Tuca, Zbarcea & Asociatii law firm makes EUR 22.4 mln revenues in 2010, predicts flat 2011

Romanian law firm Tuca Zbarcea & Asociatii posted a slight drop in gross revenues, from EUR 22.7 million in 2009 to EUR 22.4 million for 2010, the firm has announced. The sum does 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. 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. Most of its revenues came from energy and natural resources, corporate and mergers and acquisitions, and litigation and arbitration work, each contributing 25 percent to the total. Around 95 percent of the firm's revenues came from the private sector. “We have managed to keep work levels up, despite challenging market conditions [...]. 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 Tuca, managing partner at of the firm (in picture). “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”, said Gabriel Zbarcea, also managing partner of the firm. The law firm currently employs 90 lawyers, including 21 partners. editor@romania-insider.com