of Schlumberger.
  • Advised Sony with the cross-border merger of Sony Europe Limited into Sony Europe B.V., as well as the transfer of its Romanian branch to Sony Europe B.V.


Noerr has a ‘very collaborative‘ corporate practice with an increasingly strong footprint in Romania. The firm has developed a good track record for cross-border deals and regularly assists with regional buyouts, divestments and company reorganisations. The past year saw the team involved on several high profile mandates, including the Wirecard insolvency and the sale of Doosan’s industrial platform in Romania. The latter deal exemplifying the team’s good credentials for real estate transactions with a heavy corporate element. Rusandra Sandu  leads the team with strong input from Bucharest-based CEE head Jörg Menzer and associated partner Gabriel Popa  .

Practice head(s):

Rusandra Sandu

Other key lawyers:

Jörg Menzer; Gabriel Popa


‘The team is always very collaborative and willing to support during the project.’

‘Individuals are always prepared in advance on subjects to be discussed. They answer email requests on time on and are able to provide in short time memos or summary on the topics discussed’


Key clients


Doosan Heavy Industries & Construction

ISS Facility Services

Kathrein SE

Bauer Media Group

Bristol-Myer Squibb

Stada Group

Nidec Sole Motor Corporation

Harman International Industries

Samsung Electronics

Artesana International

Messer Group

Work highlights

  • Advised the insolvency administrator on the sale of Wirecard Romania.
  • Advised Doosan Heavy Industries & Construction on the sale of the IMGB industrial platform via a share deal, one of the largest transactions in the history of the real estate market.
  • Advised ISS FAcility Services on the divestment of subsidiaries in four Eastern European countries, including Romania.

Reff & Associates SCA

Reff & Associates SCA provides a ‘great experience‘ for clients across all corporate and M&A issues. The firm represents a broad spread of companies and private equity funds, and led on several major deals in the transportation, manufacturing, retail and IT industries. The team’s offering goes beyond M&A to include major group reorganisations and corporate governance programs. Clients also benefit from the firm being part of the broader Deloitte empire, and access to the wide variety of services that brings. Practice head Georgiana Singurel is praised for her personalised service, with strong input from managing partner Alexandru Reff and managing associate Diana Fejer.

Practice head(s):

Georgiana Singurel; Alexandru Reff

Other key lawyers:

Diana Fejer


‘When thinking about Reff & Associates, first and foremost I think about ethics. Their work ethic, the ethic they display when interacting with clients, with counterparts, all these make the interaction with them a great experience.’

‘They are a team and they act as being a part of the client’s team. We are very happy on how Andrei Burz Panzaru or Georgiana Singurel seem to be not our external counselors, but our colleagues for years.’


Key clients

International Alexander

Platforma Roca

Vestas Wind Systems

Trans Expedition Feroviar S.R.L., part of Grampet Group

Leroy Merlin Romania

ELKOTech Romania

Siemens Gamesa

Euralis Seminte SRL (part of Lidea group)

Grupo Antolin

Work highlights

  • Advising International Alexander on the acquisition of a Romanian transport and freight company.
  • Assisted the private equity fund Platforma Roca on the sale of its stake in refrigeration company, Frigotehnica, to VINCI Energies.
  • Advised ELKOTech Romania, a major IT equipment distributor, on its acquisition of IT Smart Distribution, a local distributor of IT equipment.

Wolf Theiss

Wolf Theiss provides ‘exceptional dedication and outstanding availability for urgent project work‘. Praised for its ‘excellent industry knowledge‘ the team has good experience representing corporate and private equity investors in cross-border M&A. On regional deals it regularly works alongside colleagues throughout the firm’s extensive CEE network. Clients acknowledge the lawyers’ experience of operating as part of larger international teams as being a major plus. The core group includes ‘pragmatic, solution oriented, and committedpractice head Ileana Glodeanu  and managing partner Bryan Jardine  and counsel Mircea Ciocîrlea , who ‘never lose their cool and are always willing to help and push the ball forward‘.  Recent recruit Bogdan Bibicu, formerly a partner at Kinstellar, also brings a huge amount of experience to the team.

Practice head(s):

Ileana Glodeanu

Other key lawyers:

Bryan Jardine; Bogdan Bibicu; Mircea Ciocîrlea; Luciana Tache; George Ghitu


‘Wolf Theiss is the No. 1 contact for us for all legal issues in Eastern Europe and especially in Romania. There, the pragmatism of medium-sized businesses is combined with qualitatively outstanding advice and the greatest possible expertise on the advisory side – especially in cross-border projects.’

‘Exceptional dedication and outstanding availability for urgent project work. Outstanding quality contract processing. Bryan Jardine as partner and George Ghitu as senior associate deserve special mention.’

‘The team is highly commercial and have excellent industry knowledge.’

‘Ileana Glodeanu is pragmatic, solution oriented, and committed. High working capacity and understanding of the client’s needs’

‘The Wolf Theiss team is extremely responsive, but not just with a “message received, we will get back to you” response, but rather an immediate substantive response that moves the ball forward. They understand cross-border transactions and the need to be pragmatic and not “lose the forest for the trees” (i.e., they understand that their piece is perhaps only a portion of the overall transaction and they need to negotiate and advise accordingly).’

‘Bryan Jardine and Mircea Ciocirlea are very responsive, team- and client-oriented, and understand that they are part of a larger international team that may have differing dynamics and deal pressures. They never lose their cool and are always willing to help and push the ball forward.’


Key clients

Advanz Pharma Corp

Apex Alliance

Artis Bio Tech

Cerberus Capital Management


Elvaston Capital

Ergo Group



Holmbergs Safety Systems Holding

House of HR

Ingka Investments BV (Ikea group)

Johnson Controls International

KJK Capital

Koninklijke DSM



Merck & Co., Inc.

MHC Software LLC

Novalpina Capital LLP

Razor Group

Revetas Capital Advisors LLP

Rizzani de Eccher


Taparo & Techtex group

The Blackstone Group International Partners LLP

Total Specific Solution

Vienna Insurance Group


Work highlights

  • Advised Koninklijke DSM, a nutritional health company listed on Euronext Amsterdam, on its €1 billion acquisition of ERBER Group.
  • Advised Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) on all legal and regulatory aspects of its €830 million acquisition of Aegon’s insurance business in Hungary, Poland, Romania and Turkey.
  • Advised the private equity firm Novalpina Capital LLP on its acquisition of the gambling and betting company, MaxBet.

