Popovici Nitu lawyers, over 7m-euro revenues

Popovici Nitu & Asociatii law firm, a major player on the market, in 2009 posted revenues worth above seven million euros, up 5% year-on-year, amid team expansion and a higher activity volume.

"We worked much harder to top 2008 figures and we want 2010 to be a new year of revenue growth," Florian Nitu, managing partner of the law firm set up 15 years ago by lawyer Ernest Popovici, told ZF.

One of the fields generating a higher business volume amid lawyers is energy, says Nitu, one of the most highly regarded real estate lawyers. The firm this year counts on rising revenues from energy. "(...) In 2007, we talked about how energy would develop, and now we have bigger contracts in this field than in real estate. Energy contracts last year brought 10% of revenues, and this year their weight will advance to 15-20%," considers Florian Nitu.

The most important contracts the firm was involved in last year included the assistance provided to Proprietatea Fund in selling the stake in CEZ Distributie, Vanzare si Servicii, a deal worth above 230m euros, or the assistance to Medlife owners in selling a stake to SGAM investment fund for 20m euros.

The partners of big law firms can earn incomes of around 700,000 euros each, with the profitability margin in the industry revolving around 40%.

Popovici Nitu & Asociatii is known as one of the most powerful law firms in real estate, where it assisted clients such as Immoeast, TriGranit or RED in projects worth above 3bn euros, but the real estate decline pushed it to strengthen other practice fields.

Popovici Nitu has recently recruited two partner lawyers, Ciprian Dontu and Alexandru Ambrozie, who will coordinate litigation and arbitrage, and banking, financing and capital markets, respectively.

The litigation department is in fact one that the firm wants to strengthen this year, when renewed turnover growth is targeted.

"We believe this year will be another year of growth, but I wouldn't be able to specify the percentage," Nitu says.