IFLR1000 Reviews


Solicitors governing body: Serbian Bar Association

Competition authority: Commission for Protection of Competition

Financial regulator: National Bank of Serbia

IFLR1000 ranking categories for this jurisdiction: 

Financial and corporateProject development

Jurisdiction overview

Like the other countries of the former Yugoslavia, Serbia has been through many incarnations since the breakup of the socialist republic in 1991. The current state of Serbia was formed in 2006 following the split with Montenegro.

The country is a civil law jurisdiction backed by the 2006 constitution.

Lawyers are known as advokats and must be registered by the Serbian Bar Association in order to practice. The legal market was liberalised in 2011, which was done in part to bring the country in line with EU legislation. Foreign lawyers now have access to the market though they must, alongside other requirements, work in conjunction with a local lawyer on Serbian law issues for the first three years of practice. To become a fully registered lawyer Serbian citizenship must be obtained.

Serbia has taken steps to encourage free movement of lawyers in the countries of the former Yugoslavia and in light of this the principal bar associations of both Serbia and Montenegro have signed an agreement to this effect.

The legal market is made up entirely of domestic Serbian firms though many have cooperation agreements with regional CEE firms such as CMS, Schoenherr and Wolf Theiss. Some firms such as BDK and Karanović & Nikolić have also developed Balkan networks of their own and have offices in various countries of the former Yugoslavia.

Most lawyers in the market are generalists but do have a focus on the general areas of commercial and business law. Some individuals based in Serbia also take on coordinating roles on regional Balkan deals and will often have transactional experience in neighbouring countries such as Bosnia and Herzegovina and Montenegro. 

Financial and corporate
Aleksić & Associates

Aleksić & Associates is a full service firm with notable experience in loan portfolio sales, restructuring and the sale of distressed assets. 

The firm often represents creditors in bankruptcy proceedings; however, it is also capable of acting on the opposite side as evident by its representation of ProCredit Leasing during its recent liquidation procedure. 

Recent Deal Data highlights

•JKP Čistoća recycling facility 

•ProCredit Leasing insolvency 

•KEP Trust €2 million financing

Client feedback

"All members of the team are very professional, quick, correct and always reply promptly." – Banking 

"The firm is, above all, well organized. Their lawyers have wide knowledge in various fields of law. They are very reliable and always available." – Banking 

"The main strength is reflected in the field of data security, control mechanism, service quality, reputation risk, security risk, business reputation, technical capacity and other standings, which is very important for institutions such as banks while in Serbia most of the offices are still working on the level of traditional advocacy." – Banking 

"Extremely high quality, work efficiency and customer care." – Banking 

"This is a law firm with a notable reputation and experience in the Serbian market. They are capable of processing several hundred cases a week because of their innovative technical equipment in terms of special systems, particularly tailored and adapted to the needs of offices intended for operations of large portfolios. They also have well-trained and experienced lawyers. We have developed a solid cooperation in the segment of debt collection." – Banking 

"Good communication, business efficiency, fast response to any bank requests, professional attitude, great cooperation and good working ethics." – Banking 

"The law firm we cooperate with is very professional in their work, especially in the regular correspondence related to business affairs. They also have highly trained staff." – Banking 

"They are very professional and well organised. We are happy with the work they do for our company." – Capital markets: debt

"A well-organized and very active office that is always available to respond to all kinds of problems with a large number of qualified employees." – Project development

Ivana Maraš

"Highly professional and dedicated to the clients."

"Extremely high quality, work efficiency and customer care." 

Jelena Milanović

"Very kind, gives constructive suggestions, informs us promptly, and gives all the details about some specific procedure."

Sonja Savin

"An outstanding expert with all the necessary skills to solve problems at a given moment."

Ajša Stojković and Nemanja Aleksić

"I can say that I have been cooperating with Nemanja Aleksić and Ajša Stojković. They are very good and professional lawyers with great knowledge."

Ivana Maraš and Jelena Milanović

"They are excellent and very professional. Also, very nice personalities."

Ivana Maraš and Nemanja Aleksić

"Professional, very good communication, reliability and up-to-date work."

Ivana Maraš, Jovana Kutanjac and Nemanja Aleksić

"Good communication skills, very professional in their work and also efficiency in business."

"Perfect communication, efficiency in business and reliability."

JPM Janković Popović Mitić

JPM Janković Popović Mitić has a strong project development practice and has advised on some of the large domestic and regional projects. It also has notable strength in corporate offering, advising foreign clients on acquisitions of Serbian entities across various sectors

The firm has a strong presence in the oil and gas sector where it advises state-owned gas providers on EPC contracts, restructuring, and feed-in agreements. It advised Gastrans on the first exemption of the new interconnector from third party access. In other project work the firm has been instructed on concessions for transport infrastructure recently by a Chinese client. 

