IFLR 1000
The Guide to the World's Leading Financial Law Firms

Much discussion has centred on White & Case W Danilowicz W Jurcewicz I Wspólnicy's recent succession issues. "The main change that we have seen [in the legal market] is the change in White and Case. It is difficult to say that these people are the leading lawyers. It is common knowledge that they [Janusz Fiszer and Witold Jurcewicz] are either retired or they will retire soon," one partner says. Another partner says that "you will note that these two guys are close to retirement and there has been a power shift at White & Case this year. These individuals will be moved to counsel and will be retiring soon".

Many commentators feel that these changes detrimentally impact the practice; however the practice is now driven by an individual with high potential. "There is a guy who is a local partner, his name is Marcin Studniarek. He is a partner for capital markets, he is somebody I've come across, I would say he's like a rising individual - give him another five years or something. But he's certainly very bright and has a good rapport with investment banks," one partner says.

While White & Case's capital markets future has been the subject of much speculation, the firm has strong London support and its team enables it to offer English, US and Polish law strength. It has also been active on some of the market's most interesting mandates.

Valued at €2 billion, the firm was involved in the biggest ever IPO on the Warsaw Stock Exchange (WSE), when it represented Eureko as the largest selling shareholder in the IPO of PZU. Furthermore, the firm acted as the underwriters' counsel of HSBC Bank, Erste Bank and Bank Zachodni with regard to the €79 million IPO on the WSE and listing of shares of Kulczyk Oil Ventures (a rare Canadian listing).

The firm was also involved in one of the first IPOs of a Ukrainian agriculture company on the WSE when it advised Agroton Public and lead managers BZ WBK and Phoenix Capital on the €38 million offering.

The past 12 months has seen White & Case W Danilowicz W Jurcewicz I Wspólnicy in a period of transition. The firm's banking practice has undergone significant changes with the loss of Lech Gilicinski and with Jacek Czabanski's move to counsel. "Jacek Czabanski, he's an extremely decent lawyer still, but I think he's stopped practicing and he's of counsel," says one partner, with another adding: "White & Case has had a lot of changes. Lech Gilicinski left and his team partly followed him and are partly looking for a job on the market, generally the situation at White & Case has totally changed. The whole team is no longer as influential as they used to be."

Nevertheless, the firm has brought in English law qualified local partners Nicholas Coddington and Tomasz Ostrowski from Clifford Chance. "White & Case, it's a completely different firm now. Most of the banking team has left except for Galuszynski and they had a couple of new additions. So I think if they prove themselves it is going to be a pretty good firm," says one partner, adding: "I think they'll find good replacements."

This year, the firm acted for BNP Paribas, Deutsche Bank and KfW IPEX-Bank, as lead arrangers in the financing of the Gealan Group in relation to its takeover by Halder. Additionally, the firm represented Wola Park, a luxury shopping center owned by the AEW Group, in the structuring of a current LBBW credit refinancing for €99 million through subrogation repayments made by new banks, Société Générale and Erste. This also included an increase of credit in view of financing construction works at €26 million. The firm is also involved in the restructuring of €502 million financial liabilities of Celsa Huta Ostrowiec. This is inclusive of 22 foreign and domestic financial institutions, including EBRD (European Bank for Reconstruction and Development), UniCredit, BRE Bank and DNB.

The 15 strong White & Case W Danilowicz W Jurcewicz I Wspólnicy M&A department has had a solid year with a steady flow of work especially in private equity. "White & Case became more active recently," says one peer, adding: "It's because Witold Danilowicz, he's not [the] managing partner anymore at White & Case Warsaw office. He's a much more active practitioner and Danilowicz is a really great practitioner." However, other commentators on the market held a contrasting view. "White & Case, they have done a couple of transactions last year but we were wondering whether it's a question of some reputation or some legend about this firm in Warsaw when putting them in tier one [sic] rather than three," says one partner. "In my mind they are clearly a different type of practice to Dewey & Weil. White & Case I mean on the M&A side again I haven't seen them that often across the table," says another partner.

Despite mixed reports of increased activity, low visibility and/or perceived aggrandisement, the firm has been active and was involved in a very high profile private equity transaction. The firm advised Telekomunikacja Polska on its €426 million sale of TP EmiTel, a subsidiary of the network operator, to Warsaw-based Kapiri Investments, owned by Montagu Private Equity. Additionally, the firm represented a private equity fund, Eton Park Capital Management, on the €158 million public tender announced for 100% of the outstanding shares of Ruch, a leading Polish newspaper retailer listed on the Warsaw Stock Exchange. The firm also advised Zlomrex, the largest steel manufacturer and distributor in Poland, on the €50 million sale of Cognor's assets in Poland to ArcelorMittal Steel Poland. This also included a €33 million sale of shares in Cognor Stahlhander to Vienna-based funds.

White & Case W Danilowicz W Jurcewicz I Wspólnicy continues to build market share. The firm is advising the European Bank for Reconstruction and Development (EBRD) in regard to the €345 million financing of for the construction and operation of a combined cycle gas turbine unit in Stalowa Wola Heat and Power Plant.

Additionally, the firm provided Windbud with legal advice in connection to wind farm projects in Poland, including a legal due diligence review of a number of wind farms in Z_otów, Piastów, Sucharzewo, Niestronno and Bronis_aw.