When It Comes to Esg, the Sooner, the Better

Gecić Law is a prominent regional law firm that helps clients navigate through the complex legal landscape of the region across multiple practice areas. It is especially known for its expertise in EU law and international trade. As countries of the region open new chapters in their EU accession talks, Gecić Law relies on its creativity and in-depth knowledge of both legal and key business issues when providing innovative and practical solutions in the most complex of matters. Gecić Law is the only regional law firm that has continuously represented clients in crucial matters before international institutions, including the European  Commission, the Energy Community, the ECAA, and CEFTA.

We spoke to Bogdan Gecić, the founding partner at Gecić Law about the firm’s achievements and its strengths when advising diverse entities in the SEE region. He singled out innovation as the key ingredient to the firm’s success and the decision to expand into new practice areas such as ESG, one of the most pressing issues of our time. Gecić also shared his thoughts on how compliance with ESG demands may affect businesses and market dynamics in the region and beyond.

We are immensely proud of being named Law firm of the year: South Eastern Europe at The Lawyer European Awards 2021, in a new category encompassing a dynamic market of 150 million people, including Turkey and several EU members. This is not the first time we have been recognized by the preeminent judging panel, which includes experts from leading multinationals, such as Starbucks, GSK and Hugo Boss. Last year we were named Law firm of the year for Eastern Europe and the Balkans and we have repeatedly entered the European Competition or Antitrust Team of the Year – Top Five category, along with the most distinguished antitrust teams across Europe – for example together with Latham & Watkins, a team that represented Google. Our firm is also consistently recognized by elite global directories, including The Legal 500, Chambers and Partners and Benchmark Litigation.

The most important ingredient for our continued success is innovation, which is about continuous learning, discovery and adding value to our clients’ businesses. This leads us to expand into new practice areas, including ESG. We were the first independent law firm in the region to introduce services in this vital field. Forward-thinking global law firms, including Cleary Gottlieb, Clifford Chance and Linklaters have all understood the importance of ESG and we are glad to be in their company.

Our clients usually know that they will have to face changes as part of the EU accession. However, they are not always abreast with how these changes may affect their businesses and what the dynamics may be. Another set of issues arise from trade with EU countries.

The Green Deal will bring several potentially ground-breaking challenges, including the carbon border tax, which may have far-reaching consequences for the regional economies. ESG preparedness will have a pivotal impact on future financing (e.g., Green Bonds) as well as on the cost of operations and legal compliance. Companies may be forced to adjust their business models to remain competitive. We provide holistic assistance and help clients incorporate ESG into their overall business strategies. Those who understand this well and act quickly will be the winners of the new era.

Our experience shows that most markets in the region face similar challenges with ESG. As we saw in Denmark, acting on climate change could increasingly become mandatory. Regional markets moving through the EU accession process may also have to comply with the new rules soon. As the ESG movement gains momentum, we aim to provide solutions tailored to the specific goals and needs of each business. We first assess and analyse the risks a client may be exposed to and then advise on how to best adapt, from a regulatory, strategic, financial and operational standpoint. In the implementation, we prioritize between the“must-have”and the“nice-to-have” but we do provide a clear roadmap for each area.

KEY TAKEAWAYS

Gecić Law aims to provide solutions that are tailored to the specific needs of each business: first by assessing and analysing the risks a client may be exposed to, and then by advising on how to best adapt – from a regulatory, strategic, financial and operational standpoint.

The sooner, the better. Some businesses still do not realize that failing to prepare may significantly affect their ability to compete in the market, sell their products and have access to financing.

Those who understand this well and act quickly will be the winners of the new era.

Many businesses have a short-term approach, seeing change as an additional cost, avoiding and postponing action. Some still do not realize that failing to prepare may significantly affect their ability to compete in the market, sell their products and have access to financing. Regulators, investors, creditors, customers, and other key stakeholders will insist more and more on responsible business conduct. We advise clients on EU rules on ESG that will define international trade in the years to come, impacting exporters and entire supply chains in the Western Balkans and beyond.

Nevertheless, our region is also showing remarkable progress, as major cities, including Belgrade, expand their supporting infrastructure to accommodate the latest environmental trends in personal mobility, waste management and renewable energy supply.

We are thrilled to be part of this process, as we also take on board ESG standards. Wouldn’t it be completely inauthentic if we did not adhere to what we preach? We incorporate these principles into our core values and our everyday work. Our active and collaborative approach to making a positive contribution is reflected in our work with the Responsible Business Forum.

We are also a founder and proud supporter of the annual Taboroši Scholarship. We stand for an inclusive and diverse working environment, as we strongly believe that different  perspectives and experiences enrich our business in a meaningful way.