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Overview
Poland has been less critically affected by the global crisis than certain other European jurisdictions, the economy remaining predominantly agricultural and not so badly hit by stock exchange turmoil. Yet Poland has witnessed a marked slowdown. Although the Polish banks have a small percentage of assets at risk, most banks are foreign-owned and exposure to the international markets has caused lending problems.
Opportunistic property buyers are playing a waiting game, hoping that real estate will pick up again towards the end of 2009’s second quarter. For the moment, real estate and the necessary financing have stagnated since 15th September. Aside from ENEA’s €528m WSE listing, IPOs are indefinitely on hold (although the IPO of PGE, the country’s largest energy group, is expected in 2009) and securitisation work has all but disappeared. As for the banking sector, further consolidation is expected in 2009. Already, Unicredit has disposed of Bank BPH (Poland’s third-largest bank) to GE Money for €625.5m, a deal that necessitated the involvement of international law firms Dewey & LeBoeuf Grzesiak SP.K., CMS Cameron McKenna Dariusz Greszta Spólka Komandytowa and Allen & Overy, A. Pedzich sp. k..
Meanwhile, Poland’s commercial litigators and labour lawyers have never been so busy. More insolvency and restructuring work are expected throughout 2009 while, on the M&A side, energy remains one of the few buoyant sectors. Poland’s energy capabilities are in a desperate situation and EU funds are available for the development of the country’s transmission grids. In anticipation of Poland’s joint hosting (with Ukraine) of the 2012 UEFA European Championships, the construction of the sports stadiums appear to be running to schedule, but Poland’s highways remain in a dire state. When the successful bidders are announced, infrastructure lawyers will have their work cut out.
The legal market remains fluid and rumours have circulated about large domestic and international firms firing lawyers and fee dumping. Although the market conditions may appear far from ripe for critical lateral hires, the year did not pass without some significant partner moves. After years of gentle growth in Warsaw, Norton Rose Piotr Strawa and Partners LP took energy partner Rafal Hajduk from CMS Cameron McKenna Dariusz Greszta Spólka Komandytowa and real estate experts David Dixon and Agnieszka Stankiewicz from Chadbourne & Parke LLP. Chadbourne & Parke LLP itself raided a four-strong infrastructure and PPP team from Wierzbowski Eversheds. In late 2008, international firm Bird & Bird Maciej Gawronski sp.k made a concerted drive into the CE region, opening four new offices, including one in Warsaw headed by ex- M. Furtek i Wspolnicy Kancelaria Prawnicza IT expert Maciej Gawronski. Additionally, an alliance was formed with Telco regulatory experts Grynhoff Wozny Malinski. The year saw Linklaters close its Bucharest, Prague and Budapest offices and rumours abounded about Warsaw likewise shutting. The office remains very much open for business but has endured significant departures affecting its tax, employment, IP and capital markets teams. Meanwhile, Gleiss Lutz pulled out of the whole CEE region and Austrian law firm Schönherr took over the German outfit’s Warsaw office as of January 2009.