Biris Goran SPARL

Biris Goran SPARL represents an impressive mix of investment funds and corporates, and has seen an increasing amount of buyer-side mandates in the past year. The practice has especially good experience of cross-border corporate deals in with a heavy real estate component, such as SIF Banat Crisana’s acquisition of South Korea’s IMGB Doosan. Coupled with the firm’s ‘exceptional quality ‘ and ‘great strength in M&A, is its ‘excellent knowledge of regulatory and tax structuring‘. The team is jointly led by  Ana Frațian  and the ‘pro-business and proactiveTeodora Moțatu  , who is always responsive’, and ‘has great entrepreneurial drive‘.

Practice head(s):

Teodora Moțatu; Ana Frațian


‘The firm offers full-service with great strength in M&A; every practice needed for our M&A deal was smoothly provided with exceptional quality.’

‘Teodora Motatu is the partner to got to in M&A Deals involving Romania. She is always responsive, has great entrepreneurial drive, is pro-business and proactive and anticipates the clients´ needs’

‘Excellent knowledge of regulatory and tax structuring. Commitment and high level of negotiation skills.’

‘360 degrees of M&A, covering all levels of the transaction. Highly skilled team with extensive national and international experience.’


Key clients

Zeus International

SIF Banat Crisana

Riegler & Zechmeister

GÖRG Partnerschaft von Rechtsanwälten mbB

River Development

Green Ideas

One United Properties

Inditex Group

Work highlights

  • Assisted River Development, a  real estate developer, in selling of a company owning The Light One office building to UNIQA Real Estate.
  • Assisting Zeus International, a Greek hospitality management and restructuring company, in its leveraged acquisition of three Bucharest downtown hotels from Alpha Bank Romania.
  • Assisted SIF Banat-Crișana, a major local investment company, on its acquisition of IMGB Doosan, a South Korean heavy machinery company that owns the largest industrial platform in Bucharest.

bpv Grigorescu Stefanica

bpv Grigorescu Stefanica has a strong cadre of lawyers praised for their ‘high degree of professionalism, speed and efficiency‘. The practice covers all industries but is particularly noted for its experience in the technology sector, where it has an extremely good track record representing start-ups, global giants, and venture capital investors. The lawyers are also active on the private equity side, having been involved in a recent high profile management buy-out in the travel sector. Partners Catalin Grigorescu  and Anca Albulescu  are noted for being ‘fast and accurate, with a high level of local knowledge and business-orientated handling‘. Clients also appreciate the ‘unprecedented‘ level of partner involvement. Alexandru Rusu  is also active on the corporate side.

Practice head(s):

Anca Albulescu; Alexandru Rusu; Catalin Grigorescu


‘Senior involvement is guaranteed. An armada of associates to help out is provided. Billing is pretty straightforward with ex-ante communication and confirmation for out-of-scope work.’

‘Catalin Grigorescu has been the leading partner and the most involved in the transaction, by far. His hands-on approach and pragmatic communication have allowed us to speed up the process and make timely decisions. His industry insights have been put to good use by focusing on what really matters.’

‘Over the years we have used several law firms in Romania before settling to work with bpv Grigorescu Stefanica almost on an exclusive basis. The level of partner involvement on the matters we entrusted them with is unprecedented, we appreciate the quick turn-around irrespective of the complexity of the matter. There is also a superior level of communication on both case aspects and administrative topics, such as billing and staffing. I admit that I have learned a few things from them in terms of agility and the use of tech to deliver the services.’

‘Catalin Grigorescu – he runs the business as a managing partner, but here is also all-present on matters on which he advises. I dont know when he gets to do all the stuff. He is a very resourceful lawyer and his abilities to communicate efficiently are immediately noticeable.

Cristina de Jonge is a sure-handed managing associate, capable to coordinate and supervise a project, very knowledgeable.

‘The lawyers at bpv Grigorescu Stefanica are characterised by a high degree of professionalism, speed and efficiency. You get concrete answers to concrete questions. They act in the best interest of the client. ’

‘Whether individually or in a team, you get what you expect or need. Every single member of the team (tax or M&A) is competent and as a team they support each other.’

‘We have made an excellent decision when choosing bpv Grigorescu Stefanica to advise us on this transaction. They are a strong team of experts characterized by professionalism, seriousness and high responsiveness. We were impressed by the direct involvement of the partners. Furthermore, they have commercial awareness, a broad understanding of current affairs and business news and how developments are likely to affect the firm. The team guided us sure-handedly through our first acquisition in Romania and helped us get the deal through in a short period of time, even if we dealt with some legal hurdles, and we also had to face restrictions due to the Covid-19 situation across Europe.’

‘Anca Albulescu and Catalin Grigorescu were fast and accurate, with a high level of local knowledge and business-orientated handling. It was very important for us to have a trusted partner alongside in this transaction, to provide us with the legal advice needed to conclude the deal in a short time. They were highly resourceful regardless of the level of complexity. Nicolae Ursu is a very reliable lawyer, with great experience in major transactions. All the team was really thorough, very structured, concise and to the point. ’

Key clients

Supernova Invest GmbH



Ewopharma AG

Draper Esprit


Forty Management


Happy Tour

Work highlights

  • Advised Supernova in the acquisition of a shopping mall located in southern Romania, and the related business, through a complex business transfer transaction.
  • Advised the venture capital fund Draper Esprit in connection with its Series B lead investment in FintechOS. The total value of the round was US$60 million and included existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures.
  • Advised Forty Management in connection with corporate structuring for the urban regeneration project Central District Lagoon City, to be developed in the northern part of Bucharest.

D&B David si Baias SCA

D&B David si Baias SCA has a versatile corporate practice with a good track record on day-to-day commercial advice, business launches and M&A. The firm is also noted for its strong regulatory expertise in key areas such as competition law, where managing partner Sorin David  is a leading market figure, and also tax – the firm’s membership of the PwC network being a key attraction. Clients highly recommend the ‘skilled and proactive M&A team and ‘responsive and flexible‘ partner Anda Rojanschi  has a ‘deep knowledge of M&A negotiations‘. Clients also rate ‘stand-out‘ senior associate Adina Oprea .

