In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With 2024 behind us, we asked: Looking at transactional volumes for this year, would you say that 2024 was better or worse than what you originally expected it to be, and why?
Christoph Mager, DLA Piper: 2024 was a year of good activity, with transactional volumes exceeding expectations driven by strategic M&A deals, increased cross-border transactions, and significant growth in the tech sector. Despite economic uncertainty, regulatory changes, and geopolitical tensions, 2024 was a standout year for our firm. Key drivers included a robust economy, significant advancements in AI, and increased activity in complex multi-jurisdiction transactions. Transactional volumes exceeded projections. In my view, in 2025, law firms are required to continue investing in innovative technologies and expanding practice areas. Additionally, the industry will likely see intensified competition as firms will need to woo talent and be able to offer internal promotions to equity partnerships. Further, law firms will seek to position themselves as leaders in high-growth markets as cross-border M&A. The transactional boom we witnessed in 2024 is both a confirmation and a call to action for continued innovation.
Igor Svechkar, Asters: The Ukrainian legal market continued to grow moderately but steadily. Law firms have adapted to wartime challenges, retaining their core teams and strategically onboarding new talent to bolster expertise in high-demand areas. Practices related to military & defense, damage recovery, and business continuity have become prominent due to the ongoing war. Demand for core services such as dispute resolution, white-collar crime, tax, intellectual property, and corporate and competition law remains robust. M&A and financing transactions have slowed, reflecting a cautious investor sentiment in the current environment. The Ukrainian economy grew by approximately 4% in 2024, contributing positively to legal work volumes. We observed a modest increase in new and returning clients, reflecting stability and continued interest from local and international businesses. Key active sectors included IT, banking, agribusiness, defense, construction, FMCG & retail, and energy – industries that remain critical to sustaining the Ukrainian economy and addressing the needs of the business.
Alexandra Doytchinova, Schoenherr: As 2023 was already a very successful year, the bar for 2024 was naturally set high from the outset. I am an optimistically conservative planner and have based the budget on the assumption of another busy year with a reasonable number of transactions coming up. Tend to plan cautiously but always aim for more. This past year did not disappoint. As the year progressed, we rather faced challenges to find the right matches for us on the hiring side than on the work side. We were also lucky to have several clients, especially in the renewables sector, which had a good pipeline for the last year which materialized and kept us busy. All in all, 2024 exceeded expectations thanks to the seamless work of our team members and our loyal clients who valued it.
Bernhard Hager, Eversheds Sutherland: As for Slovakia, our transaction volume was above our expectations. However, to be frank, our expectations were not very high since transaction volumes are down in CEE anyway. Regarding the reasons, we have mixed feelings. One big player for heat pumps decided on Slovakia for several reasons, hinting that Slovakia still is attractive for foreign investment. On the other hand, several transactions were based on the decision of international clients to leave Slovakia.
Jan Frey, Rowan Legal: Our 2024 outlook was initially conservative. However, due to a combination of several factors, both internal and external, this year has been record-breaking and significantly more successful for us in the M&A area than we anticipated. Despite the challenges currently faced by companies, which could potentially deter investors from making acquisitions, their acquisition appetite remains strong, particularly in certain sectors. This has led to a rapid increase in demand for our services from local, regional, and global PE funds and strategic investors, and a corresponding expansion of our legal and tax team, which is now one of the largest in the Czech market. In addition, we have been involved in several large-scale international and local restructuring projects, which are likely to continue in the coming years. These projects have only partially contributed to our results this year. Given their continuation, we can expect positive development in the years to come.
Irmantas Norkus, Cobalt: The last quarter of 2024 was exceptionally active, with the firm busier than ever before. We managed multiple buy-side mandates targeting the same assets and executed a series of transactions. This surge in activity resulted from processes that had been deferred for two years due to geopolitical tensions and elevated interest rates. We expect this momentum to carry over into 2025 and persist throughout the year.
