Practice area

IFLR1000 Reviews


Solicitors governing body: The National Association of Romanian Bars

Competition authority: Competition Council

Financial regulator: Financial Supervisory Authority (ASF), National Bank of Romania

IFLR1000 ranking categories for this jurisdiction: 

Banking and finance, Capital markets, M&A, Project development

Jurisdiction overview

Romania is a civil law system based on a constitution originally ratified in 1991. The country’s latest civil code was introduced in 2011

There are two distinct professions in Romania – Legal advisors, who act for the state and public bodies, and Lawyers who are the equivalent of solicitors. Lawyers are governed by the 2003 Lawyers Act.

Though technically the practice of law is only open to Romanian citizens, the law does contain the exception that foreign registered lawyers can practice as Lawyers if they meet all the other criteria for registration. There are no specific licensing arrangements or restrictions on foreign law firms.

The legal market is largely made up of Romanian domestic firms though a small group of international firms have offices in Bucharest, mainly those from the UK or Austrian headquarted CEE firms.

Financial and corporate
bpv Grigorescu Ştefănică

BPV Grigorescu Stefanica was active during the research period in M&A, banking and finance, and project development. 

In banking and finance, deal highlights included representing Glass Container in a loan agreement with the International Financial Corporation, alongside a large number of confidential debt refinancing agreements.

In M&A the firm advised Weinerberger on its acquisition of Brikston Construction Solutions, and Food Union on the acquisition of Betty Ice. The firm also worked on a number of confidential deals in the agriculture and real estate sectors. 

In project development, the firm advised on a number of confidential concession agreements and land acquisitions.

Bulboaca & Asociaţii

In banking, Bulboaca & Asociaţii has been advising a mix of borrowers, lenders and guarantors on several regulatory, financing and prospectus mandates. It advised EMSA Capital on the acquisition of multi million secured receivables and acted for Alpha Bank and Ashurst on the distribution of securities in relation to Credit Suisse issue prospectus.

The firm’s notable M&A mandates are mostly confidential involving a mix of buy and sell side work in real estate, chemical industry, banking and retail sectors.

The firm has been expanding its M&A practice and welcomed Alexandra Radu as its new M&A partner from Stratulat Albulescu.

Key clients include Alpha Bank, Raiffesien bank and Ashurst.

Clifford Chance Badea

Active across all areas of financial and corporate, Clifford Chance has a strong Romanian practice.

In banking and finance, the firm has been largely advising the EBRD on transactions, including the financing of recycling plant and providing loan to UniCredit under the GEFF programme. Elsewhere, the firm has acted for various lenders including BCR and BRD on debt restructuring mandates.

In capital markets work the firm acted for a mix of issuers, joint bookrunners and managers on bond issues, including the eurobond issues by Globalworth and the Government of Romania. It also advised NE property on the listing of corporate bonds under its EMTN programme on the Bucharest Stock Exchange and the Irish Stock Exchange. The firm’s equity transaction highlight include advising Deutsche Bank and UBS as global coordinators on ALRO’s secondary public offering and acting for the underwriters on the IPO of Hidroelectrica.

In M&A, highlight work included advising JC Flowers on the acquisition of Piraeus Bank.

Notable clients include EBRD, Globalworth, Morgan Stanley and Deutsche bank.

CMS Cameron McKenna Nabarro Olswang

Active across the financial and corporate area, CMS is the strongest in banking and capital markets work. It draws upon its extensive network across the CEE region to work on complex cross border mandates.

In banking and finance, the firm has advised the lenders on some of the largest acquisition financings in Romania. It advised Raiffesien Bank International in the largest real estate acquisition in Romania in 2017 and advised group of banks on the largest private equity acquisition in the retail sector. Elsewhere the firm has acted on a sale of NPL and corporate finance transactions, with work for both sides.

In equity capital markets work, the firm has acted for banks on IPO transactions in the banks’ capacity as bookrunners, investors and issuers. In the debt markets, the firm has acted on securities transfers and tap issues for issuers.

The corporate team advised the local subsidiary of Liberty Global in its asset sale to Vodafone. It has also been active on loan portfolio sales, a distressed sale of a shipyard, strategic acquisitions for ALPLA, and joint ventures in the retail and IT sectors.

Raiffesien bank, UniCredit, EBRD and Daewoo are some of the firm’s key clients.

Client feedback

"I have worked with CMS Romania since 2016 in recent transactions. Ms Rodica Manea and Mr Horea Popescu are those I had the most interaction with, and both were business-minded with a clear understanding of the expected commercial goals. With experience, pro-activeness and diligence, they have very efficiently advised us through the whole project, and it is worth mentioning their high levels of commitment during demanding phases of the transactions." – Banking

"They have diligently and professionally managed all the transactions in which they were involved. We have been very pleased with the quality of representation we received from CMS. They have handled complicated transactions in an intelligent, intensive, thorough and energetic manner. We were pleased with the personal attention given to our matters." – Banking, project finance

D&B David si Baias

D&B David si Baias has been active during the research period in banking and M&A.

