Chambers Global

Chambers Europe

Legal 500


Banking, Finance & Capital Markets


Kambourov & Partners excels in financial regulatory issues, but also handles a broader scope of matters mainly on behalf of borrowers; it acted for Bulgarian Telecommunications Company (BTC)/Vivacom on the refinancing and discharge of debt prior to its sale to United Group. Name partner Yavor Kambourov heads the practice and is noted for his deep experience in insolvency, asset tracing, cross-border restructuring and financial disputes, while Vladimir Rangeloff leads much of the corporate finance and capital markets work. Bank of New York Mellon and Spain's Bankia are client gains.

Leading individuals: Vladimir Rangeloff

Practice head(s): Yavor Kambourov

Other key lawyers: Vladimir Rangeloff; Hristina Kirilova


‘Kambourov & Partners law office is one of the best companies in Bulgaria in terms of banking and financing. Our joint cases are related to different forms of corporate financing, loans, syndicated facility arrangements, securities and related pledges, as well as questions about the tax and banking issues. The team provides prompt and high-quality services where the motivation of the lawyers and their level of expertise are constantly expressed.’

‘We assess the level of service as excellent and we emphasise that the answers to the legal questions were provided by Kambourov & Partners law office in due time. Responses were accurate and always provided in close cooperation with in-house lawyers of the company.’

‘We can mention Vladimir Rangeloff because his knowledge and experience are exceptional on the field of banking and financing law and commercial legislation. He also obtains a broad expertise in the regulatory legislation applicable to the credit institutions, investments and banks.’

‘The practice is unique with its experience, insight and culture. They have been present on the local market for over 30 years, which translates into unrivalled expertise and deep sector insight. The team has worked with almost all Bulgarian banks, many foreign financial institutions and knows the inside outs of the sector. They are especially proficient in terms of big financial restructurings.’

‘The person I mostly work in banking and finance with partner Hristina Kirilova. She is an authority when it comes to restructuring and insolvency procedures, and knows the banking sector like no-one else. Her professionalism and knowledge are superior and her experience makes her an invaluable advisor. Hristina is engaged in many projects for revision of the Bulgarian legislation in the field of restructuring, stabilisation and insolvency, as well as for the transposition of EU directives. Besides the legal expertise and business notion, Hristina is a great person to communicate with which makes any work project much easier to complete.’

Commercial, Corporate and M&A


A 'truly unique practice thanks to the combination of experience, knowledge, forward-thinking and client focus', Kambourov & Partners is a favourite for M&A within highly-regulated industries. It consequently scooped instructions from Vivacom/Bulgarian Telecommunications Company on its €1.2bn sale to United Group, the deal of the year by size. Leading individual Vladimir Rangeloff led the work in Bulgaria and steers the practice, together with the very highly rated Veronika Hadjieva, who 'has outstanding knowledge of M&A transactions' and is 'able to put her shoes in the view of the counterparty'.

Leading individuals: Veronika Hadjieva

Practice head(s): Vladimir Rangeloff; Veronika Hadjieva

Other key lawyers: Christian Dimitrov


‘Their strengths are: strong knowledge of the local market and laws, and the process of international/cross-boarder M&A transactions; available at any time; timely and short notice delivery of any tasks; responsive to requests at any time.’

‘Great knowledge and experience in international environment/transactions. Veronika Hadjieva has outstanding knowledge of M&A transactions and it was a pleasure to work with her.’

‘Solid corporate and M&A expertise, prompt responses.’

‘Veronika Hadjieva stands out: available at short notice, is engaged and provides good quality of advice.’

‘A truly unique practice thanks to the combination of experience, knowledge, forward thinking and client focus. Kambourov & Partners is one of the oldest (if not the oldest) law firms in our country, with a stable and reputable track record spanning 30 years. In the course of this time, the corporate, commercial and M&A practice has been one of the highlights, with expertise gained through the participation in numerous major transactional projects in Bulgaria. I have known the team for plenty of years now and I have only the best of praises for them. Together with the high professionalism, expertise and proficiency, the practice is remarkable with the deeply rooted commercial thinking and a spirit of collegiality and compassion and understanding towards clients.’

‘I would like to give specific mention to Veronika Hadjieva and Christian Dimitrov – two of the people at Kambourov & Partners I have worked with the most in recent years. Veronika is a terrific example of female leadership – a smart, solid, reliable, proactive and capable go-getter. She is insightful, commercial and always looking out for clients. Christian is also excellent – fantastic with the regulatory side of things, dilligent, attentive and trustworthy.’

‘High professionalism and easy to work with.’

