On June 10, 2004 the Parliament adopted a new Attorneys Act (the “Act”). The Act comes into force as of June 29, 2004, with some exceptions. The Act materially changes some of the provisions in the existing attorneys’ regime, as follows:
•the Act defines the status of the attorneys’ partnerships which may consist of both individual attorneys and attorneys’ companies. The internal relations among the members of these partnerships should be set in a written contract which is subject to registration with the respective Bar;
•under the Act, the attorneys can establish an attorneys’ company which is a legal entity. It is incorporated on the basis of a written contract concluded between two or more attorneys. The attorneys’ company should be registered with the Bar and the district court where the seat of the company is located. The Act explicitly regulates the membership rights and obligations and the status and powers of the General Meeting and the Managing Board/Manager of the attorneys’ company.
•as of January 1, 2005 the attorneys are required to have professional liability coverage.
•as of January 1, 2007 a foreign lawyer – citizen of an EU member state who is also a qualified lawyer in his or her country – may practice in Bulgaria either by providing a one-time legal assistance or by permanently establishing a practice in Bulgaria. The foreign attorney may settle and practice in Bulgaria under the name of the country where he or she is qualified to practice law but only after a mandatory registration with the Unified Register of Foreign Lawyers. If the foreign lawyer practices continuously for a period of three years or he or she passes an equalizing exam on Bulgarian law, he or she can be accepted in the Bulgarian bar and can be granted all rights attributable to a Bulgarian lawyer.
A memorandum prepared by Borislav Boyanov & Co. on the new Attorneys Act is available upon request send at email@example.com.