In banking and finance the firm advised Piraeus Bank on the sale of a portfolio of unsecured corporate loans to Kruk. 

The firm advised on a large number of acquisitions as buy-side counsel, advising Solina Group on its acquisition of Supremia, and Ascendis Health on its acquisition of Phrma. The firm also advised on a number of mergers, including the Direct One Netcity and Sun Chemical mergers. The firm was active in the banking sector, advising the purchasers on the acquisition of Marfin Bank.

Dentons Europe - Todor & Asociaţii

Dentons works in association with Todar and Asociaţii in Romania. With its network across the CEE region and cooperation with the local firm, Dentons has a notable presence in Romania and is best known for its M&A and project work.

The banking and finance team is strong across real estate sector, advising lenders on several key retail real estate acquisition financing transactions. The firm has also advised Banca Comercială Română and EBRD on construction finance transactions. On the borrower’s side the firm has acted on acquisition finance and debt refinancing transactions.

The corporate team’s main focus has been working for buyers on cross border acquisition transactions across numerous sectors including insurance, automotive, health and oil and gas. Notable highlights include FMC’s partial acquisition of DuPont’s Crop protection business and CEFC China Energy Company’s acquisition of a majority stake in KMG international.

The firm’s project team is advising C&R Mineral Recycling in land concession agreement.

Key clients include Wanxian America Corporation, Banca Comercială Română and CEFC China Energy.

Client feedback

"I must underline that Dentons is a very client-oriented law firm which provides a very good level of services. Their lawyers are highly qualified, and the fees are reasonable." – Banking, project finance, restructuring and insolvency

"Very professional." – Banking, project development, regulatory, restructuring and insolvency

"We will be reaching out to Dentons' Romanian team as we look at other deal opportunities in Poland. They offered pragmatic strategic advice and offered a reliable service." – Project development 

DLA Piper Dinu

In banking and finance, the firm has advised financial services institutions such as TBI credit and international and domestic banks on regulatory matters. It also advised Deutsche Pfandbriefbank on loan restructuring transactions. Elsewhere, it has been active on financing and refinancing transactions across real estate sectors advising the likes of PPF Real Estate and RC Properties.

In M&A the corporate team has been active across several sectors including technology, agri-business and financial services advising on acquisition and reorganisation mandates. Highlight deal include BT Investments purchase of Timesafe’s shares and the acquisition of Xindao Group by Persua Partners.

Notable clients include Perusa Partners Management, TBI Credit, Webjet and Origin Enterprises.

Client feedback

"Highly professional, focused and dedicated. Always flexible and willing to go the last mile to get the job done." – M&A

"I highly appreciate the law firm's work. They are really professional." – Banking, M&A

"Professional, with a focus on solutions and customer care, who make things seem clear and achievable." – Banking, investment funds, M&A, regulatory


Drakopoulos is a Greek firm, whose Romanian office allows them to operate across south-eastern Europe. The firm are active across banking and finance and M&A, and were particularly active during the research period in the real estate sector.

Key deals included advising Greenlake Development on the financing of its large residential construction project in Bucharest.


In banking and finance, Kinstellar has been active in project finance across renewables, oil and gas, and real estate sectors advising the likes of EBRD and ING bank. It has also acted on several cross border financings, advising on the Romanian law aspects and regulatory matters. 

The firm’s capital markets team has been mostly active on regulatory matters advising the likes of ING Bank on its bonds issuance and Credit Agricole on its EMTN Programme.

In M&A, the firm maintains close relations with Linklaters the firm has been engaged in Nestlé’s joint venture with R&R ice cream and Unicredit’s disposal of asset management business with the magic circle firm. The firm has also advised on corporate regulatory matters advising the likes of InterCars and Inteva Products. 

During the research period, the firm has acted for the likes of HSBC, Prodigy Finance and Citibank. 

Leroy & Asociaţii

Leroy & Asociaţii is a Romanian firm active across banking and finance, project development, capital markets and M&A. 

In banking and finance, the firm represented banks including Unicredit Bank Austria, Raiffeisenbank and Nö-Süd Alpin Egen on the restructuring of loans to LSG Group. The firm also advised Expert Petroleum on securing finance from the European Bank for Reconstruction and Development. 

In M&A the firm advised Lactalis on its acquisition of Covalact, and BNP Paribas on the transfer of business from the Romanian branch of BNPP Fortis to BNPP.

In project development, the firm was active in the oil and gas sector, advising long-term client Expert Petroleum on an upstream development and several confidential matters.

Key clients include International Finance Corporation (IFC), Lactalis and the International Swaps and Derivatives Association (ISDA).

