Badea & Asociatii

Romania’s Badea & Asociatii has come a long way in a short space of time. Set up in January 2002, the firm now finds itself in an alliance with the world’s largest law firm, Clifford Chance. It is a relationship that looks certain to lead to a full merger in the future.

Firm: Badea & Asociatii, in association with Clifford Chance
Managing partner: Daniel Badea
Total number of lawyers: 24
Total number of partners: Three
Main practice areas: M&A, private equity, real estate, finance, infrastructure
Key clients: Bechtel, Credit Suisse, Deutsche Bank, JPMorgan, Warburg Pincus

Romania’s Badea & Asociatii has come a long way in a short space of time. Set up in January 2002, the firm now finds itself in an alliance with the world’s largest law firm, Clifford Chance. It is a relationship that looks certain to lead to a full merger in the future.

Clifford Chance managing partner for Central and Eastern Europe Michael Cuthbert told The Lawyer (26 June) at the time: “We felt [the association] was the most appropriate way to proceed at the moment, but in the future we’ll look at the possibility of a merger.”

The connection with Clifford Chance started almost on the day that Badea opened its doors for business.

“The relationship with Clifford Chance started immediately after I set up the new office in January 2002. We jointly assisted a global investment bank on a finance deal in Romania. The relationship then evolved along many transactions across a range of fields,” says managing partner and founder Daniel Badea.

However, the strong Romanian economy means both firms believe the time is right for an alliance.

“The Romanian market is buoyant at the moment in a number of sectors: there is an intense investment interest in private M&A, private equity, real estate, projects and acquisition finance. It’s the right moment for us and for Clifford Chance to formalise the relationship,” explains Badea.

Under the terms of the agreement, Badea is supported in the same way as the other offices in Clifford Chance’s network. The firms will also exchange secondees to help aid the integration.

Neither firm would comment on the financial arrangements of the association, but it is believed that the two firms have agreed upon some level of profit sharing.

Badea was one of three lawyers who set up the practice when they left Linklaters’ Bucharest office. At that time the firm was known as Badea Radu & Gutium and specialised in finance, real estate and corporate. The two other founders have since left and the firm was renamed Badea & Asociatii in 2004.

While at Linklaters Bucharest, Badea led the team that drafted the country’s new capital markets laws and his former position as head of banking has made its mark on his new firm. Its experience includes corporate bond issues, IPO and global depository receipts issues and leveraged buyouts, as well as real estate and infrastructure deals.

The firm already has around 24 fee-earners but this will be boosted by the arrival of Clifford Chance Warsaw managing partner Nick Fletcher, who will spend half his time in Bucharest.