FLORENTIN ŢUCA, MANAGING PARTNER AT ŢUCA ZBÂRCEA & ASOCIAŢII: "The legal services market will be marked by turmoil and the crisis"

Reporter: How did the legal services market evolve this year, compared to 2011?

Florentin Ţuca: The market evolved just like it was to be expected given the worsening of the crisis and the uncertain outlook of real economic relaunch. There have been plenty of challenges, not just on an economic level, but from a legislative point of view as well. Such an example is the passing of the new Codes of Law, which involved a substantial effort from all those involved in the implementation of the law, therefore including lawyers, to understand and interpret the new regulations correctly.

Reporter: How did the structure of this market change, in general, and how did the activity of your law firm in particular, change in 2012?

Florentin Ţuca: I don't think there have been any structural changes, but some trends are visible on the overall market which have contributed to an increasing need for specialized legal services. I am referring, for instance, to the increasing interest from investors when it comes to the implementation and development of energy projects, especially those concerning green energy, and raising the funds needed for these investments. I am also considering the increased need for specialized services generated by the passing of the new Codes of Law. Other areas which have generated a high volume of work in 2012 are litigations, arbitrations, insolvency, restructuring, including staff restructuring.

Reporter: So that would mean that the renewable energy market will serve as an important pillar in the legal services sector...

Florentin Ţuca: Doubtless, law firms which have teams specializing in energy will be favored by the boom in this sector. There is however an important potential in the natural resources sector. That is why I think that energy and natural resources will be among the areas which will see intense activity in the coming years as well.

Reporter: Depending on the market, has your law firm restructured the areas it operates in?

Florentin Ţuca: We did not restructure them, more like adapt them. It was a natural process of falling back, in anticipation of the changing needs of our customers, and in the context of a market visibly marked by the international economic crisis. For example, as early as 2008 we built a department to manage the crisis in order to support our customers in dealing with the challenges of the international markets. More recently, in the beginning of this year, we have laid the foundation of a tax consulting company, we have reinforced the department of structural funds department, we have concluded a strategic alliance with a Public Affairs company.

Reporter: What are the frequent problems which you are faced with on your market?

Florentin Ţuca: The preconceived ideas of some commenters.

Reporter: How do you see this market in the future?

Florentin Ţuca: Marked by turmoil and the crisis.

Reporter: How would you characterize the M&A (mergers and acquisitions) market?

Florentin Ţuca: It has slowed down, without the likelihood of working at the speed it used to have between 2005 - 2007.

Reporter: What trend did the lawyers' fees follow?

Florentin Ţuca: Even though we did not adjust the basic hourly fees, we have adapted to the clients' budgets and we have revised our fees, where needed.

Reporter: What was your turnover in the first nine months of this year?

Florentin Ţuca: The preliminary results indicate the fact that we are on schedule with the initial estimates. It's only in the end of the year and in the beginning of next year that we will have a clearer picture.

Reporter: What are your estimates for the 2012 turnover?

Florentin Ţuca: Probably a slight growth, of several percentage points, compared to 2011.

Reporter: How many employees does the company have?

Florentin Ţuca: The Bucharest office has 95 employees, of which 20 are partners. On top of that we also 40 employees as part of the administrative staff.

Reporter: What are the biggest clients you have?

Florentin Ţuca: Those who love us the most...

Reporter: Thank you!