North Macedonia


Practice area

IFLR1000 Reviews


Solicitors governing body: Macedonian Bar Association

Competition authority: Commission for Protection of Competition

Financial regulator: National Bank of the Republic of Macedonia

IFLR1000 ranking categories for this jurisdiction: 

Financial and corporateProject development

Jurisdiction overview

The modern Macedonian state was formed following independence from Yugoslavia in 1991. The country has a civil law system backed by the constitution which was formulated in the same year. 

The country has few restrictions on foreign law firms and lawyers practicing, requiring only (if the lawyer is an EU national at least) that the individual is registered by the Macedonian Bar Association.

Despite this, the size of the country and its economy means that very few international firms have established offices with Balkan regional firm Karanović & Nikolić the only significant player in the financial and corporate space.

As is the case throughout most of the Balkans, lawyers tend to be generalists and not specialised in one practice area.

The country, like a number of its neighbouring jurisdictions has made a concerted effort to bring commercial legislation in line with EU benchmark. Formal accession to the Union has not begun due to diplomatic issues with Greece, but it does remain a long term goal.

Financial and corporate
Apostolska & Partners

Apostolska & Aleksandrovski is an independent firm that is a member of the South East Legal Alliance (SELA) network.

The firm advised local subsidiaries of international businesses in general corporate matters and has also been active in acquisitions mandates on the buy side.

Clients include EFT Group, Phoenix Pharma and Strabag.

Client feedback

"Professionals with strong English ability and understanding of Western Europe and the US. Strong understanding of local laws, customs and ways of business. Always accessible and timely turnaround." – Capital markets, M&A, project development, regulatory, restructuring

"Excellent work conditions, always at disposal and finished every job on time." – Capital markets, M&A, project development

"As main strengths, I would mention the firm's business-oriented approach, provision of seamless advice and provision of feasible and useful solutions for legally complicated matters. We also admired the good network with companies and individuals from other areas of work with whom the law firm put us in contact." – Banking, M&A, insolvency

"Positive features: professionally well-orientated, strong presence on the local legislation market, well-trained lawyers with high knowledge, fluency in English, reliability, positive results in local court cases, ideal location, and acceptable pricing for their services." – Banking, insolvency, investment funds, project development, project finance

"The overall level of service is high. The team demonstrates legal knowledge and flexibility. They are very responsive and create a feeling of trustworthiness." – M&A, regulatory

"They are very responsive on all requests we may send, and they provide clear answers." – Banking, M&A, project development, project finance, regulatory

Karanović & Partners in cooperation with local lawyers

Karanović & Nikolić has a notable presence in the Macedonian market. The international law firm is active across financial and corporate and project development.

The firm has been active in M&A during the research period representing both buyers and sellers. The firm’s notable work includes the acquisition of Lynx Resources and the SASA mine, where it acted as the local legal advisor for the acquirers. It also advised the lenders on the financing of SASA mine.

In projects area, the firm is engaged in the development of the country’s first private wind park, advising Thor Impex on its development and Erste Bank on the financing aspects of the project. Elsewhere, it has been advising contractors on the construction of two separate motorways.

Client feedback

"Highly professional practice in local law. Clear and good instructions in dealing with contracts and procedures." – Capital markets, M&A, project finance   

"K&N assisted us as local counsel on a challenging project finance transaction. They were available and contactable when required and gave good and concise advice when requested. The signing process in Macedonia is a laborious task, and the team worked tirelessly to achieve our deadlines." – Project finance

Law Office Cakarovska

Law office Cakarovska is active in the corporate area. During the research period, the firm acted on joint venture between domestic and foreign companies to expand the former’s international reach.

Client feedback

"Cakarovska Law Office combines earnest dedication, professionalism, follow through and a strong work ethic with expertise and knowledge as true legal professionals. Cakarovska Law Office, especially Dance Cakarovska, has shown great talent in getting to the heart of issues and understands the complexities involved very well. Dance Cakarovska is open, sincere, target-focused, and instinctively knows which issues need to be brought forward and informs the corresponding party. She is willing to adapt her work schedule and routines if necessary, readily accepts challenges and has worked hard to instil these qualities to other members of her team." – Regulatory, restructuring

"We are very satisfied with Law office Cakarovska due to their extensive knowledge, dedication to work and their pragmatic approach to problem solving." – Capital markets, regulatory, restructuring

"Cakarovska law office is always up-to-date with recent legislative changes in the country. They are quick to email information and provide suggestions for any new situations, resulting from legislative changes, using latest technology. They have excellent knowledge and relationships with clients and the lawyers are well prepared in finance." – Banking, capital markets, M&A, regulatory

