After the fanfare of accession, what is the mood among the European Union’s (EU’s) newest member states and their law firms? With a combined population of 64.7 million, much has been made of the economic impact of 10 states bolting themselves onto the Union. Central and Eastern European law firms have been gearing themselves up for years to mirror the current member states’ firms and the expectations of their multinational clients.
This month’s historic accession may, however, prove to be a false dawn. The legislative and budgetary pressures on the new states, prompted by their entry to the EU, mean it will be some years before the benefits of membership start paying off beyond what has already been seen since the fall of the Iron Curtain.
