Top 15 law firms billed €130 million in 2008

 [The figures in euro were calculated by Business Standard based on the average National Bank of Romania (BNR) exchange rate in 2008.] The year 2009 will be the first during which law firms will submit financial declarations to the National Association of Fiscal Administration. The last quarter in 2008 was a bit of a „cold shower“ for those firms with major exposure in areas affected by the international financial crisis, such as real estate, capital markets, banking&finance, and mergers&acquisitions.
However, the record revenue in the first nine months made up for the slowing of business in Q4 2008. This year will require caution, resource management, and cost control“.The year 2008 was the best year since 1989 for the law firm market, and probably the peak from which a slow decline begins. This was an exceptional year for us, and we hope that by adopting managerial and organizational measures in these times, we will also be successful in the years ahead,“ said Florentin Tuca, Managing Partner of Tuca Zbarcea&Asociatii.