Musat si Asociatii law firm last year disbursed net profits worth 500,000 euros to each of its nine partners, while senior lawyers billed fees worth above 200,000 euros, stated Gheorghe Musat, the company's managing partner.
Musat, 57, chose not to disclose the value of revenues generated in 2006, but specified he would reveal the financial results as soon as he had filed the financial statement with the fiscal authorities.
The beginning of business law services in Romania, in the '90s, is linked to the names of Ion Nestor and Gheorghe Musat, who are still running two of the strongest law firms on the market.
Musat si Asociatii currently has over 75 lawyers providing legal assistance in a wide range of domains, with the company being most active in the domain of acquisitions.
"The M&A department had a significant contribution to turnover, of more than 30%, banking brought more than 20%, real estate and litigations over 15% each and the corporate/commercial department around 10%, though the private acquisitions field has been and still is our strong point," stated Musat.
The company has been involved in most deals on the domestic market, advising some international companies such as Enel, Occidental Oil & Gas or KBC, in the privatisation of Electrica Muntenia, Petrom or BCR.
"For over 10 years, Musat si Asociatii has been involved in almost all the major deals sealed in Romania, mostly on the side of private investors. As a matter of fact, during all these years, more than 80% of the firm's revenues have come from foreign clients, around 15% from Romanian private clients and just 2-3% from state-owned firms. From this point of view, we can say we are foreign investors' lawyers," says Musat.
A number of international law firms, such as Linklaters or Clifford Chance, have arrived on the market in recent years and the rising dynamism of the domestic business climate may make other firms expand their activities in Romania as well.
"We are not interested in joining forces with a top foreign firm at the moment. We've had several proposals in this regard in recent years, but we've rejected them," states Musat.
For this year, the business law market, put at over 100 million euros, expects privatisation processes to be resumed and the real estate boom witnessed in recent years to continue. The company plans to increase its number of lawyers amid the expansion of its business.
"We still need around 8-10 lawyers experienced in merger and acquisitions, real estate and litigation especially. In 2 or 3 years, the firm will have more than 100 lawyers, aided by 50-60 assistants and advisors," anticipates Musat.
The business law market is dominated by 10-15 firms including, beside Musat, NNDKP, Linklaters, Tuca Zbarcea or Bostina.
Musat si Asociatii
Last year distributed net profits worth 500,000 euros to each of its nine partners, while senior lawyers billed fees worth above 200,000 euros
Currently has over 75 lawyers providing legal assistance services in various domains, with the acquisitions field as the most active
Has been involved in most major deals sealed on the Romanian market
Is not interested in forging an alliance with a top foreign firm at the moment
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