Practice head(s):

Anda Rojanschi; Sorin David


‘People, communication, flexibility- Exceptional client managers.’

‘The team is very good at ongoing legal advice on various corporate governance issues and assistance on the company’s M&A projects (drafting/reviewing the relevant transaction documentation: MOUs, heads of terms, protocols, pre-agreements, SPAs, business transfer agreements, related corporate documentation etc);’

‘They have extensive professional experience earned in the premier league of Romanian legal consultancy.’

‘A skilled and proactive M&A team, focused on finding solutions during the entire transaction period. The team covered successfully, both during the due diligence process and during the transaction, various legal matters, from corporate to regulatory and employment matters inherent for an M&A project. A plus for the team is also the fact that they worked in an integrated PwC Romania – D&B team, thus being able to provide us with integrated advice and assistance, covering legal, financial and tax matters.’

‘Anda Rojanschi, the M&A partner, proved deep knowledge of M&A negotiations and of the market, being responsive and flexible throughout the entire transaction period. Her expertise is diverse and we appreciated her very pragmatic approach. She proposed solutions to the various issues arising during a complex project. Adina Oprea has been the project manager and a key part of the legal team assisting us during the project. Adina showed calm and effectiveness, coordinated the different streams necessary for the project, prioritizing our requests and observing sometimes very tight deadlines, being always at our disposal.’

‘Delivering excellent work products within short deadlines. Very knowledgeable. Good collaboration and continuous availability to provide on-demand legal support’

‘Stand-out lawyers: Adina Oprea’

‘Very well structured, always showing up pragmatic solutions, always the same person of contact, highly motivated, quick response.’

‘Very friendly and knowledge is very good, always responding.’

‘Ovidiu Bold – very good professional skills.’


Key clients




Eli Lilly

Baker Hughes


Omv Petrom






TE Connectivity Sensor Solutions

Testronic Laboratories

BP Group

Accord Healthcare

AC Marca




Hach Lange (Danaher Group)


Toros Agroport Romania


Ana Hotels


Next Agriculture



Work highlights

  • Provided Shell Hungary with general legal and tax advice relating to the operation of a fuel card business in Romania, including assistance with the incorporation of a new Romanian entity, Shell Romania, which was set up in order to act as Shell Hungary’s new agent in the Romanian market.
  • Provided buy-side legal assistance to Tchibo Coffee Service in connection with the acquisition of a majority stake of the Romanian-based company, Partener Coffee Services.
  • Advised Vista Bank Romania on its acquisition of Credit Agricole Bank Romania, an authorised Romanian credit institution.

Eversheds Sutherland Romania

Eversheds Sutherland Romania has an ‘excellently organized‘ corporate and commercial practice that is praised for its ‘punctuality and professional approach‘. The firm’s expanding international network gives it greater access to a wide range of cross-border mandates. The Bucharest team has good credentials for mid-market corporate and private equity transactions and in the past year was was involved in several extremely high-profile deals, such as the sale of Telekom Romania to Orange. The practice is jointly led by Cristian Lina  and Mihai Guia  who is ‘highly motivated and has built a good client relationship over time by consistently delivering‘.

Practice head(s):

Mihai Guia; Cristian Lina


‘Excellently organized and with an efficient system for the right solution and for a good traceability during all phases of the project. Right approach and management tools used for a consistent communication with all stakeholders within the project.’

‘Elevated competency of the team members, straight forward and honesty are the main skills. Punctuality and professional approach.’

‘Highly knowledgeable, quick and responsive, provide right solutions to achieve speedy closures.’

‘Mihai Guia is highly motivated and has built a good client relationship over time by consistently delivering.’


Key clients

Aquila Group



Future Life


Primavera Development

Quest Global Engineering Service


Telekom Romania

Vodafone Romania

Work highlights

  • Advising OTE Group with the sale of its stake in Telekom Romania Communications to Orange Romania.
  • Advising Vodafone Romania in its restructuring process.
  • Advising Sika Group on the acquisition of Adeplast, a leading Romanian producer of construction materials.

Bancila, Diaconu ?i Asocia?ii SPRL

Băncilă, Diaconu și Asociații SPRL was formerly known as Radu si Asociatii and rebranded following the retirement of former partner Dragoș Radu. The  practice, which has ‘exceptional abilities in understanding the client needs‘ is led by Radu Diaconu , who alongside highly-rated managing associate Stefan Mantea  provide clear legal advice on difficult matters‘. The active team represents a wide mix of domestic and international companies and investment funds. Multinational clients also benefit from the firm’s membership  of the EY Law global network and its broader experience of cross-border deals.

Practice head(s):

Radu Diaconu

Other key lawyers:

Stefan Mantea


‘They have great knowledge and experience in a wide range of M&A Corporate and Commercial matters. We also appreciate their ability to adapt to client’s requirements.’

‘I would like to mention Radu Diaconu and Stefan Mantea. I value their support – in particular. I appreciate their ability to provide clear legal advice on difficult matters.’

‘We like that they provide clear legal advice for difficult matters. The team has great legal skills and reacts very fast to client’s requests.’

‘We work with Stefan Mantea: He has excellent legal knowledge and very good business understanding. He goes the extra mile to assist us with our deals’

‘Stefan Mantea – worked the closest and the most with us making possible some things that the counterparty legal team thought it may be impossible in such a short timeframe. Radu Diaconu – coordinating the entire team effectively. Nicoleta Gheorghe – unlocking some GDPR sensitive cooperation issues.’

‘The team has exceptional abilities in understanding the client needs, providing the proper service and obtaining the expected results.’

‘I have worked closely with Stefan Mantea and Adina Nitescu for a couple of years. They prove every time to be pro-active and have a straight forward approach, always taking the time and putting in the needed effort to understand the client’s needs while assessing and proposing the proper approach to reach the expected goals.’

Key clients

The shareholders of GloriaFood

The shareholders of Smart Diesel: Ovidiu-Ioan Andries and Daniel Imbre

Societatea Energetică Electrica

SN Nuclearelectrica


Vastint Romania SRL (IKEA’s real estate division)

Honeywell Corporation


GST Safety Textiles

UPL Agricultural Solutions Romania

DAAS Impex

Work highlights

  • Advised the shareholders of GloriaFood on its takeover by Oracle.
  • Assisted the shareholders of Smart Diesel on the sale of the Smart Diesel fuel card business to the German group, DKV.
  • Assisted Electrica on the merger of its three distribution companies.

