Over the next few years, the market for law services in Romania will become polarised and will be dominated by 6-7 major domestic and foreign firms, accounting for up to 75% of the total market, according to Gheorghe Musat, founder of the Musat & Asociatii law firm, one of the top players in the field on the Romanian market.
"In the context of Romania joining the European Union, many top international law firms are expected to open offices in Romania as well," said Gheorghe Musat, senior partner in Musat & Asociatii.
During the year of Romania's integration into the EU, there will be a real "boom" on the domestic law firm market, says Musat.
As large privatisations are completed in Romania, market growth is likely to get a boost from the higher number of private transactions and from some high-growth sectors, such as real estate.
On the other hand, Romania's joining of the single European market, apart from bringing in powerful international players, will also lead to a concentration of domestic law firms.
This is likely to give rise to a wave of mergers and acquisitions over the following years, especially in the area of small and medium-sized law firms faced with ever-tighter competition.
The rising volume of investment on the Romanian market will trigger an increase in customer bases of law firms and also pave the way for the adjustment of the law firm market to European standards and requirements.
According to Musat, the average hourly fee levied by Romanian lawyers of around 200 euros will not compare with that on the London market of about 700-1,000 euros, but will certainly reach the levels of Poland, Hungary and the Czech Republic. adrian.mirsanu@zf.ro
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