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Creative industries have continued their exponential growth, steadily carving out a larger and larger slice of the market pie. This steady trend brings some changes, however, to their legal needs and expectations.

On January 30, 2017, eight members of the In-House Advisory Panel for the 2017 GC Summit gathered at the offices of Squire Patton Boggs in Budapest for a Round Table conversation on the challenges they face and strategies they employ in dealing with external counsel. The event was moderated by Akos Mester, Partner at Squire Patton Boggs.

Laszlo Reti, now mid-way through his third term as President of the Budapest Bar Association, takes pride in the ease with which he’s managed both the Bar and his long career as the Managing Partner of the Reti, Antall and Partners Law Firm in Budapest. Both the Bar Association and his law firm, he says, change with the times. In his words, he’s “swimming with the current.”

A significant anniversary inevitably causes us to reflect upon the period gone by. The sub-prime mortgage crisis in the US started in 2007 and, after spreading to other countries, became the global financial crisis that caused the longest-lasting recession of the post-war era. This recession, in conjunction with other factors, triggered sweeping changes in the Hungarian legal market. In retrospect, clear, recognizable patterns have emerged in the ten years since then. 

At the end of March 2017, the Hungarian Parliament accepted the amendment to the Building Act, which enters into force on 27 April 2017. According to the current rules, if natural persons start the construction of new buildings which do not exceed the limit of 300 sqm or the extension of existing residential buildings up to 300 sqm, the constructions works have to be carried out by a simple notification instead of a building permit.

Kinstellar's Budapest and Prague offices have advised M7 Real Estate on its EUR 68.5 million senior debt facility from Starwood European Real Estate Finance and on its acquisition of Aerozone Logistics Park in Budapest from CA Immo Group and Union Invest. 

Clifford Chance and Dentons are reporting that the EUR 650 million sale of a 265,000 square meter CEE retail portfolio by CBRE Global Investors to CPI Property Group that was initially reported in January closed on March 29, 2017, and more information has been learned about the structuring of the deal and the firms involved.

Sar & Partners has advised Hungarian hotel chain management companies responsible for the Prestige, Continental, and Boutique Hotels Budapest****Superior in several trademark infringement proceedings in Hungary initiated by or against the fast fashion company, Industria de Diseno Textil S.A., holder of the international and European Union "ZARA" trademarks. The subject of these proceedings was the use of the logo by the hotel chain management companies in connection with services of four stars superior premium hotels.

Hungary Knowledge Partner

Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

All News about, and Legal Analysis by, Wolf Theiss can be found here.

Firm's website: http://www.wolftheiss.com/

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