Turkey is still defined as an emerging market economy; over the last 20 years, it established itself increasingly among the top-25 global markets, but could not maintain this upward trend in recent times. Recently, it has had to face a currency crisis due to the Turkish lira decreasing dramatically in value. At the same time, inflation levels are skyrocketing, which is especially reflected in high prices for food and drink. Adding a global pandemic to the mix is certainly another spanner in the works, but according to Osman Ertürk Özel, managing partner at ÖZEL Attorney Consultancy: ‘The economic recession in Turkey existed a year before the beginning of Covid. It just made this situation obvious. Serious fluctuations in currency along with over 100% inflation rate have deepened the existing economic crisis. This has caused a disruption in all kinds of production in the markets. The fact that banks kept up the markets through loans has greatly disrupted the balance.’
To blame for this development, at least in part, is Turkey’s president Recep Tayyip Erdoğan. His name has dominated the Turkish political scene for a long time. In 2001, his party AKP (Justice and Development Party) was created, and it quickly rose to power. Even though Turkey’s constitution established the country to be a secular state, AKP is traditionally favoured by religious conservatives and is in western media often referred to as a (mildly or reformed) Islamist party. At the same time, the party pursued a pro-liberal market economy and is keen to join the European Union. It seemed to be the recipe for victory: only a year after its formation, it had a sweeping success in the 2002 election, gaining an outright majority in parliament. After having a moderate stronghold over the political landscape for several elections, Erdoğan finally became president in 2014. However, only five years later, local elections marked the beginning of the end for the current leader. He and his party lost significant footing in major Turkish cities due to accusations of mismanagement of the Turkish economic crisis, its shortcomings during the Syrian refugee crisis as well as rising authoritarianism. After year-long rule, AKP also lost all support with Turkey’s largest ethnic majority, the Kurds. Officially, 2023 is a year for new elections and opposition parties are gearing up for it, but Erdoğan is doing everything he can to hold on to power. Continue reading “Turkey focus: Chronology of a crisis”
The Nordic legal market had a good pandemic, using the time to advise clients on the many challenges of lockdowns and to prepare for major societal and technological changes. Downtime, in many cases, was also a good opportunity to plan for what was to become a boom year in 2021.
Unlike much of Europe, the region is not home to many international law firms, with DLA Piper the most often-cited exception to that rule, while others operate small satellite offices or advise via local affiliates. In Norway, law firms must be run by Norwegian citizens. Continue reading “Nordics focus: High-value and strong values”
Can you give our Legal Business readers an overview of PATH Law?
PATH, established in 2016, was among the first Polish law firms to recognise private clients as an independent legal practice. Continue reading “Sponsored briefing: Q&A with PATH Law partners Dominika Mizielińska and Sergiusz Kielian”
What do you consider are the biggest achievements of ASC Law since being founded 21 years ago? (MA, ZC, OB)
Murat Aksu (MA): I think I can speak for all of us in that we are all thrilled, 20 years on, by what we have built. All three of us had been working for large organisations before we started ASC Law, and we all dreamed of starting our own business. And here we are. From just a handful of lawyers in 2001, ASC Law now has more than 70 lawyers, with total staff of some 170. It is now one of the top five largest law firms in Turkey. Continue reading “Sponsored briefing: Q&A with ASC Law’s senior management”
Esentepe Mah. Harman Sok. No. 5, Harmancı Giz Plaza Kat 16, Şişli, İstanbul, Turkey 34394
T: +90 212 284 98 82 | E: email@example.com | www.aschukuk.com
Practice areas: arbitration, banking and finance, capital markets, commercial (including project development and finance), corporate, debt restructuring, labour/employment, litigation, M&A, probate, real estate Continue reading “Sponsored firm focus: Focus on Aksu Çalıskan Beygo Attorney Partnership”
New and bold ideas often come from young people. We see the effect the new generations have on innovative technologies, especially due to the increase in digitalisation and the adaptation of the older generation to digital life being slower than the younger generation. Startups are on the minds of most of the young business people who think that their creative ideas cannot grow within the huge bureaucratic and cumbersome holdings and joint stock companies.
