Leadership within the legal industry is a multifaceted role that extends beyond traditional management. It encompasses a blend of skills and attributes that are essential for guiding teams, managing law firms, and navigating the complexities of legal practice. A prominent leader should have effective communication, critical thinking, and problem-solving skills. Leaders with high emotional intelligence can build stronger relationships and create a supportive work environment.
Vladimir Penkov, Chairman and Senior Partner of Penkov, Markov & Partners is one such leader and industry veteran who is known for his efforts to positively influence the legal profession. He has over forty years of experience in various legal areas. These areas include commercial law and foreign investment. He is also knowledgeable in banking and financial law. Additionally, Mr. Penkov has expertise in tax law, concessions, and public procurement.
His experience extends to intellectual property, licensing, and know-how agreements. He is well-versed in competition law, telecommunications, and energy law.
The Legal Career
Vladimir Penkov has served several roles throughout his career. He was 40, when in 1989, Bulgaria turned towards democracy, a free market economy, entrepreneurship opportunities, and protection of individual rights and liberties of the citizens. In the years of so-called “socialism”, what was allowed was only what was clearly stated in the law. It effectively reduced the people to fact-finders and simple doers, far removed from any creativity and entrepreneurship. The beginning of change was the “perestroika” of Mikhail Gorbachev.
Mr. Vladimir Penkov spent 15 years in the Legal Department of the Ministry of Foreign Trade. This role came with many demands and responsibilities. During this time, he gained experience in corporate and trade law. He also worked on licensing agreements and the establishment of companies abroad.
Later, in Bulgaria, he focused on international agreements and trade arbitration. He became familiar with many international conventions that the country was, or intended to be, a party to. Mr. Penkov was often involved in negotiations and drafting business legislation. He learned a lot about the art of negotiating and protecting the organization’s interests working at the “Technika” enterprise, specializing in licenses and large industrial projects.
Inspiration From Family and Mentors
During his engagements in international legal working groups in Geneva, major influences were David Winter of Baker & McKenzie, and Herbert Stumpf—whose famous books on licensing and know-how agreements became the vade mecum for him. When he participated for the third time, David Winter welcomed him smiling and asked if it was his first time. This gave Mr. Vladimir Penkov the decisive push, and he was no longer afraid to take the floor and actively participate in the work. “I am also grateful for the support of my managers at the Ministry,” he says.
His father was another major influence, who wrote dozens of monographs and hundreds of articles in the field. Leading a large team of authors, his father published Foreign Trade: Encyclopedic Handbook, with translations of terms in five languages, shortly before he passed away in 1983.
Smart and resourceful people translated many Western business laws and regulations. Prof. Kozhuharov made a brilliant translation of the German Civil Code, published as a single book. Meanwhile, Mr. Penkov’s work allowed him to visit several modern Western law firms where people were extremely eager to answer his questions about the way their offices were organized. All this pent-up energy inside him exploded after the democratic changes. He had been dreaming to be on his own and have people come to him for his knowledge and competence. He founded Penkov, Markov & Partners in 1990, was its managing partner for 30 years and later became its chairman and senior partner in 2017.
The Establishment of Bulgaria’s Premier Law Firm
Vladimir Penkov, Markov & Partners is one of the first law firms in Bulgaria, established based on modern organizational concepts in 1990, right after the democratic changes and the adoption of the free market and competition. It has offices in the cities of Burgas, Pleven, Ruse, and Stara Zagora, covering the entire territory of the country.
For more than 20 years, the firm has been an exclusive member of Lex Mundi (the world’s leading network of independent law firms), as well as of FLI and the regional Lex Adria. It is the first law firm holder of an ISO 9001:2000 Quality Management Certificate, followed by ISO 9001:2008 and ISO 9001:2015. It has also been awarded several times by Superbrands Bulgaria – the Independent Arbiter of Branding. The firm employs about 70 people, with a legal staff of 50 lawyers and paralegals.
Penkov, Markov & Partners is a member of the Bulgarian Chamber of Commerce and Industry. The firm is also part of the largest bilateral chambers in the country. These include AmCham, the German-Bulgarian Chamber, and the CCI France Bulgarie. The company has been publishing its own newspaper, Penkov, Markov & Partners Legal News, with commentary on specific legal issues, in 2,200 copies in three languages. In the past few years, the firm has started publishing a bimonthly online newsletter on recent legislation which has become very popular within the business and the legal communities.
