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Allen & Overy launches Romanian alliance" />Allen & Overy has launched a presence in Romania, signing an exclusive association with local firm Radu Taracila Padurari Retevoescu SCA (RTPR).
The alliance will be up and running from the start of July. A&O has announced the move in the same week that its magic circle rivals Linklaters signalled a retreat from the Romanian market.
The associated office will be renamed 'RTPR in association with Allen & Overy LLP' and form part of A&O's Central and Eastern Europe (CEE) practice led by Jane Townsend.
Townsend said: "Since Romania joined the EU in 2007, clients increasingly expect a CEE practice to be able to give advice in Romania. We feel Romania is an increasingly important part of the region as a whole."
The Bucharest office will complement A&O's own CEE offices in Bratislava, Budapest, Prague, Warsaw and Moscow.
Townsend said the firm decided to go for an alliance rather than set up its own office from scratch to enable it to give clients full-service advice from the start.
"In a market like Romania, I don't think starting small and then growing is credible," said Townsend.
RTPR was formed in 2004. The firm has five partners and 33 lawyers in total. Its client list includes Citibank and the National Bank of Greece.