Suciu Popa

Suciu Popa is a ‘great boutique firm‘ that is especially well known for its advice to major companies operating in Romania’s energy sector, including upstream and downstream operators. Clients from other key industries including IT, automotive, transport, media and food and drinks also regularly use the firm, attracted by its ‘experienced team‘. The practice is jointly led by managing partners Luminita Popa  and Miruna Suciu  , who has ‘experience in structuring complicated deals thus ensuring the best conditions available for the client‘. Clients also praise the ‘well disciplined, available, dynamicpartner Dan Ciobanu.

Practice head(s):

Miruna Suciu; Luminița Popa


‘A great boutique firm for the energy sector. Experienced team, dynamic and linked to the latest market conditions.’

‘Miruna Suciu – a key partner with experience in structuring complicated deals thus ensuring the best conditions available for the client. Dan Ciobanu – well disciplined, available, dynamic.’


Key clients

SNGN Romgaz SA



Canal +Luxembourg S.a.r.l.

Grup Feroviar Roman (GFR)/Grampet

GP Rail Cargo SA



Kirchdorfer/Deltablock GmbH

Bolt Technology OU

Mercedes Benz Romania

AoP Orphan Pharma

Rompetrol and KMG International (KMGI)

Enel SpA, E-Distributie Muntenia, E-Distributie Banat, E-Distributie Dobrogea

Enel Green Power Romania

Hunt Oil

Black Sea Oil & Gas


Central Bottling Company Ltd

Muller Dairy

Tuborg Romania


Work highlights

  • Advising national company Romgaz, Romania’s largest natural gas producer and supplier, on the acquisition of Exxon Mobil’s entire stake in the Neptun Deep offshore project.
  • Assisting Ford in a significant M&A project in Romania.
  • Assisting IBM with the Romanian aspects of its global business reorganisation.


Volciuc-Ionescu has a broad range of industry expertise and is considered ‘one of the best boutiques for energy work in the market‘. The firm represents a mix of corporates and private equity investors, and has recently been involved in several significant M&A deals and divestments. The lawyers’ strong industry and regulatory knowledge also adds weight to its overall offering. Founding partner and corporate head Ramona Volciuc–Ionescu comes highly recommended for her ‘very good understanding of the needs of large companies and offers solution-oriented advice‘. Ana-Maria Sandu is also praised for being ‘very responsible and her outputs are well structured and elaborate‘.

Practice head(s):

Ramona Volciuc-Ionescu


‘The team has a profound knowledge of the energy market and a long time experience in the field. The partners’ and associates’ engagement is at the highest level. The quality of work, the response time and availability of the firm was always the best in our experience in a long term collaboration.’

‘Ramona Volciuc has an excellent knowledge of the energy market, a solid experience in M&A transactions, Due Diligence Processes and consultancy related to the regulatory framework and transactions on energy market. Sabin Volciuc masters excellently the corporate and commercial practice and there were many aspects of the energy business in which we requested and relied on his expertise.’

‘Some of the transactions were cross-border, but it is the firm’s ability and capability to deal with tight deadlines and tough assignments that keeps them at the front of my mind. For me, the firm is one of the best boutiques for energy work in the market, and certainly my “go-to” choice. The team delivers a very high quality product, in a fast and efficient manner. They are constructive and (critically) they are highly reliable, with a pragmatic approach to deals. Whilst the Anglo-Saxon influence has reached a greater number of local firms, I do believe that those trained and used to dealing with that mindset are able to deliver a better work product. And I just really enjoy working with Ramona in particular. I trust and respect her, which makes it so much easier when a client needs to dig deeper into an issue. At the end of the day, they are my first call and I only go elsewhere when they cannot deal with it, such as litigation, and then I go with their recommendation as I respect them that much.’

‘My first contact is always with Ramona, who leads the team, but when work is better delegated then she does so, but she is always very hands-on so I know she is never far away. She has extensive knowledge of the whole energy sector, as well as contacts (which is always key in my view) and handles both transactional and regulatory matters. However, the whole team does an excellent job, and, apart from Ramona, I was also impressed with the work of Ana Sandu and Sabin Volciuc. Sabin stands out for projects and energy finance deals and I have always enjoyed working with him.’

‘The team provides high quality legal advice in very short time frames. The memos are well written and pragmatic and can be passed on to business without further simplification.’

‘Mrs Volciuc-Ionescu has a very good understanding of the needs of large companies and offers solution-oriented advice.’

‘We are always pleased to cooperate with smaller firms providing as quality services as the greater ones, which is the case of Volciuc-Ionescu. We do not have a comparison with another law firm in Romania, however our impression of Volciuc-Ionescu is very good. Within our collaboration we have a confidence in Volcius-Ionescu’s legal knowledge and experience which we believe makes our clients to be a stronger party to the transaction.’

‘We cooperate only with Ramona Volciuc-Ionescu and Ana Sandu, both women bring great professionalism and deep legal knowledge. We appreciate Ramona’s prompt reactions and cooperation, she’s always seeking for solution in a timely manner. We also noticed Ramona’s care of her colleagues and effort to not overpressurise on them. As regards Ana, she is very responsible and her outputs are well structured and elaborate. We do not see any weakness.’

Key clients

Prospex Oil & Gas plc

Schmid Industrieholding

Varroc Group


Delta Group


Montana Energy



Western Union

Work highlights

  • Advised Marlin Equity Partners on the acquisition of a minority stake in Pentalog, a leading global provider of software development and digital services.
  • Advised shareholders of the CED Pharma group in relation to the sale of their stakes to Medlife, the largest private medical operator in Romania and a listed company.
  • Advised Delivery Hero on its exit from the Romanian market by selling its business to Glovo, another online food-delivery service.

Boanta, Gidei & Asociatii SCP (in association with CEE Attorneys)

Boanta, Gidei & Asociatii SCP (in association with CEE Attorneys) has built an active corporate practice with an growing market presence. A good portion of the firm’s work is for investment funds and vehicles seeking to raise capital and invest in Romania’s burgeoning start-up space. This crosses various sectors including fintech, agri-tech and gaming. The ‘very responsive team‘ also works closely with colleagues across the CEE Attorneys’ regional network of international offices. Practice head Nicoale Ursu  is a ‘great professional with a very collaborative approach‘. Name partners Radu Boanță  and Sergiu Gîdei  are also well-regarded.

