Mehmet Selim Yavuz and Murat Uyanık of Yavuz Uyanık Attorney Partnership discuss how the legal market has been affected by the country’s economic climate and their expectations for areas of growth
Given Türkiye’s current economic problems including the devaluation of the currency and high inflation, how has this been affecting your firm throughout 2023 and into 2024?
Our attorney partnership has managed to grow in a delicate manner during 2023 which could be defined as one of the most economically devastating years. The exchange rate and inflation crises caused by the interest cuts of the Central Bank of Türkiye had significantly damaged Turkish Lira which deeply affected the purchasing power of our employees. We unfortunately needed to revise our rates and we adjusted our ongoing arrangements with our clients. New business opportunities have also emerged as economic problems have affected contractual relationships, which later turned into legal proceedings. Therefore, it could be stated that even with macroeconomic conditions we managed to grow our business. Unfortunately, the year 2023 did not start very well for the Turkish people and economy.
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