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The Buzz in Bulgaria with Peter Petrov of Boyanov & Co.

The Buzz in Bulgaria with Peter Petrov of Boyanov & Co.

Bulgaria
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“What we are seeing lately is a fragmentation of the legal market, as well as intensifying competition,” says Peter Petrov, Partner at Boyanov & Co. in Bulgaria. “While no major players have entered or exited the market, there have been moves between legal teams, as well as existing teams developing new expertise.”

Despite these changes, Petrov emphasizes that large local firms remain the preeminent players in the market and that the “legal environment remains complex, and it puts ever-increasing demands on law firms that are committed to maintaining standards.”

Petrov believes that the Bulgarian economy is developing well. “In contrast to the period before the global financial crisis,” he says, “we are not seeing one sector – like real estate – expand exponentially, but rather there is activity in a wide variety of fields, which is encouraging for the overall health of the economy.” Petrov points to what he calls “positive energy” in a lot of sectors, including continued investments in manufacturing and commercial real estate, an expanding IT sector, a “better climate” in the energy sector, and “healthy growth” in the retail, pharma, automotive, finance, telecoms, food and beverage, and consumer goods sectors. He believes that the Bulgarian economy is expanding at a good pace, uninterrupted by any “jolts that may cool business confidence.” 

Petrov says the energy field is particularly interesting, “with the Turkish Stream in development and the potential reopening of the nuclear Belene project.” He also notes a “large project in motion” in the transport sector with the recently-completed concession procedure for the Sofia Airport and its subsequent expansion. Although these projects are large and likely to make a clear impact on the market, Petrov believes that it will be a “regular stream of smaller projects” that are “likely to be the main driver of investment in the country.”

Finally, speaking about purported legislative changes on the horizon, Petrov says that the Bulgarian Government is “contemplating a major reform of the healthcare system, possibly allowing multiple competing general health insurance schemes, which is likely to radically change the landscape in the sector.” In addition, he says that he expects the Government to assume a mostly “gradual approach” to legislative changes which he believes will “ultimately be a better scenario, long term, for business.” 

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 14 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

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