Practice head(s):

Nicolae Ursu; Sergiu Gidei

Other key lawyers:

Radu Boanta


‘Very responsive team with a cosy informal feel.’

‘Both Nicolae Ursu and Radu Boanta were at all times ready to walk us through any issues that came up.’

‘Nicolae Ursu is great professional with a very collaborative approach and fresh views on our legal matters.’


Key clients

Sparking Capital Venture Fund

Seven X Group

Holde Agri Group



Romania Hypermarche – Louis Delhaize Group (Cora Romania)

Ingram Romania

Dambovita Center

Fagura Finance

Yusen Logistics Group

Yamazaki Mazak Central Europe

EMSA (Aplast Wood Industry)


Work highlights

  • Assisted Seven X Group on various start-up investments, including into Ohvaz; Comarket; and Enten.
  • Advised the investment fund Sparking Capital on a fund raising from investors and on the financing for several Romanian start-ups, including: Questo (gaming), Bright Spaces (technology), Bankata (marketplace), Tech Influence (digital marketing).
  • Assisted Holde Agri (a listed group of entities on Bucharest Stock Exchange) in connection with share capital increases, and various investments in several Romanian agri-tech start-ups, including Enten and Agrocity.

Buzescu Ca

Buzescu Ca represents a broad mix of domestic and international clients who commend the ‘extremely responsive‘ firm for its ‘accurate and focused advice‘. The team handles cross-border M&A, as well as corporate reorganisations and day-to-day commercial and regulatory issues. The group has been especially active on behalf of clients in the manufacturing, IT and transport sectors. Peter Buzescu and Adrian Tomescuprovide excellent support at partner level where needed’. The ‘extremely efficient‘ senior associate Corina Papuzucombines excellent attention to detail with strong client focus and delivery‘.

Practice head(s):

Peter Buzescu

Other key lawyers:

Adrian Tomescu; Corina Papuzu


‘Knowledge, competence, responsiveness, speed, quality, close to clients, follow-up on open topics.’

‘Always extremely responsive and they deliver prompt, accurate and focused advice. We have worked with them over 10 years and have always been very happy with the level of support provided.’

‘Peter Buzescu and Adrian Tomescu provide excellent support at partner level where needed. Corina Papuzu combines excellent attention to detail with strong client focus and delivery. She is very pleasant to deal with, and is a real rising star.’

‘Wide experience in various fields, strong local team, success-oriented business.’

‘Highly qualified individuals with a successful track record, including Peter Buzescu.’

‘We have always been very impressed with the firm. They are transparent and reasonable with their fees. The work is turned around quickly and to a high standard. They are knowledgeable and understanding of the fact we don’t know the Romanian legal system to the extent we do the UK system. They are very easy to deal with and provide good practical advice that is easy to implement.’

‘Although Peter Buzescu is the lead Partner in respect to our services. Corina Papuzu carries out the day to day legal work. Corina is extremely efficient, her advice is precise and practical.’

‘Immediately available on phone/e-mail. Excellent legal advice. Short and at the point conversations.’

Key clients



Procter & Gamble


EDF Trading

Wizz Air




Canam Steel

Dalea Investment Group


Kautex Textron



Central European Drilling



Petrol Ljubliana No

Work highlights

  • Advised Algolia on its recent acquisition of MorphL AI, an AI technology company.
  • Advised Danfoss on its acquisition of the Romanian subsidiary of Eaton Corporation, a global electrical, hydraulic and mechanical equipment company.
  • Advised Procter & Gamble Group on its appointment of a Data Protection Officer and its registration with the Romanian Data Protection Authority.

Leroy si Asociatii

Leroy si Asociatii has an experienced team of corporate lawyers with a strong grounding in cross-border M&A, divestments and company reorganisations. The ‘very efficient‘ firm has extremely good connections with the French market, and represents an impressive mix of the country’s leading manufacturers and consumer goods companies, including Louis Vuitton and Groupe Rocher. Clients regularly use the firm for day-to-day matters and benefit from its good expertise in related areas such as capital markets and securities law. Partners Bruno Leroy  and Andreea Toma  are the two main contacts.

Practice head(s):

Bruno Leroy; Andreea Toma


‘Very efficient, French language, easy relationship with our firm, very serious.’

‘Good and efficient relationship with our firm’


Key clients

Groupe Rocher


Dexco Global

Vinci Energies


Louis Vuitton



Ceva Logistics


Work highlights

  • Advising Groupe Rocher on the acquisition of a controlling stake in a Romanian cosmetics company.
  • Advising Snetor on the Romanian aspects of a share capital increase.
  • Advising Dexco Global on the indirect acquisition of a Romanian subsidiary of Italian electronics manufacturer.

Peli Partners

Peli Partners has a versatile team whose corporate credentials extend beyond its traditional real estate strengths. While the firm has a top-notch reputation for high value corporate-structured commercial property deals, it has also been involved in several high profile transactions in the financial services, energy, infrastructure and manufacturing sectors. Carmen Peli, who is also noted for her competition expertise, leads the ‘young and talented team‘ which is praised for its ‘very customized approach, spending time and resources to know the client’s business‘. Other key members include partners Francisc Peli and Oana Badarau , and ‘knowledgeable’ associate Andreea Carare  .

Practice head(s):

Carmen Peli

Other key lawyers:

Oana Bădărău; Andreea Cărare


‘Very strong team, very dedicated. Always supervised by senior partners – who have always stepped in when needed, without being requested; they have a unique feel for the situation, are actively monitoring their contracts and have incredible initiative. I have always felt secure when working with them, that I do not need to monitor the situation, they are doing it better than I could.’

‘I have worked with Francisc Peli on a merging/acquisition/public listing context and with Carmen Peli on competition issues. They are both absolutely top-notch, probably the best in their class in Romania. Very large experience – they know the market, the precedents, the players, they have the rare capacity to work not only as lawyers but also as consultants in a larger sense, suggesting improvements to contractual/legal agreements that make a lot of sense from a larger/business perspective.’

‘Young and talented team, very knowledgeable, great expertise and experience, ready to listen carefully up to the most detailed level, in order to provide the best solution and accommodate all parties involved. Very innovative and towards business spirit.’

