Lithuania’s government has been active in constantly improving the business environment from a legal and tax perspective during the past several years, according to Triniti Partner Giedre Ciuladiene. With the recent change of the government in 2024, adjustments are expected in investment and tax policies, with potential effects on private equity, venture capital, stock options, and legal work around restructuring and deals.

Hungary’s real estate sector remains strong despite regulatory changes and delays in digital systems, according to Ban, S. Szabo, Rausch & Partners Partner David Kiss. Industrial projects and planned infrastructure around the nationalized airport may boost the economy, though growth is uncertain amid frozen EU funds.

Greece is booming in 2025, with robust investments across construction, hospitality, and energy sectors, according to Sardelas Petsa Managing Partner Panagiotis Sardelas, who stresses that digital infrastructure and capital markets are also gaining momentum.

Kosovo is in political limbo after the February elections, with stalled government formation affecting key decisions, according to Ardian Rexha, an Attorney at Law associated with Deloitte Kosova. At the same time, energy reforms and price hikes by the regulator are causing strong reactions from businesses and the public.

Cautious optimism defines the current mood in Estonia, as the country navigates modest economic growth alongside persistent geopolitical and regulatory uncertainty, according to Ellex Partner Gerli Kivisoo, who reports subdued investor activity, ongoing tax debates, capital market shifts, and a growing M&A pipeline that suggests momentum may be gradually returning.

Latvia is seeing a rise in disputes and public infrastructure work, according to Klauberg Baltics Managing Partner Theis Klauberg. At the same time, corporate activity is slowing, as regional and global uncertainties reshape priorities for both firms and clients.

Ukraine is seeing a wave of developments across key sectors, from natural resources and energy to M&A and outbound investments, according to Imagine Lawyers Partner Galyna Zagorodniuk. With the recent ratification of the so-called “Mineral Treaty” with the United States, renewed privatization efforts, and a shift toward EU-aligned regulation, the country is preparing for significant economic and legal activity.

Bosnia and Herzegovina is experiencing a notable shift in its investment climate, marked by a rise in foreign direct investment and a more dynamic economic landscape, according to Maric & Co Managing Partner Nebojsa Maric. While the country’s complex political system and heavy regulatory environment have historically made investors cautious, the interest in the areas of manufacturing, renewable energy, and infrastructure is growing.

North Macedonia’s new government has sparked a wave of legal and regulatory changes, with renewed competition enforcement while updates in consumer protection, energy, construction, and copyright raise new questions, according to Law Office Pepeljugoski Partner Ana Pepeljugoska.

Slovakia’s new Building Act, effective as of April 2025, is significantly reshaping the construction and permitting landscape, according to Legate Partner Norbert Havrila. The act introduces major reforms designed to streamline and modernize construction procedures, impacting not only real estate development but also telecommunications infrastructure.

Kosovo is accelerating its energy transition, SEPA integration, and corporate transparency, aligning with EU standards to boost investment, competition, and economic stability, according to Nallbani Law Office Managing Partner Delvina Nallbani.

Georgia’s political and judicial challenges are impacting lawyers, particularly with attempts to introduce FARA-style regulations in a way that could restrict their work, according to J&T Consulting Partner Otar Machaidze. Legal work is stagnating and businesses are waiting for stability while the new convention on lawyers offers a rare glimmer of hope.

Bulgaria is currently facing delays in passing key legislation, with the government focused on distributing the state budget through sectors and preparing for Eurozone accession in 2026, according to PPG Lawyers Managing Partner Irena Georgieva. Regulatory changes are expected, and the IT sector remains strong and innovative.

Serbia’s legal market is influenced by ongoing political instability stemming from months-long student protests and the recent resignation of the Prime Minister, according to NKO Partners Junior Partner Branko Jankovic. This situation is expected to slow M&A activity, particularly in real estate and mining, though everyday employment-related legal work is on the rise.

Prioritizing defense, tax reforms, and anticipated tariffs are at the top of the agenda in Slovenia, according to ODI Law Partner Tine Misic, who reports the country is looking to upgrade its railway infrastructure and nuclear power plant in Krsko.

Croatia’s mergers and acquisitions market continues to exhibit remarkable dynamism, with strong activity across key sectors such as hospitality, healthcare, and alternative energy according to Tarja Krehic, Managing Partner at Krehic & Zornada, who also reports on legislative reforms aimed at aligning Croatia’s corporate governance and state-owned enterprise management with OECD standards.

Despite the ongoing war, Ukraine’s legal and investment landscape continues to evolve, with shifting trends in M&A, infrastructure, and technology-driven sectors, according to EY Law Partner Bogdan Malniev who also reports renewed interest in logistics, defense technology, and corporate governance reforms.

Albania is aligning with EU regulations through new laws, including a data protection law in 2025 and a new updated electronic communications law, according to Ismailaj & Partners Managing Partner Erinda Ismailaj. With elections on May 11, legislative activity has slowed, creating uncertainties that can lead to a lack of predictability in a business environment.