The startup, in words of famous entrepreneur Neil Blumenthal, is a term used for companies working to solve a problem where the solution is not obvious and success is not guaranteed. Since a not-so-distant past, we have often heard this term and have seen entrepreneurs’ success and failure stories. The number of entrepreneurs who do not want to be a part of corporate culture, who have new and extraordinary ideas and who adopt a flexible working culture is rapidly increasing. When it comes to startups, success, investment, growth and earnings are on one side of the coin; whereas the other side holds the problems of the crawling period, financial difficulties and the difficulty of finding investment. Perhaps even those of you who are reading this article have or have had a successful or unfortunate startup adventure. Not everyone who touches, nurtures and feeds on the startup ecosystem is immune to the difficulties experienced in that painful birth and crawling process of a startup. Perhaps one of the most challenging of these difficulties is the problem of financing. While some entrepreneurs in Turkey benefit from sources such as KOSGEB or TÜBİTAK funds or micro-loans, some of them are knocking on venture capital companies’ and angel investors’ doors to solve the financing problem that can determine the fate of a startup. Apart from these, another source of financing frequently used is the savings that the entrepreneur has made up to that day or the financial support they received from family, relatives and friends. Continue reading “Sponsored briefing: Turkey: A paradise for startups and angel investors”
I. Understanding SAFEs
SAFE is an acronym for ‘Simple Agreement for Future Equity’ that is concluded between investors and the target startups; where the investors give the funds to startups in advance, in exchange for a promise from the company to give shares to the investor at a future date when the startup raises money on a priced round. It is possible for the startups to sign SAFEs with numerous investors at the same time with different terms, as by nature, SAFEs let startups reward investors who are willing to move first by taking more risk, with lower valuations. Continue reading “Sponsored briefing: Understanding SAFEs and complexities in the ‘Simple’”
We are witnessing unexampled times… In the light of the pandemic, there have been economic ramifications in Turkey and all around the world. Yet, this was also an opportunity for finding tools in order to ensure business continuity, since no one had any idea on when the pandemic will cease. Thankfully, we are in an era where we can get the most out of technological developments. In that regard, virtual interactions have become an essential part of life for businesses. Needless to say, the legal sector is no different than any other sector. The trend has even accelerated during the pandemic, with both clients and law firms inclining towards video-conferencing and other appropriate forms of virtual interactions, eg, e-hearings and e-meetings.
Not long ago, interest in virtual interactions has focused on the ‘metaverse’, which seems to be the latest fashionable concept in tech viewed as a form of cyberspace. What makes the metaverse different? Well, basically, it allows us to immerse a version of ourselves as avatars in its environment via augmented reality or virtual reality. However, at this point, lawyers are inclined to ask who or what will govern the metaverse? Continue reading “Sponsored briefing: The metaverse law – are we ready for the challenge?”
Under the Industrial Property Law numbered 6769 (IP Law), an important obligation imposed on trade mark owners after obtaining registration is the requirement to use the trade mark. The IP Law attaches two important potential consequences for non-use of the trade marks, after the completion of the five-year grace period. First, the trade mark can be revoked due to non-use upon the request of the interested parties and second, its enforceability can be weakened by a non-use defence asserted by the applicants in the opposition actions before the Turkish Patent and Trademark Office (the Office) or by the defendants in invalidation or infringement actions before the courts.
The non-use defence has been introduced as a revenue granted to applicants and defendants for the first time with the IP Law, with its entry into force in 2017. This expanded the potential consequences that could be faced by trade mark owners with vulnerable trade marks, by adding to the already existing risk of facing a non-use revocation claim under the late Decree Law numbered 556 on the Protection of Trademarks (Trademark Decree Law). Changes in practice will also take place as of 10 January 2024, with the transfer of the authority of the courts to evaluate non-use revocation claims to the Office. Thus, trade mark owners with trade marks registered for more than five years in Turkey should be cautious of the various avenues available to third parties against their trade marks, when deciding on enforcing their rights. Continue reading “Sponsored briefing: Use requirement of trade marks and potential consequences of non-use under Turkish law”