Institutional translation and interpreting training has a long lasting tradition in Slovakia mainly thanks to such significant translation scholars as Anton Popovic, František Miko, Ján Vilikovský and many others. However the situation has changed after the Velvet Revolution in 1989 and the education needed to start adapting to the new market situation and face new economic conditions. The paper presents the tradition, its main point of departure, describes market conditions and suggests some methods how to improve the training of future translators not neglecting the tradition. It is a very delicate and sensitive issue. But finding the right balance seems to be the effort worth taking. The paper also introduces a project of University Translation Centre which has been designed to tackle this challenge and provide students with variety of practical experience during their studies.