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

Of late, CMS Cameron McKenna Dariusz Greszta Spólka Komandytowa's grip on the second tier has loosened as the firm has lost some traction on the market. "The team is very shaky; it's changing all the time. Based on my experience the quality of the work is pretty low and this is not my complaint because I'm a lawyer, but these were complaints of the clients saying that they don't have a commercial approach and as far as I see they're mostly involved in pretty low profile real estate financing. I have never seen them in a bit more sophisticated financings. I know they're advising to one of the Polish energy groups but this is due to the fact that the energy team is advising them," says one rival. No doubt, the firm's banking division has been hit by the departure of Marek Król. "I would say that the most experienced lawyer from Cameron McKenna left the firm that may have some influence, however, I don't want to say that somebody who will replace him in that position won't be even more effective than Mr Król," another competitor says.

Nevertheless, the firm is still large and is known for its strong Central and Eastern Europe (CEE) network. Furthermore, it has been involved in some high profile instructions. In a deal worth over €3 billion, the firm advised one of the leading investment companies in the CEE on the financing of its offer to the State Treasury for the purchase of shares in one of the largest energy companies in the country, Energa. This is one of the largest privatisations in Poland and is to be financed by consortiums of leading international financial institutions. This ended in the signing of an extensive term sheet for the financing. Additionally, the firm is advising a consortium of three banks, UniCredit London, ING and UniCredit Bank Austria on the €52 million acquisition financing of a Polish company.

Led by the multi-disciplinary expertise of Dominika Uberman, CMS Cameron McKenna Dariusz Greszta Spólka Komandytowa's banking arm will be looking to stabilise and reclaim market share.

CMS Cameron McKenna Dariusz Greszta Spólka Komandytowa has clearly developed a solid reputation on the market. "Cameron McKenna is usually met in project finance transactions," says one partner. The firm retains its place in the first tier this year amid claims that it has lost market share. "Always surprising me is Cameron McKenna, I think maybe it's because their energy teams are active. But project finance is very surprising for me especially since the people who're really specialising in project finance left Cameron McKenna two years ago, it was Mr Michat Zieniewski," says one partner. Another partner states: "Cameron McKenna, they are weak in finance but they focus more on the commercial side and they gain. I think they had one or two deals in the power sector for Tauron. But they are for me very strong in energy." The firm is renowned for its energy practice and is currently involved in three energy projects, each valued at over €1 billion.

Marek Durski is an individual that has been drawn out for praise. "Marek Durski, he's a young guy, he's one of the bigger names, if he's not a star already he's definitely a rising star. Pretty good, well respected by clients, quite reasonable and we've worked with him on the other side. A good guy," says one peer.

By the firm's high standards, it has not been very active in project finance this year. Nonetheless, it has been involved in one of the significant mandates on the market advising a consortium of Polish banks organized by Raiffeisen Bank Polska on the first biofuel installation in Poland. It helped the consortium on the restructuring of Bioagra, one of the leading entities on the European ethanol fuel components market, with a €20.8 million refinancing and restructuring of two credit facilities granted by a consortium of Polish banks within the original €105 million financing. The financing was provided by the European Investment Bank.