‘Working hard to meet those tight deadlines, eager to learn from past experiences and to listen new opinions in a strong argument discussions. Honestly, transparency and achievement. Specific mention for Carmen Peli, Oana Badarau, Andreea Carare, Adelina Iordache.’

‘The Peli team has a very customized approach, spending time and resources to know the client’s business, interest, strengths or weaknesses, the must haves and to understand the intrinsic interest of the client.’

‘Everybody in the team was very empathic with a visible interest and concern for my interest and objectives and not only to close the deal. I felt safe to be represented by the this team and I was very confident that my interests are very well and honest represented’

‘Very qualified and experienced, maybe the best team on the market.’

‘Andreea Carare – thorough, knowledgeable, business minded.’

‘We work with them because they (already) know what they are doing.’

‘Oana Badarau coordinates all the work done for us. We recently sold two companies  – all this was done with Oana’s team. She gts the job done efficiently, correctly and always with a smile on her face.’

Key clients

Saint-Gobain Group


Portland Trust

Alpha Real Estate Services

Banca Transilvania Asset Management (BTAM)

Adventum Quartum Central Europe SICAV

Complet Electro Serv (Altex Group)

Despec Romania


Home Away Platform

Jones Lang LaSalle Services

Brio Teste Educationale

Acarta Construct


Lion’s Head


Direct One

Asociația Berarii Romaniei


Niro Investment

General Security

Ecowell Co., Ltd. Korea

Scallier Investment

Work highlights

  • Assisting Saint-Gobainon the acquisition of Duraziv, a major construction product manufacturer.
  • Assisting Oresa Investment on its sale of Kiwi Finance., a leading Romanian personal and mortgage loans broker, to the OLX Group (part of the Naspers group).
  • Assisting Portland Trust on the sale of a photovoltaic project under development, with an approved capacity of 153 MW, to Econergy and OY Nofar Energy.

STALFORT Legal. Tax. Audit.

STALFORT Legal. Tax. Audit. is an extremely popular choice with German-speaking companies and investors operating in Romania. The firm’s client base use it for transactional and day-to-day activities, and work across a wide range of industries, including several mid-size manufacturing, technology and food and drinks companies. The team is especially noted for its ‘excellent communication skills in German and English' as well as being ‘driven by understanding the customer needs'. Practice head Raluca Oprisiuhas an in-depth understanding of corporate and commercial matters and is well-connected to the practice in Romania and Germany‘.

Practice head(s):

Raluca Oprisiu

Other key lawyers:

Carmen Lupsan


‘Good strength in Commercial (which we asked for). Short, good readable assessments that get to the point.’

‘The long-standing partnership, which is characterised by personal involvement as well as extraordinary professional competence. This exceptional combination allows a very fast response time. There is little time between request and satisfactory processing.’

‘Very high level of personal initiative. All our contact persons speak German.’

‘Very good foresighted advice’

‘Dr. Opriciu is very fast and takes client needs into account very well’

‘We have a strong collaboration with the STALFORT lawyers. Our experience was that they react promptly to our requests and always elaborate pragmatic solutions to any problem we have collaborated on. We know that we can count on their support whenever necessary and feel very comfortable as such. The lawyers we have worked personally with know our company, industry and needs. They can communicate also with our partners and the group in German, English or Romanian, which eases the cooperation.’

‘Raluca Oprisiu is a reliable and trustful consultant supporting me/ our company in a very professional manner. She has an in-depth understanding of corporate and commercial matters and is well-connected to the practice in Romania and Germany. Apart from corporate updates and keeping an eye on necessary changes, she has also helped us to successfully implement data protection documents from group level.’

‘Team is driven by understanding the customer needs. They communicate very well and keep in the loop all relevant team members.’

‘The members of the team are probably the best in their domains, and they are spread all over the country and their capabilities are impressive.’

‘The team at Stalfort are very professional and efficient in providing legal services. They’ve resolved complex issues for our company with ease, and they are willing to accommodate urgent requests.’

‘Raluca Oprisiu and her colleagues have been excellent to work with. They’re able to explain complex issues in an understandable manner and help our company find practical solutions for these issues.’

‘What I can say about the Stalfort team is that they are with us very promptly and provide solutions on every case.’

‘Team members are very devoted and provide real-time support. They are very good professionals, with great experience, especially in statutory law.’

‘High standards and quality, excellent communication skills in German and English.’

‘Raluca Oprisiu: high level in English and German, high qualification.’

‘Fast replies and good German language skills.’

‘When in search of a reliable law firm any client appreciates the responsiveness, analytical skills, good research skills and a high level of ethics, in keeping up attorney-client confidentiality and defining expectations and deliverables. All these skills and more define the law firm STALFORT. Legal. Tax. Audit.’

‘Lawyers have a responsibility to guide their clients through the legal system and business challenges with both skill and tact. A good lawyer can make all the difference in a client’s case by delivering tailored guidance and services, in due time and cost efficient. Dr. Raluca Oprisiu is a lawyer who is able to anticipate and identify legal issues and counsels her clients in order to develop legal strategies and solutions, often in situations of great financial risk or significance, and with limited time for assessing alternatives. She has a high interest level in understanding all aspects of a situation or subject, to have a clear grasp of all of the pertinent facts before forming a conclusion. This clear-eyed attitude along with her integrity has proven an asset for our organization.’

‘As a German company operating in Romania we highly appreciate that the team knows both German and Romanian law and can therefore assist when establishing a setup in Romania.’

‘The individuals are all fluent in Romanian, German and English which makes (legal) communication much easier. In particular, since some of the Romanian team members have studied in Germany.’

‘Very responsive and customer centered.’

‘Christian Weident is very supportive and responsive.’

‘STALFORT lawyers have a high degree of professional competence, a broad field of experience fed by specific court cases. With their broad legal and intercultural competence about country-specific circumstances (and the similarities and differences to Germany – in our case) the lawyers were able to suggest tailor-made solutions for our challenges. The lawyers’ focus on a balance when dealing with economic requirements, social aspects and the search for legally secure and sustainable solutions was exemplary. Dealing with one another was always polite, courteous and diligent.’

‘This practice is unique due to high professionalism proved in solving problems. People involved are highly trained and the services are extremely fast and of highest quality.’

‘Great effort in finding excellent solutions’


Key clients

Dr. Oetker Group

Sunflower (Luxembourg) Light Energy Science & Technology Co. Ltd, S.A.R.L.


