Tuca Zbarcea & Asociatii reports EUR 22.4 million gross revenues for 2010

Law firm Tuca Zbarcea & Asociatii reported a EUR 22.4 million  gross revenues for 2010, slightly down from the EUR 22.7 million registered in 2009.

The firm earned most of its revenues last year from energy and natural resources, corporate and M&A, and litigation and arbitration work, each contributing 25 percent.

Throughout 2010, the firm also won various roles on high-profile projects, acting on behalf of a raft of international clients such as Rompetrol Rafinare – a member company of Rompetrol Group, Sofiprotéol/Saipol, andGabriel Resources Ltd. / Rosia Montana Gold Corporation.

According to firm officials, the figures do not include the income generated by its secondary office in Cluj-Napoca or the revenues derived from the firm’s separate insolvency and intellectual property units.

“We have managed to keep work levels up, despite challenging market conditions, thanks to a range of notable projects in various areas of practice. Our main focus in 2010 was to

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maintain strong client relationships while also looking out for new business opportunities. On the same note, lateral hiring has been a crucial element of the firm’s growth strategy, with various high-profile additions in 2010 and a significant round of 11 internal promotions, including 6 new partner appointments”, said Florentin Tuca, managing partner with Tuca Zbarcea & Asociatii.

Gabriel Zbarcea, also managing partner, commented that approximately 95 percent of the firm`s reported gross revenues had come from the private sector. “Our profits and lawyer

productivity soared in 2010, but that was largely due to a mix of cost-cutting measures, new client wins and diversification in existing clients` advisory work. The economic conditions remained tough and 2011 will most likely continue to be an up-and-down year, despite signs of slow economic recovery”, he added.

For 2011, the firm expects a flat year with zero revenue growth. Plans for the year

include a more active presence at a regional and international level, further internal team

appointments and lateral hiring, and the launch of new business services.

Tuca Zbarcea & Asociatii now has 90 lawyers, including 21 partners.