With its latest issue, Tycoon Success Magazine is back with some successful business executives who are making a difference through their ideas and creativity. Here is the success story of an accomplished businessman and lawyer with years of enriched expertise in the relevant field. An industry veteran renowned for his efforts to positively influence the legal profession, Vladimir Penkov is the Chairman and Senior Partner of Penkov, Markov & Partners, one of the leading legal firms in Bulgaria.
The Man of the Hour
In the key position of Chairman, Vladimir Penkov is successfully spearheading the firm and taking care of the different legal matters for a number of the firm’s long-standing clients. His areas of expertise include negotiations, legal research, drafting, and client representation in a variety of commercial law areas, including banking and finance, corporate law and commercial contracts, competition, privatisation, and foreign investments; investment management; mergers and acquisitions; project finance; public procurement; licencing and know-how agreements; tax law; telecommunications; media and IT; energy law; and renewable energy sources.
“There are often unforeseen obstacles in the way of becoming a reputable lawyer at a reputable international law firm like Penkov, Markov & Partners from a state employee-lawyer in a ministry or a foreign trade organisation in a socialist country. The visionary leader summed up his professional experience by saying, “Adapting to a democratic state ruled by the rule of law with a free market economy demands not only vision and initiative but also confidence, patience, tenacity, and endurance, as well as a lot of hope.
Empowering the Legal Reformation in Bulgaria
Penkov, Markov & Partners is the first law firm in Bulgaria with a modern work structure. It was founded in 1990, immediately following the democratic changes in the country, with the goal of strengthening the rule of law, establishing best business practises and a level playing field for companies.
Since the beginning and up until the present, we have worked hard to fully satisfy the individual demands of our clients and have developed the essential methodology for doing so, which is followed by all of us. This calls for delivering more than just theoretical “cabinet knowledge” and having the guts to think creatively and beyond the box, to combine knowledge with the wisdom of court and life practise. This gives us the assurance to look for unique, creative solutions and to support them alongside our clients the prominent practitioner stated.
Towards a Positive and Innovative Transformation
In the direction of a positive and innovative transformation, a more rapid response to the actual needs of the clients is made possible by the combination of professionalism in various legal fields, empathy for the client’s problems, and public engagement. This also increases motivation and commitment to find (often unexpectedly for the client) the most suitable innovative solution. This calls for fortitude and tenacity.
These are Penkov, Markov, & Partners’ own professional standards.
This describes the developed corporate culture of Penkov, Markov & Partners, which is an effective source of individual inspiration and an amplifier of accomplishments. This is the change that Penkov, Markov & Partners is trying to bring about.
All clients who seek to take advantage of fine investment opportunities and therefore need the appropriate specific legal support, personal commitment, and the feeling of a path walked together could benefit from this approach.
Overcoming the Major Hurdles Along the Way
The primary hurdles for Vladimir included starting a firm without any experience, resources, equipment, or clients, as well as working on the many new laws that were about to be adopted in Bulgaria at the time.
Second, it is difficult to make conventional results and stick to a way of thinking because new legal disciplines have been rapidly growing in recent years.
In addition to the previously mentionedstumbling blocks, it can also be difficult to come to the right conclusions and establish clear action plans while maintaining the autonomy and independence of the team. The best advice, which could offer the client the greatest efficiency and comfort, is rarely the first professional legal opinion that is available.
From the Chairman’s Desk
In my book ‘The Colourful World of a Lawyer’, which came out recently, I try to give myself an answer to these and some other questions, if that is at all possible. When you have solid professional training and come from a nation where nearly everything was controlled by the state and then all of a sudden things start to shift, having the flexibility to start a business and organise it is simultaneously not only a huge challenge, but a strong motivator as well. I started taking the planned action right away, applying what I had already learned while also picking up a lot more knowledge. When you lose focus, you stop noticing a lot of little but significant aspects of life.
The founder of a company wants to do most of the work himself for as long as possible or to supervise closely. This, in turn, makes it very easy for some to pass on their own obligations to him. Office work becomes an obsession and appears to practically eliminate other significant aspects of life, such as having enough time and providing for your family, or kids.
At the very least, I want to be known as an “approachable, smiling, pleasant boss, always polite and calm” at the end of my work. I’m attempting to make up for my past failings by giving my three grandchildren, friends, and, why not, myself, more love and care.
If I can, I strive to direct all of my expertise and skills towards “visioning, company development, and training.” I dream of pursuing goals that require new ideas and innovative thinking, as the founder of a venture finds it harder to withdraw from the work and the problems of the organisation he has created entirely and continues, despite advancing age, to put forth a committed effort, finding it difficult to achieve the right balance.
Disrupting the Legal Industry
Penkov, Markov & Partners has set the bar high for other market players in terms of innovation and setting up working and resting environments that are conducive to the highest levels of qualification. The good communication and understanding within the team, as well as the qualification opportunities, are a consequence of the already established firm culture and the high motivation of the colleagues to often find the best innovative solution.
The Future Plans of Penkov, Markov, and Partners
To contribute to the strengthening of the reputation of Bulgarian law firms and the country as a promising destination, not only for tourism but also for more investments. The team will be required to combine, perhaps through mergers, even harder work in support of judicial reform and the required changes to the Commercial Act, as well as efforts towards more expeditious administrative decision-making and less bureaucracy.
Before signing off, the visionary leader shares words of wisdom for all young entrepreneurs aspiring to and working hard to grow in the legal segment.
“In comparison to many other nations, Bulgaria offers foreign businesses a far wider range of options and activities. I would propose that they make first contact with reputable law firms and perhaps other advisors rather than solely relying on meetings with the administration. Investments are promoted in Bulgaria by facilitating administrative support and making land purchases simpler. The investments are reliable and protected by the law. Investors should also consider whether the required labour force is readily available.”