Swoboda Group

Kathrein Group


J. u. A Frischeis

HARTING Technology Group

Rohrer Group

Hootsuite Inc./ Hootsuite Romania

Kraftanlagen München Group


GETEC heat & power GmbH


TEDi Betriebs GmbH/ Tengelmann group

Almos Alfons Mosel Handels GmbH

Zundel Holding GmbH


KiK Textilien und Non-Food SRL/ Tengelmann group

Bock Industries AG

Dr. August Wolff GmbH & Co. KG Arzneimittel

MB Well Services GmbH

Brian Jones

Electric Vision Automotive SRL

Claritas Investments

Hofstetter Gastechnik AG

Modelleisenbahn GmbH

Work highlights

  • Assisted the seller, J. u. A Frischeis, on the sale of a veneer production facility to the Belgium-based flooring manufacturer Unilin, a subsidiary of Mohawk Industries.
  • Advised Zundel Holding on the acquisition of a Romanian agricultural  company that owns more than 1,000 hectares of real estate.
  • Advised an investor on the acquisition of a distributor of Chinese electric vehicles.

Stratulat Albulescu Attorneys at Law

Stratulat Albulescu Attorneys at Law has a good reputation in the venture capital, start-up, technology and IT sectors. The firm represents numerous prominent funds, investors, and target companies. The team’s capacity to handle later-stage M&A was demonstrated through its advice to the payment processor SIBS on its acquisition of Wirecard’s Romanian businesses. Overall the team provides ‘an integrated, responsive and proactive approach‘. Managing partner Silviu Stratulat  is ‘a very hard-working and dedicated corporate lawyer‘. Clients also praise partners Cristina Man  (‘a very thoughtful lawyer with a great mindset) and Octav Stan  (‘always available, very professional and always seeking practical solutions‘).

Practice head(s):

Silviu Stratulat

Other key lawyers:

Cristina Man; Octav Stan


‘An integrated, responsive and proactive approach. What immediately strikes you is the extreme subject matter expertise and understanding of the business.’

‘I have worked specifically with partners Silviu Stratulat, Octav Stan and Andrei Albulescu and have been positively impressed by their friendliness and approachability and above all helpfulness when there have been setbacks (as well as, of course, great expertise).’

‘This team is for us the best legal team, as they have the unique ability on the Romanian and SEE market of understanding the particulars of technology startups and VC investments. They give invaluable support all the way, from the initial NDAs and Term Sheets through to due-diligence and into the definitive document negotiation and signing/closing.’

‘The partners, starting from the Managing Partner and the senior partners and continuing with the other professionals, including more junior lawyers and paralegals are always available and they really try to understand our objectives in any deal or transaction, together with the long term objectives that we have with the target company in such a transaction. They start from their and find solutions for all the usual or exceptional problems and challenges we might face in the discussion with the other party but also related to regulators and other parties which could influence or even block the deals.’

‘Stratulat Albulescu Team: all lawyers have the business oriented approach, quick in response , efficient/cost effective, legal advice is always clear and comprehensive.’

‘Silviu Stratulat – perfect mix of the business oriented approach together with the merit based approach – focused on finding practical solutions for clients – quick in response.’

‘Silviu Stratulat, his experience working with foreign clients and understanding the needs of a multinational company.’

‘Responsive and focused on client needs.’

‘Great M&A team.  Very happy with their approach. Commercial, business-issue focused, no time wasted.’

‘Silviu Stratulat was involved in the transaction and visible especially towards the final stages. Very happy with the result and our flourishing collaboration. Have recommended him/the firm to other clients as well.’

‘Very strong and capable team in Romania, advice to the point, committed, easy and fun to work with.’

‘Silviu Stratulat has very good understanding of commercials, priorities and negotiation acumen to drive complex M&A transactions. His team, in particular Stan Octav, is always available, very professional and always seeking practical solutions.’

‘The team is at the same time well structured to carry out an M&A transaction, and quick and flexible in addressing client’s needs.’

‘The team is efficient and reliable. They have strong knowledge in IT and tech industries.’

‘Octav Stan is efficient, reliable and able to manage the whole engagement smoothly.’

‘Extended experience in the market.’

‘Good understanding, detailed oriented.’

‘The corporate team offers very good and researched advice and they are extremely responsive and available. The lawyers were always available for me and my team, which is very important when conducting any transaction.’

‘Although the whole corporate team deserves to be praised, I would like to underline the excellent work done by Silviu Stratulat and Cristina Man. I have worked with Silviu for more than a decade. He is a very hard-working and dedicated corporate lawyer. Silviu is active on our most important assignments. I can always count on his legal knowledge and transactional experience. Cristina is a very thoughtful lawyer with a great mindset. We really appreciate her expert knowledge and always accurate advice.’

Key clients



Catalyst Romania


Avira Holding

GapMinder Venture Partners

Motion Equity Partners

ALTEN and its subsidiary Aixial Group

Day One Capital

Exclusive Networks SAS

Alive Capital


Cyber Smart Defence and its Founder and CEO (Madalin Dumitru)

Work highlights

  • Advised SIBS, a major payment processor, on the acquisition of Wirecard companies in Romania, namely Wirecard Romania (previously Provus Service Provider), Romcard and Supercard Solutions & Services.
  • Advised US technology company ThoughtWorks on the acquisition of Romanian software developer Gemini Solutions.
  • Advised Catalyst Romania Fund II, a leading venture capital investor in Romanian technology companies, on its participation as lead investor in the €3 million Series A funding round of SeedBlink, the Romanian crowd funding platform.

Bohalteanu şi Asociaţii

Bohalteanu şi Asociaţii ‘does not disappoint‘, offering a strong mix of day-to-day and transactional support to its domestic and international clients. The firm has particularly good expertise representing clients in the energy sector, as well as other industries including real estate, financial services, manufacturing and transport. The ‘very dedicated and involved team‘ is led by managing partner Ionut Bohalteanu, who together with partner Daniela Milculescu, is noted for being ‘highly professional and dedicated to finding best solutions for our particular requirements‘.

Practice head(s):

Ionuț Bohâlțeanu; Daniela Milculescu


‘Bohalteanu si Asociatii has been providing legal assistance to our company since 2020 on various commercial and corporate matters (especially in the context of transfer of undertaking). Client focus and innovative solutions are all key factors in its s work. A very dedicated and involved team, competitive and even surpassing other larger firms we collaborated with.’