Client feedback

"Good knowledge of the Romanian industrial and infrastructures market; has the ability to perform legal due diligence in M&A projects while respecting deadlines and providing high quality red-flags and final reports." – M&A, project development

"Friendly approach, easy to work with, and flexible in terms of fee quotation." – Capital markets

"They have technical competency and good communication skills and are always available and reliable. They are fluent in French and English. These qualities stood out particularly with Bruno Leroy and Ruxandra Manciu, our main contacts for M&A and corporate matters." – Banking, M&A, restructuring and insolvency, regulatory

"The cooperation was very good. The legal opinions have always been to the point and the work was done quickly." – Restructuring and insolvency

"Top qualified and competent lawyers, who provide smooth service." – Banking, capital markets, investment funds, M&A, project development

Bruno Leroy

"Very good professional, working with a highly qualified team."

"Technical competency. Reliable. Good communication skills. Available. Fluent in French and English."

Cristina Togan

"Everything was excellent and operative."

Andreea Toma

"Great professional."

"Andreea is a very fast-thinking transactional lawyer, always keen to move thinks forward."

Maravela & Asociaţii

Maravela & Asociaţii is best known for its M&A practice specifically in the healthcare sector but has also acted on significant cross border transactions in the chemical industry and food production sectors.

M&A highlights include work for the shareholders of Betty Ice on its sale to Unilever and advising on the merger between Astra Rail Industries and Greenbrier. 

During the research period, the firm recruited M&A lawyer Alexandra Rîmbu from Almaj & Albu. 

Client feedback

"All services were at a high professional level." – Banking, investment funds, M&A, project development, project finance, regulatory

"Reliability, experience and trust. Mr Maravela impresses us with his knowledge and experience. He is very responsive, and is client, detail and goal-oriented. He is a proactive and confident lawyer, with substantial expertise and experience in M&A projects." – Banking, M&A, project development, regulatory

"The team members are extremely well prepared and excellently managed by Gelu Maravela and Alina Popescu. Very high standard of work, prompt feedback, and very good sector knowledge." – Banking, M&A, project development, regulatory

"Very responsive, professional and client-oriented." – M&A, project development

Gelu Maravela

"Reputed on the market for his experience and numerous transactions closed successfully for all parties involved. Business oriented and very good lawyer. "

"Experience on field and market, resourceful, organized, very good public relations.” 

"Is very good in negotiations and face-to-face meetings. He is a good manager of big teams which are working on complex tasks. "

Dana Rădulescu

"Very professional and responsive."

Muşat & Asociaţii

Muşat & Asociaţii is a long-established law firm with notable strength across all areas of financial and corporate. During the research period, the firm has picked up several mandates for the government across all areas.

In banking and finance, the firm has been advising on the funding in relation to the Romanian government related projects in SME and automotive sector. It has also acted on several financing transactions for the likes of EBRD, EIF and CIECH.

In capital markets work, the firm has advised the government on couple of public offerings and sales of shares in the Bucharest Stock Exchange. Elsewhere the firm has advised likes of the underwriters in Electrica’s IPO and Banca Transilvania’s convertible bond issuance. It has also acted on an IPO in the Milan Stock Exchange.

During the research period, the M&A team has acted across several sectors including pharmaceuticals, consumer products, telecommunications, and chemicals and construction. It has advised a mixture of private equity firms, and government and international clients on both buy and sell side mandates. Highlight deals include the privatization of Telekom and carve out sale of Emerson electric and Dell.

In project work, the firm has been active in the financing aspects across deals in the infrastructure, energy and real estate sectors. Notable highlights saw the firm advise China Gezhouba Group on its public tender to finance of Tarnita-Lapustesti hydropower station.

Key clients include EBRD, European investment fund, China Gezhouba Group and the Ministry of Transportation and Infrastructure. 

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen is one of the leading law firms in Romania with notable expertise across all practice areas.

In banking and finance, the firm has acted for Banca Comerciala Romana in financing transactions. It has also acted for the borrowers on several cross border corporate and acquisition financing mandates in the real estate and technology sectors.

It has also advised on regulatory matters to the issuer in relation to public offerings. Publishable capital markets clients the firm has acted for include KMG International, BA Glass, and Fondul Proprietatea.

Buyers in acquisition have largely engaged the corporate team across sectors including healthcare, technology, food, and transport. Notable highlights include the acquisition of Lowermed medical network by Medicover and the acquisition of Yioula Glassworks. On the seller’s side, highlight deal saw the firm advise Marks & Spencer on the divestment of its Romanian business.

In the projects space, the firm has been active in the energy, oil and gas, transport and utilities sectors, advising project developers and contractors on projects such as the Bucharest wastewater treatment plant and incinerator.

Key clients include Energean Oil & Gas, Banca Comerciala Romana, and Globalworth.