Dispute Resolution


Practice head Emil Emanuilov at Kambourov & Partners is widely praised by clients and peers alike for his expertise: 'his knowledge and experience are exceptional in the field of litigation and dispute resolution'. The firm is instructed in high-profile and strategically key disputes, such as defending Consortium SOF Connect following its winning bid for the concession of Sofia Airport. Key lawyers also include deputy head of the practice Ivaylo Nikolov and Hristina Kirilova . Tax and administrative law litigator Todor Todorov joined Ernst & Young.

Leading individuals: Emil Emanuilov

Rising stars: Ivaylo Nikolov

Practice head(s): Emil Emanuilov

Other key lawyers: Hristina Kirilova; Ivaylo Nikolov


A very young team, full of energy, good knowledge of legal practice even at the time of our first discussion and introduction of the case.’

‘The team provides prompt and high-quality services where the motivation of the lawyers and their level of expertise are constantly expressed. We assess the level of service as excellent and we emphasise that the answers to the legal questions were provided in due time. Responses were accurate and always provided in close cooperation with in-house lawyers of the company. Our joint cases are related to court proceedings and settlements in the fields of corporate issues, shareholders relations, regulatory matters.’

‘We can mention Emil Emanuilov because his knowledge and experience are exceptional in the field of litigation and dispute resolution. ’

‘We have actively searched for a legal company to represent us in a case. After meeting five or six other companies, meeting Kambourov felt immediately refreshing due to the very direct and professional approach to the meeting and the case at hand. They are way above the level of the other legal companies we had met until then.’

‘They are extremely focused on the task and they have always given us a feeling of complete trust in their services due to the way they handle our case.’

‘The stand-out partner for us is Emil Emanuilov. Our on-the-spot decision to work with Kambourov was due to meeting him and discussing our case. He has a very laid-back and professional attiutude which from what I have seen is the case with all his colleagues we have interacted with so far. During our collaboration he was always available for any questions regarding the case and I have always received from him immediate updates on the case development.’

‘Kambourov & Partners strives to support their clients for any of their legal requirements.’

‘Very professional approach and vast legal knowledge.’

‘Dedicated to the case regardless of their occupancy and busy schedule; show a very good understanding of the business they are protecting. Emil Emanuilov is always available for clarifications; Viktoria Vladimirova is eager to understand every detail in order to make the right decision.’

Energy and Natural Resources


Kambourov & Partners has a long-established standing in the field under the expertise of practice head Stefan Tzakov, a leading figure in the market. The firm receives multiple marquee mandates, such as a role in the construction of the Bulgarian section of the gas pipeline TurkStream. New clients include China Zhongyuan Engineering Corporation (CZEC) and Bulgartransgaz, which join the likes of CEZ and Tesla in the firm's impressive portfolio. The team excels in energy disputes.

Hall of Fame: Stefan Tzakov

Next Generation Partners: Ivaylo Nikolov

Practice head(s): Stefan Tzakov

Other key lawyers: Irena Petkova


‘Very professional team.’

EU and Competition


Kambourov & Partners 'provides a great blend of both advisory and litigation experience in the field of competition law' while the much-praised Stefan Tzakov is a 'great partner to have on board to manage complex competition-law mandates'. The firm boasts a large market share of antitrust cases and notably acted for Whizz Air in Bulgaria's first state-aid private enforcement case. It also has a following among retail and media companies. 'Smart, discerning and proactive' senior associate Plamen Yotov heads the practice following promotion in 2020.

Leading individuals: Stefan Tzakov

Rising stars: Elena Apostolova Plamen Yotov

Practice head(s): Plamen Yotov

Other key lawyers: Stefan Tzakov; Elena Apostolova


‘The company is a full-service law firm which has lots of experience and ready, off-the-shelf solutions for most situations. Having said this, I have had multiple situations where the firm embarked on the path to find an innovative solution and did so with the zest and enthusiasm of a small boutique firm. The main partner of the firm, Yavor Kambourov, provided something much more than just legal advice: he is a business adviser who knows many people one should know when operating in Bulgaria. Overall, a very practical approach directly transposable into business decisions and assisting executive minds.’

‘Yavor Kambourov is a lawyer and more: a business adviser, supported by several teams of lawyers for various fields of practice. Plamen Yotov is a young and energetic lawyer not afraid of trailblazing. Working with him is a dialog where he is prepared to listen and try new things in the practice of Bulgarian law. Far from being an “absent partner”, he has been deeply and intricately involved in all projects we have been running with the firm, while carefully selecting the legal team members fit for purpose. Ivo Alexandrov is sober in assessing of risks and opportunities. Always there for you, weekends or holidays. A team member.’

