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The Buzz in Hungary: Interview with Gergely Szaloki of Schoenherr

The Buzz in Hungary: Interview with Gergely Szaloki of Schoenherr

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“The pandemic has overwritten any expectations we had at the end of 2019,” says Schoenherr Budapest Partner Gergely Szaloki. “We were very optimistic, and the market was booming, but the pandemic changed many things.” He underlines the frequent switch to a home-office working environment as being a particular source of change for the real estate market. “Not only the office spaces,” he says, “but I can imagine that flats will also be designed in a way so that it’s possible to establish at least a working corner at home.”

Szaloki says that the past few months have seen the creation of a number of pandemic-related laws affecting Hungary's economy. “Without trying to be exhaustive, it is worth mentioning the extension of the payment moratorium as well as the introduction of the eviction moratorium until the end of the pandemic situation,” he says. “Also, the Hungarian Parliament introduced a special reorganization procedure related to the Covid measures, and the implementation of the restructuring directive is expected to be adopted any time.”

In the meantime, Szaloki notes that not all markets have suffered equally during the pandemic. “The bond market is growing; the bond program of the Hungarian National Bank is running,” he says. “Sustainable energy is also a hot topic; solar farms are in development throughout the country and the pandemic did not really affect these projects.”

Szaloki reports a good outlook for deals in general, in fact. “Certain bigger M&A transactions are expected in the banking sector as well. Generally, while we saw some caution at the beginning of the pandemic, by now things are getting back to normal when it comes to deals.” He notes, though, that the inflation rate is expected to be higher than forecast, and that the Hungarian National Bank, “after many years, is considering increasing the base interest rate.”

Finally, Szaloki says that there hasn’t been any major news of note in the Hungarian legal market over the past year. “I think these days lawyers are rather conservative and are not moving unless necessary.  So far, I have not heard about any effect of Covid on the players of the legal market: no big movements happened like 12 years ago.” As to the legal business, certain sectors started thriving, for example real estate and labor law issues popped up from the ground that we could not even imagine existing before.”

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Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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