Recent Deal Data highlights

•Andrey Shlyakhovoy acquisition of VTB Bank Serbia 

•Banjaluka – Prijedor highway concession 

•Organigram Holdings €5 million private placement investment in Eviana Health 

Client feedback

"The team at JPM has been very professional and hands-on and we received efficient and professional assistance." – M&A

"The work was professional. At each moment, we had two available lawyers familiar with the case. We did not find any weaknesses." – M&A

"JPM has an extremely innovative approach to solving complex legal issues." – Project development

"JPM is an absolute gem.  Jelena Gazivoda and Nikola Đorđević are highly experienced in the area of Serbian energy law. They are always available and approachable, clients oriented and extremely talented and skilful to find pragmatic solutions to an often-difficult regulatory 'straight jacket.' They are a real pleasure to work with." – Project development

"Very competent and dedicated, well experienced in energy matter and very good relationship with authorities." – Project development

"Bright Knowledge and influence." – Restructuring and insolvency

Ivan Petrović

"Ivan was always well prepared for the negotiations. He always proposed several solutions for the problems we faced or needed to overcome with the opposite party."

Jelena Gazivoda

"One of the most talented and dedicated lawyers I had the pleasure to work with. Focused, concise, proactive and experienced advice."

Jelena Stanković Lukić

"Very professional, attentive, efficient and smooth cooperation."

Nikola Đorđević

"A real asset, especially on energy contracts and regulatory matters. Hard worker and very responsive."

Nenad Popović

"When clients speak of trusted advisers, they mean lawyers such as Nenad. Simply excellent!"

"Very professional, innovative and top professional lawyer in the country in the field of banking and financing and corporate."

Karanovic & Partners

Karanovic & Partners' large regional network makes it an ideal firm to act on the region's largest deals. 

In finance work the firm has a good reputation in the renewable energy sector having advised the lenders on the financing of the largest windfarm in the Western Balkans. The firm also advises a mix of international investment groups and local banks on real estate financing transactions. 

In M&A the firm is also often mandated by large private equity investors and international corporations to advise on the high value acquisitions or sales in the region. Its strong team of corporate and finance lawyers mean it is able to handle both acquisition and the financing aspects of deals as evident by its role in the acquisition of Telenor. 

The firm’s other project work sees it advising foreign funds and energy companies on developing projects in Serbia.  

Recent Deal Data highlights

•Calsonic Kansei €5.8 billion acquisition of Magneti Marelli  

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

•RTB Bor $1.46 billion privatisation 

Client feedback

"The main strengths of Karanovic & Partners are legal experts dedicated to any specific regulation area, excellent knowledge of local regulatory framework and the ability to compare it with global regulation and explain differences, i.e. be clear and transparent in terms of applicable laws." – Banking 

"Strong professional with a proactive approach." – Banking 

"We are very satisfied with their service in finance, corporate and M&A, restructuring and litigation/enforcement area. The team is very responsive, has vast experiences and resources, and they are very well organized. Their lawyers are always accessible and ready to assist in the most professional manner. The firm definitely is not among the cheaper ones on the market, but we engage them on our most significant matters where they can add the highest value." – Banking

"Excellent and world-class service overall." – M&A

"Top notch firm with reputable professionals. They always provide prompt, timely and trustworthy advice in all legal matters related to M&A, corporate finance, financing and due diligence." – M&A

"They performed superbly in the transaction, providing practical Serbian legal advice on deal risks, appropriate mitigation strategies, and how to operate a Serbian business." – M&A

"Miloš and Petar were highly knowledgeable and very responsive, producing a quality work product in a timely fashion despite a shifting scope of work." – M&A

"High quality work with diligent and responsive approach." – M&A

"The firm is very knowledgeable in the field of renewable energy in Serbia and is able to perform due diligence at a very high level, advising on both the legal and project matters. In drafting the M&A documentation, they are very thorough, and provide numerous solutions to blocking points in negotiation. The energy team from K&P is a true asset in acquisition negotiations."– M&A

"Very reliable partner, ready to answer all my questions with great legal knowledge combined with practical understanding of the energy field." – M&A

"Very satisfied, including with responsiveness, availability of partners and quality of work." – M&A

"Strong technical legal knowledge and local implementation practice, very proactive, transparent and an ability to build trust with the target." – M&A

"The firm is very professional with strong business knowledge in Serbia and its legal framework. The team is very reactive and efficient." – M&A

"Highly specialised professionals. The law firm provides a full range of legal and tax services, showing an integrated approach towards client's business." – Project development

"We were very impressed with the firm's work. They displayed a very strong understanding of the Serbian mining and regulatory environment. They were able to provide prompt, clear and well-articulated technical and commercial legal advice relating to the project and operations we were looking at. They were very professional and adept in English language and were able to assist us with everything that we asked." – Project development

"Partners are leaders in the energy sector in the region and very experienced with Serbian foreign exchange and general financial regulation which is quite restrictive and requires a lot of effort to incorporate in the documentation." – Project finance

"Pre-eminent legal advisory in the West Balkan countries with deep knowledge of the legal and regulatory issues in the energy and infrastructure sectors." – Project finance

Maja Jovancevic Setka 

"Strong professional with very good communication ability."

