Poland represents somewhat of a conundrum for the world’s leading law firms. On paper, the country should be home to one of the most attractive legal markets around.
Since emerging from the shadows of the Soviet Union in 1989, Poland’s economy has thrived, recording an almost unprecedented 24 consecutive years of growth. Its relentless charge could not even be halted by the global financial crisis, with Poland the only European Union country not to fall into a post-Lehman recession, leading to it being dubbed the “green island.” The country’s economy has grown 25 percent since 2005 and is now the world’s 23rd largest, according to the International Monetary Fund, and unlike many higher-growth markets, such as China and Brazil, there are no regulatory or cultural restrictions imposed on foreign lawyers practicing in the country. To cap it all off, labor and real estate costs are among the lowest in Europe. What’s not to like?
Indeed, international firms have flocked to Poland. Large U.S. law firms have 587 lawyers in Warsaw, according to the NLJ 350—a head count that’s ahead of the number of lawyers at big American firms in Moscow, Munich or Milan.