Client feedback

"Nestor Nestor Diculescu Kingston Petersen provides solutions of a high legal quality. They have a high ethical standard and cover all aspects and perspectives of a case. They are flexible and deliver their services at high speed." – Banking, M&A, restructuring and insolvency

"Nestor Nestor Diculescu Kingston Petersen is one of the most responsive firms I've worked with worldwide. Their lawyers are knowledgeable, have fantastic English skills, and are always available.” – Banking, M&A, restructuring and insolvency

"Very good lawyers with extensive knowledge in the field I was searching legal advice for." – M&A 

Ruxandra Bologa

"Highly competent and qualified with extensive experience within M&A."

Adina Chilim-Dumitriu

"Excellent professional and remarkable communication skills."

Alina Radu

"Brilliant customer service with kind and positive attitude. Competent and high legal standard."

Eva Forika and Adriana Gaspar

"Adriana and Eva are all stars. They provide clear, competent advice; well-drafted documents; and are always available to help."


ONV Law was active during the research period across project development and M&A. the firm advises a number of clients on corporate issues, often European companies with a presence in Romania.

In project development, the firm advised on a major development in the construction sector, as well as on a PPP relating to the International Airport Brasov-Ghimbav.

Client feedback

"ONV Law has a very well trained and professional team. They understand the business infrastructure in Romania and constantly find innovative solutions for the multiple problems that arise when one has an unstable legal system. Their communication skills are also excellent." – Project development, restructuring and insolvency

"We are extremely happy with the work done by ONV Law. They have a highly qualified team of professionals who are very responsive and straight-to-the point, while providing clear answers and value-for-money service. In particular, we worked intensively with Mihai Voicu and Vlad Bastucescu, who responded to all our expectations. We cannot say anything but positive things about the firm and its professionals." – Restructuring and insolvency

Pavel Margarit & Asociaţii

Pavel Margarit & Asociaţii has been primarily active on mining and real estate sector during the research period. It negotiated the terms and conditions on behalf of both domestic and international corporates on various agreements, such as share purchase, loans and share mortgage agreements.

Peterka & Partners

Peterka Partner’s Romanian office was active during the research period in corporate and M&A work. The firm worked advised Kallizea on a joint venture agreement. The firm also advised on internal corporate restructurings of Falck Danmark and XPO Logistics, working across multiple jurisdictions with offices in the firm’s network.

Popovici Niţu Stoica & Asociaţii

Popovici Niţu Stoica & Asociaţii is active across financial and corporate and projects area. It is the strongest in M&A transactions.

In banking and finance the firm has primarily advised the borrowers on real estate financing, credit facilities and refinancing transactions. Its highlight deals saw the firm advise CLN group on the increase of its loan facilities. 

In M&A the firm has largely advised the buyers across sectors including energy, construction and IT. One of the highlight deals saw the firm advise the largest Romanian Investment fund on the sale of its shares in four electric companies to Electrica. 

In project work, the firm advised Hidroconstructia on the tender procedure for a PPP contract by a Jordanian company. It also advised Auchan Romania and One United on the development of real estate project.

Key clients include Franklin Templeton, CLN group, Hidroconstucita and BLOM bank.

Client feedback

"Sharp and precise, delivers under time constraints with proactive solutions to overcome issues. No flaws." – Banking

"The law firm is very well experienced and provides good value for a good price." – M&A, restructuring and insolvency

"We are generally happy with their services. Particularly, we think they are very reliable and experienced on litigation, capital markets, M&A, tax, energy and competition matters." – Restructuring and insolvency, investment funds, M&A 

Alexandru Ambrozie

"Precise, sharp and delivering proactive solutions always also in time constraints."

"We have worked on advisory capital markets, M&A, data protection and tax, but also white collar. Alexandru is the lawyer who we are working with on the most sensitive issues on capital markets."

"Excellent professional."

Bogdan Stoica

"Good reliable person who provides advice in a cost-efficient way."

Radu Tărăcilă Pădurari Retevoescu - Allen & Overy

Allen & Overy operates in Romania in conjunction with Radu Tărăcilă Pădurari Retevoescu advising across financial and corporate area. 

In banking and finance, the firm has been largely advising lenders such as EBRD in real estate finance in relation to construction and development of warehouses and logistics parks. It has also been engaged in corporate and project finance, advising syndicates of lenders across several sectors including pharmaceuticals and oil and gas.

In capital markets work, the firm has acted for the issuer and joint bookrunners on couple of IPO transactions. It also advised EuroHold and Alpha Bank on EMTN programmes.

In M&A area, the firm was active on the buy and sell sides. On the buyers’ side, it has acted for the likes of Societatea Energetică Electrica and Ashai Group on deals. The sell side has included private equity firms on the sale of its assets in retail and construction sector.

In project work, the firm’s notable highlights including advising China Huadian Engineering on coal and hydro power plants and advising EBRD on the financing of BRUA project.

Notable clients include EBRD, Societatea Energetică Electrica, Morgan Stanley and Deutsche bank.