"Maja is actively involved in our relationship with Karanovic & Partners. She is very committed, efficient and solution-oriented lawyer, always maintaining a grasp of the big picture. We feel confident that she has our best interests at heart and that she will work hard to get the best possible solution for us. We trust her judgment as we feel she is one of the most experienced lawyers in the market."

Miloš Jakovljević

"Excellent legal professional with very good knowledge and experience which he applies promptly to help resolve any legal issue."

"Professional and diligent."

"Highly committed and responsive and strong problem solver."

"Strong technical legal knowledge, local implementation practice and an ability to establish relationship with the other side."

Petar Mitrović

"Petar Mitrović is knowledgeable, pragmatic, understanding, thoughtful and well-informed."

"Always responsive, accessible, and able to meet tight deadlines. Takes an active and constructive approach to negotiations and drafting of documentation. Has experience with energy project, which distinguishes him from other lawyers."

"Petar gives special treatment to the client. He is available anytime to help. He combines knowledge from different fields of expertise to give the right advice that is very important in the field such as wind energy."

"Highly competent, responsive, reliable and knowledgeable"

"Petar is very professional. He has a perfect knowledge of the country's legal framework and business. He perfectly manages communication with his clients in a very efficient way."

Branimir Rajšić and Maja Jovancevic Setka

"They are my closest contacts at the firm. They are both highly professional, easy to communicate with, respectful of agreed deadlines, experts and highly knowledgeable."

Maja Jovancevic Setka and Petar Mitrović

"Maja is excellent and very experienced in the finance and banking sector. Petar is one of the most experienced lawyers in the region in the infrastructure and energy sector and together they are a great team, which works smoothly and resolves issues seamlessly for the client."


ŠunjkaLawPartners is experienced in advising creditors on cross border restructuring and insolvency mandates and has been active in this capacity during the research period. It also advised a foreign client on acquiring shares in a shipyard company. 

Recent Deal Data highlights

•Tehnobeton insolvency 

Client feedback

"We are very satisfied with their work and services. They give direct and constructive advice. They are well prepared and thinks with us for possible solutions. They are accurate and flexible in their actions." – Banking 

"Strengths: Business perspective of the law." – Capital markets: structured finance and securitisation

"Experts, quick, courteous, humane and understanding of our needs and business." – M&A

"Very competent." – M&A

"They are very competent in the health sector in Serbia and are aware of the specific issues in the industry. They can offer very good solution in finance and maintenance of business." – M&A

"Top tier, very professional and punctual law office with vast understanding of law and business in general. Immediate or very quick feedback with written follow-up. Mr. Šunjka himself is a very experienced lawyer with great business intelligence." – M&A

"Very professional personnel with strong hands on experience." – M&A

"The firm is fast. All of the lawyer are experts and precise, have legal knowledge and understand our needs and the business." – M&A

"They are efficient with deep knowledge of local regulations and practice areas. They are also skilled to work with international investors" – M&A

"We are completely satisfied with the firm's efforts, attention to detail and innovative idea. They let us know having the entire scope of legal options, allowing us to make an informed decision." – M&A

"They are reliable, well-structured and focused on major business aspects. They offer suitable solutions in difficult negotiations and is able to arrange deals under very difficult circumstances. Probably one of the best law firms in Serbia." – Project development

"They have several very practical law specialists able to engage in most complicated law issues."  - Project development

"We find ŠunjkaLaw to be highly professional, knowledgeable and resourceful in solving all the problems that we put in front of them. They are even able to provide us with guidelines to solve problems which lay outside of their field of work." – Project development  

"Reputable and competent in all areas of law." – Project development

"Very professional, fast, accurate, always available (outside of official working hours) and proactive in finding best solution for our company. Also, better prices compared to other law offices." – Project development

"I was positively impressed by their proactivity and speed of work." – Project development

"They have a high level of knowledge. They are extremely professional, experienced, objective, consistent, and trustworthy, and their conclusions are based on serious approach and research" – Project development

"Good, determined and responsive firm. A pleasure working with them." – Restructuring and insolvency

"An absolute delight to work with senior partner Tomislav Šunjka - one of the most able and creative international lawyers in his community with a clear understanding of common law principles and a hugely engaging personality." – Restructuring and insolvency

Ivan Štrbac

"He has a very professional approach to problem solving, and he is reliable, accurate and always available for consultations."

"Very professional, warm and a hard working person. Provides much wider info than we ask for, which is very rare these days."

Tomislav Šunjka

"He is very well versed in business and legal matters. He understands international circumstances and applies them in Serbia and in his work."

"He is the founder and super experienced lawyer." 

"Tomislav Šunjka is great at what he does. He knows how to handle work and can translate local environment knowledge to international clients. He knows what needs to be done legally to translate to international clients for better understanding."

