Law firm Voicu & Filipescu posted turnover worth around 1.5 million euros in the first three months of this year, up 35% on last year. During this period, the firm's main focus was the merger with Stefanica, Dutu & Asociatii, which was completed at the beginning of March.
"Talks started in February, when they first contacted us. Judging from our respective turnovers and clients, we realised we could do the same work with a more concentrated team. Firstly, we considered the managing costs of the Stefanica, Dutu & Asociatii team, which we could afford, and unanimously made the decision in a very short time. The whole process of discussions, analysis and decisions took about a month," says Daniel Voicu, one of the founding partners of Voicu & Filipescu.
The newly formed entity aims to overshoot the 6 million-euro turnover mark, while, at present, the law firm employs 48 lawyers and 8 partners.
What was special about this merger was it did not entail a traditional, thorough due diligence process, because "we did not set out to take over the whole firm, just a very well integrated team."
However, both firms did examine their respective financial figures, as well as their clients, some of whom they had to drop due to potential conflicts of interest.
"The most extensive part of the due diligence process consisted of interviews and the assessment of CVs and past projects. Given that the lawyers at Stefanica, Dutu & Asociatii already had a strong professional reputation, they did not take any tests, although this is our standard procedure," explains Voicu.
As for other mergers on the market, Voicu says they could happen in case of market problems, such as a personnel shortage. "We are open and already have experience in the field", he adds.
The local legal market is put at around 200 million euros this year, shared both by strong local firms and international players from countries like the UK, Austria and France.
Voicu & Filipescu has assisted real estate developer BelRom in the acquisition of a 9-hectare plot in Bucharest (in a 60 million-euro deal), as well as in the acquisition of around 1.5 hectares of land in Botosani (the potential site for a retail park).
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