NNDKP Tax Advisory Services will be coordinated by Marius Ionescu, Alina Timofti (from Ernst&Young) and Ana Maria Miron (from NNDKP).  The new firm, which required a €300,000 investment, and which has a ten-person team, is targeting turnover in the first year of €1 million, on a market dominated by the Big Four, and estimated by NNDKP representatives to be worth 40-45 million in 2008.  Half of the team, whose business plan involves becoming profitable within 3-4 months, comes from Ernst&Young, while the other half is from NNDKP.

“We are proposing reasonable-aggressive fees, in order to acquire market share,” said Ion Nestor,Partner Coordinator of NNDKP.  The firm will institute a “significant” discount policy, although NNDKP representatives have not specified what percentage of the normal fee will be slashed as discount.

“We will then work on maintaining market share, as this market is one subject to continuous expansion. With a team of ten people, we will make 3 percent in the first year. After that we will begin hiring,” said Marius Ionescu, Partner of NNDKP Tax Advisory Services.

NNDKP was already experienced in taxation, but the move, in itself, will bring further specialization in this domain. According to Ionescu, a part of the clients of the new entitity will come from NNDKP’s portfolio, although the firm could attract clients of the former Ernst&Young team, and the rest of the market.

The local law firm market, which was expected to reach €150-200 million this year, is dominated by local firms NNDKP, Musat&Asociatii and Tuca Zbarcea&Asociatii.  Another local firm with separate tax advisory services is Bostina&Asociatii.