"He is concise and explains what is possible and what not while providing solutions."

"I think that the whole company's values are inherited from Tomislav's own personal values - professional, punctual, serious and business oriented with a high motivation to help his client. Whenever you work with Tomislav, you will feel that you're on the top of his priority list, and he will never keep you waiting for anything."

"Resputable, competent and accurate at work."

"Responsive, serious and agreeable to work with."

"Very professional, educated, accessible and dedicated."

"Outstanding professional."

"He was very helpful and we are glad we started collaborating with his office. He is proactive and finds solutions and options for clients in a very unique and fast manner."

"Immense experience, great knowledge, innovative solutions, good assessment powers, useful advice, extensive field of expertise and excellent performance at every task."

"I am very pleased that I have the support of Mr. Tomislav Šunjka."

"He has a strong professional approach. This is reflected in the entire services he and his team provide."

"He is a very experienced lawyer with a great and rare to find sense of business intelligence. Quick thinking, very professional, great communication skills."

Velibor Repaja

"Strong knowledge of the subject and very professional person."

"Velibor is always accessible, meticulous and an expert in law."

"Very professional, prompt feedback, punctual and precise."

BDK Advokati

BDK Advokati is a regional firm often mandated by magic circle firms to act as local counsel on large multi-jurisdictional transactions. The firm has acted for private equity firms, large multinational corporations and investment banks on some of the country's largest acquisitions and financings. Although the firm has strength across the board, its lender-side financing works stands out most. 

In the project development space the firm has been advising international investors on the development of large energy and transport projects. 

During the research period corporate lawyer Saša Stojanović joined the firm as counsel from Eisenberger & Herzog to head the newly established German desk. 

Recent Deal Data highlights

•Belgrade waste-to-energy PPP

•Nikola Tesla Airport concession

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

Client feedback

"Very responsive; impressive knowledge of the market and expertise on the legal issues." – Banking 

"Very strong, professional team players, proactive approach and supportive." – Capital markets: structured finance

"BDK is a very practical firm that truly understands what Fortune 500 in-house lawyers and the team need - speed of execution and risk evaluation." – M&A

"Generally very good work and good balance of legal and commercial insight." – M&A

"Service provided by BDK Advokati in Serbia is professional and the lawyers are conscientious with quick response ability during the service period." – Project development 

"Strong professional and excellent client-oriented team." – Project development 

"BDK is devoted, dedicated, highly efficient and punctual. They are very committed and available, providing the highest quality services." – Project finance

Bojanović & Partners

Bojanović & Partners advises international clients on deals in Serbia. The firm's clients in the banking sector include large international and regional banks, which it advises as lenders on cross border financings. It has a focus on the oil and gas and power sectors where it advises clients on licensing and construction projects.  

During the research period the firm has been active on lending work for banks. It has also picked up work from several American companies advising on restructuring and financing transactions. 

In 2018, the firm strengthened its corporate practice by hiring Tanja Dugonjić as partner from ŠunjkaLaw. 

Recent Deal Data highlights

•NLB Group restructuring 

Client feedback

"Outstanding! One of the best in the market." – Banking

"The firm has excellent professionals with in-depth knowledge and great dedication to respective matters. They respond quickly and provide efficient solutions. Vladimir Bojanović is an excellent leader and provides legal advice on every complex issue from various fields of law." – Capital markets: debt

"First-class service. Very responsive lawyers providing useful and practical advice in a timely manner." – M&A 

"Excellent work, great response and in-depth knowledge." – M&A

"We are amazed by their knowledge and professionalism. Their organisational structure allows them to be extremely cost-effective, providing premium legal service without running into unnecessary overheads." – Project development 

"The best firm in Serbia." – Project development

"Premium law firm and the best in the market for sure." – Project finance

Bojović Drašković Popović & Partners

Bojović Drašković Popović & Partners is a full service firm mostly working for foreign clients, often as local counsel alongside international firms. 

During the research period the firm has been working alongside international firms advising UK companies and banks on cross border acquisitions and financing transactions. It also secured work for both domestic and international real estate groups as investors, and borrowers for retail park developments in Serbia.

Recent Deal Data highlights

•Agrokor restructuring  

•Delta Real Estate Group €65 million refinancing 

•Požarevac recycling plant

Client feedback

"Responsive, meticulous, practical, comprehensible and pro-active." – M&A 

"We are very satisfied with their services. Their strengths include legal expertise, timely delivery, business-oriented advices, and excellent knowledge of industries." – M&A  

"The law firm's work is done on the highest level in Serbia and Montenegro. Advices are always comprehensible, business-oriented and practical. Employees have very good command of English language. The same goes for senior personnel (partners and senior associates) who in addition to that have an in-depth insight in relevant industries." – M&A

"Very professional approach, on-time response to demands, professional support and guidance from start to finish. Over the years, we have kept our professional relationship and see them as trusted partners." – M&A 

"The service provided by the firm was excellent - responsive, complete, detailed and knowledgeable." – M&A 

"Highly efficient team, business-oriented and in-depth knowledge of the market." – M&A 

"The firm has grown considerably since its spin-off from top domestic firm. It remains an independent boutique law firm with specialisms in real estate and energy law. The lawyers have grown with our business as it has expanded in Serbia and therefore we benefit from senior level counsel and involvement in our business." – M&A 

"They have proven that they provide a much personalised approach. We enjoy their full attention. I am particularly content with how they kept a constant eye on all the legal developments affecting our business. They are proactive and always oriented to the solutions." – Project development

Deloitte Legal

Deloitte Legal has a strong M&A offering and often advises state-owned entities on privatisation or on the cross border acquisition of local businesses. 

