After putting accent on insolvencies and criminal business law, this year, Romanian law firm Danila, Petre & Asociatii (DPA) representatives state that they will expand towards two new areas: green energy and agriculture.
Green energy and agriculture are regarded as areas that will develop in Romania this year and which will bring a “revitalization of the Romanian economy”, as is stated in the press release. A department specializing in agriculture will be created at the law firm, while the energy department will be developed, stated Luminita Danila, partner at DPA.
“In 2010, we estimate the Romanian law market at a value of EUR 180 million, at about the same level as in 2009 and at a 20 percent decrease compared to 2008”, stated Cristian Petre, partner at the law firm.
“If in 2010, the fees solicited by attorneys diminished by 30-40 percent compared to last year, our law firm has reduced them by 25-28 percent, and even so, we have managed to register an increase in turnover by 40 percent compared to 2009, an increase based on the extension of DPA to fiscal consultancy and asset and debt recovery”, added Danila.
The law firm’s most significant transaction in 2010 was the entrance of the NaanDanJain group on the Romanian market. The second most profitable sector for DPA was that of litigations, where the law firm estimates that it was involved in projects with a value of EUR 52-53 million.
Danila, Petre and Asociatii currently rank 8 in the classification of law firms across Romania. On what concerns 2011, DPA estimates that it will at least maintain the same turnover as in 2010, yet hopes that it will double it. Insolvency, criminal business law and litigations will continue to be sought for in 2011, state the firm’s officials, but will not be the year’s main points of interest, while the M&A sector is expected to slowly recover.