Legal Market Overview
In 2018 Turkey experienced an economic crisis, which caused the Turkish lira (TRY) to plunge in value. This was caused by excessive current account deficit and foreign-currency debt alongside increasing authoritarianism from Turkish president Recep Tayyip Erdoğan. Slow growth and high inflation appears to be sending the country towards stagflation, a situation exacerbated by the central bank’s decision – under pressure from the president – not to raise interest rates. This economic uncertainty and years of political instability have resulted in the M&A market and related financial spheres developing at a sluggish pace and foreign investors are cautious to invest in the Turkish market.
Following on from the enactment of the Law on Industrial Property No. 6769 in January 2017, there has been an increase in patent litigation and disputes. In the energy sector, the trend towards privatisations continued, most recently with the purchase of the 54MW Kilavuzlu and 124MW Menzelet hydropower plants by Entek International. This ties in with a wider government strategy to liberalise the country’s energy sector.
With regards to international firms, CMS Danışmanlık Hizmetleri Avukatlık Ortaklığı is now affiliated with Yalçın Babalıoğlu Boso Attorney Partnership and Norton Rose Fulbright’s affiliate office in Turkey is now named İnal Kama Avukatlık Ortaklığı. White & Case Europe Danışmanlık Hizmetleri Avukatlık Ortaklığı maintains its relationship with GKC Partners (in professional association with White & Case) after ending its affiliation with Ankara-based Çakmak Attorney Partnership. Esin Attorney Partnership, Member of Baker & McKenzie International and Balcıoğlu Selçuk Akman Keki still dominate the market with a large share of high-profile clients and a broad scope of work.