‘Partners Ionut Bohalteanu and Daniela Milculescu have provided advice and input that has at all times been highly professional and dedicated to finding best solutions for our particular requirements.’

‘BSMP team covers all legal needs in the real estate sector and they collaborate, communicate between themselves on different expertise to have a united front, one key contact person for the client – very effective.’

‘Daniela Milculescu stands out with her eagerness to accommodate the clients needs, coordinates her team in a flexible manner in order to fulfill tasks in an optimal manner and in due time. Ionut Bohalteanu adds also his fiscal expertise alongside outstanding legal know-how to tackle even the most complicated transactions.’

‘We had shopped around four different firms for legal work in financial services and Bohalteanu had come in with high references and they did not disappoint.’

‘Daniela Milculescu is great, the team overall is fast to act.’


Key clients


Work highlights

  • Advising BERG Sistem GAZ, a natural gas supplier and distributor, on a wide range of matters including the potential acquisition of a client portfolio from another gas distributor.

Vernon | David

Vernon | David has strong credentials for representing international clients on their transactional and day-to-day interests. A market-leading office in Moldova also gives it an edge for companies operating between both sides of the Prut. Clients praise a ‘client-oriented‘ team with experience of a wide range of industries, including financial services, manufacturing, IT, and mining. The firm has recently been involved in several cross-border company restructurings and divestments. Practice head Maria Nica  is praised for her ‘very in-depth legal knowledge‘. Founding partner Charles Vernon is also heavily involved in this area.

Practice head(s):

Maria Nica

Other key lawyers:

Charles Vernon


‘Vernon David has significant expertise in various industries. Also, they have good international expertise. They are dealing with various clients: from international corporations to local companies. Its team is focused on objectives.’

‘The partners and managers we worked with are client oriented and have good rate of success in Court cases or find tailored solutions. They are also fast in responding any queries.’

‘They always strive to understand the business and their legal advice is always adapted to commercial realities and to the actual needs. Thinking outside the box and providing legal solutions adapted to reality.’

‘I work with Maria Nica on corporate, compliance, acquisitions and commercial. She has a very in-depth legal knowledge and she makes the client easily navigate and understand the legal aspects of the business. She also has a good sense of business which, combined with her very good knowledge of legal concepts, makes her a very good asset for the team in international and also foreign transactions’

‘Highly receptive to our needs, with almost immediate responses to any request that might arise from our side, followed by crystal clear communication and continuous dedication.’

Voicu & Filipescu SCA

Voicu & Filipescu SCA regularly assists clients with day-to-day and transactional corporate matters. This has included domestic expansion projects, M&A, management buyouts, as well as divestments, company reorganisations and recapitalisations. Clients come from a wide range of sectors including professional and financial services, energy, chemicals, manufacturing and technology. Managing partner Daniel Voicu  and Marta Elena Popa  are the two lead contacts.

Practice head(s):

Daniel Voicu; Marta Popa

Key clients

Pioneer/DuPont (Corteva)


Baker Hughes




World Wide Fund

DB Global Technology


Proxima Expert

Pioneer/DuPont (Corteva)


Baker Hughes




World Wide Fund

DB Global Technology


Proxima Expert

Work highlights

  • Advising Masabi, the mobile ticketing company, on its ongoing expansion in to Romania.

Zamfirescu Racoti Vasile & Partners

Zamfirescu Racoti Vasile & Partners has a versatile corporate practice where ‘the lawyers are always solution-oriented and extremely well prepared for all situations‘. The firm represents clients from across several key industries, including power, oil and gas, aviation, real estate, and manufacturing. Recent mandates have included high value divestments, company relocations and reorganisations, and joint venture agreements. Practice head Anca Danilescu is ‘an excellent corporate lawyer and a brilliant negotiator, highly experienced in restructurings and acquisitions‘. Ioana Racoti is also considered ‘very dedicated to her clients and very detailed in her advice‘.

Practice head(s):

Anca Danilescu

Other key lawyers:

Ioana Racoti


‘A fantastic team, very experienced partners, very effective billing policy and a very loyal services.’

‘Ioana Racoti – she is a leading lawyer in her specialties (M&A, corporate, banking and finance, capital markets), very dedicated to her clients, very cost effective, and very detailed in her advice. Elena Iacob – a partner with huge banking and competition experience, first choice when it comes about lending and guarantees.’

‘Domain expertise combined with diligence and attention to detail.’

‘From the tactical level to the strategic level, everyone displayed sincere professionalism.’

‘The corporate team never ceases to amaze me with its excellent availability and reaction time. I have worked with them on several projects during the years, especially on corporate and real estate matters, and the lawyers are always solution-oriented and extremely well prepared for all situations. What I like most about them is the fact they provide a holistic approach to every mandate assigned and adapt quickly to new circumstances. Especially during the pandemic and successive lockdowns in our country, they were available round the clock, never letting us down and anticipating our every need. They are the go-to firm for complex situations when you need lawyers that understand your business, keep an overview and a clear structure of all legal implications and never loose sight of all risks involved.’

‘We work closely with Anca Danilescu and Lidia Trandafir. Of course, depending on the nature of the project, other lawyers from different departments join the team. One of the advantages of working with a business law firm of their size is that no matter the legal problem, your business is covered. Anca Danilescu is an excellent corporate lawyer and a brilliant negotiator, highly experienced in restructurings and acquisitions. Even when situations get heated or complicated, she spreads calmness and always figures a way out. As in every job, this comes with experience and she clearly trusts her abilities and knowledge. And we do too. Lidia Trandafir is a young and talented business lawyer and working with her is every time a pleasant experience. Not only she makes a perfect duo with Anca, but she is also committed and hard-working, coming up with realistic solutions to serve our objectives.’

‘Great support and excellent integration between the different areas of business.’

‘Alina Cristea, Senior Associate is really a great professional: prepared, responsive and problem solving.’

Key clients

Luxoft Professional Romania

Tonnelerie Vlad (formerly Pro Forest)

Work highlights

  • Advised Luxoft Professional Romaniaon the sale of its majority stake in Software ITC to Trans Expedition Feroviar.
  • Advised Tonnelerie Vlad (formerly Pro Forest) relocation of its main shareholder from Luxembourg to Romania.