As GDPR-aligned rules take effect and ESG expectations grow, Bosnia and Herzegovina’s fragmented legal landscape is driving demand for comprehensive advice, with the Brcko District – through capital markets reforms and rising foreign investment – emerging as a particularly important focal point, according to Ibrahimovic & Co Partner Tijana Krivokapic.

Energy reforms, EU alignment, a cooling real estate market, and ongoing judicial vetting are reshaping Moldova’s investment climate and legal workload, according to Cerbu Balta Founding Partner Marin Balta.

Serbia’s legal and business environment in 2025 has faced a period of adjustment, with slower economic dynamics influenced by political uncertainty and reduced investment activity. Nevertheless, Wolf Theiss Partner Natasa Lalovic Maric notes that the market continues to show meaningful pockets of resilience, supported by selective transactional activity and steady legislative developments that signal a more stable and constructive outlook moving forward.

Over the past two months, Hungary has seen a dense sequence of regulatory developments, some headline-level and others technical, but all with immediate consequences, according to BSLAW Budapest Managing Partner Robert Szuchy, who says that energy regulation, EU litigation trends, and employment-related compliance are currently dominating advisory work.

Ukraine’s defense, IT, and infrastructure sectors are attracting significant international investment and driving market activity, even as businesses navigate emerging legislation, ongoing talent shortages, and operational challenges that continue to shape the country’s evolving business landscape, according to CMS Ukraine Partner Olga Belyakova.

Austria’s M&A market delivered a year of sharp contrasts in 2025, combining a noticeable drop in the number of deals but with record-breaking transaction value, according to Bernd Taucher Corporate Advisory Managing Partner Bernd Taucher, who underlines that a small number of megadeals reshaped the overall picture, revealing a market that has become more selective, more strategic, and increasingly outward-looking rather than fundamentally weak.

Romania’s transaction market had a turbulent year, marked by election-related slowdowns followed by an intense year-end surge, according to Filip & Company Partner Ioana Roman. Tight timelines, regulatory hurdles, and high-profile cases underscored the growing importance of involving legal advisors early in the process.

In North Macedonia, the proposed amendments to the Criminal Code mark a major shift in the country’s criminal law framework and are also closely tied to its broader EU integration efforts, according to Lalicic & Partners Partner Angela Andonova.

As Slovenia heads into parliamentary elections in March, the legal and business environment has become increasingly shaped by accelerated legislative activity and policy-driven uncertainty, according to Zagorc & Partners Partner Polona Bozicko.

After years of overlapping shocks, the Polish real estate market has found a new normal, shaping how investors, developers, and lenders approach deals, pricing, and risk, according to Dentons Warsaw Partner Bartlomiej Kordeczka.

Albania’s legal and investment landscape is currently being shaped by a mix of large-scale sectoral projects and ongoing structural reforms, according to Kalo & Associates Partner Oltjon Dano.

Georgia is entering a new phase of tighter immigration regulation, while at the same time attracting growing interest from fintech and crypto players looking for a more workable base, according to Nomos Georgia Law Firm’s Founding Partner Lika Tsintsabadze.

With new AI guidelines, shifting tax rules, and ambiguity around the Svarc system, Slovakia’s legal landscape is in flux, according to Majernik & Mihalikova Partner Ivan Kormanik. Yet M&A activity remains exceptionally strong, fueled by regional investors and the booming defense sector.

Croatia is navigating two notable legal developments at the moment: a partly implemented FDI regime that has slowed non-EU investment activity, and a new zoning proposal that is drawing mixed reactions from the market, while broader economic pressures continue to unfold, according to Ostermann Ivancic Managing Partner Mojmir Ostermann.

Ukraine’s legal market continues to operate under the shadow of the war, where reconstruction planning and defense-sector expansion dominate nearly every strategic discussion, according to Baker McKenzie Partner Lina Nemchenko, who observes that both clients and law firms are positioning themselves for the post-war landscape.

Poland’s legal and business landscape is being shaped by a mix of geopolitical uncertainty and strong domestic fundamentals, creating a nuanced environment for investors and advisers alike, according to Addleshaw Goddard National Managing Partner for Poland and Head of Real Estate Janusz Dzianachowski.

Bulgaria’s legal and business landscape is currently being shaped by a combination of major defense-sector projects and sweeping regulatory adjustments, according to Gugushev & Partners Senior Partner Antoniya Markova, who highlights how a simultaneous push toward defense modernization, euro adoption, and AI-related reforms is creating a dynamic period for policymakers and market participants.

Lithuania’s regulatory landscape is undergoing a very significant shift, with crypto-asset licensing reforms and stricter fintech governance rules reshaping the market, according to Walless Partner Laurynas Narvydas.