During the research period the firm picked up several M&A mandates in the telecommunications sector, advising a mix of international and state-owned companies on local and cross-border acquisitions. 

In the projects space, Asian construction companies have mandated the firm to advise on obtaining contractor licenses.   

Recent Deal Data highlights

•Mondo acquisition of Adria Media Group 

•Al Dahra €150 million acquisition of PKB Korporacija 

Client feedback

"They are truly commercial-oriented and understand both our industry and the real estate market. They have the bigger picture in mind and are detailed-oriented." – Banking 

"DLS is a young and upcoming law firm on local market. The team combines experiences of lawyers being involved in both big and small local and international legal practices." – Banking

"The team has expertise and capacity to handle complex transactions. The main strength of Deloitte legal is their ability to analyse all options and offer the most efficient options." – M&A


Harrisons has a strong regional practice in the Balkans. In Serbia the firm is known for its lender side expertise, particularly advising EBRD and IFC on loan facilities provided to local businesses. 

The firm also advises investment banks on deals in Serbia and during the research period has been advising on supply chain financing – a rarity in Serbia.

In M&A the firm advises international buyers on acquisitions of local businesses and investments in the country

Recent Deal Data highlights

•MK Group €25 million loan facility 

•Nectar and Fructal €50 million financing 

•PKB Korporacija €150 million privatisation 

Client feedback

"Excellent. They are responsive, attentive, careful and concise. They know us and what we find important." – Banking

"Harrisons are exceptional, and the best law firm that we work with globally. Their lawyers are extremely experienced and they handle local law and complex issues deftly. We easily rank the firm with all of the top international law firms for the company's bi-lingual nature and legal expertise. They are very responsive and felt like an extension of our in house team throughout the acquisition and beyond." – M&A

"Highly knowledgeable of local and international law and practice. Well respected by the local and in-house lawyers. A real can-do pragmatic approach, which is very effective." – Project development 

"Excellent. Without a doubt, the 'go-to' law firm in the region. They know the markets (international and local), the law and what works commercially in their region to get the job done." – Project development

"The lawyers at the firm are very responsive to clients' needs, well versed in Serbian law, have good experience with the courts and institutions and try to find a solution for every issue." – Restructuring and insolvency

Law Office Milosevic

Law Office Milosevic advises Asian and European corporates, private equity firms and high net worth individuals on deals across the financial and corporate areas, but has greater activity in M&A and restructuring. 

During the research period the firm advised both domestic and international clients on a mix of acquisitions in, and the sale of stakes in, Serbian businesses. In the energy sector, the firm advised Asian clients on the acquisition of a Serbian energy company and hydro power plants. The firm's restructuring practice advises both the creditors and debtors on bankruptcy proceedings.  

Recent Deal Data highlights

•MCI Shipyard insolvency

•Verat insolvency 

Client feedback

"Very professional work, exceptional knowledge of company law and dedicated towards clients." – M&A 

"We were very satisfied with the quality and timeliness of the advices we received. We also highly appreciate their knowledge and professionalism." – M&A

Law Office Miroslav Stojanović cooperating law office of Wolf Theiss

Law Office Miroslav Stojanović cooperating law office of Wolf Theiss is active across the board in the financial and corporate space. The firm is active in the real estate sector. Its work in the sector varies from development, financing, acquisitions for developers, investors and lenders.

In banking, the firm primarily advises regional and international banks and recently it advised on a mix of corporate and development financing and on debt restructurings. 

During the research period the firm picked up a few of acquisition mandates from local and international bodies in the mining sector.  

Recent Deal Data highlights

•Belgrade waste treatment PPP 

•Prigan €21 milllion debt restructuring

•Ušće €130 million financing

Client feedback

"They are professional, experienced, client-oriented and focused to efficiently provide quality input/service. They work well both individually and as a team, especially when their advice in needed on complex matters. Sometimes they are requested to provide advice related to the entire CEE region and they successfully cooperate with other WT offices to prepare summarised advices. They are a great support to me, providing efficient, clear and professional legal advice in changing and challenging environment." – M&A

Marić & Mujezinović in cooperation with Kinstellar

Kinstellar works in cooperation with the local office of Marić & Mujezinović. The firm is strong in banking and finance, M&A and real estate, advising a mix of international financial institutions, real estate and energy developers, corporations and asset managers on large deals. 