"They are very professional in their work, experts in their field, team players, always on time, and we are more than satisfied with the cooperation we have." – Banking, M&A

"Great in-depth analysis when making contracts, great diligence work and excellent acquisition procedures." – Banking, investment funds, M&A, project finance, regulatory, restructuring

"I would like to express my appreciation for the excellent job done by the lawyers and the staff of Law Office Cakarovska, who provided us with timely services, useful information and advice. Over the past five years, the Law Office Cakarovska has been our loyal partner guiding our company through not always easy to understand legislation and business regulation in the Republic of Macedonia." – Banking, regulatory

"Positive, on time, professional and customer-oriented to the highest extent." – M&A

"Professional team that provide accurate and timely services, and strong advice based on their knowledge and practice. Their services are devoted to the clients with strong confidential information policy." – Banking, capital markets, project development

"Responsive, knowledgeable, client-oriented, polite and good team." – M&A, restructuring

"Law Office Cakarovska exceeded our expectations during our collaboration. They are always updated, knowledgeable, professional and efficient." – Banking, M&A, project development

"The law office is very professional and reliable." – Banking, capital markets, M&A, regulatory, restructuring and insolvency

"The team at Law Office Cakarovska is very responsive and provides expertise in a wide range of legal services for our company, which highly facilitates the decision-making process. The team is very reliable, gives timely, thorough and practical advice, and most importantly, looks out for their client's best interests. They always point out the eventual risks that may arise relating to certain matters. We contact the team at Law Office Cakarovska on a daily basis. So far, we have not encountered any weaknesses in their practice." – Regulatory        

"The whole team is professional, hardworking and well-prepared. They provide legal service in a short time. They are dedicated to client success." – Banking, capital markets, investment funds, M&A, project development, project finance, regulatory, restructuring and insolvency

"The whole team is very well-prepared, dedicated and diligent. They provide quality and swift legal service." – Banking, capital markets, investment funds, M&A, project development, project finance, regulatory, restructuring and insolvency

"Very professional service." – M&A, project development, regulatory

"We have a great professional relationship with Law office Cakarovska. They are among the best professionals in Macedonia in their practice. They always provide answers and are very kind. We recommend Cakarovska law office to anyone that wants someone who can get the job done." – Banking, investment funds, project development, project finance, regulatory, restructuring

"With more than five years of active work with Law Office Cakarovska, we have only had good experiences." – Banking, project development, regulatory, restructuring

Danche Chakarovska

"Highly professional lawyer and a very pleasant person."

"Expert lawyer with excellent skills"

"Very knowledgeable and highly professional"

"Very professional and responsible, full of knowledge and overall a pleasure to work with."

"She has huge knowledge, experience and excellent communication skills with the clients. We have 100% success when working with her."

"She is highly professional and knowledgeable. She provides timely and valuable legal advices and opinions for our company."

"Very educated, experienced and skilful lawyer who works calmly under pressure providing quality legal service."

"Very dedicated, hardworking and works well in tough situations and under pressure. She has had our trust for over 15 years."

Papazoski and Mishev Law Firm

Papazoski and Mishev works in cooperation with PwC in Macedonia. 

The firm has primarily been active in corporate work, advising on corporate restructuring for international companies and on acquisitions of land. The firm also advised the domestic subsidiary of international banks on regulatory matters and acted for venture capital investment in IT start ups. 

The firm recently hired Jasna Gelevski from NLB Banka AD Skopje to boost its financial and corporate practice.

Client feedback

"We have obtained excellent services from Papazoski and Mishev Law firm in one of our case that related to a competition case. Their key strength was their efficiency and relevant expertise in the subject matter, as it related to a specific case in the country. We would like also to stress their professional approach, dedication and commitment to providing the legal service." – Regulatory, restructuring

"High-profile professional advice and expertise in the area of financial services, corporate law, regulatory compliance, collection of receivables, restructuring and insolvency, legal due diligence on development and compliance of new banking products and M&A. Experienced professionals with profound knowledge of local and EU law, establishing legal practices for introducing new products and services on the market in line with the new trends of FinTech and digitization in the working environment of the local regulations." – Banking, investment funds, project finance, regulatory, restructuring and insolvency

"Highly professional team. Dedicated contact person. Excellent paperwork with clear and final opinions. Very good referrals when third party needed." – Banking, capital markets, project development, regulatory, restructuring and insolvency

Ivan Mishev

"Experienced professional with high level of personalised customer approach, exhaustive focus on details, broad area of expertise and equipped with devoted team of legal experts to ensure timely quality advice and legal service. Very responsive and communicates the tasks and results easily."

"Very organised, highly professional, good communication and able to provide information that is digestible."

Kiril Papazoski

"Professional approach, deep relevant expertise, dedication and commitment."