IFLR1000 Reviews


Solicitors governing body: Advokatske Komore Crne Gore

Competition authority: The Agency for Protection of Competition

Financial regulator: CBCG: Central Bank of Montenegro

IFLR1000 ranking categories for this jurisdiction: 

Financial and corporateProject development

Jurisdiction overview

The state of Montenegro has gone through a number of different forms in the past two decades. Following the dissolution of the Socialist Federal Republic of Yugoslavia in 1992, the country became part of the smaller Federal Republic of Yugoslavia, in 2002 a smaller union was renamed Serbia and Montenegro. Four years later following a referendum the country declared independence. The country adopted its current constitution in 2007.

The country is a civil law jurisdiction and is moving to bring its legislation in line with EU standards. The country began formal accession talks with the body in 2012.

Financial and corporate
BDK Advokati

The Montenegro office of regional firm BDK Advokati benefits from the support of its network. Active across the board the firm is notable for advising the government on its M&A and project development activity in the power sector. The firm also has project development expertise and has worked for the state and private investors on notable projects in energy and infrastructure sectors. 

Recently the firm has advised on the local aspects of large regional acquisition and financing transactions, including several private equity deals. 

Recent Deal Data highlights

•BC Partners acquisition of United Group

•PPF Group €2.8 billion acquisition of Telenor's CEE business

•HVDC undersea interconnection

Client feedback

"Highly professional and practical legal experts, with a special focus on how to achieve business goals while ensuring regulatory compliance. Out-of-the-box legal mind set with an aim to provide tailored legal solutions." – Banking

"Very high quality of job by Luka Popović." – Restructuring and insolvency

CMS Reich-Rohrwig Hainz

CMS Reich-Rohrwig Hainz is active across all areas of financial and corporate and has notable experience in cross borer and domestic deals in the banking, real estate and the energy sectors. The firm’s regional network allows it to take on multijurisdictional deals, such as those related to regional banking consolidation in 2018.

Strong in banking and financing work, the firm advises a mix of lenders and borrowers – international financial institutions, banks, private developers and companies – on project and corporate financing and refinancing transactions. 

In project work the firm has been advising European energy companies on investments in Montenegro related to the construction of renewable power plants. 

Recent Deal Data highlights

•Briska Gora 250MW solar power plant

•Luštica Bay

•OTP Bank acquisition of Société Générale Montenegro


Montenegro’s first foreign firm when it opened, Harrisons is one of the go-to firms for foreign investors and financial institutions needing advice on investments and financing activities in Montenegro.

The firm advises lenders on financing Montenegro infrastructure projects and on commercial loans to the government and local companies. 

It is also notable for its work on shipping infrastructure projects, advising the likes of marina operators, state entities and real estate developers on tourism, real estate and shipping developments in the coastal areas of Montenegro.

Recent Deal Data highlights

•Bijela shipyard redevelopment

•Luštica Bay

•Republic of Montenegro €26.5 million financing

Client feedback

"The firm is very experienced and I do not see any area they could improve their performance as it is very good." – Project development

Karanović & Partners in cooperation with local lawyers

Karanović & Partners in cooperation with local lawyers is strong in all areas of financial and corporate work.

The firm specialises in deals in the real estate and hospitality industries, advising foreign investors and developers on a mix of acquisitions and development in Montenegro. It also advises domestic hospitality companies on negotiations with foreign investors on inbound investments. 

The firm is active in the energy sector and advises international oil companies on investments and expansion in Montenegro. Advising on the development of renewable energy projects is another strength.

Recent Deal Data highlights

•Krnovo 72MW wind farm

•PPF Group €2.8 billion acquisition of Telenor's CEE business

•Reževići hotel and residential complex

Client feedback

"This law firm knows all legal aspects of the local regulation very well. They were able to address all our questions and concerns related to our debt transaction. Also they were very active in our discussions and responded in time." – Banking

"The firm took a hands-on approach and provided high quality work." – M&A

"The law firm is always responsive, providing high quality services related to our business." – Project development

"Very good at negotiations, good competence on subject matters and always available for clients." – Project finance

Moravčević Vojnović and Partners in cooperation with Schoenherr

Moravčević Vojnović and Partners in cooperation with Schoenherr is strong across the board and works on large domestic and regional transactions. A notable recent example of this was its work for the arrangers on Montenegro’s sovereign bond issue in 2018.

Strong in M&A, the firm has recently had a prominent presence in the energy and TMT sectors, advising on a mix of joint ventures, acquisitions and divestments. The firm is capable of handling cross border M&A transactions and is able to advise multinational companies and private equity firms on the larger regional mandates.

The firm advises both domestic and foreign energy companies as project developers on the development of renewable power plants in Montenegro. 

Recent Deal Data highlights

•Republic of Montenegro €500 million 3.375% sovereign bond issue

•Mozura 46MW wind power plant

•OTP Bank acquisition of Société Générale Montenegro 

Client feedback

"Highly professional and efficient." – M&A

"Very good advice, very proactive, reactive, practical and highly sophisticated." – M&A

"Very good, efficient, proactive, reactive, good understanding of client needs and cost effective." – M&A

Pesic & Bajceta

Pesic & Bajceta is a full-service firm that has been active in project development during the research period, where it advised the concessionaire on the development of two hydroelectric power plants. 

Client feedback

"Excellent understanding of clients' needs, highly efficient and professional team, always available and provides high quality service." – Project development

"We have enjoyed cooperating with Pesic & Bajceta Law Office. They met their deadlines and were very helpful." – Project development

Vukmirović Mišić Law Firm

Vukmirović Mišić Law Firm is one of the newer firms in Montenegro having established at the end of 2016. 

Advisors to domestic and international (especially Austrian) clients, it has been active in the banking, real estate and IT sectors during the research period, advising on a mix of financing, real estate development and M&A transactions. It also advised domestic IT company on several start up projects in Montenegro. 

Client feedback

"Exceptional service; they think outside the box and always looking for new ways to deal with situations at hand." – Banking