The firm's energy offering is one of its core strengths, and it does finance and M&A work for clients in the sector in addition to advising on projects and regulation. 

The firm has regulatory expertise, and foreign entities often mandate it to advise on Serbian law in relation to market entry, the introduction of new products, or on under-regulated industries. 

Recent Deal Data highlights

•Čibuk 1 

•Masdar Energy  acquisition of 49% in Krnovo Green Energy 

•UPM acquisition of Fitek Group 

Client feedback

"The firm is one of our most trusted and widely used advisors in our network of law firms. Serbia is an extremely challenging jurisdiction from the regulatory perspective, where the enforcement practice of regulators is often inconsistent. The firm's advice is always spot on, and covers not only the applicable laws but also the market and regulatory realities." – Banking 

Marić Mališić & Dostanić

Marić Mališić & Dostanić is strong in project development and has notable financial and corporate practice. The firm advises foreign investors on entry into the Serbian market via acquisitions.

In the projects space, the firm is working for a large multinational construction company on the modernisation of a refinery plant in Pancevo and its tender participation in a transport PPP project. It also advises international corporates on the development of retail parks and production plants in Serbia.

Client feedback

"Very responsive and highly skilled professionals for every transactions." – Banking

"The firm provided prompt and accurate advice. They acted very efficiently to overcome delays caused by restructuring of the local competition authority." – M&A 

"I am very satisfied with the overall work they have provided for our company. They are very accurate, paying attention to details and following local legislation, providing the clients with the best solutions for specific requests." – M&A 

"The firm is always ready to work on urgent matters and delegate tasks to skilful colleagues, when the first choice person is unavailable." – Project development

"Strong negotiation skills and interaction with stakeholders and excellent knowledge and experience in similar projects and lots of legal domains." – Project development

"I am very satisfied with how they answer all my requests and always find the perfect solutions in many challenging situations, often under intense time pressure. The team is excellent - legally well versed and business-oriented. They truly understand our needs." – Project development

"They are very proactive, punctual and have solid and extensive experience in real estate and, especially, FIDIC. I am working with partner Veljko Dostanić who is the head of the real estate department and a very pleasant person to work with. Main strengths include efficiency, responsiveness in very short deadlines, analytic approach, solid knowledge of real estate and valuable inputs." – Project development 

Marković Vukotić Jovković

Marković Vukotić Jovković is a relatively young boutique but has seen recent growth in both the size of its team and the number of deals it has secured. 

The firm is active in corporate work. Recently it has mostly been engaged in distressed assets deals, advising on a mix of acquisitions, restructuring and liquidations. 

In the projects space the firm has been active on transport-related projects, advising foreign investors on concessions and public procurement matters in Serbia and neighbouring countries. International retail companies have also engaged the firm to advise on the development of retail and production facilities in Serbia.

During the research period the firm hired Siemens' ex-regional general counsel Dušan Đorđević. He handled large infrastructure and energy projects while he was at Siemens. 

Recent Deal Data highlights

•DE Heus / DE Heus Animal Nutrition acquisition of Komponenta 

•Kentaur financing 

•Victoria Group restructuring 

Client feedback

"Great team, responsive, reliable and the best experts in the market." – M&A

"Excellent dedicated team. Strong professionals with an in-depth knowledge and understanding of PPP and the industry." – Project development 

"The firm (Nikola Vukotić in particular) expressed a wide legal operational knowledge and a practical approach in providing legal advice and solutions. He is focused on problem solving and providing the best possible outcome for the client." – Project development 

"Overall I would highly recommend the firm. They have been truly helpful and informative all the way. They gave us information we did not even know we should have asked." – Project development  

Mladenovic & Stankovic in cooperation with Rokas Law Firm

Mladenovic & Stankovic in cooperation with Rokas Law Firm has a strong project development practice with expertise in the energy sector. 

Recently the firm has been active on several wind farm projects both in and outside Serbia, where it normally advises contractors on the construction of power plants. 

In the corporate space the firm has a wider focus, primarily advising international clients on investments in Serbia. During the research period it advised several long standing clients on a restructuring, winding down and financing mandates. 

Recent Deal Data highlights

•Alibunar 42MW wind farm 

•Kosava 69MW wind farm 

•Tafila 89MW wind farm 

Client feedback

"Gave us valued advice for our rights and our interests. They knows the Serbian law very well." – Banking 

"We are very satisfied how all our legal matters have been handled by the firm. Their main strength is definitely their expertise, their level of dedication and ability to provide tailor-made and swift solutions that best protect the interests of our company." – M&A 

"Excellent law firm with unique and extremely competent lawyers." – M&A 

"Our closest working contact is Aleksandar Mladenović who heads the corporate and commercial department and definitely a lawyer to go to when you have complicated legal issues. He is extremely capable of dealing with all client's legal matters with a very meticulous approach to legal issues." – M&A

Moravčević Vojnović and Partners in cooperation with Schoenherr

Moravčević Vojnović and Partners in cooperation with Schoenherr has a strong relationship with local and regional lenders. It advises banks on a wide range of work including M&A, NPL sales, financing and restructuring. 

