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Business law: turnover of 200 mln euros this year

Business law market in Romania was in full swing in 2007, the first year since Romania's European Union accession, all law firms recording rises both in their turnovers and the number of lawyers employed.

According to Chambers and Partners, one of the biggest consultancy dealing with law services in the world, law companies in Romania developed visibly last year. The real estate sector, as well as takeovers, generated the highest revenues to the law firms and the number of litigation specialists is ever increasing. As the first getting in contact with business opportunities, the law firms are also the first which felt the effects of EU accession. And they are beneficial in the opinion and for this guild's business. Transactions influenced the law market, intensifying demand, a higher sophistication degree and diversified services. Competition between law firms increased and the market developed and became mature. As such, the need of competence expansion and specialization appeared. 'As a result of EU integration, we can observe the start of lawyers' specialization in transactions which involve competition, structural funds or intellectual property', said Anda Todor, partner with international lawyers firm Salans. According to estimations, law services market in Romania attained last year approximately 120 million euros, a surge of 10-15 percent. Other lawyers estimate a jump of at least 25-30 percent. Lawyers expect 2008 to bring a supplementary number of foreign investors to Romania and, first of all, big international corporations, including large investment funds which, up to now, have adopted an expectant position, said Gheorghe Musat, partner with Musat and Associates, who estimates for this year 15-16 million euros in turnover. He also said that, in 2008, a group of three-four Romanian law firms would detach themselves from the rest of competitors, decisively taking the top position. If Gheorghe Musat estimates that the law market will rise this year up to 150 million euros, Florian Nitu, managing partner with Popovici Nitu and Associates (which reported in 2007 a turnover in the amount of 6.8 million euros), says that the market is to climb even higher, up to 200 million euros and will continue to post 15-20 percent year-on-year rises. Sursa: http://www.rompress.ro

Tags: euros million firms market business turnover

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