Nestor Nestor Diculescu Kingston Petersen, one of the top three business law firms in Romania, is not ruling out the possibility of a future merger with a domestic company or an international player. Regional firms are seeking to enter the Romanian market by setting up offices or taking over offices that already exist.
"We believe in organic growth, but at the same time we are interested in the possibility of mergers on the domestic market and we will not reject any interesting proposals from an international player," Ion Nestor, founder and a managing partner of Nestor Nestor Diculescu Kingston Peterson, told Ziarul Financiar. To date he has received four offers to buy his business, but has rejected all of them.
According to Nestor, the business law market, which is estimated at $25-30m per year, is preparing to enter a restructuring phase, involving mergers and the entry of international firms in the run up to Romania's integration into the European Union.
"Over the next two years, the market will see some major changes, with Romanian law firms taking part in mergers, acquisitions and restructuring. These solutions will be more about just staying afloat than about forming partnerships. Mergers create synergies, and this requires some kind of "fit". Large and medium-sized firms will survive, as will firms that provide a wide range of quality services and local brands," explained Nestor.
The domestic market is now dominated by three large companies: Musat & Asociatii (founded by George Musat), Nestor Nestor Diculescu Kingston Petersen (NNDKP) and Linklaters Miculitii & Asociatii, whose yearly amount of fees is estimated at 4-5 million dollars. There are a further 10-15 medium players, which might be involved in a process of market concentration.
With one exception, none of the powerful London-bas
