The market for corporate law firms in the Republic of Serbia has undergone significant change.
Over the past ten years, numerous partners from traditionally large corporate law firms have established their own practices, either independently or with other colleagues, leading to an increase in the number of law firms specializing in this field. On one hand, this has resulted in improved service quality and on the other it has influenced on lowering hourly rates, making services more affordable for clients.
As competition intensified, the need for market consolidation in the segment of corporate law firms became inevitable. Over the past and current year, several domestic corporate and IP law firms have formed partnerships with regional firms or have been absorbed by large, globally renowned firms like. Although "Magic Circle" or "Silver Circle" law firms are not yet operating in Serbia, their entry is anticipated in the near future due to the dynamic economy, high economic growth rates, record low unemployment, and improved general living standards.
These new trends are positive, as they will further enhance service quality and necessitate that local law firms specialize in specific areas of business law to provide even higher quality services. Additionally, further market consolidation is expected as a consequence of intense competition and the need for more efficient resource utilization. It is worth noting that a similar trend has been observed in the Serbian banking sector over the past seven years.
By Nenad Cvjeticanin, Partner, Cvjeticanin & Partners
