Does Russia have its own “Magic Circle”, a select group of elite law firms that have put “clear blue water” between themselves and the rest of the pack and are now leading the market? This is the question posed by a widely-circulated article published on September 9 in the journal “Kommersant” as part of a special issue dedicated to the Russian legal services market. “The biggest mandates, international projects, profitability, unrivalled customer service. Elitism in everything”- these are the “sine qua nons” for membership of this selective club.
“Economic sanctions triggered the third wave of “import substitution” in Russia’s legal business, – large-scale exits of top teams from leading international law firms. A striking and successful example of this development is Rybalkin, Gortsunyan & Partners, a new heavyweight in the field of litigation and international arbitration, created in 2018 as a spin-off of one of the largest American legal practices in Russia (Akin Gump). This team is an obvious frontrunner for Russian Magic Circle status in terms of project level, profitability and headcount. Experts have dubbed them “The Russian Quinn Emanuel”, – the article goes on.
To read more please visit the Kommersant website.