Client feedback

"I am impressed by the firm's expertise in the banking and finance area. The team counts several very experienced lawyers, who know their job inside out, and provide excellent advice for the most difficult aspects of a transaction. They are highly professional and committed." – Banking, restructuring and insolvency

"RTPR Allen & Overy have been very helpful and creative in coming up with solutions while remaining aware of the risks faced by my organisation and providing advice on how these could be mitigated. They are also very professional in their conduct with clients and counterparts. ”– Banking, project finance

"I was extremely pleased with RTPR Allen & Overy's banking team work. The strength of their team lies in the vast experience of the lawyers who has solid knowledge and an amazing ability to find flexible solutions to intricate problems. The lawyers are business-oriented, dedicated, responsible and creative. I would be happy to recommend them to anyone looking for banking lawyers." – Banking, project finance, restructuring and insolvency

"The lawyers we have been in contact with were more than adaptive, and had an open mind. Real professionals." – Banking, M&A

"Nice team who are flexible, open minded, practical and organised." – Banking, project development, project finance

"RTPR Allen & Overy has one of the best practices in town in the banking and finance field. They are the go-to firm for sophisticated work or complex or multi-jurisdictional transactions. Their work is flawless, giving invaluable advice on the most difficult business and legal issues. I would also like to mention that they are very approachable and responsive, very easy to work with and very prompt." – Banking, project finance, regulatory

"RTPR Allen & Overy provided legal assistance for us in several cases. During this time, their collaboration was outstanding and in line with our expectations.  Overall, our collaboration with Ms Andreea-Ramona Chiriac, who I consider a very professional lawyer, is great, as she always provides us with advice and legal opinions in relation to particularities of our business. Furthermore, I appreciate her promptness, seriousness and her proactivity, always anticipating our needs and proposing solutions." – Banking, capital markets

"Their strengths include reliability, proactivity, thoroughness and sharpness." – Capital markets, M&A, regulatory

"The Romanian team of RTPR Allen & Overy is very skilled in the banking area. However, what sets them apart is their full commitment and amazing adaptation to the client's needs and corporate culture. Excellent people and excellent results." – Banking, capital markets, project finance, regulatory

"They have a very strong banking and finance team with an impressive track record of deals. The team is highly skilled and always provides the best possible advice, even within short deadlines." – Banking, project finance

"Very good market knowledge and expertise in financing related aspects." – Banking

"We worked for years and still work with RTPR Allen & Overy, mainly in banking transactions. During our cooperation, we noticed that the law firm is client-oriented, focused on spotting and mitigating risk aspects yet flexible in finding solutions to meet our high expectations. Due to their international contacts, they can provide local and international standards of legal opinions and assistance. I, personally, consider this as a strength, having both local and international legal approach. The law firm always provided a diverse array of options, by involving a team of legal experts for our requests." – Banking, project finance

"My collaboration with RTPR Allen & Overy was good. They were prompt and supportive, paying attention to each small detail, with good skills in coordinating with the other lawyers and the borrower." – Banking

"Hands on support for drafting and advising on legal matters prior to the signing of major transactions, as well as follow on support after signing, when needed. The local team is very responsive and helpful, and is up to date with changes in legislation. The fact that they have internal support in both English law and local law is very helpful.  All the staff assigned to our transactions were properly experienced and helpful." – Banking, restructuring and insolvency

"I appreciate their client service, business approach, impressive knowledge and expertise in the area. RTPR Allen & Overy are very professional and work together as a team really well. Their lawyers are among the most reputable in Romania, and they make you feel comfortable when you have them on your side during negotiations. They really know their job and do it without a glitch. Highly recommended." – Banking, regulatory

"We had a very good collaboration with RTPR Allen & Overy." – M&A

Rădulescu & Mușoi Attorneys at Law

During the research period, Rădulescu & Mușoi was particularly active in M&A and general corporate work. The firm advised on the internal restructuring of Aaylex Group, and was also active in the real estate sector, advising Oxygen and Elgan Automotive on the sale of assets in Romania.

Reff & Asociaţii

Reff & Asociatii showed particular strength during the research period in banking and finance, and were also active in project development. 

Banking remains the firm’s key strength, particularly the sale and purchase of NPL Portfolios. The firm advised Banca Transilvania on the sale of a portion of its unsecured retail portfolio to EOS KSI Romania, and INvestcapital Malta on the purchase of a significant NPL Portfolio.

In project finance the firm advised Green Oil and Lubes on securing financing from Banca Comerciala Romana and European Bank for Reconstruction and Development.

In project development the firm advised Colterm on a thermal power development, and acted for Bucharest on the drafting of concession contracts. 

The firm hired Smaranda Vacaru as a senior associate from Kinstellar in banking and finance, as well as two other associates in this practice area.