‘The practice provides a great blend of both advisory and litigation experience in the field of competition law. They understand our business very well and quickly grasp complex commercial considerations. The team communicates efficiently with both in-house legal counsel and management, offering profound yet easily comprehensible advice. They have a wealth of litigation know-how, mastering the necessary strategical and tactical moves in complicated procedural settings. The practice is very diligent in terms of observing deadlines and thoroughly covering each relevant aspect of the issues at hand. ’

‘Stefan Tzakov is an established authority in the Bulgarian competition-law market. He has a wealth of experience across all types of competition law matters and excels with a tremendous work ethic. Stefan is a great partner to have on board to manage complex competition-law mandates. Plamen Yotov is another key lawyer we work with. He is a tireless researcher, always doing the maximum to provide all-encompassing and up-to-date solutions to our issues. Plamen has consistently demonstrated both great attention to detail and ability to perceive the bigger picture in terms of legal and commercial considerations.’

‘Our company is a long-term client of the firm and its EU & competition practice. We are very satisfied with the service and have much admiration for the work the team has been doing. As a unique characteristic I will point out the experience and knowledge which are outstanding and cover all competition matters. We have used the practice equally for consultancy and litigation and they excel in both. Other strong sides are the commercial sense, technical capacity, resources and network. Last but not least, the team is very mobilised and efficient, great at communicating and with a strong client focus.’

‘Stefan Tzakov deserves special mention as he is an outstanding advisor and litigator, with deep understanding and dominance of local and EU competition law. Stefan is a rare breed of high intellect, analytical capacity, technical proficiency and ability to provide comprehensive and succinct advice. Stand-out associates are Plamen Yotov – smart, discerning, proactive and reliable, and Elena Apostolova – knowledgeable, thorough and hard-working.’

‘Very professional approach and large legal knowledge.’

Intellectual Property


Kambourov & Partners handles the trade mark portfolios for a raft of companies, and is strong in both administrative procedures and court disputes across all IP areas, including patent and copyright. Media and showbusiness is a sector strength, with technology instructions on the rise. The firm fields a strong team led by stand-out individual Margarita Guigova, an 'eminent IP lawyer and invaluable asset to any business'; it includes senior associate Yana Todorova, who is a 'smart, diligent, tech savvy and insightful expert'.

Leading individuals: Margarita Guigova

Rising stars: Yana Todorova

Practice head(s): Margarita Guigova

Other key lawyers: Yana Todorova


‘The practice consists of highly-specialised lawyers who take expert care of each IP aspect and skillfully protect their clients’ brands. Definitely a huge strength is the availability of consultancy and litigation services all in one place. Furthermore, the team has vast knowledge and is up to date with the latest legislative and business trends. This gives the certainty that the advice is well-thought, balanced and well-researched. The strong commercial awareness and the personalised approach to each client and respective industry are also a big advantage. In addition to the expertise and resourcefulness, the team has proven itself as a trusted and reliable advisor that is always available when you need them. ’

‘The team members I have mostly worked with and who deserve special mention are Margarita Guigova and Yana Todorova. Margarita is an eminent IP practitioner with considerable experience, and as an advisor she is an invaluable asset to any business. Her qualities include a thorough and analytical approach to any matter, a strategic mind and capacity to think many steps forward and choose the best scenario. Margarita is an excellent counsel and also an outstanding litigator. Yana has been of huge help to us and we highly value her input in protecting our brand. She is a smart, diligent, tech savvy and insightful expert with high intellectual and technical capacity. ’

‘The practice is the best in the country for the whole range of intellectual property matters. The team brings together advisory excellence and litigation proficiency and has been helping us protect and expand our trade mark portfolio for years. We value the knowledge and talent for the law, the high professional standards and business and industry awareness. The attentiveness and personal touch also set the team apart. ’

‘Margarita Guigova, who is the head of the IP practice, stands out with vast knowledge spanning the entire range of IP aspects. She is very methodical and exhaustive in her research and advice and always considers all possible sides, commercial and legal, when elaborating solutions. We work a lot with Yana Todorova and have much admiration for her. She is an accomplished professional, dedicated and analytical and with a strong international background. She specialises equally in trade marks and copyright and delivers a genuinely excellent quality of work.’

‘The Kambourov legal team is always available to provide fast and adequate decisions to all my questions. The common practice when I place my question is to receive a very detailed answer within 2-3 hours. This is very important for me because our group of companies work in a very competitive environment and very often we have to take fast and correct decisions related to IP cases. ’

‘Most times I work with Yana Todorova who is a senior associate. Yana is always available, supportive and provides multiple solutions. She always gives me different points of view of the problem which often provides the key to resolve it. ’

‘Very professional approach and large legal knowledge. Margarita Gigova and Yana Todorova stand out.’