Services & Offers
Vladimir Penkov, Markov & Partners International Law Office offers legal services in various fields related to business and investments. These services also include firm and branch establishment. The firm specializes in firm law, trade law, and real estate. It also provides expertise in project financing, energy law, and labor law. Additionally, it handles mergers and acquisitions (M&A), banking law, and tax law. The services extend to anti-money laundering (AML), General Data Protection Regulation (GDPR), and intellectual property. The office also focuses on compliance related to unfair competition and provides litigation services.
Challenges & The Foundational Years
Mr. Vladimir Penkov started the business equipped with nothing but knowledge, eagerness to learn, and perseverance. The biggest challenge was to make the three partners trust him and leave the security of the government job. Finding an office was also hard. Mr. Penkov’s wife supported him in the decision to vacate the home which later turned into the first main office.
A Walther electric typewriter, with a 16-page memory and a fax machine, was the first big investment for the firm. Mr. Penkov announced business to the embassies, chambers of commerce, and companies in contact, which also marked the firm’s growth.
When Penkov, Markov & Partners started, it covered only the most basic and sought-after services related to the firm’s establishment and business transactions. It kept diversifying to cover all services sought after by entrepreneurs to reach its current portfolio. It was an easy decision for managers of a law firm to take because it simply made the work more efficient. The firm’s growth was a result of the quality of its services, and the trust it had built across the country and abroad, which included administrations, companies, chambers of commerce, and foreign clients.
The Growth & Long-Standing Success
Since its inception, Vladimir Penkov, Markov & Partners has distinguished itself with extensive knowledge and experience. The firm specializes in establishing companies, management, and transactions. Perhaps, the export-oriented economy even back in the period of socialism helped greatly the partners in their professional development even before the establishment of the law firm. This unique economic model influenced the firm to maintain its approach. Over time, the firm diversified its business. The focus shifted towards knowledge and continuous improvement through various measures. The loyalty and dedication of its people to providing the best service became a trademark and their commitment played a crucial role in the firm’s success. Additionally, teamwork was a key factor in enhancing overall efficiency.
The firm has established a well-defined corporate culture grounded in its commitment to society and serves as the foundation for its work standards and bylaws. The firm actively participates in judicial reforms and supports the rule of law. Additionally, it is involved in firm registrations, improving the investment climate, and implementing tax reforms. Penkov, Markov & Partners has also worked to abolish burdensome permission regimes and facilitate entrepreneurship within the country. The team members are eager to grow both professionally and personally.
They enjoy their work and the environment in which they operate. The firm’s exclusive membership in Lex Mundi and participation in related events contribute to its development. These achievements have helped the team cultivate a mindset focused on sustainability and obtaining long-standing success.
Implementing Technology & Digitalisation
Vladimir Penkov, Markov & Partners’ efficiency was significantly increased when it introduced modern technology and full digitalization filtered through its intranet system to ensure accurate recording. Each client is provided with an assigned partner who is accountable for their requirements. Personal meetings and communication, ensuring an individual approach, also help maintain stability. Its clearly defined standards and established corporate culture help it to have better communication. The continual upgrades and the care for personal relationships in a traditional office environment full of art and creature comforts go hand in hand with stability and efficiency.
The successful introduction of new technology at Penkov, Markov & Partners significantly improves clarity, feedback, and the quality of communication. It also encourages greater participation in teamwork at the firm. Ultimately, this technology enhances the quality of work. Additionally, it increases the sense of being well cared for among its clients and younger associates who are still gaining the necessary expertise and experience.
“While the process may not always be seamless at the beginning, it consistently leads to success over time.” Mr. Penkov says.
Building a Culture of Respect
Mr. Penkov’s leadership philosophy emphasizes giving respect to clients and promotes mutual respect and assistance among colleagues at the office. He believes in establishing transparent and uniform rules and standards. These ensure equal criteria for the professional development of the firm’s staff. Furthermore, Mr. Penkov values teamwork. He encourages everyone to work towards making their jobs fulfilling. He wants all team members to feel proud to be part of Penkov, Markov & Partners.
To implement this philosophy effectively, the firm conducts regular anonymous surveys to “synchronize the clocks” and direct team-building events.“I hope it would help to get everyone in the organization on board.” Mr. Vladimir Penkov says.
Using modern technology and increasing the number of motivated and experienced lawyers are important prerequisites for success at Penkov, Markov & Partners. Introducing modern technology can be easier, even though there is often initial resistance. People quickly recognize the benefits of these advancements at the firm.
However, it is more challenging to encourage experienced lawyers to mentor their younger colleagues. This process requires additional effort and does not yield immediate results. The benefits of mentorship typically come much later. It is important for individuals to be active in their roles and for everyone to share the same direction to achieve the shared vision of the firm.