The firm’s finance expertise extends to more sophisticated products and, after advising on the first ever Serbian master agreement for OTC financial derivatives, it became Serbian counsel to ISDA in 2019. 

Private equity firms favour Schoenherr's regional network so the Serbian branch it is often seen on large regional deals such as the sale of Telenor’s CEE business. 

In the projects space the firm has a strong energy offering in Serbia, advising public entities and private parties on the development of renewable energy power plants in the region. The firm also has experience representing the state and international financial institutions on road PPP projects. 

Recent Deal Data highlights

•BC Partners acquisition of United Group  

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

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

Client feedback

"The Law Firm is one of the top corporate law firms in Serbia, with teams which can provide the excellent legal services. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are the firm's strengths." – Banking

"The law firm performed very well. Strengths include very skillful and competent lawyers, strong negotiations skills protecting client's interests, good supporting team, very efficient and task-oriented." – Capital markets: debt

"Strengths include competent lawyers, good support to clients, experience in negotiations and closing transactions." – Capital markets: debt

"Strengths include extensive experience in OTC-Derivatives; cooperation with international network and market organizations, hands-on mentality, solution-oriented approach, reliability, timely and cross border reach." – Capital markets: derivatives

"Highly professional, problem-solver and reliable." – M&A

"Great cooperation with team who were bringing value for all their activities." – M&A 

"Their greatest strengths are dedication to the client, the highest quality of work, knowledge, international experience and promptness." – M&A

"Service was delivered on time. They were fast and provided us with clear instructions on which points we need to check with our bookkeepers." – M&A

"I am highly satisfied with the law firm's work and am always impressed by their outstanding client focus approach. The lawyers are great professionals with thorough legal knowledge, great experience and business-acumen." – M&A

"The firm led a very professional negotiation process with our interest on their mind. They are always at our disposal and provide us with high quality advices." – M&A

"Highly professional, client-oriented, covering the wide scope of industries and industry in-depth knowledge." – M&A 

"We build long term relation based on trust. Professionalism and availability is on the highest level. Huge experience in real estate." – M&A 

"The firm provided excellent services and utilised their excellent knowledge." – Project development

"We would like to emphasis their high level of professional behaviour and knowledge of the Serbian legal system especially concerning the fast growing renewable energy market. They had the ability to solve problems quickly." – Project development 

"MVP has consistently exceeded expectations. They have been proactive, communicative and available whenever we needed them." – Project development

Ninković Law Office

Ninković Law Office is a full service commercial firm known for its focus on the aviation sector. 

In the research period it has been working alongside international firms on cross border M&A in the healthcare sector. The firm also advised international entities on local regulation.

Recent Deal Data highlights

•Abbott acquisition of St Jude Medical 

•Aspen Europe / Aspen Pharma merger

•NK Aviation $2 million sale of ATR Aircraft 

Petrikic & Partners in cooperation with CMS Reich-Rohrwig Hainz

The Serbian office of CMS global works with Petrikic & Partners and is often active on regional transactions advising on the Serbian aspects of the deal. 

The firm often does work for regional corporations and international financial institutions on cross border acquisitions or financings.

The firm also has strength in the energy sector and advises renewable energy companies and investors on financing, development of projects and energy supply contracts in Serbia. 

During the research period, the firm also notably advised the issuer of a rare Serbian IPO. 

Recent Deal Data highlights

•Delta mall acquisitions refinancing 

•MK Fintel Wind Belgrade Stock Exchange IPO 

•OTP Group acquisition of Société Générale Bank in Serbia 

Client feedback

"Great support on any legal details related to the project." – M&A

"Very professional and responsive. Excellent cooperation with our company and as our representatives with external partners and state authorities." – Project development

Prica & Partners

Prica & Partners is a full service independent firm with a strong corporate practice. 

Recently the firm has been active in distressed assets deals, advising international creditors and investors on a mix of recovery, sales and acquisitions transactions. 

In M&A also acts as local counsels to international investors on a mix of regional and domestic acquisitions across several sectors including energy. A notable recent mandate from the government sees the firm advising on the privatisation of the country's second largest bank. 

In the projects space the firm is also working for the government, on this occasion advising on the construction of country's first industrial park. The firm has notable experience in the energy sector and advised on the construction of the largest wind park in country. 