Client feedback

"Good knowledge of the sector and the market alongside customised client approach." – Banking

"We have worked with Reff & Associates on several projects. They are very efficient and have excellent industry knowledge, having been involved in many landmark NPL transactions on the Romanian market over the recent years on both sell-side and buy-side." – Banking

Oana Bucșa

"Knowledgeable and very good understanding of the requirements from the Romanian Competition Council in our type of transaction."

Andrei Burz-Pînzaru

"He does very good work but has to outsource a lot since his availability is limited."

"Excellent knowledge base, flexibility, innovation."

Lorena Butușina

"A very supportive and helpful, knowledgeable and promising young lawyer."

Andreea Serban

"She is an enthusiastic young lawyer with an excellent knowledge of the Romanian NPL market. She is personable, determined, extremely knowledgeable, balanced and able to propose solutions acceptable to both parties, avoiding deadlocks and moving forward the deals to close. She has good project management skills and made sure that very tight deadlines are met and everything is on track. I think that one thing that sets her apart from other lawyers is that she understands not only the legal implications, but also the commercial side of the deal, as well as the internal operational / logistic constraints of the banks and she managed to provide to us very pragmatic advice, in a client-friendly and easy-to-use manner."

Schoenherr & Asociaţii

Active across all areas of financial and corporate, Schoenherr & Asociaţii has a strong presence in capital markets and project development work. 

The firm’s banking work has been a mix of consolidation and the sale of banks, NPL portfolio sales, acquisition financing, debt restructuring and refinancing. In the NPL market, it advised BRD Groupe Societe general and Raiffeisen Bank on the sale of portfolios. Elsewhere, the firm has acted for the likes of OTP bank and Piraeus Bank.

In capital markets, the firm has been primarily active on equity transactions advising the issuers on IPO transactions, private place of shares, and delisting from the stock exchange. In the bonds market, the firm advised One United properties on a private placement bond.

In M&A the firm’s highlight work took place in the banking sector where it advised Eurobank and Piraeus bank on sale transactions as part of their divestment plans. On the buyer side, it advised OTP bank on the acquisition of Banca Romaneasca.  

In project work, the firm advised EBRD and Moldovan Ministry on regulatory framework of the gas sector.

Key clients include EBRD, OTP bank and Piraeus Bank.

Client feedback

"Good project management, offering 'one-stop-shop' impression across various Schoenherr offices." – Banking, restructuring and insolvency

"Provided multi-jurisdictional transactions with complex structures in due time and at short notice." – Banking, project finance

"Schoenherr offers prime services not only on their core competence of M&A work but also on ancillary fields of law that come into play in the course of complex transactions. Their team are very business and deal oriented, and are highly responsive. They simply give you the feeling that they are on top of their brief and want to close the deal for you." – M&A, project finance 

Stratula & Asociaţii

Stratula & Asociaţii is a boutique firm that has an active corporate and M&A practice.

During the research period the firm mostly advised corporates on day to day business matters. It also picked up mandates involving share transfers and purchases for the purposes of stock exchange listings and exits from joint ventures and the Romanian market. 

Blue Horizon, Trigo group and Millenium Insurance Broker are some of the firm’s clients.

Client feedback

"Strătulă & Asociații always shows a sharp knowledge of the business environment and try to find the right solution in the respect of our company's business priorities." – Restructuring and insolvency

Stratulat Albulescu Attorneys at Law

Stratulat Albulescu is best known for M&A and corporate restructuring work. 

In M&A the firm advised on a confidential takeover on the Bucharest Stock Exchange and represented Vinarte on the sale of assets during insolvency.

In the research period the firm advised key client World Class Romania on its restructuring, and advised on the restructuring of the Romanian subsidiary of Mega Company Import Export.

During the research period, the firm recruited Ramona Iancu from Popovici Nitu Stoica & Asociatii and Costin Teodorovici from Bulboaca si Asociatii; both partners specialise in corporate and M&A work. Partner Alexandra Radu left the firm to join Bulboaca si Asociatii.

Suciu Popa

Suciu Popa was active across capital markets, M&A and project development in the research period. 

Capital markets is a particular strength, with recent deal highlights including advising Hidroelectrica on its IPO.

In M&A the firm advised SABMiller on the sale of its Bomanian business to Asahi Breweries and Enel investment Holding on a major further share acquisition in E-Distributie Muntenia. Puclic deals saw it advise Transilvania Leasing and Credit IFN on the sale of a minority stakes.

In project development, the firm was active across a broad range of sectors, advising Delta Block International on the acquisition of contracts and subcontracts from the national motorway company. Oil and gas was active for the firm, and it advised Black Sea Oil and Gas on the Midia Gas Development. The firm also advised Hunt Oil Company and Maxaarine Energy on potential upstream developments.

Daimler is a key client of the firm.

