On 19 September 2024, BDK Advokati celebrated 20 years since its establishment. BDK Advokati Managing Partner Tijana Kojovic and Senior Partner and Head of the Montenegrin office Luka Popovic reflect on this milestone and discuss the journey of the firm, its evolution, achievements, and aspirations for the future.
CEELM: When and how was the firm set up, and who was involved in its founding?
Kojovic: The firm was set up in 2004 by myself, under the name Kojovic Law Office. Dragoljub Cibulic, now an Equity Partner in the firm, was my first Associate. By 2008, we had expanded to eight people, which was midsize at that time. That year, we were joined by a team from PwC Legal, including Vladimir Dasic who is an Equity Partner in the firm. This is when we rebranded and the firm took the shape of a partnership and continued to grow organically. Today, we have six Equity Partners, including Luka, who leads our Montenegro office, and a team of close to 40 lawyers.
CEELM: 2008 sounds like an interesting year for expansion. What drove the decision?
Kojovic: As a transitional economy not fully integrated into the global market, Serbia wasn’t hit as hard by global events right away. By 2008, we had already established ourselves in the market. Our goal was to grow into a true partnership and the opportunity arose at that time. New partners added to our solid foundation, allowing us to expand.
CEELM: When and why did the firm begin expanding beyond Serbia?
Kojovic: We were very entrepreneurial from the start. We began looking at the broader region as early as 2005, just a year after we launched in Serbia. At that time, there was a wave of privatizations in Montenegro, and we advised on those from our Belgrade office. In 2006, we worked on the privatization of Telekom Srpske in Bosnia and Herzegovina. We established a presence in Montenegro in 2009. Luka joined us in Montenegro 12 years ago, which marked a new phase when we developed a strong local team that is fully integrated into the firm. Our approach has always been to build a truly unified firm.
Popovic: Indeed, I joined BDK Advokati in May 2012, at which point the firm had already been present in Montenegro for a bit over two years. Initially, it was a small office with just two of us, and our work was largely tied to cross-border deals and regulatory work. From there, we began to grow, and now we have a team of seven people, including six lawyers. We have established ourselves as one of the leading corporate law firms in Montenegro. We have also succeeded in retaining people. Recruiting and retaining talented people in a small market is difficult, as the talent pool is small. This profession requires individuals who are ambitious, motivated, and willing to work hard.
It is important to note that our firm is not just driven by lawyers from our headquarters. Some of our lawyers based in Montenegro are leading practices in other countries where we operate.
CEELM: And when did the firm expand into Bosnia and Herzegovina?
Kojovic: We started handling work in Bosnia in 2006 from our Belgrade office and then established a team in Banja Luka in 2013. Our first associate in Banja Luka, Dijana Pejic Sinik, is still part of our team. Even though we have been covering the entire country with our Banja Luka team, we are now expanding to Sarajevo. This will round up and strengthen our presence in Bosnia and Herzegovina, while clients will get additional comfort with the team present in the capital. Speaking about expansion, we are also looking into North Macedonia and expect to be there as well by the end of this year.
CEELM: Looking back at the past 20 years, if you could do it all over again, what would you change?
Kojovic: I would have expanded into the region earlier. We started in 2004, about four years after the first contours of a market economy started to be formed following the Milosevic era. We quickly caught up the pace with the firms who had been longer in the market. We focused on becoming a truly full-service firm for corporate and institutional clients, building expertise across all practice areas. We can confidently say that we are one of few full-service firms in Serbia, capable of offering equally in-depth expertise across practice areas and sectors. Expansion is a natural consequence of our conviction that we can offer quality service in a broader geography to clients who trust us.
Popovic: One key thing I constantly think about is building the next generation of young lawyers who can deliver at the standard our firm is known for. That is challenging, and I often wonder if we could have brought some talented individuals on board earlier. It is really about ensuring we have the right people to carry the firm forward. On balance, I think we have done a good job. We are one of the most visible corporate law firms in Montenegro.
CEELM: What is the main lesson you would share with someone looking to start their own firm?
Kojovic: Develop your knowledge and expertise. Position yourself as a trusted partner of your clients, no matter how few of them you have at the beginning. Word of mouth is the best form of marketing – if one client is happy and recommends you to others, that recommendation is more valuable than any traditional marketing effort. As you grow, you will be marketing your capabilities on multiple fronts but remember that expertise and the quality of your service are ultimately what sells the best.
CEELM: What would you say your proudest moment has been over the 20 years?
Popovic: CEE Legal Matters’ double 2023 CEE Deal of the Year Award in Warsaw was definitely a proud moment.
Kojovic: I am living my proudest moment now, reflecting on the progress we have made and the fact that we are truly firm and that I have partners with whom I share both the successes and the challenges. That sense of partnership and collective achievement is my biggest accomplishment.
CEELM: What is your firm’s mid-term focus?
Kojovic: Our primary focus will be on consolidating our presence in the Western Balkans, and on building expertise and fostering a mindset among our lawyers that acknowledges and takes into account global and EU regulatory developments. Even if the countries we cover are not EU members, we need to take the EU developments into account as if our countries were members. All our jurisdictions are significantly influenced by what happens in Brussels. We have been investing in know-how in advance and will be doing so even more. We are currently investing in expertise on new regulations designed for the digital economy.
Popovic: Given the possibility of Montenegro joining the EU sooner than expected – perhaps within four years – this focus becomes even more relevant. The ability to develop expertise that is beyond local is increasingly important.
CEELM: Finally, where do you aspire to see BDK in the future?
Kojovic: I envision BDK as a reputable European brand with an office in Brussels!
