ТОП-50. Исследование 2016 года
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Legal Market
Management cult
The views of the majority of legal service market players are directed towards the future; 2016 passes without any special disturbances, law firms consolidate resources, particularly the human one, in reliance on market recovery. At the same time, law firms, which optimized management approaches at the right time, have spent the year being sufficiently active, as evidenced by their high indicators in the research Fifty Leading Law Firms of Ukraine
Receipt of Award
Business models followed by the leading law firms might serve as an excellent illustration of the processes taking place in the legal services market of Ukraine. Even in full-cycle law firms, only three or five practices could be regarded as income-generating. The practice of dispute resolution remains the undeniable leader on the legal market due to both its financial benefits and the high demand for its services
The Firm and Its Content
When viewed through the lens of personnel structure, an average law firm, which is ranked among the Top 50 law firms, is seen as a team of 30 lawyers or more, including five or six partners. Two thirds of its employees have over five years worth of work experience and more than half of them have been working for more than five years at one and the same law firm. At the same time, the market for personnel has revived somewhat, although law firms are still reluctant to increase their personnel numbers without counting on the market activating itself quickly
High Hopes
How to create business between crisis and war Ernest Gramatskiy, President of Gramatskiy & Partners Law Firm, explained the reason why a lawyer needs to know about market trends and understand brand power
Changeable construction
"New technologies will spread with lightning speed, and this should be taken into account when constructing a long-term strategy of a law firm's development" —Vladimir Sayenko, Partner at Sayenko Kharenko assures
GRandiose reality
"A business operating in GR categories will not go to court, will not get involved in a long-term war, but is strategically ready to change the situation on the market" — Oleksandra Pavlenko, Managing Partner at Pavlenko Legal Group, believes
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Editor's note
OLEKSIY NASADYUK
Head of 50 Leading Law Firms of Ukraine annual research program
RUSTAM KOLESNIK
Chief Editor of YURIDICHESKAYA PRACTIKA publishing
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Methodology
Best records
The Anniversary 50 Leading Law Firms of Ukraine research program presents a record number of outstanding members of the legal profession
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Practice Areas
Development period
Objective preconditions for the recovery of transaction practices of law firms practicing in Ukraine have not been observed yet. However, there is no question of catalepsy – there is always demand for corporate-wide services; experts note certain activities in M&A market, banking and financial law specialists are in demand during restructuring support, and the new registration reality should be recognized to be the main challenge for real estate practice
Actively looking
"Even if the value of withdrawn assets is equal to several million dollars one can engage in their search rather effectively", — Nickolas Likhachov, Counsel at Spenser & Kauffmann, believes
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M&A
Ukrainian M&Atrix
2016 was marked by relatively low activity in mergers and acquisitions. Although there were transactions in almost every sector, their total number remained very small. In this context, it is worth distinguishing between transactions that relate exclusively to the Ukrainian market, and the transactions made at global level and which contain a Ukrainian element. And, compared to the Ukrainian, the global M&A market intends to once again break all records on the total number of transactions
Low cost start
"Western investors know that Ukrainian assets are at their lowest price at the present time, and believe that it will grow in future" — Anna Babych, partner at Aequo Law Firm, stresses
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Real Estate
To carry on construction
"The underestimation of categories in construction projects, both in residential and non-residential real estate, is among the risks for market participants" — Pavel LUKOMSKIY, partner at Salkom, believes
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Currency Regulation
Liberal course
Currency exchange controls have always held a specific place in the banking and finance law. Virtually no international financing transaction to Ukraine is made without it. This summer the National Bank of Ukraine canceled a part of the restrictions, imposed two years ago, and has permitted the payment, among other things, of dividends for 2014-2015. So we can talk about gradual liberalization and some simplification of the work of Ukrainian business, but one cannot yet expect radical changes in the state's monetary policies
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Industry Sectors
Economic upsurge
Reforms in business have been pending for three years. Lawyers are not giving up hope that improvements will finally take place considering both domestic needs and external incentives to bring legal regulation of the economy to world standards, despite the failure of the blitzkrieg aimed at business deregulation and eradicating corruption
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Energy
Playing privately
"In comparison with the state monopolist, private gas importers and suppliers find themselves in harsher conditions", —Yaroslav PETROV, Counsel at Asters Law Firm, says
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Pharmaceutics
Procurement Stage
It is necessary to minimize the engagement of officials from the Ministry of Health in procurement and open our market to producers who previously passed by Ukraine", — Lana Sinichkina, Partner at Arzinger, suggests
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Dispute Resolution
Setting the tone
The tone, set by the Supreme Court of Ukraine on court practice development in 2016 caused, in different ways, a great deal of discussion in legal circles. However, it is its legal positions, which will be determining after reform of the court itself
Strength in association
"In the context of investment attractiveness of Ukraine, the lack of a consolidated position within the judicial system is still the main problem", — Anna Ogrenchuk, Managing Partner at LCF, claims
Fixed-term contact
"I stand for the formula that the case should be considered on the basis of reasonable time limits", — Ivan Mishchenko, Managing Partner at Trusted Advisors Law Firm, says
Offended labor
"The work of an enterprise's human resources department, including preparation of documents regulating labor relations, should be coordinated by legal advisers", — Ekaterina Manoilenko, attorney, head of GOLAW judicial practice, recommends
