Allen & Overy and RTPR Allen & Overy have announced they will "continue to collaborate" but under "a new relationship agreement" that sees the local team change its name to purely RTPR for local projects, while Allen & Overy no longer lists Romania amongst its jurisdictions.
The change is effective March 2, 2020, after 12 years of the two working under an association agreement.
According to an RTPR press statement, "the name change follows A&O’s practice for the offices it does not own but partners with on transaction, cases, and advice." It clarified that Radu Taracila Padurari Retevoescu SCA (RTPR) is owned exclusively by the 6 Romanian Partners: Costin Taracila, Victor Padurari, Alexandru Retevoescu, Mihai Ristici, Valentin Berea, and Alina Stavaru.
While the press statement emphasized "RTPR will continue to work closely with Allen & Overy," and that "the collaboration will continue to extend beyond working together on client matters, to aspects such as legal training for lawyers or joint marketing initiatives," an Allen & Overy press representative declined to comment as to whether their collaboration will be on an exclusive basis within the new agreement stating that "details of the agreement are commercially confidential."
Costin Taracila, Managing Partner of RTPR, stated: "We are proud to be the reference firm for, and to have worked together with, Allen & Overy on numerous landmark deals in Romania and the CEE region over more than 12 years. Having a new relationship agreement with Allen & Overy is once again testimony to RTPR’s highest quality standards of advice and ethics and further cements our position as a leading transactional firm in the market."
Wim Dejonghe, Allen & Overy Senior Partner added: "We value our collaboration with RTPR and are pleased this will carry on under the new arrangement. We will continue to provide the highest quality legal advice in Romania and the CEE region, which are important markets for us and our clients."