Irena Georgieva, PPG Lawyers: The year turned out better than expected. The final outcome might be attributed to the fact that last year we were preparing to survive in times of crisis – there’s still hidden inflation in Bulgaria, no regular government, etc. Perhaps the expectations were underestimated. Despite predictions of a business downturn, influenced also externally by the complex international situation and low market activity, the year proved to be fruitful. The likely conclusion and the bigger picture however might be that increasingly unpredictable times lie ahead, and we must adapt to the impossibility of making precise forecasts.
Zoltan Forgo, Forgo, Damjanovic & Partners: After a buoyant 2023, which was really a hike for our firm’s transaction practice, we were hoping to replicate the success and achieve a similar result. In 2024 we were eventually able to achieve a similar volume of M&A transactions as in 2024 and also a good volume of financing transactions. My observation is that the pie is generally speaking shrinking, especially, since there are fewer transactions where Western European investors are buying Hungarian assets. Instead, more and more Hungarian or CEE investors, with somewhat less attractive pricing for the sellers, mostly in bank financing-backed transactions, are active, resulting in longer transaction timelines. Our success in keeping transactions at a high volume is the result of our close cooperation with corporate finance firms, PE investors, and investors focusing on the solar power industry, the latter of which remained very active despite the negative changes in the regulatory framework (i.e., pre-emption right of the Hungarian state).
Istvan Szatmary, Oppenheim: Initially, our forecast for the year was optimistic, shaped by strong client activity at the end of 2023 and a positive global economic outlook. In some sectors, the volume exceeded projections. Key growth areas included intellectual property workflow driven by an uptick in technological innovation and several novel questions in the creative industry. Additionally, our M&A practice saw significant momentum, fueled by increased cross-border activity. This has brought about the rise of competition law-related transactional work as well. Overall, while 2024 was not without its challenges, the year exceeded expectations in terms of strategic growth areas and adaptability. Would we say 2024 was better or worse than expected? It was challenging, yet ultimately rewarding.
Jolanta Nowakowska-Zimoch, Greenberg Traurig: In 2024, deal volume in Poland exceeded our expectations. The year began cautiously, yet market conditions remained resilient, with significant transactional activity. A highlight was the Zabka Group IPO, one of Europe’s largest this year, and Eastnine’s acquisition of the Warsaw Unit office building, marking the largest office transaction in Europe. These events demonstrated growing investor confidence in Poland. M&A activity increased across both established and emerging sectors, showcasing the country’s solid fundamentals. Notably, Qemetica’s acquisition of PPG’s silica products business was among the largest by a Polish company in the US. These trends aligned with our strengths, leading to us advising on complex, high-value transactions.
Kostadin Sirleshtov, CMS: The transactional volume in 2024 was bigger than in 2023 and exceeded our expectations. Sectors like renewables, real estate, telecoms, and alike performed beyond expectations, and CEE saw an increase in direct foreign investments despite the geopolitical tensions, the war in Ukraine, and the Middle East crisis. The reasons for the increase of the deal flow are several: higher returns than the ones offered in Western Europe; suitable regional targets that are being acquired by international groups; specific niche markets available in CEE; utilization of EU funds triggering M&A activity; and alike.
Michal Konieczny, KWKR: Looking back to 2024, although the overall value of transactions in the market was lower than initially expected, our business exceeded the 2023 performance indicators. We saw a decline in new technology projects, but an increase in the number of real estate transactions. Additionally, despite the general slowdown in the Polish M&A market, we managed to appear in several high-tech or cross-border transactions. While the sheer number of closed transactions might suggest otherwise, 2024 was one of our most intense years, full of advanced consultancy and international projects. With the expected influx of public funds into the VC market in 2025 and our strengthened capabilities, we enter the new year with an exceptionally strong pipeline and renewed optimism.
Panagiotis Drakopoulos, Drakopoulos: In 2024, transactional work maintained a strong upward trajectory, building on the activity of the previous busy years. The volume of transactions grew, as indeed was anticipated, benefiting from a business-friendly environment in Greece that positioned the country as an attractive jurisdiction for foreign direct investment. Equally, competitiveness challenges prompted consolidation across various industries and market sectors, which in turn further boosted transactional activity. All in all, Greece’s current geopolitical standing, paired with a business climate that offers a positive outlook seldom seen in the EU today, justified and confirmed in practice our forecasts for increased transactional work.