Client feedback

"I think Suciu Popa si Asociatii has a very powerful team and track record, as they have handled many landmark transactions and files in Romania. They maintain a good balance between very sound legal knowledge and a business oriented, non-legalistic approach." – Banking, M&A, project development, regulatory

"Suciu Popa impressed me with their adaptability and responsiveness. They drive the process smoothly and usually do not wait for us to take the lead; they engage proactively and are always ready when we need them. They have a very strong practice already, and although they are a mid-size firm, they manage to use their team at full potential." – M&A, regulatory, restructuring and insolvency

"They have a full team of professionals which stands out because of their involvement and experience. In the last two years, Suciu Popa has confirmed that is a very reliable law firm in Romania, when it comes to complex capital markets knowledge, availability and attention to detail." – Capital markets, M&A, restructuring and insolvency

"We had a very positive experience while working with Suciu Popa. They are a great team, with lots of experience and significant capacity to identify and handle complex issues. In the last project, they showed additional cross-border capabilities in capital markets and the ability to mobilize resources at short notice." – Banking, capital markets, investment funds, M&A, project development, project finance, regulatory, restructuring and insolvency

Dan Ciobanu

"He is a very experienced lawyer who is always keen on coming up with solutions that work for us."

Miruna Suciu

"She is leading a powerful group that covers mineral rights, energy and real-estate." 

"She is our main contact; she handles matters in a very professional and friendly way. She also manages the team very closely, is easily available and explains clearly all our options with a no-nonsense, constructive approach."

"She has an excellent reputation and great leadership in all types of capital markets and transactional work." 

"She is a very talented and highly respected professional at the negotiating table. She has a good grasp of the capital markets, is aware of current trends and is able to provide you with proactive advice."

Miruna Suciu and Luminita Popa

"Miruna Suciu is a true rainmaker with a very deep knowledge of the local market intricacies and an excellent mediator and go-between. Luminita Popa is a great project leaser as well, with a tremendous drive and excellent communication and professional skills. They both come in and get personally involved in the actual work and are very supportive of the client needs and their team."

TMO Attorneys at Law in association with KPMG Legal

TMO is the local partnership firm for KPMG. The firm represents a number of non-banking financial institutions on corporate law, and was active during the research period across banking and M&A. Deal highlights included advising EOS Credit Funding on its acquisition of a portfolio of over 5,000 client accounts from Romanian bank BCR.

During the research period, the firm recruited Oana Craciun, previously in-house counsel at Deutsche Bank Romania, to work as a manager in banking and finance and M&A.

Client feedback

"I am very pleased with the professionalism and commercial focus that I have experienced through this collaboration. They offered a great understanding of the business environment and commercial challenge, and provided advice on maximising our opportunities whilst keeping risks at minimum possible level." – Banking, project finance, regulatory 

Ţuca Zbârcea & Asociaţii

Ţuca Zbârcea & Asociaţii is one of the strongest domestic firms and has expertise across all areas of financial and corporate and project development.

In banking and finance, the firm has been active in the acquisition of NPLs acting as international counsel and sole legal advisers for the likes of Deutsche Bank and APS Holding. The firm has also acted for the lenders in corporate and acquisition finance transactions.

In capital markets work the firm has been mostly engaged in regulatory matters. One notable mandate saw the firm assist Sanofi in the launch of its public purchase offering. Among the clients the firm advised are Erste Group and EBRD.

The corporate team has acted on several cross border transactions across wide range of sectors including telecommunications, energy and technology sector advising a mix of sellers and buyers. It has been active on several key mandates such as the advising KazMunayGas on the sale of its shares to China Energy Company and advising Accel Partner’ in its investment in UiPath, Romania’s first tech unicorn company.

In the projects space, the firm advised winning bidders on a concession for the rehabilitation on Highway 5. Elsewhere, the firm advised China General Nuclear Power Corporation as investor on the expansion of Cernavoda Nuclear Power Plant. The firm has also been assisting foreign and domestic investors on range of contract award procedures across the ports, transportation and construction sectors.

Key clients include Deutsche Bank, Vodafone, General Electric and China General Nuclear Power. 

Client feedback

"Țuca Zbârcea & Asociații handled our matter impeccably throughout the initial stage up to the closing. I was impressed with their ability to work under pressure and maintain attention to detail. Their support has been exceptional not only in regard to the legal issues involved but also from a human interaction perspective, too." – Project finance

"Solid responsive work as local counsel in Romania. They are leaders in dealing with aviation finance mattes in Romania and are also excellent at representing non-Romanian financiers providing capital to Romanian borrowers." – Banking, regulatory

"We have been very satisfied with the work that Țuca Zbârcea & Asociații has done for us. All the departments have been very responsive." – M&A

"The firm is a very large and reputed law firm in Romania. It left us with a very good impression. We liked the way they handled the sale transaction." – M&A

"Very knowledgeable and easy to work with as well as excellent value for money." – Capital markets, investment funds, M&A 

Cătălin Băiculescu

"He gained my respect and appreciation for his strong reputation on financing work and his availability during our project." 

