Local law firms have had reservations regarding company budgets in 2009. Certain players are forecasting that the market, valuated at €150-200 million in 2008, and which posted 20-30 percent annual growth rates in the past few years, could register its first drop in 2009.
The economic crisis has affected lawyers operating in real estate, capital markets, banking and finance, as is the case for Clifford Chance and others on the local market. “The current situation will generate a number of new opportunities, which will require legal expertise, such as restructuring, insolvency, bankruptcy, and commercial litigations,” said Badea.
Clifford Chance is part of the Magic Circle, the five largest London-based law firms, with Allen&Overy, Linklaters, Slaughter&May, and Freshfields Bruckhaus Derringer.
