Business law firms Musat&Asociatii, Nestor Nestor Diculescu Kingston Petersen, and Tuca, Zbarcea&Asociatii are leaders in this field in Romania, in terms of invoiced services, according to data submitted by these companies to the Financial Administration. The top ten law firms invoiced services in 2007 worth over €90 million, not including VAT (over €100 mln with VAT).
Musat&Asociatii, one of the top players on the business law advisory market, invoiced services worth a total €14.3 mln (€15.7 mln with VAT).
In the same period, Nestor Nestor Diculescu Kingston Petersen invoiced €12.6 million in invoiced services (€13.9 mln with VAT), while Tuca, Zbarcea&Asociatii reported €12.4 mln (€14.08 mln with VAT). The values were calculated on the basis of account sheets submitted monthly by law firms to the Financial Administration, based on reported invoices.
Other law firms among the top ten are local branch of British giant Linklaters, which is part of the so-called Magic Circle (top London law firms), with €11.03 mln (€11.9 mln with VAT), in conditions in which lawyers in the Bucharest office handle projects in Romania as well as in Bulgaria and Serbia. Linklaters is followed by another international company, CMS Cameron McKenna, which reported invoiced services worth 10.29 mln (€11.43 mln with VAT). CMS Cameron McKenna, which assisted Austrian Erste Bank acquire Romania’s largest bank, strengthened its position on the market in 2006, following the merger of the offices of Cameron McKenna and Hayhurst Robinson.
The business law market is estimated to reach some €150-200 mln in revenue in 2008, compared to €120 mln in 2006.
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