Spectacular Presentation
"Choosing and developing a legal position is an art, which consists of the ability to present information and interpret the law from the correct angle" — Sergey Boyarchukov, Managing Partner at Alekseev, Boyarchukov and Partners Law Firm, believes
A Sense of Trust
"We do not separate our own success from the success of our client and we are sure that it is not the participation of an attorney but his victory in the case that should be remunerated", —Vitaliy Bobrynev, Managing Partner of Pragnum Law Firm, says
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International Arbitration
Appeal for moderation
The arbitration climate in our country can be described as moderate: pro-arbitration legislation is generally enforced in an ambiguous way. If we are to change the situation, we need to update laws and put an end to the formal approaches in the work of courts to assisting arbitration. International trends that affect the arbitration practice will consist of the specialization and strengthening of the role of "soft law"
Dangerous violation
"The state should not benefit from violation by a public authority of the formal procedures established by it", — Aleksey Kot, Managing Partner at Antika Law Firm, points out
Sustaining factor
"It is almost impossible to achieve international arbitration objectives without judicial support", —Vladimir Yaremko, counsel at Spenser & Kauffmann, sums up
To show assistance
"With the introduction of new procedural institutions promoting arbitration, the popularity of our jurisdiction will increase, including among foreign business", — Sergei Uvarov, Senior Associate with AVELLUM Law Firm, predicts
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Bankruptcy And Restructuring
The Great Shutdown
The main trends in the field of bankruptcy are related to the liquidation of state enterprises and banks. Changes in the relevant Ukrainian legislation are taking place at a slow rate, as is the bankruptcy procedure itself. Great expectations are associated with the implementation of an alternative mechanism, namely financial restructuring. However, the eponymously-named law raises a lot of questions which stimulate demand for the services of lawyers specializing in the respective practices
Concern for the future
"One of the key prerequisites for a successful financial restructuring is an independent evaluation of the value of the debtor's business and its prospects", — Andrey Pronchenko, Managing Partner at PwC Legal Attorneys Association, assures
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Criminal Law White-Collar Crimes
Haste and trouble
This year, the focus on tightening anti-corruption policy became the determining one for the field of criminal law. Applying the principle "the noble end justifies unpopular means", lawmakers sinned by adopting hasty and sometimes rash and populist decisions, creating the background for abuse on the part of law-enforcement agencies and new criminal risks for business
Contact formation
"All contacts with law-enforcement agencies should take place through a lawyer; it is more difficult to correct mistakes made, than to build a defence strategy at the initial stage" — Kateryna Gupalo, partner at Arzinger, recommends
Checkmate in one move
"We need to find the strength to act only lawfully, as the slightest unlawful step will lead business into the trap of intruders", — Anzhelika Sitsko, attorney, partner at GOLAW, warns
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Tax Practice
Following matter
While domestic tax reform once again finds itself at the stage of legislative initiatives, Ukrainian business is keeping a close eye on international trends in the tax field. After all, the country announced the European vector of development and this means that Ukrainian tax law should be brought up to international standards
Transparent background
"The main thing for investors is transparent administration of taxes, simple and predictable rules without corruption", – Yaroslav Romanchuk, Managing Partner of the EUCON International Legal Center, emphasizes
Starting from scratch
"Introduction of "zero" declaration is a compulsory condition for successful implementation of taxation rules for controlled foreign companies in Ukraine" — Maxim Lebedev, attorney, managing lawyer at GOLAW, says
Changeable perspective
"Taxation is not a physical law: changes are possible when business has a clear, reasoned position" — Aleksandr Minin, senior partner at KM Partners insists
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Intellectual Property
Trait step
The first outlines of IP reform, the point change in sectoral legislation, landmark litigation and even its "own court" — 2016 was a fruitful year for the national sphere of intellectual property of Ukraine. But market participants are looking increasingly to the future — and along with implementation of all that is planned on paper the IP sphere in Ukraine has every chance of reaching a qualitatively new level
Trend-zone
“Geographical indications and new trends in brand development enable rights holders to actively engage with consumers with a view to maintaining a positive image of branded goods,” —Alexander Pakharenko, Partner with Pakharenko & Partners IP and Law Firm, says
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Competition
Practice as usual
Changes to the legislation regarding oversight over concentration and development of the legal framework on regulation of state aid have significantly affected the volume of work of external lawyers in leaps and bounds. The number of "competitive cases" in local economic courts has decreased, but it still has no impact on the higher authorities. Direct application of customs in economic legal relationships has become the new phenomenon for economic courts
In antitrust we trust
"To be ‘antitrust compliant’ is becoming fashionable, as it finally allows business to save image and money" — Timur Bondaryev, Managing Partner at Arzinger, shares his observations
Concentration of influence
The Anti-Monopoly Committee of Ukraine is one of the most noticeable state authorities focused on reforming the relevant legislation and changing approaches to its work. News from the Committee reaches the market on a regular basis, both in respect of cases considered by the Committee and the sanctions applied by it, and in respect of adoption of new regulations and the methods used by the authority
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Regional markets
The Regional Campaign
The trends of the Ukraine-wide legal market are confirmed at the regional level. Services focused on comprehensive business protection against encroachments by competitors, including raider attacks, are in permanent demand. Alongside development of the regional IT clusters in Lviv and Kharkiv, the demand for legal services rendered for IT business is growing