"He has a lot of experience in both IT&C matters and on mergers & acquisition. This was the mixture we looked for and he was able to provide the advice we needed. He is always available, detailed and always finds solutions. He has great negotiation skills."

"He is a skilled lawyer with perfect knowledge of corporate laws. He conducted the negotiations with the buyer. He is very prompt and very attentive to achieve our strategic goals."

Silvana Ivan

"Very knowledgeable and approachable; she deals easily with a wide areas of practices. Very good grip on business matters and excels in offering practical solutions." 

Cristian Radu

"Country/industry knowledge and business-oriented."

Sorin Vlădescu

"Excellent in coordinating team to cover our requirements to the best quality in due time."

Mihai Dudoiu and Sergiu Negreanu

"Mihai Dudoiu is an expert in the field of banking and finance and exceptionally knowledgeable on banking standards, laws and trends. Sergiu Negreanu is a young associate that left a very good impression as a pragmatic lawyer and good handler of the finance documents."

Vlăsceanu Ene & Partners

Vlăsceanu Ene & Partners has a strong project development practice with expertise in the energy sector.

Client feedback

"Our collaboration with Vlăsceanu Ene & Partners' team of lawyers has been excellent. They are very specific in their work, very structured and put in their best effort in the long run." – Banking, M&A, regulatory

"Vlăsceanu Ene & Partners' overall level of service is excellent. This boutique local firm covers mandates across a wide range of areas relating to energy and natural resources. The team has a solid reputation in the Romanian petroleum industry, and it is widely recognised for its dynamism and increasing profile in the oil and gas sector. They are responsive and provide high standards of professional service and outstanding legal advice from an integrated legal and commercial perspective. The team know the market extremely well and are innovative when it comes to problem solving. Working with the firm was a great experience. The whole team is highly efficient and well-coordinated with strong interpersonal skills." – M&A, project development, regulatory, restructuring and insolvency

Voicu & Filipescu

Voicu & Filipescu is active in the banking sector, picking up regulatory and acquisition mandates during the research period. One publishable highlight was advising OTP Bank on the acquisition of Banca Romaneasca. 

In the projects space the firm acted on several public procurement procedures across energy sector, advising the MVM Partner, OT Industries and Danya Cebus.

Client feedback

"The team is excellent and incredibly responsive to our requests. They have a superior understanding of the Romanian laws regarding M&A and related tax issues. Most importantly, they know the Romanian laws and can anticipate the next steps. They are highly regarded within our company. We actually look forward to working with them because we know that everything will go smoothly." – Banking, M&A


Volciuc-Ionescu is strong in capital markets and project development. 

In banking and finance, the firm advised Banca Comerciala Romana, Unicredit Bank, and BNP Paribas on financing agreements.

In capital markets the firm advised a number of confidential international clients on regulatory compliance and deals in the Romanian market, particularly in the banking sector.

In M&A the firm has been active in the oil and gas sector, advising Prospex on the acquisition of a first petroleum block in Romania from Raffles Energy.

In project development the firm worked with a number of confidential clients in the oil and gas and energy sectors.

Wolf Theiss & Asociaţii

Wolf Theiss was active during the research period in banking and finance and M&A. 

In banking and finance the firm acted as both borrowers and lenders counsel on a number of projects, particularly in the real estate sector. 

In M&A the firm advised a number of international acquirers and sellers including Bain Capital, Energizer Holging, Theramex, Revetas Capital and Topmost Investments, in all cases acting as. Romanian local counsel.

During the research period, the firm hired Maria Maxim, specialising in the TMT sector, a partner from Ernst & Young. 

Key clients include Raffeissen Bank and Este Bank Group.

Zamfirescu Racoti & Partners

Zamfirescu Racoti & Partners has expertise in restructuring and insolvency, and is active in banking and finance and M&A. 

In banking and finance the firm acted most noticeably as borrower’s counsel, though often in partnership with an international firm. The firm advised Alro on a major syndicated financing agreement, and both Day Group and Alum on smaller financing arrangements. The firm also represented Piraeus Bank on a financing.

The firm advised Jantzen Group on an acquisition in the agricultural sector. The firm also conducted a large amount of confidential due diligence on acquisitions. 

The firm is best known for its restructuring work, and in the research period represented Hidroelectrica in its insolvency. The firm also represented creditors in insolvency proceedings against Omilos, and OMV Petrom in insolvency proceedings against Interagro.

Client feedback

"Happy with the work of the M&A team, as we are always on the same picture. Since we have done quite a number of projects together, we have a good bond and have great team work." – M&A

"The most effective combination of deliverables for the price paid. They have a unique combination of senior talents in the legal field and are a real pleasure to work with." – Banking, capital markets, M&A. project finance, regulatory, restructuring and insolvency

"They are one of our main collaborators in the legal field. They are highly adaptable, with a good knowledge of the issues related to the banking industry." – Banking, project finance, regulatory, restructuring and insolvency