Did you know that while only five lawyers worked on ten or more CEE client matters reported by CEE Legal Matters in 2022, a total of fourteen lawyers reached that level in 2023? The 2023 leaderboard was led by Milos Felgr of Clifford Chance in Prague, who worked on a remarkable 20 CEELM-reported client matters last year, with Alper Onar of Istanbul’s Aksan Law Firm, who worked on 19, close behind. Fellow Turk Kerem Turunc, the Managing Partner of Turunc, worked on 17 reported deals, while Djordje Nikolic of NKO Partners in Belgrade worked on 16, and Tomasz Rogalski of Norton Rose Fulbright in Warsaw worked on 15.

DLA Piper has advised Generali CEE Holding on its full acquisition of 4Life Direct Poland from 4Life Direct International. CMS reportedly advised 4Life Direct International.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With 2023 marching to an end, we looked ahead and asked about strategies for next year: As the budgeting period is around the corner, compared to 2023, what are the main budgeting lines you expect to increase for 2024 and why?

With artificial intelligence dominating tech conversations over the last year and with a draft AI Act being looked at by the EU, CMS Partners Dora Petranyi, Gabriela Staber, Klaus Pateter, and Olga Belyakova look at where AI is today and how European legislation might impact its future.

The European Union has initiated the world’s first carbon border tax, called the Carbon Border Adjustment Mechanism (CBAM). The CBAM Regulation was ratified by EU co-legislators on May 10, 2023, and became legally effective on May 16, 2023 following its publication in the EU Official Journal.

The sweeping digital transformation has significantly changed the economic and financial landscape, and at the heart of this change is the emerging phenomenon of cryptocurrencies. With this innovative fusion of finance and technology, the pertinent question of how to tax these new assets arises. Bulgaria, like its global counterparts, is grappling with the complexities of this issue. Dive in for an in-depth look at Bulgaria’s approach to taxing crypto assets.

Crido has advised Borgestad ASA on refinancing the credit for the Agora Bytom shopping center with Bank Pekao. CMS reportedly advised the bank.

It was another strong year for the leading law firms in Central and Eastern Europe, which, combined, worked on over a thousand deals and other client matters across the region reported on by CEE Legal Matters this year. According to the Activity Rankings function of the CEELMDirect website, Clifford Chance, which worked on an impressive 95 CEELM-reported CEE client matters in 2023, led the international firms in the region, with Schoenherr, which worked on 90, close behind. Dentons (82), CMS (71), Wolf Theiss (65), Cobalt (66), Kinstellar (50), White & Case (45), and Allen & Overy (42) took notable places on the leaderboard as well.

CMS has advised Touzimsky Airlines on the sale of its shareholding in Kiwi.com to General Atlantic. Weil Gotshal & Manges reportedly advised General Atlantic.

White & Case has advised CVC Capital Partners on its acquisition of the Packeta Group, alongside co-investor Emma Capital. Havel & Partners advised JSK Investments and its shareholders, Simona and Jaromir Kijonka, on the sale of Packeta.

CMS has advised Rezolv Energy on the licensing of its 229-megawatt St. George photovoltaic project before the Bulgarian Energy and Water Regulatory Commission.

CMS Bardek Lisac Musec Skoko and Partners has advised Global Offshore Engineering Group owner Matko Zuanic on the full acquisition of Adria Winch, including the indirect acquisition of Dalstroj. Ivkovic & Kruc advised Adria Winch Group shareholders Marin Srzentic, Milivoj Peruzovic, and Ivo Jercic on the sale.

CMS Bulgaria Managing Partner Kostadin Sirleshtov talks about the evolution of the energy sector and their role as legal advisors in Bulgaria over the last 10 years.

With CMS’s recently published European M&A Outlook report taking the temperature of the M&A activity across the continent, CMS Romania Managing Partner Horea Popescu and CMS Vienna Partner Alexander Rakosi share their insights on M&A trends in the CEE region.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. Shifting our focus to the financial aspects of legal work, we asked: What percentage of your issued bills end up being overdue, what percentage end up never paid, and what is your firm’s/office’s standard methodology to handle both cases?

Inflation rates, while high across Europe, have been particularly making headlines in Turkiye. Yalcin Babalioglu Kemahli in cooperation with CMS Managing Partner Done Yalcin, Ergun Law Firm Partner Lara Sezerler, Celepci Law in cooperation with Schoenherr Office Managing Partner Levent Celepci, KP Law Managing Partner Onur Kucuk, and Guleryuz & Partners Partner Zahide Altunbas Sancak discuss the current outlook.

Dentons has advised Modus Asset Management on obtaining EUR 58 million in debt financing from BNP Paribas Bank Polska and PKO Bank Polski to finance and refinance the acquisition of a 93-megawatt portfolio of photovoltaic projects in Poland. CMS advised BNP Paribas Bank Polska and PKO Bank Polski.