Every Time I Visit a Commercial Bank I Can Feel the Atmosphere Is
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Year I, Issue 4 CEE August 2014 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Cover Story: Banking on Growth -- The EBRD In CEE Across the Wire: Summary of Deals and Cases in CEE Legal Matters: The Buzz Market Spotlight: Czech Republic Experts Review: Problems For Foreign Investors Market Snapshot Hunting Legal Heads Banking on Growth Is Best of the Best ... Good Enough? Preliminary Matters CEE CEE Legal Matters Legal Matters Editorial: A Diamond Among In-Depth Analysis of the News and Newsmakers That Shape Europe's Emerging Legal Markets The Pearls Prague simultane- The other new feature is the The Market Snap- ously demands and shot (page 40), which now becomes a regular defies description. part of each Market Spotlight. In this issue, One writer called it partners at some of the best and biggest law a “city of alchemists firms in the Czech Republic have prepared and dreamers,” while short reports on the state of affairs in key prac- another called it a tice areas and industry sectors in the country. “City of Dark Mag- In addition to the new elements of the CEE ic.” It has been sug- Legal Matters magazine introduced with this gested that “if Euro- issue, our existing features continue to grow pean cities were a necklace, Prague would be a in size, significance, and popularity. Experts diamond among the pearls.” Richard Wagner Review (page 52) in this issue contains articles called it, simply, “a city beyond compare.” from each and every CEE market on particular Franz Kafka, who lived his entire life in the Ma- problems or challenges foreign investors are The Editors: ter Urbium, had a different understanding of likely to encounter in the country. The extreme- his home town. Who else would have written ly popular Summary of Deals (page 6), is larger David Stuckey and more detailed than ever. And The Frame [email protected] – who else could have written – that “Prague never lets you go… this dear little mother has (page 18) is packed full of content, including Radu Cotarcea sharp claws.” articles about the surprising amount of lateral [email protected] partner movement this summer and the num- I have a special name for the city as well. Now, ber of international law firms that have decid- Letters to the Editors: after many years of hoping, I can finally call it: ed to shut down offices in CEE and withdraw “home.” For, although I lived in Prague briefly – as well as one firm in particular that’s bucking If you like what you read in these in the spring of 2010, I spent the interim in the the trend by growing rapidly. The Frame also pages (or even if you don’t) we wilderness, and I was only recently able to find contains an exploration of the EBRD and its really do want to hear from you. my way back to the City of a Hundred Spires. I legal department (page 26), an interview with Please send any comments, crit- plan to stay as long as they’ll let me. a dynamic and successful legal recruiter in Po- icisms, questions, or ideas to us land (page 25), and much more. at: Why do I go on about Prague? Because, to my [email protected] delight, the Market Spotlight in this issue fo- And finally, there’s another significant article in cuses on the Czech Republic (page 33). Read- The Frame (page 19), related to an expansion ers will enjoy interviews with General Counsel, of the CEE Legal Matters family of products. and analysis from and articles about some of The 2014 CEE Legal Matters Corporate Coun- CEE The 2014 CEE Legal Matters Corporate Counsel Best Disclaimer: the leading lawyers and law firms in this key- sel Best Practice Handbook – the first of many Legal Matters stone of Central Europe. The Market Spotlight reports planned for coming years – is finished, Practice Handbook is out now! At CEE Legal Matters, we hate boilerplate disclaimers in small print as much as you also includes a featured article about the way and will be sent out next week to those who do. But we also recognize the importance have participated in it or ordered it. We are of the “better safe than sorry” principle. Czech law schools prepare students for careers CEE 2014 Corporate So, while we strive for accuracy and hope in commercial law firms, from the perspective extremely proud of this expansion of CEE Counsel Handbook The report reflects the committed participation of close to develop our readers’ trust, we nonethe- Legal Matters, and we are confident that those less have to be absolutely clear about one not only of the law firm partners who evaluate thing: Nothing in the CEE Legal Matters and hire fresh graduates, but also