International Legal News, Analysis and Updates - Page 2 of 15

Offshore report: Tempering against the tempest

29 August 2023 09:30am28 August 2023 16:32pm | Amy Ulliott and Konstantin Chittka

When taking stock of the markets over the last 12 months, it is safe to argue that tougher times must inevitably be afoot. While upheavals wrought by the pandemic may have largely receded into the rearview mirror, the volatility that has come to characterise recent times shows no sign of abating, with the Ukraine war leading to energy insecurity and the cost of living crisis, the need to navigate ever-changing Russian sanctions, as well as the looming threat of a global recession.

However, even in this tumultuous environment, offshore law firms continue to defy the odds, with 2022 only building on the growth seen by many in previous years. ‘Despite expecting a challenging economic environment, income has been up across service lines and sectors, without exception,’ states Edward Mackereth, global managing partner at Ogier, echoing the sentiment of many offshore law firm leaders. Continue reading “Offshore report: Tempering against the tempest”

Greece focus: Lap of the gods

28 April 2023 09:30am2 May 2023 09:54am | Alex Walsh

Europe

Greece remains buoyant, despite the global pressures affecting jurisdictions worldwide. Major transnational corporations and huge global players are beginning to adjust their investment strategies and are viewing Greece as a major opportunity for inbound investment. Panagiotis Drakopoulos, managing partner of Drakopoulos Law, remarks: ‘It has been somewhat surprising that a lot of foreign investors (particularly non-EU) see Greece as a gateway not only to just the region, but to Europe itself.’

The country is strategically located geographically, economically, and politically, and is highly attractive to growing numbers of investors that view Greece as a potential hub for their operations. Drakopoulos attributes the shift in part to political factors, noting that ‘the current political climate is very friendly to foreign investment; Greece is in a growth mode.’ Elected in 2019, the Mitsotakis government is self-proclaimed to be avowedly pro-investment and has passed key investment legislation. Continue reading “Greece focus: Lap of the gods”

A sea of opportunities

During the last years and despite adversities, Greece became an investment destination for local and foreign capitals. The perception of Greece as an investment destination is strong, and the country built trust and optimism about its prospects. Greece’s economy recorded solid growth in the first half of 2022, but rising inflation took its toll on growth in the year’s second half. However, the RRF program (Recover and Resilience Facility loans) supported the economy. Government measures cushioned the impact of energy prices on businesses’ input costs and households’ real disposable incomes. Continue reading “Sponsored briefing: Doing business in Greece”

Sponsored briefing: Outlook for the Greek legal market

28 April 2023 09:30am27 April 2023 18:29pm | Guest Blog

Co-publishing Greece

Sponsored briefing: Outlook for the Greek legal market

Dimitris Zepos, managing partner of Zepos & Yannopoulos, on what the future holds for the legal market in Greece

The Greek legal market has traditionally been highly fragmented and therefore shallow, with freelance lawyers and small family-owned offices making up the lion’s share of the market. To be fair, small-scale business models have not been a particularity of the Greek legal market, but rather a replicate of the average Greek entrepreneurial model. According to the Hellenic Federation of Enterprises, 96% of SMEs employ up to nine people and this includes companies without any employees or with just one.

According to data published by the Greek Authority of Public Revenue, the number of individual lawyers has remained steady since 2019, amounting to approximately 35,000 (34,672 for 2021). According to the same data, the total turnover of legal services in Greece amounted to €940M in 2019, out of which, approximately €470M was generated by individual lawyers. This means that 35,000 individual lawyers generated approximately 50% of the sector’s total turnover in 2019. To put things in perspective this amount is equivalent to the annual turnover of one single international law firm, Bird & Bird, which in 2019 was ranked 100th in the world, based on turnover.

The figures in question have started shifting, indicating that the legal market is moving slowly, yet steadily, towards a more mature way of doing business. In 2021, the number of law firms increased to 1,060, compared to 907, back in 2019. The total turnover of legal services reached €1.4bn, growing by 60% compared to 2019. Out of that figure, approximately €940m of turnover has been generated by law firms, whereas the performance of individual lawyers has remained in the range of €500m. In other words, growth in the sector has been fuelled by the increasing number of law firms and their growth.

Fragmentation of the legal market is also evident when one looks at figures concerning headcount. The ten-largest law firms in Greece, based on headcount, employ approximately 600 lawyers in total, out of the approximately 38,000 active lawyers in the country.

At Zepos & Yannopoulos we have always believed that strength derives from teaming up. With a total team of 118 lawyers, 14 economists and 82 other professionals, we are proud to be within the top 3% of employers in Greece. Consolidating practices and people allows us to adapt to the pace of a constantly changing world, to foster legal talent and encourage innovative thinking, all to the benefit of our clients, our people and the community as a whole.

The legal profession in itself is changing. Firms are called upon to cater to a wide and complex range of comprehensive needs. The question is no longer whether the Greek legal market should change to adjust to this new era, but instead how fast it can do so.