Projects and PPP


Deep multidisciplinary expertise at Kambourov & Partners earns the firm roles on many of the most economically critical concessions and projects in the country. They include defending SOF Connect as winning bidder for the €4.3bn concession for Sofia Airport in litigation brought by other participants in the tender. Practice heads Stefan Tzakov (energy) and Atanas Shopov (construction) led on both matters and head the practice.

Leading individuals: Atanas Shopov

Rising stars: Elena Apostolova

Practice head(s): Stefan Tzakov; Atanas Shopov

Other key lawyers: Elena Apostolova

Real Estate and Construction


A panaromic practice at Kambourov & Partners includes big-ticket infrastructure construction, urban developments, real estate transactions, financing and dispute resolution. At the helm, Atanas Shopov is one of the most respected advisers in the market; 'clients can rest assured that all matters will be taken care of'. The diverse caseload includes construction of the €1.1bn TurkStream and retail acquisitions on behalf of Kaufland. Radosveta Kojuharova focuses on commercial and residential developments; her clients are 'extremely happy with the services' provided.

Hall of Fame: Atanas Shopov

Next Generation Partners: Radosveta Kojuharova

Practice head(s): Atanas Shopov

Other key lawyers: Radosveta Kojuharova


‘Pro-active and well-coordinated team with great awareness about the client’s business. They proved to be fully capable of taking care of all transaction-related matters (not just the legal ones), this was a great help having very limited presence in Bulgaria. Working with Kambourov & Partners was good value for money as well.’

‘Partner Atanas Shopov is a professional that can be fully trusted to lead real estate projects and transactions; clients can rest assured that all matters will be taken care of. Atanas has great negotiation skills, has great understanding of what’s important for his client. Also, we liked how country-specific legal issues were presented to us (it was easy to understand the local legal issues). We also appreciate excellent response times from Atanas.’

‘High professionalism and easy to work with.’

‘We have worked with Radosveta Kojuharova for over 14 years now and are extremely happy with the services.’

‘The selection of the lawyers and the close engagement of the partners are a strength.’

‘The friendly attitude and straight communication are two of the most important aspects we enjoyed.’

Transport (including shipping)


Kambourov & Partners has a track record of major projects in this sector, covering aviation, rail, automotive and shipping, among others. More recently, it acted for SOF Connect, the winner concessonaire for Sophia Airport, in defending its contract in very high-profile litigation; the work was led by practice co-heads Stefan Tzakov and Atanas Shopov alongside administrative law partner, Todor Todorov . Noteworthy is the firm's niche following among the automotive industry where it advises clients such as Tesla. Uber and Whizz Air are also clients.

Rising stars: Elena Apostolova

Practice head(s): Stefan Tzakov; Atanas Shopov

Other key lawyers: Elena Apostolova



Praised by clients for its 'experience, responsiveness and attention to detail', Kambourov & Partners offers a comprehensive legal service to the TMT sector, including top-tier coporate, IP and dispute resolution advice, as well as regulatory and compliance expertise. Consequently, it attracts some stellar clients, including Warner Bros, Vodafone and Facebook, and recently provided local advice to BTC/Vivacom on its landmark sale to United Group. The strong team includes experienced member of the TMT department Mario Arabistanov and IP specialist Yana Todorova.

Other key lawyers: Mario Arabistanov; Yana Todorova


‘Knowledgeable, efficient, good problem-solvers. Very cost-effective. Very responsive. Mario Arabistanov is our main point of contact. He is always available and provides timely and sound advice. ’

‘One of the best qualities of the team we were working with is that they are more partners than a legal team. They consider our mission and not just the legal aspects. That makes them unique. ’

‘Kambourov & Partners have demonstrated three key aspects: vast experience (which enabled them to come up with creative solutions to complex cases); fast response time (which helps us move forward with our main business at fast pace); attention to detail (which builds trust).’

‘Mario Arabistanov has demonstrated attention to detail and extreme ownership. ’

‘The team stands out from its competitors as knowledgeable experts working together to answer their clients’ every need. They are fast and resourceful. The professional qualities are complimented by the easy-going and friendly personalities the members of the team have. ’

Mario Arabistanov, the senior associate in the practice, is always up for the challenge to explore another area of data protection in terms of a specific industry. His strength is in the constant search for additional knowledge that makes him highly resourceful.’