Milos Velimirovic, SOG in cooperation with Kinstellar: The year 2024 surpassed expectations in many aspects. The first half of the year was marked by slower dynamics and fewer transactional volumes due to the election period and government formation. However, the second half was extremely busy, followed by a strong surge in transactional volumes. Regarding sectors, some of the largest deals in Serbia in the last five years occurred in 2024, primarily in the telecommunications, media, IT, pharma, and energy sectors. Our expectations for 2024 were moderate. Yet, it was a successful year, with many transactions continuing into 2025. For this reason, we see at least Q1 and Q2 staying very busy.
Nenad Popovic, JPM Partners: Looking at the blank CRM interface waiting to be populated with new work opportunities and inquiries it comes as inevitable to look back and compare the achievements of the past year with the one before and contemplate what the future holds for our firm in terms of new business opportunities. Yes, the transactional volume in 2024 is better than it was in 2023. There are multiple reasons for this achievement. I firmly believe that the main driving force is our annual marketing and business development plan which we diligently prepare and closely pursue each year.
Taulant Hodaj, Hodaj & Partners: I am delighted to share that 2024 has been the most remarkable in Hodaj & Partners’ history so far. The expansion of our client base, mainly international, has been the cornerstone of our growth last year. Kosovo’s evolving legal and economic framework continues to attract fresh investments, in the sectors of IT, real estate, and energy. Our transactional volume has risen significantly, reflecting the new vibrancy of Kosovo’s legal market and our firm’s growing reputation as the leading law firm in Kosovo. This increasing interest from foreign investors, along with a growing local business landscape has created opportunities that we have been privileged to support. The transactional volume we have encountered should be a testament to Kosovo’s potential, as well as the hard work, dedication, and strategic vision of Hodaj & Partners. We look forward to 2025, while we remain committed to setting new standards in the legal profession.
Nenad Cvjeticanin, Cvjeticanin & Partners: 2024 exceeded our expectations, marking an 18% increase in transactional volume compared to the previous year. This improvement was driven by a combination of increased income and strategic cost reductions, including the successful integration of AI tools into our workflow. These innovations streamlined our processes, enhanced efficiency, and allowed us to focus more on delivering value to our clients. Another key factor is Serbia’s recent attainment of an investment-grade rating, which has positively impacted the legal market. This development attracted new investors and boosted client confidence, creating a more dynamic business environment. Looking ahead, the perspective remains bright. With our continued focus on corporate law, intellectual property, and media law, we anticipate further growth.
Olexiy Soshenko, Redcliffe Partners: The year 2024 turned out to be better than initially anticipated, as many businesses successfully adapted to the evolving business environment and the realities of the ongoing war. This enabled us to begin 2024 with cautious optimism, despite the significant uncertainties and challenges the war continues to bring. Our firm had the privilege of assisting clients in multiple high-profile transactions. A notable trend has been the continued activity of international financial and development institutions in Ukraine, providing vital support to key sectors such as banking, agriculture, telecommunications, etc. Encouragingly, some foreign investors have made new investments in Ukraine, signaling confidence in the country’s resilience and potential.
Miroslav Plascar, Zuric i Partneri in cooperation with Kinstellar: The transactional volume for 2024 aligned with expectations, eliminating the need for further clarification. This reflects accurate forecasting, stable market conditions, and consistent demand. The alignment suggests that no significant disruptions occurred, and the assumptions underlying projections held true, indicating a well-executed strategy.
Timur Bondaryev, Arzinger: Clients got used to the war and decided to take advantage of the situation, investing in distressed assets, and getting ready for rebuilding efforts. Ukraine has put for sale a number of public and former Russian assets, which were nationalized recently. Global deals with a Ukrainian nexus have traditionally contributed to our books. This sort of work has always been the bread and butter for us and 2024 was not an exception. The Ukrainian defense sector has also generated an impressive deal flow.
This article was originally published in Issue 11.12 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.