the Dean of who obtain the report will be impressed with to 700 General Counsel across CEE. magazine or website is meant or should the amount of useful, expert, and previously be understood as legal advice of any kind. the Charles University Faculty of Law and sev- Readers should proceed at their own risk, eral Charles University students preparing to unavailable information it contains. If it is in- and any questions about legal assertions, appropriate, here, to suggest that readers who conclusions, or representations made enter the job market. You can access an electronic copy of the report on the in these pages should be directed to the don’t contact us to order a copy will be missing person or persons who made them. Our pride in this issue extends far beyond the out, so be it. CEE Legal Matters Portal: www.ceelegalmatters.com We believe CEE Legal Matters can serve Market Spotlight, of course. as a useful conduit for legal experts, and In summary, we are growing in size, coverage, we look forward to expanding our capacity First, we have two brand new features. One is reach, offering, popularity, and enthusiasm. In This kind of study, focusing specifically on heads of legal departments operating within the to do so in the future. But now, later, and for all time: We do not ourselves claim to The Buzz (page 16): A rundown of the major light of the size of and content in this issue, at know or understand the law as it is cited topics of conversation for lawyers in each CEE the rate we’re growing … I can’t wait to see the CEE Region, creates a unique possibility to learn more about legal managers’ priorities, in these pages, nor do we accept any re- sponsibility for facts as they may be as- country, provided by senior lawyers and legal October issue! serted. organization of in-house legal departments and their best practices. experts on the ground. David Stuckey, Executive Editor Agnieszka Dziegielewska-Jonczyk, Country Counsel for Poland, Hewlett-Packard CEE Legal Matters 3 Preliminary Matters Contents Guest Editorial: Assisting Private Sector Preliminary Matters 2 - 5 Development in CEE 2 Editorial: A Diamond Among The Pearls 4 Guest Editorial: Assisting Private Sector Development in CEE the Warsaw Pact countries of Hungary and number of the Bank’s countries of op- Czechoslovakia, it had been altogether in- erations currently stands at 35 countries. Across the Wire 6 - 15 conceivable that our binary world order, Three of the original countries of opera- On The Move with the free market economies of the tions – USSR, Yugoslavia, and Czechoslo- West and the closed command economies vakia – dissolved, with their successors all Large Team Breaks Away From Vasil 6 Legal Ticker: Summary of Deals and Cases in the East, would ever come to an end. becoming EBRD countries of operations. Kisil & Partners (Page 13) The Bank is now also active in Mongolia, 12 On the Move: New Homes and Friends When I first learned about the plans of the Turkey, Egypt, and other southern Med- international community for a new devel- iterranean countries. EBRD has become opment bank, which would assist the tran- the single largest source of financing in Legal Matters 16 - 31 sition and private sector development in many of our countries of operations, and Central and Eastern Europe, I hoped that it is universally recognized for its support one day I might be able to join that bank to of private sector development. In 2013, 16 Legal Matters: The Buzz make my own modest contribution to the EBRD signed close to 400 projects with region’s transformation. I eagerly followed a combined financing volume of EUR 8.5 18 Legal Matters: The Frame media reports about the international ne- billion. gotiations culminating in the inauguration 20 Musical Chairs in CEE: Some Partners Moving and Some of the Bank in London in early 1991, and I My department has evolved along with Firms Moving Out Most countries featured in CEE Legal eventually submitted my application. I was the rest of the Bank. We have new teams Banking on Growth Matters are also EBRD countries of oper- not aware at the time that I had met the of international transaction lawyers at the 23 Asset Yield: European Real Estate Event ations. I am therefore very grateful for the Bank’s newly appointed General Counsel Bank’s headquarters in London, as well as 25 Hunting Legal Heads: A Q&A With a Polish Legal Recruiter opportunity to contribute the “guest edito- on a transaction in New York, when he was in Moscow, Istanbul, and Kiev. We also The EBRD in CEE (Page 26) rial” to this edition of the journal. still a senior partner at a prominent Wall maintain legal teams specializing in capital Street firm.