Recent Deal Data highlights

•Komercijalna Banka privatisation 

•Rohatyn Group €40 million acquisition of Pet Centar 

•Serbia-China Industrial Park 

Client feedback

"Responsive and efficient." – M&A 

"Good business relationships, prompt responses, good understanding of the need of my organisation and procedures to follow." – M&A 

"Prompt and factual responses on our requests, very good commercial awareness and reasonable costs." – M&A

"The team is focused and try to find the best solution for the client." – Restructuring and insolvency

"We are satisfied with the work of the law firm. We receive updates on court hearings in a timely manner and information how to proceed." – Restructuring and insolvency

SOG - Samardžić Oreški & Grbović

SOG - Samardžić Oreški & Grbović is a full service law firm that advises both international and domestic clients on corporate transactions such as M&A and restructuring. 

The firm’s real estate is one of the its strongest. It advises international construction companies and developers on acquisitions and development financing for projects. It is also active on lender side, working on financing to the sector for local and international banks. 

Recent Deal Data highlights

•Banka Poštanska Štedionica acquisition of Jugobanka Jugbanka  

•Heta NPL sale

•Subotica Regional Waste Management Centre  

Client feedback

"Fast, reliable and efficient." – Banking

"Outstanding on all matters. Always a pleasure to work with them." – M&A 

"Fantastic communication, attention to details, business-oriented and devoted." – M&A 

"Professional and good career attitude." – M&A

"Highly skilled and they know how to think outside-the-box." – Project development 

Stankovic & Partners

Stankovic & Partners is a full service firm and advises regional and international clients on corporate deals including restructurings and acquisitions in Serbia. It acts alongside international law firms to provide local counsel on large multi-jurisdictional transactions such as capital increases and acquisitions. 

The firm's projects offering is capable of advising on the financing, development and regulatory aspect of projects in energy, social infrastructure and power sector. 

Recent Deal Data highlights

•Business Journal insolvency 

Client feedback

"The senior associate at the firm (Tijana Kovacevic) is extremely organised, and very diligent and very responsive." – Banking

"They understand the business and the local market. They track changes and suggest required developments. When advising not only do they give answers, they also provide us with suitable alternative solutions. Service is always on time and of high standard." – M&A

"The firm provides continuous service and is always available. They advise in a manner that is understandable to the management of the company." – M&A

"The service received was excellent and fast." – M&A

Tasić & Partners

Tasić & Partners has a good reputation for project work and often works on PPPs which is evidenced by its recent work highlights. The firm is often mandated by public authorities to advise on PPP infrastructure projects, and has experience advising clients on the private sector side too.

In the corporate area during the research period the firm advises local subsidiaries of international companies on deals including from restructurings and share transfers. 

Recent Deal Data highlights

•City of Zajecar regional waste treatment center PPP 

•Politika ad Beograd increase and decrease of share capital 

•Ranveco waste treatment center PPP 

Client feedback

"Tasić & Partners have professionally dealt with all of my requests and have given me confidence that my case is in good hands. Moreover, the advice I have received from their highly trained staff was realistic, reliable and easy to understand. The team I was assigned was approachable and easy to communicate with.  I would confidently recommend Tasić & Partners." – Capital markets: equity

"The firm is made of experienced lawyers who handled our case with the best interest of all parties involved, making sure that there is balance in mutual rights and obligations. They provide clear guidance keeping in mind the client's commercial objectives." – M&A

"The firm combines deep expertise, a strategic approach and common sense with great experience and knowledge. We can recommend them for extremely good value for money. They have an impressive client following and offer clear guidance." – M&A

"The firm provide innovative, yet practical solutions. They can very easily adjust to any unexpected changes. We also have to mention the excellent knowledge they have had on all required matters." – M&A

"T&P always provides quick, decisive and actionable advices which are based on a wealth of industry knowledge and experience. T&P gives clear guidance fashioned with respect to the client's commercial objectives. They have very experienced team with proactive and client-focused approach to businesses, which shows why the firm is recognized for its modern and legally innovative approach." – Project development

"We are very pleased with our cooperation with the firm because it is notable for its impressive reputation and experience in the PPP projects. They have provided us the highest quality service and we are especially satisfied with their tailor-made service and flexibility in cooperation with public bodies." – Project development

"The firm is known as one of the best in the business, working proactively with clients to efficiently resolve every matter. Lawyers at T&P are top-notch, in terms of quality of advice and they always focus on us, offer new types of services and innovative models of legal advice." – Project development

"Providing prompt, efficient and professional response when needed." – Restructuring and insolvency

Živković Samardžić

Živković Samardžić is a full service firm active on a range of financial and corporate work. 

The firm has a reputation for work in the media and telecommunications sector, and some of the county’s largest media groups are among its clients. It advises these businesses on corporate deals including mergers, acquisitions, and restructurings. 

Recently the firm has also picked up capital markets work advising local and regional clients on delisting and capital increases. 

Recent Deal Data highlights

•Nikola Tesla Airport capital increase 

•Kopernikus Corporation €180 million acquisition of Antenna Group 

•Pivka-S restructuring

Client feedback

"Excellent support and proactive suggestions. We have worked together with the firm in the past and have always received the "above and beyond" treatment." – M&A 

"Excellent and professional support." – Project development