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Jolanta Tropaczy_ska heads up the equity capital markets practice from within the Corporate Group at Linklaters C Wisniewski i Wspólnicy while debt capital markets deals are covered by Jaros_aw Miller in the Finance and Projects Group.

The firm has been active in both areas. In mid-2011 it was advising Citi and UBS as underwriters' counsel in relation to the €250 million IPO of Bank Gospodarki Zywnosciowej, a subsidiary of Rabobank. On the debt side, the firm advised Bank Ochrony Srodowiska on a standalone issue of €250 million 6% Notes due in 2016. The issuer, BOS Finance, is a subsidiary of Bank Ochrony Srodowiska and the issue was listed on the Luxembourg Stock Exchange.

Competitors see the firm as ubiquitous on Eurobond deals. "Linklaters is present in Eurobonds, international transactions and big tickets," notes one partner, while another agrees with this but adds a qualification: "They are active on the Eurobonds market [when it] concerns Polish issuers but not necessarily the domestic markets".

Linklaters C Wisniewski i Wspólnicy has a solid practice and consolidates its position as one of the stronger banking practices in the second tier. Looking ahead, the firm has the potential to be a serious contender for a place in the top tier. "I think to be quite frank and honest, I think Linklaters deserve more than tier two. I would say and I hate to say, you know, good things about competition but I think they are better than all the others in tier two," says one competitor, adding: "It's a small but pretty consistent team." Another partner says: "This is a very small team, however, they're quite good and visible on the market and you can see them on the other side of the transactions," says another peer, adding: "And they're not desperate which is also good." Nevertheless, other market commentators see the firm as experiencing problems in Eastern Europe and feel that this has a bearing on the Polish practice.

On account of his skill, Jaroslaw Miller is an individual who has developed a solid reputation. "Clients appreciate him very much because he's really a wise person and a good lawyer," says one peer.

In the last twelve months the firm has received some notable instructions. It advised Eurohypo and ING in relation to a €325 million facility for the acquisition of nine shopping centres across Poland by the GE Capital Real Estate Polish Retail Fund. This was the biggest single real estate financing transaction in Poland since 2004. Moreover, in the first ever reserve-based lending transaction on the Polish market, the firm is presently advising Crédit Agricole and a consortium of banks on a €278 million loan to PGNiG Norway. The firm was also involved in the highest-value performing loans sale in Poland thus far when it advised HSBC Bank Polska on the sale of its €300 million consumer loans and credit cards receivables to Alior Bank.

Linklaters C Wisniewski i Wspólnicy is one to watch out for. The international brand is threatening the top tier as it rapidly builds market share. Peculiarly, this assessment is not one that is shared by peers of the firm. "I'm not sure about Linklaters. I came across all others which I mentioned but I've not heard that they were that active last year and this year," says one partner, with another adding: "We don't really come across them that often, following their decision to step back from CEE (Central & Eastern Europe). Obviously, we do come across them in our banking deals and full credit to them for that, but you know we don't see them that often on M&As."

Nevertheless, the firm has bolstered its corporate team with a number of recruits, its deal list is impressive and it has been involved in some of Poland's biggest-ticket mandates.

The firm advised Allied Irish Bank in one of the biggest M&A transactions of 2010, the €3 billion sale of its 70.36% shareholding in the listed Polish Bank Zachodni WBK to Santander. Furthermore, the firm acted for the Polish State Treasury on the €2.5 million settlement of the largest corporate dispute ever in Poland. This was in regard to Deutsche Telekom's takeover of the remaining stake in PTC, a leading Polish mobile services provider. Additionally, the firm advised Industry Funds Management on the €1 billion acquisition of the largest private portfolio of district heating networks in Poland, owned by Veolia Environnement's arm Dalkia International

Linklaters C Wisniewski i Wspólnicy has had a strong year and on the back of strong transactions and recommendations from commentators the firm moves into the second tier. The small team is rewarded for its consistency and its ability to attract high value transactions. "Linklaters are definitely active and have experience in project finance," says one partner. "You should put Linklaters higher because if they do something they are always pretty good," says another.

Led by Jaroslaw Miller, the firm continues to advise Bank Pekao, Bank PKO BP and the EBRD (European Bank for Reconstruction and Development) on the €475 million project bond financing for the construction and operation of a LNG (liquefied natural gas) re-gasification terminal in Swinoujscie, Poland, the first in the country.