Twenty years ago I graduated from law school in sunny California, passed my bar exam, got on a plane, and came to Eastern Europe as a bright-eyed young lawyer. What I thought would be a six-month sojourn turned into over a decade of living in the region and considerably more time working throughout it.
The legal environment in Central & Eastern Europe was incredibly different back then.
At the time, there were only a handful of international law firms present in the region, most based in Prague. A few London-based law firms were flying in and out of the region on a deal-by-deal basis. Generally, it was an under-served and fast-growing legal market.
I
was fortunate at the time to land a job in a law firm with some exceptional foreign attorneys, many of whom went on to make a significant, lasting impression on the region’s legal landscape (leaders such as Jason Mogg, Todd Robinson, and Michael Schilling). They were smart enough to hire the best and brightest young talent that they could find in the region to join them.
Many others followed, and gradually the “big boys” started to show meaningful commitment to the region, as Linklaters, Clifford Chance, White & Case, CMS Cameron McKenna, Baker & McKenzie, Allen & Overy, etc., all set up offices. And with these firms came other movers and shakers that meaningfully contributed to and shaped the region’s legal landscape – leaders such as Nick Eastwell, Duncan Weston, Rob Irving, David Shasha, David Butts, Neil McGregor, Paul Stallebrass, Helen Rodwell, Alex Doughty, Andrew Kozlowski, Ian Batty, and John Fitzpatrick.
And thus began the start of a quiet – but significant – generational change in the professional legal services market in Central & Eastern Europe.
Most who successfully practice law in the region today – whether in private practice or as in-house counsel – are doing so at a level of sophistication that mirrors that of leading Western European financial centers. Most were part of, or the offshoot of, this generational change: a unique moment in the region’s history.
I very much remember the unsaid rule at the time – a rule that would probably be fraught with discrimination lawsuits today, but which was arguably sound advice at the time: “never hire anyone over thirty years of age.” At that important transitional point, law firms did not want lawyers with the bad habits of the old guard. And for the first time in history, new law school graduates from the region had an abundance of employment opportunities from a cadre of international law firms and multinational companies.
“Experience” was less important among prospective recruits than “intelligence.” The laws were changing daily, and no one was an “expert” or “experienced” in the application of new legislation. What was instead highly sought were young, bright attorneys who could learn new laws and develop their skills to the best of international standards.
We were all on the front lines then. New laws, first time transactions, new regulators: everyone was cutting their teeth as they went. I recall as a young 27-year-old lawyer advising on what was touted at the time as the “largest private equity transaction in Central & Eastern Europe.” Everyone on the deal was so proud; it was a hallmark moment. Being only USD 90 million spread among a club of six PE funds, it now looks like chump change when compared to the scale and sophistication of the M&A transactions and financings that are regularly conducted in the region.
But that deal is indicative of how much has changed in a relatively short period of time.
Today the region boasts some incredibly impressive legal and managerial talent: individuals who have been trained by market-leading international law firm, or who climbed the ladder within elite multinational companies and were part of this “new generation” of lawyers.
Most, if not all, of today’s leaders in top legal positions in CEE are products of this historical generational change in the legal services landscape – innovators, and first-timers – young professionals who were thrust into positions of great responsibility early in their careers.
Having returned to the USA and worked with law firms that don’t feel attorneys have hit their greatest strides until their mid 40’s or 50’s, I find the contrasts stark. In CEE we have a generation of lawyers who are leaders in their respective markets/fields, are comparatively young, and have come onto the scene only during the past one or two decades.
When I think about the foundation on which CEE Legal Matters is founded, I can’t help but think about where today’s legal profession in Central & Eastern Europe has its roots and how far it has come. It was a unique time of professional/generational change that will not be replicated anywhere or anytime soon but certainly has had a lasting, positive impact on the many practitioners active in the region today.
Today’s bright-eyed young lawyers coming into Central & Eastern Europe have an abundance of opportunity within a sophisticated, developed, and diverse private-practice and in-house marketplace – a testament to those who were part of the generational change experienced during the past two decades.
By Ted Cominos, Partner, Faegre Baker Daniels
This Article was originally published in Issue 3.2 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.
