Stoica also reflects on succession plans for the firm he founded 18 years ago. The firm had revenues of almost EUR8 million last year, similar to 2008, the firm’s best year.
Stoica, considered one of the most powerful lawyers from the “old guard” of litigation lawyers, said he retired from “militant political life” in order to dedicate himself to his profession. He pleads in court at least once a week for the clients of Stoica & Asociatii, set up almost 18 years ago.
“This year marks the anniversary of two events: the firm is 18 years old and I will be 60. So I decided to dedicate the time I have left to professional and family projects. I dedicate most of my time to my profession as a lawyer, then to students and family activities,” Valeriu Stoica told Ziarul Financiar in an interview.
He founded Stoica & Asociatii together with wife Cristiana Stoica, something many Romanian law firms have done over the course of time. Daughter Irina-Andreea Micu is in turn a senior associate in the firm and Valeriu Stoica says she could be made partner in two years’ time, when she will have six years’ experience.
Valeriu Stoica remains strongly involved in Stoica & Asociatii and directly assists some of the clients. When does he get involved personally?
“Indirectly I know every case that goes into the firm, but the decision to get involved personally and be present in court depends on the specificity of the cases. Complexity or an economic stake can determine my presence for that added experience, deep knowledge and power of persuasion with authority,” say Stoica, who adds that in some situations the essence is hidden and extensive experience makes a difference.
“When someone with 40-year experience and a certain amount of professional prestige enters the courtroom, it makes a difference both for magistrates and for adversaries. I argue a case in court at least once a week.”
The Stoica & Asociatii team has remained steady in the past few years at around 35 lawyers, eight of whom are partners. They coordinate teams that cover various fields and offer both consulting and representation in litigations.
The fields with a major contribution to the firm’s turnover are banking, intellectual property, energy, competition law, and real estate, Stoica says.
“In the last few years only 10% of our firm’s revenues came from the public sector. Our company has constantly had clients mainly from the private sector, multinationals and clients from other countries,” Stoica says.
Success fees that the firm obtained last year had a significant contribution to the almost EUR8 million turnover recorded by the company last year, but, Stoica says, “if [the economy] doesn’t rebound this year, it will be difficult to remain at the same level this year.”
At the beginning of February Stoica & Asociatii obtained a ruling in favor of a drug producer, whereby the Constitutional Court admitted the exception of unconstitutionality concerning the clawback tax and considered it double taxation. The firm currently awaits a ruling on levying the tax all across the pharmaceutical chain, including for distributors and drugstore chains.
But the business environment does not look favorable even for lawyers. “The legal market is dependent on the performance of the economy. We recorded the same revenues in 2012, but not with the same structure of cases. If bankruptcies continue, it is not exactly a good thing for lawyers, either,” Stoica concluded.
(English version by Daniela Stoican)