Constantine Karides, a partner in Reed Smith's New York office whose practice heavily involves representing Greek corporate interests and financial institutions considering investments in Greece, told The Legal Intelligencer Monday that the country's recent economic woes are likely to lead to the ongoing privatization of a number of Greek industries.
Karides said Reed Smith anticipates this restructuring will create opportunities for the firm to represent both the Greek government as well as interested U.S. and U.K. investors in privatization transactions.
"We think we have a completely seamless solution to assist either side of those transactions," Karides said.
In addition, according to Karides, Greek companies dealing with the fallout from the struggling economy are going to need legal counsel to assist them both inside and outside of Athens.
Karides said forming an alliance with a long-running Greek firm like Papapolitis & Papapolitis "uniquely positions us in the market."
Jordan said the Piraeus office has performed well since Reed Smith acquired it in the Richards Butler deal, in spite of and perhaps even because of Greece's economic troubles.
"As we've seen through the recession, economic turmoil creates legal demand," Jordan said.
According to Jordan, prior to the Richards Butler-Reed Smith merger, the Piraeus office focused primarily on shipping.
But since the merger, Jordan said, Reed Smith has expanded the office's capabilities.
For example, according to Jordan, Reed Smith has been able to use its Greek presence to help some of its pharmaceutical clients, many of which view Greece as "a gateway to the Balkans."