Vladimir Penkov
Chairman & Senior Partner

Vladimir Penkov is founder of Penkov, Markov & Partners, Attorneys-at-law. He was its Managing Partner for 30 years and currently serves as its Chairman and Senior Partner.


He specialises in commercial law and foreign investment, banking and financial law, tax law, concessions, public procurement, intellectual property, licensing and know-how agreements, competition law, telecommunications and energy law.


In recognition of his outstanding work, in 2013 and again in 2020, he received the Lawyer of the Year Award. He was included in the Best Lawyers in Bulgaria for 2012 and has repeatedly been recognised as a Highly Recommended leading lawyer in various legal fields and was awarded the highest distinction of Senior Statesperson in the Energy and Corporate & Commercial categories of Chambers Global & Europe in 2020 and 2021.


He has contributed to the drafting of a number of acts in the fields of commercial and company law, energy, taxation and investment regime.


He served as Vice President of the Bulgarian Chamber of Commerce and Industry (BCCI) for many years and currently sits on the Management Board of BCCI.


He served as Chairman of the Supervisory Board of BTC until the beginning of 2017. He was also a member of the Board of Directors and Executive Director of Zagorka AD (Heineken Group).


He served as an arbitrator at the Arbitration Court of the BCCI for many years.


He has been a member of the Board of Tulip Foundation since 2009.


In 2017, he was admitted to the Vienna Bar Association as a European lawyer.


Mr. Penkov served as Co-Chairman of the Small and Medium-sized Enterprises and Trade Working Group of the German-Bulgarian Cooperation Council for many years.


He is founder and former President of the first Lions Club in Bulgaria – Lions Club Sofia. He is also the recipient of the Hermes Award – the highest award of the BCCI, for enhancing the transparency and development of the Bulgarian commercial law, as well as of numerous international awards.


He has been featured in prestigious publications such as Barons’ Who’s Who of the World, 1999-2000 Global edition; Barons 500: Leaders for the New Century, 2000; Who’s Who of Professionals, 2005; Who’s Who of Professionals, 2008, and is also an honorary member of Who’s Who Historical Society 2005-2006 and Who’s Who Historical Century, 2008-2009.

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• Interview with Tycoon Success Magazine, “The 10 Most Successful Business Leaders Making a Difference”, 2023

• Interview with LGP News “Political and economic cooperation between Greece, Bulgaria and North Macedonia”, 2023

• The colourful world of a lawyer, Vladimir Penkov, 2022

• Interview with Men Trend Magazine, 2022

• Bulgaria is at a crossroads in energy development. Co-authored with Nikolay Voynov, PM&P Legal News, issue 41–42, 2022

• Interview with CEE Legal Matters, September 2021

• Do we need to continue judicial reform?, PM&P Legal News, 2019

• Vladimir Penkov for www.publics.bg: “The energy sector is in dire need of and has huge potential for investment”, October 2017

• Vladimir Penkov for De Facto legal: First priority – the Judicial Reform, June 2016

• Vladimir Penkov – New Political Culture for the Judicial Reform, June 2016

• Interview with Utilities Magazine, 2015

• Defending Investments in Wind and Photovoltaic Power Plants in Bulgaria, Ost-West Contact Magazine, 2014

• Why Don’t We Have the Will to Improve the Investment Climate?, Vladimir Penkov, 2014.

• Violation of Inheritance Rights over Shares in Limited Liability Companies, Lega InterConsult News, 2013

• Omissions in the Energy Strategy Disturb the Investment Climate, Lega InterConsult News, 2012

• Investors deserve good investment conditions, as well as good legal services, interview with В2В Magazine, 2012

• The Promotion and Protection of Foreign Investments in Bulgaria: Some Legal Aspects, International Relationships Magazine; Publications in Foreign Trade, Bulgarisches Wirtschaftsblatt and the BCCI’s Business Opportunities in Bulgaria

• The New Renewable Energy Sources (RES) Act – in Support of Green Energy or Not?, Lega InterConsult News, 2011

• Would the reduced capital requirement of BGN 2 have the desired positive effect?, Lega InterConsult News, 2010

• Necessary Revisions in the Commercial Register Legislation in Line with the Best European Practices, Lega InterConsult News, 2010

• The Council of Ministers Proposes 2 BGN for Limited Liability Company Registration, interview with Stroitel Newspaper, 2009

• A Perilous Undertaking: Competition on Equal Footing with Prohibited Agreements and Abuse of Dominant Position, co-authored with Svetlin Adrianov, Lega InterConsult News, 2009

• Role of Endorsement with Interim Certificates, Lega InterConsult News, 2009

• Interview with Office Assistant Magazine, 2008.

