In lack of any serious economic slippages, 2011 may be the best year in terms of turnover for NNDKP (Nestor Nestor Diculescu Kingston Petersen), which could top the EUR14.8-million threshold reached in 2008, say Ion and Manuela Nestor.
The turnover trend was reversed in early 2011, but the lawyers are still cautious with regard to the second half of the year in the unfavorable European context. “For the first six months, the good news for us is the trend reversal, from the downward trend between the second half of 2008 and the end of 2010,” Ion Nestor told ZF in an interview.
He did not to provide a clear estimate on the firm’s 2011 turnover, citing the international context. NNDKP in 2010 reached EUR13.6 million in turnover, ranking second among the firms boasting the largest revenue.
The 1H revenue increase was primarily triggered by the litigation department, coordinated by Ana-Diculescu-Sova, which assisted in cases with a cumulated value of EUR2.5 billion. The litigations segment to account for 43% of the firm’s turnover, from 38% in the previous year.
On the other hand, the firm registered a rising activity on the M&A segment, but in small deals. In the real estate area, things remained unchanged. Nestor says he does not foresee a new wave of real estate projects yet, so the fact that the firm managed to keep a team of nine lawyers exclusively dealing in real estate profitable can be considered an achievement.
Thus, Nestor focuses on specialization during a period when many firms chose the flexibility of lawyer teams and to move them toward the departments witnessing a higher level of activity.
One of the biggest challenges for lawyers this year is the coming into effect of the new Civil Code on October 1, which prompted firms to seek training sessions and presentations.
What solutions can lawyers find to address controversies? “Nobody can currently say they hold solutions. We are now marking risk areas, where multiple interpretations can be given to the same institution or the same text of law,” says Ion Nestor, who believes demand of specialized consultancy for the new Civil Code can have an impact of maximum 10% on the firm’s turnover.
NNDKP currently has a team of around 145 lawyers and consultants, and this year recruitment continued including through the “summer school” that included 13 Law graduates.
Over the past seven years, around 30 out of a total 123 students have been recruited. However, the recession also harmed the legal consulting services market. “The fee market has stabilized at low levels and we’re still having ‘kamikaze offers’ even from the part of top ten firms. The strategy may bring them certain advantages on the short term, but it is set to hurt the lawyers of these firms as well on the long term,” believes Ion Nestor.
(English version by Catalina Apostoiu; Editing by Oana Gavrila)