Ţuca Zbârcea & Asociaţii posted a slight drop in gross revenues from 22.7 million Euros in 2009 to 22.4 million Euros for 2010.
Ţuca Zbârcea & Asociaţii earned most of its revenues last year from energy and natural resources, corporate and M&A, and litigation and arbitration work, each contributing 25%. Throughout 2010, the firm also won various roles on high-profile projects, acting on behalf of a raft of international clients such as Rompetrol Rafinare – a member company of Rompetrol Group (owned by KazMunaiGaz, the leading Kazakh oil producer), Sofiprotéol/Saipol, and Gabriel Resources Ltd. / Roşia Montană Gold Corporation.
According to firm officials, the figures do not include the income generated by its secondary office in Cluj-Napoca or the revenues obtained by the firm’s separate insolvency and intellectual property units.
“We have managed to keep work levels up, despite challenging market conditions, thanks to a range of notable projects in various areas of practice. Our main focus in 2010 was to maintain strong client relationships while also looking out for new business opportunities. On the same note, lateral hiring has been a crucial element of the firm’s growth strategy, with various high-profile additions in 2010 and a significant round of 11 internal promotions, including 6 new partner appointments”, said Florentin Ţuca, Managing Partner at Ţuca Zbârcea & Asociaţii.
Gabriel Zbârcea, also Managing Partner, commented that approximately 95% of the firm`s reported gross revenues had come from the private sector. “Our profits and lawyer productivity soared in 2010, but that was largely due to a mix of cost-cutting measures, new client wins and diversification in existing clients` advisory work. The economic conditions remained tough and 2011 will most likely continue to be an up-and-down year, despite signs of slow economic recovery”, he added.
For 2011, firm officials predict a flat year with zero revenue growth. Plans for the year include a more active presence at a regional and international level, further internal team appointments and lateral hiring, and the launch of new business services.
Ţuca Zbârcea & Asociaţii now boasts 90 lawyers, including 21 partners.
Note to Editors:
Ţuca Zbârcea & Asociaţii is the sole independent Romanian law firm with a representative office in Spain. The company has also opened a secondary office in Cluj-Napoca, in association with Nistorescu, Şomlea & Asociaţii, and enjoys excellent partnerships with various law firms throughout the country. In September 2010, Ţuca Zbârcea & Asociaţii entered into a strategic cooperation agreement, based on a “best-friend” relationship with law firm Ţurcan & Ţurcan, the leader of the business law market in Chişinău, capital of the Republic of Moldova.
Ţuca Zbârcea & Asociaţii offers the whole range of legal services, and has been recommended by prestigious specialized international directories in areas of practice such as: corporate & commercial; mergers, acquisitions & privatization; litigation & international arbitration; energy & natural resources; banking & finance and others.
Ţuca Zbârcea & Asociaţii has garnered a string of local, regional and international accolades, having been named “Law Firm of the Year” for the past four years and “Most Innovative Continental European Law Firm” in the Financial Times’ Innovative Lawyers Report. It received Chambers Europe’s most prestigious award for excellence – the “Law Firm of the Year Award” (Chambers Europe Awards for Excellence 2010) and “Law Firm of the Year in Eastern Europe and the Balkans Award” at The Lawyer European Awards 2010 ceremony.