• The Practical Implementation of Portability is also the Responsibility of the State, interview with Utilities Magazine, 2007

• European Legal Framework for the Bulgarian Economy, Report for the Conference “Bulgaria – 180 days after the accession – chances and challenges”, Berlin, 2007

• Legal Guarantees and the Encouragement of Foreign Investments by the State, interview with Wirtschaftsblatt, 2007

• Is the New Value Added Tax Act 'European', Lega InterConsult News, 2007

 • Commercial Register Outside the Courts, Lega InterConsult News, 2006

• Wages below BGN 350 – free of taxation, interview with Leader Magazine, 2006

• Report entitled “Stagnation or growth of small and medium-sized enterprises in Bulgaria from the perspective of foreign investors” Vienna, 2005

• Report entitled “Small and medium-sized enterprises – stagnation or growth” –  Workshop Deutsch – Bulgarische Mittelstandskooperation, Berlin, 2005

• Harmonisation of the Bulgarian legislation in the light of the forthcoming accession to the European Union, Deutschland – Bulgarien, Wirtschaftspartner in Europa

• Introduction of Private Enforcement in Bulgaria, Interview with Radio New Europe, 2005

• Companies have no incentives to invest, interview with Pari Newspaper, 2005

• More on Tax Reform, Lega InterConsult News, 2005

• Private enforcement is coming, Lega InterConsult News, 2005

• Advertising promotions and the legal protection of competition - new case law of the Commission on Protection of Competition, Lega InterConsult News,  2004

• Forbes Insight Publications, IFLR 1000.

• The Investment and Taxation Council of the BCCI and some current developments in the tax legislation, interviews with Pari Newspaper and Dnevnik Newspaper, 2004

• The Bulgarian policy towards small and medium-sized enterprises and some aspects of the tax regime, interview with Wirtschaftsblatt, 2004

• Business Environment and the Credit Market in Bulgaria, interview with Sega Newspaper, 2004.

• Wichtige wirtschaftliche und rechtliche Bedingungen des Investitionsklimas in Bulgarien – 10 Jahre CD – ROM – Ausgabe des Arbeitskreises der deutschen Wirtschaft in Bulgarien, 2003

• Granting Concession without Tender or Competitive Bid Process, Lega InterConsult News, 2002

• The New Privatisation and Post-privatisation Control Act, Lega InterConsult News, 2002

• Richtige Partnerauswahl hilft Vorteile zu gewinnen, интервю - Bulgarisches Wirtschaftsblatt

• Rechtliche Grundlagen für ausländische Investoren in Bulgarien, Südeuropa Mitteilungen

• Legal Issues of Privatisation in Bulgaria, Euromoney Publication – International Privatization Review, 1999

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  • Education and professional experience

    ·      Penkov, Markov & Partners, Attorneys-at-law – Chairman and Senior Partner, 2016

    Penkov, Markov & Partners, Attorneys-at-law – Founder and Managing Partner, 1990–2016

    BTC AD – Member of the Supervisory Board and Chairman, 2010–2013

    • Nikas Bulgaria AD – Member of the Board of Directors, 2009–2012

    • Arbitration Court of the BCCI – Arbitrator, since 1999

    • Bulgarian Chamber of Commerce and Industry (BCCI) – Vice President, 1999–2006

    Zagorka AD – Member of the Board of Directors (1998–2006) and Executive Director, 2000–2002

    • Ministry of Foreign Economic Relations – Head of the Austria and Switzerland Division, 1989 – 1990

    • Technica Foreign Trade Organization – Chief Legal Officer, 1987–1989

    • Ministry of Foreign Economic Relations – Legal Counsel and Senior Legal Counsel, 1979–1987

    • Sofia City Court – Trainee, 1976–1977

    • Economic University, Karlshorst, Germany 1970–1972

    • Sofia University “St. Kliment Ohridski” – Master in Law, 1976

  • Memberships

    Sofia Bar Association

    • Vienna Bar Association

    • International Bar Association, 2019

    • Member of the Management Board of BCCI, since 1993

    • Chairman of the Investment and Taxation Council of the BCCI, 2004–2006

    • Former member of the Bulgarian National Group of the International Association for the Protection of Industrial Property

    • Former member of the Board of Directors of the Bulgarian International Business Association

    • Founder and former President of the first Lions Club in Bulgaria – Lions Club Sofia

    • Member of the Board of Tulip Foundation since 2009

    • Member of Interassist

  • Languages


    • English