Salans, the Bucharest based law firm, saw a turnover increase of 50% last year, amid an overall upsurge on the local business market.
According to the latest available information, Salans posted 4.3 million-euro turnover in 2005, putting Salans' business at 6.4 million euros. Judging by the turnover reported in 2005, Salans is the fifth-largest law firm on the local market.
"To a large extent this increase was due to the overall growth of the business market in Romania, as well as to the volume and number of investments. The accession to the European Union on January 1, 2007 also generated an increased interest from foreign investors in Romania," stated Obie Moore, managing partner in law firm Salans.
This positive trend had an impact on the business of the law firm, which was involved in large-scale transactions in fields such as real estate, acquisitions and mergers, capital markets, as well as some transactions regarding the funding of these types of business, adds Obie Moore.
Transactions handled by Salans reached 1.5 billion dollars (1.2 billion euros) last year, up 50% against the level reported in 2005. For this year, company representatives estimate a growth rate superior to that seen last year.
"Now, that EU accession is completed, many investors who were perhaps more reserved before January 1, 2007, will have more faith in the local market, knowing that it has to come up to European standards," says Moore.
The obligatory character of European regulations will bring along the need for much more closer supervision of commercial contracts, therefore legal consulting services will be in greater demand. Among the most important transactions brokered by Salans was the takeover by Rompetrol petroleum group, headed by businessman Dinu Patriciu, of the largest independent petroleum operator in France - Dyneff.
The Buchar
